CrossingBridge Low Duration High Income Fund
Schedule of Investments
June 30, 2025 (Unaudited)

CORPORATE BONDS - 62.0%		Par			Value
Accommodation and Food Services - 4.2%
GrubHub Holdings, Inc., 5.50%, 07/01/2027 ^(a)			25,771,000		$	25,035,442
Papa John's International, Inc., 3.88%, 09/15/2029 ^(a)			6,552,000			6,385,041
Sizzling Platter LLC, 8.50%, 11/28/2025 ^(a)			32,300,000			32,315,710
						63,736,193

Administrative and Support and Waste Management and Remediation Services - 1.7%
Fair Isaac Corp., 5.25%, 05/15/2026 ^(a)			10,075,000			10,088,249
Uber Technologies, Inc., 6.25%, 01/15/2028 ^(a)			15,915,000			16,000,925
						26,089,174

Arts, Entertainment, and Recreation - 0.4%
CCM Merger, Inc., 6.38%, 05/01/2026 ^(a)			5,628,000			5,645,903

Communications - 0.5%
Gentoo Media PLC
9.25% (3 mo. EURIBOR + 7.25%), 12/18/2026	EUR		3,510,000			4,248,307
9.42% (3 Month Stockholm Interbank Offered Rates + 7.25%), 12/18/2026	SEK		28,175,000			3,048,775
						7,297,082

Construction - 0.5%
Five Point Operating Co. LP, 10.50%, 01/15/2028 ^(a)(b)			4,776,361			4,862,665
TK Elevator Holdco GmbH, 7.63%, 07/15/2028 ^(a)			2,849,000			2,854,023
						7,716,688

Consumer Discretionary - 1.6%
Aider Konsern AS, 8.79% (Norway Interbank Offered Rate Fixing 3 Month + 4.15%), 09/05/2028	NOK		26,550,000			2,699,937
Alaska Airlines, Inc., Series A, 4.80%, 08/15/2027 ^(a)			1,192,887			1,194,736
OP Holdco GmbH, 8.47% (3 mo. EURIBOR + 6.50%), 06/05/2029 ^(a)	EUR		16,900,000			19,322,633
View Ledger AS, 9.09% (Norway Interbank Offered Rate Fixing 3 Month + 4.50%), 01/31/2029	NOK		9,500,000			966,079
						24,183,385

Energy - 1.9%
Forum Energy Technologies, Inc., 10.50%, 11/07/2029			17,250,000			17,591,725
Golar LNG Ltd., 7.00%, 10/20/2025 ^(a)			10,290,000			10,331,803
						27,923,528

Finance and Insurance - 7.4%
BGC Group, Inc.
4.38%, 12/15/2025			20,722,000			20,661,581
6.15%, 04/02/2030 ^(a)			6,707,000			6,801,466
Boras V-tyget 1 AB, 8.05% (3 Month Stockholm Interbank Offered Rates + 5.75%), 04/29/2027	SEK		165,900,000			17,886,036
Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029 ^(a)			12,391,000			11,132,750
General Motors Financial Co., Inc., 6.05%, 10/10/2025			3,779,000			3,791,563
Goldcup 100865 AB, 7.83% (3 Month Stockholm Interbank Offered Rates + 5.50%), 07/11/2028	SEK		6,250,000			670,523
Icahn Enterprises LP, 5.25%, 05/15/2027			19,652,000			19,055,691
Mutares SE & Co. KGaA, 10.48% (3 mo. EURIBOR + 8.50%), 03/31/2027	EUR		2,000,000			2,401,142
Novedo Holding AB, 9.16% (3 Month Stockholm Interbank Offered Rates + 7.00%), 09/23/2027	SEK		56,250,000			5,915,796
Prime Security Services Borrower LLC, 5.75%, 04/15/2026 ^(a)			12,840,000			12,919,135
Qflow Group AB, 7.65% (3 Month Stockholm Interbank Offered Rates + 5.50%), 09/25/2028	SEK		27,500,000			2,929,620
Stockwik Forvaltning AB, 10.16% (3 Month Stockholm Interbank Offered Rates + 8.00%), 03/20/2026	SEK		65,000,000			7,016,378
						111,181,681

