Form NPORT-P Mairs & Power Funds Trus For: Mar 31

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    NPORT-P
    false
    
      
      
        
          0001521353
          XXXXXXXX
        
      
      
      
      
        S000033564
        C000103067
      
      
      
    
  
  
    
      Mairs & Power Funds Trust
      811-22563
      0001521353
      549300E7CB9AFGDLYT03
      332 Minnesota Street
      Suite W1520
      St. Paul
      
      55101
      651-222-8478
      Mairs and Power Small Cap Fund
      S000033564
      549300J6DGDPK47P1B21
      2022-12-31
      2022-03-31
      Y
    
    
      399464021.670000000000
      324352.890000000000
      399139668.780000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      N
      
        
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        AAR Corp
        MP76T5YQX3YK5VVAQ802
        AAR Corp
        000361105
        
          
          
        
        343078.000000000000
        NS
        USD
        16615267.540000000000
        4.1627702881
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alerus Financial Corp
        5493008BXLBPPELQ3G57
        Alerus Financial Corp
        01446U103
        
          
          
        
        139441.000000000000
        NS
        USD
        3854149.240000000000
        0.9656141801
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Associated Banc-Corp
        549300N3CIN473IW5094
        Associated Banc-Corp
        045487105
        
          
          
        
        309261.000000000000
        NS
        USD
        7038780.360000000000
        1.7634880496
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AZEK Co Inc/The
        N/A
        AZEK Co Inc/The
        05478C105
        
          
          
        
        302300.000000000000
        NS
        USD
        7509132.000000000000
        1.8813294161
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bio-Techne Corp
        54930073RLKQ51TILZ35
        Bio-Techne Corp
        09073M104
        
          
          
        
        24900.000000000000
        NS
        USD
        10782696.000000000000
        2.7014844285
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Black Hills Corp
        3MGELCRSTNSAMJ962671
        Black Hills Corp
        092113109
        
          
          
        
        115700.000000000000
        NS
        USD
        8911214.000000000000
        2.2326054504
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CMC Materials Inc
        31F6V1MN00ZW3XWB4J69
        CMC Materials Inc
        12571T100
        
          
          
        
        34800.000000000000
        NS
        USD
        6451920.000000000000
        1.6164567205
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CVRx Inc
        N/A
        CVRx Inc
        126638105
        
          
          
        
        89445.000000000000
        NS
        USD
        535775.550000000000
        0.1342325987
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Casey's General Stores Inc
        549300CAFWSI86V66Q65
        Casey's General Stores Inc
        147528103
        
          
          
        
        71000.000000000000
        NS
        USD
        14070070.000000000000
        3.5250993826
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Catalent Inc
        N/A
        Catalent Inc
        148806102
        
          
          
        
        121900.000000000000
        NS
        USD
        13518710.000000000000
        3.3869622735
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cullen/Frost Bankers Inc
        529900V2E9G9AY665O34
        Cullen/Frost Bankers Inc
        229899109
        
          
          
        
        111900.000000000000
        NS
        USD
        15488079.000000000000
        3.8803657495
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CyberOptics Corp
        52HQVAW3POG1MULTHE15
        CyberOptics Corp
        232517102
        
          
          
        
        74678.000000000000
        NS
        USD
        3030433.240000000000
        0.7592413075
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Digi International Inc
        529900KG656HGROI4N27
        Digi International Inc
        253798102
        
          
          
        
        403529.000000000000
        NS
        USD
        8683944.080000000000
        2.1756655024
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Donaldson Co Inc
        OZE6KXY9QQPR8EJ8WL20
        Donaldson Co Inc
        257651109
        
          
          
        
        120404.000000000000
        NS
        USD
        6252579.720000000000
        1.5665142328
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Enerpac Tool Group Corp
        IZW37BPZKUJE1QXGB081
        Enerpac Tool Group Corp
        292765104
        
          
          
        
        258818.000000000000
        NS
        USD
        5665526.020000000000
        1.4194344645
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Entegris Inc
        IYX6OWO7BT5DKO3BYG52
        Entegris Inc
        29362U104
        
          
          
        
        37300.000000000000
        NS
        USD
        4895998.000000000000
        1.2266377870
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Envestnet Inc
        549300HLWZ5OKIDM8737
        Envestnet Inc
        29404K106
        
