# EDGAR Filing Document

**Accession Number:** 0001141819
**File Stem:** 0000894189-25-013467
**Filing Date:** 2025-11
**Character Count:** 68497
**Document Hash:** 39872b0f0a426074c0d75f45636ef17a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-013467.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0000894189-25-013467

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRUST FOR PROFESSIONAL MANAGERS
- **CENTRAL INDEX KEY:** 0001141819

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10401
- **FILM NUMBER:** 251472720

**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            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Mairs & Power Minnesota Municipal Bond ETF** | **Mairs & Power Minnesota Municipal Bond ETF** | **Mairs & Power Minnesota Municipal Bond ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **MUNICIPAL BONDS - 97.0%** | **Par** | **Value**  |
| **Minnesota - 97.0%<sup>(a)</sup>** | **Minnesota - 97.0%<sup>(a)</sup>** | **Minnesota - 97.0%<sup>(a)</sup>** |
|  Alden-Conger Independent School District No 242, 3.00%, 02/01/2027 | $330000 | $330037 |
|  Alexandria Lake Area Sanitation District, 4.00%, 02/01/2036 | 150000 | 153685 |
|  Anoka-Hennepin Independent School District No 11, 4.00%, 02/01/2032 | 320000 | 330788 |
|  Cedar Mountain Independent School District No 2754, 5.00%, 02/01/2036 | 250000 | 277156 |
|  City of Albert Lea MN, 5.00%, 02/01/2038 | 250000 | 277539 |
| City of Apple Valley MN | City of Apple Valley MN | City of Apple Valley MN |
| &nbsp;&nbsp; 4.00%, 09/01/2030 | 160000 | 160139 |
| &nbsp;&nbsp; 4.00%, 09/01/2041 | 290000 | 253791 |
|  City of Cambridge MN, 5.00%, 02/01/2035 | 215000 | 244450 |
|  City of Center City MN, 4.00%, 11/01/2027 | 135000 | 136468 |
|  City of Chaska MN, 4.00%, 02/01/2040 | 350000 | 344624 |
|  City of Chaska MN Electric Revenue, 5.00%, 10/01/2025 | 140000 | 140000 |
|  City of Cold Spring MN, 4.00%, 02/01/2044 | 150000 | 141228 |
|  City of Delano MN, 5.00%, 02/01/2038 | 250000 | 270741 |
|  City of Duluth MN, 5.00%, 02/01/2030 | 250000 | 251900 |
|  City of Elk River MN Electric Revenue, 3.00%, 08/01/2032 | 65000 | 64690 |
|  City of Grand Rapids MN, 4.00%, 02/01/2038 | 250000 | 260070 |
|  City of Greenfield MN, 5.00%, 12/15/2030 | 115000 | 128239 |
|  City of Hastings MN, 5.00%, 02/01/2027 | 175000 | 180827 |
|  City of Hermantown MN, 4.00%, 02/01/2043 | 300000 | 292632 |
|  City of Hutchinson MN, 2.00%, 02/01/2034 | 300000 | 257472 |
|  City of Jordan MN, 4.00%, 02/01/2033 | 135000 | 143441 |
|  City of Madelia MN, 2.00%, 02/01/2033 | 115000 | 102821 |
|  City of Maple Lake MN, 5.00%, 02/01/2036 | 260000 | 276421 |
|  City of Marshall MN Public Utility Revenue, 5.00%, 07/01/2038 | 300000 | 332073 |
| City of Minneapolis MN | City of Minneapolis MN | City of Minneapolis MN |
| &nbsp;&nbsp; 5.00%, 11/15/2036 | 150000 | 153718 |
| &nbsp;&nbsp; 5.00%, 11/15/2052 <sup>(b)</sup> | 130000 | 137357 |
|  City of Minnetrista MN, 4.00%, 02/01/2031 | 145000 | 155166 |
