N-CSR 1 primary-document.htm
 
 
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, 2023
 
 
 
Date of reporting period:  May 31, 2023
 
 
Item 1. Reports to Stockholders.
 
(a)
 
 
 
 
Rockefeller
Climate
Solutions
Fund
Semi-Annual
Report
May
31,
2023
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
Example
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6
INVESTMENT
HIGHLIGHTS
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8
Schedule
of
Investments
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11
Statement
of
Assets
and
Liabilities
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14
Statement
of
Operations
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15
Statements
of
Changes
in
Net
Assets
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16
Financial
Highlights
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17
Notes
to
Financial
Statements
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19
Statement
Regarding
Liquidity
Risk
Management
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27
Additional
Information
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28
3
Dear
Shareholder:
The
MSCI
All-Country
World
Index
(net
dividends)
(“MSCI
ACWI”)
increased
3.44%
during
the
six
months
ended
May
31,
2023,
as
the
market
positively
inflected
at
the
tail
end
of
2022
and
into
2023,
reflecting
better-than-expected
economic
data
and
earnings
results,
the
prospect
of
China
re-opening,
and
an
overall
higher
appetite
for
risk
following
a
transitional
period
during
2022.
The
market
proved
to
be
resilient
during
the
collapses
of
Silvergate
Bank,
Silicon
Valley
Bank,
and
Signature
Bank,
which
raised
doubts
about
the
solvency
of
US
regional
banks.
From
February
28,
2023
to
March
17,
2023,
the
S&P
500
Financials
Index
(“S&P
500
Financials”)
fell
approximately
14%
as
investors
fled
the
sector
given
the
uncertain
outlook.
Fear
permeated
into
the
European
markets
and
acutely
impacted
Credit
Suisse,
which
was
already
struggling
prior
to
the
US
regional
bank
run,
leading
to
its
forced
marriage
to
UBS.
For
now,
it
appears
that
confidence
in
banks
has
stabilized
following
these
acquisitions,
deposit
guarantees
from
the
Federal
Deposit
Insurance
Corporation
(FDIC),
and
the
creation
of
the
Bank
Term
Funding
Program
(BTFP)
for
U.S.
depository
institutions.
The
supply
chain
shortages,
aggressive
stimulus
and
monetary
policy
during
the
COVID-19
pandemic
created
meaningful
inflationary
pressures
on
US
consumers.
U.S.
Consumer
Price
Index
(“CPI”)
has
come
down
from
its
peak
of
9.1%
in
June
2022
but
remains
elevated
and
an
important
factor
in
consumer
sentiment.
The
U.S.
Federal
Reserve’s
(Fed),
and
other
central
bank’s
chief
weapon
to
stamp
out
inflation
has
been
to
increase
interest
rates,
and
rate
hikes
are
likely
to
continue
throughout
the
back-half
of
2023,
increasing
the
risk
of
negatively
impacting
global
growth
and
drifting
economies
into
a
possible
recession.
Global
Economy
:
A
key
question
remains
as
to
whether
central
banks
can
balance
rate
hike
increases
to
slow
down
continued
inflation
while
not
stunting
economic
growth,
now
complicated
by
the
failure
of
several
US
banks
in
March
and
fears
around
the
outlook
for
financial
institutions
of
all
sizes.
Economic
indicators
are
a
mixed
bag,
as
the
strength
of
the
US
economy
continues
to
avoid
a
highly
anticipated
economic
recession.
However,
earnings
revisions
may
continue
to
drift
lower
as
companies
deal
with
volume
challenges,
inventory
destocking,
and
lingering
input
costs.
The
energy
crisis
seen
in
Europe
in
2022
appears
through
the
worst
of
it
but
has
caused
short-term
gyrations
in
energy
use,
including
extending
the
life
of
nuclear
assets
set
for
retirement
(Germany,
Belgium)
and
higher
use
of
coal
for
electricity
generation.
The
economic
uncertainties
presented
by
these
events
appear
to
be
creating
long-term
opportunities
for
lower-carbon
solutions
and
investments,
as
these
can
reduce
energy
dependencies
at
lower
costs
in
most
geographies.
The
focus
on
decarbonization
is
becoming
clearer
and
once
again
a
priority
for
governments
and
corporations
racked
by
these
energy
impacts
over
the
past
year.
In
March,
the
Intergovernmental
Panel
on
Climate
Change
(IPCC)
released
its
sixth
and
final
report
of
the
cycle,
highlighting
that
while
progress
has
been
made
by
nations
around
the
world,
all
of
the
commitments
today
are
still
insufficient
to
avoid
breaching
the
1.5°C
level.
The
panel
concluded
that
more
must
be
done
and
done
quickly
to
avoid
the
irreversible
changes
to
ecosystems
around
the
world.
Rockefeller
Climate
Solutions
Fund
(“Fund”):
For
the
six
month
fiscal
period
ended
May
31,
2023,
the
Institutional
Class
shares
of
the
Fund
returned
4.76%
(net)
versus
the
MSCI
ACWI
(“Benchmark”)
return
of 3.44%
over
the
same
period.
The
Fund
outperformed
the
Benchmark
during
the
period
as
the
rotation
into
more
economically
cyclical
stocks
in
the
beginning
of
the
year
benefitted
the
portfolio,
further
aided
by
the
crisis
seen
in
banks
and
the
Fund’s
underweight
to
the
Financials
sector.
Trimble
was
the
largest
single
detractor,
as
it
has
disappointed
in
its
revenue
delivery
and
has
seen
4
a
de-rating
of
its
shares
due
to
cyclical
concerns
in
ag/machinery.
Additionally,
Trimble
announced
the
1.88
billion
euro
($1.98
billion)
acquisition
of
Transporean
in
December
2022,
stretching
the
company’s
balance
sheet.
Maxar
Technologies
was
the
largest
contributor
during
the
period,
as
it
was
acquired
by
private
equity
firm
Advent
International
for
$53
per
share,
a
129%
premium
to
the
prior
close.
Looking
Forward:
We
continue
to
believe
that
this
uncertain
and
inflationary
environment
favors
companies
that
can
quickly
and
efficiently
pass
along
prices
to
customers,
especially
when
they
possess
flexible
cost
structures.
Over
the
last
several
years,
companies
have
dealt
with
a
slew
of
challenges
not
seen
in
generations,
with
management
teams
and
companies
demonstrating
their
core
competencies
along
the
way.
Today,
the
higher
interest
rate
environment
is
creating
stresses
within
business
models
that
had
never
been
tested
in
this
way,
creating
potential
opportunities.
The
US
has
taken
a
leadership
role
in
decarbonization
after
the
passage
of
the
Inflation
Reduction
Act
(IRA)
signed
into
law
in
August
2022.
This
law
will
enable
more
than
$370
billion
in
incentives
to
enhance
investment
visibility
and
enable
increased
investments
in
climate
change
solutions
such
as
renewable
energy,
electric
vehicles,
hydrogen,
energy
efficiency
and
infrastructure
resiliency,
positioning
the
U.S.
on
track
to
reduce
emissions
by
40%
compared
to
2005
levels,
by
2030.
While
many
companies
are
awaiting
final
guidance
from
Treasury,
expected
later
this
year,
the
strong
support
indicates
meaningful
activity
