| CrossingBridge Low Duration High Income Fund | |||||||||
| Schedule of Investments | |||||||||
| December 31, 2024 (Unaudited) | |||||||||
| CORPORATE BONDS - 54.5% | Par | Value | |||||||
| Accommodation and Food Services - 2.0% | |||||||||
Sizzling Platter LLC, 8.50%, 11/28/2025 (a) | $ | 22,181,000 | $ | 22,176,138 | |||||
| Arts, Entertainment, and Recreation - 5.0% | |||||||||
| Gaming Innovation Group PLC | |||||||||
| 9.82% (3 Month Stockholm Interbank Offered Rates + 7.25%), 12/18/2026 | SEK | 29,925,000 | 2,816,461 | ||||||
| 10.11% (3 mo. EURIBOR + 7.25%), 12/18/2026 | EUR | 3,510,000 | 3,784,425 | ||||||
| Life Time, Inc. | |||||||||
5.75%, 01/15/2026 (a) | 16,875,000 | 16,868,073 | |||||||
8.00%, 04/15/2026 (a) | 32,551,000 | 32,606,727 | |||||||
| 56,075,686 | |||||||||
| Construction - 0.4% | |||||||||
Five Point Operating Co. LP, 10.50%, 01/15/2028 (a)(b) | 4,776,361 | 4,881,866 | |||||||
| Consumer Discretionary - 1.8% | |||||||||
| Aider Konsern AS, 8.83% (Norway Interbank Offered Rate Fixing 3 Month + 4.15%), 09/05/2028 | NOK | 26,550,000 | 2,399,399 | ||||||
OP Holdco GmbH, 9.38% (3 mo. EURIBOR + 6.50%), 06/05/2029 (a) | EUR | 16,900,000 | 17,418,349 | ||||||
| 19,817,748 | |||||||||
| Energy - 0.2% | |||||||||
Golar LNG Ltd., 7.00%, 10/20/2025 (a) | 2,205,000 | 2,235,319 | |||||||
| Finance and Insurance - 7.9% | |||||||||
| BGC Group, Inc., 4.38%, 12/15/2025 | 11,493,000 | 11,389,601 | |||||||
| Boras V-tyget 1 AB, 8.62% (3 Month Stockholm Interbank Offered Rates + 5.75%), 04/29/2027 | SEK | 165,900,000 | 15,069,754 | ||||||
| Ford Motor Credit Co. LLC, 2.30%, 02/10/2025 | 23,200,000 | 23,123,880 | |||||||
| General Motors Financial Co., Inc., 4.00%, 01/15/2025 | 6,435,000 | 6,432,420 | |||||||
| Goldcup 100865 AB, 8.56% (3 Month Stockholm Interbank Offered Rates + 5.50%), 07/11/2028 | SEK | 6,250,000 | 569,874 | ||||||
| Icahn Enterprises LP | |||||||||
| 6.25%, 05/15/2026 | 2,200,000 | 2,181,556 | |||||||
| 5.25%, 05/15/2027 | 11,098,000 | 10,517,414 | |||||||
| Novedo Holding AB, 9.54% (3 Month Stockholm Interbank Offered Rates + 7.00%), 09/23/2027 | SEK | 56,250,000 | 5,175,012 | ||||||
| Qflow Group AB, 8.04% (3 Month Stockholm Interbank Offered Rates + 5.50%), 09/25/2028 | SEK | 15,000,000 | 1,380,587 | ||||||
| Saks Global Enterprises LLC, 11.00%, 12/15/2029 | 6,268,000 | 6,044,199 | |||||||
| Stockwik Forvaltning AB, 10.55% (3 Month Stockholm Interbank Offered Rates + 8.00%), 03/20/2026 | SEK | 65,000,000 | 5,983,383 | ||||||
| 87,867,680 | |||||||||
| Health Care and Social Assistance - 3.4% | |||||||||
| ADDvise Group AB | |||||||||
| 8.11% (3 Month Stockholm Interbank Offered Rates + 5.50%), 05/26/2026 | SEK | 6,250,000 | 574,775 | ||||||
| 8.81% (SOFR + 4.25%), 04/04/2027 | 2,875,000 | 2,882,187 | |||||||
| HCA, Inc., 5.38%, 02/01/2025 | 25,799,000 | 25,805,207 | |||||||
| Laboratory Corp. of America Holdings, 3.60%, 02/01/2025 | 3,620,000 | 3,616,234 | |||||||
