Trust for Professional Managers
03/05/2026 | Press release | Distributed by Public on 03/05/2026 13:19
Annual Report by Investment Company (Form N-CSR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-10401
Trust for Professional Managers
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
Jay S. Fitton
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202
(Name and address of agent for service)
(513) 520-5925
Registrant's telephone number, including area code
Date of fiscal year end: December 31, 2025
Date of reporting period: December 31, 2025
Item 1. Reports to Stockholders.
| (a) |
|
Mairs & Power Growth Fund
|
||
|
MPGFX
|
||
|
Annual Shareholder Report | December 31, 2025
|
This annual shareholder reportcontains important information about the Mairs & Power Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at mairsandpower.com/funds/growth-fund. You can also request this information by contacting us at 1-800-304-7404. This report describes changes to the Fund.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Mairs & Power Growth Fund
|
$65
|
0.62%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
Market leadership in 2025 was again driven by a narrow group of large cap Technology and artificial intelligence focused companies. Our deliberate effort to increase Technology exposure helped the Fund participate, though the Fund still lagged the S&P 500 Total Return Index in a concentrated, momentum driven market. Stock selection was a headwind, with declines in long term holdings such as Fiserv and UnitedHealth Group weighing on relative performance. The Fund's emphasis on Midwest based and small cap companies also impacted performance, as these areas continued to trail the benchmark. We added high quality names such as Zoetis and Intuitive Surgical, which we believe are positioned to benefit from utilizing artificial intelligence to accelerate innovation. We remain dedicated to our disciplined multi cap investment approach that has guided us for more than 95 years. Visit www.mairsandpower.com/funds/growth-fundto read the entire commentary.
|
Top Contributors
|
|
|
↑
|
nVent Electric PLC
|
|
↑
|
Roche Holding Ltd. Sponsored ADR
|
|
↑
|
NVIDIA Corp.
|
|
↑
|
JPMorgan Chase & Co.
|
|
↑
|
Microsoft Corp.
|
|
Top Detractors
|
|
|
↓
|
Fiserv, Inc.
|
|
↓
|
UnitedHealth Group Inc.
|
|
↓
|
Hormel Foods Corp.
|
|
↓
|
Bio-Techne Corp.
|
|
↓
|
Motorola Solutions, Inc.
|
HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.
| Mairs & Power Growth Fund | PAGE 1 | TSR-AR-89834G711 |
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
1 Year
|
5 Year
|
10 Year
|
|
|
Mairs & Power Growth Fund
|
10.54
|
11.49
|
12.75
|
|
S&P 500 Total Return Index
|
17.88
|
14.42
|
14.82
|
Visit mairsandpower.com/funds/growth-fund for more recent performance information.
| * | The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of December 31, 2025)
|
Net Assets
|
$5,534,212,849
|
|
Number of Holdings
|
47
|
|
Net Advisory Fee
|
$29,538,473
|
|
Portfolio Turnover
|
13%
|
|
30-Day SEC Yield
|
0.61%
|
WHAT DID THE FUND INVEST IN? (% of net assets as of December 31, 2025)
|
Top Holdings
|
(%)
|
|
Microsoft Corp.
|
10.7%
|
|
NVIDIA Corp.
|
9.4%
|
|
Amazon.com, Inc.
|
7.0%
|
|
JPMorgan Chase & Co.
|
5.1%
|
|
Alphabet, Inc. - Class C
|
4.0%
|
|
Apple, Inc.
|
3.9%
|
|
Roche Holding AG
|
3.2%
|
|
Graco, Inc.
|
3.1%
|
|
UnitedHealth Group, Inc.
|
3.0%
|
|
Eli Lilly & Co.
|
3.0%
|
|
Security Type
|
(%)
|
|
Common Stocks
|
99.8%
|
|
Money Market Funds
|
0.2%
|
|
Cash & Other
|
0.0%
|
Sector Breakdown*
| * | 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. |
| Mairs & Power Growth Fund | PAGE 2 | TSR-AR-89834G711 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit mairsandpower.com/funddocuments.
Change to the Fund
This is a summary of a planned change to the Fund's name. For more complete information, you may review the Fund's next prospectus which will be available by April 30, 2026and at mairsandpower.com/funds/growth-fundor upon request at 1-800-304-7404.
Effective on or about April 30, 2026, the name of the Fund will change to the Mairs & Power Fund.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Mairs & Power Funds at 1-800-304-7404, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Mairs & Power Funds or your financial intermediary.
| Mairs & Power Growth Fund | PAGE 3 | TSR-AR-89834G711 |
|
Mairs & Power Balanced Fund
|
||
|
MAPOX
|
||
|
Annual Shareholder Report | December 31, 2025
|
This annual shareholder reportcontains important information about the Mairs & Power Balanced Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at mairsandpower.com/funds/balanced-fund. You can also request this information by contacting us at 1-800-304-7404. This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Mairs & Power Balanced Fund
|
$74
|
0.72%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
Mega-cap Technology and AI-driven companies again dominated market leadership in 2025, influencing the Fund's relative performance. While the Fund's asset allocation contributed positively, with equities outperforming bonds, its diversified approach left the portfolio underexposed to the narrow group of high valuation AI names, causing equity performance to lag the Mairs & Power Blended Index. Conversely, the Fund's fixed income holdings outperformed the Fund's fixed income benchmark, aided by credit selection, an overweight to corporate bonds, and shorter than benchmark duration as interest rates shifted across the curve. Several equity holdings also faced company specific challenges within Technology, Financials, and Health Care, further weighing on results, though we believe additions such as WEC Energy, Amazon, and Travelers enhanced long term positioning. Throughout the year, the Fund maintained a disciplined approach to balancing risk and return, selectively adding to high quality businesses when valuations became compelling. We remain committed to our long term, research driven process. Visit www.mairsandpower.com/funds/balanced-fundto read the entire commentary.
|
Top Contributors
|
|
|
↑
|
Alphabet Inc. Class C
|
|
↑
|
Roche Holding Ltd. Sponsored ADR
|
|
↑
|
Casey's General Stores, Inc.
|
|
↑
|
Rockwell Automation, Inc.
|
|
↑
|
JPMorgan Chase & Co.
|
|
Top Detractors
|
|
|
↓
|
Fiserv, Inc.
|
|
↓
|
UnitedHealth Group Inc.
|
|
↓
|
Hormel Foods Corp.
|
|
↓
|
Motorola Solutions, Inc.
|
|
↓
|
Entegris, Inc.
|
HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.
| Mairs & Power Balanced Fund | PAGE 1 | TSR-AR-89834G695 |
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
1 Year
|
5 Year
|
10 Year
|
|
|
Mairs & Power Balanced Fund
|
6.61
|
5.93
|
7.94
|
|
S&P 500 Total Return Index
|
17.88
|
14.42
|
14.82
|
|
Bloomberg Government/Credit Bond Index
|
6.88
|
-0.59
|
2.16
|
|
Mairs & Power Blended Index**
|
13.52
|
8.37
|
9.85
|
Visit mairsandpower.com/funds/balanced-fund for more recent performance information.
| * | The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
| ** | The Mairs & Power Blended Index reflects an unmanaged portfolio comprised of 60% of the S&P 500 Total Return Index and 40% of the Bloomberg U.S. Government/Credit Bond Index. |
KEY FUND STATISTICS (as of December 31, 2025)
|
Net Assets
|
$672,113,193
|
|
Number of Holdings
|
252
|
|
Net Advisory Fee
|
$4,277,810
|
|
Portfolio Turnover
|
13%
|
|
Weighted Average Maturity
|
7.97 years
|
|
Effective Duration
|
5.77 years
|
|
30-Day SEC Yield
|
2.19%
|
|
Average Credit Quality
|
BBB
|
| Mairs & Power Balanced Fund | PAGE 2 | TSR-AR-89834G695 |
WHAT DID THE FUND INVEST IN? (% of net assets as of December 31, 2025)
|
Top 10 Issuers
|
(%)
|
|
Microsoft Corp.
|
4.0%
|
|
Alphabet, Inc.
|
3.6%
|
|
JPMorgan Chase & Co.
|
2.6%
|
|
Visa, Inc.
|
2.5%
|
|
Ecolab, Inc.
|
2.4%
|
|
United States Treasury Note/Bond
|
2.3%
|
|
Amazon.com, Inc.
|
2.3%
|
|
Texas Instruments, Inc.
|
2.3%
|
|
Motorola Solutions, Inc.
|
2.3%
|
|
UnitedHealth Group, Inc.
|
2.2%
|
|
Security Type
|
(%)
|
|
Common Stocks
|
61.3%
|
|
Corporate Bonds
|
33.0%
|
|
U.S. Treasury Securities
|
2.3%
|
|
Municipal Bonds
|
2.0%
|
|
Asset-Backed Securities
|
0.5%
|
|
Money Market Funds
|
0.1%
|
|
Cash & Other
|
0.8%
|
Sector Breakdown*
| * | 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. |
Changes to the Fund's Portfolio Manager or Portfolio Management Team:
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus upon request at 1-800-304-7404.
On June 30, 2025, Robert (Bob) W. Thompson, co-portfolio manager of the Fund retired. The Fund continues to be managed by Kevin V. Earley, the Fund's lead portfolio manager and Brent S. Miller, the Fund's co-portfolio manager.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit mairsandpower.com/funddocuments.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Mairs & Power Funds at 1-800-304-7404, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Mairs & Power Funds or your financial intermediary.
| Mairs & Power Balanced Fund | PAGE 3 | TSR-AR-89834G695 |
|
Mairs & Power Small Cap Fund
|
||
|
MSCFX
|
||
|
Annual Shareholder Report | December 31, 2025
|
This annual shareholder reportcontains important information about the Mairs & Power Small Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at mairsandpower.com/funds/small-cap-fund. You can also request this information by contacting us at 1-800-304-7404.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Mairs & Power Small Cap Fund
|
$99
|
0.97%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
The Fund underperformed the Russell 2000 Total Return Index in 2025 as macro headwinds and a sharp "risk on" rally in speculative, unprofitable segments of the Russell 2000 weighed on relative performance. While small caps saw meaningful earnings recovery and benefited from easing labor pressures and lower interest rates, stock selection was the primary detractor from relative performance, with names such as Inspire Medical, CVRx, and MGP Ingredients experiencing challenges this year. Conversely, positive contributors included Exact Sciences, Medpace Holdings, and nVent Electric. Sector allocation was modestly positive but not enough to offset stock specific headwinds. The Fund added Cognex, RadNet, Trex Company, Patrick Industries, James Hardie, and Bentley Systems this year and remains focused on identifying small cap companies with durable competitive advantages trading at attractive valuations as earnings growth continues to improve. Visit www.mairsandpower.com/funds/small-cap-fundto read the entire commentary.
|
Top Contributors
|
|
|
↑
|
Exact Sciences Corp.
|
|
↑
|
Medpace Holdings, Inc.
|
|
↑
|
nVent Electric PLC
|
|
↑
|
Casey's General Stores, Inc.
|
|
↑
|
AAR Corp.
|
|
Top Detractors
|
|
|
↓
|
Inspire Medical Systems, Inc.
|
|
↓
|
CVRx, Inc.
|
|
↓
|
MGP Ingredients, Inc.
|
|
↓
|
Knife River Corp
|
|
↓
|
Workiva Inc. Class A
|
HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.
| Mairs & Power Small Cap Fund | PAGE 1 | TSR-AR-89834G687 |
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
| Mairs & Power Small Cap Fund | PAGE 2 | TSR-AR-89834G687 |
ANNUAL AVERAGE TOTAL RETURN (%)
|
1 Year
|
5 Year
|
10 Year
|
|
|
Mairs & Power Small Cap Fund
|
3.98
|
6.08
|
8.48
|
|
S&P 500 Total Return Index
|
17.88
|
14.42
|
14.82
|
|
Russell 2000 Total Return Index
|
12.81
|
6.09
|
9.62
|
|
S&P SmallCap 600 Total Return Index
|
6.02
|
7.31
|
9.81
|
Visit mairsandpower.com/funds/small-cap-fund for more recent performance information.
| * | The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of December 31, 2025)
|
Net Assets
|
$231,292,933
|
|
Number of Holdings
|
43
|
|
Net Advisory Fee
|
$2,032,020
|
|
Portfolio Turnover
|
19%
|
|
30-Day SEC Yield
|
0.18%
|
WHAT DID THE FUND INVEST IN? (% of net assets as of December 31, 2025)
|
Top Holdings
|
(%)
|
|
JBT Marel Corp.
|
4.5%
|
|
Hub Group, Inc. - Class A
|
4.3%
|
|
Bio-Techne Corp.
|
4.2%
|
|
AAR Corp.
|
4.0%
|
|
Entegris, Inc.
|
3.7%
|
|
Knife River Corp.
|
3.7%
|
|
Workiva, Inc.
|
3.6%
|
|
HB Fuller Co.
|
3.4%
|
|
nVent Electric PLC
|
3.3%
|
|
Medpace Holdings, Inc.
|
3.1%
|
|
Security Type
|
(%)
|
|
Common Stocks
|
99.8%
|
|
Money Market Funds
|
0.6%
|
|
Cash & Other
|
-0.4%
|
Sector Breakdown*
| * | 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. |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit mairsandpower.com/funddocuments.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Mairs & Power Funds at 1-800-304-7404, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Mairs & Power Funds or your financial intermediary.
| Mairs & Power Small Cap Fund | PAGE 3 | TSR-AR-89834G687 |
|
Mairs & Power Minnesota Municipal Bond ETF
|
||
|
MINN(Principal U.S. Listing Exchange: CBOE BZX Exchange, Inc.)
|
||
|
Annual Shareholder Report | December 31, 2025
|
This annual shareholder reportcontains important information about the Mairs & Power Minnesota Municipal Bond ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at mairsandpower.com/funds/mn-muni-bond-etf. You can also request this information by contacting us at 1-855-839-2800. This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Mairs & Power Minnesota Municipal Bond ETF
|
$26
|
0.25%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
The Fund slightly outperformed its benchmark in 2025 and continues to execute the strategy of buying higher-quality credits for the long term. 2025 ushered in continued growth in municipal bond issuance as it grew 15% from the prior year. This brought higher yields on municipal bonds longer than 10 years, even as longer treasury bond yields declined slightly. This led to underperformance of municipal bonds compared to treasury bonds early in the year. Looking forward, we will continue to be highly selective in the lower than A-rated space, where we only have a handful of exposures. The Fund will also continue to seek out high quality bonds as a differentiator, as well as focusing on unlimited tax general obligation bonds, given the credit structure of these securities. We are careful in credit selection and anticipate our preference for essential projects will continue to prevail as we will not sacrifice quality for the sake of additional yield. Visit www.mairsandpower.com/funds/mn-muni-bond-etfto read the latest manager commentary.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
1 Year
|
Since Inception
(03/11/2021) |
|
|
Mairs & Power Minnesota Municipal Bond ETF NAV
|
4.80
|
-0.32
|
|
Bloomberg Municipal Bond Index: Minnesota
|
4.63
|
0.75
|
Visit mairsandpower.com/funds/mn-muni-bond-etf for more recent performance information.
| Mairs & Power Minnesota Municipal Bond ETF | PAGE 1 | TSR-AR-89834G836 |
| * | The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of December 31, 2025)
|
Net Assets
|
$36,045,501
|
|
Number of Holdings
|
128
|
|
Net Advisory Fee
|
$68,065
|
|
Portfolio Turnover
|
16%
|
|
Weighted Average Maturity
|
10.10 years
|
|
Effective Duration
|
5.94 years
|
|
30-Day SEC Yield
|
3.04%
|
|
Average Credit Quality
|
AA
|
WHAT DID THE FUND INVEST IN? (% of net assets as of December 31, 2025)
|
Top 10 Issuers
|
(%)
|
|
State of Minnesota
|
13.9%
|
|
County of Hennepin MN
|
3.7%
|
|
South Washington County Independent School District No 833/MN
|
3.7%
|
|
Minnesota Health & Education Facilities Authority
|
3.1%
|
|
County of Ramsey MN
|
2.9%
|
|
Mankato Independent School District No 77
|
2.8%
|
|
Minneapolis Special School District No 1
|
2.5%
|
|
State of Minnesota Department of Iron Range Resources & Rehabilitation
|
2.3%
|
|
University of Minnesota
|
2.0%
|
|
City of Bloomington MN
|
1.9%
|
|
Security Type
|
(%)
|
|
Municipal Bonds
|
98.3%
|
|
Money Market Funds
|
0.3%
|
|
Cash & Other
|
1.4%
|
|
Credit Breakdown*
|
(%)
|
|
AAA
|
35.1%
|
|
AA
|
47.4%
|
|
A
|
11.2%
|
|
BBB & Lower
|
3.4%
|
|
Not Rated
|
1.2%
|
|
Cash & Equivalent
|
1.7%
|
| * | Mairs & Power uses the lower of the S&P or Moody's ratings and chooses to display credit ratings using S&P's rating convention, although the rating itself might be sourced from another Nationally Recognized Statistical Rating Agency. The ratings apply to the credit worthiness of the issuers of the underlying securities and not to the Fund itself. Ratings are expressed as letters ranging from 'AAA', which is the highest grade, to 'D', which is the lowest grade. In limited situations when the rating agency has not issued a formal rating, the rating agency will classify the security as unrated. |
Changes to the Fund's Portfolio Manager or Portfolio Management Team:
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus upon request at 1-855-839-2800.
On June 30, 2025, Robert (Bob) W. Thompson, co-portfolio manager of the Fund retired. The Fund continues to be managed by Brent S. Miller, the Fund's lead portfolio manager.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit mairsandpower.com/funddocuments.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Mairs & Power Funds at 1-855-839-2800, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Mairs & Power Funds or your financial intermediary.
| Mairs & Power Minnesota Municipal Bond ETF | PAGE 2 | TSR-AR-89834G836 |
| (b) | Not applicable. |
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. A copy of the registrant's Code of Ethics is incorporated by reference to the Registrant's Form N-CSR filed on March 9, 2023.
Item 3. Audit Committee Financial Expert.
The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Dr. Michael Akers and Lisa Zúñiga Ramírez are the "audit committee financial experts" and are considered to be "independent" as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
| FYE 12/31/2025 | FYE 12/31/2024 | |
| (a) Audit Fees | $66,700 | $64,500 |
| (b) Audit-Related Fees | 0 | 0 |
| (c) Tax Fees | 12,000 | 12,000 |
| (d) All Other Fees | 0 | 0 |
(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
(e)(2) The percentage of fees billed by Cohen & Company Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
| FYE 12/31/2025 | FYE 12/31/2024 | |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |
(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.
(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.-not sub-adviser) for the last two years.
| Non-Audit Related Fees | FYE 12/31/2025 | FYE 12/31/2024 |
| Registrant | 0 | 0 |
| Registrant's Investment Adviser | 0 | 0 |
(h) The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.
