UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
 
 
 
Investment Company Act file number: 811-10401
 
 
 
Trust for Professional Managers
(Exact name of registrant as specified in charter)
 
 
 
615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
 
 
 
Jay S. Fitton
U.S.
Bancorp Fund Services, LLC
 615 East Michigan Street
Milwaukee
, WI  53202

(Name and address of agent for service)
 
 
 
(513)-629-8104
Registrant's telephone number, including area code
 
 
 
Date of fiscal year end: November 30, 2022
 
 
 
Date of reporting period:  May 31, 2022

Item 1. Reports to Stockholders.
Rockefeller
Climate
Solutions
Fund
Rockefeller
Equity
Allocation
Fund
Rockefeller
Core
Taxable
Bond
Fund
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
Semi-Annual
Report
May
31,
2022
Investment
Adviser
Rockefeller
&
Co.
LLC
45
Rockefeller
Plaza,
5th
Floor
New
York,
New
York
10111
Table
of
Contents
Letter
to
Shareholders
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3
Expense
Examples
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7
INVESTMENT
HIGHLIGHTS
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10
Schedules
of
Investments
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21
Statements
of
Assets
and
Liabilities
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41
Statements
of
Operations
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43
Statements
of
Changes
in
Net
Assets
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45
Financial
Highlights
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51
Notes
to
Financial
Statements
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61
Statement
Regarding
Liquidity
Risk
Management
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74
Additional
Information
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75
3
Dear
Shareholder:
Global
equity
markets
declined
during
the
six
month
fiscal
period
ended
May
31,
2022
with
the
economic
outlook
deteriorating
significantly
since
the
start
of
the
year.
Inflation
levels
continued
to
rise
throughout
the
first
half
of
the
year,
compounded
by
the
spike
in
commodity
prices
following
the
onset
of
the
Russia-Ukraine
conflict
as
well
as
widespread
supply
chain
disruptions
as
China’s
zero-COVID
policy
persisted,
leading
to
lockdowns
in
major
manufacturing
hubs.
Given
this
challenging
macro
environment,
economically
sensitive
areas
of
the
market
performed
poorly,
particularly
toward
the
end
of
the
period,
as
did
consumer
stocks,
reflecting
the
impact
of
high
inflation
and
decreasing
consumer
confidence
levels.
Conversely,
quality
large
cap
stocks
as
well
as
traditionally
defensive
areas
of
the
market,
such
as
consumer
staples
and
utilities,
held
up
relatively
well
during
the
period.
Energy
was
a
notable
outperformer
for
the
period,
as
oil
prices
climbed
above
$100/bbl.
in
early
March
stemming
from
the
world’s
response
to
Russia’s
invasion
of
Ukraine
via
sanctions
has
resulted
in
the
effective
removal
of
Russian
oil
supply
from
most
of
the
global
market.
As
the
war
persists
and
global
sanctions
continue
to
mount,
current
supply/demand
dynamics
could
take
years
to
normalize
before
Russian
oil
supply
is
fully
reintegrated
into
global
markets.
We
saw
the
onset
of
multiple
contraction
in
areas
of
the
market
where
valuations
were
elevated
and
a
rotation
toward
more
reasonably
valued
sectors
in
early
2022.
Geopolitical
tensions
and
increased
concerns
about
recession
led
to
a
temporary
reversal
of
this
trend
as
investors
flocked
to
growth
stocks
in
early
March
2022.
However,
the
rotation
away
from
growth
stocks
resumed
in
April
as
major
central
banks
signaled
tightening
of
global
monetary
policies
amidst
surging
inflationary
pressures.
Investor
focus
has
keyed
in
on
central
bank
policy
response,
pricing
in
significant
rate
hikes
by
the
end
of
2023
and
contributing
to
a
broad
decline
in
equity
valuations.
Federal
Reserve
Policy
and
the
Bond
Market:
It
has
been
an
extremely
eventful
period
across
financial
markets
with
the
mood
continuing
to
ebb
and
flow
with
the
uncertainty
surrounding
the
economic
outlook.
Markets
are
struggling
to
balance
the
risks
of
inflation
versus
the
risks
of
a
recession.
The
FOMC
(Federal
Open
Market
Committee)
materially
shifted
tactical
risk/reward
comfort
with
negative
growth
outcomes
as
it
continues
to
combat
inflation.
The
aggressive
interest
rate
hiking
campaign
has
resulted
in
the
worst
start
to
a
year
on
record
for
fixed
income
investors.
The
combination
of
high
inflation
and
rising
interest
rates
is
triggering
worries
about
the
U.S
economy
and
financial
markets.
Will
growth
persevere?
Will
stagflation
rear
its
ugly
head?
Or
will
the
economy
slip
into
recession?
Whichever
scenario
unfolds,
we
believe
it
may
be
time
to
revisit
your
bond
allocations.
While
we
did
not
anticipate
the
magnitude
and
velocity
of
the
rate
move
that
we
have
experienced
year-to-date,
we
strongly
believe
the
worst
is
behind
us.
Now
that
interest
rates
have
risen,
it
is
our
belief
an
allocation
to
investment
grade
fixed
income
will
once
again
provide
some
measure
of
stability
to
an
overall
investment
portfolio,
especially
in
periods
when
risk
is
out
of
favor
and
markets
are
volatile.
Rockefeller
Climate
Solutions
Fund:
For
the
six
months
ended
May
31,
2022,
the
Institutional
Class
shares
of
the
Rockefeller
Climate
Solutions
Fund
returned
-14.86%
(net),
while
the
MSCI
All-Country
World
Index
(Net
Dividends)
had
a
return
of
-9.35%.
This
was
in
large
part
due
to
the
structural
over/
underweights
the
strategy
will
have,
given
the
focus
on
investing
in
companies
providing
climate
adaptation,
or
mitigation
solutions.
As
such,
the
strategy
was
underweight
to
financials
and
traditional
energy,
areas
of
the
market
that
significantly
outperformed.
Sweetgreen
was
the
largest
detracting
stock
as
the
market
punished
early-stage
growth
companies
with
4
short
operating
histories
during
the
period.
We
continue
to
have
conviction
in
Sweetgreen’s
business
model
as
it
is
well
positioned
to
benefit
from
changing
high
income,
urban
consumer
preferences
for
healthier
meals
with
a
relatively
low
carbon
footprint.
Darling
Ingredients
was
the
top
contributor
as
shares
rallied
following
better
than
expected
1Q22
earnings
results.
Rockefeller
Equity
Allocation
Fund:
For
the
six
months
ended
May
31,
2022,
the
Institutional
Class
shares
of
the
Rockefeller
Equity
Allocation
Fund
returned
-9.44%
(net),
while
the
MSCI
All-Country
World
Index
(Net
Dividends)
had
a
return
of
-9.35%.
The
strategy’s
underweight
to
traditional
energy
was
the
largest
detractor
from
relative
performance
during
the
period
as
energy
was
the
top
performing
sector
on
the
back
of
elevated
oil
prices.
Meta
Platforms
was
the
largest
detracting
stock
as
shares
traded
lower
after
reporting
disappointing
earnings
and
lowering
guidance.
While
we
believe
some
of
the
selloff
was
justified,
we
view
the
reaction
as
overdone
with
revenue
growth
of
8%
still
impressive
for
a
platform
of
over
3
billion
subscribers.
In
addition,
Meta
Platforms
has
yet
to
fully
monetize
the
Instagram
platform,
particularly
in
the
marketplace
feature.
The
company
is
also
investing
significant
capital,
especially
around
new
projects
such
as
the
Metaverse.
Even
with
increased
spending
on
the
Metaverse,
Meta
Platforms
shares
trade
at
a
discount
to
the
S&P
500.
We
opportunistically
added
to
Meta
Platforms
to
rebuild
the
position,
and
while
we
still
believe
its
materially
undervalued,
we
are
pleased
to
see
some
recovery
off
its
lows.
Given
their
success
with
other
capital
allocations
in
the
past
(purchasing
Instagram,
WhatsApp)
we
believe
Metaverse
has
the
potential
to
yield
positive
results
for
the
company.
Financials
was
the
top
contributing
sector
for
the
period
and
Reinsurance
Group
of
America
was
the
top
individual
stock
contributing
to
relative
performance
both
within
the
sector
and
the
Fund’s
overall
portfolio.
Shares
traded
higher
during
the
period
following
a
better
than
feared
earnings
report
and
improved
outlook
from
company
management,
notably
regarding
COVID-19
related
claims.
Rockefeller
Core
Taxable
Bond
Fund:
For
the
six
months
ended
May
31,
2022,
the
Institutional
Class
shares
of
the
Rockefeller
Core
Taxable
Bond
Fund
had
a
return
of
–10.16%
(net),
underperforming
the
Bloomberg
Barclays
Aggregate
Bond
Index
benchmark,
which
returned
-9.15%.
Detracting
from
relative
performance
was
the
Fund’s
sector
allocations.
An
overweight
to
taxable
municipal
bonds
detracted
as
spreads
widened
over
the
period.
Meanwhile,
the
Fund’s
longer
relative
duration
also
detracted
as
yields
rose
materially
across
the
curve.
Rockefeller
Intermediate
Tax-Exempt
National
Bond
Fund:
For
the
six
months
ended
May
31,
2022,
the
Institutional
Class
shares
of
the
Rockefeller
Intermediate
Tax-Exempt
National
Bond
Fund
had
a
return
of
-7.50%
(net),
while
the
Bloomberg
Barclays
Managed
Money
Short/Intermediate
(1
-
10
Years)
Index
returned
-5.61%.
Detracting
from
relative
performance
was
the
Fund’s
overweight
to
the
“A”
rated
credit
cohort
as
lower
quality
underperformed.
The
Fund’s
modestly
longer
duration
profile
also
detracted
from
relative
performance
as
yields
rose
materially
across
the
curve.
Rockefeller
Intermediate
Tax-Exempt
New
York
Bond
Fund:
For
the
six
months
ended
May
31,
2022,
the
Institutional
Class
shares
of
the
Rockefeller
Intermediate
Tax-Exempt
New
York
Bond
Fund
had
a
return
of
-7.20%
(net),
while
the
Bloomberg
Barclays
Managed
Money
Short/Intermediate
(1
-
10
Years)
Index
returned
-5.61%.
Detracting
from
relative
performance
was
the
Fund’s
overweight
to
the
“A”
rated
credit
cohort
as
lower
quality
underperformed.
The
Fund’s
modestly
longer
duration
profile
also
detracted
from
relative
performance
as
yields
rose
materially
across
the
curve.
5
Looking
Forward:
The
biggest
question
facing
the
global
markets
is
what
degree
of
slowdown
is
the
global
economy
facing?
We
believe
that
June
will
prove
to
mark
peak
inflation
fears
and
that
we
should
avoid
a
severe
global
economic
downturn.
There
are
three
key
reasons
for
this
view:
1)
underlying
inflation
trends
are
greatly
improving,
2)
the
labor
market
remains
extremely
tight
with
jobs
plentiful,
and
3)
expectations
of
future
rate
increases
have
been
fully
priced
into
equity
markets.
On
the
negative
side,
we
believe
the
consumer
will
be
increasingly
stretched
as
real
wage
gains
have
not
kept
up
with
inflation
and
boom
conditions
created
by
the
aggressive
fiscal
and
monetary
response
to
the
pandemic
have
faded.
We
believe
however
that
the
sell-off
over
the
first
part
of
the
year
has
created
opportunities
in
some
areas
of
the
market,
such
as
autos,
which
have
been
facing
supply
constraints
but
should
still
have
pent-up
demand,
as
well
as
financial
services
companies
where
current
valuations
are
reflecting
a
more
dire
economic
scenario
than
we
envision.
Additionally,
we
remain
constructive
on
energy
companies
with
exposure
to
natural
gas,
which
may
remain
in
short
supply
for
years
as
Europe
wanes
dependence
from
Russia,
as
well
as
high-quality
industrials
companies
where
valuations
are
already
priced
for
a
slowdown.
This
year
and
especially
the
month
of
June
have
been
disappointing
for
markets,
but
we
believe
that
the
upcoming
earnings
season
should
provide
a
much-needed
catalyst
to
lift
markets.
Sincerely,
David
P.
Harris,
CFA
Chairman
&
Senior
Portfolio
Manager
Rockefeller
Asset
Management
Opinions
expressed
are
those
of
Rockefeller
Asset
Management
and
are
subject
to
change,
are
not
guaranteed
and
should
not
be
considered
investment
advice.
Rockefeller
Asset
Management
is
a
division
of
Rockefeller
&
Co.
LLC,
the
investment
adviser
to
the
Rockefeller
Funds.
Must
be
preceded
or
accompanied
by
a
current
prospectus.
Past
performance
is
no
guarantee
of
future
results.
Mutual
fund
investing
involves
risk.
Principal
loss
is
possible.
The
Funds
are
susceptible
to
adverse
economic,
political,
tax,
or
regulatory
changes
which
may
magnify
other
risks.
Income
from
tax-exempt
funds
may
become
subject
to
state
and
local
taxes
and
a
portion
of
income
may
be
subject
to
the
federal
alternative
minimum
tax
for
certain
investors.
Investments
in
debt
securities
typically
decrease
in
value
when
interest
rates
rise.
This
risk
is
usually
greater
for
longer-term
debt
securities.
Investment
by
the
Funds
in
lower-rated
and
non-rated
securities
presents
a
greater
risk
of
loss
to
principal
and
interest
than
higher-rated
securities.
Investing
in
the
municipal
securities
market
is
volatile
and
can
be
significantly
affected
by
adverse
tax,
legislative
or
political
changes
and
the
financial
condition
of
the
issuers
of
municipal
securities.
Investments
in
asset-backed
and
mortgage-backed
securities
include
additional
risks
that
investors
should
be
aware
of
such
as
credit
risk,
prepayment
risk,
possible
illiquidity
and
default,
as
well
as
increased
susceptibility
to
adverse
economic
development.
The
Funds
may
invest
in
restricted
securities
or
“private
placement”
transactions.
Private
placement
securities
are
not
registered
under
the
Securities
Act
of
1933,
as
amended,
and
are
subject
to
restrictions
on
resale.
As
such
they
are
often
both
difficult
to
sell
and
to
value.
The
Funds
may
invest
in
exchange
traded
funds
(“ETFs”)
which
are
subject
to
additional
risks,
including
the
risks
that
the
market
price
of
an
ETF’s
shares
may
trade
at
a
discount
to
its
net
asset
value
("NAV"),
an
active
secondary
trading
market
may
not
develop
or
be
maintained,
or
trading
may
be
halted
by
the
exchange
in
which
they
trade,
which
may
impact
a
Fund’s
ability
to
sell
its
shares.
The
Rockefeller
Intermediate
Tax-Exempt
New
York
Bond
Fund
is
6
non-diversified,
meaning
it
concentrates
its
assets
in
fewer
individual
holdings
than
a
diversified
fund,
specifically
in
the
State
of
New
York
issues.
The
Rockefeller
Equity
Allocation
Fund
is
subject
to
small-
and
medium-capitalization
company
risks,
which
tend
to
have
limited
liquidity
and
greater
price
volatility
than
large-capitalization
companies.
The
Rockefeller
Equity
Allocation
Fund
also
invests
in
foreign
securities
which
involve
greater
volatility
and
political,
economic
and
currency
risks
and
differences
in
accounting
methods.
These
risks
are
greater
in
emerging
markets.
Investing
in
commodities
may
subject
the
Fund
to
greater
risks
and
volatility
as
commodity
prices
may
be
influenced
by
a
variety
of
factors
including
unfavorable
weather,
environmental
factors,
and
changes
in
government
regulations.
Master
limited
partnerships
(“MLPs”)
in
which
the
Rockefeller
Equity
Allocation
Fund
may
invest
are
subject
to
certain
risks
inherent
in
the
structure
of
MLPs,
including
complex
tax
structure
risks,
the
limited
ability
for
election
or
removal
of
management,
limited
voting
rights,
potential
dependence
on
parent
companies
or
sponsors
for
revenues
to
satisfy
obligations,
and
potential
conflicts
of
interest
between
partners,
members
and
affiliates.
Earnings
growth
is
not
representative
of
the
Fund’s
future
performance.
The
S&P
500
Index
is
a
broad
based
unmanaged
index
of
500
stocks,
which
is
widely
recognized
as
representative
of
the
equity
market
in
general.
The
Bloomberg
Aggregate
Bond
Index
is
an
unmanaged
index
which
is
widely
regarded
as
a
standard
for
measuring
U.S.
investment
grade
bond
market
performance.
The
Bloomberg
Managed
Money
Short/Intermediate
(1-10
Years)
Index
is
the
1-10
year
component
of
the
Barclays
Managed
Money
Index,
which
is
a
rules-based,
market-value-weighted
index
engineered
for
the
tax-exempt
municipal
bond
market.
The
MSCI
All
Country
World
Index
(Net
Dividends)
(“MSCI
ACWI”)
is
a
free
float-adjusted
market
capitalization
weighted
index
that
measures
the
equity
performance
of
global
developed
and
emerging
markets.
The
MSCI
ACWI
total
return
indices
reinvest
dividends
after
the
deduction
of
withholding
taxes,
using
(for
international
indices)
a
tax
rate
applicable
to
non-resident
institutional
investors
who
do
not
benefit
from
double
taxation
treaties.
One
cannot
invest
directly
in
an
index.
Duration
is
a
commonly
used
measure
of
the
potential
volatility
of
the
price
of
a
debt
security,
or
the
aggregate
market
value
of
a
portfolio
of
debt
securities,
prior
to
maturity.
Securities
with
a
longer
duration
generally
have
more
volatile
prices
than
securities
of
comparable
quality
with
a
shorter
duration.
Credit
quality
ratings
are
analyzed
using
credit
ratings
from
S&P
and
Moody's.
Credit
ratings
are
subject
to
change
and
are
not
guarantees
of
performance.
Fund
holdings
and
sector
allocations
are
subject
to
change
and
are
not
recommendations
to
buy
or
sell
any
security.
The
Rockefeller
Funds
are
distributed
by
Quasar
Distributors,
LLC.
7
Rockefeller
Funds
Expense
Examples
May
31,
2022
(Unaudited)
As
a
shareholder
of
the
Funds,
you
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
purchase
payments
and
(2)
ongoing
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees
and
other
Fund
expenses.
These
Examples
are
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Funds,
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
Examples
are
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
(12/1/21
–
5/31/22). 
Actual
Expenses
The
first
line
of
each
of
the
following
tables
provides
information
about
actual
account
values
and
actual
expenses.
Class
A
shares
of
the
Rockefeller
Climate
Solutions
Fund
charge
a
sales
load.
For
all
the
Funds
you
will
be
assessed
fees
for
outgoing
wire
transfers,
returned
checks
and
stop
payment
orders
at
prevailing
rates
charged
by
U.S.
Bancorp
Fund
Services,
LLC,
the
Funds’
transfer
agent.
If
you
request
that
a
redemption
be
made
by
wire
transfer,
currently
a
$15.00
fee
is
charged
by
the
Funds’
transfer
agent.
Individual
retirement
accounts
will
be
charged
a
$15.00
annual
maintenance
fee.
To
the
extent
the
Funds
invest
in
shares
of
exchange-traded
funds
or
other
investment
companies
as
part
of
their
investment
strategies,
you
will
indirectly
bear
your
proportionate
share
of
any
fees
and
expenses
charged
by
the
underlying
funds
in
which
the
Funds
invest
in
addition
to
the
expenses
of
the
Funds.
Actual
expenses
of
the
underlying
funds
are
expected
to
vary
among
the
various
underlying
funds.
These
expenses
are
not
included
in
the
Examples.
The
Examples
include,
but
are
not
limited
to,
management
fees,
fund
administration
fees
and
accounting,
custody
and
transfer
agent
fees.
You
may
use
the
information
in
this
line,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
first
line
under
the
heading
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
second
line
of
each
of
the
following
tables
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Funds’
actual
expense
ratios
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
are
not
the
Funds’
actual
returns.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Funds
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
the
expenses
shown
in
the
tables
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
sales
charges
(loads),
redemption
fees
or
exchange
fees.
Therefore,
the
second
line
of
the
table
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
8
Rockefeller
Funds
Expense
Examples
(Continued)
May
31,
2022
(Unaudited)
Rockefeller
Climate
Solutions
Fund
Beginning
Account
Value
12/01/21
Ending
Account
Value
5/31/22
Expenses
Paid
During
Period
12/01/21
—
5/31/22
*
Institutional
Class
Actual
.......................................
$1,000.00
$
851.40‌
$4.57
Hypothetical
(5%
return
before
expenses)
..................................
$1,000.00
$
1,020
.00‌
$4.99
*
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio
of
0.99%,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
period).
Rockefeller
Climate
Solutions
Fund
Beginning
Account
Value
12/01/21
Ending
Account
Value
5/31/22
Expenses
Paid
During
Period
12/01/21
—
5/31/22
*
Class
A
Actual
.......................................
$1,000.00
$
850.30‌
$5.72
Hypothetical
(5%
return
before
expenses)
..................................
$1,000.00
$
1,018.75‌
$6.24
*
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio
of
1.24%,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
period).
Rockefeller
Equity
Allocation
Fund
Beginning
Account
Value
12/01/21
Ending
Account
Value
5/31/22
Expenses
Paid
During
Period
12/01/21
—
5/31/22
*
Institutional
Class
Actual
.......................................
$1,000.00
$
905.60‌
$5.99
Hypothetical
(5%
return
before
expenses)
..................................
$1,000.00
$
1,018.65‌
$6.34
*
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio
of
1.26%,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
period).
9
Rockefeller
Funds
Expense
Examples
(Continued)
May
31,
2022
(Unaudited)
Rockefeller
Core
Taxable
Bond
Fund
Beginning
Account
Value
12/01/21
Ending
Account
Value
5/31/22
Expenses
Paid
During
Period
12/01/21
—
5/31/22
*
Institutional
Class
Actual
.......................................
$1,000.00
$
898.40‌
$3.41
Hypothetical
(5%
return
before
expenses)
..................................
$1,000.00
$
1,021.34‌
$3.63
*
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio
of
0.72%,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
period).
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
Beginning
Account
Value
12/01/21
Ending
Account
Value
5/31/22
Expenses
Paid
During
Period
12/01/21
—
5/31/22
*
Institutional
Class
Actual
.......................................
$1,000.00
$
925.00‌
$3.36
Hypothetical
(5%
return
before
expenses)
..................................
$1,000.00
$
1,021.44‌
$3.53
*
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio
of
0.70%,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
period).
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
Beginning
Account
Value
12/01/21
Ending
Account
Value
5/31/22
Expenses
Paid
During
Period
12/01/21
—
5/31/22
*
Institutional
Class
Actual
.......................................
$1,000.00
$
928.00‌
$3.99
Hypothetical
(5%
return
before
expenses)
..................................
$1,000.00
$
1,020.79‌
$4.18
*
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio
of
0.83%,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
period).
10
Rockefeller
Climate
Solutions
Fund
Investment
Highlights
May
31,
2022
(Unaudited)
The
Fund
seeks
long-term
growth
of
capital
principally
through
equity
investments
in
global
companies
across
the
market
capitalization
spectrum
offering
on
climate
change
mitigation
or
adaptation
products
and
services.
The
Adviser
typically
considers
a
company
to
be
focused
on
climate
mitigation
or
adaptation
solutions
where
it
generates
revenue
by
delivering
products
or
services
related
to
water
infrastructure
and
technologies,
waste
management
and
technologies,
energy
efficiency,
food,
agriculture
and
forestry,
renewable
and
alternative
energy,
healthcare,
pollution
control,
and/or
climate
support
systems
(“Climate
Solution
Activities”).
While
the
Fund
may
invest
in
companies
operating
in
any
industry
or
sector,
due
to
its
focus
on
Climate
Solutions
Activities,
the
Fund
is
expected
to
have
more
meaningful
exposure
to
companies
operating
in
the
Industrials
sector,
and
to
a
lesser
extent,
to
companies
operating
in
the
Consumer
Discretionary,
Communication
Services,
traditional
Energy,
and
Financials
sectors.
Rockefeller
&
Co.,
LLC
(the
“Adviser”)
believes
that
companies
positioned
alongside
environmental
sectors
have
the
potential
to
significantly
outperform
the
broader
equity
market
over
the
long-term.
Total
Returns
as
of
May
31,
2022
Allocation
of
Portfolio
Holdings
as
of
May
