# EDGAR Filing Document

**Accession Number:** 0002033164
**File Stem:** 0001213900-25-118505
**Filing Date:** 2025-12
**Character Count:** 152536
**Document Hash:** 18e58b44063c15c14ee6af5f2ccafcf3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-118505.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001213900-25-118505

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Rockefeller Municipal Opportunities Fund
- **CENTRAL INDEX KEY:** 0002033164

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23993
- **FILM NUMBER:** 251551504

**BUSINESS ADDRESS:**
- **STREET 1:** U.S. BANK GLOBAL FUND SERVICES
- **STREET 2:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-516-1692

**MAIL ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

<u>**811-23993**</u>

Investment Company Act file number

**Rockefeller Municipal Opportunities Fund**

(Exact name of registrant as specified in charter)

c/o U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, Wisconsin 53202

(Address of principal executive offices) (Zip code)

Rockefeller Municipal Opportunities Fund

Alyssa M. Bernard, Secretary

615 East Michigan Street

Milwaukee, Wisconsin 53202

(Name and address of agent for service)

With copy to:

Deborah Bielicke Eades

Mark A. Quade

Vedder Price P.C.

222 N. LaSalle Street

Chicago, Illinois 60601

(626) 914-7385

Registrant's telephone number, including area code

Date of fiscal year end <u>**September 30, 2025**</u>

Date of reporting period: <u>**September 30, 2025**</u>

**<u>Item 1. Reports to Stockholders.</u>**

(a) ![](image_002.jpg)

Rockefeller Municipal Opportunities Fund (RKMIX)

Annual Report

September 30, 2025

Rockefeller Municipal Opportunities Fund

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Shareholder Letter (Unaudited)](#KJ_001) | 1 |
| [Allocation of Portfolio Assets (Unaudited)](#KJ_002) | 4 |
| [Schedule of Investments](#KJ_003) | 5 |
| [Statement of Assets and Liabilities](#KJ_004) | 10 |
| [Statement of Operations](#KJ_005) | 11 |
| [Statement of Changes in Net Assets](#KJ_006) | 12 |
| [Statement of Cash Flows](#KJ_007) | 13 |
| [Financial Highlights](#KJ_008) | 14 |
| [Notes to Financial Statements](#KJ_009) | 15 |
| [Report of the Independent Registered Public Accounting Firm](#KJ_010) | 27 |
| [Additional Information (Unaudited)](#KJ_012) | 28 |

---

**<u>Rockefeller Municipal Opportunities Interval Fund</u>** **<u>(RKMIX)</u>**

**<u>*Shareholder Letter – September 30, 2025*</u>**

Dear Shareholder,

We are pleased to present the inaugural shareholder letter for the Rockefeller Municipal Opportunities Interval Fund (the "Fund"), covering the period from inception on December 6, 2024, through September 30, 2025. Over this period, the Fund generated a total return of 2.99%, comparing favorably to its benchmark, the 60% Bloomberg Municipal High Yield Bond Index/40% Bloomberg Municipal Bond Index, which returned -0.07% over the same period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**1 Month** |<br>**3 Months** |<br>**Year to Date** | **Since**<br>**Inception<sup>1</sup>** |
| **Fund** | 4.20% | 3.70% | 3.18% | 2.99% |
| **Benchmark<sup>2</sup>** | 2.51% | 2.18% | 1.83% | -0.07% |

---

<sup>1</sup> Inception Date: December 6, 2024

<sup>2</sup> Benchmark: 60% Bloomberg Municipal High Yield Bond Index/40% Bloomberg Municipal Bond Index

**The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (888) 674-1580.**

Returns are net total returns. Performance of less than one year is cumulative. 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. You cannot invest directly in an index.

***Fund Overview***

The Fund is managed by Rockefeller Asset Management and is designed to provide investors with access to high-yield municipal credit through an interval fund structure, allowing for quarterly repurchases. The Fund seeks to deliver total return primarily through yield, leveraging deep credit research and a disciplined investment process. Our philosophy centers on maximizing income for a given level of risk, supported by rigorous credit research and nimble decision-making. The team's emphasis is on compounding returns and prudent risk management, leveraging experience to help support long-term portfolio success.

***Market Environment***

The period since inception has been marked by significant macroeconomic volatility, driven by multiple factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Interest Rate Moves:** The Federal Reserve implemented several rate cuts in 2025, including a 25
 basis points (bps) reduction this October, with the possibility of further easing into year-end.
 While the Federal
Reserve's actions have provided support to risk assets, the market remains data-dependent, and we believe future moves will be
influenced by labor market trends and inflation data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Liberation Day Volatility:** The announcement and subsequent pause of "Liberation Day"
 tariffs led to heightened volatility in April and May, with municipal credit spreads (difference
 between the quoted rate of return on different debt instruments which often have varying
 maturities, credit ratings, and risk) widening and issuance surging. The market has since
 retraced much of the initial sell-off, but technicals and supply/demand dynamics have continued
 to drive performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Municipal Market Trends:** Municipal yields have fluctuated, with inflows returning to the sector
 and new issuance reaching record levels. The Fund's flexible approach has enabled us
 to take advantage of market technicals and allowed us to capture yield premiums across segments
 of the municipal market.

While we do not aim to predict the direction of interest rates, we recognize their impact on market volatility and portfolio construction. Our focus remains on yield as the primary driver of total return, with risk management at the forefront of our strategy.

***Portfolio Strategy & Differentiation***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Diversified Credit Selection:** The Fund invests across a broad spectrum of municipal securities, including
 both investment-grade and high-yield bonds. Our disciplined credit research process evaluates
 each opportunity on its merits, considering issuer quality, collateral, and repayment ability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Active Risk Management:** Lessons from past market cycles have informed our approach, emphasizing
 prudent exposure to lower-rated bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Collaborative Team Approach:** Our management team leverages decades of experience and a collaborative
 culture to respond quickly to market developments and identify attractive opportunities for
 our investors.

***Fund Outlook***

Looking ahead, we remain focused on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Yield-Driven Total Return:** Compounding income remains the key driver of long-term performance. We
 aim to continue to seek attractive yield opportunities while maintaining disciplined risk
 management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Opportunistic Credit Selection:** Our ability to source unique credit opportunities in non-rated and
 below investment grade municipal securities positions us to potentially capture value in
 less trafficked segments of the market.

***Closing***

We appreciate your investment and support of the Rockefeller Municipal Opportunities Fund. Our team remains committed to delivering yield-driven total return, supported by deep credit research, disciplined risk management, and a collaborative approach. We look forward to continuing to serve you in the quarters ahead.

Sincerely,

Rockefeller High Yield Municipal Team

Must be preceded or accompanied by a prospectus.

**Investing involves risk. Principal loss is possible.**

**Municipal Securities Risk**: Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities.

**Interest Rate Risk**: Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease.

**High Yield Securities Risk**: High-yield municipal bonds are considered speculative investments and are issued by entities that may be undergoing restructuring, are smaller or less creditworthy, or are more heavily indebted than other issuers.

**High Portfolio Turnover Risk**: The Fund may actively and frequently trade a significant portion of the Fund's holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund's expenses.

**Leveraging Risk**: The Fund is subject to the risk that certain transactions of the Fund (e.g., Inverse Floaters), may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. Inverse floating rate obligations may be subject to greater price volatility than a fixed income security with similar qualities. When short-term interest rates rise, they may decrease in value and produce less or no income and are subject to risks similar to derivatives.

**Liquidity Risk**: The Fund is subject to the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector.

**New Fund Risk**: The Fund is a recently organized management investment company with limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decisions.

**Non-Diversification Risk**: Because the Fund is "non-diversified," it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

**Unlisted Closed-End Fund Structure**: Limited Liquidity - The Fund's Common Shares are not listed for trading on any securities exchange. There is currently no secondary market for its Common Shares and the Fund does not expect any secondary market to develop for its Common Shares. Shareholders of the Fund are not able to have their Common Shares redeemed or otherwise sell their Common Shares daily because the Fund is an unlisted closed-end fund. To provide liquidity to shareholders, the Fund is structured as an "interval fund" and conducts periodic repurchase offers for a portion of its outstanding Common Shares. Investors should consider Common Shares of the Fund to be an illiquid investment. An investment in the Fund is suitable only for long-term investors who can bear the risks associated with the limited liquidity of the Common Shares. Investors should consider their investment goals, time horizons and risk tolerance before investing in the Fund. **Repurchase Offer Risk**: The Fund currently expects to conduct quarterly repurchase offers for 5-10% of its outstanding Common Shares. Shareholders may be unable to liquidate all or a given percentage of their investment in the Fund during a particular repurchase offer.

Because the Fund may invest in lower-rated and below-investment-grade securities without limit, the Fund's investments should be considered speculative. Investors should carefully consider the Fund's risks and investment objective, as an investment in the Fund may not be appropriate for all investors and is not designed to be a complete investment program.

**Rockefeller Municipal Opportunities Fund**

**Allocation of Portfolio Assets <sup>(a)</sup>**

**September 30, 2025 (Unaudited)**

![](image_001.jpg)

<sup>(a)</sup> Percentages are based on the total net assets of the Fund. Please refer to the Schedule of Investments for a listing of the Fund's holdings.

**Rockefeller Municipal Opportunities Fund**

**Schedule of Investments**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **MUNICIPAL BONDS - 125.4%** | **Principal Amount** | **Value** |
| **Arizona - 4.4%** | | |
| Arizona Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.10%, 10/01/2050 | $750000 | $767833 |
| &nbsp;&nbsp;&nbsp;5.15%, 10/01/2053 | 350000 | 361748 |
| &nbsp;&nbsp;&nbsp;6.88%, 02/01/2065 (Obligor: San Tan Montessori Sch Ob) <sup>(a)</sup> | 2000000 | 1984083 |
| Industrial Development Authority of the County of Pima, 6.13%, 06/15/2047 (Obligor: Fit Kids Inc) <sup>(a)</sup> | 360000 | 360294 |
| La Paz County Industrial Development Authority, 5.00%, 02/15/2046 (Obligor: Albuquerque Sch Excellence) <sup>(a)</sup> | 245000 | 225182 |
| Maricopa County Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.63%, 07/01/2045 (Obligor: Paragon Management Inc) <sup>(a)</sup> | 535000 | 532542 |
| &nbsp;&nbsp;&nbsp;5.88%, 07/01/2060 (Obligor: Paragon Management Inc) <sup>(a)</sup> | 1055000 | 1044351 |
| Sierra Vista Industrial Development Authority, 5.75%, 06/15/2064 (Obligor: Fit Kids Inc) <sup>(a)</sup> | 2250000 | 2125890 |
| Superstition Vistas Community Facilities District No 2 |  |  |
| &nbsp;&nbsp;&nbsp;5.70%, 07/01/2040 | 241000 | 247358 |
| &nbsp;&nbsp;&nbsp;6.30%, 07/01/2049 | 430000 | 438333 |
|  |  | 8087614 |
| **California – 10.9%** |  |  |
| California County Tobacco Securitization Agency, 6.00%, 06/01/2042 (Obligor: Alameda Cnty Tobacco Sec) | 265000 | 267070 |
| California Municipal Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 09/01/2050 (Obligor: Barlow Respiratory Hosp) | 1005000 | 830326 |
| &nbsp;&nbsp;&nbsp;5.63%, 11/01/2054 (Obligor: California Baptist Univ) <sup>(a)</sup> | 500000 | 506395 |
| &nbsp;&nbsp;&nbsp;5.38%, 01/01/2055 (Obligor: Ascent 613) <sup>(a)</sup> | 800000 | 770209 |
| California Public Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;6.38%, 06/01/2059 (Obligor: P3 Irvine Sl Holdings Obl) <sup>(a)</sup> | 1000000 | 932372 |
| &nbsp;&nbsp;&nbsp;6.63%, 03/01/2065 (Obligor: Isf Ativo Portfolio Obl) <sup>(a)</sup> | 2465000 | 2421408 |
| &nbsp;&nbsp;&nbsp;6.63%, 06/01/2065 (Obligor: Qsh/Lb LLC) <sup>(a)</sup> | 1425000 | 1463703 |
| California Statewide Communities Development Authority, 5.50%, 12/01/2054 (Obligor: Loma Linda Univ Med Obl) | 25000 | 24999 |
| California Statewide Financing Authority, 6.00%, 05/01/2043 (Obligor: Tsr Multi-County Spl Purpose) | 205000 | 205467 |
| Lompoc Unified School District, 5.25%, 08/01/2050 | 820000 | 887398 |
| San Francisco City & County Airport Comm-San Francisco International Airport, 5.25%, 05/01/2055 <sup>(b)</sup> | 2250000 | 2335137 |
| Silicon Valley Tobacco Securitization Authority, Zero Coupon, 06/01/2041 <sup>(c)</sup> | 2500000 | 898454 |
| Los Angeles CA Dept of Arpts A, 5.50%, 05/15/2055 <sup>(b)(f)</sup> | 8000000 | 8544560 |
|  |  | 20087498 |
| **Colorado - 7.6%** |  |  |
| Colorado Health Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 09/15/2053 (Obligor: Bslc Ii Obligated Group) | 500000 | 412625 |
| &nbsp;&nbsp;&nbsp;3.90%, 05/15/2064 (Obligor: Intermountain Hlthcr Oblg) <sup>(d)</sup> | 900000 | 900000 |
| Cottonwood Creek Metropolitan District No 5, Zero Coupon, 12/01/2055 <sup>(a)(c)</sup> | 2000000 | 1489683 |
| Creekwalk Marketplace Business Improvement District, 6.00%, 12/01/2054 | 875000 | 850892 |
| Denver Health & Hospital Authority, 5.00%, 12/01/2039 | 25000 | 25045 |
| Dominion Water & Sanitation District, 5.88%, 12/01/2052 | 1400000 | 1422346 |
| Haymeadow Metropolitan District No 1, 6.13%, 12/01/2054 | 1000000 | 1020224 |
| Mirabelle Metropolitan District No 2, 6.13%, 12/15/2049 | 1000000 | 992259 |
| Pinnacle Farms Metropolitan District No 1, 8.75%, 12/15/2055 <sup>(a)</sup> | 1000000 | 1005668 |
| Red Barn Metropolitan District, 7.88%, 12/15/2055 | 650000 | 656752 |
| Sojourn at Idlewild Metropolitan District, 6.13%, 12/01/2055 <sup>(a)</sup> | 1000000 | 1021446 |
| STC Metropolitan District No 2 |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 12/01/2055 <sup>(a)</sup> | 2000000 | 2033445 |
| &nbsp;&nbsp;&nbsp;8.00%, 12/15/2055 <sup>(a)</sup> | 1000000 | 1006986 |
| Vail Home Partners Corp., 5.88%, 10/01/2055 <sup>(a)</sup> | 500000 | 505500 |
| Weems Neighborhood Metropolitan District, 5.88%, 12/01/2055 | 700000 | 711661 |
|  |  | 14054532 |
| **Connecticut - 1.0%** |  |  |
| Stamford Housing Authority |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 10/01/2055 (Obligor: Tjh Sr Lvg LLC Oblig Grp) | 1000000 | 1012672 |
| &nbsp;&nbsp;&nbsp;6.25%, 10/01/2060 (Obligor: Tjh Sr Lvg LLC Oblig Grp) | 750000 | 739175 |
|  |  | 1751847 |
| **Delaware - 0.7%** |  |  |
| Delaware State Economic Development Authority, 6.00%, 07/01/2065 (Obligor: Academia Antonia Alonso I) <sup>(a)</sup> | 1250000 | 1250476 |
| **District of Columbia – 4.7%** |  |  |
| Washington DC Met Area Transit, 5.50%, 07/15/2060 <sup>(f)</sup> | 8000000 | 8595280 |

---

See accompanying notes to financial statements.

