June 30, 2022

The first half of 2022 was a difficult period for the market, which has been reacting to higher interest rates and the near-term likelihood of economic weakness and lower earnings.

So far, many indicators of economic activity have generally looked good. Unemployment has been low, home prices have been rising, and industrial production has not slowed. In addition, corporate earnings have remained resilient. The current consensus of earnings growth is 10.6% for this year and 9.2% in 2023. But the market focuses on leading indicators, and those are flashing yellow and, in some cases, even red.

In fact, some signs suggest that the economy may be heading toward recession. According to the University of Michigan consumer sentiment index, consumer confidence is at an all-time low, due largely to inflation, which has reached levels not seen since the 1980s. Because consumers are paying higher prices, they are buying fewer items. In addition, there are signs that the housing market is softening. A slowdown in housing could have a far-reaching impact on economic growth, and while unemployment rates remain low, there has been a recent uptick in layoffs. Initial unemployment claims have been inching up and at 231,000 as of June 30, 2022, they are about 40% above the low level hit in the Spring. When weekly claims reach 400,000, that suggests a recession is ahead. We're still a long way from that, but the numbers bear watching.

In the first half of 2022, the S&P 500 Total Return (TR) Index (the "S&P 500") dropped 19.96%. The S&P 500 entered a bear market on June 13, when it declined 20% from its previous peak of 4797, which it reached on January 3. In the second quarter, the S&P 500 declined 16.10%, the Dow Jones Industrial Average TR Index fell 10.78%, and the Bloomberg U.S. Government/Credit Bond Index dropped 5.03%.

Future Outlook

For the economy to flourish in the long term, the Federal Reserve (Fed) needs to get inflation under control. The current inflationary pressures have been caused by multiple factors. Demand, which was overheating thanks to massive fiscal and monetary stimulus during the pandemic, is one. Supply constraints caused by Covid shutdowns in China and labor shortages in the U.S. have also pushed inflation higher.

Higher inflation erodes purchasing power and leads to higher interest rates which chokes off borrowing, resulting in an economy that struggles to grow. In addition, rapidly rising prices have the greatest impact on low-wage earners, who often spend more of their income on necessities. But when inflation is low, interest rates stay low. This encourages companies to fund growth through borrowing and allows consumers to afford loans more easily for homes, cars, and other big-ticket items. Growing companies and growing consumer demand lead to job growth and income growth, resulting in a virtuous cycle.

The Fed is determined to bring inflation back to 2%, and it plans to do so by raising interest rates to temporarily slow demand. The Fed understands that there will be short-term pain because of higher interest rates and that its actions risk causing a recession. But it is committed to putting the economy back on a more sustainable, long-term growth footing. However, we are watching for signs of weakening. In an economic downturn, earnings estimates will almost certainly be reduced. The decline in stock prices is the market's way of anticipating the possibility of lower corporate earnings.

A positive long-term outlook depends primarily on slowing inflation. Should inflation recede and interest rates decline, the economy and markets will begin another cycle of growth. And as Covid recedes, we expect that China will reopen its economy and that supplies of goods will return to normal, further easing inflationary pressures.

Past Performance is not a guarantee of future results.

The Michigan Consumer Sentiment Index is a monthly survey of consumer confidence levels in the United States conducted by the University of Michigan. The survey is based on telephone interviews that gather information on consumer expectations for the economy.

To Our Shareholders: June 30, 2022

In the first half of 2022, the Mairs & Power Growth Fund fell 21.69%, compared to declines of 19.96% for the S&P 500 Total Return (TR) Index benchmark and 19.25% for its peer group as measured by the Morningstar U.S. Fund Large Blend category. In the second quarter of 2022, the Fund fell 15.54%, the benchmark lost 16.10%, and the Morningstar peer group dropped 14.89%.

Overall, sector allocation had little effect on the Fund's relative performance in the first half. Positive contributions from overweighting Healthcare and Industrials, along with an underweight in Consumer Discretionary, were offset by lack of exposure to Energy. Energy makes up only 4.4% of the S&P 500 Index benchmark, but in the first half it was the best-performing sector by far, up 31.8%. We expect that in the longer term, Energy demand and supply will converge. As a result, price increases should slow, and the Fund's portfolio should benefit.

Stock selection weighed on performance in the first half of the year. Ecolab (ECL) detracted the most from relative performance in the first half as its stock declined 34.5%. The company suffered with higher input costs as most are tied to oil derivatives. Ecolab should report better results as management takes appropriate pricing actions to offset these increased costs. Also, Ecolab is well-positioned to benefit from a rebound in travel as its customers' businesses improve and its investments in digital technology further differentiate it from its competitors.

Alphabet (GOOG) was also a significant drag on relative performance, even though it performed well compared to other Technology stocks in the first half of the year. While its revenue grew more than 20% in the first quarter, this was a deceleration from the 30% or more growth it posted in each quarter of 2021. Alphabet continues to have a near-monopoly of online search, and its stock should perform better when investor sentiment swings back toward growth stocks.

Healthcare holdings UnitedHealth Group (UHG) and Eli Lilly (LLY) were two of the Fund's largest contributors to relative performance in the first half. UnitedHealth has executed well on its strategy to shift away from its traditional health insurance model and into healthcare delivery. The company is utilizing its unmatched scale in data analysis to provide the most efficient care possible. Eli Lilly, meanwhile, has benefited from positive study results for its groundbreaking product aimed at reducing Alzheimer's disease progression and a new weight loss product within its diabetes franchise. We have trimmed positions in both companies to redeploy proceeds into promising stocks hit hard in 2022.

MAIRS & POWER GROWTH FUND (MPGFX) CONTRIBUTORS

Year To Date (12/31/2021 – 6/30/2022)

Largest Contributors To Relative Performance			Largest Detractors To Relative Performance
Eli Lilly & Company	17.38	%	Sherwin-Williams Company	-36.42	%
Sysco Corporation	7.84	%	Ecolab, Inc.	-34.46	%
Johnson & Johnson	3.76	%	Bio-Techne Corporation	-33.00	%
UnitedHealth Group, Inc.	2.29	%	Graco Inc.	-26.31	%
Digi International, Inc.*	-1.42	%	Alphabet Inc. Class C	-24.40	%

Largest relative contributors and detractors are securities that were selected based on their contribution to the portfolio as of June 30, 2022. The performance number shown is total return of the security for the period and includes only securities held for the entire period. Total return is the amount of value an investor earns from a security over a specific period and when distributions are reinvested. Past performance does not guarantee future results.

