LETTER TO SHAREHOLDERS
|
3
|
||
EXPENSE EXAMPLES
|
7
|
||
INVESTMENT HIGHLIGHTS
|
9
|
||
SCHEDULES OF INVESTMENTS
|
19
|
||
STATEMENTS OF ASSETS AND LIABILITIES
|
40
|
||
STATEMENTS OF OPERATIONS
|
42
|
||
STATEMENTS OF CHANGES IN NET ASSETS
|
44
|
||
FINANCIAL HIGHLIGHTS
|
48
|
||
NOTES TO FINANCIAL STATEMENTS
|
56
|
||
NOTICE OF PRIVACY POLICY & PRACTICES
|
67
|
||
ADDITIONAL INFORMATION
|
68
|
![]() |
![]() |
David P. Harris, CFA
|
Jimmy C. Chang, CFA
|
Chief Investment Officer
|
Chief Investment Strategist
|
Rockefeller & Co. LLC
|
Rockefeller & Co. LLC
|
Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During Period
|
|
12/1/18
|
5/31/19
|
12/1/18 – 5/31/19*
|
|
Actual
|
$1,000.00
|
$ 985.10
|
$5.69
|
Hypothetical (5% return
|
|||
before expenses)
|
$1,000.00
|
$1,019.20
|
$5.79
|
*
|
Expenses are equal to the Fund’s annualized expense ratio of 1.15%, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
|
Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During Period
|
|
12/1/18
|
5/31/19
|
12/1/18 – 5/31/19*
|
|
Actual
|
$1,000.00
|
$1,063.40
|
$3.40
|
Hypothetical (5% return
|
|||
before expenses)
|
$1,000.00
|
$1,021.64
|
$3.33
|
*
|
Expenses are equal to the Fund’s annualized expense ratio of 0.66%, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
|
Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During Period
|
|
12/1/18
|
5/31/19
|
12/1/18 – 5/31/19*
|
|
Actual
|
$1,000.00
|
$1,050.20
|
$3.22
|
Hypothetical (5% return
|
|||
before expenses)
|
$1,000.00
|
$1,021.79
|
$3.18
|
*
|
Expenses are equal to the Fund’s annualized expense ratio of 0.63%, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
|
Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During Period
|
|
12/1/18
|
5/31/19
|
12/1/18 – 5/31/19*
|
|
Actual
|
$1,000.00
|
$1,050.00
|
$3.78
|
Hypothetical (5% return
|
|||
before expenses)
|
$1,000.00
|
$1,021.24
|
$3.73
|
*
|
Expenses are equal to the Fund’s annualized expense ratio of 0.74%, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
|
![]() |
|
![]() |
Rockefeller
|
MSCI All Country
|
|
Equity Allocation
|
World Index
|
|
Fund
|
(Net Dividends)
|
|
1 Year
|
-2.73%
|
-1.29%
|
3 Year
|
7.74%
|
9.07%
|
Since Inception (2/4/15)
|
5.25%
|
5.92%
|
|
Growth of $1,000,000 Investment |
|
![]() |
|
*
|
Inception Date
|
Bloomberg
|
||
Rockefeller
|
Barclays
|
|
Core Taxable
|
Aggregate
|
|
Bond Fund
|
Bond Index
|
|
1 Year
|
6.11%
|
6.40%
|
5 Year
|
2.40%
|
2.70%
|
Since Inception (12/26/13)
|
2.74%
|
3.22%
|
|
Growth of $1,000,000 Investment
|
|
![]() |
|
*
|
Inception Date
|
Rockefeller
|
Bloomberg
|
Bloomberg
|
|
Intermediate Tax
|
Barclays Managed
|
Barclays 5-Year
|
|
Exempt National
|
Money Short/
|
Municipal
|
|
Bond Fund
|
Intermediate Index
|
Bond Index
|
|
1 Year
|
5.39%
|
5.62%
|
4.94%
|
5 Year
|
1.70%
|
2.39%
|
2.20%
|
Since Inception (12/26/13)
|
1.99%
|
2.74%
|
2.43%
|
|
Growth of $1,000,000 Investment
|
|
![]() |
|
*
|
Inception Date
|
Rockefeller
|
Bloomberg
|
Bloomberg
|
|
Intermediate Tax
|
Barclays Managed
|
Barclays 5-Year
|
|
Exempt New York
|
Money Short/
|
Municipal
|
|
Bond Fund
|
Intermediate Index
|
Bond Index
|
|
1 Year
|
5.19%
|
5.62%
|
4.94%
|
5 Year
|
1.62%
|
2.39%
|
2.20%
|
Since Inception (12/26/13)
|
1.79%
|
2.74%
|
2.43%
|
|
Growth of $1,000,000 Investment |
|
![]() |
|
*
|
Inception Date
|
Schedule of Investments
|
Shares
|
Value
|
|||||||
Common Stocks – 94.12%
|
||||||||
Aerospace & Defense – 3.59%
|
||||||||
Airbus SE (a)
|
16,298
|
$
|
2,086,695
|
|||||
Safran SA (a)
|
13,004
|
1,706,197
|
||||||
Triumph Group, Inc.
|
3,217
|
62,378
|
||||||
3,855,270
|
||||||||
Airlines – 2.96%
|
||||||||
Southwest Airlines Co.
|
46,066
|
2,192,742
|
||||||
United Continental Holdings, Inc. (b)
|
11,108
|
862,536
|
||||||
Wizz Air Holdings PLC (a)(b)(c)
|
3,275
|
129,641
|
||||||
3,184,919
|
||||||||
Auto Components – 1.22%
|
||||||||
Continental AG (a)
|
7,922
|
1,077,408
|
||||||
Gentherm, Inc. (b)
|
3,927
|
146,791
|
||||||
Standard Motor Products, Inc.
|
2,207
|
93,533
|
||||||
1,317,732
|
||||||||
Banks – 13.89%
|
||||||||
ABN AMRO Group NV (a)(c)
|
50,994
|
1,077,351
|
||||||
Bank Rakyat Indonesia Persero Tbk PT (a)
|
4,272,300
|
1,231,034
|
||||||
Comerica, Inc.
|
18,759
|
1,290,994
|
||||||
HDFC Bank Ltd. – ADR
|
1,296
|
160,911
|
||||||
ICICI Bank Ltd. – ADR
|
105,343
|
1,264,116
|
||||||
ING Group NV (a)
|
172,607
|
1,864,389
|
||||||
JPMorgan Chase & Co.
|
14,630
|
1,550,195
|
||||||
KB Financial Group, Inc. (a)
|
25,754
|
947,421
|
||||||
Lloyds Banking Group PLC (a)
|
2,865,525
|
2,071,219
|
||||||
Swedbank AB (a)
|
104,572
|
1,499,772
|
||||||
The Siam Commercial Bank PLC (a)
|
15,100
|
61,924
|
||||||
Wells Fargo & Co.
|
43,708
|
1,939,324
|
||||||
14,958,650
|
||||||||
Beverages – 0.60%
|
||||||||
Treasury Wine Estates Ltd. (a)
|
62,457
|
648,954
|
||||||
Biotechnology – 2.44%
|
||||||||
Alnylam Pharmaceuticals, Inc. (b)
|
6,058
|
409,036
|
||||||
BeiGene Ltd. – ADR (b)
|
4,891
|
576,796
|
||||||
Biogen, Inc. (b)
|
3,021
|
662,475
|
||||||
Galapagos NV (a)(b)
|
962
|
109,435
|
||||||
Neurocrine Biosciences, Inc. (b)
|
4,541
|
384,986
|
||||||
Regeneron Pharmaceuticals, Inc. (b)
|
1,614
|
486,976
|
||||||
2,629,704
|
||||||||
Schedule of Investments (Continued)
|
Shares
|
Value
|
|||||||
Building Products – 1.24%
|
||||||||
AAON, Inc.
|
4,088
|
$
|
185,554
|
|||||
Cie de Saint-Gobain (a)
|
27,326
|
985,627
|
||||||
Simpson Manufacturing Co., Inc.
|
2,756
|
167,675
|
||||||
1,338,856
|
||||||||
Commercial Services & Supplies – 0.35%
|
||||||||
Healthcare Services Group, Inc.
|
5,758
|
182,010
|
||||||
Stericycle, Inc. (b)
|
1,399
|
64,886
|
||||||
Tetra Tech, Inc.
|
1,925
|
129,976
|
||||||
376,872
|
||||||||
Construction & Engineering – 0.19%
|
||||||||
Kinden Corp. (a)
|
13,400
|
205,739
|
||||||
Construction Materials – 2.39%
|
||||||||
Cemex SAB de CV – ADR (b)
|
186,644
|
768,973
|
||||||
China Resources Cement Holdings Ltd. (a)
|
99,000
|
85,841
|
||||||
HeidelbergCement AG (a)
|
23,083
|
1,712,572
|
||||||
2,567,386
|
||||||||
Consumer Finance – 1.42%
|
||||||||
FirstCash, Inc.
|
2,624
|
248,545
|
||||||
SLM Corp.
|
12,412
|
118,038
|
||||||
Synchrony Financial
|
34,436
|
1,158,083
|
||||||
1,524,666
|
||||||||
Diversified Financial Services – 0.28%
|
||||||||
FactSet Research Systems, Inc.
|
1,080
|
300,456
|
||||||
Diversified Telecommunication Services – 0.49%
|
||||||||
KT Corp. – ADR (b)
|
22,162
|
266,830
|
||||||
KT Corp. (a)
|
6,034
|
141,857
|
||||||
ORBCOMM, Inc. (b)
|
17,516
|
117,007
|
||||||
525,694
|
||||||||
Electric Utilities – 1.49%
|
||||||||
Korea Electric Power Corp. (a)(b)
|
18,158
|
396,801
|
||||||
The Kansai Electric Power Co., Inc. (a)
|
102,700
|
1,196,325
|
||||||
1,593,126
|
||||||||
Electrical Equipment – 1.09%
|
||||||||
Mitsubishi Electric Corp. (a)
|
94,000
|
1,167,488
|
||||||
Electronic Equipment, Instruments & Components – 3.21%
|
||||||||
Badger Meter, Inc.
|
2,967
|
156,658
|
||||||
IPG Photonics Corp. (b)
|
1,168
|
146,199
|
Schedule of Investments (Continued)
|
Shares
|
Value
|
|||||||
Electronic Equipment, Instruments & Components – 3.21% (Continued)
|
||||||||
Kyocera Corp. (a)
|
28,100
|
$
|
1,705,320
|
|||||
Littelfuse, Inc.
|
1,199
|
195,689
|
||||||
Samsung SDI Co. Ltd. (a)
|
605
|
110,865
|
||||||
TE Connectivity Ltd. (a)
|
10,684
|
899,913
|
||||||
Trimble, Inc. (b)
|
6,009
|
239,759
|
||||||
3,454,403
|
||||||||
Energy Equipment & Services – 0.10%
|
||||||||
Newpark Resources, Inc. (b)
|
14,634
|
102,292
|
||||||
Food & Staples Retailing – 1.22%
|
||||||||
CVS Health Corp.
|
24,941
|
1,306,160
|
||||||
Food Products – 0.73%
|
||||||||
LAMB WESTON HLDGS, Inc.
|
13,299
|
787,966
|
||||||
Gas Utilities – 0.24%
|
||||||||
Rubis SCA (a)
|
5,258
|
262,803
|
||||||
Health Care Equipment & Supplies – 4.70%
|
||||||||
ABIOMED, Inc. (b)
|
726
|
190,154
|
||||||
Alcon, Inc. (a)(b)
|
1,039
|
60,425
|
||||||
Alcon AG (a)(b)
|
4,315
|
251,047
|
||||||
Becton Dickinson & Co.
|
4,847
|
1,131,484
|
||||||
DexCom, Inc. (b)
|
4,300
|
521,590
|
||||||
Edwards Lifesciences Corp. (b)
|
821
|
140,145
|
||||||
Inogen, Inc. (b)
|
1,323
|
85,294
|
||||||
Insulet Corp. (b)
|
2,766
|
303,679
|
||||||
Integer Holdings Corp. (b)
|
2,731
|
191,443
|
||||||
Masimo Corp. (b)
|
2,095
|
273,900
|
||||||
Medtronic PLC (a)
|
16,363
|
1,514,886
|
||||||
Merit Medical Systems, Inc. (b)
|
4,452
|
229,857
|
||||||
Nuvectra Corp. (b)
|
1,786
|
6,769
|
||||||
ResMed, Inc.
|
1,402
|
159,996
|
||||||
5,060,669
|
||||||||
Health Care Providers & Services – 0.62%
|
||||||||
Chemed Corp.
|
652
|
213,817
|
||||||
Covetrus, Inc. (b)
|
18,289
|
451,007
|
||||||
664,824
|
||||||||
Health Care Technology – 2.13%
|
||||||||
Cerner Corp. (b)
|
22,078
|
1,544,799
|
||||||
Medidata Solutions, Inc. (b)
|
2,563
|
233,617
|
Schedule of Investments (Continued)
|
Shares
|
Value
|
|||||||
Health Care Technology – 2.13% (Continued)
|
||||||||
Omnicell, Inc. (b)
|
3,823
|
$
|
303,737
|
|||||
Vocera Communications, Inc. (b)
|
6,343
|
205,259
|
||||||
2,287,412
|
||||||||
Hotels, Restaurants & Leisure – 4.40%
|
||||||||
Compass Group PLC (a)
|
77,548
|
1,754,524
|
||||||
Norwegian Cruise Line Holdings Ltd. (a)(b)
|
6,432
|
351,895
|
||||||
Royal Caribbean Cruises Ltd. (a)
|
21,513
|
2,619,422
|
||||||
4,725,841
|
||||||||
Household Durables – 1.86%
|
||||||||
Sony Corp. (a)
|
41,700
|
1,998,420
|
||||||
Household Products – 0.28%
|
||||||||
Reckitt Benckiser Group PLC (a)
|
3,726
|
299,066
|
||||||
Insurance – 2.72%
|
||||||||
Prudential PLC (a)
|
60,497
|
1,205,776
|
||||||
Reinsurance Group of America, Inc.
