Trust for Professional Managers (APIE) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10401

Trust for Professional Managers
(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee

, WI  53202

  
(Address of principal executive offices) (Zip code)

Jay S. Fitton

U.S. Bancorp Fund Services, LLC

 615 East Michigan Street

Milwaukee

, WI  53202

(Name and address of agent for service)

(513) 629-8104

Registrant's telephone number, including area code

Date of fiscal year end: November 30, 2023

Date of reporting period:  May 31, 2023

Item 1. Reports to Stockholders.

(a)

Rockefeller

Climate

Solutions

Fund

Semi-Annual

Report

May

31,

2023

Investment

Adviser

Rockefeller

&

Co.

LLC

45

Rockefeller

Plaza,

5th

Floor

New

York,

New

York

10111

Table

of

Contents

Letter

to

Shareholders

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3

Expense

Example

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6

INVESTMENT

HIGHLIGHTS

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8

Schedule

of

Investments

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11

Statement

of

Assets

and

Liabilities

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14

Statement

of

Operations

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15

Statements

of

Changes

in

Net

Assets

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16

Financial

Highlights

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17

Notes

to

Financial

Statements

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19

Statement

Regarding

Liquidity

Risk

Management

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27

Additional

Information

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28

3

Dear

Shareholder:

The

MSCI

All-Country

World

Index

(net

dividends)

(“MSCI

ACWI”)

increased

3.44%

during

the

six

months

ended

May

31,

2023,

as

the

market

positively

inflected

at

the

tail

end

of

2022

and

into

2023,

reflecting

better-than-expected

economic

data

and

earnings

results,

the

prospect

of

China

re-opening,

and

an

overall

higher

appetite

for

risk

following

a

transitional

period

during

2022.

The

market

proved

to

be

resilient

during

the

collapses

of

Silvergate

Bank,

Silicon

Valley

Bank,

and

Signature

Bank,

which

raised

doubts

about

the

solvency

of

US

regional

banks.

From

February

28,

2023

to

March

17,

2023,

the

S&P

500

Financials

Index

(“S&P

500

Financials”)

fell

approximately

14%

as

investors

fled

the

sector

given

the

uncertain

outlook.

Fear

permeated

into

the

European

markets

and

acutely

impacted

Credit

Suisse,

which

was

already

struggling

prior

to

the

US

regional

bank

run,

leading

to

its

forced

marriage

to

UBS.

For

now,

it

appears

that

confidence

in

banks

has

stabilized

following

these

acquisitions,

deposit

guarantees

from

the

Federal

Deposit

Insurance

Corporation

(FDIC),

and

the

creation

of

the

Bank

Term

Funding

Program

(BTFP)

for

U.S.

depository

institutions.

The

supply

chain

shortages,

aggressive

stimulus

and

monetary

policy

during

the

COVID-19

pandemic

created

meaningful

inflationary

pressures

on

US

consumers.

U.S.

Consumer

Price

Index

(“CPI”)

has

come

down

from

its

peak

of

9.1%

in

June

2022

but

remains

elevated

and

an

important

factor

in

consumer

sentiment.

The

U.S.

Federal

Reserve’s

(Fed),

and

other

central

bank’s

chief

weapon

to

stamp

out

inflation

has

been

to

increase

interest

rates,

and

rate

hikes

are

likely

to

continue

throughout

the

back-half

of

2023,

increasing

the

risk

of

negatively

impacting

global

growth

and

drifting

economies

into

a

possible

recession.

Global

Economy

:

A

key

question

remains

as

to

whether

central

banks

can

balance

rate

hike

increases

to

slow

down

continued

inflation

while

not

stunting

economic

growth,

now

complicated

by

the

failure

of

several

US

banks

in

March

and

fears

around

the

outlook

for

financial

institutions

of

all

sizes.

Economic

indicators

are

a

mixed

bag,

as

the

strength

of

the

US

economy

continues

to

avoid

a

highly

anticipated

economic

recession.

However,

earnings

revisions

may

continue

to

drift

lower

as

companies

deal

with

volume

challenges,

inventory

destocking,

and

lingering

input

costs.

The

energy

crisis

seen

in

Europe

in

2022

appears

through

the

worst

of

it

but

has

caused

short-term

gyrations

in

energy

use,

including

extending

the

life

of

nuclear

assets

set

for

retirement

(Germany,

Belgium)

and

higher

use

of

coal

for

electricity

generation.

The

economic

uncertainties

presented

by

these

events

appear

to

be

creating

long-term

opportunities

for

lower-carbon

solutions

and

investments,

as

these

can

reduce

energy

dependencies

at

lower

costs

in

most

geographies.

The

focus

on

decarbonization

is

becoming

clearer

and

once

again

a

priority

for

governments

and

corporations

racked

by

these

energy

impacts

over

the

past

year.

In

March,

the

Intergovernmental

Panel

on

Climate

Change

(IPCC)

released

its

sixth

and

final

report

of

the

cycle,

highlighting

that

while

progress

has

been

made

by

nations

around

the

world,

all

of

the

commitments

today

are

still

insufficient

to

avoid

breaching

the

1.5°C

level.

The

panel

concluded

that

more

must

be

done

and

done

quickly

to

avoid

the

irreversible

changes

to

ecosystems

around

the

world.

Rockefeller

Climate

Solutions

Fund

(“Fund”):

For

the

six

month

fiscal

period

ended

May

31,

2023,

the

Institutional

Class

shares

of

the

Fund

returned

4.76%

(net)

versus

the

MSCI

ACWI

(“Benchmark”)

return

of 3.44%

over

the

same

period.

The

Fund

outperformed

the

Benchmark

during

the

period

as

the

rotation

into

more

economically

cyclical

stocks

in

the

beginning

of

the

year

benefitted

the

portfolio,

further

aided

by

the

crisis

seen

in

banks

and

the

Fund’s

underweight

to

the

Financials

sector.

Trimble

was

the

largest

single

detractor,

as

it

has

disappointed

in

its

revenue

delivery

and

has

seen

4

a

de-rating

of

its

shares

due

to

cyclical

concerns

in

ag/machinery.

Additionally,

Trimble

announced

the

1.88

billion

euro

($1.98

billion)

acquisition

of

Transporean

in

December

2022,

stretching

the

company’s

balance

sheet.

Maxar

Technologies

was

the

largest

contributor

during

the

period,

as

it

was

acquired

by

private

equity

firm

Advent

International

for

$53

per

share,

a

129%

premium

to

the

prior

close.

Looking

Forward:

We

continue

to

believe

that

this

uncertain

and

inflationary

environment

favors

companies

that

can

quickly

and

efficiently

pass

along

prices

to

customers,

especially

when

they

possess

flexible

cost

structures.

Over

the

last

several

years,

companies

have

dealt

with

a

slew

of

challenges

not

seen

in

generations,

with

management

teams

and

companies

demonstrating

their

core

competencies

along

the

way.

Today,

the

higher

interest

rate

environment

is

creating

stresses

within

business

models

that

had

never

been

tested

in

this

way,

creating

potential

opportunities.

The

US

has

taken

a

leadership

role

in

decarbonization

after

the

passage

of

the

Inflation

Reduction

Act

(IRA)

signed

into

law

in

August

2022.

This

law

will

enable

more

than

$370

billion

in

incentives

to

enhance

investment

visibility

and

enable

increased

investments

in

climate

change

solutions

such

as

renewable

energy,

electric

vehicles,

hydrogen,

energy

efficiency

and

infrastructure

resiliency,

positioning

the

U.S.

on

track

to

reduce

emissions

by

40%

compared

to

2005

levels,

by

2030.

While

many

companies

are

awaiting

final

guidance

from

Treasury,

expected

later

this

year,

the

strong

support

indicates

meaningful

activity

within

the

US

to

potentially

take

advantage

of

these

favorable

business

conditions

starting

in

2024.

In

addition,

other

countries

and

economic

areas

such

as

Canada

and

the

EU

are

putting

for

their

own

set

of

manufacturing

incentives

to

drive

renewable

investment

within

their

borders.

Meanwhile,

China

aims

to

have

infrastructure

build

out

continue

to

be

a

catalyst

for

growth

in

its

post-COVID

recovery.

The

competition

for

green

capital

investment

is

being

seen

throughout

the

world,

potentially

creating

additional

tailwinds

for

knock-on

secular

growth

dynamics

such

as

near-shoring,

electrification,

and

resiliency.

/s/

Rolando

Morillo

/s/

Jose

Garza

Portfolio

Manager,

Thematic

Investing

Portfolio

Manager,

Thematic

Investing

Rockefeller

Asset

Management

Rockefeller

Asset

Management

Opinions

expressed

are

those

of

Rockefeller

Asset

Management

and

are

subject

to

change,

are

not

guaranteed

and

should

not

be

considered

investment

advice.

Rockefeller

Asset

Management

is

a

division

of

Rockefeller

&

Co.

LLC,

the

investment

adviser

to

the

Rockefeller

Funds.

Must

be

preceded

or

accompanied

by

a

current

prospectus.

Past

performance

is

no

guarantee

of

future

results.

Mutual

fund

investing

involves

risk.

The

value

of

your

investment

in

the

Fund

could

go

down

as

well

as

up.

You

may

lose

money

investing

in

the

Fund,

including

the

loss

of

principal.

Investing

in

the

Fund

is

subject

to

certain

risks,

including

general

market

risk;

management

risk;

climate

solutions

risk;

the

risks

of

investing

in

equity

securities,

MLPs,

REITS,

other

investment

companies

and

exchange

traded

funds

and

other

types

of

securities.

Investments

in

large

capitalization

companies

may

be

unable

to

respond

quickly

to

new

competitive

challenges

such

as

changes

in

consumer

tastes

or

innovative

smaller

competitors.

Large

cap

companies

are

sometimes

unable

to

attain

the

high

growth

rates

of

successful,

smaller

companies,

especially

during

extended

periods

of

economic

expansion.

