# EDGAR Filing Document

**Accession Number:** 0001141819
**File Stem:** 0001133228-25-008161
**Filing Date:** 2025-8
**Character Count:** 186524
**Document Hash:** 98636fe7d3a96f0cc38af3ba2cd994ee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-008161.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001133228-25-008161

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 48

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**EFFECTIVENESS DATE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRUST FOR PROFESSIONAL MANAGERS
- **CENTRAL INDEX KEY:** 0001141819

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10401
- **FILM NUMBER:** 251195355

**BUSINESS ADDRESS:**
- **STREET 1:** U.S. BANCORP FUND SERVICES LLC
- **STREET 2:** 615 EAST MICHIGAN ST 2ND FLOOR
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 4147655067

**MAIL ADDRESS:**
- **STREET 1:** U.S. BANCORP FUND SERVICES LLC
- **STREET 2:** 615 EAST MICHIGAN ST 2ND FLOOR
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZODIAC TRUST
- **DATE OF NAME CHANGE:** 20010601

## Series and Classes Contracts Data

### Jensen Quality Mid Cap Fund (Series ID: S000028264)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000086400 | Jensen Quality Mid Cap Fund - I Shares | JNVIX           |
| C000086401 | Jensen Quality Mid Cap Fund - J Shares | JNVSX           |
| C000216771 | Jensen Quality Mid Cap Fund - Y Shares | JNVYX           |

### Jensen Global Quality Growth Fund (Series ID: S000067414)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000216768 | Jensen Global Quality Growth Fund - Y Shares | JGQYX           |
| C000216769 | Jensen Global Quality Growth Fund - J Shares | JGQSX           |
| C000216770 | Jensen Global Quality Growth Fund - I Shares | JGQIX           |

### Jensen Quality Growth ETF (Series ID: S000085931)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000251331 | Jensen Quality Growth ETF | JGRW            |

?xml version='1.0' encoding='ASCII'? 2025-06-18194016_JensenQualityGrowthETF_TF_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number 811-10401

**Trust for Professional Managers**

(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, WI 53202

(Address of principal executive offices) (Zip code)

Jay Fitton

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

(Name and address of agent for service)

(513) 520-5925

Registrant's telephone number, including area code

Date of fiscal year end: **<u>May 31, 2025</u>**

Date of reporting period: **<u>May 31, 2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img1332_202412231326769.jpg) | **Jensen Quality Growth ETF**  | ![image](img1331_202412231327499.jpg) |
| ![image](img1332_202412231326769.jpg) | JGRW (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img1331_202412231327499.jpg) |
| ![image](img1332_202412231326769.jpg) | Annual Shareholder Report \| May 31, 2025  | ![image](img1331_202412231327499.jpg) |

---

This annual shareholder report contains important information about the Jensen Quality Growth ETF (the "Fund") for the period of August 12, 2024 (commencement of operations) to May 31, 2025. You can find additional information about the Fund at http://www.jenseninvestment.com/etf/. You can also request this information by contacting us at 1-800-992-4144.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)\*

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Jensen Quality Growth ETF | $47 | 0.57% |

---

\* Costs included are for the period August 12, 2024 (commencement of operations) through May 31, 2025. Costs would be higher if the full fiscal year was included.

**HOW DID THE FUND PERFORM OVER THE PERIOD AND WHAT AFFECTED ITS PERFORMANCE?**

For the time since inception on August 12, 2024 and ended May 31, 2025, relative performance for the Jensen Quality Growth ETF was aided by underweight positions in the Energy and Real Estate sectors. Stock selection benefited relative Fund performance in the Health Care sector. Relative performance was hindered by the Fund's overweight position in the Information Technology, Industrials, Health Care, and Materials sectors and underweight positions in the Financials, Consumer Staples, Consumer Discretionary, Communications Services, and Utilities sectors. Stock selection detracted from relative performance in the Information Technology, Industrials, Financials, Consumer Staples, Consumer Discretionary, Communication Services, and Utilities sectors.

During the period, the strategy continued its high allocation to quality companies, as defined by the S&P Earnings and Dividend Quality Rankings. The Fund's allocation to the highest-quality companies — those rated A+, A and A- — averaged 51.90% of portfolio assets compared to 31.59% of the S&P 500 Total Return Index. This significant overweight to quality detracted from the Fund's relative returns during the period, which we believe were driven by increased investor appetite for risk despite increased geopolitical and trade policy uncertainty.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4529img003.jpg)

Jensen Quality Growth ETF PAGE 1 TSR-AR-89834G562

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(08/12/2024)** |
| **Jensen Quality Growth ETF NAV**  | 5.56 |
| **S&P 500 TR Index**  | 11.83 |

---

Visit http://jenseninvestment.com/etf/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of the Fund's future performance.*** *The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $66509335 |
| **Number of Holdings** | 28 |
| **Net Advisory Fee** | $287809 |
| **Portfolio Turnover** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of May 31, 2025)

**Sector Breakdown** **\***

![image](ts4529img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 8.7% |
|  Intuit, Inc.  | 7.3% |
|  Marsh & McLennan Cos., Inc.  | 6.9% |
|  Stryker Corp.  | 6.4% |
|  Apple, Inc.  | 5.4% |
|  Alphabet, Inc.  | 5.3% |
|  Accenture PLC  | 5.2% |
|  Mastercard, Inc.  | 4.6% |
|  KLA Corp.  | 4.0% |
|  Automatic Data Processing, Inc.  | 3.9% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit http://www.jenseninvestment.com/etf/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-992-4144, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Jensen Quality Growth ETF PAGE 2 TSR-AR-89834G562

1000010556100001118337.918.516.511.55.34.23.32.40.4 ------

---

| | | |
|:---|:---|:---|
| ![image](img1332_202412231326769.jpg) | **Jensen Global Quality Growth Fund**  | ![image](img1331_202412231327499.jpg) |
| ![image](img1332_202412231326769.jpg) | Class I \| JGQIX  | ![image](img1331_202412231327499.jpg) |
| ![image](img1332_202412231326769.jpg) | Annual Shareholder Report \| May 31, 2025  | ![image](img1331_202412231327499.jpg) |

---

This annual shareholder report contains important information about the Jensen Global Quality Growth Fund (the "Fund") for the period of June 1, 2024, to May 31, 2025. You can find additional information about the Fund at https://www.jenseninvestment.com/reg-docs/. You can also request this information by contacting us at 1-800-992-4144.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $108 | 1.02% |

---

**HOW DID THE FUND PERFORM OVER THE LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve-months ended May 31, 2025, relative performance for the Jensen Global Quality Growth Fund was aided by overweight positions in the Consumer Discretionary and Information Technology sectors and underweights in the Energy, Materials, and Real Estate sectors. Stock selection benefited relative Fund performance in the Consumer Discretionary, Information Technology, and Financials sectors. Relative performance was hindered by the Fund's overweight position in the Consumer Staples and Industrials sectors and underweight positions in the Financials, Communications Services, Utilities, and Healthcare sectors. Stock selection detracted from relative performance in the Communication Services, Consumer Staples, Industrials, Health Care, and Materials sectors.

During the year, the strategy continued its high allocation to quality companies, as defined by the S&P Earnings and Dividend Quality Rankings. The Fund's allocation to the highest-quality companies — those rated A+, A and A- — averaged 52.87% of portfolio assets compared to 31.79% of the ACWI Net Total Return Index. This significant overweight to quality detracted from the Fund's relative returns during the year, which we believe were driven by increased investor appetite for risk despite increased geopolitical and trade policy uncertainty.

**HOW DID THE FUND PERFORM SINCE INCEPTION?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including shareholder servicing fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts4486img003.jpg)

Jensen Global Quality Growth Fund PAGE 1 TSR-AR-89834G844

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(04/15/2020)** |
| **Class I**  | 11.09 | 10.89 | 12.30 |
| **MSCI ACWI Net Total Return Index (USD)**  | 13.65 | 13.37 | 14.99 |

---

Visit https://www.jenseninvestment.com/reg-docs/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of the Fund's future performance.*** *The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $65301244 |
| **Number of Holdings** | 37 |
| **Net Advisory Fee** | $325009 |
| **Portfolio Turnover** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of May 31, 2025)

**Sector Breakdown** **\***

![image](ts4486img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 7.1% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 5.1% |
|  Aon PLC  | 5.0% |
|  Compass Group PLC  | 4.7% |
|  Amadeus IT Group SA  | 4.5% |
|  Alphabet, Inc.  | 4.5% |
|  SAP SE  | 4.2% |
|  Hermes International SCA  | 4.1% |
|  ASML Holding NV  | 3.3% |
|  Accenture PLC  | 3.2% |

---

**Geographic Breakdown**

![image](ts4486img005.jpg)

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.jenseninvestment.com/reg-docs/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-992-4144, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Jensen Global Quality Growth Fund PAGE 2 TSR-AR-89834G844

25000027025035745034764336636740788445310925000027320338752636124336431645013651158841.213.913.310.610.04.54.11.90.557.27.36.35.25.15.04.54.23.22.0 ------

---

| | | |
|:---|:---|:---|
| ![image](img1332_202412231326769.jpg) | **Jensen Global Quality Growth Fund**  | ![image](img1331_202412231327499.jpg) |
| ![image](img1332_202412231326769.jpg) | Class J \| JGQSX  | ![image](img1331_202412231327499.jpg) |
| ![image](img1332_202412231326769.jpg) | Annual Shareholder Report \| May 31, 2025  | ![image](img1331_202412231327499.jpg) |

---

This annual shareholder report contains important information about the Jensen Global Quality Growth Fund (the "Fund") for the period of June 1, 2024, to May 31, 2025. You can find additional information about the Fund at https://www.jenseninvestment.com/reg-docs/. You can also request this information by contacting us at 1-800-992-4144.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class J | $132 | 1.25% |

---

**HOW DID THE FUND PERFORM OVER THE LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve-months ended May 31, 2025, relative performance for the Jensen Global Quality Growth Fund was aided by overweight positions in the Consumer Discretionary and Information Technology sectors and underweights in the Energy, Materials, and Real Estate sectors. Stock selection benefited relative Fund performance in the Consumer Discretionary, Information Technology, and Financials sectors. Relative performance was hindered by the Fund's overweight position in the Consumer Staples and Industrials sectors and underweight positions in the Financials, Communications Services, Utilities, and Healthcare sectors. Stock selection detracted from relative performance in the Communication Services, Consumer Staples, Industrials, Health Care, and Materials sectors.

During the year, the strategy continued its high allocation to quality companies, as defined by the S&P Earnings and Dividend Quality Rankings. The Fund's allocation to the highest-quality companies — those rated A+, A and A- — averaged 52.87% of portfolio assets compared to 31.79% of the ACWI Net Total Return Index. This significant overweight to quality detracted from the Fund's relative returns during the year, which we believe were driven by increased investor appetite for risk despite increased geopolitical and trade policy uncertainty.

**HOW DID THE FUND PERFORM SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4487img003.jpg)

Jensen Global Quality Growth Fund PAGE 1 TSR-AR-89834G851

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(04/15/2020)** |
| **Class J**  | 10.77 | 10.63 | 12.04 |
| **MSCI ACWI Net Total Return Index (USD)**  | 13.65 | 13.37 | 14.99 |

---

Visit https://www.jenseninvestment.com/reg-docs/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of the Fund's future performance.*** *The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $65301244 |
| **Number of Holdings** | 37 |
| **Net Advisory Fee** | $325009 |
| **Portfolio Turnover** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of May 31, 2025)

**Sector Breakdown** **\***

![image](ts4487img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 7.1% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 5.1% |
|  Aon PLC  | 5.0% |
|  Compass Group PLC  | 4.7% |
|  Amadeus IT Group SA  | 4.5% |
|  Alphabet, Inc.  | 4.5% |
|  SAP SE  | 4.2% |
|  Hermes International SCA  | 4.1% |
|  ASML Holding NV  | 3.3% |
|  Accenture PLC  | 3.2% |

---

**Geographic Breakdown**

![image](ts4487img005.jpg)

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.jenseninvestment.com/reg-docs/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-992-4144, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Jensen Global Quality Growth Fund PAGE 2 TSR-AR-89834G851

100001081014263138321455616170179111000010928155011445014573180052046441.213.913.310.610.04.54.11.90.557.27.36.35.25.15.04.54.23.22.0 ------

---

| | | |
|:---|:---|:---|
| ![image](img1332_202412231326769.jpg) | **Jensen Global Quality Growth Fund**  | ![image](img1331_202412231327499.jpg) |
| ![image](img1332_202412231326769.jpg) | Class Y \| JGQYX  | ![image](img1331_202412231327499.jpg) |
| ![image](img1332_202412231326769.jpg) | Annual Shareholder Report \| May 31, 2025  | ![image](img1331_202412231327499.jpg) |

---

This annual shareholder report contains important information about the Jensen Global Quality Growth Fund (the "Fund") for the period of June 1, 2024, to May 31, 2025. You can find additional information about the Fund at https://www.jenseninvestment.com/reg-docs/. You can also request this information by contacting us at 1-800-992-4144.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $106 | 1.00% |

---

**HOW DID THE FUND PERFORM OVER THE LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve-months ended May 31, 2025, relative performance for the Jensen Global Quality Growth Fund was aided by overweight positions in the Consumer Discretionary and Information Technology sectors and underweights in the Energy, Materials, and Real Estate sectors. Stock selection benefited relative Fund performance in the Consumer Discretionary, Information Technology, and Financials sectors. Relative performance was hindered by the Fund's overweight position in the Consumer Staples and Industrials sectors and underweight positions in the Financials, Communications Services, Utilities, and Healthcare sectors. Stock selection detracted from relative performance in the Communication Services, Consumer Staples, Industrials, Health Care, and Materials sectors.