(i) Not applicable
(j) Not applicable
Item 5. Audit Committee of Listed Registrants.
| (a) | The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The entire Board of Trustees is acting as the registrant's audit committee. |
| (b) | Not applicable |
Item 6. Investments.
| (a) | Schedule of Investments is included as part of the report to shareholders filed under Item 7(a) of this Form. |
| (b) | Not Applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
| (a) |
TABLE OF CONTENTS
|
|
|
|
|
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Page
|
|
|
Schedules of Investments
|
|
|
|
|
Mairs & Power Growth Fund
|
|
|
1
|
|
Mairs & Power Balanced Fund
|
|
|
3
|
|
Mairs & Power Small Cap Fund
|
|
|
12
|
|
Mairs & Power Minnesota Municipal Bond ETF
|
|
|
14
|
|
Statements of Assets and Liabilities
|
|
|
18
|
|
Statements of Operations
|
|
|
19
|
|
Statements of Changes in Net Assets
|
|
|
20
|
|
Financial Highlights
|
|
|
22
|
|
Notes to the Financial Statements
|
|
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26
|
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Report of Independent Registered Public Accounting Firm
|
|
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35
|
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Additional Information
|
|
|
36
|
|
|
|
|
|
TABLE OF CONTENTS
MAIRS & POWER GROWTH FUND
SCHEDULE OF INVESTMENTS
December 31, 2025
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - 99.8%
|
|
|
|
|
||
|
Communication Services - 8.7%
|
|
|
|
|
||
|
Alphabet, Inc. - Class C
|
|
|
710,145
|
|
|
$222,843,501
|
|
Meta Platforms, Inc. - Class A
|
|
|
245,000
|
|
|
161,722,050
|
|
Verizon Communications, Inc.
|
|
|
2,421,000
|
|
|
98,607,330
|
|
|
|
|
|
483,172,881
|
||
|
Consumer Discretionary - 7.0%
|
|
|
|
|
||
|
Amazon.com, Inc.(a)
|
|
|
1,672,000
|
|
|
385,931,040
|
|
Consumer Staples - 1.8%
|
|
|
|
|
||
|
Casey's General Stores, Inc.
|
|
|
42,748
|
|
|
23,627,247
|
|
Hormel Foods Corp.
|
|
|
2,171,592
|
|
|
51,466,730
|
|
Kraft Heinz Co.
|
|
|
1,115,000
|
|
|
27,038,750
|
|
|
|
|
|
102,132,727
|
||
|
Financials - 10.9%
|
|
|
|
|
||
|
Fiserv, Inc.(a)
|
|
|
873,395
|
|
|
58,665,942
|
|
JPMorgan Chase & Co.
|
|
|
878,000
|
|
|
282,909,160
|
|
Piper Sandler Cos.
|
|
|
125,500
|
|
|
42,633,605
|
|
Visa, Inc. - Class A
|
|
|
444,000
|
|
|
155,715,240
|
|
Wells Fargo & Co.
|
|
|
669,248
|
|
|
62,373,914
|
|
|
|
|
|
602,297,861
|
||
|
Health Care - 13.1%
|
|
|
|
|
||
|
Bio-Techne Corp.
|
|
|
1,453,800
|
|
|
85,497,978
|
|
Eli Lilly & Co.
|
|
|
152,539
|
|
|
163,930,613
|
|
Intuitive Surgical, Inc.(a)
|
|
|
50,000
|
|
|
28,318,000
|
|
Johnson & Johnson
|
|
|
265,301
|
|
|
54,904,042
|
|
Medpace Holdings, Inc.(a)
|
|
|
50,000
|
|
|
28,082,500
|
|
Roche Holding AG - ADR
|
|
|
3,392,509
|
|
|
174,951,689
|
|
UnitedHealth Group, Inc.
|
|
|
503,583
|
|
|
166,237,784
|
|
Zoetis, Inc.
|
|
|
180,000
|
|
|
22,647,600
|
|
|
|
|
|
724,570,206
|
||
|
Industrials - 13.4%
|
|
|
|
|
||
|
CH Robinson Worldwide, Inc.
|
|
|
525,000
|
|
|
84,399,000
|
|
Fastenal Co.
|
|
|
2,383,501
|
|
|
95,649,895
|
|
Graco, Inc.
|
|
|
2,059,774
|
|
|
168,839,675
|
|
nVent Electric PLC
|
|
|
1,192,748
|
|
|
121,624,513
|
|
Rockwell Automation, Inc.
|
|
|
180,000
|
|
|
70,032,600
|
|
Tennant Co.
|
|
|
603,700
|
|
|
44,492,690
|
|
Toro Co.
|
|
|
1,999,523
|
|
|
157,402,451
|
|
|
|
|
|
742,440,824
|
||
|
Information Technology - 35.1%(b)
|
|
|
|
|
||
|
Apple, Inc.
|
|
|
793,800
|
|
|
215,802,468
|
|
Clearfield, Inc.(a)
|
|
|
440,447
|
|
|
12,839,030
|
|
Cognex Corp.
|
|
|
725,000
|
|
|
26,085,500
|
|
Entegris, Inc.
|
|
|
817,000
|
|
|
68,832,250
|
|
Littelfuse, Inc.
|
|
|
447,254
|
|
|
113,119,482
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
1
|
|
|
TABLE OF CONTENTS
MAIRS & POWER GROWTH FUND
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - (Continued)
|
||||||
|
Information Technology - (Continued)
|
||||||
|
Microsoft Corp.
|
|
|
1,229,855
|
|
|
$594,782,475
|
|
Motorola Solutions, Inc.
|
|
|
331,000
|
|
|
126,878,920
|
|
NVIDIA Corp.
|
|
|
2,788,838
|
|
|
520,118,287
|
|
Palo Alto Networks, Inc.(a)
|
|
|
151,624
|
|
|
27,929,141
|
|
QUALCOMM, Inc.
|
|
|
236,000
|
|
|
40,367,800
|
|
Salesforce, Inc.
|
|
|
161,277
|
|
|
42,723,890
|
|
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
|
|
|
382,000
|
|
|
116,085,980
|
|
Workiva, Inc.(a)
|
|
|
432,857
|
|
|
37,333,916
|
|
|
|
|
|
1,942,899,139
|
||
|
Materials - 4.6%
|
|
|
|
|
||
|
Ecolab, Inc.
|
|
|
278,015
|
|
|
72,984,498
|
|
HB Fuller Co.
|
|
|
1,352,674
|
|
|
80,429,996
|
|
Sherwin-Williams Co.
|
|
|
304,000
|
|
|
98,505,120
|
|
|
|
|
|
251,919,614
|
||
|
Utilities - 5.2%
|
|
|
|
|
||
|
Alliant Energy Corp.
|
|
|
1,948,000
|
|
|
126,639,480
|
|
IDACORP, Inc.
|
|
|
235,000
|
|
|
29,741,600
|
|
WEC Energy Group, Inc.
|
|
|
1,250,500
|
|
|
131,877,730
|
|
|
|
|
|
288,258,810
|
||
|
TOTAL COMMON STOCKS
(Cost $2,425,062,897)
|
|
|
|
|
5,523,623,102
|
|
|
SHORT-TERM INVESTMENTS
|
|
|
|
|
||
|
MONEY MARKET FUNDS - 0.2%
|
|
|
|
|
||
|
First American Government Obligations Fund - Class X, 3.67%(c)
|
|
|
11,706,504
|
|
|
11,706,504
|
|
TOTAL MONEY MARKET FUNDS
(Cost $11,706,504)
|
|
|
|
|
11,706,504
|
|
|
TOTAL INVESTMENTS - 100.0%
(Cost $2,436,769,401)
|
|
|
|
|
$5,535,329,606
|
|
|
Liabilities in Excess of Other Assets - (0.0)%(d)
|
|
|
|
|
(1,116,757)
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
$5,534,212,849
|
|
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
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.
ADR - American Depositary Receipt
PLC - Public Limited Company
|
(a)
|
Non-income producing security.
|
|
(b)
|
To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
|
|
(c)
|
The rate shown represents the 7-day annualized yield as of December 31, 2025.
|
|
(d)
|
Represents less than 0.05% of net assets.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
2
|
|
|
TABLE OF CONTENTS
MAIRS & POWER BALANCED FUND
SCHEDULE OF INVESTMENTS
December 31, 2025
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - 61.3%
|
|
|
|
|
||
|
Communication Services - 4.9%
|
|
|
|
|
||
|
Alphabet, Inc. - Class C
|
|
|
76,414
|
|
|
$23,978,713
|
|
Walt Disney Co.
|
|
|
81,000
|
|
|
9,215,370
|
|
|
|
|
|
33,194,083
|
||
|
Consumer Discretionary - 3.3%
|
|
|
|
|
||
|
Amazon.com, Inc.(a)
|
|
|
67,000
|
|
|
15,464,940
|
|
Home Depot, Inc.
|
|
|
19,067
|
|
|
6,560,955
|
|
|
|
|
|
22,025,895
|
||
|
Consumer Staples - 3.3%
|
|
|
|
|
||
|
Casey's General Stores, Inc.
|
|
|
14,000
|
|
|
7,737,940
|
|
Hershey Co.
|
|
|
13,000
|
|
|
2,365,740
|
|
Hormel Foods Corp.
|
|
|
227,474
|
|
|
5,391,134
|
|
Procter & Gamble Co.
|
|
|
37,000
|
|
|
5,302,470
|
|
Sysco Corp.
|
|
|
21,546
|
|
|
1,587,724
|
|
|
|
|
|
22,385,008
|
||
|
Financials - 9.3%
|
|
|
|
|
||
|
American Express Co.
|
|
|
16,353
|
|
|
6,049,792
|
|
Ameriprise Financial, Inc.
|
|
|
16,000
|
|
|
7,845,440
|
|
Fiserv, Inc.(a)
|
|
|
100,357
|
|
|
6,740,980
|
|
JPMorgan Chase & Co.
|
|
|
44,874
|
|
|
14,459,300
|
|
US Bancorp/MN
|
|
|
91,768
|
|
|
4,896,741
|
|
Visa, Inc. - Class A
|
|
|
48,011
|
|
|
16,837,938
|
|
Wells Fargo & Co.
|
|
|
61,362
|
|
|
5,718,938
|
|
|
|
|
|
62,549,129
|
||
|
Health Care - 10.7%
|
|
|
|
|
||
|
Abbott Laboratories
|
|
|
113,843
|
|
|
14,263,389
|
|
Bio-Techne Corp.
|
|
|
106,876
|
|
|
6,285,378
|
|
Eli Lilly & Co.
|
|
|
10,840
|
|
|
11,649,531
|
|
Johnson & Johnson
|
|
|
27,996
|
|
|
5,793,772
|
|
Medtronic PLC
|
|
|
119,000
|
|
|
11,431,140
|
|
Roche Holding AG - ADR
|
|
|
197,000
|
|
|
10,159,290
|
|
UnitedHealth Group, Inc.
|
|
|
37,726
|
|
|
12,453,730
|
|
|
|
|
|
72,036,230
|
||
|
Industrials - 9.9%
|
|
|
|
|
||
|
3M Co.
|
|
|
6,527
|
|
|
1,044,973
|
|
Automatic Data Processing, Inc.
|
|
|
34,000
|
|
|
8,745,820
|
|
CH Robinson Worldwide, Inc.
|
|
|
37,000
|
|
|
5,948,120
|
|
Donaldson Co., Inc.
|
|
|
28,569
|
|
|
2,532,928
|
|
Fastenal Co.
|
|
|
260,000
|
|
|
10,433,800
|
|
Graco, Inc.
|
|
|
134,188
|
|
|
10,999,390
|
|
nVent Electric PLC
|
|
|
53,758
|
|
|
5,481,703
|
|
Rockwell Automation, Inc.
|
|
|
20,375
|
|
|
7,927,301
|
|
Tennant Co.
|
|
|
33,750
|
|
|
2,487,375
|
|
Toro Co.
|
|
|
139,233
|
|
|
10,960,422
|
|
|
|
|
|
66,561,832
|
||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
3
|
|
|
TABLE OF CONTENTS
MAIRS & POWER BALANCED FUND
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - (Continued)
|
||||||
|
Information Technology - 10.8%
|
|
|
|
|
||
|
Entegris, Inc.
|
|
|
76,000
|
|
|
$6,403,000
|
|
Littelfuse, Inc.
|
|
|
31,750
|
|
|
8,030,210
|
|
Microsoft Corp.
|
|
|
55,624
|
|
|
26,900,879
|
|
Motorola Solutions, Inc.
|
|
|
28,205
|
|
|
10,811,541
|
|
QUALCOMM, Inc.
|
|
|
17,467
|
|
|
2,987,730
|
|
Salesforce, Inc.
|
|
|
7,800
|
|
|
2,066,298
|
|
Texas Instruments, Inc.
|
|
|
89,000
|
|
|
15,440,610
|
|
|
|
|
|
72,640,268
|
||
|
Insurance - 0.6%
|
|
|
|
|
||
|
Travelers Cos., Inc.
|
|
|
13,000
|
|
|
3,770,780
|
|
Materials - 4.9%
|
|
|
|
|
||
|
Ecolab, Inc.
|
|
|
61,273
|
|
|
16,085,388
|
|
HB Fuller Co.
|
|
|
96,917
|
|
|
5,762,685
|
|
Sherwin-Williams Co.
|
|
|
34,000
|
|
|
11,017,020
|
|
|
|
|
|
32,865,093
|
||
|
Utilities - 3.6%
|
|
|
|
|
||
|
WEC Energy Group, Inc.
|
|
|
101,000
|
|
|
10,651,460
|
|
Xcel Energy, Inc.
|
|
|
184,700
|
|
|
13,641,942
|
|
|
|
|
|
24,293,402
|
||
|
TOTAL COMMON STOCKS
(Cost $232,897,823)
|
|
|
|
|
412,321,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
||
|
CORPORATE BONDS - 33.0%
|
|
|
|
|
||
|
Communication Services - 0.7%
|
|
|
|
|
||
|
AT&T, Inc., 6.45%, 06/15/2034
|
|
|
$1,000,000
|
|
|
1,062,312
|
|
Comcast Corp., 4.25%, 01/15/2033
|
|
|
2,000,000
|
|
|
1,960,613
|
|
Netflix, Inc., 5.88%, 11/15/2028
|
|
|
1,688,000
|
|
|
1,776,099
|
|
|
|
|
|
4,799,024
|
||
|
Communications - 0.8%
|
|
|
|
|
||
|
Cox Communications, Inc., 4.80%, 02/01/2035(b)
|
|
|
1,880,000
|
|
|
1,757,697
|
|
Discovery Communications LLC, 4.95%, 05/15/2042
|
|
|
570,000
|
|
|
370,243
|
|
T-Mobile USA, Inc., 5.75%, 01/15/2034
|
|
|
2,000,000
|
|
|
2,125,795
|
|
Warnermedia Holdings, Inc.
|
|
|
|
|
||
|
4.28%, 03/15/2032
|
|
|
581,000
|
|
|
510,740
|
|
5.05%, 03/15/2042
|
|
|
800,000
|
|
|
566,800
|
|
|
|
|
|
5,331,275
|
||
|
Consumer Discretionary - 3.5%
|
|
|
|
|
||
|
AutoNation, Inc., 3.80%, 11/15/2027
|
|
|
1,110,000
|
|
|
1,102,643
|
|
Block Financial LLC, 3.88%, 08/15/2030
|
|
|
1,000,000
|
|
|
964,522
|
|
Choice Hotels International, Inc.
|
|
|
|
|
||
|
3.70%, 12/01/2029
|
|
|
1,000,000
|
|
|
974,126
|
|
5.85%, 08/01/2034
|
|
|
750,000
|
|
|
766,179
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
4
|
|
|
TABLE OF CONTENTS
MAIRS & POWER BALANCED FUND
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
Value
|
|
|
CORPORATE BONDS - (Continued)
|
||||||
|
Consumer Discretionary - (Continued)
|
||||||
|
eBay, Inc., 6.30%, 11/22/2032
|
|
|
$2,000,000
|
|
|
$2,192,235
|
|
Ford Motor Co.
|
|
|
|
|
||
|
6.10%, 08/19/2032
|
|
|
2,000,000
|
|
|
2,064,650
|
|
4.75%, 01/15/2043
|
|
|
1,000,000
|
|
|
794,737
|
|
Ford Motor Credit Co. LLC, 3.63%, 06/17/2031
|
|
|
1,750,000
|
|
|
1,605,823
|
|
General Motors Co.
|
|
|
|
|
||
|
4.20%, 10/01/2027
|
|
|
1,000,000
|
|
|
1,002,199
|
|
5.15%, 04/01/2038
|
|
|
1,000,000
|
|
|
966,718
|
|
General Motors Financial Co., Inc., 5.75%, 02/08/2031
|
|
|
500,000
|
|
|
526,819
|
|
Lear Corp., 3.80%, 09/15/2027
|
|
|
2,245,000
|
|
|
2,234,217
|
|
Lowe's Cos., Inc., 4.65%, 04/15/2042
|
|
|
880,000
|
|
|
798,774
|
|
McDonald's Corp., 3.70%, 02/15/2042
|
|
|
1,000,000
|
|
|
822,219
|
|
Mohawk Industries, Inc., 3.63%, 05/15/2030
|
|
|
2,000,000
|
|
|
1,942,335
|
|
Stellantis Financial Services US Corp., 4.95%, 09/15/2028(b)
|
|
|
2,000,000
|
|
|
2,028,631
|
|
United Airlines 2014-2 Class A Pass Through Trust, Series A, 3.75%, 09/03/2026
|
|
|
309,493
|
|
|
307,394
|
|
Whirlpool Corp.
|
|
|
|
|
||
|
5.75%, 03/01/2034
|
|
|
1,000,000
|
|
|
928,744
|
|
5.15%, 03/01/2043
|
|
|
1,100,000
|
|
|
900,231
|
|
Wildlife Conservation Society, 3.41%, 08/01/2050
|
|
|
1,000,000
|
|
|
635,203
|
|
|
|
|
|
23,558,399
|
||
|
Consumer Staples - 1.0%
|
|
|
|
|
||
|
Land O' Lakes Capital Trust I, 7.45%, 03/15/2028(b)
|
|
|
1,949,000
|
|
|
1,997,725
|
|
Land O' Lakes, Inc.
|
|
|
|
|
||
|
7.25%, Perpetual(b)
|
|
|
2,500,000
|
|
|
2,325,000
|
|
7.00%, Perpetual(b)
|
|
|
2,500,000
|
|
|
2,231,250
|
|
|
|
|
|
6,553,975
|
||
|
Energy - 1.3%
|
|
|
|
|
||
|
Kinder Morgan Energy Partners LP
|
|
|
|
|
||
|
5.80%, 03/15/2035
|
|
|
1,200,000
|
|
|
1,266,473
|
|
6.95%, 01/15/2038
|
|
|
1,000,000
|
|
|
1,127,458
|
|
MPLX LP, 4.50%, 04/15/2038
|
|
|
2,000,000
|
|
|
1,829,993
|
|
Murphy Oil Corp., 5.88%, 12/01/2042(c)
|
|
|
500,000
|
|
|
431,820
|
|
Northern Natural Gas Co., 4.10%, 09/15/2042(b)
|
|
|
1,021,000
|
|
|
831,846
|
|
ONEOK Partners LP, 6.20%, 09/15/2043
|
|
|
1,203,000
|
|
|
1,226,313
|
|
ONEOK, Inc., 6.00%, 06/15/2035
|
|
|
1,000,000
|
|
|
1,061,307
|
|
Sabal Trail Transmission LLC, 4.68%, 05/01/2038(b)
|
|
|
1,000,000
|
|
|
954,548
|
|
|
|
|
|
8,729,758
|
||
|
Financials - 11.1%
|
|
|
|
|
||
|
Affiliated Managers Group, Inc., 5.50%, 02/15/2036
|
|
|
1,000,000
|
|
|
1,003,082
|
|
AmFam Holdings, Inc., 2.81%, 03/11/2031(b)
|
|
|
1,540,000
|
|
|
1,356,375
|
|
Associated Banc-Corp., 6.46% to 08/29/2029 then SOFR + 3.03%, 08/29/2030
|
|
|
1,151,000
|
|
|
1,197,544
|
|
Assurant, Inc.
|
|
|
|
|
||
|
3.70%, 02/22/2030
|
|
|
1,500,000
|
|
|
1,458,621
|
|
2.65%, 01/15/2032
|
|
|
1,000,000
|
|
|
888,642
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
5
|
|
|
TABLE OF CONTENTS
MAIRS & POWER BALANCED FUND
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
Value
|
|
|
CORPORATE BONDS - (Continued)
|
||||||
|
Financials - (Continued)
|
||||||
|
Bank of America Corp.
|
|
|
|
|
||
|
5.02% to 07/22/2032 then SOFR + 2.16%, 07/22/2033
|
|
|
$1,000,000
|
|
|
$1,022,071
|
|
2.48% to 09/21/2031 then 5 yr. CMT Rate + 1.20%, 09/21/2036
|
|
|
1,900,000
|
|
|
1,670,490
|
|
Bank of Montreal, 3.09% to 01/10/2032 then 5 yr. CMT Rate + 1.40%, 01/10/2037
|
|
|
2,150,000
|
|
|
1,936,762
|
|
Blackstone Holdings Finance Co. LLC, 2.55%, 03/30/2032(b)
|
|
|
1,000,000
|
|
|
889,096
|
|
Capital One Financial Corp.
