# EDGAR Filing Document

**Accession Number:** 0001070134
**File Stem:** 0001172661-23-001162
**Filing Date:** 2023-2
**Character Count:** 25953
**Document Hash:** b8346829cc69ec6e3610fec418023daa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-23-001162.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001172661-23-001162

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MAIRS & POWER INC
- **CENTRAL INDEX KEY:** 0001070134
- **IRS NUMBER:** 410844499
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-07342
- **FILM NUMBER:** 23626343

**BUSINESS ADDRESS:**
- **STREET 1:** 30 E. 7TH STREET, SUITE 2500
- **CITY:** ST PAUL
- **STATE:** MN
- **ZIP:** 55101
- **BUSINESS PHONE:** 6512228478

**MAIL ADDRESS:**
- **STREET 1:** 30 E. 7TH STREET, SUITE 2500
- **CITY:** ST PAUL
- **STATE:** MN
- **ZIP:** 55101

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** MAIRS  POWER INC<br>**Address:** 30 E. 7th Street Suite 2500<br>St Paul, MN 55101

**Form 13F File Number:** 028-07342

**CRD Number (if applicable):** 000110351

**SEC File Number (if applicable):** 801-2731

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Robert W. Mairs<br>**Title:** Chief Compliance Officer<br>**Phone:** 651-222-8478

**Signature, Place, and Date of Signing:**

Robert W. Mairs  St. Paul, MN  02-14-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 227

