LETTER TO SHAREHOLDERS
|
3
|
||
EXPENSE EXAMPLE
|
6
|
||
INVESTMENT HIGHLIGHTS
|
8
|
||
SCHEDULE OF INVESTMENTS
|
11
|
||
STATEMENT OF ASSETS AND LIABILITIES
|
13
|
||
STATEMENT OF OPERATIONS
|
14
|
||
STATEMENTS OF CHANGES IN NET ASSETS
|
15
|
||
FINANCIAL HIGHLIGHTS
|
16
|
||
NOTES TO FINANCIAL STATEMENTS
|
20
|
||
STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT
|
29
|
||
NOTICE OF PRIVACY POLICY & PRACTICES
|
30
|
||
ADDITIONAL INFORMATION
|
31
|
Expenses Paid
|
||||
Beginning
|
Ending
|
During Period
|
Annualized
|
|
Account Value
|
Account Value
|
January 1, 2023 –
|
Expense
|
|
January 1, 2023
|
June 30, 2023
|
June 30, 2023*
|
Ratio
|
|
Institutional Class Shares
|
||||
Actual
|
$1,000.00
|
$1,033.00
|
$5.04
|
1.00%
|
Hypothetical (5% return
|
||||
before expenses)
|
$1,000.00
|
$1,019.84
|
$5.01
|
1.00%
|
Open Class Shares
|
||||
Actual
|
$1,000.00
|
$1,032.90
|
$5.04
|
1.00%
|
Hypothetical (5% return
|
||||
before expenses)
|
$1,000.00
|
$1,019.84
|
$5.01
|
1.00%
|
*
|
Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).
|
One
|
Five
|
Ten
|
|
Year
|
Year
|
Year
|
|
Terra Firma US Concentrated Realty Equity Fund –
|
|||
Institutional Class(1)
|
-4.43%
|
4.47%
|
6.09%
|
Open Class(2)
|
-4.50%
|
4.23%
|
5.83%
|
MSCI US REIT Index
|
-0.09%
|
4.55%
|
6.39%
|
MSCI USA IMI Core Real Estate Index
|
-1.89%
|
3.00%
|
5.13%
|
(1)
|
Performance figures for Institutional Class shares and Open Class shares reflect the historical performance of the then-existing shares (Institutional Shares and Open Shares) of the Lazard US Realty Equity
Portfolio (the “Predecessor Portfolio”) (the predecessor to the Fund, for which Lazard Asset Management LLC served as the investment adviser), a series of The Lazard Funds, Inc., for periods from September 23, 2011 to June 19, 2020.
|
(2)
|
Performance figures for Open Class shares also reflect the historical performance of the then-existing shares (Class A shares) of the predecessor fund to the Predecessor Portfolio, the Grubb & Ellis AGA
U.S. Realty Fund (the “Predecessor Fund”) (for which Grubb & Ellis Alesco Global Advisors, LLC served as the investment adviser), for periods prior to September 23, 2011.
|
Schedule of Investments
|
Shares
|
Value
|
|||||||
COMMON STOCKS – 8.27%
|
||||||||
Land Subdivision – 3.69%
|
||||||||
Tricon Residential, Inc. (a)
|
99,500
|
$
|
876,595
|
|||||
Traveler Accommodation – 4.58%
|
||||||||
Hilton Worldwide Holdings, Inc.
|
6,657
|
968,926
|
||||||
Marriott International, Inc.
|
650
|
119,399
|
||||||
1,088,325
|
||||||||
TOTAL COMMON STOCKS (Cost $1,972,362)
|
1,964,920
|
|||||||
REAL ESTATE INVESTMENT TRUSTS (REITS) – 88.72%
|
||||||||
Lessors of Real Estate – 75.89%
|
||||||||
American Homes 4 Rent
|
8,911
|
315,895
|
||||||
American Tower Corp.
|
5,271
|
1,022,258
|
||||||
AvalonBay Communities, Inc.
|
10,466
|
1,980,900
|
||||||
Crown Castle, Inc.
|
5,461
|
622,226
|
||||||
Equinix, Inc.
|
2,210
|
1,732,507
|
||||||
Equity LifeStyle Properties, Inc.
|
9,357
|
625,890
|
||||||
Equity Residential
|
7,500
|
494,775
|
||||||
Essex Property Trust, Inc.
|
6,749
|
1,581,291
|
||||||
Hudson Pacific Properties, Inc.
|
34,630
|
146,138
|
||||||
Mid-America Apartment Communities, Inc.
|
5,550
|
842,823
|
||||||
Prologis, Inc.
|
23,664
|
2,901,916
|
||||||
Public Storage
|
6,092
|
1,778,133
|
||||||
Rexford Industrial Realty, Inc.
|
13,000
|
678,860
|
||||||
SBA Communications Corp.
|
2,600
|
602,576
|
||||||
Simon Property Group, Inc.
|
6,631
|
765,748
|
||||||
Sun Communities, Inc.
|
5,113
|
667,042
|
||||||
VICI Properties, Inc.
|
24,746
|
777,767
|
||||||
Welltower, Inc.
|
6,200
|
501,518
|
||||||
18,038,263
|
||||||||
Offices of Real Estate Agents and Brokers – 7.33%
|
||||||||
Alexandria Real Estate Equities, Inc.
|
10,130
|
1,149,654
|
||||||
Invitation Homes, Inc.
|
17,234
|
592,849
|
||||||
1,742,503
|
||||||||
Warehousing and Storage – 5.50%
|
||||||||
Extra Space Storage, Inc.