31,
2022
(%
of
Investments)
Common
Stocks
96.68‌
%
Money
Market
Funds
1.86‌
Real
Estate
Investment
Trusts
1.46‌
100.00‌
%
Allocation
of
Portfolio
Holdings
as
of
May
31,
2022
(%
of
Investments)
United
States
55.11‌
%
France
10.70‌
Japan
6.22‌
Netherlands
5.25‌
United
Kingdom
5.08‌
Switzerland
3.61‌
Faroe
Islands
3.34‌
Italy
2.65‌
Canada
2.51‌
Ireland
2.12‌
Bermuda
2.05‌
Denmark
1.36‌
100.00‌
%
Class
A
(1)
(with
sales
charge)
Class
A
(1)
(without
sales
charge)
MSCI
All
Country
World
Index
(Net
Dividends)
Since
Inception
........
-19.03%
-14.54%
-8.03%
(1)
Fund
commenced
operations
on
July
21,
2021.
11
Rockefeller
Climate
Solutions
Fund
Investment
Highlights
(Continued)
May
31,
2022
(Unaudited)
Average
Annual
Returns
as
of
May
31,
2022
Performance
data
quoted
represents
past
performance
and
does
not
guarantee
future
results.
The
investment
return
and
principal
value
of
an
investment
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
of
the
Fund
may
be
lower
or
higher
than
the
performance
quoted.
Performance
data
current
to
the
most
recent
month-end
may
be
obtained
by
calling
855-
369-6209.
Short-term
performance,
in
particular,
is
not
a
good
indication
of
the
Fund’s
future
performance,
and
an
investment
should
not
be
made
based
solely
on
historical
returns.
Investment
performance
reflects
fee
waivers
in
effect.
In
the
absence
of
such
waivers,
total
return
would
be
reduced.
The
returns
shown
assume
reinvestment
of
Fund
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
The
following
chart
illustrates
performance
of
a
hypothetical
investment
made
in
the
Fund
and
a
broad-based
securities
index
on
the
Fund’s
inception
date.
The
graph
does
not
reflect
any
future
performance.
The
MSCI
All
Country
World
Index
(Net
Dividends)
(“MSCI
ACWI”)
is
a
free
float-adjusted
market
capitalization
weighted
index
that
measures
the
equity
performance
of
global
developed
and
emerging
markets.
The
MSCI
returns
reflect
the
reinvestment
of
dividends
after
the
deduction
of
withholding
taxes,
using
(for
international
indices)
a
tax
rate
applicable
to
non-resident
institutional
investors
who
do
not
benefit
from
double
taxation
treaties.
Institutional
Class
(1)
MSCI
All
Country
World
Index
(Net
Dividends)
1
Year
................................
-14.68%
-6.78%
5
Y
ears
..............................
9.20%
9.00%
Since
Inception
........................
9.83%
10.25%
(1)
The
Institutional
Class
Shares
of
the
Fund
commenced
operations
on
July
21,
2021,
after
the
conversion
of
a
private
fund
(the
“Private
Fund”)
into
Institutional
Class
shares
of
the
Fund.
The
performance
prior
to
July
21,
2021
is
for
the
Private
Fund,
which
commenced
operations
on
June
1,
2012.
12
Rockefeller
Climate
Solutions
Fund
Investment
Highlights
(Continued)
May
31,
2022
(Unaudited)
*
Inception
Date
13
Rockefeller
Equity
Allocation
Fund
Investment
Highlights
May
31,
2022
(Unaudited)
The
Fund
seeks
to
achieve
its
investment
objective
of
long-term
total
return
from
capital
appreciation
and
income
by
investing
its
assets
globally
in
a
range
of
equity
asset
classes
and,
to
a
lesser
extent,
in
fixed-income
securities,
real
estate
and
commodity
linked
equities
(such
as
real
estate
investment
trusts
and
master
limited
partnerships),
and
currencies.
The
Adviser
will
allocate
the
Fund’s
assets
across
asset
classes
taking
into
consideration
both
the
Adviser’s
longer-term
strategic
outlook
as
well
as
tactical
views
as
to
potential
near-term
opportunities.
The
Adviser
considers
a
number
of
factors
when
making
allocation
decisions,
including
relative
attractiveness
among
equity
market
capitalizations
and
geographic
regions,
inflation
risks
and
factors
that
influence
commodity
prices.
Allocation
of
Portfolio
Holdings
as
of
May
31,
2022
(%
of
Investments)
Common
Stocks
96.56‌
%
Money
Market
Funds
1.82‌
Real
Estate
Investment
Trusts
1.08‌
Preferred
Stocks
0.54‌
100.00‌
%
Allocation
of
Portfolio
Holdings
as
of
May
31,
2022
(%
of
Investments)
United
States
49.04‌
%
Japan
8.44‌
United
Kingdom
7.58‌
Korea,
Republic
Of
6.67‌
France
5.83‌
Sweden
5.06‌
Germany
2.83‌
Switzerland
2.54‌
Singapore
2.47‌
China
2.08‌
India
1.81‌
Ireland
1.69‌
Netherlands
1.25‌
Denmark
0.88‌
Thailand
0.82‌
Taiwan,
Province
Of
China
0.46‌
Canada
0.35‌
Bermuda
0.20‌
100.00‌
%
14
Rockefeller
Equity
Allocation
Fund
Investment
Highlights
(Continued)
May
31,
2022
(Unaudited)
Average
Annual
Returns
as
of
May
31,
2022
Performance
data
quoted
represents
past
performance
and
does
not
guarantee
future
results.
The
investment
return
and
principal
value
of
an
investment
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
of
the
Fund
may
be
lower
or
higher
than
the
performance
quoted.
Performance
data
current
to
the
most
recent
month-end
may
be
obtained
by
calling
855-
369-6209.
Short-term
performance,
in
particular,
is
not
a
good
indication
of
the
Fund’s
future
performance,
and
an
investment
should
not
be
made
based
solely
on
historical
returns.
Investment
performance
reflects
fee
waivers
in
effect.
In
the
absence
of
such
waivers,
total
return
would
be
reduced.
The
returns
shown
assume
reinvestment
of
Fund
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
The
following
chart
illustrates
performance
of
a
hypothetical
investment
made
in
the
Fund
and
a
broad-based
securities
index
on
the
Fund’s
inception
date.
The
graph
does
not
reflect
any
future
performance.
The
MSCI
All
Country
World
Index
(Net
Dividends)
(“MSCI
ACWI”)
is
a
free
float-adjusted
market
capitalization
weighted
index
that
measures
the
equity
performance
of
global
developed
and
emerging
markets.
The
MSCI
ACWI
returns
reflect
the
reinvestment
of
dividends
after
the
deduction
of
withholding
taxes,
using
(for
international
indices)
a
tax
rate
applicable
to
non-resident
institutional
investors
who
do
not
benefit
from
double
taxation
treaties.
Rockefeller
Equity
Allocation
Fund
MSCI
All
Country
World
Index
(Net
Dividends)
1
Year
................................
-12.85%
-6.78%
5
Years
...............................
5.19%
9.00%
Since
Inception
(2/4/15)
.................
5.76%
8.26%
15
Rockefeller
Core
Taxable
Bond
Fund
Investment
Highlights
May
31,
2022
(Unaudited)
The
Fund
seeks
to
achieve
its
investment
objective
to
generate
current
income
consistent
with
the
preservation
of
capital
by
investing
under
normal
market
conditions
at
least
80%
of
its
net
assets
(plus
any
borrowings
for
investment
purposes)
in
taxable
fixed-income
securities.
“Fixed-income
securities”
include
corporate,
government
and
municipal
bonds,
asset-backed
and
mortgage-backed
securities,
other
investment
companies
and
ETFs
that
will
invest
in
fixed-income
securities,
and
other
fixed-income
instruments.
The
Fund
invests
primarily
in
investment
grade
fixed-income
securities.
Investment
grade
securities
are
fixed-
income
securities
rated
in
the
top
four
ratings
categories
by
independent
rating
organizations
such
as
Standard
&
Poor’s
Ratings
Group
(“S&P”)
and
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
another
nationally
recognized
statistical
rating
organization
(“NRSRO”),
or
deemed
by
the
Adviser
to
be
of
comparable
quality.
The
Adviser
anticipates
the
Fund’s
weighted
average
duration
will
be
more
than
three
years
but
less
than
ten
years.
6
Average
Annual
Returns
as
of
May
31,
2022
Performance
data
quoted
represents
past
performance
and
does
not
guarantee
future
results.
The
investment
return
and
principal
value
of
an
investment
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
of
the
Fund
may
be
lower
or
higher
than
the
performance
quoted.
Performance
data
current
to
the
most
recent
month-end
may
be
obtained
by
calling
855-
369-6209.
Short-term
performance,
in
particular,
is
not
a
good
indication
of
the
Fund’s
future
performance,
and
an
investment
should
not
be
made
based
solely
on
historical
returns.
Investment
performance
reflects
fee
waivers
in
effect.
In
the
absence
of
such
waivers,
total
return
would
be
reduced.
Allocation
of
Portfolio
Holdings
as
of
May
31,
2022
(%
of
Investments)
Corporate
Bonds
24.76‌
%
U.S.
Government
Notes/Bonds
21.87‌
Municipal
Bonds
19.70‌
Mortgage
Backed
Securities
19.25‌
U.S.
Government
Agency
Issues
9.50‌
Exchange
Traded
Funds
3.25‌
Asset
Backed
Securities
1.02‌
U.S.
Treasury
Bill
0.51‌
Money
Market
Funds
0.14‌
100.00‌
%
Rockefeller
Core
Taxable
Bond
Fund
Bloomberg
Aggregate
Bond
Index
1
Year
................................
-9.42%
-8.22%
5
Y
ears
..............................
0.70%
1.18%
Since
Inception
(12/26/13)
...............
1.49%
2.06%
16
Rockefeller
Core
Taxable
Bond
Fund
Investment
Highlights
(Continued)
May
31,
2022
(Unaudited)
The
returns
shown
assume
reinvestment
of
Fund
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
The
following
chart
illustrates
performance
of
a
hypothetical
investment
made
in
the
Fund
and
a
broad-based
securities
index
on
the
Fund’s
inception
date.
The
graph
does
not
reflect
any
future
performance.
The
Bloomberg
Aggregate
Bond
Index
is
an
unmanaged
index
which
is
widely
regarded
as
a
standard
for
measuring
U.S.
investment
grade
bond
market
performance.
An
index
is
unmanaged
and
cannot
be
invested
in
directly.
17
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
Investment
Highlights
May
31,
2022
(Unaudited)
The
Fund
seeks
to
achieve
its
investment
objective
to
generate
current
income
that
is
exempt
from
federal
personal
income
tax
consistent
with
the
preservation
of
capital
by
investing
under
normal
market
conditions
at
least
80%
of
its
net
assets
(plus
any
borrowings
for
investment
purposes)
in
municipal
bonds
and
other
fixed-income
securities
that
generate
income
exempt
from
regular
federal
income
tax,
including
the
federal
alternative
minimum
tax
(“AMT”).
The
Fund
may
invest
in
all
types
of
municipal
bonds,
including,
but
not
limited
to,
general
obligation
bonds
and
industrial
development
bonds.
The
Fund
may
also
invest
in
asset-backed
and
mortgage-backed
securities,
other
investment
companies,
ETFs
and
the
obligations
of
other
issuers
that
pay
interest
that
is
exempt
from
regular
federal
income
taxes.
While
the
Fund
will
invest
primarily
in
tax
exempt
securities,
it
is
possible
that
up
to
20%
of
the
Fund’s
total
assets
may
be
invested
in
fixed-income
securities
that
generate
income
that
is
not
exempt
from
regular
federal
income
tax,
including
the
federal
AMT.
The
Fund
invests
primarily
in
investment
grade
municipal
bonds
and
other
types
of
fixed-income
securities.
Investment
grade
securities
are
fixed-income
securities
rated
in
the
top
four
ratings
categories
by
independent
rating
organizations
such
as
S&P
and
Moody’s
or
another
NRSRO,
or,
if
unrated,
deemed
by
the
Adviser
to
be
of
comparable
quality.
While
the
Fund
may
invest
in
securities
of
any
duration,
the
Adviser
anticipates
the
weighted
average
duration
of
the
Fund’s
portfolio
will
be
more
than
three
years
but
less
than
ten
years.
Average
Annual
Returns
as
of
May
31,
2022
Performance
data
quoted
represents
past
performance
and
does
not
guarantee
future
results.
The
investment
return
and
principal
value
of
an
investment
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
of
the
Fund
may
be
lower
or
higher
than
the
performance
quoted.
Performance
data
current
to
the
most
recent
month
end
may
be
obtained
by
calling
855-
369-6209.
Short-term
performance,
in
particular,
is
not
a
good
indication
of
the
Fund’s
future
performance,
and
an
investment
should
not
be
made
based
solely
on
historical
returns.
Investment
performance
reflects
fee
waivers
in
effect.
In
the
absence
of
such
waivers,
total
return
would
be
reduced.
Allocation
of
Portfolio
Holdings
as
of
May
31,
2022
(%
of
Investments)
Municipal
Bonds
99.99‌
%
Money
Market
Funds
0.01‌
100.00‌
%
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
Bloomberg
Managed
Money
Short/Intermediate
Index
1
Year
................................
-7.27%
-5.64%
5
Y
ears
..............................
0.86%
1.06%
Since
Inception
(12/26/13)
...............
1.20%
1.83%
18
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
Investment
Highlights
(Continued)
May
31,
2022
(Unaudited)
The
returns
shown
assume
reinvestment
of
Fund
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
The
following
chart
illustrates
performance
of
a
hypothetical
investment
made
in
the
Fund
and
a
broad-based
securities
index
on
the
Fund’s
inception
date.
The
graph
does
not
reflect
any
future
performance.
The
Bloomberg
Managed
Money
Short/Intermediate
Index
is
the
1-10
year
component
of
the
Barclays
Managed
Money
Index,
which
is
a
rules-based,
market-value-weighted
index
engineered
for
the
tax-exempt
municipal
bond
market.
19
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
Investment
Highlights
May
31,
2022
(Unaudited)
The
Fund
seeks
to
achieve
its
investment
objective
to
generate
current
income
that
is
exempt
from
federal,
New
York
State
and
New
York
City
personal
income
tax
consistent
with
the
preservation
of
capital
by
investing
under
normal
market
conditions
at
least
80%
of
its
net
assets
(plus
any
borrowings
for
investment
purposes)
in
municipal
bonds
and
other
fixed-income
securities
that
generate
income
exempt
from
regular
federal,
New
York
State
and
New
York
City
personal
income
tax,
including
the
federal
AMT.
The
Fund
may
invest
in
all
types
of
municipal
bonds,
including,
but
not
limited
to,
general
obligation
bonds,
industrial
development
bonds,
and
other
obligations
issued
by
the
State
of
New
York,
its
subdivisions,
authorities,
instrumentalities
and
corporations.
The
Fund
may
also
invest
in
asset-backed
and
mortgage-backed
securities,
other
investment
companies,
ETFs
and
the
obligations
of
other
issuers
that
pay
interest
that
is
exempt
from
regular
federal
and
New
York
State
and
New
York
City
personal
income
tax.
While
the
Fund
will
invest
primarily
in
tax
exempt
securities,
it
is
possible
that
up
to
20%
of
the
Fund’s
total
assets
may
be
invested
in
fixed-income
securities
that
generate
income
that
is
not
exempt
from
regular
federal
income
tax,
New
York
State
and
New
York
City
personal
income
tax,
including
the
federal
AMT.
The
Fund
invests
primarily
in
investment
grade
fixed-income
securities
rated
in
the
top
four
ratings
categories
by
independent
rating
organizations
such
as
S&P
and
Moody’s
or
another
NRSRO,
or
deemed
by
the
Adviser
to
be
of
comparable
quality.
While
the
Fund
may
invest
in
securities
of
any
duration,
the
Adviser
anticipates
the
weighted
average
duration
of
the
Fund’s
portfolio
will
be
more
than
three
years
but
less
than
ten
years.
The
Fund
is
non-diversified.
Average
Annual
Returns
as
of
May
31,
2022
Performance
data
quoted
represents
past
performance
and
does
not
guarantee
future
results.
The
investment
return
and
principal
value
of
an
investment
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
of
the
Fund
may
be
lower
or
higher
than
the
performance
quoted.
Performance
data
current
to
the
most
recent
month-end
may
be
obtained
by
calling
855-
369-6209.
Short-term
performance,
in
particular,
is
not
a
good
indication
of
the
Fund’s
future
performance,
and
an
investment
should
not
be
made
based
solely
on
historical
returns.
Investment
performance
reflects
fee
waivers
in
effect.
In
the
absence
of
such
waivers,
total
return
would
be
reduced.
Allocation
of
Portfolio
Holdings
as
of
May
31,
2022
(%
of
Investments)
Municipal
Bonds
99.23‌
%
Money
Market
Funds
0.77‌
100.00‌
%
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
Bloomberg
Managed
Money
Short/Intermediate
Index
1
Year
................................
-7.18%
-5.64%
5
Y
ears
..............................
0.65%
1.06%
Since
Inception
(12/26/13)
...............
0.99%
1.83%
20
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
Investment
Highlights
(Continued)
May
31,
2022
(Unaudited)
The
returns
shown
assume
reinvestment
of
Fund
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
The
following
chart
illustrates
performance
of
a
hypothetical
investment
made
in
the
Fund
and
a
broad-based
securities
index
on
the
Fund’s
inception
date.
The
graph
does
not
reflect
any
future
performance.
The
Bloomberg
Managed
Money
Short/Intermediate
Index
is
the
1-10
year
component
of
the
Barclays
Managed
Money
Index,
which
is
a
rules-based,
market-value-weighted
index
engineered
for
the
tax-exempt
municipal
bond
market.
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
21
Rockefeller
Climate
Solutions
Fund
Schedule
of
Investments
May
31,
2022
(Unaudited)
Shares
Value
Common
Stocks
—
96
.61
%
Aerospace
&
Defense
—
2
.44
%
Maxar
Technologies,
Inc.
.................................
78,483
$
2,343,502‌
Building
Products
—
7
.03
%
A
O
Smith
Corp.
.......................................
33,018
1,985,042‌
AZEK
Co.,
Inc.
(a)
......................................
27,392
577,149‌
Cie
de
Saint-Gobain
(b)
..................................
46,966
2,783,851‌
Geberit
AG
(b)
........................................
2,571
1,411,728‌
6,757,770‌
Chemicals
—
4
.94
%
Air
Products
and
Chemicals,
Inc.
...........................
8,684
2,137,654‌
Danimer
Scientific,
Inc.
(a)
...............................
29,124
127,854‌
Ginkgo
Bioworks
Holdings,
Inc.
(a)
.........................
33,616
103,537‌
Koninklijke
DSM
NV
(b)
..................................
14,129
2,379,339‌
4,748,384‌
Commercial
Services
&
Supplies
—
3
.08
%
Stericycle,
Inc.
(a)
......................................
29,756
1,504,166‌
Tetra
Tech,
Inc.
........................................
10,776
1,454,437‌
2,958,603‌
Construction
&
Engineering
—
6
.24
%
Arcadis
NV
(b)
........................................
67,203
2,662,115‌
MasTec,
Inc.
(a)
.......................................
39,949
3,339,337‌
6,001,452‌
Diversified
Telecommunication
Services
—
1
.93
%
Iridium
Communications,
Inc.
(a)
...........................
50,080
1,858,469‌
Electric
Utilities
—
5
.81
%
Enel
SpA
(b)
..........................................
390,987
2,540,290‌
SSE
PLC
(b)
..........................................
136,406
3,046,371‌
5,586,661‌
Electrical
Equipment
—
5
.31
%
Array
Technologies,
Inc.
(a)
...............................
70,504
781,184‌
Schneider
Electric
SE
(b)
................................
21,711
3,015,476‌
Vestas
Wind
Systems
AS
(b)
..............................
51,196
1,307,662‌
5,104,322‌
Electronic
Equipment,
Instruments
&
Components
—
11
.03
%
Badger
Meter,
Inc.
......................................
24,557
1,943,441‌
Halma
PLC
(b)
........................................
65,162
1,831,067‌
TE
Connectivity
Ltd.
....................................
15,918
2,059,630‌
Teledyne
Technologies,
Inc.
(a)
............................
4,126
1,671,649‌
Trimble,
Inc.
(a)
........................................
45,527
3,098,112‌
10,603,899‌
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
Rockefeller
Climate
Solutions
Fund
Schedule
of
Investments
(Continued)
May
31,
2022
(Unaudited)
Shares
Value
Food
Products
—
6
.34
%
Bakkafrost
P/F
(b)
......................................
48,237
$
3,211,901‌
Darling
Ingredients,
Inc.
(a)
...............................
35,943
2,877,956‌
6,089,857‌
Hotels,
Restaurants
&
Leisure
—
1
.29
%
Sweetgreen,
Inc.
(a)
....................................
67,946
1,242,053‌
Independent
Power
&
Renewable
Elec
Producers
—
2
.75
%
Brookfield
Renewable
Corp.
..............................
18,491
669,005‌
Brookfield
Renewable
Partners
LP
.........................
55,364
1,969,851‌
2,638,856‌
Industrial
Conglomerates
—
1
.65
%
Hitachi
Ltd.
(b)
........................................
30,500
1,582,539‌
Life
Sciences
Tools
&
Services
—
9
.18
%
Danaher
Corp.
........................................
16,607
4,381,259‌
Thermo
Fisher
Scientific,
Inc.
.............................
7,825
4,441,235‌
8,822,494‌
Machinery
—
15
.16
%
Kubota
Corp.
(b)
.......................................
130,600
2,410,353‌
METAWATER
Co.
Ltd.
(b)
................................
127,000
1,982,949‌
Mueller
Industries,
Inc.
..................................
57,253
3,083,074‌
Mueller
Water
Products,
Inc.
..............................
116,112
1,385,216‌
Pentair
PLC
..........................................
40,502
2,031,985‌
Timken
Co.
...........................................
32,722
1,998,332‌
Xylem,
Inc./NY
........................................
19,987
1,683,905‌
14,575,814‌
Professional
Services
—
9
.21
%
Bureau
Veritas
SA
(b)
...................................
154,984
4,478,419‌
Stantec,
Inc.
(b)
.......................................
38,239
1,736,529‌
Verisk
Analytics,
Inc.
....................................
15,069
2,635,869‌
8,850,817‌
Semiconductors
&
Semiconductor
Equipment
—
0
.53
%
First
Solar,
Inc.
(a)
......................................
7,283
514,253‌
Software
—
1
.39
%
Roper
Technologies,
Inc.
.................................
3,018
1,335,284‌
Water
Utilities
—
1
.30
%
American
Water
Works
Co.,
Inc.
...........................
8,270
1,250,838‌
T
otal
Common
Stocks
(Cost
$
106,723,530
)
...............
92,865,867‌
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
23
Rockefeller
Climate
Solutions
Fund
Schedule
of
Investments
(Continued)
May
31,
2022
(Unaudited)
The
Global
Industry
Classification
Standard
(GICS
®
)
was
developed
by
and/or
is
the
exclusive
property
of
MSCI,
Inc.
(“MSCI”)
and
Standard
&
Poor’s
Financial
Services
LLC
(“S&P”).
GICS
is
a
service
mark
of
MSCI
and
S&P
and
has
been
licensed
for
use
by
U.S.
Bancorp
Fund
Services,
LLC.
Shares
Value
Real
Estate
Investment
Trusts
—
1
.45
%
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
1
.45
%
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
........
36,778
$
1,400,139‌
T
otal
Real
Estate
Investment
Trusts
(Cost
$
2,103,948
)
......
1,400,139‌
Money
Market
Funds
—
1
.86
%
Morgan
Stanley
Institutional
Liquidity
Funds
–
Treasury
Portfolio
-
Institutional
Class
,
1
.342
%
(c)
.............................
1,786,071
1,786,071‌
Total
Money
Market
Funds
(Cost
$
1,786,071
)
.............
1,786,071‌
Total
Investments
(Cost
$110,613,549)
—
99.92%
96,052,077‌
Other
Assets
in
E
xcess
of
Liabilities
—
0
.08
%
..............
74,492‌
Total
Net
Assets
—
100.00%
.............................
$
96,126,569‌
Percentages
are
stated
as
a
percent
of
net
assets.
REIT
Real
Estate
Investment
Trust
(a)
Non-income
producing
security.
(b)
Foreign
issued
security.
(c)
The
rate
shown
represents
the
seven-day
yield
as
of
May
31,
2022.
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
Rockefeller
Equity
Allocation
Fund
Schedule
of
Investments
May
31,
2022
(Unaudited)
Shares
Value
Common
Stocks
—
96.22%
Aerospace
&
Defense
—
0.09%
Maxar
Technologies,
Inc.
.................................
1,319
$
39,385‌
Air
Freight
&
Logistics
—
1.14%
Deutsche
Post
AG
(a)
...................................
11,451
473,884‌
Auto
Components
—
2.87%
Continental
AG
(a)
.....................................
6,206
476,827‌
Denso
Corp.
(a)
.......................................
9,000
551,590‌
Gentherm,
Inc.
(b)
......................................
1,824
125,747‌
Standard
Motor
Products,
Inc.
.............................
1,003
40,070‌
1,194,234‌
Banks
—
12.38%
Comerica,
Inc.
........................................
7,070
588,295‌
ICICI
Bank
Ltd.
........................................
39,121
753,079‌
KB
Financial
Group,
Inc.
(a)
..............................
14,145
691,316‌
Lloyds
Banking
Group
PLC
(a)
............................
1,820,907
1,035,041‌
Oversea-Chinese
Banking
Corp.
Ltd.
(a)
.....................
78,200
674,630‌
Svenska
Handelsbanken
AB
(a)
...........................
68,713
677,162‌
Swedbank
AB
(a)
......................................
48,823
737,120‌
5,156,643‌
