# EDGAR Filing Document

**Accession Number:** 0001141819
**File Stem:** 0001133228-25-013108
**Filing Date:** 2025-12
**Character Count:** 359657
**Document Hash:** ba001b9c3fefd394e16677a7a04065f4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013108.hdr.sgml**: 20251202

**ACCESSION NUMBER**: 0001133228-25-013108

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 57

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251202

**DATE AS OF CHANGE**: 20251202

**EFFECTIVENESS DATE**: 20251202

**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:** 251543676

**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

### CrossingBridge Low Duration High Income Fund (Series ID: S000060190)

| Class ID   | Class Name                                                                | Ticker Symbol   |
|:---|:---|:---|
| C000196992 | CrossingBridge Low Duration High Income Fund - Retail Class Shares        | CBLVX           |
| C000196993 | CrossingBridge Low Duration High Income Fund - Institutional Class Shares | CBLDX           |

### CrossingBridge Ultra-Short Duration Fund (Series ID: S000071657)

| Class ID   | Class Name                                                            | Ticker Symbol   |
|:---|:---|:---|
| C000227080 | CrossingBridge Ultra-Short Duration Fund - Institutional Class Shares | CBUDX           |

### CrossingBridge Responsible Credit Fund (Series ID: S000071658)

| Class ID   | Class Name                                                          | Ticker Symbol   |
|:---|:---|:---|
| C000227081 | CrossingBridge Responsible Credit Fund - Institutional Class Shares | CBRDX           |

### CrossingBridge Pre-Merger SPAC ETF (Series ID: S000073002)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000229763 | CrossingBridge Pre-Merger SPAC ETF | SPC             |

### RiverPark Strategic Income Fund (Series ID: S000080182)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000241885 | Institutional Class Shares | RSIIX           |
| C000241886 | Retail Class Shares        | RSIVX           |

### CrossingBridge Nordic High Income Bond Fund (Series ID: S000088023)

| Class ID   | Class Name                                                               | Ticker Symbol   |
|:---|:---|:---|
| C000254051 | CrossingBridge Nordic High Income Bond Fund - Institutional Class Shares | NRDCX           |

?xml version='1.0' encoding='ASCII'? 2025-07-31191453_CrossingBridgeLowDurationHighYieldFund_InstitutionalClass_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 S. 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>September 30, 2025</u>**

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

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img219967_202505131536276.jpg) | **CrossingBridge Low Duration High Income** **Fund**  | ![image](img220379_202510062107544.jpg) |
| ![image](img219967_202505131536276.jpg) | Institutional Class \| CBLDX  | ![image](img220379_202510062107544.jpg) |
| ![image](img219967_202505131536276.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img220379_202510062107544.jpg) |

---

This annual shareholder report contains important information about the CrossingBridge Low Duration High Income Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.crossingbridgefunds.com/low-duration-high-income-fund. You can also request this information by contacting us at 1-888-898-2780.

**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** |
| Institutional Class | $88 | 0.85% |

---

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

During the fiscal year, the Institutional Class shares gained 6.33% while the ICE BofA 0-3 Year U.S. High Yield Excluding Financials Index gained 7.83%, the ICE BofA 1-3 Year U.S. Corporate Bond Index gained 4.85%, the ICE BofA 0-3 Year U.S. Treasury Index gained 4.05% and the Bloomberg U.S. Aggregate Bond Index gained 2.88%.

Monthly investment results for the fiscal year for the Institutional Class shares ranged from 0.05% in March 2025 to 1.03% in May 2025. The Institutional Class shares generated positive returns all twelve months during the fiscal year. For the Institutional Class shares, the median monthly return for the period was 0.56% with an annualized standard deviation of 1.01%.

The total return for the fiscal year was positive. The Institutional Class shares had positive contributions from interest income and had realized losses and unrealized gains during the fiscal year. 100% of the income was distributed for a 1-year dividend yield of 6.03%. For the Institutional Class shares, the subsidized and unsubsidized 30-day SEC yield was 5.94%. The Institutional Class shares NAV per share increased from $9.75 on September 30, 2024 to $9.76 on September 30, 2025, while also distributing $0.59 per share in income during the fiscal year.

The primary contributors to performance during the fiscal year were security selection and duration management. In the face of ever-tightening credit spreads in both investment grade and high yield markets, along with a highly uncertain and volatile interest rate environment, we cautioned in multiple CrossingBridge quarterly commentaries published this past fiscal year (available on our website), it has been a tough environment to make money – and an easy one to make mistakes. With this as the backdrop, we remained committed to emphasizing downside risk-management, while being selective in bottom-up security selection rather than making a bet on the direction of rates.

As of September 30, 2025, the Fund's net assets were weighted by category as follows: 16.5% in Short Term Securities, 10.7% in Event Driven, 22.1% in Interest Rate Sensitive, 41.5% in Core Value, 4.9% in Credit Opportunities, with the remaining 4.3% in cash and cash equivalents.

**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 management fees and other expenses, were deducted.

CrossingBridge Low Duration High Income Fund PAGE 1 TSR-AR-89834G604

------

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

![image](ts5436img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(01/31/2018)** |
| **Institutional Class**  | 6.33 | 6.11 | 4.80 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.82 |
| **ICE BofA 0-3 Year U.S. High Yield Excluding Financials** **Index**  | 7.83 | 6.98 | 5.42 |
| **ICE BofA 0-3 Year U.S. Treasury Index**  | 4.05 | 1.99 | 2.29 |
| **ICE BofA 1-3 Year U.S. Corporate Bond Index**  | 4.85 | 2.39 | 2.94 |

---

Visit https://www.crossingbridgefunds.com/low-duration-high-income-fund 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 September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1597328862 |
| **Number of Holdings** | 165 |
| **Net Advisory Fee** | $8568532 |
| **Portfolio Turnover** | 111% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Treasury Obligations Fund  | 5.1% |
|  BX Trust  | 3.9% |
|  CMG Media Corp.  | 2.8% |
|  GrubHub Holdings, Inc.  | 2.7% |
|  Azerion Group NV  | 2.5% |
|  Consolidated Communications, Inc.  | 2.5% |
|  Compass Group Diversified Holdings LLC  | 2.0% |
|  Crown Castle, Inc.  | 2.0% |
|  Bally's Corp.  | 2.0% |
|  HCA, Inc.  | 1.9% |

---

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Corporate Bonds  | 58.9% |
|  Bank Loans  | 12.0% |
|  Commercial Paper  | 6.7% |
|  Money Market Funds  | 6.1% |
|  Asset-Backed Securities  | 4.9% |
|  Mortgage-Backed Securities  | 4.8% |
|  Special Purpose Acquisition Companies (SPACs)  | 2.6% |
|  Preferred Stocks  | 2.0% |
|  Convertible Bonds  | 1.6% |
|  Cash & Other  | 0.4% |

---

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.crossingbridgefunds.com/low-duration-high-income-fund.

CrossingBridge Low Duration High Income Fund PAGE 2 TSR-AR-89834G604

------

**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 1-888-898-2780, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

CrossingBridge Low Duration High Income Fund PAGE 3 TSR-AR-89834G604

------

---

| | | |
|:---|:---|:---|
| ![image](img219967_202505131536276.jpg) | **CrossingBridge Low Duration High Income** **Fund**  | ![image](img220379_202510062107544.jpg) |
| ![image](img219967_202505131536276.jpg) | Retail Class \| CBLVX  | ![image](img220379_202510062107544.jpg) |
| ![image](img219967_202505131536276.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img220379_202510062107544.jpg) |

---

This annual shareholder report contains important information about the CrossingBridge Low Duration High Income Fund (the "Fund") for the period of October 31, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.crossingbridgefunds.com/low-duration-high-income-fund. You can also request this information by contacting us at 1-888-898-2780.

**WHAT WERE THE FUND COSTS FOR THE PERIOD?** (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** **\*\*** |
| Retail Class | $104 | 1.10% |

---

\* For the period from November 1, 2024 through September 30, 2025. Had the Retail Class been operational for the entire reporting period, expenses would have been higher.

\*\* Annualized

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

During the period, the Retail Class shares gained 5.80% while the ICE BofA 0-3 Year U.S. High Yield Excluding Financials Index gained 7.65%, the ICE BofA 1-3 Year U.S. Corporate Bond Index gained 5.31%, the ICE BofA 0-3 Year U.S. Treasury Index gained 4.37% and the Bloomberg U.S. Aggregate Bond Index gained 5.50%.

Monthly investment results for the fiscal period for the Retail Class shares ranged from 0.02% in March 2025 to 1.01% in May 2025. The Retail Class shares generated positive returns for all months during the fiscal period. For the Retail Class shares, the median monthly return for the period was 0.54% with an annualized standard deviation of 1.02%.

The total return for the fiscal period was positive. The Retail Class shares had positive contributions from interest income and had realized losses and unrealized gains during the fiscal year. 100% of the income was distributed for a dividend yield of 5.12% for the period. The subsidized and unsubsidized 30-day SEC yield was 5.69%. The Retail Class shares NAV per share increased from $9.73 on October 31, 2024 to $9.78 on September 30, 2025, while also distributing $0.50 per share in income during the fiscal period.

The primary contributors to performance during the fiscal period were security selection and duration management. In the face of ever-tightening credit spreads in both investment grade and high yield markets, along with a highly uncertain and volatile interest rate environment, we cautioned in multiple CrossingBridge quarterly commentaries published this past fiscal period (available on our website), it has been a tough environment to make money – and an easy one to make mistakes. With this as the backdrop, we remained committed to emphasizing downside risk-management, while being selective in bottom-up security selection rather than making a bet on the direction of rates.

As of September 30, 2025, the Fund's net assets were weighted by category as follows: 16.5% in Short Term Securities, 10.7% in Event Driven, 22.1% in Interest Rate Sensitive, 41.5% in Core Value, 4.9% in Credit Opportunities, with the remaining 4.3% in cash and cash equivalents.

**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 management fees and other expenses, were deducted.

CrossingBridge Low Duration High Income Fund PAGE 1 TSR-AR-89834G703

------

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

![image](ts5442img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(10/31/2024)** |
| **Retail Class**  | 5.80 |
| **Bloomberg U.S. Aggregate Bond Index**  | 5.50 |
| **ICE BofA 0-3 Year U.S. High Yield Excluding Financials Index**  | 7.65 |
| **ICE BofA 0-3 Year U.S. Treasury Index**  | 4.37 |
| **ICE BofA 1-3 Year U.S. Corporate Bond Index**  | 5.31 |

---

Visit https://www.crossingbridgefunds.com/low-duration-high-income-fund 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 September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1597328862 |
| **Number of Holdings** | 165 |
| **Net Advisory Fee** | $8568532 |
| **Portfolio Turnover** | 111% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Treasury Obligations Fund  | 5.1% |
|  BX Trust  | 3.9% |
|  CMG Media Corp.  | 2.8% |
|  GrubHub Holdings, Inc.  | 2.7% |
|  Azerion Group NV  | 2.5% |
|  Consolidated Communications, Inc.  | 2.5% |
|  Compass Group Diversified Holdings LLC  | 2.0% |
|  Crown Castle, Inc.  | 2.0% |
|  Bally's Corp.  | 2.0% |
|  HCA, Inc.  | 1.9% |

---

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Corporate Bonds  | 58.9% |
|  Bank Loans  | 12.0% |
|  Commercial Paper  | 6.7% |
|  Money Market Funds  | 6.1% |
|  Asset-Backed Securities  | 4.9% |
|  Mortgage-Backed Securities  | 4.8% |
|  Special Purpose Acquisition Companies (SPACs)  | 2.6% |
|  Preferred Stocks  | 2.0% |
|  Convertible Bonds  | 1.6% |
|  Cash & Other  | 0.4% |

---

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.crossingbridgefunds.com/low-duration-high-income-fund.

CrossingBridge Low Duration High Income Fund PAGE 2 TSR-AR-89834G703

------

**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 1-888-898-2780, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

CrossingBridge Low Duration High Income Fund PAGE 3 TSR-AR-89834G703

------

---

| | | |
|:---|:---|:---|
| ![image](img219961_202505131738879.jpg) | **CrossingBridge Responsible Credit Fund**  | ![image](img220379_202510062107544.jpg) |
| ![image](img219961_202505131738879.jpg) | Institutional Class \| CBRDX  | ![image](img220379_202510062107544.jpg) |
| ![image](img219961_202505131738879.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img220379_202510062107544.jpg) |

---

This annual shareholder report contains important information about the CrossingBridge Responsible Credit Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.crossingbridgefunds.com/responsible-credit-fund. You can also request this information by contacting us at 1-888-898-2780. **This report describes changes to the Fund that occurred during the period.**

**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** |
| Institutional Class | $92 | 0.89% |

---

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

During this fiscal year, the Institutional Class shares gained 6.41% while the ICE BofA U.S. High Yield Total Return Index gained 7.23%, the ICE BofA U.S. Corporate Bond Index gained 3.92%, the ICE BofA 3-7 Year U.S. Treasury Index gained 3.48% and the Bloomberg U.S. Aggregate Bond Index gained 2.88%.

Monthly investment results for the fiscal year ranged from -0.83% in March 2025 to 1.29% in May 2025. The Fund generated positive returns for ten out of the twelve months during the fiscal year. The median monthly return for the fiscal year was 0.62% with an annualized standard deviation of 2.46%.

The total return for the period was positive. The Fund had positive contributions from interest income and had realized and unrealized losses during the period. 100% of the income was distributed for a 1-year dividend yield of 7.97%. The Fund's subsidized 30-day SEC yield was 7.70% and unsubsidized 30-day SEC yield was 7.35%. Although the Fund's NAV per share decreased from $9.33 on September 30, 2024 to $9.16 on September 30, 2025, that decrease was more than offset as the Fund distributed $0.74 per share in income during the fiscal year.

The primary contributors to performance during the fiscal year were security selection and duration management. In the face of ever-tightening credit spreads in both investment grade and high yield markets, along with a highly uncertain and volatile interest rate environment, we cautioned in multiple CrossingBridge quarterly commentaries published this past fiscal year (available on our website), it has been a tough environment to make money – and an easy one to make mistakes. With this as the backdrop, we remained committed to emphasizing downside risk-management, while being selective in bottom-up security selection rather than making a bet on the direction of rates.

As of September 30, 2025, the Fund's net assets were weighted by category as follows: 7.4% in Short Term Securities, 4.6% in Event Driven, 42.4% in Interest Rate Sensitive, 37.0% in Core Value, 6.9% in Credit Opportunities, with the remaining 1.7% in cash and cash equivalents.

**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 management fees and other expenses, were deducted.

CrossingBridge Responsible Credit Fund PAGE 1 TSR-AR-89834G810

------

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

![image](ts5438img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/30/2021)** |
| **Institutional Class**  | 6.41 | 5.28 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.30 |
| **ICE BofA U.S. High Yield Total Return Index**  | 7.23 | 4.08 |
| **ICE BofA U.S. Corporate Bond Index**  | 3.92 | 0.20 |
| **ICE BofA 3-7 Year U.S. Treasury Index**  | 3.48 | 0.33 |

---

Visit https://www.crossingbridgefunds.com/responsible-credit-fund 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 September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $46903913 |
| **Number of Holdings** | 75 |
| **Net Advisory Fee** | $141997 |
| **Portfolio Turnover** | 132% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Consolidated Communications, Inc.  | 6.0% |
|  Magnite, Inc.  | 6.0% |
|  Western Digital Corp.  | 5.8% |
|  Forum Energy Technologies, Inc.  | 5.5% |
|  First American Treasury Obligations Fund  | 4.8% |
|  Formycon AG  | 3.0% |
|  GrubHub Holdings, Inc.  | 2.9% |
|  The Container Store, Inc.  | 2.8% |
|  Magle Chemoswed Holding AB  | 2.8% |
|  Getty Images, Inc.  | 2.4% |

---

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Corporate Bonds  | 65.9% |
|  Bank Loans  | 20.1% |
|  Money Market Funds  | 6.0% |
|  Convertible Bonds  | 3.6% |
|  Asset-Backed Securities  | 2.3% |
|  Special Purpose Acquisition Companies (SPACs)  | 2.1% |
|  Preferred Stocks  | 1.7% |
|  Commercial Paper  | 1.3% |
|  Common Stocks  | 0.4% |
|  Cash & Other  | -3.4% |

---

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus at https://www.crossingbridgefunds.com/responsible-credit-fund. You can also request this information by contacting us at 1-888-898-2780.

CrossingBridge Responsible Credit Fund PAGE 2 TSR-AR-89834G810

------

Spencer Rolfe was added as a Portfolio Manager in January 2025.

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.crossingbridgefunds.com/responsible-credit-fund.

**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 1-888-898-2780, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

CrossingBridge Responsible Credit Fund PAGE 3 TSR-AR-89834G810

------

---

| | | |
|:---|:---|:---|
| ![image](img219960_202505131536824.jpg) | **CrossingBridge Ultra-Short Duration Fund**  | ![image](img220379_202510062107544.jpg) |
| ![image](img219960_202505131536824.jpg) | Institutional Class \| CBUDX  | ![image](img220379_202510062107544.jpg) |
| ![image](img219960_202505131536824.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img220379_202510062107544.jpg) |

---

This annual shareholder report contains important information about the CrossingBridge Ultra-Short Duration Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.crossingbridgefunds.com/ultra-short-duration-fund. You can also request this information by contacting us at 1-888-898-2780. **This report describes changes to the Fund that occurred during the period.**

**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** |
| Institutional Class | $93 | 0.91% |

---

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

During this fiscal year, the Institutional Class shares gained 5.32% while the ICE BofA 0-1 Year U.S. Corporate Bond Index gained 4.87%, the ICE BofA 0-1 Year U.S. Treasury Index gained 4.35%, the ICE BofA 0-3 Year U.S. Fixed Rate Asset Backed Securities Index gained 4.85% and the Bloomberg U.S. Aggregate Bond Index gained 2.88%.

Monthly investment results for the fiscal year ranged from 0.22% in March 2025 to 0.61% in June 2025. The Fund generated positive returns for all twelve months during the fiscal year. The median monthly return for the fiscal year was 0.45% with an annualized standard deviation of 0.39%.

The total return for the fiscal year was positive. The Fund had positive contributions from interest income and had realized losses and unrealized gains during the fiscal year. 100% of the income was distributed for a 1-year dividend yield of 4.80%. The Fund's subsidized 30-day SEC yield was 4.28% and unsubsidized 30-day SEC yield was 4.27%. The Fund's NAV per share increased from $9.94 on September 30, 2024 to $9.98 on September 30, 2025. The Fund distributed $0.47 per share of income and $0.01 per share of realized gains during the fiscal year.

The primary contributors to performance during the fiscal year were security selection and duration management. In the face of ever-tightening credit spreads in both investment grade and high yield markets, along with a highly uncertain and volatile interest rate environment, we cautioned in multiple CrossingBridge quarterly commentaries published this past fiscal year (available on our website), it has been a tough environment to make money – and an easy one to make mistakes. With this as the backdrop, we remained committed to emphasizing downside risk-management, while being selective in bottom-up security selection rather than making a bet on the direction of rates.

As of September 30, 2025, the Fund's net assets were weighted by category as follows: 37.5% in Short Term Securities, 2.1% in Event Driven, 17.5% in Interest Rate Sensitive, 38.4% in Core Value, 0.6% in Credit Opportunities, with the remaining 3.9% in cash and cash equivalents.

**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 management fees and other expenses, were deducted.

CrossingBridge Ultra-Short Duration Fund PAGE 1 TSR-AR-89834G828

------

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

![image](ts5441img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/30/2021)** |
| **Institutional Class**  | 5.32 | 4.25 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.30 |
| **ICE BofA 0-1 Year U.S. Corporate Bond Index**  | 4.87 | 3.54 |
| **ICE BofA 0-1 Year U.S. Treasury Index**  | 4.35 | 3.31 |
| **ICE BofA 0-3 Year U.S. Fixed Rate Asset Backed Securities Index**  | 4.85 | 3.07 |

---

Visit https://www.crossingbridgefunds.com/ultra-short-duration-fund 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 September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $334150652 |
| **Number of Holdings** | 94 |
| **Net Advisory Fee** | $1670565 |
| **Portfolio Turnover** | 165% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  BX Trust  | 6.8% |
|  Consolidated Communications, Inc.  | 4.6% |
|  First American Treasury Obligations Fund  | 4.3% |
|  Golar LNG Ltd.  | 3.1% |
|  Broadcom, Inc.  | 2.8% |
|  Berry Global, Inc.  | 2.6% |
|  American National Group, Inc.  | 2.5% |
|  HCA, Inc.  | 2.4% |
|  AutoNation, Inc.  | 2.3% |
|  Sprint LLC  | 2.1% |

---

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Corporate Bonds  | 56.5% |
|  Commercial Paper  | 10.9% |
|  Mortgage-Backed Securities  | 9.7% |
|  Asset-Backed Securities  | 6.7% |
|  Bank Loans  | 4.3% |
|  Money Market Funds  | 4.3% |
|  Municipal Bonds  | 2.6% |
|  Preferred Stocks  | 2.5% |
|  U.S. Treasury Bills  | 1.7% |
|  Cash & Other  | 0.8% |

---

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus at https://www.crossingbridgefunds.com/ultra-short-duration-fund. You can also request this information by contacting us at 1-888-898-2780.

CrossingBridge Ultra-Short Duration Fund PAGE 2 TSR-AR-89834G828

------

Michael De Kler was added as a Portfolio Manager in January 2025.

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.crossingbridgefunds.com/ultra-short-duration-fund.

**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 1-888-898-2780, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

CrossingBridge Ultra-Short Duration Fund PAGE 3 TSR-AR-89834G828

------

---

| | | |
|:---|:---|:---|
| ![image](img219964_202505131537110.jpg) | **CrossingBridge Pre-Merger SPAC ETF**  | ![image](img220379_202510062107544.jpg) |
| ![image](img219964_202505131537110.jpg) | SPC (Principal U.S. Listing Exchange: NASDAQ Stock Market, LLC) | ![image](img220379_202510062107544.jpg) |
| ![image](img219964_202505131537110.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img220379_202510062107544.jpg) |

---

This annual shareholder report contains important information about the CrossingBridge Pre-Merger SPAC ETF (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.crossingbridgefunds.com/spac-etf. You can also request this information by contacting us at 1-888-898-2780. **This report** **describes changes to the Fund that occurred during the period.**

**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** |
| CrossingBridge Pre-Merger SPAC ETF | $82 | 0.80% |

---

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

During this fiscal year, the Fund had a NAV return of 6.23% and a market return of 6.13%. The Fund's market return of 6.13% outperformed the ICE BofA 0-3 Year U.S. Treasury Index's gain of 4.05% and the Bloomberg U.S. Aggregate Bond Index's gain of 2.88% for the fiscal year. The Fund has outperformed the ICE BofA 0-3 Year U.S. Treasury Index by 2.57% per year (annualized) since inception. The Fund had realized gains and unrealized losses during the fiscal year. The total return for the period was positive. The share price increased from $21.54 on September 30, 2024 to $21.68 on September 30, 2025 and the NAV increased from $21.54 to $21.70 for the fiscal year. The Fund also distributed $0.78 per share of income and $0.35 per share of gains during the fiscal year.

Over the last 12 months, we have seen a significant increase in the size of the SPAC market as the market had entered a period of exuberance. Given this backdrop, the primary contributors to performance during the fiscal year were security selection and trading opportunities.

**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 the management fee and other expenses, were deducted.

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

![image](ts5437img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/20/2021)** |
| **CrossingBridge Pre-Merger SPAC ETF NAV**  | 6.23 | 5.02 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.60 |
| **ICE BofA 0-3 Year U.S. Treasury Index**  | 4.05 | 2.45 |

---

Visit https://www.crossingbridgefunds.com/spac-etf for more recent performance information.

CrossingBridge Pre-Merger SPAC ETF PAGE 1 TSR-AR-89834G778

------

\* ***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 September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $22136985 |
| **Number of Holdings** | 34 |
| **Net Advisory Fee** | $344057 |
| **Portfolio Turnover** | 203% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Cartesian Growth Corp. II  | 7.7% |
|  Mercer Park Opportunities Corp.  | 6.1% |
|  Globa Terra Acquisition Corp.  | 4.5% |
|  Vendome Acquisition Corp. I  | 4.5% |
|  A Paradise Acquisition Corp.  | 4.5% |
|  Aimei Health Technology Co. Ltd.  | 4.4% |
|  Flag Ship Acquisition Corp.  | 4.0% |
|  Quetta Acquisition Corp.  | 3.9% |
|  Blue Water Acquisition Corp. III  | 3.5% |
|  Oak Woods Acquisition Corp.  | 3.4% |

---

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Special Purpose Acquisition Companies (SPACs)  | 79.8% |
|  Money Market Funds  | 3.4% |
|  Rights  | 0.1% |
|  Warrants  | 0.0%\* |
|  Cash & Other  | 16.7% |

---

\* Represents less than 0.05% of net assets.

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus at https://www.crossingbridgefunds.com/spac-etf. You can also request this information by contacting us at 1-888-898-2780.

Michael De Kler was added as a Portfolio Manager in January 2025.

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.crossingbridgefunds.com/spac-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 1-888-898-2780, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

CrossingBridge Pre-Merger SPAC ETF PAGE 2 TSR-AR-89834G778

------

---

| | | |
|:---|:---|:---|
| ![image](img219966_k20250513153429.jpg) | **Riverpark Strategic Income Fund**  | ![image](img220379_202510062107544.jpg) |
| ![image](img219966_k20250513153429.jpg) | Institutional Class \| RSIIX  | ![image](img220379_202510062107544.jpg) |
| ![image](img219966_k20250513153429.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img220379_202510062107544.jpg) |

---

This annual shareholder report contains important information about the Riverpark Strategic Income Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.crossingbridgefunds.com/riverpark-strategic-income-fund. You can also request this information by contacting us at 1-888-898-2780.

**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** |
| Institutional Class | $103 | 0.99% |

---

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

During this fiscal year, the Institutional Class shares gained 8.03% while the ICE BofA U.S. High Yield Total Return Index gained 7.23%, the ICE BofA U.S. Corporate Bond Index gained 3.92%, the ICE BofA 3-7 Year U.S. Treasury Index gained 3.48% and the Bloomberg U.S. Aggregate Bond Index gained 2.88%.

Monthly investment results for the fiscal year for the Institutional Class shares ranged from -0.52% in April 2025 to 1.36% in May 2025. The Institutional Class shares generated positive returns for ten out of the twelve months during the fiscal year. For the Institutional Class shares, the median monthly return for the fiscal year was 0.85% with an annualized standard deviation of 1.91%.

The total return for the fiscal year was positive. The Institutional Class shares had positive contributions from interest income and had realized losses and unrealized gains during the fiscal year. 100% of the income was distributed for a 1-year dividend yield of 7.25% for the Institutional Class shares. The subsidized 30-day SEC yield was 6.84% and unsubsidized 30-day SEC yield was 6.84%. The Institutional Class shares NAV per share increased from $8.67 on September 30, 2024 to $8.72 on September 30, 2025, while also distributing $0.63 per share in income during the fiscal year.

The primary contributors to performance during the fiscal year were security selection and duration management. In the face of ever-tightening credit spreads in both investment grade and high yield markets, along with a highly uncertain and volatile interest rate environment, we cautioned in multiple CrossingBridge quarterly commentaries published this past fiscal year (available on our website), it has been a tough environment to make money – and an easy one to make mistakes. With this as the backdrop, we remained committed to emphasizing downside risk-management, while being selective in bottom-up security selection rather than making a bet on the direction of rates.

As of September 30, 2025, the Fund's net assets were weighted by category as follows: 5.0% in Short Term Securities, 34.0% in Buy & Hold "Money Good", 3.2% in Priority Based ("Above the Fray"), 13.4% in "Off the Beaten Path", 34.5% in Interest Rate Resets (Floating Rate Debt, Cushion Bonds), 3.3% in Asset Backed Securities (ABS), 1.3% in Stressed, 0.4% in Distressed, 2.9% in Equity, -2.2% in Hedges, with the remaining 4.1% in cash and cash equivalents.

Terms used such as "Money Good", "Off the Beaten Path", and "Above the Fray" are internal terms used by the Adviser to categorize certain investments." Money Good are securities that CrossingBridge believes hold limited credit risk and provide above market yields. Off the Beaten Path are securities that may be smaller issuers, not widely followed issuers, or less liquid. Above the Fray are securities of issuers experiencing industry and/or credit stress, with restructuring a distinct longer-term possibility.

**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 management fees and other expenses, were deducted.

Riverpark Strategic Income Fund PAGE 1 TSR-AR-89834G679

------

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

![image](ts5439img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class**  | 8.03 | 7.21 | 5.20 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |
| **ICE BofA U.S. High Yield Total Return Index**  | 7.23 | 5.53 | 6.07 |
| **ICE BofA 3-7 Year U.S. Treasury Index**  | 3.48 | -0.04 | 1.54 |
| **ICE BofA U.S. Corporate Bond Index**  | 3.92 | 0.55 | 3.22 |

---

Visit https://www.crossingbridgefunds.com/riverpark-strategic-income-fund 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 September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $617406294 |
| **Number of Holdings** | 143 |
| **Net Advisory Fee** | $3729308 |
| **Portfolio Turnover** | 100% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Consolidated Communications, Inc.  | 4.9% |
|  First American Treasury Obligations Fund  | 4.2% |
|  Forum Energy Technologies, Inc.  | 3.2% |
|  CMG Media Corp.  | 2.8% |
|  GrubHub Holdings, Inc.  | 2.7% |
|  TPC Group, Inc.  | 2.4% |
|  Icahn Enterprises LP  | 2.4% |
|  Getty Images, Inc.  | 2.2% |
|  StubHub Holdco Sub LLC  | 2.1% |
|  Mangrove Luxco III Sarl  | 2.0% |

---

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Corporate Bonds  | 59.3% |
|  Bank Loans  | 27.4% |
|  Money Market Funds  | 4.9% |
|  Common Stocks  | 2.8% |
|  Preferred Stocks  | 1.9% |
|  Asset-Backed Securities  | 1.8% |
|  Mortgage-Backed Securities  | 1.5% |
|  Convertible Bonds  | 1.5% |
|  Real Estate Investment Trusts - Common  | 0.4% |
|  Cash & Other  | -1.5% |

---

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.crossingbridgefunds.com/riverpark-strategic-income-fund.

Riverpark Strategic Income Fund PAGE 2 TSR-AR-89834G679

------

**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 1-888-898-2780, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Riverpark Strategic Income Fund PAGE 3 TSR-AR-89834G679

------

---

| | | |
|:---|:---|:---|
| ![image](img219966_k20250513153429.jpg) | **Riverpark Strategic Income Fund**  | ![image](img220379_202510062107544.jpg) |
| ![image](img219966_k20250513153429.jpg) | Retail Class \| RSIVX  | ![image](img220379_202510062107544.jpg) |
| ![image](img219966_k20250513153429.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img220379_202510062107544.jpg) |

---

This annual shareholder report contains important information about the Riverpark Strategic Income Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.crossingbridgefunds.com/riverpark-strategic-income-fund. You can also request this information by contacting us at 1-888-898-2780.

**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** |
| Retail Class | $129 | 1.24% |

---

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

During this fiscal year, the Retail Class shares gained 7.76% while the ICE BofA U.S. High Yield Total Return Index gained 7.23%, the ICE BofA U.S. Corporate Bond Index gained 3.92%, the ICE BofA 3-7 Year U.S. Treasury Index gained 3.48% and the Bloomberg U.S. Aggregate Bond Index gained 2.88%.

Monthly investment results for the fiscal year for the Retail Class shares ranged from -0.54% in April 2025 to 1.34% in May 2025. The Retail Class shares generated positive returns for ten out of the twelve months during the fiscal year. For the Retail Class shares, the median monthly return for the fiscal year was 0.83% with an annualized standard deviation of 1.91%.

The total return for the fiscal year was positive. The Retail Class shares had positive contributions from interest income and had realized losses and unrealized gains during the fiscal year. 100% of the income was distributed for a 1-year dividend yield of 6.97% for Retail Class shares. The subsidized 30-day SEC yield was 6.59% and unsubsidized 30-day SEC yield was 6.59%. The Retail Class shares NAV per share increased from $8.71 on September 30, 2024 to $8.75 on September 30, 2025, while also distributing $0.61 per share in income during the fiscal year.

The primary contributors to performance during the fiscal year were security selection and duration management. In the face of ever-tightening credit spreads in both investment grade and high yield markets, along with a highly uncertain and volatile interest rate environment, we cautioned in multiple CrossingBridge quarterly commentaries published this past fiscal year (available on our website), it has been a tough environment to make money – and an easy one to make mistakes. With this as the backdrop, we remained committed to emphasizing downside risk-management, while being selective in bottom-up security selection rather than making a bet on the direction of rates.

As of September 30, 2025, the Fund's net assets were weighted by category as follows: 5.0% in Short Term Securities, 34.0% in Buy & Hold "Money Good", 3.2% in Priority Based ("Above the Fray"), 13.4% in "Off the Beaten Path", 34.5% in Interest Rate Resets (Floating Rate Debt, Cushion Bonds), 3.3% in Asset Backed Securities (ABS), 1.3% in Stressed, 0.4% in Distressed, 2.9% in Equity, -2.2% in Hedges, with the remaining 4.1% in cash and cash equivalents.

Terms used such as "Money Good", "Off the Beaten Path", and "Above the Fray" are internal terms used by the Adviser to categorize certain investments." Money Good are securities that CrossingBridge believes hold limited credit risk and provide above market yields. Off the Beaten Path are securities that may be smaller issuers, not widely followed issuers, or less liquid. Above the Fray are securities of issuers experiencing industry and/or credit stress, with restructuring a distinct longer-term possibility.

**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.

Riverpark Strategic Income Fund PAGE 1 TSR-AR-89834G661

------

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

![image](ts5440img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Retail Class**  | 7.76 | 7.00 | 4.96 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |
| **ICE BofA U.S. High Yield Total Return Index**  | 7.23 | 5.53 | 6.07 |
| **ICE BofA 3-7 Year U.S. Treasury Index**  | 3.48 | -0.04 | 1.54 |
| **ICE BofA U.S. Corporate Bond Index**  | 3.92 | 0.55 | 3.22 |

---

Visit https://www.crossingbridgefunds.com/riverpark-strategic-income-fund 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 September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $617406294 |
| **Number of Holdings** | 143 |
| **Net Advisory Fee** | $3729308 |
| **Portfolio Turnover** | 100% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Consolidated Communications, Inc.  | 4.9% |
|  First American Treasury Obligations Fund  | 4.2% |
|  Forum Energy Technologies, Inc.  | 3.2% |
|  CMG Media Corp.  | 2.8% |
|  GrubHub Holdings, Inc.  | 2.7% |
|  TPC Group, Inc.  | 2.4% |
|  Icahn Enterprises LP  | 2.4% |
|  Getty Images, Inc.  | 2.2% |
|  StubHub Holdco Sub LLC  | 2.1% |
|  Mangrove Luxco III Sarl  | 2.0% |

---

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Corporate Bonds  | 59.3% |
|  Bank Loans  | 27.4% |
|  Money Market Funds  | 4.9% |
|  Common Stocks  | 2.8% |
|  Preferred Stocks  | 1.9% |
|  Asset-Backed Securities  | 1.8% |
|  Mortgage-Backed Securities  | 1.5% |
|  Convertible Bonds  | 1.5% |
|  Real Estate Investment Trusts - Common  | 0.4% |
|  Cash & Other  | -1.5% |

---

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.crossingbridgefunds.com/riverpark-strategic-income-fund.

Riverpark Strategic Income Fund PAGE 2 TSR-AR-89834G661

------

**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 1-888-898-2780, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Riverpark Strategic Income Fund PAGE 3 TSR-AR-89834G661

------

---

| | | |
|:---|:---|:---|
| ![image](img403000_202505131531934.jpg) | **CrossingBridge Nordic High Income Bond** **Fund**  | ![image](img220379_202510062107544.jpg) |
| ![image](img403000_202505131531934.jpg) | Institutional Class \| NRDCX  | ![image](img220379_202510062107544.jpg) |
| ![image](img403000_202505131531934.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img220379_202510062107544.jpg) |

---

This annual shareholder report contains important information about the CrossingBridge Nordic High Income Bond Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.crossingbridgefunds.com/nordic-high-income-bond-fund. You can also request this information by contacting us at 1-888-898-2780.

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

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| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $99 | 0.95% |

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

During this fiscal year, the Institutional Class shares gained 7.79% while the ICE BofA U.S. High Yield Total Return Index gained 7.23%, the ICE BofA Global Floating Rate High Yield Index gained 6.12% and the Bloomberg Global Aggregate Index gained 2.40%.