Investments

in

small-

and

medium-capitalization

companies

tend

to

have

limited

liquidity

and

greater

price

volatility

than

large-capitalization

companies.

Investments

in

non-U.S.

securities

may

be

more

sensitive

to

currency

fluctuations,

political

and

economic

instability,

differing

government

regulations

and

liquidity

risks.

These

risks

are

greater

in

emerging

markets.

Commodity-linked

investments

may

subject

the

Fund

to

greater

risks

and

volatility

as

commodity

prices

may

be

influenced

by

a

variety

of

factors

including

unfavorable

weather,

environmental

factors,

and

changes

in

government

regulations.

The

Fund’s

focus

5

on

environmental

criteria

will

limit

the

number

of

investment

opportunities

available

to

the

Fund

as

compared

to

other

mutual

funds

with

broader

investment

objectives,

and

as

a

result,

the

Fund

may

underperform

funds

that

are

not

subject

to

similar

investment

considerations.

Portfolio

companies

may

be

significantly

affected

by

environmental

considerations,

taxation,

government

regulation

(including

the

increased

cost

of

compliance),

inflation,

increases

in

interest

rates,

price

and

supply

fluctuations,

increases

in

the

cost

of

raw

materials

and

other

operating

costs,

technological

advances,

and

competition

from

new

market

entrants.

In

addition,

companies

may

share

common

characteristics

and

be

subject

to

similar

business

risks

and

regulatory

burdens.

A

downturn

in

the

demand

for

climate

change

mitigation

and

adaptation

products

and

services

is

likely

to

have

a

significant

negative

impact

on

the

value

of

the

Fund’s

investments.

As

a

result

of

these

and

other

factors,

the

Fund’s

portfolio

investments

are

expected

to

be

volatile,

which

may

result

in

significant

investment

losses

to

the

Fund.

The

MSCI

ACWI

total

return

indices

reinvest

dividends

after

the

deduction

of

withholding

taxes,

using

(for

international

indices)

a

tax

rate

applicable

to

non-resident

institutional

investors

who

do

not

benefit

from

double

taxation

treaties.

The

S&P

500®

Financials

comprises

those

companies

included

in

the

S&P

500

that

are

classified

as

members

of

the

GICS®

financials

sector.

The

U.S

Consumer

Price

Index

(CPI)

is

a

measure

of

the

average

change

over

time

in

the

prices

paid

by

urban

consumers

for

a

market

basket

of

consumer

goods

and

services.

Indexes

are

available

for

the

U.S.

and

various

geographic

areas.

Average

price

data

for

select

utility,

automotive

fuel,

and

food

items

are

also

available.

One

cannot

invest

directly

in

an

index.

Fund

holdings

and

sector

allocations

are

subject

to

change

and

are

not

recommendations

to

buy

or

sell

any

security.

Please

refer

to

the

schedule

of

investments

included

in

this

report

for

additional

portfolio

information.

Rockefeller

Capital

Management

is

the

marketing

name

of

Rockefeller

&

Co.

LLC,

the

adviser

to

the

Fund.

The

Rockefeller

Funds

are

distributed

by

Quasar

Distributors,

LLC.

6

Rockefeller

Climate

Solutions

Fund

Expense

Example

May

31,

2023

(Unaudited)

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

and

(2)

ongoing

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees

and

other

Fund

expenses.

This

Example

is intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund,

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

(12/1/22

–

5/31/23). 

Actual

Expenses

The

first

line

of

the

following

table

provides

information

about

actual

account

values

and

actual

expenses.

Although

the

Fund

charges

no

sales

load,

you

will

be

assessed

fees

for

outgoing

wire

transfers,

returned

checks

and

stop

payment

orders

at

prevailing

rates

charged

by

U.S.

Bancorp

Fund

Services,

LLC,

the

Fund's

transfer

agent.

If

you

request

that

a

redemption

be

made

by

wire

transfer,

currently

a

$15.00

fee

is

charged

by

the

Fund's

transfer

agent.

Individual

Retirement

Accounts

will

be

charged

a

$15.00

annual

maintenance

fee.

To

the

extent

the

Fund

invests

in

shares

of

exchange-traded

funds

or

other

investment

companies

as

part

of its

investment

strategy,

you

will

indirectly

bear

your

proportionate

share

of

any

fees

and

expenses

charged

by

the

underlying

funds

in

which

the

Fund

invests

in

addition

to

the

expenses

of

the

Fund.

Actual

expenses

of

the

underlying

funds

are

expected

to

vary

among

the

various

underlying

funds.

These

expenses

are

not

included

in

the

Example.

The

Example

includes,

but is

not

limited

to,

management

fees,

fund

administration

fees

and

accounting,

custody

and

transfer

agent

fees.

You

may

use

the

information

in

this

first

line,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

line

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

second

line

of

the

following

table

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund's

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund's

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

tables

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs,

such

as

sales

charges

(loads),

redemption

fees

or

exchange

fees.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

7

Rockefeller

Climate

Solutions

Fund

Expense

Example

(Continued)

May

31,

2023

(Unaudited)

Rockefeller

Climate

Solutions

Fund

Beginning

Account

Value

12/01/22

Ending

Account

Value

5/31/23

Expenses

Paid

During

Period

12/01/22

—

5/31/23

*

Class

A

Actual

.......................................

$1,000.00

$

1,046.20‌

$6.33

Hypothetical

(5%

return

before

expenses)

..................................

$1,000.00

$

1,018.70‌

$6.24

Institutional

Class

Actual

.......................................

$1,000.00

$

1,047.60‌

$5.05

Hypothetical

(5%

return

before

expenses)

..................................

$1,000.00

$

1,020.00‌

$4.99

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

of

0.99%

and

1.24%

for

the

Institutional

Class

and

C

lass

A

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

(to

reflect

the

period).

8

Rockefeller

Climate

Solutions

Fund

Investment

Highlights

May

31,

2023

(Unaudited)

The

Fund

seeks

long-term

growth

of

capital

principally

through

equity

investments

in

global

companies

across

the

market

capitalization

spectrum

offering

on

climate

change

mitigation

or

adaptation

products

and

services.

Rockefeller

&

Co.,

LLC

(the

“Adviser”)

typically

considers

a

company

to

be

focused

on

climate

mitigation

or

adaptation

solutions

where

it

generates

revenue

by

delivering

products

or

services

related

to

water

infrastructure

and

technologies,

waste

management

and

technologies,

energy

efficiency,

food,

agriculture

and

forestry,

renewable

and

alternative

energy,

healthcare,

pollution

control,

and/or

climate

support

systems

(“Climate

Solution

Activities”).

While

the

Fund

may

invest

in

companies

operating

in

any

industry

or

sector,

due

to

its

focus

on

Climate

Solutions

Activities,

the

Fund

is

expected

to

have

more

meaningful

exposure

to

companies

operating

in

the

Industrials

sector,

and

to

a

lesser

extent,

to

companies

operating

in

the

Consumer

Discretionary,

Communication

Services,

traditional

Energy,

and

Financials

sectors.

The

Adviser

believes

that

companies

positioned

alongside

environmental

sectors

have

the

potential

to

significantly

outperform

the

broader

equity

market

over

the

long-term.

Average

Annual

Returns

as

of

May

31,

2023

Allocation

of

Portfolio

Holdings

as

of

May

31,

2023

(%

of

Investments)

Common

Stocks

97.16‌

%

Money

Market

Funds

1.77‌

Real

Estate

Investment

Trusts

1.07‌

100.00‌

%

Allocation

of

Portfolio

Holdings

as

of

May

31,

2023

(%

of

Investments)

United

States

63.96‌

%

United

Kingdom

9.22‌

France

9.18‌

Canada

3.96‌

Japan

3.29‌

Faroe

Islands

3.13‌

Switzerland

2.89‌

Netherlands

1.97‌

Denmark

1.43‌

Luxembourg

0.97‌

100.00‌

%

Class

A

(1)

MSCI

All

Country

World

Index

(Net

Dividends)

1

Year

................................

4.87%

0.85%

Since

Inception

........................

-5.72%

-3.97%

(1)

Fund

commenced

operations

on

July

21,

2021.

9

Rockefeller

Climate

Solutions

Fund

Investment

Highlights

(Continued)

May

31,

2023

(Unaudited)

Average

Annual

Returns

as

of

May

31,

2023

Performance

data

quoted

represents

past

performance

and

does

not

guarantee

future

results.

The

investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

of

the

Fund

may

be

lower

or

higher

than

the

performance

quoted.

Performance

data

current

to

the

most

recent

month-end

may

be

obtained

by

calling

855-

369-6209.

Short-term

performance,

in

particular,

is

not

a

good

indication

of

the

Fund’s

future

performance,

and

an

investment

should

not

be

made

based

solely

on

historical

returns.

Investment

performance

reflects

fee

waivers

in

effect.

In

the

absence

of

such

waivers,

total

return

would

be

reduced.

The

returns

shown

assume

reinvestment

of

Fund

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

The

following

chart

illustrates

performance

of

a

hypothetical

investment

made

in

the

Fund

and

a

broad-based

securities

index

on

the

Fund’s

inception

date.

The

graph

does

not

reflect

any

future

performance.

The

MSCI

All

Country

World

Index

(Net

Dividends)

(“MSCI

ACWI”)

is

a

free

float-adjusted

market

capitalization

weighted

index

that

measures

the

equity

performance

of

global

developed

and

emerging

markets.

The

MSCI

returns

reflect

the

reinvestment

of

dividends

after

the

deduction

of

withholding

taxes,

using

(for

international

indices)

a

tax

rate

applicable

to

non-resident

institutional

investors

who

do

not

benefit

from

double

taxation

treaties.

Institutional

Class

(1)

MSCI

All

Country

World

Index

(Net

Dividends)

1

Year

................................

5.13%

0.85%

5

Years

...............................