**Rockefeller Municipal Opportunities Fund**

**Schedule of Investments (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **MUNICIPAL BONDS - 125.4% (continued)** | **Principal Amount** | **Value** |
| **Florida - 7.4%** | | |
| Capital Projects Finance Authority/FL |  |  |
| &nbsp;&nbsp;&nbsp;7.25%, 01/01/2055 (Obligor: Trilogy Cmty Dev Oblig Gp) <sup>(a)</sup> | $500000 | $507591 |
| &nbsp;&nbsp;&nbsp;7.13%, 01/01/2065 (Obligor: Trilogy Cmty Dev Oblig Gp) <sup>(a)</sup> | 2500000 | 2483843 |
| &nbsp;&nbsp;&nbsp;6.75%, 06/15/2065 (Obligor: Imagine School at North) <sup>(a)</sup> | 2000000 | 2010639 |
| Capital Trust Authority, 5.25%, 06/15/2059 (Obligor: St Johns Classical Acdmy) <sup>(a)</sup> | 500000 | 451067 |
| Charlotte County Industrial Development Authority/FL, 6.13%, 10/01/2055 (Obligor: Mskp Town And Cntry Util) <sup>(b)</sup> | 1500000 | 1547955 |
| Florida Higher Educational Facilities Financing Authority, 6.25%, 07/01/2055 (Obligor: Keiser University Obl) <sup>(a)</sup> | 1000000 | 994428 |
| Florida Local Government Finance Commission |  |  |
| &nbsp;&nbsp;&nbsp;6.88%, 11/15/2064 (Obligor: Ponte Vedra Pine Oblig) <sup>(a)</sup> | 1170000 | 1207897 |
| &nbsp;&nbsp;&nbsp;6.13%, 06/15/2065 (Obligor: Bridgeprep Academy Obl Gp) <sup>(a)</sup> | 1000000 | 1002008 |
| Gas Worx Community Development District, 6.00%, 05/01/2057 <sup>(a)</sup> | 1020000 | 1033541 |
| Miami Beach Health Facilities Authority, 5.00%, 11/15/2039 (Obligor: Mt Sinai Med Ctr Fl Obl) | 70000 | 70035 |
| Miami-Dade County Expressway Authority, 5.00%, 07/01/2040 | 1005000 | 1009499 |
| Palm Beach County Health Facilities Authority, 5.00%, 05/15/2036 (Obligor: Lifespace Communities Obl) | 100000 | 100319 |
| V-Dana Community Development District, 5.55%, 05/01/2055 | 1250000 | 1235778 |
|  |  | 13654600 |
| **Georgia - 0.1%** |  |  |
| Atlanta Development Authority, 5.25%, 07/01/2040 | 115000 | 115108 |
| Augusta GA Airport Revenue, 5.00%, 01/01/2034 | 100000 | 100081 |
| Municipal Electric Authority of Georgia, 5.50%, 07/01/2060 | 50000 | 50015 |
|  |  | 265204 |
| **Hawaii – 4.7%** |  |  |
| Hawaii St Arpts Sys Rev, 5.50%, 07/01/2054 <sup>(b)(f)</sup> | 8000000 | 8613920 |
| **Illinois - 3.1%** |  |  |
| Illinois Finance Authority, 6.38%, 08/01/2055 (Obligor: Rogers Park Montessori) <sup>(a)</sup> | 1900000 | 1925812 |
| Illinois State Toll Highway Authority, 5.00%, 01/01/2036 | 1500000 | 1501141 |
| Illinois State Toll Highway Authority, 5.00%, 01/01/2036 | 200000 | 200860 |
| Upper Illinois River Valley Development Authority, 6.00%, 12/01/2055 (Obligor: Northern Kane Edu Corp) <sup>(a)</sup> | 2000000 | 2004934 |
|  |  | 5632747 |
| **Indiana - 2.7%** |  |  |
| City of Evansville IN, 5.45%, 01/01/2038 (Obligor: Evansville Rcf Lp) | 1000000 | 932369 |
| City of Lafayette IN |  |  |
| &nbsp;&nbsp;&nbsp;5.60%, 01/01/2033 (Obligor: Glasswtr Crk of Lafayette) | 130000 | 128923 |
| &nbsp;&nbsp;&nbsp;5.80%, 01/01/2037 (Obligor: Glasswtr Crk of Lafayette) | 840000 | 818088 |
| City of Valparaiso IN, 5.38%, 12/01/2041 (Obligor: Green Oaks of Valparaiso) <sup>(a)</sup> | 750000 | 664577 |
| Richmond Hospital Authority, 5.00%, 01/01/2039 (Obligor: Reid Hosp & Hlthcr Oblig) | 1610000 | 1610131 |
| Town of Merrillville IN, 5.75%, 04/01/2036 (Obligor: Belvedere Slf LLC) | 900000 | 883989 |
|  |  | 5038077 |
| **Kansas - 0.6%** |  |  |
| City of Hutchinson KS, 5.00%, 12/01/2041 (Obligor: Hutchinson Regl Med Oblig) | 100000 | 88487 |
| City of Topeka KS, 6.50%, 12/01/2052 (Obligor: Congregational Home Oblig) | 1000000 | 1010482 |
|  |  | 1098969 |
| **Kentucky - 1.1%** |  |  |
| Kenton County Airport Board, 5.25%, 01/01/2054 <sup>(b)</sup> | 2000000 | 2068408 |
| Kentucky Economic Development Finance Authority, 5.00%, 07/01/2040 (Obligor: Kentucky Wired Infras Inc) | 20000 | 20005 |
|  |  | 2088413 |
| **Maryland - 0.3%** |  |  |
| City of Rockville MD, 5.00%, 11/01/2047 (Obligor: King Farm Presbyterian Ob) | 645000 | 581883 |
| Maryland Economic Development Corp., 5.00%, 06/01/2027 (Obligor: Salisbury University Project) | 30000 | 30023 |
|  |  | 611906 |
| **Massachusetts - 3.1%** |  |  |
| Massachusetts Development Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 10/01/2042 (Obligor: Boston University) <sup>(d)</sup> | 2200000 | 2200000 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/01/2043 (Obligor: Emmanuel College) | 600000 | 561730 |
| &nbsp;&nbsp;&nbsp;5.00%, 07/01/2044 (Obligor: Wellforce Obligated Group) | 750000 | 728676 |
| &nbsp;&nbsp;&nbsp;5.88%, 12/01/2060 (Obligor: Ginger Care Inc Oblig Grp) <sup>(a)</sup> | 2540000 | 2297663 |
|  |  | 5788069 |

---

See accompanying notes to financial statements.

**Rockefeller Municipal Opportunities Fund**

**Schedule of Investments (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **MUNICIPAL BONDS - 125.4% (continued)** | **Principal Amount** | **Value** |
| **Minnesota - 2.1%** | | |
| City of Apple Valley MN, 5.63%, 09/01/2065 (Obligor: Phs Apple Vly Senior Hsg) | $750000 | $751752 |
| City of Coon Rapids MN, 6.50%, 06/15/2065 (Obligor: Athlos Leadership Academy) | 2000000 | 2002131 |
| City of Eagan MN |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 02/01/2045 (Obligor: Great Oaks Academy) <sup>(a)</sup> | 250000 | 246000 |
| &nbsp;&nbsp;&nbsp;6.38%, 02/01/2055 (Obligor: Great Oaks Academy) <sup>(a)</sup> | 350000 | 338201 |
| &nbsp;&nbsp;&nbsp;6.50%, 02/01/2065 (Obligor: Great Oaks Academy) <sup>(a)</sup> | 625000 | 604873 |
|  |  | 3942957 |
| **Missouri - 0.6%** |  |  |
| Health & Educational Facilities Authority of the State of Missouri |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 06/01/2033 (Obligor: Kansas City Univ) | 1025000 | 1025409 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/2045 (Obligor: Mercy Health) | 50000 | 50011 |
|  |  | 1075420 |
| **Montana - 0.7%** |  |  |
| City of Kalispell MT, 6.00%, 05/15/2060 (Obligor: Immanuel Living Oblig Grp) | 1250000 | 1265082 |
| **Nebraska - 0.1%** |  |  |
| Douglas County Sanitary & Improvement District No 608, 5.75%, 12/15/2037 | 50000 | 46389 |
| Municipal Energy Agency of Nebraska, 5.00%, 04/01/2036 | 25000 | 25042 |
| Omaha Public Power District Nebraska City Station Unit 2, 5.25%, 02/01/2046 | 140000 | 140046 |
|  |  | 211477 |
| **New Hampshire - 0.7%** |  |  |
| New Hampshire Business Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;Zero Coupon, 12/01/2031 <sup>(a)(c)</sup> | 1000000 | 696052 |
| &nbsp;&nbsp;&nbsp;5.88%, 04/01/2060 (Obligor: Pennichuck Water Works) <sup>(b)</sup> | 500000 | 510066 |
|  |  | 1206118 |
| **New York – 13.0%** |  |  |
| Albany Capital Resource Corp., 5.00%, 12/01/2029 (Obligor: Albany Clg Of Pharmacy) | 240000 | 240238 |
| Build NYC Resource Corp., 5.00%, 09/01/2059 (Obligor: Bay Ridge Preparatory Sch) <sup>(a)</sup> | 500000 | 447475 |
| New York City Housing Development Corp., 5.30%, 11/01/2060 | 1215000 | 1261531 |
| New York City Municipal Water Finance Authority, 3.90%, 06/15/2049 <sup>(d)</sup> | 250000 | 250000 |
| New York Transportation Development Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 01/01/2050 (Obligor: Laguardia Gateway Partner) <sup>(b)</sup> | 275000 | 274988 |
| &nbsp;&nbsp;&nbsp;6.00%, 06/30/2059 (Obligor: JFK Nto LLC) <sup>(b)</sup> | 1500000 | 1589473 |
| &nbsp;&nbsp;&nbsp;5.00%, 06/30/2060 (Obligor: JFK Nto LLC) <sup>(b)</sup> | 1000000 | 961204 |
| &nbsp;&nbsp;&nbsp;5.50%, 06/30/2060 (Obligor: JFK Nto LLC) <sup>(b)</sup> | 1000000 | 1009747 |
| Ontario County Local Development Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, 06/01/2027 (Obligor: Association Housing LLC) <sup>(a)</sup> | 455000 | 454963 |
| &nbsp;&nbsp;&nbsp;6.50%, 12/01/2045 (Obligor: Association Housing LLC) <sup>(a)</sup> | 7535000 | 7543480 |
| Port Authority of New York & New Jersey, 5.00%, 01/15/2052 <sup>(b)</sup> | 1500000 | 1529055 |
| New York NY City Mun Wtr Fin Auth Wtr & Ser Sys Rev, 5.25%, 06/15/2054 <sup>(f)</sup> | 8000000 | 8448640 |
|  |  | 24010794 |
| **Ohio - 9.9%** |  |  |
| Buckeye Tobacco Settlement Financing Authority, 5.00%, 06/01/2055 | 3915000 | 3346413 |
| City of Springfield OH, 7.65%, 05/01/2042 (Obligor: Eaglewood Property Holdng) | 887886 | 802532 |
| Columbus Regional Airport Authority, 5.50%, 01/01/2050 <sup>(b)</sup> | 3000000 | 3159867 |
| Dayton-Montgomery County Port Authority, 6.63%, 01/01/2045 (Obligor: Springfield Aal LLC) <sup>(a)</sup> | 1150000 | 1182956 |
| Ohio Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;5.70%, 08/01/2043 (Obligor: Havens Edge Apts LLC) <sup>(a)</sup> | 1000000 | 1024669 |
| &nbsp;&nbsp;&nbsp;6.00%, 01/01/2045 (Obligor: Mansfield Aal Lp) <sup>(a)</sup> | 1000000 | 984133 |
| &nbsp;&nbsp;&nbsp;6.25%, 01/01/2045 (Obligor: Canton Aal Lp) <sup>(a)</sup> | 1500000 | 1517853 |
| &nbsp;&nbsp;&nbsp;6.38%, 01/01/2045 (Obligor: Bedford Heights Aal Lp) <sup>(a)</sup> | 1500000 | 1530837 |
| &nbsp;&nbsp;&nbsp;6.50%, 01/01/2045 (Obligor: Ashford At The Enclave LLC) <sup>(a)</sup> | 1500000 | 1518756 |
| Port of Greater Cincinnati Development Authority, 6.50%, 01/01/2045 (Obligor: Vivera Northbrook LLC) <sup>(a)</sup> | 1500000 | 1534508 |
| State of Ohio |  |  |
| 5.00%, 12/31/2035 <sup>(b)</sup> | 1400000 | 1400391 |
| 5.00%, 06/30/2053 <sup>(b)</sup> | 180000 | 176276 |
|  |  | 18179191 |
| **Oklahoma - 0.0%<sup>(e)</sup>** |  |  |
| Norman Regional Hospital Authority, 4.00%, 09/01/2037 (Obligor: Norman Regl Hosp Auth Ob) | 35000 | 23626 |

---

See accompanying notes to financial statements.