* Digi International, Inc. was a relative contributor because even though it was down on an absolute basis, it performed well relative to the Fund benchmark.

In the second quarter, the Fund started two new positions. Both are Industrial companies that are leaders in markets with growth tailwinds.

Georgia-based Chart Industries (GTLS), which has a significant manufacturing facility in New Prague, Minnesota, manufactures storage tanks and heat exchangers for the industrial gas and energy markets. It foresees increased demand over the next several years in the LNG (liquid natural gas) industry as countries scramble to adjust to supply disruptions resulting from Russia's invasion of Ukraine. Also, Chart is positioned to benefit if hydrogen becomes an energy storage solution for utilities shifting to renewable sources.

The Fund's other new holding is Wisconsin-based Generac (GNRC), which dominates the market for residential standby generation. Increasingly frequent and severe weather events are driving demand for its products, particularly as consumers rely more on digital connectivity. We saw an opportunity given the significant pullback in the stock over the last year.

Looking ahead, we believe the Fund should perform well even if the current inflationary environment persists. A significant part of our analysis involves looking closely at companies' competitive positions and their ability to pass on price increases to their customers. We also expect the Fund's significant exposure to Industrials to benefit as global supply chain disruptions improve.

Andrew R. Adams
Lead Manager

Peter J. Johnson
Co-Manager

The Fund's investment objective, risks, charges and expenses must be considered carefully before investing. The summary prospectus or full prospectus contains this and other important information about the Fund and they may be obtained by calling Shareholder Services at (800) 304-7404 or by visiting www.mairsandpower.com. Read the summary prospectus or full prospectus carefully before investing.

All holdings in the portfolio are subject to change without notice and may or may not represent current or future portfolio composition. The mention of specific securities is not intended as a recommendation or an offer of a particular security, nor is it intended to be a solicitation for the purchase or sale of any security.

All investments have risks. The Growth Fund is designed for long-term investors. Equity investments are subject to market fluctuations and the Fund's share price can fall because of weakness in the broad market, a particular industry or specific holdings. Investments in small and midcap companies generally are more volatile. International investing risks include among others political, social or economic instability, difficulty in predicting international trade patterns, taxation and foreign trading practices and greater fluctuations in price than U.S. corporations.

This commentary includes forward-looking statements such as economic predictions and portfolio manager opinions. The statements are subject to change at any time based on market and other conditions. No predictions, forecasts, outlooks, expectations or beliefs are guaranteed.

S&P 500 Total Return (TR) Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market. It is not possible to invest directly in an index.

Morningstar U.S. Fund Large-Blend portfolios are fairly representative of the overall U.S. stock marketing in size, growth rates, and price. Stocks in the to 70% of the capitalization of the U.S equity market are defined as large-cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500 Index.

Ten years of investment performance (through June 30, 2022)

This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund 10 years ago.

Average annual total returns for periods ended June 30, 2022

	1 year			5 years			10 years			20 years
Mairs & Power Growth Fund⁽¹⁾		-13.28	%		9.39	%		11.72	%		9.30	%
S&P 500 Total Return Index⁽²⁾		-10.62	%		11.31	%		12.96	%		9.08	%

Performance data quoted represents past performance and does not guarantee future results. All performance information shown includes the reinvestment of dividend and capital gain distributions, but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. For the most recent month-end performance figures, visit the Fund's website at www.mairsandpower.com or call Shareholder Services at (800) 304-7404. Per the Prospectus dated April 20, 2022, the expense ratio for the Fund is 0.61%. See the Financial Highlights in this report for the most recent expense ratio.

⁽¹⁾ Performance figures reflect the historical performance of the Mairs & Power Growth Fund (the "Predecessor Growth Fund"), a series of Mairs & Power Funds Trust, for periods prior to April 29, 2022.

⁽²⁾ The S&P 500 Total Return Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market. It tracks both the capital gains of a group of stocks over time and assumes that any cash distributions, such as dividends, are reinvested back into the index. It is not possible to invest directly in an index.

Top Ten Portfolio Holdings
(Percent of Total Net Assets)³

Microsoft Corp	7.9	%
Alphabet Inc	6.7
UnitedHealth Group Inc	6.2
Amazon.com Inc	4.7
US Bancorp/MN	4.0
Ecolab Inc	3.6
Graco Inc	3.0
Medtronic PLC	3.0
Roche Holding AG	2.9
Bio-Techne Corp	2.8

Portfolio Diversification
(Percent of Total Net Assets)

Common Stocks 99.3%
Information Technology	24.8	%
Health Care	20.5
Industrials	16.3
Financials	10.3
Consumer Discretionary	7.1
Communication Services	7.6
Materials	7.4
Consumer Staples	4.6
Utilities	0.7
Short-term Investments 0.7%⁴	0.7
	100.0	%

