Trust for Professional Managers
08/07/2026 | Press release | Distributed by Public on 08/07/2026 11:08
Semi-Annual Report by Investment Company (Form N-CSRS)
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) 520-5925
Registrant's telephone number, including area code
Date of fiscal year end: November 30, 2026
Date of reporting period: May 31, 2026
Item 1. Reports to Stockholders.
| (a) |
|
Rockefeller Climate Solutions Fund
|
||
|
Class A | RKCAX
|
||
|
Semi-Annual Shareholder Report | May 31, 2026
|
This semi-annual shareholder report contains important information about the Rockefeller Climate Solutions Fund (the "Fund") for the period of December 1, 2025, to May 31, 2026. You can find additional information about the Fund at https://www.rockefellerfunds.com/equity-funds/. You can also request this information by contacting us at 1-855-369-6209.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
Class A
|
$65
|
1.25%
|
| * | Annualized |
HOW DID THE FUND PERFORM DURING THE LAST SIX MONTHS AND WHAT AFFECTED ITS PERFORMANCE?
The MSCI ACWI Net Total Return Index returned 13.32% versus the Fund's Class A shares return of 8.63% (without sales charges) for the six-month period ended May 31, 2026. The Fund underperformed due to stock selection within the Information Technology and Industrials sectors. Trimble (TRMB US ) within the Information Technology sector was the top detracting position during the period potentially pressured by multiple compression driven by AI disruption fears across its basket of software names. Financials and Consumer Staples were the top contributing sectors due primarily to stock selection effects. StoneX Group (SNEX US), a global brokerage and financial services firm, was the top contributor, potentially benefiting from heightened market volatility and shifting expectations for short term interest rates amid renewed inflation concerns.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
| Rockefeller Climate Solutions Fund | PAGE 1 | TSR-SAR-89834G786 |
ANNUAL AVERAGE TOTAL RETURN (%)
|
1 Year
|
Since Inception
(07/21/2021) |
|
|
Class A (without sales charge)
|
16.03
|
4.77
|
|
Class A (with maximum 5.25% sales charge)
|
9.94
|
3.62
|
|
MSCI ACWI Net Total Return Index (USD)
|
30.27
|
11.49
|
Visit https://www.rockefellerfunds.com/equity-funds/ for more recent performance information.
| * | The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of May 31, 2026)
|
Net Assets
|
$72,855,760
|
|
Number of Holdings
|
53
|
|
Portfolio Turnover
|
12%
|
WHAT DID THE FUND INVEST IN? (% of net assets as of May 31, 2026)
Sector Breakdown *
|
Top 10 Issuers
|
(%)
|
|
Mueller Industries, Inc.
|
3.8%
|
|
StoneX Group, Inc.
|
3.7%
|
|
AAON, Inc.
|
3.5%
|
|
Chubb Ltd.
|
3.2%
|
|
Schneider Electric SE
|
3.0%
|
|
Halma PLC
|
3.0%
|
|
SSE PLC
|
3.0%
|
|
ESCO Technologies, Inc.
|
2.8%
|
|
GE Vernova, Inc.
|
2.5%
|
|
WESCO International, Inc.
|
2.4%
|
Geographic Breakdown
| * | 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. Bank Global Fund Services. |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.rockefellerfunds.com/equity-funds/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-855-369-6209, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| Rockefeller Climate Solutions Fund | PAGE 2 | TSR-SAR-89834G786 |
|
Rockefeller Climate Solutions Fund
|
||
|
Institutional Class | RKCIX
|
||
|
Semi-Annual Shareholder Report | May 31, 2026
|
This semi-annual shareholder report contains important information about the Rockefeller Climate Solutions Fund (the "Fund") for the period of December 1, 2025, to May 31, 2026. You can find additional information about the Fund at https://www.rockefellerfunds.com/equity-funds/. You can also request this information by contacting us at 1-855-369-6209.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
Institutional Class
|
$52
|
1.00%
|
| * | Annualized |
HOW DID THE FUND PERFORM DURING THE LAST SIX MONTHS AND WHAT AFFECTED ITS PERFORMANCE?
The MSCI ACWI Net Total Return Index returned 13.32% versus the Fund's Institutional Class shares return of 8.76% for the six-month period ended May 31, 2026. The Fund underperformed due to stock selection within the Information Technology and Industrials sectors. Trimble (TRMB US ) within the Information Technology sector was the top detracting position during the period potentially pressured by multiple compression driven by AI disruption fears across its basket of software names. Financials and Consumer Staples were the top contributing sectors due primarily to stock selection effects. StoneX Group (SNEX US), a global brokerage and financial services firm, was the top contributor, potentially benefiting from heightened market volatility and shifting expectations for short term interest rates amid renewed inflation concerns.
HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*
The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $1,000,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
1 Year
|
5 Year**
|
10 Year**
|
|
|
Institutional Class
|
16.32
|
4.81
|
10.19
|
|
MSCI ACWI Net Total Return Index (USD)
|
30.27
|
11.45
|
12.81
|
Visit https://www.rockefellerfunds.com/equity-funds/ for more recent performance information.
| * | The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
| ** | Performance prior to July 21, 2021 is that of its predecessor fund, the Rockefeller Climate Solutions Fund, L.P. |
| Rockefeller Climate Solutions Fund | PAGE 1 | TSR-SAR-89834G794 |
KEY FUND STATISTICS (as of May 31, 2026)
|
Net Assets
|
$72,855,760
|
|
Number of Holdings
|
53
|
|
Portfolio Turnover
|
12%
|
WHAT DID THE FUND INVEST IN? (% of net assets as of May 31, 2026)
Sector Breakdown *
|
Top 10 Issuers
|
(%)
|
|
Mueller Industries, Inc.
|
3.8%
|
|
StoneX Group, Inc.
|
3.7%
|
|
AAON, Inc.
|
3.5%
|
|
Chubb Ltd.
|
3.2%
|
|
Schneider Electric SE
|
3.0%
|
|
Halma PLC
|
3.0%
|
|
SSE PLC
|
3.0%
|
|
ESCO Technologies, Inc.
|
2.8%
|
|
GE Vernova, Inc.
|
2.5%
|
|
WESCO International, Inc.
|
2.4%
|
Geographic Breakdown
| * | 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. Bank Global Fund Services. |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.rockefellerfunds.com/equity-funds/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-855-369-6209, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| Rockefeller Climate Solutions Fund | PAGE 2 | TSR-SAR-89834G794 |
|
Rockefeller US Small Cap Core Fund
|
||
|
Class A | RKSAX
|
||
|
Semi-Annual Shareholder Report | May 31, 2026
|
This semi-annual shareholder report contains important information about the Rockefeller US Small Cap Core Fund (the "Fund") for the period of December 1, 2025, to May 31, 2026. You can find additional information about the Fund at https://www.rockefellerfunds.com/equity-funds/. You can also request this information by contacting us at 1-855-369-6209.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
Class A
|
$67
|
1.30%
|
| * | Annualized |
HOW DID THE FUND PERFORM DURING THE LAST SIX MONTHS AND WHAT AFFECTED ITS PERFORMANCE?
The Russell 2000 Total Return Index returned 17.47% versus the Fund's Class A shares return of 7.83% (without sales charges) for the six-month period ended May 31, 2026. The Fund underperformed as stock selection in the Information Technology and Health Care sectors detracted from performance. Huron Consulting (HURN US) in the Industrials sector was the top detracting stock during the period potentially driven by perceived AI disruption risk despite continued revenue growth, margin expansion, backlog strength, and buybacks. Stock selection within the Consumer Discretionary and Financials sectors contributed positively to performance. StoneX Group (SNEX US), a global brokerage and financial services firm, was the top contributor, potentially benefiting from heightened market volatility and shifting expectations for short term interest rates amid renewed inflation concerns.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
| Rockefeller US Small Cap Core Fund | PAGE 1 | TSR-SAR-89834G653 |
ANNUAL AVERAGE TOTAL RETURN (%)
|
1 Year
|
Since Inception
(07/31/2023) |
|
|
Class A (without sales charge)
|
13.62
|
10.49
|
|
Class A (with maximum 5.25% sales charge)
|
7.66
|
8.41
|
|
Russell 2000 Total Return Index
|
43.08
|
15.79
|
Visit https://www.rockefellerfunds.com/equity-funds/ for more recent performance information.
| * | The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of May 31, 2026)
|
Net Assets
|
$99,591,878
|
|
Number of Holdings
|
47
|
|
Portfolio Turnover
|
46%
|
WHAT DID THE FUND INVEST IN? (% of net assets as of May 31, 2026)
Sector Breakdown *
|
Top 10 Issuers
|
(%)
|
|
First Bancorp.
|
4.0%
|
|
HA Sustainable Infrastructure Capital, Inc.
|
3.9%
|
|
StoneX Group, Inc.
|
3.2%
|
|
Stewart Information Services Corp.
|
3.2%
|
|
Helios Technologies, Inc.
|
3.1%
|
|
CECO Environmental Corp.
|
3.0%
|
|
Korn Ferry
|
3.0%
|
|
Pediatrix Medical Group, Inc.
|
2.9%
|
|
Limbach Holdings, Inc.
|
2.9%
|
|
Winmark Corp.
|
2.8%
|
| * | 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. Bank Global Fund Services. |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.rockefellerfunds.com/equity-funds/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-855-369-6209, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| Rockefeller US Small Cap Core Fund | PAGE 2 | TSR-SAR-89834G653 |
|
Rockefeller US Small Cap Core Fund
|
||
|
Class I | RKSIX
|
||
|
Semi-Annual Shareholder Report | May 31, 2026
|
This semi-annual shareholder report contains important information about the Rockefeller US Small Cap Core Fund (the "Fund") for the period of December 1, 2025, to May 31, 2026. You can find additional information about the Fund at https://www.rockefellerfunds.com/equity-funds/. You can also request this information by contacting us at 1-855-369-6209.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
Class I
|
$54
|
1.05%
|
| * | Annualized |
HOW DID THE FUND PERFORM DURING THE LAST SIX MONTHS AND WHAT AFFECTED ITS PERFORMANCE?
