PALISADE ASSET MANAGEMENT, LLC

Part 2B of Form ADV: Brochure Supplement Palisade Asset Management, LLC 100 South Fifth Street, Suite 420 Minneapolis, MN 55402 Telephone: 612-455-2900 Web Address: www.palisadeam.com Paul J. Kronlokken Steven E. Landberg Josiah B. Larson Robert P. Lawson Shawn K. Eells 8/28/2025 This brochure supplement provides information about the above named supervised persons that supplements the Palisade Asset Management, LLC brochure. You should have received a copy of that brochure. Please contact our Chief Compliance Officer if you did not receive Palisade Asset Management’s brochure or if you have any questions about the contents of this supplement. 1  PAUL J. KRONLOKKEN ITEM 2 – EDUCATIONAL, BACKGROUND AND BUSINESS EXPERIENCE Year of Birth: 1965 Education: University of Minnesota; BSB; 1987 Business Experience:  Palisade Asset Management, LLC; Principal; from 10/2009 to Present Designations: Paul J. Kronlokken has earned the following designation and is in good standing with the granting authority:  Chartered Alternative Investment Analyst (CAIA) This designation is offered by the CAIA Association to investment professionals who complete a course of study and pass two examinations. The “alternative investments” industry is characterized as dealing with asset classes and investment other than standard equity or fixed income products. Alternative investments can include hedge funds, private equity, real assets, commodities, and structured products. The CAIA curriculum is designed to provide finance professionals with a broad base of knowledge in alternative investments. ITEM 3 – DISCIPLINARY INFORMATION Paul J. Kronlokken has no reportable disciplinary history. ITEM 4 – OTHER BUSINESS ACTIVITES Investment-Related Activities:  This individual is not engaged in any other investment-related activities.  This individual does not receive commissions, bonuses or other compensation on the sale of securities or other investment products. Non-Investment-Related Activities:  This individual is not engaged in any other business or occupation that provides substantial compensation or involves a substantial amount of his or her time. ITEM 5 – ADDITIONAL COMPENSATION Paul J. Kronlokken does not receive any economic benefit from a non-advisory client for the provision of advisory services. ITEM 6 – SUPERVISION Supervisor: Board of Governors Phone Number: 612-455-2900 All Palisade professionals are peer monitored by Palisade’s internal Investment Committee. The committee reviews and approves each stock prior to adding it to Palisade’s “Approved” or “Monitored” lists. The committee also reviews all client portfolios periodically. 2  STEVEN E. LANDBERG ITEM 2 – EDUCATIONAL, BACKGROUND AND BUSINESS EXPERIENCE Year of Birth: 1960 Education: Bethel University; BA; 1982 Business Experience:  Palisade Asset Management, LLC; Principal; from 5/2009 to Present Designations: Steven E. Landberg has earned the following designation(s) and is in good standing with the granting authority:  Chartered Financial Analyst (CFA®) This designation is offered by the CFA Institute. To obtain the CFA charter, candidates must successfully complete three difficult exams and gain at least three (3) years of qualifying work experience, among other requirements. In passing these exams, candidates demonstrate their competence, integrity and extensive knowledge in accounting, ethical and professional standards, economics, portfolio management and security analysis.  Certified Public Accountant (CPA) (inactive) The CPA program is administered in Minnesota by the Minnesota Board of Accountancy. As a prerequisite, an individual must meet certain requirements in education and experience prior to qualifying for examination. A candidate is tested for in-depth knowledge of accounting principles and practices, including applicable laws and regulations. A CPA license is widely respected as an indicator of quantitative skills and high standards of professionalism. ITEM 3 – DISCIPLINARY INFORMATION Steven E. Landberg has no reportable disciplinary history. ITEM 4 – OTHER BUSINESS ACTIVITES Investment-Related Activities:  This individual is not engaged in any other investment-related activities.  This individual does not receive commissions, bonuses or other compensation on the sale of securities or other investment products. Non-Investment-Related Activities:  This individual is not engaged in any other business or occupation that provides substantial compensation or involves a substantial amount of his or her time. ITEM 5 – ADDITIONAL COMPENSATION Steven E. Landberg does not receive any economic benefit from a non-advisory client for the provision of advisory services. ITEM 6 – SUPERVISION Supervisor: Board of Governors Phone Number: 612-455-2900 All Palisade professionals are peer monitored by Palisade’s internal Investment Committee. The committee reviews and approves each stock prior to adding it to Palisade’s “Approved” or “Monitored” lists. The committee also reviews all client portfolios periodically. 3  JOSIAH B. LARSON ITEM 2 – EDUCATIONAL, BACKGROUND AND BUSINESS EXPERIENCE Year of Birth: 1983 Education:  University of Minnesota; BA; 2007 Business Experience:  Palisade Asset Management, LLC; Portfolio Manager; from 7/2024 to Present  CAPTRUST, Vice President, Financial Advisor; from 4/2023 to 6/2024  QA Wealth Management; Wealth Management Advisor; 8/2019 to 4/2023 Designations: Josiah Larson has earned the following designation(s) and is in good standing with the granting authority:  Certified Financial Planner (CFP®) This certification is administered by the CFP Board. To obtain the CFP certification, candidates must successfully complete coursework on financial planning through a CFP Board Registered Program and pass an exam demonstrating the ability to provide comprehensive personal financial planning advice. Candidates must also meet certain educational guidelines and meet experience requirements. ITEM 3 – DISCIPLINARY INFORMATION Josiah Larson has no reportable disciplinary history. ITEM 4 – OTHER BUSINESS ACTIVITES Investment-Related Activities:  This individual is not engaged in any other investment-related activities.  