0001145549-23-007550.txt : 20230222 0001145549-23-007550.hdr.sgml : 20230222 20230222114945 ACCESSION NUMBER: 0001145549-23-007550 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20221231 FILED AS OF DATE: 20230222 DATE AS OF CHANGE: 20230222 PERIOD START: 20230930 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRUST FOR PROFESSIONAL MANAGERS CENTRAL INDEX KEY: 0001141819 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-10401 FILM NUMBER: 23651351 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 0001141819 S000073002 CrossingBridge Pre-Merger SPAC ETF 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81998.000000000000 NS USD 839659.520000000000 1.3580658180 Long EC CORP IL N 1 N N N TortoiseEcofin Acquisition Cor N/A TortoiseEcofin Acquisition Corp III N/A 100000.000000000000 NS USD 1003000.000000000000 1.6222528096 Long EC CORP US N 1 N N N Supernova Partners Acquisition N/A Supernova Partners Acquisition Co III Ltd N/A 95218.000000000000 NS USD 959797.440000000000 1.5523769628 Long EC CORP US N 1 N N N Trine II Acquisition Corp N/A Trine II Acquisition Corp N/A 53248.000000000000 NS USD 548720.640000000000 0.8875010966 Long EC CORP US N 1 N N N two/CA N/A two/CA N/A 82887.000000000000 NS USD 836329.830000000000 1.3526803753 Long EC CORP US N 2 N N N Vector Acquisition Corp II N/A Vector Acquisition Corp II N/A 134709.000000000000 NS USD 1360560.900000000000 2.2005720266 Long EC CORP US N 1 N N N GoGreen Investments Corp N/A GoGreen Investments Corp N/A 2925.000000000000 NS USD 30361.500000000000 0.0491067086 Long EC CORP US N 1 N N N Warburg Pincus Capital Corp I- N/A Warburg Pincus Capital Corp I-A N/A 47524.000000000000 NS USD 479992.400000000000 0.7763399995 Long EC CORP US N 1 N N N Worldwide Webb Acquisition Cor N/A Worldwide Webb Acquisition Corp N/A 24963.000000000000 NS USD 254123.340000000000 0.4110192446 Long EC CORP US N 2 N N N N/A N/A GBP/USD FWD 20230113 N/A 1.000000000000 NC USD 14068.760000000000 0.0227548210 N/A DFE US N 2 U.S. BANCORP INVESTMENTS INC. H85Z6XZP8B10ES0M2G89 -633000.000000000000 GBP 779634.450000000000 USD 2023-01-13 14068.760000000000 N N N REVELSTONE CAPITAL ACQUISI-A N/A Revelstone Capital Acquisition Corp 76137R114 6000.000000000000 NS USD 1212.600000000000 0.0019612600 Long EC CORP US N 3 N N N 2023-01-25 Trust for Professional Managers /s/ John Buckel John Buckel President XXXX NPORT-EX 2 spac-nport.htm NPORT-EX
CrossingBridge Pre-Merger SPAC ETF
           
Schedule of Investments
           
December 31, 2022 (Unaudited)
           
   
Number of
       
   
Shares
   
Value
 
Special Purpose Acquisition Companies - 88.67%
           
A SPAC I Acquisition Corp.  (a)(b)
   
93,959
     
958,382
 
African Gold Acquisition Corp.  (a)(b)
   
54,849
     
551,232
 
Agile Growth Corp.  (a)(b)
   
94,601
     
954,524
 
Ahren Acquisition Corp.  (a)(b)
   
4,449
     
45,825
 
Anthemis Digital Acquisitions I Corp.  (a)(b)
   
10,780
     
110,872
 
Anzu Special Acquisition Corp. I (b)
   
1,458
     
14,726
 
AP Acquisition Corp.  (a)(b)
   
18,052
     
186,928
 
Apollo Strategic Growth Capital II  (a)(b)
   
143,914
     
1,442,018
 
Ares Acquisition Corp.  (a)(b)
   
28,381
     
285,797
 
ARYA Sciences Acquisition Corp. V  (a)(b)
   
180,000
     
1,809,900
 
Ault Disruptive Technologies Corp. (b)
   
22,284
     
229,191
 
Avalon Acquisition, Inc. (b)
   
25,014
     
256,393
 
Banner Acquisition Corp. (b)
   