Biotechnology
—
0.90%
BioMarin
Pharmaceutical,
Inc.
(b)
..........................
4,978
373,997‌
Building
Products
—
3.49%
AAON,
Inc.
...........................................
1,251
67,029‌
Carrier
Global
Corp.
....................................
12,476
490,432‌
Cie
de
Saint-Gobain
(a)
..................................
12,232
725,036‌
Simpson
Manufacturing
Co.,
Inc.
...........................
1,581
171,301‌
1,453,798‌
Capital
Markets
—
0.29%
FactSet
Research
Systems,
Inc.
...........................
314
119,879‌
Chemicals
—
2.52%
Air
Liquide
SA
(a)
......................................
5,499
963,247‌
Axalta
Coating
Systems
Ltd.
(b)
...........................
3,259
88,515‌
1,051,762‌
Commercial
Services
&
Supplies
—
0.62%
Healthcare
Services
Group,
Inc.
...........................
2,577
44,247‌
Stericycle,
Inc.
(b)
......................................
940
47,517‌
Tetra
Tech,
Inc.
........................................
1,227
165,608‌
257,372‌
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
25
Rockefeller
Equity
Allocation
Fund
Schedule
of
Investments
(Continued)
May
31,
2022
(Unaudited)
Shares
Value
Construction
&
Engineering
—
0.42%
Quanta
Services,
Inc.
...................................
704
$
83,776‌
WillScot
Mobile
Mini
Holdings
Corp.
(b)
......................
2,596
92,755‌
176,531‌
Construction
Materials
—
0.90%
Martin
Marietta
Materials,
Inc.
.............................
1,106
375,354‌
Consumer
Finance
—
4.16%
Discover
Financial
Services
...............................
9,672
1,097,675‌
FirstCash
Holdings,
Inc.
.................................
1,034
77,188‌
OneMain
Holdings,
Inc.
..................................
10,179
448,487‌
SLM
Corp.
...........................................
5,683
111,330‌
1,734,680‌
Diversified
Telecommunication
Services
—
1.28%
KT
Corp.
(b)
..........................................
17,437
532,084‌
Electrical
Equipment
—
2.63%
ABB
Ltd.
.............................................
4,022
124,561‌
Array
Technologies,
Inc.
(b)
...............................
3,071
34,027‌
Schneider
Electric
SE
(a)
................................
4,540
630,568‌
TPI
Composites,
Inc.
(b)
.................................
1,996
27,525‌
Vestas
Wind
Systems
AS
(a)
..............................
10,903
278,487‌
1,095,168‌
Electronic
Equipment,
Instruments
&
Components
—
4.42%
Badger
Meter,
Inc.
......................................
1,197
94,731‌
II-VI,
Inc.
(b)
..........................................
6,082
380,125‌
IPG
Photonics
Corp.
(b)
.................................
1,051
110,870‌
Keysight
Technologies,
Inc.
(b)
............................
2,890
420,784‌
Littelfuse,
Inc.
.........................................
750
202,650‌
TE
Connectivity
Ltd.
....................................
3,462
447,948‌
Trimble,
Inc.
(b)
........................................
2,689
182,986‌
1,840,094‌
Entertainment
—
2.55%
Netflix,
Inc.
(b)
........................................
1,998
394,485‌
Nintendo
Co.
Ltd.
(a)
....................................
1,500
669,733‌
1,064,218‌
Food
&
Staples
Retailing
—
0.39%
E-MART,
Inc.
(a)
.......................................
1,730
161,488‌
Food
Products
—
0.36%
Darling
Ingredients,
Inc.
(b)
...............................
1,082
86,636‌
Utz
Brands,
Inc.
.......................................
4,507
63,098‌
149,734‌
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
Rockefeller
Equity
Allocation
Fund
Schedule
of
Investments
(Continued)
May
31,
2022
(Unaudited)
Shares
Value
Health
Care
Equipment
&
Supplies
—
6.53%
ABIOMED,
Inc.
(b)
.....................................
454
$
119,720‌
Alcon,
Inc.
............................................
1
75‌
Becton
Dickinson
and
Co.
................................
1,944
497,275‌
Edwards
Lifesciences
Corp.
(b)
............................
983
99,136‌
Inogen,
Inc.
(b)
........................................
1,807
46,404‌
Insulet
Corp.
(b)
.......................................
617
131,717‌
Integer
Holdings
Corp.
(b)
................................
1,073
85,604‌
Koninklijke
Philips
NV
(a)
................................
20,158
519,605‌
Masimo
Corp.
(b)
......................................
482
67,687‌
Medtronic
PLC
........................................
7,008
701,851‌
Merit
Medical
Systems,
Inc.
(b)
............................
2,945
180,793‌
Omnicell,
Inc.
(b)
.......................................
1,302
144,730‌
Outset
Medical,
Inc.
(b)
..................................
1,121
24,438‌
ResMed,
Inc.
.........................................
495
100,713‌
2,719,748‌
Health
Care
Providers
&
Services
—
2.25%
Centene
Corp.
(b)
......................................
8,220
669,437‌
Chemed
Corp.
........................................
382
185,040‌
Molina
Healthcare,
Inc.
(b)
...............................
281
81,552‌
936,029‌
Hotels,
Restaurants
&
Leisure
—
0.25%
Wyndham
Hotels
&
Resorts,
Inc.
...........................
1,277
102,326‌
Household
Durables
—
3.31%
Panasonic
Holdings
Corp.
(a)
.............................
54,200
497,316‌
Sony
Group
Corp.
(a)
...................................
9,400
881,621‌
1,378,937‌
Industrial
Conglomerates
—
2.62%
Hitachi
Ltd.
(a)
........................................
14,100
731,600‌
LG
Corp.
(a)
..........................................
5,592
360,675‌
1,092,275‌
Insurance
—
7.71%
Allstate
Corp.
.........................................
3,778
516,415‌
Arch
Capital
Group
Ltd.
(b)
...............................
1,746
82,865‌
BRP
Group,
Inc.
(b)
.....................................
3,280
82,721‌
Globe
Life,
Inc.
........................................
7,096
692,357‌
Intact
Financial
Corp.
(a)
.................................
1,016
146,795‌
Reinsurance
Group
of
America,
Inc.
........................
8,276
1,041,535‌
SCOR
SE
(a)
.........................................
3,703
97,311‌
Willis
Towers
Watson
PLC
................................
2,618
552,581‌
3,212,580‌
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
27
Rockefeller
Equity
Allocation
Fund
Schedule
of
Investments
(Continued)
May
31,
2022
(Unaudited)
Shares
Value
Interactive
Media
&
Services
—
3.36%
Meta
Platforms,
Inc.
(b)
..................................
4,772
$
924,050‌
Tencent
Holdings
Ltd.
(a)
.................................
10,400
475,471‌
1,399,521‌
Internet
&
Direct
Marketing
Retail
—
0.93%
Alibaba
Group
Holding
Ltd.
(b)
............................
4,043
388,330‌
IT
Services
—
4.12%
Fidelity
National
Information
Services,
Inc.
....................
4,332
452,694‌
Visa,
Inc.
............................................
2,841
602,775‌
WEX,
Inc.
(b)
.........................................
3,881
660,857‌
1,716,326‌
Machinary
—
1.48%
Epiroc
AB
(a)
.........................................
31,908
618,726‌
Machinery
—
0.86%
Kubota
Corp.
(a)
.......................................
4,400
81,206‌
Mueller
Industries,
Inc.
..................................
1,290
69,466‌
Nordson
Corp.
........................................
529
115,259‌
Timken
Co.
...........................................
1,526
93,193‌
359,124‌
Oil,
Gas
&
Consumable
Fuels
—
2
.22%
Shell
PLC
............................................
15,613
924,602‌
Pharmaceuticals
—
4.22%
Elanco
Animal
Health,
Inc.
(b)
.............................
17,862
423,329‌
Eli
Lilly
&
Co.
..........................................
2,436
763,540‌
Novo
Nordisk
AS
.......................................
786
86,774‌
Roche
Holding
AG
(a)
...................................
1,420
483,924‌
1,757,567‌
Professional
Services
—
1.32%
Mistras
Group,
Inc.
(b)
...................................
3,444
19,941‌
RELX
PLC
(a)
.........................................
18,459
529,302‌
549,243‌
Semiconductors
&
Semiconductor
Equipment
—
2.62%
Applied
Materials,
Inc.
...................................
4,881
572,492‌
First
Solar,
Inc.
(b)
......................................
2,497
176,313‌
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.................
2,016
192,125‌
Teradyne,
Inc.
.........................................
545
59,547‌
Tokyo
Electron
Ltd.
(a)
..................................
200
91,677‌
1,092,154‌
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
Rockefeller
Equity
Allocation
Fund
Schedule
of
Investments
(Continued)
May
31,
2022
(Unaudited)
Shares
Value
Software
—
4.20%
Everbridge,
Inc.
(b)
.....................................
3,145
$
129,920‌
Microsoft
Corp.
........................................
5,351
1,454,777‌
New
Relic,
Inc.
(b)
......................................
1,019
47,750‌
PROS
Holdings,
Inc.
(b)
.................................
1,668
45,520‌
Varonis
Systems,
Inc.
(b)
.................................
2,191
72,456‌
1,750,423‌
Technology
Hardware,
Storage
&
Peripherals
—
4.13%
Apple,
Inc.
...........................................
4,373
650,877‌
Samsung
Electronics
Co.
Ltd.
(a)
...........................
18,793
1,021,925‌
Stratasys
Ltd.
(b)
.......................................
2,474
49,332‌
1,722,134‌
Textiles,
Apparel
&
Luxury
Goods
—
1.18%
Carter's,
Inc.
..........................................
1,469
113,187‌
Deckers
Outdoor
Corp.
(b)
...............................
255
68,483‌
Ralph
Lauren
Corp.
.....................................
3,082
311,559‌
493,229‌
Trading
Companies
&
Distributors
—
0.53%
Ashtead
Group
PLC
(a)
..................................
2,047
107,257‌
Herc
Holdings,
Inc.
.....................................
979
114,758‌
222,015‌
Transportation
Infrastructure
—
0.82%
Airports
of
Thailand
PCL
(a)(b)
............................
166,900
340,018‌
Wireless
Telecommunication
Services
—
0.15%
Tele2
AB
(a)
..........................................
5,288
64,671‌
Total
Common
Stocks
(Cost
$32,533,893)
................
40,090,283‌
Real
Estate
Investment
Trusts
—
1.08%
Equity
Real
Estate
Investment
Trusts
(REITs)
—
1.08%
CapitaLand
Integrated
Commercial
Trust
(a)
..................
221,900
353,910‌
Iron
Mountain,
Inc.
.....................................
1,757
94,702‌
448,612‌
Total
Real
Estate
Investment
Trusts
(Cost
$336,237)
........
448,612‌
Preferred
Stocks
—
0.54%
Automobiles
—
0.54%
Volkswagen
AG
(a)
.....................................
1,356
225,173‌
Total
Preferred
Stocks
(Cost
$225,020)
..................
225,173‌
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
29
Rockefeller
Equity
Allocation
Fund
Schedule
of
Investments
(Continued)
May
31,
2022
(Unaudited)
The
Global
Industry
Classification
Standard
(GICS
®
)
was
developed
by
and/or
is
the
exclusive
property
of
MSCI,
Inc.
(“MSCI”)
and
Standard
&
Poor’s
Financial
Services
LLC
(“S&P”).
GICS
is
a
service
mark
of
MSCI
and
S&P
and
has
been
licensed
for
use
by
U.S.
Bancorp
Fund
Services,
LLC.
Shares
Value
Money
Market
Funds
—
1.81%
Morgan
Stanley
Institutional
Liquidity
Funds
–
Treasury
Portfolio
-
Institutional
Class,
1.342%
(c)
.............................
755,363
$
755,363‌
Total
Money
Market
Funds
(Cost
$755,363)
...............
755,363‌
Total
Investments
(Cost
$33,850,513)
—
99.65%
41,519,431‌
Other
Assets
in
Excess
of
Liabilities
—
0.35%
..............
144,680‌
Total
Net
Assets
—
100.00%
.............................
$
41,664,111‌
Percentages
are
stated
as
a
percent
of
net
assets.
REIT
Real
Estate
Investment
Trust
(a)
Foreign
issued
security.
(b)
Non-income
producing
security.
(c)
The
rate
shown
represents
the
seven-day
yield
as
of
May
31,
2022.
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
Rockefeller
Core
Taxable
Bond
Fund
Schedule
of
Investments
May
31,
2022
(Unaudited)
Principal
Amount
Value
Asset-Backed
Securities
—
1.01%
GM
Financial
Consumer
Automobile
Receivables
Trust
2.180%,
2019-3,
04/16/2024
.............................
$
146,745‌
$
146,830‌
Verizon
Owner
Trust
2.330%,
2019-B,
12/20/2023
.............................
411,175‌
411,538‌
Total
Asset-Backed
Securities
(Cost
$558,520)
............
558,368‌
Corporate
Bonds
—
24.63%
Aerospace
&
Defense
—
1.17%
Boeing
Co.
2.196%,
02/04/2026
...................................
705,000‌
647,613‌
Credit
Intermediation
and
Related
Activities
—
1.48%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.000%,
10/29/2028
...................................
932,000‌
815,186‌
Diversified
Banks
—
7.61%
Bank
of
America
Corp.
4.244%
(3
Month
LIBOR
USD
+
1.814%),
04/24/2038
..........
790,000‌
767,811‌
Citigroup,
Inc.
3.520%,
10/27/2028
...................................
1,100,000‌
1,059,782‌
JPMorgan
Chase
&
Co.
4.493%
(3
Month
LIBOR
USD
+
3.790%),
03/24/2031
..........
1,512,000‌
1,529,828‌
Wells
Fargo
&
Co.
0.805%,
05/19/2025
...................................
890,000‌
843,317‌
4,200,738‌
Health
Care
Services
—
1.51%
CVS
Health
Corp.
3.250%,
08/15/2029
...................................
886,000‌
836,498‌
Home
Improvement
Retail
—
3.05%
Home
Depot,
Inc.
5.875%,
12/16/2036
...................................
1,402,000‌
1,683,224‌
Integrated
Telecommunication
Services
—
4.34%
AT&T,
Inc.
1.700%,
03/25/2026
...................................
1,284,000‌
1,198,122‌
Verizon
Communications,
Inc.
2.650%,
11/20/2040
...................................
1,555,000‌
1,199,347‌
2,397,469‌
Investment
Banking
&
Brokerage
—
2.91%
Goldman
Sachs
Group,
Inc.
3.210%,
04/22/2042
...................................
981,000‌
802,740‌
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
31
Rockefeller
Core
Taxable
Bond
Fund
Schedule
of
Investments
(Continued)
May
31,
2022
(Unaudited)
Principal
Amount
Value
Investment
Banking
&
Brokerage
—
2.91%
(Continued)
Morgan
Stanley
2.943%,
01/21/2033
...................................
$
901,000‌
$
805,052‌
1,607,792‌
Regional
Banks
—
1.56%
Truist
Financial
Corp.
3.750%,
12/06/2023
...................................
851,000‌
862,839‌
Systems
Software
—
1.00%
Microsoft
Corp.
3.500%,
02/12/2035
...................................
560,000‌
550,448‌
Total
Corporate
Bonds
(Cost
$15,004,769)
...............
13,601,807‌
Mortgage-Backed
Securities
—
19.15%
Fannie
Mae
Pool
2.500%,
07/01/2023
...................................
21,908‌
21,788‌
3.000%,
04/01/2032
...................................
546,769‌
547,060‌
2.000%,
12/01/2035
...................................
435,234‌
411,790‌
2.500%,
08/01/2041
...................................
944,395‌
883,323‌
4.000%,
10/01/2048
...................................
998,421‌
1,016,972‌
4.500%,
07/01/2049
...................................
501,747‌
512,601‌
2.500%,
01/01/2050
...................................
70,382‌
65,040‌
2.000%,
09/01/2050
...................................
1,319,789‌
1,177,783‌
2.500%,
11/01/2050
...................................
244,422‌
225,430‌
3.000%,
04/01/2051
...................................
609,497‌
583,083‌
2.000%,
05/01/2051
...................................
469,720‌
419,157‌
3.000%,
05/01/2051
...................................
434,905‌
416,084‌
2.500%,
07/01/2051
...................................
1,785,703‌
1,646,241‌
3.000%,
09/01/2051
...................................
606,696‌
580,360‌
4.000%,
04/01/2052
...................................
1,051,882‌
1,055,836‌
Freddie
Mac
Pool
2.500%,
10/01/2032
...................................
474,820‌
467,337‌
2.500%,
10/01/2040
...................................
341,899‌
321,078‌
3.500%,
08/01/2049
...................................
224,902‌
222,291‌
Total
Mortgage-Backed
Securities
(Cost
$11,427,981)
......
10,573,254‌
Municipal
Bonds
—
19.60%
Alabama
—
1.51%
Alabama
Federal
Aid
Highway
Finance
Authority
2.650%,
09/01/2037
...................................
1,000,000‌
830,878‌
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
32
Rockefeller
Core
Taxable
Bond
Fund
Schedule
of
Investments
(Continued)
May
31,
2022
(Unaudited)
Principal
Amount
Value
Colorado
—
0.71%
Regional
Transportation
District
Sales
Tax
Revenue
2.337%,
11/01/2036
...................................
$
500,000‌
$
392,329‌
Maryland
—
1.54%
City
of
Baltimore
MD
2.814%,
07/01/2040
...................................
1,070,000‌
849,781‌
New
York
—
5.29%
Metropolitan
Transportation
Authority
6.734%,
11/15/2030
...................................
870,000‌
982,990‌
New
York
State
Dormitory
Authority
4.850%,
07/01/2048
...................................
1,065,000‌
1,065,375‌
New
York
State
Urban
Development
Corp.
2.150%,
03/15/2031
...................................
1,025,000‌
873,902‌
2,922,267‌
North
Carolina
—
2.12%
University
of
North
Carolina
at
Chapel
Hill
3.327%,
12/01/2036
...................................
1,240,000‌
1,172,567‌
Ohio
—
0.54%
Ohio
Housing
Finance
Agency
2.650%,
11/01/2041
...................................
298,000‌
296,103‌
Oregon
—
1.66%
State
of
Oregon
3.975%,
05/01/2038
...................................
950,000‌
918,187‌
Texas
—
6.23%
North
Texas
Tollway
Authority
3.011%,
01/01/2043
...................................
575,000‌
457,934‌
Permanent
University
Fund
-
Texas
A&M
University
System
3.660%,
07/01/2047
...................................
2,500,000‌
2,370,039‌
Texas
Transportation
Commission
2.562%,
04/01/2042
...................................
750,000‌
612,775‌
3,440,748‌
Total
Municipal
Bonds
(Cost
$12,127,615)
................
10,822,860‌
U.S.
Government
Agency
Issues
—
9.46%
Federal
Farm
Credit
Banks
Funding
Corp.
0.870%,
04/15/2026
...................................
725,000‌
673,454‌
Federal
Home
Loan
Banks
0.625%,
11/27/2024
...................................
2,110,000‌
1,998,159‌
1.020%,
05/19/2026
...................................
1,440,000‌
1,342,671‌
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
33
Rockefeller
Core
Taxable
Bond
Fund
Schedule
of
Investments
(Continued)
May
31,
2022
(Unaudited)
The
Global
Industry
Classification
Standard
(GICS
®
)
was
developed
by
and/or
is
the
exclusive
property
of
MSCI,
Inc.
(“MSCI”)
and
Standard
&
Poor’s
Financial
Services
LLC
(“S&P”).
GICS
is
a
service
mark
of
MSCI
and
S&P
and
has
been
licensed
for
use
by
U.S.
Bancorp
Fund
Services,
LLC.
Principal
Amount
Value
U.S.
Government
Agency
Issues
—
9.46%
(Continued)
Ginnie
Mae
II
Pool
3.000%,
MA3033,
08/20/2045
............................
$
468,228‌
$
456,403‌
3.500%,
MA4321,
03/20/2047
............................
480,469‌
483,032‌
4.000%,
MA4901,
12/20/2047
............................
261,338‌
267,743‌
Total
U.S.
Government
Agency
Issues
(Cost
$5,483,468)
....
5,221,462‌
U.S.
Government
Notes/Bonds
—
21.76%
United
States
Treasury
Note/Bond
2.250%,
04/30/2024
...................................
580,000‌
577,463‌
0.250%,
06/15/2024
...................................
318,000‌
303,640‌
2.625%,
03/31/2025
...................................
2,262,000‌
2,258,024‌
0.750%,
03/31/2026
...................................
1,240,000‌
1,147,920‌
1.625%,
09/30/2026
...................................
2,966,000‌
2,822,566‌
2.750%,
02/15/2028
...................................
2,531,000‌
2,516,467‌
2.500%,
02/15/2045
...................................
1,550,000‌
1,343,717‌
1.250%,
05/15/2050
...................................
1,614,000‌
1,045,506‌
Total
U.S.
Government
Notes/Bonds
(Cost
$12,727,452)
....
12,015,303‌
Shares
Exchange-Traded
Funds
—
3.24%
Vanguard
Mortgage-Backed
Securities
ETF
..................
36,798
1,788,383‌
Total
Exchange-Traded
Funds
(Cost
$1,982,191)
..........
1,788,383‌
Money
Market
Funds
—
0.14%
Morgan
Stanley
Institutional
Liquidity
Funds
–
Treasury
Portfolio
-
Institutional
Class,
1.342% (a)
.............................
76,137
76,137‌
Total
Money
Market
Funds
(Cost
$76,137)
................
76,137‌
Principal
Amount
U.S.
Treasury
Bill
—
0.51%
United
States
Treasury
Bill,
0.615% (b)
......................
$
280,000‌
279,851‌
Total
U.S.
Treasury
Bill
(Cost
$279,869)
..................
279,851‌
Total
Investments
(Cost
$59,668,001)
—
99.50%
54,937,425‌
Other
Assets
in
Excess
of
Liabilities
—
0.50%
..............
275,886‌
Total
Net
Assets
—
100.00%
.............................
$
55,213,311‌
Percentages
are
stated
as
a
percent
of
net
assets.
(a)
The
rate
shown
represents
the
seven-day
yield
as
of
May
31,
2022.
(b)
Zero
coupon
bond;
effective
yield
is
shown.
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
34
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
Schedule
of
Investments
May
31,
2022
(Unaudited)
Principal
Amount
Value
Municipal
Bonds
—
98.83%
Alabama
—
5.66%
Black
Belt
Energy
Gas
District
4.000%,
10/01/2052
...................................
$
1,800,000‌
$
1,862,407‌
Southeast
Energy
Authority
A
Cooperative
District
4.000%,
11/01/2051
...................................
2,000,000‌
2,058,116‌
3,920,523‌
Alaska
—
4.19%
Alaska
Housing
Finance
Corp.
5.000%,
12/01/2033
...................................
2,590,000‌
2,906,188‌
Arizona
—
2.64%
Salt
River
Project
Agricultural
Improvement
&
Power
District
5.000%,
01/01/2032
...................................
625,000‌
708,886‌
5.000%,
01/01/2036
...................................
1,000,000‌
1,119,963‌
Colorado
—
2.77%
Colorado
Educational
&
Cultural
Facilities
Authority
5.000%,
03/01/2035
...................................
1,610,000‌
1,918,219‌
Connecticut
—
0.67%
Connecticut
Housing
Finance
Authority
2.850%,
11/15/2026
...................................
465,000‌
466,928‌
Florida
—
2.83%
Florida
Housing
Finance
Corp.
3.200%,
07/01/2030
...................................
415,000‌
411,439‌
State
of
Florida
Department
of
Transportation
Turnpike
System
Revenue
4.000%,
07/01/2033
...................................
1,500,000‌
1,549,450‌
1,960,889‌
Illinois
—
10.15%
Chicago
O'Hare
International
Airport
5.000%,
01/01/2036
...................................
750,000‌
796,056‌
5.000%,
01/01/2036
...................................
2,000,000‌
2,154,732‌
Illinois
Finance
Authority
4.000%,
02/15/2033
...................................
2,550,000‌
2,606,780‌
5.000%,
07/01/2036
...................................
1,300,000‌
1,472,692‌
7,030,260‌
Kansas
—
1.96%
State
of
Kansas
Department
of
Transportation
5.000%,
09/01/2030
...................................
1,210,000‌
1,361,406‌
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
35
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
Schedule
of
Investments
(Continued)
May
31,
2022
(Unaudited)
Principal
Amount
Value
Massachusetts
—
10.37%
Commonwealth
of
Massachusetts
5.000%,
09/01/2030
...................................
$
1,500,000‌
$
1,509,271‌
4.000%,
11/01/2035
...................................
2,000,000‌
2,157,186‌
Massachusetts
Development
Finance
Agency
5.000%,
07/01/2030
...................................
2,000,000‌
2,199,244‌
5.000%,
12/01/2032
...................................
430,000‌
457,640‌
5.000%,
07/01/2050
...................................
750,000‌
864,302‌
7,187,643‌
Michigan
—
1.90%
Michigan
State
University
5.000%,
02/15/2036
...................................
1,175,000‌
1,316,180‌
Minnesota
—
0.82%
Minneapolis-St
Paul
Metropolitan
Airports
Commission
5.000%,
01/01/2026
...................................
550,000‌
571,571‌
Nebraska
—
1.11%
Nebraska
Investment
Finance
Authority
3.350%,
09/01/2028
...................................
765,000‌
765,889‌
Nevada
—
4.44%
Clark
County
Water
Reclamation
District
4.000%,
07/01/2034
...................................
1,175,000‌
1,227,005‌
County
of
Clark
Department
of
Aviation
5.000%,
07/01/2033
...................................
1,770,000‌
1,847,639‌
3,074,644‌
New
York
—
15.05%
City
of
New
York
NY
5.000%,
12/01/2034
...................................
705,000‌
792,922‌
Metropolitan
Transportation
Authority
5.000%,
11/15/2027
...................................
1,795,000‌
1,922,191‌
4.000%,
11/15/2035
...................................
1,000,000‌
1,000,663‌