| Orexo AB, 9.05% (3 Month Stockholm Interbank Offered Rates + 6.50%), 03/28/2028 | SEK | 56,250,000 | 5,011,041 | ||||||
| 37,889,444 | |||||||||
| Industrials - 0.5% | |||||||||
| Booster Precision Components GmbH, 11.90% (3 mo. EURIBOR + 9.00%), 11/28/2026 | EUR | 1,977,000 | 2,038,276 | ||||||
| TWMA Group Ltd., 13.00%, 02/08/2027 | 3,369,000 | 3,529,614 | |||||||
| 5,567,890 | |||||||||
| Information - 4.8% | |||||||||
| Azerion Group NV, 10.03% (3 mo. EURIBOR + 6.75%), 10/02/2026 | EUR | 17,561,000 | 18,194,254 | ||||||
| Cabonline Group Holding AB | |||||||||
| 14.00%, 03/19/2026 | SEK | 77,770,274 | 6,846,790 | ||||||
| 14.00%, 03/19/2026 | SEK | 21,879,529 | 1,954,595 | ||||||
| Go North Group AB | |||||||||
| 10.89% (3 Month SOFR + 5.76%, includes 10.89% PIK), 02/09/2026 | 7,610,942 | 4,566,565 | |||||||
| 15.00% (includes 15.00% PIK), 02/09/2027 | SEK | 13,919,669 | 220,171 | ||||||
| 15.00% (includes 15.00% PIK), 02/09/2027 | 3,216,065 | 482,410 | |||||||
15.00% (includes 15.00% PIK, 02/02/2028 (c) | SEK | 5,474,131 | 0 | ||||||
| Impala BondCo PLC, 12.00%, (3 Month STIBOR + 9.00%, includes 12.00% PIK), 10/30/2027 | SEK | 12,716,936 | 770,107 | ||||||
| PayPal Holdings, Inc., 1.65%, 06/01/2025 | 3,113,000 | 3,073,081 | |||||||
| Warnermedia Holdings, Inc. | |||||||||
| 3.79%, 03/15/2025 | 3,330,000 | 3,320,260 | |||||||
| 6.41%, 03/15/2026 | 13,829,000 | 13,834,640 | |||||||
| 53,262,873 | |||||||||
| Management of Companies and Enterprises - 1.5% | |||||||||
Connect Finco SARL, 9.00%, 09/15/2029 (a) | 3,467,000 | 3,162,093 | |||||||
Welltec International ApS, 8.25%, 10/15/2026 (a) | 13,054,000 | 13,367,400 | |||||||
| 16,529,493 | |||||||||
| Manufacturing - 16.2% | |||||||||
| Cannabist Co. Holdings, Inc., 9.50%, 02/03/2026 | 17,087,000 | 12,040,263 | |||||||
| Forum Energy Technologies, Inc., 10.50%, 11/07/2029 | 15,600,000 | 15,850,364 | |||||||
| Gilead Sciences, Inc., 3.65%, 03/01/2026 | 8,847,000 | 8,745,480 | |||||||
| HMH Holding BV, 9.88%, 11/16/2026 | 14,906,000 | 15,464,975 | |||||||
Infrabuild Australia Pty Ltd., 14.50%, 11/15/2028 (a) | 22,540,000 | 22,951,355 | |||||||
| Jabil, Inc., 1.70%, 04/15/2026 | 3,353,000 | 3,220,486 | |||||||
| Neptune Bidco AS, 11.45% (Norway Interbank Offered Rate Fixing 3 Month + 6.75%), 06/28/2028 | NOK | 55,000,000 | 4,813,479 | ||||||
Pactiv Evergreen Group Issuer LLC, 4.38%, 10/15/2028 (a) | 5,449,000 | 5,448,995 | |||||||
Prosomnus Sleep Technologies, Inc., 8.00%, 12/31/2026 (c) | 6,835,426 | 5,143,658 | |||||||
Rayonier AM Products, Inc., 7.63%, 01/15/2026 (a) | 22,114,000 | 22,134,498 | |||||||
| Secop Group Holding GmbH, 11.13% (3 mo. EURIBOR + 8.40%), 12/29/2026 | EUR | 2,561,000 | 2,739,013 | ||||||
| Sherwin-Williams Co., 3.95%, 01/15/2026 | 8,847,000 | 8,792,647 | |||||||
| Sonoco Products Co., 1.80%, 02/01/2025 | 18,695,000 | 18,639,708 | |||||||
| Stanley Black & Decker, Inc., 3.40%, 03/01/2026 | 3,460,000 | 3,405,201 | |||||||