within
the
US
to
potentially
take
advantage
of
these
favorable
business
conditions
starting
in
2024.
In
addition,
other
countries
and
economic
areas
such
as
Canada
and
the
EU
are
putting
for
their
own
set
of
manufacturing
incentives
to
drive
renewable
investment
within
their
borders.
Meanwhile,
China
aims
to
have
infrastructure
build
out
continue
to
be
a
catalyst
for
growth
in
its
post-COVID
recovery.
The
competition
for
green
capital
investment
is
being
seen
throughout
the
world,
potentially
creating
additional
tailwinds
for
knock-on
secular
growth
dynamics
such
as
near-shoring,
electrification,
and
resiliency.
/s/
Rolando
Morillo
/s/
Jose
Garza
Portfolio
Manager,
Thematic
Investing
Portfolio
Manager,
Thematic
Investing
Rockefeller
Asset
Management
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.
The
value
of
your
investment
in
the
Fund
could
go
down
as
well
as
up.
You
may
lose
money
investing
in
the
Fund,
including
the
loss
of
principal.
Investing
in
the
Fund
is
subject
to
certain
risks,
including
general
market
risk;
management
risk;
climate
solutions
risk;
the
risks
of
investing
in
equity
securities,
MLPs,
REITS,
other
investment
companies
and
exchange
traded
funds
and
other
types
of
securities.
Investments
in
large
capitalization
companies
may
be
unable
to
respond
quickly
to
new
competitive
challenges
such
as
changes
in
consumer
tastes
or
innovative
smaller
competitors.
Large
cap
companies
are
sometimes
unable
to
attain
the
high
growth
rates
of
successful,
smaller
companies,
especially
during
extended
periods
of
economic
expansion.
Investments
in
small-
and
medium-capitalization
companies
tend
to
have
limited
liquidity
and
greater
price
volatility
than
large-capitalization
companies.
Investments
in
non-U.S.
securities
may
be
more
sensitive
to
currency
fluctuations,
political
and
economic
instability,
differing
government
regulations
and
liquidity
risks.
These
risks
are
greater
in
emerging
markets.
Commodity-linked
investments
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.
The
Fund’s
focus
5
on
environmental
criteria
will
limit
the
number
of
investment
opportunities
available
to
the
Fund
as
compared
to
other
mutual
funds
with
broader
investment
objectives,
and
as
a
result,
the
Fund
may
underperform
funds
that
are
not
subject
to
similar
investment
considerations.
Portfolio
companies
may
be
significantly
affected
by
environmental
considerations,
taxation,
government
regulation
(including
the
increased
cost
of
compliance),
inflation,
increases
in
interest
rates,
price
and
supply
fluctuations,
increases
in
the
cost
of
raw
materials
and
other
operating
costs,
technological
advances,
and
competition
from
new
market
entrants.
In
addition,
companies
may
share
common
characteristics
and
be
subject
to
similar
business
risks
and
regulatory
burdens.
A
downturn
in
the
demand
for
climate
change
mitigation
and
adaptation
products
and
services
is
likely
to
have
a
significant
negative
impact
on
the
value
of
the
Fund’s
investments.
As
a
result
of
these
and
other
factors,
the
Fund’s
portfolio
investments
are
expected
to
be
volatile,
which
may
result
in
significant
investment
losses
to
the
Fund.
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.
The
S&P
500®
Financials
comprises
those
companies
included
in
the
S&P
500
that
are
classified
as
members
of
the
GICS®
financials
sector.
The
U.S
Consumer
Price
Index
(CPI)
is
a
measure
of
the
average
change
over
time
in
the
prices
paid
by
urban
consumers
for
a
market
basket
of
consumer
goods
and
services.
Indexes
are
available
for
the
U.S.
and
various
geographic
areas.
Average
price
data
for
select
utility,
automotive
fuel,
and
food
items
are
also
available.
One
cannot
invest
directly
in
an
index.
Fund
holdings
and
sector
allocations
are
subject
to
change
and
are
not
recommendations
to
buy
or
sell
any
security.
Please
refer
to
the
schedule
of
investments
included
in
this
report
for
additional
portfolio
information.
Rockefeller
Capital
Management
is
the
marketing
name
of
Rockefeller
&
Co.
LLC,
the
adviser
to
the
Fund.
The
Rockefeller
Funds
are
distributed
by
Quasar
Distributors,
LLC.
6
Rockefeller
Climate
Solutions
Fund
Expense
Example
May
31,
2023
(Unaudited)
As
a
shareholder
of
the
Fund,
you
incur
two
types
of
costs:
(1)
transaction
costs,
and
(2)
ongoing
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees
and
other
Fund
expenses.
This
Example
is intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund,
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
Example is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
(12/1/22
–
5/31/23). 
Actual
Expenses
The
first
line
of
the
following
table
provides
information
about
actual
account
values
and
actual
expenses.
Although
the
Fund
charges
no
sales
load,
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
Fund's
transfer
agent.
If
you
request
that
a
redemption
be
made
by
wire
transfer,
currently
a
$15.00
fee
is
charged
by
the
Fund's
transfer
agent.
Individual
Retirement
Accounts
will
be
charged
a
$15.00
annual
maintenance
fee.
To
the
extent
the
Fund
invests
in
shares
of
exchange-traded
funds
or
other
investment
companies
as
part
of its
investment
strategy,
you
will
indirectly
bear
your
proportionate
share
of
any
fees
and
expenses
charged
by
the
underlying
funds
in
which
the
Fund
invests
in
addition
to
the
expenses
of
the
Fund.
Actual
expenses
of
the
underlying
funds
are
expected
to
vary
among
the
various
underlying
funds.
These
expenses
are
not
included
in
the
Example.
The
Example
includes,
but is
not
limited
to,
management
fees,
fund
administration
fees
and
accounting,
custody
and
transfer
agent
fees.
You
may
use
the
information
in
this
first
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
the
following
table
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund's
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund's
actual
return.
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
Fund
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.
7
Rockefeller
Climate
Solutions
Fund
Expense
Example
(Continued)
May
31,
2023
(Unaudited)
Rockefeller
Climate
Solutions
Fund
Beginning
Account
Value
12/01/22
Ending
Account
Value
5/31/23
Expenses
Paid
During
Period
12/01/22
—
5/31/23
*
Class
A
Actual
.......................................
$1,000.00
$
1,046.20‌
$6.33
Hypothetical
(5%
return
before
expenses)
..................................
$1,000.00
$
1,018.70‌
$6.24
Institutional
Class
Actual
.......................................
$1,000.00
$
1,047.60‌
$5.05
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%
and
1.24%
for
the
Institutional
Class
and
C
lass
A
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
period).
8
Rockefeller
Climate
Solutions
Fund
Investment
Highlights
May
31,
2023
(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.