Shares		Security Description	Fair Value
		COMMON STOCKS 99.3%
		COMMUNICATION SERVICES 7.6%
	136,500	Alphabet Inc ^(a)	$	298,586,925
	455,000	Walt Disney Co/The ^(a)		42,952,000
				341,538,925
		CONSUMER DISCRETIONARY 7.1%
	1,994,000	Amazon.com Inc ^(a)		211,782,740
	157,999	Gentherm Inc ^(a)		9,860,718
	115,000	Home Depot Inc/The		31,541,050
	297,000	Polaris Inc		29,486,160
	312,000	Sleep Number Corp ^(a)		9,656,400
	180,000	Target Corp		25,421,400
				317,748,468
		CONSUMER STAPLES 4.6%
	2,621,592	Hormel Foods Corp		124,158,597
	947,000	Sysco Corp		80,220,370
				204,378,967
		FINANCIALS 10.3%
	1,440,300	Charles Schwab Corp/The		90,998,154
	257,000	JPMorgan Chase & Co		28,940,770
	364,000	Northern Trust Corp		35,118,720
	700,000	Principal Financial Group Inc		46,753,000
	3,925,000	US Bancorp/MN		180,628,500
	2,064,000	Wells Fargo & Co		80,846,880
				463,286,024
		HEALTH CARE 20.5%
	515,000	Abbott Laboratories		55,954,750
	195,000	Baxter International Inc		12,524,850
	362,700	Bio-Techne Corp		125,726,328
	152,000	Eli Lilly & Co		49,282,960
	60,000	Inspire Medical Systems Inc ^(a)		10,960,200
	690,000	Johnson & Johnson		122,481,900
	1,488,000	Medtronic PLC ^(d)		133,548,000
	3,145,000	Roche Holding AG ^(c)		131,177,950
	541,000	UnitedHealth Group Inc		277,873,830
				919,530,768
		INDUSTRIALS 16.3%
	171,000	3M Co		22,129,110
	536,000	CH Robinson Worldwide Inc		54,334,320
	104,000	Chart Industries Inc ^(a)		17,407,520
	1,510,000	Donaldson Co Inc		72,691,400
	1,588,000	Fastenal Co		79,272,960
	49,000	Generac Holdings Inc ^(a)		10,318,420

Shares		Security Description	Fair Value
		COMMON STOCKS (continued)
		INDUSTRIALS (continued)
	2,295,000	Graco Inc	$	136,345,950
	225,000	Honeywell International Inc		39,107,250
	2,176,066	nVent Electric PLC ^(d)		68,176,148
	246,000	Rockwell Automation Inc		49,030,260
	942,966	Tennant Co ^(e)		55,870,735
	1,636,000	Toro Co/The		123,992,440
				728,676,513
		INFORMATION TECHNOLOGY 24.8%
	921,533	Digi International Inc ^(a)		22,319,529
	523,000	Entegris Inc		48,183,990
	1,080,000	Fiserv Inc ^(a)		96,087,600
	1,018,000	Jamf Holding Corp ^(a)		25,215,860
	480,000	Littelfuse Inc		121,939,200
	1,382,000	Microsoft Corp		354,939,060
	459,500	Motorola Solutions Inc		96,311,200
	622,000	NVIDIA Corp		94,288,980
	802,000	QUALCOMM Inc		102,447,480
	372,000	salesforce.com Inc ^(a)		61,394,880
	290,000	Visa Inc		57,098,100
	483,857	Workiva Inc ^(a)		31,929,724
				1,112,155,603
		MATERIALS 7.4%
	1,039,000	Ecolab Inc		159,756,640
	1,385,000	HB Fuller Co		83,390,850
	403,953	Sherwin-Williams Co/The		90,449,116
				333,596,606
		UTILITIES 0.7%
	500,000	Alliant Energy Corp		29,305,000
		TOTAL COMMON STOCKS (cost $2,508,095,844)	$	4,450,216,874
		SHORT-TERM INVESTMENTS 0.5%
	20,850,698	First American Government Obligations Fund, Class X, 1.286% ^(b)(cost $20,850,698)	$	20,850,698
		TOTAL INVESTMENTS 99.8% (cost $2,528,946,542)	$	4,471,067,572
		OTHER ASSETS AND LIABILITIES (NET) 0.2%		8,842,662
		TOTAL NET ASSETS 100.0%	$	4,479,910,234

To Our Shareholders: June 30, 2022

The Mairs & Power Balanced Fund finished the first half of 2022 down 15.79%. The benchmark composite index (60% S&P 500 Total Return Index and 40% Bloomberg U.S. Government/Credit Bond Index) lost 16.38% during the period, while the Morningstar US Fund Allocation 50%-70% Equity category peer group fell 14.75%. In the second quarter, the Fund fell 9.93%, the benchmark lost 11.76%, and the Morningstar peer group dropped 10.64%.

The Fund's asset allocation negatively impacted year-to-date performance as stocks fell more than bonds during the first half. While bonds continue to have their worst year in the last 40 years, stocks fell more due to economic uncertainty in the face of higher interest rates and inflationary pressures.

Investors may be aware of our long-term equity strategy, which seeks to identify companies with durable competitive advantages, buy them at attractive valuations, and hold them for the long-run returns. The equity portion of the Fund's portfolio outperformed its primary benchmark during the first half of the year, aided by our value tilt and our security selection.

The Fund's underweight to Technology has had a pronounced positive impact on relative equity returns year-to-date, and selection within the sector added to performance given our focus on companies generating steady cash flow. Visa (V) was the largest positive contributor to relative performance as consumers demonstrate a willingness to spend again and cross-border travel picks up. Fiserv (FISV) also benefited from the rebound in consumer spending and from consistent execution leading to high-quality cash flow generation. Partly helpful was our general underweight to semiconductor manufacturers. However, Qualcomm (QCOM), the Fund's second-largest Technology holding, negatively impacted performance as semiconductor manufacturers widely experienced weakness due to supply shortages. We have leveraged weakness in some Technology companies with long-term competitive advantages, adding to Qualcomm and Salesforce (CRM).

The Fund's significant overweight to Healthcare helped meaningfully with year-to-date outperformance. Eli Lilly (LLY) continued to perform well as studies point to positive indications for an obesity/type 2 diabetes treatment, Mounjaro, which is still in testing. Johnson & Johnson (JNJ) and Medtronic (MDT) also added meaningfully to performance as the rebound in elective procedures boosted sales of medical devices.