          
          
        
        96400.000000000000
        NS
        USD
        7176016.000000000000
        1.7978709112
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First American Government Obli
        549300R5MYM6VZF1RM44
        First American Government Obligations Fund
        31846V336
        
          
          
        
        175509.140000000000
        NS
        USD
        175509.140000000000
        0.0439718609
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Interstate BancSystem In
        549300WRWYTYX0RCNJ43
        First Interstate BancSystem Inc
        32055Y201
        
          
          
        
        210456.000000000000
        NS
        USD
        7738467.120000000000
        1.9387867770
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HB Fuller Co
        JSMX3Z5FOYM8V0Q52357
        HB Fuller Co
        359694106
        
          
          
        
        184300.000000000000
        NS
        USD
        12176701.000000000000
        3.0507368604
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Generac Holdings Inc
        529900S2H2AHJHSFFI84
        Generac Holdings Inc
        368736104
        
          
          
        
        13872.000000000000
        NS
        USD
        4123590.720000000000
        1.0331197429
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gentherm Inc
        HKM6YX1U5JS60TCUB219
        Gentherm Inc
        37253A103
        
          
          
        
        108280.000000000000
        NS
        USD
        7908771.200000000000
        1.9814545681
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Glacier Bancorp Inc
        549300SMJAUKZB5D7V74
        Glacier Bancorp Inc
        37637Q105
        
          
          
        
        273900.000000000000
        NS
        USD
        13771692.000000000000
        3.4503440969
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Graco Inc
        4T5VJ4S81BRT6Q7GGT78
        Graco Inc
        384109104
        
          
          
        
        54700.000000000000
        NS
        USD
        3813684.000000000000
        0.9554760647
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hub Group Inc
        N/A
        Hub Group Inc
        443320106
        
          
          
        
        118600.000000000000
        NS
        USD
        9157106.000000000000
        2.2942109533
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hyliion Holdings Corp
        N/A
        Hyliion Holdings Corp
        449109107
        
          
          
        
        170300.000000000000
        NS
        USD
        754429.000000000000
        0.1890137862
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Inspire Medical Systems Inc
        549300XQQCQ7HCJKTW25
        Inspire Medical Systems Inc
        457730109
        
          
          
        
        64900.000000000000
        NS
        USD
        16659181.000000000000
        4.1737723166
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IntriCon Corp
        549300QOZJC6ZFWND923
        IntriCon Corp
        46121H109
        
          
          
        
        266463.000000000000
        NS
        USD
        6357807.180000000000
        1.5928778013
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jamf Holding Corp
        254900IHLXZU4Z5ANA12
        Jamf Holding Corp
        47074L105
        
          
          
        
        360450.000000000000
        NS
        USD
        12547264.500000000000
        3.1435774195
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        John Bean Technologies Corp
        5493007CT6ATBZ2L6826
        John Bean Technologies Corp
        477839104
        
          
          
        
        12300.000000000000
        NS
        USD
        1457181.000000000000
        0.3650804753
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Littelfuse Inc
        549300MY7HLQFYTPCX75
        Littelfuse Inc
        537008104
        
          
          
        
        63200.000000000000
        NS
        USD
        15762712.000000000000
        3.9491719899
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MGP Ingredients Inc
        2549006OMHFVZ4MS8538
        MGP Ingredients Inc
        55303J106
        
          
          
        
        71600.000000000000
        NS
        USD
        6128244.000000000000
        1.5353633025
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Marcus Corp/The
        549300NL0OKPNEMP6B79
        Marcus Corp/The
        566330106
        
          
          
        
        579923.000000000000
        NS
        USD
        10264637.100000000000
        2.5716905391
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NorthWestern Corp
        3BPWMBHR1R9SHUN7J795
        NorthWestern Corp
        668074305
        
          
          
        
        116500.000000000000
        NS
        USD
        7047085.000000000000
        1.7655686847
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Oshkosh Corp
        549300FEKNPCFSA2B506
        Oshkosh Corp
        688239201
        
          
          
        
        141100.000000000000
        NS
        USD
        14201715.000000000000
        3.5580815716
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Physicians Realty Trust
        549300ITOVH0OY7PZC34
        Physicians Realty Trust
        71943U104
        
          
          