Rockefeller
&
Co.,
LLC
(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.
The
Adviser
believes
that
companies
positioned
alongside
environmental
sectors
have
the
potential
to
significantly
outperform
the
broader
equity
market
over
the
long-term.
Average
Annual
Returns
as
of
May
31,
2023
Allocation
of
Portfolio
Holdings
as
of
May
31,
2023
(%
of
Investments)
Common
Stocks
97.16‌
%
Money
Market
Funds
1.77‌
Real
Estate
Investment
Trusts
1.07‌
100.00‌
%
Allocation
of
Portfolio
Holdings
as
of
May
31,
2023
(%
of
Investments)
United
States
63.96‌
%
United
Kingdom
9.22‌
France
9.18‌
Canada
3.96‌
Japan
3.29‌
Faroe
Islands
3.13‌
Switzerland
2.89‌
Netherlands
1.97‌
Denmark
1.43‌
Luxembourg
0.97‌
100.00‌
%
Class
A
(1)
MSCI
All
Country
World
Index
(Net
Dividends)
1
Year
................................
4.87%
0.85%
Since
Inception
........................
-5.72%
-3.97%
(1)
Fund
commenced
operations
on
July
21,
2021.
9
Rockefeller
Climate
Solutions
Fund
Investment
Highlights
(Continued)
May
31,
2023
(Unaudited)
Average
Annual
Returns
as
of
May
31,
2023
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
................................
5.13%
0.85%
5
Years
...............................
7.90%
6.77%
10
Years
..............................
7.81%
7.82%
Since
Inception
........................
9.40%
9.36%
(1)
Performance
shown
prior
to
July
21,
2021
is
that
of
the
Rockefeller
Climate
Solutions
Fund,
L.P.
(the
"Predecessor
Fund").  The
Predecessor
Fund
commenced
operations
on
June
1,
2012.  The
Predecessor
Fund
was
reorganized
into
the
Fund
on
July
21,
2021
in
exchange
for
Institutional
Class
shares
of
the
Fund.
10
Rockefeller
Climate
Solutions
Fund
Investment
Highlights
(Continued)
May
31,
2023
(Unaudited)
*
Inception
Date
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
11
Rockefeller
Climate
Solutions
Fund
Schedule
of
Investments
May
31,
2023
(Unaudited)
Shares
Value
COMMON
STOCKS
—
96.47%
Building
Products
—
7.11%
A
O
Smith
Corp.
.......................................
25,963
$
1,660,074‌
AZEK
Co.,
Inc.
(a)
......................................
38,605
897,566‌
Cie
de
Saint-Gobain
....................................
36,734
2,040,006‌
Geberit
AG
...........................................
1,996
1,058,974‌
5,656,620‌
Capital
Markets
—
1.66%
StoneX
Group,
Inc.
(a)
..................................
16,497
1,324,544‌
Chemicals
—
4.15%
Air
Products
and
Chemicals,
Inc.
...........................
7,583
2,040,889‌
DSM-Firmenich
AG
(a)
..................................
10,988
1,221,959‌
Ginkgo
Bioworks
Holdings,
Inc.
(a)
.........................
23,830
37,651‌
3,300,499‌
Commercial
Services
&
Supplies
—
3.35%
Rentokil
Initial
PLC
.....................................
159,191
1,266,299‌
Tetra
Tech,
Inc.
........................................
10,151
1,395,458‌
2,661,757‌
Construction
&
Engineering
—
4.57%
MasTec,
Inc.
(a)
.......................................
18,853
1,910,940‌
Stantec,
Inc.
..........................................
29,822
1,726,491‌
3,637,431‌
Diversified
Telecommunication
Services
—
1.86%
Iridium
Communications,
Inc.
.............................
24,631
1,478,845‌
Electric
Utilities
—
3.45%
SSE
PLC
............................................
117,001
2,744,248‌
Electrical
Equipment
—
6.17%
Array
Technologies,
Inc.
(a)
...............................
35,617
789,629‌
Atkore,
Inc.
(a)
........................................
5,065
591,440‌
Schneider
Electric
SE
...................................
13,834
2,393,269‌
Vestas
Wind
Systems
AS
(a)
..............................
39,843
1,134,833‌
4,909,171‌
Electronic
Equipment,
Instruments
&
Components
—
11.05%
Badger
Meter,
Inc.
......................................
16,926
2,333,587‌
Halma
PLC
...........................................
50,847
1,526,057‌
TE
Connectivity
Ltd.
....................................
12,418
1,520,957‌
Teledyne
Technologies,
Inc.
(a)
............................
4,001
1,554,989‌
Trimble,
Inc.
(a)
........................................
39,871
1,860,779‌
8,796,369‌
Food
Products
—
6.69%
Bakkafrost
P/F
........................................
37,682
2,470,862‌
Darling
Ingredients,
Inc.
(a)
...............................
44,994
2,851,719‌
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
Rockefeller
Climate
Solutions
Fund
Schedule
of
Investments
(Continued)
May
31,
2023
(Unaudited)
Shares
Value
COMMON
STOCKS
—
96.47%
(Continued)
Food
Products
—
6.69%
(Continued)
$
5,322,581‌
Hotels,
Restaurants
&
Leisure
—
0.72%
Sweetgreen,
Inc.
(a)
....................................
59,922
571,057‌
Independent
Power
&
Renewable
Electricity
Producers
—
4.33%
Brookfield
Renewable
Corp.
..............................
59,463
1,996,768‌
Sunnova
Energy
International,
Inc.
(a)
.......................
81,925
1,446,795‌
3,443,563‌
Industrial
Conglomerates
—
1.74%
Hitachi
Ltd.
...........................................
24,100
1,387,016‌
Life
Sciences
Tools
&
Services
—
8.89%
Agilent
Technologies,
Inc.
................................
14,679
1,697,920‌
Danaher
Corp.
........................................
14,231
3,267,722‌
Eurofins
Scientific
SE
(a)
.................................
11,631
768,567‌
Thermo
Fisher
Scientific,
Inc.
.............................
2,627
1,335,724‌
7,069,933‌
Machinery
—
14.44%
ATS
Corp.
(a)
.........................................
32,071
1,404,509‌
Kubota
Corp.
.........................................
88,000
1,209,899‌
Mueller
Industries,
Inc.
..................................
39,157
2,907,799‌
Mueller
Water
Products,
Inc.
..............................
90,407
1,238,576‌
Pentair
PLC
..........................................
31,619
1,753,906‌
Timken
Co.
...........................................
22,525
1,611,664‌
Xylem,
Inc./NY
........................................
13,581
1,360,816‌
11,487,169‌
Multi-Utilities
—
1.74%
WEC
Energy
Group,
Inc.
.................................
15,896
1,388,516‌
Professional
Services
—
8.74%
Arcadis
NV
...........................................
38,311
1,557,807‌
Bureau
Veritas
SA
......................................
110,929
2,819,016‌
Verisk
Analytics,
Inc.
....................................
11,770
2,578,925‌
6,955,748‌
Software
—
4.42%
ANSYS,
Inc.
(a)
.......................................
4,668
1,510,518‌
Bentley
Systems,
Inc.
...................................
19,346
943,698‌
Roper
Technologies,
Inc.
.................................
2,340
1,062,875‌
3,517,091‌
Water
Utilities
—
1.39%
American
Water
Works
Co.,
Inc.
...........................
7,662
1,106,776‌
TOTAL
COMMON
STOCKS
(Cost
$80,000,260)
...............
76,758,934‌
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
13
Rockefeller
Climate
Solutions
Fund
Schedule
of
Investments
(Continued)
May
31,
2023
(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
