NPORT-EX 2 ultra-nport.htm NPORT-EX

CrossingBridge Ultra-Short Duration Fund
 
Schedule of Investments
 
as of December 31, 2023 (Unaudited)
 
   
CORPORATE BONDS - 67.0%
   
Par
   
Value
 
Finance and Insurance - 6.3%
 
Brookfield Finance, Inc., 4.00%, 04/01/2024
     
106,000
   
$
105,525
 
Fairfax US, Inc., 4.88%, 08/13/2024  (a)
     
1,400,000
     
1,397,741
 
Fidelity National Information Services, Inc., 0.60%, 03/01/2024
     
2,547,000
     
2,524,925
 
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 4.75%, 09/15/2024
     
1,767,000
     
1,757,303
 
Novedo Holding AB, 10.65% (3 Month STIBOR + 6.50%), 11/26/2024  (b)
SEK
   
6,250,000
     
576,291
 
       
6,361,785
 
                   
Information - 11.1%
 
Calligo UK Ltd., 12.43% (3 Month EURIBOR + 8.50%), 12/29/2024  (b)
EUR
   
400,000
     
306,897
 
Fox Corp., 4.03%, 01/25/2024
     
2,250,000
     
2,247,340
 
Lithium Midco II Ltd., 10.72% (3 Month EURIBOR + 6.75%), 07/09/2025  (b)
EUR
   
1,773,000
     
1,898,580
 
OpNet S.p.A., 10.97% (3 Month EURIBOR + 7.00%), 02/09/2026  (a)(b)
EUR
   
2,108,000
     
2,341,667
 
Sprint LLC, 7.13%, 06/15/2024
     
1,805,000
     
1,814,023
 
TD SYNNEX Corp., 1.25%, 08/09/2024
     
877,000
     
855,344
 
WarnerMedia Holdings, Inc., 3.43%, 03/15/2024
     
1,677,000
     
1,668,277
 
       
11,132,128
 
                   
Manufacturing - 24.5%
 
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.63%, 01/15/2024
     
1,859,000
     
1,857,326
 
Cannabist Co. Holdings, Inc.
 
13.00%, 05/14/2024
     
355,000
     
353,133
 
9.50%, 02/03/2026
     
2,016,000
     
1,703,520
 
Chobani LLC / Chobani Finance Corp., Inc., 7.50%, 04/15/2025  (a)
     
2,374,000
     
2,364,160
 
CNH Industrial Capital LLC, 4.20%, 01/15/2024
     
2,233,000
     
2,231,337
 
Conagra Brands, Inc., 4.30%, 05/01/2024
     
1,800,000
     
1,790,770
 
Eastman Chemical Co., 7.25%, 01/15/2024
     
2,725,000
     
2,726,184
 
Elkem ASA, 6.29% (3 Month NIBOR + 1.55%), 08/31/2028  (b)
NOK
   
25,000,000
     
2,467,956
 
General Motors Financial Co., Inc., 5.10%, 01/17/2024
     
1,414,000
     
1,413,509
 
Graphic Packaging International LLC, 0.82%, 04/15/2024  (a)
     
1,300,000
     
1,282,741
 
Microchip Technology, Inc., 0.97%, 02/15/2024
     
3,015,000
     
2,997,161
 
Qorvo, Inc., 1.75%, 12/15/2024
     
1,400,000
     
1,342,796
 
Tapestry, Inc., 7.05%, 11/27/2025
     
2,000,000
     
2,047,006
 
       
24,577,599
 
                   
Mining, Quarrying, and Oil and Gas Extraction - 11.8%
 
CrownRock LP / CrownRock Finance, Inc., 5.63%, 10/15/2025  (a)
     
2,454,000
     
2,452,270
 
Glencore Funding LLC, 4.63%, 04/29/2024  (a)
     
2,579,000
     
2,568,459
 
Mime Petroleum AS, 9.75%, 09/17/2025
     
711,747
     
669,042
 
NGL Energy Partners LP / NGL Energy Finance Corp., 6.13%, 03/01/2025
     
2,350,000
     
2,347,130
 
PDC Energy, Inc., 5.75%, 05/15/2026
     
2,702,000
     
2,698,996
 
Vital Energy, Inc., 9.50%, 01/15/2025
     
1,125,000
     
1,126,184
 
       
11,862,081
 
                   
Professional, Scientific, and Technical Services - 4.4%
 
Getty Images, Inc., 9.75%, 03/01/2027  (a)
     
827,000
     
834,251
 
Interpublic Group of Companies, Inc., 4.20%, 04/15/2024
     
2,361,000
     
2,347,997
 
Teledyne Technologies, Inc., 0.95%, 04/01/2024
     
1,250,000
     
1,235,870
 
       
4,418,118
 
                   
Real Estate and Rental and Leasing - 5.5%
 
American Tower Corp., 5.00%, 02/15/2024
     
2,213,000
     
2,210,367
 
REX - Real Estate Exchange, Inc., 6.00%, 03/15/2025  (a)
     
937,500
     
926,812
 
Triton Container International Ltd., 1.15%, 06/07/2024  (a)
     
2,395,000
     
2,337,374
 
       
5,474,553
 
                   
Transportation and Warehousing - 1.8%
 
Kinder Morgan Energy Partners LP, 4.15%, 02/01/2024
     
1,845,000
     
1,842,272
 
                   
Utilities - 1.6%
 
Monongahela Power Co., 4.10%, 04/15/2024  (a)
     
1,567,000
     
1,556,585
 
TOTAL CORPORATE BONDS (Cost $67,479,322)
     