|
11,492
|
1,701,506
|
||||||
Samsung Fire & Marine Insurance Co. Ltd. (a)
|
68
|
15,474
|
||||||
2,922,756
|
||||||||
Internet & Catalog Retail – 2.49%
|
||||||||
Amazon.com, Inc. (b)
|
1,511
|
2,682,131
|
||||||
Internet & Direct Marketing Retail – 0.07%
|
||||||||
ASOS Plc (a)(b)
|
1,834
|
79,523
|
||||||
Internet Software & Services – 8.38%
|
||||||||
Alibaba Group Holding, Ltd. – ADR (b)
|
1,044
|
155,827
|
||||||
Alphabet, Inc. – Class C (b)
|
2,800
|
3,090,163
|
||||||
Baidu, Inc. – ADR (b)
|
972
|
106,920
|
||||||
Facebook, Inc. – Class A (b)
|
17,562
|
3,116,729
|
||||||
NIC, Inc.
|
6,392
|
102,016
|
||||||
Tencent Holdings Ltd. (a)
|
58,500
|
2,439,313
|
||||||
9,010,968
|
||||||||
IT Services – 1.90%
|
||||||||
Visa, Inc. – Class A
|
12,651
|
2,040,986
|
||||||
Life Sciences Tools & Services – 0.71%
|
||||||||
Illumina, Inc. (b)
|
2,498
|
766,661
|
||||||
Schedule of Investments (Continued)
|
Shares
|
Value
|
|||||||
Machinery – 1.77%
|
||||||||
Amada Holdings Co. Ltd. (a)
|
95,500
|
$
|
979,292
|
|||||
Epiroc AB (a)
|
12,555
|
116,762
|
||||||
KION Group AG (a)
|
14,944
|
812,786
|
||||||
1,908,840
|
||||||||
Media – 2.59%
|
||||||||
Comcast Corp.
|
67,740
|
2,777,340
|
||||||
Metals & Mining – 0.16%
|
||||||||
Grupo Mexico SAB de CV (a)
|
69,800
|
173,799
|
||||||
Oil, Gas & Consumable Fuels – 5.47%
|
||||||||
BP PLC – ADR
|
39,543
|
1,610,191
|
||||||
EOG Resources, Inc.
|
11,910
|
975,191
|
||||||
Kinder Morgan, Inc.
|
52,051
|
1,038,417
|
||||||
TOTAL SA (a)
|
43,731
|
2,267,362
|
||||||
5,891,161
|
||||||||
Pharmaceuticals – 2.20%
|
||||||||
Hanmi Pharm Co. Ltd. (a)
|
198
|
67,902
|
||||||
Novartis AG (a)
|
5,196
|
446,534
|
||||||
Novartis AG – ADR
|
21,576
|
1,847,768
|
||||||
2,362,204
|
||||||||
Professional Services – 0.10%
|
||||||||
Mistras Group, Inc. (b)
|
7,665
|
105,930
|
||||||
Real Estate Management & Development – 2.39%
|
||||||||
Vonovia SE (a)
|
49,003
|
2,567,484
|
||||||
Semiconductors & Semiconductor Equipment – 2.17%
|
||||||||
Samsung Electronics Co. Ltd. (a)
|
54,110
|
1,926,415
|
||||||
Taiwan Semiconductor Manufacturing Co Ltd. – ADR
|
10,746
|
412,109
|
||||||
2,338,524
|
||||||||
Software – 2.43%
|
||||||||
Everbridge, Inc. (b)
|
1,333
|
104,827
|
||||||
Microsoft Corp.
|
17,672
|
2,185,673
|
||||||
PROS Holdings, Inc. (b)
|
5,741
|
325,515
|
||||||
2,616,015
|
||||||||
Specialty Retail – 1.71%
|
||||||||
Foot Locker, Inc.
|
14,341
|
564,318
|
||||||
Ross Stores, Inc.
|
13,725
|
1,276,288
|
||||||
1,840,606
|
||||||||
Schedule of Investments (Continued)
|
Shares
|
Value
|
|||||||
Technology Hardware, Storage & Peripherals – 0.07%
|
||||||||
Stratasys Ltd. (a)(b)
|
3,596
|
$
|
78,788
|
|||||
Textiles, Apparel & Luxury Goods – 1.16%
|
||||||||
Carter’s, Inc.
|
1,863
|
156,697
|
||||||
Shenzhou International Group Holdings Ltd. (a)
|
92,600
|
1,095,612
|
||||||
1,252,309
|
||||||||
Wireless Telecommunication Services – 2.50%
|
||||||||
China Mobile Ltd. – ADR
|
2,529
|
110,821
|
||||||
KDDI Corp. (a)
|
100,700
|
2,579,224
|
||||||
2,690,045
|
||||||||
Total Common Stocks (Cost $88,848,598)
|
101,251,438
|
|||||||
Exchange-Traded Funds – 0.90%
|
||||||||
iShares Core MSCI EAFE ETF
|
8,121
|
482,306
|
||||||
iShares Core S&P 500 ETF
|
1,740
|
482,502
|
||||||
Total Exchange-Traded Funds (Cost $989,042)
|
964,808
|
|||||||
Master Limited Partnerships – 0.59%
|
||||||||
Plains GP Holdings LP
|
28,407
|
639,726
|
||||||
Total Master Limited Partnerships (Cost $558,972)
|
639,726
|
|||||||
Preferred Stocks – 0.47%
|
||||||||
Banks – 0.24%
|
||||||||
Itau Unibanco Holding SA
|
||||||||
6.56% (a)(d)
|
28,725
|
255,653
|
||||||
Insurance – 0.17%
|
||||||||
Samsung Fire & Marine Insurance Co. Ltd.
|
||||||||
6.01% (a)(d)
|
1,147
|
182,759
|
||||||
Semiconductors & Semiconductor Equipment – 0.06%
|
||||||||
Samsung Electronics Co Ltd.
|
||||||||
2.78% (a)(d) |
2,213
|
64,485
|
||||||
Total Preferred Stocks (Cost $486,045)
|
502,897
|
|||||||
Real Estate Investment Trusts – 0.12%
|
||||||||
Iron Mountain, Inc.
|
4,151
|
127,228
|
||||||
Total Real Estate Investment Trusts (Cost $124,774)
|
127,228
|
|||||||
Schedule of Investments (Continued)
|
Shares
|
Value
|
|||||||
Money Market Funds – 3.41%
|
||||||||
Morgan Stanley Institutional Liquidity Funds –
|
||||||||
Treasury Portfolio – Institutional Class, 2.259% (e)
|
3,670,859
|
$
|
3,670,859
|
|||||
Total Money Market Funds (Cost $3,670,859)
|
3,670,859
|
|||||||
Total Investments (Cost $94,678,290) – 99.61%
|
107,156,956
|
|||||||
Other Assets in Excess of Liabilities – 0.39%
|
423,345
|
|||||||
Total Net Assets – 100.00%
|
$
|
107,580,301
|
||||||
ADR
|
American Depository Receipt.
|
(a)
|
Foreign issued security.
|
(b)
|
Non-income producing security.
|
(c)
|
Securities issued pursuant to Rule 144A under the Securities Act of 1933 and Regulation S under the Securities Act of 1933.
|
(d)
|
Dividend yield; the rate shown represents the rate at May 31, 2019.
|
(e)
|
The rate shown represents the seven day yield as of May 31, 2019.
|
Schedule of Investments
|
Principal
|
||||||||
Amount
|
Value
|
|||||||
Asset-Backed Securities – 2.56%
|
||||||||
Ford Credit Floorplan Master Owner Trust A
|
||||||||
A-1, 2.070%, 05/15/2022
|
$
|
1,475,000
|
$
|
1,470,500
|
||||
Hyundai Auto Receivables Trust 2019-A
|
||||||||
2019-A, 2.670%, 12/15/2021
|
430,000
|
431,678
|
||||||
Total Asset-Backed Securities (Cost $1,891,080)
|
1,902,178
|
|||||||
Collateralized Mortgage Obligations – 0.65%
|
||||||||
Government National Mortgage Association
|
||||||||
2010-157, 2.841%
|
||||||||
(1 Month LIBOR USD + 0.400%), 01/20/2040 (a)
|
479,485
|
479,897
|
||||||
Total Collateralized Mortgage Obligations (Cost $480,270)
|
479,897
|
|||||||
Corporate Bonds – 31.42%
|
||||||||
Commercial Banking – 3.08%
|
||||||||
BB&T Corp.
|
||||||||
3.750%, 12/06/2023
|
2,191,000
|
2,286,871
|
||||||
Diversified Banks – 10.80%
|
||||||||
Bank of America Corp.
|
||||||||
3.458% (3 Month LIBOR USD + 0.970%), 03/15/2025 (a)
|
2,132,000
|
2,170,458
|
||||||
Citigroup, Inc.
|
||||||||
3.887% (3 Month LIBOR USD + 1.563%), 01/10/2028 (a)
|
2,050,000
|
2,110,000
|
||||||
JPMorgan Chase & Co.
|
||||||||
3.782% (3 Month LIBOR USD + 1.337%), 02/01/2028 (a)
|
1,743,000
|
1,799,280
|
||||||
Wells Fargo Bank N.A.
|
||||||||
3.625%, 10/22/2021
|
1,907,000
|
1,950,387
|
||||||
8,030,125
|
||||||||
Food Retail – 2.48%
|
||||||||
The Kroger Co.
|
||||||||
7.500%, 04/01/2031
|
1,411,000
|
1,843,399
|
||||||
Health Care Services – 2.44%
|
||||||||
CVS Health Corp.
|
||||||||
3.700%, 03/09/2023
|
1,777,000
|
1,815,233
|
||||||
Home Improvement Retail – 2.51%
|
||||||||
The Home Depot, Inc.
|
||||||||
5.875%, 12/16/2036
|
1,443,000
|
1,866,133
|
||||||
Homebuilding – 1.96%
|
||||||||
NVR, Inc.
|
||||||||
3.950%, 09/15/2022
|
1,405,000
|
1,455,958
|
Schedule of Investments (Continued)
|
Principal
|
||||||||
Amount
|
Value
|
|||||||
Integrated Telecommunication Services – 2.52%
|
||||||||
Verizon Communications, Inc.
|
||||||||
5.250%, 03/16/2037
|
$
|
1,629,000
|
$
|
1,872,949
|
||||
Investment Banking & Brokerage – 5.63%
|
||||||||
Morgan Stanley
|
||||||||
6.375%, 07/24/2042
|
1,637,000
|
2,184,296
|
||||||
The Goldman Sachs Group, Inc.