|
|
|
|
|
||
|
5.25% to 07/26/2029 then SOFR + 2.60%, 07/26/2030
|
|
|
2,000,000
|
|
|
2,064,859
|
|
6.18% to 01/30/2035 then SOFR + 2.04%, 01/30/2036
|
|
|
2,000,000
|
|
|
2,093,663
|
|
CBRE Services, Inc., 5.95%, 08/15/2034
|
|
|
2,000,000
|
|
|
2,145,223
|
|
Charles Schwab Corp., 4.00% to 12/01/2030 then 10 yr. CMT Rate +
3.08%, Perpetual
|
|
|
2,000,000
|
|
|
1,868,890
|
|
Cincinnati Financial Corp., 6.13%, 11/01/2034
|
|
|
1,301,000
|
|
|
1,403,391
|
|
Citigroup, Inc., 3.07% to 02/24/2027 then SOFR + 1.28%, 02/24/2028
|
|
|
500,000
|
|
|
494,519
|
|
CNA Financial Corp., 5.50%, 06/15/2033
|
|
|
2,000,000
|
|
|
2,080,449
|
|
Farmers Exchange Capital, 7.05%, 07/15/2028(b)
|
|
|
1,650,000
|
|
|
1,730,875
|
|
First American Financial Corp., 5.45%, 09/30/2034
|
|
|
1,000,000
|
|
|
1,002,309
|
|
First National of Nebraska, Inc., 7.25% to 06/15/2030 then 3 mo. Term SOFR + 3.61%, 06/15/2035(b)
|
|
|
750,000
|
|
|
783,612
|
|
FMR LLC, 6.45%, 11/15/2039(b)
|
|
|
1,141,000
|
|
|
1,267,281
|
|
Fulton Financial Corp., 3.75% to 03/15/2030 then 3 mo. Term SOFR +
2.70%, 03/15/2035
|
|
|
3,000,000
|
|
|
2,681,435
|
|
Goldman Sachs Group, Inc.
|
|
|
|
|
||
|
5.22% to 04/23/2030 then SOFR + 1.58%, 04/23/2031
|
|
|
500,000
|
|
|
516,878
|
|
2.65% to 10/21/2031 then SOFR + 1.26%, 10/21/2032
|
|
|
2,000,000
|
|
|
1,808,002
|
|
Hanover Insurance Group, Inc.
|
|
|
|
|
||
|
2.50%, 09/01/2030
|
|
|
2,500,000
|
|
|
2,278,479
|
|
5.50%, 09/01/2035
|
|
|
1,000,000
|
|
|
1,019,166
|
|
Hartford Insurance Group, Inc., 6.63%, 04/15/2042
|
|
|
2,300,000
|
|
|
2,546,792
|
|
JPMorgan Chase & Co.
|
|
|
|
|
||
|
3.65% to 06/01/2026 then 5 yr. CMT Rate + 2.85%, Perpetual
|
|
|
2,000,000
|
|
|
1,990,069
|
|
4.13%, 12/15/2026
|
|
|
1,000,000
|
|
|
1,002,099
|
|
LPL Holdings, Inc.
|
|
|
|
|
||
|
6.00%, 05/20/2034
|
|
|
2,000,000
|
|
|
2,113,126
|
|
5.75%, 06/15/2035
|
|
|
1,000,000
|
|
|
1,031,788
|
|
M&T Bank Corp.
|
|
|
|
|
||
|
5.13% to 11/01/2026 then 3 mo. Term SOFR + 3.78%, Perpetual
|
|
|
1,000,000
|
|
|
998,965
|
|
5.18% to 07/08/2030 then SOFR + 1.40%, 07/08/2031
|
|
|
2,000,000
|
|
|
2,056,769
|
|
Mercury General Corp., 4.40%, 03/15/2027
|
|
|
4,000,000
|
|
|
3,998,619
|
|
Morgan Stanley
|
|
|
|
|
||
|
2.94% to 01/21/2032 then SOFR + 1.29%, 01/21/2033
|
|
|
1,700,000
|
|
|
1,553,903
|
|
2.48% to 09/16/2031 then SOFR + 1.36%, 09/16/2036
|
|
|
750,000
|
|
|
660,588
|
|
Old Republic International Corp.
|
|
|
|
|
||
|
3.88%, 08/26/2026
|
|
|
790,000
|
|
|
789,317
|
|
5.75%, 03/28/2034
|
|
|
1,000,000
|
|
|
1,043,447
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
6
|
|
|
TABLE OF CONTENTS
MAIRS & POWER BALANCED FUND
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
Value
|
|
|
CORPORATE BONDS - (Continued)
|
||||||
|
Financials - (Continued)
|
||||||
|
Penn Mutual Life Insurance Co., 6.65%, 06/15/2034(b)
|
|
|
$470,000
|
|
|
$508,728
|
|
Penske Truck Leasing Co. Lp / PTL Finance Corp.
|
|
|
|
|
||
|
5.70%, 02/01/2028(b)
|
|
|
500,000
|
|
|
514,803
|
|
6.05%, 08/01/2028(b)
|
|
|
500,000
|
|
|
521,656
|
|
PNC Financial Services Group, Inc., 3.40% to 09/15/2026 then 5 yr. CMT Rate + 2.60%, Perpetual
|
|
|
2,000,000
|
|
|
1,962,207
|
|
Principal Financial Group, Inc., 4.35%, 05/15/2043
|
|
|
500,000
|
|
|
432,261
|
|
Protective Life Corp., 5.35%, 12/15/2035(b)
|
|
|
500,000
|
|
|
506,692
|
|
Selective Insurance Group, Inc., 5.90%, 04/15/2035
|
|
|
1,500,000
|
|
|
1,578,723
|
|
Synchrony Financial
|
|
|
|
|
||
|
5.94% to 08/02/2029 then SOFR + 2.13%, 08/02/2030
|
|
|
1,000,000
|
|
|
1,043,213
|
|
2.88%, 10/28/2031
|
|
|
1,000,000
|
|
|
899,562
|
|
US Bancorp
|
|
|
|
|
||
|
5.85% to 10/21/2032 then SOFR + 2.09%, 10/21/2033
|
|
|
2,000,000
|
|
|
2,145,633
|
|
2.49% to 11/03/2031 then 5 yr. CMT Rate + 0.95%, 11/03/2036
|
|
|
2,000,000
|
|
|
1,748,753
|
|
Wells Fargo & Co.
|
|
|
|
|
||
|
4.10%, 06/03/2026
|
|
|
1,000,000
|
|
|
1,000,229
|
|
5.71% to 04/22/2027 then SOFR + 1.07%, 04/22/2028
|
|
|
2,000,000
|
|
|
2,042,090
|
|
Wintrust Financial Corp., 4.85%, 06/06/2029
|
|
|
3,500,000
|
|
|
3,488,493
|
|
|
|
|
|
74,840,239
|
||
|
Health Care - 1.5%
|
|
|
|
|
||
|
Bristol-Myers Squibb Co., 2.35%, 11/13/2040
|
|
|
1,500,000
|
|
|
1,072,485
|
|
CVS Health Corp.
|
|
|
|
|
||
|
4.78%, 03/25/2038
|
|
|
1,400,000
|
|
|
1,326,186
|
|
2.70%, 08/21/2040
|
|
|
1,500,000
|
|
|
1,078,193
|
|
DENTSPLY SIRONA, Inc., 3.25%, 06/01/2030
|
|
|
1,000,000
|
|
|
925,123
|
|
Humana, Inc., 5.95%, 03/15/2034
|
|
|
1,000,000
|
|
|
1,051,536
|
|
Laboratory Corp. of America Holdings, 4.55%, 04/01/2032
|
|
|
1,000,000
|
|
|
1,000,524
|
|
UnitedHealth Group, Inc., 6.50%, 06/15/2037
|
|
|
2,000,000
|
|
|
2,250,112
|
|
Viatris, Inc., 2.30%, 06/22/2027
|
|
|
1,500,000
|
|
|
1,458,111
|
|
|
|
|
|
10,162,270
|
||
|
Industrials - 3.2%
|
|
|
|
|
||
|
Ashtead Capital, Inc., 5.80%, 04/15/2034(b)
|
|
|
1,000,000
|
|
|
1,050,538
|
|
Delta Air Lines, Inc., 5.25%, 07/10/2030
|
|
|
3,000,000
|
|
|
3,086,976
|
|
Eaton Corp., 4.00%, 11/02/2032
|
|
|
2,000,000
|
|
|
1,963,176
|
|
Equifax, Inc., 7.00%, 07/01/2037
|
|
|
2,000,000
|
|
|
2,261,556
|
|
FedEx Corp., 4.10%, 04/15/2043
|
|
|
1,000,000
|
|
|
811,660
|
|
GATX Corp.
|
|
|
|
|
||
|
5.45%, 09/15/2033
|
|
|
1,000,000
|
|
|
1,038,166
|
|
6.05%, 03/15/2034
|
|
|
500,000
|
|
|
534,061
|
|
6.90%, 05/01/2034
|
|
|
500,000
|
|
|
562,646
|
|
5.50%, 06/15/2035
|
|
|
500,000
|
|
|
513,828
|
|
HNI Corp., 5.13%, 01/18/2029(b)
|
|
|
1,375,000
|
|
|
1,348,456
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
7
|
|
|
TABLE OF CONTENTS
MAIRS & POWER BALANCED FUND
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
Value
|
|
|
CORPORATE BONDS - (Continued)
|
||||||
|
Industrials - (Continued)
|
||||||
|
Kennametal, Inc., 4.63%, 06/15/2028
|
|
|
$1,500,000
|
|
|
$1,507,934
|
|
Leidos Holdings, Inc., 5.95%, 12/01/2040
|
|
|
1,400,000
|
|
|
1,438,317
|
|
nVent Finance Sarl, 5.65%, 05/15/2033
|
|
|
1,495,000
|
|
|
1,562,454
|
|
Resideo Funding, Inc., 6.50%, 07/15/2032(b)
|
|
|
1,000,000
|
|
|
1,025,060
|
|
Textron, Inc., 4.95%, 03/15/2036
|
|
|
1,000,000
|
|
|
998,271
|
|
Toro Co., 7.80%, 06/15/2027
|
|
|
500,000
|
|
|
523,239
|
|
United Rentals North America, Inc., 3.75%, 01/15/2032
|
|
|
1,000,000
|
|
|
941,026
|
|
|
|
|
|
21,167,364
|
||
|
Information Technology - 3.1%
|
|
|
|
|
||
|
Analog Devices, Inc., 2.80%, 10/01/2041
|
|
|
1,000,000
|
|
|
740,312
|
|
Autodesk, Inc., 2.40%, 12/15/2031
|
|
|
1,000,000
|
|
|
890,299
|
|
Avnet, Inc.
|
|
|
|
|
||
|
3.00%, 05/15/2031
|
|
|
2,000,000
|
|
|
1,808,848
|
|
5.50%, 06/01/2032
|
|
|
1,000,000
|
|
|
1,017,197
|
|
Broadcom, Inc., 4.93%, 05/15/2037(b)
|
|
|
1,500,000
|
|
|
1,484,524
|
|
Entegris, Inc., 4.75%, 04/15/2029(b)
|
|
|
3,000,000
|
|
|
3,013,065
|
|
Fortinet, Inc., 2.20%, 03/15/2031
|
|
|
1,500,000
|
|
|
1,346,351
|
|
HP, Inc.
|
|
|
|
|
||
|
2.65%, 06/17/2031
|
|
|
1,000,000
|
|
|
904,560
|
|
5.50%, 01/15/2033
|
|
|
2,000,000
|
|
|
2,067,387
|
|
Micron Technology, Inc., 6.05%, 11/01/2035
|
|
|
500,000
|
|
|
534,899
|
|
Motorola Solutions, Inc.
|
|
|
|
|
||
|
4.60%, 02/23/2028
|
|
|
2,500,000
|
|
|
2,528,015
|
|
5.50%, 09/01/2044
|
|
|
2,000,000
|
|
|
1,965,059
|
|
Oracle Corp., 3.60%, 04/01/2040
|
|
|
3,000,000
|
|
|
2,233,875
|
|
|
|
|
|
20,534,391
|
||
|
Materials - 2.5%
|
|
|
|
|
||
|
Albemarle Corp.
|
|
|
|
|
||
|
5.05%, 06/01/2032
|
|
|
850,000
|
|
|
857,605
|
|
5.45%, 12/01/2044
|
|
|
325,000
|
|
|
297,780
|
|
Albemarle Wodgina Pty Ltd., 3.45%, 11/15/2029
|
|
|
1,175,000
|
|
|
1,097,259
|
|
Cabot Corp.
|
|
|
|
|
||
|
3.40%, 09/15/2026
|
|
|
1,500,000
|
|
|
1,491,319
|
|
4.00%, 07/01/2029
|
|
|
1,800,000
|
|
|
1,786,489
|
|
Celanese US Holdings LLC, 7.20%, 11/15/2033(c)
|
|
|
2,000,000
|
|
|
2,116,620
|
|
Eastman Chemical Co., 5.63%, 02/20/2034
|
|
|
1,000,000
|
|
|
1,034,455
|
|
HB Fuller Co., 4.25%, 10/15/2028
|
|
|
1,700,000
|
|
|
1,686,407
|
|
International Flavors & Fragrances, Inc.
|
|
|
|
|
||
|
1.83%, 10/15/2027(b)
|
|
|
486,000
|
|
|
466,739
|
|
3.27%, 11/15/2040(b)
|
|
|
1,000,000
|
|
|
771,384
|
|
LYB International Finance III LLC, 6.15%, 05/15/2035
|
|
|
2,000,000
|
|
|
2,054,388
|
|
Mosaic Co., 5.45%, 11/15/2033
|
|
|
2,000,000
|
|
|
2,059,341
|
|
Westlake Corp., 5.55%, 11/15/2035
|
|
|
1,000,000
|
|
|
1,002,704
|
|
|
|
|
|
16,722,490
|
||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
8
|
|
|
TABLE OF CONTENTS
MAIRS & POWER BALANCED FUND
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
Value
|
|
|
CORPORATE BONDS - (Continued)
|
||||||
|
Technology - 0.9%
|
|
|
|
|
||
|
CDW LLC / CDW Finance Corp., 5.55%, 08/22/2034
|
|
|
$1,000,000
|
|
|
$1,021,557
|
|
Dell, Inc., 5.40%, 09/10/2040
|
|
|
1,000,000
|
|
|
984,532
|
|
Leidos, Inc., 5.50%, 07/01/2033
|
|
|
3,850,000
|
|
|
3,948,014
|
|
|
|
|
|
5,954,103
|
||
|
Utilities - 3.4%
|
|
|
|
|
||
|
Alliant Energy Finance LLC, 3.60%, 03/01/2032(b)
|
|
|
1,000,000
|
|
|
931,150
|
|
Ameren Corp., 5.38%, 03/15/2035
|
|
|
1,000,000
|
|
|
1,030,042
|
|
Black Hills Corp.
|
|
|
|
|
||
|
4.35%, 05/01/2033
|
|
|
1,000,000
|
|
|
967,489
|
|
6.15%, 05/15/2034
|
|
|
2,000,000
|
|
|
2,149,861
|
|
Duke Energy Carolinas LLC, 6.10%, 06/01/2037
|
|
|
1,000,000
|
|
|
1,079,850
|
|
Duke Energy Progress LLC, 5.70%, 04/01/2035
|
|
|
1,165,000
|
|
|
1,227,414
|
|
Great River Energy, 7.23%, 07/01/2038(b)
|
|
|
706,140
|
|
|
775,600
|
|
Interstate Power and Light Co.
|
|
|
|
|
||
|
6.30%, 05/01/2034
|
|
|
1,000,000
|
|
|
1,075,892
|
|
6.25%, 07/15/2039
|
|
|
2,000,000
|
|
|
2,149,053
|
|
ITC Holdings Corp., 5.40%, 06/01/2033(b)
|
|
|
1,045,000
|
|
|
1,080,944
|
|
Niagara Mohawk Power Corp., 4.28%, 10/01/2034(b)
|
|
|
2,000,000
|
|
|
1,896,403
|
|
Public Service Co. of Colorado, 6.50%, 08/01/2038
|
|
|
2,000,000
|
|
|
2,238,336
|
|
Public Service Co. of Oklahoma, 5.20%, 01/15/2035
|
|
|
1,000,000
|
|
|
1,015,588
|
|
Southwestern Public Service Co., 6.00%, 10/01/2036
|
|
|
1,000,000
|
|
|
1,051,677
|
|
Toledo Edison Co., 2.65%, 05/01/2028(b)
|
|
|
416,000
|
|
|
396,181
|
|
Virginia Electric and Power Co.
|
|
|
|
|
||
|
6.35%, 11/30/2037
|
|
|
1,065,000
|
|
|
1,174,796
|
|
4.00%, 01/15/2043
|
|
|
1,000,000
|
|
|
823,901
|
|
Wisconsin Power and Light Co., 4.95%, 04/01/2033
|
|
|
1,000,000
|
|
|
1,014,492
|
|
Xcel Energy, Inc., 5.60%, 04/15/2035
|
|
|
1,000,000
|
|
|
1,038,212
|
|
|
|
|
|
23,116,881
|
||
|
TOTAL CORPORATE BONDS
(Cost $223,939,149)
|
|
|
|
|
221,470,169
|
|
|
U.S. TREASURY SECURITIES - 2.3%
|
|
|
|
|
||
|
United States Treasury Note/Bond
|
|
|
|
|
||
|
0.75%, 04/30/2026
|
|
|
1,000,000
|
|
|
990,916
|
|
1.13%, 10/31/2026
|
|
|
1,000,000
|
|
|
979,972
|
|
2.63%, 05/31/2027
|
|
|
3,000,000
|
|
|
2,964,727
|
|
1.25%, 06/30/2028
|
|
|
1,000,000
|
|
|
946,816
|
|
1.00%, 07/31/2028
|
|
|
1,000,000
|
|
|
938,691
|
|
1.25%, 09/30/2028
|
|
|
1,000,000
|
|
|
941,113
|
|
2.63%, 02/15/2029
|
|
|
2,000,000
|
|
|
1,945,742
|
|
1.38%, 11/15/2031
|
|
|
2,000,000
|
|
|
1,744,844
|
|
2.88%, 05/15/2032
|
|
|
2,000,000
|
|
|
1,888,750
|
|
4.25%, 05/15/2035
|
|
|
1,500,000
|
|
|
1,516,055
|
|
3.25%, 05/15/2042
|
|
|
1,000,000
|
|
|
837,344
|
|
TOTAL U.S. TREASURY SECURITIES
(Cost $15,892,025)
|
|
|
|
|
15,694,970
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
9
|
|
|
TABLE OF CONTENTS
MAIRS & POWER BALANCED FUND
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
Value
|
|
|
MUNICIPAL BONDS - 2.0%
|
|
|
|
|
||
|
Borough of Naugatuck CT, 3.09%, 09/15/2046
|
|
|
$1,000,000
|
|
|
$715,522
|
|
Colorado Housing and Finance Authority, 5.14%, 05/01/2037
|
|
|
1,000,000
|
|
|
1,000,695
|
|
Crowley Independent School District, 3.01%, 08/01/2038
|
|
|
1,000,000
|
|
|
854,631
|
|
DeKalb Kane & LaSalle Counties Etc Community College District No 523 Kishwaukee, 3.02%, 02/01/2036
|
|
|
500,000
|
|
|
434,000
|
|
Desert Community College District, 2.46%, 08/01/2040
|
|
|
300,000
|
|
|
230,622
|
|
Glendale Community College District, 2.11%, 08/01/2031
|
|
|
650,000
|
|
|
587,491
|
|
Idaho Bond Bank Authority, 2.35%, 09/15/2038
|
|
|
500,000
|
|
|
397,785
|
|
Iowa Finance Authority
|
|
|
|
|
||
|
5.24%, 01/01/2035
|
|
|
500,000
|
|
|
510,791
|
|
5.28%, 07/01/2035
|
|
|
600,000
|
|
|
612,281
|
|
Massachusetts Development Finance Agency, 2.55%, 05/01/2040
|
|
|
885,000
|
|
|
671,395
|
|
Michigan State Housing Development Authority, 4.12%, 12/01/2030
|
|
|
500,000
|
|
|
502,289
|
|
Michigan State University, 4.50%, 08/15/2048
|
|
|
1,000,000
|
|
|
905,801
|
|
Minnesota Housing Finance Agency
|
|
|
|
|
||
|
5.41%, 07/01/2035
|
|
|
975,000
|
|
|
992,139
|
|
5.00%, 01/01/2036
|
|
|
400,000
|
|
|
400,249
|
|
5.05%, 07/01/2036
|
|
|
480,000
|
|
|
480,240
|
|
North Dakota Housing Finance Agency
|
|
|
|
|
||
|
5.63%, 07/01/2035
|
|
|
300,000
|
|
|
311,285
|
|
5.68%, 01/01/2036
|
|
|
630,000
|
|
|
653,011
|
|
Pierre School District No 32-2, 2.04%, 08/01/2033
|
|
|
920,000
|
|
|
802,668
|
|
Redondo Beach Unified School District, 2.04%, 08/01/2034
|
|
|
500,000
|
|
|
413,155
|
|
Socorro Independent School District, 2.13%, 08/15/2031
|
|
|
500,000
|
|
|
448,046
|
|
Village of Ashwaubenon WI, 2.97%, 06/01/2040
|
|
|
505,000
|
|
|
404,472
|
|
Woodbury County Law Enforcement Center Authority, 3.09%, 06/01/2040
|
|
|
750,000
|
|
|
608,955
|
|
Worthington Independent School District No 518, 3.30%, 02/01/2039
|
|
|
850,000
|
|
|
744,466
|
|
TOTAL MUNICIPAL BONDS
(Cost $15,347,350)
|
|
|
|
|
13,681,989
|
|
|
ASSET-BACKED SECURITIES - 0.5%
|
|
|
|
|
||
|
American Airlines Group, Inc.
|
|
|
|
|
||
|
3.60%, 03/22/2029
|
|
|
105,584
|
|
|
104,064
|
|
Series 2014-1, 3.70%, 10/01/2026
|
|
|
854,110
|
|
|
849,006
|
|
Series 2015-1, 3.38%, 05/01/2027
|
|
|
220,450
|
|
|
216,515
|
|
Series 2015-2, 4.00%, 03/22/2029
|
|
|
344,248
|
|
|
336,420
|
|
British Airways PLC, Series 2018-1, 4.13%, 09/20/2031(b)
|
|
|
479,292
|
|
|
463,173
|
|
Hawaiian Holdings, Inc., Series 2013-1, 3.90%, 01/15/2026
|
|
|
1,018,680
|
|
|
1,021,185
|
|
Spirit Airlines, Inc., Series 2015-1, 4.10%, 04/01/2028
|
|
|
62,999
|
|
|
60,057
|
|
United Airlines, Inc., Series A, 4.00%, 04/11/2026
|
|
|
367,145
|
|
|
365,484
|
|
TOTAL ASSET-BACKED SECURITIES
(Cost $3,430,718)
|
|
|
|
|
3,415,904
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
10
|
|
|
TABLE OF CONTENTS
MAIRS & POWER BALANCED FUND
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
SHORT-TERM INVESTMENTS
|
|
|
|
|
||
|
MONEY MARKET FUNDS - 0.1%
|
|
|
|
|
||
|
First American Government Obligations Fund - Class X, 3.67%(d)
|
|
|
449,869
|
|
|
$449,869
|
|
TOTAL MONEY MARKET FUNDS
(Cost $449,869)
|
|
|
|
|
449,869
|
|
|
TOTAL INVESTMENTS - 99.2%
(Cost $491,956,934)
|
|
|
|
|
$667,034,621
|
|
|
Other Assets in Excess of Liabilities - 0.8%
|
|
|
|
|
5,078,572
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
$672,113,193
|
|
|
|
|
|
|
|
|
|
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.
