# EDGAR Filing Document

**Accession Number:** 0001141819
**File Stem:** 0001145549-25-054060
**Filing Date:** 2025-8
**Character Count:** 53397
**Document Hash:** 7e9bc067f3ee4e9486fa4c8256b3606b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-054060.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001145549-25-054060

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**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:** 251258220

**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:** 513-520-5925

**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:** 2025-06-30

**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:** $26764441.28

**Total Liabilities:** $113169.00

**Net Assets:** $26651272.28

**Delayed Delivery Securities:** $113169.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000221784 | -0.33%               | -0.04%               | 0.76%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2448.89                | $-161649.61                                |
| Month 2  | $0.00                    | $-75218.88                                 |
| Month 3  | $-30282.98               | $164666.20                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ALBERT LEA MN                  | City of Albert Lea MN                                                  | CUSIP: 012788K20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $271397.43    | 1.02%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BELTRAMI CNTY MN               | County of Beltrami MN                                                  | CUSIP: 081131HC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $238088.03    | 0.89%             | 2042-12-01      | Fixed         | 4.00%                 | 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      | $136177.00    | 0.51%             | 2027-11-01      | Fixed         | 4.00%                 | 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      | $83976.91     | 0.32%             | 2036-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GREENFIELD MN                  | City of Greenfield MN                                                  | CUSIP: 395108EB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $126541.96    | 0.47%             | 2030-12-15      | 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      | $526458.10    | 1.98%             | 2044-12-01      | 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      | $279155.16    | 1.05%             | 2043-02-01      | 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      | $291706.08    | 1.09%             | 2041-02-01      | 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      | $140807.55    | 0.53%             | 2033-02-01      | 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      | $328735.32    | 1.23%             | 2035-02-01      | 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      | $101634.48    | 0.38%             | 2026-03-01      | 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      | $152709.66    | 0.57%             | 2036-11-15      | 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      | $263131.75    | 0.99%             | 2034-08-01      | 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      | $256502.60    | 0.96%             | 2026-08-01      | 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      | $154679.73    | 0.58%             | 2040-04-01      | Fixed         | 5.00%                 | 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      | $99584.32     | 0.37%             | 2028-02-01      | 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      | $210420.28    | 0.79%             | 2039-12-01      | Fixed         | 3.00%                 | 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      | $254236.63    | 0.95%             | 2035-02-01      | Fixed         | 4.00%                 | 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      | $105597.96    | 0.40%             | 2026-02-01      | 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      | $268915.78    | 1.01%             | 2029-02-01      | Fixed         | 5.00%                 | 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      | $125820.28    | 0.47%             | 2026-02-01      | 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        |    520484 | NS      | $520483.81    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                        | CUSIP: 60416JBY5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    260000 | PA      | $272941.68    | 1.02%             | 2034-10-01      | Fixed         | 5.00%                 | 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      | $154949.67    | 0.58%             | 2028-02-01      | 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      | $204722.50    | 0.77%             | 2031-02-01      | Fixed         | 4.00%                 | 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      | $117925.24    | 0.44%             | 2031-02-01      | Fixed         | 2.00%                 | 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      | $125769.75    | 0.47%             | 2041-02-01      | 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      | $228821.80    | 0.86%             | 2045-02-01      | Fixed         | 4.00%                 | 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      | $119832.64    | 0.45%             | 2034-02-01      | Fixed         | 4.00%                 | 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      | $495964.70    | 1.86%             | 2039-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MADELIA MN                     | City of Madelia MN                                                     | CUSIP: 556394JQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $99510.94     | 0.37%             | 2033-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MET COUNCIL MINNEAPOLIS-SAINT  | Metropolitan Council                                                   | CUSIP: 591852Z76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107705.57    | 0.40%             | 2028-12-01      | 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      | $267658.85    | 1.00%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                     | CUSIP: 60412AC68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $310524.71    | 1.17%             | 2025-08-01      | 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      | $135444.98    | 0.51%             | 2044-02-01      | Fixed         | 4.00%                 | 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      | $149698.49    | 0.56%             | 2027-02-01      | Fixed         | 3.10%                 | 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      | $254301.13    | 0.95%             | 2042-01-01      | 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      | $183577.50    | 0.69%             | 2044-02-01      | Fixed         | 4.00%                 | 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      | $310944.13    | 1.17%             | 2044-02-01      | Fixed         | 4.00%                 | 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      | $272818.14    | 1.02%             | 2035-12-01      | Fixed         | 2.00%                 | 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      | $263614.68    | 0.99%             | 2040-02-01      | 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      | $275707.65    | 1.03%             | 2044-02-01      | Fixed         | 4.00%                 | 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      | $158712.05    | 0.60%             | 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      | $99663.26     | 0.37%             | 2027-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BURNSVILLE MN INDEP SCH DIST # | Burnsville-Eagan-Savage Independent School District No 191             | CUSIP: 122475XM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $210080.07    | 0.79%             | 2031-02-01      | 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      | $176722.20    | 0.66%             | 2032-04-01      | Fixed         | 2.00%                 | 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      | $108492.98    | 0.41%             | 2031-04-01      | Fixed         | 5.00%                 | 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      | $357837.19    | 1.34%             | 2039-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN                   | City of Rochester MN                                                   | CUSIP: 771588VY3<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |    150000 | PA      | $160749.96    | 0.60%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN                 | City of St Cloud MN                                                    | CUSIP: 78916CAM4<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |    200000 | PA      | $164166.22    | 0.62%             | 2034-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HENNEPIN CNTY MN               | County of Hennepin MN                                                  | CUSIP: 425507QD5<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |    155000 | PA      | $164774.97    | 0.62%             | 2042-12-01      | 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        |    100000 | PA      | $92891.54     | 0.35%             | 2040-11-15      | Fixed         | 4.00%                 | 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      | $154045.74    | 0.58%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE | City of Apple Valley MN                                                | CUSIP: 03800RBB1<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    160000 | PA      | $158174.85    | 0.59%             | 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      | $140710.51    | 0.53%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HENNEPIN CNTY MN               | County of Hennepin MN                                                  | CUSIP: 425507HS2<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |    250000 | PA      | $260732.28    | 0.98%             | 2037-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HENNEPIN CNTY MN               | County of Hennepin MN                                                  | CUSIP: 425507PL8<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |    150000 | PA      | $158102.22    | 0.59%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUBBARD CNTY MN                | County of Hubbard MN                                                   | CUSIP: 443348ET0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $257565.83    | 0.97%             | 2036-02-01      | 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      | $158050.71    | 0.59%             | 2030-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                     | CUSIP: 60412AEB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180304.67    | 0.68%             | 2025-08-01      | 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      | $166064.74    | 0.62%             | 2028-08-01      | 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      | $199995.40    | 0.75%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY MN                  | City of Montgomery MN                                                  | CUSIP: 613851PC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $218238.26    | 0.82%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OWATONNA MN                    | City of Owatonna MN                                                    | CUSIP: 690530ZW3<br>LEI: 5493007O5KUJDI7ZFG46 | Long             | DBT              | MUN               | US        |    175000 | PA      | $180275.50    | 0.68%             | 2035-03-01      | 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      | $294732.84    | 1.11%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROSEMOUNT MN INDEP SCH DIST #1 | Rosemount-Apple Valley-Eagan Independent School District No 196        | CUSIP: 777594ZX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $282500.88    | 1.06%             | 2043-02-01      | Fixed         | 4.00%                 | 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      | $95099.90     | 0.36%             | 2041-02-01      | 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      | $164332.43    | 0.62%             | 2032-04-01      | Fixed         | 5.00%                 | 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        |     65000 | PA      | $64404.50     | 0.24%             | 2026-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UNIV OF MINNESOTA MN           | University of Minnesota                                                | CUSIP: 914460PE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $353871.56    | 1.33%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT FRANCIS MN INDEP SCH DIS | St Francis Independent School District No 15                           | CUSIP: 789466TQ2<br>LEI: 549300BB7QRM8G4EBA90 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151182.65    | 0.57%             | 2036-02-01      | Fixed         | 4.00%                 | 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      | $83827.35     | 0.31%             | 2035-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| UNIV OF MINNESOTA MN           | University of Minnesota                                                | CUSIP: 914460TB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $226513.94    | 0.85%             | 2026-10-01      | 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      | $169851.68    | 0.64%             | 2034-09-01      | Fixed         | 4.00%                 | 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        |    300000 | PA      | $238548.39    | 0.90%             | 2041-10-01      | 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      | $152775.90    | 0.57%             | 2031-02-01      | Fixed         | 4.00%                 | 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      | $318210.61    | 1.19%             | 2037-02-01      | 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      | $83978.92     | 0.32%             | 2035-02-01      | Fixed         | 2.38%                 | 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      | $102463.67    | 0.38%             | 2032-11-15      | Fixed         | 3.12%                 | 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      | $244459.05    | 