**Rockefeller Municipal Opportunities Fund**

**Schedule of Investments (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **MUNICIPAL BONDS - 125.4% (continued)** | **Principal Amount** | **Value** |
| **Oregon – 5.1%** |  |  |
| Oregon State Facilities Authority, 6.00%, 06/15/2065 (Obligor: Personalized Learning Inc) <sup>(a)</sup> | $1000000 | $1010472 |
| Redmond Air AMT, 5.50%, 06/01/2052 <sup>(b)(f)</sup> | 8000000 | 8476080 |
|  |  | 9486552 |
| **Pennsylvania – 7.1%** |  |  |
| Lancaster County Hospital Authority, 5.00%, 07/01/2035 (Obligor: Landis Homes Ob Grp) | 20000 | 20005 |
| Lehigh County General Purpose Authority |  |  |
| &nbsp;&nbsp;&nbsp;Zero Coupon, 02/01/2044 (Obligor: Kidspeace Obligated Group) <sup>(c)</sup> | 2340854 | 1411443 |
| &nbsp;&nbsp;&nbsp;Zero Coupon, 02/01/2044 (Obligor: Kidspeace Obligated Group) <sup>(c)</sup> | 2318847 | 12464 |
| &nbsp;&nbsp;&nbsp;7.50%, 02/01/2044 (Obligor: Kidspeace Obligated Group) | 3500000 | 2943116 |
| Northeastern Pennsylvania Hospital and Education Authority, 5.25%, 03/01/2037 (Obligor: Wilkes University) | 495000 | 495887 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev, 5.25%, 10/01/2050 <sup>(f)</sup> | 8000000 | 8157920 |
| West Shore Area Authority, 5.00%, 07/01/2030 (Obligor: Messiah Lifeways Ob Grp) | 70000 | 70033 |
|  |  | 13110868 |
| **Puerto Rico - 0.6%** |  |  |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Zero Coupon, 07/01/2051 <sup>(c)</sup> | 4492000 | 1129950 |
| **South Carolina - 2.6%** |  |  |
| South Carolina Jobs-Economic Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 06/15/2051 (Obligor: Virtus Academy) <sup>(a)</sup> | 625000 | 480200 |
| &nbsp;&nbsp;&nbsp;5.00%, 06/15/2056 (Obligor: Virtus Academy) <sup>(a)</sup> | 1505000 | 1130872 |
| &nbsp;&nbsp;&nbsp;7.75%, 10/01/2057 (Obligor: Cr River Park LLC) | 3150000 | 3191781 |
|  |  | 4802853 |
| **Texas – 16.4%** |  |  |
| City of Buda TX |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 09/01/2055 <sup>(a)</sup> | 1750000 | 1697332 |
| &nbsp;&nbsp;&nbsp;6.75%, 09/01/2055 <sup>(a)</sup> | 1000000 | 972122 |
| City of Granbury TX |  |  |
| &nbsp;&nbsp;&nbsp;7.25%, 09/15/2045 | 1000000 | 1019634 |
| &nbsp;&nbsp;&nbsp;7.50%, 09/15/2055 | 1000000 | 1020094 |
| City of Lavon TX, 6.00%, 09/15/2054 <sup>(a)</sup> | 1000000 | 1022619 |
| City of Seguin TX, 5.50%, 09/01/2059 | 8000000 | 8625164 |
| City of Terrell TX, 7.00%, 09/15/2055 <sup>(a)</sup> | 1000000 | 1011883 |
| County of Denton TX, 5.63%, 12/31/2055 <sup>(a)</sup> | 1000000 | 1020336 |
| New Hope Cultural Education Facilities Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 07/01/2044 (Obligor: Legacy At Midtown Park Ob) | 500000 | 505671 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/01/2055 (Obligor: Presbyterian Vlg North Ob) | 1000000 | 904771 |
| &nbsp;&nbsp;&nbsp;6.50%, 10/01/2055 (Obligor: Bella Vida Forefront Livi) | 1830000 | 1879616 |
| &nbsp;&nbsp;&nbsp;7.13%, 07/01/2056 (Obligor: Legacy At Midtown Park Ob) | 250000 | 252613 |
| &nbsp;&nbsp;&nbsp;6.50%, 10/01/2060 (Obligor: Bella Vida Forefront Livi) | 1425000 | 1458291 |
| Tarrant County Cultural Education Facilities Finance Corp., 5.00%, 11/15/2035 (Obligor: Barton Creek Sr Living Ob) | 135000 | 135029 |
| Tarrant County Cultural Education Facilities Finance Corp., 5.50%, 11/15/2052 <sup>(f)</sup> | 8000000 | 8710400 |
|  |  | 30235575 |
| **Utah - 4.0%** |  |  |
| County of Utah UT, 5.00%, 05/15/2041 (Obligor: Intermountain Hlthcr Ob) | 125000 | 125654 |
| Desert Edge Public Infrastructure District No 1, Zero Coupon, 03/01/2055 <sup>(a)(c)</sup> | 1000000 | 771550 |
| Jordanelle Ridge Public Infrastructure District No 2, 7.88%, 03/15/2055 <sup>(a)</sup> | 1988000 | 2013559 |
| Mida Cormont Public Infrastructure District |  |  |
| &nbsp;&nbsp;&nbsp;Zero Coupon, 06/01/2055 <sup>(a)(c)</sup> | 1000000 | 832060 |
| &nbsp;&nbsp;&nbsp;6.25%, 06/01/2055 <sup>(a)</sup> | 600000 | 625816 |
| Soleil Hills Public Infrastructure District No 1, 5.88%, 03/01/2055 <sup>(a)</sup> | 1000000 | 985568 |
| Tech Ridge Public Infrastructure District, 6.25%, 12/01/2054 <sup>(a)</sup> | 1000000 | 1019707 |
| Wakara Ridge Public Infrastructure District, 5.63%, 12/01/2054 <sup>(a)</sup> | 1000000 | 1013591 |
|  |  | 7387505 |
| **Washington – 5.7%** |  |  |
| Port of Seattle Revenue Series B AMT, 5.50%, 10/01/2050 <sup>(b)(f)</sup> | 8500000 | 9012635 |
| Washington State Housing Finance Commission, 6.38%, 07/01/2060 (Obligor: Josephine Caring Cmnty Ob) <sup>(a)</sup> | 1500000 | 1483622 |
|  |  | 10496257 |

---

See accompanying notes to financial statements.

**Rockefeller Municipal Opportunities Fund**

**Schedule of Investments (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **MUNICIPAL BONDS - 125.4% (continued)** | **Principal Amount** | **Value** |
| **Wisconsin - 4.4%** |  |  |
| Public Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;Zero Coupon, 12/15/2034 <sup>(a)(c)</sup> | $2000000 | $1167675 |
| &nbsp;&nbsp;&nbsp;5.50%, 09/01/2051 (Obligor: Discovery Charter Sch Grp) | 150000 | 123811 |
| &nbsp;&nbsp;&nbsp;6.75%, 06/15/2055 (Obligor: Liberty Classical Schs) <sup>(a)</sup> | 250000 | 246800 |
| Public Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 06/15/2056 (Obligor: Gray Collegiate Academy) <sup>(a)</sup> | 740000 | 578091 |
| &nbsp;&nbsp;&nbsp;6.45%, 04/01/2060 (Obligor: Sheboygan Christian Sch A) <sup>(a)</sup> | 1000000 | 945655 |
| &nbsp;&nbsp;&nbsp;5.75%, 07/01/2062 | 473783 | 491901 |
| &nbsp;&nbsp;&nbsp;5.25%, 06/15/2065 (Obligor: Triad Math & Science Acad) | 1000000 | 949975 |
| &nbsp;&nbsp;&nbsp;7.00%, 06/15/2065 (Obligor: Liberty Classical Schs) <sup>(a)</sup> | 550000 | 551434 |
| &nbsp;&nbsp;&nbsp;6.50%, 12/31/2065 (Obligor: Sr 400 Peach Partners LLC) <sup>(b)</sup> | 2000000 | 2189709 |
| Wisconsin Health & Educational Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 07/01/2043 (Obligor: Chiara Communities Inc) | 140000 | 119272 |
| &nbsp;&nbsp;&nbsp;6.63%, 07/01/2060 (Obligor: Chiara Hsg & Svcs Obl Grp) | 600000 | 620495 |
|  |  | 7984818 |
| **TOTAL MUNICIPAL BONDS** (Cost $226,899,143) |  | 231168195 |
| **TOTAL INVESTMENTS – 125.4%** (Cost $226,899,143) |  | 231168195 |
| Floating Rate Note Obligations (26.2)% <sup>(g)</sup> |  | (48375000) |
| Other Assets in Excess of Liabilities - 0.8% |  | 1540266 |
| **TOTAL NET ASSETS - 100.0%** |  | $184333461 |
| Par amount is in USD unless otherwise indicated. |  |  |
| Percentages are stated as a percent of net assets. |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security
 is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended.
 These securities may only be resold in transactions exempt from registration to qualified
 institutional investors. As of September 30, 2025, the value of these securities total $77,469,352
 or 42.0% of the Fund's net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security
 subject to the Alternative Minimum Tax ("AMT"). As of September 30, 2025, the total
 value of securities subject to the AMT was $53,399,470 or 29.0% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Zero
 coupon bonds make no periodic interest payments.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Coupon
 rate may be variable or floating based on components other than reference rate and spread.
 These securities may not indicate a reference rate and/or spread in their description. The
 rate disclosed is as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents
 less than 0.05% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(f) All
 or portion of the principal amount transferred to a Tender Option Bond ("TOB")
 Issuer in exchange for TOB residuals and cash.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Face
 value of Floating Rate notes issued in TOB transactions.

See accompanying notes to financial statements.

**Rockefeller Municipal Opportunities Fund**

**Statement of Assets and Liabilities**

**September 30, 2025**

---

| | |
|:---|:---|
| **Assets** | |
| Investments, at fair value (cost $226,899,143) | $231168195 |
| Cash and cash equivalents | 440794 |
| Interest receivable | 2863054 |
| Receivable for investments sold | 616306 |
| Receivable for fund shares sold | 150000 |
| Deferred offering costs (Note 2) | 18682 |
| Prepaid expenses and other assets | 14821 |
| **Total assets** | 235271852 |
| **Liabilities** |  |
| Fund administration and accounting fees payable | 116067 |
| Payable for investments purchased | 1553748 |
| Distribution payable | 365302 |
| Payable to adviser (Note 4) | 108873 |
| Payable for Floating Rate Note Obligations (Note 2) | 48375000 |
| Payable for interest expense and fees on Floating Rate Note Obligations (Note 2) | 315466 |
| Other liabilities | 103935 |
| **Total liabilities** | 50938391 |
| **Net Assets** | $**184333461** |
| **Net Assets** |  |
| Paid-in capital | $182988039 |
| Total distributable earnings | 1345422 |
| **Net assets** | $**184333461** |
| Net asset value, offering and/or redemption price per share (9,255,566 common shares)\* | $19.92 |

---

\* Unlimited shares authorized without par value.

See accompanying notes to financial statements.

**Rockefeller Municipal Opportunities Fund**

**Statement of Operations**

**For the Period from Commencement of Operations to September 30, 2025 \***

---

| | |
|:---|:---|
| **Investment income** | |
| Interest income | $5977849 |
| **Total investment income** | 5977849 |
| **Expenses** |  |
| Investment advisory fees (Note 4) | 699400 |
| Interest expense and fees on Floating Rate Note Obligations (Note 2) | 557669 |
| Professional fees | 174334 |
| Fund administration and accounting fees | 146917 |
| Offering costs | 79680 |
| Trustees' fees | 64435 |
| Transfer agent fees | 49837 |
| Registration fees | 48428 |
| Audit fees | 33000 |
| Custodian fees | 25538 |
| Shareholder reporting expense | 17588 |
| Organizational costs | 15266 |
| Other expenses and fees | 21610 |
| **Total expenses** | 1933702 |
| Expense reimbursement by Adviser (Note 4) | (71298) |
| Investment advisory fee waiver (Note 4) | (118106) |
| Recoupment of expense limitation (Note 4) | 71298 |
|  | 1815596 |
| **Net investment income** | 4162253 |
| **Realized and unrealized gains (losses)** |  |
| **Net realized losses on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | (2946606) |
| **Net realized losses** | (2946606) |
| **Net change in unrealized appreciation (depreciation) of:** |  |
| &nbsp;&nbsp;&nbsp;Investments | 4269052 |
| **Net change in unrealized appreciation** | 4269052 |
| **Net realized and unrealized gains** | 1322446 |
| **Net increase in net assets resulting from operations** | $5484699 |

---

<sup>\*</sup> The date of commencement of operations was December 6, 2024.