Monthly investment results for the fiscal year ranged from -0.20% in April 2025 to 1.22% in May 2025. The Fund generated positive returns for eleven out of the twelve months during the fiscal year. The median monthly return for the fiscal year was 0.64% with an annualized standard deviation of 1.46%.

The Fund had positive contributions from interest income and had realized losses and unrealized gains during the period. 100% of the income was distributed for a 1-year dividend yield of 5.80%. The Fund's subsidized 30-day SEC yield was 6.32% and unsubsidized 30-day SEC yield was 6.31%. The total return for the period was positive. The Fund's NAV per share increased from $10.00 on October 1, 2024 to $10.18 on September 30, 2025. The Fund also distributed $0.57 per share in income and $0.01 per share in realized gains during the fiscal year.

As the current fiscal year represented the first full year of the Fund's operations (inception date September 30, 2024), we would like to provide some background on why we believe the Nordic credit market has been attractive:

&nbsp;&nbsp;&nbsp;&nbsp;• The Nordic high yield market is a platform primarily for Nordic, European, and U.S. lower middle market<sup>1</sup> and middle market borrowers to access the public debt market

&nbsp;&nbsp;&nbsp;&nbsp;• We believe investors have been able to earn increased yield for lower credit risk as Nordic bonds generally earned higher spread<sup>2</sup> vs. U.S. HY/Leveraged loans with better credit quality<sup>3</sup> relative to U.S. credits

&nbsp;&nbsp;&nbsp;&nbsp;• Unlike "cov-lite" syndicated leveraged loans in the U.S., a large majority<sup>4</sup> of Nordic bonds feature strong covenants including financial maintenance, restrictions on debt incurrence and restricted payments, and other creditor protections

&nbsp;&nbsp;&nbsp;&nbsp;• Increased Transparency: As public bonds are exchange listed, investors are provided daily marks, quarterly/ annual financial updates, and access to management teams

The primary contributors to performance during the fiscal year were security selection and duration management. In the face of ever-tightening credit spreads in both investment grade and high yield markets, along with a highly uncertain and volatile interest rate environment, we cautioned in multiple CrossingBridge quarterly commentaries published this past fiscal year (available on our website), it has been a tough environment to make money – and an easy one to make mistakes. With this as the backdrop, we remained committed to emphasizing downside risk-management, while being selective in bottom-up security selection rather than making a bet on the direction of rates.

CrossingBridge Nordic High Income Bond Fund PAGE 1 TSR-AR-89834G554

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As of September 30, 2025, the Fund's net assets were weighted by category as follows: 24.5% in Short Term/Event Driven, 62.5% in Core Value, 2.9% in Credit Opportunities, with the remaining 10.1% in cash and cash equivalents.

<sup>1</sup> Lower Middle Market defined as Borrowers with Enterprise Values below $500 million. Middle Market defined as Borrowers with Enterprise Values between $500 million and $2.5 billion.

<sup>2</sup> Per latest available data, internal calculations of NRDCX Core Value portfolio metrics vs. US HY and Leveraged Loan index metrics from Bank of America (BofA) Global Research.

<sup>3</sup> Credit quality defined as Debt / EBITDA

<sup>4</sup> Source: Nordic Trustee Corporate Bond Market Report 2024

**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 management fees and other expenses, were deducted.

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

![image](ts5443img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

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| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/30/2024)** |
| **Institutional Class (without sales charge)**  | 7.79 | 7.79 |
| **Bloomberg Global Aggregate Index**  | 2.40 | 2.40 |
| **ICE BofA U.S. High Yield Total Return Index**  | 7.23 | 7.23 |
| **ICE BofA Global Floating Rate High Yield Total Return Index (LOC)**  | 6.12 | 6.12 |

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Visit https://www.crossingbridgefunds.com/nordic-high-income-bond-fund 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 September 30, 2025)

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| | |
|:---|:---|
| **Net Assets** | $64530532 |
| **Number of Holdings** | 73 |
| **Net Advisory Fee** | $110272 |
| **Portfolio Turnover** | 76% |

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CrossingBridge Nordic High Income Bond Fund PAGE 2 TSR-AR-89834G554

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**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

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| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 5.8% |
|  First American Treasury Obligations Fund  | 5.8% |
|  Golar LNG Ltd.  | 4.0% |
|  United States Treasury Bill  | 3.1% |
|  Stockwik Forvaltning AB  | 2.8% |
|  CCIT Holdings AS  | 2.8% |
|  Formycon AG  | 2.5% |
|  Norway Government Bond  | 2.5% |
|  Stolt-Nielsen Ltd.  | 2.5% |
|  Eidsiva Energi AS  | 2.5% |

---

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| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Corporate Bonds  | 80.1% |
|  Money Market Funds  | 11.6% |
|  U.S. Treasury Bills  | 3.1% |
|  Bank Loans  | 2.7% |
|  Foreign Government Debt Obligations  | 2.5% |
|  Convertible Bonds  | 1.1% |
|  Forwards  | 0.2% |
|  Cash & Other  | -1.3% |

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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.crossingbridgefunds.com/nordic-high-income-bond-fund.

**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 1-888-898-2780, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

CrossingBridge Nordic High Income Bond Fund PAGE 3 TSR-AR-89834G554

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&nbsp;&nbsp;&nbsp;&nbsp;&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 substantive 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 incorporated by reference to the Registrant's Form N-CSR filed on December 10, 2018.

**<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 and Lisa Zúñiga Ramírez are the "audit committee financial experts" and are considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<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.

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| | | |
|:---|:---|:---|
| | FYE 9/30/2025 | FYE 9/30/2024 |
| (a) Audit Fees | $181150 | $154050 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $21000 | $17500 |
| (d) All Other Fees | $0 | $0 |

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(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:

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| | | |
|:---|:---|:---|
| | FYE 9/30/2025 | FYE 9/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

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(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.

 

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| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 9/30/2025 | FYE 9/30/2024 |
| Registrant | $0 | $0 |
| Registrant's Investment Adviser | $0 | $0 |

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(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>**

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The committee consists of the independent members of the Board.

(b) Not applicable

**<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) ![](cross_logo.jpg)

**CrossingBridge FUNDS** 

**CrossingBridge Low Duration High Income Fund** 

**Institutional Class (CBLDX)** 

**Retail Class (CBLVX)**

**CrossingBridge Responsible Credit Fund** 

**Institutional Class (CBRDX)**

**CrossingBridge Ultra-Short Duration Fund** 

**Institutional Class (CBUDX)** 

**CrossingBridge Pre-Merger SPAC ETF** 

(SPC)

**RiverPark Strategic Income Fund** 

**Institutional Class (RSIIX)** 

**Retail Class (RSIVX)** 

**Crossingbridge Nordic High Income Bond Fund** 

**Institutional Class (NRDCX)** 

Annual Financial Statements and Additional Information

September 30, 2025

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**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#shc001) <br>|  |
| &nbsp;&nbsp;&nbsp; [CrossingBridge Low Duration High Income Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [CrossingBridge Responsible Credit Fund](#soi2) | [9](#soi2) |
| &nbsp;&nbsp;&nbsp; [CrossingBridge Ultra-Short Duration Fund](#soi3) | [14](#soi3) |
| &nbsp;&nbsp;&nbsp; [CrossingBridge Pre-Merger SPAC ETF](#soi4) | [19](#soi4) |
| &nbsp;&nbsp;&nbsp; [RiverPark Strategic Income Fund](#soi5) | [20](#soi5) |
| &nbsp;&nbsp;&nbsp; [CrossingBridge Nordic High Income Bond Fund](#soi6) | [29](#soi6) |
| [Statements of Assets and Liabilities](#sal) | [33](#sal) |
| [Statements of Operations](#sop) | [37](#sop) |
| [Statements of Changes in Net Assets](#scna) | [40](#scna) |
| [Financial Highlights](#fihi) | [43](#fihi) |
| [Notes to Financial Statements](#notes) | [51](#notes) |
| [Report of Independent Registered Public Accounting Firm](#report) | [76](#report) |
| [Additional Information (Unaudited)](#add) | [77](#add) |
| [Tax Information (Unaudited)](#tax) | [82](#tax) |

---

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

**CrossingBridge Low Duration High Income Fund** 

**Schedule of Investments** 

**September 30, 2025** 

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| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - 58.9%**  | **CORPORATE BONDS - 58.9%**  | **CORPORATE BONDS - 58.9%**  | **CORPORATE BONDS - 58.9%**  |
| **Accommodation and Food Services - 3.1%**  | **Accommodation and Food Services - 3.1%**  | **Accommodation and Food Services - 3.1%**  | **Accommodation and Food Services - 3.1%**  |
|  GrubHub Holdings, Inc., 13.00% (or 7.00% PIK), 07/31/2030<sup>(a)</sup> |  | $42905565 | $43035987  |
|  Papa John's International, Inc., 3.88%, 09/15/2029<sup>(a)</sup> |  | 6552000 | 6279910  |
|  |  |  | 49315897  |
| &nbsp;&nbsp;&nbsp; **Administrative and Support** <br>**and Waste Management** <br>**and Remediation Services - 0.7%**  | &nbsp;&nbsp;&nbsp; **Administrative and Support** <br>**and Waste Management** <br>**and Remediation Services - 0.7%**  | &nbsp;&nbsp;&nbsp; **Administrative and Support** <br>**and Waste Management** <br>**and Remediation Services - 0.7%**  | &nbsp;&nbsp;&nbsp; **Administrative and Support** <br>**and Waste Management** <br>**and Remediation Services - 0.7%**  |
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp., <br>5.25%, 05/15/2026<sup>(a)</sup> |  | 11350000 | 11362235  |
| **Communications - 1.3%**  | **Communications - 1.3%**  | **Communications - 1.3%**  | **Communications - 1.3%**  |
|  Beelux Sarl, 8.76% (3 mo. EURIBOR + 6.75%), 03/14/2028<sup>(b)</sup> | EUR | 11620761 | 13202032  |
| Gentoo Media PLC  | Gentoo Media PLC  | Gentoo Media PLC  | Gentoo Media PLC  |
| &nbsp;&nbsp;&nbsp; 9.27% (3 mo. EURIBOR + 7.25%), 12/18/2026  | EUR | 3510000 | 4218783  |
| &nbsp;&nbsp;&nbsp; 9.37% (3 mo. STIBOR + 7.25%), 12/18/2026  | SEK | 28175000 | 3073186  |
|  |  |  | 20494001  |
| **Consumer Discretionary - 2.8%**  | **Consumer Discretionary - 2.8%**  | **Consumer Discretionary - 2.8%**  | **Consumer Discretionary - 2.8%**  |
|  Aider Konsern AS, 8.40% (3 mo. NIBOR + 4.15%), 09/05/2028  | NOK | 26550000 | 2741268  |
|  Alaska Airlines, Inc., Series A, 4.80%, 08/15/2027<sup>(a)</sup> |  | 1120652 | 1123437  |
|  European Entertainment Intressenter BidCo AB, 9.26% (3 mo. EURIBOR + 7.25%), 09/29/2030  | EUR | 17700000 | 20352143  |
|  OP Holdco GmbH, 8.58% (3 mo. EURIBOR + 6.50%), 06/05/2029<sup>(a)</sup> | EUR | 16900000 | 18998239  |
|  View Ledger AS, 8.83% (3 mo. NIBOR + 4.50%), 01/31/2029  | NOK | 9500000 | 975633  |
|  |  |  | 44190720  |
| **Energy - 2.0%**  | **Energy - 2.0%**  | **Energy - 2.0%**  | **Energy - 2.0%**  |
| &nbsp;&nbsp;&nbsp; Forum Energy Technologies, Inc., <br>10.50%, 11/07/2029  |  | 17250000 | 18130540  |
| &nbsp;&nbsp;&nbsp; Golar LNG Ltd., <br>7.00%, 10/20/2025<sup>(a)</sup> |  | 13956806 | 13970763  |
|  |  |  | 32101303  |
| **Finance and Insurance - 6.1%**  | **Finance and Insurance - 6.1%**  | **Finance and Insurance - 6.1%**  | **Finance and Insurance - 6.1%**  |
| BGC Group, Inc.  | BGC Group, Inc.  | BGC Group, Inc.  | BGC Group, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/15/2025  |  | 22100000 | 22073544  |
| &nbsp;&nbsp;&nbsp; 6.15%, 04/02/2030<sup>(a)</sup> |  | 6707000 | 6883495  |
| &nbsp;&nbsp;&nbsp; Compass Group Diversified Holdings LLC, <br>5.25%, 04/15/2029<sup>(a)</sup> |  | 34900250 | 32274129 |

---

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| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., <br>6.05%, 10/10/2025  |  | $3779000 | $3780402 |
| &nbsp;&nbsp;&nbsp; Icahn Enterprises LP, <br>5.25%, 05/15/2027  |  | 19652000 | 19319873  |
|  Mutares SE & Co. KGaA, 10.50% (3 mo. EURIBOR + 8.50%), 03/31/2027  | EUR | 2000000 | 2424088  |
|  Oaktree Strategic Credit Fund, 6.19%, 07/15/2030<sup>(a)</sup> |  | 5822000 | 5952155  |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC, <br>5.75%, 04/15/2026<sup>(a)</sup> |  | 4502000 | 4526536  |
|  |  |  | 97234222  |
| &nbsp;&nbsp;&nbsp; **Health Care and Social** <br>**Assistance - 2.2%**  | &nbsp;&nbsp;&nbsp; **Health Care and Social** <br>**Assistance - 2.2%**  | &nbsp;&nbsp;&nbsp; **Health Care and Social** <br>**Assistance - 2.2%**  | &nbsp;&nbsp;&nbsp; **Health Care and Social** <br>**Assistance - 2.2%**  |
| &nbsp;&nbsp;&nbsp; Formycon AG, 8.94% <br>(3 mo. EURIBOR + 7.00%), 07/09/2029  | EUR | 12188000 | 13987402  |
| &nbsp;&nbsp;&nbsp; HCA, Inc., <br>5.25%, 06/15/2026  |  | 4933000 | 4943164  |
|  Magle Chemoswed Holding AB, 8.63% (3 mo. STIBOR + 6.50%), 07/04/2028  | SEK | 117500000 | 12137656  |
|  Orexo AB, 8.57% (3 mo. STIBOR + 6.50%), 03/28/2028  | SEK | 47500000 | 4803297  |
|  |  |  | 35871519  |
| **Holding Companies - 0.6%**  | **Holding Companies - 0.6%**  | **Holding Companies - 0.6%**  | **Holding Companies - 0.6%**  |
|  Novedo Holding AB, 9.14% (3 mo. STIBOR + 7.00%), 09/23/2027  | SEK | 56250000 | 5840454  |
|  Qflow Group AB, 7.65% (3 mo. STIBOR + 5.50%), 09/25/2028  | SEK | 27500000 | 2960068  |
|  |  |  | 8800522  |
| **Industrials - 4.2%**  | **Industrials - 4.2%**  | **Industrials - 4.2%**  | **Industrials - 4.2%**  |
|  Booster Precision Components GmbH, 11.02% (3 mo. EURIBOR + 9.00%), 11/28/2026  | EUR | 1764112 | 2006287  |
|  HMH Holding BV, 10.02%, 11/16/2026<sup>(b)</sup> |  | 14906000 | 15353180  |
|  Mangrove Luxco III Sarl, 7.03% (3 mo. EURIBOR + 5.00%), 07/15/2029  | EUR | 20826000 | 24690338  |
|  Stolt-Nielsen Ltd., 7.29% (3 mo. NIBOR + 3.15%), 09/26/2028<sup>(a)</sup> | NOK | 13500000 | 1395097  |
| &nbsp;&nbsp;&nbsp; Twma Finance AS, <br>13.00%, 02/08/2027  |  | 3369000 | 3507828  |
|  Welltec International ApS, 8.25%, 10/15/2026<sup>(a)</sup> |  | 20641000 | 20767653  |
|  |  |  | 67720383 |

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

1<br>

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

**CrossingBridge Low Duration High Income Fund** 

**Schedule of Investments** 

**September 30, 2025(Continued)** 

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| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Information - 8.9%**  | **Information - 8.9%**  | **Information - 8.9%**  | **Information - 8.9%**  |
| Cabonline Group Holding AB  | Cabonline Group Holding AB  | Cabonline Group Holding AB  | Cabonline Group Holding AB  |
| &nbsp;&nbsp;&nbsp; 10.00%, 03/19/2028  | SEK | 21879529 | $2278300 |
| &nbsp;&nbsp;&nbsp; 12.00%, 03/19/2028  | SEK | 77770274 | 7981977  |
| &nbsp;&nbsp;&nbsp; Consolidated Communications, <br>Inc. | &nbsp;&nbsp;&nbsp; Consolidated Communications, <br>Inc. | &nbsp;&nbsp;&nbsp; Consolidated Communications, <br>Inc. | &nbsp;&nbsp;&nbsp; Consolidated Communications, <br>Inc. |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028<sup>(a)</sup> |  | 23925000 | 24224062  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/2028<sup>(a)</sup> |  | 14875000 | 15116719  |
| &nbsp;&nbsp;&nbsp; GCI LLC, <br>4.75%, 10/15/2028<sup>(a)</sup> |  | 20442000 | 19882372  |
| Go North Group AB  | Go North Group AB  | Go North Group AB  | Go North Group AB  |
| &nbsp;&nbsp;&nbsp; 10.05% (3 Month SOFR + 5.76%, includes 10.05% PIK), 02/09/2026<sup>(c)</sup>  |  | 8197527 | 2290893  |
| &nbsp;&nbsp;&nbsp; 15.00% (includes 15.00% PIK), 02/09/2027<sup>(c)(e)</sup> |  | 3643266 | 0  |
| &nbsp;&nbsp;&nbsp; 15.00% (includes 15.00% PIK), 02/09/2027<sup>(c)(e)</sup> | SEK | 16010879 | 0  |
| &nbsp;&nbsp;&nbsp; 15.00% (includes 15.00% PIK), 02/02/2028<sup>(c)(e)</sup> | SEK | 6326043 | 0  |
|  Hawk Infinity Software AS, 10.84% (3 mo. NIBOR + 6.50%), 10/15/2029<sup>(a)(b)</sup> | NOK | 71900000 | 7408785  |
| &nbsp;&nbsp;&nbsp; Impala BondCo PLC, 12.00% (or 12.00% PIK) <br>(3 mo. STIBOR + 9.00%), 10/30/2027  | SEK | 13896139 | 944673  |
| &nbsp;&nbsp;&nbsp; Sprint LLC, <br>7.63%, 03/01/2026  |  | 25800000 | 25856703  |
|  SS&C Technologies, Inc., 5.50%, 09/30/2027<sup>(a)</sup> |  | 28285000 | 28280274  |
|  Warnermedia Holdings, Inc., 3.76%, 03/15/2027  |  | 8026000 | 7894695  |
|  |  |  | 142159453  |
| **Manufacturing - 9.1%**  | **Manufacturing - 9.1%**  | **Manufacturing - 9.1%**  | **Manufacturing - 9.1%**  |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc., <br>2.95%, 11/21/2026  |  | 8400000 | 8307400  |
|  Berry Global, Inc., 4.88%, 07/15/2026<sup>(a)</sup> |  | 5163000 | 5163296  |
|  Cannabist Co. Holdings, Inc., 9.25%, 12/31/2028  |  | 17087000 | 9312415  |
| &nbsp;&nbsp;&nbsp; Chemours Co., <br>4.63%, 11/15/2029<sup>(a)</sup> |  | 2000000 | 1808665  |
| Dana, Inc.  | Dana, Inc.  | Dana, Inc.  | Dana, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/2027  |  | 3867000 | 3863969  |
| &nbsp;&nbsp;&nbsp; 5.63%, 06/15/2028  |  | 16033000 | 16023258  |
|  GE HealthCare Technologies, Inc., 5.60%, 11/15/2025  |  | 17994000 | 18002221  |
|  Gilead Sciences, Inc., 3.65%, 03/01/2026  |  | 8847000 | 8833426  |
| Jabil, Inc., 1.70%, 04/15/2026  |  | 10567000 | 10427302  |
|  Microchip Technology, Inc., 5.05%, 02/15/2030  |  | 11462000 | 11729735  |
|  Neptune Bidco AS, 10.89% (3 mo. NIBOR + 6.75%), 06/28/2028  | NOK | 55000000 | 4822362  |

---

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| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
|  Prosomnus Sleep Technologies, Inc., 8.00%, 12/31/2026<sup>(c)</sup> |  | $7253808 | $6368843 |
|  Secop Group Holding GmbH, 10.38% (3 mo. EURIBOR + 8.40%), 12/29/2026  | EUR | 2561000 | 3063123  |
|  Sherwin-Williams Co., 3.95%, 01/15/2026  |  | 8847000 | 8836883  |
|  Sonoco Products Co., 4.45%, 09/01/2026  |  | 6466000 | 6477358  |
|  Stanley Black & Decker, Inc., 3.40%, 03/01/2026  |  | 11287000 | 11243366  |
|  Trulieve Cannabis Corp., 8.00%, 10/06/2026  |  | 5218000 | 5209860  |
|  Western Digital Corp., 4.75%, 02/15/2026  |  | 5228000 | 5230985  |
|  |  |  | 144724467  |
| &nbsp;&nbsp;&nbsp; **Mining, Quarrying, and Oil and** <br>**Gas Extraction - 1.7%**  | &nbsp;&nbsp;&nbsp; **Mining, Quarrying, and Oil and** <br>**Gas Extraction - 1.7%**  | &nbsp;&nbsp;&nbsp; **Mining, Quarrying, and Oil and** <br>**Gas Extraction - 1.7%**  | &nbsp;&nbsp;&nbsp; **Mining, Quarrying, and Oil and** <br>**Gas Extraction - 1.7%**  |
| Nabors Industries, Inc.  | Nabors Industries, Inc.  | Nabors Industries, Inc.  | Nabors Industries, Inc.  |
| &nbsp;&nbsp;&nbsp; 7.38%, 05/15/2027<sup>(a)</sup> |  | 3291000 | 3342991  |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/15/2028<sup>(a)</sup> |  | 21891000 | 21891891  |
|  New Enterprise Stone & Lime Co., Inc., 9.75%, 07/15/2028<sup>(a)</sup> |  | 2566000 | 2583130  |
|  |  |  | 27818012  |
| &nbsp;&nbsp;&nbsp; **Other Services (except Public** <br>**Administration) - 0.4%**  | &nbsp;&nbsp;&nbsp; **Other Services (except Public** <br>**Administration) - 0.4%**  | &nbsp;&nbsp;&nbsp; **Other Services (except Public** <br>**Administration) - 0.4%**  | &nbsp;&nbsp;&nbsp; **Other Services (except Public** <br>**Administration) - 0.4%**  |
|  Shutterfly Finance LLC, 9.75%, 10/01/2027<sup>(a)</sup> |  | 5619000 | 5670442  |
| &nbsp;&nbsp;&nbsp; **Professional, Scientific, and** <br>**Technical Services - 5.3%**  | &nbsp;&nbsp;&nbsp; **Professional, Scientific, and** <br>**Technical Services - 5.3%**  | &nbsp;&nbsp;&nbsp; **Professional, Scientific, and** <br>**Technical Services - 5.3%**  | &nbsp;&nbsp;&nbsp; **Professional, Scientific, and** <br>**Technical Services - 5.3%**  |
|  Charles River Laboratories International, Inc., 4.25%, 05/01/2028<sup>(a)</sup> |  | 8397000 | 8216070  |
|  Gen Digital, Inc., 6.75%, 09/30/2027<sup>(a)</sup> |  | 11720000 | 11908047  |
| Getty Images, Inc.  | Getty Images, Inc.  | Getty Images, Inc.  | Getty Images, Inc.  |
| &nbsp;&nbsp;&nbsp; 9.75%, 03/01/2027<sup>(a)</sup> |  | 13369000 | 12700855  |
| &nbsp;&nbsp;&nbsp; 11.25%, 02/21/2030<sup>(a)</sup> |  | 17976000 | 17182719  |
|  Go Daddy Operating Co. LLC, 5.25%, 12/01/2027<sup>(a)</sup> |  | 17644000 | 17633470  |
|  Oracle Corp., 2.65%, 07/15/2026  |  | 13049000 | 12899458  |
|  VMware LLC, 1.40%, 08/15/2026  |  | 4061000 | 3972438  |
|  |  |  | 84513057  |
| **Real Estate - 1.1%** | **Real Estate - 1.1%** | **Real Estate - 1.1%** | **Real Estate - 1.1%** |
|  Boras V-tyget 1 AB, 7.87% (3 mo. STIBOR + 5.75%), 04/29/2027  | SEK | 165900000 | 17974380  |

---

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

2<br>

------

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

**CrossingBridge Low Duration High Income Fund** 

**Schedule of Investments** 

**September 30, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| &nbsp;&nbsp;&nbsp; **Real Estate and Rental and** <br>**Leasing - 0.8%**  | &nbsp;&nbsp;&nbsp; **Real Estate and Rental and** <br>**Leasing - 0.8%**  | &nbsp;&nbsp;&nbsp; **Real Estate and Rental and** <br>**Leasing - 0.8%**  | &nbsp;&nbsp;&nbsp; **Real Estate and Rental and** <br>**Leasing - 0.8%**  |
|  Williams Scotsman, Inc., 4.63%, 08/15/2028<sup>(a)</sup> |  | $12934000 | $12727754 |
| **Technology - 5.1%**  | **Technology - 5.1%**  | **Technology - 5.1%**  | **Technology - 5.1%**  |
| Azerion Group NV  | Azerion Group NV  | Azerion Group NV  | Azerion Group NV  |
| &nbsp;&nbsp;&nbsp; 8.78% (3 mo. EURIBOR + 6.75%), 10/02/2026  | EUR | 17561000 | 21048459  |
| &nbsp;&nbsp;&nbsp; 7.53% (3 mo. EURIBOR + 5.50%), 10/02/2029  | EUR | 16800000 | 19354271  |
|  Goldcup 100865 AB, 7.64% (3 mo. STIBOR + 5.50%), 07/11/2028  | SEK | 6250000 | 680473  |
|  Trustly AB, 8.78% (3 mo. EURIBOR + 6.75%), 10/08/2030  | EUR | 23600000 | 27569122  |
|  Verve Group SE, 6.02% (3 mo. EURIBOR + 4.00%), 04/01/2029<sup>(a)</sup> | EUR | 11312000 | 13215848  |
|  |  |  | 81868173  |
| **Transportation and Warehousing - 1.1%**  | **Transportation and Warehousing - 1.1%**  | **Transportation and Warehousing - 1.1%**  | **Transportation and Warehousing - 1.1%**  |
| &nbsp;&nbsp;&nbsp; XPO, Inc., <br>6.25%, 06/01/2028<sup>(a)</sup> |  | 16727000 | 17075898  |
| **Utilities - 0.8%**  | **Utilities - 0.8%**  | **Utilities - 0.8%**  | **Utilities - 0.8%**  |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc., <br>4.25%, 09/24/2027  |  | 13261000 | 13283269  |
| **Wholesale Trade - 1.6%**  | **Wholesale Trade - 1.6%**  | **Wholesale Trade - 1.6%**  | **Wholesale Trade - 1.6%**  |
|  Performance Food Group, Inc., 5.50%, 10/15/2027<sup>(a)</sup> |  | 20955000 | 20925793  |
| &nbsp;&nbsp;&nbsp; TD Synnex Corp., <br>1.75%, 08/09/2026  |  | 5186000 | 5073190  |
|  |  |  | 25998983  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $939,980,595)** |  |  | 940904690  |
| **BANK LOANS - 12.0%** <br>|  |  |  |
| **Communications - 3.6%**  | **Communications - 3.6%**  | **Communications - 3.6%**  | **Communications - 3.6%**  |
|  CMG Media Corp., First Lien, 7.60% (3 mo. Term SOFR + 3.50%), 06/18/2029  |  | 46370748 | 44425959  |
|  Magnite, Inc., 7.16% (1 mo. Term SOFR + 3.75%), 02/06/2031  |  | 12445764 | 12489884  |
|  |  |  | 56915843  |
| **Consumer Discretionary - 2.5%**  | **Consumer Discretionary - 2.5%**  | **Consumer Discretionary - 2.5%**  | **Consumer Discretionary - 2.5%**  |
|  Bally's Corp., First Lien, 7.84% (3 mo. Term SOFR + 3.25%), 10/02/2028  |  | 32462117 | 31609986  |
|  Elevate Textiles, Inc., 12.95% (3 mo. Term SOFR + 8.65%), 09/30/2027  |  | 8629880 | 8709016  |
|  |  |  | 40319002 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Finance and Insurance - 1.5%**  | **Finance and Insurance - 1.5%**  | **Finance and Insurance - 1.5%**  |
|  Fiserv Investment T/L B, 8.20% (3 mo. Term SOFR + 4.00%), 02/18/2027  | $23972367 | $23832609 |
| **Manufacturing - 0.7%**  | **Manufacturing - 0.7%**  | **Manufacturing - 0.7%**  |
|  K&N Parent, Inc., 12.28% (3 mo. Term SOFR + 8.00%), 02/03/2027  | 11881898 | 11822488  |
| **Materials - 0.2%**  | **Materials - 0.2%**  | **Materials - 0.2%**  |
|  Tosca Services LLC, 9.66% (1 mo. Term SOFR + 5.50%), 11/30/2028  | 3039082 | 3096065  |
| **Real Estate and Rental and Leasing - 1.6%**  | **Real Estate and Rental and Leasing - 1.6%**  | **Real Estate and Rental and Leasing - 1.6%**  |
|  Chicago Atlantic Real Estate Finance Term Loan, First Lien, 9.00%, 10/17/2028 | 25349000 | 25380686  |
| **Retail Trade - 1.3%**  | **Retail Trade - 1.3%**  | **Retail Trade - 1.3%**  |
|  The Container Store First Out Loan, 10.82% (or 5.50% PIK) (1 mo. Term SOFR + 5.50%), 04/30/2029  | 11871732 | 11218787  |
|  The Container Store, Inc. Rolled Up First Out Loan, 10.65% (or 5.50% PIK) (1 mo. Term SOFR + 5.50%), 04/30/2029  | 4518838 | 3976578  |
|  The Container Store, Inc. Second Out Loan, 9.20% (or 4.00% PIK) (6 mo. Term SOFR + 5.00%), 07/30/2029  | 536348 | 268174  |
| &nbsp;&nbsp;&nbsp; The Container Store, Inc. Super Senior. Loan, 10.65% (or 5.50% PIK) <br>(1 mo. Term SOFR + 5.50%), 04/30/2029<sup>(c)</sup> | 4653268 | 4653268  |
|  |  | 20116807  |
| **Utilities - 0.6%**  | **Utilities - 0.6%**  | **Utilities - 0.6%**  |
|  Solaris Energy Infrastructure, 10.00% (3 mo. Term SOFR + 6.00%), 09/11/2029  | 10221613 | 10400491  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $191,006,254)** |  | 191883991  |
| **ASSET-BACKED SECURITIES - 4.9%**  | **ASSET-BACKED SECURITIES - 4.9%**  | **ASSET-BACKED SECURITIES - 4.9%**  |
| **Consumer Discretionary - 0.4%**  | **Consumer Discretionary - 0.4%**  | **Consumer Discretionary - 0.4%**  |
|  United Airlines, Inc., Series A, 4.00%, 04/11/2026  | 6845027 | 6832472  |
| **Finance and Insurance - 2.5%**  | **Finance and Insurance - 2.5%**  | **Finance and Insurance - 2.5%**  |
|  Alterna Funding LLC, A Series 2024-1A, Class A, 6.26%, 05/16/2039<sup>(a)</sup> | 1750132 | 1754888  |

---

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

3<br>

------

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

**CrossingBridge Low Duration High Income Fund** 

**Schedule of Investments** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  |
| **Finance and Insurance - (Continued)**  | **Finance and Insurance - (Continued)**  | **Finance and Insurance - (Continued)**  |
|  Coinstar Funding LLC, A2 Series 2017-1A, Class A2, 5.22%, 04/25/2047<sup>(a)</sup> | $21066718 | $19644542  |
|  Lyra Music Assets Delaware LP, A2 Series 2025-1A, Class A2, 5.60%, 09/20/2065<sup>(a)</sup> | 8761000 | 8871776 |
| RAM LLC, A | RAM LLC, A | RAM LLC, A |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A, 6.67%, 02/15/2039<sup>(a)</sup> | 1954528 | 1961035  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A, 5.45%, 05/15/2040<sup>(a)</sup> | 7745853 | 7788815  |
|  |  | 40021056  |
| **Rental & Leasing Services - 0.6%** | **Rental & Leasing Services - 0.6%** | **Rental & Leasing Services - 0.6%** |
|  Hertz Corp., Series 2025-1A, Class A, 4.91%, 09/25/2029<sup>(a)</sup> | 10076000 | 10181070  |
| &nbsp;&nbsp;&nbsp; **Transportation and** <br>**Warehousing - 1.4%**  | &nbsp;&nbsp;&nbsp; **Transportation and** <br>**Warehousing - 1.4%**  | &nbsp;&nbsp;&nbsp; **Transportation and** <br>**Warehousing - 1.4%**  |
|  Hawaiian Holdings, Inc., Series 2013-1, 3.90%, 01/15/2026  | 21687550 | 21493978  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $77,380,322)** |  | 78528576  |
| **MORTGAGE-BACKED SECURITIES - 4.8%**  | **MORTGAGE-BACKED SECURITIES - 4.8%**  | **MORTGAGE-BACKED SECURITIES - 4.8%**  |
| **Finance and Insurance - 4.8%**  | **Finance and Insurance - 4.8%**  | **Finance and Insurance - 4.8%**  |
| BX Trust, A  | BX Trust, A  | BX Trust, A  |
| &nbsp;&nbsp;&nbsp; Series 2021-SOAR, Class A, 4.94% (1 mo. Term SOFR + 0.78%), 06/15/2038<sup>(a)</sup> | 1884986 | 1884100  |
| &nbsp;&nbsp;&nbsp; Series 2024-BIO, Class A, 5.79% (1 mo. Term SOFR + 1.64%), 02/15/2041<sup>(a)</sup> | 4170000 | 4168914  |
| &nbsp;&nbsp;&nbsp; Series 2024-KING, Class A, 5.69% (1 mo. Term SOFR + 1.54%), 05/15/2034<sup>(a)</sup> | 12296124 | 12315477  |
| &nbsp;&nbsp;&nbsp; Series 2025-LUNR, Class A, 5.65% (1 mo. Term SOFR + 1.50%), 06/15/2040<sup>(a)</sup> | 17859884 | 17919989  |
|  BX Trust, Series 2021-VOLT, Class A, 4.96% (1 mo. Term SOFR + 0.81%), 09/15/2036<sup>(a)</sup> | 12594766 | 12558951  |
| BX Trust, B  | BX Trust, B  | BX Trust, B  |
| &nbsp;&nbsp;&nbsp; Series 2021-SOAR, Class B, 5.14% (1 mo. Term SOFR + 0.98%), 06/15/2038<sup>(a)</sup> | 6080177 | 6077501  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class B, 5.21% (1 mo. Term SOFR + 1.06%), 09/15/2036<sup>(a)</sup> | $5435126 | $5420008 |
| &nbsp;&nbsp;&nbsp; Series 2024-KING, Class B, 5.89% (1 mo. Term SOFR + 1.74%), 05/15/2034<sup>(a)</sup> | 2674787 | 2680238  |
|  DGWD Trust, A Series 2025-INFL, Class A, 5.75% (1 mo. Term SOFR + 1.60%), 08/15/2035<sup>(a)</sup> | 8067000 | 8095656  |
|  DGWD Trust, B Series 2025-INFL, Class B, 5.95% (1 mo. Term SOFR + 1.80%), 08/15/2035<sup>(a)</sup> | 2180000 | 2182789  |
|  JP Morgan Chase Commercial Mortgage Securities, A Series 2021-MHC, Class A, 5.32% (1 mo. Term SOFR + 1.16%), 04/15/2038<sup>(a)</sup> | 3494963 | 3495398  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-**<br>**BACKED SECURITIES** <br>**(Cost $76,552,524)** |  | 76799021 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| &nbsp;&nbsp;&nbsp; **SPECIAL PURPOSE ACQUISITION** <br>**COMPANIES (SPACS) - 2.6%**  | &nbsp;&nbsp;&nbsp; **SPECIAL PURPOSE ACQUISITION** <br>**COMPANIES (SPACS) - 2.6%**  | &nbsp;&nbsp;&nbsp; **SPECIAL PURPOSE ACQUISITION** <br>**COMPANIES (SPACS) - 2.6%**  |
|  Alpha Partners Technology Merger Corp. Founder Shares<sup>(f)</sup> | 9341 | 2195  |
|  Charlton Aria Acquisition Corp. - Class A<sup>(f)</sup> | 115000 | 1193700  |
| &nbsp;&nbsp;&nbsp; Columbus Acquisition <br>Corp.<sup>(f)</sup> | 118214 | 1206965  |
|  D Boral ARC Acquisition I Corp. - Class A<sup>(f)</sup> | 200000 | 1984000  |
| Emmis Acquisition Corp.<sup>(f)</sup> | 175000 | 1746500  |
| IB Acquisition Corp.<sup>(f)</sup> | 90715 | 961579  |
|  Kochav Defense Acquisition Corp. - Class A<sup>(f)</sup> | 275000 | 2758250  |
| &nbsp;&nbsp;&nbsp; McKinley Acquisition <br>Corp.<sup>(f)</sup> | 123355 | 1232316  |
|  Mercer Park Opportunities Corp.<sup>(f)(g)</sup> | 1207500 | 12449325  |
|  NMP Acquisition Corp. - Class A<sup>(f)</sup> | 468500 | 4652205  |
| OTG Acquisition Corp. I<sup>(f)</sup> | 125000 | 1258750  |
| &nbsp;&nbsp;&nbsp; Quartzsea Acquisition <br>Corp.<sup>(f)</sup> | 140189 | 1422918  |
|  Range Capital Acquisition Corp.<sup>(f)</sup> | 285700 | 2972709  |
|  Solarius Capital Acquisition Corp.<sup>(f)</sup> | 100000 | 1054000  |
|  Spring Valley Acquisition Corp. III<sup>(f)</sup> | 115000 | 1196000 |