**Form 13F Information Table Value Total:** $8307380189

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M CO | COM | 88579Y101 |  | 71933293 | 599844 | SH |  | SOLE |  | 363173 | 0 | 236671 |
| AAR CORP | COM | 000361105 |  | 13992142 | 311629 | SH |  | SOLE |  | 311629 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 146231580 | 1331920 | SH |  | SOLE |  | 954968 | 0 | 376952 |
| ABBVIE INC | COM | 00287Y109 |  | 8565815 | 53003 | SH |  | SOLE |  | 25591 | 0 | 27412 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 211070 | 791 | SH |  | SOLE |  | 370 | 0 | 421 |
| ACTIVISION BLIZZARD INC | COM | 00507V109 |  | 1436920 | 18771 | SH |  | SOLE |  | 12171 | 0 | 6600 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 |  | 446575 | 1327 | SH |  | SOLE |  | 27 | 0 | 1300 |
| ALERUS FINL CORP | COM | 01446U103 |  | 3296997 | 141199 | SH |  | SOLE |  | 141199 | 0 | 0 |
| ALLETE INC | COM NEW | 018522300 |  | 1191564 | 18471 | SH |  | SOLE |  | 12413 | 0 | 6058 |
| ALLIANT ENERGY CORP | COM | 018802108 |  | 37642178 | 681800 | SH |  | SOLE |  | 550821 | 0 | 130979 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 2412208 | 27340 | SH |  | SOLE |  | 22720 | 0 | 4620 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 382397551 | 4309676 | SH |  | SOLE |  | 3564321 | 0 | 745355 |
| ALTAIR ENGR INC | COM CL A | 021369103 |  | 5716261 | 125715 | SH |  | SOLE |  | 125715 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 229901 | 5030 | SH |  | SOLE |  | 2530 | 0 | 2500 |
| AMAZON COM INC | COM | 023135106 |  | 211349880 | 2516070 | SH |  | SOLE |  | 2254755 | 0 | 261315 |
| AMCOR PLC | ORD | G0250X107 |  | 2778591 | 233299 | SH |  | SOLE |  | 157755 | 0 | 75544 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 42924561 | 290521 | SH |  | SOLE |  | 163872 | 0 | 126649 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 469058 | 2214 | SH |  | SOLE |  | 700 | 0 | 1514 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 766063 | 5026 | SH |  | SOLE |  | 5026 | 0 | 0 |
| AMERIPRISE FINL INC | COM | 03076C106 |  | 677230 | 2175 | SH |  | SOLE |  | 830 | 0 | 1345 |
| AMETEK INC | COM | 031100100 |  | 205528 | 1471 | SH |  | SOLE |  | 1471 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 2337233 | 8899 | SH |  | SOLE |  | 6489 | 0 | 2410 |
| APPLE INC | COM | 037833100 |  | 17783942 | 136873 | SH |  | SOLE |  | 65032 | 0 | 71841 |
| APPLIED MATLS INC | COM | 038222105 |  | 747392 | 7675 | SH |  | SOLE |  | 6198 | 0 | 1477 |
| ASSOCIATED BANC CORP | COM | 045487105 |  | 8557085 | 370597 | SH |  | SOLE |  | 370597 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 458372 | 24898 | SH |  | SOLE |  | 6121 | 0 | 18777 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 7110384 | 29768 | SH |  | SOLE |  | 27678 | 0 | 2090 |
| AXOGEN INC | COM | 05463X106 |  | 243811 | 24430 | SH |  | SOLE |  | 24430 | 0 | 0 |
| AZEK CO INC | CL A | 05478C105 |  | 7337268 | 361086 | SH |  | SOLE |  | 361086 | 0 | 0 |
| BADGER METER INC | COM | 056525108 |  | 18328867 | 168108 | SH |  | SOLE |  | 85427 | 0 | 82681 |
| BANK AMERICA CORP | COM | 060505104 |  | 718141 | 21683 | SH |  | SOLE |  | 14584 | 0 | 7099 |
| BANK HAWAII CORP | COM | 062540109 |  | 310240 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 815400 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| BARCLAYS PLC | ADR | 06738E204 |  | 234000 | 30000 | SH |  | SOLE |  | 0 | 0 | 30000 |
| BAXTER INTL INC | COM | 071813109 |  | 16529579 | 324300 | SH |  | SOLE |  | 185265 | 0 | 139035 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 2261490 | 8893 | SH |  | SOLE |  | 6895 | 0 | 1998 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 3280977 | 7 | SH |  | SOLE |  | 7 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 6983302 | 22607 | SH |  | SOLE |  | 6939 | 0 | 15668 |