| Tapestry, Inc., 4.13%, 07/15/2027 | 111,000 | 108,865 | |||||||
| VF Corp., 2.40%, 04/23/2025 | 25,395,000 | 25,140,362 | |||||||
| Western Digital Corp., 4.75%, 02/15/2026 | 5,568,000 | 5,519,140 | |||||||
| 180,158,489 | |||||||||
| Mining, Quarrying, and Oil and Gas Extraction - 2.4% | |||||||||
CrownRock LP, 5.00%, 05/01/2029 (a) | 25,288,000 | 25,623,619 | |||||||
| Mime Petroleum AS, 9.75%, 09/17/2026 | 1,140,033 | 1,111,648 | |||||||
Tacora Resources, Inc., 13.00% (includes 13.00% PIK), 12/31/2025 (a)(c)(j) | 3,892,693 | 778,539 | |||||||
| 27,513,806 | |||||||||
| Professional, Scientific, and Technical Services - 2.6% | |||||||||
Gen Digital, Inc., 6.75%, 09/30/2027 (a) | 5,537,000 | 5,625,255 | |||||||
Getty Images, Inc., 9.75%, 03/01/2027 (a) | 11,629,000 | 11,601,561 | |||||||
Infor, Inc., 1.75%, 07/15/2025 (a) | 5,057,000 | 4,964,413 | |||||||
| Oracle Corp., 2.65%, 07/15/2026 | 6,640,000 | 6,443,955 | |||||||
| 28,635,184 | |||||||||
Real Estate and Rental and Leasing - 0.0%(d) | |||||||||
REX - Real Estate Exchange, Inc., 6.00%, 03/15/2025 (a)(c) | 374,999 | 372,974 | |||||||
| Retail Trade - 0.3% | |||||||||
| Advance Auto Parts, Inc., 5.90%, 03/09/2026 | 3,000,000 | 3,022,518 | |||||||
| Transportation and Warehousing - 1.0% | |||||||||
Delta Air Lines, Inc., 7.00%, 05/01/2025 (a) | 9,156,000 | 9,196,661 | |||||||
Uber Technologies, Inc., 7.50%, 09/15/2027 (a) | 2,421,000 | 2,466,403 | |||||||
| 11,663,064 | |||||||||
| Wholesale Trade - 4.5% | |||||||||
CITGO Petroleum Corp., 7.00%, 06/15/2025 (a) | 23,801,000 | 23,897,513 | |||||||
| Genuine Parts Co., 1.75%, 02/01/2025 | 11,858,000 | 11,826,646 | |||||||
OPENLANE, Inc., 5.13%, 06/01/2025 (a) | 9,165,000 | 9,149,341 | |||||||
| TD SYNNEX Corp., 1.75%, 08/09/2026 | 5,186,000 | 4,928,345 | |||||||
| 49,801,845 | |||||||||
TOTAL CORPORATE BONDS (Cost $626,674,398) | 607,472,017 | ||||||||
| BANK LOANS - 10.8% | Par | Value | |||||||
| Communications - 3.6% | |||||||||
| Cengage Learning, Inc. First Lien, 7.86% (1 mo. Term SOFR + 3.50%), 07/14/2026 | 6,206,810 | 6,246,720 | |||||||
| Clear Channel International Tranche First Lien, 7.50%, 08/15/2027 | 21,839,000 | 21,566,012 | |||||||
| Magnite, Inc., 8.11% (1 mo. Term SOFR + 3.75%), 02/06/2031 | 12,539,655 | 12,712,075 | |||||||
| 40,524,807 | |||||||||
| Construction - 0.1% | |||||||||
| Lealand Finance Co. BV First Lien | |||||||||
| 7.47% (1 mo. Base Rate + 3.00%), 06/30/2027 | 1,750,984 | 893,002 | |||||||
| 8.47% (1 mo. Base Rate + 1.00%), 12/31/2027 | 38,568 | 15,523 | |||||||
| 908,525 | |||||||||
| Manufacturing - 2.4% | |||||||||
| Chobani LLC, 7.72% (1 mo. Term SOFR + 3.25%), 10/23/2027 | 2,455,243 | 2,477,647 | |||||||
| Chobani LLC First Lien, 8.32% (1 mo. Term SOFR + 3.75%), 10/25/2027 | 5,955,000 | 6,010,828 | |||||||
| Elevate Textiles, Inc., 13.24% (3 mo. Term SOFR + 8.65%), 09/30/2027 | 8,695,925 | 8,837,234 | |||||||