7.90%

6.77%

10

Years

..............................

7.81%

7.82%

Since

Inception

........................

9.40%

9.36%

(1)

Performance

shown

prior

to

July

21,

2021

is

that

of

the

Rockefeller

Climate

Solutions

Fund,

L.P.

(the

"Predecessor

Fund").  The

Predecessor

Fund

commenced

operations

on

June

1,

2012.  The

Predecessor

Fund

was

reorganized

into

the

Fund

on

July

21,

2021

in

exchange

for

Institutional

Class

shares

of

the

Fund.

10

Rockefeller

Climate

Solutions

Fund

Investment

Highlights

(Continued)

May

31,

2023

(Unaudited)

*

Inception

Date

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

11

Rockefeller

Climate

Solutions

Fund

Schedule

of

Investments

May

31,

2023

(Unaudited)

Shares

Value

COMMON

STOCKS

—

96.47%

Building

Products

—

7.11%

A

O

Smith

Corp.

.......................................

25,963

$

1,660,074‌

AZEK

Co.,

Inc.

(a)

......................................

38,605

897,566‌

Cie

de

Saint-Gobain

....................................

36,734

2,040,006‌

Geberit

AG

...........................................

1,996

1,058,974‌

5,656,620‌

Capital

Markets

—

1.66%

StoneX

Group,

Inc.

(a)

..................................

16,497

1,324,544‌

Chemicals

—

4.15%

Air

Products

and

Chemicals,

Inc.

...........................

7,583

2,040,889‌

DSM-Firmenich

AG

(a)

..................................

10,988

1,221,959‌

Ginkgo

Bioworks

Holdings,

Inc.

(a)

.........................

23,830

37,651‌

3,300,499‌

Commercial

Services

&

Supplies

—

3.35%

Rentokil

Initial

PLC

.....................................

159,191

1,266,299‌

Tetra

Tech,

Inc.

........................................

10,151

1,395,458‌

2,661,757‌

Construction

&

Engineering

—

4.57%

MasTec,

Inc.

(a)

.......................................

18,853

1,910,940‌

Stantec,

Inc.

..........................................

29,822

1,726,491‌

3,637,431‌

Diversified

Telecommunication

Services

—

1.86%

Iridium

Communications,

Inc.

.............................

24,631

1,478,845‌

Electric

Utilities

—

3.45%

SSE

PLC

............................................

117,001

2,744,248‌

Electrical

Equipment

—

6.17%

Array

Technologies,

Inc.

(a)

...............................

35,617

789,629‌

Atkore,

Inc.

(a)

........................................

5,065

591,440‌

Schneider

Electric

SE

...................................

13,834

2,393,269‌

Vestas

Wind

Systems

AS

(a)

..............................

39,843

1,134,833‌

4,909,171‌

Electronic

Equipment,

Instruments

&

Components

—

11.05%

Badger

Meter,

Inc.

......................................

16,926

2,333,587‌

Halma

PLC

...........................................

50,847

1,526,057‌

TE

Connectivity

Ltd.

....................................

12,418

1,520,957‌

Teledyne

Technologies,

Inc.

(a)

............................

4,001

1,554,989‌

Trimble,

Inc.

(a)

........................................

39,871

1,860,779‌

8,796,369‌

Food

Products

—

6.69%

Bakkafrost

P/F

........................................

37,682

2,470,862‌

Darling

Ingredients,

Inc.

(a)

...............................

44,994

2,851,719‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

Rockefeller

Climate

Solutions

Fund

Schedule

of

Investments

(Continued)

May

31,

2023

(Unaudited)

Shares

Value

COMMON

STOCKS

—

96.47%

(Continued)

Food

Products

—

6.69%

(Continued)

$

5,322,581‌

Hotels,

Restaurants

&

Leisure

—

0.72%

Sweetgreen,

Inc.

(a)

....................................

59,922

571,057‌

Independent

Power

&

Renewable

Electricity

Producers

—

4.33%

Brookfield

Renewable

Corp.

..............................

59,463

1,996,768‌

Sunnova

Energy

International,

Inc.

(a)

.......................

81,925

1,446,795‌

3,443,563‌

Industrial

Conglomerates

—

1.74%

Hitachi

Ltd.

...........................................

24,100

1,387,016‌

Life

Sciences

Tools

&

Services

—

8.89%

Agilent

Technologies,

Inc.

................................

14,679

1,697,920‌

Danaher

Corp.

........................................

14,231

3,267,722‌

Eurofins

Scientific

SE

(a)

.................................

11,631

768,567‌

Thermo

Fisher

Scientific,

Inc.

.............................

2,627

1,335,724‌

7,069,933‌

Machinery

—

14.44%

ATS

Corp.

(a)

.........................................

32,071

1,404,509‌

Kubota

Corp.

.........................................

88,000

1,209,899‌

Mueller

Industries,

Inc.

..................................

39,157

2,907,799‌

Mueller

Water

Products,

Inc.

..............................

90,407

1,238,576‌

Pentair

PLC

..........................................

31,619

1,753,906‌

Timken

Co.

...........................................

22,525

1,611,664‌

Xylem,

Inc./NY

........................................

13,581

1,360,816‌

11,487,169‌

Multi-Utilities

—

1.74%

WEC

Energy

Group,

Inc.

.................................

15,896

1,388,516‌

Professional

Services

—

8.74%

Arcadis

NV

...........................................

38,311

1,557,807‌

Bureau

Veritas

SA

......................................

110,929

2,819,016‌

Verisk

Analytics,

Inc.

....................................

11,770

2,578,925‌

6,955,748‌

Software

—

4.42%

ANSYS,

Inc.

(a)

.......................................

4,668

1,510,518‌

Bentley

Systems,

Inc.

...................................

19,346

943,698‌

Roper

Technologies,

Inc.

.................................

2,340

1,062,875‌

3,517,091‌

Water

Utilities

—

1.39%

American

Water

Works

Co.,

Inc.

...........................

7,662

1,106,776‌

TOTAL

COMMON

STOCKS

(Cost

$80,000,260)

...............

76,758,934‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

13

Rockefeller

Climate

Solutions

Fund

Schedule

of

Investments

(Continued)

May

31,

2023

(Unaudited)

The

Global

Industry

Classification

Standard

(GICS

®

)

was

developed

by

and/or

is

the

exclusive

property

of

MSCI,

Inc.

(“MSCI”)

and

Standard

&

Poor’s

Financial

Services

LLC

(“S&P”).

GICS

is

a

service

mark

of

MSCI

and

S&P

and

has

been

licensed

for

use

by

U.S.

Bancorp

Fund

Services,

LLC.

Shares

Value

REAL

ESTATE

INVESTMENT

TRUSTS

—

1.06%

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

1.06%

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

........

35,848

$

843,503‌

TOTAL

REAL

ESTATE

INVESTMENT

TRUSTS

(Cost

$1,813,036)

.

843,503‌

MONEY

MARKET

FUNDS

—

1.75%

Morgan

Stanley

Institutional

Liquidity

Funds

-

Institutional

Class,

4.959%

(b)

...........................................

1,394,375

1,394,375‌

TOTAL

MONEY

MARKET

FUNDS

(Cost

$1,394,375)

...........

1,394,375‌

Total

Investments

(Cost

$83,207,671)

—

99.28%

78,996,812‌

Other

Assets

in

E

xcess

of

Liabilities

—

0.72%

................

572,430‌

TOTAL

NET

ASSETS

—

100.00%

.........................

$

79,569,242‌

Percentages

are

stated

as

a

percent

of

net

assets.

PLC

Public

Limited

Company

SA

An

abbreviation

used

by

many

countries

to

signify

a

stock

company

whereby

shareholders

have

limited

liability.

SE

Societas

Europaea

is

a

term

for

a

European

Public

Liability

Company.

(a)

Non-income

producing

security.

(b)

The

rate

shown

represents

the

seven-day

yield

as

of

May

31,

2023.

Rockefeller

Climate

Solutions

Fund

Statement

of

Assets

and

Liabilities

May

31,

2023

(Unaudited)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

Assets

Investments,

at

value

(Cost:

$

83,207,671

)

..............................................................

$

78,996,812‌

Cash

..........................................................................................................

173‌

Dividends

and

interest

receivable

.....................................................................

138,446‌

Receivable

for

investment

securities

sold

...........................................................

688,031‌

Other

assets

................................................................................................

22,289‌

Total

Assets

...........................................................................................

79,845,751‌

Liabilities

Payable

to

Adviser

........................................................................................

34,306‌

Payable

for

investments

purchased

..................................................................

141,710‌

Payable

for

12b-1

fees

-

Class

A

......................................................................

287‌

Payable

to

affiliates

.......................................................................................

74,517‌

Accrued

expenses

and

o

ther

liabilities

..............................................................

841‌

Audit

fees

payable

.........................................................................................

24,848‌

Total

Liabilities

.......................................................................................

276,509‌

Net

Assets

.................................................................................................

$

79,569,242‌

Net

Assets

Consist

of:

Paid-in

capital

...............................................................................................

$

68,067,328‌

Total

distributable

earnings

.............................................................................

11,501,914‌

Net

Assets

.............................................................................................

$

79,569,242‌

Institutional

Class

.......................................................................................

Net

assets

..................................................................................................

$

79,278,739‌

Shares

of

beneficial

interest

outstanding

(unlimited

shares

authorized,

$0.001

par

value

)

....................................................................................................

8,854,996‌

Net

asset

value

,

redemption

price

and

offering

price

per

share

...........................

$

8

.95‌

Class

A

......................................................................................................

Net

assets

..................................................................................................

$

290,503‌

Shares

of

beneficial

interest

outstanding

(unlimited

shares

authorized,

$0.001

par

value

)

....................................................................................................

32,551‌

Net

asset

value

,

redemption

price

and

offering

price

per

share

...........................