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.
ADR - American Depositary Receipt
CMT - Constant Maturity Treasury
LLC - Limited Liability Company
LP - Limited Partnership
PLC - Public Limited Company
SOFR - Secured Overnight Financing Rate
|
(a)
|
Non-income producing security.
|
|
(b)
|
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2025, the value of these securities total $34,909,032 or 5.2% of the Fund's net assets.
|
|
(c)
|
Step coupon bond. The rate disclosed is as of December 31, 2025.
|
|
(d)
|
The rate shown represents the 7-day annualized yield as of December 31, 2025.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
11
|
|
|
TABLE OF CONTENTS
MAIRS & POWER SMALL CAP FUND
SCHEDULE OF INVESTMENTS
December 31, 2025
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - 99.8%
|
|
|
|
|
||
|
Consumer Discretionary - 7.2%
|
|
|
|
|
||
|
Gentherm, Inc.(a)
|
|
|
51,946
|
|
|
$1,889,276
|
|
Life Time Group Holdings, Inc.(a)
|
|
|
172,317
|
|
|
4,580,186
|
|
Patrick Industries, Inc.
|
|
|
53,033
|
|
|
5,750,368
|
|
Polaris, Inc.
|
|
|
67,828
|
|
|
4,290,121
|
|
|
|
|
|
16,509,951
|
||
|
Consumer Staples - 3.9%
|
|
|
|
|
||
|
Casey's General Stores, Inc.
|
|
|
8,781
|
|
|
4,853,347
|
|
MGP Ingredients, Inc.
|
|
|
173,245
|
|
|
4,209,853
|
|
|
|
|
|
9,063,200
|
||
|
Financials - 15.3%
|
|
|
|
|
||
|
Alerus Financial Corp.
|
|
|
79,436
|
|
|
1,788,899
|
|
Associated Banc-Corp.
|
|
|
228,573
|
|
|
5,888,040
|
|
Cullen/Frost Bankers, Inc.
|
|
|
42,471
|
|
|
5,378,103
|
|
Glacier Bancorp, Inc.
|
|
|
97,354
|
|
|
4,288,444
|
|
Piper Sandler Cos.
|
|
|
13,397
|
|
|
4,551,095
|
|
QCR Holdings, Inc.
|
|
|
84,679
|
|
|
7,053,760
|
|
Wintrust Financial Corp.
|
|
|
46,633
|
|
|
6,520,226
|
|
|
|
|
|
35,468,567
|
||
|
Health Care - 13.5%
|
|
|
|
|
||
|
Bio-Techne Corp.
|
|
|
165,631
|
|
|
9,740,759
|
|
CVRx, Inc.(a)
|
|
|
142,456
|
|
|
1,011,438
|
|
Exact Sciences Corp.(a)
|
|
|
13,831
|
|
|
1,404,676
|
|
Inspire Medical Systems, Inc.(a)
|
|
|
55,047
|
|
|
5,076,985
|
|
Medpace Holdings, Inc.(a)
|
|
|
12,870
|
|
|
7,228,435
|
|
RadNet, Inc.(a)
|
|
|
95,648
|
|
|
6,824,485
|
|
|
|
|
|
31,286,778
|
||
|
Industrials - 24.2%
|
|
|
|
|
||
|
AAR Corp.(a)
|
|
|
111,660
|
|
|
9,244,331
|
|
Generac Holdings, Inc.(a)
|
|
|
15,305
|
|
|
2,087,143
|
|
Hub Group, Inc. - Class A
|
|
|
236,036
|
|
|
10,057,494
|
|
JBT Marel Corp.
|
|
|
68,757
|
|
|
10,359,617
|
|
nVent Electric PLC
|
|
|
75,016
|
|
|
7,649,382
|
|
Oshkosh Corp.
|
|
|
25,035
|
|
|
3,145,147
|
|
Tennant Co.
|
|
|
49,064
|
|
|
3,616,017
|
|
Toro Co.
|
|
|
84,114
|
|
|
6,621,454
|
|
Trex Co., Inc.(a)
|
|
|
90,652
|
|
|
3,180,072
|
|
|
|
|
|
55,960,657
|
||
|
Information Technology - 22.7%
|
|
|
|
|
||
|
Bentley Systems, Inc. - Class B
|
|
|
82,986
|
|
|
3,167,161
|
|
Clearfield, Inc.(a)
|
|
|
219,706
|
|
|
6,404,430
|
|
Clearwater Analytics Holdings, Inc. - Class A(a)
|
|
|
92,510
|
|
|
2,231,341
|
|
Cognex Corp.
|
|
|
200,151
|
|
|
7,201,433
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
12
|
|
|
TABLE OF CONTENTS
MAIRS & POWER SMALL CAP FUND
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - (Continued)
|
||||||
|
Information Technology - (Continued)
|
||||||
|
Entegris, Inc.
|
|
|
102,681
|
|
|
$8,650,874
|
|
Littelfuse, Inc.
|
|
|
26,109
|
|
|
6,603,489
|
|
Plexus Corp.(a)
|
|
|
45,868
|
|
|
6,742,596
|
|
SkyWater Technology, Inc.(a)
|
|
|
169,131
|
|
|
3,071,419
|
|
Workiva, Inc.(a)
|
|
|
97,380
|
|
|
8,399,025
|
|
|
|
|
|
52,471,768
|
||
|
Materials - 7.9%
|
|
|
|
|
||
|
HB Fuller Co.
|
|
|
130,467
|
|
|
7,757,568
|
|
James Hardie Industries PLC(a)
|
|
|
89,423
|
|
|
1,855,527
|
|
Knife River Corp.(a)
|
|
|
122,215
|
|
|
8,597,826
|
|
|
|
|
|
18,210,921
|
||
|
Utilities - 5.1%
|
|
|
|
|
||
|
Black Hills Corp.
|
|
|
94,138
|
|
|
6,535,060
|
|
Northwestern Energy Group, Inc.
|
|
|
81,682
|
|
|
5,271,756
|
|
|
|
|
|
11,806,816
|
||
|
TOTAL COMMON STOCKS
(Cost $170,766,293)
|
|
|
|
|
230,778,658
|
|
|
SHORT-TERM INVESTMENTS
|
|
|
|
|
||
|
MONEY MARKET FUNDS - 0.6%
|
|
|
|
|
||
|
First American Government Obligations Fund - Class X, 3.67%(b)
|
|
|
1,439,743
|
|
|
1,439,743
|
|
TOTAL MONEY MARKET FUNDS
(Cost $1,439,743)
|
|
|
|
|
1,439,743
|
|
|
TOTAL INVESTMENTS - 100.4%
(Cost $172,206,036)
|
|
|
|
|
$232,218,401
|
|
|
Liabilities in Excess of Other Assets - (0.4)%
|
|
|
|
|
(925,468)
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
$231,292,933
|
|
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
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.
PLC - Public Limited Company
|
(a)
|
Non-income producing security.
|
|
(b)
|
The rate shown represents the 7-day annualized yield as of December 31, 2025.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
13
|
|
|
TABLE OF CONTENTS
MAIRS & POWER MINNESOTA MUNICIPAL BOND ETF
SCHEDULE OF INVESTMENTS
December 31, 2025
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
Value
|
|
|
MUNICIPAL BONDS - 98.3%
|
|
|
|
|
||
|
Minnesota - 98.3%(a)
|
|
|
|
|
||
|
Alden-Conger Independent School District No 242, 3.00%, 02/01/2027
|
|
|
$330,000
|
|
|
$330,007
|
|
Alexandria Lake Area Sanitation District, 4.00%, 02/01/2036
|
|
|
150,000
|
|
|
155,895
|
|
Anoka-Hennepin Independent School District No 11, 4.00%, 02/01/2032
|
|
|
320,000
|
|
|
330,253
|
|
Cedar Mountain Independent School District No 2754, 5.00%, 02/01/2036
|
|
|
250,000
|
|
|
279,826
|
|
City of Albert Lea MN, 5.00%, 02/01/2038
|
|
|
250,000
|
|
|
281,270
|
|
City of Apple Valley MN
|
|
|
|
|
||
|
4.00%, 09/01/2030
|
|
|
160,000
|
|
|
160,354
|
|
4.00%, 09/01/2041
|
|
|
290,000
|
|
|
265,918
|
|
City of Bloomington MN, 4.00%, 02/01/2040
|
|
|
655,000
|
|
|
678,428
|
|
City of Cambridge MN, 5.00%, 02/01/2035
|
|
|
215,000
|
|
|
246,599
|
|
City of Center City MN
|
|
|
|
|
||
|
4.00%, 11/01/2027
|
|
|
135,000
|
|
|
136,620
|
|
5.00%, 11/01/2038
|
|
|
370,000
|
|
|
401,330
|
|
City of Chaska MN, 4.00%, 02/01/2040
|
|
|
350,000
|
|
|
354,905
|
|
City of Cold Spring MN, 4.00%, 02/01/2044
|
|
|
150,000
|
|
|
147,456
|
|
City of Delano MN, 5.00%, 02/01/2038
|
|
|
250,000
|
|
|
273,399
|
|
City of Duluth MN, 5.00%, 02/01/2030
|
|
|
250,000
|
|
|
250,461
|
|
City of Elk River MN Electric Revenue, 3.00%, 08/01/2032
|
|
|
65,000
|
|
|
64,983
|
|
City of Grand Rapids MN, 4.00%, 02/01/2038
|
|
|
250,000
|
|
|
264,893
|
|
City of Hastings MN, 5.00%, 02/01/2027
|
|
|
175,000
|
|
|
179,528
|
|
City of Hermantown MN, 4.00%, 02/01/2043
|
|
|
300,000
|
|
|
302,243
|
|
City of Hutchinson MN, 2.00%, 02/01/2034
|
|
|
270,000
|
|
|
235,579
|
|
City of Jordan MN, 4.00%, 02/01/2033
|
|
|
135,000
|
|
|
144,254
|
|
City of Madelia MN, 2.00%, 02/01/2033
|
|
|
115,000
|
|
|
103,948
|
|
City of Maple Lake MN, 5.00%, 02/01/2036
|
|
|
260,000
|
|
|
277,462
|
|
City of Marshall MN Public Utility Revenue, 5.00%, 07/01/2038
|
|
|
300,000
|
|
|
340,430
|
|
City of Minneapolis MN
|
|
|
|
|
||
|
5.00%, 11/15/2036
|
|
|
150,000
|
|
|
154,666
|
|
5.00%, 11/15/2052(b)
|
|
|
130,000
|
|
|
137,065
|
|
City of Minnetrista MN, 4.00%, 02/01/2031
|
|
|
145,000
|
|
|
154,470
|
|
City of Montgomery MN, 5.00%, 02/01/2030
|
|
|
200,000
|
|
|
218,612
|
|
City of New Prague MN, 4.00%, 02/01/2037
|
|
|
315,000
|
|
|
329,644
|
|
City of Northfield MN
|
|
|
|
|
||
|
5.00%, 02/01/2041
|
|
|
385,000
|
|
|
418,149
|
|
4.00%, 02/01/2044
|
|
|
200,000
|
|
|
199,385
|
|
City of Owatonna MN, 4.00%, 03/01/2035
|
|
|
175,000
|
|
|
187,534
|
|
City of Rochester MN, 5.00%, 02/01/2040
|
|
|
150,000
|
|
|
165,715
|
|
City of Rosemount MN, 5.00%, 02/01/2037
|
|
|
250,000
|
|
|
276,305
|
|
City of St Cloud MN
|
|
|
|
|
||
|
2.00%, 02/01/2034
|
|
|
140,000
|
|
|
122,152
|
|
5.00%, 05/01/2043
|
|
|
250,000
|
|
|
263,762
|
|
City of Victoria MN, 4.00%, 02/01/2042
|
|
|
250,000
|
|
|
254,880
|
|
City of Wayzata MN, 3.00%, 12/01/2027
|
|
|
65,000
|
|
|
65,003
|
|
Cleveland Independent School District No 391, 4.00%, 02/01/2026
|
|
|
105,000
|
|
|
105,102
|
|
Cloquet Area Fire & Ambulance Special Taxing District, 5.00%, 02/01/2035
|
|
|
200,000
|
|
|
231,007
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
14
|
|
|
TABLE OF CONTENTS
MAIRS & POWER MINNESOTA MUNICIPAL BOND ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
Value
|
|
|
MUNICIPAL BONDS - (Continued)
|
||||||
|
Minnesota - (Continued)
|
||||||
|
County of Beltrami MN, 4.00%, 12/01/2042
|
|
|
$250,000
|
|
|
$253,784
|
|
County of Carlton MN, 5.00%, 02/01/2042
|
|
|
250,000
|
|
|
270,645
|
|
County of Hennepin MN
|
|
|
|
|
||
|
5.00%, 12/01/2030
|
|
|
195,000
|
|
|
204,450
|
|
5.00%, 12/15/2037
|
|
|
250,000
|
|
|
263,543
|
|
5.00%, 12/01/2042
|
|
|
155,000
|
|
|
171,664
|
|
5.00%, 12/01/2043
|
|
|
150,000
|
|
|
162,793
|
|
5.00%, 12/01/2044
|
|
|
500,000
|
|
|
543,571
|
|
County of Hubbard MN, 4.00%, 02/01/2036
|
|
|
250,000
|
|
|
267,056
|
|
County of Itasca MN, 4.00%, 02/01/2044
|
|
|
200,000
|
|
|
200,274
|
|
County of Koochiching MN, 5.00%, 02/01/2035
|
|
|
300,000
|
|
|
334,980
|
|
County of Pennington MN, 2.38%, 02/01/2035
|
|
|
100,000
|
|
|
90,440
|
|
County of Ramsey MN
|
|
|
|
|
||
|
3.00%, 02/01/2028
|
|
|
700,000
|
|
|
700,104
|
|
5.00%, 02/01/2038
|
|
|
300,000
|
|
|
340,721
|
|
County of Wright MN, 3.00%, 12/01/2039
|
|
|
250,000
|
|
|
231,272
|
|
Crookston Independent School District No 593, 5.00%, 02/01/2029
|
|
|
250,000
|
|
|
267,986
|
|
Dakota County Community Development Agency, 4.20%, 05/01/2043
|
|
|
150,000
|
|
|
146,862
|
|
Duluth Independent School District No 709, 0.00%, 02/01/2031(c)
|
|
|
200,000
|
|
|
168,026
|
|
Eastern Carver County Schools Independent School District No 112,
4.00%, 02/01/2035
|
|
|
250,000
|
|
|
261,011
|
|
Elk River Independent School District No 728
|
|
|
|
|
||
|
4.00%, 02/01/2026
|
|
|
125,000
|
|
|
125,131
|
|
4.00%, 02/01/2037
|
|
|
250,000
|
|
|
260,337
|
|
Fairmont Independent School District No 2752, 4.00%, 02/01/2040
|
|
|
500,000
|
|
|
507,007
|
|
Forest Lake Independent School District No 831, 4.00%, 02/01/2039
|
|
|
500,000
|
|
|
515,163
|
|
Housing & Redevelopment Authority of The City of St Paul Minnesota
|
|
|
|
|
||
|
3.50%, 09/01/2026
|
|
|
35,000
|
|
|
34,838
|
|
3.13%, 11/15/2032
|
|
|
110,000
|
|
|
106,275
|
|
4.00%, 10/01/2037
|
|
|
250,000
|
|
|
251,495
|
|
International Falls Independent School District No 361, 4.00%, 02/01/2041
|
|
|
300,000
|
|
|
307,440
|
|
Inver Grove Heights Independent School District No 199, 5.00%, 02/01/2032
|
|
|
500,000
|
|
|
568,083
|
|
Mankato Independent School District No 77, 4.00%, 02/01/2042
|
|
|
1,000,000
|
|
|
1,001,135
|
|
Metropolitan Council
|
|
|
|
|
||
|
5.00%, 03/01/2026
|
|
|
100,000
|
|
|
100,392
|
|
5.00%, 12/01/2028
|
|
|
100,000
|
|
|
107,218
|
|
4.00%, 03/01/2030
|
|
|
155,000
|
|
|
157,739
|
|
Minneapolis Special School District No 1
|
|
|
|
|
||
|
5.00%, 02/01/2028
|
|
|
565,000
|
|
|
594,336
|
|
5.00%, 02/01/2042
|
|
|
295,000
|
|
|
319,552
|
|
Minneapolis-St Paul Metropolitan Airports Commission
|
|
|
|
|
||
|
5.00%, 01/01/2031
|
|
|
150,000
|
|
|
153,276
|
|
5.00%, 01/01/2032
|
|
|
250,000
|
|
|
268,717
|
|
Minnesota Agricultural & Economic Development Board, 5.00%, 01/01/2042
|
|
|
250,000
|
|
|
265,167
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
15
|
|
|
TABLE OF CONTENTS
MAIRS & POWER MINNESOTA MUNICIPAL BOND ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
Value
|
|
|
MUNICIPAL BONDS - (Continued)
|
||||||
|
Minnesota - (Continued)
|
||||||
|
Minnesota Health & Education Facilities Authority
|
|
|
|
|
||
|
5.00%, 10/01/2029
|
|
|
$255,000
|
|
|
$275,429
|
|
5.00%, 10/01/2034
|
|
|
260,000
|
|
|
276,615
|
|
4.00%, 03/01/2036
|
|
|
215,000
|
|
|
216,299
|
|
3.00%, 10/01/2041
|
|
|
300,000
|
|
|
262,143
|
|
3.00%, 03/01/2043
|
|
|
125,000
|
|
|
103,653
|
|
Minnesota Housing Finance Agency
|
|
|
|
|
||
|
3.10%, 02/01/2027
|
|
|
150,000
|
|
|
150,178
|
|
4.85%, 07/01/2045
|
|
|
500,000
|
|
|
507,218
|
|
Minnesota State Colleges And Universities Foundation, 4.00%, 10/01/2029
|
|
|
200,000
|
|
|
200,168
|
|
Otsego Economic Development Authority, 4.00%, 02/01/2044
|
|
|
350,000
|
|
|
339,289
|
|
Owatonna Independent School District No 761/MN, 4.00%, 02/01/2028
|
|
|
150,000
|
|
|
154,270
|
|
Pine City Independent School District No 578, 2.00%, 04/01/2032
|
|
|
200,000
|
|
|
182,119
|
|
Princeton Public Utilities Commission, 5.00%, 04/01/2031
|
|
|
100,000
|
|
|
109,507
|
|
Redwood Area Schools Independent School District No 2897, 4.00%, 02/01/2039
|
|
|
360,000
|
|
|
372,965
|
|
Robbinsdale Independent School District No 281, 5.00%, 02/01/2034
|
|
|
250,000
|
|
|
285,801
|
|
Rochester Independent School District No 535, 4.00%, 02/01/2031
|
|
|
200,000
|
|
|
205,867
|
|
Rocori Area Schools Independent School District No 750, 4.00%, 02/01/2038
|
|
|
300,000
|
|
|
306,681
|
|
Rosemount-Apple Valley-Eagan Independent School District No 196,
4.00%, 02/01/2043
|
|
|
300,000
|
|
|
300,459
|
|
South Washington County Independent School District No 833/MN
|
|
|
|
|
||
|
5.00%, 04/01/2031
|
|
|
200,000
|
|
|
221,676
|
|
5.00%, 02/01/2037
|
|
|
1,000,000
|
|
|
1,106,973
|
|
St Cloud Housing & Redevelopment Authority
|
|
|
|
|
||
|
2.00%, 02/01/2031
|
|
|
130,000
|
|
|
121,565
|
|
2.00%, 02/01/2033
|
|
|
160,000
|
|
|
144,623
|
|
St Cloud Independent School District No 742/MN
|
|
|
|
|
||
|
0.00%, 02/01/2033(c)
|
|
|
150,000
|
|
|
119,357
|
|
5.00%, 02/01/2041
|
|
|
225,000
|
|
|
238,538
|
|
St Louis Park Independent School District No 283, 5.00%, 04/01/2032
|
|
|
150,000
|
|
|
166,973
|
|
St Paul Housing & Redevelopment Authority Parking Enterprise Revenue,
5.00%, 12/01/2034
|
|
|
250,000
|
|
|
279,933
|
|
St Paul Independent School District No 625
|
|
|
|
|
||
|
3.00%, 02/01/2033
|
|
|
200,000
|
|
|
200,259
|
|
2.25%, 02/01/2035
|
|
|
100,000
|
|
|
89,367
|
|
5.00%, 02/01/2042
|
|
|
200,000
|
|
|
216,779
|
|
State of Minnesota
|
|
|
|
|
||
|
5.00%, 08/01/2026
|
|
|
250,000
|
|
|
253,673
|
|
5.00%, 08/01/2027
|
|
|
1,000,000
|
|
|
1,040,411
|
|
5.00%, 08/01/2028
|
|
|
280,000
|
|
|
297,851
|
|
5.00%, 08/01/2029
|
|
|
235,000
|
|
|
255,691
|
|
5.00%, 08/01/2034
|
|
|
250,000
|
|
|
264,723
|
|
4.00%, 09/01/2034
|
|
|
165,000
|
|
|
174,264
|
|
5.00%, 08/01/2037
|
|
|
1,000,000
|
|
|
1,168,672
|
|
5.00%, 08/01/2039
|
|
|
1,000,000
|
|
|
1,137,819
|
|
5.00%, 08/01/2043
|
|
|
400,000
|
|
|
433,557
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
16
|
|
|
TABLE OF CONTENTS
MAIRS & POWER MINNESOTA MUNICIPAL BOND ETF
SCHEDULE OF INVESTMENTS
December 31, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
Value
|
|
|
MUNICIPAL BONDS - (Continued)
|
||||||
|
Minnesota - (Continued)
|
||||||
|
State of Minnesota Department of Iron Range Resources & Rehabilitation
|
|
|
|
|
||
|
5.00%, 10/01/2031
|
|
|
$500,000
|
|
|
$560,572
|
|
5.00%, 10/01/2035
|
|
|
220,000
|
|
|
251,091
|
|
Stillwater Independent School District No 834
|
|
|
|
|
||
|