46,913
     
472,883
 
Battery Future Acquisition Corp.  (a)(b)
   
18,985
     
194,976
 
Berenson Acquisition Corp. Founder Shares (b)(c)(d)
   
922
     
34
 
BioPlus Acquisition Corp.  (a)(b)
   
30,182
     
310,271
 
bleuacacia Ltd.  (a)(b)
   
93,914
     
942,897
 
Brigade-M3 European Acquisition Corp. (a)(b)
   
72,096
     
710,146
 
Broad Capital Acquisition Corp. (b)
   
49,003
     
500,811
 
Bullpen Parlay Acquisition Co.  (a)(b)
   
34,126
     
349,450
 
Cactus Acquisition Corp. 1 Ltd.  (a)(b)
   
1,155
     
11,879
 
Cartesian Growth Corp. (b)
   
12,972
     
130,498
 
Cartesian Growth Corp. II  (a)(b)
   
70,000
     
718,200
 
Cartica Acquisition Corp.  (a)(b)
   
43,178
     
446,892
 
Catalyst Partners Acquisition Corp.  (a)(b)
   
60,000
     
604,800
 
CC Neuberger Principal Holdings III  (a)(b)
   
62,487
     
631,119
 
Churchill Capital Corp. V (b)
   
8,289
     
82,393
 
Churchill Capital Corp. VII (b)
   
23,856
     
237,844
 
Consilium Acquisition Corp. I Ltd.  (a)(b)
   
20,000
     
203,100
 
Crescera Capital Acquisition Corp.  (a)(b)
   
114,092
     
1,166,020
 
Crown PropTech Acquisitions  (a)(b)
   
141,909
     
1,434,700
 
Deep Lake Capital Acquisition Corp.  (a)(b)
   
20,000
     
201,800
 
DP Cap Acquisition Corp. I  (a)(b)
   
14,092
     
144,584
 
Elliott Opportunity II Corp.  (a)(b)
   
207,709
     
2,093,707
 
Enphys Acquisition Corp.  (a)(b)
   
40,586
     
407,078
 
Enterprise 4.0 Technology Acquisition Corp.  (a)(b)
   
17,965
     
184,860
 
Epiphany Technology Acquisition Corp. (b)
   
1,498
     
15,070
 
ESGEN Acquisition Corp.  (a)(b)
   
3,003
     
31,051
 
ESM Acquisition Corp.  (a)(b)
   
94,246
     
950,942
 
EVe Mobility Acquisition Corp.  (a)(b)
   
13,056
     
134,477
 
Everest Consolidator Acquisition Corp. (b)
   
9,895
     
101,226
 
Financials Acquisition Corp. (a)(b)(e)
   
16,603
     
201,225
 
Finnovate Acquisition Corp.  (a)(b)
   
16,866
     
173,298
 
Flame Acquisition Corp. (b)
   
7,463
     
75,003
 
FTAC Hera Acquisition Corp.  (a)(b)
   
28,084
     
284,210
 
FutureTech II Acquisition Corp. (b)
   
10,655
     
110,066
 
G Squared Ascend I, Inc.  (a)(b)
   
9,771
     
98,736
 
Games & Esports Experience Acquisition Corp.  (a)(b)
   
14,092
     
145,289
 
Global Technology Acquisition Corp. I  (a)(b)
   
12,170
     
125,108
 
Goal Acquisitions Corp. (b)
   
18,894
     
190,074
 
GoGreen Investments Corp.  (a)(b)
   
2,925
     
30,361
 
GP Bullhound Acquisition I SE (a)(b)(f)
   
70,946
     
755,641
 
GSR II Meteora Acquisition Corp. (b)
   
37,163
     
377,019
 
HCM Acquisition Corp.  (a)(b)
   
43,358
     
444,853
 
Healthcare AI Acquisition Corp.  (a)(b)
   
50,000
     
513,750
 
HH&L Acquisition Co.  (a)(b)
   
1,458
     
14,740
 
Hiro Metaverse Acquisitions I SA (a)(b)(e)
   
42,576
     
516,012
 
Ibere Pharmaceuticals  (a)(b)
   
66,225
     
668,210
 
Iconic Sports Acquisition Corp.  (a)(b)
   
132,506
     
1,372,100
 
Independence Holdings Corp.  (a)(b)
   