$

8

.92‌

Rockefeller

Climate

Solutions

Fund

Statement

of

Operations

May

31,

2023

(Unaudited)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

15

Investment

Income

Dividend

income

...........................................................................................

$

626,216‌

Less:

Foreign

withholding

taxes

and

issuance

fees

...............................................

(67,107‌)

Interest

income

.............................................................................................

34,057‌

Total

Investment

Income

.........................................................................

593,166‌

Expenses

Management

fees

..........................................................................................

368,630‌

Administration

and

accounting

fees

...................................................................

62,426‌

Transfer

agent

fees

and

expenses

.....................................................................

33,310‌

Federal

&

state

registration

fees

.......................................................................

23,580‌

Audit

and

tax

fees

..........................................................................................

18,472‌

T

rustees'

fees

...............................................................................................

13,752‌

Legal

fees

....................................................................................................

10,194‌

Custody

fees

................................................................................................

7,730‌

Chief

Compliance

Officer

fees

..........................................................................

7,462‌

Pricing

fees

..................................................................................................

2,826‌

Insurance

expense

........................................................................................

2,366‌

Reports

to

shareholders

.................................................................................

1,182‌

12b-1

fees

–

Class

A

......................................................................................

400‌

Other

expense

..............................................................................................

4,372‌

Total

expenses

..............................................................................................

556,702‌

Net

advisory

recoupment/(waivers)

(Note

4)

........................................................

(126,956‌)

Net

expenses

........................................................................................

429,746‌

Net

Investment

Income/(Loss)

.......................................................................

163,420‌

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Net

realized

gain/(loss)

on:

Investments

............................................................................................

(3,318,725‌)

Foreign

currency

......................................................................................

(20,619‌)

Net

change

in

unrealized

appreciation/(depreciation)

on:

Investments

............................................................................................

7,054,267‌

Foreign

currency

......................................................................................

(1,469‌)

Net

Realized

and

Unrealized

Gain

on

Investments

...........................................

3,713,454‌

Net

Increase

in

Net

Assets

from

Operations

....................................................

$

3,876,874‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

Rockefeller

Climate

Solutions

Fund

Statements

of

Changes

in

Net

Assets

Period

Ended

May

31,

2023

(Unaudited)

Year

Ended

November

30,

2022

From

Operations

Net

investment

income

............................................

$

163,420‌

$

296,953‌

Net

realized

loss

from

investment

s

and

foreign

currency

translation

..............................

(

3,339,344‌

)

(

5,955,240‌

)

Net

change

in

u

nrealized

appreciation/(depreciation)

on

investment

and

foreign

currency

translation

...............

7,052,798‌

(

11,855,364‌

)

Net

increase/(decrease)

in

net

assets

from

operations

.......

3,876,874‌

(

17,513,651‌

)

From

Distributions

Net

dividends

and

distributions

...................................

(

123,855‌

)

(

491,300‌

)

Net

decrease

in

net

assets

resulting

from

distributions

paid

.

(

123,855‌

)

(

491,300‌

)

From

Capital

Share

Transactions

Proceeds

from

shares

sold

—

Class

A

.........................

6,562‌

726,666‌

Proceeds

from

shares

sold

—

Institutional

Class

............

150,061‌

8,695,113‌

Reinvestments

—

Class

A

.........................................

0‌

3,754‌

Reinvestments

—

Institutional

Class

............................

43,628‌

333,438‌

Cost

of

shares

redeemed

—

Class

A

...........................

(

850,922‌

)

(

276,404‌

)

Cost

of

shares

redeemed

—

Institutional

Class

..............

(

15,619,991‌

)

(

13,512,820‌

)

Net

decrease

in

net

assets

from

capital

share

transactions

..

(

16,270,662‌

)

(

4,030,253‌

)

Total

Decrease

in

N

et

A

ssets

......................................

(

12,517,643‌

)

(

22,035,204‌

)

Net

Assets

Beginning

of

period

......................................................

92,086,885‌

114,122,089‌

End

of

period

...............................................................

$

79,569,242‌

$

92,086,885‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

17

Rockefeller

Climate

Solutions

Fund

–

Institutional

Class

Financial

Highlights

Period

Ended

May

31,

2023

(Unaudited)

Year

Ended

November

30,

2022

Period

Ended

November

30,

2021

(1)

Net

Asset

Value,

Beginning

of

Period

...................

$8.56‌

$10.06‌

$10.00‌

Income

from

investment

operations

:

Net

investment

income/(loss) 

(2)

.......................

0.02‌

0.03‌

(0.01‌)

Net

realized

and

unrealized

gain/(loss)

..................

0.38‌

(1.49‌)

0.07‌

Total

From

Investment

Operations

.......................

0.40‌

(1.46‌)

0.06‌

Paid

from

net

investment

income

......................

(0.01‌)

–‌

–‌

Paid

from

realized

gains

.............................

–‌

(0.04‌)

–‌

Total

Distributions

...................................

(0.01‌)

(0.04‌)

–‌

Net

Asset

Value,

End

of

Period

........................

$8.95‌

$8.56‌

$10.06‌

Total

return

.......................................

4.76% 

(3)

-14.55%

0.58% 

(3)

Supplemental

Data

and

Ratios:

Net

assets,

end

of

period

(000)

.........................

$79,279

$90,942

$113,235

Ratio

of

expenses

to

average

net

assets:

Before

waiver,

expense

recoupment

....................

1.28% 

(4)

1.26%

1.25% 

(4)

After

waiver,

expense

recoupment

.....................

0.99% 

(4)

0.99%

0.99% 

(4)

Ratio

of

net

investment

income/(loss)

to

average

net

assets:

Before

waiver,

expense

recoupment

....................

0.09% 

(4)

0.04%

(0.69)% 

(4)

Net

after

waiver,

expense

recoupment

..................

0.38% 

(4)

0.31%

(0.43)% 

(4)

Portfolio

turnover

rate

................................

15.16% 

(3)

16.93%

13.14% 

(5)

(1)

Commenced

operations

on

July

21,

2021.

(2)

Net

investment

income

per

share

has

been

calculated

based

on

average

shares

outstanding

during

the

period.

(3)

Not

annualized

for

periods

less

than

one

year.

(4)

Annualized

for

periods

less

than

one

year.

(5)

Portfolio

turnover

rate

is

not

annualized

and

excludes

the

value

of

portfolio

securities

received

as

a

result

of

in-kind

subscriptions.

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

Rockefeller

Climate

Solutions

Fund

–

Class

A

Financial

Highlights

Period

Ended

May

31,

2023

(Unaudited)

Year

Ended

November

30,

2022

Period

Ended

November

30,

2021

(1)

Net

Asset

Value,

Beginning

of

Period

...............

$8.53‌

$10.05‌

$10.00‌

Income

from

investment

operations:

Net

investment

income/(loss)

(2)

...................

0.00‌

(3)

0.01‌

(0.03‌)

Net

realized

and

unrealized

gain/(loss)

..............

0.39‌

(1.49‌)

0.08‌

Total

From

Investment

Operations

...................

0.39‌

(1.48‌)

0.05‌

Paid

from

net

investment

income

..................

–‌

–‌

–‌

Paid

from

realized

gains

.........................

–‌

(

0.04‌)

–‌

Total

Distributions

...............................

–‌

(0.04‌)

–‌

Net

Asset

Value,

End

of

Period

....................

$8.92‌

$8.53‌

$10.05‌

Total

return

...................................

4.62% 

(4)

-14.76%

0.50% 

(4)

Supplemental

Data

and

Ratios:

Net

assets,

end

of

period

(000)

.....................

$291

$1,145

$887

Ratio

of

expenses

to

average

net

assets:

Before

waiver,

expense

recoupment

................

1.53% 

(5)

1.53%

1.56% 

(5)

After

waiver,

expense

recoupment

.................

1.24

% 

(5)

1.24%

1.24% 

(5)

Ratio

of

net

investment

income/(loss)

to

average

net

assets:

Before

waiver,

expense

recoupment

................

(0.21)% 

(5)

(0.19)%

(1.21)% 

(5)

Net

after

waiver,

expense

recoupment

..............

0.09% 

(5)

0.08%

(0.89)% 

(5)

Portfolio

turnover

rate

............................

15.16% 

(4)

16.93%

13.14% 

(4)

(1)

Commenced

operations

on

July

21,

2021.

(2)

Net

investment

income

per

share

has

been

calculated

based

on

average

shares

outstanding

during

the

period.

(3)

Amount

represents

less

than

$.01

per

share.

(4)

Not

annualized

for

periods

less

than

one

year.

(5)

Annualized

for

periods

less

than

one

year.

19

Rockefeller

Climate

Solutions

Fund

Notes

to

Financial

Statements

May

31,

2023

(Unaudited)

(1)

Organization

Trust

for

Professional

Managers

(the

“Trust”)

was

organized

as

a

Delaware

statutory

trust

under

a

Declaration

of

Trust

dated

May

29,

2001.

The

Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company. The

Rockefeller

Climate

Solutions

Fund (the

"Fund") represents

a

distinct

diversified series

with

its

own

investment

objective

and

policies

within

the

Trust.

The

investment

objective

of

the Fund

is

to

seek

long-term

growth

of

capital

principally

through

equity

investments

in

public

companies

across

the

market

capitalization

spectrum

offering

climate

change

mitigation

or

adaptation

products

and

services.

The

Trust

may

issue

an

unlimited

number

of

shares

of

beneficial

interest

at

$0.001

par

value.

Costs

incurred

by

the

Fund

in

connection

with

the

organization,

registration

and

initial

public

offering

of

shares

were

borne

by

the

Adviser.

(2)

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

consistently

followed

by

the

Fund

in

the

preparation

of

the

financial

statements.

These

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“GAAP”).

The

Fund is

an

investment

company and

accordingly

follows

the

investment

company

accounting

reporting

guidance

of

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standard

Codification

Topic

946

“Financial

Services-Investment

Companies”.