During the year, the strategy continued its high allocation to quality companies, as defined by the S&P Earnings and Dividend Quality Rankings. The Fund's allocation to the highest-quality companies — those rated A+, A and A- — averaged 52.87% of portfolio assets compared to 31.79% of the ACWI Net Total Return Index. This significant overweight to quality detracted from the Fund's relative returns during the year, which we believe were driven by increased investor appetite for risk despite increased geopolitical and trade policy uncertainty.

**HOW DID THE FUND PERFORM SINCE INCEPTION?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts4488img003.jpg)

Jensen Global Quality Growth Fund PAGE 1 TSR-AR-89834G869

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(04/15/2020)** |
| **Class Y**  | 11.04 | 10.91 | 12.32 |
| **MSCI ACWI Net Total Return Index (USD)**  | 13.65 | 13.37 | 14.99 |

---

Visit https://www.jenseninvestment.com/reg-docs/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of the Fund's future performance.*** *The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $65301244 |
| **Number of Holdings** | 37 |
| **Net Advisory Fee** | $325009 |
| **Portfolio Turnover** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of May 31, 2025)

**Sector Breakdown** **\***

![image](ts4488img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 7.1% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 5.1% |
|  Aon PLC  | 5.0% |
|  Compass Group PLC  | 4.7% |
|  Amadeus IT Group SA  | 4.5% |
|  Alphabet, Inc.  | 4.5% |
|  SAP SE  | 4.2% |
|  Hermes International SCA  | 4.1% |
|  ASML Holding NV  | 3.3% |
|  Accenture PLC  | 3.2% |

---

**Geographic Breakdown**

![image](ts4488img005.jpg)

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.jenseninvestment.com/reg-docs/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-992-4144, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Jensen Global Quality Growth Fund PAGE 2 TSR-AR-89834G869

1000000108100014300051391045146727216337781814152100000010928131550105144497314572621800542204635141.213.913.310.610.04.54.11.90.557.27.36.35.25.15.04.54.23.22.0 ------

---

| | | |
|:---|:---|:---|
| ![image](img1332_202412231326769.jpg) | **Jensen Quality Mid Cap Fund**  | ![image](img1331_202412231327499.jpg) |
| ![image](img1332_202412231326769.jpg) | Class I \| JNVIX  | ![image](img1331_202412231327499.jpg) |
| ![image](img1332_202412231326769.jpg) | Annual Shareholder Report \| May 31, 2025  | ![image](img1331_202412231327499.jpg) |

---

This annual shareholder report contains important information about the Jensen Quality Mid Cap Fund (the "Fund") for the period of June 1, 2024, to May 31, 2025. You can find additional information about the Fund at https://www.jenseninvestment.com/reg-docs/. You can also request this information by contacting us at 1-800-992-4144.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $83 | 0.82% |

---

**HOW DID THE FUND PERFORM OVER THE LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended May 31, 2025, the Fund's performance relative to the Russell Midcap Total Return Index (Index) was hindered by overweight positions in the Consumer Staples, Health Care, and Consumer Discretionary sectors, underweight positions in the Financials, Utilities, and Information Technology sectors, and specific companies in the Consumer Discretionary, Information Technology, Industrials, and Financials sectors. Relative performance was aided by underweight positions in the Energy sector and specific companies in the Health Care, Materials, and Consumer Staples sectors.

During the year, we believe concerns about the 2024 election and how the Trump administration's tariff policies could potentially impact economic growth, inflation, consumer spending, and corporate profits significantly impacted Index returns and the Fund's relative performance. For much of the period, higher quality stocks outperformed due to this heightened uncertainty. After the Trump administration announced the tariff pause on April 9, 2025, the equity markets rallied sharply and higher quality stocks underperformed, resulting in the Fund's performance falling short of the benchmark.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $250,000 chart reflects a hypothetical $250,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including shareholder servicing fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $250,000)

![image](ts4517img003.jpg)

Jensen Quality Mid Cap Fund PAGE 1 TSR-AR-89833W519

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I**  | 3.35 | 11.83 | 8.29 |
| **Russell 3000 Total Return Index**  | 13.12 | 15.34 | 12.21 |
| **Russell Midcap Total Return Index**  | 10.32 | 12.69 | 9.26 |

---

Visit https://www.jenseninvestment.com/reg-docs/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of the Fund's future performance.*** *The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $153911994 |
| **Number of Holdings** | 35 |
| **Net Advisory Fee** | $1125301 |
| **Portfolio Turnover** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of May 31, 2025)

**Sector Breakdown** **\***

![image](ts4517img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Labcorp Holdings, Inc.  | 4.6% |
|  Broadridge Financial Solutions, Inc.  | 4.5% |
|  Encompass Health Corp.  | 4.5% |
|  Equifax, Inc.  | 4.4% |
|  Veeva Systems, Inc.  | 4.2% |
|  Crown Holdings, Inc.  | 3.8% |
|  IDEXX Laboratories, Inc.  | 3.8% |
|  Copart, Inc.  | 3.7% |
|  Genpact Ltd.  | 3.6% |
|  Keysight Technologies, Inc.  | 3.6% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.jenseninvestment.com/reg-docs/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-992-4144, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Jensen Quality Mid Cap Fund PAGE 2 TSR-AR-89833W519

25000023822027330029556430518031701046219143080744538653647555443925000025055829488533929934776938763555785253730154823369945379120925000024507928395331991732500933354450126846731144621854933860604627.920.614.214.19.26.66.11.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img1332_202412231326769.jpg) | **Jensen Quality Mid Cap Fund**  | ![image](img1331_202412231327499.jpg) |
| ![image](img1332_202412231326769.jpg) | Class J \| JNVSX  | ![image](img1331_202412231327499.jpg) |
| ![image](img1332_202412231326769.jpg) | Annual Shareholder Report \| May 31, 2025  | ![image](img1331_202412231327499.jpg) |

---

This annual shareholder report contains important information about the Jensen Quality Mid Cap Fund (the "Fund") for the period of June 1, 2024, to May 31, 2025. You can find additional information about the Fund at https://www.jenseninvestment.com/reg-docs/. You can also request this information by contacting us at 1-800-992-4144.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class J | $107 | 1.05% |

---

**HOW DID THE FUND PERFORM OVER THE LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended May 31, 2025, the Fund's performance relative to the Russell Midcap Total Return Index (Index) was hindered by overweight positions in the Consumer Staples, Health Care, and Consumer Discretionary sectors, underweight positions in the Financials, Utilities, and Information Technology sectors, and specific companies in the Consumer Discretionary, Information Technology, Industrials, and Financials sectors. Relative performance was aided by underweight positions in the Energy sector and specific companies in the Health Care, Materials, and Consumer Staples sectors.

During the year, we believe concerns about the 2024 election and how the Trump administration's tariff policies could potentially impact economic growth, inflation, consumer spending, and corporate profits significantly impacted Index returns and the Fund's relative performance. For much of the period, higher quality stocks outperformed due to this heightened uncertainty. After the Trump administration announced the tariff pause on April 9, 2025, the equity markets rallied sharply and higher quality stocks underperformed, resulting in the Fund's performance falling short of the benchmark.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4516img003.jpg)

Jensen Quality Mid Cap Fund PAGE 1 TSR-AR-89833W527

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class J**  | 3.16 | 11.56 | 8.06 |
| **Russell 3000 Total Return Index**  | 13.12 | 15.34 | 12.21 |
| **Russell Midcap Total Return Index**  | 10.32 | 12.69 | 9.26 |

---

Visit https://www.jenseninvestment.com/reg-docs/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of the Fund's future performance.*** *The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $153911994 |
| **Number of Holdings** | 35 |
| **Net Advisory Fee** | $1125301 |
| **Portfolio Turnover** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of May 31, 2025)

**Sector Breakdown** **\***

![image](ts4516img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Labcorp Holdings, Inc.  | 4.6% |
|  Broadridge Financial Solutions, Inc.  | 4.5% |
|  Encompass Health Corp.  | 4.5% |
|  Equifax, Inc.  | 4.4% |
|  Veeva Systems, Inc.  | 4.2% |
|  Crown Holdings, Inc.  | 3.8% |
|  IDEXX Laboratories, Inc.  | 3.8% |
|  Copart, Inc.  | 3.7% |
|  Genpact Ltd.  | 3.6% |
|  Keysight Technologies, Inc.  | 3.6% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.jenseninvestment.com/reg-docs/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-992-4144, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Jensen Quality Mid Cap Fund PAGE 2 TSR-AR-89833W527

100009514108951176512106125561825216979175092103621700100001002211795135721391115505223142149221929279783164810000980311358127971300013342200511869217849219742424227.920.614.214.19.26.66.11.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img1332_202412231326769.jpg) | **Jensen Quality Mid Cap Fund**  | ![image](img1331_202412231327499.jpg) |
| ![image](img1332_202412231326769.jpg) | Class Y \| JNVYX  | ![image](img1331_202412231327499.jpg) |
| ![image](img1332_202412231326769.jpg) | Annual Shareholder Report \| May 31, 2025  | ![image](img1331_202412231327499.jpg) |

---

This annual shareholder report contains important information about the Jensen Quality Mid Cap Fund (the "Fund") for the period of June 1, 2024, to May 31, 2025. You can find additional information about the Fund at https://www.jenseninvestment.com/reg-docs/. You can also request this information by contacting us at 1-800-992-4144.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $81 | 0.80% |

---

**HOW DID THE FUND PERFORM OVER THE LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended May 31, 2025, the Fund's performance relative to the Russell Midcap Total Return Index (Index) was hindered by overweight positions in the Consumer Staples, Health Care, and Consumer Discretionary sectors, underweight positions in the Financials, Utilities, and Information Technology sectors, and specific companies in the Consumer Discretionary, Information Technology, Industrials, and Financials sectors. Relative performance was aided by underweight positions in the Energy sector and specific companies in the Health Care, Materials, and Consumer Staples sectors.

During the year, we believe concerns about the 2024 election and how the Trump administration's tariff policies could potentially impact economic growth, inflation, consumer spending, and corporate profits significantly impacted Index returns and the Fund's relative performance. For much of the period, higher quality stocks outperformed due to this heightened uncertainty. After the Trump Administration announced the tariff pause on April 9, 2025, the equity markets rallied sharply and higher quality stocks underperformed, resulting in the Fund's performance falling short of the benchmark.

**HOW DID THE FUND PERFORM SINCE INCEPTION?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts4518img003.jpg)

Jensen Quality Mid Cap Fund PAGE 1 TSR-AR-89834G877

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(01/15/2020)** |
| **Class Y**  | 3.43 | 11.84 | 8.99 |
| **Russell 3000 Total Return Index**  | 13.12 | 15.34 | 12.57 |
| **Russell Midcap Total Return Index**  | 10.32 | 12.69 | 9.10 |

---

Visit https://www.jenseninvestment.com/reg-docs/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of the Fund's future performance.*** *The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $153911994 |
| **Number of Holdings** | 35 |
| **Net Advisory Fee** | $1125301 |
| **Portfolio Turnover** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of May 31, 2025)

**Sector Breakdown** **\***

![image](ts4518img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Labcorp Holdings, Inc.  | 4.6% |
|  Broadridge Financial Solutions, Inc.  | 4.5% |
|  Encompass Health Corp.  | 4.5% |
|  Equifax, Inc.  | 4.4% |
|  Veeva Systems, Inc.  | 4.2% |
|  Crown Holdings, Inc.  | 3.8% |
|  IDEXX Laboratories, Inc.  | 3.8% |
|  Copart, Inc.  | 3.7% |
|  Genpact Ltd.  | 3.6% |
|  Keysight Technologies, Inc.  | 3.6% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://www.jenseninvestment.com/reg-docs/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-992-4144, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Jensen Quality Mid Cap Fund PAGE 2 TSR-AR-89834G877

10000009075891322579123356112747831535658158838010000009258741332440128335413094661670657188981910000008787611320651123118611756151447296159670227.920.614.214.19.26.66.11.3 ------

&nbsp;&nbsp;&nbsp;&nbsp;(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 and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. A copy of the registrant's Code of Ethics is filed herewith.