|
||||||||
4.223% (3 Month LIBOR USD + 1.301%), 05/01/2029 (a)
|
1,921,000
|
1,997,858
|
||||||
4,182,154
|
||||||||
Total Corporate Bonds (Cost $22,666,268)
|
23,352,822
|
|||||||
Mortgage-Backed Securities – 20.60%
|
||||||||
Fannie Mae Pool
|
||||||||
2.500%, 07/01/2023
|
213,073
|
213,880
|
||||||
3.000%, 04/01/2032
|
1,318,112
|
1,337,878
|
||||||
3.500%, 05/01/2039
|
712,443
|
732,148
|
||||||
3.000%, 05/01/2043
|
2,604,567
|
2,628,691
|
||||||
4.000%, 10/01/2048
|
2,544,065
|
2,675,517
|
||||||
4.000%, 12/01/2048
|
1,501,905
|
1,555,822
|
||||||
Freddie Mac Gold Pool
|
||||||||
2.500%, 10/01/2032
|
1,088,272
|
1,090,515
|
||||||
3.500%, 01/01/2048
|
3,047,723
|
3,124,169
|
||||||
4.500%, 06/01/2048
|
1,857,800
|
1,950,567
|
||||||
Total Mortgage-Backed Securities (Cost $15,021,512)
|
15,309,187
|
|||||||
Municipal Bonds – 15.45%
|
||||||||
California – 4.86%
|
||||||||
Contra Costa Community College District
|
||||||||
6.504%, 08/01/2034
|
750,000
|
998,107
|
||||||
Los Angeles Department of Water & Power System Revenue
|
||||||||
5.516%, 07/01/2027
|
380,000
|
457,786
|
||||||
Metropolitan Water District of Southern California
|
||||||||
6.538%, 07/01/2039
|
1,000,000
|
1,003,110
|
||||||
San Diego County Regional Airport Authority
|
||||||||
6.628%, 07/01/2040
|
1,105,000
|
1,153,554
|
||||||
3,612,557
|
||||||||
New York – 0.72%
|
||||||||
Nassau County Interim Finance Authority
|
||||||||
1.976%, 11/15/2019
|
150,000
|
149,748
|
Schedule of Investments (Continued)
|
Principal
|
||||||||
Amount
|
Value
|
|||||||
New York – 0.72% (Continued)
|
||||||||
New York City Transitional Finance Authority
|
||||||||
Future Tax Secured Revenue
|
||||||||
2.540%, 08/01/2023
|
$
|
150,000
|
$
|
151,821
|
||||
5.932%, 11/01/2036
|
225,000
|
235,643
|
||||||
537,212
|
||||||||
North Carolina – 2.49%
|
||||||||
University of North Carolina at Chapel Hill
|
||||||||
3.327%, 12/01/2036
|
1,755,000
|
1,848,770
|
||||||
Ohio – 0.74%
|
||||||||
Ohio Housing Finance Agency
|
||||||||
2.650%, 11/01/2041
|
543,000
|
545,856
|
||||||
Texas – 4.84%
|
||||||||
Permanent University Fund – Texas A&M University System
|
||||||||
3.660%, 07/01/2047
|
3,500,000
|
3,595,200
|
||||||
Washington – 1.80%
|
||||||||
University of Washington
|
||||||||
3.704%, 12/01/2044
|
1,315,000
|
1,340,800
|
||||||
Total Municipal Bonds (Cost $11,274,053)
|
11,480,395
|
|||||||
U.S. Government Agency Issues – 6.49%
|
||||||||
Ginnie Mae II Pool
|
||||||||
3.000%, 08/20/2045
|
1,418,073
|
1,441,591
|
||||||
3.500%, 03/20/2047
|
1,984,286
|
2,043,420
|
||||||
4.000%, 12/20/2047
|
1,290,985
|
1,338,878
|
||||||
Total U.S. Government Agency Issues (Cost $4,732,793)
|
4,823,889
|
|||||||
U.S. Government Notes/Bonds – 21.81%
|
||||||||
United States Treasury Note/Bond
|
||||||||
2.875%, 11/15/2021
|
2,973,000
|
3,040,357
|
||||||
1.625%, 08/31/2022
|
1,801,000
|
1,785,452
|
||||||
2.875%, 09/30/2023
|
1,374,000
|
1,427,565
|
||||||
2.625%, 03/31/2025
|
4,531,000
|
4,690,381
|
||||||
2.750%, 02/15/2028
|
2,081,000
|
2,186,310
|
||||||
2.500%, 02/15/2045
|
3,123,000
|
3,080,547
|
||||||
Total U.S. Government Notes/Bonds (Cost $15,415,147)
|
16,210,612
|
Schedule of Investments (Continued)
|
Shares
|
Value
|
|||||||
Money Market Funds – 1.29%
|
||||||||
Morgan Stanley Institutional Liquidity Funds –
|
||||||||
Treasury Portfolio – Institutional Class, 2.259% (b)
|
958,679
|
$
|
958,679
|
|||||
Total Money Market Funds (Cost $958,679)
|
958,679
|
|||||||
Total Investments (Cost $72,439,802) – 100.27%
|
74,517,659
|
|||||||
Liabilities in Excess of Other Assets – (0.27)%
|
(198,781
|
)
|
||||||
Total Net Assets – 100.00%
|
$
|
74,318,878
|
(a)
|
Variable rate security; the rate shown represents the rate at May 31, 2019.
|
(b)
|
The rate shown represents the seven day yield as of May 31, 2019.
|
Schedule of Investments
|
Principal
|
||||||||
Amount
|
Value
|
|||||||
Municipal Bonds – 98.64%
|
||||||||
Alaska – 0.70%
|
||||||||
State of Alaska
|
||||||||
5.000%, 04/01/2022
|
$
|
695,000
|
$
|
714,161
|
||||
Arizona – 0.76%
|
||||||||
Salt River Project Agricultural Improvement & Power District
|
||||||||
5.000%, 01/01/2032
|
625,000
|
777,306
|
||||||
Connecticut – 2.48%
|
||||||||
Connecticut Housing Finance Authority
|
||||||||
2.850%, 11/15/2026
|
465,000
|
481,703
|
||||||
Connecticut State Health & Educational
|
||||||||
Facilities Authority – Yale University
|
||||||||
2.050%, 07/01/2035 (a)
|
1,025,000
|
1,037,484
|
||||||
Connecticut State Health & Educational
|
||||||||
Facility Authority – Yale University
|
||||||||
2.000%, 07/01/2042 (a)
|
1,000,000
|
1,013,040
|
||||||
2,532,227
|
||||||||
Florida – 2.93%
|
||||||||
Florida Housing Finance Corp.
|
||||||||
2.250%, 01/01/2026
|
485,000
|
494,050
|
||||||
3.200%, 07/01/2030
|
815,000
|
841,512
|
||||||
Florida’s Turnpike Enterprise
|
||||||||
4.000%, 07/01/2033
|
1,500,000
|
1,652,760
|
||||||
2,988,322
|
||||||||
Illinois – 5.07%
|
||||||||
Chicago O’Hare International Airport
|
||||||||
5.000%, 01/01/2036
|
2,000,000
|
2,362,980
|
||||||
Illinois Finance Authority – Ascension Health Credit Group
|
||||||||
4.000%, 02/15/2033
|
2,550,000
|
2,813,645
|
||||||
5,176,625
|
||||||||
Iowa – 0.76%
|
||||||||
Iowa State University of Science & Technology –
|
||||||||
Iowa State University of Science
|
||||||||
3.000%, 07/01/2025
|
720,000
|
777,110
|
||||||
Kansas – 1.43%
|
||||||||
State of Kansas Department of Transportation
|
||||||||
5.000%, 09/01/2030
|
1,180,000
|
1,462,221
|
Schedule of Investments (Continued)
|
Principal
|
||||||||
Amount
|
Value
|
|||||||
Kentucky – 2.11%
|
||||||||
Kentucky Rural Water Finance Corp.
|
||||||||
2.250%, 03/01/2020
|
$
|
2,150,000
|
$
|
2,152,688
|
||||
Maryland – 1.21%
|
||||||||
City of Baltimore, MD – Baltimore, MD Wastewater Utility
|
||||||||
5.000%, 07/01/2027
|
1,000,000
|
1,239,850
|
||||||
Massachusetts – 3.75%
|
||||||||
Massachusetts Development Finance Agency –
|
||||||||
Dana-Farber Cancer Obligation
|
||||||||
5.000%, 12/01/2032
|
430,000
|
516,834
|
||||||
Massachusetts Development Finance Agency –
|
||||||||
Partners HealthCare System
|
||||||||
5.000%, 07/01/2030
|
2,660,000
|
3,311,301
|
||||||
3,828,135
|
||||||||
Minnesota – 2.21%
|
||||||||
City of Rochester, MN
|
||||||||
4.500%, 11/15/2038 (a)
|
1,000,000
|
1,071,210
|
||||||
Minneapolis-St. Paul Metropolitan Airports Commission
|
||||||||
5.000%, 01/01/2030
|
1,040,000
|
1,185,257
|
||||||
2,256,467
|
||||||||
Nebraska – 1.53%
|
||||||||
Nebraska Investment Finance Authority
|
||||||||
2.900%, 09/01/2026
|
505,000
|
526,185
|
||||||
3.350%, 09/01/2028
|
1,000,000
|
1,035,860
|
||||||
1,562,045
|
||||||||
Nevada – 6.58%
|
||||||||
Clark County Water Reclamation District
|
||||||||
4.000%, 07/01/2034
|
1,175,000
|
1,298,927
|
||||||
County of Clark Department of Aviation
|
||||||||
5.000%, 07/01/2029
|
1,770,000
|
2,040,686
|
||||||
Las Vegas Valley Water District
|
||||||||
5.000%, 06/01/2026
|
1,000,000
|
1,102,620
|
||||||
5.000%, 06/01/2030
|
1,300,000
|
1,427,790
|
||||||
5.000%, 06/01/2030
|
700,000
|
845,719
|
||||||
6,715,742
|
||||||||
New Hampshire – 0.50%
|
||||||||
New Hampshire Health and Education
|
||||||||
Facilities Authority Act – LRGHealthcare
|
||||||||
5.000%, 04/01/2029
|
500,000
|
505,555
|
Schedule of Investments (Continued)
|
Principal
|
||||||||
Amount
|
Value
|
|||||||
New York – 22.69%
|
||||||||
Metropolitan Transportation Authority
|
||||||||
2.370% (SIFMA Municipal Swap Index + 0.950%), 11/01/2019 (b)
|
$
|
150,000
|
$
|
150,562
|
||||
4.000%, 11/15/2035
|
1,000,000
|
1,115,070
|
||||||
New York City Transitional Finance Authority Building Aid Revenue
|
||||||||
5.000%, 07/15/2029
|
1,500,000
|
1,768,545
|
||||||
New York City Transitional Finance Authority
|
||||||||
Future Tax Secured Revenue
|
||||||||
5.000%, 08/01/2034
|
1,000,000
|
1,200,210
|
||||||
New York City Water & Sewer System
|
||||||||
5.000%, 06/15/2026
|
1,500,000
|
1,609,320
|
||||||
5.000%, 06/15/2027
|
1,000,000
|
1,203,630
|
||||||
5.000%, 06/15/2032
|
430,000
|
527,864
|
||||||
New York State Dormitory Authority
|
||||||||
5.000%, 02/15/2033
|
1,000,000
|
1,171,690
|
||||||
New York State Environmental Facilities Corp.
|
||||||||
5.000%, 06/15/2022
|
900,000
|
966,339
|
||||||
5.000%, 06/15/2025
|
1,365,000
|
1,464,768
|
||||||
New York State Urban Development Corp.
|
||||||||
5.000%, 03/15/2029
|
2,500,000
|
2,818,875
|
||||||
Port Authority of New York & New Jersey
|
||||||||
5.000%, 12/01/2028
|
1,500,000
|
1,730,445
|
||||||
5.000%, 11/15/2033
|
2,740,000
|
3,390,476
|
||||||
Sales Tax Asset Receivable Corp.
|
||||||||
5.000%, 10/15/2027
|
1,000,000
|
1,182,350
|
||||||
5.000%, 10/15/2029
|
250,000
|
294,737
|
||||||
State of New York Mortgage Agency
|
||||||||
2.750%, 10/01/2028
|
400,000
|
413,056
|
||||||
3.125%, 10/01/2032
|
970,000
|
997,286
|
||||||
Triborough Bridge & Tunnel Authority
|
||||||||
5.000%, 11/15/2030
|
925,000
|
1,148,388
|
||||||
23,153,611
|
||||||||
North Carolina – 0.64%
|
||||||||
City of Charlotte, NC Airport Revenue
|
||||||||
5.000%, 07/01/2025
|
560,000
|
655,116
|
||||||
Ohio – 3.53%
|
||||||||
Ohio Housing Finance Agency
|
||||||||
5.000%, 11/01/2019
|
600,000
|
608,256
|
||||||
Ohio Water Development Authority
|
||||||||
5.000%, 06/01/2028
|
750,000
|
933,713
|
||||||
5.000%, 12/01/2030
|
1,675,000
|
2,057,352
|
||||||
3,599,321
|
||||||||
Schedule of Investments (Continued)
|
Principal
|
||||||||
Amount
|
Value
|
|||||||
Pennsylvania – 5.60%
|
||||||||
Pennsylvania Economic Development
|
||||||||
Financing Authority – UPMC Obligated Group
|
||||||||
5.000%, 02/01/2033
|
$
|
1,130,000
|
$
|
1,299,997
|
||||
4.000%, 11/15/2035
|
1,415,000
|
1,558,354
|
||||||
Pennsylvania Housing Finance Agency
|
||||||||
2.375%, 10/01/2027
|
500,000
|
506,775
|
||||||
3.200%, 10/01/2031
|
2,000,000
|
2,063,980
|
||||||
Southeastern Pennsylvania Transportation Authority
|
||||||||
5.000%, 03/01/2021
|
155,000
|
158,994
|
||||||
5.000%, 03/01/2027
|
120,000
|
122,939
|
||||||
5,711,039
|
||||||||
Tennessee – 1.50%
|
||||||||
Tennessee Housing Development Agency
|
||||||||
1.350%, 07/01/2020
|
1,530,000
|
1,527,384
|
||||||
Texas – 22.11%
|
||||||||
Aldine Independent School District
|
||||||||
5.000%, 02/15/2028
|
1,000,000
|
1,177,670
|
||||||
Arlington Higher Education Finance Corp. –
|
||||||||
A.W. Brown Fellowship Leader
|
||||||||
5.000%, 08/15/2024
|
315,000
|
364,420
|
||||||
Arlington Higher Education Finance Corp. – KIPP Texas, Inc.