| First Brands Group LLC First Lien, 9.85% (3 mo. Term SOFR + 5.00%), 03/30/2027 | 361,856 | 339,920 | |||||||
| K&N Parent, Inc. | |||||||||
| 12.47% (3 mo. Term SOFR + 8.00%), 02/14/2027 | 7,952,655 | 7,912,892 | |||||||
| 7.94% (3 mo. Term SOFR + 3.25%), 08/14/2027 | 1,885,450 | 1,489,505 | |||||||
| 27,068,026 | |||||||||
| Professional, Scientific, and Technical Services - 0.3% | |||||||||
| Getty Images, Inc. First Lien, 8.85% (3 mo. Term SOFR + 4.50%), 02/19/2026 | 3,024,345 | 3,020,565 | |||||||
| Real Estate and Rental and Leasing - 3.1% | |||||||||
| Chicago Atlantic Real Estate Finance Term Loan, 9.00%, 10/17/2028 | 27,349,000 | 26,938,765 | |||||||
Micromont, 8.00%, 11/15/2026 (c) | 7,806,138 | 7,806,138 | |||||||
| 34,744,903 | |||||||||
| Retail Trade - 0.4% | |||||||||
| The Container Store, Inc. | |||||||||
| 10.84% (1 mo. Term SOFR + 6.50%), 03/31/2025 | 4,894,538 | 3,254,868 | |||||||
| 0.00% (3 mo. Term SOFR + 4.75%), 01/31/2026 | 922,954 | 743,593 | |||||||
| 3,998,461 | |||||||||
| Utilities - 0.9% | |||||||||
| Solaris Energy Infrastructure, 10.36% (1 mo. Term SOFR + 6.00%), 09/11/2029 | 10,351,000 | 10,351,000 | |||||||
TOTAL BANK LOANS (Cost $124,091,865) | 120,616,287 | ||||||||
| CONVERTIBLE BONDS - 7.2% | Par | Value | |||||||
| Administrative and Support and Waste Management and Remediation Services - 0.2% | |||||||||
| Envestnet, Inc., 0.75%, 08/15/2025 | 2,408,000 | 2,410,408 | |||||||
| Finance and Insurance - 2.5% | |||||||||
| Euronet Worldwide, Inc., 0.75%, 03/15/2049 | 27,287,000 | 27,109,634 | |||||||
| Information - 4.1% | |||||||||
BuzzFeed, Inc., 8.50%, 12/03/2026 (a) | 1,634,000 | 1,511,450 | |||||||
| Chegg, Inc., 0.13%, 03/15/2025 | 11,577,000 | 11,252,844 | |||||||
Go North Group AB, 0.00%, 12/31/2050 (c)(e) | SEK | 39,553,628 | 0 | ||||||
Leafly Holdings, Inc., 8.00%, 01/31/2025 (c) | 7,245,000 | 6,158,250 | |||||||
Liberty TripAdvisor Holdings, Inc., 0.50%, 06/30/2051 (a) | 23,024,000 | 22,751,166 | |||||||
Porch Group, Inc., 0.75%, 09/15/2026 (a) | 5,182,000 | 4,122,281 | |||||||
| 45,795,991 | |||||||||
| Manufacturing - 0.4% | |||||||||
| NuVasive, Inc., 0.38%, 03/15/2025 | 4,255,000 | 4,217,769 | |||||||
TOTAL CONVERTIBLE BONDS (Cost $80,095,218) | 79,533,802 | ||||||||
| ASSET-BACKED SECURITIES - 4.6% | Par | Value | |||||||
| Finance and Insurance - 2.5% | |||||||||
Alterna Funding LLC, Series 2024-1A, Class A, 6.26%, 05/16/2039 (a) | 2,087,894 | 2,108,201 | |||||||
Coinstar Funding LLC, Series 2017-1A, Class A2, 5.22%, 04/25/2047 (a) | 21,238,925 | 19,126,296 | |||||||
HTS Fund LLC, Series 2021-1, Class A, 1.41%, 08/25/2036 (a) | 4,223,592 | 3,604,556 | |||||||
RAM LLC, Series 2024-1, Class A, 6.67%, 02/15/2039 (a) | 3,025,531 | 3,043,822 | |||||||
| 27,882,875 | |||||||||
| Transportation and Warehousing - 2.1% | |||||||||
Alaska Airlines, Inc., Series A, 4.80%, 08/15/2027 (a) | 1,265,122 | 1,256,151 | |||||||