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

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Dr. Michael Akers is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR. Dr. Akers holds a Ph.D. in accountancy and is a professor Emeritus of accounting at Marquette University in Milwaukee, Wisconsin.

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

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 5/31/2025 | FYE 5/31/2024 |
| (a) Audit Fees | $49700 | $33200 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $9000 | $6000 |
| (d) All Other Fees | $0 | $0 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(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:

---

| | | |
|:---|:---|:---|
| | FYE 5/31/2025 | FYE 5/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 5/31/2025 | FYE 5/31/2024 |
| Registrant | $0 | $0 |
| Registrant's Investment Adviser | $33500 | $36500 |

---

(h) The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable.

(j) Not applicable.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under Item 7(a) of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

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

(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](cover_02.jpg)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedules of Investments](#tsoi) | [1](#tsoi) |
| [Statements of Assets and Liabilities](#tsal) | [7](#tsal) |
| [Statements of Operations](#tsop) | [9](#tsop) |
| [Statements of Changes in Net Assets](#tscna1) | [10](#tscna1) |
| [Financial Highlights](#tfihi) | [13](#tfihi) |
| [Notes to Financial Statements](#tnote) | [20](#tnote) |
| [Report of Independent Registered Public Accounting Firm](#report) | [32](#report) |
| [Additional Information](#taddinf) | [33](#taddinf) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Jensen Quality Mid Cap Fund** 

**Schedule of Investments** 

**May 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 98.7%**<br>|  |  |
| **Automobile Components — 2.3%**<br>|  |  |
| Gentex Corp. | 161540 | $3484418  |
| **Capital Markets — 6.6%**<br>|  |  |
| FactSet Research Systems, Inc. | 10400 | 4765904  |
| MSCI, Inc. | 9640 | 5437153  |
|  |  | 10203057  |
| **Chemicals — 2.3%**<br>|  |  |
| Air Products and Chemicals, Inc. | 12640 | 3525422  |
| **Commercial Services & Supplies — 3.7%**<br>|  |  |
| Copart, Inc.<sup>(a)</sup> | 111372 | 5733431  |
| **Communications Equipment — 2.8%**<br>|  |  |
| F5, Inc.<sup>(a)</sup> | 14990 | 4277846  |
| **Consumer Staples Distribution & Retail — 3.6%**<br>|  |  |
| Kroger Co. | 80240 | 5474775  |
| **Containers & Packaging — 3.8%**<br>|  |  |
| Crown Holdings, Inc. | 58900 | 5801650  |
| **Distributors — 1.7%**<br>|  |  |
| Genuine Parts Co. | 20380 | 2578477  |
| **Electronic Equipment, Instruments & Components — 3.6%**<br>|  |  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 35430 | 5563927  |
| **Food Products — 4.5%**<br>|  |  |
| General Mills, Inc. | 68370 | 3709756  |
| The Campbell's Co. | 95550 | 3252522  |
|  |  | 6962278  |
| **Health Care Equipment & Supplies — 5.8%**<br>|  |  |
| Hologic, Inc.<sup>(a)</sup> | 51330 | 3191186  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 11290 | 5795835  |
|  |  | 8987021  |
| **Health Care Providers & Services — 9.1%**<br>|  |  |
| Encompass Health Corp. | 57560 | 6959004  |
| Labcorp Holdings, Inc. | 28520 | 7100624  |
|  |  | 14059628  |
| **Health Care Technology — 4.2%**<br>|  |  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 22851 | 6391425  |
| **Household Products — 6.1%**<br>|  |  |
| Church & Dwight Co., Inc. | 42330 | 4161463  |
| Clorox Co. | 40140 | 5293663  |
|  |  | 9455126  |
| **Life Sciences Tools & Services — 1.5%**<br>|  |  |
| Bio-Techne Corp. | 47450 | 2296580  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Jensen Quality Mid Cap Fund** 

**Schedule of Investments** 

**May 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)** <br>|  |  |
| **Machinery — 5.0%**<br>|  |  |
| Donaldson Co., Inc. | 66810 | $4646635  |
| Toro Co. | 39470 | 2991037  |
|  |  | 7637672  |
| **Professional Services — 18.0%**<br>|  |  |
| Booz Allen Hamilton Holding Corp. | 36880 | 3918500  |
| Broadridge Financial Solutions, Inc. | 28679 | 6964122  |
| Equifax, Inc. | 25530 | 6744771  |
| Genpact Ltd. | 130430 | 5615011  |
| Verisk Analytics, Inc. | 14330 | 4501626  |
|  |  | 27744030  |
| **Semiconductors & Semiconductor Equipment — 1.1%**<br>|  |  |
| ON Semiconductor Corp.<sup>(a)</sup> | 41450 | 1741729  |
| **Software — 1.7%**<br>|  |  |
| Manhattan Associates, Inc.<sup>(a)</sup> | 13880 | 2620266  |
| **Specialty Retail — 8.3%**<br>|  |  |
| Best Buy Co., Inc. | 32510 | 2154763  |
| Ross Stores, Inc. | 38860 | 5443897  |
| Tractor Supply Co. | 106390 | 5149276  |
|  |  | 12747936  |
| **Textiles, Apparel & Luxury Goods — 1.8%**<br>|  |  |
| Levi Strauss & Co. - Class A | 157900 | 2739565  |
| **Trading Companies & Distributors — 1.2%**<br>|  |  |
| United Rentals, Inc. | 2680 | 1898458  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $127,471,255)** |  | 151924717  |
| **SHORT-TERM INVESTMENTS — 1.3%**<br>|  |  |
| **Money Market Funds — 1.3%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 4.24%<sup>(b)</sup> | 1999224 | 1999224  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,999,224)** |  | 1999224  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.0%** <br>**(Cost $129,470,479)** |  | $153923941  |
| Liabilities in Excess of Other Assets — (0.0)%<sup>(c)</sup> |  | (11947)  |
| **TOTAL NET ASSETS — 100.0%** |  | $153911994 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of May 31, 2025.

<sup>(c)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Jensen Global Quality Growth Fund** 

**Schedule of Investments** 

**May 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 99.5%**<br>|  |  |
| **Canada — 6.3%**<br>|  |  |
| Alimentation Couche-Tard, Inc. | 27700 | $1436117  |
| Canadian National Railway Co. | 11870 | 1247762  |
| Constellation Software, Inc./Canada | 400 | 1450289  |
|  |  | 4134168  |
| **France — 5.2%**<br>|  |  |
| Dassault Systemes SE | 18480 | 692969  |
| Hermes International SCA | 970 | 2674783  |
|  |  | 3367752  |
| **Germany — 4.2%**<br>|  |  |
| SAP SE | 9120 | 2758978  |
| **Ireland — 3.2%**<br>|  |  |
| Accenture PLC - Class A | 6690 | 2119526  |
| **Netherlands — 5.0%**<br>|  |  |
| Adyen NV<sup>(a)(b)</sup> | 590 | 1130720  |
| ASML Holding NV | 2920 | 2151277  |
|  |  | 3281997  |
| **Spain — 4.5%**<br>|  |  |
| Amadeus IT Group SA | 35030 | 2913443  |
| **Switzerland — 1.9%**<br>|  |  |
| Nestle SA | 11910 | 1268857  |
| **Taiwan — 5.1%**<br>|  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 17220 | 3328970  |
| **United Kingdom — 12.3%**<br>|  |  |
| Aon PLC - Class A | 8830 | 3285466  |
| AstraZeneca PLC | 11530 | 1688956  |
| Compass Group PLC | 87650 | 3082016  |
|  |  | 8056438  |
| **United States — 51.8%<sup>(c)</sup>**<br>|  |  |
| Abbott Laboratories | 4690 | 626490  |
| Alphabet, Inc. - Class A | 16950 | 2910993  |
| Amphenol Corp. - Class A | 16540 | 1487442  |
| Apple, Inc. - Class A | 9670 | 1942220  |
| Automatic Data Processing, Inc. | 5830 | 1897840  |
| Broadridge Financial Solutions, Inc. | 5170 | 1255431  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 4640 | 1332005  |
| Copart, Inc.<sup>(a)</sup> | 30440 | 1567051  |
| Equifax, Inc. | 5960 | 1574572  |
| Intuit, Inc. | 2790 | 2102181  |
| KLA Corp. | 2430 | 1839218  |
| Mastercard, Inc. - Class A | 2580 | 1510848  |
| Microsoft Corp. | 10140 | 4668050  |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Jensen Global Quality Growth Fund** 

**Schedule of Investments** 

**May 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**<br>|  |  |
| **United States — (Continued)**<br>|  |  |
| MSCI, Inc. | 1140 | $642983  |
| NVIDIA Corp. | 8050 | 1087797  |
| Sherwin-Williams Co. | 3480 | 1248659  |
| Stryker Corp. | 4880 | 1867283  |
| UnitedHealth Group, Inc. | 2990 | 902711  |
| Verisk Analytics, Inc. | 1380 | 433513  |
| Waste Management, Inc. | 4580 | 1103643  |
| Zoetis, Inc. | 10650 | 1795910  |
|  |  | 33796840  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $48,275,826)** |  | 65026969  |
| **SHORT-TERM INVESTMENTS — 0.4%**<br>|  |  |
| **Money Market Funds — 0.4%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 4.24%<sup>(d)</sup> | 234986 | 234986  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $234,986)** |  | 234986  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 99.9%** <br>**(Cost $48,510,812)** |  | $65261955  |
| Other Assets in Excess of Liabilities — 0.1% |  | 39289  |
| **TOTAL NET ASSETS — 100.0%** |  | $65301244 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

SCA – Societe en commandite par actions

SE - Societas Europeae

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 May 31, 2025, the value of these securities total $1,130,720 or 1.7% of the Fund's net assets.

<sup>(c)</sup> To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of May 31, 2025.

The accompanying notes are an integral part of these financial statements.

4<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Jensen Quality Growth ETF** 

**Schedule of Investments** 

**May 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 99.6%**<br>|  |  |
| **Beverages — 1.4%**<br>|  |  |
| PepsiCo, Inc. | 7187 | $944731  |
| **Chemicals — 2.4%**<br>|  |  |
| Sherwin-Williams Co. | 4503 | 1615721  |
| **Commercial Services & Supplies — 6.7%**<br>|  |  |
| Copart, Inc.<sup>(a)</sup> | 41636 | 2143421  |
| Waste Management, Inc. | 9646 | 2324397  |
|  |  | 4467818  |
| **Electronic Equipment, Instruments & Components — 3.0%**<br>|  |  |
| Amphenol Corp. - Class A | 22038 | 1981877  |
| **Financial Services — 4.6%**<br>|  |  |
| Mastercard, Inc. - Class A | 5257 | 3078499  |
| **Health Care Equipment & Supplies — 9.9%**<br>|  |  |
| Abbott Laboratories | 17270 | 2306926  |
| Stryker Corp. | 11162 | 4271028  |
|  |  | 6577954  |
| **Health Care Providers & Services — 2.1%**<br>|  |  |
| UnitedHealth Group, Inc. | 4642 | 1401466  |
| **Hotels, Restaurants & Leisure — 2.0%**<br>|  |  |
| McDonald's Corp. | 4130 | 1296201  |
| **Household Products — 2.8%**<br>|  |  |
| Procter & Gamble Co. | 10882 | 1848743  |
| **Insurance — 6.9%**<br>|  |  |
| Marsh & McLennan Cos., Inc. | 19585 | 4576231  |
| **Interactive Media & Services — 5.3%**<br>|  |  |
| Alphabet, Inc. - Class A | 20619 | 3541107  |
| **IT Services — 5.2%**<br>|  |  |
| Accenture PLC - Class A | 10930 | 3462843  |
| **Pharmaceuticals — 4.5%**<br>|  |  |
| Johnson & Johnson | 4160 | 645674  |
| Zoetis, Inc. | 13927 | 2348510  |
|  |  | 2994184  |
| **Professional Services — 11.8%**<br>|  |  |
| Automatic Data Processing, Inc. | 8020 | 2610751  |
| Broadridge Financial Solutions, Inc.  | 10381 | 2520818  |
| Equifax, Inc. | 7231 | 1910358  |
| Verisk Analytics, Inc.  | 2558 | 803570  |
|  |  | 7845497  |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Jensen Quality Growth ETF** 

**Schedule of Investments** 

**May 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
| **Semiconductors & Semiconductor Equipment — 5.7%**<br>|  |  |
| KLA Corp. | 3557 | $2692222  |
| NVIDIA Corp. | 8351 | 1128471  |
|  |  | 3820693  |
| **Software — 18.6%**<br>|  |  |
| Cadence Design Systems, Inc.<sup>(a)</sup>  | 6085 | 1746821  |
| Intuit, Inc. | 6432 | 4846319  |
| Microsoft Corp. | 12547 | 5776137  |
|  |  | 12369277  |
| **Specialty Retail — 1.3%**<br>|  |  |
| Home Depot, Inc. | 2381 | 876898  |
| **Technology Hardware, Storage & Peripherals — 5.4%**<br>|  |  |
| Apple, Inc. - Class A | 17739 | 3562878  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $67,124,044)** |  | 66262618  |
| **SHORT-TERM INVESTMENTS — 0.4%**<br>|  |  |
| **Money Market Funds — 0.4%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 4.24%<sup>(b)</sup> | 241285 | 241285  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $241,285)** |  | 241285  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.0%** <br>**(Cost $67,365,329)** |  | $66503903  |
| Other Assets in Excess of Liabilities — 0.0%<sup>(c)</sup> |  | 5432  |
| **TOTAL NET ASSETS — 100.0%** |  | $66509335 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of May 31, 2025.