|
8,786
|
1,307,796
|
||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (REITS)
|
||||||||
(Cost $19,595,230)
|
21,088,562
|
Schedule of Investments (Continued)
|
Shares
|
Value
|
|||||||
PREFERRED STOCKS – 0.26%
|
||||||||
Lessors of Real Estate – 0.26%
|
||||||||
Hudson Pacific Properties, Inc. – Series C, 4.750%
|
6,500
|
$
|
60,840
|
|||||
TOTAL PREFERRED STOCKS (Cost $52,381)
|
60,840
|
|||||||
SHORT-TERM INVESTMENTS – 2.55%
|
||||||||
U.S. Bank Money Market Deposit Account, 0.500% (b)
|
606,842
|
606,842
|
||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $606,842)
|
606,842
|
|||||||
Total Investments (Cost $22,226,815) – 99.80%
|
$
|
23,721,164
|
||||||
Other Assets in Excess of Liabilities – 0.20%
|
46,626
|
|||||||
TOTAL NET ASSETS – 100.00%
|
$
|
23,767,790
|
(a)
|
Foreign issued security.
|
(b)
|
Seven day yield as of June 30, 2023.
|
Statement of Assets and Liabilities
|
Assets
|
||||
Investments, at value (cost $22,226,815)
|
$
|
23,721,164
|
||
Receivables:
|
||||
Dividends and interest
|
92,870
|
|||
From Adviser
|
11,589
|
|||
Investments receivable
|
313
|
|||
Fund shares received
|
15
|
|||
Other assets
|
17,542
|
|||
Total assets
|
23,843,493
|
|||
Liabilities
|
||||
Payables:
|
||||
Distribution fees
|
13,048
|
|||
To affiliates
|
15,365
|
|||
To auditor
|
18,181
|
|||
Fund shares redeemed
|
28,823
|
|||
Accrued expenses and other liabilities
|
286
|
|||
Total liabilities
|
75,703
|
|||
Net Assets
|
$
|
23,767,790
|
||
Net assets consist of:
|
||||
Paid-in capital
|
$
|
21,311,524
|
||
Total distributable earnings
|
2,456,266
|
|||
Net Assets
|
$
|
23,767,790
|
||
Institutional Class Shares:
|
||||
Net assets
|
$
|
5,188,356
|
||
Shares of beneficial interest outstanding
|
||||
(unlimited number of shares authorized, $0.001 par value)
|
307,555
|
|||
Net asset value, offering and redemption price per share
|
$
|
16.87
|
||
Open Class Shares:
|
||||
Net assets
|
$
|
18,579,434
|
||
Shares of beneficial interest outstanding
|
||||
(unlimited number of shares authorized, $0.001 par value)
|
1,097,429
|
|||
Net asset value, offering and redemption price per share
|
$
|
16.93
|
Statement of Operations
|
Investment Income
|
||||
Dividends(1)
|
$
|
411,693
|
||
Investment interest income
|
6,709
|
|||
Total Investment Income
|
418,402
|
|||
Expenses
|
||||
Management fees
|
92,937
|
|||
Administration and accounting fees
|
54,399
|
|||
Transfer agent fees and expenses
|
30,199
|
|||
Federal and state registration fees
|
18,923
|
|||
Audit and tax fees
|
13,609
|
|||
Legal fees
|
13,260
|
|||
Trustees' fees and expenses
|
11,757
|
|||
Chief Compliance Officer fees
|
7,421
|
|||
Custody fees
|
5,140
|
|||
Reports to shareholders
|
3,495
|
|||
Insurance expense
|
2,488
|
|||
Interest expense
|
395
|
|||
Service provider fees and expenses
|
134
|
|||
Other expenses
|
3,315
|
|||
Total Expenses
|
257,472
|
|||
Less waivers and reimbursements by Adviser (Note 4)
|
(133,161
|
)
|
||
Net Expenses
|
124,311
|
|||
Net Investment Income
|
294,091
|
|||
Realized and Unrealized Gain (Loss) on Investments
|
||||
Net realized gain on investments
|
715,229
|
|||
Net change in unrealized appreciation (depreciation) on investments
|
(91,076
|
)
|
||
Net Realized and Unrealized Gain on Investments
|
624,153
|
|||
Net Increase in Net Assets from Operations
|
$
|
918,244
|
(1)
|
Net of $2,308 in foreign withholding taxes.
|
Statements of Changes in Net Assets
|
Six Months Ended
|
||||||||
June 30, 2023
|
Year Ended
|
|||||||
(Unaudited)
|
December 31, 2022
|
|||||||
From Operations
|
||||||||
Net investment income
|
$
|
294,091
|
$
|
389,621
|
||||
Net realized gain on investments
|
715,229
|
2,272,812
|
||||||
Net change in unrealized
|
||||||||
appreciation (depreciation) on investments
|
(91,076
|
)
|
(14,695,444
|
)
|
||||
Net increase (decrease) in net assets resulting
|
||||||||
from operations
|
918,244
|
(12,033,011
|
)
|
|||||
From Distributions
|
||||||||
Net dividends and distributions – Institutional Class
|
(15,444
|
)
|
(479,557
|
)
|
||||
Net dividends and distributions – Open Class
|
(55,480
|
)
|
(1,478,141
|
)
|
||||
Net decrease in net assets resulting
|
||||||||
from dividend and distributions paid
|
(70,924
|
)
|
(1,957,698
|
)
|
||||
From Capital Share Transactions
|
||||||||
Proceeds from shares sold – Institutional Class
|
14,619
|
293,279
|
||||||
Proceeds from shares sold – Open Class
|
55,072
|
635,135
|
||||||
Net asset value of shares issued
|
||||||||
to shareholders in payment of
|
||||||||
distributions declared – Institutional Class
|
15,130
|
471,227
|
||||||
Net asset value of shares issued to shareholders
|
||||||||
in payment of distributions declared – Open Class
|
54,537
|
1,454,401
|
||||||
Payment for shares redeemed – Institutional Class
|
(1,178,845
|
)
|
(955,888
|
)
|
||||
Payment for shares redeemed – Open Class
|
(2,022,785
|
)
|
(3,833,718
|
)
|
||||
Net decrease in net assets
|
||||||||
from capital share transactions
|
(3,062,272
|
)
|
(1,935,564
|
)
|
||||
Total Decrease in Net Assets
|
(2,214,952
|
)
|
(15,926,273
|
)
|
||||
Net Assets
|
||||||||
Beginning of period
|
25,982,742
|
41,909,015
|
||||||
End of period
|
$
|
23,767,790
|
$
|
25,982,742
|
Financial Highlights
|
Six Months Ended
|
||||
June 30, 2023
|
||||
(Unaudited)
|
||||
Net Asset Value, Beginning of Period
|
$
|
16.38
|
||
Income (loss) from investment operations:
|
||||
Net investment income(1)
|
0.19
|
|||
Net realized and unrealized gain (loss)
|
0.35
|
|||
Total from investment operations
|
0.54
|
|||
Less distributions:
|
||||
From net investment income
|
(0.05
|
)
|
||
From net realized gains
|
—
|
|||
Total distributions paid
|
(0.05
|
)
|
||
Net Asset Value, End of Period
|
$
|
16.87
|
||
Total Return(2)(4)
|
3.30
|
%
|
||
Ratios and Supplemental Data:
|
||||
Net assets, end of period (in thousands)
|
$
|
5,188
|
||
Ratios of expenses to average net assets:
|
||||
After waivers and reimbursements of expenses(5)
|
1.00
|
%
|
||
Before waivers and reimbursements of expenses(5)
|
2.07
|
%
|
||
Ratio of net investment income (loss) to average net assets(5)
|
1.22
|
%
|
||
Portfolio turnover rate(4)
|
13
|
%
|
(1)
|
Net investment income has been computed using the average shares method.