MAIRS & POWER BALANCED FUND (MAPOX) CONTRIBUTORS

Year To Date (12/31/2021 – 6/30/2022)

Largest Contributors To Relative Performance			Largest Detractors To Relative Performance
Eli Lilly & Company	17.38	%	Sherwin-Williams Company	-36.42	%
Hershey Company	11.21	%	Ecolab, Inc.	-34.46	%
Sysco Corporation	7.84	%	Qualcomm, Inc.	-30.15	%
Johnson & Johnson	3.76	%	Alphabet Inc. Class C	-24.40	%
UnitedHealth Group, Inc.	2.29	%	Toro Company	-24.14	%

Communication Services benefited because of stock selection, with Alphabet (GOOG) primarily contributing to relative returns. Alphabet's results have been bolstered by growth in its search and Google Cloud businesses. Microsoft's (MSFT) acquisition of Activision (ATVI) also positively affected first-half performance. Lastly, sector results were aided by a general avoidance of social media names, which languished during the first half.

The portfolio's lack of Energy holdings hurt year-to-date performance as the recent spike in oil prices drove the sector to the best performance in the market. Despite the near term strength, we have concluded that traditional producers and suppliers cannot build sustainable durable competitive advantages over the long run.

Materials has been a large detractor to year-to-date returns as the Fund's holdings face short-term pressure partly due to hydrocarbon price increases. Our three sector holdings – Ecolab (ECL), Sherwin-Williams (SHW), and H.B. Fuller (FUL) – are downstream, value-added manufacturers that experienced significant raw materials price pressures but were unable to raise prices fast enough to avoid a profit margin squeeze. We believe this price versus cost imbalance is a short-term phenomenon and that gross margins will eventually normalize.

The Fund's Industrial holdings underperformed slightly during the second quarter due to raw materials and transportation cost pressures. Graco (GGG), for instance, experienced margin pressure from its supply chain. We remain confident in the company's long-term strategy, and we believe that it has best-in-class technology in niche segments, such as liquid applicators and pumps. As a result, we took advantage of a rare opportunity to add to the name at a reasonable price.

Fixed income experienced a difficult first half as U.S. Treasury yields rose and credit spreads widened. The 5-year Treasury yield rose 58 basis points during the quarter, and the 10-year Treasury yield rose 68 basis points, making total year-to-date moves of 178 basis points higher on the 5-year Treasury and 151 basis points on the 10-year Treasury. Investment-grade corporate credit spreads widened by about 65 basis points as investors grew more cautious. Even with a duration that is short of the index, the Fund's fixed income portfolio underperformed due to a heavy overweight in corporate bonds.

We continue to believe the primary determinant of outperformance in fixed income will be high-quality credit decisions based on good research. For this reason, we do not make large interest rate calls, and we will maintain our strategic position of slightly short duration with an overweight to corporate credits. There are currently no securities in the Fund's portfolio that are deemed stressed or near stressed, and we continually research company credit in an attempt to pre-empt credit weakness. Over the past two years, portfolio quality has improved, which helps position us for any credit event.

Kevin V. Earley
Lead Manager

Robert W. Thompson
Co-Manager

Duration is a measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates.

Basis point is a unit of measure for interest rates and other percentages in finance. One basis point is equal to 1/100th of 1%, or 0.01%, or 0.0001.

All investments have risks. The Balanced Fund is designed for long-term investors. The Fund's share price can fall because of weakness in the broad market, a particular industry or specific holdings. Investments in small and midcap companies generally are more volatile. International investing risks include among others political, social or economic instability, difficulty in predicting international trade patterns, taxation and foreign trading practices and greater fluctuations in price than U.S. corporations. The Balanced Fund is subject to yield and share price variances with changes in interest rates and market conditions. Investors should note that if interest rates rise significantly from current levels, bond total returns will decline and may even turn negative in the short-term. There is also a chance that some of the Balanced Fund's holdings may have their credit rating downgraded or may default.

Ten years of investment performance (through June 30, 2022)

This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund 10 years ago.

Average annual total returns for periods ended June 30, 2022

	1 year			5 years			10 years			20 years
Mairs & Power Balanced Fund⁽¹⁾		-10.32	%		6.42	%		8.08	%		7.57	%
Composite Index⁽²⁾		-10.47	%		7.44	%		8.55	%		7.20	%
S&P 500 Total Return Index⁽³⁾		-10.62	%		11.31	%		12.96	%		9.08	%
Bloomberg U.S. Government/ Credit Bond Index⁽⁴⁾		-10.85	%		1.05	%		1.67	%		3.71	%

Performance data quoted represents past performance and does not guarantee future results. All performance information shown includes the reinvestment of dividend and capital gain distributions, but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. For the most recent month-end performance figures, visit the Fund's website at www.mairsandpower.com or call Shareholder Services at (800) 304-7404. Per the Prospectus dated April 20, 2022, the expense ratio for the Fund is 0.69%. See the Financial Highlights in this report for the most recent expense ratio.

⁽¹⁾Performance figures reflect the historical performance of the Mairs & Power Balanced Fund (the "Predecessor Balanced Fund"), a series of Mairs & Power Funds Trust, for periods prior to April 29, 2022.

⁽²⁾The Composite Index reflects an unmanaged portfolio comprised of 60% of the S&P 500 Total Return Index and 40% of the Bloomberg Barclays U.S. Government/Credit Bond Index. It is not possible to invest directly in an index.

⁽³⁾The S&P 500 Total Return Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market. It tracks both the capital gains of a group of stocks over time and assumes that any cash distributions, such as dividends, are reinvested back into the index. It is not possible to invest directly in an index.

⁽⁴⁾The Bloomberg U.S. Government/Credit Bond Index is a broad-based flagship benchmark that measures the non-securitized component of the U.S. Aggregate Index. It includes investment-grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities. It is not possible to invest directly in an index.