102,157
     
1,030,764
 
Infinite Acquisition Corp.  (a)(b)
   
199,042
     
2,040,180
 
InFinT Acquisition Corp.  (a)(b)
   
14,808
     
153,411
 
Innovative International Acquisition Corp.  (a)(b)
   
8,966
     
92,350
 
Investcorp Europe Acquisition Corp. I  (a)(b)
   
29,715
     
306,064
 
Investcorp India Acquisition Corp.  (a)(b)
   
111,000
     
1,148,850
 
Itiquira Acquisition Corp.  (a)(b)
   
20,748
     
209,347
 
Jaguar Global Growth Corp. I  (a)(b)
   
56,926
     
582,353
 
Kismet Acquisition Two Corp.  (a)(b)
   
104,998
     
1,060,480
 
Lazard Growth Acquisition Corp. I  (a)(b)
   
128,302
     
1,297,133
 
Leo Holdings Corp. II  (a)(b)
   
4,696
     
47,383
 
LF Capital Acquisition Corp. II (b)
   
4,957
     
50,859
 
Lionheart III Corp. (b)
   
2,754
     
28,242
 
Live Oak Mobility Acquisition Corp. (b)
   
1,458
     
14,660
 
M3-Brigade Acquisition II Corp. (b)
   
3,874
     
38,817
 
M3-Brigade Acquisition III Corp. (b)
   
12,589
     
127,652
 
Macondray Capital Acquisition Corp. I  (a)(b)
   
9,843
     
100,300
 
Mason Industrial Technology, Inc. (b)
   
15,441
     
154,333
 
McLaren Technology Acquisition Corp. (b)
   
3,671
     
37,481
 
MELI Kaszek Pioneer Corp.  (a)(b)
   
59,714
     
595,349
 
Mercato Partners Acquisition Corp. (b)
   
13,519
     
138,570
 
Mercury Ecommerce Acquisition Corp. (b)
   
42,969
     
436,995
 
New Vista Acquisition Corp.  (a)(b)
   
2,774
     
28,004
 
Northern Star Investment Corp. III (b)
   
2,844
     
28,582
 
Onyx Acquisition Co. I  (a)(b)
   
40,996
     
422,259
 
Oxus Acquisition Corp.  (a)(b)
   
7,470
     
77,165
 
Pathfinder Acquisition Corp.  (a)(b)
   
7,965
     
80,247
 
Patria Latin American Opportunity Acquisition Corp.  (a)(b)
   
40,000
     
414,400
 
Pearl Holdings Acquisition Corp.  (a)(b)
   
20,042
     
205,731
 
PepperLime Health Acquisition Corp. (a)(b)
   
2,488
     
25,427
 
Peridot Acquisition Corp. II  (a)(b)
   
141,010
     
1,424,906
 
Pivotal Investment Corp. III (b)
   
19,088
     
193,190
 
Plum Acquisition Corp. I  (a)(b)
   
3,193
     
32,185
 
Pontem Corp.  (a)(b)
   
19,718
     
199,349
 
Portage Fintech Acquisition Corp. (a)(b)
   
178,000
     
1,785,340
 
PowerUp Acquisition Corp.  (a)(b)
   
11,421
     
117,808
 
Project Energy Reimagined Acquisition Corp.  (a)(b)
   
750
     
7,552
 
Pyrophyte Acquisition Corp.  (a)(b)
   
10,370
     
107,122
 
RCF Acquisition Corp.  (a)(b)
   
4,957
     
50,859
 
Revelstone Capital Acquisition Corp. Founder Shares (b)(c)(d)
   
6,000
     
1,213
 
Rose Hill Acquisition Corp.  (a)(b)
   
17,296
     
180,916
 
Screaming Eagle Acquisition Corp. (a)(b)
   
148,321
     
1,475,052
 
Seaport Global Acquisition II Corp. (b)
   
23,488
     
239,578
 
Semper Paratus Acquisition Corp.  (a)(b)
   
7,865
     
81,245
 
Silver Spike Acquisition Corp. II  (a)(b)
   
22,885
     
230,910
 
Sizzle Acquisition Corp. (b)
   
9,116
     
93,166
 
Slam Corp.  (a)(b)
   
3,193
     
32,249
 
Spree Acquisition Corp. 1 Ltd.  (a)(b)
   
46,978
     
481,994
 
ST Energy Transition I Ltd.  (a)(b)
   