—
1.06%
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
1.06%
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
........
35,848
$
843,503‌
TOTAL
REAL
ESTATE
INVESTMENT
TRUSTS
(Cost
$1,813,036)
.
843,503‌
MONEY
MARKET
FUNDS
—
1.75%
Morgan
Stanley
Institutional
Liquidity
Funds
-
Institutional
Class,
4.959%
(b)
...........................................
1,394,375
1,394,375‌
TOTAL
MONEY
MARKET
FUNDS
(Cost
$1,394,375)
...........
1,394,375‌
Total
Investments
(Cost
$83,207,671)
—
99.28%
78,996,812‌
Other
Assets
in
E
xcess
of
Liabilities
—
0.72%
................
572,430‌
TOTAL
NET
ASSETS
—
100.00%
.........................
$
79,569,242‌
Percentages
are
stated
as
a
percent
of
net
assets.
PLC
Public
Limited
Company
SA
An
abbreviation
used
by
many
countries
to
signify
a
stock
company
whereby
shareholders
have
limited
liability.
SE
Societas
Europaea
is
a
term
for
a
European
Public
Liability
Company.
(a)
Non-income
producing
security.
(b)
The
rate
shown
represents
the
seven-day
yield
as
of
May
31,
2023.
Rockefeller
Climate
Solutions
Fund
Statement
of
Assets
and
Liabilities
May
31,
2023
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
Assets
Investments,
at
value
(Cost:
$
83,207,671
)
..............................................................
$
78,996,812‌
Cash
..........................................................................................................
173‌
Dividends
and
interest
receivable
.....................................................................
138,446‌
Receivable
for
investment
securities
sold
...........................................................
688,031‌
Other
assets
................................................................................................
22,289‌
Total
Assets
...........................................................................................
79,845,751‌
Liabilities
Payable
to
Adviser
........................................................................................
34,306‌
Payable
for
investments
purchased
..................................................................
141,710‌
Payable
for
12b-1
fees
-
Class
A
......................................................................
287‌
Payable
to
affiliates
.......................................................................................
74,517‌
Accrued
expenses
and
o
ther
liabilities
..............................................................
841‌
Audit
fees
payable
.........................................................................................
24,848‌
Total
Liabilities
.......................................................................................
276,509‌
Net
Assets
.................................................................................................
$
79,569,242‌
Net
Assets
Consist
of:
Paid-in
capital
...............................................................................................
$
68,067,328‌
Total
distributable
earnings
.............................................................................
11,501,914‌
Net
Assets
.............................................................................................
$
79,569,242‌
Institutional
Class
.......................................................................................
Net
assets
..................................................................................................
$
79,278,739‌
Shares
of
beneficial
interest
outstanding
(unlimited
shares
authorized,
$0.001
par
value
)
....................................................................................................
8,854,996‌
Net
asset
value
,
redemption
price
and
offering
price
per
share
...........................
$
8
.95‌
Class
A
......................................................................................................
Net
assets
..................................................................................................
$
290,503‌
Shares
of
beneficial
interest
outstanding
(unlimited
shares
authorized,
$0.001
par
value
)
....................................................................................................
32,551‌
Net
asset
value
,
redemption
price
and
offering
price
per
share
...........................
$
8
.92‌
Rockefeller
Climate
Solutions
Fund
Statement
of
Operations
May
31,
2023
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
15
Investment
Income
Dividend
income
...........................................................................................
$
626,216‌
Less:
Foreign
withholding
taxes
and
issuance
fees
...............................................
(67,107‌)
Interest
income
.............................................................................................
34,057‌
Total
Investment
Income
.........................................................................
593,166‌
Expenses
Management
fees
..........................................................................................
368,630‌
Administration
and
accounting
fees
...................................................................
62,426‌
Transfer
agent
fees
and
expenses
.....................................................................
33,310‌
Federal
&
state
registration
fees
.......................................................................
23,580‌
Audit
and
tax
fees
..........................................................................................
18,472‌
T
rustees'
fees
...............................................................................................
13,752‌
Legal
fees
....................................................................................................
10,194‌
Custody
fees
................................................................................................
7,730‌
Chief
Compliance
Officer
fees
..........................................................................
7,462‌
Pricing
fees
..................................................................................................
2,826‌
Insurance
expense
........................................................................................
2,366‌
Reports
to
shareholders
.................................................................................
1,182‌
12b-1
fees
–
Class
A
......................................................................................
400‌
Other
expense
..............................................................................................
4,372‌
Total
expenses
..............................................................................................
556,702‌
Net
advisory
recoupment/(waivers)
(Note
4)
........................................................
(126,956‌)
Net
expenses
