Mairs & Power Minnesota Municipal Bond ETF
Schedule of Investments
September 30, 2026 (Unaudited)

MUNICIPAL BONDS - 93.6%
Par  

Value  
Minnesota - 93.6% (a)
Alden-Conger Independent School District No 242, 3.00%, 02/01/2027

    $        330,000

    $        328,433
Alexandria Lake Area Sanitation District, 4.00%, 02/01/2036

             150,000

             140,970
Anoka-Hennepin Independent School District No 11, 4.00%, 02/01/2032

             320,000

             314,374
Big Lake Economic Development Authority, 5.00%, 02/01/2046

             370,000

             350,585
Cedar Mountain Independent School District No 2754, 5.00%, 02/01/2036

             250,000

             261,609
City of Albert Lea MN, 5.00%, 02/01/2038

             250,000

             257,642
City of Apple Valley MN
4.00%, 09/01/2030

             160,000

             156,547
4.00%, 09/01/2041

             290,000

             245,932
City of Bloomington MN
4.00%, 02/01/2040

             655,000

             602,025
4.00%, 02/01/2042

             815,000

             712,859
City of Cambridge MN, 5.00%, 02/01/2035

             215,000

             225,179
City of Center City MN
4.00%, 11/01/2027

             135,000

             135,062
5.00%, 11/01/2038

             370,000

             376,682
City of Duluth MN, 5.00%, 02/01/2030

             250,000

             250,233
City of Fairmont MN Electric Revenue, 5.00%, 12/01/2040

             300,000

             299,606
City of Grand Rapids MN, 4.00%, 02/01/2038

             250,000

             240,228
City of Hermantown MN, 4.00%, 02/01/2043

             300,000

             259,610
City of Jordan MN, 4.00%, 02/01/2033

             135,000

             134,446
City of Maple Lake MN, 5.00%, 02/01/2036

             260,000

             263,826
City of Marshall MN Public Utility Revenue, 5.00%, 07/01/2038

             300,000

             307,919
City of Minneapolis MN
5.00%, 11/15/2036

             150,000

             150,300
4.00%, 11/15/2037

             250,000

             229,621
5.00%, 11/15/2052 (b)

             510,000

             518,258
City of Montgomery MN, 5.00%, 02/01/2030

             200,000

             207,442
City of New Prague MN
4.00%, 02/01/2037

             315,000

             300,358
4.13%, 12/01/2044

             955,000

             819,305
City of Northfield MN
5.00%, 02/01/2041

             385,000

             388,599
4.00%, 02/01/2044

             200,000

             170,513
City of Owatonna MN, 4.00%, 03/01/2035

             175,000

             171,246
City of Rochester MN, 4.00%, 11/15/2043

             1,000,000

             865,555
City of Rosemount MN, 5.00%, 02/01/2037

             250,000

             256,734
City of St Cloud MN
5.00%, 05/01/2036

             1,000,000

             1,032,901
5.00%, 05/01/2043

             250,000

             244,041
City of Victoria MN, 4.00%, 02/01/2042

             250,000

             218,669
Cloquet Area Fire & Ambulance Special Taxing District, 5.00%, 02/01/2035

             200,000

             209,978
County of Beltrami MN, 4.00%, 12/01/2042

             250,000

             217,331
County of Carlton MN, 5.00%, 02/01/2042

             250,000

             251,363
County of Hennepin MN
5.00%, 12/01/2030

             195,000

             197,618
5.00%, 12/15/2037

             250,000

             252,691
5.00%, 12/01/2042

             155,000

             157,355
5.00%, 12/01/2043

             150,000

             150,705
5.00%, 12/01/2044

             500,000

             504,153
County of Hubbard MN, 4.00%, 02/01/2036

             250,000

             242,086
County of Itasca MN, 4.00%, 02/01/2044

             200,000

             170,041
County of Koochiching MN, 5.00%, 02/01/2035

             300,000

             312,250
County of Ramsey MN
3.00%, 02/01/2028

             700,000

             689,752


5.00%, 02/01/2038

             300,000

             313,426
County of Renville MN, 5.00%, 02/01/2029

             270,000

             278,184
Crookston Independent School District No 593, 5.00%, 02/01/2029

             250,000

             257,201
Dakota County Community Development Agency, 4.20%, 05/01/2043

             150,000

             126,295
Duluth Independent School District No 709, 0.00%, 02/01/2031 (c)