|
(2)
|
Total return in the table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. Excludes the effect of applicable sales charges.
|
(3)
|
Net realized and unrealized gain (loss) includes litigation proceeds which amounted to $0.58 per share, excluding these litigation proceeds, the total return would have been 46.27%.
|
(4)
|
Not annualized for periods less than one year.
|
(5)
|
Annualized for periods less than one year.
|
Year Ended December 31,
|
||||||||||||||||||
2022
|
2021
|
2020
|
2019
|
2018
|
||||||||||||||
$
|
25.13
|
$
|
17.17
|
$
|
18.97
|
$
|
16.69
|
$
|
18.85
|
|||||||||
0.28
|
0.11
|
0.24
|
0.29
|
0.28
|
||||||||||||||
(7.69
|
)
|
8.43
|
(1.07
|
)
|
4.62
|
(1.74
|
)
|
|||||||||||
(7.41
|
)
|
8.54
|
(0.83
|
)
|
4.91
|
(1.46
|
)
|
|||||||||||
(0.32
|
)
|
(0.43
|
)
|
—
|
(0.47
|
)
|
(0.32
|
)
|
||||||||||
(1.02
|
)
|
(0.15
|
)
|
(0.97
|
)
|
(2.16
|
)
|
(0.38
|
)
|
|||||||||
(1.34
|
)
|
(0.58
|
)
|
(0.97
|
)
|
(2.63
|
)
|
(0.70
|
)
|
|||||||||
$
|
16.38
|
$
|
25.13
|
$
|
17.17
|
$
|
18.97
|
$
|
16.69
|
|||||||||
-29.69
|
%
|
49.85
|
%(3)
|
-4.31
|
%
|
29.73
|
%
|
-7.77
|
%
|
|||||||||
$
|
6,110
|
$
|
9,616
|
$
|
6,735
|
$
|
11,255
|
$
|
15,715
|
|||||||||
1.00
|
%
|
1.00
|
%
|
1.00
|
%
|
1.00
|
%
|
1.00
|
%
|
|||||||||
1.67
|
%
|
1.68
|
%
|
1.42
|
%
|
1.18
|
%
|
1.09
|
%
|
|||||||||
0.70
|
%
|
(0.17
|
)%
|
1.03
|
%
|
1.46
|
%
|
1.56
|
%
|
|||||||||
26
|
%
|
20
|
%
|
29
|
%
|
19
|
%
|
52
|
%
|
Financial Highlights
|
Six Months Ended
|
||||
June 30, 2023
|
||||
(Unaudited)
|
||||
Net Asset Value, Beginning of Period
|
$
|
16.44
|
||
Income (loss) from investment operations:
|
||||
Net investment income(1)
|
0.20
|
|||
Net realized and unrealized gain (loss)
|
0.34
|
|||
Total from investment operations
|
0.54
|
|||
Less distributions:
|
||||
From net investment income
|
(0.05
|
)
|
||
From net realized gains
|
—
|
|||
Total distributions paid
|
(0.05
|
)
|
||
Net Asset Value, End of Period
|
$
|
16.93
|
||
Total Return(2)(4)
|
3.29
|
%
|
||
Ratios and Supplemental Data:
|
||||
Net assets, end of period (in thousands)
|
$
|
18,579
|
||
Ratios of expenses to average net assets:
|
||||
After waivers and reimbursements of expenses(5)
|
1.00
|
%
|
||
Before waivers and reimbursements of expenses(5)
|
2.08
|
%
|
||
Ratio of net investment income (loss) to average net assets(5)
|
1.32
|
%
|
||
Portfolio turnover rate(4)
|
13
|
%
|
(1)
|
Net investment income has been computed using the average shares method.
|
(2)
|
Total return in the table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. Excludes the effect of applicable sales charges.
|
(3)
|
Net realized and unrealized gain (loss) includes litigation proceeds which amounted to $0.59 per share, excluding these litigation proceeds, the total return would have been 46.00%.
|
(4)
|
Not annualized for periods less than one year.
|
(5)
|
Annualized for periods less than one year.