........................................................................................
429,746‌
Net
Investment
Income/(Loss)
.......................................................................
163,420‌
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Net
realized
gain/(loss)
on:
Investments
............................................................................................
(3,318,725‌)
Foreign
currency
......................................................................................
(20,619‌)
Net
change
in
unrealized
appreciation/(depreciation)
on:
Investments
............................................................................................
7,054,267‌
Foreign
currency
......................................................................................
(1,469‌)
Net
Realized
and
Unrealized
Gain
on
Investments
...........................................
3,713,454‌
Net
Increase
in
Net
Assets
from
Operations
....................................................
$
3,876,874‌
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
Rockefeller
Climate
Solutions
Fund
Statements
of
Changes
in
Net
Assets
Period
Ended
May
31,
2023
(Unaudited)
Year
Ended
November
30,
2022
From
Operations
Net
investment
income
............................................
$
163,420‌
$
296,953‌
Net
realized
loss
from
investment
s
and
foreign
currency
translation
..............................
(
3,339,344‌
)
(
5,955,240‌
)
Net
change
in
u
nrealized
appreciation/(depreciation)
on
investment
and
foreign
currency
translation
...............
7,052,798‌
(
11,855,364‌
)
Net
increase/(decrease)
in
net
assets
from
operations
.......
3,876,874‌
(
17,513,651‌
)
From
Distributions
Net
dividends
and
distributions
...................................
(
123,855‌
)
(
491,300‌
)
Net
decrease
in
net
assets
resulting
from
distributions
paid
.
(
123,855‌
)
(
491,300‌
)
From
Capital
Share
Transactions
Proceeds
from
shares
sold
—
Class
A
.........................
6,562‌
726,666‌
Proceeds
from
shares
sold
—
Institutional
Class
............
150,061‌
8,695,113‌
Reinvestments
—
Class
A
.........................................
0‌
3,754‌
Reinvestments
—
Institutional
Class
............................
43,628‌
333,438‌
Cost
of
shares
redeemed
—
Class
A
...........................
(
850,922‌
)
(
276,404‌
)
Cost
of
shares
redeemed
—
Institutional
Class
..............
(
15,619,991‌
)
(
13,512,820‌
)
Net
decrease
in
net
assets
from
capital
share
transactions
..
(
16,270,662‌
)
(
4,030,253‌
)
Total
Decrease
in
N
et
A
ssets
......................................
(
12,517,643‌
)
(
22,035,204‌
)
Net
Assets
Beginning
of
period
......................................................
92,086,885‌
114,122,089‌
End
of
period
...............................................................
$
79,569,242‌
$
92,086,885‌
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
17
Rockefeller
Climate
Solutions
Fund
–
Institutional
Class
Financial
Highlights
Period
Ended
May
31,
2023
(Unaudited)
Year
Ended
November
30,
2022
Period
Ended
November
30,
2021
(1)
Net
Asset
Value,
Beginning
of
Period
...................
$8.56‌
$10.06‌
$10.00‌
Income
from
investment
operations
:
Net
investment
income/(loss) 
(2)
.......................
0.02‌
0.03‌
(0.01‌)
Net
realized
and
unrealized
gain/(loss)
..................
0.38‌
(1.49‌)
0.07‌
Total
From
Investment
Operations
.......................
0.40‌
(1.46‌)
0.06‌
Paid
from
net
investment
income
......................
(0.01‌)
–‌
–‌
Paid
from
realized
gains
.............................
–‌
(0.04‌)
–‌
Total
Distributions
...................................
(0.01‌)
(0.04‌)
–‌
Net
Asset
Value,
End
of
Period
........................
$8.95‌
$8.56‌
$10.06‌
Total
return
.......................................
4.76% 
(3)
-14.55%
0.58% 
(3)
Supplemental
Data
and
Ratios:
Net
assets,
end
of
period
(000)
.........................
$79,279
$90,942
$113,235
Ratio
of
expenses
to
average
net
assets:
Before
waiver,
expense
recoupment
....................
1.28% 
(4)
1.26%
1.25% 
(4)
After
waiver,
expense
recoupment
.....................
0.99% 
(4)
0.99%
0.99% 
(4)
Ratio
of
net
investment
income/(loss)
to
average
net
assets:
Before
waiver,
expense
recoupment
....................
0.09% 
(4)
0.04%
(0.69)% 
(4)
Net
after
waiver,
expense
recoupment
..................
0.38% 
(4)
0.31%
(0.43)% 
(4)
Portfolio
turnover
rate
................................
15.16% 
(3)
16.93%
13.14% 
(5)
(1)
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.
18
Rockefeller
Climate
Solutions
Fund
–
Class
A
Financial
Highlights
Period
Ended
May
31,
2023
(Unaudited)
Year
Ended
November
30,
2022
Period
Ended
November
30,
2021
(1)
Net
Asset
Value,
Beginning
of
Period
...............
$8.53‌
$10.05‌
$10.00‌
Income
from
investment
operations:
Net
investment
income/(loss)
(2)
...................
0.00‌
(3)
0.01‌
(0.03‌)
Net
realized
and
unrealized
gain/(loss)
..............
0.39‌
(1.49‌)
0.08‌
Total
From
Investment
Operations
...................
0.39‌
(1.48‌)
0.05‌
Paid
from
net
investment
income
..................
–‌
–‌
–‌
Paid
from
realized
gains
.........................
–‌
(
0.04‌)
–‌
Total
Distributions
...............................
–‌
(0.04‌)
–‌
Net
Asset
Value,
End
of
Period
....................
$8.92‌
$8.53‌
$10.05‌
Total
return
...................................
4.62% 
(4)
-14.76%
0.50% 
(4)
Supplemental
Data
and
Ratios:
Net
assets,
end
of
period
(000)
.....................
$291
$1,145
$887
Ratio
of
expenses
to
average
net
assets:
Before
waiver,
expense
recoupment
................
1.53% 
(5)
1.53%
1.56% 
(5)
After
waiver,
expense
recoupment
.................
1.24
% 
(5)
1.24%
1.24% 
(5)
Ratio
of
net
investment
income/(loss)
to
average
net
assets:
Before
waiver,
expense
recoupment
................
(0.21)% 
(5)
(0.19)%
(1.21)% 
(5)
Net
after
waiver,
expense
recoupment
..............
0.09% 
(5)
0.08%
(0.89)% 
(5)
Portfolio
turnover
rate
............................
15.16% 
(4)
16.93%
13.14% 
(4)
(1)
Commenced
operations
on
July
21,
2021.
(2)
Net
investment
income
per
share
has
been
calculated
based
on
average
shares
outstanding
during
the
period.
(3)
Amount
represents
less
than
$.01
per
share.
(4)
Not
annualized
for
periods
less
than
one
year.
(5)
Annualized
for
periods
less
than
one
year.
19
Rockefeller
Climate
Solutions
Fund
Notes
to
Financial
Statements
May
31,
2023
(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
Climate
Solutions
Fund (the
"Fund") represents
a
distinct
diversified series
with
its
own
investment
objective
and
policies
within
the
Trust.
The
investment
objective
of
the 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
Trust
may
issue
an
unlimited
number
of
shares
of
beneficial
interest
at
$0.001
par
value.
Costs
incurred
by
the
Fund
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
Fund