|  City of Montgomery MN, 5.00%, 02/01/2030 | 200000 | 220321 |
|  City of New Prague MN, 4.00%, 02/01/2037 | 315000 | 324519 |
| City of Northfield MN | City of Northfield MN | City of Northfield MN |
| &nbsp;&nbsp; 5.00%, 02/01/2041 | 385000 | 412693 |
| &nbsp;&nbsp; 4.00%, 02/01/2044 | 200000 | 192838 |
|  City of Owatonna MN, 4.00%, 03/01/2035 | 175000 | 184104 |
|  City of Rochester MN, 5.00%, 02/01/2040 | 150000 | 163193 |
|  City of Rosemount MN, 5.00%, 02/01/2037 | 250000 | 274030 |
| City of St Cloud MN | City of St Cloud MN | City of St Cloud MN |
| &nbsp;&nbsp; 2.00%, 02/01/2034 | 140000 | 120154 |
| &nbsp;&nbsp; 5.00%, 05/01/2043 | 250000 | 260420 |
|  City of Victoria MN, 4.00%, 02/01/2042 | 250000 | 250294 |
|  City of Wayzata MN, 3.00%, 12/01/2027 | 100000 | 100014 |
|  Cleveland Independent School District No 391, 4.00%, 02/01/2026 | 105000 | 105428 |
|  Cloquet Area Fire & Ambulance Special Taxing District, 5.00%, 02/01/2035 | 200000 | 228666 |
|  County of Beltrami MN, 4.00%, 12/01/2042 | 250000 | 249653 |
|  County of Carlton MN, 5.00%, 02/01/2042 | 250000 | 267972 |
| County of Hennepin MN | County of Hennepin MN | County of Hennepin MN |
| &nbsp;&nbsp; 5.00%, 12/01/2030 | 195000 | 206061 |
| &nbsp;&nbsp; 5.00%, 12/15/2037 | 250000 | 262811 |
| &nbsp;&nbsp; 5.00%, 12/01/2042 | 155000 | 167931 |
| &nbsp;&nbsp; 5.00%, 12/01/2043 | 150000 | 160376 |
| &nbsp;&nbsp; 5.00%, 12/01/2044 | 500000 | 533311 |
|  County of Hubbard MN, 4.00%, 02/01/2036 | 250000 | 262619 |
|  County of Itasca MN, 4.00%, 02/01/2044 | 200000 | 194075 |
|  County of Koochiching MN, 5.00%, 02/01/2035 | 300000 | 333021 |
|  County of Pennington MN, 2.38%, 02/01/2035 | 100000 | 88498 |
|  County of Ramsey MN, 5.00%, 02/01/2038 | 300000 | 335349 |
|  County of Wright MN, 3.00%, 12/01/2039 | 250000 | 221980 |
|  Crookston Independent School District No 593, 5.00%, 02/01/2029 | 250000 | 270223 |
|  Dakota County Community Development Agency, 4.20%, 05/01/2043 | 150000 | 142163 |
|  Duluth Independent School District No 709, 0.00%, 02/01/2031 <sup>(c)</sup> | 200000 | 161717 |
|  Eastern Carver County Schools Independent School District No 112, 4.00%, 02/01/2035 | 250000 | 258236 |
| Elk River Independent School District No 728 | Elk River Independent School District No 728 | Elk River Independent School District No 728 |
| &nbsp;&nbsp; 4.00%, 02/01/2026 | 125000 | 125551 |
| &nbsp;&nbsp; 4.00%, 02/01/2037 | 250000 | 256254 |
|  Forest Lake Independent School District No 831, 4.00%, 02/01/2039 | 500000 | 506290 |
| Housing & Redevelopment Authority of The City of St Paul Minnesota | Housing & Redevelopment Authority of The City of St Paul Minnesota | Housing & Redevelopment Authority of The City of St Paul Minnesota |
| &nbsp;&nbsp; 3.50%, 09/01/2026 | 35000 | 34805 |
| &nbsp;&nbsp; 3.13%, 11/15/2032 | 110000 | 105487 |
| &nbsp;&nbsp; 4.00%, 10/01/2037 | 250000 | 250335 |
|  International Falls Independent School District No 361, 4.00%, 02/01/2041 | 300000 | 301503 |
|  Inver Grove Heights Independent School District No 199, 5.00%, 02/01/2032 | 500000 | 569566 |
