Semi-Annual Report

May 31, 2019

Investment Advisor

Gerstein Fisher

565 Fifth Avenue, 27^th Floor

New York, New York 10017

Phone: 800-473-1155

www.GersteinFisherFunds.com

Gerstein Fisher is a division of People’s United Advisors, Inc.

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary (such as a broker-dealer or bank). Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by contacting your financial intermediary or, if you are a direct investor, by calling the Funds at 1-800-473-1155.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Funds, you can call the Funds at 1-800-473-1155. Your election to receive reports in paper form will apply to all funds held in your account with your financial intermediary or, if you invest directly, to all Gerstein Fisher Funds you hold.

Table of Contents

LETTER TO SHAREHOLDERS	3
EXPENSE EXAMPLES	7
INVESTMENT HIGHLIGHTS	9
SCHEDULES OF INVESTMENTS	15
STATEMENTS OF ASSETS AND LIABILITIES	44
STATEMENTS OF OPERATIONS	46
STATEMENTS OF CHANGES IN NET ASSETS	48
FINANCIAL HIGHLIGHTS	52
NOTES TO FINANCIAL STATEMENTS	58
NOTICE OF PRIVACY POLICY & PRACTICES	74
ADDITIONAL INFORMATION	75

Dear Fellow Shareholders,

The beginning of 2019 saw the markets recover from one of the worst downturns since the Global Financial Crisis in 2008-2009. After one of the most volatile periods of the last decade for U.S. markets in the fourth quarter of 2018 and January of 2019, stocks have generally returned to a more stable or positive state.

Gerstein Fisher is focused on building and managing well-diversified, research-driven portfolios with the goal of offering investors systematic strategies across multiple asset classes. We will continue to push forward our research and processes to ensure that the Multi-Factor^® portfolios Gerstein Fisher offers continue to provide a disciplined and well-reasoned approach to quantitative investing.

As always, it remains our privilege to recognize the trust that you have placed in Gerstein Fisher as we manage our funds and strategies. It is a responsibility we take seriously, and we look forward to continuing to earn this trust in the years to come.

We pride ourselves, through our Multi-Factor^® strategies, on our commitment to offering a quantitative alternative to managing investments, and in doing everything we can to serve the best interest of our investors.

Sincerely,

Gregg S. Fisher, CFA

Founder, Portfolio Manager and Head of Research

Review of Fund Performance

Gerstein Fisher Multi-Factor^® Growth Equity Fund (GFMGX)

The six months ended May 31, 2019 were broadly positive for U.S. equities and for U.S. large-cap growth equities. The Gerstein Fisher Multi-Factor^® Growth Equity Fund (the “Fund”) returned -2.41% for this period, compared to the Russell 1000^® Growth Total Return Index, which returned 3.91% for the same six months.

As a result of the Fund’s diversified investment approach, with approximately 240 holdings and no individual holding constituted more than 5% of the total portfolio, performance was determined principally by the returns of U.S. Large Cap Growth equities, and our targeted factor exposures, rather than the behavior of a limited number of stocks. The Fund’s performance relative to the Russell 1000^® Growth Total Return Index was due largely to the returns of the risk factors that are components of our Multi-Factor^® strategy. Performance attribution during the six month period ended May 31, 2019 reveals that the Fund’s tilt to higher-profitability securities, smaller market cap securities, and more value-oriented securities all negatively impacted performance. Higher price momentum securities (calculated over a 2-12 month trailing period) contributed moderately positively to returns for the same period.

Since its inception in December 2009, the Fund has performed in line with our expectations. It is designed to be an all-cap U.S. growth equity portfolio with additional exposures to targeted, systematic risk factors that include profitability, value, and momentum, while seeking to avoid non-systematic risks such as industry or company overexposures. Because our process is based on a scientifically grounded approach, we believe that over time the Gerstein Fisher Multi-Factor^® Growth Equity Fund should continue to be well positioned to deliver a positive investment experience in the U.S. growth equity space, as well as to provide exposure to often overlooked factors within the domestic growth universe.

Gerstein Fisher Multi-Factor^® International Growth Equity Fund (GFIGX)

Developed-market equities were positive in the six months ended May 31, 2019. The Gerstein Fisher Multi-Factor^® International Growth Equity Fund (the “Fund”) returned 4.33% for this period, compared to the MSCI EAFE Growth Index, which returned 5.88% during the same six months.

The Fund maintains a diversified exposure to over 250 securities and approximately 25 countries, and no individual holding constituted more than 5% of the total portfolio. Additionally, any single country’s exposure within the portfolio is limited to a maximum of approximately 15% of the Fund, providing a high degree of country-level diversification. The Fund’s performance relative to the MSCI EAFE Growth Index was due largely to targeted exposures to certain risk factors that are components of our Multi-Factor^® strategy. Performance attribution during the six month period ended May 31, 2019 reveals that the Fund’s tilt to stocks with smaller market capitalization, higher-profitability securities, and lower-valuation securities all negatively impacted performance when compared to the benchmark. The Fund’s exposure to stocks with higher momentum had a positive impact on returns.

Since its inception in January 2012, the Fund has performed in line with our expectations. It is designed to be a large-cap, developed-market growth equity portfolio with additional exposures to targeted, systematic risk factors that include profitability, value, and momentum, while seeking to avoid non-systematic risks such as industry or company overexposures. Because our process is based on a scientifically grounded approach, we believe that the Gerstein Fisher Multi-Factor^® International Growth Equity Fund should be well positioned to deliver a positive investment experience in the international-developed

growth equity space, as well as provide exposure to often overlooked factors within the international growth equity universe.

Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund (GFMRX)

Global real estate as an asset class saw very positive returns in the six months ended May 31, 2019. The Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund (the “Fund”) returned 7.66% for that period, while the FTSE EPRA/NAREIT Developed Index Net Total Return was up 6.48% for the same six months.

The Fund maintains a diversified exposure to over 200 securities and approximately 25 countries, and no individual holding constituted more than 5% of the total portfolio. The real estate exposure in the Fund is global in nature, with approximately 50% exposure to non-U.S. real estate securities. The Fund’s performance relative to the FTSE EPRA/NAREIT Developed Index Net Total Return was due in large part to higher exposure to certain risk factors targeted by our Multi-Factor^® strategy. Performance attribution during the six month period ended May 31, 2019 reveals that the Fund’s tilt to real estate securities with high price momentum and contributed positively to returns, while smaller capitalization securities produced lower returns.

Since its inception in April 2013, the Fund has performed in line with our expectations. It is designed to be a global real estate portfolio with additional exposures to targeted, systematic risk factors that include size, value, and avoiding securities with a high degree of leverage, while seeking to avoid non-systematic risks such as company or single-security overexposures. Because our process is based on a scientifically grounded approach, we believe that the Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund should be well positioned to deliver a positive investment experience in the global real estate space, as well as to provide exposure to often overlooked factors within that investable universe.

Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.

Past performance does not guarantee future results.

Mutual fund investing involves risk. Principal loss is possible.

This strategy and mutual fund investing involves risk. Principal loss is possible. Investments in foreign securities involve greater volatility and political, economic and currency risks as well as differences in accounting methods. These risks are greater for emerging markets. Small- and medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. Growth stocks typically are relatively more expensive than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. Options on securities may be subject to greater fluctuations in value than an investment in the underlying securities. The investment in options is not suitable for all investors. The risks of investments in derivatives include imperfect correlation between the value of these instruments and the underlying assets; risks of default by the other party to the derivative transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the derivative transactions may not be liquid. The Funds may engage in short sales of securities, which involves the risk that losses may exceed the original amount invested. A real estate investment trust’s (“REIT”) share price may decline because of adverse developments affecting the real estate industry, including changes in interest rates. The returns from REITs may trail returns from the overall market. Additionally, there is always a risk that a REIT will fail to qualify for favorable tax treatment. Unlike mutual funds, exchange-traded funds (“ETFs”) do not necessarily trade at the net asset values of their underlying securities, which means an ETF could potentially trade above or below the value of the underlying portfolios.

Additionally, because ETFs trade like stocks on exchanges, they are subject to trading and commission costs, unlike open-end investment companies.

Diversification does not assure a profit or protect against a loss in a declining market.

Index Definitions:

Russell 1000^® Growth Total Return Index: The Russell 1000^® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000^® Growth Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad growth market. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.

MSCI EAFE Growth Index: The MSCI EAFE Growth Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada, focusing on companies with higher price-to-book ratios and higher forecasted growth values. The index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

FTSE EPRA/NAREIT Developed Index Net Total Return: The Index is a global market capitalization weighted index composed of listed real estate securities from developed market countries in North America, Europe, and Asia.

An investment cannot be made directly in an index.

Must be preceded or accompanied by a prospectus.

The Gerstein Fisher Funds are distributed by Quasar Distributors, LLC.

Gerstein Fisher Funds

Expense Examples

(Unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management 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 (12/1/18–5/31/19).

Actual Expenses

The first lines of the following tables provide information about actual account values and actual expenses. Although the Funds charge 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 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. You will be charged a redemption fee equal to 1.00% of the net amount of the redemption if you redeem your shares of a Fund within sixty days of purchase. Individual retirement accounts (“IRAs”) will be charged a $15.00 annual maintenance fee. To the extent a Fund invests 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 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 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 titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Examples for Comparison Purposes

The second lines of the following tables provide 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 is not the Funds’ 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 Funds and other funds. To do so, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the table 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.

Gerstein Fisher Funds

Expense Examples (Continued)

(Unaudited)

Gerstein Fisher Multi-Factor^® Growth Equity Fund

			Expenses Paid
	Beginning	Ending	During Period
	Account Value	Account Value	December 1, 2018 -
	December 1, 2018	May 31, 2019	May 31, 2019*
Actual	$1,000.00	$ 975.90	$4.88
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 one-half year period).

Gerstein Fisher Multi-Factor^® International Growth Equity Fund

			Expenses Paid
	Beginning	Ending	During Period
	Account Value	Account Value	December 1, 2018 -
	December 1, 2018	May 31, 2019	May 31, 2019*
Actual	$1,000.00	$1,043.30	$5.65
Hypothetical (5% return
before expenses)	$1,000.00	$1,019.40	$5.59

*	Expenses are equal to the Fund’s annualized expense ratio of 1.11%, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund

			Expenses Paid
	Beginning	Ending	During Period
	Account Value	Account Value	December 1, 2018 -
	December 1, 2018	May 31, 2019	May 31, 2019*
Actual	$1,000.00	$1,076.60	$4.87
Hypothetical (5% return
before expenses)	$1,000.00	$1,020.24	$4.73

*	Expenses are equal to the Fund’s annualized expense ratio of 0.94%, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Gerstein Fisher Multi-Factor^® Growth Equity Fund

Investment Highlights

(Unaudited)

Under normal market conditions, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested in equity securities. The Fund seeks to invest primarily in common stocks of domestic companies of any size. Equity securities may also include preferred stocks, ETFs that invest in equities, individual stock options and options on indices. At any one time, the combined value of options may be up to 5% of the Fund’s net assets. The Fund may invest up to 20% of its net assets in the securities of foreign issuers that are publicly traded in the United States or on foreign exchanges. Additionally, the Fund may sell shares of securities short for hedging purposes.

Allocation of Portfolio Holdings as of May 31, 2019

(% of Investments)

* Excludes securities lending collateral.

Average Annual Total Returns as of May 31, 2019

	Gerstein Fisher	Russell 1000^®
	Multi-Factor^®	Growth Total
	Growth Equity	Return Index
One Year	-5.13%	5.39%
Three Year	10.79%	15.33%
Five Year	8.54%	12.33%
Since Inception (1/15/10)⁽¹⁾	11.98%	13.93%

⁽¹⁾	While the Fund commenced operations on December 31, 2009, the Fund began investing consistent with its investment objective on January 15, 2010.

Continued

Gerstein Fisher Multi-Factor^® Growth Equity Fund

Investment Highlights (Continued)

(Unaudited)

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 800-473-1155. The Fund imposes a 1.00% redemption fee of the net amount of the redemption on shares held for 60 days or less. Performance quoted does not reflect the redemption fee. If reflected, total returns would be reduced.

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 Russell 1000^® Growth Total Return Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000^® Growth Total Return Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad growth market. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.

One cannot invest directly in an index.

Growth of $10,000 Investment

*	While the Fund commenced operations on December 31, 2009, the Fund began investing consistent with its investment objective on January 15, 2010.

Gerstein Fisher Multi-Factor^® International Growth Equity Fund

Investment Highlights

(Unaudited)

Under normal market conditions, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested in equity securities. The Fund seeks to invest primarily in common stocks of international companies of any size, including foreign securities and securities of U.S. companies. The Fund may invest in foreign securities, which may include securities of companies in emerging markets or less developed countries. Equity securities include common stocks, preferred stocks, ETFs that invest in equities, individual stock options and options on stock indices.

Allocation of Portfolio Holdings as of May 31, 2019

(% of Investments)

* Excludes securities lending collateral.

Average Annual Total Returns as of May 31, 2019

	Gerstein Fisher
	Multi-Factor^®
	International	MSCI EAFE
	Growth Equity	Growth Index
One Year	-9.10%	-3.27%
Three Year	5.02%	6.77%
Five Year	1.84%	3.23%
Since Inception (1/27/12)	7.16%	6.86%

Continued

Gerstein Fisher Multi-Factor^® International Growth Equity Fund

Investment Highlights (Continued)

(Unaudited)

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 800-473-1155. The Fund imposes a 1.00% redemption fee of the net amount of the redemption on shares held for 60 days or less. Performance quoted does not reflect the redemption fee. If reflected, total returns would be reduced.

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 MSCI EAFE Growth Index consists of the growth portion (growth being a measure of price relative to book/value/cash flow) of the MSCI EAFE Index. One cannot invest directly in an index.

Growth of $10,000 Investment

* Inception Date

Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund

Investment Highlights

(Unaudited)

Under normal market conditions, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested in income-producing common stocks and other real estate securities, including REITs. The Fund may invest in equity securities (such as common, convertible and preferred stock) of real estate-related companies of any market capitalization. Equity securities may also include ETFs that invest in real estate-related equities, individual stock options and options on indices.

Allocation of Portfolio Holdings as of May 31, 2019

(% of Investments)

* Excludes securities lending collateral.

Average Annual Total Returns as of May 31, 2019

	Gerstein Fisher	FTSE EPRA/
	Multi-Factor^®	NAREIT
	Global Real	Developed Index
	Estate Securities	Net Total Return
One Year	7.06%	7.53%
Three Year	5.40%	5.16%
Five Year	6.47%	4.79%
Since Inception (4/30/13)	5.33%	4.01%

Continued

Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund

Investment Highlights (Continued)

(Unaudited)

Performance data current to the most recent month-end may be obtained by calling 800-473-1155. The Fund imposes a 1.00% redemption fee of the net amount of the redemption on shares held for 60 days or less. Performance quoted does not reflect the redemption fee. If reflected, total returns would be reduced.

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.

FTSE EPRA/NAREIT Developed Index Net Total Return is a global market capitalization weighted index composed of listed real estate securities from developed market countries in North America, Europe, and Asia. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and ETFs. The index reflects the reinvestment of dividends and the application of the relevant withholding tax rates. One cannot invest directly in an index.