| BEST BUY INC | COM | 086516101 |  | 441155 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 283843 | 1025 | SH |  | SOLE |  | 750 | 0 | 275 |
| BIO-TECHNE CORP | COM | 09073M104 |  | 232978149 | 2811030 | SH |  | SOLE |  | 2310612 | 0 | 500418 |
| BLACK HILLS CORP | COM | 092113109 |  | 6898384 | 98072 | SH |  | SOLE |  | 95672 | 0 | 2400 |
| BOEING CO | COM | 097023105 |  | 497179 | 2610 | SH |  | SOLE |  | 1858 | 0 | 752 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 498235 | 10768 | SH |  | SOLE |  | 10768 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 588571 | 16850 | SH |  | SOLE |  | 14350 | 0 | 2500 |
| BRADY CORP | CL A | 104674106 |  | 329700 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 5691749 | 79107 | SH |  | SOLE |  | 38302 | 0 | 40805 |
| C H ROBINSON WORLDWIDE INC | COM NEW | 12541W209 |  | 98882413 | 1079974 | SH |  | SOLE |  | 830497 | 0 | 249477 |
| CAMECO CORP | COM | 13321L108 |  | 272040 | 12000 | SH |  | SOLE |  | 0 | 0 | 12000 |
| CANADIAN IMPERIAL BK COMM TO | COM | 136069101 |  | 411619 | 10176 | SH |  | SOLE |  | 10176 | 0 | 0 |
| CASEYS GEN STORES INC | COM | 147528103 |  | 12799841 | 57053 | SH |  | SOLE |  | 56253 | 0 | 800 |
| CATALENT INC | COM | 148806102 |  | 5874075 | 130506 | SH |  | SOLE |  | 130256 | 0 | 250 |
| CATERPILLAR INC | COM | 149123101 |  | 4301300 | 17955 | SH |  | SOLE |  | 12744 | 0 | 5211 |
| CHART INDS INC | COM | 16115Q308 |  | 6288677 | 54575 | SH |  | SOLE |  | 53360 | 0 | 1215 |
| CHEVRON CORP NEW | COM | 166764100 |  | 6312538 | 35169 | SH |  | SOLE |  | 15724 | 0 | 19445 |
| CHUBB LIMITED | COM | H1467J104 |  | 512674 | 2324 | SH |  | SOLE |  | 2000 | 0 | 324 |
| CINTAS CORP | COM | 172908105 |  | 1743253 | 3860 | SH |  | SOLE |  | 1444 | 0 | 2416 |
| CISCO SYS INC | COM | 17275R102 |  | 1067708 | 22412 | SH |  | SOLE |  | 8736 | 0 | 13676 |
| CLEARFIELD INC | COM | 18482P103 |  | 2535190 | 26930 | SH |  | SOLE |  | 26930 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 1791321 | 28161 | SH |  | SOLE |  | 17891 | 0 | 10270 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 254177 | 3226 | SH |  | SOLE |  | 3226 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 3416100 | 28950 | SH |  | SOLE |  | 20275 | 0 | 8675 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 247078 | 2866 | SH |  | SOLE |  | 0 | 0 | 2866 |
| CORNING INC | COM | 219350105 |  | 10641258 | 333164 | SH |  | SOLE |  | 182329 | 0 | 150835 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 1429302 | 3131 | SH |  | SOLE |  | 1527 | 0 | 1604 |
| CSX CORP | COM | 126408103 |  | 312495 | 10087 | SH |  | SOLE |  | 1530 | 0 | 8557 |
| CULLEN FROST BANKERS INC | COM | 229899109 |  | 16445367 | 123002 | SH |  | SOLE |  | 107560 | 0 | 15442 |
| CUMMINS INC | COM | 231021106 |  | 252466 | 1042 | SH |  | SOLE |  | 114 | 0 | 928 |
| CVRX INC | COM | 126638105 |  | 1663207 | 90638 | SH |  | SOLE |  | 90638 | 0 | 0 |
| DAKTRONICS INC | COM | 234264109 |  | 64860 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 249760 | 941 | SH |  | SOLE |  | 660 | 0 | 281 |
| DEERE  CO | COM | 244199105 |  | 506366 | 1181 | SH |  | SOLE |  | 282 | 0 | 899 |
| DIGI INTL INC | COM | 253798102 |  | 48230503 | 1319576 | SH |  | SOLE |  | 1042938 | 0 | 276638 |
| DISNEY WALT CO | COM | 254687106 |  | 81073462 | 933166 | SH |  | SOLE |  | 712083 | 0 | 221083 |
| DONALDSON INC | COM | 257651109 |  | 165222925 | 2806573 | SH |  | SOLE |  | 2189703 | 0 | 616870 |
| ECOLAB INC | COM | 278865100 |  | 258845616 | 1778274 | SH |  | SOLE |  | 1462040 | 0 | 316234 |
| ELANCO ANIMAL HEALTH INC | COM | 28414H103 |  | 2729533 | 223366 | SH |  | SOLE |  | 202401 | 0 | 20965 |