|
||||||||
5.000%, 08/15/2027
|
1,220,000
|
1,510,153
|
||||||
City of Houston, TX
|
||||||||
5.000%, 03/01/2029
|
2,575,000
|
3,145,697
|
||||||
Dallas Independent School District
|
||||||||
5.000%, 02/15/2036 (a)
|
5,000
|
5,469
|
||||||
Fort Bend, TX Independent School District
|
||||||||
5.000%, 08/15/2028
|
500,000
|
611,940
|
||||||
Grapevine-Colleyville Independent School District
|
||||||||
2.000%, 08/01/2036 (a)
|
470,000
|
471,932
|
||||||
2.000%, 08/01/2036 (a)
|
530,000
|
532,846
|
||||||
La Joya Independent School District
|
||||||||
5.000%, 02/15/2028
|
550,000
|
686,961
|
||||||
Lovejoy Independent School District
|
||||||||
5.000%, 02/15/2027
|
980,000
|
1,154,646
|
||||||
North Texas Tollway Authority
|
||||||||
5.000%, 01/01/2026
|
3,800,000
|
4,356,358
|
||||||
San Antonio Water System
|
||||||||
2.625%, 05/01/2049
|
2,500,000
|
2,601,400
|
||||||
State of Texas
|
||||||||
5.000%, 10/01/2034
|
1,250,000
|
1,527,312
|
||||||
Schedule of Investments (Continued)
|
Principal
|
||||||||
Amount
|
Value
|
|||||||
Texas – 22.11% (Continued)
|
||||||||
Tarrant Regional Water District
|
||||||||
5.000%, 03/01/2029
|
$
|
2,500,000
|
$
|
2,952,900
|
||||
Texas State University System
|
||||||||
5.000%, 03/15/2021
|
595,000
|
611,416
|
||||||
Tomball Independent School District
|
||||||||
1.100%, 02/15/2043 (a)
|
850,000
|
849,269
|
||||||
22,560,389
|
||||||||
Virginia – 2.23%
|
||||||||
Virginia Commonwealth Transportation Board
|
||||||||
5.000%, 05/15/2028
|
1,000,000
|
1,251,490
|
||||||
Virginia Housing Development Authority
|
||||||||
2.490%, 01/01/2022
|
1,000,000
|
1,023,740
|
||||||
2,275,230
|
||||||||
Washington – 4.54%
|
||||||||
Central Puget Sound Regional Transit Authority
|
||||||||
5.000%, 11/01/2030
|
750,000
|
913,980
|
||||||
City of Monroe, WA Water & Sewer Revenue
|
||||||||
4.750%, 12/01/2031
|
100,000
|
106,578
|
||||||
State of Washington
|
||||||||
5.000%, 07/01/2029
|
1,500,000
|
1,802,130
|
||||||
5.000%, 08/01/2029
|
400,000
|
452,928
|
||||||
Washington State Housing Finance Commission
|
||||||||
3.000%, 12/01/2031
|
1,325,000
|
1,357,913
|
||||||
4,633,529
|
||||||||
Wisconsin – 3.78%
|
||||||||
City of Madison, WI Water Utility Revenue
|
||||||||
4.000%, 01/01/2026
|
800,000
|
812,920
|
||||||
State of Wisconsin
|
||||||||
5.000%, 05/01/2032
|
1,015,000
|
1,173,025
|
||||||
5.000%, 11/01/2032
|
500,000
|
612,810
|
||||||
Wisconsin Department of Transportation
|
||||||||
5.000%, 07/01/2028
|
1,085,000
|
1,263,515
|
||||||
3,862,270
|
||||||||
Total Municipal Bonds (Cost $97,715,854)
|
100,666,343
|
Schedule of Investments (Continued)
|
Shares
|
Value
|
|||||||
Money Market Funds – 0.27%
|
||||||||
Morgan Stanley Institutional Liquidity Funds –
|
||||||||
Treasury Portfolio – Institutional Class, 2.259% (c)
|
271,474
|
$
|
271,474
|
|||||
Total Money Market Funds (Cost $271,474)
|
271,474
|
|||||||
Total Investments (Cost $97,987,328) – 98.91%
|
100,937,817
|
|||||||
Other Assets in Excess of Liabilities – 1.09%
|
1,114,414
|
|||||||
Total Net Assets – 100.00%
|
$
|
102,052,231
|
(a)
|
Adjustable rate security; the rate is determined by a Remarketing Agreement.
|
(b)
|
Variable rate security; the rate shown represents the rate at May 31, 2019.
|
(c)
|
The rate shown represents the seven day yield as of May 31, 2019.
|
Schedule of Investments
|
Principal
|
||||||||
Amount
|
Value
|
|||||||
Municipal Bonds – 99.02%
|
||||||||
New York – 99.02%
|
||||||||
City of New York, NY
|
||||||||
4.000%, 08/01/2034
|
$
|
500,000
|
$
|
563,340
|
||||
5.000%, 12/01/2035
|
1,230,000
|
1,525,372
|
||||||
County of Albany, NY
|
||||||||
5.000%, 04/01/2022
|
1,000,000
|
1,104,090
|
||||||
County of Schenectady, NY
|
||||||||
2.000%, 12/15/2020
|
150,000
|
151,907
|
||||||
County of Westchester, NY
|
||||||||
4.000%, 07/01/2022
|
5,000
|
5,269
|
||||||
4.000%, 12/01/2029
|
1,000,000
|
1,174,880
|
||||||
Housing Development Corp. of New York City
|
||||||||
1.900%, 05/01/2021
|
405,000
|
405,328
|
||||||
Metropolitan Transportation Authority
|
||||||||
2.370% (SIFMA Municipal Swap Index + 0.950%), 11/01/2019 (a)
|
550,000
|
552,063
|
||||||
5.000%, 11/15/2026
|
1,000,000
|
1,120,050
|
||||||
5.000%, 11/15/2034 (b)
|
1,000,000
|
1,022,680
|
||||||
4.000%, 11/15/2035
|
675,000
|
752,672
|
||||||
New York City Housing Development Corp.
|
||||||||
2.850%, 11/01/2031
|
1,130,000
|
1,154,849
|
||||||
New York City Transitional Finance Authority Building Aid Revenue
|
||||||||
5.000%, 07/15/2023
|
500,000
|
538,770
|
||||||
5.000%, 07/15/2030
|
1,120,000
|
1,334,726
|
||||||
New York City Transitional Finance Authority
|
||||||||
Future Tax Secured Revenue
|
||||||||
5.000%, 02/01/2034
|
2,000,000
|
2,417,660
|
||||||
New York City Trust for Cultural Resources –
|
||||||||
American Museum of Natural History
|
||||||||
5.000%, 07/01/2031
|
620,000
|
718,016
|
||||||
New York City Trust for Cultural Resources –
|
||||||||
Whitney Museum of American Art
|
||||||||
5.000%, 07/01/2031
|
1,000,000
|
1,052,740
|
||||||
New York City Water & Sewer System
|
||||||||
4.000%, 06/15/2036
|
1,090,000
|
1,242,796
|
||||||
New York Power Authority
|
||||||||
5.000%, 11/15/2022
|
175,000
|
197,015
|
||||||
New York State Dormitory Authority
|
||||||||
5.000%, 03/15/2022
|
100,000
|
110,077
|
||||||
5.000%, 07/01/2027
|
750,000
|
847,988
|
||||||
5.000%, 02/15/2033
|
1,000,000
|
1,171,690
|
||||||
5.000%, 03/15/2035
|
2,000,000
|
2,355,720
|
||||||
5.000%, 03/15/2036
|
225,000
|
265,565
|
Schedule of Investments (Continued)
|
Principal
|
||||||||
Amount
|
Value
|
|||||||
New York – 99.02% (Continued)
|
||||||||
New York State Dormitory Authority – Memorial Sloan-Kettering
|
||||||||
5.000%, 07/01/2023
|
$
|
1,250,000
|
$
|
1,366,875
|
||||
5.000%, 07/01/2029
|
500,000
|
543,430
|
||||||
New York State Dormitory Authority – New York University
|
||||||||
5.000%, 07/01/2033
|
1,000,000
|
1,184,640
|
||||||
New York State Dormitory Authority – State University of New York
|
||||||||
5.000%, 07/01/2031
|
1,105,000
|
1,356,376
|
||||||
New York State Environmental Facilities Corp.
|
||||||||
5.000%, 10/15/2024
|
525,000
|
541,627
|
||||||
5.000%, 06/15/2025
|
1,000,000
|
1,073,090
|
||||||
New York State Housing Finance Agency
|
||||||||
2.125%, 11/01/2023
|
400,000
|
402,516
|
||||||
2.900%, 11/01/2025
|
190,000
|
197,896
|
||||||
3.050%, 11/01/2027
|
1,000,000
|
1,023,850
|
||||||
New York State Thruway Authority
|
||||||||
5.000%, 01/01/2032
|
1,000,000
|
1,166,350
|
||||||
5.000%, 01/01/2035
|
1,000,000
|
1,177,570
|
||||||
New York State Urban Development Corp.
|
||||||||
5.000%, 01/01/2021
|
500,000
|
510,295
|
||||||
5.000%, 03/15/2029
|
750,000
|
845,663
|
||||||
Port Authority of New York & New Jersey
|
||||||||
5.000%, 11/15/2031
|
300,000
|
374,118
|
||||||
5.000%, 10/15/2033
|
1,000,000
|
1,193,910
|
||||||
5.000%, 11/15/2033
|
725,000
|
897,115
|
||||||
Sales Tax Asset Receivable Corp.
|
||||||||
5.000%, 10/15/2028
|
1,000,000
|
1,181,210
|
||||||
5.000%, 10/15/2029
|
525,000
|
618,949
|
||||||
State of New York
|
||||||||
5.000%, 03/01/2028
|
500,000
|
564,710
|
||||||
5.000%, 12/15/2030
|
1,000,000
|
1,088,010
|
||||||
State of New York Mortgage Agency
|
||||||||
2.650%, 04/01/2029
|
500,000
|
508,345
|
||||||
The Erie County Industrial Development Agency
|
||||||||
5.000%, 05/01/2024
|
1,260,000
|
1,388,444
|
||||||
Triborough Bridge & Tunnel Authority
|
||||||||
5.000%, 11/15/2028
|
300,000
|
335,907
|
||||||
5.000%, 11/15/2029
|
425,000
|
532,155
|
||||||
2.775%, 11/15/2032 (c)
|
465,000
|
320,199
|
||||||
5.000%, 11/15/2034
|
1,000,000
|
1,249,360
|
||||||
Utility Debt Securitization Authority
|
||||||||
5.000%, 12/15/2028
|
750,000
|
912,188
|
||||||
5.000%, 12/15/2034
|
1,000,000
|
1,204,370
|
Schedule of Investments (Continued)
|
Principal
|
||||||||
Amount
|
Value
|
|||||||
New York – 99.02% (Continued)
|
||||||||
Village of Harrison, NY
|
||||||||
4.000%, 12/15/2023
|
$
|
105,000
|
$
|
118,002
|
||||
Total Municipal Bonds (Cost $44,484,673)
|
45,662,433
|
|||||||
Total Investments (Cost $44,484,673) – 99.02%
|
45,662,433
|
|||||||
Other Assets in Excess of Liabilities – 0.98%
|
450,024
|
|||||||
Total Net Assets – 100.00%
|
$
|
46,112,457
|
(a)
|
Variable rate security; the rate shown represents the rate at May 31, 2019.
|
(b)
|
Adjustable rate security; the rate is determined by a Remarketing Agreement.
|
(c)
|
Zero coupon bond; effective yield is shown.