Top Ten Common Stock Holdings
(Percent of Total Net Assets)³

Alphabet Inc	4.1	%
Microsoft Corp	3.9
UnitedHealth Group Inc	2.9
Eli Lilly & Co	2.7
US Bancorp/MN	2.4
Abbott Laboratories	2.3
Johnson & Johnson	2.1
Toro Co/The	2.1
Hormel Foods Corp	2.1
Ecolab Inc	1.9

Portfolio Diversification
(Percent of Total Net Assets)

Fixed Income Securities 33.6%
Corporate Bonds	28.3	%
U.S. Government Obligations	2.2
Municipal Bonds	1.5
Asset Backed Securities	1.6
Common Stocks 64.8%
Health Care	15.8
Information Technology	14.0
Industrials	10.4
Financials	7.7
Communication Services	4.7
Consumer Staples	4.8
Materials	4.4
Consumer Discretionary	2.1
Utilities	0.9
Short-term Investments 1.6%⁴	1.6
	100.0	%

Par Value		Security Description				Fair Value
		FIXED INCOME SECURITIES 33.6%
		CORPORATE BONDS 28.3%
		COMMUNICATION SERVICES 0.9%
$	1,688,000	Netflix Inc	5.875	%	11/15/28	$	1,654,240
	2,000,000	Comcast Corp	4.250	%	01/15/33		1,973,355
	1,000,000	Verizon Communications Inc	4.400	%	11/01/34		965,437
	3,000,000	AT&T Inc	4.500	%	05/15/35		2,858,069
							7,451,101
		CONSUMER DISCRETIONARY 3.2%
	1,000,000	General Motors Financial Co Inc	3.700	%	05/09/23		1,000,228
	1,000,000	General Motors Financial Co Inc	4.250	%	05/15/23		1,003,881
	1,000,000	General Motors Financial Co Inc	3.950	%	04/13/24		994,004
	250,000	General Motors Co	4.000	%	04/01/25		247,125
	1,000,000	General Motors Financial Co Inc	4.300	%	07/13/25		985,845
	1,064,000	Block Financial LLC	5.250	%	10/01/25		1,084,259
	1,500,000	Ford Motor Co	4.346	%	12/08/26		1,393,125
	1,000,000	Darden Restaurants Inc	3.850	%	05/01/27		964,001
	2,245,000	Lear Corp	3.800	%	09/15/27		2,126,163
	1,000,000	General Motors Co	4.200	%	10/01/27		951,127
	1,000,000	AutoNation Inc	3.800	%	11/15/27		948,288
	2,000,000	Hasbro Inc	3.900	%	11/19/29		1,841,938
	2,000,000	Advance Auto Parts Inc	3.900	%	04/15/30		1,825,243
	1,000,000	Mohawk Industries Inc	3.625	%	05/15/30		895,416
	2,000,000	Block Financial LLC	3.875	%	08/15/30		1,805,292
	1,000,000	Kohl's Corp	3.375	%	05/01/31		870,613
	1,750,000	Ford Motor Credit Co LLC	3.625	%	06/17/31		1,361,920
	1,000,000	Starbucks Corp	3.000	%	02/14/32		871,746
	500,000	Tapestry Inc	3.050	%	03/15/32		409,235
	500,000	Kohl's Corp	6.875	%	12/15/37		469,530
	1,000,000	General Motors Co	5.150	%	04/01/38		876,892
	1,000,000	Ford Motor Co	4.750	%	01/15/43		715,178
	1,100,000	Whirlpool Corp	5.150	%	03/01/43		1,009,962
	750,000	Hasbro Inc	5.100	%	05/15/44		676,215
	1,073,000	Kohl's Corp	5.550	%	07/17/45		910,209
							26,237,435
		CONSUMER STAPLES 1.3%
	430,000	Land O' Lakes Inc ^(g)	6.000	%	11/15/22		431,169
	2,500,000	Land O' Lakes Inc ^(h)	7.250	%	04/04/27		2,387,238
	1,949,000	Land O' Lakes Capital Trust I ^(g)	7.450	%	03/15/28		2,025,693
	2,500,000	Land O' Lakes Inc ^(h)	7.000	%	09/18/28		2,358,063
	250,000	Smithfield Foods Inc ^(g)	3.000	%	10/15/30		208,073
	1,000,000	Walgreens Boots Alliance Inc	4.500	%	11/18/34		923,889

Par Value		Security Description				Fair Value
		FIXED INCOME SECURITIES (continued)
		CORPORATE BONDS (continued)
		CONSUMER STAPLES (continued)
$	1,000,000	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc	4.700	%	02/01/36	$	962,972
	1,000,000	Walgreens Boots Alliance Inc	4.800	%	11/18/44		881,592
	1,000,000	Molson Coors Brewing Co	4.200	%	07/15/46		826,399
							11,005,088
		CONSUMER, NON-CYCLICAL 0.1%
	1,000,000	Wildlife Conservation Society	3.414	%	08/01/50		790,967
							790,967
		ENERGY 0.5%
	1,500,000	Sunoco Logistics Partners Operations LP	3.450	%	01/15/23		1,495,865
	1,000,000	Boardwalk Pipelines LP	4.950	%	12/15/24		1,008,437
	1,200,000	Kinder Morgan Inc	5.300	%	12/01/34		1,178,293
	500,000	Murphy Oil Corp	6.125	%	12/01/42		374,685
							4,057,280
		FINANCIALS 10.6%
	2,000,000	OneBeacon US Holdings Inc	4.600	%	11/09/22		2,008,339
	1,000,000	Standard Chartered PLC ^{(b) (g)}	3.950	%	01/11/23		997,838
	500,000	First American Financial Corp	4.300	%	02/01/23		500,759
	374,000	Assurant Inc	4.200	%	09/27/23		376,940
	500,000	CNA Financial Corp	7.250	%	11/15/23		523,440
	500,000	Pacific Life Insurance Co ^(g)	7.900	%	12/30/23		528,554
	1,000,000	HSBC Holdings PLC ^(b)	4.250	%	03/14/24		993,993
	540,000	Wintrust Financial Corp	5.000	%	06/13/24		537,313
	824,000	Assured Guaranty US Holdings Inc	5.000	%	07/01/24		846,917
	3,088,000	Legg Mason Inc	3.950	%	07/15/24		3,109,501
	1,500,000	Symetra Financial Corp	4.250	%	07/15/24		1,500,520
	1,000,000	Citigroup Inc	4.000	%	08/05/24		998,843
	3,000,000	Synchrony Financial	4.250	%	08/15/24		2,987,303
	2,000,000	Old Republic International Corp	4.875	%	10/01/24		2,034,503
	1,627,000	Associated Banc-Corp	4.250	%	01/15/25		1,625,086
	4,000,000	Kemper Corp	4.350	%	02/15/25		3,992,026
	1,050,000	TCF National Bank	4.600	%	02/27/25		1,047,369
	1,000,000	BBVA USA	3.875	%	04/10/25		993,331
	250,000	Liberty Mutual Insurance Co ^(g)	8.500	%	05/15/25		273,678
	1,000,000	Prudential Insurance Co of America/The ^(g)	8.300	%	07/01/25		1,108,692
	1,000,000	Synchrony Financial	4.500	%	07/23/25		975,076
	2,000,000	Janus Capital Group Inc ^(b)	4.875	%	08/01/25		2,009,375
	2,000,000	HSBC Holdings PLC ^(b)	4.250	%	08/18/25		1,974,660
	4,000,000	Capital One Financial Corp	4.200	%	10/29/25		3,957,159
	20,000	Wells Fargo & Co ^(h)	4.700	%	12/15/25		386,600