(a)

Investment

Valuation

Each

equity

security

owned

by

the

Fund

that

is

listed

on

a

securities

exchange,

except

for

securities

listed

on

the

NASDAQ

Stock

Market

LLC

(“NASDAQ”),

is

valued

at

its

last

sale

price

at

the

close

of

that

exchange

on

the

date

as

of

which

assets

are

valued.

If

a

security

is

listed

on

more

than

one

exchange,

the

Fund

will

use

the

price

on

the

exchange

that

the

Fund

generally

considers

to

be

the

principal

exchange

on

which

the

security

is

traded.

Fund

securities,

including

common

stocks,

preferred

stocks

and

exchange

traded

funds,

listed

on

NASDAQ

will

be

valued

at

the

NASDAQ

Official

Closing

Price,

which

may

not

necessarily

represent

the

last

sale

price.

If,

on

a

particular

day,

an

exchange-listed

or

NASDAQ

security

does

not

trade,

then:

(i)

the

security

is

valued

at

the

mean

between

the

most

recent

quoted

bid

and

asked

prices

at

the

close

of

the

exchange

on

such

day;

or

(ii)

the

security

is

valued

at

the

latest

sales

price

on

the

Composite

Market

for

the

day

such

security

is

being

valued.

“Composite

Market”

means

a

consolidation

of

the

trade

information

provided

by

national

securities

and

foreign

exchanges

and

the

over-

the-counter

markets

as

published

by

an

approved

independent

pricing

service

(“Pricing

Service”).

Foreign

securities

will

be

priced

in

their

local

currencies

as

of

the

close

of

their

primary

exchange

or

market

or

as

of

the

time

the

Fund

calculates

its

NAV,

whichever

is

earlier.

Foreign

securities,

currencies

and

other

assets

denominated

in

foreign

currencies

are

then

translated

into

U.S.

dollars

at

the

exchange

rate

of

such

currencies

against

the

U.S.

dollar

using

the

applicable

currency

exchange

rates

as

of

the

close

of

the

New

York

Stock

Exchange

(“NYSE”),

generally

4:00

p.m.

Eastern

Time.

Foreign

securities

are

traded

on

foreign

exchanges

which

typically

close

before

the

close

of

business

on

each

day

on

which

the

NYSE

is

open.

Each

security

trading

on

20

Rockefeller

Climate

Solutions

Fund

Notes

to

Financial

Statements

(Continued)

May

31,

2023

(Unaudited)

these

exchanges

may

be

valued

utilizing

a

systematic

fair

valuation

model

provided

by

a

pricing

service.

The

valuation

of

each

security

that

meets

certain

criteria

in

relation

to

the

valuation

model

is

systematically

adjusted

to

reflect

the

impact

of

movement

in

the

U.S.

market

after

the

foreign

markets

close

and

are

classified

as

Level

2

securities.

Securities

that

do

not

meet

the

criteria,

or

that

are

principally

traded

in

other

foreign

markets,

are

valued

as

of

the

last

reported

sale

price

at

the

time

the

respective

Fund

determines

its

NAV,

or

when

reliable

market

prices

or

quotations

are

not

readily

available,

at

the

mean

between

the

most

recent

bid

and

asked

quotations

as

of

the

close

of

the

appropriate

exchange

or

other

designated

time.

Debt

securities,

including

short-term

debt

instruments

having

a

maturity

of

60

days

or

less,

are

generally

valued

at

the

mean

in

accordance

with

prices

provided

by

a

Pricing

Service.

Pricing

Services

may

use

various

valuation

methodologies

such

as

the

mean

between

the

bid

and

the

asked

prices,

matrix

pricing

and

other

analytical

pricing

models

as

well

as

market

transactions

and

dealer

quotations.

If

a

price

is

not

available

from

a

Pricing

Service,

the

most

recent

quotation

obtained

from

one

or

more

broker-

dealers

known

to

follow

the

issue

will

be

obtained.

Quotations

will

be

valued

at

the

mean

between

the

bid

and

the

offer.

In

the

absence

of

available

quotations,

the

securities

will

be

priced

at

fair

value, as

described

below.

When

market

quotations

are

not

readily

available,

any

security

or

other

asset

is

valued

at

its

fair

value

in

accordance

with

Rule

2a-5

of

the

1940

Act as

determined

under

the

Adviser's

fair

value

pricing procedures,

subject

to

oversight

by

the

Board

of

Trustees.

These

fair

value

pricing procedures

will

also

be

used

to

price

a

security

when

corporate

events,

events

in

the

securities

market

and/or

world

events

cause

the

Adviser

to

believe

that

a

security’s

last

sale

price

may

not

reflect

its

actual

fair

market

value.

The

intended

effect

of

using

fair

value

pricing

procedures

is

to

ensure

that

the

Fund is

accurately

priced.

The Adviser

will

regularly

evaluate

whether

the

Fund's

fair

value

pricing

procedures

continue

to

be

appropriate

in

light

of

the

specific

circumstances

of

the

Fund

and

the

quality

of

prices

obtained

through

the

application

of

such

procedures.

The

Fund

has

adopted

Statement

of

Financial

Accounting

Standards,

“Fair

Value

Measurements

and

Disclosures,”

which

requires

the

Fund

to

classify its

securities

based

on

a

valuation

method.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1—

Quoted

prices

in

active

markets

for

identical

securities.

Level

2—

Other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Level

3—

Significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

carried

at

fair

value

as

of

May

31,

2023:

21

Rockefeller

Climate

Solutions

Fund

Notes

to

Financial

Statements

(Continued)

May

31,

2023

(Unaudited)

The

Fund

held

no

Level

3

securities

during

the period

ended

May

31,

2023.

The

Fund

did

not

invest

in

derivative

securities

or

engage

in

hedging

activities

during

the period

ended

May

31,

2023.

(b)

Federal

Income

Taxes

The

Fund

complies

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended

the

(“Code”),

necessary

to

qualify

as

a

regulated

investment

company

and

make

the

requisite

distributions

of

income

and

capital

gains

to

shareholders

sufficient

to

relieve

them

from

all

or

substantially

all

federal

income

taxes.

Therefore,

no

federal

income

tax

provision

has

been

provided.

(c)

Distributions

to

Shareholders

The

Fund

will

distribute

net

investment

income

(less

operation

expenses)

and

net

capital

gains

at

least annually.

Distributions

from

net

realized

gains

for

book

purposes

may

include

short-term

capital

gains.

All

short-term

capital

gains

are

included

in

ordinary

income

for

tax

purposes.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Fund

may

also

pay

a

special

distribution

at

the

end

of

the

calendar

year

to

comply

with

federal

tax

requirements.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

These

differences

are

either

temporary

or

permanent

in

nature.

To

the

extent

these

differences

are

permanent

in

nature,

such

amounts

are

reclassified

within

the

composition

of

net

assets

based

on

their

federal

tax-basis

treatment.

(d)

Use

of

Estimates

The

preparation

of

financial

statements

in

conformity

with

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Rockefeller

Climate

Solutions

Fund

Level

1

Level

2

Level

3

Total

Assets

(1)

:

Equities:

Common

Stock

$

54,382,082‌

$

22,376,852‌

$

–‌

$

76,758,934‌

Real

Estate

Investment

Trusts

843,503‌

–‌

–‌

843,503‌

Total

Equity

Securities

55,225,585‌

22,376,852‌

–‌

77,602,437‌

Money

Market

Funds

1,394,375‌

–‌

–‌

1,394,375‌

Total

Investments

in

Securities

$

56,619,960‌

$

22,376,852‌

$

–‌

$

78,996,812‌

(1)

See

the

Schedule

of

Investments

for

industry

classifications.

22

Rockefeller

Climate

Solutions

Fund

Notes

to

Financial

Statements

(Continued)

May

31,

2023

(Unaudited)

(e)

Share

Valuation

The

NAV

per

share

of the

Fund

is

calculated

by

dividing

the

sum

of

the

value

of

the

securities

held

by the

Fund,

plus

cash

or

other

assets,

minus

all

liabilities

(including

estimated

accrued

expenses)

by

the

total

number

of

shares

outstanding,

rounded

to

the

nearest

cent.

The

Fund's

shares

will

not

be

priced

on

the

days

on

which

the

NYSE

is

closed

for

trading.

The

offering

and

redemption

price

per

share

for the

Fund

is

equal

to the

Fund’s

NAV

per

share.

(f)

Expenses

Expenses

associated

with

a

specific

fund

in

the

Trust

are

charged

to

that

fund.

Expenses

are

recognized

on

an

accrual

basis.

Common

expenses

are

typically

allocated

evenly

between

the

series

of

the

Trust,

or

by

other

equitable

means.

(g)

Other

Investment

transactions

are

recorded

on

the

trade

date.

The

Fund

determines

the

gain

or

loss

from

investment

transactions

on

a

high

amortized

cost

basis.

Dividend

income

is

recognized

on

the

ex-dividend

date

and

interest

income

is

recognized

on

an

accrual

basis.

Distributions

received

from

the

Fund's

investments

in

REITs

are

comprised

of

ordinary

income,

capital

gains

and

return

of

capital,

as

applicable.

For

financial

statement

purposes,

the

Fund

uses

estimates

to

characterize

these

distributions

received

as

return

of

capital,

capital

gain

or

ordinary

income.

Such

estimates

are

based

on

historical

information

available

from

each

REIT

and

other

industry

sources.

These

estimates

may

subsequently

be

revised

based

on

information

received

for

the

security

after

the

tax

reporting

periods

are

concluded,

as

the

actual

character

of

these

distributions

is

not

known

until

after

the

fiscal

year

end

of

the

Fund.

Changes

to

estimates

will

be

recorded

in

the

period

they

are

known.

The

distributions

received

from

REIT

securities

that

have

been

classified

as

income

and

capital

gains

are

included

in

dividend

income

and

net

realized

gain

on

investments,

respectively,

on

the

Statement

of

Operations.