| EMERSON ELEC CO | COM | 291011104 |  | 9751531 | 101515 | SH |  | SOLE |  | 64895 | 0 | 36620 |
| ENTEGRIS INC | COM | 29362U104 |  | 65157644 | 993408 | SH |  | SOLE |  | 910293 | 0 | 83115 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 207432 | 8600 | SH |  | SOLE |  | 8600 | 0 | 0 |
| ENVESTNET INC | COM | 29404K106 |  | 5274486 | 85486 | SH |  | SOLE |  | 85486 | 0 | 0 |
| EXACT SCIENCES CORP | COM | 30063P105 |  | 1178338 | 23800 | SH |  | SOLE |  | 23800 | 0 | 0 |
| EXELON CORP | COM | 30161N101 |  | 377787 | 8739 | SH |  | SOLE |  | 139 | 0 | 8600 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 4881437 | 44256 | SH |  | SOLE |  | 21625 | 0 | 22631 |
| FASTENAL CO | COM | 311900104 |  | 140230894 | 2963459 | SH |  | SOLE |  | 2313034 | 0 | 650425 |
| FIRST INTST BANCSYSTEM INC | COM CL A | 32055Y201 |  | 7777250 | 201223 | SH |  | SOLE |  | 197433 | 0 | 3790 |
| FISERV INC | COM | 337738108 |  | 204031525 | 2018715 | SH |  | SOLE |  | 1617417 | 0 | 401298 |
| FORD MTR CO DEL | COM | 345370860 |  | 174450 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| FULLER H B CO | COM | 359694106 |  | 176339901 | 2462160 | SH |  | SOLE |  | 2104286 | 0 | 357874 |
| GENERAC HLDGS INC | COM | 368736104 |  | 29034068 | 288437 | SH |  | SOLE |  | 242572 | 0 | 45865 |
| GENERAL ELECTRIC CO | COM NEW | 369604301 |  | 678280 | 8095 | SH |  | SOLE |  | 7658 | 0 | 437 |
| GENERAL MLS INC | COM | 370334104 |  | 17409524 | 207627 | SH |  | SOLE |  | 114006 | 0 | 93621 |
| GENERAL MTRS CO | COM | 37045V100 |  | 241502 | 7179 | SH |  | SOLE |  | 4179 | 0 | 3000 |
| GENTHERM INC | COM | 37253A103 |  | 25252997 | 386782 | SH |  | SOLE |  | 335015 | 0 | 51767 |
| GENUINE PARTS CO | COM | 372460105 |  | 338345 | 1950 | SH |  | SOLE |  | 1950 | 0 | 0 |
| GLACIER BANCORP INC NEW | COM | 37637Q105 |  | 11335564 | 229372 | SH |  | SOLE |  | 229372 | 0 | 0 |
| GRACO INC | COM | 384109104 |  | 288248808 | 4285591 | SH |  | SOLE |  | 3437314 | 0 | 848277 |
| HARLEY DAVIDSON INC | COM | 412822108 |  | 601453 | 14458 | SH |  | SOLE |  | 14458 | 0 | 0 |
| HAWKINS INC | COM | 420261109 |  | 514152 | 13320 | SH |  | SOLE |  | 320 | 0 | 13000 |
| HERSHEY CO | COM | 427866108 |  | 14182505 | 61245 | SH |  | SOLE |  | 58960 | 0 | 2285 |
| HOME DEPOT INC | COM | 437076102 |  | 80922894 | 256199 | SH |  | SOLE |  | 162168 | 0 | 94031 |
| HONEYWELL INTL INC | COM | 438516106 |  | 145490097 | 678909 | SH |  | SOLE |  | 454413 | 0 | 224496 |
| HORMEL FOODS CORP | COM | 440452100 |  | 213752941 | 4692710 | SH |  | SOLE |  | 3872693 | 0 | 820017 |
| HUB GROUP INC | CL A | 443320106 |  | 8744615 | 110009 | SH |  | SOLE |  | 110009 | 0 | 0 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 741956 | 52621 | SH |  | SOLE |  | 48046 | 0 | 4575 |
| HYLIION HOLDINGS CORP | COMMON STOCK | 449109107 |  | 323732 | 138347 | SH |  | SOLE |  | 138347 | 0 | 0 |
| IDEX CORP | COM | 45167R104 |  | 913320 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 |  | 1262636 | 3095 | SH |  | SOLE |  | 947 | 0 | 2148 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 473865 | 2151 | SH |  | SOLE |  | 1375 | 0 | 776 |
| INSPIRE MED SYS INC | COM | 457730109 |  | 31645951 | 125639 | SH |  | SOLE |  | 122616 | 0 | 3023 |
| INTEL CORP | COM | 458140100 |  | 4569694 | 172898 | SH |  | SOLE |  | 71028 | 0 | 101870 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 344053 | 2442 | SH |  | SOLE |  | 1382 | 0 | 1060 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 464925 | 1746 | SH |  | SOLE |  | 695 | 0 | 1051 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 244928 | 2588 | SH |  | SOLE |  | 1474 | 0 | 1114 |
