Trust for Professional Managers (APCB) NPORT-P RiverPark Strategic Income Fund (Dec 2024 report)

RiverPark Strategic Income Fund
Schedule of Investments
December 31, 2024 (Unaudited)
CORPORATE BONDS - 46.2%		Par		Value
Administrative and Support and Waste Management and Remediation Services - 2.1%
Expedia Group, Inc., 6.25%, 05/01/2025 (a)		$	11,129,000	$	11,137,178
Arts, Entertainment, and Recreation - 4.2%
Life Time, Inc.
5.75%, 01/15/2026 (a)			6,584,000		6,581,297
8.00%, 04/15/2026 (a)			15,835,000		15,862,110
					22,443,407
Communications - 0.2%
Inteno Group AB, 10.38% (3 mo. EURIBOR + 7.50%), 09/06/2026	EUR		1,400,000		1,075,558
Construction - 0.5%
Five Point Operating Co. LP, 10.50%, 01/15/2028 (a)(b)			2,427,790		2,481,418
Consumer Discretionary - 0.8%
3T Global Holdco Ltd., 11.25%, 05/22/2028			2,125,000		2,135,625
Amwood AB, 9.19% (3 Month Stockholm Interbank Offered Rates + 6.25%), 10/25/2027	SEK		26,250,000		2,413,033
					4,548,658
Consumer Staples - 0.6%
Greenfood AB, 9.73% (3 Month Stockholm Interbank Offered Rates + 7.00%), 11/13/2028	SEK		32,500,000		2,959,526
Energy - 0.5%
Telford Finco, 11.00%, 11/06/2029			2,500,000		2,487,500
Finance and Insurance - 7.3%
Esmaeilzadeh Holding AB, 10.41% (3 Month Stockholm Interbank Offered Rates + 7.50%), 01/26/2025	SEK		37,500,000		3,330,102
General Motors Financial Co., Inc., 2.90%, 02/26/2025			3,430,000		3,417,927
Icahn Enterprises LP
6.25%, 05/15/2026			1,150,000		1,140,359
9.75%, 01/15/2029			6,166,000		6,209,876
10.00%, 11/15/2029 (a)			4,111,000		4,125,846
Mutares SE & Co. KGaA
11.23% (3 mo. EURIBOR + 8.50%), 03/31/2027	EUR		1,847,000		1,894,802
9.12% (3 mo. EURIBOR + 6.25%), 09/19/2029	EUR		1,300,000		1,269,846
Saks Global Enterprises LLC, 11.00%, 12/15/2029			3,184,000		3,070,314
Stockwik Forvaltning AB, 10.55% (3 Month Stockholm Interbank Offered Rates + 8.00%), 03/20/2026	SEK		40,000,000		3,682,082
StoneX Group, Inc., 7.88%, 03/01/2031 (a)			10,324,000		10,807,812
					38,948,966
Health Care and Social Assistance - 1.1%
HCA, Inc., 5.38%, 02/01/2025			6,138,000		6,139,477
Industrials - 2.9%
Bonheur ASA, 7.06% (Norway Interbank Offered Rate Fixing 3 Month + 2.35%), 10/09/2029 (a)	NOK		28,500,000		2,509,905
Mangrove Luxco III Sarl
8.18% (3 mo. EURIBOR + 5.00%), 07/15/2029 (a)	EUR		7,875,000		8,256,232
8.18% (3 mo. EURIBOR + 5.00%), 07/15/2029	EUR		2,695,000		2,825,466
SLR Group GmbH, 10.27% (3 mo. EURIBOR + 7.00%), 10/09/2027	EUR		1,865,000		1,859,417
					15,451,020
Information - 5.3%
Azerion Group NV, 10.03% (3 mo. EURIBOR + 6.75%), 10/02/2026	EUR		8,919,000		9,240,621
Go North Group AB
10.89% (3 Month SOFR + 5.76%, includes 10.89 PIK), 02/09/2026			3,570,942		2,142,565
15.00% (includes 15.00% PIK), 02/09/2027			2,137,594		320,639
15.00% (includes 15.00% PIK), 02/02/2028 (c)	SEK		2,567,988		0