5.00%, 02/01/2040
|
|
|
250,000
|
|
|
271,263
|
|
4.00%, 02/01/2041
|
|
|
130,000
|
|
|
132,538
|
|
Truman Independent School District No 458, 4.00%, 02/01/2044
|
|
|
300,000
|
|
|
299,842
|
|
University of Minnesota
|
|
|
|
|
||
|
5.00%, 10/01/2026
|
|
|
220,000
|
|
|
224,152
|
|
5.00%, 04/01/2033
|
|
|
350,000
|
|
|
351,249
|
|
5.00%, 04/01/2040
|
|
|
150,000
|
|
|
157,233
|
|
Waconia Independent School District No 110
|
|
|
|
|
||
|
3.00%, 02/01/2028
|
|
|
100,000
|
|
|
100,005
|
|
5.00%, 02/01/2038
|
|
|
150,000
|
|
|
165,099
|
|
Waterville-Elysian-Morristown Independent School District No 2143/MN,
4.00%, 02/01/2045
|
|
|
250,000
|
|
|
247,542
|
|
Westonka Independent School District No 277, 4.00%, 02/01/2041
|
|
|
100,000
|
|
|
101,570
|
|
Zumbro Education District
|
|
|
|
|
||
|
4.00%, 02/01/2034
|
|
|
125,000
|
|
|
123,495
|
|
4.00%, 02/01/2038
|
|
|
275,000
|
|
|
261,579
|
|
|
|
|
|
35,440,570
|
||
|
TOTAL MUNICIPAL BONDS
(Cost $35,559,768)
|
|
|
|
|
35,440,570
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
||
|
SHORT-TERM INVESTMENTS
|
|
|
|
|
||
|
MONEY MARKET FUNDS - 0.3%
|
|
|
|
|
||
|
First American Government Obligations Fund - Class X, 3.67%(d)
|
|
|
111,470
|
|
|
111,470
|
|
TOTAL MONEY MARKET FUNDS
(Cost $111,470)
|
|
|
|
|
111,470
|
|
|
TOTAL INVESTMENTS - 98.6%
(Cost $35,671,238)
|
|
|
|
|
$35,552,040
|
|
|
Other Assets in Excess of Liabilities - 1.4%
|
|
|
|
|
493,461
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
$36,045,501
|
|
|
|
|
|
|
|
|
|
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 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 December 31, 2025.
|
|
(c)
|
Zero coupon bonds make no periodic interest payments.
|
|
(d)
|
The rate shown represents the 7-day annualized yield as of December 31, 2025.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
17
|
|
|
TABLE OF CONTENTS
MAIRS & POWER FUNDS
Statements of Assets and Liabilities
December 31, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mairs & Power
Growth Fund
|
|
|
Mairs & Power
Balanced Fund
|
|
|
Mairs & Power
Small Cap Fund
|
|
|
Mairs & Power
Minnesota
Municipal
Bond ETF
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
||||
|
Investments, at value (Note 2)
|
|
|
$5,535,329,606
|
|
|
$667,034,621
|
|
|
$232,218,401
|
|
|
$35,552,040
|
|
Interest receivable
|
|
|
-
|
|
|
3,039,845
|
|
|
-
|
|
|
496,982
|
|
Receivable for investments sold
|
|
|
-
|
|
|
2,407,544
|
|
|
-
|
|
|
-
|
|
Receivable for fund shares sold
|
|
|
727,931
|
|
|
6,722
|
|
|
5,597
|
|
|
-
|
|
Dividends receivable
|
|
|
2,055,356
|
|
|
498,675
|
|
|
55,842
|
|
|
1,857
|
|
Dividend tax reclaims receivable
|
|
|
2,130,297
|
|
|
188,304
|
|
|
-
|
|
|
-
|
|
Prepaid expenses and other assets
|
|
|
34,510
|
|
|
18,613
|
|
|
12,150
|
|
|
-
|
|
Total assets
|
|
|
5,540,277,700
|
|
|
673,194,324
|
|
|
232,291,990
|
|
|
36,050,879
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
|
||||
|
Payable to custodian
|
|
|
-
|
|
|
-
|
|
|
717,478
|
|
|
-
|
|
Payable for investments purchased
|
|
|
-
|
|
|
383,780
|
|
|
-
|
|
|
-
|
|
Payable to Adviser
|
|
|
2,519,433
|
|
|
333,691
|
|
|
158,063
|
|
|
5,378
|
|
Payable for capital shares redeemed
|
|
|
2,818,754
|
|
|
219,385
|
|
|
51,224
|
|
|
-
|
|
Payable for fund administration and accounting
fees
|
|
|
305,107
|
|
|
51,868
|
|
|
16,869
|
|
|
-
|
|
Payable for transfer agent fees and expenses
|
|
|
195,693
|
|
|
25,502
|
|
|
12,626
|
|
|
-
|
|
Payable for sub-transfer agent fees
|
|
|
96,149
|
|
|
19,661
|
|
|
8,109
|
|
|
-
|
|
Payable for custodian fees
|
|
|
35,951
|
|
|
5,346
|
|
|
3,259
|
|
|
-
|
|
Payable for compliance fees
|
|
|
3,375
|
|
|
3,375
|
|
|
3,373
|
|
|
-
|
|
Payable for expenses and other liabilities
|
|
|
90,389
|
|
|
38,523
|
|
|
28,056
|
|
|
-
|
|
Total liabilities
|
|
|
6,064,851
|
|
|
1,081,131
|
|
|
999,057
|
|
|
5,378
|
|
NET ASSETS
|
|
|
$5,534,212,849
|
|
|
$672,113,193
|
|
|
$231,292,933
|
|
|
$36,045,501
|
|
NETASSETSCONSISTS OF:
|
|
|
|
|
|
|
|
|
||||
|
Paid-in capital
|
|
|
$2,391,453,825
|
|
|
$493,561,567
|
|
|
$171,660,825
|
|
|
$1,610
|
|
Additional paid-in capital
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
37,926,934
|
|
Total distributable earnings/(accumulated losses)
|
|
|
3,142,759,024
|
|
|
178,551,626
|
|
|
59,632,108
|
|
|
(1,883,043)
|
|
Total net assets
|
|
|
$5,534,212,849
|
|
|
$672,113,193
|
|
|
$231,292,933
|
|
|
$36,045,501
|
|
Net assets
|
|
|
$5,534,212,849
|
|
|
$672,113,193
|
|
|
$231,292,933
|
|
|
$36,045,501
|
|
Shares issued and outstanding(a)
|
|
|
30,857,222
|
|
|
5,944,843
|
|
|
7,423,616
|
|
|
1,610,000
|
|
Net asset value per share
|
|
|
$179.35
|
|
|
$113.06
|
|
|
$31.16
|
|
|
$22.39
|
|
COST:
|
|
|
|
|
|
|
|
|
||||
|
Investments, at cost
|
|
|
$2,436,769,401
|
|
|
$491,956,934
|
|
|
$172,206,036
|
|
|
$35,671,238
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Unlimited shares authorized, $0.001 par value.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
18
|
|
|
TABLE OF CONTENTS
MAIRS & POWER FUNDS
Statements of Operations
For the Year Ended December 31, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mairs & Power
Growth Fund
|
|
|
Mairs & Power
Balanced Fund
|
|
|
Mairs & Power
Small Cap Fund
|
|
|
Mairs & Power
Minnesota
Municipal
Bond ETF
|
|
|
INVESTMENT INCOME:
|
|
|
|
|
|
|
|
|
||||
|
Dividend income
|
|
|
$74,078,702
|
|
|
$7,700,973
|
|
|
$2,787,783
|
|
|
$29,571
|
|
Less: issuance fees
|
|
|
(95,775)
|
|
|
(8,274)
|
|
|
-
|
|
|
-
|
|
Less: dividend withholding taxes
|
|
|
(899,614)
|
|
|
(41,045)
|
|
|
-
|
|
|
-
|
|
Interest income
|
|
|
-
|
|
|
12,473,443
|
|
|
-
|
|
|
871,793
|
|
Total investment income
|
|
|
73,083,313
|
|
|
20,125,097
|
|
|
2,787,783
|
|
|
901,364
|
|
EXPENSES:
|
|
|
|
|
|
|
|
|
||||
|
Investment advisory fee (Note 4)
|
|
|
29,538,473
|
|
|
4,277,810
|
|
|
2,032,020
|
|
|
68,065
|
|
Transfer agent fees (Note 6)
|
|
|
1,833,571
|
|
|
331,231
|
|
|
146,344
|
|
|
-
|
|
Fund administration and accounting fees (Note 6)
|
|
|
1,354,068
|
|
|
229,251
|
|
|
80,459
|
|
|
-
|
|
ReFlow fees (Note 9)
|
|
|
43,888
|
|
|
11,581
|
|
|
3,299
|
|
|
-
|
|
Custodian fees (Note 6)
|
|
|
243,698
|
|
|
34,502
|
|
|
14,475
|
|
|
-
|
|
Trustees' fees
|
|
|
32,395
|
|
|
32,400
|
|
|
32,400
|
|
|
-
|
|
Reports to shareholders
|
|
|
90,783
|
|
|
28,411
|
|
|
16,961
|
|
|
-
|
|
Federal and state registration fees
|
|
|
34,816
|
|
|
27,546
|
|
|
25,382
|
|
|
-
|
|
Audit fees
|
|
|
19,045
|
|
|
20,072
|
|
|
19,059
|
|
|
-
|
|
Legal fees
|
|
|
39,445
|
|
|
18,441
|
|
|
15,694
|
|
|
-
|
|
Compliance fees (Note 6)
|
|
|
11,250
|
|
|
11,250
|
|
|
11,250
|
|
|
-
|
|
Other expenses and fees
|
|
|
461,297
|
|
|
94,430
|
|
|
62,725
|
|
|
-
|
|
Total expenses
|
|
|
33,702,729
|
|
|
5,116,925
|
|
|
2,460,068
|
|
|
68,065
|
|
NET INVESTMENT INCOME
|
|
|
39,380,584
|
|
|
15,008,172
|
|
|
327,715
|
|
|
833,299
|
|
REALIZED AND UNREALIZED GAIN (LOSS)
|
|
|
|
|
|
|
|
|
||||
|
Net realized gain (loss) from:
|
|
|
|
|
|
|
|
|
||||
|
Investments
|
|
|
231,614,885
|
|
|
16,067,585
|
|
|
3,043,682
|
|
|
(332,496)
|
|
In-kind redemptions (Note 8, 9)
|
|
|
291,203,631
|
|
|
46,096,812
|
|
|
23,016,963
|
|
|
-
|
|
Net realized gain (loss)
|
|
|
522,818,516
|
|
|
62,164,397
|
|
|
26,060,645
|
|
|
(332,496)
|
|
Change in net unrealized appreciation/depreciation on investments
|
|
|
(17,462,613)
|
|
|
(31,856,887)
|
|
|
(22,663,611)
|
|
|
831,878
|
|
Net realized and unrealized gain (loss)
|
|
|
505,355,903
|
|
|
30,307,510
|
|
|
3,397,034
|
|
|
499,382
|
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
|
|
|
$544,736,487
|
|
|
$45,315,682
|
|
|
$3,724,749
|
|
|
$1,332,681
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
19
|
|
|
TABLE OF CONTENTS
MAIRS & POWER FUNDS
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
||||||
|
|
|
Mairs & Power Growth Fund
|
|
|
Mairs & Power Balanced Fund
|
|||||||
|
|
|
Year Ended December 31,
|
|
|
Year Ended December 31,
|
|||||||
|
|
|
2025
|
|
|
2024
|
|
|
2025
|
|
|
2024
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
|
||||
|
Net investment income (loss)
|
|
|
$39,380,584
|
|
|
$47,364,121
|
|
|
$15,008,172
|
|
|
$15,498,339
|
|
Net realized gain (loss)
|
|
|
522,818,516
|
|
|
416,262,172
|
|
|
62,164,397
|
|
|
51,904,409
|
|
Net change in unrealized appreciation (depreciation)
|
|
|
(17,462,613)
|
|
|
507,569,357
|
|
|
(31,856,887)
|
|
|
3,761,536
|
|
Net increase (decrease) in net assets from operations
|
|
|
544,736,487
|
|
|
971,195,650
|
|
|
45,315,682
|
|
|
71,164,284
|
|
DISTRIBUTIONS TO SHAREHOLDERS:
|
||||||||||||
|
From earnings
|
|
|
(241,918,983)
|
|
|
(206,419,618)
|
|
|
(20,278,916)
|
|
|
(15,618,559)
|
|
Total distributions to shareholders
|
|
|
(241,918,983)
|
|
|
(206,419,618)
|
|
|
(20,278,916)
|
|
|
(15,618,559)
|
|
CAPITAL TRANSACTIONS:
|
|
|
|
|
|
|
|
|
||||
|
Shares sold
|
|
|
431,421,988
|
|
|
376,175,457
|
|
|
81,139,752
|
|
|
82,709,348
|
|
Shares issued from reinvestment of distributions
|
|
|
223,155,975
|
|
|
191,014,959
|
|
|
19,170,944
|
|
|
14,802,371
|
|
Shares redeemed(1)
|
|
|
(900,616,901)
|
|
|
(874,099,732)
|
|
|
(207,299,031)
|
|
|
(179,044,201)
|
|
Net increase (decrease) in net assets from capital transactions
|
|
|
(246,038,938)
|
|
|
(306,909,316)
|
|
|
(106,988,335)
|
|
|
(81,532,482)
|
|
NET INCREASE (DECREASE) IN NET ASSETS
|
|
|
56,778,566
|
|
|
457,866,716
|
|
|
(81,951,569)
|
|
|
(25,986,757)
|
|
NET ASSETS:
|
|
|
|
|
|
|
|
|
||||
|
Beginning of the year
|
|
|
5,477,434,283
|
|
|
5,019,567,567
|
|
|
754,064,762
|
|
|
780,051,519
|
|
End of the year
|
|
|
$5,534,212,849
|
|
|
$5,477,434,283
|
|
|
$672,113,193
|
|
|
$754,064,762
|
|
SHARES TRANSACTIONS
|
|
|
|
|
|
|
|
|
||||
|
Shares sold
|
|
|
2,482,908
|
|
|
2,278,524
|
|
|
730,992
|
|
|
774,599
|
|
Shares issued from reinvestment of distributions
|
|
|
1,260,100
|
|
|
1,097,618
|
|
|
171,337
|
|
|
135,915
|
|
Shares redeemed
|
|
|
(5,173,448)
|
|
|
(5,199,802)
|
|
|
(1,863,655)
|
|
|
(1,678,274)
|
|
Total increase (decrease) in shares outstanding
|
|
|
(1,430,440)
|
|
|
(1,823,660)
|
|
|
(961,326)
|
|
|
(767,760)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes redemption in-kind transactions. See additional information contained in Notes 8 and 9.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
20
|
|
|
TABLE OF CONTENTS
MAIRS & POWER FUNDS
Statements of Changes in Net Assets(Continued)
|
|
|
|
|
|
|
|
||||||
|
|
|
Mairs & Power Small Cap Fund
|
|
|
Mairs & Power Minnesota
Municipal Bond ETF
|
|||||||
|
|
|
Year Ended December 31,
|
|
|
Year Ended December 31,
|
|||||||
|
|
|
2025
|
|
|
2024
|
|
|
2025
|
|
|
2024
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
|
||||
|
Net investment income (loss)
|
|
|
$327,715
|
|
|
$248,657
|
|
|
$833,299
|
|
|
$535,253
|
|
Net realized gain (loss)
|
|
|
26,060,645
|
|
|
33,502,948
|
|
|
(332,496)
|
|
|
(624,939)
|
|
Net change in unrealized appreciation (depreciation)
|
|
|
(22,663,611)
|
|
|
(11,557,990)
|
|
|
831,878
|
|
|
110,280
|
|
Net increase (decrease) in net assets from operations
|
|
|
3,724,749
|
|
|
22,193,615
|
|
|
1,332,681
|
|
|
20,594
|
|
DISTRIBUTIONS TO SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
||||
|
From earnings
|
|
|
(5,225,217)
|
|
|
(6,668,674)
|
|
|
(833,758)
|
|
|
(536,427)
|
|
Total distributions to shareholders
|
|
|
(5,225,217)
|
|
|
(6,668,674)
|
|
|
(833,758)
|
|
|
(536,427)
|
|
CAPITAL TRANSACTIONS:
|
|
|
|
|
|
|
|
|
||||
|
Shares sold
|
|
|
45,768,324
|
|
|
41,459,558
|
|
|
12,844,465
|
|
|
6,694,300
|
|
Shares issued from reinvestment of distributions
|
|
|
5,018,384
|
|
|
6,457,260
|
|
|
-
|
|
|
-
|
|
Shares redeemed(1)
|
|
|
(129,105,828)
|
|
|
(83,830,223)
|
|
|
(640,713)
|
|
|
(1,311,264)
|
|
Redemption fees
|
|
|
5,435
|
|
|
3,175
|
|
|
-
|
|
|
-
|
|
ETF transaction fees
|
|
|
-
|
|
|
-
|
|
|
3,041
|
|
|
5,286
|
|
Net increase (decrease) in net assets from capital transactions
|
|
|
(78,313,685)
|
|
|
(35,910,230)
|
|
|
12,206,793
|
|
|
5,388,322
|
|
NET INCREASE (DECREASE) IN NET ASSETS
|
|
|
(79,814,153)
|
|
|
(20,385,289)
|
|
|
12,705,716
|
|
|
4,872,489
|
|
NET ASSETS:
|
|
|
|
|
|
|
|
|
||||
|
Beginning of the year
|
|
|
311,107,086
|
|
|
331,492,375
|
|
|
23,339,785
|
|
|
18,467,296
|
|
End of the year
|
|
|
$231,292,933
|
|
|
$311,107,086
|
|
|
$36,045,501
|
|
|
$23,339,785
|
|
SHARES TRANSACTIONS
|
|
|
|
|
|
|
|
|
||||
|
Shares sold
|
|
|
1,634,801
|
|
|
1,375,050
|
|
|
580,000
|
|
|
300,000
|
|
Shares issued from reinvestment of distributions
|
|
|
156,923
|
|
|
200,598
|
|
|
-
|
|
|
-
|
|
Shares redeemed
|
|
|
(4,524,689)
|
|
|
(2,792,313)
|
|
|
(30,000)
|
|
|
(60,000)
|
|
Total increase (decrease) in shares outstanding
|
|
|
(2,732,965)
|
|
|
(1,216,665)
|
|
|
550,000
|
|
|
240,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes redemption in-kind transactions. See additional information contained in Notes 8 and 9.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
21
|
|
|
TABLE OF CONTENTS
MAIRS & POWER GROWTH FUND
FINANCIAL HIGHLIGHTS
|
|
|
|
|
||||||||||||
|
|
|
Year Ended December 31,
|
|||||||||||||
|
|
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
2022
|
|
|
2021
|
|
|
PER SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net asset value, beginning of year
|
|
|
$169.64
|
|
|
$147.15
|
|
|
$118.00
|
|
|
$162.55
|
|
|
$136.08
|
|
INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net investment income
|
|
|
1.26(a)
|
|
|
1.43(a)
|
|
|
1.18(a)
|
|
|
1.02(a)
|
|
|
0.87
|
|
Net realized and unrealized gain (loss) on investments(b)
|
|
|
16.49
|
|
|
27.58
|
|
|
31.41
|
|
|
(35.15)
|
|
|
38.82
|
|
Total from investment operations
|
|
|
17.75
|
|
|
29.01
|
|
|
32.59
|
|
|
(34.13)
|
|
|
39.69
|
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net investment income
|
|
|
(1.27)
|
|
|
(1.48)
|
|
|
(1.22)
|
|
|
(1.01)
|
|
|
(0.91)
|
|
Net realized gains
|
|
|
(6.77)
|
|
|
(5.04)
|
|
|
(2.22)
|
|
|
(9.41)
|
|
|
(12.31)
|
|
Total distributions
|
|
|
(8.04)
|
|
|
(6.52)
|
|
|
(3.44)
|
|
|
(10.42)
|
|
|
(13.22)
|
|
Net asset value, end of year
|
|
|
$179.35
|
|
|
$169.64
|
|
|
$147.15
|
|
|
$118.00
|
|
|
$162.55
|
|
Total return
|
|
|
10.54%
|
|
|
19.62%
|
|
|
27.70%
|
|
|
−21.07%
|
|
|
29.27%
|
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
|
|
|||||||||
|
Net assets, end of year
(in thousands)
|
|
|
$5,534,213
|
|
|
$5,477,434
|
|
|
$5,019,568
|
|
|
$4,336,486
|
|
|
$5,950,161
|
|
Ratio of expenses to average net assets
|
|
|
0.62%
|
|
|
0.62%(c)
|
|
|
0.64%
|
|
|
0.63%
|
|
|
0.61%
|
|
Ratio of net investment income (loss) to average net assets
|
|
|
0.73%
|
|
|
0.86%(c)
|
|
|
0.89%
|
|
|
0.75%
|
|
|
0.55%
|
|
Portfolio turnover rate
|
|
|
13%(d)
|
|
|
10%(d)
|
|
|
13%(d)
|
|
|
11%(d)
|
|
|
13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Net investment income per share has been calculated based on average shares outstanding during the years.