Health Care and Social Assistance - 2.4%
Formycon AG, 8.94% (3 mo. EURIBOR + 7.00%), 07/09/2029	EUR		12,188,000			14,428,681
HCA, Inc., 5.25%, 06/15/2026			4,933,000			4,940,180
Magle Chemoswed Holding AB, 8.63% (3 Month Stockholm Interbank Offered Rates + 6.50%), 07/04/2028	SEK		117,500,000			12,046,951
Orexo AB, 8.66% (3 Month Stockholm Interbank Offered Rates + 6.50%), 03/28/2028	SEK		47,500,000			4,744,527
						36,160,339

Industrials - 3.2%
Beelux Sarl, 8.48% (3 mo. EURIBOR + 6.50%), 03/14/2028 ^(b)	EUR		11,900,000			13,632,160
Booster Precision Components GmbH, 11.04% (3 mo. EURIBOR + 9.00%), 11/28/2026	EUR		1,871,000			2,085,330
Mangrove Luxco III Sarl, 7.28% (3 mo. EURIBOR + 5.00%), 07/15/2029	EUR		20,826,000			24,798,877
Seapeak LLC, 9.79% (Norway Interbank Offered Rate Fixing 3 Month + 5.15%), 09/02/2025	NOK		25,000,000			2,499,733
Stolt-Nielsen Ltd., 7.52% (Norway Interbank Offered Rate Fixing 3 Month + 3.15%), 09/26/2028 ^(a)	NOK		13,500,000			1,382,058
Twma Finance AS, 13.00%, 02/08/2027			3,369,000			3,503,760
						47,901,918

Information - 11.5%
Azerion Group NV, 8.69% (3 mo. EURIBOR + 6.75%), 10/02/2026	EUR		17,561,000			20,634,325
Cabonline Group Holding AB
10.00%, 03/19/2028	SEK		21,879,529			2,261,552
12.00%, 03/19/2028	SEK		77,770,274			7,942,746
Consolidated Communications, Inc.
5.00%, 10/01/2028 ^(a)			11,904,000			12,037,149
6.50%, 10/01/2028 ^(a)			47,972,000			48,933,956
GCI LLC, 4.75%, 10/15/2028 ^(a)			14,741,000			14,261,734
Go North Group AB
0.00%, 02/09/2026 ^(c)(d)	SEK		1,338,933			3,313
10.15% (SOFR + 5.76%), 02/09/2026			7,610,942			4,186,018
15.00%, 02/09/2026			2,950,951			118,038
15.00% (or 15.00% PIK) (3 Month STIBOR + 10.00%), 02/09/2027	SEK		14,445,312			87,793
15.00%, 02/02/2028 ^(c)(e)	SEK		5,884,691			0
Impala BondCo PLC, 12.00% (3 Month STIBOR + 9.00%), 10/30/2027	SEK		13,491,397			891,260
Sprint LLC, 7.63%, 03/01/2026			25,800,000			26,049,100
SS&C Technologies, Inc., 5.50%, 09/30/2027 ^(a)			28,285,000			28,290,535
Warnermedia Holdings, Inc., 3.76%, 03/15/2027			8,026,000			7,660,590
						173,358,109

Management of Companies and Enterprises - 2.0%
International Game Technology PLC, 4.13%, 04/15/2026 ^(a)			8,884,000			8,884,787
Welltec International ApS, 8.25%, 10/15/2026 ^(a)			20,471,000			20,476,513
						29,361,300