| Metropolitan Council | Metropolitan Council | Metropolitan Council |
| &nbsp;&nbsp; 5.00%, 03/01/2026 | 100000 | 101127 |
| &nbsp;&nbsp; 5.00%, 12/01/2028 | 100000 | 107800 |
| &nbsp;&nbsp; 4.00%, 03/01/2030 | 155000 | 158400 |
|  Minneapolis Special School District No 1, 5.00%, 02/01/2042 | 295000 | 314848 |
| Minneapolis-St Paul Metropolitan Airports Commission | Minneapolis-St Paul Metropolitan Airports Commission | Minneapolis-St Paul Metropolitan Airports Commission |
| &nbsp;&nbsp; 5.00%, 01/01/2031 | 150000 | 154105 |
| &nbsp;&nbsp; 5.00%, 01/01/2032 | 250000 | 269698 |
|  Minnesota Agricultural & Economic Development Board, 5.00%, 01/01/2042 | 250000 | 259941 |
| Minnesota Health & Education Facilities Authority | Minnesota Health & Education Facilities Authority | Minnesota Health & Education Facilities Authority |
| &nbsp;&nbsp; 5.00%, 10/01/2029 | 255000 | 277779 |
| &nbsp;&nbsp; 5.00%, 10/01/2034 | 260000 | 275604 |
| &nbsp;&nbsp; 4.00%, 03/01/2036 | 215000 | 215795 |
| &nbsp;&nbsp; 3.00%, 10/01/2041 | 300000 | 248782 |
| &nbsp;&nbsp; 3.00%, 03/01/2043 | 125000 | 99925 |
| Minnesota Housing Finance Agency | Minnesota Housing Finance Agency | Minnesota Housing Finance Agency |
| &nbsp;&nbsp; 3.10%, 02/01/2027 | 150000 | 150294 |
| &nbsp;&nbsp; 4.85%, 07/01/2045 | 500000 | 506362 |
|  Minnesota State Colleges And Universities Foundation, 4.00%, 10/01/2029 | 200000 | 200178 |
|  Otsego Economic Development Authority, 4.00%, 02/01/2044 | 350000 | 324144 |
|  Owatonna Independent School District No 761/MN, 4.00%, 02/01/2028 | 150000 | 155202 |
|  Pine City Independent School District No 578, 2.00%, 04/01/2032 | 200000 | 180870 |
|  Princeton Public Utilities Commission, 5.00%, 04/01/2031 | 100000 | 110055 |
|  Redwood Area Schools Independent School District No 2897, 4.00%, 02/01/2039 | 360000 | 365614 |
|  Robbinsdale Independent School District No 281, 5.00%, 02/01/2034 | 250000 | 284562 |
|  Rochester Independent School District No 535, 4.00%, 02/01/2031 | 200000 | 206429 |
|  Rocori Area Schools Independent School District No 750, 4.00%, 02/01/2038 | 300000 | 302169 |
|  Rosemount-Apple Valley-Eagan Independent School District No 196, 4.00%, 02/01/2043 | 300000 | 290476 |
|  South Washington County Independent School District No 833/MN, 5.00%, 04/01/2031 | 200000 | 222899 |
| St Cloud Housing & Redevelopment Authority | St Cloud Housing & Redevelopment Authority | St Cloud Housing & Redevelopment Authority |
| &nbsp;&nbsp; 2.00%, 02/01/2031 | 130000 | 121503 |
| &nbsp;&nbsp; 2.00%, 02/01/2033 | 160000 | 143056 |
| St Cloud Independent School District No 742/MN | St Cloud Independent School District No 742/MN | St Cloud Independent School District No 742/MN |
| &nbsp;&nbsp; 0.00%, 02/01/2033 <sup>(c)</sup> | 150000 | 117670 |
| &nbsp;&nbsp; 5.00%, 02/01/2041 | 225000 | 235734 |
|  St Louis Park Independent School District No 283, 5.00%, 04/01/2032 | 150000 | 167195 |
|  St Paul Housing & Redevelopment Authority Parking Enterprise Revenue, 5.00%, 12/01/2034 | 250000 | 277196 |
