Mairs & Power Fund
Schedule of Investments
September 30, 2026 (Unaudited)

COMMON STOCKS - 99.9%

Shares  

Value  
Communication Services - 9.1%

Alphabet, Inc. - Class C

            795,758

    $        271,146,581
Meta Platforms, Inc. - Class A

            187,640

             136,072,775
Verizon Communications, Inc.

            2,349,728

             107,782,023




             515,001,379






Consumer Discretionary - 7.0%

Amazon.com, Inc. (a)

            1,592,778

             396,840,639






Consumer Staples - 1.1%

Casey's General Stores, Inc.

            41,490

             25,245,006
Hormel Foods Corp.

            1,696,913

             33,836,445




             59,081,451






Financials - 11.1%

Ameriprise Financial, Inc.

            113,675

             55,967,886
Arthur J Gallagher & Co.

            305,000

             69,573,550
CME Group, Inc.

            225,000

             58,945,500
Fiserv, Inc. (a)

            1,746,857

             78,922,999
JPMorgan Chase & Co.

            524,076

             173,380,063
Piper Sandler Cos.

            351,344

             23,178,164
Visa, Inc. - Class A

            466,929

             167,781,598




             627,749,760






Health Care - 10.7%

Bio-Techne Corp.

            605,908

             43,910,153
Eli Lilly & Co.

            138,343

             160,073,918
Intuitive Surgical, Inc. (a)

            153,797

             62,538,474
Medpace Holdings, Inc. (a)

            61,028

             38,092,457
Roche Holding AG - ADR

            3,142,636

             163,039,956
UnitedHealth Group, Inc.

            258,007

             94,709,210
Zoetis, Inc.

            588,376

             41,086,296




             603,450,464






Industrials - 13.8%

CH Robinson Worldwide, Inc.

            479,544

             70,953,330
Fastenal Co.

            1,548,312

             76,687,893
Graco, Inc.

            2,016,015

             154,910,593
nVent Electric PLC

            1,137,634

             182,442,365
Rockwell Automation, Inc.

            117,218

             51,028,512
Tennant Co.

            146,664

             9,858,754
Toro Co.

            1,301,608

             125,501,043
Waste Management, Inc.

            525,000

             107,058,000




             778,440,490






Information Technology - 39.1% (b)

Apple, Inc.

            560,431

             186,634,732
Bentley Systems, Inc. - Class B

            1,820,000

             58,149,000
Cognex Corp.

            1,023,657

             62,084,797
Entegris, Inc.

            767,948

             118,310,069
Littelfuse, Inc.

            284,529

             120,566,318
Microsoft Corp.

            1,173,649

             601,964,572


Motorola Solutions, Inc.

            321,256

             143,270,538
NVIDIA Corp.

            2,579,163

             589,029,246
Palo Alto Networks, Inc. (a)

            300,792

             119,507,670
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

            360,754

             164,572,367
Workiva, Inc. (a)

            545,114

             36,288,239




             2,200,377,548






Materials - 4.0%

Ecolab, Inc.

            269,830

             74,089,921
HB Fuller Co.

            1,312,852

             64,946,788
Sherwin-Williams Co.

            265,050

             85,682,714




             224,719,423






Utilities - 4.0%

Alliant Energy Corp.

            1,445,652

             91,509,771
IDACORP, Inc.

            228,082

             29,817,160
WEC Energy Group, Inc.

            1,013,686

             102,159,275




             223,486,206
TOTAL COMMON STOCKS (Cost $2,445,019,424)

             5,629,147,360






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.2%
Shares  

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

            10,584,847

             10,584,847
TOTAL MONEY MARKET FUNDS (Cost $10,584,847)

             10,584,847






TOTAL INVESTMENTS - 100.1% (Cost $2,455,604,271)

             5,639,732,207
Liabilities in Excess of Other Assets - (0.1)%
(0.00066)
            (3,733,690)
TOTAL NET ASSETS - 100.0%




    $        5,635,998,517

Percentages are stated as a percent of net assets.



ADR - American Depositary Receipt
PLC - Public Limited Company
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by Mairs & Power, Inc.


(a)

Non-income producing security.
(b)

To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect that industry or sector.
(c)

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 Fund (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:







  Common Stocks
    $        5,629,147,360

    $        –

    $        –

    $        5,629,147,360
  Money Market Funds
            10,584,847

            –

            –

            10,584,847
Total Investments
    $        5,639,732,207

    $        –

    $        –

    $        5,639,732,207



 

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