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
Fund is
an
investment
company and
accordingly
follows
the
investment
company
accounting
reporting
guidance
of
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standard
Codification
Topic
946
“Financial
Services-Investment
Companies”.
(a)
Investment
Valuation
Each
equity
security
owned
by
the
Fund
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
Fund
will
use
the
price
on
the
exchange
that
the
Fund
generally
considers
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
20
Rockefeller
Climate
Solutions
Fund
Notes
to
Financial
Statements
(Continued)
May
31,
2023
(Unaudited)
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, as
described
below.
When
market
quotations
are
not
readily
available,
any
security
or
other
asset
is
valued
at
its
fair
value
in
accordance
with
Rule
2a-5
of
the
1940
Act as
determined
under
the
Adviser's
fair
value
pricing procedures,
subject
to
oversight
by
the
Board
of
Trustees.
These
fair
value
pricing 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
Fund is
accurately
priced.
The Adviser
will
regularly
evaluate
whether
the
Fund's
fair
value
pricing
procedures
continue
to
be
appropriate
in
light
of
the
specific
circumstances
of
the
Fund
and
the
quality
of
prices
obtained
through
the
application
of
such
procedures.
The
Fund
has
adopted
Statement
of
Financial
Accounting
Standards,
“Fair
Value
Measurements
and
Disclosures,”
which
requires
the
Fund
to
classify its
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
Fund's
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
Fund's
investments
carried
at
fair
value
as
of
May
31,
2023:
21
Rockefeller
Climate
Solutions
Fund
Notes
to
Financial
Statements
(Continued)
May
31,
2023
(Unaudited)
The
Fund
held
no
Level
3
securities
during
the period
ended
May
31,
2023.
The
Fund
did
not
invest
in
derivative
securities
or
engage
in
hedging
activities
during
the period
ended
May
31,
2023.
(b)
Federal
Income
Taxes
The
Fund
complies
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
of
1986,
as
amended
the
(“Code”),
necessary
to
qualify
as
a
regulated
investment
company
and
make
the
requisite
distributions
of
income
and
capital
gains
to
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
Fund
will
distribute
net
investment
income
(less
operation
expenses)
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
Fund
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.
Rockefeller
Climate
Solutions
Fund
Level
1
Level
2
Level
3
Total
Assets
(1)
:
Equities:
Common
Stock
$
54,382,082‌
$
22,376,852‌
$
–‌
$
76,758,934‌
Real
Estate
Investment
Trusts
843,503‌
–‌
–‌
843,503‌
Total
Equity
Securities
55,225,585‌
22,376,852‌
–‌
77,602,437‌
Money
Market
Funds
1,394,375‌
–‌
–‌
1,394,375‌
Total
Investments
in
Securities
$
56,619,960‌
$
22,376,852‌
$
–‌
$
78,996,812‌
(1)
See
the
Schedule
of
Investments
for
industry
classifications.
22
Rockefeller
Climate
Solutions
Fund
Notes
to
Financial
Statements
(Continued)
May
31,
2023
(Unaudited)
(e)
Share
Valuation
The
NAV
per
share
of the
Fund
is
calculated
by
dividing
the
sum
of
the
value
of
the
securities
held
by the
Fund,
plus
cash
or
other
assets,
minus
all
liabilities
(including
estimated
accrued
expenses)
by
the
total
number
of
shares
outstanding,
rounded
to
the
nearest
cent.
The
Fund's
shares
will
not
be
priced
on
the
days
on
which
the
NYSE
is
closed
for
trading.
The
offering
and
redemption
price
per
share
for the
Fund
is
equal
to the
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
Fund
determines
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
Fund's
investments
in
REITs
are
comprised
of
ordinary
income,
capital
gains
and
return
of
capital,
as
applicable.
For
financial
statement
purposes,
the
Fund
uses
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
Fund.
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,
2022
was
as
follows:
Distributions
paid
from:
Ordinary
Income
..................................................
$
–‌
Long-Term
Capital
Gains
............................................
491,300‌
Total
Distributions
Paid
............................................
$
491,300‌
23
Rockefeller
Climate
Solutions
Fund
Notes
to
Financial
Statements
(Continued)
May
31,
2023
(Unaudited)
As
of November
30,
2022,
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
wash
sale
and
partnership adjustments
and
timing
differences
in
recognizing
certain
gains
and
losses
in
security
transactions.
As
of
November
30,
2022,
the
Fund
had
short-term
capital
losses
of
$3,979,753 and
long-term
capital
losses
of
$539,008,
which
will
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
November
30,
2022,
the
tax
years 2021
and
2022
remain
open
to
examination
in
the
Fund's
major
tax
jurisdictions.
The
Fund is
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
Fund
recognizes
interest
and
penalties,
if
any,
related
to
unrecognized
tax
benefits
as
income
tax
expense
in
the
Statement
of
Operations.
During
the
period,
the
Fund
did
not
incur
any
interest
or
penalties,
nor
were
any
accrued
as
of
November
30,
2022.
GAAP
requires
that
certain
components
of
net
assets
relating
to
permanent
differences
be
reclassified
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAV
per
share.
For
the year
ended
November
30,
2022,
the
following
reclassifications
were
made
for
permanent
tax
differences
on
the
Statement
of
Assets
and
Liabilities.
(4)
Investment
Adviser
The
Trust
has
an
Investment
Advisory
Agreement
(the
“Agreement”)
with
the
Adviser
to
furnish
investment
advisory
services
to
the
Fund.
Under
the
terms
of
the
Agreement,
the
Fund
compensates
the
Adviser
for
its
management
services
at
the
annual
rate
of
0.85%,
of
the
average
daily
net
assets
of
the
Fund. 
The
Adviser
has
contractually
agreed
to
waive
its
management
fee
and/or
reimburse the
Fund’s
other
expenses
through
the
expiration
date
listed
below
to
the
extent
necessary
to
ensure
that the
Fund’s
total
annual
operating
expenses
do
not
exceed
the
Fund’s
Expense
Limitation
Cap,
listed
below,
of
the
Fund’s
average
daily
net
assets.
Cost
basis
of
investments
for
federal
income
tax
purposes
$
79,953,273‌
Gross
tax
unrealized
appreciation
28,077,849‌
Gross
tax
unrealized
depreciation
(15,937,134‌)
Net
tax
unrealized
appreciation
12,140,715‌
Undistributed
ordinary
income
115,665‌
Undistributed
capital
gains
–‌
Total
other
accumulated
loss
(4,518,761‌)
Total
distributable
earnings
$
7,737,619‌
Total
Distributable
Earnings/(Losses)
$
(11,277‌)
Paid-In
Capital
11,277‌
Expense
Limitation
Cap
Expiration
Date
Rockefeller
Climate
Solutions
Fund
.................
0.99%
March
31,
2024
24
Rockefeller
Climate
Solutions
Fund
Notes
to
Financial
Statements
(Continued)
May
31,
2023
(Unaudited)
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,
2023, $126,956 of
expenses
were