<sup>(c)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**STATEMENTS of Assets & Liabilities** 

**May 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Jensen** <br>**Quality Mid** <br>**Cap Fund** | **Jensen** <br>**Global Quality** <br>**Growth Fund** | **Jensen** <br>**Quality** <br>**Growth ETF**  |
| **Assets:**<br>|  |  |  |
|  Investments, at value (cost $129,470,479, $48,510,812 and $67,365,329) | $153923941 | $65261955 | $66503903  |
| Income receivable | 116743 | 70864 | 41705  |
| Receivable for capital stock issued | 38095 |  | —  |
| Other Assets | 29559 | 31943 | 14  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 154108338 | 65364762 | 66545622  |
| **Liabilities:**<br>|  |  |  |
| Payable for capital stock redeemed | 64475 |  | —  |
| Payable for 12b-1 fees - Class J (Note 5) | 13932 | 3663 | —  |
| Payable to adviser (Note 4) | 60606 | 23199 | 36287  |
| Payable for accounting fees (Note 6) | 8442 | 4770 | —  |
| Payable for administration fees (Note 6) | 9197 | 5945 |  |
| Payable for Chief Compliance Officer fees (Note 6) | 1946 | 1943 |  |
| Payable for custody fees (Note 6) | 1956 | 2009 |  |
| Payable for transfer agent fees and expenses (Note 6) | 13804 | 8534 | —  |
| Accrued expenses and other liabilities | 21986 | 13455 | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 196344 | 63518 | 36287  |
| **NET ASSETS** | $153911994 | $65301244 | $66509335  |
| **NET ASSETS CONSIST OF:**<br>|  |  |  |
| Capital stock | $118088749 | $49269834 | $69092073  |
| Total distributable earnings | 35823245 | 16031410 | (2582738)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $153911994 | $65301244 | $66509335  |
| **NET ASSETS CONSIST OF:**<br>|  |  |  |
| **Class J Shares:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets | $27898079 | $2475806 | N/A  |
| &nbsp;&nbsp;&nbsp; Shares of beneficial interest outstanding | 1506234 | 140257 | N/A  |
|  Net Asset Value, Offering Price and Redemption Price Per Share (unlimited number of shares authorized, $.001 par value) | $18.52 | $17.65 | N/A  |
| **Class I Shares:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets | $54678854 | $3069281 | N/A  |
| &nbsp;&nbsp;&nbsp; Shares of beneficial interest outstanding | 2958403 | 173747 | N/A  |
|  Net Asset Value, Offering Price and Redemption Price Per Share (unlimited number of shares authorized, $.001 par value) | $18.48 | $17.67 | N/A  |

---

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**STATEMENTS of Assets & Liabilities** 

**May 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Jensen** <br>**Quality Mid** <br>**Cap Fund** | **Jensen** <br>**Global Quality** <br>**Growth Fund** | **Jensen** <br>**Quality** <br>**Growth ETF**  |
| **Class Y Shares:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets | $71335061 | $59756157 | N/A  |
| &nbsp;&nbsp;&nbsp; Shares of beneficial interest outstanding | 3868754 | 3381066 | N/A  |
|  Net Asset Value, Offering Price and Redemption Price Per Share (unlimited number of shares authorized, $.001 par value) | $18.44 | $17.67 | N/A  |
| **Total Fund Shares:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net Assets | N/A | N/A | $66509335  |
| &nbsp;&nbsp;&nbsp; Shares of beneficial interest outstanding | N/A | N/A | 2530000  |
|  Net Asset Value, Offering Price and Redemption Price Per Share (unlimited number of shares authorized, $.001 par value) | N/A | N/A | $26.29 |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**STATEMENTS of Operations** 

**For the Period Ended May 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Jensen** <br>**Quality Mid** <br>**Cap Fund** | **Jensen** <br>**Global Quality** <br>**Growth Fund** | **Jensen** <br>**Quality Growth** <br>**ETF\***  |
| **Investment Income:**<br>|  |  |  |
| Dividend income | $2524952 | $747151<sup>(1)</sup> | $630949  |
| Interest income | 131062 | 29160 | 24988  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 2656014 | 776311 | 655937  |
| **Expenses:**<br>|  |  |  |
| Investment management fees | 1225622 | 457399 | 287809  |
| 12b-1 fees - Class J | 74548 | 6417 |  |
| Administration fees | 59292 | 35848 | —  |
| Federal and state registration fees | 47956 | 42025 | —  |
| Transfer agent fees | 46296 | 45233 | —  |
| Fund accounting fees | 45134 | 28484 | —  |
| Transfer agent expenses | 29802 | 5337 | —  |
| Trustees' fees | 39269 | 39271 | —  |
| Reports to shareholders | 18996 | 4248 | —  |
| Legal fees | 42252 | 22902 | —  |
| Shareholder servicing fees - Class I | 16857 | 602 | —  |
| Audit and tax fees | 19595 | 20598 | —  |
| Chief Compliance Officer fees | 11870 | 11867 | —  |
| Custody fees | 11202 | 12728 | —  |
| Insurance expense | 3358 | 2769 | —  |
| Tax expense | —  | —  | 134  |
| Other | 11315 | 13837 | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1703364 | 749565 | 287943  |
| &nbsp;&nbsp;&nbsp; Less waivers and reimbursements by Adviser (Note 4) | (100321) | (132390) | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1603043 | 617175 | 287943  |
| **NET INVESTMENT INCOME** | 1052971 | 159136 | 367994  |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 17864498 | 9334 | (303523)  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (18339) | —  |
| Change in unrealized appreciation (depreciation) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (11585460) | 6157018 | (861426)  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions |  | 2129 | —  |
| **Net realized and unrealized gain/loss on investments** | 6279038 | 6150142 | (1164949)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $7332009 | $6309278 | $(796955) |

---

\* The Fund commenced operations on August 12, 2024.

<sup>(1)</sup> Net of $41,805 in dividend withholding tax. 

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Jensen Quality Mid Cap Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended May 31,**  | **Year Ended May 31,**  |
|  | **2025** | **2024**  |
| **Operations:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $1052971 | $1020387  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 17864498 | 10038843  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | (11585460) | 23061829  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 7332009 | 34121059  |
| **Capital Share Transactions:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class J | 4252816 | 4877402  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 11538740 | 23201589  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class Y | 2303597 | 7384040  |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends - Class J | 1806814 | 127590  |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends - Class I | 5922118 | 615383  |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends - Class Y | 4624131 | 413459  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class J | (7568632) | (8497401)  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (55122176) | (39910116)  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class Y | (5374743) | (1917674)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets from capital share transactions** | (37617335) | (13705728)  |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Dividends and distributions to shareholders - Class J | (1807992) | (127762)  |
| &nbsp;&nbsp;&nbsp; Dividends and distributions to shareholders - Class I | (5933931) | (615532)  |
| &nbsp;&nbsp;&nbsp; Dividends and distributions to shareholders - Class Y | (4624131) | (413459)  |
| &nbsp;&nbsp;&nbsp; **Total dividends and distributions** | (12366054) | (1156753)  |
| **INCREASE (DECREASE) IN NET ASSETS** | (42651380) | 19258578  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | $196563374 | $177304796  |
| &nbsp;&nbsp;&nbsp; End of year | $153911994 | $196563374 |

---

The accompanying notes are an integral part of these financial statements.

10<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Jensen Global Quality Growth Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended May 31,**  | **Year Ended May 31,**  |
|  | **2025** | **2024**  |
| **Operations:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $159136 | $269867  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 9334 | (48633)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (18339) | (7026)  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 6157018 | 4941399  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 2129 | 740  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 6309278 | 5156347  |
| **Capital Share Transactions:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class J | 14767 | 352493  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 1041819 | 339476  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class Y | 4633866 | 7010225  |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends - Class J | 2552 | 7556  |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends - Class I | 8006 | 12125  |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends - Class Y | 155947 | 231209  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class J | (271045) | (600250)  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (1100403) | (22254)  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class Y | (937275) | (936710)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital share transactions** | 3548234 | 6393870  |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Dividends and distributions to shareholders - Class J | (2552) | (7562)  |
| &nbsp;&nbsp;&nbsp; Dividends and distributions to shareholders - Class I | (8006) | (12125)  |
| &nbsp;&nbsp;&nbsp; Dividends and distributions to shareholders - Class Y | (155948) | (231209)  |
| &nbsp;&nbsp;&nbsp; **Total dividends and distributions** | (166506) | (250896)  |
| **INCREASE IN NET ASSETS** | 9691006 | 11299321  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | $55610238 | $44310917  |
| &nbsp;&nbsp;&nbsp; End of year | $65301244 | $55610238 |

---

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Jensen Quality Growth ETF** 

**Statements of Changes in Net Assets** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**May 31, 2025<sup>(1)</sup>**  |
| **Operations:**<br>|  |
| &nbsp;&nbsp;&nbsp; Net investment income | $367994  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (303523)  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | (861426)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from operations** | (796955)  |
| **Capital Share Transactions:**<br>|  |
| &nbsp;&nbsp;&nbsp; Shares sold | 111369751  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (43808102)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital share transactions** | 67561649  |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |
| &nbsp;&nbsp;&nbsp; Dividends and distributions to shareholders | (255359)  |
| &nbsp;&nbsp;&nbsp; **Total dividends and distributions** | (255359)  |
| **INCREASE IN NET ASSETS** | 66509335  |
| **NET ASSETS:**<br>|  |
| &nbsp;&nbsp;&nbsp; Beginning of period | $—  |
| &nbsp;&nbsp;&nbsp; End of period | $66509335 |

---

<sup>(1)</sup> The Fund commenced operations on August 12, 2024.

The accompanying notes are an integral part of these financial statements.

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Jensen Quality Mid Cap Fund** 

**Financial Highlights** 

**Class J** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $19.01 | $15.89 | $15.85 | $17.47 | $12.17 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.07 | 0.06 | 0.08 | 0.05 | 0.06 |
| Net realized and unrealized gain (loss) on investments | 0.60 | 3.13 | 0.40 | (1.21) | 5.43 |
| **Total from investment operations** | 0.67 | 3.19 | 0.48 | (1.16) | 5.49 |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Dividends from net investment income | (0.06) | (0.07) | (0.06) | (0.04) | (0.06) |
| Distributions from net realized gain on investments | (1.10) |  | (0.38) | (0.42) | (0.13) |
| **Total distributions** | (1.16) | (0.07) | (0.44) | (0.46) | (0.19) |
| **Net asset value, end of year** | $18.52 | $19.01 | $15.89 | $15.85 | $17.47 |
| Total return | 3.16% | 20.14% | 3.12% | -6.98% | 45.37% |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $27898 | $30191 | $28366 | $38942 | $37105 |
| Ratio of expenses to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before waivers and reimbursements of expenses | 1.11% | 1.08% | 1.10% | 1.11% | 1.25% |
| &nbsp;&nbsp;&nbsp; After waivers and reimbursements of expenses | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% |
| Ratio of net investment income to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before waivers and reimbursements of expenses | 0.30% | 0.32% | 0.47% | 0.25% | 0.18% |
| &nbsp;&nbsp;&nbsp; After waivers and reimbursements of expenses | 0.36% | 0.35% | 0.52% | 0.31% | 0.38% |
| Portfolio turnover rate | 24.87% | 24.92% | 15.57% | 17.78% | 18.15% |

---

<sup>(1)</sup> Per share amounts are calculated using the average shares outstanding method.

The accompanying notes are an integral part of these financial statements.