Growth of $10,000 Investment

* Inception Date

Gerstein Fisher Multi-Factor^® Growth Equity Fund

Schedule of Investments

May 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS – 100.08%
Administrative and Support Services – 4.00%
AECOM (a)		700	$	22,330
Booking Holdings, Inc. (a)		48		79,499
Kforce, Inc.		7,123		247,524
MasterCard, Inc.		38,857		9,772,147
PayPal Holdings, Inc. (a)		3,190		350,103
Perspecta, Inc.		524		11,376
Robert Half International, Inc.		446		23,932
				10,506,911
Air Transportation – 2.93%
American Airlines Group, Inc.		293		7,978
Delta Air Lines, Inc.		41,349		2,129,473
Mesa Air Group, Inc. (a)		18,816		171,602
Southwest Airlines Co.		82,478		3,925,953
United Continental Holdings, Inc. (a)		18,841		1,463,004
				7,698,010
Ambulatory Health Care Services – 3.78%
Amedisys, Inc. (a)		73,670		8,273,878
Chemed Corp.		208		68,211
Genomic Health, Inc. (a)		14,729		769,590
Novocure Ltd. (a)(b)		15,388		817,411
Tivity Health, Inc. (a)		79		1,446
				9,930,536
Apparel Manufacturing – 1.00%
Capri Holdings Ltd. (a)(b)		236		7,665
Columbia Sportswear Co.		2,293		215,037
Lululemon Athletica, Inc. (a)		2,449		405,530
VF Corp.		13,000		1,064,440
Zumiez, Inc. (a)		47,501		939,570
				2,632,242
Automobiles & Components – 0.00%
Garrett Motion, Inc. (a)		49		754

Beverage and Tobacco Product Manufacturing – 2.97%
Altria Group, Inc.		680		33,361
Boston Beer Co., Inc. (a)		848		266,526
Coca-Cola Consolidated, Inc.		129		38,959
Keurig Dr Pepper, Inc.		137,787		3,884,216
National Beverage Corp. (a)		122		5,508
NMI Holdings, Inc. (a)		24,537		668,879
PepsiCo, Inc.		22,578		2,889,984
				7,787,433

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® Growth Equity Fund

Schedule of Investments (Continued)

May 31, 2019 (Unaudited)

	Shares		Value
Broadcasting (except Internet) – 1.14%
CBS Corp.		559	$	26,989
Comcast Corp.		12,847		526,727
Discovery Communications, Inc. – Class A (a)		23,775		648,107
Discovery Communications, Inc. – Class C (a)		14,742		377,985
Fox Corp.		1,302		45,192
Walt Disney Co.		10,307		1,360,936
				2,985,936
Building Material and Garden Equipment and Supplies Dealers – 3.49%
Fastenal Co.		728		22,270
Home Depot, Inc.		42,020		7,977,497
Lowe’s Cos, Inc.		12,472		1,163,388
				9,163,155
Chemical Manufacturing – 5.97%
Abbott Laboratories		149		11,343
AbbVie, Inc.		31,369		2,406,316
Allergan PLC (b)		80		9,753
Celgene Corp. (a)		116		10,880
Chemours Co.		286		6,032
Eli Lilly & Co.		8,874		1,028,852
Horizon Therapeutics PLC (a)(b)		78,581		1,872,585
Innophos Holdings, Inc.		493		13,109
Innoviva, Inc. (a)		237,533		3,247,076
Johnson & Johnson		20,281		2,659,853
LyondellBasell Industries NV (b)		15,131		1,123,477
Medifast, Inc.		1,851		238,686
Merck & Co, Inc.		11,522		912,658
Myriad Genetics, Inc. (a)		337		8,347
SIGA Technologies, Inc. (a)		88,527		472,734
Supernus Pharmaceuticals, Inc. (a)		549		16,486
Trex Co., Inc. (a)		5,552		332,121
Trinseo SA (b)		3,000		110,520
USANA Health Sciences, Inc. (a)		238		16,846
Vertex Pharmaceuticals, Inc. (a)		6,985		1,160,767
				15,658,441
Clothing and Clothing Accessories Stores – 1.49%
American Eagle Outfitters, Inc.		9,342		162,551
Gap, Inc.		1,059		19,782
Ross Stores, Inc.		15,963		1,484,399
TJX Companies, Inc.		38,144		1,918,262
Urban Outfitters, Inc. (a)		14,927		335,410
				3,920,404

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® Growth Equity Fund

Schedule of Investments (Continued)

May 31, 2019 (Unaudited)

	Shares		Value
Computer and Electronic Product Manufacturing – 13.59%
Alphabet, Inc. (a)		5,772	$	6,370,913
Apple, Inc.		75,665		13,246,672
Broadcom, Inc.		83		20,886
Ciena Corp. (a)		971		33,927
Cirrus Logic, Inc. (a)		243		9,081
Dell Technologies, Inc. (a)		4,751		282,922
Harris Corp.		6,496		1,215,986
Harvard Bioscience, Inc. (a)		6,087		13,817
Intel Corp.		62,048		2,732,594
Lam Research Corp.		7,500		1,309,575
Medtronic PLC (b)		113		10,461
Micron Technology, Inc. (a)		211,262		6,889,254
ON Semiconductor Corp. (a)		65,000		1,154,400
QUALCOMM, Inc.		190		12,696
Roper Technologies, Inc.		213		73,255
Rubicon Technology, Inc. (a)		610		4,929
SMART Global Holdings, Inc. (a)(b)		13,146		223,876
Teradyne, Inc.		310		13,063
Thermo Fisher Scientific, Inc.		112		29,902
Turtle Beach Corp. (a)(c)		51,848		431,375
Western Digital Corp.		244		9,082
Zebra Technologies Corp. (a)		9,145		1,567,819
				35,656,485
Construction of Buildings – 0.03%
KB Home		1,575		39,580
TRI Pointe Group, Inc. (a)		3,361		41,340
				80,920
Consumer Durables & Apparel – 0.02%
Kontoor Brands, Inc. (a)		1,857		54,414

Credit Intermediation and Related Activities – 2.88%
Altisource Portfolio Solutions SA (a)(b)(c)		11,971		240,976
Amalgamated Bank		1,448		23,892
Capital One Financial Corp.		22,404		1,923,831
OneMain Holdings, Inc.		33,240		992,879
Regional Management Corp. (a)		2,511		61,946
Santander Consumer USA Holdings, Inc.		157,753		3,532,090
USA Technologies, Inc. (a)		3,367		22,593
Wells Fargo & Co.		16,844		747,368
				7,545,575
Data Processing, Hosting and Related Services – 2.32%
Limelight Networks, Inc. (a)		3,360		10,349
Match Group, Inc. (a)		519		35,629

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® Growth Equity Fund

Schedule of Investments (Continued)

May 31, 2019 (Unaudited)

	Shares		Value
Data Processing, Hosting and Related Services – 2.32% (Continued)
Visa, Inc.		37,492	$	6,048,584
				6,094,562
Educational Services – 0.00%
ITT Educational Services, Inc. (a)		3,750		4

Electrical Equipment, Appliance, and Component Manufacturing – 0.01%
AO Smith Corp.		414		16,767
Resideo Technologies, Inc. (a)		81		1,594
				18,361
Electronics and Appliance Stores – 0.24%
Aaron’s, Inc.		9,884		526,422
Best Buy Co., Inc.		1,500		94,005
				620,427
Fabricated Metal Product Manufacturing – 0.00%
General Finance Corp. (a)		1,408		10,743

Food Services and Drinking Places – 0.60%
Chipotle Mexican Grill, Inc. (a)		100		65,997
Darden Restaurants, Inc.		10,620		1,235,318
Domino’s Pizza, Inc.		96		26,832
McDonald’s Corp.		151		29,939
Wendy’s Co.		10,000		183,900
Yum! Brands, Inc.		234		23,950
				1,565,936
Furniture and Home Furnishings Stores – 0.40%
RH (a)		12,402		1,056,030

Furniture and Related Product Manufacturing – 0.28%
Herman Miller, Inc.		7,630		270,789
Kimball International, Inc.		10,491		161,981
Sleep Number Corp. (a)		8,688		302,429
				735,199
Gasoline Stations – 0.14%
Delek US Holdings, Inc.		11,813		361,596

General Merchandise Stores – 4.26%
Burlington Stores, Inc. (a)		30,000		4,697,400
Dollar General Corp.		26,783		3,408,940
Tractor Supply Co.		304		30,637
WalMart, Inc.		30,000		3,043,200
				11,180,177

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® Growth Equity Fund

Schedule of Investments (Continued)

May 31, 2019 (Unaudited)

	Shares		Value
Health and Personal Care Stores – 0.13%
Ulta Beauty, Inc. (a)		1,000	$	333,380

Heavy and Civil Engineering Construction – 0.00%
Century Communities, Inc. (a)		478		12,763

Insurance Carriers and Related Activities – 6.37%
American International Group, Inc.		490		25,024
Anthem, Inc.		29,812		8,287,140
Berkshire Hathaway, Inc. (a)		5,771		1,139,311
Essent Group Ltd. (a)(b)		5,544		260,291
Everest Re Group Ltd. (b)		100		24,766
Humana, Inc.		38		9,305
Lincoln National Corp.		23,256		1,382,569
Molina Healthcare, Inc. (a)		22,163		3,152,908
Prudential Financial, Inc.		7,525		695,159
Travelers Companies, Inc.		72		10,481
Voya Financial, Inc.		33,992		1,731,213
				16,718,167
Leather and Allied Product Manufacturing – 1.15%
Crocs, Inc. (a)		67,639		1,306,786
Deckers Outdoor Corp. (a)		182		27,682
NIKE, Inc.		21,592		1,665,607
Tapestry, Inc.		208		5,940
				3,006,015
Machinery Manufacturing – 0.38%
Applied Materials, Inc.		280		10,833
Caterpillar, Inc.		1,008		120,769
Cummins, Inc.		4,156		626,559
Deere & Co.		261		36,584
Ingersoll-Rand PLC (b)		1,641		194,196
				988,941
Management of Companies and Enterprises – 0.01%
EchoStar Corp. (a)		470		20,107

Merchant Wholesalers, Durable Goods – 1.58%
3M Co.		6,653		1,062,817
Arrow Electronics, Inc. (a)		17,635		1,105,009
Honeywell International, Inc.		491		80,676
Paycom Software, Inc. (a)		9,000		1,908,900
				4,157,402

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® Growth Equity Fund

Schedule of Investments (Continued)

May 31, 2019 (Unaudited)

	Shares		Value
Merchant Wholesalers, Nondurable Goods – 0.67%
Freshpet, Inc. (a)		9,463	$	439,745
Herbalife Nutrition Ltd. (a)(b)		30,701		1,282,688
Sysco Corp.		439		30,212
US Foods Holding Corp. (a)		430		14,861
				1,767,506
Miscellaneous Manufacturing – 0.87%
ABIOMED, Inc. (a)		30		7,858
Brady Corp.		201		9,306
Estee Lauder Companies, Inc.		3,000		483,090
Intuitive Surgical, Inc. (a)		55		25,567
YETI Holdings, Inc. (a)		72,970		1,745,442
				2,271,263
Motion Picture and Sound Recording Industries – 2.37%
Netflix, Inc. (a)		9,360		3,213,101
World Wrestling Entertainment, Inc.		41,463		3,016,018
				6,229,119
Motor Vehicle and Parts Dealers – 0.00%
Lithia Motors, Inc.		115		13,127

Nonstore Retailers – 4.24%
Amazon.com, Inc. (a)		6,054		10,746,274
Natural Health Trends Corp.		1,673		17,031
Systemax, Inc.		16,729		344,450
WW Grainger, Inc.		90		23,552
				11,131,307
Oil and Gas Extraction – 1.16%
Evolution Petroleum Corp.		40,540		247,699
Renewable Energy Group, Inc. (a)		178,748		2,795,619
				3,043,318
Other Information Services – 3.77%
Chegg, Inc. (a)		71,560		2,680,638
Facebook, Inc. (a)		24,916		4,421,843
QuinStreet, Inc. (a)		130,686		2,003,416
Travelzoo (a)		798		13,574
Twitter, Inc. (a)		17,121		623,889
VeriSign, Inc. (a)		750		146,235
Yelp, Inc. (a)		276		8,481
				9,898,076
Paper Manufacturing – 0.76%
Veritiv Corp. (a)		113		1,996
Verso Corp. (a)		115,468		1,988,359
				1,990,355

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® Growth Equity Fund

Schedule of Investments (Continued)

May 31, 2019 (Unaudited)

	Shares		Value
Primary Metal Manufacturing – 0.05%
Global Brass & Copper Holdings, Inc.		350	$	15,270
Olympic Steel, Inc.		9,542		118,130
				133,400
Professional, Scientific, and Technical Services – 6.50%
Amgen, Inc.		3,682		613,789
Arrowhead Pharmaceuticals, Inc. (a)		4,374		103,708
Cadence Design Systems, Inc. (a)		4,307		273,796
eBay, Inc.		370		13,294
Hackett Group, Inc.		2,561		41,206
Insperity, Inc.		29,758		3,389,436
Itron, Inc. (a)		363		20,564
LivePerson, Inc. (a)		22,491		625,925
Okta, Inc. (a)		8,323		942,330
salesforce.com, Inc. (a)		12,556		1,901,104
SecureWorks Corp. (a)(c)		20,416		298,278
Trade Desk, Inc. (a)		224		44,533
VMware, Inc. (a)		49,650		8,787,057
				17,055,020
Publishing Industries (except Internet) – 11.99%
Adobe, Inc. (a)		11,597		3,141,627
DXC Technology Co.		445		21,155
eGain Corp. (a)		21,500		169,420
EPAM Systems, Inc. (a)		1,225		211,423
ePlus, Inc. (a)		4,572		323,058
Fair Isaac Corp. (a)		1,000		295,900
InterActiveCorp (a)		22,322		4,929,814
Intuit, Inc.		25,000		6,121,250
Microsoft Corp.		115,806		14,322,886
News Corp.		852		9,704
Oracle Corp.		20,000		1,012,000
Red Hat, Inc. (a)		123		22,669
Synopsys, Inc. (a)		1,000		116,440
Twilio, Inc. (a)		1,279		168,815
Workday, Inc. (a)		160		32,659
Workiva, Inc. (a)		10,000		556,400
				31,455,220
Rail Transportation – 0.02%
CSX Corp.		321		23,905
Union Pacific Corp.		173		28,853
				52,758
Rental and Leasing Services – 1.27%
Air Lease Corp.		16,515		594,540
Aircastle Ltd. (b)		22,939		445,475

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® Growth Equity Fund

Schedule of Investments (Continued)

May 31, 2019 (Unaudited)

	Shares		Value
Rental and Leasing Services – 1.27% (Continued)
CAI International, Inc. (a)		41,913	$	943,881
Triton International Ltd. (b)		12,826		379,008
United Rentals, Inc. (a)		8,718		959,852
				3,322,756
Securities, Commodity Contracts, and Other
Financial Investments and Related Activities – 1.07%
CME Group, Inc.		145		27,857
MSCI, Inc.		678		149,167
S&P Global, Inc.		5,994		1,281,997
Yum China Holdings, Inc.		33,790		1,351,938
				2,810,959
Specialty Trade Contractors – 0.72%
Armstrong Flooring, Inc. (a)		2,076		21,881
Comfort Systems USA, Inc.		763		35,998
Quanta Services, Inc.		52,756		1,833,799
				1,891,678
Support Activities for Mining – 0.00%
Antero Resources Corp. (a)		924		6,071

Support Activities for Transportation – 0.01%
Willis Lease Finance Corp. (a)		300		14,940

Telecommunications – 0.83%
ARC Group Worldwide, Inc. (a)		1,500		728
AT&T, Inc.		8,113		248,096
T-Mobile US, Inc. (a)		6,578		483,088
Ubiquiti Networks, Inc. (c)		11,853		1,426,034
Vonage Holdings Corp. (a)		1,644		19,465
				2,177,411
Transportation Equipment Manufacturing – 2.62%
Allison Transmission Holdings, Inc.		552		22,847
Boeing Co.		16,291		5,565,169
Commercial Vehicle Group, Inc. (a)		20,815		129,261
Lawson Products, Inc. (a)		3,160		115,909
Lear Corp.		7,500		892,725
Marine Products Corp.		7,973		110,346
Meritor, Inc. (a)		2,416		48,707
				6,884,964
Total Common Stocks (Cost $174,014,069)				262,650,274

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® Growth Equity Fund

Schedule of Investments (Continued)

May 31, 2019 (Unaudited)

	Shares		Value
RIGHTS – 0.00%
Newstar Financial, Inc. CVR (a)(d)(e)		4,036	$	2,341
Total Rights (Cost $0)				2,341

INVESTMENTS PURCHASED WITH PROCEEDS
FROM SECURITIES LENDING – 0.57%
Money Market Fund – 0.57%
First American Government Obligations Fund, Class Y, 2.000% (f)		1,489,918		1,489,918
Total Investments Purchased with Proceeds
from Securities Lending (Cost 1,489,918)				1,489,918

SHORT-TERM INVESTMENTS – 0.00%
Money Market Fund – 0.00%
First American Treasury Obligations Fund, Class X, 2.297% (f)		681		681
Total Short-Term Investments (Cost $681)				681
Total Investments (Cost $175,504,668) – 100.65%				264,143,214
Liabilities in Excess of Other Assets – (0.65)%				(1,693,875	)
TOTAL NET ASSETS – 100.00%			$	262,449,339

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.
(b)	Foreign issued security.
(c)	All or a portion of this security is out on loan as of May 31, 2019. Total value of securities out on loan is $1,393,836.
(d)	Illiquid security. The total market value of this security was $2,341, representing 0.00% of net assets.
(e)	Fair valued security. Value determined using significant unobservable inputs.
(f)	Seven day yield as of May 31, 2019.