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
5.000%,
02/01/2036
...................................
1,000,000‌
1,160,428‌
New
York
State
Dormitory
Authority
5.000%,
02/15/2033
...................................
1,090,000‌
1,167,306‌
Port
Authority
of
New
York
&
New
Jersey
5.000%,
11/15/2033
...................................
1,490,000‌
1,651,112‌
State
of
New
York
Mortgage
Agency
2.750%,
10/01/2028
...................................
400,000‌
395,906‌
3.125%,
10/01/2032
...................................
965,000‌
955,340‌
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
36
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
Schedule
of
Investments
(Continued)
May
31,
2022
(Unaudited)
Principal
Amount
Value
New
York
—
15.05%
(Continued)
Triborough
Bridge
&
Tunnel
Authority
5.000%,
11/15/2030
...................................
$
1,255,000‌
$
1,394,410‌
10,440,278‌
Ohio
—
4.15%
Ohio
Water
Development
Authority
5.000%,
06/01/2028
...................................
750,000‌
837,764‌
5.000%,
12/01/2030
...................................
1,835,000‌
2,039,762‌
Pennsylvania
—
11.55%
Commonwealth
of
Pennsylvania
3.250%,
08/15/2026
...................................
1,560,000‌
1,593,642‌
Pennsylvania
Economic
Development
Financing
Authority
5.000%,
02/01/2033
...................................
1,130,000‌
1,175,994‌
4.000%,
11/15/2035
...................................
1,480,000‌
1,503,967‌
Pennsylvania
Housing
Finance
Agency
2.375%,
10/01/2027
...................................
510,000‌
503,566‌
3.200%,
10/01/2031
...................................
2,065,000‌
2,070,176‌
Pennsylvania
Turnpike
Commission
5.000%,
12/01/2035
...................................
1,040,000‌
1,149,130‌
7,996,475‌
Texas
—
12.24%
Arlington
Higher
Education
Finance
Corp.
5.000%,
08/15/2024
...................................
315,000‌
331,965‌
City
of
Houston
TX
Combined
Utility
System
Revenue
5.000%,
11/15/2033
...................................
825,000‌
962,459‌
Clifton
Higher
Education
Finance
Corp.
4.000%,
08/15/2032
...................................
1,000,000‌
1,085,541‌
North
Texas
Tollway
Authority
3.990%,
09/01/2037
(a)
................................
2,035,000‌
1,016,792‌
San
Antonio
Independent
School
District/TX
4.000%,
08/15/2035
...................................
500,000‌
535,534‌
State
of
Texas
5.000%,
10/01/2034
...................................
1,250,000‌
1,398,512‌
Tarrant
Regional
Water
District
Water
Supply
System
Revenue
5.000%,
03/01/2029
...................................
300,000‌
321,496‌
Texas
Municipal
Gas
Acquisition
and
Supply
Corp.
I
6.250%,
12/15/2026
...................................
2,635,000‌
2,837,540‌
8,489,839‌
Virginia
—
1.93%
FHLMC
Multifamily
VRD
Certificates
2.550%,
06/15/2035
...................................
1,460,000‌
1,338,452‌
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
37
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
Schedule
of
Investments
(Continued)
May
31,
2022
(Unaudited)
Principal
Amount
Value
Washington
—
2.80%
State
of
Washington
5.000%,
06/01/2032
...................................
$
550,000‌
$
634,761‌
Washington
State
Housing
Finance
Commission
3.000%,
12/01/2031
...................................
1,325,000‌
1,302,213‌
1,936,974‌
Wisconsin
—
1.60%
State
of
Wisconsin
5.000%,
11/01/2032
...................................
1,000,000‌
1,110,889‌
Total
Municipal
Bonds
(Cost
$71,411,934)
................
68,499,622‌
Shares
Money
Market
Funds
—
0.01%
Morgan
Stanley
Institutional
Liquidity
Funds
–
Treasury
Portfolio
-
Institutional
Class,
1.342%
(b)
.............................
4,929
4,929‌
Total
Money
Market
Funds
(Cost
$4,929)
................
4,929‌
Total
Investments
(Cost
$71,416,863)
—
98.84%
68,504,551‌
Other
Assets
in
Excess
of
Liabilities
—
1.16%
..............
802,819‌
Total
Net
Assets
—
100.00%
.............................
$
69,307,370‌
Percentages
are
stated
as
a
percent
of
net
assets.
FHLMC
Federal
Home
Loan
Mortgage
Corporation
(a)
Zero
coupon
bond;
effective
yield
is
shown.
(b)
The
rate
shown
represents
the
seven-day
yield
as
of
May
31,
2022.
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
38
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
Schedule
of
Investments
May
31,
2022
(Unaudited)
Principal
Amount
Value
Municipal
Bonds
—
98.29%
Georgia
—
3.80%
City
of
Atlanta
GA
Airport
Passenger
Facility
Charge
5.000%,
07/01/2035
.......................................
$
1,130,000‌
$
1,276,022‌
Illinois
—
1.85%
State
of
Illinois
4.000%,
03/01/2024
.......................................
605,000‌
621,584‌
New
York
—
88.39%
City
of
New
York,
NY
4.000%,
08/01/2034
.......................................
740,000‌
763,036‌
City
of
Yonkers,
NY
4.000%,
05/01/2035
.......................................
750,000‌
782,758‌
County
of
Dutchess,
NY
4.000%,
03/01/2032
.......................................
500,000‌
526,250‌
County
of
Westchester,
NY
4.000%,
12/01/2029
.......................................
650,000‌
692,463‌
Metropolitan
Transportation
Authority
5.000%,
11/15/2026
.......................................
1,190,000‌
1,208,595‌
5.000%,
11/15/2028
.......................................
355,000‌
387,839‌
4.000%,
11/15/2032
.......................................
1,000,000‌
1,025,530‌
4.000%,
11/15/2035
.......................................
750,000‌
750,497‌
Nassau
County
Interim
Finance
Authority
4.000%,
11/15/2034
.......................................
1,275,000‌
1,399,573‌
New
York
City
Housing
Development
Corp.
1.850%,
05/01/2026
.......................................
250,000‌
241,500‌
2.850%,
11/01/2031
.......................................
1,130,000‌
1,083,918‌
New
York
City
Municipal
Water
Finance
Authority
5.000%,
06/15/2031
.......................................
500,000‌
559,912‌
4.000%,
06/15/2036
.......................................
1,190,000‌
1,245,019‌
New
York
City
Transitional
Finance
Authority
Building
Aid
Revenue
5.000%,
07/15/2030
.......................................
465,000‌
498,686‌
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
5.000%,
02/01/2034
.......................................
500,000‌
549,802‌
5.000%,
02/01/2036
.......................................
850,000‌
986,364‌
New
York
Liberty
Development
Corp.
2.500%,
11/15/2036
.......................................
350,000‌
296,965‌
New
York
State
Dormitory
Authority
5.000%,
07/01/2031
.......................................
1,105,000‌
1,219,511‌
5.000%,
10/01/2032
.......................................
1,000,000‌
1,107,226‌
5.000%,
03/15/2033
.......................................
135,000‌
151,309‌
5.000%,
07/01/2033
.......................................
1,090,000‌
1,173,470‌
4.000%,
03/15/2034
.......................................
2,000,000‌
2,111,844‌
5.000%,
07/01/2034
.......................................
900,000‌
967,533‌
5.000%,
03/15/2035
.......................................
500,000‌
537,100‌
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
39
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
Schedule
of
Investments
(Continued)
May
31,
2022
(Unaudited)
Principal
Amount
Value
New
York
—
88.39%
(Continued)
New
York
State
Housing
Finance
Agency
2.125%,
11/01/2023
.......................................
$
400,000‌
$
400,019‌
2.900%,
11/01/2025
.......................................
190,000‌
191,430‌
3.050%,
11/01/2027
.......................................
1,000,000‌
999,984‌
New
York
State
Thruway
Authority
5.000%,
01/01/2032
.......................................
1,020,000‌
1,081,650‌
5.000%,
01/01/2035
.......................................
1,000,000‌
1,074,661‌
New
York
State
Thruway
Authority
Highway
&
Bridge
Trust
Fund
5.000%,
04/01/2032
.......................................
750,000‌
752,201‌
Port
Authority
of
New
York
&
New
Jersey
5.000%,
11/15/2033
.......................................
700,000‌
775,690‌
State
of
New
York
Mortgage
Agency
2.300%,
10/01/2027
.......................................
700,000‌
685,155‌
2.650%,
04/01/2029
.......................................
500,000‌
491,934‌
Triborough
Bridge
&
Tunnel
Authority
2.795%,
11/15/2032 (a)
.....................................
865,000‌
591,246‌
5.000%,
11/15/2034
.......................................
1,000,000‌
1,125,228‌
Utility
Debt
Securitization
Authority
5.000%,
12/15/2034
.......................................
1,125,000‌
1,241,435‌
29,677,333‌
Texas
—
4.25%
Texas
Municipal
Gas
Acquisition
and
Supply
Corp.
I
6.250%,
12/15/2026
.......................................
1,325,000‌
1,426,846‌
Total
Municipal
Bonds
(Cost
$34,496,137)
.....................
33,001,785‌
Shares
Money
Market
Funds
—
0.76%
Morgan
Stanley
Institutional
Liquidity
Funds
–
Treasury
Portfolio
-
Institutional
Class,
1.342% (b)
..........................................
256,822
256,822‌
Total
Money
Market
Funds
(Cost
$256,822)
....................
256,822‌
Total
Investments
(Cost
$34,752,960)
—
99.05%
33,258,607‌
Other
Assets
in
Excess
of
Liabilities
—
0.95%
....................
319,311‌
Total
Net
Assets
—
100.00%
.................................
$
33,577,918‌
Percentages
are
stated
as
a
percent
of
net
assets.
(a)
Zero
coupon
bond;
effective
yield
is
shown.
(b)
The
rate
shown
represents
the
seven-day
yield
as
of
May
31,
2022.
Rockefeller
Funds
Statements
of
Assets
and
Liabilities
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
41
Assets
Investments,
at
value
(Cost:
$
110,613,549
,
$
33,850,513
,
$
59,668,001
,
$
71,416,863
and
$
34,752,960
,
respectively)
.........................................................................................................
Foreign
currencies
(
Cost:
$
8,248
,
$
3,441
,
$
–
,
$
–
and
$
–
,
respectively)
...........................................
Dividends
and
interest
receivable
.........................................................................................
Receivable
for
investment
securities
sold
...............................................................................
Other
assets
....................................................................................................................
Total
Assets
...............................................................................................................
Liabilities
Payable
to
Adviser
............................................................................................................
Payable
for
fund
shares
redeemed
.......................................................................................
Payable
for
investments
purchased
......................................................................................
Payable
for
12b-1
fees
-
Class
A
..........................................................................................
Payable
to
affiliates
...........................................................................................................
Accrued
expenses
and
o
ther
liabilities
..................................................................................
Audit
fees
payable
.............................................................................................................
Total
Liabilities
...........................................................................................................
Net
Assets
.....................................................................................................................
Net
Assets
Consist
of:
Paid-in
capital
...................................................................................................................
Total
distributable
earnings/(deficit)
.......................................................................................
Net
Assets
.................................................................................................................
Institutional
Class
...........................................................................................................
Net
assets
......................................................................................................................
Shares
of
beneficial
interest
outstanding
(unlimited
shares
authorized,
$0.001
par
value
)
............
Net
asset
value
,
redemption
price
and
offering
price
per
share
...............................................
Class
A
..........................................................................................................................
Net
assets
......................................................................................................................
Shares
of
beneficial
interest
outstanding
(unlimited
shares
authorized,
$0.001
par
value
)
............
Net
asset
value
,
redemption
price
and
offering
price
per
share
...............................................
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
42
May
31,
2022
(Unaudited)
Rockefeller
Climate
Solutions
Fund
Rockefeller
Equity
Allocation
Fund
Rockefeller
Core
Taxable
Bond
Fund
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
$
96,052,077‌
$
41,519,431‌
$
54,937,425‌
$
68,504,551‌
$
33,258,607‌
7,905‌
3,398‌
–‌
–‌
–‌
131,724‌
219,716‌
321,198‌
875,078‌
358,282‌
–‌
209,985‌
–‌
–‌
–‌
40,308‌
16,957‌
16,444‌
20,997‌
13,808‌
96,232,014‌
41,969,487‌
55,275,067‌
69,400,626‌
33,630,697‌
47,938‌
19,978‌
16,446‌
20,313‌
10,470‌
1,017‌
9‌
–‌
20,000‌
–‌
–‌
225,020‌
–‌
–‌
–‌
539‌
–‌
–‌
–‌
–‌
31,775‌
35,399‌
21,908‌
29,368‌
17,034‌
533‌
1,859‌
120‌
864‌
378‌
23,643‌
23,111‌
23,282‌
22,711‌
24,897‌
105,445‌
305,376‌
61,756‌
93,256‌
52,779‌
$
96,126,569‌
$
41,664,111‌
$
55,213,311‌
$
69,307,370‌
$
33,577,918‌
$
88,163,487‌
$
27,367,171‌
$
60,001,242‌
$
71,892,310‌
$
35,068,474‌
7,963,082‌
14,296,940‌
(
4,787,931‌
)
(
2,584,940‌
)
(
1,490,556‌
)
$
96,126,569‌
$
41,664,111‌
$
55,213,311‌
$
69,307,370‌
$
33,577,918‌
$
94,809,956‌
$
41,664,111‌
$
55,213,311‌
$
69,307,370‌
$
33,577,918‌
11,117,868‌
3,885,246‌
5,991,312‌
7,263,911‌
3,517,613‌
$
8
.53‌
$
10
.72‌
$
9
.22‌
$
9
.54‌
$
9
.55‌
$
1,316,613‌
$
–‌
$
–‌
$
–‌
$
–‌
154,711‌
–‌
–‌
–‌
–‌
$
8
.51‌
$
–‌
$
–‌
$
–‌
$
–‌
Rockefeller
Funds
Statements
of
Operations
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
43
Investment
Income
Dividend
income
.......................................................................................................
Less:
Foreign
withholding
taxes
and
issuance
fees
...........................................................
Interest
income
.........................................................................................................
Total
Investment
Income
.....................................................................................
Expenses
Management
fees
......................................................................................................
Administration
and
accounting
fees
...............................................................................
Federal
&
state
registration
fees
...................................................................................
Transfer
agent
fees
and
expenses
.................................................................................
Audit
and
tax
fees
......................................................................................................
Custody
fees
............................................................................................................
Legal
fees
................................................................................................................
Chief
Compliance
Officer
fees
......................................................................................
Directors'
or
trustees'
fees
...........................................................................................
Pricing
fees
..............................................................................................................
Insurance
expense
....................................................................................................
Reports
to
shareholders
.............................................................................................
12b-1
fees
–
Class
A
..................................................................................................
Interest
expense
.......................................................................................................
Other
expense
..........................................................................................................
Total
expenses
..........................................................................................................
Net
advisory
recoupment/(waivers)
(Note
4)
....................................................................
Net
e
xpenses
....................................................................................................
Net
Investment
Income/(Loss)
...................................................................................
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Net
realized
gain/(loss)
on:
Investments
........................................................................................................
Foreign
currency
..................................................................................................
Net
change
in
unrealized
appreciation/(depreciation)
on:
Investments
........................................................................................................
Foreign
currency
..................................................................................................
Net
Realized
and
Unrealized
Loss
on
Investments
.......................................................
Net
Decrease
in
Net
Assets
f
rom
Operations
...............................................................
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
44
For
the
Period
Ended
May
31,
2022
(Unaudited)
Rockefeller
Climate
Solutions
Fund
Rockefeller
Equity
Allocation
Fund
Rockefeller
Core
Taxable
Bond
Fund
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
$
767,349‌
$
728,255‌
$
13,772‌
$
–‌
$
–‌
(
85,131‌
)
(
92,030‌
)
–‌
–‌
–‌
1,989‌
957‌
649,254‌
790,333‌
408,351‌
684,207‌
637,182‌
663,026‌
790,333‌
408,351‌
449,221‌
235,100‌
105,760‌
130,953‌
66,700‌
76,815‌
56,722‌
49,042‌
61,460‌
32,916‌
20,840‌
5,140‌
4,572‌
7,360‌
2,449‌
18,607‌
9,013‌
8,884‌
9,351‌
8,222‌
17,441‌
17,259‌
18,475‌
17,916‌
18,644‌
12,235‌
19,532‌
2,743‌
2,242‌
2,002‌
9,293‌
9,359‌
8,785‌
9,220‌
8,227‌
5,460‌
5,460‌
5,460‌
5,460‌
5,460‌
5,070‌
5,070‌
5,070‌
5,070‌
5,017‌
4,294‌
7,668‌
4,413‌
6,043‌
4,245‌
1,887‌
1,358‌
1,358‌
1,567‌
1,456‌
1,533‌
1,364‌
1,417‌
1,911‌
1,056‌
1,485‌
–‌
–‌
–‌
–‌
–‌
4,026‌
–‌
–‌
–‌
2,070‌
1,578‌
1,481‌
1,578‌
1,377‌
626,251‌
378,649‌
217,460‌
260,131‌
157,771‌
(
101,555‌
)
(
28,914‌
)
–‌
–‌
–‌
524,696‌
349,735‌
217,460‌
260,131‌
157,771‌
159,511‌
287,447‌
445,566‌
530,202‌
250,580‌
(
2,250,755‌
)
6,893,773‌
(
181,957‌
)
154,553‌
(
81,314‌
)
(
2,650‌
)
(
48,443‌
)
–‌
–‌
–‌
(
15,204,306‌
)
(
11,927,498‌
)
(
6,730,677‌
)
(
6,575,333‌
)
(
3,096,880‌
)
(
1,265‌
)
(
7,894‌
)
–‌
–‌
–‌
(
17,458,976‌
)
(
5,090,062‌
)
(
6,912,634‌
)
(
6,420,780‌
)
(
3,178,194‌
)
$
(
17,299,465‌
)
$
(
4,802,615‌
)
$
(
6,467,068‌
)
$
(
5,890,578‌
)
$
(
2,927,614‌
)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
45
Rockefeller
Climate
Solutions
Fund
Statement
of
Changes
in
Net
Assets
Period
Ended
May
31,
2022
(Unaudited)
Period
From
July
21,
2021
(1)
November
30,
2021
From
Operations
Net
investment
income/(loss)
....................................
$
159,511‌
$
(165,710‌)
Net
realized
loss
from
investments
and
foreign
currency
translation
..............................
(
2,253,405‌)
(
330,173‌)
Net
change
in
unrealized
appreciation/(depreciation)
on
investment
and
foreign
currency
translation
...............
(
15,205,571‌)
642,166‌
Net
increase/(decrease)
in
net
assets
from
operations
.......
(17,299,465‌)
146,283‌
From
Distributions
Net
dividends
and
distributions
...................................
(491,300‌)
–‌
Net
decrease
in
net
assets
resulting
from
distributions
paid
.
(491,300‌)
–‌
From
Capital
Share
Transactions
Proceeds
from
shares
sold
—
Class
A
.........................
699,666‌
910,655‌
Proceeds
from
shares
sold
—
Institutional
Class
............
4,901,167‌
23,389,127‌
Proceeds
from
shares
issued
from
transfers
in
-kind—
Class
A
..............................................................
–‌
10,000‌
Proceeds
from
shares
issued
from
transfers
in
-kind—
Institutional
Class
.................................................
–‌
91,552,365‌
Reinvestments
—
Class
A
.........................................
3,754‌
–‌
Reinvestments
—
Institutional
Class
............................
333,438‌
–‌
Cost
of
shares
redeemed
—
Class
A
...........................
(
90,124‌)
(
10,385‌)
Cost
of
shares
redeemed
—
Institutional
Class
..............
(
6,052,656‌)
(
1,875,956‌)
Net
increase/(decrease)
in
net
assets
from
capital
share
transactions
............................................................
(
204,755‌)
113,975,806‌
Total
increase/(decrease)
in
Net
Assets
.......................
(
17,995,520‌)
114,122,089‌
Net
Assets
Beginning
of
period
......................................................
114,122,089‌
–‌
End
of
period
...............................................................
$
96,126,569‌
$
114,122,089‌
(1)
The
Fund
commenced
operations
on
July
21,
2021.
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
46
Rockefeller
Equity
Allocation
Fund
Statement
of
Changes
in
Net
Assets
Period
Ended
May
31,
2022
(Unaudited)
Year
Ended
November
30,
2021
From
Operations
Net
investment
income
............................................
$
287,447‌
$
502,029‌
Net
realized
gain
from
investments
and
foreign
currency
translation
..............................
6,845,330‌
11,003,899‌
Net
change
in
unrealized
depreciation
on
investment
and
foreign
currency
translation
...............
(
11,935,392‌)
(
1,597,616‌)
Net
increase/(decrease)
in
net
assets
from
operations
.......
(4,802,615‌)
9,908,312‌
From
Distributions
Net
dividends
and
distributions
...................................
(10,932,890‌)
(3,559,042‌)
Net
decrease
in
net
assets
resulting
from
distributions
paid
.
(10,932,890‌)
(3,559,042‌)
From
Capital
Share
Transactions
Proceeds
from
shares
sold
—
Institutional
Class
............
2,422,500‌
3,230,471‌
Reinvestments
—
Institutional
Class
............................
5,447,040‌
1,248,078‌
Cost
of
shares
redeemed
—
Institutional
Class
..............
(
23,482,130‌)
(
22,258,128‌)
Net
decrease
in
net
assets
from
capital
share
transactions
..
(
15,612,590‌)
(
17,779,579‌)
Total
Decrease
in
Net
Assets
......................................
(
31,348,095‌)
(
11,430,309‌)
Net
Assets
Beginning
of
period
......................................................
73,012,206‌
84,442,515‌
End
of
period
...............................................................
$
41,664,111‌
$
73,012,206‌
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
47
Rockefeller
Core
Taxable
Bond
Fund
Statement
of
Changes
in
Net
Assets
Period
Ended
May
31,
2022
(Unaudited)
Year
Ended
November
30,
2021
From
Operations
Net
investment
income
............................................
$
445,566‌
$
962,132‌
Net
realized
gain/(loss)
from
investments
and
foreign
currency
translation
..............................
(
181,957‌)
1,361,743‌
Net
change
in
unrealized
depreciation
on
investment
and
foreign
currency
translation
...............
(
6,730,677‌)
(
3,512,432‌)
Net
decrease
in
net
assets
from
operations
.....................
(6,467,068‌)
(1,188,557‌)