| Hawaiian Airlines Class A Pass Through Certificates, Series 2013-1, 3.90%, 01/15/2026 | 22,489,482 | 22,119,035 | |||||||
| 23,375,186 | |||||||||
TOTAL ASSET-BACKED SECURITIES (Cost $50,710,729) | 51,258,061 | ||||||||
| MORTGAGE-BACKED SECURITIES - 4.0% | Par | Value | |||||||
| Finance and Insurance - 4.0% | |||||||||
Banc of America Re-Remic Trust, Series 2022-DKLX, Class C, 6.55% (1 mo. Term SOFR + 2.15%), 01/15/2039 (a) | 3,390,015 | 3,363,356 | |||||||
| BX Trust | |||||||||
Series 2021-SOAR, Class A, 5.18% (1 mo. Term SOFR + 0.78%), 06/15/2038 (a) | 1,884,986 | 1,883,219 | |||||||
Series 2021-SOAR, Class B, 5.38% (1 mo. Term SOFR + 0.98%), 06/15/2038 (a) | 6,080,177 | 6,074,836 | |||||||
Series 2021-VINO, Class A, 5.16% (1 mo. Term SOFR + 0.77%), 05/15/2038 (a) | 1,698,801 | 1,698,006 | |||||||
Series 2021-VOLT, Class B, 5.46% (1 mo. Term SOFR + 1.06%), 09/15/2036 (a) | 5,610,000 | 5,591,883 | |||||||
Series 2021-VOLT, Class C, 5.61% (1 mo. Term SOFR + 1.21%), 09/15/2036 (a) | 4,700,000 | 4,676,497 | |||||||
Series 2024-BIO, Class A, 6.04% (1 mo. Term SOFR + 1.64%), 02/15/2041 (a) | 4,170,000 | 4,180,058 | |||||||
Series 2024-KING, Class A, 5.94% (1 mo. Term SOFR + 1.54%), 05/15/2034 (a) | 4,252,023 | 4,260,912 | |||||||
Series 2024-KING, Class B, 6.14% (1 mo. Term SOFR + 1.74%), 05/15/2034 (a) | 2,674,787 | 2,678,421 | |||||||
| CAMB Commercial Mortgage Trust | |||||||||
Series 2019-LIFE, Class A, 5.77% (1 mo. Term SOFR + 1.37%), 12/15/2037 (a) | 6,300,000 | 6,307,034 | |||||||
Series 2019-LIFE, Class B, 5.95% (1 mo. Term SOFR + 1.55%), 12/15/2037 (a) | 1,600,000 | 1,601,134 | |||||||
Life Mortgage Trust US, Series 2021-BMR, Class A, 5.21% (1 mo. Term SOFR + 0.81%), 03/15/2038 (a) | 2,561,824 | 2,531,171 | |||||||
TOTAL MORTGAGE-BACKED SECURITIES (Cost $44,506,398) | 44,846,527 | ||||||||
| SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 2.4% | Shares | Value | |||||||
Alpha Partners Technology Merger Corp. Founder Shares (f) | 9,341 | 1,559 | |||||||
Charlton Aria Acquisition Corp. - Class A (f) | 115,000 | 1,145,400 | |||||||
GSR III Acquisition Corp. (f) | 691,500 | 6,956,490 | |||||||
IB Acquisition Corp. (f) | 87,100 | 882,323 | |||||||
Legato Merger Corp. III (f) | 178,600 | 1,837,794 | |||||||
Mountain Lake Acquisition Corp. (f) | 876,780 | 8,785,336 | |||||||
Range Capital Acquisition Corp. (f) | 285,700 | 2,868,428 | |||||||
Translational Development Acquisition Corp. (f) | 439,500 | 4,408,185 | |||||||
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) (Cost $26,723,531) | 26,885,515 | ||||||||
| PREFERRED STOCKS - 1.4% | Shares | Value | |||||||
| Administrative and Support and Waste Management and Remediation Services - 0.9% | |||||||||
| SWK Holdings Corp., 9.00%, 01/31/2027 | 412,897 | 10,487,584 | |||||||
| Management of Companies and Enterprises - 0.5% | |||||||||
| Athene Holding Ltd., Series C, 6.38% to 09/30/2025 then 5 yr. CMT Rate + 5.97%, Perpetual | 210,000 | 5,262,600 | |||||||