| St Paul Independent School District No 625 | St Paul Independent School District No 625 | St Paul Independent School District No 625 |
| &nbsp;&nbsp; 3.00%, 02/01/2033 | 200000 | 200087 |
| &nbsp;&nbsp; 2.25%, 02/01/2035 | 100000 | 87415 |
| &nbsp;&nbsp; 5.00%, 02/01/2042 | 200000 | 215160 |
| State of Minnesota | State of Minnesota | State of Minnesota |
| &nbsp;&nbsp; 5.00%, 08/01/2026 | 250000 | 255220 |
| &nbsp;&nbsp; 5.00%, 08/01/2027 | 500000 | 523552 |
| &nbsp;&nbsp; 5.00%, 08/01/2028 | 155000 | 166531 |
| &nbsp;&nbsp; 5.00%, 08/01/2029 | 180000 | 197862 |
| &nbsp;&nbsp; 5.00%, 08/01/2034 | 250000 | 265060 |
| &nbsp;&nbsp; 4.00%, 09/01/2034 | 165000 | 172416 |
| &nbsp;&nbsp; 5.00%, 08/01/2035 | 185000 | 202320 |
| &nbsp;&nbsp; 4.00%, 08/01/2037 | 150000 | 157172 |
| &nbsp;&nbsp; 5.00%, 08/01/2043 | 400000 | 429402 |
|  State of Minnesota Department of Iron Range Resources & Rehabilitation, 5.00%, 10/01/2035 | 220000 | 248686 |
| Stillwater Independent School District No 834 | Stillwater Independent School District No 834 | Stillwater Independent School District No 834 |
| &nbsp;&nbsp; 5.00%, 02/01/2040 | 250000 | 268148 |
| &nbsp;&nbsp; 4.00%, 02/01/2041 | 130000 | 130114 |
|  Truman Independent School District No 458, 4.00%, 02/01/2044 | 300000 | 292108 |
| University of Minnesota | University of Minnesota | University of Minnesota |
| &nbsp;&nbsp; 5.00%, 10/01/2026 | 220000 | 225692 |
| &nbsp;&nbsp; 5.00%, 04/01/2033 | 350000 | 352845 |
| &nbsp;&nbsp; 5.00%, 04/01/2040 | 150000 | 156287 |
| Waconia Independent School District No 110 | Waconia Independent School District No 110 | Waconia Independent School District No 110 |
| &nbsp;&nbsp; 3.00%, 02/01/2028 | 100000 | 100012 |
| &nbsp;&nbsp; 5.00%, 02/01/2038 | 150000 | 163160 |
|  Waterville-Elysian-Morristown Independent School District No 2143/MN, 4.00%, 02/01/2045 | 250000 | 242306 |
|  Westonka Independent School District No 277, 4.00%, 02/01/2041 | 100000 | 99390 |
| Zumbro Education District | Zumbro Education District | Zumbro Education District |
| &nbsp;&nbsp; 4.00%, 02/01/2034 | 125000 | 122447 |
| &nbsp;&nbsp; 4.00%, 02/01/2038 | 275000 | 255510 |
|  |  | 27274248 |
| **TOTAL MUNICIPAL BONDS** (Cost $27,745,392) | **TOTAL MUNICIPAL BONDS** (Cost $27,745,392) | 27274248 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 5.7%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 4.05%<sup>(d)</sup> | 1371881 | 1371881 |
| First American Treasury Obligations Fund - Class X, 4.02%<sup>(d)</sup> | 223603 | 223603 |
| **TOTAL MONEY MARKET FUNDS** (Cost $1,595,484) | **TOTAL MONEY MARKET FUNDS** (Cost $1,595,484) | 1595484 |
| **TOTAL INVESTMENTS - 102.7% (**Cost $29,340,876**)** | **TOTAL INVESTMENTS - 102.7% (**Cost $29,340,876**)** | 28869732 |
| Liabilities in Excess of Other Assets - (2.7)% | Liabilities in Excess of Other Assets - (2.7)% | (753904) |
| **TOTAL NET ASSETS - 100.0%** |  | $28115828 |
| two | two | –% |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

