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Form N-CEN TRUST FOR PROFESSIONAL For: May 31

August 12, 2022 1:20 PM EDT


  X0404
  
    N-CEN
    
      LIVE
      
        
          0001141819
          XXXXXXXX
        
      
      
        false
        false
        false
      
      N-1A
    
    
      
        
          S000028010
          true
        
        
          S000028264
          true
        
        
          S000067414
          true
        
      
    
  
  
    
    
      Trust for Professional Managers
      811-10401
      0001141819
      549300O1N816L3GGRD45
      615 East Michigan Street
      Milwaukee
      53202
      US-WI
      US
      5136298104
      
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          U.S. Bank, N.A.
          1555 North River Center Drive
          Suite 302
          Milwaukee
          
          53212
          8336121912
          Custody Data
        
        
          Convergence Investment Partners, LLC
          3801 PGA Boulevard
          Suite 1001
          Palm Beach Gardens
          
          33410
          8776779414
          Advisory data
        
        
          Rockefeller & Co. LLC
          45 Rockefeller Plaza
          5th Floor
          New York
          
          10111
          8553696209
          Advisory data
        
        
          Bright Rock Capital Management LLC
          288 Union Street
          Rockland
          
          02370
          8662737223
          Advisory data
        
        
          Dearborn Partners, L.L.C.
          200 West Madison Street
          Suite 1950
          Chicago
          
          60606
          8889833380
          Advisory data
        
        
          Jensen Investment Management, Inc.
          5500 Meadows Road
          Suite 200
          Lake Oswego
          
          97035
          8009924144
          Advisory data
        
        
          U.S. Bancorp Fund Services, LLC
          615 East Michigan Street
          Milwaukee
          
          53202
          8336121912
          Transfer agency, fund accounting and fund administration data
        
        
          Barrett Asset Management, LLC
          90 Park Avenue
          34th Floor
          New York
          
          10016
          8773636333
          Advisory data
        
        
          Quasar Distributors, LLC
          111 East Kilborn Avenue
          Suite 2200
          Milwaukee
          
          53202
          8336121912
          Distribution data
        
        
          Foreside Fund Services, LLC
          3 Canal Plaza
          Suite 100
          Portland
          
          04101
          8662516920
          Distribution data
        
        
          PT Asset Management, LLC
          500 W Madison
          Suite 470
          Chicago
          
          60661
          8882823220
          Advisory data
        
        
          Envestnet Asset Management, Inc.
          35 East Wacker Drive
          24th Floor
          Chicago
          
          60601
          8667627338
          Advisory data
        
        
          CrossingBridge Advisors, LLC
          427 Bedford Road
          Suite 230
          Pleasantville
          
          10570
          8888982780
          Advisory data
        
        
          Terra Firma Asset Management LLC
          75 Broadway Street
          Suite 202
          San Francisco
          
          94111
          8003116583
          Advisory data
        
        
          Mairs & Power, Inc.
          W1520 First National Bank Building
          Saint Paul
          
          55101
          8558392800
          Advisory data
        
      
      N
      N
      N
      N-1A
      26
      Y
      
        
          Joseph C. Neuberger
          N/A
          Y
          
            
          
        
        
          Gary A. Drska
          N/A
          N
          
            
          
        
        
          Michael D. Akers
          N/A
          N
          
            
          
        
        
          Vincent P. Lyles
          N/A
          N
          
            
          
        
        
          Erik K. Olstein
          N/A
          N
          
            
          
        
        
          Lisa Zuniga Ramirez
          N/A
          N
          
            
          
        
        
          Gregory M. Wesley
          N/A
          N
          
            
          
        
      
      
        
          Deanna B Marotz
          N/A
          615 E. Michigan St.
          Milwaukee
          
          53202
          XXXXXX
          Y
          
            
          
        
      
      
        
        
        
      
      N
      N
      N
      
      N
      
        
        
      
      
        
          Quasar Distributors, LLC
          8-52323
          000103848
          N/A
          
          N
        
        
          Foreside Funds Distributors, LLC
          8-32480
          000031334
          N/A
          
          N
        
      
      N
      
        
          Deloitte & Touche LLP
          00034
          N/A
          
        
        
          Cohen & Company, Ltd.
          00925
          N/A
          
        
      