The Russell 2000 Total Return Index returned 17.47% versus the Fund's Class I shares return of 7.97% for the six-month period ended May 31, 2026. The Fund underperformed as stock selection in the Information Technology and Health Care sectors detracted from performance. Huron Consulting (HURN US) in the Industrials sector was the top detracting stock during the period potentially driven by perceived AI disruption risk despite continued revenue growth, margin expansion, backlog strength, and buybacks. Stock selection within the Consumer Discretionary and Financials sectors contributed positively to performance. StoneX Group (SNEX US), a global brokerage and financial services firm, was the top contributor, potentially benefiting from heightened market volatility and shifting expectations for short term interest rates amid renewed inflation concerns.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $1,000,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
1 Year
|
Since Inception
(07/31/2023) |
|
|
Class I
|
13.90
|
10.75
|
|
Russell 2000 Total Return Index
|
43.08
|
15.79
|
Visit https://www.rockefellerfunds.com/equity-funds/ for more recent performance information.
| * | The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
| Rockefeller US Small Cap Core Fund | PAGE 1 | TSR-SAR-89834G646 |
KEY FUND STATISTICS (as of May 31, 2026)
|
Net Assets
|
$99,591,878
|
|
Number of Holdings
|
47
|
|
Portfolio Turnover
|
46%
|
WHAT DID THE FUND INVEST IN? (% of net assets as of May 31, 2026)
Sector Breakdown *
|
Top 10 Issuers
|
(%)
|
|
First Bancorp.
|
4.0%
|
|
HA Sustainable Infrastructure Capital, Inc.
|
3.9%
|
|
StoneX Group, Inc.
|
3.2%
|
|
Stewart Information Services Corp.
|
3.2%
|
|
Helios Technologies, Inc.
|
3.1%
|
|
CECO Environmental Corp.
|
3.0%
|
|
Korn Ferry
|
3.0%
|
|
Pediatrix Medical Group, Inc.
|
2.9%
|
|
Limbach Holdings, Inc.
|
2.9%
|
|
Winmark Corp.
|
2.8%
|
| * | 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. Bank Global Fund Services. |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.rockefellerfunds.com/equity-funds/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-855-369-6209, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| Rockefeller US Small Cap Core Fund | PAGE 2 | TSR-SAR-89834G646 |
| (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.
Item 6. Investments.
| (a) | Schedule of Investments is included as part of the report to shareholders filed under Item 7(a) of this Form. |
| (b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
| (a) |
ROCKEFELLER CLIMATE SOLUTIONS FUND
ROCKEFELLER US SMALL CAP CORE FUND
Semi-Annual Financial Statements and Additional Information
May 31, 2026 (Unaudited)
|
|
|||
|
What's Inside
|
|||
|
Schedules of Investments
|
|
|
1
|
|
Statements of Assets and Liabilities
|
|
|
7
|
|
Statements of Operations
|
|
|
9
|
|
Statements of Changes in Net Assets
|
|
|
10
|
|
Financial Highlights
|
|
|
12
|
|
Notes to Financial Statements
|
|
|
16
|
|
Additional Information
|
|
|
23
|
|
|
|
|
|
TABLE OF CONTENTS
Rockefeller Climate Solutions Fund
Schedule of Investments
May 31, 2026 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
|
COMMON STOCKS - 98.2%
|
|
|
|
|
|
||
|
Automobiles - 1.0%
|
|
|
|
|
|
||
|
BYD Co. Ltd. - Class H
|
|
|
60,400
|
|
|
$703,097
|
|
|
Beverages - 1.7%
|
|
|
|
|
|
||
|
Primo Brands Corp.
|
|
|
50,438
|
|
|
1,250,862
|
|
|
Building Products - 7.4%
|
|
|
|
|
|
||
|
AAON, Inc.
|
|
|
17,960
|
|
|
2,517,992
|
|
|
Advanced Drainage Systems, Inc.
|
|
|
9,254
|
|
|
1,287,786
|
|
|
Cie de Saint-Gobain
|
|
|
17,207
|
|
|
1,559,313
|
|
|
|
|
|
|
5,365,091
|
|
||
|
Capital Markets - 3.7%
|
|
|
|
|
|
||
|
StoneX Group, Inc.(a)
|
|
|
23,844
|
|
|
2,702,717
|
|
|
Chemicals - 6.0%
|
|
|
|
|
|
||
|
Air Products and Chemicals, Inc.
|
|
|
5,605
|
|
|
1,561,665
|
|
|
DSM-Firmenich AG
|
|
|
10,275
|
|
|
863,421
|
|
|
Ingevity Corp.(a)
|
|
|
12,447
|
|
|
844,156
|
|
|
Novonesis Novozymes B
|
|
|
18,631
|
|
|
1,082,426
|
|
|
|
|
|
|
4,351,668
|
|
||
|
Commercial Services & Supplies - 5.5%
|
|
|
|
|
|
||
|
Republic Services, Inc.
|
|
|
6,257
|
|
|
1,254,153
|
|
|
Tetra Tech, Inc.
|
|
|
46,905
|
|
|
1,289,418
|
|
|
Veralto Corp.
|
|
|
18,034
|
|
|
1,482,936
|
|
|
|
|
|
|
4,026,507
|
|
||
|
Construction & Engineering - 4.1%
|
|
|
|
|
|
||
|
Limbach Holdings, Inc.(a)
|
|
|
13,141
|
|
|
1,017,770
|
|
|
Quanta Services, Inc.
|
|
|
856
|
|
|
609,241
|
|
|
Stantec, Inc.
|
|
|
18,158
|
|
|
1,372,008
|
|
|
|
|
|
|
2,999,019
|
|
||
|
Electric Utilities - 4.9%
|
|
|
|
|
|
||
|
NextEra Energy, Inc.
|
|
|
16,298
|
|
|
1,418,089
|
|
|
SSE PLC
|
|
|
69,308
|
|
|
2,167,472
|
|
|
|
|
|
|
3,585,561
|
|
||
|
Electrical Equipment - 9.5%
|
|
|
|
|
|
||
|
Array Technologies, Inc.(a)
|
|
|
68,242
|
|
|
619,637
|
|
|
GE Vernova, Inc.
|
|
|
1,863
|
|
|
1,803,980
|
|
|
Prysmian SpA
|
|
|
6,096
|
|
|
1,050,139
|
|
|
Schneider Electric SE
|
|
|
6,974
|
|
|
2,190,414
|
|
|
Vestas Wind Systems AS
|
|
|
44,207
|
|
|
1,240,354
|
|
|
|
|
|
|
6,904,524
|
|
||
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
1
|
|
|
TABLE OF CONTENTS
Rockefeller Climate Solutions Fund
Schedule of Investments(Cont'd)
May 31, 2026 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
|
COMMON STOCKS - continued
|
|
|
|
|
|
||
|
Electronic Equipment, Instruments & Components - 10.8%
|
|
|
|
|
|
||
|
Badger Meter, Inc.
|
|
|
8,018
|
|
|
$993,430
|
|
|
Halma PLC
|
|
|
34,801
|
|
|
2,187,507
|
|
|
Mirion Technologies, Inc.(a)
|
|
|
71,325
|
|
|
1,303,821
|
|
|
TE Connectivity PLC
|
|
|
8,072
|
|
|
1,722,646
|
|
|
Teledyne Technologies, Inc.(a)
|
|
|
2,666
|
|
|
1,652,467
|
|
|
|
|
|
|
7,859,871
|
|
||
|
Financial Services - 1.2%
|
|
|
|
|
|
||
|
HA Sustainable Infrastructure Capital, Inc.
|
|
|
21,446
|
|
|
879,286
|
|
|
Food Products - 3.2%
|
|
|
|
|
|
||
|
Bakkafrost P/F
|
|
|
14,992
|
|
|
743,240
|
|
|
Darling Ingredients, Inc.(a)
|
|
|
26,996
|
|
|
1,595,464
|
|
|
|
|
|
|
2,338,704
|
|
||
|
Household Durables - 1.8%
|
|
|
|
|
|
||
|
TopBuild Corp.(a)
|
|
|
3,051
|
|
|
1,273,731
|
|
|
Industrial Conglomerates - 1.6%
|
|
|
|
|
|
||
|
Hitachi Ltd.
|
|
|
35,400
|
|
|
1,145,881
|
|
|
Insurance - 3.2%
|
|
|
|
|
|
||
|
Chubb Ltd.
|
|
|
7,372
|
|
|
2,298,074
|
|
|
Life Sciences Tools & Services - 5.5%
|
|
|
|
|
|
||
|
Agilent Technologies, Inc.
|
|
|
9,758
|
|
|
1,322,502
|
|
|
Eurofins Scientific SE(a)
|
|
|
22,759
|
|
|
1,655,625
|
|
|
Mettler-Toledo International, Inc.(a)
|
|
|
896
|
|
|
1,057,800
|
|
|
|
|
|
|
4,035,927
|
|
||
|
Machinery - 11.1%
|
|
|
|
|
|
||
|
CECO Environmental Corp.(a)
|
|
|
17,833
|
|
|
1,333,017
|
|
|
ESCO Technologies, Inc.
|
|
|
6,912
|
|
|
2,017,613
|
|
|
Mueller Industries, Inc.
|
|
|
21,371
|
|
|
2,748,310
|
|
|
Organo Corp.
|
|
|
12,200
|
|
|
1,221,642
|
|
|
Xylem, Inc.
|
|
|
6,751
|
|
|
739,504
|
|
|
|
|
|
|
8,060,086
|
|
||
|
Multi-Utilities - 1.9%
|
|
|
|
|
|
||
|
CMS Energy Corp.