See accompanying notes to financial statements.

**Rockefeller Municipal Opportunities Fund**

**Statement of Changes in Net Assets**

---

| | |
|:---|:---|
|  | **For the Period from**<br>**Commencement of**<br>**Operations to**<br>**September 30, 2025 \*** |
| **Increase (decrease) in net assets resulting from operations** | |
| &nbsp;&nbsp;Net investment income | $4162253 |
| &nbsp;&nbsp;Net realized losses | (2946606) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 4269052 |
| **Net increase (decrease) in net assets resulting from operations** | 5484699 |
| **Distributions to shareholders** |  |
| &nbsp;&nbsp;From net investment income | (4327588) |
| **Total distributions to shareholders** | (4327588) |
| **Shareholder transactions** |  |
| &nbsp;&nbsp;Subscriptions (9,216,189 shares) | 182386068 |
| &nbsp;&nbsp;Shares issued in reinvestment of distributions (92,176 shares) | 1796011 |
| &nbsp;&nbsp;Shares redeemed (57,799 shares) | (1105729) |
| **Net increase (decrease) in net assets from capital transactions** | 183076350 |
| **Net increase (decrease) in net assets** | 184233461 |
| **Net assets** |  |
| Beginning of period (5,000 shares) | 100000 |
| End of period (9,255,566 shares) | $184333461 |

---

\* The date of commencement of operations was December 6, 2024.

See accompanying notes to financial statements.

**Rockefeller Municipal Opportunities Fund**

**Statement of Cash Flows**

---

| | |
|:---|:---|
| **For the Period from Commencement of Operations to September 30, 2025 \*** | |
| **Cash Flows from Operating Activities:** | |
| Net increase in net assets resulting from operations | $5484699 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;Purchases of investments | (510660585) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales and repayments of investments | 281909721 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | (4269052) |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments | 2946606 |
| &nbsp;&nbsp;&nbsp;Net accretion of premiums and discounts | (157443) |
| Changes in assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;Increase in interest receivable | (2863054) |
| &nbsp;&nbsp;&nbsp;Increase in fund administration and accounting fees payable | 116067 |
| &nbsp;&nbsp;&nbsp;Increase in deferred offering costs | (18682) |
| &nbsp;&nbsp;&nbsp;Increase in prepaid expenses and other assets | (14821) |
| &nbsp;&nbsp;&nbsp;Increase in investment advisory fees payable | 108873 |
| &nbsp;&nbsp;&nbsp;Increase in other liabilities | 103935 |
| Net cash used in operating activities | (227313736) |
| **Cash Flows from Financing Activities** |  |
| &nbsp;&nbsp;&nbsp;Subscriptions for shares | 182236068 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1105729) |
| &nbsp;&nbsp;&nbsp;Distributions paid to shareholders | (2166275) |
| &nbsp;&nbsp;&nbsp;Proceeds from Floating Rate Note Obligations | 79500000 |
| &nbsp;&nbsp;&nbsp;Payments on Floating Rate Note Obligations | (31125000) |
| &nbsp;&nbsp;&nbsp;Increase in payable for interest expense and fees on Floating Rate Note Obligations | 315466 |
| Net cash provided by financing activities | 227654530 |
| **Net increase in cash** | 340794 |
| **Cash** |  |
| Beginning balance | 100000 |
| Ending balance | $440794 |
| Supplemental disclosure of cash flow information and non-cash financing activities: |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 1796011 |
| &nbsp;&nbsp;&nbsp;Cash paid during the period for interest expense and fees on floating rate note obligations | 242203 |

---

\* The date of commencement of operations was December 6, 2024.

See accompanying notes to financial statements.

**Rockefeller Municipal Opportunities Fund**

**Financial Highlights**

---

| | |
|:---|:---|
|  | **For the Period from**<br>**Commencement of**<br>**Operations to**<br>**September 30, 2025 \*** |
| **Per share operating performance** | |
| Net asset value, beginning of period | $20.00 |
| Gain (Loss) from investment operations |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> | 0.70 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss <sup>(2)</sup> | (0.12) |
| Total from investment operations | 0.58 |
| Distributions from |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.66) |
| Total distributions | (0.66) |
| Net asset value, end of period | $19.92 |
| **Total return** | 2.99%<sup>(3)</sup> |
| **Ratios to average net assets** |  |
| Expenses, before reimbursement | 2.07%<sup>(4)</sup> |
| Expenses, after reimbursement | 1.95%<sup>(4)(5)(6)</sup> |
| Net investment income | 4.46%<sup>(4)</sup> |
| **Supplemental data** |  |
| Net assets, end of period (in thousands) | $184333 |
| Portfolio turnover rate | 221%<sup>(3)</sup> |

---

\* The date of commencement of operations was December 6, 2024.

<sup>(1)</sup> Per share calculations were performed using average shares.

<sup>(2)</sup> 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 period.

<sup>(3)</sup> Not annualized

<sup>(4)</sup> Annualized

<sup>(5)</sup> Offering costs of 0.07% are excluded from the expense limitation of 1.50%.

<sup>(6)</sup> Includes interest expense of 0.48% related to tender option bond transactions (See Note 2).

See accompanying notes to financial statements.

**Rockefeller Municipal Opportunities Fund**

**Notes to Financial Statements**

**September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Organization** 

Rockefeller Municipal Opportunities Fund (the "Fund") was organized as a Delaware statutory trust on July 29, 2024, and is registered under the Investment Company Act of 1940 (the "1940 Act"), as amended, as a continuously-offered closed-end management investment company issuing shares operating as an "interval fund". The Fund is non-diversified for the purposes of the 1940 Act. Rockefeller & Co. LLC d/b/a Rockefeller Asset Management serves as the Fund's investment manager (the "Investment Manager").

The Fund's investment objective is to seek current income exempt from regular federal income tax and to seek long-term capital appreciation. Under normal circumstances, the Fund intends to invest at least 80% of its net assets (plus borrowings for investment purposes) in securities, the income from which, in the opinion of counsel to the issuer of each security, is exempt from regular federal individual income tax. The Fund intends to invest in municipal securities issued by the governments of states, their political subdivisions (such as cities, towns, counties, agencies, and authorities) and the District of Columbia, U.S. territories, commonwealths, and possessions or by their agencies, instrumentalities, and authorities. These primarily include municipal bonds, municipal notes, interests in municipal leases, and tax-exempt commercial paper. Municipal securities generally are classified as general or revenue obligations. General obligations are secured by the issuer's pledge of its full faith, credit, and taxing power for the payment of principal and interest. Revenue obligations are bonds whose interest is payable only from the revenues derived from a particular facility or class of facilities, or a specific excise tax or other revenue source. The Fund intends to select investments without regard to the federal alternative minimum tax ("AMT") and therefore may select investments subject to the federal AMT.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Summary of Significant Accounting Policies** 

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Fund is an investment company and applies specific accounting and financial reporting requirements under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services-Investment Companies.*

**Portfolio Valuation and Fair Value Measurements –** In accordance with Rule 2a-5 under the 1940 Act, the Fund's Board of Trustees (the "Board") has designated the Investment Manager as the valuation designee responsible for performing the fair value determinations relating to the Fund's investments for which market quotations are not readily available. The Board has approved the Investment Manager's Valuation Procedures (the "Valuation Procedures") pursuant to which the Fund's investments are valued in a manner consistent with GAAP as required by the 1940 Act. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. Debt and fixed income securities may be valued by pricing agents selected by the valuation designee. The pricing agents employ methodologies that utilize (a) market transactions, (b) broker-dealer supplied valuations, or (c) other electronic data processing techniques. These methodologies generally take into account such factors as security prices, yields, maturities, call features, ratings, and significant events or other developments relating to specific securities. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments' complexity for disclosure purposes. The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund's own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund's investments and are summarized in the following fair value hierarchy:

Level 1 Inputs — Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access

**Rockefeller Municipal Opportunities Fund**

**Notes to Financial Statements (continued)**

**September 30, 2025**

Level 2 Inputs — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly including inputs in markets that are not considered to be active or in active markets for similar assets or liabilities, observable inputs other than quoted prices and inputs that are not directly observable but are corroborated by observable market data

Level 3 Inputs — Significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)

The following is a summary of inputs used to value the Fund's investments as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $231168195 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $231168195 |
| Total Investments | $– | $231168195 | $– | $231168195 |

---

For the fiscal period ended September 30, 2025, the Fund did not hold and recognize any transfers to or from Level 3.

Refer to the Schedule of Investments for further disaggregation of investment categories.

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

The Fund has adopted financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the period, the Fund did not incur any interest or penalties. The Fund has reviewed all open tax years and concluded that there is no effect to the Fund's financial position or results of operations and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. The Fund has no examinations in progress.

**Investment Transactions, Income Recognition and Expenses** - Investment transactions are recorded on the trade date. The Fund recognizes income and records expenses on an accrual basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. The changes in fair value of the investments are included in net change in unrealized appreciation/depreciation on investments in the Statement of Operations. Realized gains and losses from investments are calculated using specific identification.

**Rockefeller Municipal Opportunities Fund**

**Notes to Financial Statements (continued)**

**September 30, 2025**

**Distribution of Income and Gains *-*** The Fund distributes substantially all of its net investment income to shareholders in the form of dividends. The Fund declares income dividends daily and distributes them monthly to shareholders of record. Distributions can only be made from net investment income. At least annually, the Fund also distributes to you your pro rata share of any available net capital gain and taxable ordinary income, if any. Net short -term capital gains may be paid more frequently. The dividends that the Fund pays will depend on several factors, including dividends payable on any preferred shares issued by the Fund (and expenses associated with other forms of leverage).

The tax character of distribution paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term realized capital gains being treated as ordinary income for tax purposes.

**Use of Estimates *-*** The preparation of the financial statements in accordance 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 increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Share Valuation *-*** The NAV per Share is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities by the total number of Shares outstanding for the Fund, rounded to the nearest cent. Fund Shares will not be priced on the days on which the New York Stock Exchange is closed for trading.

**Indemnifications *-*** In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements cannot be known; however, the Fund expects any risk of loss to be remote.

**Organization and Offering Costs *-*** Organization and offering expenses shall mean all third party charges and out-of-pocket costs and expenses incurred by the Fund, in the connection with the formation of the Fund, the offering of the Fund's shares, and the admission of investors in the Fund, including, without limitation, legal, accounting, filing, advertising and all other expenses incurred in connection with the offer and sale of interests in the Fund. The Fund incurred organizational costs of $15,266 prior to commencement of operations that are subject to reimbursement pursuant to the Expense Limitation Agreement between the Fund and the Investment Manager as described in Note 4. The Fund incurred offering costs of $98,921 prior to commencement of operations. These offering costs are being amortized to expense over twelve months on a straight-line basis and are not subject to reimbursement pursuant to the Expense Limitation Agreement between the Fund and the Investment Manager as described in Note 4. The remaining deferred offering costs are presented on the Statement of Assets and Liabilities.

**Cash and Cash Equivalents *–*** Cash and cash equivalents consist of cash held on deposit and short -term highly liquid investments that are readily convertible to known amounts of cash and have maturities of three months or less. As of September 30, 2025 the Fund held cash, but no cash equivalents as shown on the Statement of Assets and Liabilities.

**Leverage *-*** The Fund may use leverage through the issuance of preferred shares, or the use of tender option bonds, reverse repurchase agreements, or borrowings, such as through credit facilities. The Fund may also enter into transactions other than those noted above that may give rise to a form of leverage including, among others, futures contracts, total return swaps and other derivative transactions, loans of portfolio securities, short sales and when issued, delayed delivery and forward commitment transactions. For the fiscal period ended September 30, 2025, the Fund was engaged in leverage through the use of tender option bonds.

**Rockefeller Municipal Opportunities Fund**

**Notes to Financial Statements (continued)**

**September 30, 2025**

The Fund may leverage its assets through the use of proceeds received from tender option bond ("TOB") transactions. In a TOB transaction, a tender option bond trust (a "TOB Issuer") is typically established, which forms a special purpose trust into which a Fund, or an agent on behalf of a Fund, transfers municipal bonds or other municipal securities ("Underlying Securities"). A TOB Issuer typically issues two classes of beneficial interests: short-term floating rate notes ("TOB Floaters") with a fixed principal amount representing a senior interest in the Underlying Securities, and which are generally sold to third-party investors, and residual interest municipal tender option bonds ("TOB Residuals") representing a subordinate interest in the Underlying Securities, and which are generally issued to a Fund. The interest rate on the TOB Floaters resets periodically, usually weekly, to a prevailing market rate, and holders of the TOB Floaters are granted the option to tender their TOB Floaters back to the TOB Issuer for repurchase at their principal amount plus accrued interest thereon periodically, usually daily or weekly. The Fund may invest in both TOB Floaters and TOB Residuals, including TOB Floaters and TOB Residuals issued by the same TOB Issuer.

As a result of Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules thereunder (collectively, the "Volcker Rule"), banking entities are generally prohibited from sponsoring the TOB Issuer, and instead the Fund may serve as the sponsor of a TOB issuer ("Fund-sponsored TOB") and establish, structure and "sponsor" a TOB Issuer in which it holds TOB Residuals. In connection with Fund-sponsored TOBs, the Fund may contract with a third-party to perform some or all of the Fund's duties as sponsor. The Fund's role under the Fund-sponsored TOB structure may increase its operational and regulatory risk. If the third party is unable to perform its obligations as an administrative agent, the Fund itself would be subject to such obligations or would need to secure a replacement agent. The obligations that the Fund may be required to undertake could include reporting and recordkeeping obligations under the IRC and federal securities laws and contractual obligations with other TOB service providers.