Hawk Infinity Software AS, 11.20% (Norway Interbank Offered Rate Fixing 3 Month + 6.50%), 10/15/2029 (a)	NOK		30,000,000		2,642,005
Impala BondCo PLC, 12.00% (3 Month STIBOR + 9.00%), 10/30/2027	SEK		9,844,936		596,186
Warnermedia Holdings, Inc., 6.41%, 03/15/2026			6,825,000		6,827,783
Ziff Davis, Inc., 4.63%, 10/15/2030 (a)			7,038,000		6,478,256
					28,248,055
Management of Companies and Enterprises - 0.3%
Connect Finco SARL, 9.00%, 09/15/2029 (a)			1,747,000		1,593,359
Manufacturing - 13.2%
Builders FirstSource, Inc., 4.25%, 02/01/2032 (a)			3,000,000		2,652,038
Cannabist Co. Holdings, Inc., 9.50%, 02/03/2026			5,068,000		3,571,139
Forum Energy Technologies, Inc., 10.50%, 11/07/2029			18,900,000		19,203,326
GE HealthCare Technologies, Inc., 4.80%, 08/14/2029			1,633,000		1,618,456
Infrabuild Australia Pty Ltd., 14.50%, 11/15/2028 (a)			10,664,000		10,858,618
Intel Corp., 3.40%, 03/25/2025			2,455,000		2,446,782
Phinia, Inc., 6.75%, 04/15/2029 (a)			8,390,000		8,568,323
Secop Group Holding GmbH, 11.13% (3 mo. EURIBOR + 8.40%), 12/29/2026	EUR		1,443,000		1,543,302
Sonoco Products Co., 1.80%, 02/01/2025			5,504,000		5,487,721
Tapestry, Inc., 4.25%, 04/01/2025			3,534,000		3,526,758
Trulieve Cannabis Corp., 8.00%, 10/06/2026			4,526,000		4,443,423
VF Corp., 2.40%, 04/23/2025			6,898,000		6,828,833
					70,748,719
Materials - 0.6%
Norske Skog ASA, 9.19% (Norway Interbank Offered Rate Fixing 3 Month + 4.50%), 06/25/2029	NOK		39,100,000		3,353,249
Mining, Quarrying, and Oil and Gas Extraction - 0.2%
Mime Petroleum AS, 9.75%, 09/17/2026			516,664		503,800
Tacora Resources, Inc., 13.00%, 12/31/2025 (a)(c)			2,381,851		476,370
					980,170
Professional, Scientific, and Technical Services - 1.2%
Floatel International Ltd., 9.75%, 04/10/2029			1,250,000		1,128,125
Getty Images, Inc., 9.75%, 03/01/2027 (a)			5,495,024		5,482,059
GemmaCert Ltd., 0.00%, 12/31/2025 (c)			500,965		0
					6,610,184
Real Estate and Rental and Leasing - 0.2%
Starwood Property Trust, Inc., 6.50%, 07/01/2030 (a)			1,342,000		1,344,576
Retail Trade - 0.5%
AutoZone, Inc., 5.10%, 07/15/2029			2,702,000		2,718,749
Technology - 1.9%
Platform Group AG, 8.88%, 07/11/2028	EUR		9,586,000		9,957,485
Transportation and Warehousing - 2.1%
Summit Midstream Holdings LLC, 8.63%, 10/31/2029 (a)			2,344,000		2,433,435
Uber Technologies, Inc., 7.50%, 09/15/2027 (a)			662,000		674,415
XPO, Inc., 6.25%, 06/01/2028 (a)			8,057,000		8,121,392
					11,229,242
Utilities - 0.3%
Hawaii Electric Light Company, 3.28%, 12/30/2040 (c)			2,945,000		1,713,990
Wholesale Trade - 0.2%
United Natural Foods, Inc., 6.75%, 10/15/2028 (a)			1,025,000		1,011,246
TOTAL CORPORATE BONDS (Cost $255,459,509)					247,181,732
BANK LOANS - 23.9%		Par		Value
Communications - 6.1%
Cengage Learning, Inc. First Lien, 7.86% (1 mo. Term SOFR + 3.50%), 07/14/2026			5,659,560		5,695,951