|
|
(b)
|
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
|
|
(c)
|
Includes waiver of covered expenses which amounted to less than 0.00% - (Note 4).
|
|
(d)
|
Excludes in-kind transactions associated with redemptions of the fund.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
22
|
|
|
TABLE OF CONTENTS
MAIRS & POWER BALANCED FUND
FINANCIAL HIGHLIGHTS
|
|
|
|
|
||||||||||||
|
|
|
Year Ended December 31,
|
|||||||||||||
|
|
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
2022
|
|
|
2021
|
|
|
PER SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net asset value, beginning of year
|
|
|
$109.19
|
|
|
$101.65
|
|
|
$93.06
|
|
|
$116.89
|
|
|
$105.23
|
|
INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net investment income
|
|
|
2.34(a)
|
|
|
2.14(a)
|
|
|
2.01(a)
|
|
|
1.86(a)
|
|
|
1.68
|
|
Net realized and unrealized gain (loss) on investments(b)
|
|
|
4.81
|
|
|
7.59
|
|
|
10.28
|
|
|
(19.21)
|
|
|
17.42
|
|
Total from investment operations
|
|
|
7.15
|
|
|
9.73
|
|
|
12.29
|
|
|
(17.35)
|
|
|
19.10
|
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net investment income
|
|
|
(2.37)
|
|
|
(2.19)
|
|
|
(2.07)
|
|
|
(1.86)
|
|
|
(1.68)
|
|
Net realized gains
|
|
|
(0.91)
|
|
|
(0.00)(c)
|
|
|
(1.63)
|
|
|
(4.62)
|
|
|
(5.76)
|
|
Total distributions
|
|
|
(3.28)
|
|
|
(2.19)
|
|
|
(3.70)
|
|
|
(6.48)
|
|
|
(7.44)
|
|
Net asset value, end of year
|
|
|
$113.06
|
|
|
$109.19
|
|
|
$101.65
|
|
|
$93.06
|
|
|
$116.89
|
|
Total return
|
|
|
6.61%
|
|
|
9.60%
|
|
|
13.39%
|
|
|
−14.91%
|
|
|
18.30%
|
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
|
|
|||||||||
|
Net assets, end of year (in thousands)
|
|
|
$672,113
|
|
|
$754,065
|
|
|
$780,052
|
|
|
$780,847
|
|
|
$1,022,951
|
|
Ratio of expenses to average net assets
|
|
|
0.72%
|
|
|
0.71%(d)
|
|
|
0.71%
|
|
|
0.69%
|
|
|
0.69%
|
|
Ratio of net investment income (loss) to average net assets
|
|
|
2.11%
|
|
|
2.00%(d)
|
|
|
2.08%
|
|
|
1.81%
|
|
|
1.45%
|
|
Portfolio turnover rate
|
|
|
13%(e)
|
|
|
11%(e)
|
|
|
12%(e)
|
|
|
10%(e)
|
|
|
13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Net investment income per share has been calculated based on average shares outstanding during the years.
|
|
(b)
|
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
|
|
(c)
|
Amount represents less than $0.005 per share.
|
|
(d)
|
Includes waiver of covered expenses which amounted to less than 0.00% - (Note 4).
|
|
(e)
|
Excludes in-kind transactions associated with redemptions of the fund.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
23
|
|
|
TABLE OF CONTENTS
MAIRS & POWER SMALL CAP FUND
FINANCIAL HIGHLIGHTS
|
|
|
|
|
||||||||||||
|
|
|
Year Ended December 31,
|
|||||||||||||
|
|
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
2022
|
|
|
2021
|
|
|
PER SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net asset value, beginning of year
|
|
|
$30.63
|
|
|
$29.15
|
|
|
$26.43
|
|
|
$32.69
|
|
|
$28.15
|
|
INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net investment income
|
|
|
0.04(a)
|
|
|
0.02(a)
|
|
|
0.05(a)
|
|
|
0.05(a)
|
|
|
0.01
|
|
Net realized and unrealized gain (loss) on investments(b)
|
|
|
1.20
|
|
|
2.12
|
|
|
2.87
|
|
|
(4.59)
|
|
|
7.25
|
|
Total from investment operations
|
|
|
1.24
|
|
|
2.14
|
|
|
2.92
|
|
|
(4.54)
|
|
|
7.26
|
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net investment income
|
|
|
(0.00)(c)
|
|
|
(0.02)
|
|
|
(0.06)
|
|
|
(0.05)
|
|
|
(0.01)
|
|
Net realized gains
|
|
|
(0.71)
|
|
|
(0.64)
|
|
|
(0.14)
|
|
|
(1.67)
|
|
|
(2.71)
|
|
Total distributions
|
|
|
(0.71)
|
|
|
(0.66)
|
|
|
(0.20)
|
|
|
(1.72)
|
|
|
(2.72)
|
|
Redemption fee per share(c)
|
|
|
0.00
|
|
|
0.00
|
|
|
0.00
|
|
|
0.00
|
|
|
0.00
|
|
Net asset value, end of year
|
|
|
$31.16
|
|
|
$30.63
|
|
|
$29.15
|
|
|
$26.43
|
|
|
$32.69
|
|
Total return
|
|
|
3.98%
|
|
|
7.25%
|
|
|
11.04%
|
|
|
−13.93%
|
|
|
26.00%
|
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
|
|
|||||||||
|
Net assets, end of year (in thousands)
|
|
|
$231,293
|
|
|
$311,107
|
|
|
$331,492
|
|
|
$337,201
|
|
|
$427,257
|
|
Ratio of expenses to average net assets
|
|
|
0.97%
|
|
|
0.94%(d)
|
|
|
0.94%
|
|
|
0.92%
|
|
|
0.95%
|
|
Ratio of net investment income (loss) to average net assets
|
|
|
0.13%
|
|
|
0.07%(d)
|
|
|
0.17%
|
|
|
0.18%
|
|
|
0.02%
|
|
Portfolio turnover rate
|
|
|
19%(e)
|
|
|
14%(e)
|
|
|
19%(e)
|
|
|
20%(e)
|
|
|
21%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Net investment income per share has been calculated based on average shares outstanding during the years.
|
|
(b)
|
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
|
|
(c)
|
Amount represents less than $0.005 per share.
|
|
(d)
|
Includes waiver of covered expenses which amounted to less than 0.00% - (Note 4).
|
|
(e)
|
Excludes in-kind transactions associated with redemptions of the fund.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
24
|
|
|
TABLE OF CONTENTS
MAIRS & POWER MINNESOTA MUNICIPAL BOND ETF
FINANCIAL HIGHLIGHTS
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Year Ended December 31,
|
|
|
Period Ended
December 31,
2021(a)
|
||||||||||
|
|
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
2022
|
|
|||
|
PER SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net asset value, beginning of period
|
|
|
$22.02
|
|
|
$22.52
|
|
|
$21.80
|
|
|
$25.16
|
|
|
$25.00
|
|
INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net investment income(b)
|
|
|
0.67
|
|
|
0.59
|
|
|
0.40
|
|
|
0.29
|
|
|
0.18
|
|
Net realized and unrealized gain (loss) on investments(c)
|
|
|
0.36
|
|
|
(0.51)
|
|
|
0.72
|
|
|
(3.36)
|
|
|
0.14
|
|
Total from investment operations
|
|
|
1.03
|
|
|
0.08
|
|
|
1.12
|
|
|
(3.07)
|
|
|
0.32
|
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net investment income
|
|
|
(0.66)
|
|
|
(0.58)
|
|
|
(0.40)
|
|
|
(0.29)
|
|
|
(0.16)
|
|
Total distributions
|
|
|
(0.66)
|
|
|
(0.58)
|
|
|
(0.40)
|
|
|
(0.29)
|
|
|
(0.16)
|
|
ETF transaction fees per share
|
|
|
0.00(d)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Net asset value, end of period
|
|
|
$22.39
|
|
|
$22.02
|
|
|
$22.52
|
|
|
$21.80
|
|
|
$25.16
|
|
Total return(e)
|
|
|
4.80%
|
|
|
0.38%
|
|
|
5.26%
|
|
|
−12.20%
|
|
|
1.29%
|
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
|
|
|||||||||
|
Net assets, end of period (in thousands)
|
|
|
$36,046
|
|
|
$23,340
|
|
|
$18,467
|
|
|
$17,439
|
|
|
$18,619
|
|
Ratio of expenses to average net assets(f)(h)
|
|
|
0.25%
|
|
|
0.25%
|
|
|
0.34%
|
|
|
0.39%
|
|
|
0.39%
|
|
Ratio of net investment income (loss) to average
net assets(f)
|
|
|
3.06%
|
|
|
2.68%
|
|
|
1.85%
|
|
|
1.33%
|
|
|
0.88%
|
|
Portfolio turnover rate(e)(g)
|
|
|
16%
|
|
|
45%
|
|
|
27%
|
|
|
18%
|
|
|
3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was March 11, 2021.
|
|
(b)
|
Net investment income per share has been calculated based on average shares outstanding during the periods.
|
|
(c)
|
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
|
|
(d)
|
Amount represents less than $0.005 per share.
|
|
(e)
|
Not annualized for periods less than one year.
|
|
(f)
|
Annualized for periods less than one year.
|
|
(g)
|
Portfolio turnover rate excludes in-kind transactions.
|
|
(h)
|
Effective September 1, 2023, the management fee was lowered to 0.25% from 0.39%.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
25
|
|
|
TABLE OF CONTENTS
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025
NOTE 1 - ORGANIZATION
Trust for Professional Managers (the "Trust") was organized as a Delaware statutory trust under a Declaration of Trust dated May 29, 2001. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, management investment company. The Mairs & Power Funds (the "Funds") are comprised of the Mairs & Power Growth Fund (the "Growth Fund"), Mairs & Power Balanced Fund (the "Balanced Fund"), Mairs & Power Small Cap Fund (the "Small Cap Fund") (collectively, the "Mutual Funds") and the Mairs & Power Minnesota Municipal Bond ETF (the "Minnesota ETF"), each representing a distinct series with its own investment objective and policies within the Trust.
The investment objective of the Growth Fund is to provide shareholders with a diversified portfolio of common stocks, which have the potential for above-average, long- term appreciation. The investment objective of the Balanced Fund is to provide capital growth, current income and preservation of capital. The investment objective of the Small Cap Fund is to seek above-average, long-term appreciation.
Pursuant to three tax-free reorganizations that took place after the close of business on April 29, 2022 (each such transaction, a "Reorganization," and collectively, the "Reorganizations"), the Growth Fund, the Balanced Fund and the Small Cap Fund are the successors to the Mairs & Power Growth Fund (the "Predecessor Growth Fund"), the Mairs & Power Balanced Fund (the "Predecessor Balanced Fund") and the Mairs & Power Small Cap Fund (the "Predecessor Small Cap Fund," and together with the Predecessor Growth Fund and the Predecessor Balanced Fund, the "Predecessor Funds"), respectively, each a series of Mairs & Power Funds Trust. Each Predecessor Fund was deemed to be the accounting survivor of its Reorganization for financial reporting purposes and as a result, the financial statements of each Mutual Fund reflect the operations of the corresponding Predecessor Fund for the period prior to April 29, 2022.
The Predecessor Growth Fund commenced operations on November 7, 1958. The Predecessor Balanced Fund commenced operations on January 10, 1961. The Predecessor Small Cap Fund commenced operations on August 11, 2011.
The Minnesota ETF is an actively-managed exchange-traded fund. The investment objective of the Minnesota ETF is to seek current income that is exempt from federal and Minnesota state income tax consistent with the preservation of capital. The Minnesota ETF commenced operations on March 11, 2021.
Costs incurred by the Funds in connection with the organization and the initial public offering of shares were paid by Mairs & Power, Inc. (the "Adviser"), the Funds' investment adviser. The Trust may issue an unlimited number of shares of beneficial interest at par value of $0.001 for the Funds. The assets of the Funds are segregated, and a shareholder's interest is limited to the Fund in which shares are held.
The Funds are investment companies and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 "Financial Services - Investment Companies".
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").
Investment Valuation
Each equity security owned by a Fund that is listed on a securities exchange, except for securities listed on the NASDAQ Stock Market LLC ("NASDAQ"), is valued at its last sale price on the exchange on the date as of which assets are valued. When the security is listed on more than one exchange, the Fund will use the price of the exchange that the Fund generally considers to be the principal exchange on which the stock is traded. Fund securities listed on NASDAQ will be valued at the NASDAQ Official Closing Price ("NOCP"), which may not necessarily represent the last sale price. If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at (i) the mean between the most recent quoted bid and asked prices at the close of the exchange on such day or (ii) the latest sales price on the Composite Market for the day such security is being valued. "Composite Market" means a consolidation of the trade
|
|
|
26
|
|
|
TABLE OF CONTENTS
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
information provided by national securities and foreign exchanges and over-the- counter markets as published by an approved independent pricing service (a "Pricing Service").
Debt securities, such as U.S. government securities, corporate securities, municipal securities and asset-backed and mortgage-backed securities, including short-term debt instruments having a maturity of 60 days or less, are valued at the mean in accordance with prices supplied by a Pricing Service. Pricing Services may use various valuation methodologies such as the mean between the bid and the asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. If a price is not available from a Pricing Service, the most recent quotation obtained from one or more broker-dealers known to follow the issue will be obtained. Quotations will be valued at the mean between the bid and the offer. In the absence of available quotations, the securities will be priced at fair value. Any discount or premium is accreted or amortized over the expected life of the respective security using the constant yield to maturity method. Pricing Services generally value debt securities assuming orderly transactions of an institutional round lot size, but such securities may be held or transactions may be conducted in such securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots.
Demand notes and repurchase agreements are valued at cost. If cost does not represent current market value the securities will be priced at fair value.
Redeemable securities issued by open-end, registered investment companies are valued at the net asset values ("NAVs") of such companies for purchase and/or redemption orders placed on that day. If, on a particular day, a share of an investment company is not listed on NASDAQ, such security's fair value will be determined.
When market quotations are not readily available, any security or other asset is valued at its fair value in accordance with Rule 2a-5 of the 1940 Act as determined under the Adviser's fair value pricing procedures, subject to oversight by the Trust's Board of Trustees (the "Board"). These fair value procedures will also be used to price a security when corporate events, events in the securities market or world events cause the Adviser to believe that a security's last sale price may not reflect its actual fair market value. The intended effect of using fair value pricing procedures is to ensure that each Fund is accurately priced.
FASB ASC Topic 820, "Fair Value Measurements and Disclosures" ("ASC 820"), establishes an authoritative definition of fair value and sets out a hierarchy for measuring fair value. ASC 820 requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. ASC 820 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for each class of investments. These inputs are summarized in the three broad levels listed below:
|
Level 1 -
|
Quoted prices in active markets for identical securities.
|
|
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 methodology 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 Funds' investments carried at fair value as of December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth Fund
|
|
|
Balanced Fund
|
|
|
Small Cap Fund
|
|
|
Minnesota ETF
|
|
|
Level 1*
|
|
|
$5,535,329,606
|
|
|
$412,771,589
|
|
|
$232,218,401
|
|
|
$111,470
|
|
Level 2**
|
|
|
-
|
|
|
254,263,032
|
|
|
-
|
|
|
35,440,570
|
|
Level 3
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total
|
|
|
$5,535,329,606
|
|
|
$667,034,621
|
|
|
$232,218,401
|
|
|
$35,552,040
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
All Level 1 investments are equity securities (common stocks) and short-term investments.
|
|
**
|
All Level 2 investments are fixed income securities.
|
|
|
|
27
|
|
|
TABLE OF CONTENTS
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
For detail of securities by major sector classification for the Funds, please refer to the Schedules of Investments. The Funds did not hold any Level 3 investments during the year ended December 31, 2025.