|
Statements of Assets and Liabilities
|
Rockefeller
|
Rockefeller
|
Rockefeller
|
||||||||||||
Equity
|
Rockefeller
|
Intermediate
|
Intermediate
|
|||||||||||
Allocation
|
Core Taxable
|
Tax Exempt
|
Tax Exempt
|
|||||||||||
Fund
|
Bond Fund
|
National Bond Fund
|
New York Bond Fund
|
|||||||||||
$
|
107,156,956
|
$
|
74,517,659
|
$
|
100,937,817
|
$
|
45,662,433
|
|||||||
—
|
—
|
—
|
—
|
|||||||||||
358,146
|
592,077
|
1,192,923
|
504,440
|
|||||||||||
2,564
|
—
|
—
|
—
|
|||||||||||
2,598
|
—
|
—
|
—
|
|||||||||||
203,671
|
—
|
—
|
—
|
|||||||||||
7,462
|
4,648
|
7,403
|
3,102
|
|||||||||||
107,731,397
|
75,114,384
|
102,138,143
|
46,169,975
|
|||||||||||
80,842
|
21,765
|
30,127
|
13,625
|
|||||||||||
45,978
|
24,797
|
34,799
|
18,574
|
|||||||||||
—
|
—
|
—
|
1,631
|
|||||||||||
2,604
|
—
|
—
|
—
|
|||||||||||
—
|
728,413
|
—
|
—
|
|||||||||||
21,672
|
20,531
|
20,986
|
23,688
|
|||||||||||
151,096
|
795,506
|
85,912
|
57,518
|
|||||||||||
$
|
107,580,301
|
$
|
74,318,878
|
$
|
102,052,231
|
$
|
46,112,457
|
|||||||
$
|
95,380,729
|
$
|
73,611,794
|
$
|
98,826,738
|
$
|
44,746,028
|
|||||||
12,199,572
|
707,084
|
3,225,493
|
1,366,429
|
|||||||||||
$
|
107,580,301
|
$
|
74,318,878
|
$
|
102,052,231
|
$
|
46,112,457
|
|||||||
9,540,977
|
7,318,439
|
9,842,304
|
4,469,483
|
|||||||||||
$
|
11.28
|
$
|
10.16
|
$
|
10.37
|
$
|
10.32
|
Statements of Operations
|
Rockefeller
|
Rockefeller
|
Rockefeller
|
||||||||||||
Equity
|
Rockefeller
|
Intermediate
|
Intermediate
|
|||||||||||
Allocation
|
Core Taxable
|
Tax Exempt
|
Tax Exempt
|
|||||||||||
Fund
|
Bond Fund
|
National Bond Fund
|
New York Bond Fund
|
|||||||||||
$
|
1,425,151
|
(1)
|
$
|
64,649
|
$
|
—
|
$
|
—
|
||||||
24,905
|
1,187,589
|
1,130,526
|
479,600
|
|||||||||||
1,450,056
|
1,252,238
|
1,130,526
|
479,600
|
|||||||||||
462,146
|
125,176
|
176,121
|
78,837
|
|||||||||||
83,583
|
52,922
|
74,706
|
33,152
|
|||||||||||
17,708
|
2,189
|
2,915
|
2,187
|
|||||||||||
16,023
|
18,333
|
16,566
|
16,166
|
|||||||||||
10,107
|
9,012
|
10,016
|
8,378
|
|||||||||||
8,134
|
3,459
|
11,457
|
7,408
|
|||||||||||
7,391
|
6,391
|
6,936
|
5,481
|
|||||||||||
5,100
|
5,100
|
5,100
|
5,100
|
|||||||||||
4,304
|
3,280
|
5,808
|
2,800
|
|||||||||||
4,101
|
4,101
|
4,101
|
4,098
|
|||||||||||
2,001
|
1,087
|
1,727
|
813
|
|||||||||||
4,255
|
3,366
|
3,551
|
3,183
|
|||||||||||
624,853
|
234,416
|
319,004
|
167,603
|
|||||||||||
825,203
|
1,017,822
|
811,522
|
311,997
|
|||||||||||
(482,762
|
)
|
(886,173
|
)
|
85,308
|
201,489
|
|||||||||
(26,317
|
)
|
—
|
—
|
—
|
||||||||||
(2,359,363
|
)
|
4,301,637
|
4,056,782
|
1,695,172
|
||||||||||
3,348
|
—
|
—
|
—
|
|||||||||||
(2,865,094
|
)
|
3,415,464
|
4,142,090
|
1,896,661
|
||||||||||
$
|
(2,039,891
|
)
|
$
|
4,433,286
|
$
|
4,953,612
|
$
|
2,208,658
|
Statements of Changes in Net Assets
|
Six Months Ended
|
||||||||
May 31, 2019
|
Year Ended
|
|||||||
(Unaudited)
|
November 30, 2018
|
|||||||
From Operations
|
||||||||
Net investment income
|
$
|
825,203
|
$
|
655,526
|
||||
Net realized gain/(loss) from investments
|
||||||||
and foreign currency translation
|
(509,079
|
)
|
6,765,352
|
|||||
Net change in unrealized
|
||||||||
depreciation on investments
|
||||||||
and foreign currency translation
|
(2,356,015
|
)
|
(9,364,518
|
)
|
||||
Net decrease in net assets from operations
|
(2,039,891
|
)
|
(1,943,640
|
)
|
||||
From Distributions
|
||||||||
Net dividends and distributions
|
(5,648,060
|
)
|
(2,626,736
|
)
|
||||
Net decrease in net assets resulting
|
||||||||
from distributions paid
|
(5,648,060
|
)
|
(2,626,736
|
)
|
||||
From Capital Share Transactions
|
||||||||
Proceeds from shares sold
|
5,420,388
|
16,965,777
|
||||||
Net asset value of shares issued
|
||||||||
to distributions declared
|
2,239,798
|
959,210
|
||||||
Costs of shares redeemed
|
(4,619,440
|
)
|
(19,387,142
|
)
|
||||
Net increase/(decrease) in net assets
|
||||||||
from capital share transactions
|
3,040,746
|
(1,462,155
|
)
|
|||||
Total Decrease in Net Assets
|
(4,647,205
|
)
|
(6,032,531
|
)
|
||||
Net Assets
|
||||||||
Beginning of period
|
112,227,506
|
118,260,037
|
||||||
End of period
|
$
|
107,580,301
|
$
|
112,227,506
|
Statements of Changes in Net Assets
|
Six Months Ended
|
||||||||
May 31, 2019
|
Year Ended
|
|||||||
(Unaudited)
|
November 30, 2018
|
|||||||
From Operations
|
||||||||
Net investment income
|
$
|
1,017,822
|
$
|
1,919,308
|
||||
Net realized loss from investments
|
(886,173
|
)
|
(609,582
|
)
|
||||
Net change in unrealized
|
||||||||
appreciation/(depreciation) on investments
|
4,301,637
|
(2,328,784
|
)
|
|||||
Net increase/(decrease) in net
|
||||||||
assets from operations
|
4,433,286
|
(1,019,058
|
)
|
|||||
From Distributions
|
||||||||
Net dividends and distributions
|
(1,050,719
|
)
|
(1,869,846
|
)
|
||||
Net decrease in net assets resulting
|
||||||||
from distributions paid
|
(1,050,719
|
)
|
(1,869,846
|
)
|
||||
From Capital Share Transactions
|
||||||||
Proceeds from shares sold
|
3,336,555
|
11,941,423
|
||||||
Net asset value of shares issued
|
||||||||
to distributions declared
|
549,672
|
1,010,544
|
||||||
Costs of shares redeemed
|
(4,310,325
|
)
|
(14,768,309
|
)
|
||||
Net decrease in net assets
|
||||||||
from capital share transactions
|
(424,098
|
)
|
(1,816,342
|
)
|
||||
Total Increase/(Decrease) in Net Assets
|
2,958,469
|
(4,705,246
|
)
|
|||||
Net Assets
|
||||||||
Beginning of period
|
71,360,409
|
76,065,655
|
||||||
End of period
|
$
|
74,318,878
|
$
|
71,360,409
|
Statements of Changes in Net Assets
|
Six Months Ended
|
||||||||
May 31, 2019
|
Year Ended
|
|||||||
(Unaudited)
|
November 30, 2018
|
|||||||
From Operations
|
||||||||
Net investment income
|
$
|
811,522
|
$
|
1,231,860
|
||||
Net realized gain/(loss) from investments
|
85,308
|
(109,075
|
)
|
|||||
Net change in unrealized
|
||||||||
appreciation/(depreciation) on investments
|
4,056,782
|
(855,682
|
)
|
|||||
Net increase in net assets from operations
|
4,953,612
|
267,103
|
||||||
From Distributions
|
||||||||
Net dividends and distributions
|
(785,167
|
)
|
(1,143,884
|
)
|
||||
Net decrease in net assets
|
||||||||
resulting from distributions paid
|
(785,167
|
)
|
(1,143,884
|
)
|
||||
From Capital Share Transactions
|
||||||||
Proceeds from shares sold
|
5,662,702
|
23,699,832
|
||||||
Net asset value of shares issued
|
||||||||
to distributions declared
|
183,994
|
260,764
|
||||||
Costs of shares redeemed
|
(10,208,306
|
)
|
(15,597,744
|
)
|
||||
Net increase/(decrease) in net assets
|
||||||||
from capital share transactions
|
(4,361,610
|
)
|
8,362,852
|
|||||
Total Increase/(Decrease) in Net Assets
|
(193,165
|
)
|
7,486,071
|
|||||
Net Assets
|
||||||||
Beginning of period
|
102,245,396
|
94,759,325
|
||||||
End of period
|
$
|
102,052,231
|
$
|
102,245,396
|
Statements of Changes in Net Assets
|
Six Months Ended
|
||||||||
May 31, 2019
|
Year Ended
|
|||||||
(Unaudited)
|
November 30, 2018
|
|||||||
From Operations
|
||||||||
Net investment income
|
$
|
311,997
|
$
|
463,119
|
||||
Net realized gain/(loss) from investments
|
201,489
|
(104,695
|
)
|
|||||
Net change in unrealized
|
||||||||
appreciation/(depreciation) on investments
|
1,695,172
|
(341,514
|
)
|
|||||
Net increase in net assets from operations
|
2,208,658
|
16,910
|
||||||
From Distributions
|
||||||||
Net investment income
|
(297,016
|
)
|
(415,800
|
)
|
||||
Net decrease in net assets
|
||||||||
resulting from distributions paid
|
(297,016
|
)
|
(415,800
|
)
|
||||
From Capital Share Transactions
|
||||||||
Proceeds from shares sold
|
2,729,500
|
16,144,766
|
||||||
Net asset value of shares issued
|
||||||||
to distributions declared
|
85,987
|
89,309
|
||||||
Costs of shares redeemed
|
(3,682,731
|
)
|
(7,811,604
|
)
|
||||
Net increase/(decrease) in net assets
|
||||||||
from capital share transactions
|
(867,244
|
)
|
8,422,471
|
|||||
Total Increase in Net Assets
|
1,044,398
|
8,023,581
|
||||||
Net Assets
|
||||||||
Beginning of period
|
45,068,059
|
37,044,478
|
||||||
End of period
|
$
|
46,112,457
|
$
|
45,068,059
|
Financial Highlights
|
Six Months
|
||||
Ended
|
||||
May 31, 2019
|
||||
(Unaudited)
|
||||
Net Asset Value, Beginning of Period
|
$
|
12.11
|
||
Income from investment operations:
|
||||
Net investment income(2)
|
0.09
|
|||
Net realized and unrealized gain (loss) on investments
|
(0.31
|
)
|
||
Total from investment operations
|
(0.22
|
)
|
||
Less distributions paid:
|
||||
From net investment income
|
(0.02
|
)
|
||
From net realized gain on investments
|
(0.59
|
)
|
||
Total distributions paid
|
(0.61
|
)
|
||
Net Asset Value, End of Period
|
$
|
11.28
|
||
Total Return(3)
|
-1.49
|
%
|
||
Supplemental Data and Ratios:
|
||||
Net assets at end of period (000’s)
|
$
|
107,580
|
||
Ratio of expenses to average net assets:
|
||||
Before waiver, expense recoupment(4)
|
1.15
|
%
|
||
After waiver, expense recoupment(4)
|
1.15
|
%
|
||
Ratio of net investment income to average net assets:
|
||||
Before waiver, expense recoupment(4)
|
1.52
|
%
|
||
After waiver, expense recoupment(4)
|
1.52
|
%
|
||
Portfolio turnover rate(3)
|
14.69
|
%
|
(1)
|
The Fund commenced operations on February 4, 2015.
|
(2)
|
Per share net investment income has been calculated using the daily average share method.
|
(3)
|
Not annualized for periods less than one year.
|
(4)
|
Annualized for periods less than one year.
|
Year Ended
|
Year Ended
|
Year Ended
|
Period Ended
|
|||||||||||
November 30,
|
November 30,
|
November 30,
|
November 30,
|
|||||||||||
2018
|
2017
|
2016
|
2015(1)
|
|||||||||||
$
|
12.61
|
$
|
10.05
|
$
|
9.94
|
$
|
10.00
|
|||||||
0.07
|
0.09
|
0.09
|
0.05
|
|||||||||||
(0.28
|
)
|
2.57
|
0.10
|
(0.08
|
)
|
|||||||||
(0.21
|
)
|
2.66
|
0.19
|
(0.03
|
)
|
|||||||||
(0.24
|
)
|
(0.10
|
)
|
(0.08
|
)
|
(0.03
|
)
|
|||||||
(0.05
|
)
|
—
|
—
|
—
|
||||||||||
(0.29
|
)
|
(0.10
|
)
|
(0.08
|
)
|
(0.03
|
)
|
|||||||
$
|
12.11
|
$
|
12.61
|
$
|
10.05
|
$
|
9.94
|
|||||||
-1.69
|
%
|
26.54
|
%
|
2.05
|
%
|
-0.28
|
%
|
|||||||
$
|
112,228
|
$
|
118,260
|
$
|
90,612
|
$
|
66,715
|
|||||||
1.15
|
%
|
1.18
|
%
|
1.24
|
%
|
1.38
|
%
|
|||||||
1.15
|
%
|
1.22
|
%
|
1.25
|
%
|
1.25
|
%
|
|||||||
0.57
|
%
|
0.84
|
%
|
0.97
|
%
|
0.53
|
%
|
|||||||
0.57
|
%
|
0.80
|
%
|
0.96
|
%
|
0.66
|
%
|
|||||||
32.22
|
%
|
35.98
|
%
|
58.83
|
%
|
56.96
|
%
|
Financial Highlights
|
Six Months
|
||||
Ended
|
||||
May 31, 2019
|
||||
(Unaudited)
|
||||
Net Asset Value, Beginning of Period
|
$
|
9.69
|
||
Income from investment operations:
|
||||
Net investment income(2)
|
0.14
|
|||
Net realized and unrealized gain (loss) on investments
|
0.47
|
|||
Total from investment operations
|
0.61
|
|||
Less distributions paid:
|
||||
From net investment income
|
(0.14
|
)
|
||
From net realized gain on investments
|
—
|
|||
Total distributions paid
|
(0.14
|
)
|
||
Net Asset Value, End of Period
|
$
|
10.16
|
||
Total Return(3)
|
6.34
|
%
|
||
Supplemental Data and Ratios:
|
||||
Net assets at end of period (000’s)
|
$
|
74,319
|
||
Ratio of expenses to average net assets:
|
||||
Before waiver, expense recoupment(4)
|
0.66
|
%
|
||
After waiver, expense recoupment(4)
|
0.66
|
%
|
||
Ratio of net investment income to average net assets:
|
||||
Before waiver, expense recoupment(4)
|
2.85
|
%
|
||
After waiver, expense recoupment(4)
|
2.85
|
%
|
||
Portfolio turnover rate(3)
|
62.75
|
%
|
(1)
|
The Fund commenced operations on December 26, 2013.
|
(2)
|
Per share net investment income has been calculated using the daily average share method.
|
(3)
|
Not annualized for periods less than one year.
|
(4)
|
Annualized for periods less than one year.