---

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

4<br>

------

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

**CrossingBridge Low Duration High Income Fund** 

**Schedule of Investments** 

**September 30, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares**  | **Value**  |
| &nbsp;&nbsp;&nbsp; **SPECIAL PURPOSE ACQUISITION** <br>**COMPANIES (SPACS) - (Continued)**  | &nbsp;&nbsp;&nbsp; **SPECIAL PURPOSE ACQUISITION** <br>**COMPANIES (SPACS) - (Continued)**  | &nbsp;&nbsp;&nbsp; **SPECIAL PURPOSE ACQUISITION** <br>**COMPANIES (SPACS) - (Continued)**  | &nbsp;&nbsp;&nbsp; **SPECIAL PURPOSE ACQUISITION** <br>**COMPANIES (SPACS) - (Continued)**  |
|  Translational Development Acquisition Corp.<sup>(f)</sup> |  | 250000 | $2588750 |
| &nbsp;&nbsp;&nbsp; Vendome Acquisition Corp. <br>I - Class A<sup>(f)</sup> |  | 300000 | 2982000  |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE** <br>**ACQUISITION COMPANIES (SPACS)** <br>**(Cost $40,615,418)** |  |  | 41662162  |
| **PREFERRED STOCKS - 2.0%** | **PREFERRED STOCKS - 2.0%** | **PREFERRED STOCKS - 2.0%** | **PREFERRED STOCKS - 2.0%** |
| &nbsp;&nbsp;&nbsp; **Administrative and Support and Waste** <br>**Management and Remediation** <br>**Services - 0.2%**  | &nbsp;&nbsp;&nbsp; **Administrative and Support and Waste** <br>**Management and Remediation** <br>**Services - 0.2%**  | &nbsp;&nbsp;&nbsp; **Administrative and Support and Waste** <br>**Management and Remediation** <br>**Services - 0.2%**  |  |
|  SWK Holdings Corp., 9.00%, 01/31/2027<sup>(f)</sup> |  | 152467 | 3868088  |
| **Finance and Insurance - 1.8%**  | **Finance and Insurance - 1.8%**  | **Finance and Insurance - 1.8%**  |  |
|  American National Group, Inc., Series B, 9.98% to 09/01/2030 then 5 yr. CMT Rate + 6.30%, Perpetual<sup>(f)</sup> |  | 1110846 | 28015536  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $31,766,007)** |  |  | 31883624  |
|  |  | **Par**  |  |
| **CONVERTIBLE BONDS - 1.6%**  | **CONVERTIBLE BONDS - 1.6%**  | **CONVERTIBLE BONDS - 1.6%**  | **CONVERTIBLE BONDS - 1.6%**  |
| **Accommodation and Food Services - 0.3%** | **Accommodation and Food Services - 0.3%** | **Accommodation and Food Services - 0.3%** | **Accommodation and Food Services - 0.3%** |
|  Braemar Hotels & Resorts, Inc., 4.50%, 06/01/2026  |  | $5034000 | 4908150  |
| **Communications - 0.1%**  | **Communications - 0.1%**  | **Communications - 0.1%**  | **Communications - 0.1%**  |
|  Magnite, Inc., 0.25%, 03/15/2026  |  | 775000 | 757408  |
| **Finance and Insurance - 0.7%**  | **Finance and Insurance - 0.7%**  | **Finance and Insurance - 0.7%**  | **Finance and Insurance - 0.7%**  |
|  Euronet Worldwide, Inc., 0.63%, 10/01/2030<sup>(a)</sup> |  | 12394000 | 11836270  |
| **Information - 0.3%**  | **Information - 0.3%**  | **Information - 0.3%**  | **Information - 0.3%**  |
|  Go North Group AB, 0.00%, 12/31/2050<sup>(c)(d)(e)</sup> | SEK | 39553628 | 0  |
|  Leafly Holdings, Inc., 8.00%, 11/01/2025<sup>(c)</sup> |  | 6092000 | 5178200  |
|  |  |  | 5178200  |
| **Manufacturing - 0.2%**  | **Manufacturing - 0.2%**  | **Manufacturing - 0.2%**  | **Manufacturing - 0.2%**  |
|  Array Technologies, Inc., 1.00%, 12/01/2028  |  | 3423000 | 2976357  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $26,728,143)** |  |  | 25656385 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**PREFERRED - 0.3%**  | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**PREFERRED - 0.3%**  | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**PREFERRED - 0.3%**  |
| **Real Estate and Rental and Leasing - 0.3%**  | **Real Estate and Rental and Leasing - 0.3%**  |  |
|  Gladstone Land Corp., Series D, 5.00%, 01/31/2026  | 186390 | $4639247 |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT** <br>**TRUSTS - PREFERRED** <br>**(Cost $4,387,347)** |  | 4639247  |
|  | **Par** |  |
| **MUNICIPAL BONDS - 0.3%**  | **MUNICIPAL BONDS - 0.3%**  | **MUNICIPAL BONDS - 0.3%**  |
| **New York - 0.1%**  | **New York - 0.1%**  | **New York - 0.1%**  |
|  New York State Dormitory Authority, 5.70%, 05/01/2035 (Obligor: Pace University)<sup>(h)</sup> | $2005000 | 2005000  |
| **Pennsylvania - 0.2%**  | **Pennsylvania - 0.2%**  | **Pennsylvania - 0.2%**  |
|  Pennsylvania Economic Development Financing Authority, 4.00%, 06/01/2041 (Obligor: Waste Management, Inc.)<sup>(h)(i)</sup> | 2500000 | 2500722  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $4,505,000)** |  | 4505722 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **COMMON STOCKS - 0.1%** <br>|  |  |
| **Manufacturing - 0.1%**  | **Manufacturing - 0.1%**  |  |
|  Cannabist Co. Holdings, Inc.<sup>(c)(f)</sup> | 4027595 | 0 |
|  Cannabist Co. Holdings, Inc.<sup>(c)(f)</sup> | 4027595 | 0  |
| Prosomnus Equity<sup>(c)(f)(m)</sup> | 996799 | 996799  |
|  |  | 996799  |
| **Retail Trade - 0.0%<sup>(j)</sup>**  | **Retail Trade - 0.0%<sup>(j)</sup>**  |  |
| The Container Store, Inc.<sup>(f)</sup> | 252306 | 63077  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $938,768)** |  | 1059876  |
| **RIGHTS - 0.0%<sup>(j)</sup>** <br>|  |  |
| **Finance and Insurance - 0.0%<sup>(j)</sup>**  | **Finance and Insurance - 0.0%<sup>(j)</sup>**  |  |
|  NMP Acquisition Corp., Expires 06/27/2030, Exercise Price $10.00<sup>(f)</sup> | 150000 | 31500  |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost $28,232)** |  | 31500 |

---

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

5<br>

------

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

**CrossingBridge Low Duration High Income Fund** 

**Schedule of Investments** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Contracts** | **Value** |
| **WARRANTS - 0.0%<sup>(j)</sup>**  | **WARRANTS - 0.0%<sup>(j)</sup>**  | **WARRANTS - 0.0%<sup>(j)</sup>**  |
| **Information - 0.0%<sup>(j)</sup>**  | **Information - 0.0%<sup>(j)</sup>**  | **Information - 0.0%<sup>(j)</sup>**  |
|  Leafly Holdings, Inc., Expires 11/07/2026, Exercise Price $115,000.00<sup>(f)</sup> | 36943 | $249 |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $0)** |  | 249 |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  |
| **COMMERCIAL PAPER - 6.7%**  | **COMMERCIAL PAPER - 6.7%**  | **COMMERCIAL PAPER - 6.7%**  |
| **Energy - 0.8%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd., <br>4.47%, 10/08/2025<sup>(a)(k)</sup> | $12612000 | 12599581  |
| **Finance and Insurance - 2.0%** | **Finance and Insurance - 2.0%** | **Finance and Insurance - 2.0%** |
|  Crown Castle, Inc., 4.77%, 10/07/2025<sup>(a)(k)</sup> | 31885000 | 31856419  |
| &nbsp;&nbsp;&nbsp; **Health Care and Social** <br>**Assistance - 1.6%**  | &nbsp;&nbsp;&nbsp; **Health Care and Social** <br>**Assistance - 1.6%**  | &nbsp;&nbsp;&nbsp; **Health Care and Social** <br>**Assistance - 1.6%**  |
|  HCA, Inc., 4.61%, 10/14/2025<sup>(a)(k)</sup> | 25739000 | 25693007  |
| **Materials - 2.3%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; FMC Corp., <br>4.89%, 10/20/2025<sup>(a)(k)</sup> | 17303000 | 17255721  |
|  International Flavors & Fragrances, Inc., 4.26%, 11/25/2025<sup>(a)(k)</sup> | 20000000 | 19867218  |
|  |  | 37122939  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL PAPER** <br>**(Cost $107,283,410)** |  | 107271946  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  |  |
| **MONEY MARKET FUNDS - 6.1%**  | **MONEY MARKET FUNDS - 6.1%**  | **MONEY MARKET FUNDS - 6.1%**  |
|  First American Government Obligations Fund - Class X, 4.05%<sup>(l)</sup> | 14827549 | 14827549  |
|  First American Treasury Obligations Fund - Class X, 4.02%<sup>(l)</sup> | 81938479 | 81938479  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $96,766,028)** |  | 96766028 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. TREASURY BILLS - 0.3%**  | **U.S. TREASURY BILLS - 0.3%**  | **U.S. TREASURY BILLS - 0.3%**  |
| &nbsp;&nbsp;&nbsp; 4.17%, 10/02/2025<sup>(k)</sup> | $5260000 | $5259414  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $5,259,416)** |  | 5259414 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.6%** <br>**(Cost $1,603,197,464)** |  | $1606852431  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (0.6)% |  | (9523569)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  | $1597328862 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

AB - Aktiebolag

CMT - Constant Maturity Treasury

EURIBOR - Euro Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

NIBOR - Norway Interbank Offered Rate

PIK - Payment in Kind

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

STIBOR - Stockholm Interbank Offered Rate

EUR - Euro

NOK - Norwegian Krone

SEK - Swedish Krona

USD – United States Dollar

<sup>(a)</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 September 30, 2025, the value of these securities total $679,638,080 or 42.5% of the Fund's net assets.

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of September 30, 2025.

<sup>(c)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of CrossingBridge Advisors, LLC, the Fund's investment adviser (the "Adviser"), acting as Valuation Designee. These securities represented $19,488,003 or 1.2% of net assets as of September 30, 2025.

<sup>(d)</sup> Zero coupon bonds make no periodic interest payments.

<sup>(e)</sup> Security is currently in default.

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

<sup>(g)</sup> Affiliated security as defined by the Investment Company Act of 1940. See Note 11 for additional details.

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

6<br>

------

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

**CrossingBridge Low Duration High Income Fund** 

**Schedule of Investments** 

**September 30, 2025(Continued)** 

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

<sup>(i)</sup> Security subject to the Alternative Minimum Tax ("AMT"). As of September 30, 2025, the total value of securities subject to the AMT was $2,500,722 or 0.2% of net assets.

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

<sup>(k)</sup> The rate shown is the annualized yield as of September 30, 2025.

<sup>(l)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

<sup>(m)</sup> Privately held.

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

7<br>

------

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

**CrossingBridge Low Duration High Income Fund** 

**Schedule of Forward Currency Contracts** 

**September 30, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency** <br>**Purchased** | **Currency** <br>**Purchased** | **Currency** <br>**Sold** | **Currency** <br>**Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| U.S. Bancorp Investments, Inc. | 11/14/2025 | USD  | 158277085  | EUR  | 134784000  | $(400601)  |
| U.S. Bancorp Investments, Inc. | 11/14/2025 | USD  | 16640823  | NOK  | 165055000  | 97857  |
| U.S. Bancorp Investments, Inc. | 11/14/2025 | USD  | 59368780  | SEK  | 553000000  | 455750  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $153006 |

---

EUR - Euro

OK - Norwegian Krone

SEK - Swedish Krona

USD - United States Dollar

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

8<br>

------

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

**CROSSINGBRIDGE RESPONSIBLE CREDIT FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - 65.9%**  | **CORPORATE BONDS - 65.9%**  |  |  |
|  **Accommodation and Food Services - 2.9%** <br>|  |  |  |
|  GrubHub Holdings, Inc., 13.00% (or 7.00% PIK), 07/31/2030<sup>(a)</sup> |  | $1344275 | $1348361  |
| **Communications - 0.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Inteno Group AB, 9.58% <br>(3 mo. EURIBOR + 7.50%), 09/06/2026 | EUR | 200000 | 145583  |
| **Consumer Discretionary - 3.7%** | **Consumer Discretionary - 3.7%** |  |  |
|  BOS GmbH & Co. KG, 11.00% (3 mo. EURIBOR + 9.00%), 06/25/2029 | EUR | 700000 | 820851  |
| &nbsp;&nbsp;&nbsp; Felleskjopet Agri SA, 5.99% <br>(3 mo. NIBOR + 1.75%), 03/19/2030 | NOK | 9000000 | 904656  |
|  |  |  | 1725507  |
| **Consumer Staples - 4.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Keyto Group AB, 7.37% <br>(3 mo. STIBOR + 5.25%), 05/08/2029 | SEK | 7500000 | 805681  |
| &nbsp;&nbsp;&nbsp; Nexus Newco BV, 8.45% <br>(3 mo. EURIBOR + 6.50%), 06/04/2030 | EUR | 900000 | 1061931  |
|  |  |  | 1867612  |
| **Energy - 6.4%**<br>|  |  |  |
|  Forum Energy Technologies, Inc., 10.50%, 11/07/2029 |  | 2450000 | 2575062  |
|  Golar LNG Ltd., 7.50%, 10/02/2030<sup>(a)</sup> |  | 454000 | 448879  |
|  |  |  | 3023941  |
| **Finance and Insurance - 2.3%** | **Finance and Insurance - 2.3%** |  |  |
|  Stonex Escrow Issuer LLC, 6.88%, 07/15/2032<sup>(a)</sup> |  | 770000 | 793275  |
|  StoneX Group, Inc., 7.88%, 03/01/2031<sup>(a)</sup> |  | 257000 | 270289  |
|  |  |  | 1063564  |
|  **Health Care and Social Assistance - 7.9%**<br>|  |  |  |
|  Formycon AG, 8.94% (3 mo. EURIBOR + 7.00%), 07/09/2029 | EUR | 1213000 | 1392084  |
| &nbsp;&nbsp;&nbsp; HCA, Inc., <br>5.88%, 02/15/2026 |  | 900000 | 901186  |
| &nbsp;&nbsp;&nbsp; Magle Chemoswed Holding AB, 8.63% (3 mo. STIBOR + <br>6.50%), 07/04/2028 | SEK | 12500000 | 1291240  |
|  Orexo AB, 8.57% (3 mo. STIBOR + 6.50%), 03/28/2028 | SEK | 1250000 | 126402  |
|  |  |  | 3710912  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **Holding Companies - 7.7%**<br>|  |  |  |
|  JDC Group AG, 6.52% (3 mo. EURIBOR + 4.50%), 08/28/2029<sup>(a)</sup> | EUR | 674000 | 809116  |
|  Nordwest Industrie Group GmbH, 8.74% (3 mo. EURIBOR + 6.75%), 11/06/2028<sup>(a)</sup> | EUR | 880000 | 671559  |
| &nbsp;&nbsp;&nbsp; Novedo Holding AB, 9.14% <br>(3 mo. STIBOR + 7.00%), 09/23/2027 | SEK | 10000000 | 1038303  |
|  Stockwik Forvaltning AB, 9.30% (3 mo. STIBOR + 7.25%), 06/26/2029<sup>(a)</sup> | SEK | 10000000 | 1094069  |
|  |  |  | 3613047  |
| **Industrials - 2.7%**<br>|  |  |  |
|  Mangrove Luxco III Sarl, 7.03% (3 mo. EURIBOR + 5.00%), 07/15/2029<sup>(a)</sup> | EUR | 907000 | 1075297  |
| &nbsp;&nbsp;&nbsp; SLR Group GmbH, 8.94% <br>(3 mo. EURIBOR + 7.00%), 10/09/2027 | EUR | 163000 | 186586  |
|  |  |  | 1261883  |
| **Information - 12.8%**<br>|  |  |  |
| Cabonline Group Holding AB <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.00%, 03/19/2028 | SEK | 6292000 | 655182  |
| &nbsp;&nbsp;&nbsp; 12.00%, 03/19/2028 | SEK | 3364000 | 345265  |
| &nbsp;&nbsp;&nbsp; Calligo UK Ltd., 8.98% <br>(or 7.00% PIK) (3 mo. EURIBOR + 7.00%), 12/29/2028<sup>(b)</sup> | EUR | 107174 | 26634  |
|  Consolidated Communications, Inc. <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028<sup>(a)</sup> |  | 187000 | 189337  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/2028<sup>(a)</sup> |  | 2584000 | 2625990  |
|  GCI LLC, 4.75%, 10/15/2028<sup>(a)</sup> |  | 1000000 | 972624  |
| Go North Group AB <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.05% (3 Month SOFR + 5.76%, includes 10.05% PIK), 02/09/2026<sup>(c)</sup> |  | 354891 | 99178  |
| &nbsp;&nbsp;&nbsp; 15.00% (includes 15.00% PIK), 02/09/2027<sup>(b)(c)</sup> |  | 224589 | 0  |
| &nbsp;&nbsp;&nbsp; 15.00% (includes 15.00% PIK), 02/02/2028<sup>(b)(c)</sup> | SEK | 274039 | 0  |
|  Hawk Infinity Software AS, 10.84% (3 mo. NIBOR + 6.50%), 10/15/2029<sup>(a)(e)</sup> | NOK | 2500000 | 257607  |
|  Ziff Davis, Inc., 4.63%, 10/15/2030<sup>(a)</sup> |  | 892000 | 841616  |
|  |  |  | 6013433  |

---

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

9<br>

------

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

**CROSSINGBRIDGE RESPONSIBLE CREDIT FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Manufacturing - 6.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Secop Group Holding GmbH, 10.38% (3 mo. EURIBOR + <br>8.40%), 12/29/2026 | EUR | 150000 | 179410  |
| &nbsp;&nbsp;&nbsp; Western Digital Corp., <br>4.75%, 02/15/2026 |  | 2738000 | 2739563  |
|  |  |  | 2918973  |
|  **Professional, Scientific, and Technical Services - 2.4%**<br>|  |  |  |
| Getty Images, Inc. <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.75%, 03/01/2027<sup>(a)</sup> |  | 541000 | 513962  |
| &nbsp;&nbsp;&nbsp; 11.25%, 02/21/2030 |  | 657000 | 628007  |
|  |  |  | 1141969  |
|  **Real Estate and Rental and Leasing - 1.9%**<br>|  |  |  |
|  Williams Scotsman, Inc., 4.63%, 08/15/2028<sup>(a)</sup> |  | 907000 | 892537  |
| **Technology - 2.8%**<br>|  |  |  |
|  Trustly AB, 8.78% (3 mo. EURIBOR + 6.75%), 10/08/2030 | EUR | 700000 | 817728  |
|  Verve Group SE, 6.02% (3 mo. EURIBOR + 4.00%), 04/01/2029<sup>(a)</sup> | EUR | 414000 | 483678  |
|  |  |  | 1301406  |
|  **Transportation and Warehousing - 1.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Summit Midstream Holdings LLC, <br>8.63%, 10/31/2029<sup>(a)</sup> |  | 871000 | 875988  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $30,942,050)** |  |  | 30904716  |
| **BANK LOANS - 20.1%**<br>|  |  |  |
| **Communications - 8.1%**<br>|  |  |  |
|  Magnite, Inc., 7.16% (1 mo. Term SOFR + 3.75%), 02/06/2031 |  | 2800244 | 2810171  |
|  StubHub Holdco Sub LLC, First Lien, 8.91% (1 mo. Term SOFR + 4.75%), 03/15/2030 |  | 1002000 | 995737  |
|  |  |  | 3805908  |
| **Consumer Discretionary - 1.6%** | **Consumer Discretionary - 1.6%** |  |  |
|  Elevate Textiles, Inc., 12.95% (3 mo. Term SOFR + 8.65%), 09/30/2027 |  | 761460 | 768443  |
| **Finance and Insurance - 1.9%** | **Finance and Insurance - 1.9%** |  |  |
|  Fiserv Investment T/L B, 8.20% (3 mo. Term SOFR + 4.00%), 02/18/2027 |  | 906230 | 900947  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **Information - 1.4%**<br>|  |  |  |
|  Audacy Capital LLC, 10.28% (1 mo. Term SOFR + 6.00%), 09/30/2029 |  | $789941 | $644987  |
| **Materials - 1.1%**<br>|  |  |  |
|  M2S Group Intermediate Holdings, Inc., First Lien, 9.06% (3 mo. Term SOFR + 4.75%), 08/22/2031 |  | 492047 | 489341  |
| **Retail Trade - 4.2%**<br>|  |  |  |
|  Mountaineer Merger Corp., 12.16% (or 7.00% PIK) (1 mo. Term SOFR + 8.00%), 10/26/2028<sup>(c)</sup> |  | 83562 | 83563  |
|  The Container Store First Out Loan, 10.82% (or 5.50% PIK) (1 mo. Term SOFR + 5.50%), 04/30/2029 |  | 595128 | 562396  |
|  The Container Store, Inc. Rolled Up First Out Loan, 10.65% (1 mo. Term SOFR + 5.50%), 04/30/2029 |  | 676215 | 595069  |
| &nbsp;&nbsp;&nbsp; The Container Store, Inc. Second Out Loan, 9.20% <br>(or 4.00% PIK) (6 mo. Term SOFR + 5.00%), 07/30/2029 |  | 80855 | 40427  |
|  The Container Store, Inc. Super Senior. Loan, 10.65% (or 5.50% PIK) (1 mo. Term SOFR + 5.50%), 04/30/2029<sup>(c)</sup> |  | 699882 | 699882  |
|  |  |  | 1981337  |
| **Utilities - 1.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Solaris Energy Infrastructure, 10.00% (3 mo. Term SOFR + <br>6.00%), 09/11/2029 |  | 808000 | 822140  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $9,502,712)** |  |  | 9413103  |
| **CONVERTIBLE BONDS - 3.6%** | **CONVERTIBLE BONDS - 3.6%** | **CONVERTIBLE BONDS - 3.6%** |  |
| **Energy - 1.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Golar LNG Ltd., <br>2.75%, 12/15/2030<sup>(a)</sup> |  | 600000 | 608250  |
| **Finance and Insurance - 2.0%** | **Finance and Insurance - 2.0%** |  |  |
|  Euronet Worldwide, Inc., 0.63%, 10/01/2030<sup>(a)</sup> |  | 974000 | 930170  |
| **Information - 0.0%<sup>(f)</sup>** <br>|  |  |  |
|  Go North Group AB, 0.00%, 12/31/2050<sup>(c)(d)</sup> | SEK | 1722507 | 0  |

---

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

10<br>

------

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

**CROSSINGBRIDGE RESPONSIBLE CREDIT FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CONVERTIBLE BOND - (Continued)** | **CONVERTIBLE BOND - (Continued)** | **CONVERTIBLE BOND - (Continued)** |
|  **Professional, Scientific, and Technical Services - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; UpHealth, Inc., 13.24% (SOFR + <br>9.00%), 12/15/2025<sup>(a)(c)</sup> | $185000 | $172975  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $1,748,423)** |  | 1711395  |
| **ASSET-BACKED SECURITIES - 2.3%** | **ASSET-BACKED SECURITIES - 2.3%** |  |
|  **Transportation and Warehousing - 2.3%**<br>|  |  |
|  Hawaiian Holdings, Inc., Series 2013-1, 3.90%, 01/15/2026 | 1107261 | 1097378  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $1,095,317)** |  | 1097378  |
|  | **Shares** |  |
| &nbsp;&nbsp;&nbsp; **SPECIAL PURPOSE ACQUISITION** <br>**COMPANIES (SPACS) - 2.1%** | &nbsp;&nbsp;&nbsp; **SPECIAL PURPOSE ACQUISITION** <br>**COMPANIES (SPACS) - 2.1%** | &nbsp;&nbsp;&nbsp; **SPECIAL PURPOSE ACQUISITION** <br>**COMPANIES (SPACS) - 2.1%** |
|  Mercer Park Opportunities Corp.<sup>(g)</sup> | 95000 | 979450  |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS)** <br>**(Cost $969,950)** |  | 979450  |
| **PREFERRED STOCKS - 1.7%** | **PREFERRED STOCKS - 1.7%** |  |
| **Retail Trade - 0.3%**<br>|  |  |
|  Preferred A Mountaineer Merger, 0.00%<sup>(c)</sup> | 277392 | 138696  |
|  Preferred B Mountaineer Merger, 0.00%<sup>(c)</sup> | 199699 | 0  |
|  |  | 138696  |
| **Wholesale Trade - 1.4%**<br>|  |  |
|  NGL Energy Partners LP, Series B, 11.45% (3 mo. Term SOFR + 7.47%), Perpetual<sup>(g)</sup> | 27846 | 648533  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $728,432)** |  | 787229  |
| **COMMON STOCKS - 0.4%**<br>|  |  |
| **Manufacturing - 0.4%**<br>|  |  |
| RA Parent, Inc.<sup>(c)(g)</sup> | 3 | 192000  |
| **Retail Trade - 0.0%<sup>(f)</sup>** <br>|  |  |
|  Mountaineer Merger Corp.<sup>(c)(g)</sup> | 477091 | 0  |
| The Container Store, Inc.<sup>(g)</sup> | 23925 | 5981  |
|  |  | 5981  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $177,829)** |  | 197981 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - PREFERRED - 0.4%**<br>|  |  |
|  **Real Estate and Rental and Leasing - 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; CTO Realty Growth, Inc., Series A, <br>6.38%, Perpetual | 7859 | $167398  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT** <br>**TRUSTS - PREFERRED** <br>**(Cost $157,920)** |  | 167398 |
|  | **Contracts**  |  |
| **WARRANTS - 0.0%<sup>(f)</sup>**<br>|  |  |
| **Information - 0.0%<sup>(f)</sup>** <br>|  |  |
|  Audacy Warrants, Expires 09/30/2029, Exercise Price $0.01<sup>(g)</sup> | 1434 | 12906  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $40,641)** |  | 12906 |
|  | **Shares**  |  |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |  |
| **MONEY MARKET FUNDS - 6.0%** | **MONEY MARKET FUNDS - 6.0%** |  |
|  First American Government Obligations Fund - Class X, 4.05%<sup>(h)</sup> | 548045 | 548045  |
|  First American Treasury Obligations Fund - Class X, 4.02%<sup>(h)</sup> | 2272668 | 2272668  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,820,713)** |  | 2820713 |
|  | **Par**  |  |
| **COMMERCIAL PAPER - 1.3%** | **COMMERCIAL PAPER - 1.3%** |  |
| **Consumer Discretionary - 1.3%** | **Consumer Discretionary - 1.3%** |  |
|  Genuine Parts Co., 4.03%, 10/07/2025<sup>(a)(i)</sup> | $590000 | 589511  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL PAPER** <br>**(Cost $589,566)** |  | 589511  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.8%**<br>**(Cost $48,773,553)** |  | $48681780  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (3.8)% |  | (1777867)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  | $46903913 |

---

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

11<br>

------

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

**CROSSINGBRIDGE RESPONSIBLE CREDIT FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025(Continued)** 

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

AB - Aktiebolag

EURIBOR - Euro Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

NIBOR - Norway Interbank Offered Rate

PIK - Payment in Kind

SOFR - Secured Overnight Financing Rate

STIBOR - Stockholm Interbank Offered Rate

EUR - Euro

NOK - Norwegian Krone

SEK - Swedish Krona

USD - United States Dollar

<sup>(a)</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 September 30, 2025, the value of these securities total $16,109,424 or 34.3% of the Fund's net assets.

<sup>(b)</sup> Security is currently in default.

<sup>(c)</sup> 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 $1,386,294 or 3.0% of net assets as of September 30, 2025.

<sup>(d)</sup> Zero coupon bonds make no periodic interest payments.

<sup>(e)</sup> Step coupon bond. The rate disclosed is as of September 30, 2025.

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

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

<sup>(h)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

<sup>(i)</sup> The rate shown is the annualized yield as of September 30, 2025.

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

12<br>

------

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

**CROSSINGBRIDGE RESPONSIBLE CREDIT FUND** 

**SCHEDULE OF FORWARD CURRENCY CONTRACTS** 

**September 30, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency** <br>**Purchased** | **Currency** <br>**Purchased** | **Currency** <br>**Sold** | **Currency** <br>**Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| U.S. Bancorp Investments, Inc. | 11/14/2025 | SEK | 1060000 | USD | 112913 | &nbsp;&nbsp; $13  |
| U.S. Bancorp Investments, Inc. | 11/14/2025 | USD | 6918041 | EUR | 5890000 | &nbsp;&nbsp; (16103)  |
| U.S. Bancorp Investments, Inc. | 11/14/2025 | USD | 1124142 | NOK | 11150000 | &nbsp;&nbsp; 6611  |
| U.S. Bancorp Investments, Inc. | 11/14/2025 | USD | 5570252 | SEK | 51885000 | &nbsp;&nbsp; 42760  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp; $33281 |

---

EUR - Euro

NOK - Norwegian Krone

SEK - Swedish Krona

USD - United States Dollar

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

13<br>

------

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

**CROSSINGBRIDGE ULTRA-SHORT DURATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - 56.5%** <br>|  |  |  |
|  **Accommodation and Food Services - 1.0%** <br>|  |  |  |
|  GrubHub Holdings, Inc., 13.00% (or 7.00% PIK), 07/31/2030<sup>(a)</sup> |  | $3393145 | $3403459  |
| **Consumer Discretionary - 0.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; United Airlines 2020-1 Class A Pass Through Trust, Series 2020-1, <br>5.88%, 10/15/2027 |  | 1843885 | 1897014  |
| **Consumer Staples - 1.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Salmar ASA, 5.48% <br>(3 mo. NIBOR + 1.15%), 01/30/2030 | NOK | 40000000 | 4033434  |
| **Energy - 3.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Golar LNG Ltd., <br>7.00%, 10/20/2025<sup>(a)</sup> |  | 10379447 | 10389826  |
| **Finance and Insurance - 8.7%**<br>|  |  |  |
|  American Express Co., 5.14% (SOFR + 0.81%), 07/20/2029 |  | 2000000 | 2004564  |
| &nbsp;&nbsp;&nbsp; BGC Group, Inc., <br>4.38%, 12/15/2025 |  | 5718000 | 5711155  |
|  Ford Motor Credit Co. LLC, 3.38%, 11/13/2025 |  | 3328000 | 3322027  |
|  General Motors Financial Co., Inc., 6.05%, 10/10/2025 |  | 6571000 | 6573437  |
|  Hanover Insurance Group, Inc., 7.63%, 10/15/2025 |  | 3000000 | 3003293  |
| &nbsp;&nbsp;&nbsp; Icahn Enterprises LP, <br>6.25%, 05/15/2026 |  | 3245000 | 3243687  |
|  National Securities Clearing Corp., 4.35%, 05/20/2027<sup>(a)</sup> |  | 3000000 | 3023136  |
|  Smurfit Kappa Treasury Funding DAC, 7.50%, 11/20/2025 |  | 2094000 | 2099286  |
|  |  |  | 28980585  |
| **Health Care and Social Assistance - 2.4%** | **Health Care and Social Assistance - 2.4%** | **Health Care and Social Assistance - 2.4%** | **Health Care and Social Assistance - 2.4%** |
| HCA, Inc. <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/15/2026 |  | 5270000 | 5276944  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/2026 |  | 2800000 | 2805769  |
|  |  |  | 8082713  |
| **Holding Companies - 3.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Novedo Holding AB, 9.14% <br>(3 mo. STIBOR + 7.00%), 09/23/2027 | SEK | 31250000 | 3244697  |
|  Stockwik Forvaltning AB, 9.30% (3 mo. STIBOR + 7.25%), 06/26/2029<sup>(a)</sup> | SEK | 62500000 | 6837929  |
|  |  |  | 10082626  |
| **Information - 9.6%**<br>|  |  |  |
|  Calligo UK Ltd., 8.98% (or 7.00% PIK) (3 mo. EURIBOR + 7.00%), 12/29/2028<sup>(b)</sup> | EUR | 459501 | 114190  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
|  Consolidated Communications, Inc. <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028<sup>(a)</sup> |  | $8625000 | $8732813  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/2028<sup>(a)</sup> |  | 6562000 | 6668632  |
| GCI LLC, 4.75%, 10/15/2028<sup>(a)</sup> |  | 4170000 | 4055840  |
|  Hewlett Packard Enterprise Co., 5.22% (SOFR + 0.96%), 09/15/2028 |  | 2000000 | 2006618  |
| Sprint LLC, 7.63%, 03/01/2026 |  | 6951000 | 6966277  |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc., <br>2.25%, 02/15/2026 |  | 3545000 | 3517559  |
|  |  |  | 32061929  |
| **Manufacturing - 16.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Berry Global, Inc., <br>1.57%, 01/15/2026 |  | 8883000 | 8807398  |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc., <br>3.15%, 11/15/2025 |  | 9393000 | 9378850  |
|  Cannabist Co. Holdings, Inc., 9.25%, 12/31/2028 |  | 2016000 | 1098720  |
| &nbsp;&nbsp;&nbsp; Elkem ASA, 5.84% (3 mo. NIBOR + <br>1.55%), 08/31/2028 | NOK | 25000000 | 2530230  |
| Flex Ltd., 3.75%, 02/01/2026 |  | 3500000 | 3487253  |
| &nbsp;&nbsp;&nbsp; Fortinet, Inc., <br>1.00%, 03/15/2026 |  | 1999000 | 1967228  |
| &nbsp;&nbsp;&nbsp; Fortive Corp., <br>3.15%, 06/15/2026 |  | 4000000 | 3968898  |
|  GE HealthCare Technologies, Inc., 5.60%, 11/15/2025 |  | 4021000 | 4022837  |
|  Graphic Packaging International LLC, 1.51%, 04/15/2026<sup>(a)</sup> |  | 3000000 | 2951594  |
| Jabil, Inc., 1.70%, 04/15/2026 |  | 5200000 | 5131255  |
|  LYB International Finance III LLC, 1.25%, 10/01/2025 |  | 1028000 | 1028000  |
| &nbsp;&nbsp;&nbsp; McCormick & Co., Inc., <br>0.90%, 02/15/2026 |  | 4113000 | 4059863  |
| &nbsp;&nbsp;&nbsp; Silgan Holdings, Inc., <br>1.40%, 04/01/2026<sup>(a)</sup> |  | 2459000 | 2420819  |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co., <br>4.45%, 09/01/2026 |  | 1000000 | 1001756  |
| &nbsp;&nbsp;&nbsp; Stryker Corp., <br>3.38%, 11/01/2025 |  | 1000000 | 998876  |
| &nbsp;&nbsp;&nbsp; Western Digital Corp., <br>4.75%, 02/15/2026 |  | 1140000 | 1140651  |
|  |  |  | 53994228  |
|  **Other Services (except Public Administration) - 0.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shutterfly Finance LLC, <br>9.75%, 10/01/2027<sup>(a)</sup> |  | 1560000 | 1574282  |
|  **Professional, Scientific, and Technical Services - 2.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Getty Images, Inc., <br>9.75%, 03/01/2027<sup>(a)</sup> |  | 951000 | 903472  |
| Oracle Corp. <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.80%, 11/10/2025 |  | 2279000 | 2282300  |