Manufacturing - 10.3%
AbbVie, Inc., 2.95%, 11/21/2026			8,400,000			8,263,133
Amgen, Inc., 5.51%, 03/02/2026			2,700,000			2,700,409
Cannabist Co. Holdings, Inc., 9.25%, 12/31/2028			17,087,000			10,081,330
Dana, Inc., 5.63%, 06/15/2028			4,287,000			4,314,972
GE HealthCare Technologies, Inc., 5.60%, 11/15/2025			17,994,000			18,033,048
Gilead Sciences, Inc., 3.65%, 03/01/2026			8,847,000			8,803,933
HMH Holding BV/Amsterdam, 9.88%, 11/16/2026 ^(b)			14,906,000			15,387,340
Jabil, Inc., 1.70%, 04/15/2026			10,567,000			10,319,382
Microchip Technology, Inc., 5.05%, 02/15/2030			11,462,000			11,631,274
Neptune Bidco AS, 11.11% (Norway Interbank Offered Rate Fixing 3 Month + 6.75%), 06/28/2028	NOK		55,000,000			4,692,740
Prosomnus Sleep Technologies, Inc., 8.00%, 12/31/2026 ^(c)			6,973,349			5,247,445
Secop Group Holding GmbH, 10.38% (3 mo. EURIBOR + 8.40%), 12/29/2026	EUR		2,561,000			3,084,602
Sherwin-Williams Co., 3.95%, 01/15/2026			8,847,000			8,817,024
Sonoco Products Co., 4.45%, 09/01/2026			6,466,000			6,460,894
Stanley Black & Decker, Inc., 3.40%, 03/01/2026			11,287,000			11,191,094
Triumph Group, Inc., 9.00%, 03/15/2028 ^(a)			15,275,000			15,972,166
Trulieve Cannabis Corp., 8.00%, 10/06/2026			5,218,000			5,120,267
Western Digital Corp., 4.75%, 02/15/2026			5,228,000			5,219,956
						155,341,009

Mining, Quarrying, and Oil and Gas Extraction - 0.1%
Tacora Resources, Inc., 13.00%, 12/31/2025 ^(a)(c)			3,892,693			778,539

Other Services (except Public Administration) - 1.5%
WASH Multifamily Acquisition, Inc., 5.75%, 04/15/2026 ^(a)			22,046,000			21,982,439

Professional, Scientific, and Technical Services - 6.1%
Charles River Laboratories International, Inc., 4.25%, 05/01/2028 ^(a)			8,397,000			8,149,692
Gen Digital, Inc., 6.75%, 09/30/2027 ^(a)			11,720,000			11,935,718
Getty Images, Inc.
9.75%, 03/01/2027 ^(a)			13,369,000			13,112,445
11.25%, 02/21/2030 ^(a)			17,976,000			17,856,819
Go Daddy Operating Co. LLC, 5.25%, 12/01/2027 ^(a)			17,644,000			17,638,555
Infor LLC, 1.75%, 07/15/2025 ^(a)			6,332,000			6,323,314
Oracle Corp., 2.65%, 07/15/2026			13,049,000			12,817,295
VMware LLC, 1.40%, 08/15/2026			4,061,000			3,928,627
						91,762,465

Real Estate and Rental and Leasing - 0.8%
Williams Scotsman, Inc., 4.63%, 08/15/2028 ^(a)			12,934,000			12,714,463

Technology - 1.4%
Hawk Infinity Software AS, 11.10% (Norway Interbank Offered Rate Fixing 3 Month + 6.50%), 10/15/2029 ^(a)	NOK		71,900,000			7,219,556
Verve Group SE, 5.94% (3 mo. EURIBOR + 4.00%), 04/01/2029 ^(a)	EUR		11,312,000			13,258,384
						20,477,940

Transportation and Warehousing - 1.9%
Uber Technologies, Inc., 7.50%, 09/15/2027 ^(a)			11,882,000			11,995,798
XPO, Inc., 6.25%, 06/01/2028 ^(a)			16,727,000			17,004,780
						29,000,578

Utilities - 0.9%
ONEOK, Inc., 4.25%, 09/24/2027			13,261,000			13,243,323

Wholesale Trade - 1.7%
Performance Food Group, Inc., 5.50%, 10/15/2027 ^(a)			20,955,000			20,928,840
TD Synnex Corp., 1.75%, 08/09/2026			5,186,000			5,018,447
						25,947,287
TOTAL CORPORATE BONDS (Cost $933,044,202)						931,803,343

BANK LOANS - 12.2%		Par			Value
Communications - 3.6%
Cengage Learning, Inc., First Lien, 7.82% (1 mo. Term SOFR + 3.50%), 07/14/2026			6,191,293			6,213,334
CMG Media Corp., First Lien, 7.90% (3 mo. Term SOFR + 3.50%), 06/18/2029			36,223,275			35,199,424
Magnite, Inc., 7.33% (1 mo. Term SOFR + 3.00%), 02/06/2031			12,508,306			12,563,030
						53,975,788