Under the Fund-sponsored TOB structure, the TOB Issuer receives Underlying Securities from the Fund through (or as) the sponsor and then issues TOB Floaters to third-party investors and TOB Residuals to the Fund. The Fund is paid the cash (less transaction expenses, which are borne by the Fund) received by the TOB Issuer from the sale of TOB Floaters and typically will invest the cash in additional municipal bonds or other investments permitted by its investment policies. TOB Floaters may have first priority on the cash flow from the securities held by the TOB Issuer and are enhanced with a liquidity support arrangement from a bank (the "liquidity provider"), which allows holders to tender their position back to the TOB Issuer at par (plus accrued interest). The Fund, in addition to receiving cash from the sale of TOB Floaters, also receives TOB Residuals. TOB Residuals provide the Fund with the right to (1) cause the holders of TOB Floaters to tender their notes to the TOB Issuer at par (plus accrued interest), and (2) acquire the Underlying Securities from the TOB Issuer. In addition, all voting rights and decisions to be made with respect to any other rights relating to the Underlying Securities deposited in the TOB Issuer are passed through to the Fund, as the holder of TOB Residuals. Such a transaction, in effect, creates exposure for the Fund to the entire return of the Underlying Securities deposited in the TOB Issuer, with a net cash investment by the Fund that is less than the value of the Underlying Securities deposited in the TOB Issuer. This multiplies the positive or negative impact of the performance of the Underlying Securities' within the Fund (thereby creating leverage). Income received from TOB Residuals will vary inversely with the short-term rate paid to holders of TOB Floaters and in most circumstances, TOB Residuals represent substantially all of the Underlying Securities' downside investment risk and also benefit disproportionately from any potential appreciation of the value of Underlying Securities. The amount of such increase or decrease is a function, in part, of the amount of TOB Floaters sold by the TOB Issuer of these securities relative to the amount of TOB Residuals that it sells. The greater the amount of TOB Floaters sold relative to TOB Residuals, the more volatile the income paid on TOB Residuals will be. The price of TOB Residuals will be more volatile than that of the Underlying Securities because the interest rate is dependent on not only the fixed coupon rate of the Underlying Securities, but also on the short-term interest rate paid on TOB Floaters.

**Rockefeller Municipal Opportunities Fund**

**Notes to Financial Statements (continued)**

**September 30, 2025**

For TOB Floaters, generally, the interest rate earned will be based upon the market rates for municipal securities with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option, which may vary from weekly, to monthly, to extended periods of one year or multiple years. Because the option feature has a shorter term than the final maturity or first call date of the Underlying Securities deposited in the TOB Issuer, the Fund, if it is the holder of the TOB Floaters, relies upon the terms of the agreement with the financial institution furnishing the option as well as the credit strength of that institution. As further assurance of liquidity, the terms of the TOB Issuer provide for a liquidation of the Underlying Security deposited in the TOB Issuer and the application of the proceeds to pay off the TOB Floaters.

The TOB Issuer may be terminated without the consent of the Fund upon the occurrence of certain events, such as the bankruptcy or default of the issuer of the Underlying Securities deposited in the TOB Issuer, a substantial downgrade in the credit quality of the issuer of the securities deposited in the TOB Issuer, the inability of the TOB Issuer to obtain liquidity support for the TOB Floaters, a substantial decline in the market value of the Underlying Securities deposited in the TOB Issuer, or the inability of the sponsor to remarket any TOB Floaters tendered to it by holders of the TOB Floaters. In such an event, the TOB Floaters would be redeemed by the TOB Issuer at par (plus accrued interest) out of the proceeds from a sale of the Underlying Securities deposited in the TOB Issuer. If this happens, the Fund would be entitled to the assets of the TOB Issuer, if any, that remain after the TOB Floaters have been redeemed at par (plus accrued interest). If there are insufficient proceeds from the sale of these Underlying Securities to redeem all of the TOB Floaters at par (plus accrued interest), the liquidity provider or holders of the TOB Floaters would bear the losses on those securities and there would be no recourse to each Fund's assets (unless the Fund held a recourse TOB Residual).

Pursuant to the Volcker Rule, to the extent that the remarketing agent is a banking entity, it would not be able to repurchase tendered TOB Floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Issuer to purchase the tendered TOB Floaters. The TOB Issuer, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased TOB Floaters now held by the TOB Issuer. However, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

The Fund accounts for TOB transactions as secured borrowings. For financial reporting purposes, Underlying Securities that are deposited into a TOB Issuer are treated as investments of the Fund and are presented in each Fund's Schedule of Investments. Outstanding TOB Floaters issued by a TOB Issuer are presented as a liability at their face value as "Payable for Floating Rate Note Obligations" in the Fund's Statement of Assets and Liabilities. The face value of the TOB Floaters approximates the fair value of the floating rate notes. The TOB Floaters would be categorized as Level 2 within the fair value hierarchy. Interest income from the Underlying Securities is recorded by the Fund on an accrual basis. Interest expense incurred on the TOB Floaters and other expenses related to remarketing, administration and trustee services to a TOB Issuer are recognized as a component of "Interest expense and fees on Floating Rate Note Obligations" in the Statement of Operations. Fees paid upon creation of the TOB Trust are recorded as debt issuance costs and are amortized to "Interest expense and fees on Floating Rate Note Obligations" in the Statement of Operations.

**Rockefeller Municipal Opportunities Fund**

**Notes to Financial Statements (continued)**

**September 30, 2025**

At September 30, 2025, the aggregate value of the Underlying Securities transferred to TOB Issuers and the related liability for TOB Floaters was as follows:

---

| | |
|:---|:---|
| Underlying Securities | Liability for Floating Rate |
| Transferred to TOB Issuers | Note Obligations |
| $68559435 | $48375000 |

---

During the period ended September 30, 2025, the Funds' average TOB Floaters outstanding and the daily weighted average interest rate, including fees, were as follows:

---

| | |
|:---|:---|
| Average Floating Rate Note | Annualized Daily Weighted |
| Obligations Outstanding | Average Interest Rate |
| $18310274 | 2.63% |

---

**Reclassification of Capital Accounts**. U.S. GAAP requires that certain components of net assets be reclassified between financial and tax reporting. Temporary differences do not require reclassification. Temporary and permanent differences have no effect on net assets or NAV per share. For the fiscal year ended September 30, 2025, the Fund made the following permanent book to tax reclassification primarily related to non-deductible offering costs and interest adjustments on TOB Floaters:

---

| | |
|:---|:---|
| Accumulated |  |
| Earnings/(Deficit) | Paid in Capital |
| $188311 | $(188311) |

---

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Risk Considerations** 

Investing in the Fund's shares is subject to risks, including the risks set forth in the "Risk Factors" section of the prospectus, which include, but are not limited to the following:

**Interest Rate Risk *-*** Interest rate risk is the risk that fixed income securities and other instruments in the Fund's portfolio will fluctuate in value because of a change in interest rates. Interest rate changes can be sudden and unpredictable, and the Fund may lose money because of movements in interest rates. The Fund may not be able to effectively hedge against changes in interest rates or may choose not to do so for cost or other reasons.

**Municipal Bond Risk *-*** Investing in the municipal bond market involves the risks of investing in debt securities generally and certain other risks. The amount of public information available about the municipal bonds in which the Fund may invest is generally less than that for corporate equities or bonds, and the investment performance of the Fund's investment in municipal bonds may therefore be more dependent on the analytical abilities of the Investment Manager than its investments in taxable bonds.

**Rockefeller Municipal Opportunities Fund**

**Notes to Financial Statements (continued)**

**September 30, 2025**

**Management Risk *-*** The Fund is subject to management risk because it is an actively managed investment portfolio. The Investment Manager will apply investment techniques and risk analysis in making investment decisions for the Fund. There can be no guarantee that these decisions will produce the desired results or that the due diligence conducted by the Investment Manager will expose all material risks associated with an investment. Additionally, the Investment Manager may not be able to identify suitable investment opportunities and may face competition from other investment managers when identifying and consummating certain investments. Certain securities or other instruments in which the Fund seeks to invest may not be available in the quantities desired, including in circumstances where other funds for which the Investment Manager acts as investment adviser, including funds with names, investment objectives and policies, and/or portfolio management teams, similar to the Fund, are seeking to invest in the same or similar securities or instruments.

**Market Risk *-*** The market price of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries or companies represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, adverse changes to credit markets or adverse investor sentiment generally. The value of a security may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously even if the performance of those asset classes is not otherwise historically correlated. Investments may also be negatively impacted by market disruptions and by attempts by other market participants to manipulate the prices of particular investments. Credit ratings downgrades may also negatively affect securities held by the Fund. Even when markets perform well, there is no assurance that the investments held by the Fund will increase in value along with the broader market.

**Valuation Risk *-*** Certain securities in which the Fund invests may be less liquid and more difficult to value than other types of securities. Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the "Act").

**Leverage Risk *-*** The Fund's use of leverage creates special risks for Common Shareholders (including an increased risk of loss). To the extent used, there is no assurance that the Fund's leveraging strategies will be successful. Leverage is a speculative technique that may expose the Fund to greater risk and increased costs. The Fund's assets attributable to any outstanding preferred shares or the net proceeds that the Fund obtains from its use of tender option bonds or other forms of leverage, if any, will be invested in accordance with the Fund's investment objective and policies.

**Non-Diversification Risk *-*** Because the Fund is "non-diversified," it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund's overall value to decline to a greater degree than if the Fund held a more diversified portfolio.

**Liquidity Risk *-*** Liquidity risk exists when investments are difficult to purchase or sell. Illiquid investments are investments that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments may become harder to value, especially in changing markets. The Fund's investments in illiquid investments may reduce the returns of the Fund because it may be unable to sell the illiquid investments at an advantageous time or price or possibly require the Fund to dispose of other investments at unfavorable times or prices to satisfy its obligations, which could prevent the Fund from taking advantage of other investment opportunities. Illiquidity can be caused by, among other things, a drop in overall market trading volume, an inability to find a willing buyer, or legal restrictions on the securities' resale.

**Rockefeller Municipal Opportunities Fund**

**Notes to Financial Statements (continued)**

**September 30, 2025**

**Repurchase Offer Risks *-*** Repurchase offers and the need to fund repurchase obligations may affect the ability of the Fund to be fully invested or force the Fund to maintain a higher percentage of its assets in liquid investments, which may harm the Fund's investment performance. Moreover, diminution in the size of the Fund through repurchases may result in untimely sales of portfolio securities (with associated imputed transaction costs, which may be significant), and may limit the ability of the Fund to participate in new investment opportunities or to achieve its investment objective. The Fund may accumulate cash by holding back (i.e., not reinvesting) payments received in connection with the Fund's investments. If at any time cash and other liquid assets held by the Fund are not sufficient to meet the Fund's repurchase obligations, the Fund intends, if necessary, to sell investments.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Management Fee, Related Party Transactions and Other** 

The Fund has entered into a management agreement (the "Management Agreement") with the Investment Manager. Under the terms of the Management Agreement, the Fund compensates the Investment Manager for its services at the annual rate of 0.75%, accrued daily and payable monthly in arrears, based upon the daily "Managed Assets" of the Fund. "Managed Assets" under the investment management agreement means the total value of all assets of the Fund (including any assets attributable to any leverage that is outstanding), less the amount equal to all accrued debts, liabilities and obligations of the Fund (excluding debts, liabilities and obligations representing financial leverage and the aggregate liquidation preference of any outstanding preferred shares) . The Investment Manager had voluntarily agreed to waive its management fee in an amount equal to an annual rate of 0.15% based upon the daily "Managed Assets" of the Fund for the period from commencement of operations to August 31, 2025. For the period December 6, 2024 (commencement of operations) through September 30, 2025, the Fund incurred management fees of $699,400, of which $118,106 were voluntarily waived as noted above and are not subject to recoupment.

The Investment Manager has contractually agreed, through January 31, 2027, to waive its management fee or reimburse Fund expenses to the extent that the Fund's total annual operating expenses (excluding any taxes, fees and interest payments on borrowed funds, brokerage expenses, acquired fund fees and expenses, dividend expenses on short sales, capitalized expenditures, and extraordinary or non-routine expenses, such as expenses incurred in connection with any merger or reorganization, litigation expenses and expenses incurred in the initial registration and offering of Fund shares) exceed 1.50% of the Fund's average daily net assets (the "Expense Limitation Agreement"). After its initial term, the Expense Limitation Agreement will automatically renew for consecutive one-year terms unless terminated by the Investment Manager or the Fund upon 30 days written notice to other party prior to the end of the then-current term.