13<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Jensen Quality Mid Cap Fund** 

**Financial Highlights** 

**Class I** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $18.98 | $15.86 | $15.81 | $17.43 | $12.13 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.11 | 0.10 | 0.12 | 0.09 | 0.09 |
| Net realized and unrealized gain (loss) on investments | 0.60 | 3.13 | 0.40 | (1.21) | 5.42 |
| **Total from investment operations** | 0.71 | 3.23 | 0.52 | (1.12) | 5.51 |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Dividends from net investment income | (0.11) | (0.11) | (0.09) | (0.08) | (0.08) |
| Distributions from net realized gain on investments | (1.10) |  | (0.38) | (0.42) | (0.13) |
| **Total distributions** | (1.21) | (0.11) | (0.47) | (0.50) | (0.21) |
| **Net asset value, end of year** | $18.48 | $18.98 | $15.86 | $15.81 | $17.43 |
| Total return | 3.35% | 20.45% | 3.38% | -6.79% | 45.80% |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $54679 | $94339 | $93813 | $104867 | $44113 |
| Ratio of expenses to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before waivers and reimbursements of expenses | 0.88% | 0.85% | 0.87% | 0.88% | 1.00% |
| &nbsp;&nbsp;&nbsp; After waivers and reimbursements of expenses | 0.82% | 0.82% | 0.82% | 0.82% | 0.82% |
| Ratio of net investment income to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before waivers and reimbursements of expenses | 0.53% | 0.54% | 0.70% | 0.50% | 0.42% |
| &nbsp;&nbsp;&nbsp; After waivers and reimbursements of expenses | 0.59% | 0.57% | 0.75% | 0.56% | 0.60% |
| Portfolio turnover rate | 24.87% | 24.92% | 15.57% | 0.18% | 18.15% |

---

<sup>(1)</sup> Per share amounts are calculated using the average shares outstanding method.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**Jensen Quality Mid Cap Fund** 

**Financial Highlights** 

**Class Y** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $18.93 | $15.82 | $15.78 | $17.39 | $12.11 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.12 | 0.11 | 0.12 | 0.09 | 0.10 |
| Net realized and unrealized gain (loss) on investments | 0.60 | 3.12 | 0.39 | (1.20) | 5.40 |
| **Total from investment operations** | 0.72 | 3.23 | 0.51 | (1.11) | 5.50 |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Dividends from net investment income | (0.11) | (0.12) | (0.09) | (0.08) | (0.09) |
| Distributions from net realized gain on investments | (1.10) |  | (0.38) | (0.42) | (0.13) |
| **Total distributions** | (1.21) | (0.12) | (0.47) | (0.50) | (0.22) |
| **Net asset value, end of year** | $18.44 | $18.93 | $15.82 | $15.78 | $17.39 |
| Total return | 3.43% | 20.46% | 3.34% | -6.73% | 45.72% |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $71335 | $72033 | $55126 | $57196 | $50693 |
| Ratio of expenses to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before waivers and reimbursements of expenses | 0.86% | 0.83% | 0.85% | 0.86% | 1.05% |
| &nbsp;&nbsp;&nbsp; After waivers and reimbursements of expenses | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
| Ratio of net investment income to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before waivers and reimbursements of expenses | 0.55% | 0.56% | 0.73% | 0.50% | 0.40% |
| &nbsp;&nbsp;&nbsp; After waivers and reimbursements of expenses | 0.61% | 0.59% | 0.78% | 0.56% | 0.65% |
| Portfolio turnover rate | 24.87% | 24.92% | 15.57% | 17.78% | 18.15% |

---

<sup>(1)</sup> Per share amounts are calculated using the average shares outstanding method.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**Jensen Global Quality Growth Fund** 

**Financial Highlights** 

**Class J** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $15.95 | $14.40 | $13.73 | $14.20 | $10.81 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.00<sup>(2)</sup> | 0.04 | 0.05 | 0.05 | 0.06 |
| Net realized and unrealized gain (loss) on investments | 1.72 | 1.55 | 0.66 | (0.48) | 3.38 |
| **Total from investment operations** | 1.72 | 1.59 | 0.71 | (0.43) | 3.44 |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Dividends from net investment income | (0.02) | (0.04) | (0.04) | (0.04) | (0.05) |
| **Total distributions** | (0.02) | (0.04) | (0.04) | (0.04) | (0.05) |
| **Net asset value, end of year** | $17.65 | $15.95 | $14.40 | $13.73 | $14.20 |
| Total return | 10.77% | 11.09% | 5.23% | -3.02% | 31.94% |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $2476 | $2482 | $2526 | $2145 | $1700 |
| Ratio of expenses to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before waivers and reimbursements of expenses | 1.47% | 1.52% | 1.61% | 1.64% | 2.68% |
| &nbsp;&nbsp;&nbsp; After waivers and reimbursements of expenses | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| Ratio of net investment income (loss) to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before waivers and reimbursements of expenses | (0.20)% | 0.04% | 0.02% | (0.06)% | (0.92)% |
| &nbsp;&nbsp;&nbsp; After waivers and reimbursements of expenses | 0.02% | 0.31% | 0.38% | 0.33% | 0.51% |
| Portfolio turnover rate | 22.56% | 11.76% | 16.82% | 3.04% | 4.05% |

---

<sup>(1)</sup> Per share amounts are calculated using the average shares outstanding method.

<sup>(2)</sup> Amount is less than 0.005. 

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**Jensen Global Quality Growth Fund** 

**Financial Highlights** 

**Class I** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $15.95 | $14.40 | $13.75 | $14.21 | $10.81 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.04 | 0.08 | 0.08 | 0.09 | 0.11 |
| Net realized and unrealized gain (loss) on investments | 1.73 | 1.55 | 0.65 | (0.48) | 3.37 |
| **Total from investment operations** | 1.77 | 1.63 | 0.73 | (0.39) | 3.48 |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Dividends from net investment income | (0.05) | (0.08) | (0.08) | (0.07) | (0.08) |
| **Total distributions** | (0.05) | (0.08) | (0.08) | (0.07) | (0.08) |
| **Net asset value, end of year** | $17.67 | $15.95 | $14.40 | $13.75 | $14.21 |
| Total return | 11.09% | 11.33% | 5.39% | -2.74% | 32.27% |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $3069 | $2813 | $2249 | $2350 | $1842 |
| Ratio of expenses to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before waivers and reimbursements of expenses | 1.24% | 1.29% | 1.36% | 1.42% | 2.11% |
| &nbsp;&nbsp;&nbsp; After waivers and reimbursements of expenses | 1.02% | 1.02% | 1.02% | 1.02% | 1.02% |
| Ratio of net investment income (loss) to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before waivers and reimbursements of expenses | 0.03% | 0.27% | 0.28% | 0.17% | (0.28)% |
| &nbsp;&nbsp;&nbsp; After waivers and reimbursements of expenses | 0.25% | 0.54% | 0.62% | 0.57% | 0.81% |
| Portfolio turnover rate | 22.56% | 11.76% | 16.82% | 3.04% | 4.05% |

---

<sup>(1)</sup> Per share amounts are calculated using the average shares outstanding method.

The accompanying notes are an integral part of these financial statements.

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**Jensen Global Quality Growth Fund** 

**Financial Highlights** 

**Class Y** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $15.96 | $14.41 | $13.75 | $14.21 | $10.81 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.05 | 0.08 | 0.08 | 0.09 | 0.11 |
| Net realized and unrealized gain (loss) on investments | 1.71 | 1.55 | 0.66 | (0.48) | 3.37 |
| **Total from investment operations** | 1.76 | 1.63 | 0.74 | (0.39) | 3.48 |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Dividends from net investment income | (0.05) | (0.08) | (0.08) | (0.07) | (0.08) |
| **Total distributions** | (0.05) | (0.08) | (0.08) | (0.07) | (0.08) |
| **Net asset value, end of year** | $17.67 | $15.96 | $14.41 | $13.75 | $14.21 |
| Total return | 11.04% | 11.35% | 5.48% | -2.72% | 32.29% |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $59756 | $50316 | $39536 | $33361 | $23555 |
| Ratio of expenses to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before waivers and reimbursements of expenses | 1.22% | 1.27% | 1.36% | 1.40% | 2.15% |
| &nbsp;&nbsp;&nbsp; After waivers and reimbursements of expenses | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income (loss) to average net assets<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before waivers and reimbursements of expenses | 0.05% | 0.30% | 0.27% | 0.18% | (0.32)% |
| &nbsp;&nbsp;&nbsp; After waivers and reimbursements of expenses | 0.27% | 0.57% | 0.63% | 0.58% | 0.82% |
| Portfolio turnover rate | 22.56% | 11.76% | 16.82% | 3.04% | 4.05% |

---

<sup>(1)</sup> Per share amounts are calculated using the average shares outstanding method.

The accompanying notes are an integral part of these financial statements.

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**Jensen Quality Growth ETF** 

**Financial Highlights** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**May 31, 2025<sup>(1)</sup>** |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $25.00 |
| **INCOME FROM INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; 0.15 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; 1.24 |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.39 |
| **LESS DISTRIBUTIONS:**<br>|  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp; (0.10) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.10) |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $26.29 |
| Total return<sup>(3)(5)</sup> | &nbsp;&nbsp;&nbsp; 5.56% |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (000's) | &nbsp;&nbsp;&nbsp; $66509 |
| Ratio of expenses to average net assets<sup>(4)</sup> | &nbsp;&nbsp;&nbsp; 0.57% |
| Ratio of net investment income to average net assets<sup>(4)</sup> | &nbsp;&nbsp;&nbsp; 0.73% |
| Portfolio turnover rate<sup>(3)(6)</sup> | &nbsp;&nbsp;&nbsp; 16.52% |

---

<sup>(1)</sup> The Fund commenced operations on August 12, 2024.

<sup>(2)</sup> Per share amounts are calculated using the average shares outstanding method.

<sup>(3)</sup> Not annualized for periods less than one year.

<sup>(4)</sup> Annualized for periods less than one year.

<sup>(5)</sup> Total return represents the rate that investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. Total return for a period less than one year is not annualized. Total return represented is total return of Net Asset Value. Total return of the Market Value is 5.64% for the period ended May 31, 2025. 

<sup>(6)</sup> Excludes the impact of in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025** 

1. ORGANIZATION

Trust for Professional Managers (the "Trust") was organized as a Delaware statutory trust under a Declaration of Trust dated May 29, 2001. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Jensen Quality Mid Cap Fund (formerly known as the Jensen Quality Value Fund from March 30, 2012 to September 30, 2024 and prior thereto as the Jensen Value Fund), the Jensen Global Quality Growth Fund (collectively, the "Mutual Funds"), and the Jensen Quality Growth ETF (each, a "Fund," and together, the "Funds"), each represent a distinct series with its own investment objective and policies within the Trust.

The investment objective of each of the Jensen Quality Mid Cap Fund, the Jensen Global Quality Growth Fund and the Jensen Quality Growth ETF is long-term capital appreciation. The Trust may issue an unlimited number of shares of beneficial interest at $0.001 par value. The assets of the Funds are segregated, and a shareholder's interest is limited to the Fund in which shares are held. The Class J and Class I shares of the Jensen Quality Mid Cap Fund became effective and commenced operations on March 31, 2010. The Class Y shares of the Jensen Quality Mid Cap Fund became effective and commenced operations on January 15, 2020. The Jensen Global Quality Growth Fund commenced investment operations on April 15, 2020 for Class J, Class I, and Class Y shares. The Jensen Quality Growth ETF commenced operations on August 12, 2024. For the Mutual Funds, Class J shares are subject to a 0.25% distribution (Rule 12b-1) and shareholder servicing fee and Class I shares are subject to a shareholder servicing fee of up to 0.10%. Each class of shares has identical rights and privileges except with respect to the distribution (Rule 12b-1) and shareholder servicing fees, and voting rights on matters affecting a single share class. Costs incurred by the Funds in connection with the organization, registration and the initial public offering of shares were paid by Jensen Investment Management, Inc. (the "Adviser"), the Funds' investment adviser.

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services–Investment Companies.*

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;(a) **Investment Valuation – Each equity security owned by the Funds that is listed on a securities exchange, except those listed on the NASDAQ Stock Market LLC ("NASDAQ"), is valued at its last sale price on that exchange on the date as of which assets are valued. If a security is listed on more than one exchange, the Funds will use the price of the exchange that the Funds generally consider to be the principal exchange on which the stock is traded.** 

Fund securities listed on NASDAQ will be valued at the NASDAQ Official Closing Price, which may not necessarily represent the last sale price. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at (i) the mean between the most recent quoted bid and asked prices at the close of the exchange or (ii) the latest sales price on the Composite Market for the day such security is being valued. "Composite Market" means a consolidation of the trade information provided by national securities and foreign exchanges and over-the-counter markets, as published by an approved independent pricing service ("Pricing Service").

Foreign securities will be priced in their local currencies as of the close of their primary exchange or market or as of the time a Fund calculates its net asset value ("NAV"), whichever is earlier. Foreign securities, currencies and other assets denominated in foreign currencies are then translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar, as provided by a Pricing Service or reporting agency. All assets denominated in foreign currencies will be converted into U.S. dollars using the applicable currency exchange rates as of the close of the New York Stock Exchange ("NYSE"), generally 4:00 p.m. Eastern Time.

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**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025(Continued)** 

Foreign securities are traded on foreign exchanges which typically close before the close of business on each day on which the NYSE is open. Each security trading on these exchanges may be valued utilizing a systematic fair valuation model provided by a Pricing Service. The valuation of each security that meets certain criteria in relation to the valuation model is systematically adjusted to reflect the impact of movement in the U.S. market after the foreign markets close and are classified as Level 2 securities. Securities that do not meet the criteria, or that are principally traded in other foreign markets, are valued as of the last reported sale price at the time the respective Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time.

