# EDGAR Filing Document

**Accession Number:** 0001141819
**File Stem:** 0001145549-23-010333
**Filing Date:** 2023-2
**Character Count:** 40198
**Document Hash:** 93efed727844313578e145acc3a22264
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-010333.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001145549-23-010333

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRUST FOR PROFESSIONAL MANAGERS
- **CENTRAL INDEX KEY:** 0001141819
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10401
- **FILM NUMBER:** 23671155

**BUSINESS ADDRESS:**
- **STREET 1:** U.S. BANCORP FUND SERVICES LLC
- **STREET 2:** 615 EAST MICHIGAN ST 2ND FLOOR
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 4147655067

**MAIL ADDRESS:**
- **STREET 1:** U.S. BANCORP FUND SERVICES LLC
- **STREET 2:** 615 EAST MICHIGAN ST 2ND FLOOR
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZODIAC TRUST
- **DATE OF NAME CHANGE:** 20010601

## Series and Classes Contracts Data

### Mairs & Power Minnesota Municipal Bond ETF (Series ID: S000069483)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000221784 | Mairs & Power Minnesota Municipal Bond ETF | MINN            |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Trust for Professional Managers

- **b. Investment Company Act file number:** 811-10401

- **c. CIK number of Registrant:** 0001141819

- **d. LEI of Registrant:** 549300O1N816L3GGRD45

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 615 East Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 513-629-8104

**Item A.2. Information about the Series.**

- **a. Name of Series:** Mairs & Power Minnesota Municipal Bond ETF

- **b. EDGAR series identifier (if any):** S000069483

- **c. LEI of Series:** 549300SDYEX47F7YYP51

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $17442659.59

**Total Liabilities:** $3187.12

**Net Assets:** $17439472.47

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 18.500000000000 | **1-Year:** 740.430000000000 | **5-Year:** 7126.890000000000 | **10-Year:** 3652.490000000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 20.210000000000 | **5-Year:** 251.830000000000 | **10-Year:** 37.990000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000221784 | -0.62%               | 5.91%                | 0.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-103018.96              | $-20688.82                                 |
| Month 2  | $0.00                    | $947920.78                                 |
| Month 3  | $0.14                    | $63760.34                                  |