Under the Expense Limitation Agreement, the Investment Manager may recoup from the Fund amounts previously waived or reimbursed during the previous three years from the date of the waiver or reimbursement, provided that such amount paid to the Investment Manager will not cause the Fund's total annual operating expenses (excluding any taxes, fees and interest payments on borrowed funds, brokerage expenses, acquired fund fees and expenses, dividend expenses on short sales, capitalized expenditures, and extraordinary or non-routine expenses, such as expenses incurred in connection with any merger or reorganization, litigation expenses and expenses incurred in the initial registration and offering of Fund shares) to exceed (i) the expense limit in effect at the time of waiver or reimbursement or (ii) the expense limit in effect at the time of recoupment. The Investment Manager's waived fees and reimbursed expenses that are subject to potential recoupment are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Amount Waived | | |  |
|  | or Expenses | | |  |
|  | Reimbursed by the | | Amount Subject to |  |
| Fiscal Year | Investment | Amount | Potential |  |
| Incurred | Manager | Recouped | Reimbursement | Expiration Date |
| September 30, 2025 | $71298 | $71298 | $- | September 30, 2028 |

---

**Rockefeller Municipal Opportunities Fund**

**Notes to Financial Statements (continued)**

**September 30, 2025**

U.S. Bank Global Fund Services serves as Administrator, Accounting Agent, and Transfer Agent. U.S. Bank National Association serves as custodian for the securities and cash of the Fund's portfolio. Quasar Distributors, LLC (the "Distributor"), a wholly-owned subsidiary of Foreside Financial Group, LLC (doing business as ACA Group), is the Fund's principal underwriter and distributor. ACA Group also provided the Fund with a Chief Compliance Officer, President, and Treasurer (the "Officers"), of which the term for the President and Treasurer ended on August 14, 2025. The Officers are compensated by the Fund. Effective August 15, 2025 employees of the Administrator serve as President and Treasurer of the Fund and are not compensated by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Segment Reporting** 

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Principal Executive Officer and Principal Financial Officer of the Fund act as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and evaluates performance in accordance with the Fund's principal investment strategies disclosed in its prospectus. The CODM assesses the segment's performance to make resource allocation decisions for the Fund. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations. There were no intra-entity sales or transfers during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Investment Transactions** 

For the period ended September 30, 2025, the cost of purchases and proceeds from the sales or maturities of securities, excluding proceeds from and payments on floating rate note obligations, and short-term investments were $512,223,005 and $282,526,027, respectively. There were no purchases and sales of U.S. government securities.

**Rockefeller Municipal Opportunities Fund**

**Notes to Financial Statements (continued)**

**September 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Income Taxes and Distributions to Shareholders** 

At September 30, 2025, the Fund's most recent fiscal year end, the components of accumulated earnings and cost of investments on a tax basis were as follows:

---

| | |
|:---|:---|
| Tax cost of investments | $178524143 |
| Gross unrealized appreciation | 4979694 |
| Gross unrealized depreciation | (710642) |
| Net unrealized appreciation / (depreciation) | 4269052 |
| Undistributed Tax-Exempt Ordinary Income | 398030 |
| Total distributable earnings | 398030 |
| Other accumulated gain / (loss) <sup>(a)</sup> | (3321660) |
| Total accumulated gain / (loss) | $1345422 |

---

<sup>(a)</sup> Other accumulated gain / (loss) amounts are attributable to short term capital loss carryforwards of $(2946606) that will not expire, distribution payable of $(365302) and organization expenses of $(9752).

Net capital losses incurred after October 31 (post-October losses) and net investment losses incurred after December 31 (late-year losses), and within the taxable year, may be elected to be deferred to the first business day of each Fund's next taxable year. As of the fiscal period ended September 30, 2025, the Funds had post-October or late-year losses as follows:

---

| | |
|:---|:---|
| Post-October Losses | Late-Year Losses |
| $| $|

---

The character of distributions made during the period from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain were recorded by the Fund.

The tax character of the distributions paid during the fiscal year ended September 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Ordinary<br> Income | Tax Exempt<br> Income | Total |
| September 30, 2025\* | $94980 | $4232608 | $4327588 |

---

\* The final tax character of any distribution declared during 2025 will be determined in January 2026 and reported to shareholders on IRS form 1099-DIV in accordance with federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Repurchase Offers** 

The Fund is a closed-end interval fund and, to provide liquidity and the ability to receive NAV on a disposition of at least a portion of your Common Shares, will make periodic offers to repurchase Common Shares. No shareholder will have the right to require the Fund to repurchase its Common Shares, except as permitted by the Fund's interval structure. No public market for the Common Shares exists, and none is expected to develop in the future. Consequently, shareholders generally will not be able to liquidate their investment other than as a result of repurchases of their Common Shares by the Fund, and then only on a limited basis.

The Fund has adopted, pursuant to Rule 23c-3 under the Act, a fundamental policy, which cannot be changed without shareholder approval, requiring the Fund to offer to repurchase at least 5% and up to 25% of its Common Shares at NAV on a regular schedule. Although the policy permits repurchase of between 5% and 25% of the Fund's outstanding Common Shares, for each quarterly repurchase offer, the Fund currently expects to offer to repurchase 10% of the Fund's outstanding Common Shares at NAV subject to approval of the Board. The schedule requires the Fund to make repurchase offers every three months.

**Rockefeller Municipal Opportunities Fund**

**Notes to Financial Statements (continued)**

**September 30, 2025**

Quarterly repurchases by the Fund of its Common Shares typically will be funded from available cash. However, repurchase offers and the need to fund repurchase obligations may affect the ability of the Fund to be fully invested or force the Fund to maintain a higher percentage of its assets in liquid investments, which may harm the Fund's investment performance. In addition, the Fund may be required to sell portfolio securities (including at inopportune times) to satisfy repurchase requests, resulting in increased transaction costs that the Fund and its shareholders must bear. The sale of Fund assets to satisfy repurchase requests may also result in higher short-term capital gains for taxable shareholders. Furthermore, a diminution in the Fund's size may limit the Fund's ability to participate in new investment opportunities or achieve its investment objective. If the Fund borrows money to finance repurchases, interest on that borrowing will negatively affect shareholders who do not tender their Shares by increasing Fund expenses and reducing any net investment income. In the event a repurchase offer by the Fund is oversubscribed, the Fund may repurchase, but is not required to repurchase, additional Common Shares up to a maximum amount of 2% of the outstanding Common Shares of the Fund. If the Fund determines not to repurchase additional Common Shares beyond the repurchase offer amount, or if shareholders tender an amount of Common Shares greater than that which the Fund is entitled to repurchase, the Fund will repurchase the Common Shares tendered on a pro rata basis.

During the period December 6, 2024 (commencement of operations) through September 30, 2025, the Fund completed two quarterly repurchase offers. In these offers, the Fund offered to repurchase no less than 10.0% of its outstanding shares as of the Repurchase Pricing Dates. The results of the repurchase offers were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Percentage of | | |
|  |  | Outstanding | | |
|  |  | Shares the Fund | | |
| Repurchase | Repurchase | Offered to | Amount | Number of Shares |
| Request Deadline | Pricing Date | Repurchase | Repurchased | Repurchased |
| April 17, 2025 | April 17, 2025 | 10% | $470878 | 24297 |
| July 18, 2025 | July 18, 2025 | 10% | $634852 | 33501 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Line of Credit Arrangement** 

The Fund (the "Borrower") opened a secured Line of Credit Arrangement ("LOC"), effective September 12, 2025, with U.S. Bank National Association (the "Bank"). The LOC has a maturity date of September 11, 2026, under which borrowing is limited to the lesser of (i) $15,000,000, (ii) 5% of the gross market value of the Borrower and, (iii) 33 and 1/3% of the gross market value (as determined solely by the Bank using consistently-applied valuation methods disclosed to the Borrower) of the unencumbered assets of the Borrower which are recorded on the Borrower's books and records as belonging solely to the Borrower and are held by the Bank as sole custodian. The proceeds of the loans may only be used by the Borrower for short term liquidity purposes in connection with periodic repurchases. The Borrower will be charged the prime rate minus 1.0%. As of September 30, 2025, the Borrower had not utilized the LOC.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Subsequent Events** 

Subsequent events after the date of these financial statements have been evaluated through the date the financial statements were issued.

**Rockefeller Municipal Opportunities Fund**

**Notes to Financial Statements (continued)**

**September 30, 2025**

The Fund offered for repurchase up to 10% of its outstanding shares on September 26, 2025. The repurchase offer period was from September 26, 2025 through October 17, 2025, the repurchase pricing date. The amount repurchased as of the pricing date was $5,769,645, representing 285,909 shares redeemed.

Management has determined that there were no other subsequent events that would need to be recognized or disclosed in the financial statements.

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders and Board of Trustees of Rockefeller Municipal Opportunities Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Rockefeller Municipal Opportunities Fund (the "Fund") as of September 30, 2025, the related statements of operations, cash flows, changes in net assets, and financial highlights for the period from December 6, 2024 (commencement of operations) through September 30, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations, its cash flows, the changes in net assets, and the financial highlights for the period from December 6, 2024 (commencement of operations) through September 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian, brokers, and tender option bond trust administrators. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the Fund's auditor since 2024.

![](image_003.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

November 26, 2025

**Rockefeller Municipal Opportunities Fund**

**Additional Information**

**September 30, 2025 (Unaudited)**

**<u>Independent Trustees</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and<br> Year of Birth** | **Position(s)<br> Held with<br> the Fund** | **Term of Office<br> and Length of<br> Time Served** | **Principal Occupation(s) <br> During the Past 5 Years** | **Number of <br> Portfolios in <br> Fund <br> Complex <br> Overseen by<br> Trustee** | **Other <br> Directorships <br> Held by <br> Trustee <br> During the <br> Past 5 Years** |
| P. Bradley Adams <br> Year of Birth: 1960 | Trustee | Indefinite Term; <br> Since October 2024 | Managing Director of Fund Operations, TortoiseEcofin Investments, LLC (2005– 2024) | 2 |  |
| Stephen P. Ban <br> Year of Birth: 1962 | Trustee | Indefinite Term; <br> Since October 2024 | Adjunct Professor, Quinlan School of Business, Loyola University of Chicago (2022– present);<br> Senior Advisor, Corporate Coalition of Chicago (2020– present);<br> Managing Director, Investment Solutions, Hightower Advisors, LLC (2021–2022); Senior Managing Director, Business Development and Portfolio Advisory, Nuveen (2009–2020). | 2 |  |
| Jeannette L. Lewis <br> Year of Birth: 1963 | Trustee | Indefinite Term;<br> Since October 2024 | Founder, J Lewis Consulting Services, L.L.C. (2024– present); Associate General Counsel, William Blair & Company, L.L.C. (October 2014–September 2023) | 2 |  |
| Marie C. Winters <br> Year of Birth: 1952 | Trustee | Indefinite Term; <br> Since October 2024 | Senior Vice President, Co- Head of Corporate Credit Research, Northern Trust Asset Management (2014– 2022) | 2 |  |

---

**Rockefeller Municipal Opportunities Fund**

**Additional Information** **(continued)**

**September 30, 2025 (Unaudited)**

**<u>Officers</u>**

---

| | | | |
|:---|:---|:---|:---|
| **Name and<br> Year of Birth** | **Position(s) Held with<br> the Fund** | **Term of Office<br> and Length of<br> Time Served** | **Principal Occupation(s) During the <br> Past 5 Years** |
| Benjamin J. Eirich <br> Year of Birth: 1981 | President and Principal Executive Officer | Indefinite Term;<br> Since August 2025 | Vice President, U.S. Bank Global Fund Services (2005–present) |
| Alyssa M. Bernard<br> Year of Birth: 1988 | Secretary | Indefinite Term;<br> Since August 2025 | Vice President, U.S. Bank Global Fund Services (2025–present and 2021–2023);<br> General Counsel, Empowered Funds, LLC (2023–2025); <br> Assistant Vice President, U.S. Bank Global Fund Services (2018–2021). |
| Mark S. Spencer<br> Year of Birth: 1960 | Treasurer and Principal Financial Officer | Indefinite Term;<br> Since August 2025 | Assistant Vice President, U.S. Bank Global Fund Services (2022–present);<br> Assistant Treasurer for Foresters Investment Management Company (1986–2020); Independent Consultant (financial services) (2020) |
| Andrew N. Jones<br> Year of Birth: 1994 | Chief Compliance | Indefinite Term;<br> Since October 2024 | Senior Principal Consultant, Fund Officers at ACA Group (since April 2024);<br> Principal Consultant, Fund Officers (October 2022-April 2024); Associate Director and Due Diligence Manager (2019-2022) |
| Zachary C. Stone<br> Year of Birth: 1997 | Assistant Treasurer | Indefinite Term; <br> Since August 2025 | Officer, U.S. Bank Global Fund Services (2022–present); Mortgage Loan Closer, UW Credit Union (2020–2022) |

---

**Rockefeller Municipal Opportunities Fund**

**Additional Information (continued)**

**September 30, 2025 (Unaudited)**

N-PORT

The Fund files its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the SEC on Form N-PORT. The Fund's Form N-PORT is available without charge by visiting the SEC's Web site at www.sec.gov.

PROXY VOTING

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities owned by the Fund and information regarding how the Fund voted proxies relating to the portfolio of securities for the most recent 12-month period ended June 30th are available to shareholders without charge, upon request by calling the Advisor toll free at 1-800-991-3319 or on the SEC's web site at www.sec.gov.

BOARD OF TRUSTEES

The Fund's Statement of Additional Information includes additional information about the Fund's Board of Trustees and is available upon request without charge by calling the Advisor toll free at 1-800-991-3319 or by visiting the SEC's web site at www.sec.gov.

FORWARD-LOOKING STATEMENTS

This report contains "forward-looking statements,'' which are based on current management expectations. Actual future results, however, may prove to be different from expectations. You can identify forward-looking statements by words such as "may'', "will'', "believe'', "attempt'', "seem'', "think'', "ought'', "try'' and other similar terms. The Fund cannot promise future returns. Management's opinions are a reflection of its best judgment at the time this report is compiled, and it disclaims any obligation to update or alter forward-looking statements as a result of new information, future events, or otherwise.

**Rockefeller Municipal Opportunities Fund**

**Additional Information (continued)**

**September 30, 2025 (Unaudited)**

**Fund Service Providers**

**Investment Manager**

Rockefeller Asset Management

45 Rockefeller Plaza, Fifth Floor,

New York, New York 10111

**Custodian**

U.S. Bank, N.A.

1555 N. River Center Drive, Suite 302,

Milwaukee, Wisconsin 53212

**Transfer Agent**

U.S. Bank Global Fund Services

615 East Michigan Street, 3rd Floor,

Milwaukee, Wisconsin 53212

**Administrator and Accounting Agent**

U.S. Bank Global Fund Services

615 East Michigan Street, 3rd Floor,

Milwaukee, Wisconsin 53212

**Legal Counsel**

Vedder Price P.C.