TOTAL PREFERRED STOCKS (Cost $15,624,820) | 15,750,184 | ||||||||
| U.S. TREASURY SECURITIES - 0.5% | Par | Value | |||||||
| United States Treasury Note, 3.50%, 09/30/2026 | 5,310,000 | 5,243,625 | |||||||
TOTAL U.S. TREASURY SECURITIES (Cost $5,259,322) | 5,243,625 | ||||||||
| REAL ESTATE INVESTMENT TRUSTS - 0.3% | Shares | Value | |||||||
| Real Estate and Rental and Leasing - 0.3% | |||||||||
| Gladstone Land Corp. | 120,430 | 2,972,212 | |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,859,203) | 2,972,212 | ||||||||
| MUNICIPAL BONDS - 0.2% | Par | Value | |||||||
| New York - 0.2% | |||||||||
New York State Dormitory Authority, 5.95%, 05/01/2035 (Obligor: Pace University) (g) | 2,175,000 | 2,175,000 | |||||||
TOTAL MUNICIPAL BONDS (Cost $2,175,000) | 2,175,000 | ||||||||
| COMMON STOCKS - 0.1% | Shares | Value | |||||||
| Manufacturing - 0.1% | |||||||||
K&N Parent, Inc. (c)(f) | 152,899 | 191,124 | |||||||
Prosomnus Equity (c)(f)(k) | 996,799 | 1,200,744 | |||||||
TOTAL COMMON STOCKS (Cost $1,057,918) | 1,391,868 | ||||||||
RIGHTS - 0.0%(d) | Shares | Value | |||||||
Finance and Insurance - 0.0%(d) | |||||||||
Charlton Aria Acquisition Corp., Expires 12/31/2026, Exercise Price $10.00 (f) | 115,000 | 18,975 | |||||||
TOTAL RIGHTS (Cost $15,941) | 18,975 | ||||||||
WARRANTS - 0.0%(d) | Contracts | Value | |||||||
Finance and Insurance - 0.0%(d) | |||||||||
Legato Merger Corp. III, Expires 03/28/2029, Exercise Price $11.50 (f) | 89,300 | 14,288 | |||||||
Information - 0.0%(d) | |||||||||
Leafly Holdings, Inc., Expires 11/07/2026, Exercise Price $11.50 (f) | 36,943 | 591 | |||||||
TOTAL WARRANTS (Cost $14,086) | 14,879 | ||||||||
| SHORT-TERM INVESTMENTS - 14.1% | Value | ||||||||
| Commercial Paper - 5.9% | Par | ||||||||
| Consumer Discretionary — 1.7% | |||||||||
Leggett & Platt, Inc., 5.06%, 01/13/2025 (i) | 9,922,000 | 9,905,873 | |||||||
Leggett & Platt, Inc., 5.06%, 01/07/2025 (a)(i) | 9,057,000 | 9,049,119 | |||||||
| Health Care and Social Assistance — 1.9% | |||||||||
Dentsply Sirona, Inc., 5.32%, 01/15/2025 (a)(i) | 21,184,000 | 21,140,573 | |||||||
| Information — 1.8% | |||||||||
Crown Castle International Corp., 4.89%, 01/21/2025 (i) | 19,978,000 | 19,921,700 | |||||||
| Utilities — 0.5% | |||||||||
National Fuel Gas Co., 4.60%, 01/21/2025 (i) | 5,400,000 | 5,384,845 | |||||||
| 65,402,110 | |||||||||
| Money Market Funds - 5.2% | Shares | ||||||||
First American Treasury Obligations Fund - Class X, 4.40% (h) | 57,584,420 | 57,584,420 | |||||||
| U.S. Treasury Bills - 3.0% | Par | ||||||||
4.55%, 01/02/2025 (i) | 28,700,000 | 28,700,000 | |||||||
4.17%, 10/02/2025 (i) | 5,260,000 | 5,099,930 | |||||||
| 33,799,930 | |||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $156,785,801) | 156,786,460 | ||||||||
TOTAL INVESTMENTS - 100.1% (Cost $1,136,594,230) | 1,114,965,412 | ||||||||
| Liabilities in Excess of Other Assets - (0.1)% | (1,089,048 | ) | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 1,113,876,364 | |||||||