### Schedule of Portfolio Investments

| Name                           | Title                                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CENTER CITY MN HLTH CARE FACSR | City of Center City MN                                             | CUSIP: 151452BW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $135464.66    | 0.78%             | 2027-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHASKA MN ELEC REVENUE         | City of Chaska MN Electric Revenue                                 | CUSIP: 161670EW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105985.11    | 0.61%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COON RAPIDS MN                 | City of Coon Rapids MN                                             | CUSIP: 21657ARX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $85723.36     | 0.49%             | 2036-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DAKOTA CNTY MN CMNTY DEV AGY G | Dakota County Community Development Agency                         | CUSIP: 23410NCX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $57995.46     | 0.33%             | 2032-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN INDEP SCH DIST #709  | Duluth Independent School District No 709                          | CUSIP: 264471LL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $147427.90    | 0.85%             | 2031-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ELK RIVER MN                   | City of Elk River MN                                               | CUSIP: 2874075B2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $326557.86    | 1.87%             | 2031-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ANOKA-HENNEPIN MN INDEP SCH DI | Anoka-Hennepin Independent School District No 11                   | CUSIP: 0363034R3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $422295.15    | 2.42%             | 2043-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN                   | City of Apple Valley MN                                            | CUSIP: 03788PTB2<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |     95000 | PA      | $97050.34     | 0.56%             | 2028-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN                   | City of Apple Valley MN                                            | CUSIP: 03788PTC0<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    120000 | PA      | $120647.21    | 0.69%             | 2029-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE | City of Apple Valley MN                                            | CUSIP: 03800RBE5<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    290000 | PA      | $245348.87    | 1.41%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CANNON FALLS MN                | City of Cannon Falls MN                                            | CUSIP: 137699A87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $115920.77    | 0.66%             | 2028-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CARVER MN                      | City of Carver MN                                                  | CUSIP: 147019SL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $191943.14    | 1.10%             | 2032-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CARVER MN                      | City of Carver MN                                                  | CUSIP: 147019SM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $195782.10    | 1.12%             | 2033-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ELK RIVER MN ELEC REVENUE      | City of Elk River MN Electric Revenue                              | CUSIP: 287423EM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $358888.15    | 2.06%             | 2032-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FARIBAULT MN                   | City of Faribault MN                                               | CUSIP: 3075497C3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $133476.46    | 0.77%             | 2028-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FARIBAULT MN                   | City of Faribault MN                                               | CUSIP: 3075497D1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125732.69    | 0.72%             | 2029-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FERGUS FALLS MN INDEP SCH DIST | Fergus Falls Independent School District No 544                    | CUSIP: 314802AT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $206548.88    | 1.18%             | 2037-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                         | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |     97161 | NS      | $97160.89     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| FRIDLEY MN                     | City of Fridley MN                                                 | CUSIP: 358370K37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $182006.39    | 1.04%             | 2028-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HANOVER MN                     | City of Hanover MN                                                 | CUSIP: 411026DY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $94387.02     | 0.54%             | 2037-02-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| HENNEPIN CNTY MN               | County of Hennepin MN                                              | CUSIP: 425507HC7<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |    275000 | PA      | $280636.54    | 1.61%             | 2023-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HENNEPIN CNTY MN               | County of Hennepin MN                                              | CUSIP: 425507KX7<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |    150000 | PA      | $172856.21    | 0.99%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HENNEPIN CNTY MN               | County of Hennepin MN                                              | CUSIP: 425507LA6<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |    160000 | PA      | $182967.31    | 1.05%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HIBBING MN INDEP SCH DIST #701 | Hibbing Independent School District No 701                         | CUSIP: 428599AM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $297545.49    | 1.71%             | 2033-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HOPKINS MN                     | City of Hopkins MN                                                 | CUSIP: 4398667X6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $170749.60    | 0.98%             | 2030-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HUTCHINSON MN                  | City of Hutchinson MN                                              | CUSIP: 448285QY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $249598.89    | 1.43%             | 2034-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MADELIA MN                     | City of Madelia MN                                                 | CUSIP: 556394JQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $101568.95    | 0.58%             | 2033-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R | City of Minneapolis MN                                             | CUSIP: 60374VDY6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    120000 | PA      | $128386.56    | 0.74%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R | City of Minneapolis MN                                             | CUSIP: 60374VEV1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    175000 | PA      | $166277.67    | 0.95%             | 2040-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN                 | City of Minneapolis MN                                             | CUSIP: 60375BGX8<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    200000 | PA      | $184544.26    | 1.06%             | 2030-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN SPL SCH DIST #1 | Minneapolis Special School District No 1                           | CUSIP: 603790SA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516981.60    | 2.96%             | 2036-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN SPL SCH DIST #1 | Minneapolis Special School District No 1                           | CUSIP: 603790SW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $130975.73    | 0.75%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827B39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $223887.54    | 1.28%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827B88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $124885.07    | 0.72%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827WX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $187877.97    | 1.08%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827YQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $129406.28    | 0.74%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                 | CUSIP: 60412AEU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $156883.45    | 0.90%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                 | CUSIP: 60412AHE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $330007.65    | 1.89%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                 | CUSIP: 60412ARA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $310936.95    | 1.78%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                 | CUSIP: 60412ATS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $539299.48    | 3.09%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                 | CUSIP: 60412ATT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $603340.94    | 3.46%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST MUNI PWR AGY ELEC | Minnesota Municipal Power Agency                                   | CUSIP: 60412PFG0<br>LEI: 5493007DGBKI6ICBXO38 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101455.32    | 0.58%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416HK29<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104102.27    | 0.60%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416JCZ1<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    400000 | PA      | $323070.60    | 1.85%             | 2041-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416JDT4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    130000 | PA      | $133578.68    | 0.77%             | 2037-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416JDW7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    125000 | PA      | $99906.68     | 0.57%             | 2043-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416JEL0<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    200000 | PA      | $168876.06    | 0.97%             | 2036-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNETONKA MN INDEP SCH DIST # | Minnetonka Independent School District No 276                      | CUSIP: 604204XY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $139438.89    | 0.80%             | 2036-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW ULM MINN                   | City of New Ulm MN                                                 | CUSIP: 64903ABF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $224746.41    | 1.29%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH BRANCH MN INDEP SCH DIST | North Branch Independent School District No 138                    | CUSIP: 657781LW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $218499.76    | 1.25%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH MANKATO MN               | City of North Mankato MN                                           | CUSIP: 660751NL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $228188.27    | 1.31%             | 2030-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH MANKATO MN               | City of North Mankato MN                                           | CUSIP: 660751NZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $227979.62    | 1.31%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N SAINT PAUL-MAPLEWOOD-OAKDALE | North St Paul-Maplewood-Oakdale Independent School District No 622 | CUSIP: 662152FV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $326993.80    | 1.88%             | 2035-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N SAINT PAUL-MAPLEWOOD-OAKDALE | North St Paul-Maplewood-Oakdale Independent School District No 622 | CUSIP: 662152GY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $182136.62    | 1.04%             | 2031-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NORTHFIELD MN INDEP SCH DIST # | Northfield Independent School District No 659                      | CUSIP: 666195QE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $240805.17    | 1.38%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PELICAN RAPIDS MN INDEP SCH DI | Pelican Rapids Independent School District No 548                  | CUSIP: 705863GU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $47129.71     | 0.27%             | 2031-02-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| PENNINGTON CNTY MN             | County of Pennington MN                                            | CUSIP: 708288JR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $87361.31     | 0.50%             | 2035-02-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| PINE CITY MN INDEP SCH DIST #5 | Pine City Independent School District No 578                       | CUSIP: 722514AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $174815.24    | 1.00%             | 2032-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| REDWOOD CNTY MN                | County of Redwood MN                                               | CUSIP: 757895LJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140663.77    | 0.81%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RICHFIELD MN                   | City of Richfield MN                                               | CUSIP: 763326FH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200122.26    | 1.15%             | 2023-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RICHFIELD MN                   | City of Richfield MN                                               | CUSIP: 763326HP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104996.55    | 0.60%             | 2027-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RICHFIELD MN INDEP SCH DIST #2 | Richfield Independent School District No 280                       | CUSIP: 763342UV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255711.63    | 1.47%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN INDEP SCH DIST #5 | Rochester Independent School District No 535                       | CUSIP: 771614TH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $194422.08    | 1.11%             | 2039-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ROCORI MN AREA SCHS INDEP SCHD | Rocori Area Schools Independent School District No 750             | CUSIP: 774836GH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $115853.90    | 0.66%             | 2030-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROSEMOUNT MN INDEP SCH DIST #1 | Rosemount-Apple Valley-Eagan Independent School District No 196    | CUSIP: 777596CQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $127461.50    | 0.73%             | 2030-04-01      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| ROSEMOUNT MN INDEP SCH DIST #1 | Rosemount-Apple Valley-Eagan Independent School District No 196    | CUSIP: 777596CU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261444.00    | 1.50%             | 2025-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN HSG & REDEV AUT | St Cloud Housing & Redevelopment Authority                         | CUSIP: 789163AV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $119722.02    | 0.69%             | 2031-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN HSG & REDEV AUT | St Cloud Housing & Redevelopment Authority                         | CUSIP: 789163AX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $142862.50    | 0.82%             | 2033-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN                 | City of St Cloud MN                                                | CUSIP: 78916CAM4<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |    200000 | PA      | $166824.16    | 0.96%             | 2034-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS CNTY MN            | County of St Louis MN                                              | CUSIP: 791230XW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $278307.72    | 1.60%             | 2035-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ST PAUL MN                     | City of St Paul MN                                                 | CUSIP: 792882EB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $255925.11    | 1.47%             | 2033-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN INDEP SCH DIST # | St Paul Independent School District No 625                         | CUSIP: 792897JY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $196119.68    | 1.12%             | 2033-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN INDEP SCH DIST # | St Paul Independent School District No 625                         | CUSIP: 792897NY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $83755.97     | 0.48%             | 2035-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 792909FE8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    110000 | PA      | $104309.19    | 0.60%             | 2032-11-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN PUBLIC LIBRARY A | St Paul Public Library Agency                                      | CUSIP: 793075BR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99265.21     | 0.57%             | 2032-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SHAKOPEE MN INDEP SCH DIST #72 | Shakopee Independent School District No 720                        | CUSIP: 819190TV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110430.62    | 0.63%             | 2034-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| STHRN PLAINS EDU COOPERATIVE # | Southern Plains Education Cooperative No 915                       | CUSIP: 84364CAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $198367.64    | 1.14%             | 2026-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SPRING LAKE PARK MN INDEP SCHD | Spring Lake Park Independent School District No 16                 | CUSIP: 849832VB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202968.86    | 1.16%             | 2026-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SPRING LAKE PARK MN INDEP SCH  | Spring Lake Park Independent School District No 16                 | CUSIP: 849832VP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $117791.72    | 0.68%             | 2025-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SPRINGFIELD MN INDEP SCH DIST  | Springfield Independent School District No 85                      | CUSIP: 850867CS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $275106.78    | 1.58%             | 2031-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297BV1<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    125000 | PA      | $118876.13    | 0.68%             | 2026-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 85236DAM0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76809.28     | 0.44%             | 2032-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 85236DBJ6<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    250000 | PA      | $245516.58    | 1.41%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF MINNESOTA MN           | University of Minnesota                                            | CUSIP: 914460PH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105427.64    | 0.60%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAYZATA MN                     | City of Wayzata MN                                                 | CUSIP: 946796WS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100022.63    | 0.57%             | 2027-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WSTRN MN MUNI PWR AGY          | Western Minnesota Municipal Power Agency                           | CUSIP: 958697KL7<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105660.19    | 0.61%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WILLMAR MN                     | City of Willmar MN                                                 | CUSIP: 970856GP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $216376.00    | 1.24%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WRIGHT CNTY MN COPS            | County of Wright MN                                                | CUSIP: 982276AU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $254877.96    | 1.46%             | 2038-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WRIGHT CNTY MN COPS            | County of Wright MN                                                | CUSIP: 982276AV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $213270.15    | 1.22%             | 2039-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ZUMBRO MN EDU DIST COPS        | Zumbro Education District                                          | CUSIP: 989781AY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $124107.81    | 0.71%             | 2034-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ZUMBRO MN EDU DIST COPS        | Zumbro Education District                                          | CUSIP: 989781BA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $257790.94    | 1.48%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-17

**Name of Applicant:** Trust for Professional Managers

**Signature:** /s/ John Buckel

**Name of Signer:** John Buckel

**Title:** President