Debt securities, including short-term debt instruments having a maturity of 60 days or less, are valued at the mean in accordance with prices supplied by a Pricing Service. Pricing Services may use various valuation methodologies such as the mean between the bid and the asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. If a price is not available from a Pricing Service, the most recent quotation obtained from one or more broker-dealers known to follow the issue will be obtained. Quotations will be valued at the mean between the bid and the offer. In the absence of available quotations, the securities will be priced at fair value, as described below. Any discount or premium is accreted or amortized using the constant yield method until maturity.

Redeemable securities issued by open-end, registered investment companies, including money market mutual funds, are valued at the NAV of such companies for purchase and/or redemption orders placed on that day. If, on a particular day, a share of an investment company is not listed on NASDAQ, such security's fair value will be determined.

When market quotations are not readily available, any security or other asset is valued at its fair value in accordance with Rule 2a-5 of the 1940 Act as determined under the Adviser's fair value pricing procedures, subject to oversight by the Board of Trustees. These fair value procedures will also be used to price a security when corporate events, events in the securities market or world events cause the Adviser to believe that a security's last sale price may not reflect its actual fair value. The intended effect of using fair value pricing procedures is to ensure that the Funds are accurately priced. The Adviser will regularly evaluate whether the Funds' fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Funds and the quality of prices obtained through the application of such procedures.

FASB Accounting Standards Codification, Fair Value Measurements and Disclosures ("ASC 820") Topic 820, establishes an authoritative definition of fair value and sets out a hierarchy for measuring fair value. ASC 820 requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. ASC 820 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for each class of investments. These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

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

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**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025(Continued)** 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value each Fund's investments carried at fair value as of May 31, 2025:

**Jensen Quality Mid Cap Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks<sup>(1)</sup>  | $151924717 | $— | $— | $151924717  |
| Money Market Funds  | 1999224 |  |  | 1999224  |
| **Total Investments**  | $153923941 | $— | $— | $153923941 |

---

**Jensen Global Quality Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks<sup>(1)</sup>  | $46664970 | $18361999 | $— | $65026969  |
| Money Market Funds  | 234986 |  |  | 234986  |
| **Total Investments**  | $46899956 | $18361999 | $— | $65261955 |

---

**Jensen Quality Growth ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks<sup>(1)</sup>  | $66262618 | $— | $— | $66262618  |
| Money Market Funds  | 241285 |  |  | 241285  |
| **Total Investments**  | $66503903 | $— | $— | $66503903 |

---

<sup>(1)</sup> Refer to the Schedules of Investments for industry classifications. The Funds did not hold any investments during the year ended May 31, 2025, with significant unobservable inputs which would be classified as Level 3. The Funds did not hold financial derivative instruments during the year ended May 31, 2025. 

&nbsp;&nbsp;&nbsp;&nbsp;(b) **Foreign Securities and Currency – Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.** 

The Funds do not isolate the portion of the results of operations from changes in foreign exchange rates on investments from those resulting from the changes in market prices of securities held. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds' books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in the exchange rate.

Investments in foreign securities entail certain risks. Individual foreign economies of certain countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency, diversification and balance of payments position. The internal politics of certain foreign countries may not be as stable as those of the United States. Since foreign securities normally are denominated and traded in foreign currencies, the value of a Fund's assets may be affected favorably or unfavorably by currency exchange rates, currency

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025(Continued)** 

exchange control regulations, foreign withholding taxes, and restrictions or prohibitions on the repatriation of foreign currencies. There may be less information publicly available about a foreign issuer than about a U.S. issuer, and foreign issuers are not generally subject to accounting, auditing, and financial reporting standards and practices comparable to those in the United States. The securities of some foreign issuers are less liquid and at times more volatile than securities of comparable U.S. issuers.

&nbsp;&nbsp;&nbsp;&nbsp;(c) **Federal Income Taxes – Each Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code necessary to qualify as a regulated investment company and to make the requisite distributions of income and capital gains to their shareholders sufficient to relieve them from all or substantially all federal income taxes. Therefore, no federal income tax provision has been provided.** 

As of and during the year ended May 31, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to uncertain tax benefits as income tax expense in the Statements of Operations. During the year ended May 31, 2025, the Funds did not incur any interest or penalties. The Funds' federal income tax returns are subject to examination by the Internal Revenue Service (the "IRS") for a period of three fiscal years after they are filed. The Funds have no examinations in progress. The Funds are also not aware of any tax provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;(d) **Distributions to Shareholders – The Funds will declare and distribute any net investment income quarterly. The Funds will distribute any net realized long- or short-term capital gains at least annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes. Distributions to shareholders are recorded on the ex-dividend date. The Funds may also pay a special distribution at the end of the calendar year to comply with federal tax requirements. The Funds may utilize earnings and profits distributed to shareholders on redemption of shares as part of the dividend paid deduction.** 

&nbsp;&nbsp;&nbsp;&nbsp;(e) **Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.** 

&nbsp;&nbsp;&nbsp;&nbsp;(f) **Share Valuation – The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for each Fund, rounded to the nearest cent. The Funds' shares will not be priced on the days on which the NYSE is closed for trading.** 

&nbsp;&nbsp;&nbsp;&nbsp;(g) **Allocation of Income, Expenses and Gains/Losses – Income, expenses (other than those deemed attributable to a specific share class), and gains and losses of each Fund are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of the net assets of the Fund. Expenses deemed directly attributable to a class of shares are recorded by the specific class. Most Fund expenses are allocated by class based on relative net assets. Distribution (12b-1) and shareholder servicing fees are expensed at 0.25% of average daily net assets of Class J shares of the Mutual Funds. Shareholder servicing fees are expensed at up to 0.10% of the average daily net assets of Class I shares of the Mutual Funds. Expenses associated with a specific fund in the Trust are charged to that fund. Common Trust expenses are typically allocated evenly between the funds of the Trust, or by other equitable means.** 

23<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025(Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(h) **Other – Investment transactions are recorded on the trade date. The Funds determine the gain or loss from investment transactions using the specific identification method by comparing the original cost of the security lot sold with the net sale proceeds. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis.** 

Withholding taxes on foreign dividends, net of any reclaims, have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

3. FEDERAL TAX MATTERS

The tax character of distributions paid during the fiscal years ended May 31, 2025 and May 31, 2024 was as follows:

**Jensen Quality Mid Cap Fund** 

---

| | | |
|:---|:---|:---|
|  | **May 31, 2025** | **May 31, 2024**  |
| Ordinary Income  | $1008200 | $1156753  |
| Long-Term Capital Gain  | $11357854 | $— |

---

**Jensen Global Quality Growth Fund** 

---

| | | |
|:---|:---|:---|
|  | **May 31, 2025** | **May 31, 2024**  |
| Ordinary Income  | $166506 | $250896  |
| Long-Term Capital Gain  | $— | $— |

---

**Jensen Quality Growth ETF** 

---

| | |
|:---|:---|
|  | **May 31, 2025<sup>(1)</sup>**  |
| Ordinary Income  | &nbsp;&nbsp; $255359  |
| Long-Term Capital Gain  | &nbsp;&nbsp; $— |

---

<sup>(1)</sup> The Fund commenced operations as of August 12, 2024.

The components of distributable earnings on a tax basis as of May 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Jensen Quality** <br>**Mid Cap Fund** | **Jensen Global** <br>**Quality Growth** <br>**Fund**  | **Jensen Quality** <br>**Growth ETF** |
| &nbsp;&nbsp;&nbsp; Cost basis of investments for federal income tax <br>purposes  | $129935222 | $48513077  | $67390606  |
| Gross tax unrealized appreciation  | $33602162 | $18017448  | $2838749  |
| Gross tax unrealized depreciation  | (9613443) | (1268570)  | (3725452)  |
| Net tax unrealized appreciation (depreciation) | 23988719 | 16748878  | (886703)  |
| Undistributed ordinary income  | 199064 | 34635  | 112769  |
| Undistributed long-term capital gain  | 11635462 |  | —  |
| Distributable earnings  | 11834526 | 34635  | 112769  |
| Other accumulated losses  |  | (752103)  | (1808804)  |
| Total distributable earnings  | $35823245 | $16031410  | $(2582738) |

---

The difference between book basis and tax basis of investments is primarily attributable to the deferral of losses on wash sales.

24<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025(Continued)** 

At May 31, 2025, the Jensen Global Quality Growth Fund and Jensen Quality Growth ETF had short-term capital loss carryovers of $359,025 and $1,808,804, respectively, and long-term capital loss carryovers of $395,414 and $0, respectively, with no expiration.

Additionally, GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share.

For the year ended May 31, 2025, the following reclassifications were made between total distributable earnings and paid in capital, which are primarily attributable to redemptions in-kinds:

---

| | | | |
|:---|:---|:---|:---|
|  | **Jensen Quality** <br>**Mid Cap Fund** | **Jensen Global** <br>**Quality Growth** <br>**Fund** | **Jensen Quality** <br>**Growth ETF** |
| Total Distributable Earnings  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | $(1530424) |
| Paid in Capital  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | $1530424 |

---

4. INVESTMENT ADVISER

The Trust has an Investment Advisory Agreement (the "Mutual Fund Agreement") with the Adviser to furnish investment advisory services to the Jensen Quality Mid Cap Fund and Jensen Global Quality Growth Fund. Under the terms of the Mutual Fund Agreement, the Mutual Funds compensate the Adviser for its management services at the annual rate of 0.65% and 0.75% of each Fund's average daily net assets for the Jensen Quality Mid Cap Fund and Jensen Global Quality Growth Fund, respectively.

The Adviser has contractually agreed to waive its management fee and/or reimburse a Mutual Fund's other expenses at least through the expiration dates listed below to the extent necessary to ensure that each Fund's Total Annual Operating Expenses (exclusive of front-end or contingent deferred sales loads, Rule 12b-1 plan fees, shareholder servicing plan fees, taxes, leverage (i.e., any expenses incurred in connection with borrowings made by the Fund), interest (including interest incurred in connection with bank and custody overdrafts), brokerage commissions and other transactional expenses, expenses incurred in connection with any merger or reorganization, dividends or interest expenses on short positions, acquired fund fees and expenses and extraordinary expenses such as litigation) do not exceed the expense limitation caps listed below of each Fund's average daily net assets (the "Expense Limitation Cap").

---

| | | |
|:---|:---|:---|
|  | **Expiration Date**  | **Expense** <br>**Limitation Cap**  |
| Jensen Quality Mid Cap Fund  | September 30, 2025  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  |
| Jensen Global Quality Growth Fund  | September 30, 2025  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% |

---

For the year ended May 31, 2025, expenses of $16,721, $41,046 and $42,554 were waived or reimbursed by the Adviser for Class J, Class I and Class Y shares, respectively, for the Jensen Quality Mid Cap Fund. For the year ended May 31, 2025, expenses of $5,555, $6,521 and $120,314 were waived or reimbursed by the Adviser for Class J, Class I and Class Y shares, respectively, for the Jensen Global Quality Growth Fund. Any such waiver or reimbursement is subject to later adjustment to allow the Adviser to recoup amounts waived or reimbursed to the extent actual fees and expenses for a fiscal period do not exceed the lesser of: (1) the Expense Limitation Cap in place at the time of waiver or reimbursement or (2) the Expense Limitation Cap in place at the time of the recoupment; provided, however, that the Adviser shall only be entitled to recoup such amounts over the following three-year period from the date of the waiver or reimbursement. During the year ended May 31, 2025, $100,284 of previously waived expenses subject to recovery for the Jensen Quality Mid Cap Fund and $138,503 of previously waived expenses subject to recovery for the Jensen Global Quality Growth Fund expired.

25<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025(Continued)** 

The following table shows the remaining waived or reimbursed expenses subject to potential recovery expiring during the fiscal year ending:

---

| | | |
|:---|:---|:---|
|  | **Jensen Quality** <br>**Mid Cap Fund** | **Jensen Global** <br>**Quality Growth** <br>**Fund**  |
| May 31, 2026  | &nbsp;&nbsp;&nbsp; $85638 | &nbsp;&nbsp;&nbsp; $147282  |
| May 31, 2027  | &nbsp;&nbsp;&nbsp; $59040 | &nbsp;&nbsp;&nbsp; $131328  |
| May 31, 2028 | &nbsp;&nbsp;&nbsp; $100321 | &nbsp;&nbsp;&nbsp; $132390 |

---

In addition, the Trust, on behalf of the Jensen Quality Growth ETF, has entered into an investment advisory agreement (the "ETF Agreement") with the Adviser to furnish investment advisory services to the Jensen Quality Growth ETF. Pursuant to the ETF Agreement, the Jensen Quality Growth ETF pays a unitary management fee to the Adviser, which is calculated daily and paid monthly, at an annual rate of 0.57% of the Jensen Quality Growth ETF's average daily net assets. Pursuant to the ETF Agreement, the Adviser has agreed to pay all expenses of the ETF except the unitary management fee paid to the Adviser under the ETF Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the ETF under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.