|
|
|
18,862
|
|
|
1,368,815
|
|
|
Professional Services - 4.5%
|
|
|
|
|
|
||
|
Bureau Veritas SA
|
|
|
35,600
|
|
|
1,076,804
|
|
|
UL Solutions, Inc.
|
|
|
16,955
|
|
|
1,687,022
|
|
|
Verisk Analytics, Inc.
|
|
|
3,138
|
|
|
549,119
|
|
|
|
|
|
|
3,312,945
|
|
||
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
2
|
|
|
TABLE OF CONTENTS
Rockefeller Climate Solutions Fund
Schedule of Investments(Cont'd)
May 31, 2026 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
|
COMMON STOCKS - continued
|
|
|
|
|
|
||
|
Semiconductors & Semiconductor Equipment - 3.6%
|
|
|
|
|
|
||
|
Enphase Energy, Inc.(a)
|
|
|
4,648
|
|
|
$317,737
|
|
|
First Solar, Inc.(a)
|
|
|
2,538
|
|
|
778,633
|
|
|
Infineon Technologies AG
|
|
|
16,249
|
|
|
1,540,656
|
|
|
|
|
|
|
2,637,026
|
|
||
|
Software - 3.6%
|
|
|
|
|
|
||
|
Synopsys, Inc.(a)
|
|
|
2,925
|
|
|
1,391,189
|
|
|
Trimble, Inc.(a)
|
|
|
22,220
|
|
|
1,253,430
|
|
|
|
|
|
|
2,644,619
|
|
||
|
Trading Companies & Distributors - 2.4%
|
|
|
|
|
|
||
|
WESCO International, Inc.
|
|
|
4,880
|
|
|
1,762,510
|
|
|
TOTAL COMMON STOCKS (Cost $52,292,905)
|
|
|
|
|
71,506,521
|
|
|
|
SHORT-TERM INVESTMENTS
|
|
|
|
|
|
||
|
MONEY MARKET FUNDS - 1.9%
|
|
|
|
|
|
||
|
Invesco Government & Agency Portfolio - Institutional Class, 3.55%(b)
|
|
|
1,406,465
|
|
|
1,406,465
|
|
|
TOTAL MONEY MARKET FUNDS (Cost $1,406,465)
|
|
|
|
|
1,406,465
|
|
|
|
TOTAL INVESTMENTS - 100.1% (Cost $53,699,370)
|
|
|
|
|
72,912,986
|
|
|
|
Liabilities in Excess of Other Assets - (0.1)%
|
|
|
|
|
(57,226)
|
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
$72,855,760
|
|
|
|
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
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. Bank Global Fund Services.
|
(a)
|
Non-income producing security.
|
|
(b)
|
The rate shown represents the 7-day annualized yield as of May 31, 2026.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
3
|
|
|
TABLE OF CONTENTS
Rockefeller US Small Cap Core Fund
Schedule of Investments
May 31, 2026 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
|
COMMON STOCKS - 98.9%
|
|
|
|
|
|
||
|
Aerospace & Defense - 1.8%
|
|
|
|
|
|
||
|
Ducommun, Inc.(a)
|
|
|
11,969
|
|
|
$1,821,921
|
|
|
Banks - 4.0%
|
|
|
|
|
|
||
|
First Bancorp.
|
|
|
66,978
|
|
|
3,940,316
|
|
|
Capital Markets - 5.4%
|
|
|
|
|
|
||
|
Perella Weinberg Partners
|
|
|
129,608
|
|
|
2,224,073
|
|
|
StoneX Group, Inc.(a)
|
|
|
28,168
|
|
|
3,192,843
|
|
|
|
|
|
|
5,416,916
|
|
||
|
Chemicals - 2.1%
|
|
|
|
|
|
||
|
Ingevity Corp.(a)
|
|
|
30,371
|
|
|
2,059,761
|
|
|
Communications Equipment - 2.8%
|
|
|
|
|
|
||
|
Calix, Inc.(a)
|
|
|
69,656
|
|
|
2,768,826
|
|
|
Construction & Engineering - 2.9%
|
|
|
|
|
|
||
|
Limbach Holdings, Inc.(a)
|
|
|
37,614
|
|
|
2,913,204
|
|
|
Consumer Finance - 1.6%
|
|
|
|
|
|
||
|
EZCORP, Inc. - Class A(a)
|
|
|
50,876
|
|
|
1,589,366
|
|
|
Diversified Consumer Services - 4.9%
|
|
|
|
|
|
||
|
Stride, Inc.(a)
|
|
|
23,668
|
|
|
2,186,450
|
|
|
Universal Technical Institute, Inc.(a)
|
|
|
72,608
|
|
|
2,716,265
|
|
|
|
|
|
|
4,902,715
|
|
||
|
Electronic Equipment, Instruments & Components - 9.9%
|
|
|
|
|
|
||
|
Badger Meter, Inc.
|
|
|
9,381
|
|
|
1,162,306
|
|
|
Bel Fuse, Inc. - Class B
|
|
|
8,213
|
|
|
2,254,633
|
|
|
ePlus, Inc.
|
|
|
25,017
|
|
|
2,053,646
|
|
|
Mirion Technologies, Inc.(a)
|
|
|
129,015
|
|
|
2,358,394
|
|
|
Napco Security Technologies, Inc.
|
|
|
53,931
|
|
|
2,024,030
|
|
|
|
|
|
|
9,853,009
|
|
||
|
Energy Equipment & Services - 2.1%
|
|
|
|
|
|
||
|
Select Water Solutions, Inc.
|
|
|
117,549
|
|
|
2,107,654
|
|
|
Financial Services - 5.6%
|
|
|
|
|
|
||
|
HA Sustainable Infrastructure Capital, Inc.
|
|
|
95,840
|
|
|
3,929,440
|
|
|
Walker & Dunlop, Inc.
|
|
|
31,719
|
|
|
1,591,977
|
|
|
|
|
|
|
5,521,417
|
|
||
|
Gas Utilities - 2.3%
|
|
|
|
|
|
||
|
ONE Gas, Inc.
|
|
|
29,257
|
|
|
2,274,439
|
|
|
Ground Transportation - 2.5%
|
|
|
|
|
|
||
|
ArcBest Corp.
|
|
|
17,827
|
|
|
2,436,773
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
4
|
|
|
TABLE OF CONTENTS
Rockefeller US Small Cap Core Fund
Schedule of Investments(Cont'd)
May 31, 2026 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
|
COMMON STOCKS - continued
|
|
|
|
|
|
||
|
Health Care Equipment & Supplies - 4.6%
|
|
|
|
|
|
||
|
LeMaitre Vascular, Inc.
|
|
|
17,127
|
|
|
$1,621,071
|
|
|
PROCEPT BioRobotics Corp.(a)
|
|
|
48,558
|
|
|
1,278,532
|
|
|
UFP Technologies, Inc.(a)
|
|
|
7,674
|
|
|
1,689,047
|
|
|
|
|
|
|
4,588,650
|
|
||
|
Health Care Providers & Services - 8.6%
|
|
|
|
|
|
||
|
CorVel Corp.(a)
|
|
|
25,591
|
|
|
1,580,244
|
|
|
GeneDx Holdings Corp.(a)
|
|
|
27,047
|
|
|
1,406,174
|
|
|
Pediatrix Medical Group, Inc.(a)
|
|
|
135,484
|
|
|
2,918,325
|
|
|
RadNet, Inc.(a)
|
|
|
25,588
|
|
|
1,420,902
|
|
|
US Physical Therapy, Inc.
|
|
|
19,139
|
|
|
1,229,872
|
|
|
|
|
|
|
8,555,517
|
|
||
|
Health Care Technology - 1.4%
|
|
|
|
|
|
||
|
Simulations Plus, Inc.(a)
|
|
|
81,655
|
|
|
1,397,117
|
|
|
Hotels, Restaurants & Leisure - 2.7%
|
|
|
|
|
|
||
|
BJ's Restaurants, Inc.(a)
|
|
|
56,681
|
|
|
2,666,841
|
|
|
Insurance - 5.1%
|
|
|
|
|
|
||
|
Skyward Specialty Insurance Group, Inc.(a)
|
|
|
42,376
|
|
|
1,869,629
|
|
|
Stewart Information Services Corp.
|
|
|
48,810
|
|
|
3,171,674
|
|
|
|
|
|
|
5,041,303
|
|
||
|
IT Services - 2.2%
|
|
|
|
|
|
||
|
DigitalOcean Holdings, Inc.(a)
|
|
|
13,964
|
|
|
2,177,686
|
|
|
Life Sciences Tools & Services - 1.8%
|
|
|
|
|
|
||
|
BioLife Solutions, Inc.(a)
|
|
|
72,734
|
|
|
1,812,531
|
|
|
Machinery - 7.7%
|
|
|
|
|
|
||
|
CECO Environmental Corp.(a)
|
|
|
39,901
|
|
|
2,982,600
|
|
|
ESCO Technologies, Inc.
|
|
|
5,697
|
|
|
1,662,954
|
|
|
Helios Technologies, Inc.