The

distributions

received

that

are

classified

as

return

of

capital

reduced

the

cost

of

investments

on

the

Statement

of

Assets

and

Liabilities.

Any

discount

or

premium

is

accreted

or

amortized

using

the

constant

yield

method

until

maturity,

or

where

applicable,

the

first

call

date

of

the

security.

Constant

yield

amortization

takes

into

account

the

income

that

is

produced

on

a

debt

security.

This

accretion/amortization

type

utilizes

the

discount

rate

used

in

computing

the

present

value

of

all

future

principal

and

interest

payments

made

by

a

debt

instrument

and

produces

an

amount

equal

to

the

cost

of

the

debt

instrument.

(3)

Federal

Tax

Matters

The

tax

character

of

distributions

paid

during

the

year

ended November

30,

2022

was

as

follows:

Distributions

paid

from:

Ordinary

Income

..................................................

$

–‌

Long-Term

Capital

Gains

............................................

491,300‌

Total

Distributions

Paid

............................................

$

491,300‌

23

Rockefeller

Climate

Solutions

Fund

Notes

to

Financial

Statements

(Continued)

May

31,

2023

(Unaudited)

As

of November

30,

2022,

the

components

of

accumulated

earnings

(losses)

for

income

tax

purposes

were

as

follows:

The

difference

between

cost

amounts

for

financial

statement

and

federal

income

tax

purposes

is

due

to

wash

sale

and

partnership adjustments

and

timing

differences

in

recognizing

certain

gains

and

losses

in

security

transactions.

As

of

November

30,

2022,

the

Fund

had

short-term

capital

losses

of

$3,979,753 and

long-term

capital

losses

of

$539,008,

which

will

be

carried

forward

indefinitely

to

offset

future

realized

capital

gains.

As

of

November

30,

2022,

the

tax

years 2021

and

2022

remain

open

to

examination

in

the

Fund's

major

tax

jurisdictions.

The

Fund is

also

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

year.

The

Fund

recognizes

interest

and

penalties,

if

any,

related

to

unrecognized

tax

benefits

as

income

tax

expense

in

the

Statement

of

Operations.

During

the

period,

the

Fund

did

not

incur

any

interest

or

penalties,

nor

were

any

accrued

as

of

November

30,

2022.

GAAP

requires

that

certain

components

of

net

assets

relating

to

permanent

differences

be

reclassified

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

For

the year

ended

November

30,

2022,

the

following

reclassifications

were

made

for

permanent

tax

differences

on

the

Statement

of

Assets

and

Liabilities.

(4)

Investment

Adviser

The

Trust

has

an

Investment

Advisory

Agreement

(the

“Agreement”)

with

the

Adviser

to

furnish

investment

advisory

services

to

the

Fund.

Under

the

terms

of

the

Agreement,

the

Fund

compensates

the

Adviser

for

its

management

services

at

the

annual

rate

of

0.85%,

of

the

average

daily

net

assets

of

the

Fund. 

The

Adviser

has

contractually

agreed

to

waive

its

management

fee

and/or

reimburse the

Fund’s

other

expenses

through

the

expiration

date

listed

below

to

the

extent

necessary

to

ensure

that the

Fund’s

total

annual

operating

expenses

do

not

exceed

the

Fund’s

Expense

Limitation

Cap,

listed

below,

of

the

Fund’s

average

daily

net

assets.

Cost

basis

of

investments

for

federal

income

tax

purposes

$

79,953,273‌

Gross

tax

unrealized

appreciation

28,077,849‌

Gross

tax

unrealized

depreciation

(15,937,134‌)

Net

tax

unrealized

appreciation

12,140,715‌

Undistributed

ordinary

income

115,665‌

Undistributed

capital

gains

–‌

Total

other

accumulated

loss

(4,518,761‌)

Total

distributable

earnings

$

7,737,619‌

Total

Distributable

Earnings/(Losses)

$

(11,277‌)

Paid-In

Capital

11,277‌

Expense

Limitation

Cap

Expiration

Date

Rockefeller

Climate

Solutions

Fund

.................

0.99%

March

31,

2024

24

Rockefeller

Climate

Solutions

Fund

Notes

to

Financial

Statements

(Continued)

May

31,

2023

(Unaudited)

Any

such

waiver

or

reimbursement

is

subject

to

later

adjustment

to

allow

the

Adviser

to

recover

amounts

waived

or

reimbursed

to

the

extent

actual

fees

and

expenses

for

a

fiscal

period

do

not

exceed

the

lesser

of:

(1)

the

Expense

Limitation

Cap

in

place

at

the

time

of

the

waiver

and/or

reimbursement;

or

(2)

the

Expense

Limitation

Cap

in

place

at

the

time

of

recovery;

provided,

however,

that

the

Adviser

shall

only

be

entitled

to

recover

such

amounts

for

a

period

of

up

to

three

years

from

the

date

such

amount

was

waived

or

reimbursed.

For

the period

ended

May

31,

2023, $126,956 of

expenses

were

waived, which

are

eligible

for

recoupment

through

May

31,

2026. 

(5)

Related

Party

Transactions

U.S.

Bancorp

Fund

Services,

LLC,

doing

business

as

U.S.

Bank

Global

Fund

Services

(“Fund

Services”

or

the

“Administrator”),

acts

as

the

Fund's

Administrator

under

an

Administration

Agreement.

The

Administrator

prepares

various

federal

and

state

regulatory

filings,

reports

and

returns

for

the

Fund;

prepares

reports

and

materials

to

be

supplied

to

the

Trustees;

monitors

the

activities

of

the

Fund's

custodian,

transfer

agent

and

accountants;

coordinates

the

preparation

and

payment

of

the

Fund's

expenses;

and

reviews

the

Fund's

expense

accruals.

Fund

Services

also

serves

as

the

fund

accountant

and

transfer

agent

to

the

Fund.

U.S.

Bank

National

Association

(“US

Bank”),

an

affiliate

of

Fund

Services,

serves

as the

Fund’s

custodian.

The

Trust’s

Chief

Compliance

Officer

is

also

an

employee

of

Fund

Services.

Fees

and

expenses

incurred

for

the period

ended

May

31,

2023,

and

owed

as

of

May

31,

2023,

are

as

follows:

The

Fund

has

a

line

of

credit

with

US

Bank

(see

Note

9).

Certain

officers

of

the

Fund

are

also

employees

of

Fund

Services.

(6)

Distribution

Plan

The

Trust

has

adopted

a

Distribution

Plan

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“12b-1

Plan”),

on

behalf

of

the

Class

A

shares

of

the

Fund which

authorizes

the

Trust

to

pay

Quasar

Distributors,

LLC

(the

“Distributor”),

the

Fund's

principal

distributor,

a

distribution

fee

of

0.25%

of the

Fund’s

average

daily

net

assets

of the

Fund's Class

A

shares.

During

the period

ended

May

31,

2023,

the

Class

A

shares

incurred

fees

pursuant

to

the

12b-1

Plan

of

$400.

(7)

Capital

Share

Transactions

Transactions

in

the

shares

of

the

Fund

were

as

follows:

Incurred

Owed

Administration

&

Accounting

$

62,426‌

$

41,774‌

Pricing

$

2,826‌

$

553‌

Transfer

Agency

$

33,310‌

$

23,225‌

Custody

$

7,730‌

$

4,003‌

Chief

Compliance

Officer

$

7,462‌

$

4,962‌

Class

A

Period

Ended

May

31,

2023

Year

Ended

November

30,

2022

Shares

Sold

..................................................

720

79,448

Shares

Reinvested

.........................................

–

366

Shares

Redeemed

..........................................

(102,333)

(33,956)

25

Rockefeller

Climate

Solutions

Fund

Notes

to

Financial

Statements

(Continued)

May

31,

2023

(Unaudited)

(8)

Investment

Transactions

The

aggregate

securities

transactions,

excluding

short-term

investments

and

amounts

transferred

in-kind

noted

below,

for

the

Fund

for

the

period ended

May

31,

2023

are

listed

below.

(9)

Line

of

Credit

As

of

May

31,

2023,

the

Fund

had

a

line

of

credit

in

the

amount

of

$10,000,000,

which will

mature

on

August

5,

2023.

This

secured

line

of

credit is

intended

to

provide

short-term

financing,

if

necessary,

and

subject

to

certain

restrictions,

in

connection

with

shareholder

redemptions.

The

credit

facility

is

the

Fund's

custodian,

US

Bank.

Interest

will

accrue

at

the

prime

rate.

The

following

table

provides

information

regarding

usage

of

the

line

of

credit

for

the

period

ended

May

31,

2023.

The

Fund

did

not

have

an

outstanding

balance

on

the

line

of

credit

as

of

May

31,

2023.

(10)

Recent

Market

Events

U.S.

and

international

markets

have

experienced

and

may

continue

to

experience

significant

periods

of

volatility

in

recent

years

and

months

due

to

a

number

of

economic,

political

and

global

macro

factors

including

rising

inflation,

uncertainty

regarding

central

banks’

interest

rate

increases,

the

possibility

of

a

national

or

global

recession,

trade

tensions,

political

events,

the

war

between

Russia

and

Ukraine

and

the

impact

of

the

coronavirus

(COVID-19)

global

pandemic.

The

global

recovery

from

COVID-19

may

last

for

an

extended

period

of

time.

As

a

result

of

continuing

political

tensions

and

armed

conflicts,

including

the

war

between

Ukraine

and

Russia,

the

U.S.

and

the

European

Union

imposed

sanctions

on

certain

Russian

individuals

and

companies,

including

certain

financial

institutions,

and

have

limited

certain

exports

and

imports

to

and

from

Russia.

The

war

has

contributed

to

recent

market

volatility

and

may

continue

to

do

so.

These

developments,

as

well

as

other

events,

could

result

in

further

market

volatility

and

Net

(Decrease)/Increase

..................................