Charter Communications Operating First Lien, 6.78% (1 mo. Term SOFR + 2.25%), 11/22/2031			2,000,000		1,998,050
Clear Channel International Tranche First Lien, 7.50%, 08/15/2027			11,092,000		10,953,350
Magnite, Inc., 8.11% (1 mo. Term SOFR + 3.75%), 02/06/2031			10,757,045		10,904,954
TripAdvisor, Inc. First Lien, 7.11% (1 mo. Term SOFR + 2.75%), 07/01/2031			3,000,000		3,024,000
					32,576,305
Consumer Discretionary - 1.4%
Crocs, Inc., 6.58% (3 mo. Term SOFR + 2.25%), 02/20/2029			4,136,396		4,163,303
Outerstuff LLC, 11.59% (3 mo. Term SOFR + 7.00%), 12/31/2027			3,700,000		3,608,666
					7,771,969
Energy - 0.9%
HighPeak Energy, Inc., 11.98% (3 mo. Term SOFR + 7.50%), 09/30/2026			4,739,700		4,820,678
Industrials - 0.9%
Trulite Glass & Aluminum Solutions LLC, 10.59% (1 mo. Term SOFR + 6.00%), 02/15/2030			4,883,188		4,877,084
Information - 0.6%
Audacy Capital LLC, 10.47% (1 mo. Term SOFR + 6.00%), 09/30/2029			873,633		800,248
Audacy Capital LLC Exit Loan, 11.47% (1 mo. Term SOFR + 7.00%), 09/30/2028			2,276,401		2,293,474
					3,093,722
Manufacturing - 3.3%
Champ Acquisition, 8.83% (3 mo. Term SOFR + 4.50%), 11/08/2031			10,000,000		10,100,000
Chobani LLC, 7.72% (1 mo. Term SOFR + 3.25%), 10/23/2027			4,578,537		4,620,316
Chobani LLC First Lien, 8.32% (1 mo. Term SOFR + 3.75%), 10/25/2027			2,792,895		2,819,079
Elevate Textiles, Inc., 13.24% (3 mo. Term SOFR + 8.65%), 09/30/2027			192,411		195,538
First Brands Group LLC First Lien, 9.85% (3 mo. Term SOFR + 5.00%), 03/30/2027			210,421		197,665
					17,932,598
Materials - 4.4%
M2S Group Intermediate Holdings, Inc. First Lien, 9.09% (1 mo. Term SOFR + 4.75%), 08/22/2031			11,244,000		10,878,626
TPC Group, Inc., 10.11% (3 mo. Term SOFR + 5.75%), 11/24/2031			12,815,000		12,798,981
					23,677,607
Professional, Scientific, and Technical Services - 1.7%
Getty Images, Inc. First Lien, 8.85% (3 mo. Term SOFR + 4.50%), 02/19/2026			2,008,475		2,005,964
Inotiv, Inc. First Lien, 11.32% (3 mo. Term SOFR + 6.75%), 09/22/2026			7,753,353		7,133,085
					9,139,049
Retail Trade - 1.2%
Mountaineer Merger Corp., 11.85% (3 mo. Term SOFR + 7.00%), 10/22/2028			5,448,244		4,438,956
The Container Store, Inc.
10.84% (1 mo. Term SOFR + 6.50%), 03/31/2025			2,392,251		1,590,847
0.00% (3 mo. Term SOFR + 4.75%), 01/31/2026			451,102		363,438
					6,393,241
Utilities - 1.9%
Solaris Energy Infrastructure, 10.36% (1 mo. Term SOFR + 6.00%), 09/11/2029			9,917,000		9,917,000
Wholesale Trade - 1.5%
TMC Buyer (Terra Millennium)
0.00%, 10/25/2030			416,667		421,875
9.57% (3 mo. Term SOFR + 5.00%), 10/27/2030			4,583,333		4,640,625
United Natural Foods, Inc. First Lien, 9.11% (1 mo. Term SOFR + 4.75%), 10/22/2025			2,706,400		2,755,792
					7,818,292
TOTAL BANK LOANS (Cost $127,780,230)					128,017,545
CONVERTIBLE BONDS - 6.3%		Par		Value