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Period Ended
|
||||||||||||||
November 30,
|
November 30,
|
November 30,
|
November 30,
|
November 30,
|
||||||||||||||
2018
|
2017
|
2016
|
2015
|
2014(1)
|
||||||||||||||
$
|
10.08
|
$
|
10.08
|
$
|
10.21
|
$
|
10.30
|
$
|
10.00
|
|||||||||
0.26
|
0.21
|
0.19
|
0.13
|
0.11
|
||||||||||||||
(0.40
|
)
|
0.08
|
0.04
|
(0.03
|
)
|
0.27
|
||||||||||||
(0.14
|
)
|
0.29
|
0.23
|
0.10
|
0.38
|
|||||||||||||
(0.25
|
)
|
(0.20
|
)
|
(0.19
|
)
|
(0.12
|
)
|
(0.08
|
)
|
|||||||||
—
|
(0.09
|
)
|
(0.17
|
)
|
(0.07
|
)
|
—
|
|||||||||||
(0.25
|
)
|
(0.29
|
)
|
(0.36
|
)
|
(0.19
|
)
|
(0.08
|
)
|
|||||||||
$
|
9.69
|
$
|
10.08
|
$
|
10.08
|
$
|
10.21
|
$
|
10.30
|
|||||||||
-1.37
|
%
|
2.85
|
%
|
2.32
|
%
|
0.96
|
%
|
3.87
|
%
|
|||||||||
$
|
71,360
|
$
|
76,066
|
$
|
79,441
|
$
|
79,906
|
$
|
74,684
|
|||||||||
0.64
|
%
|
0.65
|
%
|
0.66
|
%
|
0.72
|
%
|
0.95
|
%
|
|||||||||
0.64
|
%
|
0.65
|
%
|
0.66
|
%
|
0.80
|
%
|
0.85
|
%
|
|||||||||
2.61
|
%
|
2.14
|
%
|
1.89
|
%
|
1.32
|
%
|
1.11
|
%
|
|||||||||
2.61
|
%
|
2.14
|
%
|
1.89
|
%
|
1.24
|
%
|
1.21
|
%
|
|||||||||
42.37
|
%
|
50.92
|
%
|
49.78
|
%
|
87.73
|
%
|
124.55
|
%
|
|||||||||
Financial Highlights
|
Six Months
|
||||
Ended
|
||||
May 31, 2019
|
||||
(Unaudited)
|
||||
Net Asset Value, Beginning of Period
|
$
|
9.95
|
||
Income from investment operations:
|
||||
Net investment income(2)
|
0.08
|
|||
Net realized and unrealized gain (loss) on investments
|
0.42
|
|||
Total from investment operations
|
0.50
|
|||
Less distributions paid:
|
||||
From net investment income
|
(0.08
|
)
|
||
From net realized gain on investments
|
—
|
|||
Total distributions paid
|
(0.08
|
)
|
||
Net Asset Value, End of Period
|
$
|
10.37
|
||
Total Return(3)
|
5.02
|
%
|
||
Supplemental Data and Ratios:
|
||||
Net assets at end of period (000’s)
|
$
|
102,052
|
||
Ratio of expenses to average net assets:
|
||||
Before waiver, expense recoupment(4)
|
0.63
|
%
|
||
After waiver, expense recoupment(4)
|
0.63
|
%
|
||
Ratio of net investment income to average net assets:
|
||||
Before waiver, expense recoupment(4)
|
1.61
|
%
|
||
After waiver, expense recoupment(4)
|
1.61
|
%
|
||
Portfolio turnover rate(3)
|
38.61
|
%
|
(1)
|
The Fund commenced operations on December 26, 2013.
|
(2)
|
Per share net investment income has been calculated using the daily average share method.
|
(3)
|
Not annualized for periods less than one year.
|
(4)
|
Annualized for periods less than one year.
|
(5)
|
Amount is less than $0.005.
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Period Ended
|
||||||||||||||
November 30,
|
November 30,
|
November 30,
|
November 30,
|
November 30,
|
||||||||||||||
2018
|
2017
|
2016
|
2015
|
2014(1)
|
||||||||||||||
$
|
10.04
|
$
|
9.96
|
$
|
10.11
|
$
|
10.25
|
$
|
10.00
|
|||||||||
0.12
|
0.09
|
0.08
|
0.04
|
0.06
|
||||||||||||||
(0.10
|
)
|
0.15
|
(0.15
|
)
|
0.05
|
0.24
|
||||||||||||
0.02
|
0.24
|
(0.07
|
)
|
0.09
|
0.30
|
|||||||||||||
(0.11
|
)
|
(0.09
|
)
|
(0.07
|
)
|
(0.04
|
)
|
(0.05
|
)
|
|||||||||
0.00
|
(5)
|
(0.07
|
)
|
(0.01
|
)
|
(0.19
|
)
|
—
|
||||||||||
(0.11
|
)
|
(0.16
|
)
|
(0.08
|
)
|
(0.23
|
)
|
(0.05
|
)
|
|||||||||
$
|
9.95
|
$
|
10.04
|
$
|
9.96
|
$
|
10.11
|
$
|
10.25
|
|||||||||
0.24
|
%
|
2.43
|
%
|
-0.74
|
%
|
0.99
|
%
|
2.97
|
%
|
|||||||||
$
|
102,245
|
$
|
94,759
|
$
|
77,663
|
$
|
74,518
|
$
|
65,753
|
|||||||||
0.63
|
%
|
0.66
|
%
|
0.68
|
%
|
0.75
|
%
|
0.99
|
%
|
|||||||||
0.63
|
%
|
0.66
|
%
|
0.69
|
%
|
0.85
|
%
|
0.85
|
%
|
|||||||||
1.23
|
%
|
0.91
|
%
|
0.77
|
%
|
0.55
|
%
|
0.43
|
%
|
|||||||||
1.23
|
%
|
0.91
|
%
|
0.76
|
%
|
0.45
|
%
|
0.57
|
%
|
|||||||||
41.52
|
%
|
37.63
|
%
|
38.93
|
%
|
42.61
|
%
|
235.85
|
%
|
|||||||||
Financial Highlights
|
Six Months
|
||||
Ended
|
||||
May 31, 2019
|
||||
(Unaudited)
|
||||
Net Asset Value, Beginning of Period
|
$
|
9.89
|
||
Income from investment operations:
|
||||
Net investment income(2)
|
0.07
|
|||
Net realized and unrealized gain (loss) on investments
|
0.43
|
|||
Total from investment operations
|
0.50
|
|||
Less distributions paid:
|
||||
From net investment income
|
(0.07
|
)
|
||
From net realized gain on investments
|
—
|
|||
Total distributions paid
|
(0.07
|
)
|
||
Net Asset Value, End of Period
|
$
|
10.32
|
||
Total Return(3)
|
5.00
|
%
|
||
Supplemental Data and Ratios:
|
||||
Net assets at end of period (000’s)
|
$
|
46,112
|
||
Ratio of expenses to average net assets:
|
||||
Before waiver, expense recoupment(4)
|
0.74
|
%
|
||
After waiver, expense recoupment(4)
|
0.74
|
%
|
||
Ratio of net investment income to average net assets:
|
||||
Before waiver, expense recoupment(4)
|
1.39
|
%
|
||
After waiver, expense recoupment(4)
|
1.39
|
%
|
||
Portfolio turnover rate(3)
|
49.35
|
%
|
(1)
|
The Fund commenced operations on December 26, 2013.
|
(2)
|
Per share net investment income has been calculated using the daily average share method.
|
(3)
|
Not annualized for periods less than one year.
|
(4)
|
Annualized for periods less than one year.
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Period Ended
|
||||||||||||||
November 30,
|
November 30,
|
November 30,
|
November 30,
|
November 30,
|
||||||||||||||
2018
|
2017
|
2016
|
2015
|
2014(1)
|
||||||||||||||
$
|
9.98
|
$
|
9.94
|
$
|
10.13
|
$
|
10.20
|
$
|
10.00
|
|||||||||
0.11
|
0.07
|
0.05
|
0.04
|
0.05
|
||||||||||||||
(0.10
|
)
|
0.16
|
(0.17
|
)
|
0.07
|
0.19
|
||||||||||||
0.01
|
0.23
|
(0.12
|
)
|
0.11
|
0.24
|
|||||||||||||
(0.10
|
)
|
(0.07
|
)
|
(0.05
|
)
|
(0.04
|
)
|
(0.04
|
)
|
|||||||||
—
|
(0.12
|
)
|
(0.02
|
)
|
(0.14
|
)
|
—
|
|||||||||||
(0.10
|
)
|
(0.19
|
)
|
(0.07
|
)
|
(0.18
|
)
|
(0.04
|
)
|
|||||||||
$
|
9.89
|
$
|
9.98
|
$
|
9.94
|
$
|
10.13
|
$
|
10.20
|
|||||||||
0.10
|
%
|
2.35
|
%
|
-1.10
|
%
|
1.06
|
%
|
2.44
|
%
|
|||||||||
$
|
45,068
|
$
|
37,044
|
$
|
37,742
|
$
|
42,076
|
$
|
38,768
|
|||||||||
0.76
|
%
|
0.82
|
%
|
0.77
|
%
|
0.83
|
%
|
1.09
|
%
|
|||||||||
0.76
|
%
|
0.85
|
%
|
0.85
|
%
|
0.85
|
%
|
0.85
|
%
|
|||||||||
1.07
|
%
|
0.78
|
%
|
0.62
|
%
|
0.42
|
%
|
0.32
|
%
|
|||||||||
1.07
|
%
|
0.75
|
%
|
0.54
|
%
|
0.40
|
%
|
0.56
|
%
|
|||||||||
36.05
|
%
|
34.50
|
%
|
59.79
|
%
|
50.66
|
%
|
215.11
|
%
|
(1)
|
Organization
|
Trust for Professional Managers (the “Trust”) was organized as a Delaware statutory trust under a Declaration of Trust dated May 29, 2001. The Trust is registered under the Investment Company Act of 1940, as
amended (the “1940 Act”), as an open-end management investment company. The Rockefeller Funds (the “Funds”) are comprised of the Rockefeller Equity Allocation Fund, Rockefeller Core Taxable Bond Fund, and Rockefeller Intermediate Tax Exempt
National Bond Fund (each of which represents a distinct, diversified series with its own investment objective and policies within the Trust), and the Rockefeller Intermediate Tax Exempt New York Bond Fund (which represents a distinct,
non-diversified series with its own investment objective and policies within the Trust). The investment objective of the Rockefeller Equity Allocation Fund is to seek long-term total return from capital appreciation and income. The investment
objective of the Rockefeller Core Taxable Bond Fund is to generate current income consistent with the preservation of capital. The investment objective of the Rockefeller Intermediate Tax Exempt National Bond Fund is to generate current
income that is exempt from federal personal income tax consistent with the preservation of capital. The investment objective of the Rockefeller Intermediate Tax Exempt New York Bond Fund is to generate current income that is exempt from
federal, New York State and New York City personal income tax consistent with the preservation of capital. The Trust may issue an unlimited number of shares of beneficial interest at $0.001 par value. The Rockefeller Core Taxable Bond Fund,
Rockefeller Intermediate Tax Exempt National Bond Fund and Rockefeller Intermediate Tax Exempt New York Bond Fund commenced operations on December 26, 2013. The Rockefeller Equity Allocation Fund commenced operations on February 4, 2015.
Costs incurred by the Funds in connection with the organization, registration and initial public offering of shares were borne by the Adviser.
|
|
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 Company”.
|
|
(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 for securities listed on the NASDAQ Stock Market LLC (“NASDAQ”), is valued at its last sale price at the close of that exchange
on the date as of which assets are valued. If a security is listed on more than one exchange, the Funds will use the price on the exchange that the Funds generally consider to be the principal exchange on which the security is traded.
|
|
Fund securities, including common stocks, preferred stocks and exchange traded funds, listed on NASDAQ will be valued at the NASDAQ Official Closing Price, which
|
may not necessarily represent the last sale price. If, on a particular day, an exchange-listed or NASDAQ security does not trade, then; (i) the security is valued at the mean between the most recent quoted bid
and asked prices at the close of the exchange on such day; or (ii) the security is valued at the latest sales price on the Composite Market for the day such security is being valued. “Composite Market” means a consolidation of the trade
information provided by national securities and foreign exchanges and the over-the-counter markets as published by an approved independent pricing service (“Pricing Service”).
|
|
Foreign securities will be priced in their local currencies as of the close of their primary exchange or market or as of the time the Fund calculates its NAV, whichever is earlier. Foreign securities,
currencies and other assets denominated in foreign currencies are then translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar using the applicable currency exchange rates as of the close of the New York
Stock Exchange (“NYSE”), generally 4:00 p.m. Eastern Time.
|
|
Foreign securities are traded on foreign exchanges which typically close before the close of business on each day on which the NYSE is open. Each security trading on these exchanges may be valued utilizing a
systematic fair valuation model provided by an independent pricing service approved by the board of trustees. The valuation of each security that meets certain criteria in relation to the valuation model is systematically adjusted to reflect
the impact of movement in the U.S. market after the foreign markets close and are classified as Level 2 securities. Securities that do not meet the criteria, or that are principally traded in other foreign markets, are valued as of the last
reported sale price at the time the respective Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate
exchange or other designated time.
|
|
Debt securities, including short-term debt instruments having a maturity of 60 days or less, are valued at the mean in accordance with prices provided by a Pricing Service. Pricing Services may use various
valuation methodologies such as the mean between the bid and the asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. If a price is not available from a Pricing Service, the
most recent quotation obtained from one or more broker-dealers known to follow the issue will be obtained. Quotations will be valued at the mean between the bid and the offer. In the absence of available quotations, the securities will be
priced at fair value in accordance with the procedures approved by the Board of Trustees. Any discount or premium is accreted or amortized using the constant yield method until maturity. Constant yield amortization takes into account the
income that is produced on a debt security. This accretion/amortization type utilizes the discount rate used in computing the present value of all future principal and interest payments made by a debt instrument and produces an amount equal
to the cost of the debt instrument.
|
|
Municipal bonds are priced by a Pricing Service. A discounted cash flow methodology is employed using a benchmark yield and estimated cash flows for each bond, as well as an estimated discount for liquidity.