Par Value		Security Description				Fair Value
		FIXED INCOME SECURITIES (continued)
		CORPORATE BONDS (continued)
		FINANCIALS (continued)
$	1,520,000	Legg Mason Inc	4.750	%	03/15/26	$	1,556,677
	2,000,000	Hanover Insurance Group Inc/The	4.500	%	04/15/26		1,998,506
	3,000,000	JPMorgan Chase & Co ^{(f) (h)}	3.650	%	06/01/26		2,497,500
	1,000,000	Wells Fargo & Co	4.100	%	06/03/26		986,555
	3,290,000	Old Republic International Corp	3.875	%	08/26/26		3,206,268
	500,000	Morgan Stanley	4.350	%	09/08/26		496,471
	4,000,000	PNC Financial Services Group Inc/The ^{(f) (h)}	3.400	%	09/15/26		3,046,536
	2,500,000	M&T Bank Corp ^{(f) (h)}	5.125	%	11/01/26		2,248,596
	1,000,000	Citigroup Inc	4.300	%	11/20/26		987,131
	1,000,000	JPMorgan Chase & Co	4.125	%	12/15/26		993,094
	2,000,000	Bank of New York Mellon Corp/The ^{(f) (h)}	3.750	%	12/20/26		1,639,008
	4,000,000	Mercury General Corp	4.400	%	03/15/27		3,916,679
	450,000	Athene Holding Ltd ^(b)	4.125	%	01/12/28		424,273
	500,000	Citigroup Inc ^(f)	3.070	%	02/24/28		464,469
	250,000	Provident Cos Inc	7.250	%	03/15/28		270,755
	2,000,000	E*TRADE Financial Corp	4.500	%	06/20/28		2,006,742
	500,000	Farmers Exchange Capital ^(g)	7.050	%	07/15/28		551,093
	1,000,000	Lazard Group LLC	4.375	%	03/11/29		957,389
	2,500,000	Wintrust Financial Corp	4.850	%	06/06/29		2,449,646
	2,300,000	Assurant Inc	3.700	%	02/22/30		2,053,511
	500,000	Park National Corp ^(f)	4.500	%	09/01/30		489,271
	500,000	Goldman Sachs Group Inc/The	4.250	%	11/15/30		476,564
	6,000,000	Charles Schwab Corp ^{(f) (h)}	4.000	%	12/01/30		4,591,540
	500,000	Goldman Sachs Group Inc/The	4.000	%	02/15/31		464,327
	1,000,000	SVB Financial Group ^{(f) (h)}	4.100	%	02/15/31		692,459
	2,000,000	Synchrony Financial	2.875	%	10/28/31		1,521,955
	1,000,000	Blackstone Holdings Finance Co LLC ^(g)	2.550	%	03/30/32		838,667
	2,000,000	Goldman Sachs Group Inc/The ^(f)	2.650	%	10/21/32		1,654,213
	500,000	Goldman Sachs Group Inc/The	4.300	%	12/15/32		463,644
	1,700,000	Morgan Stanley ^(f)	2.943	%	01/21/33		1,459,567
	500,000	American Express Co ^(f)	4.989	%	05/26/33		502,161
	538,000	Bank of America Corp	4.000	%	08/15/34		499,165
	3,000,000	Fulton Financial Corp ^(f)	3.750	%	03/15/35		2,648,999
	2,150,000	Bank of Montreal ^{(b) (f)}	3.088	%	01/10/37		1,766,659
	500,000	Swiss Re Treasury US Corp ^(g)	4.250	%	12/06/42		465,897
	500,000	Principal Financial Group Inc	4.350	%	05/15/43		450,210
							88,024,012
		HEALTH CARE 0.8%
	500,000	Wyeth LLC	6.450	%	02/01/24		523,230
	2,000,000	AbbVie Inc	3.800	%	03/15/25		1,988,178