From
Distributions
Net
dividends
and
distributions
...................................
(1,626,506‌)
(1,142,166‌)
Net
decrease
in
net
assets
resulting
from
distributions
paid
.
(1,626,506‌)
(1,142,166‌)
From
Capital
Share
Transactions
Proceeds
from
shares
sold
—
Institutional
Class
............
103,000‌
3,043,978‌
Reinvestments
—
Institutional
Class
............................
1,034,179‌
556,326‌
Cost
of
shares
redeemed
—
Institutional
Class
..............
(
4,902,248‌)
(
8,175,086‌)
Net
decrease
in
net
assets
from
capital
share
transactions
..
(
3,765,069‌)
(
4,574,782‌)
Total
Decrease
in
Net
Assets
......................................
(
11,858,643‌)
(
6,905,505‌)
Net
Assets
Beginning
of
period
......................................................
67,071,954‌
73,977,459‌
End
of
period
...............................................................
$
55,213,311‌
$
67,071,954‌
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
48
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
Statement
of
Changes
in
Net
Assets
Period
Ended
May
31,
2022
(Unaudited)
Year
Ended
November
30,
2021
From
Operations
Net
investment
income
............................................
$
530,202‌
$
1,307,198‌
Net
realized
gain
from
investments
and
foreign
currency
translation
..............................
154,553‌
1,597,513‌
Net
change
in
unrealized
depreciation
on
investment
and
foreign
currency
translation
...............
(
6,575,333‌)
(
2,010,630‌)
Net
increase/(decrease)
in
net
assets
from
operations
.......
(5,890,578‌)
894,081‌
From
Distributions
Net
dividends
and
distributions
...................................
(2,209,949‌)
(2,007,249‌)
Net
decrease
in
net
assets
resulting
from
distributions
paid
.
(2,209,949‌)
(2,007,249‌)
From
Capital
Share
Transactions
Proceeds
from
shares
sold
—
Institutional
Class
............
5,127,000‌
6,550,934‌
Reinvestments
—
Institutional
Class
............................
1,068,019‌
642,578‌
Cost
of
shares
redeemed
—
Institutional
Class
..............
(
13,795,311‌)
(
26,059,399‌)
Net
decrease
in
net
assets
from
capital
share
transactions
..
(
7,600,292‌)
(
18,865,887‌)
Total
Decrease
in
Net
Assets
......................................
(
15,700,819‌)
(
19,979,055‌)
Net
Assets
Beginning
of
period
......................................................
85,008,189‌
104,987,244‌
End
of
period
...............................................................
$
69,307,370‌
$
85,008,189‌
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
49
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
Statement
of
Changes
in
Net
Assets
Period
Ended
May
31,
2022
(Unaudited)
Year
Ended
November
30,
2021
From
Operations
Net
investment
income
............................................
$
250,580‌
$
560,156‌
Net
realized
gain/(loss)
from
investments
and
foreign
currency
translation
..............................
(
81,314‌)
627,977‌
Net
change
in
unrealized
depreciation
on
investment
and
foreign
currency
translation
...............
(
3,096,880‌)
(
486,481‌)
Net
increase/(decrease)
in
net
assets
from
operations
.......
(2,927,614‌)
701,652‌
From
Distributions
Net
dividends
and
distributions
...................................
(896,602‌)
(830,870‌)
Net
decrease
in
net
assets
resulting
from
distributions
paid
.
(896,602‌)
(830,870‌)
From
Capital
Share
Transactions
Proceeds
from
shares
sold
—
Institutional
Class
............
14,000‌
2,544,775‌
Reinvestments
—
Institutional
Class
............................
450,213‌
363,824‌
Cost
of
shares
redeemed
—
Institutional
Class
..............
(
3,982,988‌)
(
10,798,248‌)
Net
decrease
in
net
assets
from
capital
share
transactions
..
(
3,518,775‌)
(
7,889,649‌)
Total
Decrease
in
Net
Assets
......................................
(
7,342,991‌)
(
8,018,867‌)
Net
Assets
Beginning
of
period
......................................................
40,920,909‌
48,939,776‌
End
of
period
...............................................................
$
33,577,918‌
$
40,920,909‌
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
51
Rockefeller
Climate
Solutions
Fund
–
Institutional
Class
Financial
Highlights
Per
Share
Data
for
a
Share
Outstanding
Throughout
the
Period
Period
Ended
May
31,
2022
(Unaudited)
Period
Ended
November
30,
2021
(1)
Net
Asset
Value,
Beginning
of
period
.....................
$10.06‌
$10.00‌
Income
from
investment
operations:
Net
investment
income/(loss)
(2)
.........................
0.01‌
(0.01‌)
Net
realized
and
unrealized
gain/(loss)
....................
(1.50‌)
0.07‌
Total
From
Investment
Operations
.........................
(1.49‌)
0.06‌
Paid
from
net
investment
income
........................
–‌
–‌
Paid
from
realized
gains
...............................
(0.04‌)
–‌
Total
Distributions
.....................................
(0.04‌)
–‌
Net
A
sset
Value,
End
of
period
..........................
$8.53‌
$10.06‌
Total
return
(3)
.......................................
-14.86%
0.58%
Supplemental
Data
and
Ratios:
Net
assets,
end
of
period
(000)
...........................
$94,810
$113,235
Ratio
of
expenses
to
average
net
assets:
Before
waiver,
expense
recoupment
(4)
....................
1.18%
1.25%
After
waiver,
expense
recoupment
(4)
.....................
0.99%
0.99%
Ratio
of
net
investment
income/(loss)
to
average
net
assets:
Before
waiver,
expense
recoupment
(4)
....................
0.11%
(0.69)%
After
waiver,
expense
recoupment
(4)
.....................
0.30%
(0.43)%
Portfolio
turnover
rate
(5)
................................
8.38%
13.14%
(1)
Fund
commenced
operations
on
July
21,
2021.
(2)
Net
investment
income
per
share
has
been
calculated
based
on
average
shares
outstanding
during
the
period.
(3)
Not
annualized
for
periods
less
than
one
year.
(4)
Annualized
for
periods
less
than
one
year.
(5)
Portfolio
turnover
rate
is
not
annualized
and
excludes
the
value
of
portfolio
securities
received
as
a
result
of
in-kind
subscriptions.
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
52
Rockefeller
Climate
Solutions
Fund
–
Class
A
Financial
Highlights
Per
Share
Data
for
a
Share
Outstanding
Throughout
the
Period
Period
Ended
May
31,
2022
(Unaudited)
Period
Ended
November
30,
2021
(1)
Net
Asset
Value,
Beginning
of
period
.....................
$10.05‌
$10.00‌
Income
from
investment
operations:
Net
investment
income/(loss) 
(2)
.........................
0.01‌
(0.03‌)
Net
realized
and
unrealized
gain/(loss)
....................
(1.51‌)
0.08‌
Total
From
Investment
Operations
.........................
(1.50‌)
0.05‌
Paid
from
net
investment
income
........................
–‌
–‌
Paid
from
realized
gains
...............................
(0.04‌)
–‌
Total
Distributions
.....................................
(0.04‌)
–‌
Net
Asset
Value,
End
of
period
..........................
$8.51‌
$10.05‌
Total
return
(3)
.......................................
-14.97%
0.50%
Supplemental
Data
and
Ratios:
Net
assets,
end
of
period
(000)
...........................
$1,317
$887
Ratio
of
expenses
to
average
net
assets:
Before
waiver,
expense
recoupment 
(4)
....................
1.44%
1.56%
After
waiver,
expense
recoupment 
(4)
.....................
1.24%
1.24%
Ratio
of
net
investment
income/(loss)
to
average
net
assets:
Before
waiver,
expense
recoupment 
(4)
....................
(0.08)%
(1.21)%
After
waiver,
expense
recoupment 
(4)
.....................
0.12%
(0.89)%
Portfolio
turnover
rate 
(5)
................................
8.38%
13.14%
(1)
Fund
commenced
operations
on
July
21,
2021.
(2)
Net
investment
income
per
share
has
been
calculated
based
on
average
shares
outstanding
during
the
period.
(3)
Not
annualized
for
periods
less
than
one
year.
(4)
Annualized
for
periods
less
than
one
year.
(5)
Portfolio
turnover
rate
is
not
annualized
and
excludes
the
value
of
portfolio
securities
received
as
a
result
of
in-kind
subscriptions.
Rockefeller
Equity
Allocation
Fund
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
53
Period
Ended
May
31,
2022
(Unaudited)
Net
Asset
Value,
Beginning
of
period
....................
$13.88‌
Income
from
investment
operations:
Net
investment
income/(loss)
(1)
........................
0.06‌
Net
realized
and
unrealized
gain/(loss)
...................
(1.10‌)
Total
From
Investment
Operations
........................
(1.04‌)
Paid
from
net
investment
income
.......................
(0.04‌)
Paid
from
realized
gains
..............................
(2
.08‌)
Total
Distributions
....................................
(2.12‌)
Net
Asset
Value,
End
of
period
.........................
$10.72‌
Total
return
(2)
......................................
-9.44%
Supplemental
Data
and
Ratios:
Net
assets,
end
of
period
(000)
..........................
$41,664
Ratio
of
expenses
to
average
net
assets:
Before
waiver,
expense
recoupment
(3)
...................
1.37%
After
waiver,
expense
recoupment
(3)
.....................
1.26%
Ratio
of
net
investment
income/(loss)
to
average
net
assets:
Before
waiver,
expense
recoupment
(4
)
...................
0.93%
Net
After
waiver,
expense
recoupment
(
4
)
.................
1.04%
Portfolio
turnover
rate
(
2
)
...............................
22.05%
(1)
Net
investment
income
per
share
has
been
calculated
based
on
average
shares
outstanding
during
the
period.
(2)
Not
annualized
for
periods
less
than
one
year.
(3)
(4)
The
ratio
of
expenses
to
average
net
assets
includes
interest
expense.
The
annualized
before
waiver,
expense
recoupment
ratios
excluding
interest
expense
were
1.36%
and
1.25%.
Annualized
for
periods
less
than
one
year.
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
54
Per
Share
Data
for
a
Share
Outstanding
Throughout
the
Period
Year
Ended
November
30,
2021
Year
Ended
November
30,
2020
Year
Ended
November
30,
2019
Year
Ended
November
30,
2018
Year
Ended
November
30,
2017
$12.96‌
$12.20‌
$12.11‌
$12.61‌
$10.05‌
0.09‌
0.08‌
0.11‌
0.07‌
0.09‌
1.40‌
1
.05‌
0.68‌
(0.28‌)
2.57‌
1.49‌
1.13‌
0.79‌
(0.21‌)
2.66‌
(0.08‌)
(0.10‌)
(0.11‌)
(0.24‌)
(0.10‌)
(0.49‌)
(0.27‌)
(0.59‌)
(0.05‌)
–‌
(0.57‌)
(0.37‌)
(0.70‌)
(0.29‌)
(0.10‌)
$13.88‌
$12.96‌
$12.20‌
$12.11‌
$12.61‌
11.74%
9.54%
7.38%
-1.69%
26.54%
$73,012
$84,443
$109,802
$112,228
$118,260
1.23%
1.22%
1.15%
1.15%
1.18%
1.23%
1.22%
1.15%
1.15%
1.22%
0.60%
0.67%
0.94%
0.57%
0.84%
0.60%
0.67%
0.94%
0.57%
0.80%
40.55%
77.50%
37.01%
32.22%
35.98%
Rockefeller
Core
Taxable
Bond
Fund
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
55
Period
Ended
May
31,
2022
(Unaudited)
Net
Asset
Value,
Beginning
of
period
....................
$10.52‌
Income
from
investment
operations:
Net
investment
income/(loss) 
(1)
........................
0.07‌
Net
realized
and
unrealized
gain/(loss)
...................
(1.11‌)
Total
From
Investment
Operations
........................
(1.04‌)
Paid
from
net
investment
income
.......................
(0.08‌)
Paid
from
realized
gains
..............................
(0.18‌)
Total
Distributions
....................................
(0.26‌)
Net
Asset
Value,
End
of
period
.........................
$9.22‌
Total
return
(2)
......................................
-10.16%
Supplemental
Data
and
Ratios:
Net
assets,
end
of
period
(000)
..........................
$55,213
Ratio
of
expenses
to
average
net
assets:
Before
waiver,
expense
recoupment 
(3)
...................
0.72%
After
waiver,
expense
recoupment 
(3)
.....................
0.72%
Ratio
of
net
investment
income/(loss)
to
average
net
assets:
Before
waiver,
expense
recoupment 
(3)
...................
1.47%
After
waiver,
expense
recoupment 
(3)
.....................
1.47%
Portfolio
turnover
rate
(
2
)
...............................
16.66%
(1)
Net
investment
income
per
share
has
been
calculated
based
on
average
shares
outstanding
during
the
period.
(2)
Not
annualized
for
periods
less
than
one
year.
(3)
Annualized
for
periods
less
than
one
year.
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
56
Per
Share
Data
for
a
Share
Outstanding
Throughout
the
Period
Year
Ended
November
30,
2021
Year
Ended
November
30,
2020
Year
Ended
November
30,
2019
Year
Ended
November
30,
2018
Year
Ended
November
30,
2017
$10.86‌
$10.38‌
$9.69‌
$10.08‌
$10.08‌
0.14‌
0.19‌
0.26‌
0.26‌
0.21‌
(0.31‌)
0.52‌
0.70‌
(0.40‌)
0.08‌
(0.17‌)
0.71‌
0.96‌
(0.14‌)
0.29‌
(0.17‌)
(0.23‌)
(0.27‌)
(0.25‌)
(0.20‌)
–‌
–‌
–‌
–‌
(0.09‌)
(0.17‌)
(0.23‌)
(0.27‌)
(0.25‌)
(0.29‌)
$10.52‌
$10.86‌
$10.38‌
$9.69‌
$10.08‌
-1.59%
6.95%
10.05%
-1.37%
2.85%
$67,072
$73,977
$72,603
$71,360
$76,066
0.70%
0.69%
0.66%
0.64%
0.65%
0.70%
0.69%
0.66%
0.64%
0.65%
1.36%
1.78%
2.57%
2.61%
2.14%
1.36%
1.78%
2.57%
2.61%
2.14%
50.01%
46.39%
98.69%
42.37%
50.92%
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
57
Period
Ended
May
31,
2022
(Unaudited)
Net
Asset
Value,
Beginning
of
period
....................
$10.60‌
Income
from
investment
operations:
Net
investment
income/(loss) 
(1)
........................
0.07‌
Net
realized
and
unrealized
gain/(loss)
...................
(0.84‌)
Total
From
Investment
Operations
........................
(0.77‌)
Paid
from
net
investment
income
.......................
(0.08‌)
Paid
from
realized
gains
..............................
(0.21‌)
Total
Distributions
....................................
(0.29‌)
Net
Asset
Value,
End
of
period
.........................
$9.54‌
Total
return
(3)
......................................
-7.50%
Supplemental
Data
and
Ratios:
Net
assets,
end
of
period
(000)
..........................
$69,307
Ratio
of
expenses
to
average
net
assets:
Before
waiver,
expense
recoupment 
(4)
...................
0.70%
After
waiver,
expense
recoupment 
(4)
.....................
0.70%
Ratio
of
net
investment
income/(loss)
to
average
net
assets:
Before
waiver,
expense
recoupment 
(4)
...................
1.42%
After
waiver,
expense
recoupment 
(4)
.....................
1.42%
Portfolio
turnover
rate
(
3
)
...............................
6.79%
(1)
Net
investment
income
per
share
has
been
calculated
based
on
average
shares
outstanding
during
the
period.
(2)
Amount
represents
less
than
$.01
per
share.
(3)
Not
annualized
for
periods
less
than
one
year.
(4)
Annualized
for
periods
less
than
one
year.
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
58
Per
Share
Data
for
a
Share
Outstanding
Throughout
the
Period
Year
Ended
November
30,
2021
Year
Ended
November
30,
2020
Year
Ended
November
30,
2019
Year
Ended
November
30,
2018
Year
Ended
November
30,
2017
$10.72‌
$10.46‌
$9.95‌
$10.04‌
$9.96‌
0.15‌
0.15‌
0.17‌
0.12‌
0.09‌
(0.05‌)
0.33‌
0.50‌
(0.10‌)
0.15‌
0.10‌
0.48‌
0.67‌
0.02‌
0.24‌
(0.15‌)
(0.16‌)
(0.16‌)
(0.11‌)
(0.09‌)
(0.07‌)
(0.06‌)
–‌
–‌ 
(2)
(0.07‌)
(0.22‌)
(0.22‌)
(0.16‌)
(0.11‌)
(0.16‌)
$10.60‌
$10.72‌
$10.46‌
$9.95‌
$10.04‌
0.94%
4.73%
6.77%
0.24%
2.43%
$85,008
$104,987
$101,211
$102,245
$94,759
0.66%
0.65%
0.63%
0.63%
0.66%
0.66%
0.65%
0.63%
0.63%
0.66%
1.38%
1.46%
1.61%
1.23%
0.91%
1.38%
1.46%
1.61%
1.23%
0.91%
17.32%
23.45%
64.26%
41.52%
37.63%
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
59
Period
Ended
May
31,
2022
(Unaudited)
Net
Asset
Value,
Beginning
of
period
....................
$10.52‌
Income
from
investment
operations:
Net
investment
income/(loss) 
(1)
........................
0.06‌
Net
realized
and
unrealized
gain/(loss)
...................
(0.80‌)
Total
From
Investment
Operations
........................
(0.74‌)
Paid
from
net
investment
income
.......................
(0.07‌)
Paid
from
realized
gains
..............................
(0.16‌)
Total
Distributions
....................................
(0.23‌)
Net
Asset
Value,
End
of
period
.........................
$9.55‌
Total
return
(2)
......................................
-7.20%
Supplemental
Data
and
Ratios:
Net
assets,
end
of
period
(000)
..........................
$33,578
Ratio
of
expenses
to
average
net
assets:
Before
waiver,
expense
recoupment 
(3)
...................
0.83%
After
waiver,
expense
recoupment 
(3)
.....................
0.83%
Ratio
of
net
investment
income/(loss)
to
average
net
assets:
Before
waiver,
expense
recoupment 
(3)
...................
1.31%
After
waiver,
expense
recoupment 
(3)
.....................
1.31%
Portfolio
turnover
rate
(2)
...............................
0.10%
(1)
Net
investment
income
per
share
has
been
calculated
based
on
average
shares
outstanding
during
the
period.
(2)
Not
annualized
for
periods
less
than
one
year.
(3)
Annualized
for
periods
less
than
one
year.
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
60
Per
Share
Data
for
a
Share
Outstanding
Throughout
the
Period
Year
Ended
November
30,
2021
Year
Ended
November
30,
2020
Year
Ended
November
30,
2019
Year
Ended
November
30,
2018
Year
Ended
November
30,
2017
$10.56‌
$10.40‌
$9.89‌
$9.98‌
$9.94‌
0.13‌
0.14‌
0.15‌
0.11‌
0.07‌
0.01‌
0.20‌
0.50‌
(0.10‌)
0.16‌
0.14‌
0.34‌
0.65‌
0.01‌
0.23‌
(0.13‌)
(0.14‌)
(0.14‌)
(0.10‌)
(0.07‌)
(0.05‌)
(0.04‌)
–‌
–‌
(0.12‌)
(0.18‌)
(0.18‌)
(0.14‌)
(0.10‌)
(0.19‌)
$10.52‌
$10.56‌
$10.40‌
$9.89‌
$9.98‌
1.37%
3.34%
6.59%
0.10%
2.35%
$40,921
$48,940
$50,053
$45,068
$37,044
0.78%
0.77%
0.73%
0.76%
0.82%
0.78%
0.77%
0.73%
0.76%
0.85
%
1.20%
1.35%
1.41%
1.07%
0.78%
1.20%
1.35%
1.41%
1.07%
0.75%
22.56%
18.47%
69.23%
36.05%
34.50%
61
Rockefeller
Funds
Notes
to
Financial
Statements
May
31,
2022
(Unaudited)
(1)
Organization
Trust
for
Professional
Managers
(the
“Trust”)
was
organized
as
a
Delaware
statutory
trust
under
a
Declaration
of
Trust
dated
May
29,
2001.
The
Trust
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-
end
management
investment
company.
The
Rockefeller
Funds
(the
“Funds”)
are
comprised
of
the
Rockefeller
Climate
Solutions
Fund,
Rockefeller
Equity
Allocation
Fund,
Rockefeller
Core
Taxable
Bond
Fund,
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund,
and
the
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund.
Each
represents
a
distinct
series
with
its
own
investment
objective
and
policies
within
the
Trust.
With
the
exception
of
the
Rockefeller
Tax
Exempt
New
York
Bond
Fund
which
is
a
non-diversified
series
of
the
Trust,
each
Fund
is
a
diversified
series
of
the
Trust.
The
investment
objective
of
the
Rockefeller
Climate
Solutions
Fund
is
to
seek
long-term
growth
of
capital
principally
through
equity
investments
in
public
companies
across
the
market
capitalization
spectrum
offering
climate
change
mitigation
or
adaptation
products
and
services.
The
investment
objective
of
the
Rockefeller
Equity
Allocation
Fund
is
to
seek
long-term
total
return
from
capital
appreciation
and
income.
The
investment
objective
of
the
Rockefeller
Core
Taxable
Bond
Fund
is
to
generate
current
income
consistent
with
the
preservation
of
capital.
The
investment
objective
of
the
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
is
to
generate
current
income
that
is
exempt
from
federal
personal
income
tax
consistent
with
the
preservation
of
capital.
The
investment
objective
of
the
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
is
to
generate
current
income
that
is
exempt
from
federal,
New
York
State
and
New
York
City
personal
income
tax
consistent
with
the
preservation
of
capital.
The
Trust
may
issue
an
unlimited
number
of
shares
of
beneficial
interest
at
$0.001
par
value.
The
Rockefeller
Core
Taxable
Bond
Fund,
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
and
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
commenced
operations
on
December
26,
2013.
The
Rockefeller
Equity
Allocation
Fund
commenced
operations
on
February
4,
2015.
The
Rockefeller
Climate
Solutions
Fund
commenced
operations
on
July
21,
2021.
Adviser
Class
shares
of
the
Rockefeller
Equity
Allocation
Fund,
Rockefeller
Core
Taxable
Bond
Fund,
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
and
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund,
are
authorized
but
are
currently
not
offered
for
purchase.
Costs
incurred
by
the
Funds
in
connection
with
the
organization,
registration
and
initial
public
offering
of
shares
were
borne
by
the
Adviser.
(2)
Significant
Accounting
Policies
The
following
is
a
summary
of
significant
accounting
policies
consistently
followed
by
the
Funds
in
the
preparation
of
the
financial
statements.
These
policies
are
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“GAAP”).
The
Funds
are
investment
companies
and
accordingly
follow
the
investment
company
accounting
reporting
guidance
of
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standard
Codification
Topic
946
“Financial
Services-Investment
Companies”.
62
Rockefeller
Funds
Notes
to
Financial
Statements
(Continued)
May
31,
2022
(Unaudited)
(a)
Investment
Valuation
Each
equity
security
owned
by
the
Funds
that
is
listed
on
a
securities
exchange,
except
for
securities
listed
on
the
NASDAQ
Stock
Market
LLC
(“NASDAQ”),
is
valued
at
its
last
sale
price
at
the
close
of
that
exchange
on
the
date
as
of
which
assets
are
valued.
If
a
security
is
listed
on
more
than
one
exchange,
the
Funds
will
use
the
price
on
the
exchange
that
the
Funds
generally
consider
to
be
the
principal
exchange
on
which
the
security
is
traded.
Fund
securities,
including
common
stocks,
preferred
stocks
and
exchange-traded
funds,
listed
on
NASDAQ
will
be
valued
at
the
NASDAQ
Official
Closing
Price,
which
may
not
necessarily
represent
the
last
sale
price.
If,
on
a
particular
day,
an
exchange-
listed
or
NASDAQ
security
does
not
trade,
then:
(i)
the
security
is
valued
at
the
mean
between
the
most
recent
quoted
bid
and
asked
prices
at
the
close
of
the
exchange
on
such
day;
or
(ii)
the
security
is
valued
at
the
latest
sales
price
on
the
Composite
Market
for
the
day
such
security
is
being
valued.
“Composite
Market”
means
a
consolidation
of
the
trade
information
provided
by
national
securities
and
foreign
exchanges
and
the
over-the-counter
markets
as
published
by
an
approved
independent
pricing
service
(“Pricing
Service”).
Foreign
securities
will
be
priced
in
their
local
currencies
as
of
the
close
of
their
primary
exchange
or
market
or
as
of
the
time
the
Fund
calculates
its
NAV,
whichever
is
earlier.
Foreign
securities,
currencies
and
other
assets
denominated
in
foreign
currencies
are
then
translated
into
U.S.
dollars
at
the
exchange
rate
of
such
currencies
against
the
U.S.
dollar
using
the
applicable
currency
exchange
rates
as
of
the
close
of
the
New
York
Stock
Exchange
(“NYSE”),
generally
4:00
p.m.
Eastern
Time.
Foreign
securities
are
traded
on
foreign
exchanges
which
typically
close
before
the
close
of
business
on
each
day
on
which
the
NYSE
is
open.
Each
security
trading
on
these
exchanges
may
be
valued
utilizing
a
systematic
fair
valuation
model
provided
by
a
pricing
service.
The
valuation
of
each
security
that
meets
certain
criteria
in
relation
to
the
valuation
model
is
systematically
adjusted
to
reflect
the
impact
of
movement
in
the
U.S.
market
after
the
foreign
markets
close
and
are
classified
as
Level
2
securities.
Securities
that
do
not
meet
the
criteria,
or
that
are
principally
traded
in
other
foreign
markets,
are
valued
as
of
the
last
reported
sale
price
at
the
time
the
respective
Fund
determines
its
NAV,
or
when
reliable
market
prices
or
quotations
are
not
readily
available,
at
the
mean
between
the
most
recent
bid
and
asked
quotations
as
of
the
close
of
the
appropriate
exchange
or
other
designated
time.
Debt
securities,
including
short-term
debt
instruments
having
a
maturity
of
60
days
or
less,
are
generally
valued
at
the
mean
in
accordance
with
prices
provided
by
a
Pricing
Service.
Pricing
Services
may
use
various
valuation
methodologies
such
as
the
mean
between
the
bid
and
the
asked
prices,
matrix
pricing
and
other
analytical
pricing
models
as
well
as
market
transactions
and
dealer
quotations.
If
a
price
is
not
available