This individual does not receive commissions, bonuses or other compensation on the sale of securities or other investment products. Non-Investment-Related Activities:  This individual is not engaged in any other business or occupation that provides substantial compensation or involves a substantial amount of his or her time. ITEM 5 – ADDITIONAL COMPENSATION Josiah Larson does not receive any economic benefit from a non-advisory client for the provision of advisory services. ITEM 6 – SUPERVISION Supervisor: Steven E. Landberg Title: Principal Phone Number: 612-455-2900 All Palisade professionals are peer monitored by Palisade’s internal Investment Committee. The committee reviews and approves each stock prior to adding it to Palisade’s “Approved” or “Monitored” lists. The committee also reviews all client portfolios periodically. 4  ROBERT P. LAWSON ITEM 2 – EDUCATIONAL, BACKGROUND AND BUSINESS EXPERIENCE Year of Birth: 1966 Education:  University of St. Thomas; MBA; 1998  University of Minnesota; BS; 1988 Business Experience:  Palisade Asset Management, LLC; Client Relationship Manager; from 9/2020 to Present  Vector Wealth Management; Senior Wealth Advisor; from 10/2016 to 7/2020 Designations: Robert P. Lawson has earned the following designation(s) and is in good standing with the granting authority:  Certified Financial Planner (CFP®) This certification is administered by the CFP Board. To obtain the CFP certification, candidates must successfully complete coursework on financial planning through a CFP Board Registered Program and pass an exam demonstrating the ability to provide comprehensive personal financial planning advice. Candidates must also meet certain educational guidelines and meet experience requirements.  Certified Public Accountant (CPA) The CPA program is administered in Minnesota by the Minnesota Board of Accountancy. As a prerequisite, an individual must meet certain requirements in education and experience prior to qualifying for examination. A candidate is tested for in-depth knowledge of accounting principles and practices, including applicable laws and regulations. A CPA license is widely respected as an indicator of quantitative skills and high standards of professionalism. ITEM 3 – DISCIPLINARY INFORMATION Robert P. Lawson has no reportable disciplinary history. ITEM 4 – OTHER BUSINESS ACTIVITES Investment-Related Activities:  This individual is not engaged in any other investment-related activities.  This individual does not receive commissions, bonuses or other compensation on the sale of securities or other investment products. Non-Investment-Related Activities:  This individual is not engaged in any other business or occupation that provides substantial compensation or involves a substantial amount of his or her time. ITEM 5 – ADDITIONAL COMPENSATION Robert P. Lawson does not receive any economic benefit from a non-advisory client for the provision of advisory services. ITEM 6 – SUPERVISION Supervisor: Board of Governors Phone Number: 612-455-2900 All Palisade professionals are peer monitored by Palisade’s internal Investment Committee. The committee reviews and approves each stock prior to adding it to Palisade’s “Approved” or “Monitored” lists. The committee also reviews all client portfolios periodically. 5  SHAWN K. EELLS ITEM 2 – EDUCATIONAL, BACKGROUND AND BUSINESS EXPERIENCE Year of Birth: 1979 Education:  University of Minnesota; BS; 2002  University of St. Thomas; MBA; 2008 Business Experience:  Palisade Asset Management, LLC; Portfolio Manager; from 9/2019 to Present  UnitedHealth Group; Director, Investment Management; from 5/2007 to 9/2019 Designations: Shawn K. Eells has earned the following designation(s) and is in good standing with the granting authority:  Chartered Financial Analyst (CFA®) This designation is offered by the CFA Institute. To obtain the CFA charter, candidates must successfully complete three difficult exams and gain at least three (3) years of qualifying work experience, among other requirements. In passing these exams, candidates demonstrate their competence, integrity and extensive knowledge in accounting, ethical and professional standards, economics, portfolio management and security analysis. ITEM 3 – DISCIPLINARY INFORMATION Shawn K. Eells has no reportable disciplinary history. ITEM 4 – OTHER BUSINESS ACTIVITES Investment-Related Activities:  This individual is not engaged in any other investment-related activities.  This individual does not receive commissions, bonuses or other compensation on the sale of securities or other investment products. Non-Investment-Related Activities:  This individual is not engaged in any other business or occupation that provides substantial compensation or involves a substantial amount of his or her time. ITEM 5 – ADDITIONAL COMPENSATION Shawn K. Eells does not receive any economic benefit from a non-advisory client for the provision of advisory services. ITEM 6 – SUPERVISION Supervisor: Board of Governors Phone Number: 612-455-2900 All Palisade professionals are peer monitored by Palisade’s internal Investment Committee. The committee reviews and approves each stock prior to adding it to Palisade’s “Approved” or “Monitored” lists. The committee also reviews all client portfolios periodically. 6