      N
      N
      N
      N
      N
      N
      N
    
    
      
        Barrett Growth Fund
        S000028010
        254900NQR7L1E64ZLU55
        N
        1
        0
        0
        
          
        
        N/A
        N
        N
        N
        N
        N/A
        N/A
        N/A
        
          Rule 12d1-1 (17 CFR 270.12d1-1)
          Rule 32a-4 (17 CFR 270.32a-4)
        
        Y
        Y
        Y
        N
        
          
            Barrett Asset Management, LLC
            801-72395
            000157047
            7VC3GCA7MO0VRVSM1Z08
            
            N
          
        
        
          
            U.S. Bancorp Fund Services, LLC
            85-11357
            N/A
            
            N
            N
          
        
        N
        
          
            Intercontinental Exchange Inc.
            5493000F4ZO33MV32P92
            
            N
          
          
            PricingDirect Inc.
            549300WIC0TOJ7N7GD54
            
            N
          
          
            Bloomberg L.P.
            549300B56MD0ZC402L06
            
            N
          
          
            IHS Markit Ltd.
            549300HLPTRASHS0E726
            BM
            N
          
          
            Standard and Poors Financial Services LLC
            549300U4VWNITEKO2881
            
            N
          
          
            Bank Of America Merrill Lynch
            N/A
            
            N
          
          
            Refinitiv US LLC
            213800HQORQAP68CJJ04
            
            N
          
          
            CBOE Global Markets, Inc.
            529900RLNSGA90UPEH54
            
            N
          
        
        N
        
          
            U.S. Bank National Association
            6BYL5QZYBDK8S7L73M02
            
            N
            N
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
        
        N
        N
        
          
            U.S. Bancorp Fund Services, LLC
            85-11357
            
            N
            N
          
        
        N
        
          
            WILLIAM BLAIR & COMPANY L.L.C.
            8-2698
            000001252
            549300J0P7XYE8BMZ775
            
            1289.000000000000
          
          
            FIDELITY BROKERAGE SERVICES LLC
            8-23292
            000007784
            549300OQFQ4NFIOD5695
            
            1131.000000000000
          
        
        2420.000000000000
        0.000000000000
        Y
        33478933.000000000000
        N
        N
        N
        N
      
      
        Jensen Quality Value Fund
        S000028264
        254900FVV5POADR97235
        N
        3
        0
        0
        
          
          
          
        
        N/A
        N
        N
        N
        N
        N/A
        N/A
        N/A
        
          Rule 12d1-1 (17 CFR 270.12d1-1)
          Rule 32a-4 (17 CFR 270.32a-4)
        
        Y
        Y
        Y
        N
        
          
            Jensen Investment Management, Inc.
            801-32726
            000105281
            549300VD47D3K1WAVR22
            
            N
          
        
        
          
            U.S. Bancorp Fund Services, LLC
            85-11357
            N/A
            
            N
            N
          
        
        N
        
          
            Intercontinental Exchange Inc.
            5493000F4ZO33MV32P92
            
            N
          
          
            PricingDirect Inc.
            549300WIC0TOJ7N7GD54
            
            N
          
          
            Bloomberg L.P.
            549300B56MD0ZC402L06
            
            N
          
          
            IHS Markit Ltd.
            549300HLPTRASHS0E726
            BM
            N
          
          
            Bank Of America Merrill Lynch
            N/A
            
            N
          
          
            Standard and Poors Financial Services LLC
            549300U4VWNITEKO2881
            
            N
          
          
            Refinitiv US LLC
            213800HQORQAP68CJJ04
            
            N
          
          
            CBOE Global Markets, Inc.
            529900RLNSGA90UPEH54
            
            N
          
        
        N
        
          
            U.S. Bank National Association
            6BYL5QZYBDK8S7L73M02
            
            N
            N
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
        
        N
        N
        
          
            U.S. Bancorp Fund Services, LLC
            85-11357
            
            N
            N
          
        
        N
        
          
            FIS BROKERAGE & SECURITIES SERVICES LLC
            8-52614
            000104162
            5493000KYO0CHOUH1K62
            
            3891.000000000000
          
          
            INSTINET, LLC
            8-23669
            000007897
            549300MGMN3RKMU8FT57
            
            3879.000000000000
          
          
            PAVILION GLOBAL MARKETS LTD.
            8-52850
            000104387
            89RLTMP2WM4KXYJMWI06
            CA
            755.000000000000
          