from
a
Pricing
Service,
the
most
recent
quotation
obtained
from
one
or
more
broker-dealers
known
to
follow
the
issue
will
be
obtained.
Quotations
will
be
valued
at
the
mean
between
the
bid
and
the
offer.
In
the
absence
of
available
quotations,
the
securities
will
be
priced
at
fair
value
in
accordance
with
the
procedures
approved
by
the
Board
of
Trustees.
63
Rockefeller
Funds
Notes
to
Financial
Statements
(Continued)
May
31,
2022
(Unaudited)
Municipal
bonds
are
priced
by
a
Pricing
Service.
A
discounted
cash
flow
methodology
is
employed
using
a
benchmark
yield
and
estimated
cash
flows
for
each
bond,
as
well
as
an
estimated
discount
for
liquidity.
Additional
inputs
such
as
calls
of
bond
principal
by
the
issuer
are
considered
in
the
estimate
of
fair
value.
To
the
extent
the
inputs
are
based
on
observable
inputs,
municipal
bonds
would
be
categorized
in
Level
2
of
the
fair
value
hierarchy;
otherwise,
they
would
be
generally
categorized
as
Level
3.
U.S.
government
notes/bonds
are
normally
valued
by
a
Pricing
Service
using
a
model
that
incorporates
market
observable
data
such
as
reported
sales
of
similar
securities,
broker
quotes,
yields,
bids,
offers,
and
reference
data.
Certain
securities
are
valued
principally
using
dealer
quotations.
U.S.
government
notes/bonds
are
typically
categorized
in
Level
2
of
the
fair
value
hierarchy.
When
market
quotations
are
not
readily
available,
any
security
or
other
financial
instrument
is
valued
at
its
fair
value
as
determined
under
procedures
approved
by
the
Trust’s
Board
of
Trustees.
These
fair
value
procedures
will
also
be
used
to
price
a
security
when
corporate
events,
events
in
the
securities
market
and/or
world
events
cause
the
Adviser
to
believe
that
a
security’s
last
sale
price
may
not
reflect
its
actual
fair
market
value.
The
intended
effect
of
using
fair
value
pricing
procedures
is
to
ensure
that
the
Funds
are
accurately
priced.
The
Board
of
Trustees
will
regularly
evaluate
whether
the
Funds’
fair
value
pricing
procedures
continue
to
be
appropriate
in
light
of
the
specific
circumstances
of
the
Funds
and
the
quality
of
prices
obtained
by
the
Trust’s
Valuation
Committee.
The
Funds
have
adopted
Statement
of
Financial
Accounting
Standards,
“Fair
Value
Measurements
and
Disclosures,”
which
requires
the
Funds
to
classify
their
securities
based
on
a
valuation
method.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1—
Quoted
prices
in
active
markets
for
identical
securities.
Level
2—
Other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Level
3—
Significant
unobservable
inputs
(including
the
Funds’
own
assumptions
in
determining
the
fair
value
of
investments).
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
following
is
a
summary
of
the
inputs
used
to
value
the
Funds’
investments
carried
at
fair
value
as
of
May
31,
2022:
Rockefeller
Climate
Solutions
Fund
Level
1
Level
2
Level
3
Total
Assets
(1)
:
Equities:
Common
Stock
$
58,221,807‌
$
34,644,060‌
$
–‌
$
92,865,867‌
Real
Estate
Investment
Trusts
1,400,138‌
–‌
–‌
1,400,138‌
Total
Equity
Securities
59,621,946‌
34,644,060‌
–‌
94,266,006‌
Money
Market
Funds
1,786,071‌
–‌
–‌
1,786,071‌
Total
Investments
in
Securities
$
61,408,017‌
$
34,644,060‌
$
–‌
$
96,052,077‌
64
Rockefeller
Funds
Notes
to
Financial
Statements
(Continued)
May
31,
2022
(Unaudited)
The
Funds
held
no
Level
3
securities
during
the
period
ended
May
31,
2022.
The
Funds
did
not
invest
in
derivative
securities
or
engage
in
hedging
activities
during
the
period
ended
May
31,
2022.
Rockefeller
Equity
Allocation
Fund
Level
1
Level
2
Level
3
Total
Assets
(1)
:
Equities:
Common
Stock
$
23,910,170‌
$
16,180,11
3‌
$
–‌
$
40,090,283‌
Preferred
Stock
225,173‌
–‌
–‌
225,173‌
Real
Estate
Investment
Trusts
94,702‌
353,9
10‌
–‌
448,612‌
Total
Equity
Securities
24,230,045‌
16,534,023‌
–‌
40,764,068‌
Money
Market
Funds
755,363‌
–‌
–‌
755,363‌
Total
Investments
in
Securities
$
24,985,408‌
$
16,534,023‌
$
–‌
$
41,519,431‌
Rockefeller
Core
Taxable
Bond
Fund
Level
1
Level
2
Level
3
Total
Assets:
Fixed
Income
Securities:
Asset-Backed
Securities
$
–‌
$
558,36
8‌
$
–‌
$
558,36
8‌
Corporate
Bonds
–‌
13,601,807‌
–‌
13,601,807‌
Mortgage-Backed
Securities
–‌
10,573,254‌
–‌
10,573,254‌
Municipal
Bonds
–‌
10,822,860‌
–‌
10,822,860‌
U.S.
Government
Agency
Issues
–‌
5,221,462‌
–‌
5,221,462‌
U.S.
Government
Notes/Bonds
–‌
12,015,303‌
–‌
12,015,303‌
U.S.
Treasury
Bill
–‌
279,851‌
–‌
279,851‌
Total
Fixed
Income
Securities
–‌
53,072,905‌
–‌
53,072,905‌
Exchange-Traded
Funds
1,788,383‌
–‌
–‌
1,788,383‌
Money
Market
Funds
76,137‌
–‌
–‌
76,137‌
Total
Investments
in
Securities
$
1,864,520‌
$
53,072,905‌
$
–‌
$
54,937,425‌
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
Level
1
Level
2
Level
3
Total
Assets:
Fixed
Income
Securities:
Municipal
Bonds
$
–‌
$
68,499,622‌
$
–‌
$
68,499,622‌
Total
Fixed
Income
Securities
–‌
68,499,622‌
–‌
68,499,622‌
Money
Market
Funds
4,929‌
–‌
–‌
4,929‌
Total
Investments
in
Securities
$
4,929‌
$
68,499,622‌
$
–‌
$
68,504,551‌
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
Level
1
Level
2
Level
3
Total
Assets:
Fixed
Income
Securities:
Municipal
Bonds
$
–‌
$
33,001,78
5‌
$
–‌
$
33,001,78
5‌
Total
Fixed
Income
Securities
–‌
33,001,78
5‌
–‌
33,001,78
5‌
Money
Market
Funds
256,822‌
–‌
–‌
256,822‌
Total
Investments
in
Securities
$
256,822‌
$
33,001,78
5‌
$
–‌
$
33,258,607‌
(1)
See
the
Schedule
of
Investments
for
industry
classifications.
65
Rockefeller
Funds
Notes
to
Financial
Statements
(Continued)
May
31,
2022
(Unaudited)
(b)
Federal
Income
Taxes
The
Funds
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
of
1986,
as
amended
the
(“Code”),
necessary
to
qualify
as
regulated
investment
companies
and
make
the
requisite
distributions
of
income
and
capital
gains
to
their
shareholders
sufficient
to
relieve
them
from
all
or
substantially
all
federal
income
taxes.
Therefore,
no
federal
income
tax
provision
has
been
provided.
(c)
Distributions
to
Shareholders
The
Funds
will
distribute
net
investment
income
and
net
capital
gains
at
least
annually.
Distributions
from
net
realized
gains
for
book
purposes
may
include
short-term
capital
gains.
All
short-term
capital
gains
are
included
in
ordinary
income
for
tax
purposes.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
The
Funds
may
also
pay
a
special
distribution
at
the
end
of
the
calendar
year
to
comply
with
federal
tax
requirements.
The
amounts
of
dividends
from
net
investment
income
and
distributions
from
net
realized
gains
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
These
differences
are
either
temporary
or
permanent
in
nature.
To
the
extent
these
differences
are
permanent
in
nature,
such
amounts
are
reclassified
within
the
composition
of
net
assets
based
on
their
federal
tax-basis
treatment.
(d)
Use
of
Estimates
The
preparation
of
financial
statements
in
conformity
with
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
revenues
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
(e)
Share
Valuation
The
NAV
per
share
of
each
Fund
is
calculated
by
dividing
the
sum
of
the
value
of
the
securities
held
by
each
Fund,
plus
cash
or
other
assets,
minus
all
liabilities
(including
estimated
accrued
expenses)
by
the
total
number
of
shares
outstanding
for
each
Fund,
rounded
to
the
nearest
cent.
The
Funds’
shares
will
not
be
priced
on
the
days
on
which
the
NYSE
is
closed
for
trading.
The
offering
and
redemption
price
per
share
for
each
Fund
is
equal
to
each
Fund’s
NAV
per
share.
(f)
Expenses
Expenses
associated
with
a
specific
fund
in
the
Trust
are
charged
to
that
fund.
Expenses
are
recognized
on
an
accrual
basis.
Common
expenses
are
typically
allocated
evenly
between
the
series
of
the
Trust,
or
by
other
equitable
means.
(g)
Other
Investment
transactions
are
recorded
on
the
trade
date.
The
Funds
determine
the
gain
or
loss
from
investment
transactions
on
a
high
amortized
cost
basis.
Dividend
income
is
recognized
on
the
ex-dividend
date
and
interest
income
is
recognized
on
an
accrual
basis.
Distributions
received
from
the
Funds’
investments
in
REITs
are
comprised
of
ordinary
income,
capital
gains
and
return
of
capital,
as
applicable.
For
financial
66
Rockefeller
Funds
Notes
to
Financial
Statements
(Continued)
May
31,
2022
(Unaudited)
statement
purposes,
the
Funds
use
estimates
to
characterize
these
distributions
received
as
return
of
capital,
capital
gain
or
ordinary
income.
Such
estimates
are
based
on
historical
information
available
from
each
REIT
and
other
industry
sources.
These
estimates
may
subsequently
be
revised
based
on
information
received
for
the
security
after
the
tax
reporting
periods
are
concluded,
as
the
actual
character
of
these
distributions
is
not
known
until
after
the
fiscal
year
end
of
the
Funds.
Changes
to
estimates
will
be
recorded
in
the
period
they
are
known.
The
distributions
received
from
REIT
securities
that
have
been
classified
as
income
and
capital
gains
are
included
in
dividend
income
and
net
realized
gain
on
investments,
respectively,
on
the
Statement
of
Operations.
The
distributions
received
that
are
classified
as
return
of
capital
reduced
the
cost
of
investments
on
the
Statement
of
Assets
and
Liabilities.
Any
discount
or
premium
is
accreted
or
amortized
using
the
constant
yield
method
until
maturity,
or
where
applicable,
the
first
call
date
of
the
security.
Constant
yield
amortization
takes
into
account
the
income
that
is
produced
on
a
debt
security.
This
accretion/amortization
type
utilizes
the
discount
rate
used
in
computing
the
present
value
of
all
future
principal
and
interest
payments
made
by
a
debt
instrument
and
produces
an
amount
equal
to
the
cost
of
the
debt
instrument.
(3)
Federal
Tax
Matters
The
tax
character
of
distributions
paid
during
the
year
ended November
30,
2021
was
as
follows:
Rockefeller
Climate
Solutions
Fund
Rockefeller
Equity
Allocation
Fund
Rockefeller
Core
Taxable
Bond
Fund
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
Distributions
paid
from:
Ordinary
Income
..........
$
–‌
$
460,606‌
$
1,142,116‌
$
78,676‌
$
84,412‌
Tax-Exempt
Income
.......
–‌
–‌
–‌
1,343,395‌
582,085‌
Long-Term
Capital
Gains
....
–‌
3,098,436‌
–‌
585,178‌
164,373‌
Total
Distributions
Paid
....
$
–‌
$
3,559,042‌
$
1,142,116‌
$
2,007,249‌
$
830,870‌
67
Rockefeller
Funds
Notes
to
Financial
Statements
(Continued)
May
31,
2022
(Unaudited)
As
of November
30,
2021,
the
components
of
accumulated
earnings
(losses)
for
income
tax
purposes
were
as
follows:
The
difference
between
cost
amounts
for
financial
statement
and
federal
income
tax
purposes
is
due
to
passive
foreign
investment
company
adjustments
and
timing
differences
in
recognizing
certain
gains
and
losses
in
security
transactions,
including
differences
in
the
cost
basis
as
a
result
of
the
transfer-in-kind
for
the
Climate
Solutions
Fund.
During
the 2021
fiscal
year,
the
Rockefeller
Core
Taxable
Bond
Fund
utilized
$114,498
of
long-term
capital
loss
carryover.
The
Rockefeller
Climate
Solutions
Fund
had
late-year
ordinary
loss
of
$168,654
as
of
November
30,
2021,
which
the
Fund
has
elected
to
defer
to
the
first
day
of
its
next
tax
year.
Also,
the
Funds
recognized
no
interest
and
penalties
related
to
uncertain
tax
benefits
in
the
fiscal
year
2021.
As
of
November
30,
2021,
the
tax
year 2021
remains
open
to
examination
for
Rockefeller
Climate
Solutions
Fund
and
the
tax
years
2018,
2019, 2020
and 2021
remain
open
to
examination
for
the
Rockefeller
Equity
Allocation
Fund,
Rockefeller
Core
Taxable
Bond
Fund,
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
and
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund.
The
Funds
are
also
not
aware
of
any
tax
positions
for
which
it
is
reasonably
possible
that
the
total
amounts
of
unrecognized
tax
benefits
will
significantly
change
in
the
next
year.
The
Funds
recognize
interest
and
penalties,
if
any,
related
to
unrecognized
tax
benefits
as
income
tax
expense
in
the
Statement
of
Operations.
During
the
fiscal
year,
the
Funds
did
not
incur
any
interest
or
penalties,
nor
were
any
accrued
as
of
November
30,
2021.
GAAP
requires
that
certain
components
of
net
assets
relating
to
permanent
differences
be
reclassified
between
financial
and
tax
reporting.
These
reclassifications
have
no
Rockefeller
Climate
Solutions
Fund
Rockefeller
Equity
Allocation
Fund
Rockefeller
Core
Taxable
Bond
Fund
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
Cost
basis
of
investments
for
federal
income
tax
purposes
$
88,733,001‌
$
54,036,168‌
$
65,104,674‌
$
80,462,482‌
$
38,976,414‌
Gross
tax
unrealized
appreciation
31,369,639‌
22,506,624‌
262,890‌
3,700,647‌
1,641,138‌
Gross
tax
unrealized
depreciation
(5,949,715‌)
(3,361,295‌)
(630,270‌)
(37,626‌)
(38,611‌)
Net
tax
unrealized
appreciation
25,419,924‌
19,145,329‌
1,996,620‌
3,663,021‌
1,602,527‌
Undistributed
ordinary
income
–‌
2,068,233‌
200,816‌
20,235‌
–‌
Undistributed
tax-exempt
ordinary
income
–‌
–‌
–‌
225,124‌
103,228‌
Undistributed
long-term
gains
502,577‌
8,818,883‌
1,108,207‌
1,577,207‌
627,905‌
Total
accumulated
gains
502,577‌
10,887,116‌
1,309,023‌
1,852,566‌
731,133‌
Total
other
accumulated
loss
(168,654‌)
–‌
–‌
–‌
–‌
Total
distributable
earnings
$
25,753,847‌
$
30,032,445‌
$
3,305,643‌
$
5,515,587‌
$
2,333,660‌
68
Rockefeller
Funds
Notes
to
Financial
Statements
(Continued)
May
31,
2022
(Unaudited)
effect
on
net
assets
or
NAV
per
share.
For
the
fiscal year
ended
November
30,
2021,
the
following
reclassifications
were
made
for
permanent
tax
differences
on
the
Statement
of
Assets
and
Liabilities.
As
of November
30,
2021,
the
components
of
accumulated
earnings
(losses)
for
income
tax
purposes
were
as
follows:
(4)
Investment
Adviser
The
Trust
has
an
Investment
Advisory
Agreement
(the
“Agreement”)
with
the
Adviser
to
furnish
investment
advisory
services
to
the
Funds.
Under
the
terms
of
the
Agreement,
the
Funds
compensate
the
Adviser
for
its
management
services
at
the
annual
rates
of
0.85%,
0.85%,
0.35%,
0.35%
and
0.35%
of
the
average
daily
net
assets
of
the
Rockefeller
Climate
Solutions
Fund,
Rockefeller
Equity
Allocation
Fund,
Rockefeller
Core
Taxable
Bond
Fund,
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
and
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund,
respectively.
The
Adviser
has
contractually
agreed
to
waive
its
management
fee
and/or
reimburse
each
Fund’s
other
expenses
through
the
expiration
date
listed
below
to
the
extent
necessary
to
ensure
that
each
Fund’s
total
annual
operating
expenses
do
not
exceed
each
Fund’s
Expense
Limitation
Cap,
listed
below,
of
the
Fund’s
average
daily
net
assets.
Any
such
waiver
or
reimbursement
is
subject
to
later
adjustment
to
allow
the
Adviser
to
recover
amounts
waived
or
reimbursed
to
the
extent
actual
fees
and
expenses
for
a
fiscal
period
do
not
exceed
the
lesser
of:
(1)
the
Expense
Limitation
Cap
in
place
at
the
time
of
the
waiver
and/or
reimbursement;
or
(2)
the
Expense
Limitation
Cap
in
place
at
the
time
of
recovery;
provided,
however,
that
the
Adviser
shall
only
be
entitled
to
recover
such
amounts
for
a
period
of
up
to
three
years
from
the
date
such
amount
was
waived
or
reimbursed.
For
the
period
ended
May
31,
2022,
the
Rockefeller
Climate
Solutions
Fund
and
the
Rockefeller
Equity
Allocation
Fund waived
$101,555
and
$28,914
in
expenses
respectively, which
are
eligible
for
recoupment
through
May
31,
2025. 
For
the
period
ended
November
30,
2021
the
Rockefeller
Climate
Solutions Fund
waived
$100,316
in
expenses
which
are
eligible
for
recoupment
through
November
30,
2024.
Rockefeller
Climate
Solutions
Fund
Rockefeller
Equity
Allocation
Fund
Rockefeller
Core
Taxable
Bond
Fund
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
Total
Distributable
Earnings/(Losses)
$
25,607,564‌
$
–‌
$
–‌
$
–‌
$
–‌
Paid-In
Capital
(25,607,564‌)
–‌
–‌
–‌
–‌
Expense
Limitation
Cap
Expiration
Date
Rockefeller
Climate
Solutions
Fund
.................
0.99%
July
20,
2023
Rockefeller
Equity
Allocation
Fund
..................
1.25%
March
30,
2024
Rockefeller
Core
Taxable
Bond
Fund
................
0.85%
March
30,
2024
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
0.85%
March
30,
2024
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
0.85%
March
30,
2024
69
Rockefeller
Funds
Notes
to
Financial
Statements
(Continued)
May
31,
2022
(Unaudited)
(5)
Related
Party
Transactions
U.S.
Bancorp
Fund
Services,
LLC,
doing
business
as
U.S.
Bank
Global
Fund
Services
(“Fund
Services”
or
the
“Administrator”),
acts
as
the
Funds’
Administrator
under
an
Administration
Agreement.
The
Administrator
prepares
various
federal
and
state
regulatory
filings,
reports
and
returns
for
the
Funds;
prepares
reports
and
materials
to
be
supplied
to
the
Trustees;
monitors
the
activities
of
the
Funds’
custodian,
transfer
agent
and
accountants;
coordinates
the
preparation
and
payment
of
the
Funds’
expenses;
and
reviews
the
Funds’
expense
accruals.
Fund
Services
also
serves
as
the
fund
accountant
and
transfer
agent
to
the
Funds.
U.S.
Bank
National
Association
(“US
Bank”),
an
affiliate
of
Fund
Services,
serves
as
each
Fund’s
custodian.
The
Trust’s
Chief
Compliance
Officer
is
also
an
employee
of
Fund
Services.
Fees
and
expenses
incurred
for
the
periods
ended
May
31,
2022,
and
owed
as
of
May
31,
2022,
were
as
follows:
The
Rockefeller
Equity
Allocation
Fund,
Rockefeller
Core
Taxable
Bond
Fund,
Rockefeller
Tax
Exempt
National
Bond
Fund
and
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
each
have
a
line
of
credit
with
US
Bank
(see
Note
9).
Certain
officers
of
the
Funds
are
also
employees
of
Fund
Services.
A
Trustee
of
the
Trust
is
affiliated
with
Fund
Services
and
US
Bank. 
Administration
and
Accounting
Incurred
Owed
Rockefeller
Climate
Solutions
Fund
$
76,815‌
$
17,971‌
Rockefeller
Equity
Allocation
Fund
$
56,722‌
$
23,251‌
Rockefeller
Core
Taxable
Bond
Fund
$
49,042‌
$
14,971‌
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
$
61,460‌
$
21,194‌
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
$
32,916‌
$
10,431‌
Pricing
Incurred
Owed
Rockefeller
Climate
Solutions
Fund
$
4,294‌
$
649‌
Rockefeller
Equity
Allocation
Fund
$
7,668‌
$
3,062‌
Rockefeller
Core
Taxable
Bond
Fund
$
4,413‌
$
1,556‌
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
$
6,043‌
$
2,424‌
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
$
4,245‌
$
1,506‌
Transfer
Agency
Incurred
Owed
Rockefeller
Climate
Solutions
Fund
$
18,607‌
$
6,132‌
Rockefeller
Equity
Allocation
Fund
$
9,013‌
$
2,839‌
Rockefeller
Core
Taxable
Bond
Fund
$
8,884‌
$
2,720‌
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
$
9,351‌
$
3,116‌
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
$
8,222‌
$
2,651‌
Custody
Incurred
Owed
Rockefeller
Climate
Solutions
Fund
$
12,235‌
$
5,228‌
Rockefeller
Equity
Allocation
Fund
$
19,532‌
$
4,458‌
Rockefeller
Core
Taxable
Bond
Fund
$
2,743‌
$
861‌
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
$
2,242‌
$
847‌
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
$
2,002‌
$
659‌
Chief
Compliance
Officer
Incurred
Owed
Rockefeller
Climate
Solutions
Fund
$
5,460‌
$
1,795‌
Rockefeller
Equity
Allocation
Fund
$
5,460‌
$
1,789‌
Rockefeller
Core
Taxable
Bond
Fund
$
5,460‌
$
1,800‌
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
$
5,460‌
$
1,787‌
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
$
5,460‌
$
1,787‌
70
Rockefeller
Funds
Notes
to
Financial
Statements
(Continued)
May
31,
2022
(Unaudited)
(6)
Distribution
Plan
The
Trust
has
adopted
a
Distribution
Plan
pursuant
to
Rule
12b-1
under
the
1940
Act
(the
“12b-1
Plan”),
on
behalf
of
the
Class
A
shares
of
the
Rockefeller
Climate
Solutions
Fund,
which
authorizes
the
Trust
to
pay
Quasar
Distributors,
LLC
(the
“Distributor”),
the
Funds’
principal
distributor,
a
distribution
fee
of
0.25%
of
the
Fund’s
average
daily
net
assets.
During
the
period
ended
May
31,
2022,
the Rockefeller
Climate
Solutions
Fund
Class
A
shares
incurred
fees
pursuant
to
the
12b-1
Plan
of
$1,485.
(7)
Capital
Share
Transactions
Transactions
in
the
shares
of
the
Funds
were
as
follows:
Rockefeller
Climate
Solutions
Fund
Class
A
Period
Ended
May
31,
2022
Period
Ended
November
30,
2021
Shares
Sold
...........................................
76,308
88,305
Shares
issued
from
transfer-in-kind
–
1,000
Shares
Reinvested
..................................
366
–
Shares
Redeemed
...................................
(10,268)
(1,000)
Net
Increase
...........................................
66,406
88,305
Institutional
Class
Period
Ended
May
31,
2022
Period
Ended
November
30,
2021
Shares
Sold
...........................................
513,315
2,286,459
Shares
issued
from
transfer-in-kind
–
9,155,236
Shares
Reinvested
..................................
32,467
–
Shares
Redeemed
...................................
(686,383)
(183,226)
Net
(Decrease)/Increase
...........................
(140,601)
11,258,469
Rockefeller
Equity
Allocation
Fund
Period
Ended
May
31,
2022
Year
Ended
November
30,
2021
Shares
Sold
...........................................
194,191
227,462
Shares
Reinvested
..................................
441,663
94,118
Shares
Redeemed
...................................
(2,008,998)
(1,580,330)
Net
Decrease
.........................................
(1,373,144)
(1,258,750)
Rockefeller
Core
Taxable
Bond
Fund
Period
Ended
May
31,
2022
Year
Ended
November
30,
2021
Shares
Sold
...........................................
10,311
285,581
Shares
Reinvested
..................................
101,756
52,388
Shares
Redeemed
...................................
(495,748)
(771,781)
Net
Decrease
.........................................
(383,681)
(433,812)
71
Rockefeller
Funds
Notes
to
Financial
Statements
(Continued)
May
31,
2022
(Unaudited)
(8)
Investment
Transactions
The
aggregate
securities
transactions,
excluding
short-term
investments
and
amounts
transferred
in-kind
noted
below,
for
the
Funds
for
the
period ended
May
31,
2022
are
listed
below.
(9)
Line
of
Credit
As
of
May
31,
2022,
the
Rockefeller
Equity
Allocation
Fund,
Rockefeller
Core
Taxable
Bond
Fund,
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund,
and
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
each
had
a
line
of
credit
in
the
amount
of
$10,000,000,
$8,000,000,
$8,500,000,
and
$4,000,000,
respectively,
which
all
mature
on
August
6,
2022.
These
secured
lines
of
credit
are
intended
to
provide
short-term
financing,
if
necessary,
and
subject
to
certain
restrictions,
in
connection
with
shareholder
redemptions.
The
credit
facility
is
with
the
Funds’
custodian,
US
Bank.
Interest
was
accrued
at
the
prime
rate
of
3.25%.
The
following
table
summarizes
the
line
of
credit
activity
for
the
Rockefeller
Equity
Allocation
Fund
during
the period
ended
May
31,
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
Period
Ended
May
31,
2022
Year
Ended
November
30,
2021
Shares
Sold
...........................................
511,332
615,563
Shares
Reinvested
..................................
103,654
60,389
Shares
Redeemed
...................................
(1,367,403)
(2,449,334)
Net
Decrease
.........................................
(752,417)
(1,773,382)
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
Period
Ended
May
31,
2022
Year
Ended
November
30,
2021
Shares
Sold
...........................................
1,357
241,275
Shares
Reinvested
..................................
43,856
34,539
Shares
Redeemed
...................................
(417,527)
(1,021,459)
Net
Decrease
.........................................
(372,314)
(745,645)
Purchases
Sales
U.S.
Government
Securities
Purchases
U.S.
Government
Securities
Sales
Rockefeller
Climate
Solutions
Fund
..................