             200,000

             163,966
Eastern Carver County Schools Independent School District No 112, 4.00%, 02/01/2035

             250,000

             242,162
Elk River Independent School District No 728, 4.00%, 02/01/2037

             250,000

             236,351
Fairmont Independent School District No 2752, 4.00%, 02/01/2040

             500,000

             443,454
Forest Lake Independent School District No 831, 4.00%, 02/01/2039

             500,000

             465,156
Fulda Independent School District No 505, 4.25%, 02/01/2040

             1,000,000

             927,643
Housing & Redevelopment Authority of The City of St Paul Minnesota
3.13%, 11/15/2032

             110,000

             96,983
4.00%, 10/01/2037

             250,000

             223,990
International Falls Independent School District No 361, 4.00%, 02/01/2041

             300,000

             267,169
Inver Grove Heights Independent School District No 199, 5.00%, 02/01/2032

             500,000

             527,942
Madelia Independent School District No 837, 4.00%, 02/01/2045

             1,000,000

             838,135
Mankato Independent School District No 77, 4.00%, 02/01/2042

             1,000,000

             875,439
Metropolitan Council
5.00%, 12/01/2028

             100,000

             102,927
4.00%, 03/01/2030

             155,000

             155,027
5.00%, 03/01/2043

             1,000,000

             1,014,223
Minneapolis Special School District No 1
5.00%, 02/01/2028

             565,000

             575,140
5.00%, 02/01/2042

             295,000

             297,265
Minneapolis-St Paul Metropolitan Airports Commission
5.00%, 01/01/2031

             150,000

             150,513
5.00%, 01/01/2032

             250,000

             256,603
Minnesota Agricultural & Economic Development Board
5.00%, 01/01/2039

             500,000

             495,735
5.00%, 01/01/2042

             250,000

             237,133
5.00%, 11/15/2043

             1,000,000

             949,260
5.00%, 11/15/2044

             205,000

             194,215
Minnesota Health & Education Facilities Authority
5.00%, 10/01/2029

             255,000

             262,507
5.00%, 12/01/2030

             595,000

             617,416
5.00%, 10/01/2034

             260,000

             264,250
4.00%, 03/01/2036

             215,000

             200,588
3.00%, 10/01/2041

             300,000

             219,096
3.00%, 03/01/2043

             125,000

             91,423
Minnesota Housing Finance Agency
3.10%, 02/01/2027

             150,000

             149,430
4.00%, 07/01/2041 (b)

             1,750,000

             1,750,000
4.35%, 07/01/2041

             1,000,000

             905,228
4.85%, 07/01/2045

             500,000

             467,446
Minnesota State Colleges And Universities Foundation, 4.00%, 10/01/2029

             200,000

             199,721
New London-Spicer Independent School District No 345, 5.00%, 02/01/2033

             895,000

             942,037
North Mankato Port Authority
5.00%, 02/01/2036

             500,000

             513,215
5.00%, 02/01/2039

             750,000

             755,819
Owatonna Independent School District No 761, 4.00%, 02/01/2028

             150,000

             150,661
Pine City Independent School District No 578, 2.00%, 04/01/2032

             200,000

             168,458
Princeton Public Utilities Commission, 5.00%, 04/01/2031

             100,000

             102,766
Redwood Area Schools Independent School District No 2897, 4.00%, 02/01/2039

             360,000

             335,508
Robbinsdale Independent School District No 281, 5.00%, 02/01/2034

             250,000

             265,029
Rochester Independent School District No 535, 4.00%, 02/01/2031

             200,000

             199,145
Rosemount-Apple Valley-Eagan Independent School District No 196, 4.00%, 02/01/2043