waived, which
are
eligible
for
recoupment
through
May
31,
2026. 
(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
Fund's
Administrator
under
an
Administration
Agreement.
The
Administrator
prepares
various
federal
and
state
regulatory
filings,
reports
and
returns
for
the
Fund;
prepares
reports
and
materials
to
be
supplied
to
the
Trustees;
monitors
the
activities
of
the
Fund's
custodian,
transfer
agent
and
accountants;
coordinates
the
preparation
and
payment
of
the
Fund's
expenses;
and
reviews
the
Fund's
expense
accruals.
Fund
Services
also
serves
as
the
fund
accountant
and
transfer
agent
to
the
Fund.
U.S.
Bank
National
Association
(“US
Bank”),
an
affiliate
of
Fund
Services,
serves
as the
Fund’s
custodian.
The
Trust’s
Chief
Compliance
Officer
is
also
an
employee
of
Fund
Services.
Fees
and
expenses
incurred
for
the period
ended
May
31,
2023,
and
owed
as
of
May
31,
2023,
are
as
follows:
The
Fund
has
a
line
of
credit
with
US
Bank
(see
Note
9).
Certain
officers
of
the
Fund
are
also
employees
of
Fund
Services.
(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
Fund which
authorizes
the
Trust
to
pay
Quasar
Distributors,
LLC
(the
“Distributor”),
the
Fund's
principal
distributor,
a
distribution
fee
of
0.25%
of the
Fund’s
average
daily
net
assets
of the
Fund's Class
A
shares.
During
the period
ended
May
31,
2023,
the
Class
A
shares
incurred
fees
pursuant
to
the
12b-1
Plan
of
$400.
(7)
Capital
Share
Transactions
Transactions
in
the
shares
of
the
Fund
were
as
follows:
Incurred
Owed
Administration
&
Accounting
$
62,426‌
$
41,774‌
Pricing
$
2,826‌
$
553‌
Transfer
Agency
$
33,310‌
$
23,225‌
Custody
$
7,730‌
$
4,003‌
Chief
Compliance
Officer
$
7,462‌
$
4,962‌
Class
A
Period
Ended
May
31,
2023
Year
Ended
November
30,
2022
Shares
Sold
..................................................
720
79,448
Shares
Reinvested
.........................................
–
366
Shares
Redeemed
..........................................
(102,333)
(33,956)
25
Rockefeller
Climate
Solutions
Fund
Notes
to
Financial
Statements
(Continued)
May
31,
2023
(Unaudited)
(8)
Investment
Transactions
The
aggregate
securities
transactions,
excluding
short-term
investments
and
amounts
transferred
in-kind
noted
below,
for
the
Fund
for
the
period ended
May
31,
2023
are
listed
below.
(9)
Line
of
Credit
As
of
May
31,
2023,
the
Fund
had
a
line
of
credit
in
the
amount
of
$10,000,000,
which will
mature
on
August
5,
2023.
This
secured
line
of
credit is
intended
to
provide
short-term
financing,
if
necessary,
and
subject
to
certain
restrictions,
in
connection
with
shareholder
redemptions.
The
credit
facility
is
the
Fund's
custodian,
US
Bank.
Interest
will
accrue
at
the
prime
rate.
The
following
table
provides
information
regarding
usage
of
the
line
of
credit
for
the
period
ended
May
31,
2023.
The
Fund
did
not
have
an
outstanding
balance
on
the
line
of
credit
as
of
May
31,
2023.
(10)
Recent
Market
Events
U.S.
and
international
markets
have
experienced
and
may
continue
to
experience
significant
periods
of
volatility
in
recent
years
and
months
due
to
a
number
of
economic,
political
and
global
macro
factors
including
rising
inflation,
uncertainty
regarding
central
banks’
interest
rate
increases,
the
possibility
of
a
national
or
global
recession,
trade
tensions,
political
events,
the
war
between
Russia
and
Ukraine
and
the
impact
of
the
coronavirus
(COVID-19)
global
pandemic.
The
global
recovery
from
COVID-19
may
last
for
an
extended
period
of
time.
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
Net
(Decrease)/Increase
..................................
(101,613)
45,858
Institutional
Class
Period
Ended
May
31,
2023
Year
Ended
November
30,
2022
Shares
Sold
..................................................
17,206
968,830
Shares
Reinvested
.........................................
5,257
32,467
Shares
Redeemed
..........................................
(1,792,227)
(1,635,005)
Net
Decrease
................................................
(1,769,764)
(633,708)
Purchases
Sales
U.S.
Government
Securities
Purchases
U.S.
Government
Securities
Sales
Rockefeller
Climate
Solutions
Fund
..................
$
12,882,016‌
$
28,755,190‌
$
–‌
$
–‌
Days
Utilized
Average
Amount
of
Borrowing
Interest
Expense
Maximum 
Amount
of
Borrowing
Date
of
Maximum
Borrowing
5
$2,071,400
$2,785
$4,276,000
03/21/2023
26
Rockefeller
Climate
Solutions
Fund
Notes
to
Financial
Statements
(Continued)
May
31,
2023
(Unaudited)
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)
Subsequent
Events
The
Fund
has
evaluated
events
and
transactions
that
have
occurred
subsequent
to May
31,
2023
and
determined
there
were
no
subsequent
events
that
would
require
recognition
or
disclosure
within
the
financial
statements
other
than
as
described
below.
On
December
20,
2022,
the
Fund
declared
and
paid
distributions
from
ordinary
income
to
shareholders
of
record
as
of
December
19,
2022,
in
the
amount
of
$123,855
for
the
Institutional
Class.
27
Rockefeller
Funds
Statement
Regarding
Liquidity
Risk
Management
May
31,
2023
(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
Fund,
a
series
of
the
Trust,
has
adopted
and
implemented
a
liquidity
risk
management
program
tailored
specifically
to
the
Fund
(the
“Adviser
Program”).
The
Adviser
Program
seeks
to
promote
effective
liquidity
risk
management
for
the
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
the
Fund’s
highly
liquid
investment
minimum,
and
any
material
changes
to
the
Adviser
Program.
On
April
20,
2023,
the
Board
reviewed
the
Program
Administrator’s
written
annual
report
for
the
period
January
1,
2022
through
December
31,
2022
(the
“Report”).
The
Report
provided
an
assessment
of
the
Fund’s
liquidity
risk:
the
risk
that
the
Fund
could
not
meet
requests
to
redeem
shares
issued
by
the
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
Fund
primarily
held
investments
that
were
classified
as
highly
liquid
during
the
review
period.
The
Report
noted
that
the
Fund’s
portfolio
is
expected
to
continue
to
primarily
hold
highly
liquid
investments
and
the
determination
that
the
Fund
be
designated
as
a
“primarily
highly
liquid
fund”
(as
defined
in
Rule
22e-4)
remains
appropriate
and
the
Fund
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
the
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
the
Fund’s
restriction
on
holding
illiquid
investments
exceeding
15%
of
its
net
assets
during
the
review
period.
The
Report
confirmed
that
the
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
Fund
is
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.
28
Rockefeller
Climate
Solutions
Fund
Additional
Information
(Unaudited)
Tax
Information
For
the
year
ended
November
30,
2022,
certain
dividends
paid
by
the
Fund
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
0.00%.
For
corporate
shareholders,