---

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

14<br>

------

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

**CROSSINGBRIDGE ULTRA-SHORT DURATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Professional, Scientific, and Technical Services - (Continued)** | **Professional, Scientific, and Technical Services - (Continued)** | **Professional, Scientific, and Technical Services - (Continued)** | **Professional, Scientific, and Technical Services - (Continued)** |
| &nbsp;&nbsp;&nbsp; 5.08% (SOFR + 0.76%), 08/03/2028 |  | $1000000 | $1005767  |
| &nbsp;&nbsp;&nbsp; VMware LLC, <br>1.40%, 08/15/2026 |  | 4692000 | 4589677  |
|  |  |  | 8781216  |
|  **Real Estate and Rental and Leasing - 1.3%**<br>|  |  |  |
|  Penske Truck Leasing Co. LP, 1.20%, 11/15/2025<sup>(a)</sup> |  | 1865000 | 1857272  |
| &nbsp;&nbsp;&nbsp; ReadyCap Holdings LLC, <br>9.38%, 03/01/2028<sup>(a)</sup> |  | 2462000 | 2455235  |
|  |  |  | 4312507  |
| **Retail Trade - 3.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc., <br>4.50%, 10/01/2025 |  | 7545000 | 7545000  |
| &nbsp;&nbsp;&nbsp; CVS Health Corp., <br>5.00%, 02/20/2026 |  | 5660000 | 5668907  |
|  |  |  | 13213907  |
| **Transportation and Warehousing - 1.3%** | **Transportation and Warehousing - 1.3%** | **Transportation and Warehousing - 1.3%** |  |
|  Plains All American Pipeline LP, 4.65%, 10/15/2025 |  | 4383000 | 4383034  |
| **Utilities - 1.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Eidsiva Energi AS, <br>2.40%, 10/22/2026 | NOK | 36000000 | 3533997  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $188,091,509)** |  |  | 188724757  |
| **MORTGAGE-BACKED SECURITIES - 9.7%** | **MORTGAGE-BACKED SECURITIES - 9.7%** | **MORTGAGE-BACKED SECURITIES - 9.7%** |  |
| **Finance and Insurance - 9.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; ARES Commercial Mortgage Trust, Series 2024-IND2, Class A, 5.59% (1 mo. <br>Term SOFR + 1.44%), 10/15/2034<sup>(a)</sup> |  | 5130000 | 5139883  |
| BX Trust, A <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-SOAR, Class A, 4.94% (1 mo. Term SOFR + 0.78%), 06/15/2038<sup>(a)</sup> |  | 5440158 | 5437601  |
| &nbsp;&nbsp;&nbsp; Series 2024-KING, Class A, 5.69% (1 mo. Term SOFR + 1.54%), 05/15/2034<sup>(a)</sup> |  | 5625936 | 5634790  |
| &nbsp;&nbsp;&nbsp; Series 2025-LUNR, Class A, 5.65% (1 mo. Term SOFR + 1.50%), 06/15/2040<sup>(a)</sup> |  | 6736874 | 6759547  |
| &nbsp;&nbsp;&nbsp; BX Trust, Series 2021-VOLT, Class A, 4.96% (1 mo. <br>Term SOFR + 0.81%), 09/15/2036<sup>(a)</sup> |  | 2131422 | 2125361  |
| BX Trust, B <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-SOAR, Class B, 5.14% (1 mo. Term SOFR + 0.98%), 06/15/2038<sup>(a)</sup> |  | 1152033 | 1151527  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class B, 5.21% (1 mo. Term SOFR + 1.06%), 09/15/2036<sup>(a)</sup> | $1671229 | $1666580  |
|  DGWD Trust, A Series 2025-INFL, Class A, 5.75% (1 mo. Term SOFR + 1.60%), 08/15/2035<sup>(a)</sup> | 2481000 | 2489813  |
|  JP Morgan Chase Commercial Mortgage Securities, A Series 2021-MHC, Class A, 5.32% (1 mo. Term SOFR + 1.16%), 04/15/2038<sup>(a)</sup> | 1881704 | 1881937  |
| &nbsp;&nbsp;&nbsp; Merit 2020, A Series 2022-MHIL, Class A, 4.96% (1 mo. <br>Term SOFR + 0.81%), 01/15/2039<sup>(a)</sup> | 175640 | 175687  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $32,370,462)** |  | 32462726  |
| **ASSET-BACKED SECURITIES - 6.7%** | **ASSET-BACKED SECURITIES - 6.7%** |  |
| **Consumer Discretionary - 2.1%**<br>|  |  |
|  Spirit Airlines, Inc., Series 2015-1, 4.10%, 04/01/2028 | 4235158 | 4024313  |
|  United Airlines, Inc., Series A, 4.00%, 04/11/2026 | 2959470 | 2954042  |
|  |  | 6978355  |
| **Finance and Insurance - 3.2%**<br>|  |  |
|  Alterna Funding LLC, A Series 2024-1A, Class A, 6.26%, 05/16/2039<sup>(a)</sup> | 1529989 | 1534148  |
|  Coinstar Funding LLC, A2 Series 2017-1A, Class A2, 5.22%, 04/25/2047<sup>(a)</sup> | 2726810 | 2542728  |
|  FNA Trust, A Series 2025-1, Class A, 5.62%, 03/15/2045<sup>(a)(c)</sup> | 2138284 | 2156936  |
| RAM LLC, A <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A, <br>6.67%, 02/15/2039<sup>(a)</sup> | 580948 | 582882  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A, <br>5.45%, 05/15/2040<sup>(a)</sup> | 3976310 | 3998365  |
|  |  | 10815059  |
| **Transportation and Warehousing - 1.3%** | **Transportation and Warehousing - 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Hawaiian Holdings, Inc., Series 2013-1, <br>3.90%, 01/15/2026 | 4312490 | 4273999  |
| **Wholesale Trade - 0.1%**<br>|  |  |
|  PVOne LLC, A Series 2023-1A, Class A, 7.25%, 07/16/2035<sup>(a)</sup> | 326739 | 327016  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $22,157,684)** |  | 22394429  |

---

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

15<br>

------

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

**CROSSINGBRIDGE ULTRA-SHORT DURATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **BANK LOANS - 4.3%**<br>|  |  |  |
| **Consumer Discretionary - 1.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Bally's Corp., First Lien, 7.84% <br>(3 mo. Term SOFR + 3.25%), 10/02/2028 |  | $6097000 | $5936954  |
| **Information - 0.5%**<br>|  |  |  |
|  Audacy Capital LLC Exit Loan, 11.28% (1 mo. Term SOFR + 7.00%), 09/30/2028 |  | 1891323 | 1873601  |
|  **Professional, Scientific, and Technical Services - 0.7%**<br>|  |  |  |
|  Getty Images, Inc., 7.94% (1 mo. EURIBOR + 6.00%), 02/12/2030 | EUR | 1950000 | 2214289  |
|  **Real Estate and Rental and Leasing - 1.3%**<br>|  |  |  |
|  Chicago Atlantic Real Estate Finance Term Loan, First Lien, 9.00%, 10/17/2028 |  | 4356000 | 4361445  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $14,168,642)** |  |  | 14386289  |
| **MUNICIPAL BONDS - 2.6%**<br>|  |  |  |
| **Missouri - 0.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; City of Kansas City, MO, <br>4.17%, 03/01/2028<sup>(d)</sup> |  | 1130000 | 1130000  |
| **New York - 0.8%**<br>|  |  |  |
|  New York State Dormitory Authority, 5.70%, 05/01/2035 (Obligor: Pace University)<sup>(d)</sup> |  | 2810000 | 2810000  |
| **Pennsylvania - 1.5%**<br>|  |  |  |
|  Pennsylvania Economic Development Financing Authority, 4.00%, 06/01/2041 (Obligor: Waste Management, Inc.)<sup>(d)(e)</sup> |  | 4640000 | 4641340  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $8,580,000)** |  |  | 8581340 |
|  |  | **Shares** |  |
| **PREFERRED STOCKS - 2.5%**<br>|  |  |  |
| **Finance and Insurance - 2.5%**<br>|  |  |  |
|  American National Group, Inc., Series B, 9.98% to 09/01/2030 then 5 yr. CMT Rate + 6.30%, Perpetual<sup>(f)</sup> |  | 325000 | 8196500  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $8,176,025)** |  |  | 8196500  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CONVERTIBLE BONDS - 0.2%**<br>|  |  |
| **Information - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Leafly Holdings, Inc., <br>8.00%, 11/01/2025<sup>(g)</sup> | $916000 | $778600  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $916,000)** |  | 778600 |
|  | **Contracts** |  |
| **WARRANTS - 0.0%<sup>(h)</sup>**<br>|  |  |
| **Information - 0.0%<sup>(h)</sup>** <br>|  |  |
|  Leafly Holdings, Inc., Expires 11/07/2026, Exercise Price $115,000.00<sup>(f)</sup> | 5553 | 37  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $0)** |  | 37 |
|  | **Shares** |  |
| **COMMON STOCKS - 0.0%<sup>(h)</sup>**<br>|  |  |
| **Manufacturing - 0.0%<sup>(h)</sup>** <br>|  |  |
| Cannabist Co. Holdings, Inc.<sup>(f)(g)</sup> | 475193 | 0  |
| Cannabist Co. Holdings, Inc.<sup>(f)(g)</sup> | 475193 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $115,779)** |  | 0 |
|  | **Par**  |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **COMMERCIAL PAPER - 10.9%** | **COMMERCIAL PAPER - 10.9%** |  |
| **Communications - 0.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; TELUS Corp., <br>4.58%, 02/19/2026<sup>(a)(i)</sup> | $3000000 | 2945212  |
| **Consumer Discretionary - 1.5%**<br>|  |  |
|  Fortune Brands Innovations, Inc., 4.36%, 10/03/2025<sup>(a)(i)</sup> | 5000000 | 4998238  |
| **Consumer Staples - 1.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Dollarama, Inc., <br>4.25%, 10/27/2025<sup>(a)(i)</sup> | 5000000 | 4982650  |
| **Energy - 1.0%**<br>|  |  |
|  Canadian Natural Resources Ltd., 4.47%, 10/08/2025<sup>(a)(i)</sup> | 3300000 | 3296750  |
| **Finance and Insurance - 1.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc., <br>4.14%, 10/07/2025<sup>(a)(i)</sup> | 6504000 | 6498170  |
| **Materials - 2.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; FMC Corp., <br>4.89%, 10/20/2025<sup>(a)(i)</sup> | 5000000 | 4986338  |
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc., <br>4.43%, 11/24/2025<sup>(a)(i)</sup> | 3680000 | 3655993  |
|  |  | 8642331  |

---

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

16<br>

------

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

**CROSSINGBRIDGE ULTRA-SHORT DURATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **SHORT-TERM INVESTMENTS - (Continued)** | **SHORT-TERM INVESTMENTS - (Continued)** | **SHORT-TERM INVESTMENTS - (Continued)** |
| **COMMERCIAL PAPER - (Continued)** | **COMMERCIAL PAPER - (Continued)** | **COMMERCIAL PAPER - (Continued)** |
| **Utilities — 1.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co., <br>4.34%, 10/06/2025<sup>(i)</sup> | $5000000 | $4996180  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL PAPER** <br>**(Cost $36,366,748)** |  | 36359531  |
|  | **Shares**  |  |
| **MONEY MARKET FUNDS - 4.3%** | **MONEY MARKET FUNDS - 4.3%** |  |
|  First American Treasury Obligations Fund - Class X, 4.02%<sup>(j)</sup> | 14224707 | 14224707  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $14,224,707)** |  | 14224707  |
|  | **Par**  |  |
| **U.S. TREASURY BILLS - 1.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 01/08/2026<sup>(i)</sup> | $6000000 | 5937762  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $5,932,102)** |  | 5937762  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.4%**<br>**(Cost $331,099,658)** |  | $332046678  |
|  Other Assets in Excess of Liabilities - 0.6% |  | 2103974  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  | $334150652 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

AB - Aktiebolag

CMT - Constant Maturity Treasury

EURIBOR - Euro Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

NIBOR - Norway Interbank Offered Rate

PIK - Payment in Kind

SOFR - Secured Overnight Financing Rate

STIBOR - Stockholm Interbank Offered Rate

EUR - Euro

NOK - Norwegian Krone

SEK - Swedish Krona

USD - United States Dollar

<sup>(a)</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 September 30, 2025, the value of these securities total $130,242,461 or 39.0% of the Fund's net assets.

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

<sup>(b)</sup> Security is currently in default.

<sup>(c)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2025.

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

<sup>(e)</sup> Security subject to the Alternative Minimum Tax ("AMT"). As of September 30, 2025, the total value of securities subject to the AMT was $4,641,340 or 1.4% of net assets.

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

<sup>(g)</sup> 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 $778,600 or 0.2% of net assets as of September 30, 2025.

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

<sup>(i)</sup> The rate shown is the annualized yield as of September 30, 2025.

<sup>(j)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

17<br>

------

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

**CROSSINGBRIDGE ULTRA-SHORT DURATION FUND** 

**SCHEDULE OF FORWARD CURRENCY CONTRACTS** 

**September 30, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency** <br>**Purchased** | **Currency** <br>**Purchased** | **Currency** <br>**Sold** | **Currency** <br>**Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| U.S. Bancorp Investments, Inc. | 11/14/2025 | USD | 2343207  | EUR  | 1995000  | &nbsp;&nbsp; $(5454)  |
| U.S. Bancorp Investments, Inc. | 11/14/2025 | USD | 9781947  | NOK | 96585000  | &nbsp;&nbsp; 101524  |
| U.S. Bancorp Investments, Inc. | 11/14/2025 | USD | 10278421  | SEK | 95740000  | &nbsp;&nbsp; 78903  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp; $174973 |

---

EUR - Euro

NOK - Norwegian Krone

SEK - Swedish Krona

USD - United States Dollar

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

18<br>

------

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

**CROSSINGBRIDGE PRE-MERGER SPAC ETF** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 79.8%** <br>|  |  |
| A Paradise Acquisition Corp. - Class A<sup>(a)</sup> | 100000 | $990000  |
| Aimei Health Technology Co. Ltd.<sup>(a)</sup> | 86792 | 982485  |
| Black Hawk Acquisition Corp. - Class A<sup>(a)</sup> | 2886 | 32294  |
|  Blue Water Acquisition Corp. III - Class A<sup>(a)</sup> | 78041 | 779239  |
| BTC Development Corp.<sup>(a)</sup> | 50000 | 505000  |
| Cantor Equity Partners IV, Inc. - Class A<sup>(a)</sup> | 50000 | 509500  |
| Cartesian Growth Corp II - Class A<sup>(a)</sup> | 140587 | 1708132  |
|  D Boral ARC Acquisition I Corp. - Class A<sup>(a)</sup> | 40400 | 400768  |
| Emmis Acquisition Corp.<sup>(a)</sup> | 75000 | 748500  |
| Eureka Acquisition Corp.<sup>(a)</sup> | 58889 | 629523  |
| FG Merger II Corp.<sup>(a)</sup> | 24480 | 244555  |
| Flag Ship Acquisition Corp.<sup>(a)</sup> | 83000 | 882290  |
| Globa Terra Acquisition Corp. - Class A<sup>(a)</sup> | 100000 | 998000  |
| Horizon Space Acquisition I Corp.<sup>(a)</sup> | 633 | 7799  |
| &nbsp;&nbsp;&nbsp; Integrated Wellness Acquisition <br>Corp. - Class A<sup>(a)</sup> | 53530 | 660025  |
| Keen Vision Acquisition Corp.<sup>(a)</sup> | 40256 | 466970  |
| Lakeshore Acquisition III Corp.<sup>(a)</sup> | 21937 | 221235  |
| McKinley Acquisition Corp.<sup>(a)</sup> | 75000 | 749250  |
| Mercer Park Opportunities Corp.<sup>(a)</sup> | 130900 | 1349579  |
| &nbsp;&nbsp;&nbsp; Oak Woods Acquisition Corp. - <br>Class A<sup>(a)(d)</sup> | 62638 | 756041  |
| OTG Acquisition Corp. I<sup>(a)</sup> | 25000 | 251750  |
| Quetta Acquisition Corp.<sup>(a)</sup> | 76383 | 856253  |
| Spring Valley Acquisition Corp. III<sup>(a)</sup> | 25000 | 260000  |
| StoneBridge Acquisition II Corp.<sup>(a)</sup> | 50000 | 498750  |
| Valuence Merger Corp. I - Class A<sup>(a)</sup> | 57558 | 699905  |
| Vendome Acquisition Corp. I - Class A<sup>(a)</sup> | 100000 | 994000  |
| Voyager Acquisition Corp.<sup>(a)</sup> | 46779 | 490244  |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE ACQUISITION** <br>**COMPANIES (SPACS)** <br>**(Cost $17,389,275)** |  | 17672087  |
| **RIGHTS - 0.1%**<br>|  |  |
| **Finance and Insurance *-* 0.1%**<br>|  |  |
|  Future Vision II Acquisition Corp., Expires 06/29/2029, Exercise Price $10.00<sup>(a)</sup> | 50000 | 7750  |
|  Mercer Park Opportunities Corp., Expires 12/31/2025, Exercise Price $10.00<sup>(a)</sup> | 150000 | 9000  |
| **Total Finance and Insurance** |  | 16750  |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost $16,908)** |  | 16750 |

---

---

| | | |
|:---|:---|:---|
|  | **Contracts** | **Value**  |
| **WARRANTS - 0.0%<sup>(b)</sup>**<br>|  |  |
| **Finance and Insurance - 0.0%<sup>(b)</sup>** <br>|  |  |
|  Blue Water Acquisition Corp. III, Expires 12/31/2026, Exercise Price $11.50<sup>(a)</sup> | 39020 | $5467  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $4,879)** |  | 5467 |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds - 3.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Treasury Obligations <br>Fund - Class X, 4.02%<sup>(c)</sup> | 755950 | 755950  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $755,950)** |  | 755950  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 83.3%**<br>**(Cost $18,167,012)** |  | $18450254  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 16.7%  |  | 3686731  |
| **TOTAL NET ASSETS - 100.0%** |  | $22136985 |

---

Percentages are stated as a percent of net assets.

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

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

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

<sup>(d)</sup> Fair value determined using significant inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represent $756,041 or 3.4% of net assets as of September 30, 2025. 

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

19<br>

------

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

**RIVERPARK STRATEGIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - 59.3%**  | **CORPORATE BONDS - 59.3%**  |  |  |
|  **Accommodation and Food Services - 2.7%** <br>|  |  |  |
|  GrubHub Holdings, Inc., 13.00% (or 7.00% PIK), 07/31/2030<sup>(a)</sup> |  | $16576845 | $16627235  |
| **Communications - 0.2%** <br>|  |  |  |
|  Inteno Group AB, 9.58% (3 mo. EURIBOR + 7.50%), 09/06/2026 | EUR | 1400000 | 1019078  |
| **Consumer Discretionary - 1.3%**  | **Consumer Discretionary - 1.3%**  |  |  |
|  European Entertainment Intressenter BidCo AB, 9.26% (3 mo. EURIBOR + 7.25%), 09/29/2030 | EUR | 6800000 | 7818902  |
| **Consumer Staples - 1.0%** <br>|  |  |  |
|  Greenfood AB, 9.10% (3 mo. STIBOR + 7.00%), 11/13/2028 | SEK | 32500000 | 3529832  |
| &nbsp;&nbsp;&nbsp; Keyto Group AB, 7.37% <br>(3 mo. STIBOR + 5.25%), 05/08/2029 | SEK | 22500000 | 2417042  |
|  |  |  | 5946874  |
| **Energy - 4.3%** <br>|  |  |  |
|  Forum Energy Technologies, Inc., 10.50%, 11/07/2029 |  | 18900000 | 19864766  |
| &nbsp;&nbsp;&nbsp; Golar LNG Ltd., <br>7.50%, 10/02/2030<sup>(a)</sup> |  | 5890000 | 5823562  |
|  Kistos Energy Norway AS, 9.75% (or 9.75% PIK), 09/17/2026<sup>(a)</sup> |  | 6781 | 6832  |
| &nbsp;&nbsp;&nbsp; SESI LLC, <br>7.88%, 09/30/2030<sup>(a)</sup> |  | 708000 | 708531  |
|  |  |  | 26403691  |
| **Finance and Insurance - 9.6%**  | **Finance and Insurance - 9.6%**  |  |  |
| &nbsp;&nbsp;&nbsp; Compass Group Diversified Holdings LLC, <br>5.25%, 04/15/2029<sup>(a)</sup> |  | 13249000 | 12252059  |
|  Euronet Worldwide, Inc., 1.38%, 05/22/2026 | EUR | 1355000 | 1576625  |
| Genworth Holdings, Inc. <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/15/2034 |  | 2289000 | 2346171  |
| &nbsp;&nbsp;&nbsp; 6.48% (3 mo. Term SOFR + 2.26%), 11/15/2036 |  | 2531000 | 2163967  |
| Icahn Enterprises LP <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 05/15/2026 |  | 380000 | 379846  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/2027 |  | 11050000 | 10863251  |
| &nbsp;&nbsp;&nbsp; 10.00%, 11/15/2029<sup>(a)</sup> |  | 3369000 | 3397037  |
| &nbsp;&nbsp;&nbsp; Imola Merger Corp., <br>4.75%, 05/15/2029<sup>(a)</sup> |  | 11823000 | 11509661  |
|  Mutares SE & Co. KGaA, 10.50% (3 mo. EURIBOR + 8.50%), 03/31/2027 | EUR | 847000 | 1026602  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
|  Stonex Escrow Issuer LLC, 6.88%, 07/15/2032<sup>(a)</sup> |  | $2964000 | $3053593  |
| &nbsp;&nbsp;&nbsp; StoneX Group, Inc., <br>7.88%, 03/01/2031<sup>(a)</sup> |  | 10324000 | 10857823  |
|  |  |  | 59426635  |
| **Holding Companies - 1.6%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; JDC Group AG, 6.52% <br>(3 mo. EURIBOR + 4.50%), 08/28/2029<sup>(a)</sup> | EUR | 5377000 | 6454925  |
|  Stockwik Forvaltning AB, 9.30% (3 mo. STIBOR + 7.25%), 06/26/2029<sup>(a)</sup> | SEK | 30000000 | 3282206  |
|  |  |  | 9737131  |
| **Industrials - 3.2%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3t Global Bidco PLC, <br>11.25%, 05/22/2028 |  | 2125000 | 2162188  |
| &nbsp;&nbsp;&nbsp; Bonheur ASA, 6.67% <br>(3 mo. NIBOR + 2.35%), 10/09/2029<sup>(a)</sup> | NOK | 28500000 | 2874931  |
|  Mangrove Luxco III Sarl, 7.03% (3 mo. EURIBOR + 5.00%), 07/15/2029<sup>(a)</sup> | EUR | 10570000 | 12531301  |
|  SLR Group GmbH, 8.94% (3 mo. EURIBOR + 7.00%), 10/09/2027 | EUR | 1865000 | 2134869  |
|  |  |  | 19703289  |
| **Information - 8.8%** <br>|  |  |  |
|  Consolidated Communications, Inc. <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028<sup>(a)</sup> |  | 6144000 | 6220800  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/2028<sup>(a)</sup> |  | 23368000 | 23747730  |
| Go North Group AB <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.05% (3 Month SOFR + 5.76%, includes 10.05% PIK), 02/09/2026<sup>(b)</sup> |  | 3856159 | 1074853  |
| &nbsp;&nbsp;&nbsp; 15.00% (includes 15.00% PIK), 02/09/2027<sup>(b)(d)</sup> |  | 2432151 | 0  |
| &nbsp;&nbsp;&nbsp; 15.00% (includes 15.00% PIK), 02/02/2028<sup>(b)(d)</sup> | SEK | 2967631 | 0  |
|  Impala BondCo PLC, 12.00% (or 12.00% PIK) (3 mo. STIBOR + 9.00%), 10/30/2027 | SEK | 10444492 | 710027  |
| &nbsp;&nbsp;&nbsp; Sprint LLC, <br>7.63%, 03/01/2026<sup>(e)</sup> |  | 11126000 | 11150453  |
| &nbsp;&nbsp;&nbsp; Ziff Davis, Inc., <br>4.63%, 10/15/2030<sup>(a)(f)</sup> |  | 11958000 | 11282558  |
|  |  |  | 54186421  |
| **Manufacturing - 5.5%** <br>|  |  |  |
|  Builders FirstSource, Inc., 4.25%, 02/01/2032<sup>(a)</sup> |  | 4500000 | 4235492  |
|  Cannabist Co. Holdings, Inc., 9.25%, 12/31/2028 |  | 5068000 | 2762060  |
| &nbsp;&nbsp;&nbsp; Crocs, Inc., <br>4.13%, 08/15/2031<sup>(a)</sup> |  | 12899000 | 11835756  |

---

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

20<br>

------

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

**RIVERPARK STRATEGIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Manufacturing - (Continued)**  | **Manufacturing - (Continued)**  | **Manufacturing - (Continued)**  | **Manufacturing - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Harrow, Inc., <br>8.63%, 09/15/2030<sup>(a)</sup> |  | $3524000 | $3667162  |
|  Secop Group Holding GmbH, 10.38% (3 mo. EURIBOR + 8.40%), 12/29/2026 | EUR | 1443000 | 1725922  |
|  Trulieve Cannabis Corp., 8.00%, 10/06/2026 |  | 5308000 | 5299719  |
| &nbsp;&nbsp;&nbsp; Western Digital Corp., <br>3.10%, 02/01/2032 |  | 4806000 | 4350938  |
|  |  |  | 33877049  |
| **Materials - 0.9%** <br>|  |  |  |
|  Amwood AB, 8.39% (3 mo. STIBOR + 6.25%), 10/25/2027 | SEK | 37500000 | 3146775  |
|  Norske Skog ASA, 8.63% (3 mo. NIBOR + 4.50%), 06/25/2029 | NOK | 26300000 | 2595859  |
|  |  |  | 5742634  |
| &nbsp;&nbsp;&nbsp; **Mining, Quarrying, and Oil** <br>**and Gas Extraction - 1.5%**  | &nbsp;&nbsp;&nbsp; **Mining, Quarrying, and Oil** <br>**and Gas Extraction - 1.5%**  |  |  |
| Nabors Industries, Inc. <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 05/15/2027<sup>(a)</sup> |  | 1093000 | 1110267  |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/15/2028<sup>(a)</sup> |  | 8431000 | 8431343  |
|  |  |  | 9541610  |
|  **Other Services (except Public Administration) - 0.1%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; ANGI Group LLC, <br>3.88%, 08/15/2028<sup>(a)</sup> |  | 485000 | 456264  |
|  **Professional, Scientific, and Technical Services - 5.6%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc., <br>4.00%, 03/15/2031<sup>(a)</sup> |  | 13098000 | 12207189  |
| Getty Images, Inc. <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.75%, 03/01/2027<sup>(a)</sup> |  | 5504000 | 5228926  |
| &nbsp;&nbsp;&nbsp; 11.25%, 02/21/2030<sup>(a)</sup> |  | 8769000 | 8382024  |
|  Go Daddy Operating Co. LLC, 5.25%, 12/01/2027<sup>(a)</sup> |  | 8632000 | 8626848  |
|  |  |  | 34444987  |
|  **Real Estate and Rental and Leasing - 0.3%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Forestar Group, Inc., <br>6.50%, 03/15/2033<sup>(a)</sup> |  | 2000000 | 2047665  |
| **Retail Trade - 1.1%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc., <br>2.40%, 08/01/2031 |  | 1392000 | 1217961  |
| &nbsp;&nbsp;&nbsp; Superior Plus LP, <br>4.50%, 03/15/2029<sup>(a)</sup> |  | 6045000 | 5836756  |
|  |  |  | 7054717  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **Technology - 5.6%** <br>|  |  |  |
|  Azerion Group NV, 8.78% (3 mo. EURIBOR + 6.75%), 10/02/2026 | EUR | 8919000 | $10690234  |
|  Hawk Infinity Software AS, 10.84% (3 mo. NIBOR + 6.50%), 10/15/2029<sup>(a)(g)</sup> | NOK | 20700000 | 2132988  |
| &nbsp;&nbsp;&nbsp; Platform Group AG, <br>8.88%, 07/11/2028 | EUR | 9586000 | 11338885  |
|  Trustly AB, 8.78% (3 mo. EURIBOR + 6.75%), 10/08/2030 | EUR | 9100000 | 10630467  |
|  |  |  | 34792574  |
|  **Transportation and Warehousing - 3.1%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Summit Midstream Holdings LLC, <br>8.63%, 10/31/2029<sup>(a)</sup> |  | 10785000 | 10846765  |
| &nbsp;&nbsp;&nbsp; XPO, Inc., <br>6.25%, 06/01/2028<sup>(a)</sup> |  | 8385000 | 8559898  |
|  |  |  | 19406663  |
| **Utilities - 2.9%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Hawaii Electric Light Company, <br>3.28%, 12/30/2040<sup>(b)</sup> |  | 2945000 | 1809703  |
|  HMS Bergbau AG, 10.00%, 06/02/2030 | EUR | 9546000 | 11769022  |
| &nbsp;&nbsp;&nbsp; Nord-troendelag Elektrisitetsverk AS, <br>4.86%, 09/10/2032 | NOK | 41000000 | 4083105  |
|  |  |  | 17661830  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $361,661,258)** |  |  | 365895249  |
| **BANK LOANS - 27.4%** <br>|  |  |  |
| **Communications - 7.9%** <br>|  |  |  |
|  Charter Communications Operating LLC, First Lien, 6.54% (1 mo. Term SOFR + 2.25%), 11/22/2031 |  | 7672445 | 7677969  |
|  CMG Media Corp., First Lien, 7.60% (3 mo. Term SOFR + 3.50%), 06/18/2029 |  | 17957599 | 17204458  |
|  Magnite, Inc., 7.16% (1 mo. Term SOFR + 3.75%), 02/06/2031 |  | 10703327 | 10741270  |
|  StubHub Holdco Sub LLC, First Lien, 8.91% (1 mo. Term SOFR + 4.75%), 03/15/2030 |  | 13007000 | 12925706  |
|  |  |  | 48549403  |
| **Consumer Discretionary - 4.1%**  | **Consumer Discretionary - 4.1%**  |  |  |
|  Bally's Corp., First Lien, 7.84% (3 mo. Term SOFR + 3.25%), 10/02/2028 |  | 12571945 | 12241932  |

---

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

21<br>

------

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

**RIVERPARK STRATEGIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Consumer Discretionary - (Continued)**  | **Consumer Discretionary - (Continued)**  | **Consumer Discretionary - (Continued)**  |
|  Champ Acquisition Corp., 8.17% (3 mo. Term SOFR + 4.50%), 11/08/2031 | $9875000 | $9976861  |
|  Elevate Textiles, Inc., 12.95% (3 mo. Term SOFR + 8.65%), 09/30/2027 | 190950 | 192701  |
| &nbsp;&nbsp;&nbsp; Skechers USA 6/25 (USD) T/L B, First Lien, 7.31% <br>(3 mo. Term SOFR + 3.25%), 06/28/2032 | 2695000 | 2711291  |
|  |  | 25122785  |
| **Finance and Insurance - 2.2%** <br>|  |  |
|  Fiserv Investment T/L B, 8.20% (3 mo. Term SOFR + 4.00%), 02/18/2027 | 12093829 | 12023322  |
|  Priority Payment/Priority Technology 7/25 T/L B, 7.91% (1 mo. Term SOFR + 3.75%), 07/22/2032 | 1500000 | 1506563  |
|  |  | 13529885  |
|  **Health Care and Social Assistance - 1.0%** <br>|  |  |
|  Inotiv, Inc., First Lien, 10.89% (or 0.25% PIK) (3 mo. Term SOFR + 6.75%), 09/22/2026 | 7649022 | 6554256  |
| **Industrials - 1.9%** <br>|  |  |
|  Cleanova US Holdings LLC, 8.81% (3 mo. Term SOFR + 4.75%), 05/24/2032 | 9534000 | 9534000  |
|  Trulite Glass & Aluminum Solutions LLC, 10.29% (1 mo. Term SOFR + 6.00%), 02/15/2030 | 2097220 | 2102463  |
|  |  | 11636463  |
| **Information - 1.8%** <br>|  |  |
|  Audacy Capital LLC, 10.28% (1 mo. Term SOFR + 6.00%), 09/30/2029 | 10812520 | 8828423  |
|  Audacy Capital LLC Exit Loan, 11.28% (1 mo. Term SOFR + 7.00%), 09/30/2028 | 2450817 | 2427852  |
|  |  | 11256275  |
| **Materials - 3.6%** <br>|  |  |
|  M2S Group Intermediate Holdings, Inc., First Lien, 9.06% (3 mo. Term SOFR + 4.75%), 08/22/2031 | 7065986 | 7027123  |
| &nbsp;&nbsp;&nbsp; TPC Group, Inc., 9.77% <br>(3 mo. Term SOFR + 5.75%), 11/24/2031 | 15574965 | 15046039  |
|  |  | 22073162  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
|  **Professional, Scientific, and Technical Services - 0.4%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; CCIT Holdings AS, <br>10.00% (or 3.00% PIK), 02/28/2029<sup>(b)</sup> | EUR | 2269520 | $2664537  |
| **Retail Trade - 1.6%** <br>|  |  |  |
|  Mountaineer Merger Corp., 12.16% (1 mo. Term SOFR+ 8.00%), 10/26/2028<sup>(b)</sup> |  | 1022517 | 1022517  |
|  The Container Store First Out Loan, 10.82% (or 5.50% PIK) (1 mo. Term SOFR + 5.50%), 04/30/2029 |  | 4800126 | 4536119  |
|  The Container Store, Inc. Rolled Up First Out Loan, 10.65% (1 mo. Term SOFR + 5.50%), 04/30/2029 |  | 2192394 | 1929307  |
|  The Container Store, Inc. Second Out Loan, 9.20% (or 4.00% PIK) (6 mo. Term SOFR + 5.00%), 07/30/2029 |  | 262145 | 131073  |
|  The Container Store, Inc. Super Senior. Loan, 10.65% (or 5.50% PIK) (1 mo. Term SOFR + 5.50%), 04/30/2029<sup>(b)</sup> |  | 2269128 | 2269128  |
|  |  |  | 9888144  |
| **Utilities - 1.6%** <br>|  |  |  |
|  Solaris Energy Infrastructure, 10.00% (3 mo. Term SOFR + 6.00%), 09/11/2029 |  | 9917000 | 10090548  |
| **Wholesale Trade - 1.3%** <br>|  |  |  |
| TMC Buyer (Terra Millennium) <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/27/2030 |  | 666284 | 667743  |
| &nbsp;&nbsp;&nbsp; 9.06% (3 mo. Term SOFR + 5.00%), 10/27/2030 |  | 7294283 | 7310257  |
|  |  |  | 7978000  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $169,593,501)** |  |  | 169343458  |
|  |  | **Shares** |  |
| **COMMON STOCKS - 2.8%** <br>|  |  |  |
| **Finance and Insurance - 0.4%** <br>|  |  |  |
| Euronet Worldwide, Inc.<sup>(h)</sup> |  | 28196 | 2475891  |
| **Information - 1.6%** <br>|  |  |  |
| Audacy Capital Class A<sup>(h)(m)</sup> |  | 7239 | 65151  |
| Audacy Capital Class B<sup>(h)(m)</sup> |  | 2481 | 22329  |
| GCI Liberty, Inc. - Class A<sup>(h)</sup> |  | 252292 | 9474826  |
|  |  |  | 9562306  |
| **Manufacturing - 0.7%** <br>|  |  |  |
|  Cannabist Co. Holdings, Inc.<sup>(b)(h)</sup> |  | 1194584 | 0 |