| two | – | % | |||||||
| Percentages are stated as a percent of net assets. | – | % | |||||||
| Par amount is in USD unless otherwise indicated. | |||||||||
| CMT - Constant Maturity Treasury |
| LIBOR - London Interbank Offered Rate |
| 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 $389,487,234 or 35.0% 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 $21,651,427 or 1.9% of net assets as of December 31, 2024. |
| (d) | Represents less than 0.05% of net assets. |
| (e) | Zero coupon bonds make no periodic interest payments. |
| (f) | Non-income producing security. |
| (g) | Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of December 31, 2024. |
| (h) | The rate shown represents the 7-day annualized effective yield as of December 31, 2024. |
| (i) | The rate shown is the annualized effective yield as of December 31, 2024. |
| (j) | Security in default. |
| (k) | Privately held. |
| CrossingBridge Low Duration High 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 | EUR | 7,825,000 | USD | 8,217,346 | $ | (106,844 | ) | |||||||
| U.S. Bancorp Investments, Inc. | 01/15/2025 | SEK | 3,810,000 | USD | 348,111 | (3,469 | ) | ||||||||
| U.S. Bancorp Investments, Inc. | 01/15/2025 | USD | 54,203,376 | EUR | 51,530,000 | 793,259 | |||||||||
| U.S. Bancorp Investments, Inc. | 01/15/2025 | USD | 7,489,062 | NOK | 83,530,000 | 151,435 | |||||||||
| U.S. Bancorp Investments, Inc. | 01/15/2025 | USD | 48,102,839 | SEK | 526,500,000 | 477,246 | |||||||||
| Net Unrealized Appreciation (Depreciation) | $ | 1,311,627 | |||||||||||||
| 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: | ||||||
| CrossingBridge Low Duration High Income Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets(1): | ||||||||||||||||||||||||
| Corporate Bonds | $ | - | $ | 601,176,846 | $ | 6,295,171 | $ | 607,472,017 | ||||||||||||||||
| Bank Loans | - | 112,810,149 | 7,806,138 | 120,616,287 | ||||||||||||||||||||
| Convertible Bonds | - | 73,375,552 | 6,158,250 | 79,533,802 | ||||||||||||||||||||
| Asset-Backed Securities | - | 51,258,061 | - | 51,258,061 | ||||||||||||||||||||
| Mortgage-Backed Securities | - | 44,846,527 | - | 44,846,527 | ||||||||||||||||||||
| Special Purpose Acquisition Companies | 19,927,466 | 6,958,049 | - | 26,885,515 | ||||||||||||||||||||
| Preferred Stocks | 15,750,184 | - | - | 15,750,184 | ||||||||||||||||||||
| U.S. Treasury Securities | - | 5,243,625 | - | 5,243,625 | ||||||||||||||||||||
| Real Estate Investment Trusts | 2,972,212 | - | - | 2,972,212 | ||||||||||||||||||||
| Municipal Bonds | - | 2,175,000 | - | 2,175,000 | ||||||||||||||||||||
| Common Stocks | 0 | (3) | - | 1,391,868 | 1,391,868 | |||||||||||||||||||
| Rights | - | 18,975 | - | 18,975 | ||||||||||||||||||||
| Warrants | 14,879 | - | - | 14,879 | ||||||||||||||||||||
| Commercial Paper | - | 65,402,110 | - | 65,402,110 | ||||||||||||||||||||