        
        8525.000000000000
        0.000000000000
        Y
        177349825.990000000000
        
          
            
              Uncommitted
              3000000.000000000000
              
                
              
              
              N
            
          
        
        N
        N
        N
      
      
        Jensen Global Quality Growth Fund
        S000067414
        549300F7FOMXOGFU5B38
        N
        3
        0
        0
        
          
          
          
        
        N/A
        Y
        N
        N
        N
        N/A
        N/A
        N/A
        
          Rule 12d1-1 (17 CFR 270.12d1-1)
          Rule 32a-4 (17 CFR 270.32a-4)
        
        Y
        Y
        Y
        N
        
          
            Jensen Investment Management, Inc.
            801-32726
            000105281
            549300VD47D3K1WAVR22
            
            N
          
        
        
          
            U.S. Bancorp Fund Services, LLC
            85-11357
            N/A
            
            N
            N
          
        
        N
        
          
            Intercontinental Exchange Inc.
            5493000F4ZO33MV32P92
            
            N
          
          
            PricingDirect Inc.
            549300WIC0TOJ7N7GD54
            
            N
          
          
            Bloomberg L.P.
            549300B56MD0ZC402L06
            
            N
          
          
            IHS Markit Ltd.
            549300HLPTRASHS0E726
            BM
            N
          
          
            Standard and Poors Financial Services LLC
            549300U4VWNITEKO2881
            
            N
          
          
            Bank Of America Merrill Lynch
            N/A
            
            N
          
          
            Refinitiv US LLC
            213800HQORQAP68CJJ04
            
            N
          
          
            CBOE Global Markets, Inc.
            529900RLNSGA90UPEH54
            
            N
          
        
        N
        
          
            U.S. Bank National Association
            6BYL5QZYBDK8S7L73M02
            
            N
            N
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
        
        N
        N
        
          
            U.S. Bancorp Fund Services, LLC
            85-11357
            
            N
            N
          
        
        N
        
          
            INSTINET, LLC
            8-23669
            000007897
            549300MGMN3RKMU8FT57
            
            3313.000000000000
          
          
            FIS BROKERAGE & SECURITIES SERVICES LLC
            8-52614
            000104162
            5493000KYO0CHOUH1K62
            
            5.000000000000
          
        
        3318.000000000000
        0.000000000000
        Y
        34812528.540000000000
        
          
            
              Uncommitted
              2000000.000000000000
              
                
              
              
              N
            
          
        
        N
        N
        N
      
    
    
    
      true
    
    
  



  

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

To the Shareholders of Jensen Quality Value Fund and Jensen Global Quality Growth Fund and 
Board of Trustees of Trust for Professional Managers 

In planning and performing our audit of the financial statements of Jensen Quality Value Fund and Jensen Global Quality Growth Fund (the “Funds”), each a series of Trust for Professional Managers, as of and for the year ended May 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting.  Accordingly, we express no such opinion. 

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A fund’s internal control over financial reporting is a process designed 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 (GAAP).  A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.  

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds’ annual or interim financial statements will not be prevented or detected on a timely basis. 

Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB.  However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of May 31, 2022.  

This report is intended solely for the information and use of management and the Board of Trustees of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. 

  
/s/ Cohen & Company, LTD.
COHEN & COMPANY, LTD. 
Milwaukee, Wisconsin 
July 28, 2022 

  

  

  

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

To the Shareholders of Barrett Growth Fund and 
Board of Trustees of Trust for Professional Managers 

In planning and performing our audit of the financial statements Barrett Growth Fund (the “Fund”), a series of Trust for Professional Managers, as of and for the year ended May 31, 2021, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting.  Accordingly, we express no such opinion. 

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A Fund’s internal control over financial reporting is a process designed 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 (GAAP).  A Fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a Fund’s assets that could have a material effect on the financial statements.  

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis. 

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB.  However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of May 31, 2022.  

This report is intended solely for the information and use of management and the Board of Trustees of the Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. 

  
/s/ Cohen & Company, LTD.  
COHEN & COMPANY, LTD. 
Milwaukee, Wisconsin 
July 28, 2022 

  

  



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