9,895
     
101,127
 
Supernova Partners Acquisition Co III Ltd.  (a)(b)
   
95,218
     
959,797
 
Sustainable Development Acquisition I Corp. (b)
   
2,553
     
25,683
 
SVF Investment Corp.  (a)(b)
   
26,228
     
265,165
 
SVF Investment Corp. 2  (a)(b)
   
95,844
     
966,108
 
Tailwind International Acquisition Corp.  (a)(b)
   
85,063
     
858,286
 
Target Global Acquisition I Corp.  (a)(b)
   
81,998
     
839,660
 
TB SA Acquisition Corp.  (a)(b)
   
46,958
     
473,806
 
Tech and Energy Transition Corp. (b)
   
3,193
     
32,026
 
TortoiseEcofin Acquisition Corp. III  (a)(b)
   
100,000
     
1,003,000
 
Trine II Acquisition Corp.  (a)(b)
   
53,248
     
548,721
 
two  (a)(b)
   
82,887
     
836,330
 
Vector Acquisition Corp. II  (a)(b)
   
134,709
     
1,360,561
 
Warburg Pincus Capital Corp. I-A  (a)(b)
   
47,524
     
479,992
 
Waverley Capital Acquisition Corp. 1  (a)(b)
   
135,000
     
1,352,700
 
Western Acquisition Ventures Corp. (b)
   
40,260
     
409,847
 
Worldwide Webb Acquisition Corp.  (a)(b)
   
24,963
     
254,123
 
Total Special Purpose Acquisition Companies (Cost $53,793,638)
           
54,830,145
 
                 
Rights - 0.04%
               
A SPAC I Acquisition Corp. (a)(b)
   
100,000
     
9,500
 
Broad Capital Acquisition Corp. (b)
   
100,000
     
10,000
 
Jaguar Global Growth Corp. I (a)(b)
   
50,000
     
4,000
 
Redwoods Acquisition Corp. (b)
   
11,250
     
1,365
 
ROC Energy Acquisition Corp. (b)
   
5,514
     
882
 
Total Rights (Cost $34,722)
           
25,747
 
                 
Warrants - 0.06%
               
Brigade-M3 European Acquisition Corp. (a)(b)
               
Expiration: 01/17/2027, Exercise Price: $11.50
   
38,125
     
13,344
 
Financials Acquisition Corp. (a)(b)(e)
               
Expiration: 04/04/2027, Exercise Price: $11.50
   
8,777
     
424
 
GP Bullhound Acquisition I SE (a)(b)(f)
               
Expiration: 03/11/2027, Exercise Price: $11.50
   
37,500
     
12,043
 
Hambro Perks Acquisition Corp. (a)(b)(e)
               
Expiration: 01/07/2026, Exercise Price: $11.50
   
37,500
     
3,627
 
Hiro Metaverse Acquisitions I SA (a)(b)(e)
               
Expiration: 12/21/2026, Exercise Price: $11.50
   
22,500
     
4,216
 
Parabellum Acquisition Corp. (b)
               
Expiration: 03/26/2023, Exercise Price: $11.50
   
2,299
     
92
 
Total Warrants (Cost $33,940)
           
33,746
 
                 
Money Market Funds - 9.52%
               
First American Government Obligations Fund - Class X, 4.105% (g)
   
2,739,769
     
2,739,769
 
First American Treasury Obligations Fund - Class X, 4.197% (g)
   
3,146,915
     
3,146,915
 
Total Money Market Funds (Cost $5,886,684)
           
5,886,684
 
                 
Total Investments (Cost $59,748,984) - 98.29%
           
60,776,322
 
Other Assets in Excess of Liabilities - 1.71%
           
1,058,069
 
Total Net Assets - 100.00%
         
$
61,834,391
 
                 
Percentages are stated as a percent of net assets.
               
   
(a) Foreign issued security.
               
(b) Non-income producing security.
               
(c) Illiquid security.
               
(d) Security valued using unobservable inputs.
               
(e) Holding denominated in British Pounds.
               
(f) Holding denominated in Euros.
               
(g) Seven day yield as of December 31, 2022.
               

