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Corp 440452100 372000.000000000000 NS USD 19172880.000000000000 2.0283892880 Long EC CORP US N 1 N N N IDAHO ST BOND BANK AUTH REVENU 5493006H5207M9WPQJ98 Idaho Bond Bank Authority 4511527S5 500000.000000000000 PA USD 455228.950000000000 0.0481608150 Long DBT MUN US N 2 2038-09-15 Fixed 2.354000000000 N N N N N N LEAR CORP 549300UPNBTXA1SYTQ33 Lear Corp 521865AY1 2245000.000000000000 PA USD 2250303.590000000000 0.2380702167 Long DBT CORP US N 2 2027-09-15 Fixed 3.800000000000 N N N N N N LEGG MASON INC OWUNCC6U1ZJXMZKFBJ36 Legg Mason Inc 524901AT2 3088000.000000000000 PA USD 3154419.110000000000 0.3337208564 Long DBT CORP US N 2 2024-07-15 Fixed 3.950000000000 N N N N N N LEGG MASON INC OWUNCC6U1ZJXMZKFBJ36 Legg Mason Inc 524901AV7 1520000.000000000000 PA USD 1601185.240000000000 0.1693969288 Long DBT CORP US N 2 2026-03-15 Fixed 4.750000000000 N N N N N N LIBERTY MUTUAL INSURANCE CNC20I6IOMGF7KY49D67 Liberty Mutual Insurance Co 53079QAB3 250000.000000000000 PA USD 286291.560000000000 0.0302881327 Long DBT CORP US N 2 2025-05-15 Fixed 8.500000000000 N N N N N N Eli Lilly & Co FRDRIPF3EKNDJ2CQJL29 Eli Lilly and Co 532457108 80000.000000000000 NS USD 22909600.000000000000 2.4237144984 Long EC CORP US N 1 N N N Littelfuse Inc 549300MY7HLQFYTPCX75 Littelfuse Inc 537008104 35000.000000000000 NS USD 8729350.000000000000 0.9235190556 Long EC CORP US N 1 N N N M&T BANK CORPORATION 549300WYXDDBYRASEG81 MandT Bank Corp 55261FAH7 2500000.000000000000 PA USD 2500000.000000000000 0.2644867761 Long EP CORP US N 2 2026-11-01 Variable 5.125000000000 N N N N N N MAGALLANES INC 549300DXR29GD4N0A520 Magallanes Inc 55903VAL7 1000000.000000000000 PA USD 1004297.610000000000 0.1062493749 Long DBT CORP US N 2 2032-03-15 Fixed 4.279000000000 N N N N N N INTEL CORP KNX4USFCNGPY45LOCE31 Intel Corp 458140AN0 3000000.000000000000 PA USD 3228646.710000000000 0.3415737438 Long DBT CORP US N 2 2032-12-15 Fixed 4.000000000000 N N N N N N JPMorgan Chase & Co 8I5DZWZKVSZI1NUHU748 JPMorgan Chase and Co 46625H100 125000.000000000000 NS USD 17040000.000000000000 1.8027418660 Long EC CORP US N 1 N N N JPMORGAN CHASE & CO 8I5DZWZKVSZI1NUHU748 JPMorgan Chase and Co 46625HJZ4 1000000.000000000000 PA USD 1036227.230000000000 0.1096273598 Long DBT CORP US N 2 2026-12-15 Fixed 4.125000000000 N N N N N N JANUS HEND US HLDGS INC 8T2ZO87FU1KVPZIG9I59 Janus Capital Group Inc 47102XAJ4 2000000.000000000000 PA USD 2094738.640000000000 0.2216122679 Long DBT CORP US N 2 2025-08-01 Fixed 4.875000000000 N N N N N N MASSACHUSETTS ST DEV FIN AGY S 549300UZSVMFXJK08K70 Massachusetts Development Finance Agency 57584FMQ0 885000.000000000000 PA USD 770437.460000000000 0.0815082080 Long DBT MUN US N 2 2040-05-01 Fixed 2.550000000000 N N N N N N MERCURY