Abbreviations:
Ltd.	Limited is a term indicating a company is incorporated and shareholder have limited liability.
NV	Naamloze Vennootschap is a Dutch term for publicly traded companies.
PLC	Public Limited Company is a publicly traded company which signifies that shareholders have limited liability.
SA	An abbreviation used by many countries to signify a stock company whereby shareholders have limited liability.

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® International Growth Equity Fund

Schedule of Investments

May 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS – 98.98%
Australia – 10.36%
BHP Billiton Ltd.		327,628	$	8,513,404
BlueScope Steel Ltd.		113,865		829,964
Caltex Australia Ltd.		1,202		21,962
CIMIC Group Ltd.		27,868		872,609
Coca-Cola Amatil Ltd.		154,205		1,017,430
Cochlear Ltd.		162		22,395
Coles Group Ltd. (a)		608		5,232
CSL Ltd.		77		10,940
Insurance Australia Group Ltd.		117,465		621,461
Macquarie Group Ltd.		264		21,965
Medibank Private Ltd.		923,732		2,113,846
Qantas Airways Ltd.		153,654		590,827
QBE Insurance Group Ltd.		2,590		20,891
Rio Tinto Ltd.		87,852		6,097,276
Santos Ltd.		4,571		21,257
Sonic Healthcare Ltd.		1,211		21,921
South32 Ltd.		435,897		999,763
Washington H Soul Pattinson & Co. Ltd.		41,302		636,231
Wesfarmers Ltd.		608		15,586
Woolworths Group Ltd.		7,887		171,108
				22,626,068
Austria – 0.23%
ANDRITZ AG		594		21,360
Verbund AG		9,600		479,940
				501,300
Belgium – 3.64%
Colruyt SA		82,841		6,168,106
UCB SA		23,264		1,778,536
				7,946,642
Bermuda – 1.82%
Jardine Strategic Holdings Ltd.		43,265		1,619,317
NWS Holdings Ltd.		1,197,863		2,360,380
				3,979,697
Cayman Islands – 0.54%
WH Group Ltd. (b)		1,304,314		1,174,056

Denmark – 3.99%
Coloplast A/S		16,733		1,777,711
H Lundbeck A/S		38,826		1,557,685
Novo Nordisk A/S		113,660		5,348,651

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® International Growth Equity Fund

Schedule of Investments (Continued)

May 31, 2019 (Unaudited)

	Shares		Value
Denmark – 3.99% (Continued)
Vestas Wind System A/S		185	$	15,061
Demant A/S (a)		340		11,355
				8,710,463
Finland – 1.43%
Elisa OYJ		237		10,569
Metso OYJ		757		24,425
Neste OYJ		87,345		2,948,665
Orion OYJ		3,742		122,394
Stora Enso OYJ		2,458		25,948
				3,132,001
France – 10.28%
Aeroports de Paris		55		9,418
Alstom SA		156,133		7,125,486
Arkema SA		111		9,308
Atos SE		6,067		461,481
Bouygues SA		14,753		515,769
Dassault Systemes SE		8,374		1,242,500
Edenred		14,389		656,414
Eiffage SA		3,500		334,588
Eurazeo SA		9,556		668,665
Hermes International		1,348		895,698
Ingenico Group SA		270		21,542
Ipsen SA		86		10,274
Kering SA		1,433		745,877
Legrand SA		1,384		93,039
L’Oreal SA		3,638		976,009
LVMH Moet Hennessy Louis Vuitton SE		5,928		2,236,908
Pernod Ricard SA		2,332		411,152
Peugeot SA		90,096		2,010,961
Remy Cointreau SA		5,147		707,250
Rexel SA		58,174		627,805
Safran SA		3,830		502,517
Sartorius Stedim Biotech		2,277		315,464
SCOR SE		29,216		1,201,978
Societe BIC SA		5,722		447,750
Sodexo SA		193		22,208
Thales SA		200		22,017
Ubisoft Entertainment SA (a)		227		18,550
Veolia Environnement SA		984		22,775
Worldline SA (a)(b)		2,426		145,564
				22,458,967

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® International Growth Equity Fund

Schedule of Investments (Continued)

May 31, 2019 (Unaudited)

	Shares		Value
Germany – 8.56%
Adidas AG		10,126	$	2,890,766
Beiersdorf AG		190		21,863
Commerzbank AG		68,274		478,457
Continental AG		136		18,496
Daimler AG		564		29,231
Deutsche Boerse AG		938		129,097
Deutsche Lufthansa AG		71,132		1,348,794
Deutsche Post AG		26,669		784,620
E.ON SE		50,000		522,775
Fresenius Medical Care AG & Co. KGaA		1,091		79,503
Henkel AG & Co. KGaA		4,143		358,905
HUGO BOSS AG		13,395		777,109
Infineon Technologies AG		9,849		175,412
Kabel Deutschland Holding AG		7,275		870,065
MTU Aero Engines AG		5,806		1,252,518
Porsche Automobil Holding SE – Preference Shares		12,051		747,784
Puma SE		5,232		3,042,302
RWE AG		80,223		2,007,048
SAP SE		20,000		2,463,736
Siemens AG		2,400		271,562
Wirecard AG		2,764		431,969
				18,702,012
Hong Kong – 2.24%
AIA Group Ltd.		164,754		1,547,734
HKT Trust & HKT Ltd.		489,275		771,401
SJM Holdings Ltd.		1,261,087		1,398,010
Swire Pacific Ltd.		15,000		177,488
Techtronic Industries Co. Ltd.		157,215		1,003,607
				4,898,240
Ireland – 0.74%
Kerry Group PLC		2,339		270,139
Kingspan Group PLC		25,703		1,339,808
				1,609,947
Israel – 0.89%
Bank Leumi Le-Israel BM		4,909		32,892
Check Point Software Technologies Ltd. (a)		1,558		171,816
Israel Chemicals Ltd.		83,061		416,110
Mizrahi Tefahot Bank Ltd. (a)		56,633		1,238,680
Nice Ltd. (a)		179		24,993
Taro Pharmaceutical Industries Ltd. (a)		707		65,737
				1,950,228

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® International Growth Equity Fund

Schedule of Investments (Continued)

May 31, 2019 (Unaudited)

	Shares		Value
Italy – 0.63%
Leonardo SpA		67,579	$	747,615
Moncler SpA		16,518		606,894
Rizzoli Corriere Della Sera Mediagroup SpA		14,241		14,063
Saipem SpA (a)		131		558
				1,369,130
Japan – 14.63%
Alfresa Holdings Corp.		104,941		2,624,119
Astellas Pharma, Inc.		1,586		21,254
Bandai Namco Holdings, Inc.		10,000		489,590
Calbee, Inc.		341		9,670
Daifuku Co Ltd.		3,398		169,032
Daiichi Sankyo Co Ltd.		38,192		1,842,199
FUJIFILM Holdings Corp.		2,360		112,454
Fujitsu Ltd.		23,922		1,612,695
Hitachi Chemical Co. Ltd.		819		21,750
Hitachi Construction Machinery Co. Ltd.		761		17,570
Hitachi High-Technologies Corp.		6,000		253,008
Hitachi Ltd.		30,296		1,020,155
Hoya Corp.		7,488		518,311
ITOCHU Corp.		110,730		2,032,820
Kakaku.com, Inc.		44,182		891,014
Kaneka Corp.		500		17,156
Keio Corp.		313		20,841
Keisei Electric Railway Co. Ltd.		593		22,107
Kikkoman Corp.		22,607		934,528
Kose Corp.		12,518		1,967,906
Marui Group Co Ltd.		25,000		519,862
Mitsui Chemicals, Inc.		394		8,597
MonotaRO Co Ltd.		6,395		135,073
Nabtesco Corp.		577		14,371
Nagoya Railroad Co. Ltd.		707		19,464
Nexon Co. Ltd. (a)		1,342		19,905
NGK Insulators Ltd.		6,093		82,284
NGK Spark Plug Co. Ltd.		931		16,250
Nisshin Seifun Group, Inc.		30,000		696,668
NSK Ltd.		2,274		18,145
Omron Corp.		11,015		518,382
Pan Pacific International Holdings Corp.		2,944		181,564
Pola Orbis Holdings, Inc.		23,695		649,841
Rakuten, Inc.		67,955		702,623
Ryohin Keikaku Co. Ltd.		68		12,265
SBI Holdings, Inc.		8,349		191,585
SG Holdings Co Ltd.		43,801		1,182,953
Shimizu Corp.		11,544		93,738

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® International Growth Equity Fund

Schedule of Investments (Continued)

May 31, 2019 (Unaudited)

	Shares		Value
Japan – 14.63% (Continued)
Shionogi & Co. Ltd.		6,447	$	351,525
Shiseido Co. Ltd.		37,576		2,695,880
Showa Denko KK		39,284		1,065,326
SMC Corp/Japan		66		21,513
SoftBank Group Corp.		12,116		1,124,153
Subaru Corp.		38		878
Sumitomo Dainippon Pharma Co. Ltd.		143,323		2,928,496
Suzuken Co. Ltd.		43,551		2,678,216
Toho Co. Ltd.		513		21,986
Toho Gas Co Ltd.		553		21,543
Unicharm Corp.		15,955		475,945
Yamaha Corp.		919		41,126
Yamazaki Baking Co. Ltd.		1,392		20,852
Yokogawa Electric Corp.		42,853		827,408
ZOZO, Inc.		1,013		17,316
				31,953,912
Jersey – 0.31%
Experian PLC		4,542		136,875
Ferguson PLC		5,524		357,037
Glencore PLC		58,027		185,668
				679,580
Luxembourg – 0.00%
Tenaris SA		636		7,448

Netherlands – 8.59%
Airbus SE		3,828		490,114
ASML Holding NV		8,000		1,506,043
Ferrari NV		72		10,236
Fiat Chrysler Automobiles NV		31,810		405,105
Heineken Holding NV		16,716		1,653,934
Heineken NV		287		30,125
ING Groep NV		180		1,944
Koninklijke DSM NV		4,688		525,921
Koninklijke KPN NV		844,730		2,578,920
Koninklijke Philips NV		46,015		1,823,572
Koninklijke Vopak NV		19,115		782,985
NN Group NV (c)		74,158		2,815,113
Randstad NV (a)		1,208		62,185
STMicroelectronics NV		818		12,369
Unilever NV		25,005		1,505,146
Wolters Kluwer NV		65,278		4,554,022
				18,757,734

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® International Growth Equity Fund

Schedule of Investments (Continued)

May 31, 2019 (Unaudited)

	Shares		Value
New Zealand – 0.41%
a2 Milk Co. Ltd. (a)		82,400	$	849,036
Mercury NZ Ltd.		10,033		25,247
Spark New Zealand Ltd.		8,874		22,114
				896,397
Norway – 0.95%
Equinor ASA		21,276		406,411
Marine Harvest ASA		26,016		603,713
Norsk Hydro ASA		31,302		109,413
Orkla ASA		109,452		947,843
				2,067,380
Portugal – 0.01%
Galp Energia SGPS SA		1,378		20,700

Singapore – 1.47%
ComfortDelGro Corp. Ltd.		528,170		946,472
Fraser & Neave Ltd.		14,289		17,976
Genting Singapore Ltd.		28,527		18,043
Sembcorp Industries Ltd.		337,143		590,900
United Overseas Bank Ltd.		23,900		409,415
Wilmar International Ltd.		511,058		1,223,774
				3,206,580
Spain – 1.47%
Aena SME SA (b)		2,076		381,208
Amadeus IT Group SA (a)		15,921		1,214,455
CaixaBank SA		156,566		481,005
Ferrovial SA		8,751		208,584
Industria de Diseno Textil SA		367		9,801
Red Electrica Corp. SA		43,045		912,357
				3,207,410
Sweden – 4.83%
Atlas Copco AB – Class A		556		14,922
Atlas Copco AB – Class B		623		15,059
Boliden AB		46,738		1,063,515
Epiroc AB – Class A		556		5,171
Epiroc AB – Class B		623		5,632
Essity AB		5,840		171,349
Holmen AB		606		11,752
Industrivarden AB		517		10,429
Investor AB		41,904		1,809,784
Kinnevik AB		835		21,267
Lundin Petroleum AB		37,711		1,023,088
Sandvik AB		31,528		486,688

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® International Growth Equity Fund

Schedule of Investments (Continued)

May 31, 2019 (Unaudited)

	Shares		Value
Sweden – 4.83% (Continued)
Swedish Match AB		102,895	$	4,644,658
Telefonaktiebolaget LM Ericsson		130,941		1,259,874
				10,543,188
Switzerland – 10.35%
Adecco Group AG		26,696		1,441,057
Alcon, Inc. (a)		16,422		955,059
Cie Financiere Richemont SA		296		21,774
Coca-Cola HBC AG (a)		4,221		151,951
Credit Suisse Group AG (a)		18,424		208,466
Kuehne + Nagel International AG		5,000		665,029
Nestle SA		39,128		3,881,449
Novartis AG		82,111		7,056,452
Roche Holding AG		21,277		5,588,449
SGS SA		369		930,705
Sika AG		600		88,964
Sonova Holding AG		267		59,452
Swatch Group AG		281		13,576
Temenos AG (a)		8,444		1,469,134
UBS Group AG (a)		3,540		40,738
Vifor Pharma AG		159		21,997
				22,594,252
United Kingdom – 10.59%
3i Group PLC		227,186		3,015,912
Anglo American PLC		42,959		1,027,737
Ashtead Group PLC		353		8,287
AstraZeneca PLC		1,797		132,426
Auto Trader Group PLC (b)		317,889		2,403,205
Berkeley Group Holdings PLC		45,540		2,013,146
BP PLC		75,000		508,184
Burberry Group PLC		72,780		1,557,775
Carnival PLC		114,435		5,699,110
Croda International PLC		339		21,694
Hargreaves Lansdown PLC		1,004		28,655
InterContinental Hotels Group PLC		180		11,595
ITV PLC		11,855		16,052
Kingfisher PLC		2,816		7,593
London Stock Exchange Group PLC		178		11,885
Next PLC		35,402		2,580,652
Pearson PLC		60,345		600,654
Persimmon PLC		26,733		664,992
RELX PLC – London Stock Exchange		951		22,126
Rio Tinto PLC		1,017		58,318
Sage Group PLC		64,982		612,658

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® International Growth Equity Fund

Schedule of Investments (Continued)

May 31, 2019 (Unaudited)

	Shares		Value
United Kingdom – 10.59% (Continued)
Smith & Nephew PLC		8,263	$	173,596
Smiths Group PLC		496		9,012
Tate & Lyle PLC		5,289		48,278
Unilever PLC		30,951		1,888,197
				23,121,739
United States – 0.02%
Ball Corp.		540		33,240
Total Common Stocks (Cost $196,164,001)				216,148,311

INVESTMENTS PURCHASED WITH PROCEEDS
FROM SECURITIES LENDING – 1.42%
Money Market Fund – 1.42%
First American Government Obligations Fund, Class Y, 2.000% (d)		3,101,826		3,101,826
Total Investments Purchased with Proceeds
from Securities Lending (Cost 3,101,826)				3,101,826

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® International Growth Equity Fund

Schedule of Investments (Continued)

May 31, 2019 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENTS – 0.34%
Money Market Fund – 0.34%
First American Treasury Obligations Fund, Class X, 2.297% (d)		737,888	$	737,888
Total Short-Term Investments (Cost $737,888)				737,888
Total Investments (Cost $200,003,715) – 100.74%				219,988,025
Liabilities in Excess of Other Assets – (0.74)%				(1,615,293	)
TOTAL NET ASSETS – 100.00%			$	218,372,732

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.
(b)	Securities issued pursuant to Rule 144A under the Securities Act of 1933. Such securities are deemed to be liquid and the aggregate value, $4,104,033, represents 1.18% of net assets.
(c)	All or a portion of this security is out on loan as of May 31, 2019. Total value of securities out on loan is $2,783,215.
(d)	Seven day yield as of May 31, 2019.