Consumer Discretionary - 1.6%
Bally's Corp., First Lien, 7.78% (3 mo. Term SOFR + 3.25%), 10/02/2028			12,400,000			11,005,000
Elevate Textiles, Inc., 12.95% (3 mo. Term SOFR + 8.65%), 09/30/2027			8,651,895			8,680,706
Everi Holdings, Inc., First Lien, 6.94% (1 mo. Term SOFR + 2.50%), 08/03/2028			5,247,000			5,260,878
						24,946,584

Finance and Insurance - 1.6%
Fiserv Investment T/L B, 8.32% (3 mo. Term SOFR + 4.00%), 02/18/2027			24,098,871			23,888,006

Manufacturing - 0.8%
K&N Parent, Inc., 12.44% (3 mo. Term SOFR + 8.00%), 02/03/2027			11,912,286			11,852,725

Materials - 0.2%
Tosca Services LLC, 9.82% (1 mo. Term SOFR + 5.50%), 11/30/2025			3,039,082			3,096,065

Real Estate and Rental and Leasing - 1.8%
Chicago Atlantic Real Estate Finance Term Loan, 9.00%, 10/17/2028			25,349,000			24,968,765
Micromont, 8.00%, 11/15/2026			1,555,205			1,555,205
						26,523,970

Retail Trade - 0.9%
The Container Store, Inc., 9.26% (6 mo. Term SOFR + 5.00%), 07/30/2029			4,921,365			2,706,751
The Container Store, Inc. Exit Loan, 10.83% (1 mo. Term SOFR + 5.50%), 04/30/2029			11,651,239			10,952,164
						13,658,915

Technology - 1.0%
Dun & Bradstreet Corp., First Lien, 6.57% (1 mo. Term SOFR + 2.25%), 01/18/2029			15,508,887			15,514,702

Utilities - 0.7%
Solaris Energy Infrastructure, 10.30% (3 mo. Term SOFR + 6.00%), 09/11/2029			10,351,000			10,532,143
TOTAL BANK LOANS (Cost $184,908,880)						183,988,898

ASSET-BACKED SECURITIES - 4.7%		Par			Value
Consumer Discretionary - 0.4%
United Airlines, Inc., Series A, 4.00%, 04/11/2026			6,845,027			6,787,344

Finance and Insurance - 2.1%
Alterna Funding LLC, Series 2024-1A, Class A, 6.26%, 05/16/2039 ^(a)			1,946,092			1,965,612
Coinstar Funding LLC, Series 2017-1A, Class A2, 5.22%, 04/25/2047 ^(a)			21,124,120			19,698,453
RAM LLC
Series 2024-1, Class A, 6.67%, 02/15/2039 ^(a)			2,256,972			2,263,793
Series 2025-1, Class A, 5.45%, 05/15/2040 ^(a)			8,026,017			8,056,415
						31,984,273

Rental & Leasing Services - 0.7%
Hertz Corp., Series 2025-1A, Class A, 4.91%, 09/25/2029 ^(a)			10,076,000			10,124,321

Transportation and Warehousing - 1.5%
Hawaiian Holdings, Inc., Series 2013-1, 3.90%, 01/15/2026			22,905,937			22,447,818
TOTAL ASSET-BACKED SECURITIES (Cost $70,385,164)						71,343,756