222 N La Salle St.,

Chicago, Illinois 60601

**Independent Registered Public Accounting Firm**

Cohen & Company, Ltd.

1835 Market Street, Suite 310,

Philadelphia, Pennsylvania 19103

**Principal Underwriter and Distributor**

Quasar Distributors, LLC

190 Middle Street, Suites 301 and 401,

Portland, ME 04101

(b) Not applicable

<u>**Item 2. Code of Ethics.**</u>

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, and principal accounting officer (the "Code of Ethics"). During the period covered by this report, no amendments were made to the provisions of the Code of Ethics. During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

A copy of the Code of Ethics is available as provided in Item 13(a)(1) of this report

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's Board of Trustees ("Board") has determined that the registrant does not have an audit committee financial expert. The Board has concluded that the audit committee members, as a group, are sufficiently experienced in matters related to financial reporting to perform the functions necessary under the Audit Committee Charter.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Cohen & Company, Ltd., billed the Fund aggregate fees for services rendered to the Fund for the fiscal year as follows:

---

| | | |
|:---|:---|:---|
|  | 9/30/2025 | 9/30/2024 |
| (a)Audit Fees | $26000 | N/A |
| (b)Audit-Related Fees | $0 | N/A |
| (c)Tax Fees | $7000 | N/A |
| (d)All Other Fees | $0 | N/A |

---

(e)(1) The Audit Committee pre-approves, to the extent required by applicable regulations (including paragraph (c)(7) of Rule 2-01 of Regulation S-X), (i) all audit and permitted non-audit services rendered by the independent accountants to the registrant and (ii) all non-audit services rendered by the independent accountants to the registrant's investment adviser and to certain affiliates of the investment adviser.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd, applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
|  | 9/30/2025 | 9/30/2024 |
| Audit-Related Fees | 0% | N/A |
| Tax Fees | 0% | N/A |

---

(f) Not applicable.

(g) The aggregate non-audit fees and services billed by Cohen & Company, Ltd., for the fiscal periods were $0 and $0.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

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

(b) Not applicable

**<u>Item 6. Investments.</u>**

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

(b) Not Applicable

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

Not applicable to closed-end investment companies.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

Not applicable to closed-end investment companies.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

Not applicable to closed-end investment companies.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

Not applicable to closed-end investment companies.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 1(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>**

(a) Not applicable since the fund invests exclusively in non-voting securities.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

The following individuals share primary responsibility for managing the Fund and have served as portfolio managers since the inception of the Fund.

Scott Cottier, Managing Director, and Portfolio Manager. Prior to joining Rockefeller, Mr. Cottier was a Senior Portfolio Manager and Head of Opportunistic Municipal Funds for the Invesco Municipal Bond team. Prior to that, he was a senior portfolio manager at Oppenheimer Funds and Victory Capital Management. He holds a degree in mathematics from John Carroll University and an MBA from Case Western Reserve University. He is a Chartered Financial Analyst® (CFA) charter holder and member of the CFA Society of Rochester.

Mark DeMitry, Senior Vice President, and Portfolio Manager. Prior to joining Rockefeller, Mr. DeMitry was an investment professional at Invesco, Oppenheimer Funds, and M&T Securities. He holds a bachelor's degree in management from Niagara University and an MBA in finance from the Rochester Institute of Technology. He is a CFA® charter holder and member of the CFA Society of Rochester.

Michael Camarella, Senior Vice President, and Portfolio Manager. Prior to joining Rockefeller, Mr. Camarella was an investment professional at Invesco, Oppenheimer Funds, Wells Fargo, and Morgan Stanley. He holds a bachelor's degree in management from SUNY Geneseo and an MBA in finance and corporate accounting from the University of Rochester. He is a CFA® charter holder and member of the CFA Society of Rochester.

**Other Accounts Managed**

As of September 30, 2025, the portfolio managers of the Fund were responsible for the management of the following other accounts (in addition to the Fund):

Scott Cottier

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Other Accounts Managed** | **Other Accounts Managed** | **Other Accounts Managed<br> Subject to a Performance Fee** | **Other Accounts Managed<br> Subject to a Performance Fee** |
| <br>**Account Type** | **Number of<br> Accounts** | **Assets Under<br> Management<br> (millions)** | **Number of<br> Accounts** | **Assets Under<br> Management<br> (millions)** |
| Registered Investment Companies | 3 | $233.0 | 0 | 0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Other Accounts | 0 | $0 | 0 | 0 |

---

Mark DeMitry

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Other Accounts Managed** | **Other Accounts Managed** | **Other Accounts Managed<br> Subject to a Performance Fee** | **Other Accounts Managed<br> Subject to a Performance Fee** |
| <br>**Account Type** | **Number of<br> Accounts** | **Assets Under<br> Management<br> (millions)** | **Number of<br> Accounts** | **Assets Under<br> Management<br> (millions)** |
| Registered Investment Companies | 3 | $233.0 | 0 | 0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | 0 |
| Other Accounts | 0 | $0 | 0 | 0 |

---

Michael Camarella

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Other Accounts Managed** | **Other Accounts Managed** | **Other Accounts Managed<br> Subject to a Performance Fee** | **Other Accounts Managed<br> Subject to a Performance Fee** |
| <br>**Account Type** | **Number of<br> Accounts** | **Assets Under<br> Management<br> (millions)** | **Number of<br> Accounts** | **Assets Under<br> Management<br> (millions)** |
| Registered Investment Companies | 3 | $233.0 | 0 | 0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | 0 |
| Other Accounts | 0 | $0 | 0 | 0 |

---

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not Applicable.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

Not Applicable.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

The registrant did not engage in securities lending activities during the fiscal period reported on this Form N-CSR.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable.

(b) Not Applicable.

**<u>Item 19. Exhibits.</u>**

*(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.* Filed Herewith.](ea0268435-01_ex99codeeth.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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)).* Filed herewith.](ea0268435-01_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) 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.](ea0268435-01_ex99906cert.htm)

**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) <u>Rockefeller Municipal Opportunities Fund</u> | (Registrant) <u>Rockefeller Municipal Opportunities Fund</u> |
| By | /s/ Benjamin J. Eirich |
|  | Benjamin J. Eirich, President |
|  | Principal Executive Officer |
| Date | 12/4/2025 |

---

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 | /s/ Benjamin J. Eirich |
|  | Benjamin J. Eirich, President, |
|  | Principal Executive Officer |
| Date | 12/4/2025 |

---

---

| | |
|:---|:---|
| By | /s/ Mark S. Spencer |
|  | Mark S. Spencer, Treasurer, |
|  | Principal Financial Officer |
| Date | 12/4/2025 |

---

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

## Ex-99.Code

**Exhibit 99.CODE ETH**

**ROCKEFELLER CLOSED END FUNDS** 

**(each, a "Trust")**

**CODE OF ETHICS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **BACKGROUND** 

Rule 17j-1 (the "Rule") under the Investment Company Act of 1940, as amended (the "Investment Company Act"), requires each registered investment company, to adopt a written Code of Ethics. The Rule also requires the investment adviser (including sub-advisers) to and principal underwriters of the Trust (each a "Trust Organization") to adopt a written Code of Ethics (subject to the exception for principal underwriters in Rule 17j-1(c)(3)) and to report to the Board of Trustees of the Trust (the "Board") any material compliance violations. The Board must approve the Code of Ethics for the Trust and for the Adviser based on a finding that the Code of Ethics contains provisions reasonably designed to prevent "access persons" (as defined in Appendix 1 hereto) from engaging in any conduct prohibited by the Rule. In addition, certain key Access Persons of a Trust Organization are subject to pre-clearance procedures with respect to their investment in certain securities as described in the Code of Ethics, including securities offered through an initial public offering (an "IPO") or private placement (a "Limited Offering"). The Adviser is not subject to the Trust's Code of Ethics (the "Code"), unless otherwise stated herein. Access Persons of the Trust (defined below) are not subject to the Adviser's Code of Ethics, unless otherwise stated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **DEFINITIONS** 

For definitions of capitalized terms, not otherwise defined herein, see <u>Appendix 1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **GENERAL PROHIBITIONS UNDER THE RULE** 

The Rule prohibits unlawful conduct by affiliated persons of the Trust (including Trust Organizations and affiliated persons of the Trust Organizations). Specifically, it is unlawful for any of these persons, in connection with the purchase or sale, directly or indirectly, by such person of a "Security held or to be Acquired by the Trust" (as defined in Appendix 1) to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) employ any device, scheme or artifice to defraud a Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make any untrue statement of a material fact to a Trust or omit to state a material
fact necessary in order to make the statements made to a Trust, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to engage in any act, practice or course of business that operates or would operate
as a fraud or deceit on a Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to engage in any manipulative practice with respect to a Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **CHIEF COMPLIANCE OFFICER** 

To meet the requirements of the Rule, the Code of Ethics includes a procedure for detecting and preventing material trading abuses and requires all Access Persons to report personal securities transactions on an initial, quarterly and annual basis (the "Reports"). The Board, including a majority of those Trustees who are not "interested persons" of the Trust within the meaning of Section 2(a)(19) of the Investment Company Act ("Independent Trustees") will appoint a chief compliance officer of the Trust (the "Chief Compliance Officer" or "CCO"). The CCO, or her designee, will receive and review Reports delivered by each Access Person of the Trust in accordance with Section 5 below. The CCO will report to the Board any material violations of the Code of Ethics in accordance with Section 7 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **ACCESS PERSON REPORTS** 

The CCO, or her designee, shall: (1) notify an individual if s/he qualifies as an Access Person under the Code, and (2) maintain a list of all Access Persons (see Appendix 2). All Access Persons are required to submit the following reports to the Chief Compliance Officer for THEMSELVES AND ANY IMMEDIATE FAMILY MEMBER residing at the same address. In lieu of providing the Reports, an Access Person may submit brokerage statements or transaction confirmations that contain comparable information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Holdings Report</u>. Within ten days of becoming an Access Person (and
the information must be current as of no more than 45 days prior to becoming an Access Person), each Access Person must submit a signed
report that contains the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The title and type of security, and as applicable the exchange ticker symbol or
CUSIP number, number of shares, and principal amount of each Covered Security and/or Reportable Fund in which the Access Person had any
direct or indirect beneficial ownership when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The name of any broker, dealer or bank with whom the Access Person maintained
an account in which any securities were held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The date the report is submitted by the Access Person.

A form of the Initial Holdings Report is attached as <u>Appendix 3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Quarterly Transaction Reports</u>. Within thirty days of the end of each calendar
quarter, each Access Person must submit a signed report that contains the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) With respect to any transaction during the quarter in a Covered Security and/or
Reportable Trust in which the Access Person had any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The date of the transaction, the title, and as applicable, the exchange ticker
symbol or CUSIP number, the interest rate and maturity date, the number of shares and the principal amount of each Covered Security and/or
Reportable Fund involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The nature of the transaction (i.e., purchase, sale, vesting, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The price of the Covered Security and/or Reportable Trust at which the transaction
was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to any account established by the Access Person in which any securities
were held during the quarter for the direct or indirect benefit of the Access Person :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The name of the broker, dealer or bank with whom the Access Person established
the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The date that the report is submitted by the Access Person.

A form of the Quarterly Transaction Report is attached as <u>Appendix 4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Annual Holdings Reports</u>. Within 45 days of the end of each calendar year
end, the Access Person must submit a signed report that contains the following information (and the information must be current as of
no more than 45 days prior to the date of the report):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The title and type of security, and, as applicable, the exchange ticker symbol
or CUSIP number, the number of shares or the principal amount of each Covered Security and/or Reportable Trust in which the Access Person
had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The name of any broker, dealer or bank with whom the Access Person maintains an
account in which any securities were held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The date the report is submitted by the Access Person.

A form of the Annual Holdings Report is attached as <u>Appendix 5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **EXCEPTIONS TO REPORTING REQUIREMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Principal Underwriter</u>. A principal underwriter is not required to adopt
a Code of Ethics under Rule 17j-1 and an Access Person of a Trust's principal underwriter is not required to make reports to the
principal underwriter if the principal underwriter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is not an affiliated person of the Trust or any Adviser to a Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) has no officer, director or general partner who serves as an officer, director
or general partner of the Trust or of any Adviser to a Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Independent Trustee</u>. An Access Person who is an Independent Trustee of the Trust, and
who would be required to report solely by reason of being a trustee of the Trust, is not required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) file an Initial Holding Report or Annual Holdings Report; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) file a Quarterly Transaction Report, unless the Independent Trustee knew, or,
in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during a 15-day period immediately
before or after his or her transaction in a Covered Security, that a Trust purchased or sold the Covered Security, or a Trust or its Adviser
considered purchasing or selling the Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Third-Party Access Person</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In addition, if a Third-Party Access Person is subject to mandatory
 reporting by the applicable third-party service provider in a manner that is substantially the same as the reporting requirements
of Section 5 of the Code (as determined by the Trust's CCO) and such reports are available to the CCO, such Third-Party
Access Person is not required to submit reports pursuant to Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Trust will request an initial and annual certification with
respect to the third-party firm's compliance under 17j-1 along with quarterly compliance certifications from Third-Party
Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **ADMINISTRATION OF THE CODE OF ETHICS - REPORTING VIOLATIONS AND CERTIFYING COMPLIANCE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The CCO, on behalf of the Trust, must use reasonable diligence and institute policies and Procedures
reasonably necessary to prevent its Access Persons from violating this Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The CCO, on behalf of the Trust, shall circulate this Code and receive an acknowledgement
from each Access Person that the Code of Ethics has been read and understood, any time the Code is amended, and at least annually thereafter
(the Acknowledgement form is attached hereto as Appendix 6);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The CCO, on behalf of the Trust, shall review all Reports to determine whether
a possible violation of the Code and/or other applicable trading policies and procedures may have occurred.No Access Person shall review his or her own Report(s).
The CCO shall appoint an alternate to review his or her own Reports if the CCO is also an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On an annual basis, the CCO, on behalf of the Trust, shall prepare a written report
describing any issues arising under the Code of Ethics, including information about any material violations of the Code of Ethics and
any sanctions imposed due to such violations and submit the information for review by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On an annual basis, the CCO, on behalf of the Trust, shall certify to the Board of
Trustees that it has adopted procedures reasonably necessary to prevent its Access Persons from violating the Code of Ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) As the Trust relies on each Trust Organization to administer its own Code of Ethics,
the CCO shall request reporting from each Trust Organization with respect to any violations of such Trust Organization's Code of
Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **COMPLIANCE WITH OTHER SECURITIES LAWS** 

This Code of Ethics is not intended to cover all possible areas of potential liability under the Investment Company Act or under the federal securities laws in general. For example, other provisions of Section 17 of the Investment Company Act prohibit various transactions between a registered investment company and affiliated persons, including the knowing sale or purchase of property to or from a registered investment company on a principal basis, and joint transactions (e.g., combining to achieve a substantial position in a security or commingling of funds) between an investment company and an affiliated person. Access Persons covered by this Code of Ethics are advised to seek advice before engaging in any transactions involving securities held or under consideration for purchase or sale by a Trust or if a transaction directly or indirectly involves themselves and the Trust other than the purchase or redemption of shares of a Trust or the performance of their normal business duties.