CrossingBridge Pre-Merger SPAC ETF
                   
Schedule of Forward Currency Exchange Contracts
               
December 31, 2022 (Unaudited)
                   
                         
Settlement
Date
Counterparty
Currency to be
Delivered
 
USD Value at
December 31, 2022
 
Currency to be
Received
 
USD Value at
December 31, 2022
   
Unrealized
Appreciation / (Depreciation)
 
1/13/2023
U.S. Bank
759,000 EUR
 
$
813,292
 
802,551 USD
 
$
802,551
   
$
(10,741
)
1/13/2023
U.S. Bank
633,000 GBP
   
765,566
 
779,635 USD
   
779,635
     
14,069
 
         
$
1,578,858
     
$
1,582,186
   
$
3,328
 
                               
EUR - Euro
                             
GBP- British Pound
                         
USD - U.S. Dollars
                         

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 Yield Fund, the CrossingBridge Responsible Credit Fund, the CrossingBridge Ultra-Short Duration
Fund (collectively, the “Mutual Funds”) and the CrossingBridge Pre-Merger SPAC ETF (the “ETF”), each representing a distinct diversified series with its own
investment objective and policies within the Trust.  The investment objective of the CrossingBridge Low Duration High Yield 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 CrossingBridge Low Duration High Yield Fund commenced investment operations on
February 1, 2018. The Fund has registered both an Investor Class and Institutional Class of shares. During the fiscal quarter ended December 31, 2022, only the
Institutional Class was operational. Both the CrossingBridge Responsible Credit Fund and CrossingBridge Ultra-Short Duration Fund commenced investment
operations on June 30, 2021. Both Funds registered only an Institutional Class of shares. The investment objective of the CrossingBridge Pre-Merger SPAC ETF is to
provide total returns consistent with the preservation of capital. The ETF commenced investment operations on September 20, 2021. Costs incurred by the Funds in
connection with the organization, registration and the initial public offering of shares were paid by CrossingBridge Advisors, LLC (“the Adviser”), the Funds’
investment adviser. The Trust may issue an unlimited number of shares of beneficial interest at $0.001 par value. The Funds are investment companies and
accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards
Codification Topic 946 “Financial Services – Investment Companies.”
     
         
Significant Accounting Policies
       
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. These policies are in
conformity with generally accepted accounting principles in the United States of America (“GAAP”).
   
         
Investment Valuation
       
Each security owned by the Fund that is listed on a securities exchange, including Special Purpose Acquisition Companies ("SPACs"), is valued at its last sale price on that
exchange on the date as of which assets are valued. Bank loans are valued at prices supplied by an approved independent pricing service (“Pricing Service”), if available,
and otherwise will be valued at the most recent bid quotations or evaluated prices, as applicable, based on quotations or prices obtained from one or more broker-dealers
known to follow the issue.
       
         
If the security is listed on more than one exchange, the Fund will use the price of the exchange that the Fund generally considers to be the principal exchange on
which the security is traded. Portfolio securities listed on the NASDAQ Stock Market, LLC (“NASDAQ”) will be valued at the NASDAQ Official Closing Price, which may
not necessarily represent the last sale price. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the mean between the
most recent bid and asked prices on such day or the security shall be valued at the latest sales price on the “composite market” for the day such security is being
valued. The composite market is defined as a consolidation of the trade information provided by national securities and foreign exchanges and over-the-counter
markets as published by a Pricing Service.
       
         
Foreign securities will be priced in their local currencies as of the close of their primary exchange or market or as of the time the Fund calculates its NAV, whichever
is earlier. Foreign securities, currencies and other assets denominated in foreign currencies are then translated into U.S. dollars at the exchange rate of such
currencies against the U.S. dollar, as provided by an approved Pricing Service or reporting agency. All assets denominated in foreign currencies will be converted
into U.S. dollars using the applicable currency exchange rates as of the close of the New York Stock Exchange (“NYSE”), generally 4:00 p.m. Eastern Time.
         
Forward currency contracts are valued at the mean between the bid and asked prices by an approved Pricing Service.
 
         
Debt securities, including corporate bonds, bank loans, commercial paper, and short-term debt instruments having a maturity of 60 days or less, are valued at the
mean in accordance with prices supplied by an approved Pricing Service. Pricing Services may use various valuation methodologies such as the mean between the
bid and the asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. If a price is not available from a
Pricing Service, the most recent quotation obtained from one or more broker-dealers known to follow the issue will be obtained. Quotations will be valued at the
mean between the bid and the offer. Any discount or premium is accreted or amortized using constant yield method over the life of the security.
         