GENERAL CORP 5493001Q9EXPCEL4W527 Mercury General Corp 589400AB6 4000000.000000000000 PA USD 4109590.720000000000 0.4347729603 Long DBT CORP US N 2 2027-03-15 Fixed 4.400000000000 N N N N N N MICHIGAN ST UNIV REVENUES N/A Michigan State University 594712UF6 1000000.000000000000 PA USD 1067261.800000000000 0.1129106531 Long DBT MUN US N 2 2048-08-15 Fixed 4.496000000000 N N N N N N Microsoft Corp INR2EJN1ERAN0W5ZP974 Microsoft Corp 594918104 125000.000000000000 NS USD 38538750.000000000000 4.0771958972 Long EC CORP US N 1 N N N MINNETONKA MN 549300NQZ4FEG58M2309 City of Minnetonka MN 60422AAV3 945000.000000000000 PA USD 948702.420000000000 0.1003676978 Long DBT MUN US N 2 2040-02-01 Fixed 3.050000000000 N N N N N N MOHAWK INDUSTRIES INC 549300JI1115MG3Q6322 Mohawk Industries Inc 608190AL8 1000000.000000000000 PA USD 981354.260000000000 0.1038220898 Long DBT CORP US N 2 2030-05-15 Fixed 3.625000000000 N N N N N N JERSEY CENTRAL PWR & LT 549300W9UGH9ZPLNPF79 Jersey Central Power & Light Co 476556DC6 250000.000000000000 PA USD 255475.290000000000 0.0270279343 Long DBT CORP US N 2 2026-01-15 Fixed 4.300000000000 N N N N N N Johnson & Johnson 549300G0CFPGEF6X2043 Johnson and Johnson 478160104 100000.000000000000 NS USD 17723000.000000000000 1.8749996532 Long EC CORP US N 1 N N N MOLSON COORS BEVERAGE 54930073LBBH6ZCBE225 Molson Coors Brewing Co 60871RAH3 1000000.000000000000 PA USD 969730.250000000000 0.1025923310 Long DBT CORP US N 2 2046-07-15 Fixed 4.200000000000 N N N N N N MOODY'S CORPORATION 549300GCEDD8YCF5WU84 Moody's Corp 615369AC9 1000000.000000000000 PA USD 1031567.460000000000 0.1091343807 Long DBT CORP US N 2 2024-02-15 Fixed 4.875000000000 N N N N N N MORGAN STANLEY IGJSJL3JD5P30I6NJZ34 Morgan Stanley 6174467Y9 500000.000000000000 PA USD 516967.910000000000 0.0546924703 Long DBT CORP US N 2 2026-09-08 Fixed 4.350000000000 N N N N N N MORGAN STANLEY IGJSJL3JD5P30I6NJZ34 Morgan Stanley 61747YEL5 1700000.000000000000 PA USD 1594397.940000000000 0.1686788684 Long DBT CORP US N 2 2033-01-21 Variable 2.943000000000 N N N N N N JPMORGAN CHASE & CO 8I5DZWZKVSZI1NUHU748 JPMorgan Chase & Co 48128BAN1 3000000.000000000000 PA USD 2805000.000000000000 0.2967541628 Long EP CORP US N 2 N N N JUNIPER NETWORKS INC AUHIXNGG7U2U7JEHM527 Juniper Networks Inc 48203RAM6 1000000.000000000000 PA USD 997951.840000000000 0.1055780260 Long DBT CORP US N 2 2029-08-15 Fixed 3.750000000000 N N N N N N Motorola Solutions Inc 6S552MUG6KGJVEBSEC55 Motorola Solutions Inc 620076307 71000.000000000000 NS USD 17196200.000000000000 1.8192669997 Long EC CORP US N 1 N N N MOTOROLA SOLUTIONS INC 6S552MUG6KGJVEBSEC55 Motorola Solutions Inc 620076BE8 2000000.000000000000 PA USD 2201297.120000000000 0.2328855914 Long DBT CORP US N 2 2044-09-01 Fixed 5.500000000000 N N N N