|
|
|
36,589
|
|
|
3,040,180
|
|
|
|
|
|
|
7,685,734
|
|
||
|
Media - 0.9%
|
|
|
|
|
|
||
|
DoubleVerify Holdings, Inc.(a)
|
|
|
88,993
|
|
|
863,232
|
|
|
Professional Services - 5.5%
|
|
|
|
|
|
||
|
Huron Consulting Group, Inc.(a)
|
|
|
23,594
|
|
|
2,533,760
|
|
|
Korn Ferry
|
|
|
42,504
|
|
|
2,974,430
|
|
|
|
|
|
|
5,508,190
|
|
||
|
Semiconductors & Semiconductor Equipment - 4.7%
|
|
|
|
|
|
||
|
Ichor Holdings Ltd.(a)
|
|
|
14,597
|
|
|
1,043,977
|
|
|
Impinj, Inc.(a)
|
|
|
11,969
|
|
|
1,807,319
|
|
|
PDF Solutions, Inc.(a)
|
|
|
38,153
|
|
|
1,863,011
|
|
|
|
|
|
|
4,714,307
|
|
||
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
5
|
|
|
TABLE OF CONTENTS
Rockefeller US Small Cap Core Fund
Schedule of Investments(Cont'd)
May 31, 2026 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
|
COMMON STOCKS - continued
|
|
|
|
|
|
||
|
Software - 1.2%
|
|
|
|
|
|
||
|
Q2 Holdings, Inc.(a)
|
|
|
25,947
|
|
|
$1,228,590
|
|
|
Specialty Retail - 2.8%
|
|
|
|
|
|
||
|
Winmark Corp.
|
|
|
7,476
|
|
|
2,830,189
|
|
|
Trading Companies & Distributors - 1.8%
|
|
|
|
|
|
||
|
DXP Enterprises, Inc.(a)
|
|
|
12,508
|
|
|
1,814,411
|
|
|
TOTAL COMMON STOCKS (Cost $82,216,183)
|
|
|
|
|
98,490,615
|
|
|
|
SHORT-TERM INVESTMENTS
|
|
|
|
|
|
||
|
MONEY MARKET FUNDS - 1.0%
|
|
|
|
|
|
||
|
Invesco Government & Agency Portfolio - Institutional Class, 3.55%(b)
|
|
|
1,030,698
|
|
|
1,030,698
|
|
|
TOTAL MONEY MARKET FUNDS (Cost $1,030,698)
|
|
|
|
|
1,030,698
|
|
|
|
TOTAL INVESTMENTS - 99.9% (Cost $83,246,881)
|
|
|
|
|
99,521,313
|
|
|
|
Other Assets in Excess of Liabilities - 0.1%
|
|
|
|
|
70,565
|
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
$99,591,878
|
|
|
|
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
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. Bank Global Fund Services.
|
(a)
|
Non-income producing security.
|
|
(b)
|
The rate shown represents the 7-day annualized yield as of May 31, 2026.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
6
|
|
|
TABLE OF CONTENTS
Rockefeller Funds
Statements of Assets and Liabilities
May 31, 2026 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Rockefeller
Climate Solutions
Fund
|
|
|
Rockefeller
US Small Cap Core
Fund
|
|
|
|
Assets:
|
|
|
|
|
|
||
|
Investments, at value
|
|
|
$72,912,986
|
|
|
$99,521,313
|
|
|
Dividend tax reclaims receivable
|
|
|
78,965
|
|
|
-
|
|
|
Dividends receivable
|
|
|
30,604
|
|
|
69,470
|
|
|
Interest receivable
|
|
|
-
|
|
|
-
|
|
|
Receivable for investments sold
|
|
|
-
|
|
|
268,138
|
|
|
Prepaid expenses and other assets
|
|
|
20,151
|
|
|
1,440
|
|
|
Total Assets
|
|
|
73,042,706
|
|
|
99,860,361
|
|
|
Liabilities:
|
|
|
|
|
|
||
|
Payable for transfer agent fees and expenses
|
|
|
54,035
|
|
|
22,698
|
|
|
Payable for fund administration and accounting fees
|
|
|
49,705
|
|
|
51,994
|
|
|
Payable to Adviser
|
|
|
29,208
|
|
|
64,657
|
|
|
Payable for directors fees
|
|
|
17,488
|
|
|
17,494
|
|
|
Payable for legal fees
|
|
|
10,291
|
|
|
8,493
|
|
|
Payable for audit fees
|
|
|
10,105
|
|
|
10,105
|
|
|
Payable for compliance fees
|
|
|
5,426
|
|
|
5,154
|
|
|
Payable for custodian fees
|
|
|
4,063
|
|
|
2,132
|
|
|
Payable for distribution fees
|
|
|
350
|
|
|
424
|
|
|
Payable for investments purchased
|
|
|
-
|
|
|
68,886
|
|
|
Payable for fund shares redeemed
|
|
|
-
|
|
|
10,036
|
|
|
Payable for expenses and other liabilities
|
|
|
6,275
|
|
|
6,410
|
|
|
Total Liabilities
|
|
|
186,946
|
|
|
268,483
|
|
|
Net Assets
|
|
|
72,855,760
|
|
|
99,591,878
|
|
|
Net Assets Consist of:
|
|
|
|
|
|
||
|
Paid-in capital
|
|
|
$39,741,983
|
|
|
$82,690,834
|
|
|
Total distributable earnings
|
|
|
33,113,777
|
|
|
16,901,044
|
|
|
Total Net Assets
|
|
|
$72,855,760
|
|
|
$99,591,878
|
|
|
Class A
|
|
|
|
|
|
||
|
Net assets
|
|
|
$369,452
|
|
|
$167,896
|
|
|
Shares issued and outstanding (unlimited shares authorized with par value of $0.001)
|
|
|
32,691
|
|
|
13,880
|
|
|
Net asset value per share
|
|
|
$11.30
|
|
|
$12.10
|
|
|
Max offering price per share (net asset value per share divided by 0.9475 and 0.9475, respectively)
|
|
|
$11.93
|
|
|
$12.77
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
7
|
|
|
TABLE OF CONTENTS
Rockefeller Funds
Statements of Assets and Liabilities(Cont'd)
May 31, 2026 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Rockefeller
Climate Solutions
Fund
|
|
|
Rockefeller
US Small Cap Core
Fund
|
|
|
|
Class I
|
|
|
|
|
|
||
|
Net assets
|
|
|
$-
|
|
|
$99,423,982
|
|
|
Shares issued and outstanding (unlimited shares authorized with par value of $0.001)
|
|
|
-
|
|
|
8,168,961
|
|
|
Net asset value per share
|
|
|
$-
|
|
|
$12.17
|
|
|
Institutional Class
|
|
|
|
|
|
||
|
Net assets
|
|
|
$72,486,308
|
|
|
$-
|
|
|
Shares issued and outstanding (unlimited shares authorized with par value of $0.001)
|
|
|
6,374,273
|
|
|
-
|
|
|
Net asset value per share
|
|
|
$11.37
|
|
|
$-
|
|
|
Cost:
|
|
|
|
|
|
||
|
Investments, at cost
|
|
|
$53,699,370
|
|
|
$83,246,881
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
8
|
|
|
TABLE OF CONTENTS
Rockefeller Funds
Statements of Operations (Unaudited)
For the Period Ended May 31, 2026
|
|
|
|
|
|
|
|
|
|
|
|
Rockefeller
Climate Solutions
Fund
|
|
|
Rockefeller
US Small Cap Core
Fund
|
|
|
|
Investment Income:
|
|
|
|
|
|
||
|
Dividend income
|
|
|
$430,885
|
|
|
$451,450
|
|
|
Less: issuance fees
|
|
|
(32)
|
|
|
-
|
|
|
Less: dividend withholding taxes
|
|
|
(25,789)
|
|
|
-
|
|
|
Total Investment Income
|
|
|
405,064
|
|
|
451,450
|
|
|
Expenses:
|
|
|
|
|
|
||
|
Investment advisory fee
|
|
|
327,110
|
|
|
416,422
|
|
|
Transfer agent fees
|
|
|
60,568
|
|
|
26,984
|
|
|
Fund administration and accounting fees
|
|
|
58,268
|
|
|
61,013
|
|
|
Federal and state registration fees
|
|
|
19,372
|
|
|
16,616
|
|
|
Trustees' fees
|
|
|
17,537
|
|
|
17,572
|
|
|
Legal fees
|
|
|
13,218
|
|
|
15,420
|
|
|
Audit fees
|
|
|
11,337
|
|
|
11,337
|
|
|
Custodian fees
|
|
|
9,469
|
|
|
4,918
|
|
|
Compliance fees
|
|
|
5,841
|
|
|
6,193
|
|
|
Interest expense
|
|
|
3,343
|
|
|
-
|
|
|
Reports to shareholders
|
|
|
2,274
|
|
|
921
|
|
|
Distribution expenses - Class A
|
|
|
387
|
|
|
201
|
|
|
Other expenses and fees
|
|
|
4,736
|
|
|
4,688
|
|
|
Total Expenses
|
|
|
533,460
|
|
|
582,285
|
|
|
Fee waiver from Adviser
|
|
|
(148,740)
|
|
|
(67,677)
|
|
|
Net Expenses
|
|
|
384,720
|
|
|
514,608
|
|
|
Net Investment Income/(Loss)
|
|
|
20,344
|
|
|
(63,158)
|
|
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
|
||
|
Net Realized Gain (Loss) from:
|
|
|
|
|
|
||
|
Investments
|
|
|
5,866,901
|
|
|
3,101,297
|
|
|
Foreign currency transactions
|
|
|
1,977
|
|
|
-
|
|
|
Net Realized Gain (Loss)
|
|
|
5,868,878
|
|
|
3,101,297
|
|
|
Net Change in Unrealized Appreciation (Depreciation) on:
|
|
|
|
|
|
||
|
Investments
|
|
|
731,275
|
|
|
4,630,933
|
|
|
Foreign currency translation
|
|
|
(811)
|
|
|
-
|
|
|