(101,613)

45,858

Institutional

Class

Period

Ended

May

31,

2023

Year

Ended

November

30,

2022

Shares

Sold

..................................................

17,206

968,830

Shares

Reinvested

.........................................

5,257

32,467

Shares

Redeemed

..........................................

(1,792,227)

(1,635,005)

Net

Decrease

................................................

(1,769,764)

(633,708)

Purchases

Sales

U.S.

Government

Securities

Purchases

U.S.

Government

Securities

Sales

Rockefeller

Climate

Solutions

Fund

..................

$

12,882,016‌

$

28,755,190‌

$

–‌

$

–‌

Days

Utilized

Average

Amount

of

Borrowing

Interest

Expense

Maximum 

Amount

of

Borrowing

Date

of

Maximum

Borrowing

5

$2,071,400

$2,785

$4,276,000

03/21/2023

26

Rockefeller

Climate

Solutions

Fund

Notes

to

Financial

Statements

(Continued)

May

31,

2023

(Unaudited)

negatively

affect

financial

asset

prices,

the

liquidity

of

certain

securities

and

the

normal

operations

of

securities

exchanges

and

other

markets,

despite

government

efforts

to

address

market

disruptions.

Continuing

market

volatility

as

a

result

of

recent

market

conditions

or

other

events

may

have

adverse

effects

on

your

account. 

(11)

Subsequent

Events

The

Fund

has

evaluated

events

and

transactions

that

have

occurred

subsequent

to May

31,

2023

and

determined

there

were

no

subsequent

events

that

would

require

recognition

or

disclosure

within

the

financial

statements

other

than

as

described

below.

On

December

20,

2022,

the

Fund

declared

and

paid

distributions

from

ordinary

income

to

shareholders

of

record

as

of

December

19,

2022,

in

the

amount

of

$123,855

for

the

Institutional

Class.

27

Rockefeller

Funds

Statement

Regarding

Liquidity

Risk

Management

May

31,

2023

(Unaudited)

In

accordance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended,

Trust

for

Professional

Managers

(the

“Trust”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Trust

Program”).

As

required

under

the

Trust

Program,

Rockefeller

&

Co.

LLC

(“Rockefeller”),

the

investment

adviser

to

the

Fund,

a

series

of

the

Trust,

has

adopted

and

implemented

a

liquidity

risk

management

program

tailored

specifically

to

the

Fund

(the

“Adviser

Program”).

The

Adviser

Program

seeks

to

promote

effective

liquidity

risk

management

for

the

Fund

and

to

protect

Fund

shareholders

from

dilution

of

their

interests.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust

has

approved

Rockefeller

as

the

administrator

for

the

Adviser

Program

(the

“Program

Administrator”).

The

Program

Administrator

has

further

delegated

administration

of

the

Adviser

Program

to

its

Portfolio

Analytics

Group.

The

Program

Administrator

is

required

to

provide

a

written

annual

report

to

the

Board

and

the

Trust’s

Chief

Compliance

Officer

regarding

the

adequacy

and

effectiveness

of

the

Adviser

Program,

including

the

operation

of

the

Fund’s

highly

liquid

investment

minimum,

and

any

material

changes

to

the

Adviser

Program.

On

April

20,

2023,

the

Board

reviewed

the

Program

Administrator’s

written

annual

report

for

the

period

January

1,

2022

through

December

31,

2022

(the

“Report”).

The

Report

provided

an

assessment

of

the

Fund’s

liquidity

risk:

the

risk

that

the

Fund

could

not

meet

requests

to

redeem

shares

issued

by

the

Fund

without

significant

dilution

of

the

remaining

investors’

interests

in

the

Fund.

The

Adviser

Program

assesses

liquidity

risk

under

both

normal

and

reasonably

foreseeable

stressed

market

conditions.

The

Program

Administrator

has

retained

ICE

Data

Services,

Inc.,

a

third

party

vendor,

to

provide

portfolio

investment

classification

services,

and

the

Report

noted

that

the

Fund

primarily

held

investments

that

were

classified

as

highly

liquid

during

the

review

period.

The

Report

noted

that

the

Fund’s

portfolio

is

expected

to

continue

to

primarily

hold

highly

liquid

investments

and

the

determination

that

the

Fund

be

designated

as

a

“primarily

highly

liquid

fund”

(as

defined

in

Rule

22e-4)

remains

appropriate

and

the

Fund

can

therefore

continue

to

rely

on

the

exclusion

in

Rule

22e-4

from

the

requirements

to

determine

and

review

a

highly

liquid

investment

minimum

for

the

Fund

and

to

adopt

policies

and

procedures

for

responding

to

a

highly

liquid

investment

minimum

shortfall.

The

Report

noted

that

there

were

no

breaches

of

the

Fund’s

restriction

on

holding

illiquid

investments

exceeding

15%

of

its

net

assets

during

the

review

period.

The

Report

confirmed

that

the

Fund’s

investment

strategy

was

appropriate

for

an

open-end

management

investment

company.

The

Report

also

indicated

that

no

material

changes

had

been

made

to

the

Adviser

Program

during

the

review

period.

The

Program

Administrator

determined

that

the

Fund

is

reasonably

likely

to

be

able

to

meet

redemption

requests

without

adversely

affecting

non-redeeming

Fund

shareholders

through

significant

dilution.

The

Program

Administrator

concluded

that

the

Adviser

Program

was

adequately

designed

and

effectively

implemented

during

the

review

period.

28

Rockefeller

Climate

Solutions

Fund

Additional

Information

(Unaudited)

Tax

Information

For

the

year

ended

November

30,

2022,

certain

dividends

paid

by

the

Fund

may

be

subject

to

a

maximum

tax

rate

of

23.8%,

as

provided

for

by

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003.

The

percentage

of

dividends

declared

from

ordinary

income

designated

as

qualified

dividend

income

was

0.00%.

For

corporate

shareholders,

the

percent

of

ordinary

income

distributions

qualifying

for

the

corporate

dividends

received

deduction

for

the

fiscal

year

ended

November

30,

2022,

was

0.00%.

For

the

year

ended

November

30,

2022,

the

percentage

of

taxable

ordinary

income

distributions

designated

as

short-term

capital

gain

distributions

under

Section

871(k)(2)(c)

of

the

Code

for

the

Fund

was

0.00%.

Indemnifications

Under

the

Trust’s

organizational

documents,

its

officers

and

Trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

However,

the

Fund

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expect

the

risk

of

loss

to

be

remote.

Information

about

Trustees

The

business

and

affairs

of

the

Trust

are

managed

under

the

direction

of

the

Board

of

Trustees.

Information

pertaining

to

the

Trustees

of

the

Trust

is

set

forth

below.

The

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

is

available,

without

charge,

upon

request

by

calling

855-369-6209.

Name,

Address

and

Year

of

Birth

Position(s)

Held

with

the

Trust 

Term

of

Office

and

Length

of

Time

Served

Number

of

Portfolios

in

Trust

Overseen

by

Trustee

Principal

Occupation(s)

During

the

Past

Five

Years 

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Michael

D.

Akers,

Ph.D.

615

E.

Michigan

St.

Milwaukee,

WI

53202

Year

of

Birth:

1955

Trustee

Indefinite

Term;

Since

August

22,

2001

27

Professor

Emeritus

Department

of

Accounting

(June

2019-present),

Professor

Department

of

Accounting

(2004-May

2019)

Marquette

University. 

Independent

Trustee,

USA

MUTUALS

(an

open-end

investment

company)

(2001-2021). 

29

Rockefeller

Climate

Solutions

Fund

Additional

Information

(Continued)

(Unaudited)

Name,

Address

and

Year

of

Birth

Position(s)

Held

with

the

Trust 

Term

of

Office

and

Length

of

Time

Served

Number

of

Portfolios

in

Trust

Overseen

by

Trustee

Principal

Occupation(s)

During

the

Past

Five

Years 

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Gary

A.

Drska

615

E.

Michigan

St.

Milwaukee,

WI

53202

Year

of

Birth:

1956

Trustee 

Indefinite

Term;

Since

August

22,

2001 

27 

Retired;

Former

Pilot,

Frontier/

Midwest

Airlines,

Inc.

(airline

company)

(1986-2021). 

Independent

Trustee,

USA

MUTUALS

(an

open-end

investment

company)

(2001-2021).

Vincent

P.

Lyles

615

E.

Michigan

St.

Milwaukee,

WI

53202

Year

of

Birth:

1961

Trustee 

Indefinite

Term;

Since

April

6,

2022 

27 

Executive

Director,

Milwaukee

Succeeds

(education

advocacy

organization)

(2023-present);

System

Vice

President

of

Community

Relations,

Advocate

Aurora

Health

Care

(health

care

provider)

(2019-2022);

President

and

Chief

Executive

Officer,

Boys

&

Girls

Club

of

Greater

Milwaukee

(2012-2018).

Independent

Director,

BMO

Funds,

Inc.

(an

open-end

investment

company)

(2017-2022). 

30

Rockefeller

Climate

Solutions

Fund

Additional

Information

(Continued)

(Unaudited)

Name,

Address

and

Year

of

Birth

Position(s)

Held

with

the

Trust 

Term

of

Office

and

Length

of

Time

Served

Number

of

Portfolios

in

Trust

Overseen

by

Trustee

Principal

Occupation(s)

During

the

Past

Five

Years 

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Erik

K.

Olstein

615

E.

Michigan

St.

Milwaukee,

WI

53202

Year

of

Birth:

1967

Trustee 

Indefinite

Term;

Since

April

6,

2022 

27 

Retired;

President

and

Chief

Operating

Officer

(2000-2020),

Vice

President

of

Sales

and

Chief

Operating

Officer

(1995-2000),

Olstein

Capital

Management,

L.P.

(asset

management

firm);

Secretary

and

Assistant

Treasurer,

The

Olstein

Funds

(1995-2018). 