$
10,006,896‌
$
8,791,449‌
$
–‌
$
–‌
Rockefeller
Equity
Allocation
Fund
..................
$
11,911,588‌
$
37,031,731‌
$
–‌
$
–‌
Rockefeller
Core
Taxable
Bond
Fund
..................
$
8,310,887‌
$
12,330,819‌
$
1,742,529‌
$
2,661,575‌
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
.
$
4,992,949‌
$
12,399,634‌
$
–‌
$
–‌
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
$
364,403‌
$
3,934,558‌
$
–‌
$
–‌
72
Rockefeller
Funds
Notes
to
Financial
Statements
(Continued)
May
31,
2022
(Unaudited)
2022.
The
Rockefeller
Core
Taxable
Bond
Fund,
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
and
Rockefeller Intermediate
Tax
Exempt
New
York
Bond
Fund did
not
utilize
their
lines
of
credit
during
the period
ended
May
31,
2022.
The
Funds
did
not
have
any
loans
outstanding
as
of
May
31,
2022.
(10)
Recent
Market
Events
U.S.
and
international
markets
have
experienced
significant
periods
of
volatility
in
recent
years
and
months
due
to
a
number
of
economic,
political
and
global
macro
factors
including
the
impact
of
COVID-19
as
a
global
pandemic
and
related
public
health
crisis,
growth
concerns
in
the
U.S.
and
overseas,
uncertainties
regarding
interest
rates,
rising
inflation,
trade
tensions,
and
the
threat
of
tariffs
imposed
by
the
U.S.
and
other
countries.
In
particular,
the
global
spread
of
COVID-19
has
resulted
in
disruptions
to
business
operations
and
supply
chains,
stress
on
the
global
healthcare
system,
growth
concerns
in
the
U.S.
and
overseas,
staffing
shortages
and
the
inability
to
meet
consumer
demand,
and
widespread
concern
and
uncertainty.
The
global
recovery
from
COVID-19
is
proceeding
at
slower
than
expected
rates
due
to
the
emergence
of
variant
strains
and
may
last
for
an
extended
period
of
time.
Health
crises
and
related
political,
social
and
economic
disruptions
caused
by
the
spread
of
COVID-19
may
also
exacerbate
other
pre-
existing
political,
social
and
economic
risks
in
certain
countries.
As
a
result
of
continuing
political
tensions
and
armed
conflicts,
including
the
war
between
Ukraine
and
Russia,
the
U.S.
and
the
European
Union
imposed
sanctions
on
certain
Russian
individuals
and
companies,
including
certain
financial
institutions,
and
have
limited
certain
exports
and
imports
to
and
from
Russia.
The
war
has
contributed
to
recent
market
volatility
and
may
continue
to
do
so.
These
developments,
as
well
as
other
events,
could
result
in
further
market
volatility
and
negatively
affect
financial
asset
prices,
the
liquidity
of
certain
securities
and
the
normal
operations
of
securities
exchanges
and
other
markets,
despite
government
efforts
to
address
market
disruptions.
Continuing
market
volatility
as
a
result
of
recent
market
conditions
or
other
events
may
have
adverse
effects
on
your
account.
(11)
LIBOR
The
London
Interbank
Offered
Rate
(“LIBOR”)
is
an
interest-rate
average
calculated
from
estimates
submitted
by
the
leading
banks
in
London.
LIBOR
represents
the
rate
which
banks
may
obtain
short-term
borrowings
from
each
other.
Most
maturities
and
currencies
of
LIBOR
were
phased
out
at
the
end
of
2021,
with
the
remaining
ones
to
be
phased
out
on
June
30,
2023.
There
remains
uncertainty
regarding
the
nature
of
any
replacement
rate
and
the
impact
of
the
transition
from
LIBOR
on
the
Funds
and
the
financial
markets
generally.
The
Secured
Overnight
Funding
Rate
(“SOFR”)
has
been
selected
by
a
committee
established
by
the
Board
of
Governors
of
the
Federal
Reserve
System
and
the
Federal
Reserve
Bank
of
New
York
to
replace
LIBOR
as
a
reference
rate
in
the
United
States.
Other
countries
have
undertaken
similar
initiatives
to
identify
replacement
reference
rates
in
their
respective
markets.
The
transition
process,
Days
Utilized
Average
Amount
of
Borrowing
Interest
Expense
Maximum
Amount
of
Borrowing
Date
of
Maximum
Borrowing
Rockefeller
Equity
Allocation
Fund
......
25
$
1,771,400‌
$
4,026‌
$7,378,000
12/30/2021
73
Rockefeller
Funds
Notes
to
Financial
Statements
(Continued)
May
31,
2022
(Unaudited)
or
the
failure
of
an
industry
to
transition,
could
lead
to
increased
volatility
and
illiquidity
in
markets
for
instruments
that
currently
rely
on
LIBOR
to
determine
interest
rates,
a
reduction
in
the
values
of
some
LIBOR-based
investments,
all
of
which
could
impact
the
Funds.
(12)
Subsequent
Events
The
Funds
have
evaluated
events
and
transactions
that
have
occurred
subsequent
to May
31,
2022
and
determined
there
were
no
subsequent
events
that
would
require
recognition
or
disclosure
within
the
financial
statements
other
than
as
described
below.
On
June
28,
2022,
the
Funds
declared
and
paid
distributions
from
ordinary
income
to
shareholders
of
record
as
of
June
27,
2022,
as
follows:
On
July
21,
2022,
the
Board
of
Trustees
approved
a
Plan
of
Liquidation
to
close
and
liquidate
the
Rockefeller
Equity
Allocation
Fund,
Rockefeller
Core
Taxable
Bond
Fund,
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
and
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
on
or
about
August
26,
2022.
Ordinary
Income
Rockefeller
Equity
Allocation
Fund
...............................................
$257,819
Rockefeller
Core
Taxable
Bond
Fund
............................................
$241,996
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
...................
$245,768
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
..................
$121,191
74
Rockefeller
Funds
Statement
Regarding
Liquidity
Risk
Management
May
31,
2022
(Unaudited)
In
accordance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended,
Trust
for
Professional
Managers
(the
“Trust”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Trust
Program”).
As
required
under
the
Trust
Program,
Rockefeller
&
Co.
LLC
(“Rockefeller”),
the
investment
adviser
to
the
Funds,
each
a
series
of
the
Trust,
have
adopted
and
implemented
a
liquidity
risk
management
program
tailored
specifically
to
each
Fund
(the
“Adviser
Program”).
The
Adviser
Program
seeks
to
promote
effective
liquidity
risk
management
for
each
Fund
and
to
protect
Fund
shareholders
from
dilution
of
their
interests.
The
Board
of
Trustees
(the
“Board”)
of
the
Trust
has
approved
Rockefeller
as
the
administrator
for
the
Adviser
Program
(the
“Program
Administrator”).
The
Program
Administrator
has
further
delegated
administration
of
the
Adviser
Program
to
its
Portfolio
Analytics
Group.
The
Program
Administrator
is
required
to
provide
a
written
annual
report
to
the
Board
and
the
Trust’s
Chief
Compliance
Officer
regarding
the
adequacy
and
effectiveness
of
the
Adviser
Program,
including
the
operation
of
each
Fund’s
highly
liquid
investment
minimum,
and
any
material
changes
to
the
Adviser
Program.
On
April
13,
2022,
the
Board
reviewed
the
Program
Administrator’s
written
annual
report
for
the
period
January
1,
2021
through
December
31,
2021
(the
“Report”).
The
Report
provided
an
assessment
of
each
Fund’s
liquidity
risk:
the
risk
that
a
Fund
could
not
meet
requests
to
redeem
shares
issued
by
a
Fund
without
significant
dilution
of
the
remaining
investors’
interests
in
the
Fund.
The
Adviser
Program
assesses
liquidity
risk
under
both
normal
and
reasonably
foreseeable
stressed
market
conditions.
The
Program
Administrator
has
retained
ICE
Data
Services,
Inc.,
a
third
party
vendor,
to
provide
portfolio
investment
classification
services,
and
the
Report
noted
that
the
Funds
primarily
held
investments
that
were
classified
as
highly
liquid
during
the
review
period.
The
Report
noted
that
the
Funds’
portfolios
are
expected
to
continue
to
primarily
hold
highly
liquid
investments
and
the
determination
that
each
Fund
be
designated
as
a
“primarily
highly
liquid
fund”
(as
defined
in
Rule
22e-4)
remains
appropriate
and
the
Funds
can
therefore
continue
to
rely
on
the
exclusion
in
Rule
22e-4
from
the
requirements
to
determine
and
review
a
highly
liquid
investment
minimum
for
a
Fund
and
to
adopt
policies
and
procedures
for
responding
to
a
highly
liquid
investment
minimum
shortfall.
The
Report
noted
that
there
were
no
breaches
of
a
Fund’s
restriction
on
holding
illiquid
investments
exceeding
15%
of
its
net
assets
during
the
review
period.
The
Report
confirmed
that
each
Fund’s
investment
strategy
was
appropriate
for
an
open-end
management
investment
company.
The
Report
also
indicated
that
no
material
changes
had
been
made
to
the
Adviser
Program
during
the
review
period.
The
Program
Administrator
determined
that
the
Funds
are
reasonably
likely
to
be
able
to
meet
redemption
requests
without
adversely
affecting
non-redeeming
Fund
shareholders
through
significant
dilution.
The
Program
Administrator
concluded
that
the
Adviser
Program
was
adequately
designed
and
effectively
implemented
during
the
review
period.
75
Rockefeller
Funds
Additional
Information
(Unaudited)
Tax
Information
For
the
year
ended
November
30,
2021,
certain
dividends
paid
by
the
Funds
may
be
subject
to
a
maximum
tax
rate
of
23.8%,
as
provided
for
by
the
Jobs
and
Growth
Tax
Relief
Reconciliation
Act
of
2003.
The
percentage
of
dividends
declared
from
ordinary
income
designated
as
qualified
dividend
income
was
as
follows:
For
corporate
shareholders,
the
percent
of
ordinary
income
distributions
qualifying
for
the
corporate
dividends
received
deduction
for
the
fiscal
year
ended
November
30,
2021,
was
as
follows:
For
the
year
ended
November
30,
2021,
the
percentage
of
taxable
ordinary
income
distributions
designated
as
short-term
capital
gain
distributions
under
Section
871(k)(2)(c)
of
the
Code
for
the
Funds
was
as
follows:
Foreign
Tax
Credit
Pass
Through
Pursuant
to
Section
853
of
the
Code,
the
Rockefeller
Equity
Allocation
Fund
designated
the
following
amounts
as
foreign
taxes
paid
for
the
year
ended
November
30,
2021.
Foreign
taxes
paid
for
purposes
of
Section
853
may
be
less
than
actual
foreign
taxes
paid
for
financial
statement
purposes.
Foreign
taxes
paid
or
withheld
should
be
included
in
taxable
income
with
an
offsetting
deduction
from
gross
income
or
as
a
credit
for
taxes
paid
to
foreign
governments.
Above
figures
may
differ
from
those
cited
elsewhere
in
this
report
due
to
differences
in
the
calculation
of
income
and
gains
for
GAAP
purposes
and
Internal
Revenue
Service
purposes.
Shareholders
are
strongly
advised
to
consult
their
own
tax
advisers
with
respect
to
the
tax
consequences
of
their
investments
in
the
Funds.
Rockefeller
Climate
Solutions
Fund
0.00%
Rockefeller
Equity
Allocation
Fund
56.79%
Rockefeller
Core
Taxable
Bond
Fund
0.00%
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
0.00%
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
0.00%
Rockefeller
Climate
Solutions
Fund
0.00%
Rockefeller
Equity
Allocation
Fund
14.14%
Rockefeller
Core
Taxable
Bond
Fund
0.00%
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
0.00%
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
0.00%
Rockefeller
Climate
Solutions
Fund
0.00%
Rockefeller
Equity
Allocation
Fund
0.00%
Rockefeller
Core
Taxable
Bond
Fund
0.00%
Rockefeller
Intermediate
Tax
Exempt
National
Bond
Fund
98.97%
Rockefeller
Intermediate
Tax
Exempt
New
York
Bond
Fund
99.96%
Creditable
Foreign
Tax
Credit
Paid
Per
Share
Amount
Distribution
Derived
From
Foreign
Sourced
Income
Rockefeller
Equity
Allocation
Fund
106,573
0.02026729
74.73%
76
Rockefeller
Funds
Additional
Information
(Continued)
(Unaudited)
Indemnifications
Under
the
Trust’s
organizational
documents,
its
officers
and
Trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Funds.
In
addition,
in
the
normal
course
of
business,
the
Funds
enter
into
contracts
that
provide
general
indemnifications
to
other
parties.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Funds
that
have
not
yet
occurred.
However,
the
Funds
have
not
had
prior
claims
or
losses
pursuant
to
these
contracts
and
expect
the
risk
of
loss
to
be
remote.
Information
about
Trustees
The
business
and
affairs
of
the
Trust
are
managed
under
the
direction
of
the
Board
of
Trustees.
Information
pertaining
to
the
Trustees
of
the
Trust
is
set
forth
below.
The
Statement
of
Additional
Information
includes
additional
information
about
the
Trustees
and
is
available,
without
charge,
upon
request
by
calling
855-369-6209.
Name
Address
and
Year
of
Birth
Position(s)
Held
with
the
Trust 
Term
of
Office
and
Length
of
Time
Serve
d 
Number
of
Portfolios
in
Trust
Overseen
by
Trustee
Principal
Occupation(s)
During
the
Past
Five
Years 
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
Independent
Trustees
Michael
D.
Akers,
Ph.D.
615
E.
Michigan
St.
Milwaukee,
WI
53202
Year
of
Birth:
1955
Trustee
Indefinite
Term;
Since
August
22,
2001
26
Professor
Emeritus
Department
of
Accounting
(June
2019-present),
Professor
Department
of
Accounting
(2004-
2019),
Chair,
Department
of
Accounting
(2004-
2017),
Marquette
University. 
Independent
Trustee,
USA
MUTUALS
(an
open-end
investment
company)
(2001-2021). 
Gary
A.
Drska
615
E.
Michigan
St.
Milwaukee,
WI
53202
Year
of
Birth:
1956
Trustee 
Indefinite
Term;
Since
August
22,
2001 
26 
Retired;
Former
Pilot,
Frontier/
Midwest
Airlines,
Inc.
(airline
company)
(1986-2021). 
Independent
Trustee,
USA
MUTUALS
(an
open-end
investment
company)
(2001-2021).
77
Rockefeller
Funds
Additional
Information
(Continued)
(Unaudited)
Name
Address
and
Year
of
Birth
Position(s)
Held
with
the
Trust 
Term
of
Office
and
Length
of
Time
Serve
Number
of
Portfolios
in
Trust
Overseen
by
Trustee
Principal
Occupation(s)
During
the
Past
Five
Years 
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
Vincent
P.
Lyles
615
E.
Michigan
St.
Milwaukee,
WI
53202
Year
of
Birth:
1961
Trustee 
Indefinite
Term;
Since
April
6,
2022 
26 
System
Vice
President
of
Community
Relations,
Advocate
Aurora
Health
Care
(health
care
provider)
(2019-present);
President
and
Chief
Executive
Officer,
Boys
&
Girls
Club
of
Greater
Milwaukee
(2012-2018).
Independent
Director,
BMO
Funds,
Inc.
(an
open-end
investment
company)
(2017-2022). 
Erik
K.
Olstein
615
E.
Michigan
St.
Milwaukee,
WI
53202
Year
of
Birth:
1967
Trustee 
Indefinite
Term;
Since
April
6,
2022 
26 
Retired;
President
and
Chief
Operating
Officer
(2000-2020),
Vice
President
of
Sales
and
Chief
Operating
Officer
(1995-2000),
Olstein
Capital
Management,
L.P.
(asset
management
firm);
Secretary
and
Assistant
Treasurer,
The
Olstein
Funds
(1995-2018). 
Trustee,
The
Olstein
Funds
(an
open-end
investment
company)
(1995-2018). 
78
Rockefeller
Funds
Additional
Information
(Continued)
(Unaudited)
Name
Address
and
Year
of
Birth
Position(s)
Held
with
the
Trust 
Term
of
Office
and
Length
of
Time
Serve
Number
of
Portfolios
in
Trust
Overseen
by
Trustee
Principal
Occupation(s)
During
the
Past
Five
Years 
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
Lisa
Zúñiga
Ramírez
615
E.
Michigan
St.
Milwaukee,
WI
53202
Year
of
Birth:
1969
Trustee 
Indefinite
Term;
Since
April
6,
2022 
26 
Retired;
Principal
and
Senior
Portfolio
Manager,
Segall
,
Bryan
&
Hamill,
LLC
(asset
management
firm)
(2018-2020);
Partner
and
Senior
Portfolio
Manager,
Denver
Investments
LLC
(asset
management
firm)
(2009-2018).
N/A
Gregory
M.
Wesley
615
E.
Michigan
St.
Milwaukee,
WI
53202
Year
of
Birth:
1969
Trustee 
Indefinite
Term;
Since
April
6,
2022 
26 
Senior
Vice
President
of
Strategic
Alliances
and
Business
Development,
Medical
College
of
Wisconsin
(2016-present). 
N/A
Interested
Trustee
and
Officers 
Joseph
C.
Neuberger*
615
E.
Michigan
St.
Milwaukee,
WI
53202
Year
of
Birth:
1962
Chairperson
and
Trustee 
Indefinite
Term;
Since
August
22,
2001 
N/A
President
(2017-present),
Chief
Operating
Officer
(2016-
2020),
Executive
Vice
President,
(1994-2017),
U.S.
Bancorp
Fund
Services,
LLC. 
Trustee,
Buffalo
Funds
(an
open-
end
investment
company)
(2003–
2017);
Trustee,
USA
MUTUALS
(an
open-end
investment
company)
(2001-2018). 
John
P.
Buckel
615
E.
Michigan
St.
Milwaukee,
WI
53202
Year
of
Birth:
1957
President
and
Principal
Executive
Officer 
Indefinite
Term;
Since
January
24,
2013 
N/A 
Vice
President
U.S.
Bancorp
Fund
Services,
LLC
(2004-present).  
N/A
79
Rockefeller
Funds
Additional
Information
(Continued)
(Unaudited)
Name
Address
and
Year
of
Birth
Position(s)
Held
with
the
Trust 
Term
of
Office
and
Length
of
Time
Serve
Number
of
Portfolios
in
Trust
Overseen
by
Trustee
Principal
Occupation(s)
During
the
Past
Five
Years 
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
Jennifer
A.
Lima
615
E.
Michigan
St.
Milwaukee,
WI
53202
Year
of
Birth:
1974
Vice
President,
Treasurer
and
Principal
Financial
and
Accounting
Officer 
Indefinite
Term;
Since
January
24,
2013 
N/A 
Vice
President
U.S.
Bancorp
Fund
Services,
LLC
(2002-present).  
N/A 
Deanna
B.
Marotz
615
E.
Michigan
St.
Milwaukee,
WI
53202
Year
of
Birth:
1965
Chief
Compliance
Officer,
Vice
President
and
Anti-
Money
Laundering
Officer 
Indefinite
Term;
Since
October
21,
2021 
N/A 
Senior
Vice
President,
U.S.
Bancorp
Fund
Service,
LLC
(2021-present);
Chief
Compliance
Officer
of
Keeley-
Teton
Advisors,
LLC
and
Teton
Advisors,
Inc.
(2017-2021);
Chief
Compliance
Officer
of
Keeley
Asset
Management
Corp.
(2015-2017). 
N/A 
Jay
S.
Fitton
615
E.
Michigan
St.
Milwaukee,
WI
53202
Year
of
Birth:
1970
Secretary 
Indefinite
Term;
Since
July
22,
2019
N/A 
Assistant
Vice
President,
U.S.
Bancorp
Fund
Services,
LLC
(2019–present);
Partner,
Practus
,
LLP
(2018-2019);
Counsel
Drinker,
Biddle
&
Reath
LLP
(2016-2018).
N/A 
Kelly
A.
Strauss
615
E.
Michigan
St.
Milwaukee,
WI
53202
Year
of
Birth:
1987
Assistant
Treasurer 
Indefinite
Term;
Since
April
23,
2015
N/A 
Assistant
Vice
President,
U.S.
Bancorp
Fund
Services,
LLC
(2011–present). 
N/A 
80
Rockefeller
Funds
Additional
Information
(Continued)
(Unaudited)
*
Mr.
Neuberger
is
deemed
to
be
an
“interested
person”
of
the
Trust
as
defined
by
the
1940
Act
due
to
his
position
and
material
business
relationship
with
the
Trust. 
Name
Address
and
Year
of
Birth
Position(s)
Held
with
the
Trust 
Term
of
Office
and
Length
of
Time
Serve
Number
of
Portfolios
in
Trust
Overseen
by
Trustee
Principal
Occupation(s)
During
the
Past
Five
Years 
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
Melissa
Aguinaga
615
E.
Michigan
St.
Milwaukee,
WI
53202
Year
of
Birth:
1987
Assistant
Treasurer 
Indefinite
Term;
Since
July
1,
2015
N/A 
Assistant
Vice
President,
U.S.
Bancorp
Fund
Services,
LLC
(2010–present). 
N/A 
Laura
A.
Caroll
615
E.
Michigan
St.
Milwaukee,
WI
53202
Year
of
Birth:
1985
Assistant
Treasurer 
Indefinite
Term;
Since
August
20,
2018
N/A 
Assistant
Vice
President,
U.S.
Bancorp
Fund
Services,
LLC
(2007–present). 
N/A 
82
!
!
!
A
NOTE
ON
FORWARD
LOOKING
STATEMENTS
(Unaudited)
Except
for
historical
information
contained
in
this
report
for
the
Funds,
the
matters
discussed
in
this
report
may
constitute
forward-looking
statements
made
pursuant
to
the
safe-harbor
provisions
of
the
Private
Securities
Litigation
Reform
Act
of
1995.
These
include
any
adviser
or
portfolio
manager
predictions,
assessments,
analyses
or
outlooks
for
individual
securities,
industries,
market
sectors
and/or
markets.
These
statements
involve
risks
and
uncertainties.
In
addition
to
the
general
risks
described
for
the
Funds
in
the
current
Prospectus,
other
factors
bearing
on
this
report
include
the
accuracy
of
the
Adviser’s
or
portfolio
managers’
forecasts
and
predictions,
and
the
appropriateness
of
the
investment
programs
designed
by
the
Adviser
or
portfolio
managers
to
implement
their
strategies
efficiently
and
effectively.
Any
one
or
more
of
these
factors,
as
well
as
other
risks
affecting
the
securities
markets
and
investment
instruments
generally,
could
cause
the
actual
results
of
the
Funds
to
differ
materially
as
compared
to
benchmarks
associated
with
the
Funds.
ADDITIONAL
INFORMATION
(Unaudited)
The
Funds
have
adopted
proxy
voting
policies
and
procedures
that
delegate
to
the
Adviser
the
authority
to
vote
proxies.
A
description
of
the
Funds’
proxy
voting
policies
and
procedures
is
available
without
charge,
upon
request,
by
calling
the
Funds
toll
free
at
855-369-6209.
A
description
of
these
policies
and
procedures
is
also
included
in
the
Funds’
Statement
of
Additional
Information,
which
is
available
on
the
SEC’s
website
at
http://www.sec.gov
.
The
Funds’
proxy
voting
records
for
the
most
recent
12-month
period
ended
June
30
are
available
without
charge,
either
upon
request
by
calling
the
Funds
toll
free
at
855-369-6209
or
by
accessing
the
SEC’s
website
at
http://www.sec.gov
.
The
Funds
file
their
complete
schedules
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Part
F
of
Form
N-PORT.
Shareholders
may
view
the
Part
F
of
Form
N-PORT
reports,
on
the
SEC’s
website
at
http://www.sec.gov
.
Results
of
Shareholder
Meeting
A
Special
Joint
Meeting
of
Shareholders
(the
“Meeting”)
took
place
on
April
6,
2022.
The
Meeting
was
held
for
all
series
in
the
Trust.
All
Trust
shareholders
of
record,
in
the
aggregate
across
all
series
of
the
Trust,
were
entitled
to
attend
or
submit
proxies.
As
of
the
record
date,
February
7,
2022,
the
Trust
had
534,673,511
shares
outstanding.
The
results
of
the
voting
for
the
proposals
were
as
follows:
Proposal
1:
To
approve
the
election
of
four
Trustees
to
the
Board
of
Trustees
of
the
Trust
to
serve
until
his
or
her
successor
is
elected
and
qualified.
For
Votes
Votes
Withheld
Broker
Non-Vote
Vincent
P.
Lyles
465,453,094
2,962,687
15,025,189
Erik
K.
Olstein
465,703,874
2,711,906
15,025,189
Lisa
Zúñiga
Ramírez
465,728,682
2,662,552
15,025,189
Gregory
M.
Wesley
465,394,219
2,984,741
15,025,189
83
!
!
!
Accordingly,
effective
April
6,
2022,
the
Board
of
Trustees
of
Trust
for
Professional
Managers
consists
of
the
following
individuals,
each
of
whom
have
been
elected
by
shareholders:
Michael
D.
Akers,
Independent
Trustee
Gary
A.
Drska,
Independent
Trustee
Vincent
P.
Lyles,
Independent
Trustee
Erik
K.
Olstein,
Independent
Trustee
Lisa
Zúñiga
Ramírez,
Independent
Trustee
Gregory
M.
Wesley,
Independent
Trustee
Joseph
C.
Neuberger,
Interested
Trustee
Proposal
2:
To
approve
one
or
more
adjournments
of
the
Special
Meeting
to
a
later
date
to
solicit
additional
proxies.
HOUSEHOLDING
(Unaudited)
In
an
effort
to
decrease
costs,
the
Funds
intend
to
reduce
the
number
of
duplicate
prospectuses
and
certain
other
shareholder
documents
you
receive
by
sending
only
one
copy
of
each
to
those
addresses
shared
by
two
or
more
accounts
and
to
shareholders
the
Funds
reasonably
believe
are
from
the
same
family
or
household.
Once
implemented,
if
you
would
like
to
discontinue
householding
for
your
accounts,
please
call
toll-free
at
855-
369-6209
to
request
individual
copies
of
these
documents.
Once
the
Funds
receive
notice
to
stop
householding,
the
Funds
will
begin
sending
individual
copies
30
days
after
receiving
your
request.
This
policy
does
not
apply
to
account
statements.
For
Votes
Votes
Against
Broker
Abstained
476,848,750
2,932,139
3,647,484
84
!
!
!
ROCKEFELLER
FUNDS
Investment
Adviser
Rockefeller
&
Co.
LLC
45
Rockefeller
Plaza,
5th
Floor
New
York,
New
York
10111
Legal
Counsel
Godfrey
&
Kahn,
S.C.
833
East
Michigan
Street
Suite
1800
Milwaukee,
Wisconsin
53202
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
111
South
Wacker
Drive
Chicago,
Illinois
60606
Transfer
Agent,
Fund
Accountant
and
Fund
Administrator
U.S.
Bancorp
Fund
Services,
LLC
615
East
Michigan
Street
Milwaukee,
Wisconsin
53202
Custodian
U.S.
Bank
National
Association
Custody
Operations
1555
North
River
Center
Drive
Suite
302
Milwaukee,
Wisconsin
53212
Distributor
Quasar
Distributors,
LLC
111
East
Kilbourn
Avenue
Suite
2200
Milwaukee,
Wisconsin
53202
This
report
is
intended
for
shareholders
of
the
Funds
and
may
not
be
used
as
sales
literature
unless
preceded
or
accompanied
by
a
current
prospectus.
(b)
Not applicable.
 