| ISHARES TR | RUSSELL 3000 ETF | 464287689 |  | 246058 | 1115 | SH |  | SOLE |  | 1115 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 207160 | 3156 | SH |  | SOLE |  | 2464 | 0 | 692 |
| ISHARES TR | CORE S ETF | 464287200 |  | 1441193 | 3751 | SH |  | SOLE |  | 858 | 0 | 2893 |
| JAMF HLDG CORP | COM | 47074L105 |  | 44271965 | 2078496 | SH |  | SOLE |  | 1853477 | 0 | 225019 |
| JOHN BEAN TECHNOLOGIES CORP | COM | 477839104 |  | 6292911 | 68903 | SH |  | SOLE |  | 68903 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 251821098 | 1425537 | SH |  | SOLE |  | 1103602 | 0 | 321935 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 131659246 | 981799 | SH |  | SOLE |  | 868050 | 0 | 113749 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 2611016 | 19234 | SH |  | SOLE |  | 10824 | 0 | 8410 |
| LILLY ELI  CO | COM | 532457108 |  | 176645112 | 482848 | SH |  | SOLE |  | 350487 | 0 | 132361 |
| LITTELFUSE INC | COM | 537008104 |  | 196921997 | 894287 | SH |  | SOLE |  | 758687 | 0 | 135600 |
| LOWES COS INC | COM | 548661107 |  | 1419386 | 7124 | SH |  | SOLE |  | 6731 | 0 | 393 |
| LUMEN TECHNOLOGIES INC | COM | 550241103 |  | 104400 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| MARCUS CORP DEL | COM | 566330106 |  | 7512156 | 522040 | SH |  | SOLE |  | 522040 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 245572 | 1484 | SH |  | SOLE |  | 1484 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 255582 | 735 | SH |  | SOLE |  | 383 | 0 | 352 |
| MCDONALDS CORP | COM | 580135101 |  | 3770517 | 14308 | SH |  | SOLE |  | 13415 | 0 | 893 |
| MDU RES GROUP INC | COM | 552690109 |  | 270026 | 8900 | SH |  | SOLE |  | 6500 | 0 | 2400 |
| MEDPACE HLDGS INC | COM | 58506Q109 |  | 6681357 | 31455 | SH |  | SOLE |  | 31455 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 217722388 | 2801369 | SH |  | SOLE |  | 2321529 | 0 | 479840 |
| MERCK  CO INC | COM | 58933Y105 |  | 8151053 | 73466 | SH |  | SOLE |  | 41591 | 0 | 31875 |
| META PLATFORMS INC | CL A | 30303M102 |  | 200366 | 1665 | SH |  | SOLE |  | 1599 | 0 | 66 |
| MGP INGREDIENTS INC NEW | COM | 55303J106 |  | 5569844 | 52358 | SH |  | SOLE |  | 52358 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 498741110 | 2079648 | SH |  | SOLE |  | 1818603 | 0 | 261045 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 233875 | 3509 | SH |  | SOLE |  | 2868 | 0 | 641 |
| MOSAIC CO NEW | COM | 61945C103 |  | 1710930 | 39000 | SH |  | SOLE |  | 39000 | 0 | 0 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 155532108 | 603516 | SH |  | SOLE |  | 505434 | 0 | 98082 |
| MSA SAFETY INC | COM | 553498106 |  | 211959 | 1470 | SH |  | SOLE |  | 1000 | 0 | 470 |
| MURPHY OIL CORP | COM | 626717102 |  | 215050 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| NANO DIMENSION LTD | SPONSORD ADS NEW | 63008G203 |  | 23000 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| NEOGEN CORP | COM | 640491106 |  | 2234799 | 146737 | SH |  | SOLE |  | 106663 | 0 | 40074 |
| NEWMONT CORP | COM | 651639106 |  | 377600 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 475768 | 5691 | SH |  | SOLE |  | 2420 | 0 | 3271 |
| NIKE INC | CL B | 654106103 |  | 526662 | 4501 | SH |  | SOLE |  | 4101 | 0 | 400 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 1048271 | 4254 | SH |  | SOLE |  | 1108 | 0 | 3146 |
| NORTHERN TR CORP | COM | 665859104 |  | 45220337 | 511022 | SH |  | SOLE |  | 421929 | 0 | 89093 |
| NORTHWESTERN CORP | COM NEW | 668074305 |  | 6401540 | 107879 | SH |  | SOLE |  | 105179 | 0 | 2700 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 206842 | 2280 | SH |  | SOLE |  | 700 | 0 | 1580 |
| NUVEEN MINN QUALITY MUN INM | SHS | 670734102 |  | 351000 | 31200 | SH |  | SOLE |  | 31200 | 0 | 0 |
| NVE CORP | COM NEW | 629445206 |  | 485625 | 7500 | SH |  | SOLE |  | 7400 | 0 | 100 |