---

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

22<br>

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

**RIVERPARK STRATEGIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Manufacturing - (Continued)**  | **Manufacturing - (Continued)**  | **Manufacturing - (Continued)**  |
|  Cannabist Co. Holdings, Inc.<sup>(b)(h)</sup> | 1194584 | $0  |
| FLEX LNG Ltd. | 14100 | 355320  |
| Prosomnus Equity<sup>(b)(h)(m)</sup> | 1385560 | 1385560  |
| RA Parent, Inc.<sup>(b)(h)</sup> | 43 | 2760960  |
|  |  | 4501840  |
|  **Professional, Scientific, and Technical Services - 0.0%<sup>(i)</sup>** <br>|  |  |
| UpHealth, Inc.<sup>(h)</sup> | 133414 | 0  |
| **Retail Trade - 0.0%<sup>(i)</sup>** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Mountaineer Merger <br>Corp.<sup>(b)(h)</sup> | 5718472 | 0  |
| The Container Store, Inc.<sup>(h)</sup> | 153461 | 38365  |
|  |  | 38365  |
| **Wholesale Trade - 0.1%** <br>|  |  |
| Ingram Micro Holding Corp. | 20000 | 429800  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $16,723,198)** |  | 17008202  |
| **PREFERRED STOCKS - 1.9%**  |  |  |
| **Finance and Insurance - 0.2%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Saratoga Investment Corp., Series 2027, <br>6.00%, 04/30/2027<sup>(h)</sup> | 40765 | 1008526  |
| **Retail Trade - 0.3%** <br>|  |  |
|  Preferred A Mountaineer Merger, 0.00%<sup>(b)</sup> | 3324854 | 1662427  |
|  Preferred B Mountaineer Merger, 0.00%<sup>(b)</sup> | 2393618 | 0  |
|  |  | 1662427  |
| **Wholesale Trade - 1.4%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; NGL Energy Partners LP, Series B, 11.45% <br>(3 mo. Term SOFR + 7.47%), Perpetual<sup>(h)</sup> | 378384 | 8812563  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $10,808,513)** |  | 11483516  |
|  | **Par** |  |
| **ASSET-BACKED SECURITIES - 1.8%**  | **ASSET-BACKED SECURITIES - 1.8%**  |  |
| **Transportation and Warehousing - 1.8%**  | **Transportation and Warehousing - 1.8%**  |  |
| &nbsp;&nbsp;&nbsp; Hawaiian Holdings, Inc., Series 2013-1, <br>3.90%, 01/15/2026 | $11014720 | 10916409  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $10,898,548)** |  | 10916409 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **MORTGAGE-BACKED SECURITIES - 1.5%**  | **MORTGAGE-BACKED SECURITIES - 1.5%**  | **MORTGAGE-BACKED SECURITIES - 1.5%**  |  |
| **Finance and Insurance - 1.5%**  | **Finance and Insurance - 1.5%**  |  |  |
|  BX Trust, B Series 2021-VOLT, Class B, 5.21% (1 mo. Term SOFR + 1.06%), 09/15/2036<sup>(a)</sup> |  | 2795069 | $2787295  |
|  JP Morgan Chase Commercial Mortgage Securities, A Series 2021-MHC, Class A, 5.32% (1 mo. Term SOFR + 1.16%), 04/15/2038<sup>(a)</sup> |  | 3550384 | 3550825  |
|  JP Morgan Chase Commercial Mortgage Securities, B Series 2021-MHC, Class B, 5.57% (1 mo. Term SOFR + 1.41%), 04/15/2038<sup>(a)</sup> |  | 970000 | 970208  |
| Merit 2020, A <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-STOR, Class A, 4.97% (1 mo. Term SOFR + 0.81%), 07/15/2038<sup>(a)</sup> |  | 1915000 | 1915698  |
| &nbsp;&nbsp;&nbsp; Series 2022-MHIL, Class A, 4.96% (1 mo. Term SOFR + 0.81%), 01/15/2039<sup>(a)</sup> |  | 300816 | 300896  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $9,466,988)** |  |  | 9524922  |
| **CONVERTIBLE BONDS - 1.5%**  | **CONVERTIBLE BONDS - 1.5%**  |  |  |
| **Energy - 0.4%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Golar LNG Ltd., <br>2.75%, 12/15/2030<sup>(a)</sup> |  | 2540000 | 2574925  |
| **Finance and Insurance - 0.3%** <br>|  |  |  |
|  Novedo Holding AB, 12.00% (or 12.00% PIK), 09/18/2028 | SEK | 15400000 | 1611255  |
| **Information - 0.7%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Go North Group AB, <br>0.00%, 12/31/2050<sup>(b)(c)(d)</sup> | SEK | 18653577 | 0  |
| &nbsp;&nbsp;&nbsp; Leafly Holdings, Inc., <br>8.00%, 11/01/2025<sup>(b)</sup> |  | 3502000 | 2976700  |
| &nbsp;&nbsp;&nbsp; Porch Group, Inc., <br>6.75%, 10/01/2028<sup>(a)</sup> |  | 1653000 | 1718991  |
|  |  |  | 4695691  |
|  **Professional, Scientific, and Technical Services - 0.1%** <br>|  |  |  |
|  UpHealth, Inc., 13.24% (SOFR + 9.00%), 12/15/2025<sup>(a)(b)</sup> |  | 627000 | 586245  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $9,444,455)** |  |  | 9468116 |

---

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

23<br>

------

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

**RIVERPARK STRATEGIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**COMMON - 0.4%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**COMMON - 0.4%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**COMMON - 0.4%** |  |
| **Real Estate and Rental and Leasing - 0.4%**  | **Real Estate and Rental and Leasing - 0.4%**  | **Real Estate and Rental and Leasing - 0.4%**  |  |
|  Alpine Income Property Trust, Inc. |  | 1555 | $22034  |
| CTO Realty Growth, Inc. |  | 162082 | 2641937  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON** <br>**(Cost $2,729,539)** |  |  | 2663971  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**PREFERRED - 0.4%**  | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**PREFERRED - 0.4%**  | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**PREFERRED - 0.4%**  |  |
| **Real Estate and Rental and Leasing - 0.4%**  | **Real Estate and Rental and Leasing - 0.4%**  | **Real Estate and Rental and Leasing - 0.4%**  |  |
|  CTO Realty Growth, Inc., Series A, 6.38%, Perpetual |  | 122890 | 2617569  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - PREFERRED** <br>**(Cost $2,457,022)** |  |  | 2617569  |
| &nbsp;&nbsp;&nbsp; **SPECIAL PURPOSE ACQUISITION** <br>**COMPANIES (SPACS) - 0.2%** | &nbsp;&nbsp;&nbsp; **SPECIAL PURPOSE ACQUISITION** <br>**COMPANIES (SPACS) - 0.2%** | &nbsp;&nbsp;&nbsp; **SPECIAL PURPOSE ACQUISITION** <br>**COMPANIES (SPACS) - 0.2%** |  |
|  Globa Terra Acquisition Corp. - Class A<sup>(h)</sup> |  | 141000 | 1407180  |
| Plum Acquisition Corp. III<sup>(h)</sup> |  | 8594 | 2020  |
| &nbsp;&nbsp;&nbsp; **TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS)** <br>**(Cost $1,404,360)** |  |  | 1409200  |
|  |  | **Par** |  |
| &nbsp;&nbsp;&nbsp; **FOREIGN GOVERNMENT DEBT** <br>**OBLIGATIONS - 0.2%**  | &nbsp;&nbsp;&nbsp; **FOREIGN GOVERNMENT DEBT** <br>**OBLIGATIONS - 0.2%**  | &nbsp;&nbsp;&nbsp; **FOREIGN GOVERNMENT DEBT** <br>**OBLIGATIONS - 0.2%**  |  |
|  Norway Government Bond, 3.75%, 06/12/2035<sup>(a)</sup> | NOK | 12500000 | 1223565  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT** <br>**DEBT OBLIGATIONS** <br>**(Cost $1,181,107)** |  |  | 1223565  |
|  |  | **Contracts** |  |
| **WARRANTS - 0.0%<sup>(i)</sup>**<br>|  |  |  |
| **Information - 0.0%<sup>(i)</sup>** <br>|  |  |  |
|  Audacy Warrants, Expires 09/30/2029, Exercise Price $0.01<sup>(h)</sup> |  | 19401 | 174609  |
|  Leafly Holdings, Inc., Expires 11/07/2026, Exercise Price $115,000.00<sup>(h)</sup> |  | 21228 | 143  |
| **Total Information** |  |  | 174752 |

---

---

| | | |
|:---|:---|:---|
|  | **Contracts** | **Value** |
| **Manufacturing - 0.0%<sup>(i)</sup>** <br>|  |  |
|  McDermott International Ltd., Expires 06/30/2027, Exercise Price $1.25<sup>(b)(h)</sup> | 258269 | $0  |
|  McDermott International Ltd., Expires 06/30/2027, Exercise Price $1.25<sup>(b)(h)</sup> | 286965 | 0  |
| **Total Manufacturing** |  | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $688,763)** |  | 174752 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** |  |  |
| **PURCHASED OPTIONS - 0.0%<sup>(h)(i)</sup>**  | **PURCHASED OPTIONS - 0.0%<sup>(h)(i)</sup>**  |  |  |
| **Call Options - 0.0%<sup>(i)</sup>**<br>|  |  |  |
|  SmartRent, Inc., Expiration: 12/19/2025; Exercise Price: $0.50<sup>(j)(k)</sup>  | &nbsp;&nbsp; $14100 | 100 | 8250  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $5,553)** |  |  | 8250 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  |  |
| **MONEY MARKET FUNDS - 4.9%**  |  |  |
|  First American Government Obligations Fund - Class X, 4.05%<sup>(l)</sup> | 4067422 | 4067422  |
|  First American Treasury Obligations Fund - Class X, 4.02%<sup>(l)</sup> | 26014020 | 26014020  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $30,081,442)** |  | 30081442  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.3%** <br>**(Cost $627,144,247)** |  | $631818621  |
|  Liabilities in Excess of Other Assets – (2.3)% |  | (14412327)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  | $617406294 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

AG - Aktiengesellschaft

AB - Aktiebolag

ASA - Advanced Subscription Agreement

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

24<br>

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

**RIVERPARK STRATEGIC INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025(Continued)** 

EURIBOR - Euro Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

NIBOR - Norway Interbank Offered Rate

PIK - Payment in Kind

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

STIBOR - Stockholm Interbank Offered Rate

EUR - Euro

NOK - Norwegian Krone

SEK - Swedish Krona

USD - United States Dollar

<sup>(a)</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 September 30, 2025, the value of these securities total $236,669,708 or 38.3% of the Fund's net assets.

<sup>(b)</sup> 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 $18,212,630 or 2.9% of net assets as of September 30, 2025.

<sup>(c)</sup> Zero coupon bonds make no periodic interest payments.

<sup>(d)</sup> Security is currently in default.

<sup>(e)</sup> All or a portion of security has been pledged as collateral for securities sold short. The fair value of assets committed as collateral as of September 30, 2025 is $11,150,453.

<sup>(f)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(g)</sup> Step coupon bond. The rate disclosed is as of September 30, 2025.

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

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

<sup>(j)</sup> Exchange-traded.

<sup>(k)</sup> 100 shares per contract.

<sup>(l)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

<sup>(m)</sup> Privately held.

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

25<br>

------

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

**RIVERPARK STRATEGIC INCOME FUND** 

**SCHEDULE OF WRITTEN OPTIONS** 

**September 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.0)%**<br>|  |  |  |
| **Put Options - (0.0)%<sup>(a)</sup>** <br>|  |  |  |
| Ziff Davis, Inc.<sup>(b)(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $30.00 | $(941070) | &nbsp;&nbsp;&nbsp;&nbsp;(247) | $(20995)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $35.00 | (941070) | &nbsp;&nbsp;&nbsp;&nbsp;(247) | (71013)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $111,632)** |  |  | $(92008) |

---

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

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

26<br>

------

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

**RIVERPARK STRATEGIC INCOME FUND** 

**SCHEDULE OF SECURITIES SOLD SHORT** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (2.2)%** <br>|  |  |
| **Information - (0.6)%** <br>|  |  |
| Comcast Corp., 5.30%, 06/01/2034 | $(3481000) | $(3613500)  |
| **Manufacturing - (0.8)%** <br>|  |  |
| General Mills, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 01/30/2030 | (696000) | (711045)  |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/29/2033 | (696000) | (705683)  |
| PepsiCo, Inc., 5.00%, 02/07/2035 | (3481000) | (3564993)  |
|  |  | (4981721)  |
| **Retail Trade - (0.8)%** <br>|  |  |
| Advance Auto Parts, Inc., 5.95%, 03/09/2028 | (5000000) | (5116385)  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS**<br>**(Proceeds $13,421,029)** |  | (13711606)  |
|  | **Shares** |  |
| **EXCHANGE TRADED FUNDS - (0.3)%** <br>|  |  |
| iShares iBoxx $ High Yield Corporate Bond ETF | (21996) | (1785855)  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS**<br>**(Proceeds $1,768,129)** |  | (1785855)  |
| &nbsp;&nbsp;&nbsp; **TOTAL SECURITIES SOLD SHORT - (2.5)%**<br>**(Proceeds $15,189,158)** |  | $(15497461) |

---

Percentages are stated as a percent of net assets.

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

27<br>

------

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

**RIVERPARK STRATEGIC INCOME FUND** 

**SCHEDULE OF FORWARD CURRENCY CONTRACTS** 

**September 30, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency** <br>**Purchased** | **Currency** <br>**Purchased** | **Currency** <br>**Sold** | **Currency** <br>**Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| U.S. Bancorp Investments, Inc. | 11/24/2025 | SEK | 2120000 | USD | 225244 | $736  |
| U.S. Bancorp Investments, Inc. | 11/14/2025 | USD | 71628803 | EUR | 60990000 | (173133)  |
| U.S. Bancorp Investments, Inc. | 11/14/2025 | USD | 13453907 | NOK | 133445000 | 79116  |
| U.S. Bancorp Investments, Inc. | 11/14/2025 | USD | 14298429 | SEK | 133185000 | 109763  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $16482 |

---

EUR - Euro

NOK - Norwegian Krone

SEK - Swedish Krona

USD - United States Dollar

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

28<br>

------

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

**CROSSINGBRIDGE NORDIC HIGH INCOME BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - 80.1%** | **CORPORATE BONDS - 80.1%** | **CORPORATE BONDS - 80.1%** | **CORPORATE BONDS - 80.1%** |
| **Communications - 4.0%**<br>|  |  |  |
|  Beelux Sarl, 8.76% (3 mo. EURIBOR + 6.75%), 03/14/2028<sup>(a)</sup> | EUR | $912083 | $1036193  |
| &nbsp;&nbsp;&nbsp; Gentoo Media PLC, 9.37% <br>(3 mo. STIBOR + 7.25%), 12/18/2026 | SEK | 3750000 | 409031  |
| &nbsp;&nbsp;&nbsp; NoA BidCo AS, 11.84% <br>(3 mo. NIBOR + 7.50%), 04/15/2027 | NOK | 1250000 | 129233  |
|  Vend Marketplaces ASA, 5.08% (3 mo. NIBOR + 0.78%), 11/25/2026 | NOK | 10000000 | 1007012  |
|  |  |  | 2581469  |
| **Consumer Discretionary - 8.9%**  | **Consumer Discretionary - 8.9%**  | **Consumer Discretionary - 8.9%**  | **Consumer Discretionary - 8.9%**  |
|  BOS GmbH & Co. KG, 11.00% (3 mo. EURIBOR + 9.00%), 06/25/2029 | EUR | 800000 | 938116  |
|  European Entertainment Intressenter BidCo AB, 9.26% (3 mo. EURIBOR + 7.25%), 09/29/2030 | EUR | 1200000 | 1379806  |
|  Felleskjopet Agri SA, 5.99% (3 mo. NIBOR + 1.75%), 03/19/2030 | NOK | 11000000 | 1105690  |
|  Kolibri Beteiligungsgesellschaft mbH & Co. KGaA, 9.03% (3 mo. EURIBOR + 7.00%), 02/13/2029<sup>(b)</sup> | EUR | 750000 | 905122  |
| &nbsp;&nbsp;&nbsp; OP Holdco GmbH, 8.58% <br>(3 mo. EURIBOR + 6.50%), 06/05/2029<sup>(b)</sup> | EUR | 600000 | 674494  |
| &nbsp;&nbsp;&nbsp; View Ledger AS, 8.83% <br>(3 mo. NIBOR + 4.50%), 01/31/2029 | NOK | 7500000 | 770237  |
|  |  |  | 5773465  |
| **Consumer Staples - 8.4%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Greenfood AB, 9.10% <br>(3 mo. STIBOR + 7.00%), 11/13/2028 | SEK | 5000000 | 543051  |
| &nbsp;&nbsp;&nbsp; Keyto Group AB, 7.37% <br>(3 mo. STIBOR + 5.25%), 05/08/2029 | SEK | 10000000 | 1074241  |
| &nbsp;&nbsp;&nbsp; Loch Duart Ltd., 10.65% <br>(3 mo. NIBOR + 6.35%), 11/06/2028 | NOK | 5000000 | 502889  |
| &nbsp;&nbsp;&nbsp; Neptune Bidco AS, 10.89% <br>(3 mo. NIBOR + 6.75%), 06/28/2028 | NOK | 1250000 | 109599  |
| &nbsp;&nbsp;&nbsp; Nexus Newco BV, 8.45% <br>(3 mo. EURIBOR + 6.50%), 06/04/2030 | EUR | 1200000 | 1415908  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
|  Okechamp Global BV, 9.53% (3 mo. EURIBOR + 7.50%), 11/14/2028 | EUR | $500000 | $531873  |
| Salmar ASA<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.69% (3 mo. NIBOR + 1.35%), 01/22/2027 | NOK | 5000000 | 506407  |
| &nbsp;&nbsp;&nbsp; 5.48% (3 mo. NIBOR + 1.15%), 01/30/2030 | NOK | 7000000 | 705851  |
|  |  |  | 5389819  |
| **Energy - 4.4%** <br>|  |  |  |
|  Forum Energy Technologies, Inc., 10.50%, 11/07/2029 |  | 900000 | 945941  |
| Golar LNG Ltd.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/20/2025<sup>(b)</sup> |  | 1260000 | 1261260  |
| &nbsp;&nbsp;&nbsp; 7.50%, 10/02/2030<sup>(b)</sup> |  | 637000 | 629815  |
|  |  |  | 2837016  |
| **Health Care and Social Assistance - 4.7%**  | **Health Care and Social Assistance - 4.7%**  | **Health Care and Social Assistance - 4.7%**  | **Health Care and Social Assistance - 4.7%**  |
|  Formycon AG, 8.94% (3 mo. EURIBOR + 7.00%), 07/09/2029 | EUR | 1400000 | 1606692  |
|  Magle Chemoswed Holding AB, 8.63% (3 mo. STIBOR + 6.50%), 07/04/2028 | SEK | 13750000 | 1420364  |
|  |  |  | 3027056  |
| **Holding Companies - 10.1%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; JDC Group AG, 6.52% <br>(3 mo. EURIBOR + 4.50%), 08/28/2029<sup>(b)</sup> | EUR | 896000 | 1075621  |
| &nbsp;&nbsp;&nbsp; Neptunia Invest AB, 6.84% <br>(3 mo. STIBOR + 4.75%), 03/05/2028 | SEK | 3750000 | 400318  |
|  Nordwest Industrie Group GmbH, 8.74% (3 mo. EURIBOR + 6.75%), 11/06/2028<sup>(b)</sup> | EUR | 660000 | 503669  |
| &nbsp;&nbsp;&nbsp; Novedo Holding AB, 9.14% <br>(3 mo. STIBOR + 7.00%), 09/23/2027 | SEK | 5000000 | 519151  |
| &nbsp;&nbsp;&nbsp; Pamica Group AB, 7.60% <br>(3 mo. STIBOR + 5.50%), 12/05/2027 | SEK | 5000000 | 530245  |
| &nbsp;&nbsp;&nbsp; Qflow Group AB, 7.65% <br>(3 mo. STIBOR + 5.50%), 09/25/2028 | SEK | 11250000 | 1210937  |
|  Remagruppen BidCo 2 AB, 10.52% (3 mo. STIBOR + 8.50%), 06/30/2028 | SEK | 5000000 | 516496  |
|  Stockwik Forvaltning AB, 9.30% (3 mo. STIBOR + 7.25%), 06/26/2029<sup>(b)</sup> | SEK | 16250000 | 1777862  |
|  |  |  | 6534299  |

---

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

29<br>

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

**CROSSINGBRIDGE NORDIC HIGH INCOME BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - 16.2%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3t Global Bidco PLC, <br>11.25%, 05/22/2028 |  | $500000 | $508750  |
| &nbsp;&nbsp;&nbsp; Agilyx ASA, <br>13.50%, 11/29/2027 |  | 250000 | 243281  |
|  Booster Precision Components GmbH, 11.02% (3 mo. EURIBOR + 9.00%), 11/28/2026 | EUR | 133888 | 152268  |
| &nbsp;&nbsp;&nbsp; HMH Holding BV, <br>10.02%, 11/16/2026<sup>(a)</sup> |  | 755000 | 777650  |
| &nbsp;&nbsp;&nbsp; Magellan Bidco Sarl, 7.02% <br>(3 mo. EURIBOR + 5.00%), 12/19/2029 | EUR | 800000 | 956267  |
|  Performance Shipping, Inc., 9.88%, 07/17/2029<sup>(b)</sup> |  | 625000 | 633917  |
| &nbsp;&nbsp;&nbsp; Posten Bring AS, <br>2.13%, 11/25/2026 | NOK | 14000000 | 1367781  |
|  Seapeak LLC, 9.19% (3 mo. NIBOR + 4.90%), 11/18/2026 | NOK | 9000000 | 918413  |
| &nbsp;&nbsp;&nbsp; SFL Corp. Ltd., <br>7.75%, 01/29/2030<sup>(b)</sup> |  | 400000 | 409500  |
| &nbsp;&nbsp;&nbsp; SLR Group GmbH, 8.94% <br>(3 mo. EURIBOR + 7.00%), 10/09/2027 | EUR | 677000 | 774963  |
| &nbsp;&nbsp;&nbsp; Stolt-Nielsen Ltd., 7.29% <br>(3 mo. NIBOR + 3.15%), 09/26/2028<sup>(b)</sup> | NOK | 15500000 | 1601778  |
|  Twma Finance AS, 13.00%, 02/08/2027 |  | 550000 | 572664  |
| &nbsp;&nbsp;&nbsp; Vegfinans Viken AS, 4.57% <br>(3 mo. NIBOR + 0.43%), 06/26/2026 | NOK | 5000000 | 502218  |
|  Welltec International ApS, 8.25%, 10/15/2026<sup>(b)</sup> |  | 1000000 | 1006136  |
|  |  |  | 10425586  |
| **Manufacturing - 1.1%** <br>|  |  |  |
|  Elkem ASA, 5.84% (3 mo. NIBOR + 1.55%), 08/31/2028 | NOK | 7000000 | 708464  |
| **Materials - 4.8%** <br>|  |  |  |
|  Amwood AB, 8.39% (3 mo. STIBOR + 6.25%), 10/25/2027 | SEK | 11250000 | 944033  |
|  Geveko AB, 6.49% (3 mo. EURIBOR + 4.50%), 12/26/2028 | EUR | 1000000 | 1197534  |
| &nbsp;&nbsp;&nbsp; Homann Holzwerkstoffe GmbH, 7.50%, <br>06/02/2032 | EUR | 600000 | 714999  |
| &nbsp;&nbsp;&nbsp; Norske Skog ASA, 8.63% <br>(3 mo. NIBOR + 4.50%), 06/25/2029 | NOK | 2300000 | 227014  |
|  |  |  | 3083580  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **Real Estate - 1.1%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Boras V-tyget 1 AB, 7.87% <br>(3 mo. STIBOR + 5.75%), 04/29/2027 | SEK | $6300000 | $682571  |
| **Technology - 9.8%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Azerion Group NV, 8.78% <br>(3 mo. EURIBOR + 6.75%), 10/02/2026 | EUR | 896000 | 1073938  |
|  B3 Consulting Group AB, 7.15% (3 mo. STIBOR + 5.00%), 06/24/2027 | SEK | 12500000 | 1345997  |
| &nbsp;&nbsp;&nbsp; Goldcup 100865 AB, 7.64% <br>(3 mo. STIBOR + 5.50%), 07/11/2028 | SEK | 1250000 | 136095  |
|  Hawk Infinity Software AS, 10.84% (3 mo. NIBOR + 6.50%), 10/15/2029<sup>(a)(b)</sup> | NOK | 8300000 | 855256  |
|  Platform Group AG, 8.88%, 07/11/2028 | EUR | 500000 | 591430  |
|  Trustly AB, 8.78% (3 mo. EURIBOR + 6.75%), 10/08/2030 | EUR | 1000000 | 1168183  |
|  Verve Group SE, 6.02% (3 mo. EURIBOR + 4.00%), 04/01/2029<sup>(b)</sup> | EUR | 1000000 | 1168303  |
|  |  |  | 6339202  |
| **Utilities - 6.6%** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Arva AS, 5.06% <br>(3 mo. NIBOR + 0.80%), 09/02/2030 | NOK | 13000000 | 1300176  |
|  Eidsiva Energi AS, 2.35%, 04/20/2026 | NOK | 16000000 | 1585933  |
|  Nord-troendelag Elektrisitetsverk AS, 4.86%, 09/10/2032 | NOK | 14000000 | 1394231  |
|  |  |  | 4280340  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $48,789,967)** |  |  | 51662867  |
| **BANK LOANS - 2.7%** <br>|  |  |  |
|  **Professional, Scientific, and Technical Services - 2.7%** <br>|  |  |  |
|  CCIT Holdings AS, 10.00% (or 3.00% PIK), 02/28/2029<sup>(c)(f)</sup> | EUR | 1513013 | 1776358  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $1,550,732)** |  |  | 1776358  |
| &nbsp;&nbsp;&nbsp; **FOREIGN GOVERNMENT DEBT** <br>**OBLIGATIONS - 2.5%** <br>|  |  |  |
| Norway Government Bond<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/19/2026 | NOK | 10000000 | 992972  |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/12/2035<sup>(b)</sup> | NOK | 6250000 | 611783  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT** <br>**DEBT OBLIGATIONS** <br>**(Cost $1,583,501)** |  |  | 1604755  |

---

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

30<br>

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

**CROSSINGBRIDGE NORDIC HIGH INCOME BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CONVERTIBLE BONDS - 1.1%**  | **CONVERTIBLE BONDS - 1.1%**  | **CONVERTIBLE BONDS - 1.1%**  |
| **Energy - 1.1%** <br>|  |  |
|  Golar LNG Ltd., 2.75%, 12/15/2030<sup>(b)</sup> | $700000 | $709625  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $700,000)** |  | 709625  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS** <br>|  |  |
| **MONEY MARKET FUNDS - 11.6%**  | **MONEY MARKET FUNDS - 11.6%**  | **MONEY MARKET FUNDS - 11.6%**  |
|  First American Government Obligations Fund - Class X, 4.05%<sup>(d)</sup> | 3734322 | 3734322  |
|  First American Treasury Obligations Fund - Class X, 4.02%<sup>(d)</sup> | 3734322 | 3734322  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $7,468,644)** |  | 7468644  |
|  | **Par** |  |
| **U.S. TREASURY BILLS - 3.1%**  | **U.S. TREASURY BILLS - 3.1%**  | **U.S. TREASURY BILLS - 3.1%**  |
| &nbsp;&nbsp;&nbsp; 4.17%, 10/02/2025<sup>(e)</sup> | $50000 | 49994  |
| &nbsp;&nbsp;&nbsp; 4.20%, 01/08/2026<sup>(e)</sup> | 2000000 | 1979254  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $2,027,362)** |  | 2029248  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.1%** <br>**(Cost $62,120,206)** |  | $65251497  |
|  Liabilities in Excess of Other Assets - (1.1)% |  | (720965)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  | $64530532 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

AB - Aktiebolag

EURIBOR - Euro Interbank Offered Rate

LLC - Limited Liability Company

NIBOR - Norway Interbank Offered Rate

PLC - Public Limited Company

STIBOR - Stockholm Interbank Offered Rate

EUR - Euro

NOK - Norwegian Krone

SEK - Swedish Krona

USD - United States Dollar

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

<sup>(a)</sup> Step coupon bond. The rate disclosed is as of September 30, 2025.

<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 September 30, 2025, the value of these securities total $13,824,141 or 21.4% of the Fund's net assets.

<sup>(c)</sup> 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 $1,776,358 or 2.8% of net assets as of September 30, 2025.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

<sup>(e)</sup> The rate shown is the annualized yield as of September 30, 2025.

<sup>(f)</sup> Privately held.

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

31<br>

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

**CrossingBridge Nordic High Income Bond Fund** 

**Schedule of Forward Currency Contracts** 

**September 30, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| U.S. Bancorp Investments, Inc. | 11/14/2025 | SEK | 5045000  | USD | 537400  | &nbsp;&nbsp; $62  |
| U.S. Bancorp Investments, Inc. | 11/14/2025 | USD | 18879156  | EUR | 16074000  | &nbsp;&nbsp; (44344)  |
| U.S. Bancorp Investments, Inc. | 11/14/2025 | USD | 14956627  | NOK | 148350000  | &nbsp;&nbsp; 87953  |
| U.S. Bancorp Investments, Inc. | 11/14/2025 | USD | 12962899  | SEK | 120745000  | &nbsp;&nbsp; 99511  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp; $143182 |

---

EUR - Euro

NOK - Norwegian Krone

SEK - Swedish Krona

USD - United States Dollar

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

32<br>

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

**CROSSINGBRIDGE FUNDS** 

**Statements of Assets and Liabilities** 

**September 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **CrossingBridge** <br>**Low Duration** <br>**High Income Fund** | **CrossingBridge** <br>**Responsible** <br>**Credit Fund** | **CrossingBridge** <br>**Ultra-Short** <br>**Duration Fund**  |
| **ASSETS:** <br>|  |  |  |
| Investments in unaffiliated securities, at value | $1594403106 | $48681780 | $332046678  |
| Investments in affiliated securities, at value | 12449325 |  | —  |
| Cash  | 399271  | 2006  | 19217  |
| Foreign currency, at value | 19819685 | 56241 | 205247  |
| Interest receivable | 17000993 | 665412 | 3212233  |
| Receivable for investments sold | 2744189 |  | 380000  |
| Receivable for fund shares sold | 2312272 | 1490 | 351712  |
| Unrealized appreciation of open forward currency contracts | 553607 | 49384 | 180427  |
| Dividends receivable | 264776 | 9340 | 67568  |
| Prepaid expenses and other assets | 46156 | 16385 | 21529  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 1649993380 | 49482038 | 336484611  |
| **LIABILITIES:** <br>|  |  |  |
| Payable for investments purchased | 49735988 | 2322112 | 1881688  |
| Payable for fund shares redeemed | 1281461 | 150787 | 162930  |
| Payable to adviser | 847219 | 11730 | 172246  |
| Unrealized depreciation of forward currency contracts | 400601 | 16103 | 5454  |
| Payable for fund administration and accounting fees | 93673 | 7989 | 22803  |
| Payable for distribution and shareholder servicing fees (Note 5) | 81853 | 18227 | 16978  |
| Payable for transfer agent fees and expenses | 39072 | 4567 | 8367  |
| Payable for custodian fees | 36039 | 4501 | 6288  |
| Payable for compliance fees | 1832 | 1833 | 1833  |
| Payable for expenses and other liabilities | 146780 | 40276 | 55372  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 52664518 | 2578125 | 2333959  |
| **NET ASSETS** | $1597328862 | $46903913 | $334150652  |
| **Net Assets Consists of:** <br>|  |  |  |
| Paid-in capital | $1618324646 | $49323153 | $333922924  |
| Total distributable earnings/(accumulated losses) | (20995784) | (2419240) | 227728  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $1597328862 | $46903913 | $334150652  |
| **Institutional Class** <br>|  |  |  |
| Net assets | $1571258527 | $46903913 | $334150652  |
| Shares issued and outstanding<sup>(a)</sup> | 160991176 | 5120619 | 33497048  |
| Net asset value per share | $9.76 | $9.16 | $9.98  |
| **Retail Class** <br>|  |  |  |
| Net assets | $26070335 | $— | $—  |
| Shares issued and outstanding<sup>(a)</sup> | 2664591 |  | —  |
| Net asset value per share | $9.78 | $— | $—  |

---

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

33<br>

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

**CROSSINGBRIDGE FUNDS** 

**Statements of Assets and Liabilities** 

**September 30, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **CrossingBridge** <br>**Low Duration** <br>**High Income Fund** | **CrossingBridge** <br>**Responsible** <br>**Credit Fund** | **CrossingBridge** <br>**Ultra-Short** <br>**Duration Fund**  |
| **Cost:** <br>|  |  |  |
| Investments in unaffiliated securities, at cost | $1591120922 | $48773553 | $331099658  |
| Investments in affiliated securities, at cost | $12076542 | $— | $—  |
| Foreign currency, at cost | $19762059 | $56083 | $204330 |

---

<sup>(a)</sup> Unlimited shares authorized, $0.001 par value. 

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

34<br>

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

**CROSSINGBRIDGE FUNDS** 

**Statements of Assets and Liabilities** 

**September 30, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **CrossingBridge** <br>**Pre-Merger** <br>**SPAC ETF** | **RiverPark** <br>**Strategic** <br>**Income Fund** | **CrossingBridge** <br>**Nordic High** <br>**Income** <br>**Bond Fund**  |
| **ASSETS:** <br>|  |  |  |
| Investments, at value | $18450254 | $631818621 | $65251497  |
| Cash  | —  | 63003  | 1403351  |
| Foreign currency, at value |  | 1259161 | 1008477  |
| Deposit at broker for securities sold short  | —  | 20200898  | —  |
| Interest receivable |  | 9323430 | 690513  |
| Receivable for investments sold | 4700029 | 5004631 | 138533  |
| Receivable for fund shares sold |  | 514503 | 252364  |
| Unrealized appreciation of open forward currency contracts |  | 189615 | 187526  |
| Dividends receivable | 1635 | 79043 | 25993  |
| Prepaid expenses and other assets  |  | 61499 | 17687  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 23151918 | 668514404 | 68975941  |
| **LIABILITIES:** <br>|  |  |  |
| Securities sold short, at value  | —  | 15497461  | —  |
| Written option contracts, at value  | —  | 92008  | —  |
| Payable for investments purchased | 1000011 | 32773747 | 3528367  |
| Payable for fund shares redeemed |  | 1937080 | 750984  |
| Payable to adviser | 14922 | 327775 | 34973  |
| Unrealized depreciation of open forward currency contracts |  | 173133 | 44344  |
| Payable for fund administration and accounting fees |  | 42942 | 20047  |
| Payable for distribution and shareholder servicing fees (Note 5) |  | 51476 | 4681  |
| Payable for transfer agent fees and expenses |  | 14008 | 4627  |
| Payable for custodian fees |  | 13628 | 6561  |
| Payable for compliance fees |  | 1833 | 1832  |
| Payable for expenses and other liabilities |  | 71293 | 48993  |
| Interest payable |  | 111726 | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1014933 | 51108110 | 4445409  |
| **NET ASSETS** | $22136985 | $617406294 | $64530532  |
| **Net Assets Consists of:** <br>|  |  |  |
| Paid-in capital | $19550523 | $696615541 | $63936818  |
| Total distributable earnings/(accumulated losses) | 2586462 | (79209247) | 593714  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $22136985 | $617406294 | $64530532  |
| Net assets | $22136985 | $— | $—  |
| Shares issued and outstanding<sup>(a)</sup> | 1020000 |  | —  |
| Net asset value per share | $21.70 | $— | $—  |

---

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

35<br>

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

**CROSSINGBRIDGE FUNDS** 

**Statements of Assets and Liabilities** 

**September 30, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **CrossingBridge** <br>**Pre-Merger** <br>**SPAC ETF** | **RiverPark** <br>**Strategic** <br>**Income Fund** | **CrossingBridge** <br>**Nordic High** <br>**Income** <br>**Bond Fund**  |
| **Institutional Class** <br>|  |  |  |
| Net assets | $— | $557547426 | $64530532  |
| Shares issued and outstanding<sup>(a)</sup> |  | 63975563 | 6337365  |
| Net asset value per share | $— | $8.72 | $10.18  |
| **Retail Class** <br>|  |  |  |
| Net assets | $— | $59858868 | $—  |
| Shares issued and outstanding<sup>(a)</sup> |  | 6838091 | —  |
| Net asset value per share | $— | $8.75 | $—  |
| **COST:** <br>|  |  |  |
| Investments, at cost | $18167012 | $627144247 | $62120206  |
| Foreign currency, at cost | $— | $1251528 | $1007819  |
| **PROCEEDS:**<br>|  |  |  |
| Securities sold short proceeds | $— | $15189158 | $—  |
| Written options premium received | $— | $111632 | $— |

---

<sup>(a)</sup> Unlimited shares authorized, $0.001 par value. 