the
percent
of
ordinary
income
distributions
qualifying
for
the
corporate
dividends
received
deduction
for
the
fiscal
year
ended
November
30,
2022,
was
0.00%.
For
the
year
ended
November
30,
2022,
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
Fund
was
0.00%.
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
Fund.
In
addition,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
provide
general
indemnifications
to
other
parties.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Fund
that
have
not
yet
occurred.
However,
the
Fund
has
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
Served
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
27
Professor
Emeritus
Department
of
Accounting
(June
2019-present),
Professor
Department
of
Accounting
(2004-May
2019)
Marquette
University. 
Independent
Trustee,
USA
MUTUALS
(an
open-end
investment
company)
(2001-2021). 
29
Rockefeller
Climate
Solutions
Fund
Additional
Information
(Continued)
(Unaudited)
Name,
Address
and
Year
of
Birth
Position(s)
Held
with
the
Trust 
Term
of
Office
and
Length
of
Time
Served
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
Gary
A.
Drska
615
E.
Michigan
St.
Milwaukee,
WI
53202
Year
of
Birth:
1956
Trustee 
Indefinite
Term;
Since
August
22,
2001 
27 
Retired;
Former
Pilot,
Frontier/
Midwest
Airlines,
Inc.
(airline
company)
(1986-2021). 
Independent
Trustee,
USA
MUTUALS
(an
open-end
investment
company)
(2001-2021).
Vincent
P.
Lyles
615
E.
Michigan
St.
Milwaukee,
WI
53202
Year
of
Birth:
1961
Trustee 
Indefinite
Term;
Since
April
6,
2022 
27 
Executive
Director,
Milwaukee
Succeeds
(education
advocacy
organization)
(2023-present);
System
Vice
President
of
Community
Relations,
Advocate
Aurora
Health
Care
(health
care
provider)
(2019-2022);
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). 
30
Rockefeller
Climate
Solutions
Fund
Additional
Information
(Continued)
(Unaudited)
Name,
Address
and
Year
of
Birth
Position(s)
Held
with
the
Trust 
Term
of
Office
and
Length
of
Time
Served
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
Erik
K.
Olstein
615
E.
Michigan
St.
Milwaukee,
WI
53202
Year
of
Birth:
1967
Trustee 
Indefinite
Term;
Since
April
6,
2022 
27 
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). 
Lisa
Zúñiga
Ramírez
615
E.
Michigan
St.
Milwaukee,
WI
53202
Year
of
Birth:
1969
Trustee 
Indefinite
Term;
Since
April
6,
2022 
27 
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 
27 
Senior
Vice
President
of
Strategic
Alliances
and
Business
Development,
Medical
College
of
Wisconsin
(2016-present). 
N/A
31
Rockefeller
Climate
Solutions
Fund
Additional
Information
(Continued)
(Unaudited)
Name,
Address
and
Year
of
Birth
Position(s)
Held
with
the
Trust 
Term
of
Office
and
Length
of
Time
Served
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
Officers
John
P.
Buckel
*
615
E.
Michigan
St.
Milwaukee,
WI
53202
Year
of
Birth:
1957
Chairperson,
Trustee,
President
and
Principal
Executive
Officer 
Indefinite
Term;
Chairperson
and
Trustee 
(Since
January
19,
2023);
President
and
Principal
Executive
Officer
(Since
January
24,
2013) 
27 
Vice
President
U.S.
Bancorp
Fund
Services,
LLC
(2004-present).  
N/A
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
Services,
LLC
(2021-present);
Chief
Compliance
Officer
of
Keeley-
Teton
Advisors,
LLC
and
Teton
Advisors,
Inc.
(2017-2021). 
N/A 
32
Rockefeller
Climate
Solutions
Fund
Additional
Information
(Continued)
(Unaudited)
*
Mr.
Buckel
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
Served
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
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 
Shannon
Coyle
615
E.
Michigan
St.
Milwaukee,
WI
53202
Year
of
Birth:
1990
Assistant
Treasurer 
Indefinite
Term;
Since
August
26,
2022
N/A 
Officer,
U.S.
Bancorp
Fund
Services,
LLC
(2015–present). 
N/A 
Laura
A.
Carroll
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 
33
!
!
!
A
NOTE
ON
FORWARD
LOOKING
STATEMENTS
(Unaudited)
Except
for
historical
information
contained
in
this
report
for
the
Fund,
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
Fund
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
Fund
to
differ
materially
as
compared
to
benchmarks
associated
with
the
Fund.
ADDITIONAL
INFORMATION
(Unaudited)
The
Fund
adopted
proxy
voting
policies
and
procedures
that
delegate
to
the
Adviser
the
authority
to
vote
proxies.
A
description
of
the
Fund’s
proxy
voting
policies
and
procedures
is
available
without
charge,
upon
request,
by
calling
the
Fund
toll
free
at
855-369-6209.
A
description
of
these
policies
and
procedures
is
also
included
in
the
Fund’s
Statement
of
Additional
Information,
which
is
available
on
the
SEC’s
website
at
http://www.sec.gov
.
The
Fund’s
proxy
voting
records
for
the
most
recent
12-month
period
ended
June
30
are
available
without
charge,
either
upon
request
by
calling
the
Fund
toll
free
at
855-369-6209
or
by
accessing
the
SEC’s
website
at
http://www.sec.gov
.
The
Fund
files
its
complete
schedule
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
.
HOUSEHOLDING
(Unaudited)
In
an
effort
to
decrease
costs,
the
Fund
intends
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
Fund
reasonably
believes
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
Fund
receives
notice
to
stop
householding,
the
Fund
will
begin
sending
individual
copies
30
days
after
receiving
your
request.
This
policy
does
not
apply
to
account
statements.
34
!
!
!
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
Fund
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.

 
(a)
 
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form. 
 
(b)
 
Not Applicable.
 

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 o
f 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 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 Securiti
es 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:
8/1/2023
 
 
 
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:
8/1/2023
 
By (Signature and Title)*
/s/ Jennifer Lima
____________
Jennifer Lima, Treasurer
 
Date:
8/1/2023
 
* 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: 8/1/2023
 
/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: 8/1/2023
 
/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 (the “Trust”), does hereby certify, to such officer’s knowledge, that the report on Form N-CSR of the Trust for the period ended May 31, 2023 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 the stated period. 
 
 
/s/ John Buckel
____________
John Buckel
President, Trust for Professional Managers
 
/s/ Jennifer Lima
____________
Jennifer Lima
Treasurer, Trust for Professional Managers
Dated: 8/1/2023
 
 
 
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 the Trust for purposes of Section 18 of the Securities Exchange Act of 1934.