|
Year Ended December 31,
|
||||||||||||||||||
2022
|
2021
|
2020
|
2019
|
2018
|
||||||||||||||
$
|
25.19
|
$
|
17.22
|
$
|
19.08
|
$
|
16.77
|
$
|
18.94
|
|||||||||
0.24
|
0.05
|
0.21
|
0.24
|
0.23
|
||||||||||||||
(7.70
|
)
|
8.44
|
(1.10
|
)
|
4.65
|
(1.75
|
)
|
|||||||||||
(7.46
|
)
|
8.49
|
(0.89
|
)
|
4.89
|
(1.52
|
)
|
|||||||||||
(0.27
|
)
|
(0.37
|
)
|
—
|
(0.42
|
)
|
(0.27
|
)
|
||||||||||
(1.02
|
)
|
(0.15
|
)
|
(0.97
|
)
|
(2.16
|
)
|
(0.38
|
)
|
|||||||||
(1.29
|
)
|
(0.52
|
)
|
(0.97
|
)
|
(2.58
|
)
|
(0.65
|
)
|
|||||||||
$
|
16.44
|
$
|
25.19
|
$
|
17.22
|
$
|
19.08
|
$
|
16.77
|
|||||||||
-29.79
|
%
|
49.44
|
%(3)
|
-4.60
|
%
|
29.42
|
%
|
-8.06
|
%
|
|||||||||
$
|
19,873
|
$
|
32,293
|
$
|
22,979
|
$
|
32,864
|
$
|
43,946
|
|||||||||
1.19
|
%
|
1.25
|
%
|
1.25
|
%
|
1.27
|
%
|
1.29
|
%
|
|||||||||
1.86
|
%
|
1.93
|
%
|
1.64
|
%
|
1.38
|
%
|
1.29
|
%
|
|||||||||
0.49
|
%
|
(0.42
|
)%
|
0.86
|
%
|
1.23
|
%
|
1.27
|
%
|
|||||||||
26
|
%
|
20
|
%
|
29
|
%
|
19
|
%
|
52
|
%
|
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 Terra Firma US Concentrated Realty Equity Fund (the “Fund”) represents a distinct non-diversified series with its own investment objective and policies within the
Trust. The primary investment objective of the Fund is long-term capital appreciation, with current income, including interest and dividends from portfolio securities, as a secondary objective. The Trust may issue an unlimited number of
shares of beneficial interest at $0.001 par value. The assets of the Fund are segregated, and a shareholder’s interest is limited to the fund in which shares are held.
|
|
The Fund currently offers Institutional Class shares and Open Class shares. Institutional Class shares and Open Class shares are made available through investment advisers, banks, trust companies or
authorized representatives without a sales charge. Open Class shares are subject to a 0.25% distribution fee under a distribution plan pursuant to Rule 12b-1 under the 1940 Act. Institutional Class shares are not subject to a distribution
fee.
|
|
Pursuant to a tax-free reorganization that took place after the close of business on June 19, 2020 (the “Reorganization”), the Fund is the successor to the Lazard US Realty Equity Portfolio, a series of The
Lazard Funds, Inc. (the “Predecessor Portfolio”). The Predecessor Portfolio had substantially the same investment objectives, strategies and policies as the Fund.
|
|
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic
946 “Financial Services — Investment Companies”.
|
|
2.
|
Significant Accounting Policies
|
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted
accounting principles (“GAAP”).
|
|
(a) Investment Valuation
|
|
Each security owned by the Fund that is listed on a securities exchange, except for securities listed on the NASDAQ Stock Market LLC (“NASDAQ”), is valued at its last sale price on that exchange on the date
as of which assets are valued. When the security is listed on more than one exchange, the Fund will use the price of the exchange that the Fund generally considers to be the principal exchange on which the security is traded.
|
|
Fund securities listed on NASDAQ will be valued at the NASDAQ Official Closing Price (“NOCP”), which may not necessarily represent the last sale price. If the NOCP is not available, such securities shall be
valued at the last sale price on the day of valuation. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at (i) the mean between the most recent quoted bid and asked prices at the close of the
exchange on such day or (ii) 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 over-the counter markets as published by a pricing
service.
|
|
If market quotations are not readily available, any security or other asset will be valued at its fair value in accordance with Rule 2a-5 of the 1940 Act as determined under the Adviser's fair value
procedures, subject to oversight by the 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 Fund is accurately priced. The Adviser will regularly evaluate whether the Fund’s fair
value pricing procedures continue to be appropriate in light of the specific circumstances of the Fund and the quality of prices obtained through their application of such procedures.
|
|
In the case of foreign securities, the occurrence of certain events after the close of foreign markets, but prior to the time the Fund’s net asset value (“NAV”) is calculated (such as a significant surge or
decline in the U.S. or other markets) often will result in an adjustment to the trading prices of foreign securities when foreign markets open on the following business day. If such events occur, the Fund will value foreign securities at
fair value, taking into account such events, in calculating the NAV. In such cases, use of fair valuation can reduce an investor’s ability to seek to profit by estimating the Fund’s NAV in advance of the time the NAV is calculated.
|
|
Redeemable securities issued by open-end, registered investment companies are valued at the NAVs of such companies for purchase and/or redemption orders placed on that day. If, on a particular day, a share of
an investment company is not listed on NASDAQ, such security’s fair value will be determined. Money market mutual funds are valued at cost. If cost does not represent current market value the securities will be priced at fair value.
|
|
FASB Accounting Standards Codification, “Fair Value Measurements and Disclosures” Topic 820 (“ASC 820”), establishes an authoritative definition of fair value and sets out a hierarchy for measuring fair
value. ASC 820 requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be
determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. ASC 820 also requires enhanced disclosures regarding the inputs and valuation techniques used to measure fair value in those instances
as well as expanded disclosure of valuation levels for each class of investments. These inputs are summarized in the three broad levels listed below:
|
Level 1—
|
Quoted prices in active markets for identical securities.
|
||
Level 2—
|
Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
|
||
Level 3—
|
Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the
Fund’s investments carried at fair value as of June 30, 2023:
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||
Assets
|
|||||||||||||||||
Common Stocks
|
$
|
1,964,920
|
$
|
—
|
$
|
—
|
$
|
1,964,920
|
|||||||||
Real Estate
|
|||||||||||||||||
Investment Trusts
|
21,088,562
|
—
|
—
|
21,088,562
|
|||||||||||||
Preferred Stocks
|
60,840
|
—
|
—
|
60,840
|
|||||||||||||
Short-Term Investments
|
606,842
|
—
|
—
|
606,842
|
|||||||||||||
Total Investments
|
$
|
23,721,164
|
$
|
—
|
$
|
—
|
$
|
23,721,164
|
For further detail on each asset class, see Schedule of Investments.
|
|
The Fund measures Level 3 activity as of the end of the period. For the six months ended June 30, 2023, the Fund 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 Fund did not hold financial derivative instruments during the reporting period.
|
|
(b) Foreign Securities and Currency Transactions
|
|
Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and
income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.
|
|
The Fund does not isolate the portion of the results of operations from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held.