Abbreviations:
A/S	Aktieselskap is the Danish term for a stock company, which signifies that shareholders have limited liability.
AB	Aktiebolag is the Swedish term for stock company.
AG	Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e. owned by shareholders.
ASA	Allmennaksjeselskap is a Norwegian term which signifies that the company is listed in the stock-exchange.
BM	An abbreviation that refers to a limited liability company.
KGaA	Kommanditgesellschaft auf Aktien is a German term that refers to a Limited Partnership that has shares.
Ltd.	Limited is a term indicating a company is incorporated and shareholders have limited liability.
NV	Naamloze Vennootschap is a Dutch term for publicly traded companies.
OYJ	Julkinen osakeyhtiö is the Finnish term for publicly-traded companies.
PLC	Public Limited Company is a publicly traded company which signifies that shareholders have limited liability.
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 Limited Liability Company.
SGPS	Sociedade gestora de participacoes socialis is a Portugese term for a holding enterprise.
SpA	Società per Azioni is the Italian term for a limited share company.

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund

Schedule of Investments

May 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS – 17.08%
Australia – 0.00%
OneMarket Ltd. (a)		3,750	$	2,068

Bermuda – 0.66%
Hongkong Land Holdings Ltd.		131,973		861,142
Sinolink Worldwide Holdings Ltd. (a)		1,250,000		94,158
				955,300
Brazil – 0.31%
BR Malls Participacoes SA		51,271		168,293
Construtora Tenda SA		39,630		203,909
Direcional Engenharia SA		27,778		70,437
				442,639
Canada – 0.15%
Brookfield Property Partners LP		11,933		220,808

Cayman Islands – 0.19%
Aoyuan Healthy Life Group Co. Ltd. (a)		4,888		2,481
Powerlong Real Estate Holdings Ltd.		595,061		270,002
				272,483
China – 0.10%
Yuzhou Properties Co. Ltd.		325,480		148,305

Germany – 1.62%
Deutsche Wohnen SE		12,775		603,071
DIC Asset AG		9,867		103,246
TAG Immobilien AG		23,056		541,105
TLG Immobilien AG		16,263		476,918
Vonovia SE		11,678		611,862
				2,336,202
Hong Kong – 5.91%
China Aoyuan Group Ltd.		415,543		449,481
China Resources Land Ltd.		282,000		1,147,169
Gemdale Properties & Investment Corp Ltd.		6,650,633		798,150
Henderson Land Development Co. Ltd.		2,213		11,436
HKC Holdings Ltd.		26,889		18,390
Hopson Development Holdings Ltd.		256,232		256,175
Hysan Development Co. Ltd.		153,514		799,520
Kerry Properties Ltd.		181,270		689,018
Liu Chong Hing Investment Ltd.		13,337		20,328
Longfor Group Holdings Ltd.		112,216		413,381
New World Development Co. Ltd.		269,855		398,963
Poly Property Group Co. Ltd.		204,152		70,225

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund

Schedule of Investments (Continued)

May 31, 2019 (Unaudited)

	Shares		Value
Hong Kong – 5.91% (Continued)
Road King Infrastructure Ltd.		176,807	$	358,592
Shanghai Industrial Urban Development Group Ltd.		326,585		60,414
Shui On Land Ltd.		866,903		196,541
Sino Land Co. Ltd.		591,923		947,223
Swire Properties Ltd.		113,902		469,736
Times China Holdings Ltd.		343,307		568,600
Wheelock & Co. Ltd.		129,609		855,587
				8,528,929
Indonesia – 0.07%
Bumi Serpong Damai Tbk PT (a)		384,000		36,458
Ciputra Development Tbk PT		387,000		26,573
Pakuwon Jati Tbk PT		900,000		44,422
				107,453
Israel – 0.08%
Azrieli Group Ltd.		1,866		111,405

Japan – 1.07%
Aeon Mall Co. Ltd.		857		12,575
Heiwa Real Estate Co. Ltd.		5,239		101,121
Leopalace21 Corp.		4,404		12,874
Mitsui Fudosan Co. Ltd.		815		19,691
Nomura Real Estate Holdings, Inc.		10,000		204,886
Sumitomo Realty & Development Co. Ltd.		31,960		1,175,175
Tokyo Tatemono Co. Ltd.		2,402		24,963
				1,551,285
Jersey – 0.03%
Atrium European Real Estate Ltd.		10,533		38,891

Luxembourg – 1.68%
ADO Properties SA (b)		9,434		508,085
Aroundtown SA		182,895		1,551,766
Grand City Properties SA		14,018		359,744
				2,419,595
Malaysia – 0.05%
IOI Properties Group Bhd		159,442		51,024
UOA Development Bhd		32,200		17,981
				69,005
Mexico – 0.10%
Corp Inmobiliaria Vesta SAB de CV		101,225		143,842

Netherlands – 0.07%
Eurocommercial Properties NV		3,788		98,939

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund

Schedule of Investments (Continued)

May 31, 2019 (Unaudited)

	Shares		Value
New Zealand – 0.20%
Argosy Property Ltd.		110,786	$	95,669
Kiwi Property Group Ltd.		103,269		106,405
Precinct Properties New Zealand Ltd.		89,355		94,563
				296,637
Norway – 0.06%
Entra ASA (b)		6,138		91,532

Philippines – 0.69%
Ayala Land, Inc.		75,000		71,346
Megaworld Corp.		1,000,000		113,112
Robinsons Land Corp.		296,391		147,738
SM Prime Holdings, Inc.		860,876		658,223
				990,419
Singapore – 1.08%
City Developments Ltd.		7,827		46,941
United Industrial Corp. Ltd.		194,476		421,953
UOL Group Ltd.		138,912		684,255
Wing Tai Holdings Ltd.		235,663		348,008
Yanlord Land Group Ltd.		72,611		62,957
				1,564,114
Sweden – 1.47%
Castellum AB		10,217		193,856
Fabege AB		53,650		804,867
Hembla AB (a)		4,274		77,222
Hemfosa Fastigheter AB		52,006		479,585
Klovern AB		106,640		160,168
Kungsleden AB		37,031		286,501
Nyfosa AB (a)		18,134		114,695
				2,116,894
Switzerland – 0.52%
Allreal Holding AG		887		144,898
PSP Swiss Property AG		3,760		421,313
Swiss Prime Site AG (a)		2,244		182,934
				749,145
Thailand – 0.29%
Central Pattana PLC		55,664		125,188
Central Pattana PLC-NVDR		130,689		293,918
				419,106
United Kingdom – 0.42%
Capital & Counties Properties PLC		8,006		22,006
Daejan Holdings PLC		8,322		578,662
				600,668

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund

Schedule of Investments (Continued)

May 31, 2019 (Unaudited)

	Shares		Value
United States – 0.26%
CBRE Group, Inc. (a)		541	$	24,723
Forestar Group, Inc. (a)		6,557		117,436
FRP Holdings, Inc. (a)		915		42,566
Jones Lang LaSalle, Inc.		116		14,436
Kennedy-Wilson Holdings, Inc.		745		15,310
Marcus & Millichap, Inc. (a)		1,465		44,741
RMR Group, Inc.		2,413		116,355
				375,567
Total Common Stocks (Cost $23,281,427)				24,651,231

REAL ESTATE INVESTMENT TRUSTS – 82.91%
Australia – 6.33%
Abacus Property Group		982		2,606
Astro Japan Property Group (a)(c)(d)(f)		107,959		3,745
BWP Trust		369,933		923,234
Charter Hall Education Trust		10,135		25,451
Charter Hall Retail REIT		79,372		243,154
Cromwell Property Group		317,286		254,206
Dexus		191,841		1,716,869
GDI Property Group		100,000		91,773
Goodman Group		96,191		894,868
GPT Group		302,236		1,209,198
Mirvac Group		462,961		975,608
Scentre Group		246,005		649,334
Unibail-Rodamco-Westfield – CDI		1		7
Vicinity Centres		1,193,554		2,139,379
				9,129,432
Belgium – 0.78%
Aedifica SA		505		46,514
Befimmo SA		2,586		144,695
Cofinimmo SA		2,010		253,739
Montea CVA		1,887		164,219
Warehouses De Pauw CVA		3,310		514,732
				1,123,899
Canada – 3.74%
Artis Real Estate Investment Trust		4,019		35,028
Canadian Apartment Properties REIT		20,493		742,629
Dream Global Real Estate Investment Trust		24,409		244,162
Dream Office Real Estate Investment Trust		8,524		148,520
Granite Real Estate Investment Trust		45,674		2,041,408
H&R Real Estate Investment Trust		14,434		243,486
InterRent Real Estate Investment Trust		86,016		900,508
Morguard Real Estate Investment Trust		37,272		329,811

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund

Schedule of Investments (Continued)

May 31, 2019 (Unaudited)

	Shares		Value
Canada – 3.74% (Continued)
RioCan Real Estate Investment Trust		19,256	$	371,557
SmartCentres Real Estate Investment Trust		13,688		330,756
WPT Industrial Real Estate Investment Trust		1,100		14,982
				5,402,847
France – 1.36%
Covivio		2,503		262,665
Gecina SA		8,888		1,270,948
Societe de la Tour Eiffel		10,381		430,256
				1,963,869
Guernsey – 0.30%
Picton Property Income Ltd.		50,000		60,458
UK Commercial Property REIT Ltd.		327,205		378,095
				438,553
Hong Kong – 4.07%
Champion REIT		2,157,076		1,755,858
Hui Xian Real Estate Investment Trust		347,122		163,471
Link REIT		331,043		3,961,255
				5,880,584
Ireland – 0.29%
Green REIT PLC		147,164		285,042
Irish Residential Properties REIT PLC		73,680		131,205
				416,247
Italy – 0.03%
Immobiliare Grande Distribuzione SIIQ SpA		6,260		43,009

Japan – 5.66%
Advance Residence Investment Corp.		5		14,472
Comforia Residential REIT, Inc.		32		87,778
Daiwa Office Investment Corp.		122		845,317
Frontier Real Estate Investment Corp.		11		46,495
Fukuoka REIT Corp.		9		14,533
Global One Real Estate Investment Corp.		379		457,059
GLP J-Reit		13		14,484
Hankyu Hanshin REIT, Inc.		85		115,792
Heiwa Real Estate REIT, Inc.		80		91,072
Hulic Reit, Inc.		336		557,049
Japan Excellent, Inc.		54		80,241
Japan Hotel REIT Investment Corp.		922		747,225
Japan Logistics Fund, Inc.		14		31,242
Japan Rental Housing Investments, Inc.		93		74,033
Japan Retail Fund Investment Corp.		54		108,777
Kenedix Office Investment Corp.		240		1,653,110

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund

Schedule of Investments (Continued)

May 31, 2019 (Unaudited)

	Shares		Value
Japan – 5.66% (Continued)
Marimo Regional Revitalization REIT, Inc. (e)		120	$	129,750
MCUBS MidCity Investment Corp.		570		548,143
Mori Trust Sogo Reit, Inc.		145		230,494
Nippon Accommodations Fund, Inc.		66		348,322
Nomura Real Estate Master Fund, Inc.		391		607,396
Ooedo Onsen Reit Investment Corp.		120		94,703
Orix JREIT, Inc.		181		324,825
Premier Investment Corp.		480		611,479
Tokyu REIT, Inc.		200		326,576
United Urban Investment Corp.		9		14,858
				8,175,225
Malaysia – 0.09%
IGB Real Estate Investment Trust		108,000		48,245
KLCCP Stapled Group		25,200		46,310
Sunway Real Estate Investment Trust		64,000		28,407
				122,962
Mexico – 0.22%
Concentradora Fibra Danhos SA de CV		21,000		25,855
Fibra Uno Administracion SA de CV		100,000		127,916
Macquarie Mexico Real Estate Management SA de CV (a)(b)		80,366		84,062
PLA Administradora Industrial S de RL de CV		30,000		45,906
Prologis Property Mexico SA de CV		18,000		35,102
				318,841
Netherlands – 0.38%
NSI NV		4,471		181,311
Vastned Retail NV		10,386		340,957
Wereldhave NV		831		20,275
				542,543
New Zealand – 0.11%
Goodman Property Trust		134,956		163,775

Singapore – 1.95%
CapitaLand Commercial Trust		36,384		51,194
Fortune Real Estate Investment Trust		1,315,802		1,731,993
Mapletree Commercial Trust		108,937		151,750
Mapletree Industrial Trust		102,229		156,961
Mapletree Logistics Trust		392,751		418,182
Mapletree North Asia Commercial Trust		158,163		152,027
Starhill Global REIT		171,918		91,963
Suntec Real Estate Investment Trust		44,263		58,737
				2,812,807

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund

Schedule of Investments (Continued)

May 31, 2019 (Unaudited)

	Shares		Value
South Africa – 0.61%
Arrowhead Properties Ltd.		79,358	$	20,074
Fortress REIT Ltd. – Class A		79,360		107,992
Fortress REIT Ltd. – Class B		68,360		55,584
Growthpoint Properties Ltd.		48,281		80,030
Hyprop Investments Ltd.		30,746		149,295
Redefine Properties Ltd.		34,217		21,298
SA Corporate Real Estate Ltd.		1,056,595		211,809
Vukile Property Fund Ltd.		167,036		237,374
				883,456
Spain – 0.48%
Lar Espana Real Estate Socimi SA		8,340		63,717
Merlin Properties Socimi SA		47,468		631,398
				695,115
United Kingdom – 3.87%
Assura PLC		219,035		177,503
Big Yellow Group PLC		31,923		410,655
British Land Co. PLC		147,510		995,287
Derwent London PLC		10,133		411,725
Hansteen Holdings PLC		179,858		213,879
Land Securities Group PLC		1,686		17,637
Primary Health Properties PLC		18,871		32,624
Schroder Real Estate Investment Trust Ltd.		33,987		24,621
Segro PLC		96,824		852,376
Shaftesbury PLC		1,209		12,580
Target Healthcare REIT Ltd.		16,666		24,526
Tritax Big Box REIT PLC		429,697		804,172
UNITE Group PLC		65,148		781,722
Workspace Group PLC		73,358		818,600
				5,577,907
United States – 52.64%
Agree Realty Corp.		47,467		3,177,916
Alexander & Baldwin, Inc.		1,400		32,298
American Assets Trust, Inc.		11,815		536,283
American Campus Communities, Inc.		12,011		556,349
American Homes 4 Rent		2,874		70,154
American Tower Corp.		728		151,985
Americold Realty Trust		96,015		3,005,269
Apartment Investment & Management Co.		25,099		1,253,695
Apple Hospitality REIT, Inc.		1,815		28,024
AvalonBay Communities, Inc.		17,084		3,468,223
Braemar Hotels & Resorts, Inc.		332		3,466
Brandywine Realty Trust		2,500		37,775
Brookfield Property REIT, Inc.		753		13,885

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund

Schedule of Investments (Continued)

May 31, 2019 (Unaudited)