0.92%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VICTORIA MN                    | City of Victoria MN                                                    | CUSIP: 926278XH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $240825.03    | 0.90%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WINONA MN                      | City of Winona MN                                                      | CUSIP: 975230A78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $201510.81    | 0.76%             | 2032-02-01      | 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      | $196278.21    | 0.74%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RAMSEY CNTY MN                 | County of Ramsey MN                                                    | CUSIP: 751622ZT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $329824.20    | 1.24%             | 2038-02-01      | Fixed         | 5.00%                 | 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      | $329809.06    | 1.24%             | 2027-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CARLTON CNTY MN                | County of Carlton MN                                                   | CUSIP: 142879MT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $262435.45    | 0.98%             | 2042-02-01      | Fixed         | 5.00%                 | 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        |    140000 | PA      | $135312.11    | 0.51%             | 2032-08-01      | Fixed         | 3.00%                 | 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      | $280166.53    | 1.05%             | 2034-02-01      | 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      | $114026.70    | 0.43%             | 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: 792897JY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $195391.16    | 0.73%             | 2033-02-01      | Fixed         | 3.00%                 | 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      | $219838.64    | 0.82%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ITASCA CNTY MN                 | County of Itasca MN                                                    | CUSIP: 465452NN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $184958.84    | 0.69%             | 2044-02-01      | Fixed         | 4.00%                 | 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      | $311437.11    | 1.17%             | 2042-02-01      | 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      | $422088.88    | 1.58%             | 2043-08-01      | Fixed         | 5.00%                 | 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      | $138450.00    | 0.52%             | 2033-02-01      | Fixed         | 2.00%                 | 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      | $249930.00    | 0.94%             | 2041-09-01      | 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      | $329489.48    | 1.24%             | 2040-02-01      | 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      | $253335.55    | 0.95%             | 2030-02-01      | 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      | $156932.84    | 0.59%             | 2031-02-01      | Fixed         | 0.00%                 | 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      | $251239.33    | 0.94%             | 2037-02-01      | Fixed         | 4.00%                 | 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      | $254534.15    | 0.96%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HASTINGS MN                    | City of Hastings MN                                                    | CUSIP: 418509MY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $181313.28    | 0.68%             | 2027-02-01      | 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      | $290653.20    | 1.09%             | 2033-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                        | CUSIP: 60416H3N2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    215000 | PA      | $214175.20    | 0.80%             | 2036-03-01      | 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      | $210893.68    | 0.79%             | 2042-02-01      | Fixed         | 5.00%                 | 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      | $248564.47    | 0.93%             | 2038-02-01      | Fixed         | 4.00%                 | 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      | $150399.14    | 0.56%             | 2036-02-01      | Fixed         | 4.00%                 | 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      | $136749.47    | 0.51%             | 2043-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| FERGUS FALLS MN INDEP SCH DIST | Fergus Falls Independent School District No 544                        | CUSIP: 314801LU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $109084.05    | 0.41%             | 2034-02-01      | 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      | $150622.26    | 0.57%             | 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      | $200114.44    | 0.75%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                        | CUSIP: 60416JEV8<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    255000 | PA      | $275518.88    | 1.03%             | 2029-10-01      | 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      | $190051.35    | 0.71%             | 2039-02-01      | Fixed         | 2.50%                 | 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      | $254300.30    | 0.95%             | 2043-05-01      | Fixed         | 5.00%                 | 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      | $231836.13    | 0.87%             | 2041-02-01      | 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      | $243793.46    | 0.91%             | 2035-10-01      | 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      | $266113.83    | 1.00%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HENNEPIN CNTY MN               | County of Hennepin MN                                                  | CUSIP: 425507GN4<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |    195000 | PA      | $205332.80    | 0.77%             | 2030-12-01      | 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      | $246249.33    | 0.92%             | 2034-02-01      | Fixed         | 2.00%                 | 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      | $136637.12    | 0.51%             | 2052-11-15      | Variable      | 5.00%                 | 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      | $97980.71     | 0.37%             | 2043-03-01      | 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      | $403944.12    | 1.52%             | 2041-02-01      | 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      | $269534.10    | 1.01%             | 2037-02-01      | Fixed         | 5.00%                 | 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      | $328198.27    | 1.23%             | 2032-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

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

**Signature:** /s/ Kelly Strauss

**Name of Signer:** Kelly Strauss

**Title:** Treasurer