Realized foreign exchange gains or losses arising from sales of portfolio securities and sales and maturities of short-term securities are reported within realized gain (loss) on investments. Net unrealized foreign exchange gains and losses
arising from changes in the values of investments in securities from fluctuations in exchange rates are reported within unrealized gain (loss) on investments.
|
|
(c) Federal Income Taxes
|
|
The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company and to make the requisite
distributions of income and capital gains to its shareholders sufficient to relieve it from all or substantially all federal income taxes. Therefore, no federal income tax provision has been provided.
|
|
As of and during the year ended December 31, 2022, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to uncertain tax benefits as
income tax expense in the Statement of
|
Operations. During the year, the Fund did not incur any interest or penalties. The Fund is not subject to examination by U.S. taxing authorities for tax periods prior to the year ended December 31, 2019.
|
|
(d) Distributions to Shareholders
|
|
The Fund will distribute any net investment income and any net realized long- or short-term capital gains at least annually, typically during the month of December. Distributions from net realized gains for
book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes. Distributions to shareholders are recorded on the ex-dividend date. The Fund may make additional
distributions if it deems it desirable at another time during the year. Income and capital gains distributions may differ from GAAP, primarily due to timing differences in the recognition of income, gains and losses by the Fund.
|
|
Because the real estate investment trusts (“REITs”) in which the Fund invests do not provide complete information about the taxability of their distributions until after the calendar year-end, the Fund may
not be able to determine how much of its distributions are taxable to shareholders until after the January 31st deadline for issuing Form 1099-DIV. As a result, the Fund may request permission from the Internal Revenue Service each year for
an extension of time to issue Form 1099-DIV until February 28th.
|
|
(e) 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.
|
|
(f) Share Valuation
|
|
The NAV per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the
total number of shares outstanding for the Fund, rounded to the nearest cent. The Fund’s shares will not be priced on the days on which the NYSE is closed for trading.
|
|
(g) Allocation of Income, Expenses and Gains/Losses
|
|
Income, expenses (other than those deemed attributable to a specific share class), and gains and losses of the Fund are allocated daily to each class of shares based upon the ratio of net assets represented
by each class as a percentage of the net assets of the Fund. Expenses deemed directly attributable to a class of shares are recorded by the specific class. Most Fund expenses are allocated by class based on relative net assets. Distribution
fees are expensed at 0.25% of average daily net assets of the Open Class shares. Expenses associated with a specific series in the Trust are charged to that series. Expenses are recognized on an accrual basis. Common Trust expenses are
typically allocated evenly between the series of the Trust, or by other equitable means.
|
(h) Other
|
|
Investment transactions are recorded on the trade date. The Fund determines the gain or loss from investment transactions on the identified cost basis by comparing the original cost of the security lot sold
with the net sale proceeds. Dividend income, less foreign withholding tax, is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Withholding taxes on foreign dividends have been provided for in
accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Distributions received from the Fund’s investments in REITs are comprised of ordinary income, capital gains and return of capital, as applicable. For
financial statement purposes, the Fund uses estimates to characterize these distributions received as return of capital, capital gains or ordinary income. Such estimates are based on historical information available from the REIT and other
industry sources. These estimates may subsequently be revised based on information received for the security after its tax reporting periods are concluded, as the actual character of these distributions is not known until after the fiscal
year end of the 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 years ended December 31, 2022 and December 31, 2021, were as follows:
|
Year Ended
|
Year Ended
|
||||||||
December 31, 2022
|
December 31, 2021
|
||||||||
Distributions paid from:
|
|||||||||
Ordinary Income(1)
|
$
|
410,383
|
$
|
864,108
|
|||||
Long-Term Capital Gain
|
1,547,315
|
—
|
|||||||
Total Distributions paid
|
$
|
1,957,698
|
$
|
864,108
|
(1) Ordinary Income includes short-term capital gains.
|
|
The Fund designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Fund related to net capital gain to
zero for the tax years ended December 31, 2022 and December 31, 2021.
|
As of December 31, 2022, the components of accumulated earnings on a tax basis were as follows:
|
Cost basis of investment for Federal income tax purposes
|
$
|
24,545,092
|
|||
Gross tax unrealized appreciation
|
4,073,936
|
||||
Gross tax unrealized depreciation
|
(2,550,235
|
)
|
|||
Net tax unrealized appreciation
|
1,523,701
|
||||
Undistributed ordinary income
|
—
|
||||
Undistributed long-term capital gain
|
85,245
|
||||
Total accumulated gains
|
85,245
|
||||
Other accumulated gain/(loss)
|
—
|
||||
Total distributable earnings
|
$
|
1,608,946
|
The difference between book cost of investments and tax cost of investments is attributable primarily to the tax deferral of losses on wash sales.
|
|
The Fund utilized $520,440 of capital loss carryovers during the fiscal year ended December 31, 2022.
|
|
At December 31, 2022, the Fund had capital loss carryovers of $14,930,072 which have an unlimited carryover period. The entire $14,930,072 is subject to certain change-of-ownership rules and can be utilized
subject to an annual limitation of $520,440. To the extent the Fund realizes future capital gains, taxable distributions will be first offset by any available capital loss carryovers in such year.