| NVENT ELECTRIC PLC | SHS | G6700G107 |  | 136747295 | 3554648 | SH |  | SOLE |  | 3048183 | 0 | 506465 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 201171505 | 1376567 | SH |  | SOLE |  | 1205368 | 0 | 171199 |
| OLD NATL BANCORP IND | COM | 680033107 |  | 46093438 | 2563595 | SH |  | SOLE |  | 2255807 | 0 | 307788 |
| ORACLE CORP | COM | 68389X105 |  | 2254307 | 27579 | SH |  | SOLE |  | 7689 | 0 | 19890 |
| OSHKOSH CORP | COM | 688239201 |  | 10877443 | 123341 | SH |  | SOLE |  | 123341 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 201727 | 2576 | SH |  | SOLE |  | 1331 | 0 | 1245 |
| PATTERSON COS INC | COM | 703395103 |  | 1350485 | 48180 | SH |  | SOLE |  | 39700 | 0 | 8480 |
| PAYCHEX INC | COM | 704326107 |  | 352458 | 3050 | SH |  | SOLE |  | 2062 | 0 | 988 |
| PENTAIR PLC | SHS | G7S00T104 |  | 7024122 | 156161 | SH |  | SOLE |  | 97502 | 0 | 58659 |
| PEPSICO INC | COM | 713448108 |  | 1898737 | 10510 | SH |  | SOLE |  | 9187 | 0 | 1323 |
| PFIZER INC | COM | 717081103 |  | 22689841 | 442815 | SH |  | SOLE |  | 280467 | 0 | 162348 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 434495 | 4293 | SH |  | SOLE |  | 1568 | 0 | 2725 |
| PHILLIPS 66 | COM | 718546104 |  | 929226 | 8928 | SH |  | SOLE |  | 6978 | 0 | 1950 |
| PHYSICIANS RLTY TR | COM | 71943U104 |  | 6505625 | 449594 | SH |  | SOLE |  | 421194 | 0 | 28400 |
| PLEXUS CORP | COM | 729132100 |  | 10017868 | 97327 | SH |  | SOLE |  | 97327 | 0 | 0 |
| PLUG POWER INC | COM NEW | 72919P202 |  | 123700 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| POLARIS INC | COM | 731068102 |  | 39624623 | 392323 | SH |  | SOLE |  | 325502 | 0 | 66821 |
| PRINCIPAL FINANCIAL GROUP IN | COM | 74251V102 |  | 108669423 | 1294917 | SH |  | SOLE |  | 1013028 | 0 | 281889 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 22428250 | 147983 | SH |  | SOLE |  | 70177 | 0 | 77806 |
| PROTO LABS INC | COM | 743713109 |  | 550733 | 21572 | SH |  | SOLE |  | 8936 | 0 | 12636 |
| QCR HOLDINGS INC | COM | 74727A104 |  | 7400133 | 149076 | SH |  | SOLE |  | 149076 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 154519131 | 1405486 | SH |  | SOLE |  | 1201215 | 0 | 204271 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 920088 | 9117 | SH |  | SOLE |  | 3681 | 0 | 5436 |
| REGIONS FINANCIAL CORP NEW | COM | 7591EP100 |  | 323400 | 15000 | SH |  | SOLE |  | 2000 | 0 | 13000 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 89029071 | 345650 | SH |  | SOLE |  | 319961 | 0 | 25689 |
| SALESFORCE INC | COM | 79466L302 |  | 79908811 | 602676 | SH |  | SOLE |  | 539816 | 0 | 62860 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 1095930 | 20500 | SH |  | SOLE |  | 19500 | 0 | 1000 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 126371195 | 1517790 | SH |  | SOLE |  | 1233119 | 0 | 284671 |
| SCHWAB STRATEGIC TR | US BRD MKT ETF | 808524102 |  | 4033796 | 90020 | SH |  | SOLE |  | 30300 | 0 | 59720 |
| SCHWAB STRATEGIC TR | INTL EQTY ETF | 808524805 |  | 483150 | 15000 | SH |  | SOLE |  | 0 | 0 | 15000 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 |  | 429592 | 3452 | SH |  | SOLE |  | 1052 | 0 | 2400 |
| SHELL PLC | SPON ADS | 780259305 |  | 792744 | 13920 | SH |  | SOLE |  | 13000 | 0 | 920 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 135018557 | 568906 | SH |  | SOLE |  | 518423 | 0 | 50483 |
| SHYFT GROUP INC | COM | 825698103 |  | 248600 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| SKYWATER TECHNOLOGY INC | COM | 83089J108 |  | 1452260 | 204256 | SH |  | SOLE |  | 204256 | 0 | 0 |
| SLEEP NUMBER CORP | COM | 83125X103 |  | 6170380 | 237505 | SH |  | SOLE |  | 185915 | 0 | 51590 |