        
        489200.000000000000
        NS
        USD
        8580568.000000000000
        2.1497657765
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Plexus Corp
        549300W7HCBI5YT25I79
        Plexus Corp
        729132100
        
          
          
        
        117120.000000000000
        NS
        USD
        9581587.200000000000
        2.4005599918
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Polaris Inc
        549300QJSN8UVWN1EI78
        Polaris Inc
        731068102
        
          
          
        
        57100.000000000000
        NS
        USD
        6013772.000000000000
        1.5066836174
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Proto Labs Inc
        529900QHG5MGWT2WQQ09
        Proto Labs Inc
        743713109
        
          
          
        
        43200.000000000000
        NS
        USD
        2285280.000000000000
        0.5725514597
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        QCR Holdings Inc
        549300MWKWM7KWJVQO33
        QCR Holdings Inc
        74727A104
        
          
          
        
        154078.000000000000
        NS
        USD
        8719274.020000000000
        2.1845170255
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SkyWater Technology Inc
        N/A
        SkyWater Technology Inc
        83089J108
        
          
          
        
        201790.000000000000
        NS
        USD
        2185385.700000000000
        0.5475240551
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sleep Number Corp
        529900W0TZQLBT2DSS66
        Sleep Number Corp
        83125X103
        
          
          
        
        129245.000000000000
        NS
        USD
        6554013.950000000000
        1.6420352229
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Surmodics Inc
        549300H76KXCAAGUS878
        Surmodics Inc
        868873100
        
          
          
        
        70127.000000000000
        NS
        USD
        3178856.910000000000
        0.7964272055
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tennant Co
        JYAIRLT8DVP6DP8UT336
        Tennant Co
        880345103
        
          
          
        
        180551.000000000000
        NS
        USD
        14227418.800000000000
        3.5645213726
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Toro Co/The
        YJKE4YIT6BWQHVEW0D14
        Toro Co/The
        891092108
        
          
          
        
        59000.000000000000
        NS
        USD
        5043910.000000000000
        1.2636954917
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wintrust Financial Corp
        Q774KI4AW80FHFW33O61
        Wintrust Financial Corp
        97650W108
        
          
          
        
        159500.000000000000
        NS
        USD
        14822335.000000000000
        3.7135710027
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Workiva Inc
        529900RTOQ8GRWHY1O58
        Workiva Inc
        98139A105
        
          
          
        
        91980.000000000000
        NS
        USD
        10853640.000000000000
        2.7192586578
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cambium Networks Corp
        549300OYSIGK6OT5WL04
        Cambium Networks Corp
        G17766109
        
          
          
        
        186567.000000000000
        NS
        USD
        4410443.880000000000
        1.1049876083
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        nVent Electric PLC
        N/A
        nVent Electric PLC
        G6700G107
        
          
          
        
        351800.000000000000
        NS
        USD
        12235604.000000000000
        3.0654943512
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-05-11
      Mairs & Power Funds Trust
      /s/ Robert W. Mairs
      Robert W. Mairs
      CCO
    
  
  XXXX

Mairs & Power Small Cap Fund
SCHEDULE OF INVESTMENTS (unaudited)			March 31, 2022

Shares		Security Description	Fair Value
		COMMON STOCKS 99.7%
		COMMUNICATION SERVICES 2.6%
	579,923	Marcus Corp/The ^(a)	$	10,264,637