N N KEMPER CORP 549300FNI1JKTRY2PV09 Kemper Corp 488401AB6 4000000.000000000000 PA USD 4087689.360000000000 0.4324559122 Long DBT CORP US N 2 2025-02-15 Fixed 4.350000000000 N N N N N N MOTOROLA SOLUTIONS INC 6S552MUG6KGJVEBSEC55 Motorola Solutions Inc 620076BL2 2500000.000000000000 PA USD 2574561.550000000000 0.2723749937 Long DBT CORP US N 2 2028-02-23 Fixed 4.600000000000 N N N N N N MURPHY OIL CORP QBKYQD0ODE7DC7PDIN91 Murphy Oil Corp 626717AG7 500000.000000000000 PA USD 479230.000000000000 0.0506999991 Long DBT CORP US N 2 2042-12-01 Fixed 6.375000000000 N N N N N N NATIONAL FUEL GAS CO 8JB38FFW1Y3C1HM8E841 National Fuel Gas Co 636180BL4 75000.000000000000 PA USD 75486.380000000000 0.0079860597 Long DBT CORP US N 2 2023-03-01 Fixed 3.750000000000 N N N N N N NATIONAL FUEL GAS CO 8JB38FFW1Y3C1HM8E841 National Fuel Gas Co 636180BN0 2000000.000000000000 PA USD 1989841.260000000000 0.2105146799 Long DBT CORP US N 2 2027-09-15 Fixed 3.950000000000 N N N N N N NATIONAL FUEL GAS CO 8JB38FFW1Y3C1HM8E841 National Fuel Gas Co 636180BP5 1000000.000000000000 PA USD 1006150.190000000000 0.1064453680 Long DBT CORP US N 2 2028-09-01 Fixed 4.750000000000 N N N N N N NAUGATUCK CT N/A Borough of Naugatuck CT 639064B60 1000000.000000000000 PA USD 917387.500000000000 0.0970547449 Long DBT MUN US N 2 2046-09-15 Fixed 3.090000000000 N N N N N N NETFLIX INC 549300Y7VHGU0I7CE873 Netflix Inc 64110LAT3 1688000.000000000000 PA USD 1860682.400000000000 0.1968503557 Long DBT CORP US N 2 2028-11-15 Fixed 5.875000000000 N N N N N N NEWMONT CORP 549300VSP3RIX7FGDZ51 Newmont Mining Corp 651639AP1 1000000.000000000000 PA USD 1127370.160000000000 0.1192697996 Long DBT CORP US N 2 2042-03-15 Fixed 4.875000000000 N N N N N N NORTHERN NATURAL GAS CO 5493007M02M6CT9EXE41 Northern Natural Gas Co 665501AK8 1021000.000000000000 PA USD 1012628.460000000000 0.1071307347 Long DBT CORP US N 2 2042-09-15 Fixed 4.100000000000 N N N N N N Northern Trust Corp 549300GLF98S992BC502 Northern Trust Corp 665859104 77000.000000000000 NS USD 8966650.000000000000 0.9486241404 Long EC CORP US N 1 N N N OLD REPUBLIC INTL CORP 549300IV6O2YY2A1KH37 Old Republic International Corp 680223AJ3 2000000.000000000000 PA USD 2066751.540000000000 0.2186513807 Long DBT CORP US N 2 2024-10-01 Fixed 4.875000000000 N N N N N N OLD REPUBLIC INTL CORP 549300IV6O2YY2A1KH37 Old Republic International Corp 680223AK0 3290000.000000000000 PA USD 3321301.550000000000 0.3513761358 Long DBT CORP US N 2 2026-08-26 Fixed 3.875000000000 N N N N N N INTACT US HOLDINGS INC N/A OneBeacon US Holdings Inc 68245JAB6 2000000.000000000000 PA USD 2021930.100000000000 0.2139095095 Long DBT CORP US N 2 2022-11-09 Fixed 4.600000000000 N N N N N N ORACLE CORP 1Z4GXXU7ZHVWFCD8TV52 Oracle Corp 68389XBW4 3000000.000000000000 PA USD 