MORTGAGE-BACKED SECURITIES - 4.4%		Par			Value
Finance and Insurance - 4.4%
Banc of America Re-Remic Trust, Series 2022-DKLX, Class C, 6.46% (1 mo. Term SOFR + 2.15%), 01/15/2039 ^(a)			3,390,015			3,362,277
BX Trust
Series 2021-SOAR, Class A, 5.10% (1 mo. Term SOFR + 0.78%), 06/15/2038 ^(a)			1,884,986			1,884,772
Series 2021-SOAR, Class B, 5.30% (1 mo. Term SOFR + 0.98%), 06/15/2038 ^(a)			6,080,177			6,082,924
Series 2021-VOLT, Class B, 5.38% (1 mo. Term SOFR + 1.06%), 09/15/2036 ^(a)			5,435,126			5,415,262
Series 2021-VOLT, Class C, 5.53% (1 mo. Term SOFR + 1.21%), 09/15/2036 ^(a)			4,553,492			4,534,269
Series 2024-BIO, Class A, 5.95% (1 mo. Term SOFR + 1.64%), 02/15/2041 ^(a)			4,170,000			4,175,625
Series 2024-KING, Class A, 5.85% (1 mo. Term SOFR + 1.54%), 05/15/2034 ^(a)			12,296,124			12,312,679
Series 2024-KING, Class B, 6.05% (1 mo. Term SOFR + 1.74%), 05/15/2034 ^(a)			2,674,787			2,677,203
Series 2025-LUNR, Class A, 5.81% (1 mo. Term SOFR + 1.50%), 06/15/2040 ^(a)			22,350,000			22,412,942
JP Morgan Chase Commercial Mortgage Securities, Series 2021-MHC, Class A, 5.48% (1 mo. Term SOFR + 1.16%), 04/15/2038 ^(a)			3,494,963			3,496,695
TOTAL MORTGAGE-BACKED SECURITIES (Cost $66,010,164)						66,354,648

SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 2.2%		Shares			Value
Alpha Partners Technology Merger Corp. Founder Shares ^(f)			9,341			1,590
Charlton Aria Acquisition Corp. - Class A ^(f)			115,000			1,182,200
Columbus Acquisition Corp. ^(f)			118,214			1,196,326
Copley Acquisition Corp. ^(f)			91,000			919,555
Dynamix Corp. ^(f)			597,831			6,091,898
IB Acquisition Corp. ^(f)			90,715			948,879
Kochav Defense Acquisition Corp. ^(f)			275,000			2,798,125
Maywood Acquisition Corp. - Class A ^(f)			350,000			3,545,500
Mercer Park Opportunities Corp. ^(f)			817,200			8,417,160
Quartzsea Acquisition Corp. ^(f)			130,000			1,306,500
Range Capital Acquisition Corp. ^(f)			285,700			2,936,996
Translational Development Acquisition Corp. ^(f)			348,716			3,591,775
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) (Cost $31,878,776)						32,936,504

CONVERTIBLE BONDS - 0.7%		Par			Value
Accommodation and Food Services - 0.2%
Braemar Hotels & Resorts, Inc., 4.50%, 06/01/2026			3,150,000			2,953,125

Information - 0.3%
Go North Group AB, 0.00%, 12/31/2050 ^(c)(d)	SEK		39,553,628			0
Leafly Holdings, Inc., 8.00%, 07/01/2025 ^(c)			6,339,000			5,388,150
						5,388,150

Manufacturing - 0.2%
Array Technologies, Inc., 1.00%, 12/01/2028			3,423,000			2,723,652
TOTAL CONVERTIBLE BONDS (Cost $12,075,339)						11,064,927

PREFERRED STOCKS - 0.3%		Shares			Value
Administrative and Support and Waste Management and Remediation Services - 0.3%
SWK Holdings Corp., 9.00%, 01/31/2027			152,467			3,880,285
TOTAL PREFERRED STOCKS (Cost $3,811,675)						3,880,285

REAL ESTATE INVESTMENT TRUSTS - PREFERRED - 0.3%		Shares			Value
Real Estate and Rental and Leasing - 0.3%
Gladstone Land Corp., Series D, 5.00%, 01/31/2026			150,534			3,727,222
TOTAL REAL ESTATE INVESTMENT TRUSTS - PREFERRED (Cost $3,603,551)						3,727,222

MUNICIPAL BONDS - 0.1%		Par			Value
New York - 0.1%
New York State Dormitory Authority, 5.95%, 05/01/2035 (Obligor: Pace University) ^(g)			2,005,000			2,005,000
TOTAL MUNICIPAL BONDS (Cost $2,005,000)						2,005,000

COMMON STOCKS - 0.1%		Shares			Value
Manufacturing - 0.1%
Cannabist Co. Holdings, Inc. ^(c)(f)			4,027,595			0
Cannabist Co. Holdings, Inc. ^(c)(f)			4,027,595			0
Diebold Nixdorf, Inc. ^(f)			0	^(h)		0	^(h)
Prosomnus Equity ^(c)(f)(i)			996,799			1,200,744
						1,200,744