Net Change in Unrealized Appreciation (Depreciation)
|
|
|
730,464
|
|
|
4,630,933
|
|
|
Net Realized and Unrealized Gain (Loss)
|
|
|
6,599,342
|
|
|
7,732,230
|
|
|
Net Increase (Decrease) in Net Assets Resulting from Operations
|
|
|
$6,619,686
|
|
|
$7,669,072
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
9
|
|
|
TABLE OF CONTENTS
Rockefeller Funds
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|
||||||
|
|
|
Rockefeller Climate
Solutions Fund
|
|
|
Rockefeller US Small
Cap Core Fund
|
|
|||||||
|
|
|
Period Ended
May 31, 2026
(Unaudited)
|
|
|
Year Ended
November 30,
2025
|
|
|
Period Ended
May 31, 2026
(Unaudited)
|
|
|
Year Ended
November 30,
2025
|
|
|
|
Operations:
|
|
|
|
|
|
|
|
|
|
||||
|
Net investment income (loss)
|
|
|
$20,344
|
|
|
$21,800
|
|
|
$(63,158)
|
|
|
$(264,833)
|
|
|
Net realized gain (loss)
|
|
|
5,868,878
|
|
|
3,203,550
|
|
|
3,101,297
|
|
|
3,502,709
|
|
|
Net change in unrealized appreciation (depreciation)
|
|
|
730,464
|
|
|
2,623,437
|
|
|
4,630,933
|
|
|
(6,938,376)
|
|
|
Net increase (decrease) in net assets from operations
|
|
|
6,619,686
|
|
|
5,848,787
|
|
|
7,669,072
|
|
|
(3,700,500)
|
|
|
Distributions to Shareholders:
|
|
|
|
|
|
|
|
|
|
||||
|
From earnings - Class A
|
|
|
(15,775)
|
|
|
(6,493)
|
|
|
(8,556)
|
|
|
(6,212)
|
|
|
From earnings - Class I
|
|
|
-
|
|
|
-
|
|
|
(5,260,276)
|
|
|
(4,040,565)
|
|
|
From earnings - Institutional Class
|
|
|
(5,719,813)
|
|
|
(2,204,844)
|
|
|
-
|
|
|
-
|
|
|
Total distributions to shareholders
|
|
|
(5,735,588)
|
|
|
(2,211,337)
|
|
|
(5,268,832)
|
|
|
(4,046,777)
|
|
|
Capital Transactions:
|
|
|
|
|
|
|
|
|
|
||||
|
Shares sold - Class A
|
|
|
147,549
|
|
|
78,074
|
|
|
-
|
|
|
90,500
|
|
|
Shares issued from reinvestment of distributions - Class A
|
|
|
10,850
|
|
|
2,849
|
|
|
4,352
|
|
|
6,086
|
|
|
Shares redeemed - Class A
|
|
|
(13,211)
|
|
|
(158,623)
|
|
|
-
|
|
|
(92,104)
|
|
|
Shares sold - Class I
|
|
|
-
|
|
|
-
|
|
|
3,458,016
|
|
|
18,934,601
|
|
|
Shares issued from reinvestment of distributions - Class I
|
|
|
-
|
|
|
-
|
|
|
5,260,276
|
|
|
1,830,591
|
|
|
Shares redeemed - Class I
|
|
|
-
|
|
|
-
|
|
|
(9,133,367)
|
|
|
(27,456,662)
|
|
|
Shares sold - Institutional Class
|
|
|
386,365
|
|
|
10,248,639
|
|
|
-
|
|
|
-
|
|
|
Shares issued from reinvestment of distributions - Institutional Class
|
|
|
5,007,861
|
|
|
1,892,141
|
|
|
-
|
|
|
-
|
|
|
Shares redeemed - Institutional Class
|
|
|
(15,214,681)
|
|
|
(29,997,921)
|
|
|
-
|
|
|
-
|
|
|
Net increase (decrease) in net assets from capital transactions
|
|
|
(9,675,267)
|
|
|
(17,934,841)
|
|
|
(410,723)
|
|
|
(6,686,988)
|
|
|
Net increase (decrease) in net assets
|
|
|
(8,791,169)
|
|
|
(14,297,391)
|
|
|
1,989,517
|
|
|
(14,434,265)
|
|
|
Net Assets:
|
|
|
|
|
|
|
|
|
|
||||
|
Beginning of the period
|
|
|
81,646,929
|
|
|
95,944,320
|
|
|
97,602,361
|
|
|
112,036,626
|
|
|
End of the period
|
|
|
$72,855,760
|
|
|
$81,646,929
|
|
|
$ 99,591,878
|
|
|
$97,602,361
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
10
|
|
|
TABLE OF CONTENTS
Rockefeller Funds
Statements of Changes in Net Assets(Cont'd)
|
|
|
|
|
|
|
|
|
||||||
|
|
|
Rockefeller Climate
Solutions Fund
|
|
|
Rockefeller US Small
Cap Core Fund
|
|
|||||||
|
|
|
Period Ended
May 31, 2026
(Unaudited)
|
|
|
Year Ended
November 30,
2025
|
|
|
Period Ended
May 31, 2026
(Unaudited)
|
|
|
Year Ended
November 30,
2025
|
|
|
|
Shares Transactions
|
|
|
|
|
|
|
|
|
|
||||
|
Shares sold - Class A
|
|
|
13,460
|
|
|
7,252
|
|
|
-
|
|
|
7,831
|
|
|
Shares issued from reinvestment of distributions - Class A
|
|
|
1,049
|
|
|
289
|
|
|
382
|
|
|
526
|
|
|
Shares redeemed - Class A
|
|
|
(1,262)
|
|
|
(16,249)
|
|
|
-
|
|
|
(8,568)
|
|
|
Shares sold - Class I
|
|
|
-
|
|
|
-
|
|
|
298,035
|
|
|
1,656,731
|
|
|
Shares issued from reinvestment of distributions - Class I
|
|
|
-
|
|
|
-
|
|
|
459,012
|
|
|
157,946
|
|
|
Shares redeemed - Class I
|
|
|
-
|
|
|
-
|
|
|
(779,175)
|
|
|
(2,420,227)
|
|
|
Shares sold - Institutional Class
|
|
|
35,186
|
|
|
981,440
|
|
|
-
|
|
|
-
|
|
|
Shares issued from reinvestment of distributions - Institutional Class
|
|
|
482,058
|
|
|
191,125
|
|
|
-
|
|
|
-
|
|
|
Shares redeemed - Institutional Class
|
|
|
(1,365,199)
|
|
|
(2,822,337)
|
|
|
-
|
|
|
-
|
|
|
Total increase (decrease) in shares outstanding
|
|
|
(834,708)
|
|
|
(1,658,480)
|
|
|
(21,746)
|
|
|
(605,761)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
11
|
|
|
TABLE OF CONTENTS
Rockefeller Climate Solutions Fund
Financial Highlights
Class A
|
|
|
|
|
|
Per Share Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Period Ended
May 31, 2026
(Unaudited)
|
|
|
Year Ended November 30,
|
|
|
Period Ended
November 30,
2021(a)
|
|
||||||||||
|
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
2022
|
|
||||||||
|
Net asset value, beginning of period
|
|
|
$11.22
|
|
|
$10.73
|
|
|
$8.84
|
|
|
$8.53
|
|
|
$10.05
|
|
|
$10.00
|
|
|
INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net investment income (loss)(b)
|
|
|
(0.01)
|
|
|
(0.03)
|
|
|
-
|
|
|
0.02
|
|
|
0.01
|
|
|
(0.03)
|
|
|
Net realized and unrealized gain (loss) on investments(c)
|
|
|
0.90
|
|
|
0.75
|
|
|
1.91
|
|
|
0.29
|
|
|
(1.49)
|
|
|
0.08
|
|
|
Total from investment operations
|
|
|
0.89
|
|
|
0.72
|
|
|
1.91
|
|
|
0.31
|
|
|
(1.48)
|
|
|
0.05
|
|
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net investment income
|
|
|
-
|
|
|
(0.00)(d)
|
|
|
(0.02)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Net realized gains
|
|
|
(0.81)
|
|
|
(0.23)
|
|
|
-
|
|
|
-
|
|
|
(0.04)
|
|
|
-
|
|
|
Total distributions
|
|
|
(0.81)
|
|
|
(0.23)
|
|
|
(0.02)
|
|
|
-
|
|
|
(0.04)
|
|
|
-
|
|
|
Net asset value, end of period
|
|
|
$11.30
|
|
|
$11.22
|
|
|
$10.73
|
|
|
$8.84
|
|
|
$8.53
|
|
|
$10.05
|
|
|
TOTAL RETURN(e)
|
|
|
8.63%
|
|
|
6.95%
|
|
|
21.65%
|
|
|
3.61%
|
|
|
−14.76%
|
|
|
0.50%
|
|
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net assets, end of period (in thousands)
|
|
|
$369
|
|
|
$218
|
|
|
$302
|
|
|
$224
|
|
|
$1,145
|
|
|
$887
|
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Before expense waiver/recoupment(f)
|
|
|
1.64%
|
|
|
1.58%
|
|
|
1.58%
|
|
|
1.55%
|
|
|
1.53%
|
|
|
1.56%
|
|
|
After expense waiver/recoupment(f)
|
|
|
1.25%
|
|
|
1.24%
|
|
|
1.24%
|
|
|
1.24%
|
|
|
1.24%
|
|
|
1.24%
|
|
|
Ratio of interest and borrowing expense to average net assets(f)
|
|
|
0.01%
|
|
|
0.00%(g)
|
|
|
-%
|
|
|
-%
|
|
|
-%
|
|
|
-%
|
|
|
Ratio of expenses to average net assets excluding interest and borrowing expense(f)
|
|
|
1.24%
|
|
|
1.24%
|
|
|
1.24%
|
|
|
1.24%
|
|
|
1.24%
|
|
|
1.24%
|
|
|
Ratio of net investment income (loss) to average net assets(f)
|
|
|
(0.16)%
|
|
|
(0.32)%
|
|
|
(0.04)%
|
|
|
0.23%
|
|
|
0.08%
|
|
|
(0.89)%
|
|
|
Portfolio turnover rate(e)
|
|
|
12%
|
|
|
25%
|
|
|
35%
|
|
|
38%
|
|
|
17%
|
|
|
13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was July 21, 2021.