2604850.980000000000 0.2755794552 Long DBT CORP US N 2 2040-04-01 Fixed 3.600000000000 N N N N N N OSHKOSH CORP 549300FEKNPCFSA2B506 Oshkosh Corp 688225AH4 1000000.000000000000 PA USD 930059.270000000000 0.0983953512 Long DBT CORP US N 2 2030-03-01 Fixed 3.100000000000 N N N N N N PNC FINANCIAL SERVICES CFGNEKW0P8842LEUIA51 PNC Financial Services Group Inc/The 693475BC8 4000000.000000000000 PA USD 3605000.000000000000 0.3813899312 Long EP CORP US N 2 N N N PACIFIC LIFE INSURANCE C 8WC3XYHE06SQFW7CQK10 Pacific Life Insurance Co 694606AA2 500000.000000000000 PA USD 542202.510000000000 0.0573621575 Long DBT CORP US N 2 2023-12-30 Fixed 7.900000000000 N N N N N N PARK NATIONAL CORP 5493001T01TDELV5OO63 Park National Corp 700658AA5 500000.000000000000 PA USD 496515.900000000000 0.0525287559 Long DBT CORP US N 2 2030-09-01 Variable 4.500000000000 N N N N N N ALBEMARLE WOD PTY LTD 25490061SXKXCH8MR021 Albemarle Wodgina Pty Ltd 01273PAB8 1175000.000000000000 PA USD 1143018.570000000000 0.1209253186 Long DBT CORP AU N 2 2029-11-15 Fixed 3.450000000000 N N N N N N HOWMET AEROSPACE INC 549300HO5WFZUT5N2T22 Arconic Inc 013817AK7 1000000.000000000000 PA USD 1070583.000000000000 0.1132620185 Long DBT CORP US N 2 2037-02-01 Fixed 5.950000000000 N N N N N N ALLEN TX INDEP SCH DIST N/A Allen Independent School District 018106TP9 750000.000000000000 PA USD 710899.430000000000 0.0752093994 Long DBT MUN US N 2 2039-02-15 Fixed 3.148000000000 N N N N N N ALLIANT ENERGY FINANCE 54930033ER6EOI5DL570 Alliant Energy Finance LLC 01882YAD8 2000000.000000000000 PA USD 1946436.680000000000 0.2059227050 Long DBT CORP US N 2 2032-03-01 Fixed 3.600000000000 N N N N N N Alphabet Inc 5493006MHB84DD0ZWV18 Alphabet Inc 02079K107 15650.000000000000 NS USD 43710293.500000000000 4.6243178443 Long EC CORP US N 1 N N N AMER AIRLN 14-1 B PTT N/A American Airlines 2014-1 Class B Pass Through Trust 02376XAA7 261443.640000000000 PA USD 258043.510000000000 0.0272996384 Long DBT CORP US N 2 2022-10-01 Fixed 4.375000000000 N N N N N N AMER AIRLINE 16-1 B PTT N/A American Airlines 2016-1 Class B Pass Through Trust 02376YAA5 1991383.750000000000 PA USD 1944975.150000000000 0.2057680828 Long DBT CORP US N 2 2024-01-15 Fixed 5.250000000000 N N N N N N AMER AIRLN 15-1 A PTT N/A American Airlines 2015-1 Class A Pass Through Trust 023770AA8 314513.170000000000 PA USD 300394.360000000000 0.0317801343 Long DBT CORP US N 2 2027-05-01 Fixed 3.375000000000 N N N N N N AMER AIRLINE 16-3 B PTT N/A American Airlines 2016-3 Class B Pass Through Trust 023771S41 646465.940000000000 PA USD 594913.840000000000 0.0629387374 Long DBT CORP US N 2 2025-10-15 Fixed 3.750000000000 N N N N N N AMER AIRLN 14-1 A PTT N/A American Airlines 2014-1 Class A Pass Through Trust 02377AAA6 1216336.350000000000 PA USD 1169166.830000000000 