	Shares		Value
United States – 52.64% (Continued)
Camden Property Trust		27,055	$	2,796,405
CareTrust REIT, Inc.		92,500		2,248,675
Chatham Lodging Trust		819		15,594
Chesapeake Lodging Trust		16,337		470,015
Columbia Property Trust, Inc.		35,571		760,508
Community Healthcare Trust, Inc.		8,400		328,692
CubeSmart		26,694		900,122
DiamondRock Hospitality Co.		30,225		299,530
Douglas Emmett, Inc.		378		15,230
Duke Realty Corp.		7,821		235,334
EastGroup Properties, Inc.		3,186		353,646
EPR Properties		17,597		1,374,326
Equity Commonwealth		94,678		3,083,662
Equity LifeStyle Properties, Inc.		1,919		233,466
Equity Residential		22,395		1,714,785
Extra Space Storage, Inc.		172		18,432
Federal Realty Investment Trust		223		29,153
First Industrial Realty Trust, Inc.		9,846		341,755
Four Corners Property Trust, Inc.		60,000		1,725,600
Gaming & Leisure Properties, Inc.		416		16,428
Getty Realty Corp.		100,489		3,111,139
HCP, Inc.		20,391		646,599
Hersha Hospitality Trust		8,419		143,544
Host Hotels & Resorts, Inc.		99,829		1,807,903
Independence Realty Trust, Inc.		1,576		17,304
Investors Real Estate Trust		2,981		172,570
Invitation Homes, Inc.		635		16,275
JBG SMITH Properties		30,588		1,207,920
Kilroy Realty Corp.		16,867		1,243,267
Liberty Property Trust		27,098		1,286,342
Life Storage, Inc.		17,697		1,703,867
LTC Properties, Inc.		21,342		955,054
Mack-Cali Realty Corp.		13,152		298,813
Medical Properties Trust, Inc.		148,929		2,647,958
Mid-America Apartment Communities, Inc.		12,985		1,482,627
National Health Investors, Inc.		24,504		1,924,789
National Retail Properties, Inc.		1,500		80,295
National Storage Affiliates Trust		586		17,457
Omega Healthcare Investors, Inc.		13,011		463,452
Paramount Group, Inc.		52,000		741,000
Park Hotels & Resorts, Inc.		55,952		1,545,394
Piedmont Office Realty Trust, Inc.		146,570		2,979,768
Prologis, Inc.		30,894		2,275,961
PS Business Parks, Inc.		14,536		2,339,133

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund

Schedule of Investments (Continued)

May 31, 2019 (Unaudited)

	Shares		Value
United States – 52.64% (Continued)
Public Storage		6,637	$	1,578,810
Realty Income Corp.		247		17,310
Regency Centers Corp.		200		13,192
Retail Properties of America, Inc.		105,152		1,250,257
Retail Value, Inc.		4,776		152,450
Rexford Industrial Realty, Inc.		42,991		1,625,060
RPT Realty		1,262		15,359
Ryman Hospitality Properties, Inc.		5,387		430,691
SBA Communications Corp. (a)		153		33,111
Simon Property Group, Inc.		13,894		2,252,078
SL Green Realty Corp.		8,933		768,238
Spirit MTA REIT		586		4,120
Spirit Realty Capital, Inc.		7,493		319,651
STAG Industrial, Inc.		539		15,728
STORE Capital Corp.		11,181		382,614
Sun Communities, Inc.		4,009		506,216
Sunstone Hotel Investors, Inc.		43,739		586,977
Terreno Realty Corp.		31,426		1,436,482
Tier REIT, Inc.		58,756		1,581,712
UDR, Inc.		14,766		661,221
Universal Health Realty Income Trust		782		64,101
Urstadt Biddle Properties, Inc.		23,059		504,531
Ventas, Inc.		258		16,589
VEREIT, Inc.		1,904		16,908
VICI Properties, Inc.		62,408		1,384,209
Washington Prime Group, Inc.		2,929		12,009
Weingarten Realty Investors		1,731		48,814
Welltower, Inc.		216		17,544
WP Carey, Inc.		20,930		1,737,399
Xenia Hotels & Resorts, Inc.		6,100		127,551
				75,966,043
Total Real Estate Investment Trusts (Cost $102,224,934)				119,657,114

CLOSED-END FUNDS – 0.03%
Guernsey – 0.03%
F&C Commercial Property Trust Ltd.		27,740		42,505
Total Closed-End Funds (Cost $56,864)				42,505

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund

Schedule of Investments (Continued)

May 31, 2019 (Unaudited)

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS
FROM SECURITIES LENDING – 0.09%
Money Market Fund – 0.09%
First American Government Obligations Fund, Class Y, 2.000% (g)		131,334	$	131,334
Total Investments Purchased with Proceeds
from Securities Lending (Cost 131,334)				131,334

LIQUIDATING TRUSTS – 0.01%
United States – 0.01%
Winthrop Realty Trust (a)(c)		9,590		11,604
Total Liquidating Trusts (Cost $21,535)				11,604

SHORT-TERM INVESTMENTS – 0.00%
Money Market Fund – 0.00%
First American Treasury Obligations Fund, Class X, 2.297% (g)		81		81
Total Short-Term Investments (Cost $81)				81
Total Investments (Cost $125,716,175) – 100.12%				144,493,869
Liabilities in Excess of Other Assets – (0.12)%				(172,240	)
TOTAL NET ASSETS – 100.00%			$	144,321,629

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.
(b)	Securities issued pursuant to Rule 144A under the Securities Act of 1933. Such securities are deemed to be liquid and the aggregate value, $683,679, represents 0.47% of net assets.
(c)	Illiquid security. The total market value of these securities was $15,349, representing 0.01% of net assets.
(d)	Fair valued security. Value determined using significant unobservable inputs.
(e)	All or a portion of this security is out on loan as of May 31, 2019. Total value of securities out on loan is $127,482.
(f)	Restricted security as to resale. As of the report date, the Fund held a restricted security with a current value of $3,745, acquired January 14, 2014 with an original cost of $0, which was 0.00% of its net assets.
(g)	Seven day yield as of May 31, 2019.

Abbreviations:
AB	Aktiebolag is the Swedish term for stock company.
AG	Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e. owned by shareholders.
ASA	Allmennaksjeselskap is a Norwegian term which signifies that the company is listed in the stock-exchange.
CDI	CHESS Depositary Interests are a way of allowing securities of foreign companies to be traded on the Australian Stock Exchange. CDIs afford shareholders all of the same direct economic benefits as ordinary shares, such as the right to dividends and to participate in rights offers.

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund

Schedule of Investments (Continued)

CVA	Commanditaire Vennootschap op Aandelen is a Belgium term for limited partnership with shares.
LP	Limited Partnership.
Ltd.	Limited is a term indicating a company is incorporated and shareholders have limited liability.
NV	Naamloze Vennootschap is a Dutch term for publicly traded companies.
PLC	Public Limited Company is a publicly traded company which signifies that shareholders have limited liability.
SA	An abbreviation used by many countries to signify a stock company whereby shareholders have limited liability.
SA de CV	Sociedad Anonima de Capital Variable is a Spanish term for an SA with variable capital.
S de RL de CV	Sociedad De Responsabilidad Limitada De Capital Variable is a nonnegotiable stock limited liability corporation of two or more persons whose liabilities for acts of the corporation are limited to their capital contribution.
SE	Societas Europaea is a term for a European Public Limited Liability Company.
SIIQ	An Italian term for listed Real Estate Investment Company.
SpA	Società per Azioni is the Italian term for a limited share company.
Tbk PT	Perseroan Terbatas is an Indonesian term that refers to a Limited Liability Company. Tbk is added if the shares become publicly listed on the stock exchange.

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Funds

Statements of Assets and Liabilities

Assets

Investments, at value (cost $175,504,668, $200,003,715 and $125,716,175, respectively)⁽¹⁾

Foreign currencies (cost $0, $883,537 and $595,049, respectively)

Receivables:

Dividends and interest

Dividend tax reclaim

Investments sold

Fund shares sold

Securities lending (Note 9)

Other assets

Total Assets

Liabilities

Loans payable

Payable for investments purchased

Payable for collateral on securities loaned

Payable to the Advisor

Payable to affiliates

Payable for Fund shares redeemed

Accrued expenses and other liabilities

Total Liabilities

Net Assets

Net Assets Consist Of:

Paid-in capital

Total distributable earnings

Net Assets

⁽¹⁾	Includes loaned securities with a value of

	Shares of beneficial interest outstanding
	(unlimited number of shares authorized, $0.001 par value)

	Net asset value, redemption price and offering price per share⁽²⁾

⁽²⁾	If applicable, redemption price per share may be reduced by a 1.00% redemption fee of the net amount of the redemption on shares redeemed within 60 days of purchase.

The accompanying notes are an integral part of these financial statements.

May 31, 2019 (Unaudited)

		Gerstein Fisher		Gerstein Fisher
Gerstein Fisher		Multi-Factor^®		Multi-Factor^®
Multi-Factor^®		International		Global Real Estate
Growth Equity Fund		Growth Equity Fund		Securities Fund

$	264,143,214	$	219,988,025	$	144,493,869
	—		892,321		590,905

	243,066		529,238		319,144
	12		874,778		169,052
	589,713		2,312,223		3,530,286
	190,763		174,129		43,066
	3,155		2,626		437
	13,214		15,196		17,074
	265,183,137		224,788,536		149,163,833


	359,000		—		3,109,000
	294,505		3,027,782		1,371,884
	1,489,918		3,101,826		131,334
	186,796		161,071		78,137
	47,527		51,520		41,774
	330,416		55,635		89,096
	25,636		17,970		20,979
	2,733,798		6,415,804		4,842,204
$	262,449,339	$	218,372,732	$	144,321,629


$	146,065,912	$	193,040,992	$	126,513,391
	116,383,427		25,331,740		17,808,238
$	262,449,339	$	218,372,732	$	144,321,629

$	1,393,836	$	2,783,215	$	127,482


	12,869,776		15,280,859		12,462,010

$	20.39	$	14.29	$	11.58

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Funds

Statements of Operations

Investment Income

Dividend income⁽¹⁾

Interest income

Securities lending income

Total investment income

Expenses

Management fees

Administration and accounting fees

Transfer agent fees and expenses

Federal and state registration fees

Audit and tax fees

Legal fees

Reports to shareholders

Chief Compliance Officer fees and expenses

Custody fees

Trustees’ fees and related expenses

Other expenses

Total expenses before recoupment or waivers

Less (waivers) or recoupment by Adviser (Note 4)

Net expenses

Net Investment Income

Realized and Unrealized Gain (Loss) on Investments

Net realized gain from investments

Change in net unrealized appreciation (depreciation) on:

Investments

Foreign currency translation

Net Realized and Unrealized Gain (Loss) on Investments

Net Increase (Decrease) in Net Assets from Operations

⁽¹⁾	Net of foreign taxes withheld of $0, $361,994 and $136,823, respectively.

The accompanying notes are an integral part of these financial statements.

For the Six Months Ended May 31, 2019 (Unaudited)

			Gerstein Fisher		Gerstein Fisher
Gerstein Fisher			Multi-Factor^®		Multi-Factor^®
Multi-Factor^®			International		Global Real Estate
Growth Equity Fund			Growth Equity Fund		Securities Fund

$	2,359,875		$	3,727,951	$	2,861,350
	5,648			8,261		912
	51,315			3,057		1,634
	2,416,838			3,739,269		2,863,896


	1,160,757			911,030		479,892
	95,604			98,240		73,680
	89,928			60,618		47,314
	11,372			10,434		10,176
	9,734			10,738		10,538
	8,570			8,024		7,100
	7,368			7,138		5,952
	5,208			5,208		5,208
	4,708			43,268		28,054
	4,186			4,186		4,186
	9,870			14,974		19,570
	1,407,305			1,173,858		691,670
	(50,482	)		15,724		—
	1,356,823			1,189,582		691,670

	1,060,015			2,549,687		2,172,226


	28,405,329			4,751,609		1,602,088

	(35,901,235	)		1,238,330		6,928,808
	—			3,810		(3,904	)
	(7,495,906	)		5,993,749		8,526,992
$	(6,435,891	)	$	8,543,436	$	10,699,218

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® Growth Equity Fund

Statements of Changes in Net Assets

	Six Months
	Ended			Year Ended
	May 31, 2019			November 30,
	(Unaudited)			2018

From Operations
Net investment income	$	1,060,015		$	218,075
Net realized gain from investments		28,405,329			18,038,665
Net change in unrealized depreciation on investments		(35,901,235	)		(1,108,871	)
Net increase (decrease) in net assets from operations		(6,435,891	)		17,147,869

From Distributions
Net dividends and distributions		(19,608,899	)		(8,625,737	)
Net decrease in net assets resulting
from dividends and distributions paid		(19,608,899	)		(8,625,737	)

From Capital Share Transactions
Proceeds from shares sold		22,045,854			37,509,548
Net asset value of shares issued
to distributions declared		19,478,237			8,522,142
Cost for shares redeemed*		(29,423,642	)		(85,259,762	)
Net increase (decrease) in net assets from
capital share transactions		12,100,449			(39,228,072	)

Total Decrease in Net Assets		(13,944,341	)		(30,705,940	)

Net Assets
Beginning of period		276,393,680			307,099,620
End of period	$	262,449,339		$	276,393,680

* Net of redemption fees of	$	910		$	5,912

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® International Growth Equity Fund

Statements of Changes in Net Assets

	Six Months
	Ended			Year Ended
	May 31, 2019			November 30,
	(Unaudited)			2018

From Operations
Net investment income	$	2,549,687		$	2,869,420
Net realized gain from investments		4,751,609			2,406,932
Net change in unrealized appreciation
(depreciation) on investments		1,242,140			(33,109,956	)
Net increase (decrease) in net assets from operations		8,543,436			(27,833,604	)

From Distributions
Net dividends and distributions		(3,490,210	)		(3,672,334	)
Net decrease in net assets resulting
from dividends and distributions paid		(3,490,210	)		(3,672,334	)

From Capital Share Transactions
Proceeds from shares sold		26,677,025			47,907,405
Net asset value of shares issued
to distributions declared		2,466,695			2,692,715
Cost for shares redeemed*		(29,069,563	)		(45,585,106	)
Net increase in net assets from
capital share transactions		74,157			5,015,014

Total Increase (Decrease) in Net Assets		5,127,383			(26,490,924	)

Net Assets
Beginning of period		213,245,349			239,736,273
End of period	$	218,372,732		$	213,245,349

* Net of redemption fees of	$	945		$	1,304

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund

Statements of Changes in Net Assets

	Six Months
	Ended			Year Ended
	May 31, 2019			November 30,
	(Unaudited)			2018

From Operations
Net investment income	$	2,172,226		$	3,747,778
Net realized gain (loss) from investments		1,602,088			(176,594	)
Net change in unrealized appreciation
(depreciation) on investments		6,924,904			(3,131,785	)
Net increase in net assets from operations		10,699,218			439,399

From Distributions
Net dividends and distributions		(1,501,206	)		(5,640,614	)
Net decrease in net assets resulting from
dividends and distributions paid		(1,501,206	)		(5,640,614	)

From Capital Share Transactions
Proceeds from shares sold		6,627,790			33,613,283
Net asset value of shares issued
to distributions declared		1,247,654			4,874,695
Cost for shares redeemed*		(21,116,938	)		(20,358,257	)
Net increase (decrease) in net assets from
capital share transactions		(13,241,494	)		18,129,721

Total Increase (Decrease) in Net Assets		(4,043,482	)		12,928,506

Net Assets
Beginning of period		148,365,111			135,436,605
End of period	$	144,321,629		$	148,365,111

* Net of redemption fees of	$	74		$	1,198

The accompanying notes are an integral part of these financial statements.

(This Page Intentionally Left Blank.)

Gerstein Fisher Multi-Factor^® Growth Equity Fund

Financial Highlights

	Six Months
	Ended
	May 31, 2019
	(Unaudited)
Net Asset Value, Beginning of Year/Period	$	22.67

Income from investment operations:
Net investment income⁽¹⁾		0.08
Net realized and unrealized gain (loss) on investments		(0.75	)
Total from investment operations		(0.67	)

Less distributions paid:
From net investment income		(0.13	)
From net realized gain on investments		(1.48	)
Total distributions paid		(1.61	)
Paid-in capital from redemption fees (Note 2)⁽²⁾		0.00
Net Asset Value, End of Year/Period	$	20.39

Total Return⁽³⁾		-2.41	%

Supplemental Data and Ratios:
Net assets at end of year/period (000’s)	$	262,449
Ratio of expenses to average net assets:
Before waiver, expense reimbursement and recoupments⁽⁴⁾		1.03	%
After waiver, expense reimbursement and recoupments⁽⁴⁾		0.99	%
Ratio of net investment income to average net assets:
Before waiver, expense reimbursement and recoupments⁽⁴⁾		0.74	%
After waiver, expense reimbursement and recoupments⁽⁴⁾		0.78	%
Portfolio turnover rate⁽³⁾		31.64	%

⁽¹⁾	Per share net investment income has been calculated using the daily average share method.
⁽²⁾	Rounds to less than 0.5 cent per share.
⁽³⁾	Not annualized for periods less than one year.
⁽⁴⁾	Annualized for periods less than one year.
⁽⁵⁾	The ratio of expenses to average net assets include interest expenses. The annualized before waiver, expense reimbursement and recoupments excluding interest was 1.00%. The annualized after waiver, expense reimbursement and recoupments excluding interest was 0.99%.