|
|
Additionally, U.S. generally accepted accounting principles require 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 December 31, 2022, the following table shows the reclassifications made:
|
Paid in Capital
|
Total Distributable Earnings
|
|
$520,440
|
$(520,440)
|
4.
|
Investment Adviser
|
The Trust entered into an Investment Advisory Agreement (the “Agreement”) with Terra Firma Asset Management, LLC (the “Adviser”) to furnish investment advisory services to the Fund. Under the terms of the
Agreement, the Trust, on behalf of the Fund, compensates the Adviser for its investment advisory services at an annual rate 0.75% of the Fund’s average daily net assets payable on a monthly basis.
|
|
The Adviser has contractually agreed to waive its management fees and/or reimburse expenses of the Fund to ensure that the total amount of the Fund’s operating expenses (exclusive of any front-end or
contingent deferred loads, Rule 12b-1 plan fees, shareholder servicing plan fees, taxes, leverage expenses (i.e., any expenses incurred in connection with borrowings made by the Fund), interest (including interest
|
incurred in connection with bank and custody overdrafts), brokerage commissions and other transactional expenses, acquired fund fees and expenses, dividends or interest expenses on short positions, expenses incurred in connection with
any merger or reorganization, or extraordinary expenses such as litigation) do not exceed 1.00% of the Fund’s average net assets, through at least May 1, 2030, and subject thereafter to annual re-approval of the agreement by the Board of
Trustees.
|
|
Any such waiver or reimbursement is subject to later adjustment to allow the Adviser to recoup amounts waived or reimbursed to the extent actual fees and expenses for a fiscal period do not exceed the lesser
of: (1) the expense limitation in place at the time of the waiver or reimbursement; or (2) the expense limitation in place at the time of the recoupment; provided, however, that the Adviser shall only be entitled to recoup such amounts over
the following three-year period from the date of the waiver or reimbursement. The following table shows the waivers per class that are subject to potential recovery expiring on:
|
Institutional Class
|
Open Class
|
||||||||
December 31, 2023
|
$
|
20,142
|
$
|
67,550
|
|||||
December 31, 2024
|
$
|
53,424
|
$
|
177,928
|
|||||
December 31, 2025
|
$
|
51,713
|
$
|
164,034
|
|||||
June 30, 2026
|
$
|
29,438
|
$
|
103,723
|
5.
|
Distribution Plan
|
The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plan”), on behalf of the Fund, which authorizes it to pay Quasar Distributors, LLC (the “Distributor”), the Fund’s
distributor and principal underwriter. Pursuant to the 12b-1 Plan, the Distributor receives a distribution fee of 0.25% of the average daily net assets of the Open Class shares for services to prospective Fund shareholders and distribution
of Fund shares. As of and during the six months ended June 30, 2023, the Fund accrued, and owed expenses related to the 12b-1 Plan as presented in the Statement of Operations and Statement of Assets and Liabilities, respectively, as
follows:
|
Fees Expensed
|
Fees Owed
|
||||||||
Open Class
|
$
|
0
|
$
|
13,048
|
6.
|
Related Party Transactions
|
U.S. Bancorp Fund Services, LLC doing business as U.S. Bank Global Fund Services (“Fund Services” or the “Administrator”) acts as the Fund’s Administrator under an “Administration Agreement”. The
Administrator prepares various federal and state regulatory filings, reports and returns for the Fund; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Fund’s custodian, transfer agent and
accountants; coordinates the preparation and payment of the Fund’s expenses; and reviews the Fund’s expense accruals. Fund Services also serves as the fund accountant and transfer agent to the Fund. The Trust’s Chief Compliance Officer is
also an employee of Fund Services. U.S. Bank National Association (“U.S. Bank”), an affiliate of Fund Services, serves as the Fund’s custodian. During the six
|
months ended June 30, 2023, the Fund incurred expenses of $89,872 related to the Administration Agreement, Transfer Agent Agreement, Fund Accounting Agreement and Custody Agreement. During the six months ended June 30, 2023, the Fund
incurred expenses of $7,421 related to the CCO fees. As of June 30, 2023, $15,365 was owed to Fund Services and U.S. Bank.
|
|
The Fund also has a line of credit with U.S. Bank (see Note 9).
|
|
Certain officers of the Fund are also employees of Fund Services.
|
|
7.
|
Capital Share Transactions
|
Transaction in shares of the Fund were as follows:
|
Six Months Ended
|
Year Ended
|
||||||||
June 30, 2023
|
December 31, 2022
|
||||||||
Institutional Class
|
|||||||||
Shares sold
|
878
|
13,244
|
|||||||
Shares reinvested
|
917
|
27,752
|
|||||||
Shares redeemed
|
(67,243
|
)
|
(50,720
|
)
|
|||||
Net decrease
|
(65,448
|
)
|
(9,724
|
)
|
|||||
Open Class
|
|||||||||
Shares sold
|
3,132
|
28,161
|
|||||||
Shares reinvested
|
3,290
|
85,402
|
|||||||
Shares redeemed
|
(117,964
|
)
|
(186,426
|
)
|
|||||
Net decrease
|
(111,542
|
)
|
(72,863
|
)
|
8.
|
Investment Transaction
|
The aggregate purchases and sales of securities, excluding short-term investments, for the Fund for the six months ended June 30, 2023, were $3,238,009 and $6,504,850, respectively. There were no purchases or
sales of U.S. government securities for the Fund.
|
|
9.
|
Line of Credit
|
The Fund has a line of credit with maximum borrowing for the lesser of 20% of the fair value of unencumbered net assets of the Fund or $6,000,000, which expires on August 5, 2023. This line of credit is
intended to provide short-term financing, if necessary, in connection with shareholder redemptions, and subject to certain restrictions and is secured by the Fund’s investments. Interest will accrue at the prime rate at the time of the
loan. The credit facility is with the Fund’s custodian, U.S. Bank.