|
|
(b)
|
Net investment income per share has been calculated based on average shares outstanding during the periods.
|
|
(c)
|
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
|
|
(d)
|
Amount represents less than $0.005 per share.
|
|
(e)
|
Not annualized for periods less than one year.
|
|
(f)
|
Annualized for periods less than one year.
|
|
(g)
|
Amount represents less than 0.005%.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
12
|
|
|
TABLE OF CONTENTS
Rockefeller Climate Solutions Fund
Financial Highlights
Institutional Class
|
|
|
|
|
|
Per Share Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Period Ended
May 31, 2026
(Unaudited)
|
|
|
Year Ended November 30,
|
|
|
Period Ended
November 30,
2021(a)
|
|
||||||||||
|
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
2022
|
|
||||||||
|
Net asset value, beginning of period
|
|
|
$11.27
|
|
|
$10.78
|
|
|
$8.88
|
|
|
$8.56
|
|
|
$10.06
|
|
|
$10.00
|
|
|
INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net investment income (loss)(b)
|
|
|
0.00(c)
|
|
|
0.00(c)
|
|
|
0.02
|
|
|
0.04
|
|
|
0.03
|
|
|
(0.01)
|
|
|
Net realized and unrealized gain (loss) on investments(d)
|
|
|
0.91
|
|
|
0.74
|
|
|
1.92
|
|
|
0.29
|
|
|
(1.49)
|
|
|
0.07
|
|
|
Total from investment operations
|
|
|
0.91
|
|
|
0.74
|
|
|
1.94
|
|
|
0.33
|
|
|
(1.46)
|
|
|
0.06
|
|
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net investment income
|
|
|
(0.00)(c)
|
|
|
(0.02)
|
|
|
(0.04)
|
|
|
(0.01)
|
|
|
-
|
|
|
-
|
|
|
Net realized gains
|
|
|
(0.81)
|
|
|
(0.23)
|
|
|
-
|
|
|
-
|
|
|
(0.04)
|
|
|
-
|
|
|
Total distributions
|
|
|
(0.81)
|
|
|
(0.25)
|
|
|
(0.04)
|
|
|
(0.01)
|
|
|
(0.04)
|
|
|
-
|
|
|
Net asset value, end of period
|
|
|
$11.37
|
|
|
$11.27
|
|
|
$10.78
|
|
|
$8.88
|
|
|
$8.56
|
|
|
$10.06
|
|
|
TOTAL RETURN(e)
|
|
|
8.76%
|
|
|
7.22%
|
|
|
21.95%
|
|
|
3.87%
|
|
|
−14.55%
|
|
|
0.58%
|
|
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net assets, end of period (in thousands)
|
|
|
$72,486
|
|
|
$81,429
|
|
|
$95,642
|
|
|
$83,944
|
|
|
$90,942
|
|
|
$113,235
|
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Before expense waiver/recoupment(f)
|
|
|
1.39%
|
|
|
1.32%
|
|
|
1.33%
|
|
|
1.30%
|
|
|
1.26%
|
|
|
1.25%
|
|
|
After expense waiver/recoupment(f)
|
|
|
1.00%
|
|
|
0.99%
|
|
|
0.99%
|
|
|
0.99%
|
|
|
0.99%
|
|
|
0.99%
|
|
|
Ratio of interest and borrowing expense to average net assets(f)
|
|
|
0.01%
|
|
|
0.00%(g)
|
|
|
-%
|
|
|
-%
|
|
|
-%
|
|
|
-%
|
|
|
Ratio of expenses to average net assets excluding interest and borrowing expense(f)
|
|
|
0.99%
|
|
|
0.99%
|
|
|
0.99%
|
|
|
0.99%
|
|
|
0.99%
|
|
|
0.99%
|
|
|
Ratio of net investment income (loss) to average net assets(f)
|
|
|
0.05%
|
|
|
0.02%
|
|
|
0.22%
|
|
|
0.46%
|
|
|
0.31%
|
|
|
(0.43)%
|
|
|
Portfolio turnover rate(e)
|
|
|
12%
|
|
|
25%
|
|
|
35%
|
|
|
38%
|
|
|
17%
|
|
|
13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was July 21, 2021.
|
|
(b)
|
Net investment income per share has been calculated based on average shares outstanding during the periods.
|
|
(c)
|
Amount represents less than $0.005 per share.
|
|
(d)
|
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
|
|
(e)
|
Not annualized for periods less than one year.
|
|
(f)
|
Annualized for periods less than one year.
|
|
(g)
|
Amount represents less than 0.005%.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
13
|
|
|
TABLE OF CONTENTS
Rockefeller US Small Cap Core Fund
Financial Highlights
Class A
|
|
|
|
|
|
Per Share Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Period Ended
May 31, 2026
(Unaudited)
|
|
|
Year Ended November 30,
|
|
|
Period Ended
November 30,
2023(a)
|
|
||||
|
|
2025
|
|
|
2024
|
|
||||||||
|
Net asset value, beginning of period
|
|
|
$11.84
|
|
|
$12.69
|
|
|
$9.56
|
|
|
$10.00
|
|
|
INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
|
||||
|
Net investment loss(b)
|
|
|
(0.02)
|
|
|
(0.06)
|
|
|
(0.05)
|
|
|
-
|
|
|
Net realized and unrealized gain (loss) on investments(c)
|
|
|
0.91
|
|
|
(0.34)
|
|
|
3.18
|
|
|
(0.44)
|
|
|
Total from investment operations
|
|
|
0.89
|
|
|
(0.40)
|
|
|
3.13
|
|
|
(0.44)
|
|
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
||||
|
Net investment income
|
|
|
(0.00)(d)
|
|
|
(0.00)(d)
|
|
|
-
|
|
|
-
|
|
|
Net realized gains
|
|
|
(0.63)
|
|
|
(0.45)
|
|
|
-
|
|
|
-
|
|
|
Total distributions
|
|
|
(0.63)
|
|
|
(0.45)
|
|
|
-
|
|
|
-
|
|
|
Net asset value, end of period
|
|
|
$12.10
|
|
|
$11.84
|
|
|
$12.69
|
|
|
$9.56
|
|
|
TOTAL RETURN(e)
|
|
|
7.83%
|
|
|
−3.02%
|
|
|
32.74%
|
|
|
-4.40%
|
|
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
||||
|
Net assets, end of period (in thousands)
|
|
|
$168
|
|
|
$160
|
|
|
$174
|
|
|
$102
|
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
||||
|
Before expense waiver/recoupment(f)
|
|
|
1.44%
|
|
|
1.44%
|
|
|
1.53%
|
|
|
3.98%
|
|
|
After expense waiver/recoupment(f)
|
|
|
1.30%
|
|
|
1.30%
|
|
|
1.24%
|
|
|
1.20%
|
|
|
Ratio of interest and borrowing expense to average net assets(f)
|
|
|
-%
|
|
|
0.00%(g)
|
|
|
-%
|
|
|
-%
|
|
|
Ratio of expenses to average net assets excluding interest and borrowing expense(f)
|
|
|
1.30%
|
|
|
1.30%
|
|
|
1.24%
|
|
|
1.20%
|
|
|
Ratio of net investment income (loss) to average net assets(f)
|
|
|
(0.38)%
|
|
|
(0.51)%
|
|
|
(0.42)%
|
|
|
(0.11)%
|
|
|
Portfolio turnover rate(e)
|
|
|
46%
|
|
|
73%
|
|
|
52%
|
|
|
20%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was July 31, 2023.
|
|
(b)
|
Net investment income per share has been calculated based on average shares outstanding during the periods.
|
|
(c)
|
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
|
|
(d)
|
Amount represents less than $0.005 per share.
|
|
(e)
|
Not annualized for periods less than one year.
|
|
(f)
|
Annualized for periods less than one year.
|
|
(g)
|
Amount represents less than 0.005%.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
14
|
|
|
TABLE OF CONTENTS
Rockefeller US Small Cap Core Fund
Financial Highlights
Class I
|
|
|
|
|
|
Per Share Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Period Ended
May 31, 2026
(Unaudited)
|
|
|
Year Ended November 30,
|
|
|
Period Ended
November 30,
2023(a)
|
|
||||
|
|
2025
|
|
|
2024
|
|
||||||||
|
Net asset value, beginning of period
|
|
|
$11.90
|
|
|
$12.72
|
|
|
$9.57
|
|
|
$10.00
|
|
|
INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
|
||||
|
Net investment income (loss)(b)
|
|
|
(0.01)
|
|
|
(0.03)
|
|
|
(0.02)
|
|
|
0.01
|
|
|
Net realized and unrealized gain (loss) on investments(c)
|
|
|
0.91
|
|
|
(0.34)
|
|
|
3.18
|
|
|
(0.44)
|
|
|
Total from investment operations
|
|
|
0.90
|
|
|
(0.37)
|
|
|
3.16
|
|
|
(0.43)
|
|
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
||||
|
Net investment income
|
|
|
(0.00)(d)
|
|
|
(0.00)(d)
|
|
|
(0.01)
|
|
|
-
|
|
|
Net realized gains
|
|
|
(0.63)
|
|
|
(0.45)
|
|
|
-
|
|
|
-
|
|
|
Total distributions
|
|
|
(0.63)
|
|
|
(0.45)
|
|
|
(0.01)
|
|
|
-
|
|
|
Net asset value, end of period
|
|
|
$12.17
|
|
|
$11.90
|
|
|
$12.72
|
|
|
$9.57
|
|
|
TOTAL RETURN(e)
|
|
|
7.97%
|
|
|
−2.77%
|
|
|
33.01%
|
|
|
−4.30%
|
|
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
||||
|
Net assets, end of period (in thousands)
|
|
|
$99,424
|
|
|
$97,443
|
|
|
$111,863
|
|
|
$61,548
|
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
||||
|
Before expense waiver/recoupment(f)
|
|
|
1.19%
|
|
|
1.19%
|
|
|
1.28%
|
|
|
1.55%
|
|
|
After expense waiver/recoupment(f)
|
|
|
1.05%
|
|
|
1.05%
|
|
|
0.99%
|
|
|
0.95%
|
|
|
Ratio of interest and borrowing expense to average net assets(f)
|
|
|
-%
|
|
|
0.00%(g)
|
|
|
-%
|
|
|
-%
|
|
|
Ratio of expenses to average net assets excluding interest and borrowing expense(f)
|
|
|
1.05%
|
|
|
1.05%
|
|
|
0.99%
|
|
|
0.95%
|
|
|
Ratio of net investment income (loss) to average net assets(f)
|
|
|
(0.13)%
|
|
|
(0.26)%
|
|
|
(0.16)%
|
|
|
0.17%
|
|
|
Portfolio turnover rate(e)
|
|
|
46%
|
|
|
73%
|
|
|
52%
|
|
|
20%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was July 31, 2023.