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

36<br>

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

**CROSSINGBRIDGE FUNDS** 

**Statements of Operations** 

**For the Year Ended September 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **CrossingBridge** <br>**Low Duration** <br>**High Income Fund** | **CrossingBridge** <br>**Responsible** <br>**Credit Fund** | **CrossingBridge** <br>**Ultra-Short** <br>**Duration Fund**  |
| **INVESTMENT INCOME:** <br>|  |  |  |
| Dividend income | &nbsp;&nbsp; $5088127 | $172188 | $602640  |
| Less: Dividend withholding taxes | &nbsp;&nbsp; — | (264) | —  |
| Interest income | &nbsp;&nbsp; 78572971 | 3068335 | 13589438  |
| Interest income received in kind | &nbsp;&nbsp; 4481656  | 323301  | 55296 |
| Interest income from affiliated securities | &nbsp;&nbsp; 15 |  | —  |
| Less: Interest withholding taxes | &nbsp;&nbsp; (15294) |  | —  |
| Other income | &nbsp;&nbsp; 1053169 | 193653 | 80247  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 89180644 | 3757213 | 14327621  |
| **EXPENSES:** <br>|  |  |  |
| Investment advisory fee (Note 4) | &nbsp;&nbsp; 8568532 | 293486 | 1637901  |
| Shareholder service costs - Institutional Class (Note 5) | &nbsp;&nbsp; 1290394 | 39721 | 279772  |
| Shareholder service costs - Retail Class (Note 5) | &nbsp;&nbsp; 18175 |  | —  |
| Fund administration and accounting fees | &nbsp;&nbsp; 484811 | 41945 | 114544  |
| Transfer agent fees | &nbsp;&nbsp; 199972 | 23090 | 41579  |
| Federal and state registration fees | &nbsp;&nbsp; 165749 | 23201 | 49127  |
| Custodian fees | &nbsp;&nbsp; 142042 | 20875 | 29397  |
| Legal fees | &nbsp;&nbsp; 76505 | 20497 | 21000  |
| Reports to shareholders | &nbsp;&nbsp; 76464 | 2559 | 5917  |
| Audit fees | &nbsp;&nbsp; 58079 | 34692 | 30427  |
| Distribution expenses - Retail Class (Note 5) | &nbsp;&nbsp; 43987 |  | —  |
| Trustees' fees | &nbsp;&nbsp; 30481 | 30481 | 30481  |
| Compliance fees | &nbsp;&nbsp; 11028 | 11028 | 11028  |
| Interest expense | &nbsp;&nbsp; — | 88 | —  |
| Income tax expense | &nbsp;&nbsp; — | 2040 | —  |
| Other expenses and fees | &nbsp;&nbsp; 50199 | 11348 | 11561  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 11216418 | 555051 | 2262734  |
| &nbsp;&nbsp;&nbsp; Expense (reimbursement) recoupment by Adviser (Note 4) | &nbsp;&nbsp; — | (151489) | 32664  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 11216418 | 403562 | 2295398  |
| **NET INVESTMENT INCOME/(LOSS)** | &nbsp;&nbsp; 77964226 | 3353651 | 12032223  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 3295307 | (467500) | 344511  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts | &nbsp;&nbsp; (11610809) | (383440) | (1137117)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp; (553034) | (29774) | (8823)  |
| Net realized gain (loss) | &nbsp;&nbsp; (8868536) | (880714) | (801429)  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | &nbsp;&nbsp; $11246142 | $240767 | $1577911  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | &nbsp;&nbsp; 372783 |  | —  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts | &nbsp;&nbsp; 1607853 | 124695 | 269042  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp; (61136) | (4620) | 145  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 13165642 | 360842 | 1847098  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 4297106 | (519872) | 1045669  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $82261332 | $2833779 | $13077892 |

---

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

37<br>

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

**CROSSINGBRIDGE FUNDS** 

**Statements of Operations** 

**For the Year Ended September 30, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **CrossingBridge** <br>**Pre-Merger** <br>**SPAC ETF** | **RiverPark** <br>**Strategic** <br>**Income Fund** | **CrossingBridge** <br>**Nordic High** <br>**Income** <br>**Bond Fund<sup>(a)</sup>**  |
| **INVESTMENT INCOME:** <br>|  |  |  |
| Dividend income | $120414 | $2536290 | $215146  |
| Interest income | 27854 | 39100597 | 2722527  |
| Interest income received in kind |  | 3690675  | 115382 |
| Other income |  | 1062811 | 49892  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 148268 | 46390373 | 3102947  |
| **EXPENSES:** <br>|  |  |  |
| Investment advisory fee (Note 4) | 344057 | 3729308 | 279751  |
| Shareholder service costs - Institutional Class (Note 5) |  | 606780 | 43039  |
| Shareholder service costs - Retail Class (Note 5) |  | 65517 | —  |
| Fund administration and accounting fees |  | 240006 | 61819  |
| Transfer agent fees |  | 79037 | 26912  |
| Federal and state registration fees |  | 75160 | 47889  |
| Custodian fees |  | 61793 | 28541  |
| Legal fees |  | 46829 | 19020  |
| Reports to shareholders |  | 44735 | 2834  |
| Audit fees |  | 51739 | 28970  |
| Distribution expenses - Retail Class (Note 5) |  | 139704 | —  |
| Trustees' fees |  | 30493 | 22228  |
| Compliance fees |  | 11039 | 10999  |
| Investment interest expense |  | 516658 | 1359  |
| Income tax expense |  | 54838 | 403  |
| Dividend expense |  | 20439 | —  |
| Other expenses and fees |  | 51175 | 6298  |
| &nbsp;&nbsp;&nbsp; Total expenses | 344057 | 5825250 | 580062  |
| &nbsp;&nbsp;&nbsp; Expense (reimbursement) recoupment by Adviser (Note 4) |  |  | (169479)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 344057 | 5825250 | 410583  |
| **NET INVESTMENT INCOME/(LOSS)** | (195789) | 40565123 | 2692364  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 4878615 | 715078 | 1162243  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 59907 |  | —  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed |  | (170064) | —  |
| &nbsp;&nbsp;&nbsp; Securities sold short |  | (454112) | —  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts |  | (5803189) | (3949788)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  | 107517 | 89895  |
| Net realized gain (loss) | 4938522 | (5604770) | (2697650)  |

---

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

38<br>

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

**CROSSINGBRIDGE FUNDS** 

**Statements of Operations** 

**For the Year Ended September 30, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **CrossingBridge** <br>**Pre-Merger** <br>**SPAC ETF** | **RiverPark** <br>**Strategic** <br>**Income Fund** | **CrossingBridge** <br>**Nordic High** <br>**Income** <br>**Bond Fund<sup>(a)</sup>**  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | $(2264442) | $8364210 | $3131291  |
| &nbsp;&nbsp;&nbsp; Written option contracts |  | 54768 | —  |
| &nbsp;&nbsp;&nbsp; Securities sold short |  | (251208) | —  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts |  | 717940 | 143182  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  | (16609) | (2847)  |
| Net change in unrealized appreciation (depreciation) | (2264442) | 8869101 | 3271626  |
| **Net realized and unrealized gain (loss)** | 2674080 | 3264331 | 573976  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $2478291 | $43829454  | $3266340 |

---

<sup>(a)</sup> Commencement of operations of the Fund was October 1, 2024.

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

39<br>

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

**CROSSINGBRIDGE FUNDS** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CrossingBridge Low Duration** <br>**High Income Fund** | **CrossingBridge Low Duration** <br>**High Income Fund** | **CrossingBridge Responsible** <br>**Credit Fund**  | **CrossingBridge Responsible** <br>**Credit Fund**  |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $77964226 | $56791470 | $3353651 | $2729519  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (8868536) | 975851 | (880714) | 207472  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 13165642 | 4981171 | 360842 | (420041)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 82261332 | 62748492 | 2833779 | 2516950  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (78822613) | (57352230) | (3657853) | (2712068)  |
| &nbsp;&nbsp;&nbsp; Retail Class | (1022803) |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (79845416) | (57352230) | (3657853) | (2712068)  |
| **CAPITAL TRANSACTIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 838302231 | 613351335 | 35639189 | 22192777  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Institutional Class | 68998818 | 49013882 | 3219378 | 2239119  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (374373484) | (238177086) | (31828889) | (10831040)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Retail Class | 30021023 |  |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - <br>Retail Class | 1022783 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Retail Class | (5072848) |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 558898523 | 424188131 | 7029678 | 13600856  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 561314439 | 429584393 | 6205604 | 13405738  |
| **NET ASSETS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 1036014423 | 606430030 | 40698309 | 27292571  |
| &nbsp;&nbsp;&nbsp; End of the year | $1597328862 | $1036014423 | $46903913 | $40698309  |
| **SHARES TRANSACTIONS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 86104099 | 62878943 | 3852164 | 2360935  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Institutional Class | 7097387 | 5040529 | 349015 | 238847  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (38475081) | (24443098) | (3444001) | (1150708)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Retail Class | 3079305 |  |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - <br>Retail Class | 104943 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Retail Class | (519657) |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 57390996 | 43476374 | 757178 | 1449074 |

---

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

40<br>

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

**CROSSINGBRIDGE FUNDS** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CrossingBridge Ultra-Short** <br>**Duration Fund** | **CrossingBridge Ultra-Short** <br>**Duration Fund** | **CrossingBridge Pre-Merger** <br>**SPAC ETF**  | **CrossingBridge Pre-Merger** <br>**SPAC ETF**  |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $12032223 | $6751915 | $(195789) | $(400169)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (801429) | 191731 | 4938522 | 2863987  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1847098 | (34599) | (2264442) | 642263  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 13077892 | 6909047 | 2478291 | 3106081  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (12228136) | (6681815) |  | —  |
| &nbsp;&nbsp;&nbsp; From earnings |  |  | (3505242) | (3557131)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (12228136) | (6681815) | (3505242) | (3557131)  |
| **CAPITAL TRANSACTIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 235131822 | 90289271 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - <br>Institutional Class | 7047002 | 2152664 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (78094655) | (17997922) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold |  |  | 2315080 | 6233004  |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  |  | (48083854) | (5830954)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 164084169 | 74444013 | (45768774) | 402050  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 164933925 | 74671245 | (46795725) | (49000)  |
| **NET ASSETS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 169216727 | 94545482 | 68932710 | 68981710  |
| &nbsp;&nbsp;&nbsp; End of the year | $334150652 | $169216727 | $22136985 | $68932710  |
| **SHARES TRANSACTIONS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 23607442 | 9079720 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - <br>Institutional Class | 708738 | 216956 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (7848592) | (1811332) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold |  |  | 110000 | 290000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  |  | (2290000) | (270000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 16467588 | 7485344 | (2180000) | 20000 |

---

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

41<br>

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

**CROSSINGBRIDGE FUNDS** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **RiverPark Strategic** <br>**Income Fund** | **RiverPark Strategic** <br>**Income Fund** | **CrossingBridge** <br>**Nordic High** <br>**Income Bond** <br>**Fund**  |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended** <br>**September 30,** <br>**2025<sup>(a)</sup>**  |
|  | **2025** | **2024** | **Year Ended** <br>**September 30,** <br>**2025<sup>(a)</sup>**  |
| **OPERATIONS:** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $40565123 | $32478802 | $2692364  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (5604770) | (3498703) | (2697650)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 8869101 | 9434826 | 3271626  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 43829454 | 38414925 | 3266340  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (37480299) | (30478525) | (2673029)  |
| &nbsp;&nbsp;&nbsp; Retail Class | (3902224) | (1966634) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (41382523) | (32445159) | (2673029)  |
| **CAPITAL TRANSACTIONS:** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 293793162 | 237590241 | 104447070  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Institutional Class | 37351157 | 30291771 | 2251325  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (237974616) | (163463981) | (42761174)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Retail Class | 35269501 | 30312292 | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Retail Class | 3865571 | 1922344 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Retail Class | (21016309) | (10912056) | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 111288466 | 125740611 | 63937221  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 113735397 | 131710377 | 64530532  |
| **NET ASSETS:** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 503670897 | 371960520 | —  |
| &nbsp;&nbsp;&nbsp; End of the year | $617406294 | $503670897 | $64530532  |
| **SHARES TRANSACTIONS** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 33820455 | 27429641 | 10342336  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Institutional Class | 4308441 | 3508034 | 222393  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (27450861) | (18873848) | (4227364)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Retail Class | 4047885 | 3482787 | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Retail Class | 443996 | 221614 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Retail Class | (2413998) | (1256075) | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 12755918 | 14512153 | 6337365 |

---

<sup>(a)</sup> Commencement of operations of the Fund was October 1, 2024.

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

42<br>

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

**CROSSINGBRIDGE LOW DURATION HIGH INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**Institutional Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.75 | $9.66 | $9.84 | $10.36 | $9.86  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.58 | 0.71 | 0.72 | 0.33 | 0.34  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.02 | 0.09 | (0.06) | (0.36) | 0.54  |
| **Total from investment operations** | 0.60 | 0.80 | 0.66 | (0.03) | 0.88  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.59) | (0.71) | (0.73) | (0.33) | (0.38)  |
| Net realized gains |  |  | (0.11) | (0.16) | —  |
| **Total distributions** | (0.59) | (0.71) | (0.84) | (0.49) | (0.38)  |
| **Net asset value, end of year** | $9.76 | $9.75 | $9.66 | $9.84 | $10.36  |
| TOTAL RETURN | 6.33% | 8.51% | 7.02% | -0.39% | 9.13%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $1571259 | $1036014 | $606430 | $544893 | $326484  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.85% | 0.86% | 0.90% | 0.88% | 0.91%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.85% | 0.86% | 0.90% | 0.88% | 0.88%  |
|  Ratio of net investment income to average net assets | 5.92% | 7.23% | 7.33% | 3.30% | 3.37%  |
| Portfolio turnover rate<sup>(c)</sup> | 111% | 124% | 131% | 137% | 170% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. 

<sup>(c)</sup> Calculated on the basis of the Fund as a whole.

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

43<br>

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

**CrossingBridge Low Duration High Income Fund** 

**Financial Highlights** 

**Retail Class** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $9.73  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.50  |
| Net realized and unrealized gain on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.55  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.50)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.50)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $9.78  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 5.80%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $26070  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.10%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.10%  |
| Ratio of net investment income to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 5.63%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 111% |

---

<sup>(a)</sup> Commencement of operations of the Retail Class shares was November 1, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

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

<sup>(f)</sup> Calculated on the basis of the Fund as a whole.

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

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**CrossingBridge Responsible Credit Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Period Ended** <br>**September 30,** <br>**2021<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023** | **2022**  | **Period Ended** <br>**September 30,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $9.33 | $9.36 | $9.65 | $10.01 | &nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.69 | 0.75 | 0.81 | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.06  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | (0.12) | (0.04) | (0.13) | (0.33) | &nbsp;&nbsp;&nbsp; (0.01)  |
| **Total from investment operations** | 0.57 | 0.71 | 0.68 | 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.05  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.74) | (0.74) | (0.83) | (0.39) | &nbsp;&nbsp;&nbsp; (0.04)  |
| Net realized gains |  |  | (0.14) | (0.02) | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | (0.74) | (0.74) | (0.97) | (0.41) | &nbsp;&nbsp;&nbsp; (0.04)  |
| **Net asset value, end of period** | $9.16 | $9.33 | $9.36 | $9.65 | &nbsp;&nbsp;&nbsp; $10.01  |
| TOTAL RETURN<sup>(d)</sup> | 6.41% | 7.74% | 7.45% | 0.45% | &nbsp;&nbsp;&nbsp; 0.57%  |
| **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |
| Net assets, end of period (in thousands) | $46904 | $40698 | $27293 | $21162 | &nbsp;&nbsp;&nbsp; $16889  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(e)</sup> | 1.23%<sup>(f)</sup> | 1.50% | 1.70% | 1.97% | &nbsp;&nbsp;&nbsp; 2.77%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/ <br>recoupment<sup>(e)</sup> | 0.89% | 0.90% | 0.90% | 0.89% | &nbsp;&nbsp;&nbsp; 0.91%  |
|  Ratio of net investment income to average net assets<sup>(e)</sup> | 7.43% | 7.97% | 8.50% | 3.83% | &nbsp;&nbsp;&nbsp; 2.36%  |
| Portfolio turnover rate<sup>(d)</sup> | 135% | 151% | 130% | 174% | &nbsp;&nbsp;&nbsp; 39% |

---

<sup>(a)</sup> Commencement of operations of the Fund was June 30, 2021.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

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

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

<sup>(f)</sup> The ratio of interest and tax expenses to average net assets was 0.00%. 

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

45<br>

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**CrossingBridge Ultra-Short Duration Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Period Ended** <br>**September 30,** <br>**2021<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023** | **2022**  | **Period Ended** <br>**September 30,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $9.94 | $9.91 | $9.97 | $10.01 | &nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.48 | 0.59 | 0.53 | 0.16 | &nbsp;&nbsp;&nbsp; (0.01)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 0.04 | 0.01 | 0.00<sup>(d)</sup> | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| **Total from investment operations** | 0.52 | 0.60 | 0.53 | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.47) | (0.57) | (0.53) | (0.14) | &nbsp;&nbsp;&nbsp; —  |
| Net realized gains | (0.01) |  | (0.06) | (0.01) | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | (0.48) | (0.57) | (0.59) | (0.15) | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | $9.98 | $9.94 | $9.91 | $9.97 | &nbsp;&nbsp;&nbsp; $10.01  |
| TOTAL RETURN<sup>(e)</sup> | 5.32% | 6.23% | 5.44% | 1.12% | &nbsp;&nbsp;&nbsp; 0.07%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | $334151 | $169217 | $94545 | $68333 | &nbsp;&nbsp;&nbsp; $37061  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(f)</sup> | 0.90% | 0.99% | 1.05% | 1.13% | &nbsp;&nbsp;&nbsp; 2.68%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(f)</sup> | 0.91% | 0.90% | 0.90% | 0.89% | &nbsp;&nbsp;&nbsp; 0.90%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 4.77% | 5.88% | 5.33% | 1.64% | &nbsp;&nbsp;&nbsp; (0.28)%  |
| Portfolio turnover rate<sup>(e)</sup> | 164% | 154% | 217% | 155% | &nbsp;&nbsp;&nbsp; 42% |

---

<sup>(a)</sup> Commencement of operations of the Fund was June 30, 2021.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

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

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

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

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**CrossingBridge Pre-Merger SPAC ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Period Ended** <br>**September 30,** <br>**2021<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023** | **2022**  | **Period Ended** <br>**September 30,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $21.54 | $21.69 | $20.56 | $20.01 | &nbsp;&nbsp;&nbsp;&nbsp; $20.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | (0.10) | (0.12) | (0.03) | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup>  |
|  Net realized and unrealized gain on investments<sup>(d)</sup> | 1.39 | 1.08 | 1.38 | 0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Total from investment operations** | 1.29 | 0.96 | 1.35 | 0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.78) | (0.79) | (0.19) | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Net realized gains | (0.35) | (0.32) | (0.03) |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | (1.13) | (1.11) | (0.22) | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | $21.70 | $21.54 | $21.69 | $20.56 | &nbsp;&nbsp;&nbsp;&nbsp; $20.01  |
| TOTAL RETURN<sup>(e)</sup> | 6.23% | 4.54% | 6.63% | 2.85% | &nbsp;&nbsp;&nbsp;&nbsp; 0.03%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $22137 | $68933 | $68982 | $63312 | &nbsp;&nbsp;&nbsp;&nbsp; $5802  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.80% | 0.87% | 0.80% | 0.81% | &nbsp;&nbsp;&nbsp;&nbsp; 0.80%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | (0.46)% | (0.57)% | (0.14)% | (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; (0.80)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | 203% | 93% | 146% | 191% | &nbsp;&nbsp;&nbsp;&nbsp; 4% |

---

<sup>(a)</sup> Commencement of operations of the Fund was September 20, 2021.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

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

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

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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

**RiverPark Strategic Income Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |
| Net asset value, beginning of year | $8.67 | $8.54 | $8.71 | $9.33 | $8.60  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.62 | 0.67 | 0.68 | 0.45 | 0.45  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.06 | 0.13 | (0.14) | (0.55) | 0.70  |
| **Total from investment operations** | 0.68 | 0.80 | 0.54 | (0.10) | 1.15  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.63) | (0.67) | (0.71) | (0.52) | (0.42)  |
| **Total distributions** | (0.63) | (0.67) | (0.71) | (0.52) | (0.42)  |
| **Net asset value, end of year** | $8.72 | $8.67 | $8.54 | $8.71 | $9.33  |
| TOTAL RETURN | 8.03% | 9.76% | 6.55% | -1.27% | 13.59%  |
|  **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $557547 | $462216 | $352180 | $168885 | $195997  |
| Ratio of expenses to average net assets | 0.99%<sup>(c)(d)</sup> | 1.05% | 0.98% | 1.10% | 1.18%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short and tax expense | 0.89% | 1.05% | 0.98% | 1.10% | 1.18%  |
|  Ratio of net investment income to average net assets | 7.09% | 7.80% | 7.92% | 4.93% | 4.94%  |
| Portfolio turnover rate<sup>(e)</sup> | 100% | 117% | 104% | 72% | 89% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> The ratio of dividends, interest, and borrowing expense on securities sold short to average net assets was 0.09%. 

<sup>(d)</sup> The ratio of tax expenses to average net assets was 0.01%. 

<sup>(e)</sup> Calculated on the basis of the Fund as a whole.

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

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

**RiverPark Strategic Income Fund** 

**Financial Highlights** 

**Retail Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $8.71 | $8.56 | $8.72 | $9.33 | $8.60  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.60 | 0.65 | 0.66 | 0.44 | 0.44  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.05 | 0.13 | (0.13) | (0.56) | 0.68  |
| **Total from investment operations** | 0.65 | 0.78 | 0.53 | (0.12) | 1.12  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.61) | (0.63) | (0.69) | (0.49) | (0.39)  |
| **Total distributions** | (0.61) | (0.63) | (0.69) | (0.49) | (0.39)  |
| **Net asset value, end of year** | $8.75 | $8.71 | $8.56 | $8.72 | $9.33  |
| TOTAL RETURN | 7.76% | 9.48% | 6.30% | -1.41% | 13.44%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $59859 | $41455 | $19781 | $19581 | $13070  |
| Ratio of expenses to average net assets | 1.24%<sup>(c)(d)</sup> | 1.29% | 1.23% | 1.27% | 1.33%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short and tax expense | 1.14% | 1.29% | 1.23% | 1.27% | 1.33%  |
|  Ratio of net investment income to average net assets | 6.85% | 7.53% | 7.65% | 4.84% | 4.80%  |
| Portfolio turnover rate<sup>(e)</sup> | 100% | 117% | 104% | 72% | 89% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> The ratio of dividends, interest, and borrowing expense on securities sold short to average net assets was 0.09%. 

<sup>(d)</sup> The ratio of tax expenses to average net assets was 0.01%. 

<sup>(e)</sup> Calculated on the basis of the Fund as a whole.

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

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**CrossingBridge Nordic High Income Bond Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | |
|:---|:---|
|  | **Year Ended** <br>**September 30,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.63  |
| Net realized and unrealized gain on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.13  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.76  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.57)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (0.01)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.58)  |
| **Net asset value, end of year** | &nbsp;&nbsp;&nbsp; $10.18  |
| TOTAL RETURN | &nbsp;&nbsp;&nbsp; 7.79%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of year (in thousands) | &nbsp;&nbsp;&nbsp; $64531  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | &nbsp;&nbsp;&nbsp; 1.35%<sup>(d)</sup>  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | &nbsp;&nbsp;&nbsp; 0.95%  |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp; 6.26%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 76% |

---

<sup>(a)</sup> Commencement of operations of the Fund was October 1, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the year.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. 

<sup>(d)</sup> The ratio of tax expenses to average net assets was 0.00%. 

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

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

**CROSSINGBRIDGE FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;(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 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, RiverPark Strategic Income Fund and the CrossingBridge Nordic High Income Bond Fund (collectively, the "Mutual Funds") and the CrossingBridge Pre-Merger SPAC ETF (the "ETF"), each representing a distinct 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 RiverPark Strategic Income Fund seeks high current income and capital appreciation consistent with the preservation of capital. The investment objective of the CrossingBridge Nordic High Income Bond Fund is to seek high current income and capital appreciation consistent with the preservation of capital.

The CrossingBridge Low Duration High Income Fund's Institutional Class and Retail Class commenced investment operations on February 1, 2018 and November 1, 2024, respectively. Both the CrossingBridge Responsible Credit Fund and CrossingBridge Ultra-Short Duration Fund commenced investment operations on June 30, 2021. The CrossingBridge Nordic High Income Bond Fund commenced investment operations on October 1, 2024. The CrossingBridge Responsible Credit Fund, CrossingBridge Ultra-Short Duration Fund and CrossingBridge Nordic High Income Bond Fund registered only an Institutional Class of shares.

The RiverPark Strategic Income Fund was formerly a series of the RiverPark Funds Trust and commenced operations on September 30, 2013 (the "Predecessor Fund"). After the close of business May 12, 2023, the 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 Predecessor Fund. The RiverPark Strategic Income Fund offers both Institutional and Retail Class of 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.

CrossingBridge Advisors, LLC (the "Adviser") serves as investment adviser to each of the Funds.

Costs incurred by the Funds in connection with the organization, registration and the initial public offering of shares were paid by the 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."

&nbsp;&nbsp;&nbsp;&nbsp;(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 security owned by a 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.

If the security is listed on more than one exchange, a 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 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

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**CROSSINGBRIDGE FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

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 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 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 the constant yield method until maturity.

Options that are traded on a national securities exchange are valued at the last reported sale price on the exchange on which the security is principally traded.

Except for contracts maturing in two or fewer days, which are valued at the spot rate, forward currency contracts are valued at the midpoint prices calculated using an interpolation methodology that incorporates foreign-exchange prices obtained from a Pricing Service for standard forward settlement periods, such as one month, three months, six months, and one year.

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, including money market funds, 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.

Investments are held at fair value. 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 a Fund is accurately priced. The Board of Trustees 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 by the Adviser. The Board of Trustees has approved the Adviser as the Valuation Designee in accordance with Rule 2a-5 of the 1940 Act.

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

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**CROSSINGBRIDGE FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Chief Investment Officer and Chief Financial Officer of the Adviser, who serve as the chief operating decision makers, using the information presented in the financial statements and financial highlights.

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 – Unadjusted 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 Funds' 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 September 30, 2025:

**CrossingBridge Low Duration High Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets<sup>(1)</sup>:**<br>|  |  |  |  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| **Corporate Bonds** | $— | $932244954 | $8659736 | $940904690  |
| **Bank Loans** |  | 187230723 | 4653268 | 191883991  |
| **Asset-Backed Securities** |  | 78528576 |  | 78528576  |
| **Mortgage-Backed Securities** |  | 76799021 |  | 76799021  |
|  **Special Purpose Acquisition Companies (SPACs)** | 31100930 | 10561232 |  | 41662162  |
| **Preferred Stocks** | 31883624 |  |  | 31883624  |
| **Convertible Bonds** |  | 20478185 | 5178200 | 25656385  |
|  **Real Estate Investment Trusts - Preferred** | 4639247 |  |  | 4639247  |
| **Municipal Bonds** |  | 4505722 |  | 4505722  |
| **Common Stocks** |  | 63077 | 996799 | 1059876  |
| **Rights** | 31500 |  |  | 31500  |
| **Warrants** |  | 249 |  | 249  |
| **Commercial Paper** |  | 107271946 |  | 107271946  |
| **Money Market Funds** | 96766028 |  |  | 96766028  |
| **U.S. Treasury Bills** |  | 5259414 |  | 5259414  |
| **Total Investments** | $164421329 | $1422943099 | $19488003 | $1606852431  |
| **<u>Other Financial Instruments:</u>**<br>|  |  |  |  |
| Forward Currency Contracts<sup>(2)</sup> | $— | $553607 | $— | $553607  |
| **Total Other Financial Instruments** | $— | $553607 | $— | $553607  |

---

53<br>

------

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

**CROSSINGBRIDGE FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Liabilities:**<br>|  |  |  |  |
| **<u>Other Financial Instruments:</u>**<br>|  |  |  |  |
| Forward Currency Contracts<sup>(2)</sup> | $— | $(400601) | $— | $(400601)  |
| **Total Other Financial Instruments** | $— | $(400601) | $— | $(400601) |

---

<sup>(1)</sup> Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(2)</sup> Forward currency exchange contracts are included in the Schedule of Forward Currency Contracts and are reflected at the net unrealized appreciation (depreciation) on the instrument.

**CrossingBridge Responsible Credit Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets<sup>(1)</sup>:**<br>|  |  |  |  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| **Corporate Bonds** | $— | $30805538 | $99178 | $30904716  |
| **Bank Loans** |  | 8629658 | 783445 | 9413103  |
| **Convertible Bonds** |  | 1538420 | 172975 | 1711395  |
| **Asset-Backed Securities** |  | 1097378 |  | 1097378  |
|  **Special Purpose Acquisition Companies (SPACs)** | 979450 |  |  | 979450  |
| **Preferred Stocks** | 648533 |  | 138696 | 787229  |
| **Common Stocks** |  | 5981 | 192000 | 197981  |
| **Real Estate Investment Trusts** | 167398 |  |  | 167398  |
| **Warrants** |  | 12906 |  | 12906  |
| **Money Market Funds** | 2820713 |  |  | 2820713  |
| **Commercial Paper** |  | 589511 |  | 589511  |
| **Total Investments** | $4616094 | $42679392 | $1386294 | $48681780  |
| **<u>Other Financial Instruments:</u>**<br>|  |  |  |  |
| Forward Currency Contracts<sup>(2)</sup> | $— | $49384 | $— | $49384  |
| **Total Other Financial Instruments** | $— | $49384 | $— | $49384  |
| **Liabilities:**<br>|  |  |  |  |
| **<u>Other Financial Instruments:</u>**<br>|  |  |  |  |
| Forward Currency Contracts<sup>(2)</sup> | $— | $(16103) | $— | $(16103)  |
| **Total Other Financial Instruments** | $— | $(16103) | $— | $(16103) |

---

<sup>(1)</sup> Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(2)</sup> Forward currency exchange contracts are included in the Schedule of Forward Currency Contracts and are reflected at the net unrealized appreciation (depreciation) on the instrument.

54<br>

------

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

**CROSSINGBRIDGE FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

**CrossingBridge Ultra-Short Duration Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets<sup>(1)</sup>:**<br>|  |  |  |  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| **Corporate Bonds** | $— | $188724757 | $— | $188724757  |
| **Mortgage-Backed Securities** |  | 32462726 |  | 32462726  |
| **Asset-Backed Securities** |  | 22394429 |  | 22394429  |
| **Bank Loans** |  | 14386289 |  | 14386289  |
| **Municipal Bonds** |  | 8581340 |  | 8581340  |
| **Preferred Stocks** | 8196500 |  |  | 8196500  |
| **Convertible Bonds** |  |  | 778600 | 778600  |
| **Warrants** |  | 37 |  | 37  |
| **Common Stocks** |  |  | 0<sup>(3)</sup> | 0<sup>(3)</sup>  |
| **Commercial Paper** |  | 36359531 |  | 36359531  |
| **Money Market Funds** | 14224707 |  |  | 14224707  |
| **U.S. Treasury Bills** |  | 5937762 |  | 5937762  |
| **Total Investments** | $22421207 | $308846871 | $778600 | $332046678  |
| **<u>Other Financial Instruments:</u>**<br>|  |  |  |  |
| Forward Currency Contracts<sup>(2)</sup> | $— | $180427 | $— | $180427  |
| **Total Other Financial Instruments** | $— | $180427 | $— | $180427  |
| **Liabilities:**<br>|  |  |  |  |
| **<u>Other Financial Instruments:</u>**<br>|  |  |  |  |
| Forward Currency Contracts<sup>(2)</sup> | $— | $(5454) | $— | $(5454)  |
| **Total Other Financial Instruments** | $— | $(5454) | $— | $(5454) |

---

<sup>(1)</sup> Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(2)</sup> Forward currency exchange contracts are included in the Schedule of Forward Currency Contracts and are reflected at the net unrealized appreciation (depreciation) on the instrument.

<sup>(3)</sup> Amount is less than $0.50 

**CrossingBridge Pre-Merger SPAC ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets<sup>(1)</sup>:**<br>|  |  |  |  |
| **<u>Investments:</u>**<br>|  |  |  |  |
|  **Special Purpose Acquisition Companies (SPACs)** | $8842208 | $8073838 | $756041 | $17672087  |
| **Rights** | 9000 | 7750 |  | 16750  |
| **Warrants** | 5467 |  |  | 5467  |
| **Money Market Funds** | 755950 |  |  | 755950  |
| **Total Investments** | $9612625 | $8081588 | $756041 | $18450254 |

---

<sup>(1)</sup> Refer to the Schedule of Investments for further disaggregation of investment categories.

55<br>

------

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

**CROSSINGBRIDGE FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

**RiverPark Strategic Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets<sup>(1)</sup>:**<br>|  |  |  |  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| **Corporate Bonds** | $— | $363010693 | $2884556 | $365895249  |
| **Bank Loans** |  | 163387275 | 5956183 | 169343458  |
| **Common Stocks** | 12735837 | 125845 | 4146520 | 17008202  |
| **Preferred Stocks** | 9821089 |  | 1662427 | 11483516  |
| **Asset-Backed Securities** |  | 10916409 |  | 10916409  |
| **Mortgage-Backed Securities** |  | 9524922 |  | 9524922  |
| **Convertible Bonds** |  | 5905172 | 3562944 | 9468116  |
|  **Real Estate Investment Trusts - Common** | 2663971 |  |  | 2663971  |
|  **Real Estate Investment Trusts - Preferred** | 2617569 |  |  | 2617569  |
|  **Special Purpose Acquisition Companies (SPACs)** | 1407180 | 2020 |  | 1409200  |
|  **Foreign Government Debt Obligations** |  | 1223565 |  | 1223565  |
| **Warrants** |  | 174752 | 0<sup>(4)</sup> | 174752  |
| **Purchased Options** |  | 8250 |  | 8250  |
| **Money Market Funds** | 30081442 |  |  | 30081442  |
| **Total Investments** | $59327088 | $554278903 | $18212630 | $631818621  |
| **Other Financial Instruments:**<br>|  |  |  |  |
| Forward Currency Contracts<sup>(2)</sup> | $— | $189615 | $— | $189615  |
| **Total Other Financial Instruments** | $— | $189615 | $— | $189615  |
| **Liabilities<sup>(1)</sup>:**<br>|  |  |  |  |
| **Corporate Bonds** | $— | $(13711606) | $— | $(13711606)  |
| **Exchange Traded Funds** | (1785855) |  |  | (1785855)  |
| **Total Short Securities** | $(1785855) | $(13711606) | $— | $(15497461)  |
| **Other Financial Instruments:**<br>|  |  |  |  |
| Written Options Contracts<sup>(3)</sup> | $— | $(92008) | $— | $(92008)  |
| Forward Currency Contracts<sup>(2)</sup> |  | (173133) |  | (173133)  |
| **Total Other Financial Instruments** | $— | $(265141) | $— | $(265141) |

---

<sup>(1)</sup> Refer to the Schedule of Investments and Schedule of Securities Sold Short for further disaggregation of investment categories.

<sup>(2)</sup> Forward currency exchange contracts are included in the Schedule of Forward Currency Contracts and are reflected at the net unrealized appreciation (depreciation) on the instrument.

<sup>(3)</sup> Written option contracts are included in the Schedule of Written Options and are reflected at the market value of the instrument.

<sup>(4)</sup> Amount is less than $0.50. 