|
|
The following table provides information regarding the usage of the line of credit from January 1, 2023 through June 30, 2023.
|
Average Amount
|
Interest
|
Maximum Amount
|
Date of
|
||
Days Utilized
|
of Borrowing
|
Expense*
|
of Borrowing
|
Maximum Borrowing
|
|
4
|
$458,750
|
$395
|
$611,000
|
2/22/23
|
* Interest expense is reported on Statement of Operations.
|
10.
|
Recent Market Events
|
U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors
including rising inflation, uncertainty regarding central banks’ interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine and the impact of the
coronavirus (COVID-19) global pandemic. The global recovery from COVID-19 may last for an extended period of time. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and
the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market
volatility and may continue to do so. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of
securities exchanges and other markets, despite government efforts to address market disruptions. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on your account.
|
|
11.
|
Subsequent Events
|
The Fund has evaluated events and transactions that have occurred subsequent to June 30, 2023 and determined there were no subsequent events that would require recognition or disclosure in financial
statements.
|
•
|
information we receive about you on applications or other forms;
|
•
|
information you give us orally; and
|
•
|
information about your transactions with us or others.
|
•
|
social security numbers;
|
•
|
account balances;
|
•
|
account transactions;
|
•
|
transaction history;
|
•
|
wire transfer instructions; and
|
•
|
checking account information.
|
Other
|
|||||
Term of
|
Number of
|
Directorships
|
|||
Office and
|
Portfolios
|
Principal
|
Held by
|
||
Name,
|
Position(s)
|
Length
|
in Trust
|
Occupation(s)
|
Trustee
|
Address and
|
Held with
|
of Time
|
Overseen
|
During the
|
During the
|
Year of Birth
|
the Trust
|
Served
|
by Trustee
|
Past Five Years
|
Past Five Years
|
Independent Trustees
|
|||||
Michael D.
|
Trustee
|
Indefinite
|
27
|
Professor
|
Independent
|
Akers, Ph.D.
|
Term; Since
|
Emeritus,
|
Trustee, USA
|
||
615 E. Michigan St.
|
August 22,
|
Department of
|
MUTUALS
|
||
Milwaukee, WI 53202
|
2001
|
Accounting (June
|
(an open-end
|
||
Year of Birth: 1955
|
2019–Present),
|
investment
|
|||
Professor,
|
company)
|
||||
Department
|
(2001–2021).
|
||||
of Accounting
|
|||||
(2004–2019),
|
|||||
Marquette
|
|||||
University.
|
Other
|
|||||
Term of
|
Number of
|
Directorships
|
|||
Office and
|
Portfolios
|
Principal
|
Held by
|
||
Name,
|
Position(s)
|
Length
|
in Trust
|
Occupation(s)
|
Trustee
|
Address and
|
Held with
|
of Time
|
Overseen
|
During the
|
During the
|
Year of Birth
|
the Trust
|
Served
|
by Trustee
|
Past Five Years
|
Past Five Years
|
Gary A. Drska
|
Trustee
|
Indefinite
|
27
|
Retired;
|
Independent
|
615 E. Michigan St.
|
Term; Since
|
Former Pilot,
|
Trustee, USA
|
||
Milwaukee, WI 53202
|
August 22,
|
Frontier/Midwest
|
MUTUALS
|
||
Year of Birth: 1956
|
2001
|
Airlines, Inc.
|
(an open-end
|
||
(airline company)
|
investment
|
||||
(1986–2021).
|
company)
|
||||
(2001–2021).
|
|||||
Vincent P. Lyles
|
Trustee
|
Indefinite
|
27
|
Executive Director,
|
Independent
|
615 E. Michigan St.
|
Term; Since
|
Milwaukee
|
Director, BMO
|
||
Milwaukee, WI 53202
|
April 6,
|
Succeeds
|
Funds, Inc.
|
||
Year of Birth: 1961
|
2022
|
(education
|
(an open-end
|
||
advocacy
|
investment
|
||||
organization)
|
company)
|
||||
(2023–present);
|
(2017–2022).
|
||||
System Vice
|
|||||
President of
|
|||||
Community
|
|||||
Relations,
|
|||||
Advocate Aurora
|
|||||
Health Care
|
|||||
(health care
|
|||||
provider) (2019–
|
|||||
2022); President
|
|||||
and Chief Executive
|
|||||
Officer, Boys & Girls
|
|||||
Club of Greater
|
|||||
Milwaukee
|
|||||
(2012–2018).
|
|||||
Erik K. Olstein
|
Trustee
|
Indefinite
|
27
|
Retired; President
|
Trustee, The
|
615 E. Michigan St.
|
Term; Since
|
and Chief
|
Olstein Funds
|
||
Milwaukee, WI 53202
|
April 6,
|
Operating Officer
|
(an open-end
|
||
Year of Birth: 1967
|
2022
|
(2000–2020),
|
investment
|
||
Vice President of
|
company)
|
||||
Sales and Chief
|
(1995–2018).
|
||||
Operating Officer
|
|||||
(1995–2000),
|
|||||
Olstein Capital
|
|||||
Management, L.P.
|
|||||
(asset management
|
|||||
firm); Secretary and
|
|||||
Assistant Treasurer,
|
|||||
The Olstein Funds
|
|||||
(1995–2018).
|
Other
|
|||||
Term of
|
Number of
|
Directorships
|
|||
Office and
|
Portfolios
|
Principal
|
Held by
|
||
Name,
|
Position(s)
|
Length
|
in Trust
|
Occupation(s)
|
Trustee
|
Address and
|
Held with
|
of Time
|
Overseen
|
During the
|
During the
|
Year of Birth
|
the Trust
|
Served
|
by Trustee
|
Past Five Years
|
Past Five Years
|
Lisa Zúñiga Ramírez
|
Trustee
|
Indefinite
|
27
|
Retired; Principal
|
N/A
|
615 E. Michigan St.
|
Term; Since
|
and Senior
|
|||
Milwaukee, WI 53202
|
April 6,
|
Portfolio Manager,
|
|||
Year of Birth: 1969
|
2022
|
Segall, Bryant &
|
|||
Hamill, LLC (asset
|
|||||
management firm)
|
|||||
(2018–2020);
|
|||||
Partner and Senior
|
|||||
Portfolio Manager,
|
|||||
Denver Investments
|
|||||
LLC (asset
|
|||||
management firm)
|
|||||
(2009–2018).