The Funds did not hold any financial derivative instruments during the year ended December 31, 2025.
Federal Income Taxes
The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986 (the "Code"), as amended, necessary to qualify as a regulated investment company and to make the requisite distributions of income and capital gains to its shareholders sufficient to relieve it from all or substantially all federal income taxes. Therefore, no federal income tax provision has been provided.
The Funds' federal income tax returns are subject to examination by the Internal Revenue Service (the "IRS") for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. During the year ended December 31, 2025, the Funds did not have a liability for any unrecognized tax benefits.
The Funds recognize interest and penalties, if any, related to uncertain tax benefits as income tax expense in the Statements of Operations. During the year ended December 31, 2025, the Funds did not incur any interest or penalties.
Distributions to Shareholders
In general, the Growth Fund will distribute any net investment income semi-annually. The Balanced Fund will distribute any net investment income quarterly. The Small Cap Fund will distribute any net investment income annually. The Minnesota ETF will distribute any net investment income monthly. The Funds will distribute any net realized long-or short-term capital gains, if any, at least annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes.
Distributions to shareholders are recorded on the ex-dividend date. The Funds may also pay a special distribution at the end of the calendar year to comply with federal tax requirements. Income and capital gain distributions may differ from GAAP, primarily due to timing differences in the recognition of income, gains and losses by the Funds. To the extent that these differences are attributable to permanent book and tax accounting differences, the components of net assets have been adjusted.
The Minnesota ETF intends to make distributions that are exempt from federal and Minnesota state income tax, in the form of exempt-interest dividends. However, some of the Minnesota ETF's distributions other than exempt-interest dividends may be taxed as ordinary income or capital gains (or a combination). The Minnesota ETF may invest a portion of its assets in securities that generate income that is not exempt from federal income tax or Minnesota state income tax. Income exempt from federal income tax may be subject to state and local income tax. The federal income tax status of all distributions made by the Minnesota ETF for the preceding year will be reported annually to shareholders.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Share Transactions
The NAV per share of a Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) divided by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds' shares will not be priced on the days on which the New York Stock Exchange ("NYSE") is closed for trading.
Expenses
Expenses associated with a specific fund in the Trust are charged to that fund. Common expenses are typically allocated evenly among the series of the Trust, or by other equitable means.
|
|
|
28
|
|
|
TABLE OF CONTENTS
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
Other
Investment transactions are recorded on the trade date. The Funds determine the gain or loss from investment transactions on the identified cost basis by comparing the cost of the security lot sold with the net sales proceeds. Any discount or premium on securities purchased are accreted or amortized over the expected life of the respective securities using the constant yield method. Dividend income, less foreign withholding tax, is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Withholding taxes on foreign dividends and interest, net of any reclaims, have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.
Segment Reporting
Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Advisory Services Manager of the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.
NOTE 3 - FEDERAL TAX MATTERS
Mutual Funds
At December 31, 2025, the Mutual Funds' components of accumulated earnings (losses) on a tax basis were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth Fund
|
|
|
Balanced Fund
|
|
|
Small Cap Fund
|
|
|
Cost of investments.
|
|
|
$2,436,769,401
|
|
|
$492,005,228
|
|
|
$172,914,008
|
|
Gross unrealized appreciation.
|
|
|
$3,134,502,316
|
|
|
$195,618,842
|
|
|
$ 77,531,176
|
|
Gross unrealized depreciation..
|
|
|
(35,942,111)
|
|
|
(20,589,449)
|
|
|
(18,226,783)
|
|
Net unrealized appreciation .
|
|
|
3,098,560,205
|
|
|
175,029,393
|
|
|
59,304,393
|
|
Undistributed ordinary income
|
|
|
736,909
|
|
|
99,888
|
|
|
327,715
|
|
Undistributed long-term capital gains
|
|
|
43,461,910
|
|
|
3,422,345
|
|
|
-
|
|
Distributable earnings
|
|
|
44,198,819
|
|
|
3,522,233
|
|
|
327,715
|
|
Other accumulated earnings
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total distributable earnings.
|
|
|
$3,142,759,024
|
|
|
$178,551,626
|
|
|
$59,632,108
|
|
|
|
|
|
|
|
|
|
|
|
The Mutual Funds' tax character of distributions paid during the years ended December 31, 2025 and December 31, 2024 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2025
|
|
|
Growth Fund
|
|
|
Balanced Fund
|
|
|
Small Cap Fund
|
|
Ordinary income
|
|
|
$ 39,027,869
|
|
|
$ 14,908,284
|
|
|
$ 7,091
|
|
Long-term capital gains
|
|
|
202,891,114
|
|
|
5,370,632
|
|
|
5,218,126
|
|
Total distributions paid
|
|
|
$241,918,983
|
|
|
$ 20,278,916
|
|
|
$5,225,217
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2024
|
|
|
Growth Fund
|
|
|
Balanced Fund
|
|
|
Small Cap Fund
|
|
Ordinary income
|
|
|
$47,631,864
|
|
|
$15,514,649
|
|
|
$241,567
|
|
Long-term capital gains
|
|
|
158,787,754
|
|
|
103,910
|
|
|
6,427,107
|
|
Total distributions paid
|
|
|
$206,419,618
|
|
|
$15,618,559
|
|
|
$6,668,674
|
|
|
|
|
|
|
|
|
|
|
|
In addition, GAAP requires that certain components of net assets relating to permanent difference be reclassified between financial and tax reporting. The permanent differences primarily relate to utilization of earnings and profits distributed to shareholders on redemption of shares and distribution reclasses and securities redeemed in- kind. These
|
|
|
29
|
|
|
TABLE OF CONTENTS
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
reclassifications have no effect on net assets or net asset value per share. On the Statements of Assets and Liabilities, the following reclassifications were made for the year end ended December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
Total Distributable
Earnings
|
|
|
Paid in Capital
|
|
|
Growth Fund
|
|
|
$(335,255,865)
|
|
|
$335,255,865
|
|
Balanced Fund
|
|
|
(53,371,420)
|
|
|
53,371,420
|
|
Small Cap Fund
|
|
|
(26,351,908)
|
|
|
26,351,908
|
|
|
|
|
|
|
|
|
Minnesota ETF
As of December 31, 2025, the Minnesota ETF's cost and unrealized on investments on a tax basis were as follows:
|
|
|
|
|
|
Cost of investments for tax purposes
|
|
|
$35,671,238
|
|
Gross tax unrealized appreciation
|
|
|
$326,049
|
|
Gross tax unrealized depreciation
|
|
|
(445,247)
|
|
Net tax unrealized depreciation
|
|
|
$(119,198)
|
|
|
|
|
|
As of November 30, 2025, the Minnesota ETF's tax year end, the tax basis of distributable earnings/(accumulated losses) were as follows:
|
|
|
|
|
|
Undistributed ordinary income
|
|
|
$33,988
|
|
Other accumulated losses
|
|
|
(1,761,316)
|
|
Unrealized depreciation on investments
|
|
|
(140,595)
|
|
Total distributable earnings
|
|
|
$ (1,867,923)
|
|
|
|
|
|
At November 30, 2025, the Minnesota ETF had short-term and long-term capital losses of $(275,347) and $(1,485,969), respectively, which will be carried forward indefinitely to offset future realized capital gains. To the extent the Minnesota ETF realizes future net capital gains, taxable distributions to its shareholders will be first offset by any unused capital loss carryovers from the period ended November 30, 2025.
The Minnesota ETF's tax character of distributions paid during the years ended November 30, 2025 and November 30, 2024 were as follows:
|
|
|
|
|
|
Period Ended November 30, 2025
|
|
|
|
|
Ordinary income
|
|
|
$ 29,110
|
|
Tax-exempt income
|
|
|
756,382
|
|
Long-term capital gains
|
|
|
-
|
|
Total distributions paid
|
|
|
$ 785,492
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended November 30, 2024
|
|
|
|
|
Ordinary income.
|
|
|
$24,329
|
|
Tax-exempt income
|
|
|
488,259
|
|
Long-term capital gains
|
|
|
-
|
|
Total distributions paid.
|
|
|
$512,588
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|
|
|
|
|
For the year ended December 31, 2025, the Minnesota ETF had no required reclassifications to certain components of net assets related financial and tax reporting.
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30
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TABLE OF CONTENTS
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
NOTE 4 - INVESTMENT ADVISER
The Trust has an investment advisory agreement (the "Mutual Funds Agreement") with the Adviser to furnish investment advisory services to the Mutual Funds. Under the terms of the Mutual Funds Agreement between the Trust, on behalf of each Mutual Fund, and the Adviser, the Adviser is paid a monthly fee on average daily net assets at the following annual rates for the Mutual Funds:
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|
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|
|
|
|
|
|
|
|
|
|
Growth Fund
|
|
|
Balanced Fund
|
|
|
Small Cap Fund
|
|
|
Up to $2.5 Billion
|
|
|
0.60%
|
|
|
0.60%
|
|
|
0.80%
|
|
Over $2.5 Billion.
|
|
|
0.50%
|
|
|
0.60%
|
|
|
0.80%
|
|
|
|
|
|
|
|
|
|
|
|
Under the investment advisory agreement, the Adviser has agreed to reimburse the Growth Fund or Balanced Fund in the event that the total expenses incurred by either Fund in any fiscal year, excluding interest, taxes, brokerage commissions and extraordinary litigation costs, but including payments to the Adviser, shall exceed 1.50% of the first $30 million dollars and 1.00% of the balance of the average value of the net assets of the Fund during such fiscal year, based upon computations of such value made as of the close of business on the last valuation day of each month during such fiscal year. Any amounts waived or reimbursed by the Adviser pursuant to the investment advisory agreement may not be recouped.
The Adviser previously agreed to waive its management fees and/or reimburse expenses of the Growth Fund, Balanced Fund or Small Cap Fund for a period of two years following the closing of the Reorganizations, to the extent that Covered Expenses (defined below) accrued for the twelve months ending on the first anniversary of the closing of the Reorganizations and the twelve months ending on the second anniversary of the Reorganizations exceed $137,000, $72,000 and $62,500, respectively. Covered Expenses were limited to outside legal expenses, audit and tax expenses, trustees' fees, insurance expenses, ICI membership fees, and chief compliance officer fees (Covered Expenses). During the fiscal year ended December 31, 2024, Covered Expenses of $4,492, $14,952 and $16,414 were waived for the Growth Fund, Balanced Fund and Small Cap Fund, respectively.
In addition, the Trust, on behalf of the Minnesota ETF, has entered into an investment advisory agreement (the "ETF Agreement") with the Adviser to furnish investment advisory services to the Minnesota ETF. Pursuant to the ETF Agreement, the Minnesota ETF pays a unitary management fee to the Adviser, which is calculated daily and paid monthly, at an annual rate of 0.25% of the Minnesota ETF's average daily net assets. The Adviser has agreed to pay all expenses of the Minnesota ETF except the unitary management fee paid to the Adviser under the ETF Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the Minnesota ETF under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.
NOTE 5 - DISTRIBUTION AGREEMENT
Foreside Fund Services, LLC (the "Distributor") serves as the Mutual Funds' distributor pursuant to a Distribution Agreement and the Minnesota ETF's distributor pursuant to an ETF Distribution Agreement. The Distributor receives compensation for the statutory underwriting services it provides to the Funds. The Distributor enters into agreements with certain broker-dealers and others that will allow those parties to be "Authorized Participants" and to subscribe for and redeem shares of the Minnesota ETF. With respect to the Minnesota ETF, the Distributor will not distribute shares in less than whole Creation Units and does not maintain a secondary market in shares.
NOTE 6 - RELATED PARTY TRANSACTIONS
U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services" or the "Administrator"), acts as the Funds' administrator under a Fund Servicing Agreement. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Funds' custodian, transfer agent and fund accountant; coordinates the preparation and payment of the Funds' expenses; and reviews the Funds' expense accruals. Fund Services also serves as the fund accountant and transfer agent to the Funds.
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31
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TABLE OF CONTENTS
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Funds' custodian pursuant to a Custody Agreement. Under the terms of the ETF Agreement, the Adviser pays the Minnesota ETF's administrative, custody, transfer agency, accounting and Chief Compliance Officer fees. Expenses incurred by the Mutual Funds for the year ended December 31, 2025, and owed as of December 31, 2025, are included in the Statements of Operations and Statements of Assets and Liabilities, respectively.
Certain officers of the Funds are also employees of Fund Services. The Trust's Chief Compliance Officer is an employee of Fund Services.
NOTE 7 - CREATION AND REDEMPTION TRANSACTIONS
Shares of the Minnesota ETF are listed and traded on the Cboe BZX Exchange, Inc. (the "Exchange"). The Minnesota ETF issues and redeems shares on a continuous basis at NAV only in large blocks of shares called "Creation Units." A Creation Unit generally consists of 10,000 shares though this may change from time to time. Creation Units are to be issued and redeemed principally in kind for a basket of securities and a balancing cash amount. Shares generally will trade in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Market prices for the shares may be different from their NAV. The NAV is determined as of the close of trading (generally, 4:00 p.m. Eastern Time) on each day the NYSE is open for trading. The NAV of the shares of the Minnesota ETF will be equal to a Fund's total assets minus a Fund's total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent; however, for purposes of determining the price of Creation Units, the NAV will be calculated to five decimal places.
Only "Authorized Participants" may purchase or redeem shares directly from the Minnesota ETF. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a participant agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Minnesota ETF. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. Securities received or delivered in connection with in-kind creates and redeems are valued as of the close of business on the effective date of the creation or redemption.
Creation Unit Transaction Fee
Authorized Participants will be required to pay to the Custodian a fixed transaction fee (the "Creation Transaction Fee") in connection with the issuance of Creation Units. The standard Creation Transaction Fee will be the same regardless of the number of Creation Units purchased by an investor on the applicable Business Day. The Creation Transaction Fee for the Minnesota ETF is $300.
An additional variable fee of up to a maximum of 2% of the value of the Creation Units subject to the transaction may be imposed for cash purchases, non-standard orders, or partial purchase of Creation Units. For orders comprised entirely of cash, a variable fee of 0.03% of the value of the order will be charged by the Minnesota ETF. The variable charge is primarily designed to cover additional costs (e.g., brokerage, taxes) involved with buying the securities with cash. The Minnesota ETF may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders.
A Creation Unit will generally not be issued until the transfer of good title of the deposit securities to the Minnesota ETF and the payment of any cash amounts have been completed. To the extent contemplated by the applicable participant agreement, Creation Units of the Minnesota ETF will be issued to such Authorized Participant notwithstanding the fact that the Minnesota ETF's deposits have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing deposit securities as soon as possible. If the Minnesota ETF or its agents do not receive all of the deposit securities, or the required cash amounts, by such time, then the order may be deemed rejected and the Authorized Participant shall be liable to the Minnesota ETF for losses, if any.
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32
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TABLE OF CONTENTS
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
NOTE 8 - INVESTMENT TRANSACTIONS
Purchases and sales of investment securities, excluding government securities, short-term securities and temporary cash investments, during the year ended December 31, 2025 were as follows:
|
|
|
|
|
|
|
|
|
|
|
Purchases
|
|
|
Sales
|
|
|
Growth Fund
|
|
|
$678,868,280
|
|
|
$795,166,496(a)
|
|
Balanced Fund
|
|
|
90,640,444
|
|
|
145,291,093(a)
|
|
Small Cap Fund .
|
|
|
47,907,375
|
|
|
92,671,644(a)
|
|
Minnesota ETF
|
|
|
17,456,718
|
|
|
4,135,049
|
|
|
|
|
|
|
|
|
The Funds did not have any purchases or sales of government securities during the year ended December 31, 2025.
|
(a)
|
Sales exclude redemptions in-kind of $327,561,989, $57,716,309, and $38,270,411 for the Growth Fund, Balanced Fund and Small Cap Fund, respectively. See Note 9.
|
NOTE 9 - REFLOW TRANSACTIONS
The Mutual Funds may participate in the ReFlow Fund, LLC ("ReFlow") liquidity program, which is designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Pursuant to the program, ReFlow provides participating mutual funds (including each Mutual Fund) with a source of cash to meet net shareholder redemptions by standing ready each business day to purchase Fund shares up to the value of the net shares redeemed by other shareholders that are to settle the next business day.
Following purchases of a Fund's shares, ReFlow then generally redeems those shares when the Fund experiences net sales, at the end of a maximum holding period determined by ReFlow (currently 8 days) or at other times at ReFlow's or the Adviser's discretion. While ReFlow holds a Fund's shares, it will have the same rights and privileges with respect to those shares as any other shareholder. For use of the ReFlow service, a Fund pays a fee to ReFlow each time it purchases Fund shares, calculated by applying to the purchase amount a fee rate determined through an automated daily auction among participating mutual funds. The current minimum fee rate is 0.14% of the value of the Fund shares purchased by ReFlow, although a Fund may submit a bid at a higher fee rate if it determines that doing so is in the best interest of Fund shareholders. ReFlow's purchases of a Fund's shares through the liquidity program are made on an investment-blind basis without regard to a Fund's objective, policies or anticipated performance. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a Fund. ReFlow will not be subject to the Funds' investment minimums, the Small Cap Fund's redemption fee, or the limitations noted in the "Frequent Purchases and Redemptions of Fund Shares" section within the Funds' prospectus. ReFlow will periodically redeem its entire share position in a Fund and request that such redemption be met in-kind in accordance with the Funds' redemption in-kind policies. The Board has approved the Funds' use of the ReFlow program. The Adviser believes that the program may assist in stabilizing each Fund's net assets, to the benefit of the Fund and its shareholders, although there is no guarantee that the program will do so. To the extent that the Funds' assets do not decline, the Adviser may also benefit. ReFlow fees that were incurred by the Funds during the year ended December 31, 2025 are recorded within the Statement of Operations, if applicable.
During the year ended December 31, 2025 the Mutual Funds satisfied redemption in-kind requests made by ReFlow. The transfers were effected in accordance with policies and procedures approved by the Board.
Consideration paid and shares sold were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
|
Date Range
|
|
|
Value of Cash and
Securities Sold
|
|
|
Shares Sold
|
|
Growth Fund
|
|
|
January - December 2025
|
|
|
$338,750,811
|
|
|
1,943,734
|
|
Balanced Fund
|
|
|
January - December 2025
|
|
|
60,342,078
|
|
|
542,891
|
|
Small Cap Fund
|
|
|
January - December 2025
|
|
|
39,424,658
|
|
|
1,408,095
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33
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TABLE OF CONTENTS
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2025(Continued)
NOTE 10 - RECENT MARKET EVENTS
U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks' interest rate changes, the possibility of a national or global recession, trade tensions, and tariffs, political events and geopolitical conflicts. As a result of continuing political tensions and armed conflicts, including the wars in Europe and the Middle East, markets have experienced increased volatility. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on the performance of the Funds.
NOTE 11 - BENEFICIAL OWNERSHIP
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the 1940 Act. At December 31, 2025 Charles Schwab & Co. Inc., for the benefit of its customers, held 27.70% of the outstanding shares of the Balanced Fund, and 35.01% of the Small Cap Fund.
NOTE 12 - NEW ACCOUNTING PRONOUNCEMENT
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The Funds have adopted ASU 2023-09, with no material impact on the Funds' financial statements.