0.1236916662 Long DBT CORP US N 2 2026-10-01 Fixed 3.700000000000 N N N N N N AMER AIRLN 15-2 A PASS T N/A American Airlines 2015-2 Class A Pass Through Trust 02377BAA4 448084.840000000000 PA USD 406769.580000000000 0.0430340699 Long DBT CORP US N 2 2027-09-22 Fixed 4.000000000000 N N N N N N AMER AIRLN 15-2 AA PTT N/A American Airlines 2015-2 Class AA Pass Through Trust 02377BAB2 137431.070000000000 PA USD 132764.530000000000 0.0140457850 Long DBT CORP US N 2 2027-09-22 Fixed 3.600000000000 N N N N N N AMER AIRLN 15-2 B PTT N/A American Airlines 2015-2 Class B Pass Through Trust 02377BAC0 522451.030000000000 PA USD 508870.860000000000 0.0538358453 Long DBT CORP US N 2 2023-09-22 Fixed 4.400000000000 N N N N N N AMER AIRLINE 17-1B PTT N/A American Airlines 2017-1 Class B Pass Through Trust 02378WAA7 678507.500000000000 PA USD 643241.190000000000 0.0680515154 Long DBT CORP US N 2 2025-02-15 Fixed 4.950000000000 N N N N N N American Express Co R4PP93JZOLY261QX3811 American Express Co 025816109 44000.000000000000 NS USD 8228000.000000000000 0.8704788775 Long EC CORP US N 1 N N N AMERICAN INTL GROUP ODVCVCQG2BP6VHV36M30 American International Group Inc 026874DD6 1000000.000000000000 PA USD 1017251.290000000000 0.1076198057 Long DBT CORP US N 2 2025-07-10 Fixed 3.750000000000 N N N N N N ANALOG DEVICES INC GYVOE5EZ4GDAVTU4CQ61 Analog Devices Inc 032654AW5 1000000.000000000000 PA USD 898202.440000000000 0.0950250671 Long DBT CORP US N 2 2041-10-01 Fixed 2.800000000000 N N N N N N ANHEUSER-BUSCH CO/INBEV N/A Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc 03522AAH3 1000000.000000000000 PA USD 1085003.860000000000 0.1147876692 Long DBT CORP US N 2 2036-02-01 Fixed 4.700000000000 N N N N N N ARROW ELECTRONICS INC 549300YNNLBXT8N8R512 Arrow Electronics Inc 042735BE9 1031000.000000000000 PA USD 1047477.000000000000 0.1108175259 Long DBT CORP US N 2 2025-04-01 Fixed 4.000000000000 N N N N N N ASHWAUBENON WI N/A Village of Ashwaubenon WI 045141XT0 505000.000000000000 PA USD 466197.620000000000 0.0493212422 Long DBT MUN US N 2 2040-06-01 Fixed 2.970000000000 N N N N N N Elanco Animal Health Inc 549300SHPNDCE059M934 Elanco Animal Health Inc 28414H103 215000.000000000000 NS USD 5609350.000000000000 0.5934395590 Long EC CORP US N 1 N N N FORD MOTOR COMPANY 20S05OYHG0MQM4VUIC57 Ford Motor Co 345370CQ1 1000000.000000000000 PA USD 903910.000000000000 0.0956288967 Long DBT CORP US N 2 2043-01-15 Fixed 4.750000000000 N N N N N N FORD MOTOR COMPANY 20S05OYHG0MQM4VUIC57 Ford Motor Co 345370CR9 1500000.000000000000 PA USD 1509375.000000000000 0.1596838911 Long DBT CORP US N 2 2026-12-08 Fixed 4.346000000000 N N N N N N 2022-05-11 Mairs & Power Funds Trust /s/ Robert W. Mairs Robert W. Mairs CCO XXXX

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