56<br>

------

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

**CROSSINGBRIDGE FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

**CrossingBridge Nordic High Income Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets<sup>(1)</sup>:**<br>|  |  |  |  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| **Corporate Bonds** | $— | $51662867 | $— | $51662867  |
| **Bank Loans** |  |  | 1776358 | 1776358  |
|  **Foreign Government Debt Obligations** |  | 1604755 |  | 1604755  |
| **Convertible Bonds** |  | 709625 |  | 709625  |
| **Money Market Funds** | 7468644 |  |  | 7468644  |
| **U.S. Treasury Bills** |  | 2029248 |  | 2029248  |
| **Total Investments** | $7468644 | $56006495 | $1776358 | $65251497  |
| **<u>Other Financial Instruments:</u>**<br>|  |  |  |  |
| Forward Currency Contracts<sup>(2)</sup> | $— | $187526 | $— | $187526  |
| **Total Other Financial Instruments** | $— | $187526 | $— | $187526  |
| **Liabilities:**<br>|  |  |  |  |
| **<u>Other Financial Instruments:</u>**<br>|  |  |  |  |
| Forward Currency Contracts<sup>(2)</sup> | $— | $(44344) | $— | $(44344)  |
| **Total Other Financial Instruments** | $— | $(44344) | $— | $(44344) |

---

<sup>(1)</sup> Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(2)</sup> Forward currency exchange contracts are included in the Schedule of Forward Currency Contracts and are reflected at the net unrealized appreciation (depreciation) on the instrument.

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** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Corporate** <br>**Bonds** | **Bank** <br>**Loans** | **Special** <br>**Purpose** <br>**Acquisition** <br>**Companies** | **Convertible** <br>**Bonds** | **Common** <br>**Stocks** | **Warrants**  |
|  Beginning Balance - October 1, 2024 | $5858973 | $9021214 | $0 | $6158250 | $1200744 | $0  |
| Purchases | 2143953 | 4653268 |  |  |  | —  |
| Sales |  | (9021214) |  | (1153000) |  | (0)  |
| Realized gains |  |  |  |  |  | —  |
| Realized losses | (3853037) |  | (76) |  |  | —  |
|  Accretion of discount/ (amortization of premium) | 209151 |  |  |  |  | —  |
|  Change in unrealized appreciation/(depreciation) | (4842853) |  | 76 | 172950 | (203945) | —  |
| Transfer in/(out) of Level 3 | 9143549 |  |  |  |  | —  |
|  Ending Balance - September 30, 2025 | $8659736 | $4653268 | $— | $5178200 | $996799 | $— |

---

57<br>

------

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

**CROSSINGBRIDGE FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

The total change in unrealized appreciation (depreciation) included in the Statement of Operations attributable to Level 3 investments still held at September 30, 2025, includes the following:

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds**  | **Bank Loans** | **Convertible Bonds** | **Common Stocks**  |
| $(7917350) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $172950 | &nbsp;&nbsp; $(203945) |

---

**CrossingBridge Responsible Credit Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Corporate** <br>**Bonds** | **Bank Loans** | **Convertible** <br>**Bonds** | **Preferred** <br>**Stocks** | **Common** <br>**Stocks**  |
| Beginning Balance - October 1, 2024 | $151505 | $845816 | $— | $— | $198000  |
| Purchases | 77206 | 751634 | 0 | 236885 | —  |
| Sales |  | (845816) |  |  | —  |
| Realized gains |  |  |  |  | —  |
| Realized losses | (757525) |  |  |  | —  |
| Corporate action |  | 31811 |  |  | —  |
| Accretion of discount/(amortization of premium) | (1508) |  | 31138 |  | —  |
| Change in unrealized appreciation/(depreciation) | 235785 |  | (31138) | (98189) | (6000)  |
| Transfer in/(out) of Level 3 | 393715 |  | 172975 |  | —  |
| Ending Balance - September 30, 2025 | $99178 | $783445 | $172975 | $138696 | $192000 |

---

The total change in unrealized appreciation (depreciation) included in the Statement of Operations attributable to Level 3 investments still held at September 30, 2025, includes the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate** <br>**Bonds** | **Bank Loans** | **Convertible** <br>**Bonds** | **Preferred** <br>**Stocks** | **Common** <br>**Stocks**  |
| $(370235) | $— | $(31138) | $(98189) | $(6000) |

---

**CrossingBridge Ultra-Short Duration Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Bank Loans** | **Convertible** <br>**Bonds** | **Common** <br>**Stocks** | **Special** <br>**Purpose** <br>**Acquisition** <br>**Companies**  |
| Beginning Balance - October 1, 2024 | $2706612 | $925650 | $— | $0  |
| Purchases |  |  |  | —  |
| Sales | (2706612) | (173000) |  | —  |
| Realized gains |  |  |  | —  |
| Realized losses |  |  |  | (7)  |
| Corporate action |  |  | 115779 | —  |
| Accretion of discount/(amortization of premium) |  |  |  | —  |
| Change in unrealized appreciation/(depreciation) |  | 25950 | (115779) | 7  |
| Transfer in/(out) of Level 3 |  |  |  | —  |
| Ending Balance - September 30, 2025 | $— | $778600 | $0 | $— |

---

The total change in unrealized appreciation (depreciation) included in the Statement of Operations attributable to Level 3 investments still held at September 30, 2025, includes the following:

---

| | |
|:---|:---|
| **Convertible Bonds** | **Common Stocks**  |
| $25950 | &nbsp;&nbsp;&nbsp; $(115779) |

---

58<br>

------

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

**CROSSINGBRIDGE FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

**CrossingBridge Pre-Merger SPAC ETF** 

---

| | |
|:---|:---|
|  | **Special** <br>**Purpose** <br>**Acquisition** <br>**Companies**  |
| Beginning Balance - October 1, 2024 | $0  |
| Purchases | 746399  |
| Sales | (2848928)  |
| Realized gains | 318665  |
| Realized losses | (4)  |
| Accretion of discount/(amortization of premium) | —  |
| Change in unrealized appreciation/(depreciation) | (239029)  |
| Transfer in/(out) of Level 3 | 2778938  |
| Ending Balance - September 30, 2025 | $756041 |

---

The total change in unrealized appreciation (depreciation) included in the Statement of Operations attributable to Level 3 investments still held at September 30, 2025, includes the following:

---

| |
|:---|
| **Special Purpose** <br>**Acquisition Companies** |
| $(239033) |

---

**RiverPark Strategic Income Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Corporate** <br>**Bonds** | **Bank Loans** | **Common** <br>**Stocks** | **Preferred** <br>**Stocks** | **Convertible** <br>**Bonds** | **Special** <br>**Purpose** <br>**Acquisition** <br>**Companies** | **Warrants**  |
|  Beginning Balance - October 1, 2024 | $2243370 | $— | $4516285 | $— | $3538550 | $0 | $0  |
| Purchases | 767859 | 4590921 |  | 2839333 |  |  | —  |
| Sales |  |  |  |  | (661000) |  | —  |
| Realized gains |  |  |  |  |  |  | —  |
| Realized losses | (2862894) |  |  |  |  | (50) | —  |
| Corporate action |  | 1022518 |  |  |  |  | —  |
|  Accretion of discount/ (amortization of premium) | 25232 | 4372 |  |  | 105533 |  | —  |
|  Change in unrealized appreciation/(depreciation) | (1555030) | 338372 | (369765) | (1176906) | (6383) | 50 | —  |
| Transfer in/(out) of Level 3 | 4266019 |  |  |  | 586244 |  | —  |
|  Ending Balance - September 30, 2025 | $2884556 | $5956183 | $4146520 | $1662427 | $3562944 | $— | $— |

---

The total change in unrealized appreciation (depreciation) included in the Statement of Operations attributable to Level 3 investments still held at September 30, 2025, includes the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate** <br>**Bonds** | **Bank Loans** | **Common** <br>**Stocks** | **Preferred** <br>**Stocks** | **Convertible** <br>**Bonds**  |
| $(3941862) | $338372 | $(369765) | $(1176906) | &nbsp;&nbsp; $(6383) |

---

59<br>

------

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

**CROSSINGBRIDGE FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

**CrossingBridge Nordic High Income Bond Fund**

---

| | |
|:---|:---|
|  | **Bank Loans**  |
| Beginning Balance - October 1, 2024 | $—  |
| Purchases | 1547817  |
| Sales | —  |
| Realized gains | —  |
| Realized losses | —  |
| Accretion of discount/(amortization of premium) | 2915  |
| Change in unrealized appreciation/(depreciation) | 225626  |
| Transfer in/(out) of Level 3 | —  |
| Ending Balance - September 30, 2025 | $1776358 |

---

The total change in unrealized appreciation (depreciation) included in the Statement of Operations attributable to Level 3 investments still held at September 30, 2025, includes the following:

---

| |
|:---|
| **Convertible Bonds**  |
| $225626 |

---

To the extent the significant inputs are unobservable, the values generally would be categorized as Level 3 and "fair value" will be applied. Specifically, the matrix below provides a summary of the approach taken:

---

| | |
|:---|:---|
| **Type of Security** | **Examples of Input**  |
|  Bank Loans, Corporate Bonds, Convertible Bonds, and Warrants | Primarily based on financial analysis employing quantitative and qualitative inputs such as but may not be limited to:  |
|  | discounted cashflow, sum-of-the parts, competitive comparable valuations, and liquidation analysis  |
|  Special Purpose Acquisition Companies (SPACs); SPAC founders shares | Upon separation, value based on public warrant pricing. Prior to separation, valued at $0.  |
| Common Stock (Legended shares) | The firm applies a 25% discount to current market price for common stock with a legend attached to it. |

---

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 September 30, 2025:

**CrossingBridge Low Duration High Income Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Descriptions** | **Fair Value** <br>**September 30,** <br>**2025** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Range of** <br>**Input** | **Weighted** <br>**Average** <br>**Unobservable** <br>**Input<sup>(1)</sup>** | **Impact to** <br>**Valuation** <br>**from an** <br>**Increase in** <br>**Input<sup>(2)</sup>**  |
| Corporate Bonds | $8659736  | Market Approach | Yield to maturity | &nbsp;&nbsp; 20.00% | &nbsp;&nbsp;&nbsp;&nbsp; 20.00% | Decrease  |
|  |  |  | Recoverable value | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | Increase  |
|  |  |  | Recoverable value | 0%-30.10% | &nbsp;&nbsp;&nbsp;&nbsp; 30.10% | Increase  |
| Bank Loans | $4653268  | Market Approach | Transaction price | &nbsp;&nbsp; $100 | &nbsp;&nbsp;&nbsp;&nbsp; $100 | Increase  |
| Convertible Bonds | $5178200  | Market Approach | Recoverable value | &nbsp;&nbsp; $0-85 | &nbsp;&nbsp;&nbsp;&nbsp; $85  | Increase  |
| Common Stocks | $996799  | Market Approach | Enterprise Value | &nbsp;&nbsp; $1.18 | &nbsp;&nbsp;&nbsp;&nbsp; $1.18 | Increase  |
|  |  |  | Discount | &nbsp;&nbsp; 15-100% | &nbsp;&nbsp;&nbsp;&nbsp; 15.00% | Decrease |

---

60<br>

------

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

**CROSSINGBRIDGE FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

**CrossingBridge Responsible Credit Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Descriptions** | **Fair Value** <br>**September 30,** <br>**2025** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Range** | **Weighted** <br>**Average** <br>**Unobservable** <br>**Input<sup>(1)</sup>** | **Impact to** <br>**Valuation** <br>**from an** <br>**Increase in** <br>**Input<sup>(2)</sup>**  |
| Corporate Bonds | &nbsp;&nbsp; $99178  | Market Approach | Recoverable value | &nbsp;&nbsp; $0  | &nbsp;&nbsp;&nbsp; $0  | Increase  |
|  |  |  | Recoverable value | 0%-30.10% | &nbsp;&nbsp;&nbsp; 30.10% | Increase  |
| Bank Loans | &nbsp;&nbsp; $783445  | Market Approach | Enterprise value | &nbsp;&nbsp; $264  | &nbsp;&nbsp;&nbsp; $264  | Increase  |
|  |  |  | Transaction price | &nbsp;&nbsp; $100  | &nbsp;&nbsp;&nbsp; $100  | Increase  |
|  |  |  | Recoverable value | &nbsp;&nbsp; 100% | &nbsp;&nbsp;&nbsp; 100% | Increase  |
| Convertible Bonds | &nbsp;&nbsp; $172975  | Market Approach | Recoverable value | &nbsp;&nbsp; $0  | &nbsp;&nbsp;&nbsp; $0  | Increase  |
|  |  |  | Broker quote | &nbsp;&nbsp; $93.50  | &nbsp;&nbsp;&nbsp; $93.50  | Increase  |
| Preferred Stocks | &nbsp;&nbsp; $138696  | Market Approach | Enterprise value | &nbsp;&nbsp; $264  | &nbsp;&nbsp;&nbsp; $264  | Increase  |
|  |  |  | Recoverable value | &nbsp;&nbsp; 0-55% | &nbsp;&nbsp;&nbsp; 55% | Increase  |
| Common Stocks | &nbsp;&nbsp; $192000  | Market Approach | Broker quote | &nbsp;&nbsp; $64000  | &nbsp;&nbsp;&nbsp; $64000  | Increase  |
|  |  |  | Enterprise value | &nbsp;&nbsp; $264  | &nbsp;&nbsp;&nbsp; $264  | Increase  |
|  |  |  | Recoverable value | &nbsp;&nbsp; 0% | &nbsp;&nbsp;&nbsp; 0% | Increase |

---

**CrossingBridge Ultra-Short Duration Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Descriptions** | **Fair Value** <br>**September 30,** <br>**2025** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Range** | **Weighted** <br>**Average** <br>**Unobservable** <br>**Input<sup>(1)</sup>** | **Impact to** <br>**Valuation** <br>**from an** <br>**Increase in** <br>**Input<sup>(2)</sup>**  |
| Convertible Bonds | &nbsp;&nbsp; $778600  | Market Approach | Recoverable value | $85  | &nbsp;&nbsp;&nbsp;&nbsp; $85  | Increase  |
| Common Stocks | &nbsp;&nbsp; $0  | Market Approach | Discount | 100% | &nbsp;&nbsp;&nbsp;&nbsp; 100% | Decrease |

---

**CrossingBridge Pre-Merger SPAC ETF** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Descriptions** | **Fair Value** <br>**September 30,** <br>**2025** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Range** | **Weighted** <br>**Average** <br>**Unobservable** <br>**Input<sup>(1)</sup>** | **Impact to** <br>**Valuation** <br>**from an** <br>**Increase in** <br>**Input<sup>(2)</sup>**  |
|  Special Purpose Acquisition Companies | &nbsp;&nbsp; $756041  | Market Approach | Estimated trust value | $12.07 | &nbsp;&nbsp;&nbsp;&nbsp; $12.07 | Increase |

---

**RiverPark Strategic Income Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Descriptions** | **Fair Value** <br>**September 30,** <br>**2025** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Range of** <br>**Input** | **Weighted** <br>**Average** <br>**Unobservable** <br>**Input<sup>(1)</sup>** | **Impact to** <br>**Valuation** <br>**from an** <br>**Increase in** <br>**Input<sup>(2)</sup>**  |
| Corporate Bonds | $2884556  | Market Approach | Recoverable value | $0  | &nbsp;&nbsp;&nbsp; $0  | Increase  |
|  |  |  | Recoverable value | 0%-30.10% | &nbsp;&nbsp;&nbsp; 30.10% | Increase  |
|  |  |  | Yield to maturity | 7.59% | &nbsp;&nbsp;&nbsp; 7.59% | Decrease  |
| Bank Loans | $5956183  | Market Approach | Enterprise value | $264  | &nbsp;&nbsp;&nbsp; $264  | Increase  |
|  |  |  | Transaction price | EUR 100 | EUR 100 | Increase  |
|  |  |  | Transaction price | $100  | &nbsp;&nbsp;&nbsp; $100  | Increase  |
|  |  |  | Recoverable value | 100% | &nbsp;&nbsp;&nbsp; 100% | Increase  |
| Common Stocks | $4146520  | Market Approach | Broker quote | $64000 | &nbsp;&nbsp;&nbsp; $64000 | Increase  |
|  |  |  | Enterprise Value | $1.18-264 | &nbsp;&nbsp;&nbsp; $1.18  | Increase  |
|  |  |  | Discount | 15-100% | &nbsp;&nbsp;&nbsp; 15.00% | Decrease  |

---

61<br>

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**CROSSINGBRIDGE FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Descriptions** | **Fair Value** <br>**September 30,** <br>**2025** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Range of** <br>**Input** | **Weighted** <br>**Average** <br>**Unobservable** <br>**Input<sup>(1)</sup>** | **Impact to** <br>**Valuation** <br>**from an** <br>**Increase in** <br>**Input<sup>(2)</sup>**  |
|  |  |  | Recoverable value | &nbsp;&nbsp;&nbsp; 0% | &nbsp;&nbsp;&nbsp;&nbsp; 0% | Increase  |
| Preferred Stocks | $1662427  | Market Approach | Enterprise value | &nbsp;&nbsp;&nbsp; $264  | &nbsp;&nbsp;&nbsp;&nbsp; $264  | Increase  |
|  |  |  | Recoverable value | &nbsp;&nbsp;&nbsp; 0-55% | &nbsp;&nbsp;&nbsp;&nbsp; 55% | Increase  |
| Convertible Bonds | $3562944  | Market Approach | Recoverable value | &nbsp;&nbsp;&nbsp; $0-85 | &nbsp;&nbsp;&nbsp;&nbsp; $85  | Increase  |
|  |  |  | Broker quote | &nbsp;&nbsp;&nbsp; $93.50  | &nbsp;&nbsp;&nbsp;&nbsp; $93.50  | Increase  |
| Warrants | $0  | Market Approach | Recoverable value | &nbsp;&nbsp;&nbsp; $0  | &nbsp;&nbsp;&nbsp;&nbsp; $0  | Increase |

---

**CrossingBridge Nordic High Income Bond Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Descriptions** | **Fair Value** <br>**September 30,** <br>**2025** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Range** | **Weighted** <br>**Average** <br>**Unobservable** <br>**Input<sup>(1)</sup>** | **Impact to** <br>**Valuation** <br>**from an** <br>**Increase in** <br>**Input<sup>(2)</sup>**  |
| Bank Loans | $1776358  | Market Approach | Transaction price | EUR 100 | EUR 100 | Increase |

---

<sup>(1)</sup> Weighted average by the relative fair value of the investments in that asset class.

<sup>(2)</sup> Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Foreign Securities and Currency Transactions*. Investment securities and other assets and liabilities denominated in foreign currencies are translated
 into U.S. dollar amounts at 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 the fluctuations arising from changes in market prices of securities held. Realized foreign exchange gains or losses arising from sales of portfolio securities and sales and maturities of short-term securities are reported within realized gain (loss) on investments. Net unrealized foreign exchange gains and losses arising from changes in the values of investments in securities from fluctuations in exchange rates are reported within unrealized gain (loss) on investments.

Investments in foreign securities entail certain risks. There may be a possibility of nationalization or expropriation of assets, confiscatory taxation, political or financial instability, and diplomatic developments that could affect the value of a Fund's investments in certain foreign countries. 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 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*. The Funds intend to continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended,
 necessary to qualify as a regulated investment company and to make the requisite distributions of income and capital gains to its shareholders
 sufficient to relieve it from all or substantially all federal income taxes. Therefore, no federal income tax provision has been provided.

As of and during the year ended September 30, 2025, the Funds did not have liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income

62<br>

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**CROSSINGBRIDGE FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

tax expense in the Statements of Operations. During the fiscal year ended September 30, 2025, the Funds did not incur any interest or penalties. The Funds are subject to examination by U.S. taxing authorities for the tax periods of the lesser of three years or since the commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;(d) *Distributions to Shareholders*. In general, the Mutual Funds will distribute any net investment income monthly, and any net realized capital gains
 at least annually. The ETF will distribute any net investment income annually and any net realized capital gains at least annually. The
 Funds may make additional distributions if deemed to be desirable during the year. 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.

Treatment of income and capital gain distributions for federal income tax purposes may differ from GAAP, primarily due to timing differences in the recognition of income and gains and losses by the Funds. To the extent that these differences are attributable to permanent book and tax accounting differences, they are reclassified in the components of net assets.

&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 income 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 a Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets,
 minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the 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 a 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. Rule 12b-1 fees are expensed at up to 0.25% of average daily net assets
 of the Retail Class shares of the RiverPark Strategic Income Fund. Shareholder servicing fees can be expensed up to 0.15% of average
 daily net assets of each Mutual Fund's Institutional Class shares and for the Retail Class shares of the RiverPark Strategic
 Income Fund. Expenses associated with a specific fund in the Trust are charged to that fund. Common Trust expenses are typically allocated
 evenly between the Mutual Funds of the Trust, or by other equitable means.

&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 for the best tax relief order by comparing the original cost of the security lot sold with the net sale proceeds.
 Interest income is recognized on an accrual basis. Withholding taxes on foreign interest, net of any reclaims, have been provided for
 in accordance with the Funds' understanding of the applicable country's tax rules and rates. Any discount or premium on securities
 purchased are accreted or amortized over the expected life of the respective securities using the constant yield method.

&nbsp;&nbsp;&nbsp;&nbsp;(i) *Loan Participation*.
 When purchasing participation interests in a loan, a Fund generally has no right to enforce compliance with the terms of the loan agreement
 with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan
 agreement. A Fund may enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments
 represent a future obligation in full, even though a percentage of the notional loan amounts may not be utilized by the borrower. When
 investing in a loan participation agreement, a Fund has the right to receive payments of principal, interest and any fees to which it
 is entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower. A Fund
 may receive a

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**CROSSINGBRIDGE FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

commitment fee based on the undrawn portion of the underlying line of credit portion of a floating rate loan. In certain circumstances, a Fund may receive a penalty fee upon the prepayment of a floating rate loan by a borrower. Fees earned are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;(j) *Derivatives*.
 The Funds may utilize derivative instruments such as options, swaps, futures, forward contracts and other instruments with similar characteristics
 to the extent that they are consistent with the Funds' investment objectives and limitations. Derivatives are generally used to
 reduce exposure to, or "hedge" against, market volatilities and other risks. The Funds may also use a derivative rather than
 investing directly in an underlying asset class as a low-cost, effective means to gain exposure to such asset class. The use of derivatives
 may involve additional investment risks, including counterparty credit risk, i.e., the risk that a Fund may experience delay in obtaining
 financial recovery in the event a counterparty experiences financial difficulty. To mitigate this risk, the Adviser will seek to effect
 derivative transactions with only counterparties that they believe are creditworthy.

The Funds have adopted authoritative standards regarding disclosure about derivatives and hedging activities and how they affect the Funds' Statements of Assets and Liabilities and Statements of Operations. For the year ended September 30, 2025, the monthly average quantity and notional value of derivatives are described below:

**CrossingBridge Low Duration High Income Fund** 

---

| | | |
|:---|:---|:---|
|  | **Monthly Average** <br>**Contracts** | **Monthly Average** <br>**Notional Value**  |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp; 4 | $147705348  |
| Warrants | &nbsp;&nbsp;&nbsp; 3011837 | 10919 |

---

**CrossingBridge Responsible Credit Fund** 

---

| | | |
|:---|:---|:---|
|  | **Monthly Average** <br>**Contracts** | **Monthly Average** <br>**Notional Value**  |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; $8932123  |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1324 | &nbsp;&nbsp; 37515 |

---

**CrossingBridge Ultra-Short Duration Fund**

---

| | | |
|:---|:---|:---|
|  | **Monthly Average** <br>**Contracts** | **Monthly Average** <br>**Notional Value**  |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | $12554682  |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5553 | 0 |

---

**CrossingBridge Pre-Merger SPAC ETF**

---

| | | |
|:---|:---|:---|
|  | **Monthly Average** <br>**Contracts** | **Monthly Average** <br>**Notional Value**  |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp; 440804 | &nbsp;&nbsp;&nbsp;&nbsp; $39890 |

---

**RiverPark Strategic Income Fund**

---

| | | |
|:---|:---|:---|
|  | **Monthly Average** <br>**Contracts** | **Monthly Average** <br>**Notional Value**  |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp; 4 | $79313498  |
| Purchased Options | &nbsp;&nbsp;&nbsp; 233 | 12956  |
| Written Options | &nbsp;&nbsp;&nbsp; 1647 | 222904  |
| Warrants | &nbsp;&nbsp;&nbsp; 2145322 | 646016 |

---

64<br>

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

**CROSSINGBRIDGE FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

**CrossingBridge Nordic High Income Bond Fund**

---

| | | |
|:---|:---|:---|
|  | **Monthly Average** <br>**Contracts** | **Monthly Average** <br>**Notional Value**  |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | $30657499 |

---

**Statements of Assets and Liabilities**

Fair value of derivative instruments as of September 30, 2025 are described below:

**CrossingBridge Low Duration High Income Fund** 

---

| | | |
|:---|:---|:---|
|  | **Asset Derivatives**  | **Asset Derivatives**  |
|  | **Statement of Assets and** <br>**Liabilities Location** | **Fair Value**  |
| Forward Currency Contracts | Unrealized appreciation of forward <br>currency contracts | $553607  |
| Warrants | Investments in unaffiliated <br>securities, at value | 249 |

---

---

| | | |
|:---|:---|:---|
|  | **Liability Derivatives**  | **Liability Derivatives**  |
|  | **Statement of Assets and** <br>**Liabilities Location** | **Fair Value**  |
| Forward Currency Contracts | Unrealized depreciation of forward <br>currency contracts | $400601 |

---

**CrossingBridge Responsible Credit Fund**

---

| | | |
|:---|:---|:---|
|  | **Asset Derivatives**  | **Asset Derivatives**  |
|  | **Statement of Assets and** <br>**Liabilities Location** | **Fair Value**  |
| Forward Currency Contracts | Unrealized appreciation of forward <br>currency contracts | $49384  |
| Warrants | Investments in unaffiliated <br>securities, at value | 12906 |

---

---

| | | |
|:---|:---|:---|
|  | **Liability Derivatives**  | **Liability Derivatives**  |
|  | **Statement of Assets and** <br>**Liabilities Location** | **Fair Value**  |
| Forward Currency Contracts | Unrealized depreciation of forward <br>currency contracts | $16103 |

---

**CrossingBridge Ultra-Short Duration Fund** 

---

| | | |
|:---|:---|:---|
|  | **Asset Derivatives**  | **Asset Derivatives**  |
|  | **Statement of Assets and** <br>**Liabilities Location** | **Fair Value**  |
| Forward Currency Contracts | Unrealized appreciation of forward <br>currency contracts | $180427  |
| Warrants | Investments in unaffiliated <br>securities, at value | 37 |

---

---

| | | |
|:---|:---|:---|
|  | **Liability Derivatives**  | **Liability Derivatives**  |
|  | **Statement of Assets and** <br>**Liabilities Location** | **Fair Value**  |
| Forward Currency Contracts | Unrealized depreciation of forward <br>currency contracts | $5454 |

---

65<br>

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

**CROSSINGBRIDGE FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

**CrossingBridge Pre-Merger SPAC ETF**

---

| | | |
|:---|:---|:---|
|  | **Asset Derivatives**  | **Asset Derivatives**  |
|  | **Statement of Assets and** <br>**Liabilities Location** | **Fair Value**  |
| Warrants | Investments, at value | $5467 |

---

**RiverPark Strategic Income Fund**

---

| | | |
|:---|:---|:---|
|  | **Asset Derivatives**  | **Asset Derivatives**  |
|  | **Statement of Assets and** <br>**Liabilities Location** | **Fair Value**  |
| Forward Currency Contracts | Unrealized appreciation of forward <br>currency contracts | $189615  |
| Options Contracts | Purchased options, at value | 8250  |
| Warrants | Investments, at value | 174752 |

---

---

| | | |
|:---|:---|:---|
|  | **Liability Derivatives**  | **Liability Derivatives**  |
|  | **Statement of Assets and** <br>**Liabilities Location** | **Fair Value**  |
| Forward Currency Contracts | Unrealized depreciation of forward <br>currency contracts | $173133  |
| Options Contracts | Written options, at value | 92008 |

---

**CrossingBridge Nordic High Income Bond Fund**

---

| | | |
|:---|:---|:---|
|  | **Asset Derivatives**  | **Asset Derivatives**  |
|  | **Statement of Assets and** <br>**Liabilities Location** | **Fair Value**  |
| Forward Currency Contracts | Unrealized appreciation of forward <br>currency contracts | $187526 |

---

---

| | | |
|:---|:---|:---|
|  | **Liability Derivatives**  | **Liability Derivatives**  |
|  | **Statement of Assets and** <br>**Liabilities Location** | **Fair Value**  |
| Forward Currency Contracts | Unrealized depreciation of forward <br>currency contracts | $44344 |

---

**Statements of Operations**

The effect of derivative instruments on the Statements of Operations for the year ended September 30, 2025 are described below:

**CrossingBridge Low Duration High Income Fund**

---

| | |
|:---|:---|
|  | **Amount of Realized Gain (Loss) on** <br>**Derivatives**  |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(11610809)  |
| Warrants\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12950) |

---

---

| | |
|:---|:---|
|  | **Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1607853  |
| Warrants\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2454) |

---

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**CROSSINGBRIDGE FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

**CrossingBridge Responsible Credit Fund**

---

| | |
|:---|:---|
|  | **Amount of Realized Gain (Loss) on** <br>**Derivatives**  |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(383440)  |
| Warrants\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

---

| | |
|:---|:---|
|  | **Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $124695  |
| Warrants\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27735) |

---

**CrossingBridge Ultra-Short Duration Fund** 

---

| | |
|:---|:---|
|  | **Amount of Realized Gain (Loss) on** <br>**Derivatives**  |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1137117)  |
| Warrants\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

---

| | |
|:---|:---|
|  | **Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $269042  |
| Warrants\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138) |

---

**CrossingBridge Pre-Merger SPAC ETF**

---

| | |
|:---|:---|
|  | **Amount of Realized Gain (Loss) on** <br>**Derivatives**  |
| Warrants\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2053 |

---

---

| | |
|:---|:---|
|  | **Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  |
| Warrants\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(6881) |

---

**RiverPark Strategic Income Fund** 

---

| | |
|:---|:---|
|  | **Amount of Realized Gain (Loss) on** <br>**Derivatives**  |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(5803189)  |
| Purchased Options Contracts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15980  |
| Warrants\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123)  |
| Written Options Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (170064) |

---

---

| | |
|:---|:---|
|  | **Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $717940  |
| Purchased Options Contracts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2697  |
| Warrants\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (359333)  |
| Written Options Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54768 |

---

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**CROSSINGBRIDGE FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

**CrossingBridge Nordic High Income Bond Fund**

---

| | |
|:---|:---|
|  | **Amount of Realized Gain (Loss) on** <br>**Derivatives**  |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3949788) |

---

---

| | |
|:---|:---|
|  | **Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $143182 |

---

\* Warrants and purchased options are included in the realized gain (loss) on investments and change in unrealized appreciation (depreciation) on investments in unaffiliated securities, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(k) *Indemnifications*.
 Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of
 the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide
 general indemnifications to other parties. A Fund's maximum exposure under these arrangements is unknown as this would involve future
 claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant
 to these contracts and expect the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;(3) **FEDERAL TAX MATTERS** 

The tax character of distributions paid during the fiscal years ended September 30, 2025, and September 30, 2024, were as follows:

**CrossingBridge Low Duration High Income Fund** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024** |
| Ordinary Income  | $79845416  | $57352230  |
| Long Term Capital Gains  | —  | —  |
| Total Distributions Paid  | $79845416  | $57352230 |

---

**CrossingBridge Responsible Credit Fund** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024** |
| Ordinary Income  | $3657853  | $2712068  |
| Long Term Capital Gains  | —  | —  |
| Total Distributions Paid  | $3657853  | $2712068 |

---

**CrossingBridge Ultra-Short Duration Fund** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024** |
| Ordinary Income  | $12228136  | $6681815  |
| Long Term Capital Gains  | —  | —  |
| Total Distributions Paid  | $12228136  | $6681815 |

---

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

**CROSSINGBRIDGE FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

**CrossingBridge Pre-Merger SPAC ETF** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024**  |
| Ordinary Income  | $2782005  | $3538800  |
| Long Term Capital Gains  | 723237  | 18331  |
| Total Distributions Paid  | $3505242  | $3557131 |

---

**RiverPark Strategic Income Fund** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024** |
| Ordinary Income  | $41382523  | $32445159  |
| Long Term Capital Gains  | —  | —  |
| Total Distributions Paid  | $41382523  | $32445159 |

---

**CrossingBridge Nordic High Income Bond Fund** 

---

| | |
|:---|:---|
|  | **Year Ended** <br>**September 30,** <br>**2025**  |
| Ordinary Income  | $2673029  |
| Long Term Capital Gains | —  |
| Total Distributions Paid  | $2673029 |

---

The Funds designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Funds related to net capital gain to zero for the tax year ended September 30, 2025.

As of September 30, 2025, the components of distributable earnings and cost of investments on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CrossingBridge**<br>**Low Duration** <br>**High Income Fund** | **CrossingBridge**<br>**Responsible** <br>**Credit Fund** | **CrossingBridge** <br>**Ultra-Short** <br>**Duration Fund** | **CrossingBridge** <br>**Pre-Merger** <br>**SPAC ETF** | **RiverPark** <br>**Strategic** <br>**Income Fund** | **CrossingBridge** <br>**Nordic High** <br>**Income** <br>**Bond Fund**  |
|  Cost basis of investments for federal income tax purposes | $1604506287 | $48950085 | $331106272 | $18377644 | $613853775 | $62120206  |
| Gross tax unrealized appreciation | 33531454 | 2017513 | 2856102 | 470568 | 23265779 | 3509286 |
| Gross tax unrealized depreciation | (31185310) | (2285818) | (1915696) | (397957) | (20890402) | (377995) |
|  Total net tax unrealized appreciation (depreciation) on investments | 2346144 | (268305) | 940406 | 72611 | 2375377 | 3131291 |
| Undistributed ordinary income | 3972865 | 144955 | 30922 | 2289217 | 5432784 | 1035142 |
| Undistributed long-term capital gain |  |  |  | 224634 |  |  |
| Total distributable earnings | 3972865 | 144955 | 30922 | 2513851 | 5432784 | 1035142 |
| Other accumulated earnings (losses) | (27314793) | (2295890) | (743600) |  | (87017408) | (3572719) |
| Total accumulated earnings (losses) | $(20995784) | $(2419240) | $227728 | $2586462 | $(79209247) | $593714 |

---

Investments for federal income tax purposes in the above table include derivatives. The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sale adjustments, partnerships and forward currency contracts mark to market, significant modifications of debt, and tax treatment of passive foreign investment companies.

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

**CROSSINGBRIDGE FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

At September 30, 2025, the Funds had the following capital loss carryovers which will be carried forward indefinitely to offset future realized capital gains:

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term**  |
| CrossingBridge Low Duration High Income Fund  | $5451877 | $20900970  |
| CrossingBridge Responsible Credit Fund  | 524639 | 1726650 |
| CrossingBridge Ultra-Short Duration Fund  |  | 519137 |
| CrossingBridge Pre-Merger SPAC ETF  |  |  |
| RiverPark Strategic Income Fund  | 7958806 | 78702009 |
| CrossingBridge Nordic High Income Bond Fund | 1285908 | 2283964 |

---

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 net asset value per share. For the year ended September 30, 2025, the following reclassifications were made on the Statements of Asset and Liabilities due to permanent tax differences related to redemptions in kind and non-deductible excise tax:

---

| | | |
|:---|:---|:---|
|  | **Paid-in Capital** | **Total**<br>**Distributable** <br>**Earnings**  |
| CrossingBridge Low Duration High Income Fund  | &nbsp;&nbsp;&nbsp; $(1) | &nbsp;&nbsp; $1  |
| CrossingBridge Responsible Credit Fund  | &nbsp;&nbsp;&nbsp; $56003 | &nbsp;&nbsp; $(56003)  |
| CrossingBridge Ultra-Short Duration Fund  | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $—  |
| CrossingBridge Pre-Merger SPAC ETF  | &nbsp;&nbsp;&nbsp; $31667 | &nbsp;&nbsp; $(31667)  |
| RiverPark Strategic Income Fund  | &nbsp;&nbsp;&nbsp; $79348 | &nbsp;&nbsp; $(79348)  |
| CrossingBridge Nordic High Income Bond Fund  | &nbsp;&nbsp;&nbsp; $(403) | &nbsp;&nbsp; $403 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(4) **INVESTMENT ADVISER** 

The Trust has an investment advisory agreement with the Adviser to furnish investment advisory services to the Mutual Funds. Under the terms of this agreement, the Trust, on behalf of the Mutual Funds, compensates the Adviser for its investment advisory services at the annual rate of 0.65% of each Mutual Fund's respective average daily net assets.