             300,000

             259,196
South Washington County Independent School District No 833
5.00%, 04/01/2031

             200,000

             207,104
5.00%, 02/01/2037

             1,000,000

             1,028,851
St Cloud Independent School District No 742
0.00%, 02/01/2033 (c)

             150,000

             113,090


5.00%, 02/01/2041

             225,000

             225,458
St Louis Park Independent School District No 283, 5.00%, 04/01/2032

             150,000

             155,632
St Michael-Albertville Independent School District No 885, 5.00%, 02/01/2040

             540,000

             554,819
St Paul Housing & Redevelopment Authority Parking Enterprise Revenue, 5.00%, 12/01/2034

             250,000

             257,042
St Paul Independent School District No 625
2.25%, 02/01/2035

             100,000

             79,949
5.00%, 02/01/2042

             200,000

             201,602
4.13%, 02/01/2045

             835,000

             720,176
State of Minnesota
5.00%, 08/01/2028

             280,000

             287,043
5.00%, 08/01/2029

             510,000

             529,462
5.00%, 08/01/2034

             250,000

             253,838
5.00%, 08/01/2034

             1,000,000

             1,050,526
4.00%, 09/01/2034

             165,000

             161,041
5.00%, 08/01/2037

             1,000,000

             1,053,009
5.00%, 08/01/2039

             1,000,000

             1,034,553
5.00%, 08/01/2043

             400,000

             404,139
State of Minnesota Department of Iron Range Resources & Rehabilitation
5.00%, 10/01/2031

             500,000

             523,243
5.00%, 10/01/2035

             220,000

             230,191
Stillwater Independent School District No 834
5.00%, 02/01/2035

             1,075,000

             1,137,702
5.00%, 02/01/2040

             250,000

             253,538
4.00%, 02/01/2041

             130,000

             116,616
Truman Independent School District No 458, 4.00%, 02/01/2044

             300,000

             254,003
University of Minnesota
5.00%, 10/01/2026

             220,000

             220,000
5.00%, 04/01/2039

             1,000,000

             1,040,006
Waconia Independent School District No 110
3.00%, 02/01/2028

             100,000

             98,138
5.00%, 02/01/2038

             150,000

             152,390
Waterville-Elysian-Morristown Independent School District No 2143, 4.00%, 02/01/2045

             250,000

             210,833
West St Paul-Mendota Heights-Eagan Independent School District No 197, 3.65%, 02/01/2038

             1,000,000

             862,191
Westonka Independent School District No 277, 4.00%, 02/01/2041

             100,000

             89,704
Zumbro Education District, 4.00%, 02/01/2038

             275,000

             241,138


             48,070,135
TOTAL MUNICIPAL BONDS (Cost $51,954,563)

             48,070,135






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.2%
Shares  

Value  
First American Government Obligations Fund - Class X, 3.76% (d)

            88,217

             88,217
TOTAL MONEY MARKET FUNDS (Cost $88,217)

             88,217






TOTAL INVESTMENTS - 93.8% (Cost $52,042,780)

             48,158,352
Other Assets in Excess of Liabilities - 6.2%
0.06150
            3,155,935
TOTAL NET ASSETS - 100.0%




    $        51,314,287

Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.


(a)

To the extent that the Fund invests more heavily in a particular state, its performance will be especially sensitive to developments that significantly affect that state.
(b)

Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of September 30, 2026.
(c)

Zero coupon bonds make no periodic interest payments.
(d)

The rate shown represents the 7-day annualized yield as of September 30, 2026.






Summary of Fair Value Disclosure as of September 30, 2026 (Unaudited)
 
Mairs & Power Minnesota Municipal Bond ETF (the "Fund") has adopted fair value 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, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of September 30, 2026:



Level 1

Level 2

Level 3

Total
Investments:







  Municipal Bonds
    $        –

    $        48,070,135

    $        –

    $        48,070,135
  Money Market Funds
            88,217

            –

            –

            88,217
Total Investments
    $        88,217

    $        48,070,135

    $        –

    $        48,158,352


 

Refer to the Schedule of Investments for further disaggregation of investment categories.