| SMITH  WESSON BRANDS INC | COM | 831754106 |  | 86800 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| SNAP ON INC | COM | 833034101 |  | 2203558 | 9644 | SH |  | SOLE |  | 6185 | 0 | 3459 |
| SONOCO PRODS CO | COM | 835495102 |  | 303550 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 249935 | 3500 | SH |  | SOLE |  | 1400 | 0 | 2100 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 25493960 | 66663 | SH |  | SOLE |  | 33887 | 0 | 32776 |
| STARBUCKS CORP | COM | 855244109 |  | 733731 | 7396 | SH |  | SOLE |  | 7014 | 0 | 382 |
| STRYKER CORPORATION | COM | 863667101 |  | 977960 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| STURM RUGER  CO INC | COM | 864159108 |  | 607440 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| SURMODICS INC | COM | 868873100 |  | 1800308 | 52764 | SH |  | SOLE |  | 52764 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 94060105 | 1230348 | SH |  | SOLE |  | 1066847 | 0 | 163501 |
| TARGET CORP | COM | 87612E106 |  | 78033440 | 523574 | SH |  | SOLE |  | 366493 | 0 | 157081 |
| TENNANT CO | COM | 880345103 |  | 100479038 | 1631948 | SH |  | SOLE |  | 1460176 | 0 | 171772 |
| TEXAS INSTRS INC | COM | 882508104 |  | 13324993 | 80650 | SH |  | SOLE |  | 71800 | 0 | 8850 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 663031 | 1204 | SH |  | SOLE |  | 54 | 0 | 1150 |
| TORO CO | COM | 891092108 |  | 332910087 | 2940902 | SH |  | SOLE |  | 2406124 | 0 | 534778 |
| TRANSOCEAN LTD | REG SHS | H8817H100 |  | 45600 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 17788301 | 94876 | SH |  | SOLE |  | 65764 | 0 | 29112 |
| UNION PAC CORP | COM | 907818108 |  | 1683272 | 8129 | SH |  | SOLE |  | 2620 | 0 | 5509 |
| UNITED FIRE GROUP INC | COM | 910340108 |  | 766080 | 28000 | SH |  | SOLE |  | 28000 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 41805765 | 240484 | SH |  | SOLE |  | 131813 | 0 | 108671 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 412929102 | 778847 | SH |  | SOLE |  | 670986 | 0 | 107861 |
| US BANCORP DEL | COM NEW | 902973304 |  | 289320950 | 6634280 | SH |  | SOLE |  | 5557369 | 0 | 1076911 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 602585 | 4750 | SH |  | SOLE |  | 0 | 0 | 4750 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 217192 | 1136 | SH |  | SOLE |  | 207 | 0 | 929 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 423813 | 2791 | SH |  | SOLE |  | 2659 | 0 | 132 |
| VERICEL CORP | COM | 92346J108 |  | 687211 | 26090 | SH |  | SOLE |  | 26090 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 2828408 | 71787 | SH |  | SOLE |  | 25077 | 0 | 46710 |
| VISA INC | COM CL A | 92826C839 |  | 131436717 | 632638 | SH |  | SOLE |  | 495511 | 0 | 137127 |
| VODAFONE GROUP PLC NEW | SPONSORED ADR | 92857W308 |  | 115682 | 11431 | SH |  | SOLE |  | 1431 | 0 | 10000 |
| WALMART INC | COM | 931142103 |  | 1001463 | 7063 | SH |  | SOLE |  | 4143 | 0 | 2920 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 408419 | 4356 | SH |  | SOLE |  | 1490 | 0 | 2866 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 131009457 | 3172910 | SH |  | SOLE |  | 2585614 | 0 | 587296 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 1654842 | 53382 | SH |  | SOLE |  | 44149 | 0 | 9233 |
| WINTRUST FINL CORP | COM | 97650W108 |  | 13643641 | 161425 | SH |  | SOLE |  | 161425 | 0 | 0 |
| WOODWARD INC | COM | 980745103 |  | 1352540 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| WORKIVA INC | COM CL A | 98139A105 |  | 71544119 | 852020 | SH |  | SOLE |  | 773560 | 0 | 78460 |
| XCEL ENERGY INC | COM | 98389B100 |  | 19605593 | 279640 | SH |  | SOLE |  | 203507 | 0 | 76133 |
| ZIMMER BIOMET HOLDINGS INC | COM | 98956P102 |  | 3810465 | 29886 | SH |  | SOLE |  | 13715 | 0 | 16171 |

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