|
|
(b)
|
Net investment income per share has been calculated based on average shares outstanding during the periods.
|
|
(c)
|
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
|
|
(d)
|
Amount represents less than $0.005 per share.
|
|
(e)
|
Not annualized for periods less than one year.
|
|
(f)
|
Annualized for periods less than one year.
|
|
(g)
|
Amount represents less than 0.005%.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
15
|
|
|
TABLE OF CONTENTS
Rockefeller Funds
Notes to Financial Statements
May 31, 2026 (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 Funds (the "Funds") are comprised of the Rockefeller Climate Solutions Fund that commenced operations on July 21, 2021, and the Rockefeller US Small Cap Core Fund that commenced operations July 31, 2023. Each represents a distinct diversified series with its own investment objective and policies within the Trust.
Effective July 21, 2021, the Rockefeller Climate Solutions Fund, L.P. (formerly, the Rockefeller Ocean Fund, L.P.) (the "Predecessor Fund") was reorganized into the Rockefeller Climate Solutions Fund, a series of the Trust, by transferring all of the Predecessor Fund's assets to the Fund in exchange solely for Institutional Class shares of the Fund. The Fund's investment adviser, portfolio managers, investment objective, strategies, policies, guidelines and restrictions are, in all material respects, the same as those of the Predecessor Fund.
The investment objective of the Rockefeller Climate Solutions 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 investment objective of the Rockefeller US Small Cap Core Fund is to seek long-term capital appreciation principally through equity investments in U.S. small capitalization companies. The Trust may issue an unlimited number of shares of beneficial interest at $0.001 par value. Costs incurred by the Funds in connection with the organization, registration and initial public offering of shares were borne by Rockefeller & Co. LLC (the "Adviser"). Rockefeller Global Investment Management is a division of the Adviser.
(2) Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").
The Funds are investment companies and accordingly follow 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 Funds that is listed on a securities exchange, except for securities listed on the NASDAQ Stock Market LLC ("NASDAQ"), is valued at its last sale price at the close of that exchange on the date as of which assets are valued. If a security is listed on more than one exchange, the Funds will use the price on the exchange that the Funds generally consider to be the principal exchange on which the security is traded.
Fund securities, including common stocks and preferred stocks, 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"). Redeemable securities issued by open-end, registered investment companies, including money market funds, are valued at the NAVs of such companies for purchase and/or redemption orders placed on that day. All exchange-traded funds are valued at the last reported sale price on the exchange on which the security is principally traded.
Foreign securities will be priced in their local currencies as of the close of their primary exchange or market or as of the time each 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.
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|
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16
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TABLE OF CONTENTS
Rockefeller Funds
Notes to Financial Statements(Cont'd)
May 31, 2026 (Unaudited)
Foreign securities are traded on foreign exchanges which typically close before the close of business on each day on which the NYSE is open. Each security trading on these exchanges may be valued utilizing a systematic fair valuation model provided by 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 Funds are accurately priced. The Adviser will regularly evaluate whether the Funds' fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Funds and the quality of prices obtained through the application of such procedures.
The Funds have adopted FASB Accounting Standards Codification Topic 820, "Fair Value Measurements and Disclosures," which requires each 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 Funds' own assumptions in determining the fair value of investments).
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds' investments carried at fair value as of May 31, 2026:
Rockefeller Climate Solutions Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
Assets(1):
|
|
|
|
|
|
|
|
|
|
||||
|
Equities:
|
|
|
|
|
|
|
|
|
|
||||
|
Common Stocks
|
|
|
$51,821,771
|
|
|
$19,684,750
|
|
|
$-
|
|
|
$71,506,521
|
|
|
Money Market Funds
|
|
|
1,406,465
|
|
|
-
|
|
|
-
|
|
|
1,406,465
|
|
|
Total Investments in Securities
|
|
|
$53,228,236
|
|
|
$19,684,750
|
|
|
$-
|
|
|
$72,912,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17
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|
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TABLE OF CONTENTS
Rockefeller Funds
Notes to Financial Statements(Cont'd)
May 31, 2026 (Unaudited)
Rockefeller US Small Cap Core Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
Assets(1):
|
|
|
|
|
|
|
|
|
|
||||
|
Equities:
|
|
|
|
|
|
|
|
|
|
||||
|
Common Stocks
|
|
|
$98,490,615
|
|
|
$-
|
|
|
$-
|
|
|
$98,490,615
|
|
|
Money Market Funds
|
|
|
1,030,698
|
|
|
-
|
|
|
-
|
|
|
1,030,698
|
|
|
Total Investments in Securities
|
|
|
$99,521,313
|
|
|
$-
|
|
|
$-
|
|
|
$99,521,313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
See the Schedule of Investments for industry classifications.
|
The Funds held no Level 3 securities during the six months ended May 31, 2026.
The Funds did not invest in derivative securities or engage in hedging activities during the six months ended May 31, 2026.
(b) Federal Income Taxes. The Funds comply 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 Funds 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 Funds may also pay a special distribution at the end of the calendar year to comply with federal tax requirements.
The amounts of dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are either temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment.
(d) Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
(e) Share Valuation. The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by 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 Funds' shares will not be priced on the days on which the NYSE is closed for trading. The offering and redemption price per share for each Fund is equal to such 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 Funds determine the gain or loss from investment transactions on a high amortized cost basis. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Distributions received from the Funds' investments in REITs are comprised of ordinary income, capital gains and return of capital, as applicable. For financial statement purposes, the Funds use estimates to characterize these distributions received as return of capital, capital gain or ordinary income. Such estimates are based on historical information available from each REIT and other industry sources. These estimates may subsequently be revised based on information received for the security after the tax reporting periods are concluded, as the actual character of these distributions is not known until after the fiscal year end of the Funds. Changes to estimates will be recorded in the period they are known. The distributions received from REIT securities that have been classified as income and capital gains are included in dividend income and net realized gain on
|
|
|
18
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|
|
TABLE OF CONTENTS
Rockefeller Funds
Notes to Financial Statements(Cont'd)
May 31, 2026 (Unaudited)
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.
(h) Segment Reporting. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Principal Executive Officer of the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.
(3) Federal Tax Matters
The tax character of distributions paid during the fiscal years ended November 30, 2025 and November 30, 2024 were as follows:
Rockefeller Climate Solutions Fund
|
|
|
|
|
|
|
|
|
|
|
|
11/30/2025
|
|
|
11/30/2024
|
|
|
|
Distributions paid from:
|
|
|
|
|
|
||
|
Ordinary Income
|
|
|
$201,209
|
|
|
$382,243
|
|
|
Long-Term Capital Gains
|
|
|
2,010,128
|
|
|
-
|
|
|
Total Distributions Paid
|
|
|
$2,211,337
|
|
|
$382,243
|
|
|
|
|
|
|
|
|
|
|
Rockefeller US Small Cap Core Fund
|
|
|
|
|
|
|
|
|
|
|
|
11/30/2025
|
|
|
11/30/2024
|
|
|
|
Distributions paid from:
|
|
|
|
|
|
||
|
Ordinary Income
|
|
|
$3,226,641
|
|
|
$46,262
|
|
|
Long-Term Capital Gains
|
|
|
820,136
|
|
|
-
|
|
|
Total Distributions Paid
|
|
|
$4,046,777
|
|
|
$46,262
|
|
|
|
|
|
|
|
|
|
|
As of November 30, 2025, the components of accumulated earnings (losses) for income tax purposes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Rockefeller
Climate
Solutions Fund
|
|
|
Rockefeller
US Small Cap
Core Fund
|
|
|
|
Cost basis of investments for federal income tax purposes
|
|
|
$55,104,674
|
|
|
$88,258,420
|
|
|
Gross tax unrealized appreciation
|
|
|
30,078,397
|
|
|
17,406,279
|
|
|
Gross tax unrealized depreciation
|
|
|
(3,572,645)
|
|
|
(8,135,872)
|
|
|
Net tax unrealized appreciation
|
|
|
26,505,752
|
|
|
9,270,407
|
|
|
Undistributed ordinary income
|
|
|
538,200
|
|
|
2,884,473
|
|
|
Undistributed capital gains
|
|
|
5,185,727
|
|
|
2,345,924
|
|
|
Total other accumulated loss
|
|
|
-
|
|
|
-
|
|
|
Total distributable earnings
|
|
|
$32,229,679
|
|
|
$14,500,804
|
|
|
|
|
|
|
|
|
|
|
The difference between cost amounts for financial statement and federal income tax purposes is due to wash sale adjustments and timing differences in recognizing certain gains and losses in security transactions.
|
|
|
19
|
|
|
TABLE OF CONTENTS
Rockefeller Funds
Notes to Financial Statements(Cont'd)
May 31, 2026 (Unaudited)
As of November 30, 2025, the Funds did not have any capital loss carryovers.