Par Value		Security Description				Fair Value
		FIXED INCOME SECURITIES (continued)
		CORPORATE BONDS (continued)
		HEALTH CARE (continued)
$	43,000	Bristol-Myers Squibb Co	3.875	%	08/15/25	$	43,272
	1,000,000	Cigna Corp	4.500	%	02/25/26		1,012,654
	700,000	Zimmer Biomet Holdings Inc	4.250	%	08/15/35		644,098
	1,400,000	CVS Health Corp	4.780	%	03/25/38		1,331,665
	1,000,000	UnitedHealth Group Inc	3.500	%	08/15/39		877,598
							6,420,695
		INDUSTRIALS 2.6%
	500,000	Penske Truck Leasing Co Lp / PTL Finance Corp ^(g)	4.875	%	07/11/22		500,120
	1,000,000	GATX Corp	3.900	%	03/30/23		1,000,009
	1,500,000	Hillenbrand Inc	5.000	%	09/15/26		1,418,520
	500,000	Toro Co/The	7.800	%	06/15/27		565,519
	2,000,000	Kennametal Inc	4.625	%	06/15/28		1,970,183
	3,000,000	Steelcase Inc	5.125	%	01/18/29		2,797,020
	1,000,000	Oshkosh Corp	3.100	%	03/01/30		860,162
	2,000,000	GATX Corp	4.000	%	06/30/30		1,862,809
	1,000,000	Flowserve Corp	3.500	%	10/01/30		862,039
	3,000,000	Hillenbrand Inc	3.750	%	03/01/31		2,428,455
	4,000,000	United Rentals North America Inc	3.750	%	01/15/32		3,293,780
	2,000,000	Eaton Corp	4.000	%	11/02/32		1,939,980
	1,400,000	Leidos Holdings Inc	5.950	%	12/01/40		1,418,634
	1,000,000	FedEx Corp	4.100	%	04/15/43		861,266
							21,778,496
		INFORMATION TECHNOLOGY 4.9%
	696,000	Dell International LLC / EMC Corp.	5.450	%	06/15/23		703,329
	1,031,000	Arrow Electronics Inc	4.000	%	04/01/25		1,026,826
	2,000,000	Hewlett Packard Enterprise Co	4.900	%	10/15/25		2,035,012
	1,500,000	Dell International LLC / EMC Corp.	6.020	%	06/15/26		1,561,397
	2,500,000	Motorola Solutions Inc	4.600	%	02/23/28		2,424,197
	1,500,000	Trimble Inc	4.900	%	06/15/28		1,466,190
	1,000,000	Fiserv Inc	4.200	%	10/01/28		966,226
	3,000,000	Entegris Escrow Corp ^(g)	4.750	%	04/15/29		2,802,675
	1,000,000	Juniper Networks Inc	3.750	%	08/15/29		922,033
	1,000,000	Dell International LLC / EMC Corp.	5.300	%	10/01/29		988,859
	1,000,000	Citrix Systems Inc	3.300	%	03/01/30		978,657
	2,000,000	Avnet Inc	3.000	%	05/15/31		1,659,026
	1,000,000	HP Inc	2.650	%	06/17/31		807,098
	1,000,000	Autodesk Inc	2.400	%	12/15/31		819,872
	1,000,000	Magallanes Inc ^(g)	4.279	%	03/15/32		897,934
	1,000,000	Avnet Inc	5.500	%	06/01/32		985,140
	2,000,000	Broadcom Inc	4.300	%	11/15/32		1,824,331

Par Value		Security Description				Fair Value
		FIXED INCOME SECURITIES (continued)
		CORPORATE BONDS (continued)
		INFORMATION TECHNOLOGY (continued)
$	3,000,000	Intel Corp	4.000	%	12/15/32	$	2,950,315
	2,000,000	HP Inc	5.500	%	01/15/33		1,958,490
	2,850,000	Leidos Inc	5.500	%	07/01/33		2,763,032
	1,000,000	Broadcom Inc ^(g)	3.469	%	04/15/34		817,936
	1,500,000	Western Union Co/The	6.200	%	11/17/36		1,531,683
	1,500,000	Broadcom Inc ^(g)	4.926	%	05/15/37		1,351,730
	3,000,000	Oracle Corp	3.600	%	04/01/40		2,250,016
	1,000,000	Dell, Inc.	5.400	%	09/10/40		885,730
	1,000,000	Analog Devices Inc	2.800	%	10/01/41		789,266
	570,000	Discovery Communications LLC	4.950	%	05/15/42		477,293
	2,000,000	Motorola Solutions Inc	5.500	%	09/01/44		1,874,581
							40,518,874
		MATERIALS 2.5%
	750,000	RPM International Inc	3.450	%	11/15/22		750,351
	756,000	Eastman Chemical Co	3.800	%	03/15/25		747,776
	865,000	Union Carbide Corp	7.500	%	06/01/25		946,085
	2,000,000	DowDuPont Inc	4.493	%	11/15/25		2,018,638
	200,000	Worthington Industries Inc	4.550	%	04/15/26		194,054
	1,500,000	Cabot Corp	3.400	%	09/15/26		1,447,863
	782,000	HB Fuller Co	4.000	%	02/15/27		705,161
	3,200,000	HB Fuller Co	4.250	%	10/15/28		2,677,504
	4,000,000	Cabot Corp	4.000	%	07/01/29		3,766,387
	1,175,000	Albemarle Wodgina Pty Ltd ^(b)	3.450	%	11/15/29		1,056,482
	3,000,000	Freeport McMoRan Inc	4.250	%	03/01/30		2,736,654
	1,250,000	Dow Chemical Co/The	4.250	%	10/01/34		1,191,503
	1,000,000	Alcoa Inc	5.950	%	02/01/37		944,690
	1,000,000	Newmont Mining Corp	4.875	%	03/15/42		960,937
	325,000	Albemarle Corp	5.450	%	12/01/44		321,164
	250,000	Steel Dynamics Inc	3.250	%	10/15/50		174,071
							20,639,320
		REAL ESTATE 0.0%
	350,000	CBRE Services Inc	4.875	%	03/01/26		354,233
							354,233
		UTILITIES 0.9%
	75,000	National Fuel Gas Co	3.750	%	03/01/23		75,062
	250,000	Jersey Central Power & Light Co ^(g)	4.300	%	01/15/26		247,491
	2,000,000	National Fuel Gas Co	3.950	%	09/15/27		1,873,063
	416,000	Toledo Edison Co ^(g)	2.650	%	05/01/28		390,833
	1,000,000	National Fuel Gas Co	4.750	%	09/01/28		985,014
	2,000,000	Alliant Energy Finance LLC ^(g)	3.600	%	03/01/32		1,816,253