In addition, pursuant to a separate investment advisory agreement between the Trust, on behalf of the ETF, and the Adviser (the "ETF Agreement"), the Adviser is responsible for managing the ETF in accordance with its investment objectives. For the services it provides the ETF, the ETF pays the Adviser a unitary management fee, which is calculated daily and paid monthly, at an annual rate of 0.80% of the ETF's average daily net assets. Under this agreement, the Adviser has agreed to pay all expenses of the ETF except 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, and the unitary management fee payable to the Adviser.

With respect to the CrossingBridge Low Duration High Income Fund, CrossingBridge Responsible Credit Fund, CrossingBridge Ultra-Short Duration Fund, CrossingBridge Nordic High Income Bond Fund, and RiverPark Strategic Income Fund, the Adviser has contractually agreed to waive its management fee and/or reimburse a Fund's other expenses at least through January 31, 2027 to the extent necessary to ensure that a Fund's total operating expenses (exclusive of front-end or contingent deferred sales loads, distribution (12b-1) fees, shareholder servicing plan fees, taxes, leverage (i.e., any expense incurred in connection with borrowings made by a Fund), interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividends or interest expenses on short positions, acquired fund fees and expenses and extraordinary items) (the "Expense Limitation Cap") does not exceed 0.80% of the respective average daily net assets of the CrossingBridge Low Duration High Income Fund, CrossingBridge Ultra-Short Duration Fund and CrossingBridge Responsible Credit Fund, 0.82% of the average daily net assets of the RiverPark Strategic Income Fund, or 0.85% of the average daily net assets of the CrossingBridge Nordic High Income Bond Fund.

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**CROSSINGBRIDGE FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

Any such waiver or reimbursement is subject to later adjustment to allow the Adviser to recoup amounts waived or reimbursed within three years from the date such amount was waived or reimbursed, subject to the operating expense limitation agreement, if such reimbursement will not cause a Mutual Fund's expense ratio, after recoupment has been taken into account, to exceed the lesser of: (1) the Expense Limitation Cap in place at the time of the waiver and/or expense payment; or (2) the Expense Limitation Cap in place at the time of the recoupment. The following table shows the remaining waiver or reimbursed expenses for the Mutual Funds subject to potential recovery expiring:

---

| | | | |
|:---|:---|:---|:---|
|  | **Expiring:**  | **Expiring:**  | **Expiring:**  |
|  | **9/30/2026** | **9/30/2027** | **9/30/2028**  |
| CrossingBridge Low Duration High Income Fund  | $— | $— | $—  |
| CrossingBridge Responsible Credit Fund  | 191487 | 204309 | 151489  |
| CrossingBridge Ultra-Short Duration Fund  | 125503 | 99966 | 5902  |
| RiverPark Strategic Income Fund  |  |  | —  |
| CrossingBridge Nordic High Income Bond Fund  |  |  | 169479 |

---

Previously waived expenses or reimbursements were recouped by the Adviser in the CrossingBridge Ultra-Short Duration Fund of $38,566.

&nbsp;&nbsp;&nbsp;&nbsp;(5) **DISTRIBUTION AND SHAREHOLDER SERVICING PLANS** 

The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "12b-1 Plan"), on behalf of the CrossingBridge Low Duration High Income Fund and the RiverPark Strategic Income Fund, which authorizes each Fund to pay Quasar Distributors, LLC (the "Distributor") a distribution fee of up to 0.25% of the Fund's average daily net assets of each Fund's Retail Class Shares for services to prospective Fund shareholders and distribution of Fund shares. The following table details the fees incurred by the CrossingBridge Low Duration High Income Fund and the RiverPark Strategic Income Fund pursuant to the 12b-1 Plan during the fiscal year ended September 30, 2025, as well as the fees owed as of September 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Fees incurred**  | **Fees owed**  |
| CrossingBridge Low Duration High Income Fund  | &nbsp;&nbsp; $43987  | $4911  |
| RiverPark Strategic Income Fund  | &nbsp;&nbsp; 139704  | 27368 |

---

The Mutual Funds have adopted a Shareholder Servicing Plan to pay for shareholder support services from the applicable Fund's assets pursuant to a shareholder servicing agreement in an amount not to exceed 0.15% of the applicable Fund's average daily net assets. Each Mutual Fund is responsible for paying a portion of shareholder servicing fees to each of the shareholder servicing agents who have written shareholder servicing agreements with the Fund, and perform shareholder servicing functions and maintenance of shareholder accounts on behalf of shareholders. The following table details the fees incurred by the Mutual Funds pursuant to the Shareholder Servicing Plan during the fiscal year ended September 30, 2025, as well as the fees owed as of September 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Fees incurred** | **Fees owed**  |
| CrossingBridge Low Duration High Income Fund  | $1308569 | $76942  |
| CrossingBridge Responsible Credit Fund . | 39721 | 18227  |
| CrossingBridge Ultra-Short Duration Fund  | 279772 | 16978  |
| RiverPark Strategic Income Fund . | 672297 | 24108  |
| CrossingBridge Nordic High Income Bond Fund  | 43039 | 4681 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(6) **RELATED PARTY TRANSACTIONS** 

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services" or "Administrator"), acts as the Funds' Administrator under a Fund Servicing Agreement for the ETF and a Fund Administration Servicing Agreement for the Mutual Funds. 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 accountants; coordinates the preparation and payment

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**CROSSINGBRIDGE FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

of the Funds' expenses and reviews the Funds' expense accruals. Fund Services also serves as the transfer agent to the Funds and provides Pricing Services to the Funds. U.S. Bank, N.A. ("U.S. Bank"), an affiliate of Fund Services, serves as the Funds' custodian. Fees incurred for the fiscal year ended September 30, 2025, and owed as of September 30, 2025, are included in the Statements of Operations and Statements of Assets and Liabilities.

Under the terms of the ETF Agreement and the Fund Servicing Agreement, the Adviser pays the Fund Administration and Accounting, Transfer Agency and Custody fees for the ETF.

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

The Trust's Chief Compliance Officer is also an employee of Fund Services. The Mutual Funds' allocation of the Trust's Chief Compliance Officer fees incurred for the fiscal year ended September 30, 2025, and owed as of September 30, 2025, are included in the Statements of Operations and Statements of Assets and Liabilities.

Under the terms of the ETF Agreement and the Fund Servicing Agreement, the Adviser pays the Chief Compliance Officer fees for the ETF.

The Mutual Funds also have a line of credit with U.S. Bank (See Note 10).

&nbsp;&nbsp;&nbsp;&nbsp;(7) **CREATION AND REDEMPTION TRANSACTIONS** 

Shares of the CrossingBridge Pre-Merger SPAC ETF are listed and traded on the NASDAQ Stock Market, LLC (the "Exchange"). The ETF issues and redeems shares on a continuous basis at NAV only in large blocks of shares called "Creation Units." The Fund generally offers and issues Shares in exchange for the deposit of cash totaling the NAV of the Creation Units. 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 will be equal to the ETF's total assets minus the ETF'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 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 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.

**Creation Unit Transaction Fee – 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 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, nonstandard orders, or partial purchase of Creation Units. For orders comprised entirely of cash, a variable fee of 0.03% of the value of the order will be charged by the ETF. The variable charge is primarily designed to cover additional costs (e.g., brokerage, taxes) involved with buying the securities with cash. The 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 ETF shareholders.

A creation unit will generally not be issued until the transfer of good title of the deposit securities to the ETF and the payment of any cash amounts have been completed. To the extent contemplated by the applicable participant agreement, Creation Units of the ETF will be issued to such authorized participant notwithstanding the fact that the ETF's deposits have not been received in part or in whole, in reliance on the undertaking of the authorized participant

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**CROSSINGBRIDGE FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

to deliver the missing deposit securities as soon as possible. If the 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 ETF for losses, if any.

&nbsp;&nbsp;&nbsp;&nbsp;(8) **INVESTMENT TRANSACTIONS** 

The aggregate purchases and sales of securities, excluding short-term investments and U.S. government securities, for the fiscal year ended September 30, 2025 are summarized below:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| CrossingBridge Low Duration High Income Fund | $1719632652 | $1090112232  |
| CrossingBridge Responsible Credit Fund | 59747039 | 47086680  |
| CrossingBridge Ultra-Short Duration Fund | 285922806 | 194747497  |
| CrossingBridge Pre-Merger SPAC ETF | 78604669 | 128485417  |
| RiverPark Strategic Income Fund | 668700136 | 467575420  |
| CrossingBridge Nordic High Income Bond Fund | 76979133 | 27069657 |

---

The above purchases and sales exclude any in-kind transactions associated with creations and redemptions. During the fiscal year ended September 30, 2025, the CrossingBridge Pre-Merger SPAC ETF had $0 of creations in-kind and $1,796,491 of redemptions in-kind.

Long-term purchases or sales of U.S. government securities for the fiscal year ended September 30, 2025, are summarized below:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| CrossingBridge Low Duration High Income Fund | $5253996 | $5277850  |
| CrossingBridge Responsible Credit Fund | 197891 | 198789  |
| CrossingBridge Ultra-Short Duration Fund | 836088 | 839884  |
| CrossingBridge Pre-Merger SPAC ETF | 0 | 0  |
| RiverPark Strategic Income Fund | 2666576 | 20534292  |
| CrossingBridge Nordic High Income Bond Fund  | 93998 | 94425 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(9) **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 September 30, 2025, Charles Schwab & Co., Inc., for the benefit of its customers, held 63.86% of the CrossingBridge Low Duration High Income Fund, 71.76% of the CrossingBridge Responsible Credit Fund, 29.05% of the CrossingBridge Ultra-Short Duration Fund, 64.20% of the CrossingBridge Pre-Merger SPAC ETF, and 53.94% of the RiverPark Strategic Income Fund, 62.34% of the CrossingBridge Nordic High Income Bond Fund. National Financial Services LLC, for the benefit of its customers, held 25.53% of the CrossingBridge Low Duration High Income Fund, 61.46% of the CrossingBridge Ultra-Short Duration Fund, 37.78% of the RiverPark Strategic Income Fund, and 26.06% of the CrossingBridge Nordic High Income Bond Fund at September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(10) **LINE OF CREDIT** 

The CrossingBridge Low Duration High Income Fund, CrossingBridge Responsible Credit Fund, CrossingBridge Ultra-Short Duration Fund, RiverPark Strategic Income Fund, and CrossingBridge Nordic High Income Bond Fund ("Borrowing Funds") and U.S. Bank, N.A. have entered into an umbrella line of credit agreement which matures on August 1, 2026. The maximum amount of the umbrella line of credit agreement was up to $75,000,000 through April 17, 2025 and up to $200,000,000 thereafter. This unsecured line of credit agreement is intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions from the Borrowing Funds. The maximum borrowing can not exceed 20% of the total market value of the Borrowing Fund or 33.33% of the net market value of a Borrowing Fund's unencumbered assets. Interest on amounts borrowed under the line of credit will be accrued at the prime rate, which was 7.25% as of September 30, 2025. The CrossingBridge Low Duration High Income Fund, CrossingBridge Ultra-Short Duration Fund, RiverPark Strategic Income Fund, and CrossingBridge

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**CROSSINGBRIDGE FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

Nordic High Income Bond Fund did not draw on the line of credit during the fiscal year ended September 30, 2025. The following table provides information regarding usage of the line of credit for the CrossingBridge Responsible Credit Fund for the year ended September 30, 2025. The Funds did not have any outstanding balances on the lines of credit at September 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Days** <br>**Utilized** | **Average** <br>**Amount** <br>**of Borrowing** | **Interest** <br>**Expense\*** | **Maximum** <br>**Amount** <br>**of Borrowing** | **Date of** <br>**Maximum** <br>**Borrowing**  |
| CrossingBridge Responsible Credit Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $420000  | &nbsp;&nbsp;&nbsp; $88  | $420000 | 4/9/2025 |

---

\* Interest expense is reported on the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;(11) **TRANSACTIONS WITH AFFILIATES** 

The following is a summary of transactions during the year ended September 30, 2025, in which the issuer was an affiliate of the CrossingBridge Low Duration High Income Fund as defined in Section (2)(a)(3) of the 1940 Act.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name**  | **Share** <br>**Balance** <br>**9/30/25**  | **Fair** <br>**Value at** <br>**10/1/2024**  | **Purchases**  | **Sales**  | **Realized** <br>**Gain** <br>(Loss)<sup>(1)</sup>  | **Change in** <br>**Unrealized** <br>**Depreciation**  | **Fair** <br>**Value at** <br>**9/30/25**  | **Interest** <br>**Income<sup>(1)</sup>**  |
|  Mercer Park Opportunities Corp.  | 1207500  | $—  | $12076542  | $—  | $—  | $372783  | $12449325  | $15 |

---

<sup>(1)</sup> Dividend income and realized gain amounts are reported for the year in which the security was deemed an affiliate. 

&nbsp;&nbsp;&nbsp;&nbsp;(12) **NEW ACCOUNTING PRONOUNCEMENT** 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;(13) **SUBSEQUENT EVENTS** 

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

On October 29, 2025, the CrossingBridge Low Duration High Income Fund, CrossingBridge Responsible Credit Fund, CrossingBridge Ultra-Short Duration Fund, RiverPark Strategic Income Fund, and CrossingBridge Nordic High Income Bond Fund declared and paid an income distribution of $9,277,805, $253,391, $1,498,749, $3,524,184 and $337,479 respectively, to their Institutional Class shareholders of record on October 28, 2025. The CrossingBridge Low Duration High Income Fund and the RiverPark Strategic Income Fund also made a distribution to their Retail Class shareholders on these same dates for $9,833 and $359,938, respectively.

On November 25, 2025 the Board of Trustees approved a proposal to change the name of the CrossingBridge Pre- Merger SPAC ETF to the CrossingBridge Ultra-Short Duration ETF (the "Fund"). In connection with the name change, the Fund would incorporate into its principal investment strategies a revised investment policy of seeking to offer a higher yield than cash instruments while maintaining a low duration. The addition of this investment policy would result in a change in the investment strategy to invest primarily in fixed income securities consistent with capital preservation. These changes would not be effective until a new registration statement reflecting these changes is effective with the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;(14) **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

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**CROSSINGBRIDGE FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

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.

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**CROSSINGBRIDGE FUNDS** 

**Report of Independent Registered Public Accounting Firm** 

To the Shareholders of CrossingBridge 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, written options, securities sold short, and forward currency contracts, of CrossingBridge Funds comprising the funds listed below (the "Funds"), each a series of Trust for Professional Managers, as of September 30, 2025, the related statements of operations, the statements of changes in net assets, and 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 September 30, 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** <br>**Operations** | **Statements of** <br>**Changes in Net Assets** | **Financial Highlights**  |
| CrossingBridge Low Duration High Income Fund and RiverPark Strategic Income Fund | For the year ended September 30, 2025 | For the years ended September 30, 2025, and 2024 | For the years ended September 30, 2025, 2024, 2023, 2022, and 2021  |
| CrossingBridge Responsible Credit Fund and CrossingBridge <br>Ultra-Short Duration Fund | For the year ended September 30, 2025 | For the years ended September 30, 2025, and 2024 | For the years ended September 30, 2025, 2024, 2023, and 2022 and for the period from June 30, 2021 (commencement of operations) through September 30, 2021  |
| CrossingBridge Pre-Merger SPAC ETF | For the year ended September 30, 2025 | For the years ended September 30, 2025, and 2024 | For the years ended September 30, 2025, 2024, 2023, and 2022 and for the period from September 20, 2021 (commencement of operations) through September 30, 2021  |
| CrossingBridge Nordic High Income Bond Fund | For the year ended September 30, 2025 | For the year ended September 30, 2025 | For the year ended September 30, 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 September 30, 2025, by correspondence with the custodians, agent banks, and brokers; when replies were not received from brokers or agent banks, we performed other auditing procedures. 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 auditor of one or more Funds advised by CrossingBridge Advisors, LLC since 2015.

![](crossing_signature.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

November 26, 2025

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**CROSSINGBRIDGE FUNDS** 

**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**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**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 Adviser pursuant to the ETF Agreement. Additional information is available in each Fund's Statement of Additional Information.

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

<u>BASIS FOR TRUSTEES' APPROVAL OF INVESTMENT ADVISORY AGREEMENT</u>

The Board of Trustees (the "Trustees") of Trust for Professional Managers (the "Trust") met on August 27, 2025 to consider the renewal of the Investment Advisory Agreement (the "Agreement") between the Trust, on behalf of the CrossingBridge Low Duration High Income Fund, CrossingBridge Ultra-Short Duration Fund, CrossingBridge Responsible Credit Fund, RiverPark Strategic Income Fund and CrossingBridge Pre-Merger SPAC ETF (each, a "Fund," and together, the "Funds"), each a series of the Trust, and CrossingBridge Advisors, LLC ("CrossingBridge"), the Fund's investment adviser (the "Adviser"). The Trustees also met at a prior meeting held on June 18, 2025 (the "June 18, 2025 meeting") to review materials related to the renewal of the Agreement. Prior to these meetings, the Trustees requested and received materials to assist them in considering the renewal of the Agreement. The materials provided contained information with respect to the factors enumerated below, including a copy of the Agreement, a memorandum prepared by the Trust's outside legal counsel discussing in detail the Trustees' fiduciary obligations and the factors they should assess in considering the renewal of the Agreement, detailed comparative information relating to the Funds' performance, as well as the management fees and other expenses of the Funds, due diligence materials relating to the Adviser (including a due diligence questionnaire completed on behalf of the Funds by the Adviser, the Adviser's Form ADV, select financial statements of the Adviser, biographical information of the Adviser's key management and compliance personnel, comparative fee information for the Funds and a summary detailing key provisions of the Adviser's written compliance program, including its code of ethics) and other pertinent information. The Trustees also received information periodically throughout the year that was relevant to the Agreement renewal process, including performance, management fee and other expense information. Based on their evaluation of the information provided by the Adviser, in conjunction with the Funds' other service providers, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not "interested persons," as that term is defined in the Investment Company Act of 1940, as amended (the "Independent Trustees")), approved the continuation of the Agreement for an additional one-year term ending August 31, 2026.

DISCUSSION OF FACTORS CONSIDERED

In considering the renewal of the Agreement and reaching their conclusions, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. NATURE, EXTENT AND QUALITY OF SERVICES PROVIDED TO THE FUNDS

The Trustees considered the nature, extent and quality of services provided by the Adviser to the Funds and the amount of time devoted to the Funds' operations by the Adviser's staff. The Trustees considered the Adviser's specific responsibilities in all aspects of day-to-day management of the Funds, including the investment strategies implemented by the Adviser, as well as the qualifications, experience and responsibilities of David K. Sherman, Lead Portfolio Manager for each of the Funds, T. Kirk Whitney, Assistant Portfolio Manager for each of the Funds other than the RiverPark Strategic Income Fund, Spencer Rolfe, Portfolio Manager for the RiverPark Strategic Income Fund, and Michael De Kler, Portfolio Manager for the CrossingBridge Pre-Merger SPAC ETF, and other key personnel at the Adviser involved in the day-to-day activities of the Funds. The Trustees reviewed information provided by the Adviser in a due diligence questionnaire, including the structure of the Adviser's compliance program and its continuing commitment to the Funds. The Trustees noted that during the course of the prior year the Adviser had participated in a

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**CROSSINGBRIDGE FUNDS** 

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

Trust board meeting to discuss the Funds' performance and outlook, along with the compliance efforts made by the Adviser, including reports provided by the Adviser in its role as the Funds' valuation designee. The Trustees also noted any services that extended beyond portfolio management, and they considered the brokerage practices of the Adviser. The Trustees discussed the Adviser's handling of compliance matters, including the reports of the Trust's chief compliance officer to the Trustees on the effectiveness of the Adviser's compliance program. The Trustees also considered the Adviser's overall financial condition, as well as the implementation and operational effectiveness of the Adviser's business continuity plan. The Trustees concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under each applicable Advisory Agreement and that the nature, overall quality and extent of the management services provided to the Funds, as well as the Adviser's compliance program, were satisfactory and reliable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. INVESTMENT PERFORMANCE OF THE FUNDS AND THE ADVISER

The Trustees discussed the performance of the Institutional Class shares of each of the CrossingBridge Low Duration High Income Fund, CrossingBridge Ultra-Short Duration Fund, CrossingBridge Responsible Credit Fund, RiverPark Strategic Income Fund, and the performance of the CrossingBridge Pre-Merger SPAC ETF (net asset value returns) for the quarter, one-year, three-year, five-year and since inception periods ended March 31, 2025, as applicable. In assessing the quality of the portfolio management services delivered by the Adviser, the Trustees also compared the short-term and longer-term performance of the Funds on both an absolute basis and in comparison to each Fund's primary benchmark index (the ICE BofA 0-3 Year U.S. High Yield Excluding Financials Index for the CrossingBridge Low Duration High Income Fund, the ICE BofA 0-1 Year U.S. Corporate Index for the CrossingBridge Ultra-Short Duration Fund, the ICE BofA U.S. High Yield Index for the CrossingBridge Responsible Credit Fund, the ICE BofA U.S. High Yield Index for the RiverPark Strategic Income Fund, and the ICE BofA 0-3 Year U.S. Treasury Index for the CrossingBridge Pre-Merger SPAC ETF) and in comparison to a peer group of funds as constructed using publicly-available data provided by Morningstar, Inc. and presented by Barrington Financial Group, LLC d/b/a Barrington Partners, an independent third-party benchmarking firm, through its cohort selection process (a peer group of U.S. open-end multisector bond, short-term bond, nontraditional bond, intermediate core-plus bond and ultra-short bond funds for the CrossingBridge Low Duration High Income Fund, a peer group of U.S. open-end ultrashort bond funds for the CrossingBridge Ultra-Short Duration Fund, a peer group of U.S. open-end multi-sector bond, short-term bond, nontraditional bond, intermediate core-plus bond and ultra-short bond funds for the CrossingBridge Responsible Credit Fund, a peer group of U.S. high yield bond and short-term bond funds for the RiverPark Strategic Income Fund, and a peer group of U.S. financial, health and event-driven exchange-traded funds for the CrossingBridge Pre-Merger SPAC ETF) (each, a "Barrington Cohort"). The Trustees noted that the Adviser sub-advises a mutual fund and manages its segment of the mutual fund's portfolio with investment strategies substantially similar to that of the CrossingBridge Low Duration High Income Fund and the RiverPark Strategic Income Fund, as applicable. The Trustees also noted that the Adviser did not manage any other accounts with the same or similar investment strategies as any of the Funds.

The Trustees noted the CrossingBridge Low Duration High Income Fund's performance for Institutional Class shares for the three-year and five-year periods ended March 31, 2025 was above the Barrington Cohort average. The Trustees noted the CrossingBridge Low Duration High Income Fund's performance for Institutional Class shares for the one-year period ended March 31, 2025 was below the Barrington Cohort average. The Trustees noted that for the quarter, one-year, three-year, five-year and since-inception periods ended March 31, 2025, the Institutional Class shares of the CrossingBridge Low Duration High Income Fund had underperformed the ICE BofA 0-3 Year U.S. High Yield Excluding Financials Index.

The Trustees noted the CrossingBridge Ultra Short Duration Fund's performance for Institutional Class shares for the one-year period ended March 31, 2025 was below the Barrington Cohort average. The Trustees noted the CrossingBridge Ultra Short Duration Fund's performance for Institutional Class shares for the three-year period ended March 31, 2025 was above the Barrington Cohort average. The Trustees noted that for the quarter and one-year periods ended March 31, 2025, the Institutional Class shares of the CrossingBridge Ultra Short Duration Fund had underperformed the ICE BofA 0-1 Year U.S. Corporate Index. The Trustees noted that for the three-year and since-inception periods ended March 31, 2025, the Institutional Class shares of the CrossingBridge Ultra Short Duration Fund had outperformed the ICE BofA 0-1 Year U.S. Corporate Index.

The Trustees noted the CrossingBridge Responsible Credit Fund's performance for Institutional Class shares for the one-year period ended March 31, 2025 was below the Barrington Cohort average. The Trustees noted the

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**CROSSINGBRIDGE FUNDS** 

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

CrossingBridge Responsible Credit Fund's performance for Institutional Class shares for the three-year period ended March 31, 2025 was above the Barrington Cohort average. The Trustees noted that for the one-year period ended March 31, 2025, the Institutional Class shares of the CrossingBridge Responsible Credit Fund had underperformed the ICE BofA U.S. High Yield Index. The Trustees noted that for the quarter, three-year and since inception periods ended March 31, 2025, the Institutional Class shares of the CrossingBridge Responsible Credit Fund had outperformed the ICE BofA U.S. High Yield Index.

The Trustees noted the RiverPark Strategic Income Fund's performance for Institutional Class shares for the one-year, three-year, five-year and ten-year periods ended March 31, 2025 was above the Barrington Cohort average. The Trustees noted that for the one-year, ten-year and since inception periods ended March 31, 2025, the Institutional Class shares of the RiverPark Strategic Income Fund had underperformed the ICE BofA U.S. High Yield Index. The Trustees noted that for the quarter, three-year, and five-year periods ended March 31, 2025, the Institutional Class shares of the RiverPark Strategic Income Fund had outperformed the ICE BofA U.S. High Yield Index.

The Trustees noted the CrossingBridge Pre-Merger SPAC ETF's performance for the one-year and three-year period ended March 31, 2025 was above the Barrington Cohort average. The Trustees noted that for the quarter, three-year and since inception periods ended March 31, 2025, the CrossingBridge Pre-Merger SPAC ETF had outperformed the ICE BofA 0-3 Year U.S. Treasury Index. The Trustees noted that for the one-year period ended March 31, 2025, the CrossingBridge Pre-Merger SPAC ETF had underperformed the ICE BofA 0-3 Year U.S. Treasury Index.

After considering all of the information, the Trustees concluded that the performance obtained by the Adviser for each Fund was satisfactory under current market conditions. Although past performance is not a guarantee or indication of future results, the Trustees determined that each Fund and its shareholders were likely to benefit from the Adviser's continued management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. COSTS OF SERVICES PROVIDED AND PROFITS REALIZED BY THE ADVISER

The Trustees considered the cost of services and the structure of the Adviser's fees, including a review of the expense analyses and other pertinent material with respect to the Funds. The Trustees took into consideration that the management fee for the CrossingBridge Pre-Merger SPAC ETF was a "unitary management fee" whereby the Adviser agrees to pay all expenses incurred by the Fund, except the unitary management fee payable to the Adviser and certain excluded expenses. The Trustees reviewed the related statistical information and other materials provided, including the comparative expenses and Barrington Cohort comparisons. The Trustees considered the cost structure of each Fund relative to the Barrington Cohort, as well as any fee waivers and expense reimbursements of the Adviser.

The Trustees also considered the overall profitability of the Adviser and reviewed the Adviser's financial information, noting that the Adviser had provided substantial subsidies for the CrossingBridge Responsible Credit Fund's operations since inception and has not yet fully recouped those subsidies. The Trustees also examined the level of profits that could be expected to accrue to the Adviser from the fees payable under each applicable Advisory Agreement and the expense subsidization undertaken by the Adviser with respect to the applicable Fund, as well as each Funds' brokerage practices and use of soft dollars by the Adviser. These considerations were based on materials requested by the Trustees and the Funds' administrator specifically for the June 18, 2025 meeting and the August 27, 2025 meeting at which each applicable Advisory Agreement was formally considered, as well as the reports prepared by the Adviser over the course of the year.

The Trustees noted that the CrossingBridge Low Duration High Income Fund's contractual management fee of 0.65% was above the Barrington Cohort average of 0.53%. The Trustees noted that the CrossingBridge Low Duration High Income Fund was operating at its expense cap of 0.80% (excluding shareholder servicing plan fees) for Institutional Class shares. The Trustees observed that the CrossingBridge Low Duration High Income Fund's total expense ratio of 0.86% (including expense recoupments of 0.01% and shareholder servicing plan fees of 0.05%) for Institutional Class shares was above the Barrington Cohort average of 0.64%. The Trustees also compared the fees paid by the CrossingBridge Low Duration High Income Fund to the sub-advisory fees paid to the Adviser by the sub-advised mutual fund with a substantially similar investment strategy.

The Trustees noted that the CrossingBridge Ultra-Short Duration Fund's contractual management fee of 0.65% was above the Barrington Cohort average of 0.30%. The Trustees noted that the CrossingBridge Ultra-Short Duration

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

Fund was operating with a gross expense ratio above its expense cap of 0.80% (excluding shareholder servicing plan fees) for Institutional Class shares. The Trustees observed that the CrossingBridge Ultra-Short Duration Fund's total expense ratio of 0.90% (net of fee waivers and expense reimbursements and including shareholder servicing plan fees of 0.10%) for Institutional Class shares was above the Barrington Cohort average of 0.38%.

The Trustees noted that the CrossingBridge Responsible Credit Fund's contractual management fee of 0.65% was above the Barrington Cohort average of 0.46%. The Trustees noted that the CrossingBridge Responsible Credit Fund was operating with a gross expense ratio above its expense cap of 0.80% (excluding shareholder servicing plan fees) for Institutional Class shares. The Trustees observed that the CrossingBridge Responsible Credit Fund's total expense ratio of 0.90% (net of fee waivers and expense reimbursements and including shareholder servicing plan fees of 0.10%) for Institutional Class shares was above the Barrington Cohort average of 0.65%.

The Trustees noted that the RiverPark Strategic Income Fund's contractual management fee of 0.65% was above the Barrington Cohort average of 0.53%. The Trustees noted that the RiverPark Strategic Income Fund was operating below its expense cap of 0.82% (excluding shareholder servicing plan fees) for Institutional Class shares. The Trustees observed that the RiverPark Strategic Income Fund's total expense ratio of 1.05% (including shareholder servicing plan fees of 0.10% and interest expense and dividends on short positions of 0.15%) for Institutional Class shares was above the Barrington Cohort average of 0.68%. The Trustees also compared the fees paid by the RiverPark Strategic Income Fund to the sub-advisory fees paid to the Adviser by the sub-advised mutual fund with a substantially similar investment strategy.

The Trustees noted that the CrossingBridge Pre-Merger SPAC ETF's contractual unitary management fee of 0.80% was below the Barrington Cohort average of 0.92%. The Trustees observed that the CrossingBridge Pre-Merger SPAC ETF's total expense ratio of 0.87% (including tax expense of 0.07%) was below the Barrington Cohort average of 1.15%.

The Trustees concluded that the Funds' expenses and the management fees paid to the Adviser were fair and reasonable in light of the comparative performance, expense and management fee information. The Trustees noted, based on a profitability analysis prepared by the Adviser, that the Adviser's profits from sponsoring each of the CrossingBridge Low Duration High Income Fund, CrossingBridge Ultra-Short Duration Fund, RiverPark Strategic Income Fund, and CrossingBridge Pre-Merger SPAC ETF were not excessive, and while the CrossingBridge Responsible Credit Fund was not yet profitable to the Adviser, the Adviser maintained adequate profit levels to support the services to each Fund from the revenues of its overall investment advisory business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. EXTENT OF ECONOMIES OF SCALE AS THE FUNDS GROW

The Trustees compared each Fund's expenses relative to its peer group and discussed realized and potential economies of scale. The Trustees also reviewed the structure of each Fund's management fee and whether each Fund was large enough to generate economies of scale for shareholders or whether economies of scale would be expected to be realized as Fund assets grow (and if so, how those economies of scale were being or would be shared with shareholders). The Trustees reviewed all fee waivers, expense reimbursements and actual or potential recoupments by the Adviser with respect to the Funds. The Trustees noted that the Funds' management fee structures did not contain any breakpoint reductions as each Fund's assets grow in size, but that the feasibility of incorporating breakpoints would continue to be reviewed on a regular basis. With respect to the Adviser's fee structures, the Trustees concluded that the current fee structures were reasonable and reflected a sharing of economies of scale between the Adviser and each Fund at the Fund's current asset level.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. BENEFITS DERIVED FROM THE RELATIONSHIP WITH THE FUNDS

The Trustees considered the direct and indirect benefits that could be received by the Adviser from its association with the Funds. The Trustees examined the brokerage practices of the Adviser with respect to the Funds. The Trustees concluded that the benefits the Adviser may receive, such as greater name recognition and increased ability to obtain research or brokerage services or attract additional investor assets, appear to be reasonable, and in many cases may benefit the Funds.

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**CROSSINGBRIDGE FUNDS** 

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

CONCLUSIONS

The Trustees considered all of the foregoing factors. In considering the renewal of each applicable Advisory Agreement, the Trustees did not identify any one factor as all-important, but rather considered these factors collectively in light of each Fund's surrounding circumstances. Based on this review, the Trustees, all of whom are Independent Trustees, unanimously approved the continuation of each applicable Advisory Agreement for an additional one-year term ending August 31, 2026 as being in the best interests of each Fund and its shareholders.

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**TAX INFORMATION (Unaudited)** 

For the fiscal year or period ended September 30, 2025, the percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows:

---

| | |
|:---|:---|
| CrossingBridge Low Duration High Income Fund  | 0.00%  |
| CrossingBridge Responsible Credit Fund  | 0.00%  |
| CrossingBridge Ultra-Short Duration Fund  | 0.00%  |
| CrossingBridge Pre-Merger SPAC ETF  | 6.83%  |
| RiverPark Strategic Income Fund  | 0.00% |
| CrossingBridge Nordic High Income Bond Fund | 0.00% |

---

For the fiscal year or period ended September 30, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 20%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income were as follows:

---

| | |
|:---|:---|
| CrossingBridge Low Duration High Income Fund  | 0.94%  |
| CrossingBridge Responsible Credit Fund  | 0.62%  |
| CrossingBridge Ultra-Short Duration Fund  | 0.00%  |
| CrossingBridge Pre-Merger SPAC ETF  | 0.00%  |
| RiverPark Strategic Income Fund  | 1.06% |
| CrossingBridge Nordic High Income Bond Fund | 0.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year or period ended September 30, 2025 were as follows:

---

| | |
|:---|:---|
| CrossingBridge Low Duration High Income Fund  | 0.94%  |
| CrossingBridge Responsible Credit Fund  | 0.62%  |
| CrossingBridge Ultra-Short Duration Fund  | 0.00%  |
| CrossingBridge Pre-Merger SPAC ETF  | 0.00%  |
| RiverPark Strategic Income Fund  | 1.04% |
| CrossingBridge Nordic High Income Bond Fund | 0.00% |

---

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**CROSSINGBRIDGE FUNDS** 

---

| | |
|:---|:---|
| Investment Adviser  | **CrossingBridge Advisors, LLC** <br>**427 Bedford Road, Suite 220** <br>**Pleasantville, New York 10570**  |
| Legal Counsel  | **Godfrey & Kahn, S.C.** <br>**833 East Michigan Street, Suite 1800** <br>**Milwaukee, Wisconsin 53202**  |
| &nbsp;&nbsp;&nbsp; Independent Registered Public <br>Accounting Firm  | **Cohen & Company, Ltd.** <br>**342 North Water Street, Suite 830**<br>**Milwaukee, Wisconsin 53202**  |
| &nbsp;&nbsp;&nbsp; Transfer Agent, Fund Accountant and <br>Fund Administrator  | **U.S. Bancorp Fund Services, LLC** <br>**615 East Michigan Street** <br>**Milwaukee, Wisconsin 53202**  |
| Custodian  | **U.S. Bank, N.A.** <br>**Custody Operations** <br>**1555 North River Center Drive** <br>**Milwaukee, Wisconsin 53212**  |
| Distributors  | **Quasar Distributors, LLC** <br>**190 Middle Street, Suite 301** <br>**Portland, Maine 04101**  |
|  | **Foreside Fund Services, LLC** <br>**190 Middle Street, Suite 301** <br>**Portland, Maine 04101** |

---

This report is intended for shareholders of the Funds and may not be used as sales literature unless preceded or accompanied by a current prospectus.

&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>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

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

This information is included within the financial statements filed under Item 7(a) of this Form.

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

This information is included within the financial statements filed under Item 7(a) of this Form.

**<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 the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

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

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.* Incorporated by reference to the Registrant's Form N-CSR filed December 10, 2018.](https://www.sec.gov/Archives/edgar/data/1141819/000089853118000671/cbf-ex99codeeth.htm)

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.* Not applicable.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[*(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](tpmc-efp18957_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). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](tpmc-efp18957_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>12/1/2025</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>12/1/2025</u>

---

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

---

Date <u>12/1/2025</u>

 

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

## 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 90 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: | 12/1/2025 | /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 90 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: | 12/1/2025 | /s/ Kelly Strauss |
|  |  | Kelly Strauss, 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 year ended September 30, 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>12/1/2025</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.