As of November 30, 2025, the tax years that remain open to examination by major tax jurisdictions include tax years ended November 30, 2023 through November 30, 2025. The Funds are 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 Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year, the Funds did not incur any interest or penalties, nor were any accrued as of November 30, 2025.
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, 2025, the following reclassifications were made for permanent tax differences on the Statement of Assets and Liabilities.
|
|
|
|
|
|
|
|
|
|
|
|
Rockefeller
Climate
Solutions Fund
|
|
|
Rockefeller
US Small Cap
Core Fund
|
|
|
|
Total Distributable Earnings/(Losses)
|
|
|
$-
|
|
|
$-
|
|
|
Paid-In Capital
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
(4) Investment Advisory Fee and Other Transactions with Affiliates
The Trust has an Investment Advisory Agreement (the "Agreement") with the Adviser to furnish investment advisory services to the Funds. Under the terms of the Agreement, each Fund compensates the Adviser for its management services at the annual rate of 0.85% of the average daily net assets of each Fund.
The Adviser has contractually agreed to waive its management fee and/or reimburse a Fund's other expenses through the expiration date listed below to the extent necessary to ensure that such 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.
|
|
|
|
|
|
|
|
|
|
|
|
Expense
Limitation Cap
|
|
|
Expiration Date
|
|
|
|
Rockefeller Climate Solutions Fund
|
|
|
0.99%
|
|
|
March 31, 2027
|
|
|
Rockefeller US Small Cap Core Fund
|
|
|
1.05%
|
|
|
March 31, 2027*
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Prior to August 1, 2024, the Fund's expense limitation cap was 0.95%.
|
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.
The following table shows the remaining waived or reimbursed expenses subject to potential recovery expiring by:
|
|
|
|
|
|
|
|
|
|
|
|
Rockefeller
Climate
Solutions Fund
|
|
|
Rockefeller
US Small Cap
Core Fund
|
|
|
|
November 30, 2026
|
|
|
$133,092
|
|
|
$115,968
|
|
|
November 30, 2027
|
|
|
$322,534
|
|
|
$251,810
|
|
|
November 30, 2028
|
|
|
$300,061
|
|
|
$143,163
|
|
|
May 31, 2029
|
|
|
$148,740
|
|
|
$67,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20
|
|
|
TABLE OF CONTENTS
Rockefeller Funds
Notes to Financial Statements(Cont'd)
May 31, 2026 (Unaudited)
U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services" or the "Administrator"), acts as the Funds' Administrator under a Fund Administration Servicing Agreement. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Funds' custodian, transfer agent and accountant; coordinates the preparation and payment of the Funds' expenses; and reviews the Funds' expense accruals. Fund Services also serves as the fund accountant and transfer agent to the Funds. U.S. Bank National Association ("US Bank"), an affiliate of Fund Services, serves as the Funds' custodian. The Trust's Chief Compliance Officer is also an employee of Fund Services. Fees and expenses incurred for the six months ended May 31, 2026 and owed as of May 31, 2026 are included in the Statement of Operations and Statement of Assets and Liabilities, respectively.
Each Fund has a line of credit with US Bank (see Note 7).
Certain officers of the Funds are also employees of Fund Services.
(5) 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 Funds which authorizes the Trust, on behalf of each Fund, to pay Quasar Distributors, LLC (the "Distributor"), the Funds' principal distributor, a distribution fee of 0.25% of the average daily net assets of each Fund's Class A shares. During the six months ended May 31, 2026 the Class A shares incurred fees pursuant to the 12b-1 Plan of $387 for the Rockefeller Climate Solutions Fund and $201 for the Rockefeller US Small Cap Core Fund.
(6) Investment Transactions
The aggregate securities transactions, excluding short-term investments for the Funds for the six months ended May 31, 2026 are listed below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases
|
|
|
Sales
|
|
|
U.S.
Government
Securities
Purchases
|
|
|
U.S.
Government
Securities
Sales
|
|
|
|
Rockefeller Climate Solutions Fund
|
|
|
$9,259,774
|
|
|
$25,372,206
|
|
|
$-
|
|
|
$ -
|
|
|
Rockefeller US Small Cap Core Fund
|
|
|
$43,989,704
|
|
|
$46,986,479
|
|
|
$-
|
|
|
$-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7) Line of Credit
As of May 31, 2026, the Rockefeller Climate Solutions Fund and Rockefeller US Small Cap Core Fund each had a line of credit in the amount of $10,000,000 and $8,000,000, respectively, which will mature on August 1, 2026. The secured lines of credit are intended to provide short-term financing, if necessary, and subject to certain restrictions, in connection with shareholder redemptions. The credit facilities are with the Funds' custodian, US Bank. Interest will accrue at the prime rate, which was 6.75% as of May 31, 2026. The following table provides information regarding usage of the lines of credit for the six months ended May 31, 2026. The Funds did not have an outstanding balance on the lines of credit as of May 31, 2026.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Days
Utilized
|
|
|
Average
Amount of
Borrowing
|
|
|
Average
Borrowing
Rate
|
|
|
Interest
Expense
|
|
|
Maximum
Amount of
Borrowing
|
|
|
Date of
Maximum
Borrowing
|
|
|
|
Rockefeller Climate Solutions Fund
|
|
|
7
|
|
|
$1,417,286
|
|
|
6.86%
|
|
|
$1,888
|
|
|
$3,133,000
|
|
|
4/15/2026
|
|
|
Rockefeller US Small Cap Core Fund
|
|
|
1
|
|
|
$1,572,000
|
|
|
6.75%
|
|
|
$295
|
|
|
$1,572,000
|
|
|
5/19/2026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21
|
|
|
TABLE OF CONTENTS
Rockefeller Funds
Notes to Financial Statements(Cont'd)
May 31, 2026 (Unaudited)
(8) Beneficial Ownership
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the 1940 Act. At May 31, 2026, each Fund's percentages of control ownership positions greater than 25% are as follows:
|
|
|
|
|
|
|
|
|
|
Fund
|
|
|
Shareholder
|
|
|
Percent of
Shares Held
|
|
|
Climate Solutions Fund
|
|
|
Pleiades Trust
|
|
|
51.61%
|
|
|
|
National Financial Services LLC
|
|
|
42.52%
|
|
||
|
U.S. Small Cap Core Fund
|
|
|
National Financial Services LLC
|
|
|
99.73%
|
|
|
|
|
|
|
|
|
|
|
(9) 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 uncertainty regarding inflation and central banks' interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, and geopolitical conflicts. As a result of continuing political tensions and armed conflicts, including the wars in Europe and the Middle East, markets have experienced increased volatility. 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 the performance of the Funds.
(10) New Accounting Pronouncement
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. The Funds have adopted ASU 2023-09, with no material impact on the Funds' financial statements.
(11) Subsequent Events
The Funds have evaluated events and transactions that have occurred subsequent to May 31, 2026 and determined there were no subsequent events that would require recognition or disclosure within the financial statements.
|
|
|
22
|
|
|
TABLE OF CONTENTS
Rockefeller Funds
Additional Information (Unaudited)
THE BELOW INFORMATION IS REQUIRED DISCLOSURE FOR FORM N-CSR
ITEM 8. Changes in and Disagreements with Accountants for Open-End Investment Companies
There were no changes in or disagreements with accountants during the period covered by this report.
ITEM 9. Proxy Disclosure for Open-End Investment Companies
There were no matters submitted to a vote of shareholders during the period covered by this report.
ITEM 10. Remuneration Paid to Directors, Officers and Others of Open-End Investment Companies
Information regarding remuneration paid by the Funds is disclosed within the financial statements.
ITEM 11. Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable.
|
|
|
23
|
|
|
TABLE OF CONTENTS
Rockefeller Funds
Additional Information (Unaudited)(Cont'd)
Tax information
For the year ended November 30, 2025, certain dividends paid by the Funds 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 as follows:
|
|
|
|
|
|
|
Rockefeller Climate Solutions Fund
|
|
|
100.00%
|
|
|
Rockefeller US Small Cap Core Fund
|
|
|
16.38%
|
|
|
|
|
|
|
|
For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended November 30, 2025, was as follows:
|
|
|
|
|
|
|
Rockefeller Climate Solutions Fund
|
|
|
95.90%
|
|
|
Rockefeller US Small Cap Core Fund
|
|
|
16.38%
|
|
|
|
|
|
|
|
For the year ended November 30, 2025, 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 Funds was as follows:
|
|
|
|
|
|
|
Rockefeller Climate Solutions Fund
|
|
|
0.00%
|
|
|
Rockefeller US Small Cap Core Fund
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
24
|
|
|
TABLE OF CONTENTS
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
Cohen & Company, Ltd.
875 East Wisconsin Ave.
Suite 210
Milwaukee, Wisconsin 53202
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
190 Middle Street
Suite 301
Portland, Maine, 04101
This report is intended for shareholders of the Funds and may not be used as sales literature unless preceded or accompanied by a current prospectus.
| (b) | Financial Highlights are included within the financial statements filed under Item 7(a) of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
This information is included within the financial statements filed under Item 7(a) of this form.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable as the investment advisory contract was not approved during the past six month period.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.
Item 16. Controls and Procedures.
| (a) | The Registrant's Principal Executive Officer and Principal Financial Officer 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.
(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).
(4) 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.
(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.
| (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/ Jennifer Lima | ||
| Jennifer Lima, Principal Executive Officer |
| Date | 8/7/2026 |
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/ Jennifer Lima | ||
| Jennifer Lima, Principal Executive Officer |
| Date | 8/7/2026 |
| By (Signature and Title)* | /s/ Kelly Strauss | ||
| Kelly Strauss, Principal Financial Officer |
| Date | 8/7/2026 |
* Print the name and title of each signing officer under his or her signature.
Trust for Professional Managers published this content on August 07, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 07, 2026 at 17:09 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]