Retail Trade - 0.0%^(j)
The Container Store, Inc. ^(f)			217,314			54,329
TOTAL COMMON STOCKS (Cost $930,019)						1,255,073

RIGHTS - 0.0%^(j)		Shares			Value
Finance and Insurance - 0.0%^(j)
Charlton Aria Acquisition Corp., Expires 12/31/2026, Exercise Price $10.00 ^(f)			115,000			21,275

Manufacturing - 0.0%^(j)
Columbus Acquisition Corp., Expires 09/30/2025, Exercise Price $0.00 ^(f)			150,000			37,950
TOTAL RIGHTS (Cost $41,302)						59,225

WARRANTS - 0.0%^(j)		Contracts			Value
Information - 0.0%^(j)
Leafly Holdings, Inc., Expires 11/07/2026, Exercise Price $11.50 ^(f)			36,943			417
TOTAL WARRANTS (Cost $0)						417

SHORT-TERM INVESTMENTS - 17.3%					Value
Commercial Paper - 9.4%		Par
Accommodation and Food Services — 0.7%
The Campbells Company, 4.80%, 08/13/2025 ^(k)			9,911,000			9,854,499

Health Care and Social Assistance — 1.8%
CVS Health Corp., 4.23%, 07/08/2025 ^(k)			27,617,000			27,587,207

Management of Companies and Enterprises — 1.1%
Jabil, Inc., 4.46%, 07/09/2025 ^(k)			16,859,000			16,837,606

Manufacturing — 1.9%
Fortune Brands Innovations, Inc., 4.72%, 07/09/2025 ^(k)			18,020,000			17,999,317
Fortune Brands Innovations, Inc., 4.76%, 07/17/2025 ^(k)			10,812,000			10,788,435

Real Estate and Rental and Leasing — 2.0%
Crown Castle International Corp., 5.12%, 07/22/2025 ^(k)			30,043,000			29,951,152

Wholesale Trade — 1.9%
Genuine Parts Company, 4.69%, 07/09/2025 ^(k)			28,832,000			28,798,835
Total Commercial Paper (Cost $141,834,599)						141,817,051

Money Market Funds - 7.5%		Shares
First American Government Obligations Fund - Class X, 4.23% ^(l)			31,195,489			31,195,489
First American Treasury Obligations Fund - Class X, 4.22% ^(l)			80,950,652			80,950,652
Total Money Market Funds (Cost $112,146,141)						112,146,141

U.S. Treasury Bills - 0.4%		Par
4.17%, 10/02/2025 ^(k) Total U.S. Treasury Bills (Cost $5,205,646)			5,260,000			5,202,664
TOTAL SHORT-TERM INVESTMENTS (Cost $259,186,386)						259,165,856

TOTAL INVESTMENTS - 104.3% (Cost $1,567,880,458)						1,567,585,154
Liabilities in Excess of Other Assets - (4.3)%						(64,296,737	)
TOTAL NET ASSETS - 100.0%					$	1,503,288,417
two						–	%
Percentages are stated as a percent of net assets.						–	%

Par amount is in USD unless otherwise indicated.

EURIBOR - Euro Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

PIK - Payment in Kind

PLC - Public Limited Company

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

STIBOR – Stockholm Interbank Offered Rate

EUR - Euro

NOK - Norwegian Krone

SEK - Swedish Krona

USD – United States Dollar

(a)	Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $604,491,963 or 40.2% of the Fund’s net assets.
(b)	Step coupon bond. The rate disclosed is as of June 30, 2025.
(c)	Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $12,618,191 or 0.8% of net assets as of June 30, 2025.
(d)	Zero coupon bonds make no periodic interest payments.
(e)	Security is currently in default.
(f)	Non-income producing security.
(g)	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 June 30, 2025.
(h)	Rounds to zero.
(i)	Privately held.
(j)	Represents less than 0.05% of net assets
(k) (l)	The rate shown is the annualized effective yield as of June 30, 2025. The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

CrossingBridge Low Duration High Income Fund

Schedule of Forward Currency Contracts

June 30, 2025 (Unaudited)

Counterparty

Settlement Date

Currency Purchased

Currency Sold

Unrealized

Appreciation

(Depreciation)

U.S. Bancorp Investments, Inc.