Money market funds are valued at cost. If cost does not represent current market value the securities will be priced at fair value.
 
         
SPAC Founders Shares, received as part of the initial public offering process, will be valued initially in line with the publicly traded warrants, which typically have no value
prior to the warrants being separated from the SPAC common shares. Upon a de-SPAC transaction, the valuation of the Founders Shares may be updated to reflect
more current circumstances and inputs, including the value of the publicly traded warrants or the value of the publicly traded common shares, and may include a
discount to reflect any restrictions associated with the Founders Shares.
     
         
Redeemable securities issued by open-end, registered investment companies are valued at the NAVs of such companies for purchase and/or redemption orders
placed on that day. All exchange-traded funds are valued at the last reported sale price on the exchange on which the security is principally traded.
 
If market quotations are not readily available, a security or other asset will be valued at its fair value in accordance with Rule 2a-5 of the 1940 Act as determined under the
Adviser’s fair value pricing procedures, subject to oversight by the Board of Trustees. These fair value pricing procedures will also be used to price a security when
corporate events, events in the securities market and/or world events cause the Adviser to believe that a security’s last sale price may not reflect its actual fair market value.
The intended effect of using fair value pricing procedures is to ensure that the Fund is accurately priced. The Board of Trustees will regularly evaluate whether the Fund’s
fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Fund and the quality of prices obtained through the application of such
procedures by the Adviser.
       
 
FASB Accounting Standards Codification, “Fair Value Measurements and Disclosures” Topic 820 (“ASC 820”), establishes an authoritative definition of fair value and
sets out a hierarchy for measuring fair value. ASC 820 requires an entity to evaluate certain factors to determine whether there has been a significant decrease in
volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and
adjustment may be necessary to estimate fair value. ASC 820 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair
value in those instances as well as expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:
         
Level 1 – Quoted prices in active markets for identical securities.
     
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
 
         
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
         
The following is a summary of the inputs used to value the Funds investments carried at fair value as of December 31, 2022:
 

CrossingBridge Pre-Merger SPAC ETF
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets(1):
                       
   Special Purpose Acquisition Companies
 
$
43,570,777
   
$
11,258,121
     
1,247
     
54,830,145
 
   Rights
   
10,882
     
14,865
     
-
     
25,747
 
   Warrants
   
8,360
     
25,386
     
-
     
33,746
 
   Money Market Fund
   
5,886,684
     
-
     
-
     
5,886,684
 
Total Assets
 
$
49,476,703
   
$
11,298,372
   
$
1,247
   
$
60,776,322
 
                                 
Other Financial Instruments(2):
                               
   Forward Currency Exchange Contracts
 
$
-
   
$
3,328
   
$
-
   
$
3,328
 
Total Other Financial Instruments
 
$
-
   
$
3,328
   
$
-
   
$
3,328
 
                                 
(1) See the Fund's Schedule of Investments for industry classifications.
                         
(2) Other financial instruments are forward currency exchange contracts not included in the Schedule of Investments, which are reflected at the net unrealized
 
    appreciation (depreciation) on the instrument.
                               
                                 
The following is a reconciliation of Level 3 assets in the Funds for which significant unobservable inputs were used to determine fair value:
         

CrossingBridge Pre-Merger SPAC ETF
     
   
Special Purpose Acquisition Companies
 
Beginning Balance - October 1, 2022
 
$
731
 
Purchases
   
-
 
Sales
   
(23
)
Realized gains
   
-
 
Realized losses
   
-
 
Change in unrealized appreciation (depreciation)
   
539
 
Transfer in/(out) of Level 3
   
-
 
Ending Balance - December 31, 2022
 
$
1,247
 

The following table represents additional information about valuation methodologies and inputs used for investments that are measured at fair value and
 
categorized within Level 3 as of December 31, 2022:
       

CrossingBridge Pre-Merger SPAC ETF
               
Description
 
Fair Value
December 31, 2022
 
Valuation Methodologies
Unobservable Input
 
Range/Weighted
Average Unobservable
Input
 
Special Purpose Acquisition Companies*
 
$
1,247
 
Company-specific information
Market assessment
 
$
0-$1
 
                     
* Table presents information for two securities, which have been valued between $0.01 and $0.21 throughout the period.