Par Value		Security Description				Fair Value
		FIXED INCOME SECURITIES (continued)
		CORPORATE BONDS (continued)
		UTILITIES (continued)
$	1,165,000	Duke Energy Progress LLC	5.700	%	04/01/35	$	1,248,647
	1,021,000	Northern Natural Gas Co ^(g)	4.100	%	09/15/42		874,748
							7,511,111
		TOTAL CORPORATE BONDS					234,788,612
		US GOVERNMENT OBLIGATIONS 2.2%
	1,000,000	United States Treasury Note/Bond	0.875	%	01/31/24		968,477
	1,000,000	United States Treasury Note/Bond	0.250	%	03/15/24		955,703
	3,000,000	United States Treasury Note/Bond	0.750	%	03/31/26		2,759,297
	1,000,000	United States Treasury Note/Bond	0.750	%	04/30/26		918,008
	1,000,000	United States Treasury Note/Bond	1.125	%	10/31/26		923,184
	1,000,000	United States Treasury Note/Bond	1.250	%	06/30/28		901,328
	1,000,000	United States Treasury Note/Bond	1.000	%	07/31/28		886,211
	7,000,000	United States Treasury Note/Bond	2.625	%	02/15/29		6,829,922
	1,000,000	United States Treasury Note/Bond	3.250	%	05/15/42		981,562
	2,000,000	United States Treasury Note/Bond	3.000	%	02/15/49		1,921,562
							18,045,254
		ASSET BACKED SECURITIES 1.6%
	36,881	Southwest Airlines Co 2007-1 Pass Through Trust	6.150	%	08/01/22		37,010
	29,975	United Airlines 2014-2 Class B Pass Through Trust	4.625	%	09/03/22		30,016
	237,106	American Airlines 2014-1 Class B Pass Through Trust	4.375	%	10/01/22		237,566
	1,000,000	United Airlines 2015-1 Class A Pass Through Trust	3.700	%	12/01/22		1,000,955
	295,646	US Airways 2010-1 Class A Pass Through Trust	6.250	%	04/22/23		295,679
	848,037	Delta Air Lines 2015-1 Class B Pass Through Trust	4.250	%	07/30/23		841,099
	522,451	American Airlines 2015-2 Class B Pass Through Trust	4.400	%	09/22/23		504,470
	173,542	US Airways 2011-1 Class A Pass Through Trust	7.125	%	10/22/23		174,840
	1,991,384	American Airlines 2016-1 Class B Pass Through Trust	5.250	%	01/15/24		1,944,896
	626,327	Spirit Airlines Pass Through Trust 2015-1B	4.450	%	04/01/24		604,972
	1,071,871	Continental Airlines 2012-2 Class A Pass Through Trust	4.000	%	10/29/24		1,029,465
	678,508	American Airlines 2017-1 Class B Pass Through Trust	4.950	%	02/15/25		638,868
	659,435	United Airlines 2013-1 Class A Pass Through Trust	4.300	%	08/15/25		634,615
	602,274	American Airlines 2016-3 Class B Pass Through Trust	3.750	%	10/15/25		524,621
	476,255	US Airways 2013-1 Class A Pass Through Trust	3.950	%	11/15/25		424,343
	1,558,677	Hawaiian Airlines 2013-1 Class A Pass Through Certificates	3.900	%	01/15/26		1,307,905
	526,903	United Airlines 2014-1 Class A Pass Through Trust	4.000	%	04/11/26		495,074
	441,577	United Airlines 2014-2 Class A Pass Through Trust	3.750	%	09/03/26		413,071
	1,167,568	American Airlines 2014-1 Class A Pass Through Trust	3.700	%	10/01/26		998,233
	302,746	American Airlines 2015-1 Class A Pass Through Trust	3.375	%	05/01/27		266,238
	448,085	American Airlines 2015-2 Class A Pass Through Trust	4.000	%	09/22/27		393,291

Par Value/Shares		Security Description				Fair Value
		FIXED INCOME SECURITIES (continued)
		ASSET BACKED SECURITIES (continued)
$	137,431	American Airlines 2015-2 Class AA Pass Through Trust	3.600	%	09/22/27	$	126,437
	85,814	Spirit Airlines Pass Through Trust 2015-1A	4.100	%	04/01/28		80,279
	761,295	British Airways 2018-1 Class A Pass Through Trust ^{(b) (g)}	4.125	%	09/20/31		676,429
							13,680,372
		MUNICIPAL BONDS 1.5%
	500,000	BAC Capital Trust XIV ^{(f) (h)}	4.000	%	07/18/22		355,609
	650,000	Glendale Community College District/CA	2.113	%	08/01/31		554,336
	500,000	Socorro Independent School District	2.125	%	08/15/31		434,036
	920,000	Pierre School District No 32-2	2.040	%	08/01/33		769,198
	500,000	Redondo Beach Unified School District	2.040	%	08/01/34		392,670
	400,000	County of Hennepin MN	4.800	%	12/01/35		438,468
	500,000	DeKalb Kane & LaSalle Counties Etc Community College District No 523 Kishwaukee	3.017	%	02/01/36		431,938
	305,000	State of California	4.600	%	04/01/38		308,708
	1,000,000	Crowley Independent School District	3.010	%	08/01/38		858,900
	500,000	Idaho Bond Bank Authority	2.354	%	09/15/38		415,386
	850,000	Worthington Independent School District No 518	3.300	%	02/01/39		745,368
	750,000	Allen Independent School District	3.148	%	02/15/39		640,116
	610,000	Rockwall Independent School District	3.091	%	02/15/39		503,864
	945,000	City of Minnetonka MN	3.050	%	02/01/40		831,540
	885,000	Massachusetts Development Finance Agency	2.550	%	05/01/40		681,060
	750,000	Woodbury County Law Enforcement Center Authority	3.090	%	06/01/40		615,103
	505,000	Village of Ashwaubenon WI	2.970	%	06/01/40		414,644
	300,000	Desert Community College District	2.457	%	08/01/40		222,440
	800,000	Utah Transit Authority	3.443	%	12/15/42		672,511
	600,000	San Diego Community College District

Fund Symbol		MPGFX
Net Asset Value (NAV) Per Share	$	126.81
Expense Ratio		0.63	%¹
Portfolio Turnover Rate		6.35	%
Sales Charge		None²
Fund Inception Year		1958

Fund Symbol				MAPOX
Net Asset Value (NAV) Per Share				$97.59
Expense Ratio				0.69%¹
Portfolio Turnover Rate				6.03%
Sales Charge				None²
Fund Inception Year				1961