NOTE 13 - SUBSEQUENT EVENTS
The Minnesota ETF paid distributions to shareholders as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Record Date
|
|
|
Ex-Date
|
|
|
Reinvestment
Date/Payable
Date
|
|
|
Ordinary
Income Rate
|
|
|
Ordinary Income
Distribution Paid
|
|
1/23/2026
|
|
|
1/23/2026
|
|
|
1/30/2026
|
|
|
$0.0392753
|
|
|
$64,018.74
|
|
2/20/2026
|
|
|
2/20/2026
|
|
|
2/27/2026
|
|
|
$0.04885794
|
|
|
$86,478.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other than as disclosed, there were no other subsequent events requiring recognition or disclosure through the date the financial statements were issued.
|
|
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34
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TABLE OF CONTENTS
MAIRS & POWER FUNDS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of Mairs & Power Funds and
Board of Trustees of Trust for Professional Managers
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the funds listed below (the "Funds"), each a series of Trust for Professional Managers, as of December 31, 2025, the related statements of operations, statements of changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.
|
|
|
|
|
|
|
|
|
|
|
|
Fund Name
|
|
|
Statements of
Operations
|
|
|
Statement(s) of
Changes in Net Assets
|
|
|
Financial Highlights
|
|
Mairs & Power Growth Fund, Mairs & Power Balanced Fund, and Mairs & Power Small Cap Fund (the "Mutual Funds")
|
|
|
For the year ended December 31, 2025
|
|
|
For the years ended December 31, 2025, and 2024
|
|
|
For the years ended December 31, 2025, 2024, 2023, and 2022
|
|
Mairs & Power Minnesota Municipal Bond ETF
|
|
|
For the year ended December 31, 2025
|
|
|
For the years ended December 31, 2025, and 2024
|
|
|
For the years ended December 31, 2025, 2024, 2023, 2022, and for the period from March 11, 2021 (commencement of operations) through December 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
The financial highlights of the Mairs & Power Funds Trust (comprising Mairs & Power Growth Fund, Mairs & Power Balanced Fund and Mairs & Power Small Cap Fund), predecessor funds to the Mutual Funds, for the year ended December 31, 2021, were audited by other auditors whose report dated February 18, 2022, expressed an unqualified opinion on those financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Funds' auditor since 2021.
COHEN & COMPANY, LTD.
Milwaukee, Wisconsin
February 24, 2026
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35
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TABLE OF CONTENTS
ADDITIONAL INFORMATION(Unaudited)
The below information is required disclosure for Form N-CSR
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
Remuneration paid by the Mutual Funds is disclosed within the financial statements. For the Minnesota ETF, expenses, including Trustee compensation, are paid by the Adviser pursuant to the ETF Agreement. Additional information related to those fees is available in the Fund's Statement of Additional Information.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
BASIS FOR TRUSTEES' APPROVAL OF INVESTMENT ADVISORY AGREEMENT
The Board of Trustees (the "Trustees") of Trust for Professional Managers (the "Trust") met on August 27, 2025 to consider the renewal of the Investment Advisory Agreement (the "Agreement") between the Trust, on behalf of the Mairs & Power Minnesota Municipal Bond ETF, Mairs & Power Growth Fund, Mairs & Power Balanced Fund and Mairs & Power Small Cap Fund (each, a "Fund," and together, the "Funds"), each a series of the Trust, and Mairs & Power, Inc. ("Mairs & Power"), the Funds' investment adviser (the "Adviser"). The Trustees also met at a prior meeting held on June 18, 2025 (the "June 18, 2025 meeting") to review materials related to the renewal of the Agreement. Prior to these meetings, the Trustees requested and received materials to assist them in considering the renewal of the Agreement. The materials provided contained information with respect to the factors enumerated below, including a copy of the Agreement, a memorandum prepared by the Trust's outside legal counsel discussing in detail the Trustees' fiduciary obligations and the factors they should assess in considering the renewal of the Agreement, detailed comparative information relating to the Funds' performance, as well as the management fees and other expenses of the Funds, due diligence materials relating to the Adviser (including a due diligence questionnaire completed on behalf of the Funds by the Adviser, the Adviser's Form ADV, select financial statements of the Adviser, biographical information of the Adviser's key management and compliance personnel, comparative fee information for the Funds and the Adviser's other separately-managed accounts and a summary detailing key provisions of the Adviser's written compliance program, including its code of ethics) and other pertinent information. The Trustees also received information periodically throughout the year that was relevant to the Agreement renewal process, including performance, management fee and other expense information. Based on their evaluation of the information provided by the Adviser, in conjunction with the Funds' other service providers, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not "interested persons," as that term is defined in the Investment Company Act of 1940, as amended (the "Independent Trustees")), approved the continuation of the Agreement for an additional one-year term ending August 31, 2026.
DISCUSSION OF FACTORS CONSIDERED
In considering the renewal of the Agreement and reaching their conclusions, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.
1. NATURE, EXTENT AND QUALITY OF SERVICES PROVIDED TO THE FUNDS
The Trustees considered the nature, extent and quality of services provided by the Adviser to the Funds and the amount of time devoted to the Funds' operations by the Adviser's staff. The Trustees considered the Adviser's specific responsibilities in all aspects of day-to-day management of the Funds, including the investment strategies implemented by the Adviser, as well as the qualifications, experience and responsibilities of Brent S. Miller, Lead Portfolio Manager of the Mairs & Power Minnesota Municipal Bond ETF and Co-Manager of the Mairs & Power Balanced Fund, Andrew R. Adams, Lead Portfolio Manager of the Mairs & Power Growth Fund and Co-Manager of the Mairs & Power Small Cap Fund, Peter J. Johnson, Co-Manager of the Mairs & Power Growth Fund, Kevin V. Earley, Lead Portfolio Manager of the Mairs & Power Balanced Fund, Christopher D. Strom, Co-Manager of the Mairs & Power Small Cap Fund, and Michael C. Marzolf, Lead Portfolio Manager of the Mairs & Power Small Cap Fund, and other key personnel at the Adviser involved in the day-to-day activities of the Funds. The Trustees reviewed information provided by the Adviser in a due diligence questionnaire, including the structure of the Adviser's compliance program and its continuing
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36
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TABLE OF CONTENTS
ADDITIONAL INFORMATION(Unaudited)(Continued)
commitment to the Funds. The Trustees noted that during the course of the prior year the Adviser had participated in a Trust board meeting to discuss the Funds' performance and outlook, along with the compliance efforts made by the Adviser, including reports provided by the Adviser in its role as the Funds' valuation designee. The Trustees also noted any services that extended beyond portfolio management, and they considered the brokerage practices of the Adviser. The Trustees discussed the Adviser's handling of compliance matters, including the reports of the Trust's chief compliance officer to the Trustees on the effectiveness of the Adviser's compliance program. The Trustees also considered the Adviser's overall financial condition, as well as the implementation and operational effectiveness of the Adviser's business continuity plan. The Trustees concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under each applicable Advisory Agreement and that the nature, overall quality and extent of the management services provided to the Funds, as well as the Adviser's compliance program, were satisfactory and reliable.
2. INVESTMENT PERFORMANCE OF THE FUNDS AND THE ADVISER
The Trustees discussed the performance of the Mairs & Power Minnesota Municipal Bond ETF (net asset value returns), Mairs & Power Growth Fund, Mairs & Power Balanced Fund and Mairs & Power Small Cap Fund for the quarter, one-year, three-year, five-year, ten-year and since inception periods ended March 31, 2025, as applicable. In assessing the quality of the portfolio management services delivered by the Adviser, the Trustees also compared the short-term and longer-term performance of each Fund on both an absolute basis and in comparison to each Fund's primary benchmark index (the Bloomberg Minnesota Municipal Total Return Index for the Mairs & Power Minnesota Municipal Bond ETF, the S&P 500 Total Return Index for the Mairs & Power Growth Fund, a blended index (the "Blended Index") comprised of an unmanaged portfolio of 60% of the S&P 500 Total Return Index and 40% of the Bloomberg U.S. Government/Credit Bond Index for the Mairs & Power Balanced Fund, and the Russell 2000 Total Return Index for the Mairs & Power Small Cap Fund) and in comparison to a peer group of funds as constructed using publicly-available data provided by Morningstar, Inc. and presented by Barrington Financial Group, LLC d/b/a Barrington Partners, an independent third-party benchmarking firm, through its cohort selection process (a peer group of U.S. municipal national intermediate bond, municipal California intermediate bond, municipal national long-term bond and municipal national short-term bond exchange-traded funds for the Mairs & Power Minnesota Municipal Bond ETF, a peer group of U.S. open-end large-cap blend funds for the Mairs & Power Growth Fund, a peer group of U.S. open-end moderate allocation and moderately aggressive allocation funds for the Mairs & Power Balanced Fund, and a peer group of U.S. open-end small-cap blend funds for the Mairs & Power Small Cap Fund) (each, a "Barrington Cohort"). The Trustees also reviewed information on the historical performance of other separately-managed accounts of the Adviser that were similar to each Fund in terms of investment strategies.
The Trustees noted the Mairs & Power Minnesota Municipal Bond ETF's performance for the one-year and three-year periods ended March 31, 2025 was below the Barrington Cohort average. The Trustees noted that for the quarter, one-year, three-year and since inception periods ended March 31, 2025, the Mairs & Power Minnesota Municipal Bond ETF underperformed the Bloomberg Minnesota Municipal Total Return Index. The Trustees further noted that the Adviser deemed any differences between the Mairs & Power Minnesota Municipal Bond ETF's performance and the performance of the comparable separately-managed account composite to be immaterial for all periods reviewed.
The Trustees noted the Mairs & Power Growth Fund's performance for the one-year, three-year, five-year and ten-year periods ended March 31, 2025 were above the Barrington Cohort average. The Trustees noted that for the since inception period ended March 31, 2025, the Mairs & Power Growth Fund had outperformed the S&P 500 Total Return Index. The Trustees noted that for the quarter, one-year, three-year, five-year, and ten-year periods ended March 31, 2025, the Mairs & Power Growth Fund had underperformed the S&P 500 Total Return Index. The Trustees further noted that the Adviser deemed any differences between the Mairs & Power Growth Fund's performance and the performance of the comparable separately-managed account composite to be immaterial for all periods reviewed.
The Trustees noted the Mairs & Power Balanced Fund's performance for the one-year, three-year, five-year and ten-year periods ended March 31, 2025 was below the Barrington Cohort average. The Trustees noted that for the one-year, three-year, five-year and ten-year periods ended March 31, 2025, the Mairs & Power Balanced Fund had underperformed the Blended Index. The Trustees noted that for the quarter and since inception periods ended March 31, 2025, the Mairs & Power Balanced Fund had outperformed the Blended Index. The Trustees further noted that the Adviser deemed any differences between the Mairs & Power Balance Fund's performance and the performance of the comparable separately-managed account composite to be immaterial for all periods reviewed.
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37
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ADDITIONAL INFORMATION(Unaudited)(Continued)
The Trustees noted the Mairs & Power Small Cap Fund's performance for the one-year, three-year, five-year and ten-year periods ended March 31, 2025 was below the Barrington Cohort average. The Trustees noted that for the quarter, one-year, three-year, five-year, and ten-year ended March 31, 2025, the Mairs & Power Small Cap Fund had underperformed the Russell 2000 Total Return Index. The Trustees noted that for the since inception period ended March 31, 2025, the Mairs & Power Small Cap Fund had outperformed the Russell 2000 Total Return Index. The Trustees further noted that the Adviser deemed any differences between the Mairs & Power Small Cap Fund's performance and the performance of the comparable separately-managed account composite to be immaterial for all periods reviewed.
After considering all of the information, the Trustees concluded that the performance obtained by the Adviser for each Fund was satisfactory under current market conditions. Although past performance is not a guarantee or indication of future results, the Trustees determined that each Fund and its shareholders were likely to benefit from the Adviser's continued management.
3. COSTS OF SERVICES PROVIDED AND PROFITS REALIZED BY THE ADVISER
The Trustees considered the cost of services and the structure of the Adviser's fees, including a review of the expense analyses and other pertinent material with respect to each Fund. The Trustees took into consideration that the management fee for the Mairs & Power Minnesota Municipal Bond ETF was a "unitary management fee" whereby the Adviser agrees to pay all expenses incurred by the Fund, except the unitary management fee payable to the Adviser and certain excluded expenses. The Trustees reviewed the related statistical information and other materials provided, including the comparative expenses and Barrington Cohort comparisons. The Trustees considered the cost structure of each Fund relative to the Barrington Cohort and the separately-managed accounts of the Adviser with the same or similar investment strategies as each Fund.
The Trustees also considered the overall profitability of the Adviser and reviewed the Adviser's financial information. The Trustees also examined the level of profits that could be expected to accrue to the Adviser from the fees payable under each applicable Advisory Agreement, as well as the Funds' brokerage practices. These considerations were based on materials requested by the Trustees and the Funds' administrator specifically for the June 18, 2025 meeting and the August 27, 2025 meeting at which each applicable Advisory Agreement was formally considered, as well as the reports prepared by the Adviser over the course of the year.
The Trustees noted that the Mairs & Power Minnesota Municipal Bond ETF's contractual unitary management fee of 0.25% was below the Barrington Cohort average of 0.35%. The Trustees observed that the Fund's unitary fee structure limits the Fund's total expense ratio to 0.25% and such expense ratio was below the Barrington Cohort average of 0.35%. The Trustees also compared the fees paid by the Fund to the fees paid by other separately-managed accounts of the Adviser with the same or similar investment strategies as the Fund.
The Trustees noted that the Mairs & Power Growth Fund's contractual management fee of 0.55% (this is a blended fee reflecting the Fund's management fee breakpoint schedule at the Fund's current asset levels) was below the Barrington Cohort average of 0.69%. The Trustees observed that the Mairs & Power Growth Fund's total expense ratio of 0.62% was below the Barrington Cohort average of 0.79%. The Trustees also compared the fees paid by the Fund to the fees paid by other separately-managed accounts of the Adviser with the same or similar investment strategies as the Fund.
The Trustees noted that the Mairs & Power Balanced Fund's contractual management fee of 0.60% was above the Barrington Cohort average of 0.57%. The Trustees observed that the Balanced Fund's total expense ratio of 0.71% was below the Barrington Cohort average of 0.81%. The Trustees also compared the fees paid by the Fund to the fees paid by other separately-managed accounts of the Adviser with the same or similar investment strategies as the Fund.
The Trustees noted that the Mairs & Power Small Cap Fund's contractual management fee of 0.80% was above the Barrington Cohort average of 0.76%. The Trustees observed that the Mairs & Power Small Cap Fund's total expense ratio of 0.94% was slightly above the Barrington Cohort average of 0.93%. The Trustees also compared the fees paid by the Fund to the fees paid by other separately-managed accounts of the Adviser with the same or similar investment strategies as the Fund.
The Trustees also noted that, under the Advisory Agreement, the Adviser has agreed to reimburse the Mairs & Power Growth Fund or Mairs & Power Balanced Fund in the event that the total expenses incurred by either Fund in any fiscal year, excluding interest, taxes, brokerage commissions and extraordinary litigation costs, but including payments
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ADDITIONAL INFORMATION(Unaudited)(Continued)
to the Adviser, shall exceed 1.50% of the first $30 million dollars and 1.00% of the balance of the average value of the net assets of the applicable Fund during said fiscal year, based upon computations of such value made as of the close of business on the last valuation day of each month during such fiscal year. The Trustees noted that each Fund's gross expense ratio was significantly below the applicable expense cap at each Fund's current asset levels.
The Trustees concluded that each Fund's expenses and the management fees paid to the Adviser were fair and reasonable in light of the comparative performance, expense and management fee information. The Trustees noted, based on a profitability analysis prepared by the Adviser, that the Adviser's profits from sponsoring each of the Mairs & Power Growth Fund, Mairs & Power Balanced Fund and Mairs & Power Small Cap Fund were not excessive, and while the Mairs & Power Minnesota Municipal Bond ETF was not yet profitable to the Adviser, the Adviser maintained adequate profit levels to support the services to each Fund from the revenues of its overall investment advisory business, despite subsidizing the operations of the Mairs & Power Minnesota Municipal Bond ETF.
4. EXTENT OF ECONOMIES OF SCALE AS THE FUNDS GROW
The Trustees compared each Fund's expenses relative to its peer groups and discussed realized and potential economies of scale. The Trustees also reviewed the structure of each Fund's management fees and whether the Funds were large enough to generate economies of scale for shareholders or whether economies of scale would be expected to be realized as Fund assets grow (and if so, how those economies of scale were being or would be shared with shareholders). With respect to the Mairs & Power Minnesota Municipal Bond ETF, the Mairs & Power Balanced Fund and the Mairs & Power Small Cap Fund, the Trustees noted that each Fund's management fee structure did not contain any breakpoint reductions as the Fund's assets grow in size, but that the feasibility of incorporating breakpoints would be reviewed on a regular basis. With respect to the Mairs & Power Growth Fund, the Trustees reviewed the breakpoint reductions set forth in the Advisory Agreement (0.60% on the first $2.5 billion of net asset value and 0.50% on the net asset value in excess of $2.5 billion). With respect to the Adviser's fee structure, the Trustees concluded that the current fee structure was reasonable and reflected a sharing of economies of scale between the Adviser and each Fund at each Fund's current asset level.
5. BENEFITS DERIVED FROM THE RELATIONSHIP WITH THE FUNDS
The Trustees considered the direct and indirect benefits that could be received by the Adviser from its association with the Funds. The Trustees examined the brokerage practices of the Adviser with respect to the Funds. The Trustees concluded that the benefits the Adviser may receive, such as greater name recognition and an increased ability to obtain research or brokerage services or to attract additional investor assets, appear to be reasonable, and in many cases may benefit the Funds.
CONCLUSIONS
The Trustees considered all of the foregoing factors. In considering the renewal of each applicable Advisory Agreement, the Trustees did not identify any one factor as all-important, but rather considered these factors collectively in light of each Fund's surrounding circumstances. Based on this review, the Trustees, all of whom are Independent Trustees, unanimously approved the continuation of each applicable Advisory Agreement for an additional one-year term ending August 31, 2026 as being in the best interests of each Fund and its shareholders.
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TAX INFORMATION
For the year ended December 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 23%, as provided for by the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:
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Mairs & Power Growth Fund
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100%
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Mairs & Power Balanced Fund
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50.08%
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Mairs & Power Small Cap Fund
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100%
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For corporate shareholders, the percentage of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended December 31, 2025, was as follows:
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Mairs & Power Growth Fund
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100%
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Mairs & Power Balanced Fund
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45.45%
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Mairs & Power Small Cap Fund
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100%
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40
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Mairs & Power Growth Fund (MPGFX), established 1958
Mairs & Power Balanced Fund (MAPOX), established 1961
Mairs & Power Small Cap Fund (MSCFX), established 2011
Mairs & Power Minnesota Municipal Bond ETF (MINN), established 2021
To Contact the Funds
Call 1-800-304-7404
for the Mutual Funds
or 1-855-839-2800
for the Minnesota ETF
or write to:
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(via Regular Mail)
Mairs & Power Funds
c/o U.S. Bancorp Fund Services, LLC
P. O. Box 219337
Kansas City, MO 64121-9337
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(via Overnight or Express Mail)
Mairs & Power Funds
c/o U.S. Bancorp Fund Services, LLC
801 Pennsylvania Ave., Suite 219337
Kansas City, MO 64105-1307
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For Fund literature and information, visit the Funds' website at:
www.mairsandpower.com
Investment Manager
Mairs & Power, Inc.
30 East 7thStreet
Suite 2500
Saint Paul, MN 55101
Transfer Agent, Fund Accountant and Fund Administrator
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202
Custodian
U.S. Bank, N.A.
Custody Operations
1555 North River Center Drive, Suite 302
Milwaukee, WI 53212
Distributor
Foreside Fund Services, LLC
190 Middle Street, Suite 301
Portland, ME 04101
Independent Registered Public Accounting Firm
Cohen & Company, Ltd.
342 North Water Street, Suite 830
Milwaukee, WI 53202
Legal Counsel
Godfrey & Kahn, S.C.
833 East Michigan Street
Suite 1800
Milwaukee, WI 53202
This report is intended for shareholders of the Funds and may not be used as sales literature unless preceded or accompanied by a current prospectus.
| (b) | Financial Highlights are included within the financial statements filed under Item 7(a) of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
This information is included within the financial statements filed under Item 7(a) of this Form.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
This information is included within the financial statements filed under Item 7(a) of this Form.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.
Item 16. Controls and Procedures.
| (a) | The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider. |
| (b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable
Item 19. Exhibits.
(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-29(a)).
(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not Applicable.
(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.
| (b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | Trust for Professional Managers |
| By (Signature and Title)* | /s/ Jennifer Lima | ||
| Jennifer Lima, Principal Executive Officer |
| Date | 3/5/2026 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title)* | /s/ Jennifer Lima | ||
| Jennifer Lima, Principal Executive Officer |
| Date | 3/5/2026 |
| By (Signature and Title)* | /s/ Kelly Strauss | ||
| Kelly Strauss, Principal Financial Officer |
| Date | 3/5/2026 |
* Print the name and title of each signing officer under his or her signature.
Trust for Professional Managers published this content on March 05, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 05, 2026 at 19:20 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]