The accompanying notes are an integral part of these financial statements.

Per Share Data for a Share Outstanding Throughout Each Year/Period

Year Ended November 30,
2018			2017			2016			2015			2014
$	22.04		$	18.07		$	17.84		$	18.77		$	17.19


	0.02			0.07			0.11			0.11			0.07
	1.23			4.22			0.54			0.44			2.46
	1.25			4.29			0.65			0.55			2.53


	(0.08	)		(0.10	)		(0.11	)		(0.07	)		(0.11	)
	(0.54	)		(0.22	)		(0.31	)		(1.41	)		(0.84	)
	(0.62	)		(0.32	)		(0.42	)		(1.48	)		(0.95	)
	0.00			0.00			0.00			0.00			0.00
$	22.67		$	22.04		$	18.07		$	17.84		$	18.77

	5.81	%		24.13	%		3.78	%		3.43	%		15.50	%


$	276,394		$	307,100		$	260,610		$	239,939		$	223,818

	1.02	%⁽⁵⁾		1.02	%		1.06	%		1.05	%		1.03	%
	1.00	%⁽⁵⁾		0.99	%		0.99	%		1.00	%		1.03	%

	0.05	%		0.32	%		0.57	%		0.59	%		0.40	%
	0.07	%		0.35	%		0.64	%		0.64	%		0.40	%
	11.86	%		20.81	%		22.06	%		40.10	%		58.82	%

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® International Growth Equity Fund

Financial Highlights

	Six Months
	Ended
	May 31, 2019
	(Unaudited)
Net Asset Value, Beginning of Year/Period	$	13.95

Income from investment operations:
Net investment income⁽¹⁾		0.17
Net realized and unrealized gain (loss) on investments		0.41
Total from investment operations		0.58

Less distributions paid:
From net investment income		(0.15	)
From net realized gain on investments		(0.09	)
Total distributions paid		(0.24	)
Paid-in capital from redemption fees (Note 2)⁽²⁾		0.00
Net Asset Value, End of Year/Period	$	14.29

Total Return⁽³⁾		4.33	%

Supplemental Data and Ratios:
Net assets at end of year/period (000’s)	$	218,373
Ratio of expenses to average net assets:
Before waiver, expense reimbursement and recoupments⁽⁴⁾		1.10	%⁽⁵⁾
After waiver, expense reimbursement and recoupments⁽⁴⁾		1.11	%⁽⁵⁾
Ratio of net investment income to average net assets:
Before waiver, expense reimbursement and recoupments⁽⁴⁾		2.39	%
After waiver, expense reimbursement and recoupments⁽⁴⁾		2.38	%
Portfolio turnover rate⁽³⁾		36.16	%

⁽¹⁾	Per share net investment income has been calculated using the daily average share method.
⁽²⁾	Rounds to less than 0.5 cent per share.
⁽³⁾	Not annualized for periods less than one year.
⁽⁴⁾	Annualized for periods less than one year.
⁽⁵⁾	The ratio of expenses to average net assets include interest expenses. The annualized before waiver, expense reimbursement and recoupments excluding interest was 1.09%. The annualized after waiver, expense reimbursement and recoupments excluding interest was 1.10%.
⁽⁶⁾	The ratio of expenses to average net assets include interest expenses. The annualized before waiver, expense reimbursement and recoupments excluding interest was 1.05%. The annualized after waiver, expense reimbursement and recoupments excluding interest was 1.10%.
⁽⁷⁾	The ratio of expenses to average net assets include interest expenses. The annualized before waiver, expense reimbursement and recoupments excluding interest was 1.18%. The annualized after waiver, expense reimbursement and recoupments excluding interest was 1.12%.
⁽⁸⁾	The ratio of expenses to average net assets include interest expenses. The annualized before and after waiver, expense reimbursement and recoupments excluding interest was 1.18%.

The accompanying notes are an integral part of these financial statements.

Per Share Data for a Share Outstanding Throughout Each Year/Period

Year Ended November 30,
2018			2017			2016			2015			2014
$	16.01		$	12.06		$	13.16		$	14.03		$	13.93


	0.19			0.17			0.18			0.14			0.21
	(2.01	)		3.91			(1.12	)		(0.20	)		0.14
	(1.82	)		4.08			(0.94	)		(0.06	)		0.35


	(0.24	)		(0.13	)		(0.16	)		(0.28	)		(0.24	)
	—			—			—			(0.53	)		(0.01	)
	(0.24	)		(0.13	)		(0.16	)		(0.81	)		(0.25	)
	0.00			0.00			0.00			0.00			0.00
$	13.95		$	16.01		$	12.06		$	13.16		$	14.03

	-11.55	%		34.16	%		-7.24	%		-0.20	%		2.56	%


$	213,245		$	239,736		$	134,150		$	139,209		$	120,714

	1.06	%⁽⁶⁾		1.12	%		1.19	%⁽⁷⁾		1.19	%⁽⁸⁾		1.18	%
	1.11	%⁽⁶⁾		1.10	%		1.13	%⁽⁷⁾		1.19	%⁽⁸⁾		1.18	%

	1.26	%		1.14	%		1.38	%		1.03	%		1.50	%
	1.21	%		1.16	%		1.44	%		1.03	%		1.50	%
	26.38	%		16.29	%		36.19	%		29.84	%		50.99	%

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund

Financial Highlights

	Six Months
	Ended
	May 31, 2019
	(Unaudited)
Net Asset Value, Beginning of Year/Period	$	10.88

Income from investment operations:
Net investment income⁽¹⁾		0.16
Net realized and unrealized gain (loss) on investments		0.65
Total from investment operations		0.81

Less distributions paid:
From net investment income		(0.11	)
From net realized gain on investments		—
Total distributions paid		(0.11	)
Paid-in capital from redemption fees (Note 2)⁽²⁾		0.00
Net Asset Value, End of Year/Period	$	11.58

Total Return⁽³⁾		7.66	%

Supplemental Data and Ratios:
Net assets at end of year/period (000’s)	$	144,322
Ratio of expenses to average net assets:
Before waiver, expense reimbursement and recoupments⁽⁴⁾		0.94	%⁽⁵⁾
After waiver, expense reimbursement and recoupments⁽⁴⁾		0.94	%⁽⁵⁾
Ratio of net investment income to average net assets:
Before waiver, expense reimbursement and recoupments⁽⁴⁾		2.94	%
After waiver, expense reimbursement and recoupments⁽⁴⁾		2.94	%
Portfolio turnover rate⁽³⁾		16.54	%

⁽¹⁾	Per share net investment income has been calculated using the daily average share method.
⁽²⁾	Rounds to less than 0.5 cent per share.
⁽³⁾	Not annualized for periods less than one year.
⁽⁴⁾	Annualized for periods less than one year.
⁽⁵⁾	The ratio of expenses to average net assets include interest expenses. The annualized before and after waiver, expense reimbursement and recoupments excluding interest was 0.92%.

The accompanying notes are an integral part of these financial statements.

Per Share Data for a Share Outstanding Throughout Each Year/Period

Year Ended November 30,
2018			2017			2016			2015			2014
$	11.30		$	10.35		$	10.24		$	10.51		$	9.04


	0.28			0.22			0.25			0.19			0.20
	(0.26	)		1.11			0.11			(0.03	)		1.42
	0.02			1.33			0.36			0.16			1.62


	(0.41	)		(0.30	)		(0.25	)		(0.43	)		(0.15	)
	(0.03	)		(0.08	)		—			—			—
	(0.44	)		(0.38	)		(0.25	)		(0.43	)		(0.15	)
	0.00			0.00			0.00			0.00			0.00
$	10.88		$	11.30		$	10.35		$	10.24		$	10.51

	0.19	%		13.16	%		3.43	%		1.65	%		18.37	%


$	148,365		$	135,437		$	100,545		$	90,549		$	77,825

	0.90	%		0.96	%		1.01	%		1.03	%		1.20	%
	0.92	%		1.00	%		1.00	%		1.00	%		1.00	%

	2.63	%		2.06	%		2.32	%		1.78	%		1.91	%
	2.61	%		2.02	%		2.33	%		1.81	%		2.11	%
	17.28	%		7.24	%		20.09	%		8.52	%		80.22	%

The accompanying notes are an integral part of these financial statements.

Gerstein Fisher Funds

Notes to Financial Statements

May 31, 2019 (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 Gerstein Fisher Funds (the “Funds”) are comprised of the Gerstein Fisher Multi-Factor^® Growth Equity Fund, the Gerstein Fisher Multi-Factor^® International Growth Equity Fund and the Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund, and each Fund represents a distinct, diversified series with its own investment objectives and policies within the Trust. The investment objective of the Gerstein Fisher Multi-Factor^® Growth Equity Fund and the Gerstein Fisher Multi-Factor^® International Growth Equity Fund is long-term capital appreciation. The investment objective of the Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund is total return (a combination of long-term capital appreciation and current income). The Trust may issue an unlimited number of shares of beneficial interest at $0.001 par value. The Gerstein Fisher Multi-Factor^® Growth Equity Fund commenced operations on December 31, 2009 and began investing consistent with its investment objective on January 15, 2010. The Gerstein Fisher Multi-Factor^® International Growth Equity Fund commenced operations on January 27, 2012. The Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund commenced operations on April 30, 2013. On July 21, 2016, Gerstein, Fisher & Associates, Inc. entered into a definitive agreement to be acquired by People’s Securities, Inc., a subsidiary of People’s United Bank, N.A. The transaction closed on November 2, 2016. At such time, Gerstein, Fisher & Associates, Inc. became a division of People’s Securities, Inc. and began operating as People’s Securities, Inc. doing business as Gerstein Fisher. On April 1, 2018, in connection with an internal corporate restructuring, People’s Securities, Inc. transferred the advisory agreement for the Funds to its affiliate, People’s United Advisors, Inc., a subsidiary of People’s United Bank, N.A. People’s United Advisors, Inc., doing business as Gerstein Fisher or Gerstein Fisher Asset Management (the “Advisor”), is the Funds’ investment advisor. Costs incurred by the Funds in connection with the organization, registration and initial public offering of shares were paid by the Advisor’s predecessor entity. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies”.

(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”).

	(a) Investment Valuation

	Each security owned by the Funds that is listed on a securities exchange, except those listed on the NASDAQ Stock Market LLC (“NASDAQ”), is valued at its last sale price on that exchange on the date as of which assets are valued. If the security is listed on more than one exchange, the Funds will use the price of the exchange that the Funds generally consider to be the principal exchange on which the stock is traded.

Gerstein Fisher Funds

Notes to Financial Statements (Continued)

May 31, 2019 (Unaudited)

	Portfolio securities listed on NASDAQ will be valued at the NASDAQ Official Closing Price, which may not necessarily represent the last sale price. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the mean between the most recent quoted bid and ask prices at the close of the exchange on such day, or at the latest sale price on the Composite Market (defined as the consolidation of the trade information provided by national securities and foreign exchanges and over-the-counter markets as published by an approved independent pricing service (“Pricing Service”)) for the day such security is being valued.

	Debt securities, including short-term debt instruments having a maturity of 60 days or less, are 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. Any discount or premium is accreted or amortized using the constant yield method until maturity.

	Rights and warrants are valued at the last sale price at the close of the exchange on which the security is primarily traded.

	Redeemable securities issued by open-end, registered investment companies are valued at the net asset value (“NAV”) of such companies for purchase and/or redemption orders placed on that day. If, on a particular day, a share of an investment company is not listed on NASDAQ, such security’s fair value will be determined as described below. All ETFs are valued at the last reported sales price on the exchange on which the security is principally traded.

	Money market mutual funds, demand notes and repurchase agreements are valued at cost. If cost does not represent current market value the securities will be priced at fair value.

	Foreign securities will be priced in their local currencies as of the close of their primary exchange or market or as of the time a 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, as provided by an approved pricing service or reporting agency. All assets denominated in foreign currencies will be converted into U.S. dollars using the applicable currency exchange rates as of the close of the New York Stock Exchange (“NYSE”), generally 4:00 p.m. Eastern Time.

	For foreign securities traded on foreign exchanges, the Trust has selected Interactive Data’s Fair Value Information Services (“FVIS”) to provide pricing data with respect to foreign security holdings held by the Funds. The use of this third-party pricing service is designed to capture events occurring after a foreign exchange closes that may affect the value of certain holdings of the Funds’ securities traded on those foreign exchanges. The Funds utilize a confidence interval when determining the use of the FVIS provided prices. The confidence interval is a measure of the historical

Gerstein Fisher Funds

Notes to Financial Statements (Continued)

May 31, 2019 (Unaudited)

	relationship that each foreign exchange traded security has to movements in various indices and the price of the security’s corresponding American Depositary Receipt, if one exists. FVIS provides the confidence interval for each security for which it provides a price. If the FVIS provided price falls within the confidence interval the Funds will value the particular security at that price. If the FVIS provided price does not fall within the confidence interval the particular security will be valued at the preceding closing price on its respective foreign exchange, or if there were no transactions on such day, at the mean between the bid and asked prices. These securities would generally be categorized as Level 2 in the FASB Accounting Standards Codification (“ASC”) Topic 820 hierarchy. The Advisor anticipates that the Funds’ portfolio holdings will be fair valued only if market quotations for those holdings are considered unreliable.

	If market quotations are not readily available, any security or other asset will be 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 Advisor to believe that a security’s last sale price may not reflect its actual 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 through the application of such procedures by the Trust’s valuation committee.

	When fair value pricing is employed, the prices of securities used by a Fund to calculate its NAV may differ from quoted or published prices for the same securities. Due to the subjective and variable nature of fair value pricing, it is possible that the fair value determined for a particular security may be materially different from the price of the security quoted or published by others or the value when trading resumes or realized upon sale.

	The Funds have adopted Statement of Financial Accounting Standards, “Fair Value Measurements and Disclosures” (“Fair Value Measurements”) and FASB Staff Position “Determining Fair Value when the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identified Transactions that are not Orderly” (“Determining Fair Value”). Determining Fair Value clarifies Fair Value Measurements and requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. Determining Fair Value also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for major security types. Fair Value Measurements requires the Funds to classify their securities based on 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.).

Gerstein Fisher Funds

Notes to Financial Statements (Continued)

May 31, 2019 (Unaudited)

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, 2019:

Gerstein Fisher Multi-Factor^® Growth Equity Fund
	Level 1		Level 2		Level 3^		Total
Assets:
Common Stocks*	$	262,650,270	$	4	$	—	$	262,650,274
Rights		—		—		2,341		2,341
Short-Term Investments		681		—		—		681
Investments Purchased with
Proceeds from Securities Lending		1,489,918		—		—		1,489,918
Total Investments in Securities	$	264,140,869	$	4	$	2,341	$	264,143,214

	*	For further information regarding security characteristics, please see the Schedules of Investments.
	^	The Fund measures Level 3 activity as of the end of each financial reporting period.

	Level 3 Reconciliation Disclosure

	The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Description	Rights
Balance as of 11/30/2018	$	2,341
Acquisitions		—
Dispositions		—
Realized Gain (Loss)		—
Change in unrealized appreciation (depreciation)		—
Transfers into level 3		—
Balance as of 5/31/2019	$	2,341
Change in unrealized appreciation (depreciation) during the
period for Level 3 Investments held at 5/31/2019	$	—

The following table represents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of May 31, 2019:

				Range/Weighted
	Fair Value	Valuation	Unobservable	Average
Description	May 31, 2019	Methodologies	Input	Unobservable Input⁺
Rights	$2,341	Last traded price	Market	$0.58
		and company-	Assessment
		specific
		information

⁺ Table presents information for one security, which has been valued at $0.58 throughout the period.

Gerstein Fisher Funds

Notes to Financial Statements (Continued)

May 31, 2019 (Unaudited)

Gerstein Fisher Multi-Factor^® International Growth Equity Fund

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks*	$	7,086,151	$	209,062,160	$	—	$	216,148,311
Short-Term Investments		737,888		—		—		737,888
Investments Purchased
with Proceeds from
Securities Lending		3,101,826		—		—		3,101,826
Total Investments
in Securities	$	10,925,865	$	209,062,160	$	—	$	219,988,025

For further information regarding security characteristics, please see the Schedules of Investments.