Trustee,

The

Olstein

Funds

(an

open-end

investment

company)

(1995-2018). 

Lisa

Zúñiga

Ramírez

615

E.

Michigan

St.

Milwaukee,

WI

53202

Year

of

Birth:

1969

Trustee 

Indefinite

Term;

Since

April

6,

2022 

27 

Retired;

Principal

and

Senior

Portfolio

Manager,

Segall

,

Bryan

&

Hamill,

LLC

(asset

management

firm)

(2018-2020);

Partner

and

Senior

Portfolio

Manager,

Denver

Investments

LLC

(asset

management

firm)

(2009-2018).

N/A

Gregory

M.

Wesley

615

E.

Michigan

St.

Milwaukee,

WI

53202

Year

of

Birth:

1969

Trustee 

Indefinite

Term;

Since

April

6,

2022 

27 

Senior

Vice

President

of

Strategic

Alliances

and

Business

Development,

Medical

College

of

Wisconsin

(2016-present). 

N/A

31

Rockefeller

Climate

Solutions

Fund

Additional

Information

(Continued)

(Unaudited)

Name,

Address

and

Year

of

Birth

Position(s)

Held

with

the

Trust 

Term

of

Office

and

Length

of

Time

Served

Number

of

Portfolios

in

Trust

Overseen

by

Trustee

Principal

Occupation(s)

During

the

Past

Five

Years 

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Officers

John

P.

Buckel

*

615

E.

Michigan

St.

Milwaukee,

WI

53202

Year

of

Birth:

1957

Chairperson,

Trustee,

President

and

Principal

Executive

Officer 

Indefinite

Term;

Chairperson

and

Trustee 

(Since

January

19,

2023);

President

and

Principal

Executive

Officer

(Since

January

24,

2013) 

27 

Vice

President

U.S.

Bancorp

Fund

Services,

LLC

(2004-present).  

N/A

Jennifer

A.

Lima

615

E.

Michigan

St.

Milwaukee,

WI

53202

Year

of

Birth:

1974

Vice

President,

Treasurer

and

Principal

Financial

and

Accounting

Officer 

Indefinite

Term;

Since

January

24,

2013 

N/A 

Vice

President

U.S.

Bancorp

Fund

Services,

LLC

(2002-present).  

N/A 

Deanna

B.

Marotz

615

E.

Michigan

St.

Milwaukee,

WI

53202

Year

of

Birth:

1965

Chief

Compliance

Officer,

Vice

President

and

Anti-

Money

Laundering

Officer 

Indefinite

Term;

Since

October

21,

2021 

N/A 

Senior

Vice

President,

U.S.

Bancorp

Fund

Services,

LLC

(2021-present);

Chief

Compliance

Officer

of

Keeley-

Teton

Advisors,

LLC

and

Teton

Advisors,

Inc.

(2017-2021). 

N/A 

32

Rockefeller

Climate

Solutions

Fund

Additional

Information

(Continued)

(Unaudited)

*

Mr.

Buckel

is

deemed

to

be

an

"interested

person"

of

the

Trust

as

defined

by

the

1940

Act

due

to

his

position

and

material

business

relationship

with

the

Trust.

Name,

Address

and

Year

of

Birth

Position(s)

Held

with

the

Trust 

Term

of

Office

and

Length

of

Time

Served

Number

of

Portfolios

in

Trust

Overseen

by

Trustee

Principal

Occupation(s)

During

the

Past

Five

Years 

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Jay

S.

Fitton

615

E.

Michigan

St.

Milwaukee,

WI

53202

Year

of

Birth:

1970

Secretary 

Indefinite

Term;

Since

July

22,

2019

N/A 

Assistant

Vice

President,

U.S.

Bancorp

Fund

Services,

LLC

(2019–present);

Partner,

Practus

,

LLP

(2018-2019);

Counsel,

Drinker

Biddle

&

Reath

LLP

(2016-2018).

N/A 

Kelly

A.

Strauss

615

E.

Michigan

St.

Milwaukee,

WI

53202

Year

of

Birth:

1987

Assistant

Treasurer 

Indefinite

Term;

Since

April

23,

2015

N/A 

Assistant

Vice

President,

U.S.

Bancorp

Fund

Services,

LLC

(2011–present). 

N/A 

Shannon

Coyle

615

E.

Michigan

St.

Milwaukee,

WI

53202

Year

of

Birth:

1990

Assistant

Treasurer 

Indefinite

Term;

Since

August

26,

2022

N/A 

Officer,

U.S.

Bancorp

Fund

Services,

LLC

(2015–present). 

N/A 

Laura

A.

Carroll

615

E.

Michigan

St.

Milwaukee,

WI

53202

Year

of

Birth:

1985

Assistant

Treasurer 

Indefinite

Term;

Since

August

20,

2018

N/A 

Assistant

Vice

President,

U.S.

Bancorp

Fund

Services,

LLC

(2007–present). 

N/A 

33

!

!

!

A

NOTE

ON

FORWARD

LOOKING

STATEMENTS

(Unaudited)

Except

for

historical

information

contained

in

this

report

for

the

Fund,

the

matters

discussed

in

this

report

may

constitute

forward-looking

statements

made

pursuant

to

the

safe-harbor

provisions

of

the

Private

Securities

Litigation

Reform

Act

of

1995.

These

include

any

adviser

or

portfolio

manager

predictions,

assessments,

analyses

or

outlooks

for

individual

securities,

industries,

market

sectors

and/or

markets.

These

statements

involve

risks

and

uncertainties.

In

addition

to

the

general

risks

described

for

the

Fund

in

the

current

Prospectus,

other

factors

bearing

on

this

report

include

the

accuracy

of

the

Adviser’s

or

portfolio

managers’

forecasts

and

predictions,

and

the

appropriateness

of

the

investment

programs

designed

by

the

Adviser

or

portfolio

managers

to

implement

their

strategies

efficiently

and

effectively.

Any

one

or

more

of

these

factors,

as

well

as

other

risks

affecting

the

securities

markets

and

investment

instruments

generally,

could

cause

the

actual

results

of

the

Fund

to

differ

materially

as

compared

to

benchmarks

associated

with

the

Fund.

ADDITIONAL

INFORMATION

(Unaudited)

The

Fund

adopted

proxy

voting

policies

and

procedures

that

delegate

to

the

Adviser

the

authority

to

vote

proxies.

A

description

of

the

Fund’s

proxy

voting

policies

and

procedures

is

available

without

charge,

upon

request,

by

calling

the

Fund

toll

free

at

855-369-6209.

A

description

of

these

policies

and

procedures

is

also

included

in

the

Fund’s

Statement

of

Additional

Information,

which

is

available

on

the

SEC’s

website

at

http://www.sec.gov

.

The

Fund’s

proxy

voting

records

for

the

most

recent

12-month

period

ended

June

30

are

available

without

charge,

either

upon

request

by

calling

the

Fund

toll

free

at

855-369-6209

or

by

accessing

the

SEC’s

website

at

http://www.sec.gov

.

The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

on

Part

F

of

Form

N-PORT.

Shareholders

may

view

the

Part

F

of

Form

N-PORT

reports,

on

the

SEC’s

website

at

http://www.sec.gov

.

HOUSEHOLDING

(Unaudited)

In

an

effort

to

decrease

costs,

the

Fund

intends

to

reduce

the

number

of

duplicate

prospectuses

and

certain

other

shareholder

documents

you

receive

by

sending

only

one

copy

of

each

to

those

addresses

shared

by

two

or

more

accounts

and

to

shareholders

the

Fund

reasonably

believes

are

from

the

same

family

or

household.

Once

implemented,

if

you

would

like

to

discontinue

householding

for

your

accounts,

please

call

toll-free

at

855-

369-6209

to

request

individual

copies

of

these

documents.

Once

the

Fund

receives

notice

to

stop

householding,

the

Fund

will

begin

sending

individual

copies

30

days

after

receiving

your

request.

This

policy

does

not

apply

to

account

statements.

34

!

!

!

ROCKEFELLER

FUNDS

Investment

Adviser

Rockefeller

&

Co.

LLC

45

Rockefeller

Plaza,

5th

Floor

New

York,

New

York

10111

Legal

Counsel

Godfrey

&

Kahn,

S.C.

833

East

Michigan

Street

Suite

1800

Milwaukee,

Wisconsin

53202

Independent

Registered

Public

Accounting

Firm

Deloitte

&

Touche

LLP

111

South

Wacker

Drive

Chicago,

Illinois

60606

Transfer

Agent,

Fund

Accountant

and

Fund

Administrator

U.S.

Bancorp

Fund

Services,

LLC

615

East

Michigan

Street

Milwaukee,

Wisconsin

53202

Custodian

U.S.

Bank

National

Association

Custody

Operations

1555

North

River

Center

Drive

Suite

302

Milwaukee,

Wisconsin

53212

Distributor

Quasar

Distributors,

LLC

111

East

Kilbourn

Avenue

Suite

2200

Milwaukee,

Wisconsin

53202

This

report

is

intended

for

shareholders

of

the

Fund

and

may

not

be

used

as

sales

literature

unless

preceded

or

accompanied

by

a

current

prospectus.

(b)

Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

 Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

(a)

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form. 

(b)

Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission o

f Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees. 

Item 11. Controls and Procedures.

(a)

The Registrant’s President

and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934.  Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the last fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Disclosure of Securiti

es Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)

(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable.

(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c‑1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.  Not applicable to open-end investment companies.

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

(b)

Certifications pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002.

Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)  Trust for Professional Managers                                  

By (Signature and Title)*

/s/ John Buckel____________

John Buckel, President

Date:

8/1/2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*

/s/ John Buckel

____________

John Buckel, President

Date:

8/1/2023

By (Signature and Title)*

/s/ Jennifer Lima

____________

Jennifer Lima, Treasurer

Date:

8/1/2023

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