5. DISTRIBUTION AND SHAREHOLDER SERVICING PLAN

The Trust adopted a distribution and shareholder servicing plan pursuant to Rule 12b-1 (the "12b-1 Plan"), on behalf of the Jensen Quality Mid Cap Fund and Jensen Global Quality Growth Fund, which authorizes Class J shares to pay Quasar Distributors, LLC (the "Distributor" or "Quasar"), the Mutual Funds' distributor and principal underwriter, a distribution fee of 0.25% of a Fund's average daily net assets attributable to Class J shares for services to Class J shareholders and distribution of Class J shares. The Trust adopted a shareholder servicing plan (the "Shareholder Servicing Plan"), on behalf of the Mutual Funds, which authorizes Class I shares to pay up to 0.10% of a Mutual Fund's average daily net assets attributable to Class I shares to other financial institutions for shareholder servicing and maintenance of Class I shareholder accounts. The Distributor acts as the Mutual Funds' principal underwriter in a continuous public offering of the Mutual Funds' shares. Fees incurred for the year ended May 31, 2025, and owed as of May 31, 2025 are summarized below. The fees owed to the Distributor are included within accrued expenses and other liabilities on the Statements of Assets and Liabilities.

---

| | | |
|:---|:---|:---|
| **12b-1 Plan** | **Incurred** | **Owed**  |
| Jensen Quality Mid Cap Fund  | $74548 | $13932  |
| Jensen Global Quality Growth Fund  | $6417 | $3663 |

---

---

| | | |
|:---|:---|:---|
| **Shareholder Servicing** | **Incurred** | **Owed**  |
| Jensen Quality Mid Cap Fund  | $16857 | $258  |
| Jensen Global Quality Growth Fund | $602 | $12 |

---

6. RELATED PARTY TRANSACTIONS

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services" or the "Administrator"), acts as the Funds' Administrator under an Administration Agreement. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Funds' custodian, transfer agent and fund accountant; coordinates the preparation and payment of the Funds' expenses and reviews the Funds' expense accruals. Fund Services also serves as the fund accountant and transfer agent to the Funds. U.S. Bank National Association ("US Bank"), an affiliate of Fund Services, serves as the Funds' custodian. Fees incurred for the Mutual Funds for the year ended

26<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025(Continued)** 

May 31, 2025, and owed as of May 31, 2025 are included in the Statements of Operations and Statements of Assets & Liabilities. Under the terms of the ETF Fund Servicing Agreement, the Adviser pays the Fund Administration and Accounting, Transfer Agency, Custody and Chief Compliance Officer fees for the ETF.

The Jensen Quality Mid Cap Fund and Jensen Global Quality Growth Fund have lines of credit with US Bank (see Note 11).

Certain officers of the Funds are also employees of Fund Services.

7. CREATION AND REDEMPTION TRANSACTIONS

Shares of the Jensen Quality Growth ETF are listed and traded on the NYSE Arca, Inc. The Jensen Quality Growth ETF issues and redeems shares on a continuous basis at NAV only in large blocks of shares called "Creation Units." Creation Units are to be issued and redeemed principally in kind for a basket of securities and a balancing cash amount. Shares generally will trade in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Market prices for the shares may be different from their NAV. The NAV is determined as of the close of trading (generally, 4:00 p.m. Eastern Time) on each day the NYSE is open for trading. The NAV of the shares of the Jensen Quality Growth ETF will be equal to the Fund's total assets minus the Fund's total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent; however, for purposes of determining the price of Creation Units, the NAV will be calculated to five decimal places.

Only "Authorized Participants" may purchase or redeem shares directly from the Jensen Quality Growth ETF. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Jensen Quality Growth ETF. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. Securities received or delivered in connection with in-kind creates and redeems are valued as of the close of business on the effective date of the creation or redemption.

<u>Creation Unit Transaction Fee</u>

Authorized Participants will be required to pay to the Custodian a fixed transaction fee (the "Creation Transaction Fee") in connection with the issuance of Creation Units. The standard Creation Transaction Fee will be the same regardless of the number of Creation Units purchased by an investor on the applicable Business Day. The Creation Transaction Fee for the Jensen Quality Growth ETF is $300.

An additional variable fee of up to a maximum of 2% of the value of the Creation Units subject to the transaction may be imposed for cash purchases, non-standard orders, or partial purchase of Creation Units. The variable charge is primarily designed to cover additional costs (e.g., brokerage, taxes) involved with buying the securities with cash. The Jensen Quality Growth ETF may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of the Jensen Quality Growth ETF's shareholders.

A creation unit will generally not be issued until the transfer of good title of the deposit securities to the Jensen Quality Growth ETF and the payment of any cash amounts have been completed. To the extent contemplated by the applicable participant agreement, Creation Units of the Jensen Quality Growth ETF will be issued to such authorized participant notwithstanding the fact that the Fund's deposits have not been received in part or in whole, in reliance on the undertaking of the authorized participant to deliver the missing deposit securities as soon as possible. If the Jensen Quality Growth ETF or its agents do not receive all of the deposit securities, or the required cash amounts, by such time, then the order may be deemed rejected and the authorized participant shall be liable to the Fund for losses, if any.

27<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025(Continued)** 

8. CAPITAL SHARE TRANSACTIONS

Transactions in shares of the Funds were as follows:

---

| | | |
|:---|:---|:---|
|  | **Jensen Quality Mid Cap Fund**  | **Jensen Quality Mid Cap Fund**  |
|  | **Year Ended May 31,**  | **Year Ended May 31,**  |
|  | **2025** | **2024**  |
| **Class J**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 220850 | 276014  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of dividends | 91646 | 7329  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (394083) | (480660)  |
| **Net decrease** | (81587) | (197317)  |
| **Class I**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 598302 | 1321365  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of dividends | 301197 | 35464  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2912476) | (2301358)  |
| **Net decrease** | (2012977) | (944529)  |
| **Class Y**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 120635 | 405960  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of dividends | 236000 | 23792  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (292345) | (109455)  |
| **Net increase** | 64290 | 320297 |

---

---

| | | |
|:---|:---|:---|
|  | **Jensen Global Quality** <br>**Growth Fund**  | **Jensen Global Quality** <br>**Growth Fund**  |
|  | **Year Ended May 31,**  | **Year Ended May 31,**  |
|  | **2025** | **2024**  |
| **Class J**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 897 | 23450  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of dividends | 155 | 502  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (16386) | (43761)  |
| **Net decrease** | (15334) | (19809)  |
| **Class I**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 59117 | 20815  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of dividends | 484 | 797  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (62171) | (1479)  |
| **Net increase (decrease)** | (2570) | 20133  |
| **Class Y**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 274472 | 454466  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of dividends | 9427 | 15153  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (55268) | (61306)  |
| **Net increase** | 228631 | 408313 |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025(Continued)** 

---

| | |
|:---|:---|
|  | **Jensen Quality** <br>**Growth ETF** |
|  | **Period Ended** <br>**May 31, 2025\*** |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 4240000 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of dividends | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (1710000) |
| **Net increase** | &nbsp;&nbsp; 2530000 |

---

\* The Fund commenced operations on August 12, 2024.

9. INVESTMENT TRANSACTIONS

The aggregate purchases and sales of securities, excluding short-term investments, for the Funds for the year/period ended May 31, 2025 are summarized below. For the year/period ended

May 31, 2025, there were no purchases or sales of U.S. government securities for the Funds.

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Jensen Quality Mid Cap Fund  | $46063737 | $93471525  |
| Jensen Global Quality Growth Fund  | $18545328 | $13599784  |
| Jensen Quality Growth ETF  | $13522792 | $10698966 |

---

The above Jensen Quality Growth ETF purchases and sales exclude any in-kind transactions associated with creations and redemptions. During the period ended May 31, 2025, the Jensen Quality Growth ETF had $106,779,809 of creations in-kind and $42,176,068 of redemptions in-kind, resulting in a net realized gains of $1,963,404.

10. BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund under Section 2(a)(9) of the 1940 Act. At

May 31, 2025, the following shareholders held over 25% of a Fund's shares outstanding:

**Jensen Quality Mid Cap Fund** 

---

| | |
|:---|:---|
| **Class J**<br>|  |
| Charles Schwab & Co. Inc.  | 41.70% |
| National Financial Services LLC  | 33.33% |

---

**Class I**<br>

---

| | |
|:---|:---|
| **Class Y**<br>|  |
| Pershing, LLC  | 81.12% |

---

**Jensen Global Quality Growth Fund** 

---

| | |
|:---|:---|
| **Class J**<br>|  |
| Wells Fargo Clearing Services LLC  | 64.38% |

---

---

| | |
|:---|:---|
| **Class I**<br>|  |
| Charles Schwab & Co. Inc.  | 87.67% |

---

---

| | |
|:---|:---|
| **Class Y**<br>|  |
| Pershing, LLC  | 90.42% |

---

29<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025(Continued)** 

11. LINES OF CREDIT

At May 31, 2025, the Jensen Quality Mid Cap Fund had a line of credit in the amount of the lesser of $20,000,000, or 20.0% of the fair value or 33.33% of the fair value of unencumbered assets which matures August 2, 2025. The Jensen Global Quality Growth Fund had a line of credit in the amount of the lesser of $5,000,000, or 33.33% and 20%, of the fair value of unencumbered assets which matures August 2, 2025. These secured lines of credit are intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The credit facility is with the Funds' custodian, US Bank. Interest was scheduled to be incurred at the bank's prime rate (7.5% as of May 31, 2025). The following table provides information regarding usage of the line of credit for the year ended May 31, 2025 for the Funds. The Funds did not have outstanding balances on their line of credits as of May 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Days** <br>**Utilized** | **Average** <br>**Amount of** <br>**Borrowing**  | **Weighted**<br>**Average**<br>**Borrowing** <br>**Rate** | **Interest** <br>**Expense\*** | **Maximum**<br>**Amount of** <br>**Borrowing**  | **Date of** <br>**Maximum** <br>**Borrowing**  |
| Jensen Quality Mid Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5 | $3047800 | &nbsp;&nbsp;&nbsp; 7.50% | $3180 | $12000000 | 1/16/2025 |
| Jensen Global Quality Growth Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $655500  | &nbsp;&nbsp;&nbsp; 7.96% | $290 | $709000 | 2/19/2025 |

---

\* Interest expense is reported within Other Expenses on the Statements of Operations.

12. RECENT MARKET EVENTS

U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks' interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, and geopolitical conflicts. As a result of continuing political tensions and armed conflicts, including the wars in Europe and the Middle East, markets have experienced increased volatility. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on the performance of the Funds.

13. NEW ACCOUNTING PRONOUCEMENT

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

30<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025(Continued)** 

14. SUBSEQUENT EVENTS

On June 18, 2025, the following distributions were declared and paid from ordinary income and capital gains to shareholders of record as of June 17, 2025:

**Ordinary Income** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Class J** | **Class I** | **Class Y**  |
| Jensen Quality Mid Cap Fund | 33,503 | 97,957 | 134,553  |
| Jensen Global Quality Growth Fund | 89  | 1,949  | 41,016 |

---

The Jensen Quality Growth ETF paid a distribution as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Record Date** | **Ex-Date** | **Reinvestment/** <br>**Payable Date** | **Ordinary** <br>**Income Rate** | **Ordinary** <br>**Distribution Paid**  |
| 6/20/2025 | 6/20/2025 | 6/23/2025 | 0.05745726 | $147091 |

---

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure resulting from subsequent events after the Statements of Assets and Liabilities date of May 31, 2025 through the date the financial statements were issued.

31<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of Jensen Funds and

Board of Trustees of Trust for Professional Managers

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Jensen Quality Mid Cap Fund (formerly, the Jensen Quality Value Fund), Jensen Global Quality Growth Fund, and Jensen Quality Growth ETF (the "Funds"), each a series of Trust for Professional Managers, as of May 31, 2025, the related statements of operations, the statements of changes in net assets, the financial highlights for each of the periods indicated below, 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 each of the Funds as of May 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of Operations**  | **Statements of Changes in Net Assets** | **Financial Highlights**  |
| Jensen Quality Mid Cap Fund (formerly, the Jensen Quality Value Fund) and Jensen Global Quality Growth Fund | For the year ended May 31, 2025 | For the years ended May 31, 2025 and 2024 | For the years ended May 31, 2025, 2024, 2023, 2022, and 2021  |
| Jensen Quality Growth ETF | For the period from August 12, 2024 (commencement of operations) through May 31, 2025 | For the period from August 12, 2024 (commencement of operations) through May 31, 2025 | For the period from August 12, 2024 (commencement of operations) through May 31, 2025 |

---

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. 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 Funds 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 audits 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 audits 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 May 31, 2025, by correspondence with the custodian. Our audits 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 audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2010.