| Money Market Funds | 57,584,420 | - | - | 57,584,420 | ||||||||||||||||||||
| U.S. Treasury Bills | - | 33,799,930 | - | 33,799,930 | ||||||||||||||||||||
| Total Assets | $ | 96,249,161 | $ | 997,064,824 | $ | 21,651,427 | $ | 1,114,965,412 | ||||||||||||||||
Other Financial Instruments(2): | ||||||||||||||||||||||||
| Forward Currency Exchange Contracts | $ | - | $ | 1,311,627 | $ | - | $ | 1,311,627 | ||||||||||||||||
| Total Other Financial Instruments | $ | - | $ | 1,311,627 | $ | - | $ | 1,311,627 | ||||||||||||||||
(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: | ||||||||||||||||||||||||
| CrossingBridge Low Duration High Income Fund | ||||||||||||||||||||||||
Bank Loans | Common Stocks | Convertible Bonds | Corporate Bonds | Special Purpose Acquisition Companies | Warrants | |||||||||||||||||||
| Beginning Balance - October 1, 2024 | $ | 9,021,214 | $ | 1,200,744 | $ | 6,158,250 | $ | 5,858,973 | $ | 0 | $ | 0 | ||||||||||||
| Purchases | - | - | - | 84,018 | - | - | ||||||||||||||||||
| Sales | (1,215,076 | ) | - | - | - | - | (0 | ) | ||||||||||||||||
| Realized gains | - | - | - | - | - | - | ||||||||||||||||||
| Realized losses | - | - | - | - | (76 | ) | - | |||||||||||||||||
| Accretion of discout/(amortization of premium) | - | - | - | 57,872 | - | - | ||||||||||||||||||
| Change in unrealized appreciation (depreciation) | - | (152,899 | ) | - | (79,116 | ) | 76 | - | ||||||||||||||||
| Transfer in/(out) of Level 3 | - | 344,023 | - | 373,424 | - | - | ||||||||||||||||||
| Ending Balance - December 31, 2024 | $ | 7,806,138 | $ | 1,391,868 | $ | 6,158,250 | $ | 6,295,171 | $ | - | $ | - | ||||||||||||
| 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: | ||||||||||||||||||||||||
| CrossingBridge Low Duration High Income Fund | ||||||||||||||||||||||||
| Descriptions | Fair Value December 31, 2024 | Valuation Techniques | Unobservable Input | Range of Input | Weighted Average Unobservable Input | Impact to Valuation from an Increase in Input | ||||||||||||||||||
Bank Loans | $ | 7,806,138 | Market Approach | Transaction price | N/A | N/A | Increase | |||||||||||||||||
Common Stocks | $ | 1,391,868 | Market Approach | Broker quote | $2.25 | $2.25 | Increase | |||||||||||||||||
| Enterprise Value | $1.42 | $1.42 | Increase | |||||||||||||||||||||
| Discount | 15.00% | 15.00% | Decrease | |||||||||||||||||||||
Convertible Bonds | $ | 6,158,250 | Market Approach | Yield to maturity | 61.80% | 61.80% | Decrease | |||||||||||||||||
| Transaction price | N/A | N/A | Increase | |||||||||||||||||||||
Corporate Bonds | $ | 6,295,171 | Market Approach | Yield to maturity | 12.55% | 12.55% | Decrease | |||||||||||||||||
| Implied coupon rate | 0% | 0% | Increase | |||||||||||||||||||||
| Recoverable value | $20 | $20 | Increase | |||||||||||||||||||||
| Transaction price | N/A | N/A | Increase | |||||||||||||||||||||
| Broker quote | $99.46 | $99.46 | Increase | |||||||||||||||||||||