Administrative and Support and Waste Management and Remediation Services - 0.8%
Match Group Financeco 2, Inc., 0.88%, 06/15/2026 (a)			4,428,000		4,173,390
Finance and Insurance - 1.6%
Euronet Worldwide, Inc., 0.75%, 03/15/2049			6,699,000		6,655,456
Novedo Holding AB, 12.00% (includes 12.00% PIK), 09/18/2028	SEK		22,500,000		1,982,809
					8,638,265
Information - 3.3%
BuzzFeed, Inc., 8.50%, 12/03/2026 (a)			1,135,000		1,049,875
Go North Group AB, 0.00%, 12/31/2050 (c)(d)	SEK		18,653,577		0
Leafly Holdings, Inc., 8.00%, 01/31/2025 (c)			4,163,000		3,538,550
Liberty TripAdvisor Holdings, Inc., 0.50%, 06/30/2051 (a)			11,694,000		11,555,426
Porch Group, Inc., 6.75%, 10/01/2028 (a)			1,653,000		1,371,990
					17,515,841
Professional, Scientific, and Technical Services - 0.1%
UpHealth, Inc., 13.49% (SOFR + 9.00%), 12/15/2025 (a)			627,000		586,245
Transportation and Warehousing - 0.5%
Delivery Hero SE
1.50%, 01/15/2028	EUR		2,200,000		1,994,226
2.13%, 03/10/2029	EUR		1,100,000		970,092
					2,964,318
TOTAL CONVERTIBLE BONDS (Cost $34,081,555)					33,878,059
MORTGAGE-BACKED SECURITIES - 3.9%		Par		Value
Finance and Insurance - 3.9%
BX Trust
Series 2021-VOLT, Class B, 5.46% (1 mo. Term SOFR + 1.06%), 09/15/2036 (a)			2,885,000		2,875,683
Series 2021-VOLT, Class C, 5.61% (1 mo. Term SOFR + 1.21%), 09/15/2036 (a)			2,300,000		2,288,499
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class A, 5.77% (1 mo. Term SOFR + 1.37%), 12/15/2037 (a)			3,325,000		3,328,712
JP Morgan Chase Commercial Mortgage Securities
Series 2021-MHC, Class A, 5.56% (1 mo. Term SOFR + 1.16%), 04/15/2038 (a)			3,874,077		3,874,284
Series 2021-MHC, Class B, 5.81% (1 mo. Term SOFR + 1.41%), 04/15/2038 (a)			970,000		970,128
Merit
Series 2021-STOR, Class A, 5.21% (1 mo. Term SOFR + 0.81%), 07/15/2038 (a)			1,915,000		1,913,838
Series 2022-MHIL, Class A, 5.21% (1 mo. Term SOFR + 0.81%), 01/15/2027 (a)			5,428,661		5,417,575
TOTAL MORTGAGE-BACKED SECURITIES (Cost $20,513,590)					20,668,719
U.S. TREASURY SECURITIES - 3.8%		Par		Value
United States Treasury Note, 3.50%, 09/30/2026			2,695,000		2,661,312
United States Treasury Note/Bond, 4.38%, 07/31/2026			17,809,000		17,840,305
TOTAL U.S. TREASURY SECURITIES (Cost $20,581,139)					20,501,617
COMMON STOCKS - 1.9%		Shares		Value
Administrative and Support and Waste Management and Remediation Services - 0.0%(e)
Bitcoin Depot, Inc. (f)			95,495		154,702
Information - 0.1%
Audacy Capital Class A (c)(f)			7,239		130,302
Audacy Capital Class B (c)(f)			2,481		44,658
Warner Bros Discovery, Inc. (f)(g)			38,800		410,116
					585,076
Manufacturing - 1.8%
FLEX LNG Ltd.			122,875		2,818,752
Forum Energy Technologies, Inc. (f)			143,324		2,220,089
Prosomnus Equity (c)(f)			1,385,560		1,669,046
RA PARENT INC (c)(f)			43		2,847,240
					9,555,127