		CONSUMER DISCRETIONARY 5.1%
	108,280	Gentherm Inc ^(a)		7,908,771
	57,100	Polaris Inc		6,013,772
	129,245	Sleep Number Corp ^(a)		6,554,014
				20,476,557
		CONSUMER STAPLES 5.1%
	71,000	Casey's General Stores Inc		14,070,070
	71,600	MGP Ingredients Inc		6,128,244
				20,198,314
		FINANCIALS 17.9%
	139,441	Alerus Financial Corp		3,854,149
	309,261	Associated Banc-Corp		7,038,781
	111,900	Cullen/Frost Bankers Inc		15,488,079
	210,456	First Interstate BancSystem, Inc		7,738,467
	273,900	Glacier Bancorp Inc		13,771,692
	154,078	QCR Holdings Inc		8,719,274
	159,500	Wintrust Financial Corp		14,822,335
				71,432,777
		HEALTH CARE 12.8%
	24,900	Bio-Techne Corp		10,782,696
	121,900	Catalent Inc ^(a)		13,518,710
	89,445	CVRx Inc ^(a)		535,776
	64,900	Inspire Medical Systems Inc ^(a)		16,659,181
	266,463	IntriCon Corp ^(a)		6,357,807
	70,127	SurModics Inc ^(a)		3,178,857
				51,033,027
		INDUSTRIALS 26.1%
	343,078	AAR Corp ^(a)		16,615,267
	302,300	AZEK Co Inc/The ^(a)		7,509,132
	120,404	Donaldson Co Inc		6,252,580
	258,818	Enerpac Tool Group Corp		5,665,526
	13,872	Generac Holdings Inc ^(a)		4,123,591
	54,700	Graco Inc		3,813,684
	118,600	Hub Group Inc, Class A ^(a)		9,157,106
	170,300	Hyliion Holdings Corp ^(a)		754,429
	17,200	John Bean Technologies Corp		2,037,684
	351,800	nVent Electric PLC ^(d)		12,235,604
	141,100	Oshkosh Corp		14,201,715
	43,200	Proto Labs Inc ^(a)		2,285,280
	180,551	Tennant Co		14,227,419
	59,000	Toro Co/The		5,043,910
				103,922,927

Mairs & Power Small Cap Fund
SCHEDULE OF INVESTMENTS (unaudited)(continued)			March 31, 2022

Shares		Security Description	Fair Value
		COMMON STOCKS (continued)
		INFORMATION TECHNOLOGY 21.0%
	186,567	Cambium Networks Corp ^(a)(b)	$	4,410,444
	23,800	CMC Materials Inc		4,412,520
	74,678	CyberOptics Corp ^(a)		3,030,433
	403,529	Digi International Inc ^(a)		8,683,944
	37,300	Entegris Inc		4,895,998
	96,400	Envestnet Inc ^(a)		7,176,016
	360,450	Jamf Holding Corp ^(a)		12,547,264
	63,200	Littelfuse Inc		15,762,712
	117,120	Plexus Corp ^(a)		9,581,587
	201,790	SkyWater Technology Inc ^(a)		2,185,386
	91,980	Workiva Inc ^(a)		10,853,640
				83,539,944
		MATERIALS 3.0%
	184,300	HB Fuller Co		12,176,701

		REAL ESTATE 2.1%
	489,200	Physicians Realty Trust		8,580,568

		UTILITIES 4.0%
	115,700	Black Hills Corp		8,911,214
	116,500	NorthWestern Corp		7,047,085
				15,958,299

		TOTAL COMMON STOCKS	$	397,583,751
		(cost $275,387,104)

		SHORT-TERM INVESTMENTS 0.1%
	175,509	First American Government Obligations Fund, Class X, 0.019% ^(c)	$	175,509
		(cost $175,509)

		TOTAL INVESTMENTS 99.8%	$	397,759,260
		(cost $275,562,613)

		OTHER ASSETS AND LIABILITIES (NET) 0.2%		918,899

		TOTAL NET ASSETS 100.0%	$	398,678,159

See accompanying Notes to Schedule of Investments.

Mairs & Power Small Cap Fund

NOTES TO SCHEDULE OF INVESTMENTS (unaudited)

March 31, 2022

The Mairs & Power Small Cap Fund (the Small Cap Fund) (individually a Fund) is a series within the Mairs & Power Funds Trust (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:

	Small Cap Fund
Level 1*	$	397,759,260
Level 2		-
Level 3		-
Total	$	397,759,260

* All Level 1 investments are equity securities (common stocks) and short-term investments.

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 2 or 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:

	Small Cap Fund
Cost of investments	$	269,496,053
Gross unrealized appreciation	$	172,449,095
Gross unrealized depreciation		(13,954,269	)
Net unrealized appreciation	$	158,494,826
Undistributed ordinary income	$	-
Undistributed long-term capital gains		8,661,791
Total distributable earnings	$	8,661,791
Other accumulated earnings		-
Total accumulated earnings	$	167,156,617

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Non-income producing.

Foreign security denominated in U.S. dollars. As of March 31, 2022, these securities represented $4,410,444 or 1.1% of total net assets.

The rate quoted is the annualized seven-day effective yield as of March 31, 2022.

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.

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.