(a) To the extent that the Fund invests more heavily in a particular state, its performance will be especially sensitive to developments that significantly affect that state.

(b) Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate
 disclosed is as of September 30, 2025.

(c) Zero coupon bonds make no periodic interest payments.

(d) The rate shown represents the 7-day annualized yield as of September 30, 2025.

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Mairs & Power Minnesota Municipal Bond ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | $– | $27274248 | $– | $27274248 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1595484 | – | – | 1595484 |
| Total Investments | $1595484 | $27274248 | $– | $28869732 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## 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:** 513-520-5925

**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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $29583497.31

**Total Liabilities:** $1467671.00

**Net Assets:** $28115826.31

**Delayed Delivery Securities:** $1025145.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 108.095865000000 | **1-Year:** 1331.304390000000 | **5-Year:** 10144.185130000000 | **10-Year:** 7626.029439000000 | **30-Year:** 67.438834000000

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

- **3-Month:** 3.115051000000 | **1-Year:** 176.290383000000 | **5-Year:** 162.941475000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000221784 | -0.09%               | 0.85%                | 2.20%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-26313.95               | $-67856.67                                 |
| Month 2  | $0.00                    | $159742.64                                 |
| Month 3  | $-181532.24              | $707971.80                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| APPLE VY MN SENIOR HSG REVENUE | City of Apple Valley MN                                                | CUSIP: 03800RBB1<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    160000 | PA      | $160138.94    | 0.57%             | 2030-09-01      | 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        |    140000 | PA      | $140000.00    | 0.50%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND MN INDEP SCH DIST #3 | Cleveland Independent School District No 391                           | CUSIP: 186216EG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105428.00    | 0.37%             | 2026-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLOQUET MN FIRE & AMBULANCE SP | Cloquet Area Fire & Ambulance Special Taxing District                  | CUSIP: 189019AJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $228666.04    | 0.81%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COMMISSIONER OF IRON RANGE MNR | State of Minnesota Department of Iron Range Resources & Rehabilitation | CUSIP: 20261DCE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $248686.39    | 0.88%             | 2035-10-01      | Fixed         | 5.00%                 | 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      | $161716.84    | 0.58%             | 2031-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| FOREST LAKE MN INDEP SCH DIST# | Forest Lake Independent School District No 831                         | CUSIP: 345874VT5<br>LEI: 549300Z4NGDI34KH2446 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506289.60    | 1.80%             | 2039-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HENNEPIN CNTY MN               | County of Hennepin MN                                                  | CUSIP: 425507PL8<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |    150000 | PA      | $160376.18    | 0.57%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HENNEPIN CNTY MN               | County of Hennepin MN                                                  | CUSIP: 425507QF0<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $533310.75    | 1.90%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAPLE LAKE MN                  | City of Maple Lake MN                                                  | CUSIP: 565250RM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $276421.18    | 0.98%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                      | CUSIP: 60416JCZ1<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    300000 | PA      | $248781.99    | 0.88%             | 2041-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NORTHFIELD MN                  | City of Northfield MN                                                  | CUSIP: 666179GW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $412692.97    | 1.47%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND RAPIDS MN                | City of Grand Rapids MN                                                | CUSIP: 386335HF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $260070.38    | 0.92%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HENNEPIN CNTY MN               | County of Hennepin MN                                                  | CUSIP: 425507GN4<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |    195000 | PA      | $206061.12    | 0.73%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHFIELD MN                  | City of Northfield MN                                                  | CUSIP: 666179GZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $192837.70    | 0.69%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PRINCETON MN PUBLIC UTILITIES  | Princeton Public Utilities Commission                                  | CUSIP: 742271BG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $110054.67    | 0.39%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OTSEGO MN ECON DEV AUTH LEASE  | Otsego Economic Development Authority                                  | CUSIP: 689152AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $324144.35    | 1.15%             | 2044-02-01      | Fixed         | 4.00%                 | 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      | $180869.66    | 0.64%             | 2032-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| REDWOOD MN AREA SCHS INDEP SCH | Redwood Area Schools Independent School District No 2897               | CUSIP: 757763DL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $365614.27    | 1.30%             | 2039-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS PARK MN INDEP SCH  | St Louis Park Independent School District No 283                       | CUSIP: 791759AG8<br>LEI: 549300LTLJF3QX58Q574 | Long             | DBT              | MUN               | US        |    150000 | PA      | $167194.70    | 0.59%             | 2032-04-01      | Fixed         | 5.00%                 | 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      | $200087.26    | 0.71%             | 2033-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF MINNESOTA MN           | University of Minnesota                                                | CUSIP: 914460PE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $352845.47    | 1.25%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTER CITY MN HLTH CARE FACSR | City of Center City MN                                                 | CUSIP: 151452BW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $136468.03    | 0.49%             | 2027-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROSEMOUNT MN INDEP SCH DIST #1 | Rosemount-Apple Valley-Eagan Independent School District No 196        | CUSIP: 777594ZX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $290475.60    | 1.03%             | 2043-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN INDEP SCH DIST # | St Paul Independent School District No 625                             | CUSIP: 792897SK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $215159.66    | 0.77%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DAKOTA CNTY MN CMNTY DEV AGY M | Dakota County Community Development Agency                             | CUSIP: 23409VFP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $142162.53    | 0.51%             | 2043-05-01      | Fixed         | 4.20%                 | 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        |     65000 | PA      | $64689.50     | 0.23%             | 2032-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | St Paul Housing & Redevelopment Authority Parking Enterprise Revenue   | CUSIP: 79289WBL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $277195.85    | 0.99%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRUMAN MN INDEP SCH DIST #458  | Truman Independent School District No 458                              | CUSIP: 898014DF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $292107.78    | 1.04%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                             | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   1371881 | NS      | $1371880.98   | 4.88%             |  |  |  | No            |                  1 | On Loan: No      |
| HENNEPIN CNTY MN               | County of Hennepin MN                                                  | CUSIP: 425507HS2<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262811.20    | 0.93%             | 2037-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INVER GROVE HEIGHTS MN INDEP S | Inver Grove Heights Independent School District No 199                 | CUSIP: 461225GD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $569566.00    | 2.03%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MADELIA MN                     | City of Madelia MN                                                     | CUSIP: 556394JQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $102821.14    | 0.37%             | 2033-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission                   | CUSIP: 603827WW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $154105.23    | 0.55%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                      | CUSIP: 60416JEV8<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    255000 | PA      | $277779.33    | 0.99%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY       | Minnesota Housing Finance Agency                                       | CUSIP: 60416URC1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150294.11    | 0.53%             | 2027-02-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY MN                  | City of Montgomery MN                                                  | CUSIP: 613851PC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $220321.18    | 0.78%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW PRAGUE MN                  | City of New Prague MN                                                  | CUSIP: 648159F63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $324519.39    | 1.15%             | 2037-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OWATONNA MN INDEP SCH DIST #76 | Owatonna Independent School District No 761/MN                         | CUSIP: 690564RK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $155202.02    | 0.55%             | 2028-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNINGTON CNTY MN             | County of Pennington MN                                                | CUSIP: 708288JR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $88498.48     | 0.31%             | 2035-02-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| ROBBINSDALE MN INDEP SCH DIST# | Robbinsdale Independent School District No 281                         | CUSIP: 770265LD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $284562.10    | 1.01%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN                   | City of Rochester MN                                                   | CUSIP: 771588VY3<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |    150000 | PA      | $163192.65    | 0.58%             | 2040-02-01      | 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      | $121503.08    | 0.43%             | 2031-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN INDEP SCH DIST# | St Cloud Independent School District No 742/MN                         | CUSIP: 789177SP8<br>LEI: 549300777B7XVMYHUU90 | Long             | DBT              | MUN               | US        |    225000 | PA      | $235733.67    | 0.84%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN INDEP SCH DIST# | St Cloud Independent School District No 742/MN                         | CUSIP: 789177SZ6<br>LEI: 549300777B7XVMYHUU90 | Long             | DBT              | MUN               | US        |    150000 | PA      | $117670.11    | 0.42%             | 2033-02-01      | Fixed         | 0.00%                 | 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      | $87414.57     | 0.31%             | 2035-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| STILLWATER MN INDEP SCH DIST # | Stillwater Independent School District No 834                          | CUSIP: 860758TB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130113.92    | 0.46%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF MINNESOTA MN           | University of Minnesota                                                | CUSIP: 914460TB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $225692.39    | 0.80%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VICTORIA MN                    | City of Victoria MN                                                    | CUSIP: 926278XH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250293.80    | 0.89%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WATERVILLE-ELYSIAN-MORRISTOWN  | Waterville-Elysian-Morristown Independent School District No 2143/MN   | CUSIP: 94222RBY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $242305.85    | 0.86%             | 2045-02-01      | Fixed         | 4.00%                 | 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      | $221980.35    | 0.79%             | 2039-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WACONIA MN INDEP SCH DIST #110 | Waconia Independent School District No 110                             | CUSIP: 930047LZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100011.84    | 0.36%             | 2028-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WACONIA MN INDEP SCH DIST #110 | Waconia Independent School District No 110                             | CUSIP: 930047QU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $163159.62    | 0.58%             | 2038-02-01      | 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      | $100013.81    | 0.36%             | 2027-12-01      | 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      | $122446.91    | 0.44%             | 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      | $255510.20    | 0.91%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALBERT LEA MN                  | City of Albert Lea MN                                                  | CUSIP: 012788K20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $277539.00    | 0.99%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLD SPRING MN                 | City of Cold Spring