In addition, the Securities Exchange Act of 1934 may impose fiduciary obligations and trading restrictions on Access Persons and others in certain situations. It is expected that Access Persons will be sensitive to these areas of potential conflict, even though this Code of Ethics does not address specifically these other areas of fiduciary responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **PROHIBITED TRADING PRACTICES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Access Person may purchase or sell directly or indirectly, any security in
which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership in such security if to his
or her actual knowledge at the time of such purchase or sale:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the security is being considered for purchase or sale by a Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the security is in the process of being purchased or sold by a Trust or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Trust completed a purchase or sale of such security within the most recent 15 calendar day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An Access Person who is also classified as Investment Personnel must obtain pre-
approval from the Trust CCO before directly or indirectly acquiring beneficial ownership in any securities in an IPO or Limited Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Access Person may, to his or her actual knowledge, trade ahead of a Trust - a practice known as
"frontrunning."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **SANCTIONS** 

As to any material violation of this Code of Ethics, each Trust Organization shall adopt trading policies and procedures that provide for sanctions of the Access Persons. Such sanctions may include but are not limited to: (1) a written reprimand in the Access Person's employment file; (2) a suspension from employment; and/or (3) termination from employment.

The Board may also impose sanctions as it deems appropriate, including sanctions against the Trust Organization or the Trust Organization's chief compliance officer for failure to adequately supervise its Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **RECORD RETENTION** 

All Trust records shall be maintained in accordance with Rule 17j-1(f) under the Investment Company Act. Rule 17j-1(f) mandates the following recordkeeping requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of each Trust Code of Ethics that is in effect, or at any time within the past five years was
in effect, must be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A record of any violation of the Trust's Code of Ethics, and of any action
taken as a result of the violation, must be maintained in an easily accessible place for at least five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A copy of each report made by an Access Person, as required by the Trust's
Code of Ethics, must be maintained for at least five years, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A record of all persons, currently or within the past five years, who are or were
required to make reports under the Trust's Code of Ethics, or who are or were responsible for reviewing these reports, must be maintained
in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A copy of each report required by Section 7(d) and Section 7(e) of the Trust's
Code of Ethics must be maintained for at least five years, the first two in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A record of any decision, and the reasons supporting the decision, to approve the
acquisition by Investment Personnel of the securities described in Section 9(b) of the Trust's Code of Ethics, for at least five
years after the end of the year in which the approval is granted.

***Adopted: November 2024***

 ****

**ADDENDUM TO**

**ROCKEFELLER CLOSED END FUNDS** 

**CODE OF ETHICS**

**NON-PUBLIC INFORMATION**

No Access Person may, directly or indirectly, communicate to any person ("Third Party") any non- public information relating to any (i) shareholder of the Trust or (ii) issuer of any security, except to the extent necessary to comply with applicable law.

However, an Access Person may disclose the information in (i) and (ii) above to a Third Party who is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an approved agent of the Trust (e.g., legal counsel, auditors, etc.); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an Access Person or approved agent of the Trust to which the information relates
and the Third Party has a legitimate business purpose for knowledge of such information.

Code of Ethics

**APPENDIX 1**

DEFINITIONS

ACCESS PERSON

(i) any director/trustee, officer, general partner, Investment Personnel, or Advisory Person of the Trust or the Adviser to the Trust; (ii) any supervised person of an Adviser to the Trust who has access to nonpublic information regarding the portfolio holdings of the Trust, or who is involved in making securities recommendations for the Trust; and

(iii) any director, officer or general partner of a principal underwriter who, in the ordinary course of business, makes, participates in or obtains information regarding, the purchase or sale of Covered Securities by the Trust for which the principal underwriter acts, or whose functions or duties in the ordinary course of business relate to the making of any recommendation to the Trust regarding the purchase or sale of Covered Securities.

ADVISORY PERSON

(i) any employee of a Trust or of a Trust's Adviser (or of any company in a control relationship to the Trust or Adviser) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by a Trust, or whose functions relate to the making of any recommendations with respect to the purchases or sales; and (ii) any natural person in a control relationship to the Trust or an Adviser who obtains information concerning recommendations made to the Trust with regard to the purchase or sale of Covered Securities by the Trust.

CONSIDERED FOR PURCHASE OR SALE

A Security is being "considered for purchase or sale" if the Adviser has placed it on a restricted list (or in a similarly designated grouping) or within the last 15 calendar days has presented the Security to its investment committee (or similarly designated portfolio manager(s)) for consideration of purchase or sale.

CONTROL

The power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company.

COVERED SECURITY

Includes any Security (see below) but does not include (i) direct obligations of the Government of the United States; (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; (iii) shares issued by open- end investment companies (i.e., mutual funds) other than Reportable Funds; (iv) securities that are purchased as part of automated payroll deductions/contributions to an Access Person's 401(k), or other tax-advantaged savings accounts, and automatic dividend reinvestment transactions. Also, Covered Security does not include a Reportable Fund that is a component of a fund of funds.

TRUST

The Rockefeller Municipal Opportunities Trust, and any future Trust on the CEF Accelerator Platform advised by Rockefeller & Co.

IMMEDIATE FAMILY MEMBER

Includes any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, father- in-law, mother-in-law, son-in-law, daughter-in-law, sister-in-law, brother-in-law (including adoptive relationship).

INITIAL PUBLIC OFFERING (IPO)

An offering of securities registered under the Securities Act of 1933 (the "Securities Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934.

INVESTMENT PERSONNEL

(i) any employee of a Trust or Adviser (or of any company in a control relationship to the Trust, a Trust or Adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Trust; and (ii) any natural person who controls , a Trust or Adviser and who obtains information concerning recommendations made to the Trust regarding the purchase or sale of securities by the Trust.

LIMITED OFFERING

An offering that is exempt from registration under the Securities Act pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act.

PURCHASE OR SALE OF A COVERED SECURITY

Includes, among other things, the writing of an option to purchase or sell a Covered Security. REPORTABLE FUND

Includes, for a particular Access Person, any Trust, any registered investment company, including a Trust, for which the Adviser with whom the Access Person is associated, if any, (the "Associated Adviser") serves as Adviser (as defined in Section 2(a)(20) of the Investment Company Act) or any registered investment company, including a Trust, whose Adviser or principal underwriter controls the Associated Adviser, is controlled by the Associated Adviser, or is under common control with the Associated Adviser.

SECURITY

Any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate,

certificate of deposit for a security, cryptocurrency<sup>1</sup>, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

SECURITY HELD OR TO BE ACQUIRED BY THE TRUST

(i) any Covered Security which, within the most recent 15 days: (a) is or has been held by the Trust; or (b) is being or has been considered by the Trust or its Adviser for purchase by the Trust; and (ii) any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security described in paragraphs (a) or (b) above.

TRANSACTION

A transaction includes any type of acquisition or disposition of a Covered Security and/or Reportable Fund. This includes contributions (including employer matching contributions) to any form of pension; profit sharing; 401(k); or IRA that is invested in a Covered Security and/or Reportable Fund. It also includes the vesting of options and/or restricted stock with respect to a Covered Security and/or Reportable Fund as well as any dispositions associated with the vesting process.

THIRD PARTY ACCESS PERSON

An Access Person who is an officer or employee of an outsourced third-party service provider to the Trust (excluding the Adviser) or the Firm.

<sup>1</sup> A cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. The legal status of cryptocurrencies as a "security" that must be registered with the Securities and Exchange Commission is currently undetermined and may depend on the exact offering and transaction of a cryptocurrency, including whether it is part of an Initial Coin Offering ("ICO"). Due to this uncertainty, cryptocurrencies, other than Bitcoin and Ether, will be treated as "securities" for purposes of this Code.

**APPENDIX 2**

LIST OF ACCESS PERSONS AND INVESTMENT PERSONNEL

Name <u>Title</u> <u>Acknowledgement<br> of Receipt of Code<br> of Ethics</u> <u>Is this person also an<br> investment personnel</u>

**APPENDIX 3**

INITIAL HOLDINGS REPORT

(to be completed within ten days of becoming an Access Person)

Date of Report:<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. HOLDINGS (Note: In lieu of this report, you may also submit duplicate copies of your account statements.)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name and Type<br> of Covered<br> Security and/or<br> Reportable Fund | &nbsp;&nbsp;Ticker Symbol or<br> CUSIP | &nbsp;&nbsp;Number of<br> Shares or<br> Principal<br> Amount |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ACCOUNTS

Name of Institution and Account Holder's Name (e.g., you, spouse, child)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reviewed: |  |
|  | (compliance officer signature) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: | |

---

**APPENDIX 4**

QUARTERLY TRANSACTION REPORT

(to be completed within thirty days of the quarter-end)

Date of Report:<u> </u>

<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. TRANSACTIONS

In lieu of completing this section, you may submit duplicate copies of your account statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Name and<br> Title of<br> Covered<br> Security<br> and/or<br> Reportable<br> Trust | &nbsp;&nbsp;Ticker<br> Symbol or<br> CUSIP | &nbsp;&nbsp;Broker | &nbsp;&nbsp;Number of<br> Shares or<br> Interest<br> Rate,<br> Maturity<br> Date &<br> Principal<br> Amount | &nbsp;&nbsp;Nature of<br> Transaction (i.e., buy,<br> sell) | &nbsp;&nbsp;Purchase<br> Price | &nbsp;&nbsp;Date of<br> Transaction |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ACCOUNTS OPENED DURING QUARTER

The following represents the name of any broker, dealer or bank with which the Access Person (or any Immediate Family Member residing at the same address) established an account in which any securities were held during the calendar quarter for their direct or indirect benefit.

Name of Institution and

Account Holder's Name

(e.g., you, spouse, Child

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reviewed: |  |
|  | (compliance officer signature) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: | |

---

**APPENDIX 5**

ANNUAL HOLDING REPORT

(to be completed within 45 days of the date of the Report)

Date of Report:<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. HOLDINGS

In lieu of completing this section, you may submit duplicate copies of your account statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name and Type<br> of Covered<br> Security and/or<br> Reportable Fund | &nbsp;&nbsp;Ticker Symbol or<br> CUSIP | &nbsp;&nbsp;Number of<br> Shares or<br> Principal<br> Amount |

---

Name of Institution and Account Holder's Name (e.g., you, spouse, child)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ACCOUNTS

The following represents the name of any broker, dealer or bank with which the Access Person (or any Immediate Family Member residing at the same address) established an account in which any securities were held during the calendar quarter for their direct or indirect benefit.

Name of Institution and Account Holder's Name (e.g., you, spouse, child)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reviewed: |  |
|  | (compliance officer signature) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: | |

---

**APPENDIX 6**

CODE OF<br> ETHICS<br> ACKNOWLEDGEMENT<br> FORM

**ACKNOWLEDGED AND AGREED**:

I have read, and I understand the terms of, the Rockefeller Closed End Funds Code of Ethics.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: |

---

## Ex-99.Cert

**Exhibit 99.CERT**

I, Benjamin J. Eirich, certify that:

1. I have reviewed this report on Form N-CSR of Rockefeller Municipal Opportunities Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>12/4/2025</u> | /s/ Benjamin J. Eirich |
|  | Benjamin J. Eirich, President |
|  | Principal Executive Officer |

---

I, Mark S. Spencer, certify that:

1. I have reviewed this report on Form N-CSR of Rockefeller Municipal Opportunities Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: <u>12/4/2025</u> | /s/ Mark S. Spencer |
|  | Mark S. Spencer, Treasurer, |
|  | Principal Financial Officer |

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## Exhibit 99.906

**Exhibit 99.906 CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Rockefeller Municipal Opportunities Fund, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Rockefeller Municipal Opportunities Fund for the period ended March 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Rockefeller Municipal Opportunities Fund for the stated period.

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| | |
|:---|:---|
| /s/ Benjamin J. Eirich | /s/ Mark S. Spencer |
| Benjamin J. Eirich | Mark S. Spencer |
| President, Principal Executive Officer, | Treasurer, Principal Financial Officer, |
| Rockefeller Municipal Opportunities Fund | Rockefeller Municipal Opportunities Fund |
| Dated: <u>12/4/2025</u> | Dated: <u>12/4/2025</u> |

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This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Rockefeller Municipal Opportunities Fund for purposes of Section 18 of the Securities Exchange Act of 1934.