07/15/2025

SEK

6,100,000

USD

636,252

9,172

U.S. Bancorp Investments, Inc.

07/15/2025

USD

93,266,784

EUR

83,520,000

(5,219,465

)

U.S. Bancorp Investments, Inc.

07/15/2025

USD

18,242,681

NOK

190,304,000

(639,576

)

U.S. Bancorp Investments, Inc.

07/15/2025

USD

49,838,677

SEK

486,575,000

(1,644,412

)

Net Unrealized Appreciation (Depreciation)

(7,494,281

)

EUR - Euro

NOK - Norwegian Krone

SEK - Swedish Krona

USD - United States Dollar

Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)

CrossingBridge Low Duration High Income Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of June 30, 2025:

	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Corporate Bonds		–			925,774,047			6,029,296		931,803,343
Bank Loans		–			183,988,898			–		183,988,898
Asset-Backed Securities		–			71,343,756			–		71,343,756
Mortgage-Backed Securities		–			66,354,648			–		66,354,648
Special Purpose Acquisition Companies (SPACs)		22,649,320			10,287,184			–		32,936,504
Convertible Bonds		–			5,676,777			5,388,150		11,064,927
Preferred Stocks		3,880,285			–			–		3,880,285
Real Estate Investment Trusts - Preferred		3,727,222			–			–		3,727,222
Municipal Bonds		–			2,005,000			–		2,005,000
Common Stocks		0	^(a)		54,329			1,200,744		1,255,073
Rights		37,950			21,275			–		59,225
Warrants		–			417			–		417
Commercial Paper		–			141,817,051			–		141,817,051
Money Market Funds		112,146,141			–			–		112,146,141
U.S. Treasury Bills		–			5,202,664			–		5,202,664
Total Investments		142,440,918			1,412,526,046			12,618,190		1,567,585,154

Other Financial Instruments:
Forwards*		–			9,172			–		9,172
Total Other Financial Instruments		–			9,172			–		9,172

Liabilities:
Other Financial Instruments:
Forwards*		–			(7,503,453	)		–		(7,503,453	)
Total Other Financial Instruments		–			(7,503,453	)		–		(7,503,453	)

* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year’s annual report.

(a)	Rounds to zero.

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 Bonds			Bank Loans			Special Purpose Acquisition Companies			Convertible Bonds			Common Stocks			Warrants
Beginning Balance - October 1, 2024	$	5,858,973		$	9,021,214		$	0		$	6,158,250		$	1,544,767		$	0
Purchases		645,315			-			-			-			-			-
Sales		-			(7,466,009	)		-			(906,000	)		(328,733	)		(0	)
Realized gains		-			-			-			-			175,834			-
Realized losses		-			-			(76	)		-			-			-
Accretion of discount/(amortization of premium)		177,080			-			-			-			-			-
Change in unrealized appreciation/(depreciation)		(655,385	)		-			76			135,900			(191,124	)		-
Transfer in/(out) of Level 3		3,313			(1,555,205	)		-			-			-			-
Ending Balance - June 30, 2025	$	6,029,296		$	-		$	-		$	5,388,150		$	1,200,744		$	-

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

	Corporate Bonds			Convertible Bonds
	$	(655,385	)	$	135,900


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 June 30, 2025:

CrossingBridge Low Duration High Income Fund

Descriptions

Fair Value June 30, 2025

Valuation Techniques

Unobservable Input

Range of Input

Weighted Average Unobservable Input

Impact to Valuation from

an Increase in Input

Corporate Bonds

6,029,296

Market Approach

Yield to maturity

20.80%

Decrease

Implied coupon rate

Increase

Recoverable value

$20

Increase

Transaction price

N/A

Increase

Convertible Bonds

5,388,150

Market Approach

Yield to maturity

61.80%

Decrease

Transaction price

N/A

Increase

Common Stocks

1,200,744

Market Approach

Enterprise Value

$1.42

Increase

Discount

15.00%

Decrease

Transaction price

N/A

Increase