|
|||||
Gregory M. Wesley
|
Trustee
|
Indefinite
|
27
|
Senior Vice
|
N/A
|
615 E. Michigan St.
|
Term; Since
|
President of
|
|||
Milwaukee, WI 53202
|
April 6,
|
Strategic Alliances
|
|||
Year of Birth: 1969
|
2022
|
and Business
|
|||
Development,
|
|||||
Medical College of
|
|||||
Wisconsin (2016–
|
|||||
present).
|
|||||
Officers
|
|||||
John P. Buckel*
|
Chairperson,
|
Indefinite
|
N/A
|
Vice President,
|
N/A
|
615 E. Michigan St.
|
Trustee,
|
Term;
|
U.S. Bancorp
|
||
Milwaukee, WI 53202
|
President
|
Chairperson
|
Fund Services,
|
||
Year of Birth: 1957
|
and
|
and Trustee
|
LLC (2004–
|
||
Principal
|
(Since
|
present).
|
|||
Executive
|
January 19,
|
||||
Officer
|
2023);
|
||||
President
|
|||||
and Principal
|
|||||
Executive
|
|||||
Officer
|
|||||
(Since
|
|||||
January 14,
|
|||||
2013)
|
|||||
Jennifer A. Lima
|
Vice
|
Indefinite
|
N/A
|
Vice President,
|
N/A
|
615 E. Michigan St.
|
President,
|
Term; Since
|
U.S. Bancorp
|
||
Milwaukee, WI 53202
|
Treasurer
|
January 24,
|
Fund Services,
|
||
Year of Birth: 1974
|
and
|
2013
|
LLC (2002–
|
||
Principal
|
present).
|
||||
Financial
|
|||||
and
|
|||||
Accounting
|
|||||
Officer
|
Other
|
|||||
Term of
|
Number of
|
Directorships
|
|||
Office and
|
Portfolios
|
Principal
|
Held by
|
||
Name,
|
Position(s)
|
Length
|
in Trust
|
Occupation(s)
|
Trustee
|
Address and
|
Held with
|
of Time
|
Overseen
|
During the
|
During the
|
Year of Birth
|
the Trust
|
Served
|
by Trustee
|
Past Five Years
|
Past Five Years
|
Deanna B. Marotz
|
Chief
|
Indefinite
|
N/A
|
Senior Vice
|
N/A
|
615 E. Michigan St.
|
Compliance
|
Term; Since
|
President, U.S.
|
||
Milwaukee, WI 53202
|
Officer,
|
October 21,
|
Bancorp Fund
|
||
Year of Birth: 1965
|
Senior Vice
|
2021
|
Services, LLC
|
||
President
|
(2021–present);
|
||||
and
|
Chief Compliance
|
||||
Anti-Money
|
Officer,
|
||||
Laundering
|
Keeley-Teton
|
||||
Officer
|
Advisors, LLC and
|
||||
Teton Advisors, Inc
|
|||||
(2017–2021).
|
|||||
Jay S. Fitton
|
Secretary
|
Indefinite
|
N/A
|
Assistant Vice
|
N/A
|
615 E. Michigan St.
|
Term; Since
|
President, U.S.
|
|||
Milwaukee, WI 53202
|
July 22,
|
Bancorp Fund
|
|||
Year of Birth: 1970
|
2019
|
Services, LLC
|
|||
(2019–present);
|
|||||
Partner, Practus,
|
|||||
LLP (2018–2019);
|
|||||
Counsel, Drinker
|
|||||
Biddle & Reath, LLP
|
|||||
(2016–2018).
|
|||||
Kelly A. Strauss
|
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).
|
|||||
Laura A. Carroll
|
Assistant
|
Indefinite
|
N/A
|
Assistant Vice
|
N/A
|
615 E. Michigan St.
|
Treasurer
|
Term; Since
|
President, U.S.
|
||
Milwaukee, WI 53202
|
August 20,
|
Bancorp Fund
|
|||
Year of Birth: 1985
|
2018
|
Services, LLC
|
|||
(2007–present).
|
|||||
Shannon Coyle
|
Assistant
|
Indefinite
|
N/A
|
Officer, U.S.
|
N/A
|
615 E. Michigan St.
|
Treasurer
|
Term; Since
|
Bancorp Fund
|
||
Milwaukee, WI 53202
|
August 26,
|
Services, LLC
|
|||
Year of Birth: 1990
|
2022
|
(2015–present).
|
(a)
|
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
|
(b)
|
Not Applicable.
|
(a)
|
The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of
this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.
|
(b)
|
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the last fiscal half-year covered by this report that has materially affected, or is
reasonably likely to materially affect, the Registrant's internal control over financial reporting.
|
(a)
|
(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2
requirements through filing an exhibit. Incorporated by reference to the Registrant’s Form N-CSR filed September 2, 2020.
|
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
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of
directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control
over financial reporting.
|
Date: 8/28/2023 |
/s/ John Buckel |
|
John Buckel |
President |
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
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of
directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control
over financial reporting.
|
Date: 8/28/2023 |
/s/ Jennifer Lima |
|
Jennifer Lima |
President |
/s/ John Buckel John Buckel
President, Trust for Professional Managers
|
/s/ Jennifer Lima
Jennifer Lima
Treasurer, Trust for Professional Managers
|
Dated: 8/28/2023
|
Dated: 8/28/2023
|
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