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

 

CrossingBridge Nordic High Income Bond 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:

 

The following is a reconciliation of Level 3 assets in the Funds for which significant unobservable inputs were used to determine fair value:
CrossingBridge High Income Nordic Bond Fund		Bank Loans
Beginning Balance - October 1, 2024		$	-
Purchases			1,534,580
Sales			-
Realized gains			-
Realized losses			-
Accretion of discount/(amortization of premium)			1,497
Change in unrealized appreciation/(depreciation)			232,914
Transfer in/(out) of Level 3			-
Ending Balance - June 30, 2025		$	1,768,991
The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at June 30, 2025, includes the following:
		Bank Loans
		$	232,914
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 Nordic High Income Bond Fund
Descriptions		Fair Value June 30, 2025			Valuation Techniques	Unobservable Input	Range	Weighted Average Unobservable Input	Impact to Valuation from an Increase in Input
Bank Loans		$	1,768,991		Market Approach	Transaction price	$100.00	$100.00	Increase