Professional, Scientific, and Technical Services - 0.0%(e)
GemmaCert Ltd. (c)(f)			21,135		0
UpHealth, Inc. (f)			133,414		0
					0
TOTAL COMMON STOCKS (Cost $10,585,345)					10,294,905
ASSET-BACKED SECURITIES - 1.5%		Par		Value
Transportation and Warehousing - 1.5%
Hawaiian Airlines Class A Pass Through Certificates, Series 2013-1, 3.90%, 01/15/2026			7,873,725		7,744,029
TOTAL ASSET-BACKED SECURITIES (Cost $7,531,547)					7,744,029
PREFERRED STOCKS - 1.3%		Shares		Value
Finance and Insurance - 0.2%
Saratoga Investment Corp., Series 2027, 6.00%, 04/30/2027			40,765		1,025,647
Professional, Scientific, and Technical Services - 0.0%(e)
Argo Blockchain PLC, Series A, 8.75%, 11/30/2026			8,481		57,841
Wholesale Trade - 1.1%
NGL Energy Partners LP, Series B, 11.79% (3 mo. Term SOFR + 7.47%), Perpetual			243,284		5,838,816
TOTAL PREFERRED STOCKS (Cost $5,230,955)					6,922,304
REAL ESTATE INVESTMENT TRUSTS - 0.6%		Shares		Value
Real Estate and Rental and Leasing - 0.6%
CTO Realty Growth, Inc.			122,111		2,821,985
Global Self Storage, Inc.			100,603		536,214
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,942,144)					3,358,199
SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 0.4%		Shares		Value
AA Mission Acquisition Corp. (f)			100,000		1,014,000
DT Cloud Star Acquisition Corp. (f)			125,000		1,283,125
Plum Acquisition Corp. III (f)			8,594		1,434
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) (Cost $2,250,000)					2,298,559
WARRANTS - 0.1%		Contracts		Value
Information - 0.1%
Audacy Warrants, Expires 09/30/2029, Exercise Price $0.01  (f)			19,401		349,218
Leafly Holdings, Inc., Expires 11/07/2026, Exercise Price $11.50  (f)			21,228		340
Total Information					349,558
Manufacturing - 0.0%(e)
McDermott International Ltd., Expires 06/30/2027, Exercise Price $0.01  (c)(f)			258,269		0
McDermott International Ltd., Expires 06/30/2027, Exercise Price $0.00  (c)(f)			286,965		0
Total Manufacturing					0
TOTAL WARRANTS (Cost $688,763)					349,558
SHORT-TERM INVESTMENTS - 11.0%				Value
Commercial Paper - 2.0%		Par
Health Care and Social Assistance — 2.0%
Dentsply Sirona, Inc., 5.07%, 01/10/2025 (a)(h)			10,700,000		10,685,367
Money Market Funds - 6.4%		Shares
First American Government Obligations Fund - Class X, 4.41% (i)			10,550,582		10,550,582
First American Treasury Obligations Fund - Class X, 4.40% (i)			23,542,674		23,542,674
					34,093,256
U.S. Treasury Bills - 2.6%		Par
4.55%, 01/02/2025 (h)			14,000,000		14,000,000
TOTAL SHORT-TERM INVESTMENTS (Cost $58,778,078)					58,778,623
TOTAL INVESTMENTS - 100.9% (Cost $546,422,855)					539,993,849
Liabilities in Excess of Other Assets - (0.9)%					(5,060,999	)
TOTAL NET ASSETS - 100.0%				$	534,932,850
two					–	%
Percentages are stated as a percent of net assets.					–	%
Par amount is in USD unless otherwise indicated.