Additional inputs such as calls of bond principal by the issuer are considered in the estimate of fair value. To the extent the inputs are
|
based on observable inputs, Municipal bonds would be categorized in Level 2 of the fair value hierarchy; otherwise, they would be generally categorized as Level 3.
|
|
U.S. government notes/bonds are normally valued by a Pricing Service using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and
reference data. Certain securities are valued principally using dealer quotations. U.S. government notes/bonds are typically categorized in level 2 of the fair value hierarchy.
|
|
When market quotations are not readily available, any security or other financial instrument is valued at its fair value as determined under procedures approved by the Trust’s Board of Trustees. These fair
value procedures will also be used to price a security when corporate events, events in the securities market and/or world events cause the Adviser to believe that a security’s last sale price may not reflect its actual fair market value.
The intended effect of using fair value pricing procedures is to ensure that the Funds are accurately priced. The Board of Trustees will regularly evaluate whether the Funds’ fair value pricing procedures continue to be appropriate in light
of the specific circumstances of the Funds and the quality of prices obtained by the Trust’s valuation committee.
|
|
The Funds have adopted Statement of Financial Accounting Standards, “Fair Value Measurements and Disclosures,” which requires the Funds to classify their securities based on a valuation method. These inputs are
summarized in the three broad levels listed below:
|
Level 1—
|
Quoted prices in active markets for identical securities.
|
||
Level 2—
|
Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
|
||
Level 3—
|
Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the
Funds’ investments carried at fair value as of May 31, 2019:
|
Rockefeller Equity Allocation Fund
|
|||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||
Assets:
|
|||||||||||||||||
Equities:
|
|||||||||||||||||
Common Stock
|
$
|
58,132,767
|
$
|
43,118,671
|
$
|
—
|
$
|
101,251,438
|
|||||||||
Preferred Stock
|
255,653
|
247,244
|
—
|
502,897
|
|||||||||||||
Real Estate Investment Trusts
|
127,228
|
—
|
—
|
127,228
|
|||||||||||||
Total Equity Securities
|
58,515,648
|
43,365,915
|
—
|
101,881,563
|
|||||||||||||
Exchange-Traded Funds
|
964,808
|
—
|
—
|
964,808
|
|||||||||||||
Master Limited Partnerships
|
639,726
|
—
|
—
|
639,726
|
|||||||||||||
Money Market Fund
|
3,670,859
|
—
|
—
|
3,670,859
|
|||||||||||||
Total Investments in Securities
|
$
|
63,791,041
|
$
|
43,365,915
|
$
|
—
|
$
|
107,156,956
|
Rockefeller Core Taxable Bond Fund
|
|||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||
Assets:
|
|||||||||||||||||
Fixed Income Securities:
|
|||||||||||||||||
Asset-Backed Securities
|
$
|
—
|
$
|
1,902,178
|
$
|
—
|
$
|
1,902,178
|
|||||||||
Collateralized Mortgage Obligations
|
—
|
479,897
|
—
|
479,897
|
|||||||||||||
Corporate Bonds
|
—
|
23,352,822
|
—
|
23,352,822
|
|||||||||||||
Mortgage Backed Securities
|
—
|
15,309,187
|
—
|
15,309,187
|
|||||||||||||
Municipal Bonds
|
—
|
11,480,395
|
—
|
11,480,395
|
|||||||||||||
U.S. Government Agency Issue
|
—
|
4,823,889
|
—
|
4,823,889
|
|||||||||||||
U.S. Government Note/Bond
|
—
|
16,210,612
|
—
|
16,210,612
|
|||||||||||||
Total Fixed Income Securities
|
—
|
73,558,980
|
—
|
73,558,980
|
|||||||||||||
Money Market Fund
|
958,679
|
—
|
—
|
958,679
|
|||||||||||||
Total Investments in Securities
|
$
|
958,679
|
$
|
73,558,980
|
$
|
—
|
$
|
74,517,659
|
|||||||||
Rockefeller Intermediate Tax Exempt National Bond Fund
|
|||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||
Assets:
|
|||||||||||||||||
Fixed Income Securities:
|
|||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
100,666,343
|
$
|
—
|
$
|
100,666,343
|
|||||||||
Total Fixed Income Securities
|
—
|
100,666,343
|
—
|
100,666,343
|
|||||||||||||
Money Market Fund
|
271,474
|
—
|
—
|
271,474
|
|||||||||||||
Total Investments in Securities
|
$
|
271,474
|
$
|
100,666,343
|
$
|
—
|
$
|
100,937,817
|
|||||||||
Rockefeller Intermediate Tax Exempt New York Bond Fund
|
|||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||
Assets:
|
|||||||||||||||||
Fixed Income Securities:
|
|||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
45,662,433
|
$
|
—
|
$
|
45,662,433
|
|||||||||
Total Fixed Income Securities
|
—
|
45,662,433
|
—
|
45,662,433
|
|||||||||||||
Total Investments in Securities
|
$
|
—
|
$
|
45,662,433
|
$
|
—
|
$
|
45,662,433
|
The Funds measure Level 3 activity as of the end of the period. For the six months ended May 31, 2019, the Funds did not have any significant unobservable inputs (Level 3 securities) used in determining fair
value. Therefore, a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is not applicable.
|
|
The Funds did not invest in derivative securities or engage in hedging activities during the six months ended May 31, 2019.
|
(b)
|
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 regulated investment companies and make the requisite distributions of income and
capital gains to their shareholders sufficient to relieve them from all or substantially all federal income taxes. Therefore, no federal income tax provision has been provided.
|
(c)
|
Distributions to Shareholders
|
The Funds will distribute net investment income at least quarterly, and net capital gains at least annually. Distributions from net realized gains for book purposes may include short-term capital gains. All
short-term capital gains are included in ordinary income for tax purposes. Distributions to shareholders are recorded on the ex-dividend date. The Funds may also pay a special distribution at the end of the calendar year to comply with
federal tax requirements.
|
|
The amounts of dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are
either temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment.
|
(d)
|
Use of Estimates
|
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
|
(e)
|
Share Valuation
|
The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the
total number of shares outstanding for each Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the 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.
|
(f)
|
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.
|
(g)
|
Other
|
Investment transactions are recorded on the trade date. The Funds determine the gain or loss from investment transactions on a high amortized cost basis. Dividend income is recognized on the ex-dividend date
and interest income is recognized on an accrual basis. Distributions received from the Funds’ investments in REITs are comprised of ordinary income, capital gains and return of capital, as applicable. For financial statement purposes, the
Funds use estimates to characterize these distributions received as return of capital, capital gain or ordinary income. Such estimates are based on historical information available from each REIT and other industry sources. These estimates
may subsequently be revised based on information received for the security after the tax reporting periods are concluded, as the actual character of these distributions is not known until after the fiscal year end of a Fund. Changes to
estimates will be recorded in the period they are known. The distributions
|
received from REIT securities that have been classified as income and capital gains are included in dividend income and net realized gain on investments, respectively, on the Statement of Operations. The
distributions received that are classified as return of capital reduced the cost of investments on the Statement of Assets and Liabilities.
|
|
(3)
|
Federal Tax Matters
|
The tax character of distributions paid during the year ended November 30, 2018 was as follows:
|
Rockefeller
|
Rockefeller
|
||||||||||||||||
Rockefeller
|
Intermediate
|
Intermediate
|
|||||||||||||||
Equity
|
Rockefeller
|
Tax Exempt
|
Tax Exempt
|
||||||||||||||
Allocation
|
Core Taxable
|
National
|
New York
|
||||||||||||||
Fund
|
Bond Fund
|
Bond Fund
|
Bond Fund
|
||||||||||||||
Ordinary Income
|
$
|
2,179,462
|
$
|
1,869,846
|
$
|
15,419
|
$
|
6,266
|
|||||||||
Tax-Exempt Income
|
$
|
—
|
$
|
—
|
$
|
1,117,243
|
$
|
409,535
|
|||||||||
Long-Term Capital Gain
|
$
|
447,274
|
$
|
—
|
$
|
11,222
|
$
|
—
|
As of November 30, 2018, the components of accumulated earnings (losses) for income tax purposes were as follows:
|
Rockefeller
|
Rockefeller
|
||||||||||||||||
Rockefeller
|
Intermediate
|
Intermediate
|
|||||||||||||||
Equity
|
Rockefeller
|
Tax Exempt
|
Tax Exempt
|
||||||||||||||
Allocation
|
Core Taxable
|
National
|
New York
|
||||||||||||||
Fund
|
Bond Fund
|
Bond Fund
|
Bond Fund
|
||||||||||||||
Cost basis of investments for
|
|||||||||||||||||
federal income tax purposes
|
$
|
97,752,035
|
$
|
73,127,632
|
$
|
101,982,764
|
$
|
45,461,372
|
|||||||||
Gross tax unrealized appreciation
|
21,229,469
|
37,928
|
153,408
|
74,231
|
|||||||||||||
Gross tax unrealized depreciation
|
(6,848,046
|
)
|
(2,357,111
|
)
|
(1,259,701
|
)
|
(591,643
|
)
|
|||||||||
Net tax unrealized
|
|||||||||||||||||
appreciation (depreciation)
|
$
|
14,381,423
|
$
|
(2,319,183
|
)
|
$
|
(1,106,293
|
)
|
$
|
(517,412
|
)
|
||||||
Undistributed ordinary income
|
377,579
|
395,021
|
—
|
—
|
|||||||||||||
Undistributed tax-exempt
|
|||||||||||||||||
ordinary income
|
—
|
—
|
272,416
|
102,197
|
|||||||||||||
Undistributed long-term gains
|
5,128,521
|
—
|
—
|
—
|
|||||||||||||
Total distributable earnings
|
$
|
5,506,100
|
$
|
395,021
|
$
|
272,416
|
$
|
102,197
|
|||||||||
Total other accumulated loss
|
$
|
—
|
$
|
(751,321
|
)
|
$
|
(109,075
|
)
|
$
|
(129,998
|
)
|
||||||
Total accumulated gains (losses)
|
$
|
19,887,523
|
$
|
(2,675,483
|
)
|
$
|
(942,952
|
)
|
$
|
(545,213
|
)
|
The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales and Passive Foreign Investment Company adjustments.
|
|
At November 30, 2018, the Rockefeller Core Taxable Bond, Rockefeller Intermediate Tax Exempt National Bond and Rockefeller Intermediate Tax Exempt New York Bond Funds had capital losses of $751,321, $109,075
and $129,998, respectively, remaining which will be carried forward indefinitely to offset future realized capital gains. To the extent the Rockefeller Core Taxable Bond, Rockefeller Intermediate Tax Exempt
|
National Bond, and Rockefeller Intermediate Tax Exempt New York Bond Funds realize future net capital gains, taxable distributions to their shareholders will be first offset by any unused capital loss
carryovers from the year ended November 30, 2018.
|
|
GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per
share. For the year ended November 30, 2018, the following reclassifications were made for permanent tax differences on the Statement of Assets and Liabilities.
|
Rockefeller
|
Rockefeller
|
||||||||||||||||
Rockefeller
|
Intermediate
|
Intermediate
|
|||||||||||||||
Equity
|
Rockefeller
|
Tax Exempt
|
Tax Exempt
|
||||||||||||||
Allocation
|
Core Taxable
|
National
|
New York
|
||||||||||||||
Fund
|
Bond Fund
|
Bond Fund
|
Bond Fund
|
||||||||||||||
Total Distributable Losses
|
$
|
(48,290
|
)
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||
Paid-In Capital
|
$
|
48,290
|
$
|
—
|
$
|
—
|
$
|
—
|
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 the fiscal year 2018. At November 30, 2018, the tax years 2015, 2016, 2017, and 2018 remain open to examination for the Rockefeller Core Taxable Bond Fund, Rockefeller Intermediate Tax Exempt National Bond Fund,
Rockefeller Intermediate Tax Exempt New York Bond Fund, and Rockefeller Equity Allocation Fund.
|
|
(4)
|
Investment Adviser
|
The Trust has an Investment Advisory Agreement (the “Agreement”) with the Adviser to furnish investment advisory services to the Funds. Under the terms of the Agreement, the Funds compensate the Adviser for its
management services at the annual rate of 0.85%, 0.35%, 0.35% and 0.35% of the average daily net assets of the Rockefeller Equity Allocation Fund, Rockefeller Core Taxable Bond Fund, Rockefeller Intermediate Tax Exempt National Bond Fund and
Rockefeller Intermediate Tax Exempt New York Bond Fund, respectively.
|
|
The Adviser has contractually agreed to waive its management fee and/or reimburse each Fund’s other expenses through the expiration date listed below to the extent necessary to ensure that each Fund’s total
annual operating expenses do not exceed each Fund’s Expense Limitation Cap, listed below, of the Fund’s average daily net assets.
|
Expense
|
|||
Limitation Cap
|
Expiration Date
|
||
Rockefeller Equity Allocation Fund
|
1.25%
|
March 30, 2020
|
|
Rockefeller Core Taxable Bond Fund
|
0.85%
|
March 30, 2020
|
|
Rockefeller Intermediate Tax Exempt
|
|||
National Bond Fund
|
0.85%
|
March 30, 2020
|
|
Rockefeller Intermediate Tax Exempt
|
|||
New York Bond Fund
|
0.85%
|
March 30, 2020
|
Any such waiver or reimbursement is subject to later adjustment to allow the Adviser to recover amounts waived or reimbursed to the extent actual fees and expenses for a fiscal period do not exceed the lesser
of: (1) the Expense Limitation Cap in place at the time of the waiver and/or reimbursement; or (2) the Expense Limitation Cap in place at the time of recovery; provided, however, that the Adviser shall only be entitled to recover such amounts
for a period of three years from the date such amount was waived or reimbursed. During the six months ended May 31, 2019, the Funds did not waive any expenses.