![](signature.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

July 25, 2025

32<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ADDITIONAL INFORMATION (Unaudited)**

**The below information is required disclosure for Form N-CSR**

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

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies** 

Eric Schoenstein, a Vice President and Portfolio Manager of the Jensen Quality Mid Cap Fund, Jensen Global Quality Growth Fund and Jensen Quality Growth ETF (the "Funds"), and the Chief Investment Officer, Vice President, and a director and an owner of 33% of outstanding shares of the Funds' investment adviser, Jensen Investment Management, Inc. (the "Adviser"), has retired and sold his entire equity interest to the Adviser on or about March 1, 2025. Effective as of the date Mr. Schoenstein sold his shares back to the Adviser, Mr. Schoenstein has retired and resigned as the Vice President of the Funds and as Chief Investment Officer, Vice President of the Adviser and as a member of the Adviser's six-person investment team which is responsible for the Funds' investment decisions. Mr. Schoenstein also resigned from the Adviser's board of directors.

Pursuant to the Investment Company Act of 1940, as amended (the "1940 Act"), the Funds' investment advisory agreement with the Adviser terminated automatically upon its assignment, which is deemed to include any change in control of the Adviser. Mr. Schoenstein's sale of his shares of the Adviser back to the Adviser resulted in a change in control of the Adviser under the 1940 Act and, accordingly, the Funds' investment advisory contract with the Adviser automatically terminated as provided under the 1940 Act.

Following Mr. Schoenstein's retirement, the Funds continue to be managed by the remaining five members of the Adviser's investment team for the Funds. The percentage ownership of the Adviser by Robert D. McIver, one of the Adviser's Managing Directors and a member of its investment committee and a 25% owner of the Adviser, increased to 38%. Accordingly, Mr. McIver remains a control person of the Adviser.

At a special meeting of shareholders on November 1, 2024, shareholders of record of the Funds as of August 26, 2024 voted on a proposal to approve the new investment advisory contracts between the Funds and the Funds' Adviser. The proposed new investment advisory agreement became effective as of the date of the change in control of the Funds' Adviser, which occurred on March 1, 2025. There were no changes in the investment advisory fees to be paid by the Funds or the services provided by the Adviser under the proposed new investment advisory contracts. A proxy statement describing the proposals was mailed on or about September 25, 2024 to the Funds' record-date shareholders and is available on the Securities and Exchange Commission's EDGAR database at www.sec.gov.

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

Remuneration paid by the Mutual Funds is disclosed within the financial statements. For the ETF, expenses, including Trustee compensation, are paid by the Investment Adviser pursuant to the ETF Agreement. Additional information related to those fees is available in each Fund's Statement of Additional Information.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable.

**Shareholder Notification of Federal Tax Status** 

The Jensen Quality Mid Cap Fund, Jensen Global Quality Growth Fund and Jensen Quality Growth ETF each designated 100.00% of dividends declared during the fiscal year ended May 31, 2025 as dividends qualifying for the dividends received deduction available to corporate shareholders.

33<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

The Jensen Quality Mid Cap Fund, Jensen Global Quality Growth Fund and Jensen Quality Growth ETF each designated 100.00% of dividends declared from net investment income during the fiscal year ended May 31, 2025 as qualified dividend income under the Jobs and Growth Tax Relief Reconciliation Act of 2003.

The Jensen Quality Mid Cap Fund, Jensen Global Quality Growth Fund and Jensen Quality Growth ETF each designated 100.00% of taxable ordinary income distributions as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(c) for the year ended May 31, 2025.

Additional Information Applicable to Foreign Shareholders Only:

The Jensen Quality Mid Cap Fund, Jensen Global Quality Growth Fund and Jensen Quality Growth ETF each designated 0.00% of ordinary income distributions as interest-related dividends under Internal Revenue Code Section 871(k)(1)(c).

34<br>

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**[**TABLE OF CONTENTS**](#TOC)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](backcover_02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7(a) of this Form.

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

There were no changes in or disagreements with accountants during the period covered by this report.

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

Eric Schoenstein, a Vice President and Portfolio Manager of the Jensen Quality Mid Cap Fund, Jensen Global Quality Growth Fund and Jensen Quality Growth ETF (the "Funds"), and the Chief Investment Officer, Vice President, and a director and an owner of 33% of outstanding shares of the Funds' investment adviser, Jensen Investment Management, Inc. (the "Adviser"), has retired and sold his entire equity interest to the Adviser on or about March 1, 2025. Effective as of the date Mr. Schoenstein sold his shares back to the Adviser, Mr. Schoenstein has retired and resigned as the Vice President of the Funds and as Chief Investment Officer, Vice President of the Adviser and as a member of the Adviser's six-person investment team which is responsible for the Funds' investment decisions. Mr. Schoenstein also resigned from the Adviser's board of directors.

Pursuant to the Investment Company Act of 1940, as amended (the "1940 Act"), the Funds' investment advisory agreement with the Adviser terminated automatically upon its assignment, which is deemed to include any change in control of the Adviser. Mr. Schoenstein's sale of his shares of the Adviser back to the Adviser resulted in a change in control of the Adviser under the 1940 Act and, accordingly, the Funds' investment advisory contract with the Adviser automatically terminated as provided under the 1940 Act.

Following Mr. Schoenstein's retirement, the Funds continue to be managed by the remaining five members of the Adviser's investment team for the Funds. The percentage ownership of the Adviser by Robert D. McIver, one of the Adviser's Managing Directors and a member of its investment committee and a 25% owner of the Adviser, increased to 38%. Accordingly, Mr. McIver remains a control person of the Adviser.

At a special meeting of shareholders on November 1, 2024, shareholders of record of the Funds as of August 26, 2024 voted on a proposal to approve the new investment advisory contracts between the Funds and the Funds' Adviser. The proposed new investment advisory agreement became effective as of the date of the change in control of the Funds' Adviser, which occurred on March 1, 2025. There were no changes in the investment advisory fees to be paid by the Funds or the services provided by the Adviser under the proposed new investment advisory contracts. A proxy statement describing the proposals was mailed on or about September 25, 2024 to the Funds' record-date shareholders and is available on the Securities and Exchange Commission's EDGAR database at www.sec.gov.

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

Remuneration paid by the Mutual Funds is disclosed within the financial statements. For the ETF, expenses, including Trustee compensation, are paid by the Investment Adviser pursuant to the ETF Agreement. Additional information related to those fees is available in each Fund's Statement of Additional Information.

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

Not applicable.

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

Not applicable to open-end investment companies.

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

 

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

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

&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 period of the period covered by this report that has materially affected, or is reasonably likely to materially affect,
 the Registrant's internal control over financial reporting.

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

Not applicable to open-end investment companies.

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

Not applicable

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

&nbsp;&nbsp;&nbsp;&nbsp;*(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.* A copy of the registrant's Code of Ethic is filed herewith.](jt-efp16519_ex99code.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-29(a)).* Filed herewith.](jt-efp16519_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. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308).* Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](jt-efp16519_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) Trust
 for Professional Managers

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Jennifer Lima |
|  | Jennifer Lima, Principal Executive Officer |

---

Date <u>August 7, 2025</u>

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

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Jennifer Lima |
|  | Jennifer Lima, Principal Executive Officer |

---

Date <u>August 7, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kelly Strauss |
|  | Kelly Strauss, Principal Financial Officer |

---

Date <u>August 7, 2025</u>

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

## Ex-99.Codeeth

**EX.99.CODE ETH**

**TRUST FOR PROFESSIONAL MANAGERS** 

**CODE OF ETHICS**

**Adopted: April 27, 2005**

**As Amended: April 15, 2021**

&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 Trust for Professional Managers (the "Trust"), as a registered investment company, to adopt a written Code of Ethics. The Rule also requires investment advisers (including sub-advisers) to and principal underwriters for each of the series of the Trust (each a "Fund 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 each Fund Organization 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 Fund 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"). Each Fund Organization whose Code of Ethics has been approved by the Board 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 a Fund Organization'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 Fund Organizations and affiliated persons of the Fund 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 Fund" (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 Fund;

&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 Fund or omit to state a material fact necessary
 in order to make the statements made to a Fund, 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 Fund; 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 Fund.

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

In order 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) INITIAL
 HOLDINGS REPORT. 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;(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;(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;(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) QUARTERLY
 TRANSACTION REPORTS. 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;(1) With
 respect to any transaction during the quarter in a Covered Security and/or Reportable Fund
 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;(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;(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;(iii) The
 price of the Covered Security and/or Reportable Fund 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;(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;(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;(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;(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;(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;(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) ANNUAL
 HOLDINGS REPORTS. 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;(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 Fund
 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;(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;(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) PRINCIPAL
 UNDERWRITER. An Access Person of a Fund's principal underwriter is not required to
 make any Reports under Section 5 above if the principal underwriter:

&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 investment adviser to a Fund.

&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 investment adviser to a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) INDEPENDENT
 TRUSTEE. An Independent 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;(1) file
 an INITIAL HOLDINGS REPORT or ANNUAL HOLDINGS REPORT; and

&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 Fund purchased or sold the Covered Security, or a Fund or its investment adviser considered
 purchasing or selling the Covered Security.

&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 or procedures, including information about any
 material violations of the Code of Ethics or its underlying procedures 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 Fund Organization to administer its own Code of Ethics, the CCO
 shall request reporting from each Fund Organization with respect to any violations of such
 Fund 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 Fund or if a transaction directly or indirectly involves themselves and the Trust other than the purchase or redemption of shares of a Fund 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 Fund; 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 Fund or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 Fund 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 Fund - 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 Fund 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 Fund Organization or the Fund 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.

**ADDENDUM TO**

**TRUST FOR PROFESSIONAL MANAGERS** 

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

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

Trust for Professional Managers

Code of Ethics

**APPENDIX 1**

DEFINITIONS

ACCESS PERSON

(i) any director/trustee, officer, general partner, Investment Personnel, or Advisory Person of the Trust or of an investment adviser to the Trust; (ii) any supervised person of an investment adviser to the Trust who has access to nonpublic information regarding the portfolio holdings of any series of the Trust (a "Fund"), or who is involved in making securities recommendations for a Fund; 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 Fund 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 Fund regarding the purchase or sale of Covered Securities.

ADVISORY PERSON

(i) any employee of a Fund or of a Fund's investment adviser (or of any company in a control relationship to the Fund or investment 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 Fund, 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 Fund or an investment adviser who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of Covered Securities by the Fund.

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.

FUND

A series of the Trust.

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 Fund or investment adviser (or of any company in a control relationship to the Trust, a Fund or investment 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 Fund; and (ii) any natural person who controls, a Fund or investment adviser and who obtains information concerning recommendations made to the Fund regarding the purchase or sale of securities by the Fund.

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 Fund, any registered investment company, including a Fund, for which the investment adviser with whom the Access Person is associated, if any, (the "Associated Adviser") serves as investment adviser (as defined in Section 2(a)(20) of the Investment Company Act) or any registered investment company, including a Fund, whose investment 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 FUND

(i) any Covered Security which, within the most recent 15 days: (a) is or has been held by the Fund; or (b) is being or has been considered by the Fund or its investment adviser for purchase by the Fund; 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.

1 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.

Trust for Professional Managers

Code of Ethics

**APPENDIX 2**

LIST OF ACCESS PERSONS AND INVESTMENT PERSONNEL

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

Trust for Professional Managers

Code of Ethics

**APPENDIX 3**

INITIAL HOLDINGS REPORT

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

Date of Report:  

&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.)

---

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

---

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

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

---

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

---

Trust for Professional Managers

Code of Ethics

**APPENDIX 4**

QUARTERLY TRANSACTION REPORT

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

Date of Report:  

&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.

---

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

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

---

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

---

Trust for Professional Managers

Code of Ethics

**APPENDIX 5**

ANNUAL HOLDING REPORT

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

Date of Report:  

&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.

---

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

---

&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.

<u>Name of Institution and Account Holder's Name (e.g*.*, you, spouse, child)</u>    

---

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

---

Trust for Professional Managers

Code of Ethics

**APPENDIX 6**

CODE OF ETHICS ACKNOWLEDGEMENT

FORM

**ACKNOWLEDGED AND AGREED:**

I have read, and I understand the terms of, the Trust for Professional Managers Code of Ethics.

---

| |
|:---|
| By: |
| Name: |
| Title: |
| Date: |

---

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Jennifer Lima, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Trust for Professional Managers;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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 60 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during 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

&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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: | August 7, 2025 | /s/ Jennifer Lima |
|  |  | Jennifer Lima, Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Kelly Strauss, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Trust for Professional Managers;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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 60 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&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

&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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: | August 7, 2025 | /s/ Kelly Strauss |
|  |  | Kelly Strauss<br> Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<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 Trust for Professional Managers (the "Trust") does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Trust for the period ended May 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 Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Jennifer Lima | /s/ Kelly Strauss |
| Jennifer Lima | Kelly Strauss |
| Principal Executive Officer, Trust for Professional Managers | Principal Financial Officer, Trust for Professional Managers |

---

Dated: <u> August 7, 2025</u>

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 the Trust for purposes of Section 18 of the Securities Exchange Act of 1934.