MN                                                 | CUSIP: 193000XP6<br>LEI: 549300K8BX4APZ76AV52 | Long             | DBT              | MUN               | US        |    150000 | PA      | $141227.69    | 0.50%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JORDAN MN                      | City of Jordan MN                                                      | CUSIP: 480700R96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $143441.10    | 0.51%             | 2033-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OWATONNA MN                    | City of Owatonna MN                                                    | CUSIP: 690530ZW3<br>LEI: 5493007O5KUJDI7ZFG46 | Long             | DBT              | MUN               | US        |    175000 | PA      | $184103.89    | 0.65%             | 2035-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN INDEP SCH DIST #5 | Rochester Independent School District No 535                           | CUSIP: 771614SZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $206428.86    | 0.73%             | 2031-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROCORI MN AREA SCHS INDEP SCHD | Rocori Area Schools Independent School District No 750                 | CUSIP: 774836HB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302169.36    | 1.07%             | 2038-02-01      | Fixed         | 4.00%                 | 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      | $143055.50    | 0.51%             | 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        |    140000 | PA      | $120153.81    | 0.43%             | 2034-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ALDEN-CONGER MN INDEP SCH DIST | Alden-Conger Independent School District No 242                        | CUSIP: 014083CK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $330037.32    | 1.17%             | 2027-02-01      | 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: 792909FE8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    110000 | PA      | $105487.32    | 0.38%             | 2032-11-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| S WASHINGTON CNTY MN INDEP SCH | South Washington County Independent School District No 833/MN          | CUSIP: 840611DL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $222898.86    | 0.79%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STILLWATER MN INDEP SCH DIST # | Stillwater Independent School District No 834                          | CUSIP: 860758TA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $268147.50    | 0.95%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF MINNESOTA MN           | University of Minnesota                                                | CUSIP: 914460SR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $156287.22    | 0.56%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET COUNCIL MINNEAPOLIS-SAINT  | Metropolitan Council                                                   | CUSIP: 591852A99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101127.30    | 0.36%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET COUNCIL MINNEAPOLIS-SAINT  | Metropolitan Council                                                   | CUSIP: 591852Z76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107799.62    | 0.38%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R | City of Minneapolis MN                                                 | CUSIP: 60374VEB5<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    150000 | PA      | $153718.16    | 0.55%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                     | CUSIP: 60412ARQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $166530.96    | 0.59%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                      | CUSIP: 60416JBY5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    260000 | PA      | $275603.67    | 0.98%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTONKA MN INDEP SCH DIST #27 | Westonka Independent School District No 277                            | CUSIP: 960906GD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99389.94     | 0.35%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHASKA MN                      | City of Chaska MN                                                      | CUSIP: 161664QP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $344623.90    | 1.23%             | 2040-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CROOKSTON MN INDEP SCH DIST #5 | Crookston Independent School District No 593                           | CUSIP: 227237PS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $270222.80    | 0.96%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELANO MN                      | City of Delano MN                                                      | CUSIP: 245667TT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $270740.53    | 0.96%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HERMANTOWN MN                  | City of Hermantown MN                                                  | CUSIP: 427500VU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $292632.18    | 1.04%             | 2043-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HUBBARD CNTY MN                | County of Hubbard MN                                                   | CUSIP: 443348ET0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $262619.28    | 0.93%             | 2036-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARSHALL MN PUBLIC UTILITY REV | City of Marshall MN Public Utility Revenue                             | CUSIP: 572565JD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $332073.45    | 1.18%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R | City of Minneapolis MN                                                 | CUSIP: 60374VEW9<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    130000 | PA      | $137356.69    | 0.49%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund                               | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |    223603 | NS      | $223603.10    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                     | CUSIP: 60412A2V4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523552.35    | 1.86%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                     | CUSIP: 60412AQS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255219.88    | 0.91%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST AGRIC & ECON DEVB | Minnesota Agricultural & Economic Development Board                    | CUSIP: 6049202Z0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259941.20    | 0.92%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEMOUNT MN                   | City of Rosemount MN                                                   | CUSIP: 7775773L9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $274029.50    | 0.97%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREENFIELD MN                  | City of Greenfield MN                                                  | CUSIP: 395108EB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $128238.70    | 0.46%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HASTINGS MN                    | City of Hastings MN                                                    | CUSIP: 418509MY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $180827.45    | 0.64%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HENNEPIN CNTY MN               | County of Hennepin MN                                                  | CUSIP: 425507QD5<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |    155000 | PA      | $167930.74    | 0.60%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUTCHINSON MN                  | City of Hutchinson MN                                                  | CUSIP: 448285QY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $257472.45    | 0.92%             | 2034-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ITASCA CNTY MN                 | County of Itasca MN                                                    | CUSIP: 465452NN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $194075.14    | 0.69%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET COUNCIL MINNEAPOLIS-SAINT  | Metropolitan Council                                                   | CUSIP: 591852F29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $158400.20    | 0.56%             | 2030-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY       | Minnesota Housing Finance Agency                                       | CUSIP: 60416UWR2<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506361.95    | 1.80%             | 2045-07-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA LAKE MN AREA SANTND | Alexandria Lake Area Sanitation District                               | CUSIP: 015091DF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $153684.80    | 0.55%             | 2036-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ANOKA-HENNEPIN MN INDEP SCH DI | Anoka-Hennepin Independent School District No 11                       | CUSIP: 0363034E2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $330787.52    | 1.18%             | 2032-02-01      | Fixed         | 4.00%                 | 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      | $253791.35    | 0.90%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BELTRAMI CNTY MN               | County of Beltrami MN                                                  | CUSIP: 081131HC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $249652.70    | 0.89%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAMBRIDGE MN                   | City of Cambridge MN                                                   | CUSIP: 132339N32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $244449.82    | 0.87%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARLTON CNTY MN                | County of Carlton MN                                                   | CUSIP: 142879MT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $267972.35    | 0.95%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CEDAR MOUNTAIN MN INDEP SCH DI | Cedar Mountain Independent School District No 2754                     | CUSIP: 150452DV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $277156.40    | 0.99%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHASKA MN INDEP SCH DIST #112  | Eastern Carver County Schools Independent School District No 112       | CUSIP: 161681UU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258236.15    | 0.92%             | 2035-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ELK RIVER MN INDEP SCH DIST #7 | Elk River Independent School District No 728                           | CUSIP: 287425M33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125551.28    | 0.45%             | 2026-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ELK RIVER MN INDEP SCH DIST #7 | Elk River Independent School District No 728                           | CUSIP: 287425T28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256253.93    | 0.91%             | 2037-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL FALLS MN INDEP S | International Falls Independent School District No 361                 | CUSIP: 459488GD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $301502.79    | 1.07%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KOOCHICHING CNTY MN            | County of Koochiching MN                                               | CUSIP: 500494FQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $333020.91    | 1.18%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                     | CUSIP: 60412AD26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $197861.60    | 0.70%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                     | CUSIP: 60412AH55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $429401.72    | 1.53%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                     | CUSIP: 60412APJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $265059.78    | 0.94%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                     | CUSIP: 60412ATN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $202319.70    | 0.72%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                     | CUSIP: 60412AWP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $172416.19    | 0.61%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                      | CUSIP: 60416H3N2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    215000 | PA      | $215794.77    | 0.77%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                      | CUSIP: 60416JDW7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    125000 | PA      | $99925.38     | 0.36%             | 2043-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNETRISTA MN                 | City of Minnetrista MN                                                 | CUSIP: 604229RU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $155165.85    | 0.55%             | 2031-02-01      | 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: 852297BV1<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |     35000 | PA      | $34805.04     | 0.12%             | 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: 85236DBJ6<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250335.43    | 0.89%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN                      | City of Duluth MN                                                      | CUSIP: 264438X72<br>LEI: 54930056ACOJTRDUDE38 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251900.45    | 0.90%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN SPL SCH DIST #1 | Minneapolis Special School District No 1                               | CUSIP: 603790YD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $314848.16    | 1.12%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission                   | CUSIP: 603827B54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $269698.30    | 0.96%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                     | CUSIP: 60412AQ22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $157172.25    | 0.56%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST CLGS & UNIV REVEN | Minnesota State Colleges And Universities Foundation                   | CUSIP: 60414FMU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200178.38    | 0.71%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RAMSEY CNTY MN                 | County of Ramsey MN                                                    | CUSIP: 751622ZT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $335348.97    | 1.19%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN HLTH CARE REVEN | City of St Cloud MN                                                    | CUSIP: 78916VER7<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |    250000 | PA      | $260419.68    | 0.93%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-27

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

**Signature:** /s/ Kelly Strauss

**Name of Signer:** Kelly Strauss

**Title:** Treasurer