ASA - Advanced Subscription Agreement

LP - Limited Partnership

PIK - Payment in Kind

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

EUR - Euro

NOK - Norwegian Krone

SEK - Swedish Krona

USD – United States Dollar

(a)	Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2024, the value of these securities total $165,277,882 or 30.9% of the Fund’s net assets.
(b)	Step coupon bond. The rate disclosed is as of December 31, 2024.
(c)	Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $10,420,156 or 2.0% of net assets as of December 31, 2024.
(d)	Zero coupon bonds make no periodic interest payments.
(e)	Represents less than 0.05% of net assets.
(f)	Non-income producing security.
(g)	Held in connection with written option contracts. See Schedule of Options Written for further information.
(h)	The rate shown is the annualized effective yield as of December 31, 2024.
(i)	The rate shown represents the 7-day annualized effective yield as of December 31, 2024.

RiverPark Strategic Income Fund
Schedule of Written Options
December 31, 2024 (Unaudited)
WRITTEN OPTIONS - (0.1)% (a)(b)	Notional Amount			Contracts			Value
Call Options - (0.0)% (c)
iShares 1-3 Year Treasury Bond ETF, Expiration: 01/17/2025; Exercise Price: $83.00	$	(2,623,360	)		(320	)	$	(800	)
iShares iBoxx $ High Yield Corporate Bond ETF, Expiration: 01/17/2025; Exercise Price: $79.00		(1,281,995	)		(163	)		(3,586	)
Ishares Trust-Ishares Iiboxx $ High Yield Corporate Bond ETF, Expiration: 02/21/2025; Exercise Price: $80.00		(5,190,900	)		(660	)		(6,600	)
Warner Bros Discovery, Inc., Expiration: 01/17/2025; Exercise Price: $11.00		(196,602	)		(186	)		(4,464	)
Total Call Options								(15,450	)
Put Options - (0.1)%
iShares 1-3 Year Treasury Bond ETF, Expiration: 01/17/2025; Exercise Price: $82.00		(844,394	)		(103	)		(927	)
iShares iBoxx $ High Yield Corporate Bond ETF, Expiration: 01/17/2025; Exercise Price: $77.00		(2,516,800	)		(320	)		(2,880	)
Western Digital Corp., Expiration: 04/17/2025; Exercise Price: $70.00		(1,788,900	)		(300	)		(353,100	)
Total Put Options								(356,907	)
TOTAL WRITTEN OPTIONS (Premiums received $278,333)							$	(372,357	)
Percentages are stated as a percent of net assets.

(a)	100 shares per contract.
(b)	Exchange-traded.
(c)	Represents less than 0.05% of net assets.

RiverPark Strategic Income Fund
Schedule of Securities Sold Short
December 31, 2024 (Unaudited)
CORPORATE BONDS - (1.1)%	Par			Value
Information - (0.4)%
CCO Holdings LLC, 4.75%, 03/01/2030 (a)	$	(2,167,000	)	$	(1,981,334	)
Retail Trade - (0.7)%
Walgreens Boots Alliance, Inc., 3.20%, 04/15/2030		(4,652,000	)		(3,742,315	)
TOTAL CORPORATE BONDS (Proceeds $5,739,867)					(5,723,649	)
TOTAL SECURITIES SOLD SHORT - (1.1)% (Proceeds $5,739,867)				$	(5,723,649	)
Percentages are stated as a percent of net assets.

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2024, the value of these securities total $1,981,334 or 0.04% of the Fund’s net assets.

RiverPark Strategic Income Fund
Schedule of Forward Currency Contracts
December 31, 2024 (Unaudited)
Counterparty	Settlement Date	Currency Purchased		Currency Sold		Unrealized  Appreciation (Depreciation)
U.S. Bancorp Investments, Inc.	01/15/2025	USD	42,545,467	EUR	40,460,000	$	609,248
U.S. Bancorp Investments, Inc.	01/15/2025	USD	8,833,919	NOK	98,530,000		178,629
U.S. Bancorp Investments, Inc.	01/15/2025	USD	15,347,683	SEK	167,985,000		152,270
Net Unrealized Appreciation (Depreciation)						$	940,147
EUR - Euro
NOK - Norwegian Krone
SEK - Swedish Krona
USD - United States Dollar

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 CrossingBridge Funds (the

“Funds”) are comprised of the CrossingBridge Low Duration High Income Fund, the CrossingBridge Responsible Credit Fund, the CrossingBridge Ultra-Short Duration

Fund, the CrossingBridge Nordic High Income Bond Fund, and the RiverPark Strategic Income Fund (collectively, the “Mutual Funds”) and the CrossingBridge

Pre-Merger SPAC ETF (the “ETF”), each representing a distinct diversified series with its own investment objective and policies within the Trust.

The investment objective of the CrossingBridge Low Duration High Income Fund is to seek high current income and capital appreciation consistent with the preservation

of capital. The investment objective of the CrossingBridge Responsible Credit Fund is to seek high current income and capital appreciation consistent with the preservation

of capital. The investment objective of the CrossingBridge Ultra-Short Duration Fund is to offer a higher yield than cash instruments while maintaining a low duration.

The investment objective of the CrossingBridge Nordic High Income Bond Fund is seek high current income and capital appreciation with the preservation of capital.