The Fund did not hold any Level 3 securities during the period.

Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund

	Level 1		Level 2		Level 3^		Total
Assets:
Common Stocks*	$	3,014,746	$	21,636,485	$	—	$	24,651,231
Real Estate
Investment Trusts*		86,085,135		33,568,234		3,745		119,657,114
Closed-End Funds		42,505		—		—		42,505
Liquidating Trusts		—		—		11,604		11,604
Short-Term Investments		81		—		—		81
Investments Purchased
with Proceeds from
Securities Lending		131,334		—		—		131,334
Total Investments
in Securities	$	89,273,801	$	55,204,719	$	15,349	$	144,493,869

	*	For further information regarding security characteristics, please see the Schedules of Investments.
	^	The Fund measures Level 3 activity as of the end of each financial reporting period.

	Level 3 Reconciliation Disclosure

	The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Real Estate
Description	Investment Trusts			Liquidating Trusts
Balance as of 11/30/2018	$	3,945		$	—
Acquisitions		—			—
Dispositions		—			—
Realized Gain (Loss)		—			—
Change in unrealized
appreciation (depreciation)		(200	)		—
Transfers into level 3		—			11,604
Balance as of 5/31/2019	$	3,745		$	11,604
Change in unrealized appreciation
(depreciation) during the period for
Level 3 Investments held at 5/31/2019	$	(200	)	$	—

Gerstein Fisher Funds

Notes to Financial Statements (Continued)

May 31, 2019 (Unaudited)

				Range/Weighted
	Fair Value	Valuation	Unobservable	Average
Description	May 31, 2019	Methodologies	Input	Unobservable Input
Real Estate	$3,745	Last traded price	Liquidation	$0.04⁽¹⁾
Investment Trusts		and company-	Value
		specific
		information

Liquidating Trusts	$11,604	Last traded price	Liquidation	$1.21⁽²⁾
		and company-	Value
		specific
		information

	⁽¹⁾	Value presents information for one security, which has been valued at 0.05 Australian dollars throughout the period.
	⁽²⁾	Value presents information for one security, which has been valued at $1.21 throughout the period.

	The Funds did not hold derivative instruments during the six months ended May 31, 2019.

	(b) Foreign Securities and Currency

	Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

	The Funds do not isolate the portion of the results of operations from changes in foreign exchange rates on investments from those resulting from the changes in market prices of securities held. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in the exchange rate.

	Investments in foreign securities entail certain risks. Individual foreign economies of certain countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency, diversification and balance of payments position. The internal politics of certain foreign countries may not be as stable as those of the United States. Since foreign securities normally are denominated and traded in foreign currencies, the value of a Fund’s assets may be affected favorably or unfavorably by currency exchange rates, currency exchange control regulations, foreign withholding taxes, and restrictions or prohibitions on the repatriation of foreign currencies. There may be less information publicly available about a foreign issuer than about a U.S. issuer, and foreign issuers are not generally subject to accounting,

Gerstein Fisher Funds

Notes to Financial Statements (Continued)

May 31, 2019 (Unaudited)

	auditing, and financial reporting standards and practices comparable to those in the United States. The securities of some foreign issuers are less liquid and at times more volatile than securities of comparable U.S. issuers.

	(c) Security Loans

	When the Funds loan securities held in their portfolios, the Funds receive compensation in the form of fees, or retain a portion of the interest on the investment of any cash received as collateral. The loans are secured by collateral at least equal to: (i) 105% of the market value of the loaned securities that are foreign securities, or 102% of the market value of any other loaned securities, at the time the securities are loaned; and (ii) 100% of the market value of the loaned securities at all times. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the lending agreement to recover the securities from the borrower on demand.

	(d) Federal Income Taxes

	The Funds comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company and make the requisite distributions of income and capital gains to its shareholders sufficient to relieve it from all or substantially all federal income taxes. Therefore, no federal income tax provision has been provided.

	(e) 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.

	(f) 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.

	(g) 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

Gerstein Fisher Funds

Notes to Financial Statements (Continued)

May 31, 2019 (Unaudited)

	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 New York Stock Exchange is closed for trading. The offering and redemption price per share for each Fund is equal to each Fund’s NAV per share. The Funds charge a 1.00% redemption fee on the net amount of the redemption on shares held for 60 days or less. These fees are deducted from the redemption proceeds otherwise payable to the shareholder. The Funds will retain the fee charged as an increase in paid-in capital and such fees become part of each Fund’s daily NAV calculation.

	(h) Expenses

	Expenses associated with a specific fund in the Trust are charged to that fund. Common expenses are typically allocated evenly between the funds of the Trust, or by other equitable means.

	(i) Other

	Investment transactions are recorded on the trade date. Realized gains and losses are evaluated on the basis of identified cost. 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 domestic REITs are comprised of ordinary income, capital gains and return of capital, as applicable. For financial statement purposes, the Funds use estimates to characterize these distributions received as return of capital, capital gains 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 its 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 Statements of Operations. The distributions received that are classified as return of capital reduced the cost of investments on the Statements of Assets and Liabilities.

	Withholding taxes on foreign dividends, net of any reclaims, have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.

(3)	Federal Tax Matters

	The tax character of distributions paid during the years ended November 30, 2018 and November 30, 2017 were as follows:

	Ordinary	Long-Term
	Income	Capital Gains
Gerstein Fisher Multi-Factor^®
Growth Equity Fund
Year Ended November 30, 2018	$1,090,856	$7,534,881
Year Ended November 30, 2017	$1,480,248	$3,191,563

Gerstein Fisher Funds

Notes to Financial Statements (Continued)

May 31, 2019 (Unaudited)

	Ordinary	Long-Term
	Income	Capital Gains
Gerstein Fisher Multi-Factor^®
International Growth Equity Fund
Year Ended November 30, 2018	$3,672,334	$ —
Year Ended November 30, 2017	$1,430,467	$ —

	Ordinary	Long-Term
	Income	Capital Gains
Gerstein Fisher Multi-Factor^®
Global Real Estate Securities Fund
Year Ended November 30, 2018	$5,329,605	$311,009
Year Ended November 30, 2017	$2,912,688	$966,049

As of November 30, 2018, the components of accumulated earnings (losses) on a tax basis were as follows:

				Gerstein Fisher			Gerstein Fisher
	Gerstein Fisher			Multi-Factor^®			Multi-Factor^®
	Multi-Factor^®			International			Global Real
	Growth Equity			Growth Equity			Estate Securities
	Fund			Fund			Fund
Cost basis of investments for
federal income tax purposes	$	152,604,471		$	193,760,243		$	139,414,134
Gross tax unrealized appreciation		128,172,333			33,885,516			18,990,581
Gross tax unrealized depreciation		(3,831,937	)		(17,069,514	)		(10,271,189	)
Net tax unrealized appreciation		124,340,396			16,816,002			8,719,392
Undistributed ordinary income		57,049			2,185,111			307,014
Undistributed long-term capital gain		18,030,772			1,296,127			—
Total distributable earnings		18,087,821			3,481,238			307,014
Other accumulated gain/(loss)		—			(18,726	)		(416,180	)
Total accumulated gains	$	142,428,217		$	20,278,514		$	8,610,226

	The basis of investments for tax and financial reporting purposes differs principally due to the deferral of losses on wash sales, mark-to-market of passive foreign investment company (“PFIC”) adjustments, and Partnership Basis Adjustments.

	At November 30, 2018, the Funds had the following capital losses remaining, which will be carried forward indefinitely to offset future realized capital gains. To the extent the Funds realize future net capital gains, taxable distributions to its shareholders will be first offset by any unused capital loss carryovers from the year ended November 30, 2018.

	Short-Term	Long-Term
Gerstein Fisher Multi-Factor^®
Global Real Estate Securities Fund	$12,846	$400,803

The Gerstein Fisher Multi-Factor^® International Growth Equity Fund utilized $1,267,130 of short-term capital loss carryover in the fiscal year 2018.

Gerstein Fisher Funds

Notes to Financial Statements (Continued)

May 31, 2019 (Unaudited)

Additionally, 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 net asset value per share. For the year ended November 30, 2018, the following table shows the reclassifications made:

Gerstein Fisher

Multi-Factor^®

International

Global Real

Growth Equity

Estate Securities

Fund

Total distributable earnings

—

Paid-in capital

—

	The Funds had no material uncertain tax positions and have not recorded a liability for unrecognized tax benefits as of November 30, 2018. Also, the Funds had recognized no interest and penalties related to uncertain tax benefits in fiscal year 2018. At November 30, 2018, the fiscal tax years 2015 through 2018 remain open to examination for the Funds in the Funds’ major tax jurisdictions.

(4)	Investment Advisor

	The Trust, on behalf of the Funds, has an Investment Advisory Agreement (the “Agreement”) with the Advisor to furnish investment advisory services to the Funds. Under the terms of the Agreement, the Gerstein Fisher Multi-Factor^® Growth Equity Fund, the Gerstein Fisher Multi-Factor^® International Growth Equity Fund and the Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund compensate the Advisor for its management services at the annual rate of 0.85%, 0.85% and 0.65%, respectively, of each Fund’s average daily net assets.

	The Advisor has contractually agreed to waive its management fee and/or reimburse each Fund’s other expenses at least through the expiration dates listed below, at the discretion of the Advisor and the Board of Trustees, to the extent necessary to ensure that the Fund’s operating expenses (exclusive of front-end or contingent deferred loads, Rule 12b-1 plan fees, shareholder servicing plan fees, taxes, leverage (i.e., any expenses incurred in connection with borrowings made by the Fund), interest (including interest incurred in connection with bank and custody overdrafts), brokerage commissions and other transactional expenses, expenses incurred in connection with any merger or reorganization, dividends or interest on short positions, acquired fund fees and expenses or extraordinary expenses such as litigation) do not exceed the expense limitation caps listed below of each Fund’s average daily net assets.

	Expense
	Limitation Cap	Expiration Date
Gerstein Fisher Multi-Factor^®
Growth Equity Fund	0.99%	March 30, 2020
Gerstein Fisher Multi-Factor^®
International Growth Equity Fund	1.10%	March 30, 2020
Gerstein Fisher Multi-Factor^®
Global Real Estate Securities Fund	1.00%	March 30, 2020

Gerstein Fisher Funds

Notes to Financial Statements (Continued)

May 31, 2019 (Unaudited)

	Any such waiver or reimbursement is subject to later adjustment to allow the Advisor to recoup 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 or reimbursement; or (2) the Expense Limitation Cap in place at the time of the recoupment; provided, however, that the Advisor shall only be entitled to recoup such amounts over the following three year period from the date of the waiver or reimbursement.

	The following table shows the remaining waived or reimbursed expenses subject to potential recovery expiring during the fiscal period ending:

			Gerstein Fisher		Gerstein Fisher
	Gerstein Fisher		Multi-Factor^®		Multi-Factor^®
	Multi-Factor^®		International		Global Real
	Growth Equity		Growth Equity		Estate Securities
	Fund		Fund		Fund
November 30, 2019	$	95,111	$	—	$	—
November 30, 2020	$	96,324	$	7,714	$	—
November 30, 2021	$	60,048	$	—	$	—
May 31, 2022	$	50,482	$	—	$	—

(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. Fees and expenses incurred for the six months ended May 31, 2019, and owed as of May 31, 2019, are as follows:

Administration and Accounting	Incurred	Owed
Gerstein Fisher Multi-Factor^® Growth Equity Fund	$95,604	$34,986
Gerstein Fisher Multi-Factor^® International
Growth Equity Fund	$98,240	$35,072
Gerstein Fisher Multi-Factor^® Global
Real Estate Securities Fund	$73,680	$24,265

Transfer Agency	Incurred⁽¹⁾	Owed
Gerstein Fisher Multi-Factor^® Growth Equity Fund	$28,658	$9,769
Gerstein Fisher Multi-Factor^® International
Growth Equity Fund	$22,596	$7,927
Gerstein Fisher Multi-Factor^® Global
Real Estate Securities Fund	$15,564	$5,339

⁽¹⁾

These amounts do not include sub-transfer agency fees, therefore they do not agree to the amount on the Statements of Operations.

Gerstein Fisher Funds

Notes to Financial Statements (Continued)

May 31, 2019 (Unaudited)

Custody	Incurred	Owed
Gerstein Fisher Multi-Factor^® Growth Equity Fund	$ 4,708	$ 1,108
Gerstein Fisher Multi-Factor^® International
Growth Equity Fund	$43,268	$ 6,852
Gerstein Fisher Multi-Factor^® Global
Real Estate Securities Fund	$28,054	$10,504

	The Funds each have a line of credit with US Bank (see Note 8).

	The Funds have entered into a securities lending agreement with US Bank (see Note 9).

	Quasar Distributors, LLC (the “Distributor”) acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. The Distributor is an affiliate of Fund Services and US Bank.

	Certain officers of the Funds are also employees of Fund Services. A Trustee of the Trust is affiliated with Fund Services and US Bank. This same Trustee is a board member and an interested person of the Distributor.

	The Trust’s Chief Compliance Officer is also an employee of Fund Services. Each Fund’s allocation of the Trust’s Chief Compliance Officer fee incurred for the six months ended May 31, 2019, and owed as of May 31, 2019, are as follows:

	Incurred	Owed
Gerstein Fisher Multi-Factor^® Growth Equity Fund	$5,208	$1,664
Gerstein Fisher Multi-Factor^® International
Growth Equity Fund	$5,208	$1,669
Gerstein Fisher Multi-Factor^® Global
Real Estate Securities Fund	$5,208	$1,666

(6)	Capital Share Transactions

	Transactions in shares of the Funds were as follows:

	Gerstein Fisher Multi-Factor^® Growth Equity Fund

	Six Months Ended			Year Ended
	May 31, 2019			November 30, 2018
Shares sold		1,062,152			1,618,287
Shares reinvested		1,030,595			393,269
Shares redeemed		(1,417,612	)		(3,750,455	)
Net increase (decrease)		675,135			(1,738,899	)

Gerstein Fisher Multi-Factor^® International Growth Equity Fund

	Six Months Ended			Year Ended
	May 31, 2019			November 30, 2018
Shares sold		1,917,119			3,050,075
Shares reinvested		189,746			168,822
Shares redeemed		(2,115,276	)		(2,905,433	)
Net increase (decrease)		(8,411	)		313,464

Gerstein Fisher Funds

Notes to Financial Statements (Continued)

May 31, 2019 (Unaudited)

Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund

	Six Months Ended			Year Ended
	May 31, 2019			November 30, 2018
Shares sold		589,302			3,082,385
Shares reinvested		117,511			440,561
Shares redeemed		(1,884,361	)		(1,871,196	)
Net increase (decrease)		(1,177,548	)		1,651,750

(7)	Investment Transactions

	The aggregate securities transactions, excluding short-term investments, for the Funds for the six months ended May 31, 2019, are listed below. The Funds did not have any purchases or sales of long-term U.S. Government securities.

	Purchases	Sales
Gerstein Fisher Multi-Factor^®
Growth Equity Fund	$86,694,373	$90,745,222
Gerstein Fisher Multi-Factor^®
International Growth Equity Fund	$76,861,478	$77,225,762
Gerstein Fisher Multi-Factor^®
Global Real Estate Securities Fund	$24,365,650	$35,387,670

(8)	Line of Credit

	At May 31, 2019, the Gerstein Fisher Multi-Factor^® Growth Equity Fund, Gerstein Fisher Multi-Factor^® International Growth Equity Fund and Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund each had lines of credit in the amount of the lesser of 33.33% of the fair value of unencumbered assets of the Fund or $10,000,000, $10,000,000 and $4,000,000, respectively, which all mature August 9, 2019. These unsecured lines of credit are intended to provide short-term financing, if necessary, 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 5.25% from December 1, 2018 through December 19, 2018 and 5.50% thereafter. As of May 31, 2019, the Gerstein Fisher Multi-Factor^® Growth Equity Fund had an outstanding balance on its line of credit of $359,000 and the Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund had an outstanding balance on its line of credit of $3,109,000. There was no outstanding balance on the line of credit for the Gerstein Fisher Multi-Factor^® International Growth Equity Fund as of May 31, 2019. The following table provides information regarding usage of the line of credit for the six months ended May 31, 2019.