Item 2. Code of Ethics.
 
Not applicable for semi-annual reports.
 
Item 3. Audit Committee Financial Expert.
 
Not applicable for semi-annual reports.
 
Item 4. Principal Accountant Fees and Services.
 
Not applicable for semi-annual reports.
 
Item 5. Audit Committee of Listed Registrants.
 
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
 
Item 6. Investments.
 
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
 
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
 
Not applicable to open-end investment companies.
 
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
 
Not applicable to open-end investment companies.
 
Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.
 
Not applicable to open-end investment companies.
 
Item 10. Submission of Matters to a Vote of Security Holders
.
 
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of [directors/trustees].
 
Item 11. Controls and Procedures.
 
(a)
  
The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934.  Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.
 
(b)
  
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the last fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.
 
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
 
Not applicable to open-end investment companies.
 
 
Item 13. Exhibits.
 
(a)
  
(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.  Not Applicable.
 
(2)
A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 
Filed herewith.
 
(3) Any written solicitation to purchase securities under Rule 23c‑1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.  Not applicable to open-end investment companies.
 
(4) Change in the registrant’s independent public accountant.  There was no change in the registrant’s independent public accountant for the period covered by this report.
 
 
(b)
  
Certifications pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002.
  Furnished herewith.
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
(Registrant)  Trust for Professional Managers                                                              
 
By (Signature and Title       /s/ John Buckel                                                    
John Buckel, President
 
Date  8/3/2022                                                                                    
 
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)* ________/s/ John Buckel______________                                     
John Buckel, President
 
Date  8/3/2022                                                                                    
 
By (Signature and Title)*    /s/ Jennifer Lima                                                 
Jennifer Lima, Treasurer
 
Date  8/3/2022                                                                                    
 
* Print the name and title of each signing officer under his or her signature.
CERTIFICATIONS
 
I, John Buckel, certify that:
 
1.
    
I have reviewed this report on Form N-CSR of Trust for Professional Managers;
2.
    
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
    
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.
    
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a)
  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)
  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)
  
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)
  
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the last fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
    
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)
  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b)
  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
Date:  8/3/2022 
 
________/s/ John Buckel______________
John Buckel
President
 

CERTIFICATIONS
 
I, Jennifer Lima, certify that:
 
1.
    
I have reviewed this report on Form N-CSR of Trust for Professional Managers;
2.
    
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
    
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.
    
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a)
  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)
  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)
  
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)
  
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the last fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
    
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)
  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b)
  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
Date:  8/3/2022
             
 
            /s/ Jennifer Lima                    

Jennifer Lima
Treasurer
 
 

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

 
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Trust for Professional Managers, does hereby certify, to such officer’s knowledge, that the report on Form N-CSR of the Trust for Professional Managers for the period ended May 31, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Trust for Professional Managers for the stated period. 
 
 
________/s/ John Buckel___________
John Buckel
President, Trust for Professional Managers
 
            /s/ Jennifer Lima                    
Jennifer Lima
Treasurer, Trust for Professional Managers
Dated:  8/3/2022
        
 
 
 
This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Trust for Professional Managers for purposes of Section 18 of the Securities Exchange Act of 1934.