The investment objective of the RiverPark Strategic Income Fund is seek high current income and capital appreciation with the preservation of capital.

   The CrossingBridge Low Duration High Income Fund commenced investment operations on February 1, 2018. The Fund has registered and currently offers both an

Institutional Class and Retail Class of shares. Both the CrossingBridge Responsible Credit Fund and CrossingBridge Ultra-Short Duration Fund commenced investment

operations on June 30, 2021. Both Funds registered only an Institutional Class of shares.

   The RiverPark Strategic Income was formerly a series of the RiverPark Funds Trust and commenced opertaions on September 13, 2013 (the Predessor Fund"). After

the close of business on May 12, 2023, he assets of the Predecessor Fund were transferred to the RiverPArk Strategic Income Fund, a series of the Trust, in a tax-free

reorganization, which was approved by shareholders of the Predessort Fund (the "Reorganization"). The RiverPark Strategic Income Fund offers both Institutional Class

and Retail Class shares.

   The investment objective of the CrossingBridge Pre-Merger SPAC ETF is to provide total returns consistent with the preservation of capital. The ETF commenced

investment operations on September 20, 2021.

   Costs incurred by the Funds in connection with the organization, registration and the initial public offering of shares were paid by CrossingBridge Advisors, LLC

(the "Adviser"), the Funds’ investment adviser. The Trust may issue an unlimited number of shares of beneficial interest at $0.001 par value. 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.”

Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. These policies are in

conformity with generally accepted accounting principles in the United States of America (“GAAP”).

Investment Valuation

Each security owned by the Fund that is listed on a securities exchange, including Special Purpose Acquisition Companies ("SPACs"), is valued at its last sale price on that

exchange on the date as of which assets are valued. Bank loans are valued at prices supplied by an approved independent pricing service (“Pricing Service”), if available,

and otherwise will be valued at the most recent bid quotations or evaluated prices, as applicable, based on quotations or prices obtained from one or more broker-dealers

known to follow the issue.

If the security is listed on more than one exchange, the Fund will use the price of the exchange that the Fund generally considers to be the principal exchange on

which the security is traded. Portfolio securities listed on the NASDAQ Stock Market, LLC (“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 the mean between the

most recent bid and asked prices on such day or the security shall be valued at the latest sales price on the “composite market” for the day such security is being

valued. The composite market is defined as a consolidation of the trade information provided by national securities and foreign exchanges and over-the-counter

markets as published by a Pricing Service.

Foreign securities will be priced in their local currencies as of the close of their primary exchange or market or as of the time the Fund calculates its NAV, whichever

is earlier. Foreign securities, currencies and other assets denominated in foreign currencies are then translated into U.S. dollars at the exchange rate of such

currencies against the U.S. dollar, as provided by an approved 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.

Debt securities, including corporate bonds, bank loans, commercial paper, and short-term debt instruments having a maturity of 60 days or less, are valued at the

mean in accordance with prices supplied by an approved 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. Any discount or premium is accreted or amortized using constant yield method over the life of the security.

Money market funds are valued at cost. If cost does not represent current market value the securities will be priced at fair value.

SPAC Founders Shares, received as part of the initial public offering process, will be valued initially in line with the publicly traded warrants, which typically have no value

prior to the warrants being separated from the SPAC common shares. Upon a de-SPAC transaction, the valuation of the Founders Shares may be updated to reflect

more current circumstances and inputs, including the value of the publicly traded warrants or the value of the publicly traded common shares, and may include a

discount to reflect any restrictions associated with the Founders Shares.

Redeemable securities issued by open-end, registered investment companies are valued at the NAVs of such companies for purchase and/or redemption orders

placed on that day. All exchange-traded funds are valued at the last reported sale price on the exchange on which the security is principally traded.

If market quotations are not readily available, a security or other asset will be valued at its fair value in accordance with Rule 2a-5 of the 1940 Act as determined under the

Adviser’s fair value pricing procedures, subject to oversight by the Board of Trustees. These fair value pricing procedures will also be used to price a security when

corporate events, events in the securities market and/or world events cause the Adviser to believe that a security’s last sale price may not reflect its actual fair market value.