Gerstein Fisher Funds

Notes to Financial Statements (Continued)

May 31, 2019 (Unaudited)

		Average		Maximum	Date of
	Days	Amount of	Interest	Amount of	Maximum
	Utilized	Borrowing	Expense*	Borrowing	Borrowing
Gerstein Fisher
Multi-Factor^® Growth
Equity Fund	66	$ 677,061	$ 6,814	$2,581,000	1/2/2019

Gerstein Fisher
Multi-Factor^®
International Growth
Equity Fund	63	$1,258,841	$11,833	$4,452,000	1/2/2019

Gerstein Fisher
Multi-Factor^® Global Real
Estate Securities Fund	126	$1,058,238	$20,366	$3,453,000	1/2/2019

Interest expense is included with “Other expenses” on the Statements of Operations.

(9)	Securities Lending

	Following terms of a securities lending agreement with the Funds’ custodian, U.S. Bank, each Fund may lend securities from its portfolio to brokers, dealers and financial institutions in order to increase the return on its portfolio, primarily through the receipt of borrowing fees and earnings on invested collateral. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by a Fund. During the time securities are on loan, the borrower will pay the applicable Fund any accrued income on those securities, and the Fund may invest the cash collateral and earn income or receive an agreed-upon fee from a borrower that has delivered cash-equivalent collateral. In determining whether or not to lend a security to a particular broker, dealer or financial institution, the Advisor considers all relevant facts and circumstances, including the size, creditworthiness and reputation of the broker, dealer or financial institution.

	Securities lending involves the risk of a default or insolvency of the borrower. In either of these cases, a Fund could experience delays in recovering securities or collateral or could lose all or part of the value of the loaned securities. A Fund also could lose money in the event of a decline in the value of the collateral provided for loaned securities. Additionally, the loaned portfolio securities may not be available to a Fund on a timely basis and that Fund may therefore lose the opportunity to sell the securities at a desirable price. Any decline in the value of a security that occurs while the security is out on loan would continue to be borne by the applicable Fund.

Gerstein Fisher Funds

Notes to Financial Statements (Continued)

May 31, 2019 (Unaudited)

As of May 31, 2019, the market value of the securities on loan and value of collateral received for securities lending were as follows:

	Loaned Securities	Value of	% of
	Market Value	Cash Collateral	Net Assets
Gerstein Fisher Multi-Factor^®
Growth Equity Fund	$1,393,836	$1,489,918	0.53%

Gerstein Fisher Multi-Factor^®
International Growth Equity Fund	$2,783,215	$3,101,826	1.27%

Gerstein Fisher Multi-Factor^® Global
Real Estate Securities Fund	$ 127,482	$ 131,334	0.09%

	The Funds receive cash as collateral in return for securities lent as part of the securities lending program. The collateral is invested in the First American Government Obligations Fund – Class Y (a money market fund subject to Rule 2a-7 under the 1940 Act). The Schedule of Investments for the Funds include the particular cash collateral holding as of May 31, 2019. The remaining contractual maturity of all securities lending transactions is overnight and continuous.

	The Funds are not subject to a master netting agreement with respect to securities lending; therefore no additional disclosures are required.

	The fee and interest income earned by the Funds on investments of cash collateral received from borrowers for the securities loaned to them are reflected in the Funds’ Statements of Operations.

(10)	Beneficial Ownership

	The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. At May 31, 2019, Pershing, LLC, for the benefit of others, held the following percentage of each Fund’s outstanding shares:

	Gerstein Fisher	Gerstein Fisher
Gerstein Fisher	Multi-Factor^®	Multi-Factor^®
Multi-Factor^®	International	Global Real
Growth Equity	Growth Equity	Estate Securities
Fund	Fund	Fund
46.55%	36.73%	41.04%

(11)	Recent Accounting Pronouncements

	In August 2018, FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all entities for fiscal years and interim periods within those fiscal years, beginning after

Gerstein Fisher Funds

Notes to Financial Statements (Continued)

May 31, 2019 (Unaudited)

	December 15, 2019. An entity is permitted to early adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of the additional disclosures, which are required for public companies only, until their effective date. Management has chosen to early adopt the eliminated or modified disclosures for the period ended May 31, 2019.

(12)	Subsequent Event

	On June 17, 2019, the Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund declared and paid a distribution from ordinary income of $1,068,892 to the shareholders of record on June 14, 2019.

Gerstein Fisher Funds

Notice of Privacy Policy & Practices

We collect non-public personal information about you from the following sources:

• information we receive about you on applications or other forms;

• information you give us orally; and

• information about your transactions with us or others.

We do not disclose any non-public personal information about our shareholders or former shareholders without the shareholder’s authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated parties and unaffiliated third parties with whom we have contracts for servicing the Funds. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibility. All shareholder records will be disposed of in accordance with applicable law. We maintain physical, electronic and procedural safeguards to protect your non-public personal information and require third parties to treat your non-public personal information with the same high degree of confidentiality.

In the event that you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared with unaffiliated third parties.

Gerstein Fisher Funds

Additional Information

(Unaudited)

Tax Information

The Funds designated the following percentages of ordinary dividends declared during the fiscal year ended November 30, 2018 as dividends qualifying for the dividends received deduction available to corporate shareholders:

Gerstein Fisher Multi-Factor^® Growth Equity Fund	100.00%
Gerstein Fisher Multi-Factor^® International Growth Equity Fund	0.00%
Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund	6.74%

The Funds designated the following percentages of ordinary dividends declared from net investment income during the fiscal year ended November 30, 2018, as qualified income under the Jobs and Growth Tax Relief Act of 2003:

Gerstein Fisher Multi-Factor^® Growth Equity Fund	100.00%
Gerstein Fisher Multi-Factor^® International Growth Equity Fund	95.56%
Gerstein Fisher Multi-Factor^® Global Real Estate Securities Fund	50.99%

The Gerstein Fisher Multi-Factor^® International Growth Equity Fund has elected to pass through to its shareholders the foreign taxes paid for the year ended November 30, 2018 as follows:

			Foreign
	Foreign	Foreign	Paid Taxes
	Dividend Income	Taxes Paid	per share
Gerstein Fisher Multi-Factor^®
International Growth Equity Fund	$6,040,377	$591,117	$0.0387

The Funds designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3) for the tax year ended November 30, 2018. The amounts designated as long-term capital gains were as follows:

	Gerstein Fisher	Gerstein Fisher
Gerstein Fisher	Multi-Factor^®	Multi-Factor^®
Multi-Factor^®	International	Global Real
Growth Equity	Growth Equity	Estate Securities
Fund	Fund	Fund
$7,534,881	$—	$311,009

Ordinary Income Dividend and Foreign Tax Credit

The Gerstein Fisher Multi-Factor^® International Growth Equity Fund has made an election under Section 853 of the Internal Revenue Code to provide to its shareholders the benefit of foreign tax credits in the per share amount designated below. Therefore, shareholders who must file a U.S. Federal Income tax return will be entitled to a foreign tax credit or itemized deduction in an amount equal to $0.0326 per share for each share owned on November 30, 2018, in computing their tax liability. It is generally more advantageous to claim a credit than a deduction.

Gerstein Fisher 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 expects 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 800-473-1155.

					Other
					Directorships
		Term of	Number of	Principal	Held by
		Office and	Portfolios	Occupation(s)	Trustee
	Position(s)	Length	in Trust	During the	During the
Name, Address	Held with	of Time	Overseen	Past Five	Past Five
and Year of Birth	the Trust	Served	by Trustee	Years	Years

Independent Trustees

Michael D. Akers, Ph.D.	Trustee	Indefinite	28	Professor Emeritus,	Independent
615 E. Michigan St.		Term; Since		Department of	Trustee, USA
Milwaukee, WI 53202		August 22,		Accounting (June	MUTUALS
Year of Birth: 1955		2001		2019–present),	(an open-end
				Professor,	investment
				Department	company with
				of Accounting	two portfolios).
				(2004–May 2019),
				Chair, Department
				of Accounting
				(2004–2017),
				Marquette University.

Gary A. Drska	Trustee	Indefinite	28	Pilot,	Independent
615 E. Michigan St.		Term; Since		Frontier/Midwest	Trustee, USA
Milwaukee, WI 53202		August 22,		Airlines, Inc.	MUTUALS
Year of Birth: 1956		2001		(airline company)	(an open-end
				(1986–present).	investment
					company with
					two portfolios).

Gerstein Fisher Funds

Additional Information (Continued)

(Unaudited)

					Other
					Directorships
		Term of	Number of	Principal	Held by
		Office and	Portfolios	Occupation(s)	Trustee
	Position(s)	Length	in Trust	During the	During the
Name, Address	Held with	of Time	Overseen	Past Five	Past Five
and Year of Birth	the Trust	Served	by Trustee	Years	Years
Jonas B. Siegel	Trustee	Indefinite	28	Retired	Independent
615 E. Michigan St.		Term; Since		(2011–present);	Trustee,
Milwaukee, WI 53202		October 23,		Managing Director,	Gottex Trust
Year of Birth: 1943		2009		Chief Administrative	(an open-end
				Officer (“CAO”) and	investment
				Chief Compliance	company
				Officer (“CCO”),	(2010–2016);
				Granite Capital	Independent
				International Group,	Manager,
				L.P. (an investment	Ramius IDF
				management firm)	fund complex
				(1994–2011).	(two closed-
					end investment
					companies)
					(2010–2015);
					Independent
					Trustee, Gottex
					Multi-Asset
					Endowment
					fund complex
					(three closed-
					end investment
					companies)
					(2010–2015);
					Independent
					Trustee,
					Gottex Multi-
					Alternatives
					fund complex
					(three closed-
					end investment
					companies)
					(2010–2015).

Gerstein Fisher Funds

Additional Information (Continued)

(Unaudited)

					Other
					Directorships
		Term of	Number of	Principal	Held by
		Office and	Portfolios	Occupation(s)	Trustee
	Position(s)	Length	in Trust	During the	During the
Name, Address	Held with	of Time	Overseen	Past Five	Past Five
and Year of Birth	the Trust	Served	by Trustee	Years	Years

Interested Trustee and Officers

Joseph C. Neuberger*	Chairperson	Indefinite	28	President	Trustee, Buffalo
615 E. Michigan St.	and	Term; Since		(2017–present),	Funds (an
Milwaukee, WI 53202	Trustee	August 22,		Chief Operating	open-end
Year of Birth: 1962		2001		Officer (2016–	investment
				present), Executive	company)
				Vice President	(2003–2017);
				(1994–2017),	Trustee, USA
				U.S. Bancorp Fund	MUTUALS
				Services, LLC.	(an open-end
					investment
					company)
					(2001–2018).

John P. Buckel	President	Indefinite	N/A	Vice President,	N/A
615 E. Michigan St.	and	Term; Since		U.S. Bancorp Fund
Milwaukee, WI 53202	Principal	January 24,		Services, LLC
Year of Birth: 1957	Executive	2013		(2004–present).
	Officer

Jennifer A. Lima	Vice	Indefinite	N/A	Vice President,	N/A
615 E. Michigan St.	President,	Term; Since		U.S. Bancorp Fund
Milwaukee, WI 53202	Treasurer	January 24,		Services, LLC
Year of Birth: 1974	and	2013		(2002–present).
	Principal
	Financial
	and
	Accounting
	Officer

Gerstein Fisher Funds

Additional Information (Continued)

(Unaudited)

					Other
					Directorships
		Term of	Number of	Principal	Held by
		Office and	Portfolios	Occupation(s)	Trustee
	Position(s)	Length	in Trust	During the	During the
Name, Address	Held with	of Time	Overseen	Past Five	Past Five
and Year of Birth	the Trust	Served	by Trustee	Years	Years
Elizabeth B. Scalf	Chief	Indefinite	N/A	Senior Vice	N/A
615 E. Michigan St.	Compliance	Term; Since		President,
Milwaukee, WI 53202	Officer,	July 1,		U.S. Bancorp Fund
Year of Birth: 1985	Vice	2017		Services,
	President			LLC (February
	and			2017–present);
	Anti-Money			Vice President and
	Laundering			Assistant CCO,
	Officer			Heartland Advisors,
				Inc. (December 2016–
				January 2017);
				Vice President and
				CCO, Heartland
				Group, Inc. (May
				2016–November
				2016); Vice
				President, CCO and
				Senior Legal Counsel
				(May 2016–November
				2016), Assistant CCO
				and Senior Legal
				Counsel (January
				2016–April 2016),
				Senior Legal and
				Compliance Counsel
				(2013–2015),
				Heartland Advisors, Inc.

Adam W. Smith	Secretary	Indefinite	N/A	Vice President,	N/A
615 E. Michigan St.		Term; Since		U.S. Bancorp Fund
Milwaukee, WI 53202		May 29, 2015		Services, LLC
Year of Birth: 1981				(2012–present).

Kelly A. Burns	Assistant	Indefinite	N/A	Assistant Vice	N/A
615 E. Michigan St.	Treasurer	Term; Since		President, U.S.
Milwaukee, WI 53202		April 23,		Bancorp Fund
Year of Birth: 1987		2015		Services, LLC
				(2011–present).

Gerstein Fisher Funds

Additional Information (Continued)

(Unaudited)

					Other
					Directorships
		Term of	Number of	Principal	Held by
		Office and	Portfolios	Occupation(s)	Trustee
	Position(s)	Length	in Trust	During the	During the
Name, Address	Held with	of Time	Overseen	Past Five	Past Five
and Year of Birth	the Trust	Served	by Trustee	Years	Years
Melissa Aguinaga	Assistant	Indefinite	N/A	Assistant Vice	N/A
615 E. Michigan St.	Treasurer	Term; Since		President, U.S.
Milwaukee, WI 53202		July 1,		Bancorp Fund
Year of Birth: 1987		2015		Services, LLC
				(2010–present).

Laura A. Carroll	Assistant	Indefinite	N/A	Assistant Vice	N/A
615 E. Michigan St.	Treasurer	Term; Since		President, U.S.
Milwaukee, WI 53202		August 20,		Bancorp Fund
Year of Birth: 1985		2018		Services, LLC
				(2007–present).

*	Mr. Neuberger is an “interested person” of the Trust as defined by the 1940 Act by virtue of the fact that he is a board member and an interested person of Quasar Distributors, LLC (the “Distributor”), the Funds’ principal underwriter.

A NOTE ON FORWARD LOOKING STATEMENTS

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 advisor 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 advisor’s or portfolio manager’s forecasts and predictions, and the appropriateness of the investment programs designed by the advisor or portfolio manager 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

The Funds have adopted proxy voting policies and procedures that delegate to the Advisor 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 1-800-473-1155. 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 1-800-473-1155 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 Form N-Q. Shareholders may view the Funds’ Forms N-Q on the SEC’s website at http://www.sec.gov.

HOUSEHOLDING (Unaudited)

In an effort to decrease costs, the Funds intend to reduce the number of duplicate prospectuses and annual and semi-annual reports 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 the Funds toll-free at 800-473-1155 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.

(This Page Intentionally Left Blank.)

GERSTEIN FISHER FUNDS

Investment Advisor	Gerstein Fisher
	565 Fifth Avenue, 27^th Floor
	New York, New York 10017
	Gerstein Fisher is a division
	of People’s United Advisors, Inc.

Legal Counsel	Godfrey & Kahn, S.C.
	833 East Michigan Street
	Suite 1800
	Milwaukee, Wisconsin 53202

Independent Registered Public	Cohen & Company, Ltd.
Accounting Firm	1350 Euclid Avenue
	Suite 800
	Cleveland, Ohio 44115

Transfer Agent, Fund Accountant and	U.S. Bancorp Fund Services, LLC
Fund Administrator	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
	777 East Wisconsin Avenue
	6th Floor
	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.

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 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 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 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. Incorporated by reference to the Registrant’s Form N-CSR filed on February 5, 2014.

(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 July 31, 2019

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 July 31, 2019

By (Signature and Title)* /s/Jennifer Lima

Jennifer Lima, Treasurer

Date July 31, 2019

* Print the name and title of each signing officer under his or her signature.

/s/John Buckel John Buckel President, Trust for Professional Managers	/s/Jennifer Lima Jennifer Lima Treasurer, Trust for Professional Managers
Dated: July 31, 2019