|
|
The Funds currently do not have any expenses eligible for recoupment.
|
|
(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
|
|||||||
Rockefeller Equity Allocation Fund
|
$
|
83,583
|
$
|
29,324
|
|||||
Rockefeller Core Taxable Bond Fund
|
52,922
|
18,538
|
|||||||
Rockefeller Intermediate Tax Exempt National Bond Fund
|
74,706
|
23,354
|
|||||||
Rockefeller Intermediate Tax Exempt New York Bond Fund
|
33,152
|
10,037
|
|||||||
Pricing
|
Incurred
|
Owed
|
|||||||
Rockefeller Equity Allocation Fund
|
$
|
8,134
|
$
|
2,991
|
|||||
Rockefeller Core Taxable Bond Fund
|
3,459
|
1,026
|
|||||||
Rockefeller Intermediate Tax Exempt National Bond Fund
|
11,457
|
5,662
|
|||||||
Rockefeller Intermediate Tax Exempt New York Bond Fund
|
7,408
|
3,506
|
|||||||
Transfer Agency
|
Incurred
|
Owed
|
|||||||
Rockefeller Equity Allocation Fund
|
$
|
10,107
|
$
|
3,316
|
|||||
Rockefeller Core Taxable Bond Fund
|
9,012
|
2,955
|
|||||||
Rockefeller Intermediate Tax Exempt National Bond Fund
|
10,016
|
3,209
|
|||||||
Rockefeller Intermediate Tax Exempt New York Bond Fund
|
8,378
|
2,706
|
|||||||
Custody
|
Incurred
|
Owed
|
|||||||
Rockefeller Equity Allocation Fund
|
$
|
17,708
|
$
|
8,689
|
|||||
Rockefeller Core Taxable Bond Fund
|
2,189
|
619
|
|||||||
Rockefeller Intermediate Tax Exempt National Bond Fund
|
2,915
|
906
|
|||||||
Rockefeller Intermediate Tax Exempt New York Bond Fund
|
2,187
|
657
|
The Funds each have a line of credit with US Bank (see Note 8).
|
|
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 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:
|
CCO
|
Incurred
|
Owed
|
|||||||
Rockefeller Equity Allocation Fund
|
$
|
5,100
|
$
|
1,657
|
|||||
Rockefeller Core Taxable Bond Fund
|
5,100
|
1,658
|
|||||||
Rockefeller Intermediate Tax Exempt National Bond Fund
|
5,100
|
1,669
|
|||||||
Rockefeller Intermediate Tax Exempt New York Bond Fund
|
5,100
|
1,669
|
(6)
|
Capital Share Transactions
|
Transactions in shares of the Funds were as follows:
|
Rockefeller Equity Allocation Fund | |||||||||
Six Months Ended
|
Year Ended
|
||||||||
May 31, 2019
|
November 30, 2018
|
||||||||
Shares Sold
|
470,768
|
1,363,118
|
|||||||
Shares Reinvested
|
213,185
|
76,979
|
|||||||
Shares Redeemed
|
(411,563
|
)
|
(1,552,577
|
)
|
|||||
Net Increase/(Decrease)
|
272,390
|
(112,480
|
)
|
||||||
Rockefeller Core Taxable Bond Fund
|
|||||||||
Six Months Ended
|
Year Ended
|
||||||||
May 31, 2019
|
November 30, 2018
|
||||||||
Shares Sold
|
337,857
|
1,212,252
|
|||||||
Shares Reinvested
|
55,900
|
102,824
|
|||||||
Shares Redeemed
|
(439,242
|
)
|
(1,500,982
|
)
|
|||||
Net Decrease
|
(45,485
|
)
|
(185,906
|
)
|
|||||
Rockefeller Intermediate Tax Exempt National Bond Fund
|
|||||||||
Six Months Ended
|
Year Ended
|
||||||||
May 31, 2019
|
November 30, 2018
|
||||||||
Shares Sold
|
559,005
|
2,380,755
|
|||||||
Shares Reinvested
|
18,230
|
26,196
|
|||||||
Shares Redeemed
|
(1,010,951
|
)
|
(1,567,826
|
)
|
|||||
Net Increase/(Decrease)
|
(433,716
|
)
|
839,125
|
||||||
Rockefeller Intermediate Tax Exempt New York Bond Fund
|
|||||||||
Six Months Ended
|
Year Ended
|
||||||||
May 31, 2019
|
November 30, 2018
|
||||||||
Shares Sold
|
272,368
|
1,624,670
|
|||||||
Shares Reinvested
|
8,567
|
9,029
|
|||||||
Shares Redeemed
|
(367,507
|
)
|
(790,353
|
)
|
|||||
Net Increase/(Decrease)
|
(86,572
|
)
|
843,346
|
(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.
|
U.S. |
U.S. | ||||||||||||||||
Government
|
Government
|
||||||||||||||||
Securities
|
Securities
|
||||||||||||||||
Purchases
|
Sales
|
Purchases
|
Sales
|
||||||||||||||
Rockefeller Equity
|
|||||||||||||||||
Allocation Fund
|
$
|
15,731,248
|
$
|
19,726,078
|
$
|
—
|
$
|
—
|
|||||||||
Rockefeller Core
|
|||||||||||||||||
Taxable Bond Fund
|
$
|
44,318,978
|
$
|
44,320,997
|
$
|
9,171,807
|
$
|
3,118,982
|
|||||||||
Rockefeller Intermediate Tax
|
|||||||||||||||||
Exempt National Bond Fund
|
$
|
38,401,025
|
$
|
40,222,655
|
$
|
—
|
$
|
—
|
|||||||||
Rockefeller Intermediate Tax
|
|||||||||||||||||
Exempt New York Bond Fund
|
$
|
22,429,326
|
$
|
21,967,841
|
$
|
—
|
$
|
—
|
(8)
|
Line of Credit
|
As of May 31, 2019, the Rockefeller Equity Allocation Fund, Rockefeller Core Taxable Bond Fund, Rockefeller Intermediate Tax Exempt National Bond Fund, and Rockefeller Intermediate Tax Exempt New York Bond Fund
each had a line of credit in the amount of $10,000,000, $8,000,000, $8,500,000, and $4,000,000, respectively, which all mature on August 9, 2019. These unsecured lines of credit are intended to provide short-term financing, if necessary, and
subject to certain restrictions, in connection with shareholder redemptions. The credit facility is with the Funds’ custodian, US Bank. Interest was accrued at the prime rate of 5.25%. The following table summarizes the line of credit
activity for the Rockefeller Equity Allocation Fund during the six months ended May 31, 2019. The Rockefeller Core Taxable Bond Fund, Rockefeller Intermediate Tax Exempt National Bond Fund and Rockefeller Intermediate New York Bond Fund did
not utilize their lines of credit during the six months ended May 31, 2019. The Funds did not have any loans outstanding as of May 31, 2019.
|
Average
|
Maximum
|
Date of
|
||||
Days
|
Amount of
|
Interest
|
Amount of
|
Maximum
|
||
Utilized
|
Borrowing
|
Expense*
|
Borrowing
|
Borrowing
|
||
Rockefeller Equity
|
||||||
Allocation Fund
|
3
|
$950,667
|
$436
|
$1,280,000
|
12/31/18
|
*
|
Interest Expense is included with “Other expenses” on the Statements of Operations.
|
(9)
|
Subsequent Events
|
On June 24, 2019, the Funds declared and paid distributions from ordinary income to shareholders of record as of June 21, 2019, as follows:
|
Distribution Rate
|
|||
Ordinary Income
|
Per Share
|
||
Rockefeller Equity Allocation Fund
|
$768,194
|
0.08120194
|
|
Rockefeller Core Taxable Bond Fund
|
$481,198
|
0.06729264
|
|
Rockefeller Intermediate Tax Exempt
|
|||
National Bond Fund
|
$399,563
|
0.04068097
|
|
Rockefeller Intermediate Tax Exempt
|
|||
New York Bond Fund
|
$157,655
|
0.03541785
|
Other than the aforementioned events, the Funds have evaluated events and transactions that have occurred subsequent to May 31, 2019 and determined there were no subsequent events that would require recognition
or disclosure within the financial statements.
|
|
(10)
|
Regulatory Updates
|
In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on
Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. The ASU does not require an accounting change
for securities held at a discount, which continues to be amortized to maturity. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management is currently evaluating the
impact this ASU will have on the Financial Statements.
|
|
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 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 six months ended May 31, 2019.
|
•
|
information we receive about you on applications or other forms;
|
•
|
information you give us orally; and
|
•
|
information about your transactions with us or others.
|
Rockefeller Equity Allocation Fund
|
86.58
|
%
|
||
Rockefeller Core Taxable Bond Fund
|
0.00
|
%
|
||
Rockefeller Intermediate Tax Exempt National Bond Fund
|
0.00
|
%
|
||
Rockefeller Intermediate Tax Exempt New York Bond Fund
|
0.00
|
%
|
Rockefeller Equity Allocation Fund
|
27.25
|
%
|
||
Rockefeller Core Taxable Bond Fund
|
0.00
|
%
|
||
Rockefeller Intermediate Tax Exempt National Bond Fund
|
0.00
|
%
|
||
Rockefeller Intermediate Tax Exempt New York Bond Fund
|
0.00
|
%
|
Rockefeller Equity Allocation Fund
|
16.39
|
%
|
||
Rockefeller Core Taxable Bond Fund
|
0.00
|
%
|
||
Rockefeller Intermediate Tax Exempt National Bond Fund
|
0.00
|
%
|
||
Rockefeller Intermediate Tax Exempt New York Bond Fund
|
0.00
|
%
|
Distribution Derived
|
|||
Creditable Foreign
|
Per Share
|
From Foreign
|
|
Tax Credit Paid
|
Amount
|
Sourced Income
|
|
Rockefeller Equity Allocation
|
223,434
|
0.024106579
|
73.80%
|
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
|
MUTUALS
|
||
Year of Birth: 1955
|
2001
|
(June 2019–
|
(an open-end
|
||
present), Professor,
|
investment
|
||||
Department of
|
company with
|
||||
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).
|
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, Gottex
|
||
Milwaukee, WI 53202
|
October 23,
|
Managing Director,
|
Trust (an open-
|
||
Year of Birth: 1943
|
2009
|
Chief Administrative
|
end investment
|
||
Officer (“CAO”) and
|
company)
|
||||
Chief Compliance
|
(2010–2016);
|
||||
Officer (“CCO”),
|
Independent
|
||||
Granite Capital
|
Manager,
|
||||
International Group,
|
Ramius IDF
|
||||
L.P. (an investment
|
fund complex
|
||||
management firm)
|
(two closed-
|
||||
(1994–2011).
|
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).
|
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, USA
|
615 E. Michigan St.
|
and
|
Term; Since
|
(2017–present),
|
MUTUALS
|
|
Milwaukee, WI 53202
|
Trustee
|
August 22,
|
Chief Operating
|
(an open-end
|
|
Year of Birth: 1962
|
2001
|
Officer (2016–
|
investment
|
||
present), Executive
|
company)
|
||||
Vice President,
|
(2001–2018);
|
||||
(1994–2017),
|
Trustee, Buffalo
|
||||
U.S. Bancorp
|
Funds (an
|
||||
Fund Services,
|
open-end
|
||||
LLC.
|
investment
|
||||
company)
|
|||||
(2003–2017).
|
|||||
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
|
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 President,
|
N/A
|
615 E. Michigan St.
|
Compliance
|
Term;
|
U.S. Bancorp Fund
|
||
Milwaukee, WI 53202
|
Officer,
|
Since
|
Services, LLC
|
||
Year of Birth: 1985
|
Vice
|
July 1,
|
(February 2017–
|
||
President
|
2017
|
present); Vice
|
|||
and
|
President
|
||||
Anti-Money
|
and Assistant CCO,
|
||||
Laundering
|
Heartland Advisors,
|
||||
Officer
|
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,
|
Services, LLC
|
|||
Year of Birth: 1981
|
2015
|
(2012–present).
|
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
|
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).
|
|||||
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. Caroll
|
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.
|
Investment Adviser
|
Rockefeller & Co. LLC
|
45 Rockefeller Plaza, 5th Floor
|
|
New York, New York 10111
|
|
Legal Counsel
|
Godfrey & Kahn, S.C.
|
833 East Michigan Street
|
|
Suite 1800
|
|
Milwaukee, Wisconsin 53202
|
|
Independent Registered Public
|
Deloitte & Touche LLP
|
Accounting Firm
|
555 East Wells Street
|
Milwaukee, Wisconsin 53202
|
|
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
|
|
Milwaukee, Wisconsin 53202
|
|
(a)
|
The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of
this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.
|
(b)
|
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the last fiscal half-year of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.
|
(a)
|
(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an
exhibit. Not Applicable.
|
(b)
|
Certifications pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002. Furnished herewith.
|
CERTIFICATIONS
I, John Buckel, certify that:
1. I have reviewed this report on Form N-CSR of Trust for Professional Managers;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the last fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date 7/30/19 |
/s/ John Buckel |
|
John Buckel |
|
President |
CERTIFICATIONS
I, Jennifer Lima, certify that:
1. I have reviewed this report on Form N-CSR of Trust for Professional Managers;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the last fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not
material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting.
Date 7/30/19 |
/s/ Jennifer Lima |
|
Jennifer Lima |
|
Treasurer |
/s/ John Buckel
John Buckel
President, Trust for Professional Managers
|
/s/ Jennifer Lima
Jennifer Lima
Treasurer, Trust for Professional Managers
|
Dated: 7/30/19
|
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