The intended effect of using fair value pricing procedures is to ensure that the Fund is accurately priced. The Board of Trustees will regularly evaluate whether the Fund’s

fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Fund and the quality of prices obtained through the application of such

procedures by the Adviser.

FASB Accounting Standards Codification, “Fair Value Measurements and Disclosures” Topic 820 (“ASC 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 major security types. These inputs are summarized in the three broad levels listed below:

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Funds investments carried at fair value as of December 31, 2024:

RiverPark Strategic Income Fund	Level 1			Level 2			Level 3			Total
Assets(1):
Corporate Bonds	$	-		$	244,991,372		$	2,190,360		$	247,181,732
Bank Loans		-			128,017,545			0	(3)		128,017,545
Convertible Bonds		-			30,339,509			3,538,550			33,878,059
Mortgage-Backed Securities		-			20,668,719			-			20,668,719
U.S. Treasury Securities					20,501,617						20,501,617
Common Stocks		5,603,659			0	(3)		4,691,246			10,294,905
Asset-Backed Securities		-			7,744,029			-			7,744,029
Preferred Stocks		6,922,304			-			-			6,922,304
Real Estate Investment Trusts		3,358,199			-			-			3,358,199
Special Purpose Acquisition Companies		-			2,298,559			-			2,298,559
Warrants		340			349,218			0	(3)		349,558
Commercial Paper		-			10,685,367			-			10,685,367
Money Market Funds		34,093,256			-			-			34,093,256
U.S. Treasury Bills		-			14,000,000			-			14,000,000
Total Assets	$	49,977,758		$	479,595,935		$	10,420,156		$	539,993,849
Liabilities:
Corporate Bonds	$	-		$	(5,723,649	)	$	-		$	(5,723,649	)
Written Options		(371,557	)		(800	)		-			(372,357	)
Total Liabilities	$	(371,557	)	$	(5,724,449	)	$	-		$	(6,096,006	)
Other Financial Instruments(2):
Forward Currency Exchange Contracts	$	-		$	940,147		$	-		$	940,147
Total Other Financial Instruments	$	-		$	940,147		$	-		$	940,147

(1) See the Fund's Schedule of Investments for industry classifications.
(2) Other financial instruments are forward currency exchange contracts not included in the Schedule of Investments, which are reflected at the net unrealized
appreciation (depreciation) on the instrument.
(3) Amount is less than $0.50.
The following is a reconciliation of Level 3 assets in the Funds for which significant unobservable inputs were used to determine fair value:
RiverPark Strategic Income Fund
	Common Stocks		Convertible Bonds		Corporate Bonds			Special Purpose Acquisition Companies			Warrants
Beginning Balance - October 1, 2024	$	4,516,285	$	3,538,550	$	2,243,370		$	0		$	0
Purchases		174,961		-		-			-			-
Sales		-		-		-			-			-
Realized gains		-		-		-			-			-
Realized losses		-		-		-			(50	)		-
Accretion of discout/(amortization of premium)		-		-		7,586			-			-
Change in unrealized appreciation (depreciation)		-		-		(60,596	)		50			-
Transfer in/(out) of Level 3		-		-		-			-			-
Ending Balance - December 31, 2024	$	4,691,246	$	3,538,550	$	2,190,360		$	-		$	0
The following table represents additional information about valuation methodologies and inputs used for investments that are measured at fair value and
categorized within Level 3 as of December 31, 2024:

RiverPark Strategic Income Fund
Description	Fair Value December 31, 2024		Valuation Techniques	Unobservable Input	Range of Input		Weighted Average Unobservable Input		Impact to Valuation from an Increase in Input
Common Stocks	$	4,691,246	Market Approach	Broker quote		$66,000		$66,000	Increase
				Recoverable value		$0		$0	Increase
				Enterprise Value		$1.42		$1.42	Increase
				Discount		15.00%		15.00%	Decrease
				Broker quote		$18		$18	Increase
Convertible Bonds	$	3,538,550	Market Approach	Yield to maturity		61.80%		61.80%	Decrease
				Transaction price		N/A		N/A	Increase
Corporate Bonds	$	2,190,360	Market Approach	Transaction price		N/A		N/A	Increase
				Discount		$0-20		$20	Increase
Warrants	$	0	Market Approach	Recoverable value		$0		0	Increase