67,225,121
 
                   
COLLATERALIZED MORTGAGE OBLIGATIONS - 9.8%
   
Par
   
Value
 
Finance and Insurance - 9.8%
 
BX Commercial Mortgage Trust, Series 2021-SOAR, Class B, 6.35% (1 Month SOFR + 0.98%), 06/15/2038  (a)(d)
     
1,219,924
     
1,197,414
 
BX Trust
 
Series 2019-XL, Class A, 6.40% (1 Month SOFR + 1.03%), 10/15/2036  (a)(d)
     
494,240
     
493,112
 
Series 2021-VOLT, Class C, 6.58% (1 Month SOFR + 1.21%), 09/15/2036  (a)(d)
     
2,424,000
     
2,339,543
 
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class C, 7.11% (1 Month SOFR + 1.50%), 12/15/2037  (a)(d)
     
930,000
     
921,591
 
Cold Storage Trust, Series 2020-ICE5, Class D, 7.57% (1 Month SOFR + 2.21%), 11/15/2037  (a)(d)
     
1,058,681
     
1,047,424
 
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 7.01% (1 Month SOFR + 1.65%), 05/15/2036  (a)(d)
     
2,796,044
     
2,787,613
 
Life 2022-BMR Mortgage Trust, Series 2022-BMR2, Class A1, 6.66% (1 Month SOFR + 1.30%), 05/15/2039  (a)(d)
     
900,000
     
881,107
 
SMRT 2022-MINI, Series 2022-MINI, Class B, 6.71% (1 Month SOFR + 1.35%), 01/15/2039  (a)(d)
     
114,000
     
111,310
 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $9,737,815)
     
9,779,114
 
                   
ASSET-BACKED SECURITIES - 9.3%
   
Par
   
Value
 
Agriculture, Forestry, Fishing and Hunting - 0.2%
 
ARM Master Trust LLC, Series 2023-T1, Class A, 6.56%, 02/17/2025  (a)
     
205,000
     
204,911
 
                   
Finance and Insurance - 3.4%
 
HTS Fund LLC, Series 2021-1, Class A, 1.41%, 08/25/2036  (a)
     
1,773,670
     
1,570,102
 
Lendingpoint Asset Securitization Trust, Series 2022-B, Class A, 4.77%, 10/15/2029  (a)
     
135,432
     
134,102
 
MMAF Equipment Finance LLC, Series 2022-B, Class A2, 5.57%, 09/09/2025  (a)
     
1,723,723
     
1,722,590
 
       
3,426,794
 
                   
Manufacturing - 0.2%
 
Daimler Trucks Retail Trust, Series 2022-1, Class A2, 5.07%, 09/16/2024
     
170,073
     
170,346
 
                   
Transportation and Warehousing - 5.5%
 
Delta Air Lines, Inc., Series 2019-1, 3.20%, 04/25/2024
     
2,500,000
     
2,480,230
 
LAD Auto Receivables Trust
 
Series 2023-1A, Class A2, 5.68%, 10/15/2026  (a)
     
472,252
     
471,775
 
Series 2023-3A, Class A2, 6.09%, 06/15/2026  (a)
     
2,541,150
     
2,547,437
 
Santander Consumer Auto Receivables Trust, Series 2021-BA, Class B, 1.45%, 10/16/2028  (a)
     
47,181
     
46,913
 
       
5,546,355
 
TOTAL ASSET-BACKED SECURITIES (Cost $9,353,339)
     
9,348,406
 
                   
CONVERTIBLE BONDS - 2.9%
   
Par
   
Value
 
Information - 2.9%
 
DocuSign, Inc., 0.00%, 01/15/2024  (e)
     
1,954,000
     
1,954,045
 
Leafly Holdings, Inc., 8.00%, 01/31/2025  (c)
     
1,089,000
     
925,650
 
TOTAL CONVERTIBLE BONDS (Cost $3,038,441)
     
2,879,695
 
                   
BANK LOANS - 2.6%
   
Par
   
Value
 
Arts, Entertainment, and Recreation - 2.6%
 
NAI Entertainment Holdings LLC, 8.47% (1 Month SOFR + 5.00%), 05/08/2025  (b)
     
2,598,424
     
2,586,510
 
TOTAL BANK LOANS (Cost $2,540,693)
     
2,586,510
 
                   
WARRANTS - 0.0%(f)
   
Contracts
   
Value
 
Information - 0.0%(f)
         
Leafly Holdings, Inc., Expires November 07, 2026, Exercise Price $11.50(g)
     
5,553
     
87
 
TOTAL WARRANTS (Cost $0)
     
87
 
                   
SPECIAL PURPOSE ACQUISITION COMPANIES (SPACs) - 0.0%(f)
   
Shares
   
Value
 
Berenson Acquisition Corp. Founder Shares(c)(g)
     
1,827
     
0
 
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (SPACs) (Cost $7)
     
0
 
                   
SHORT-TERM INVESTMENTS - 6.2%
                 
Money Market Funds - 0.3%
   
Shares
         
First American Treasury Obligations Fund - Class X - Class X, 5.29%(h)
     
258,203
     
258,203
 
                   
Commercial Paper - 5.9%
   
Par
         
Information — 2.0%
                 
Global Payments, Inc., 6.13%, 01/29/2024(i)
     
2,000,000
     
1,989,542
 
                   
Manufacturing — 2.5%
                 
FMC Corp., 6.19%, 01/12/2024(i)
     
1,446,000
     
1,442,593
 
Jabil, Inc., 6.11%, 01/05/2024(i)
     
1,106,000
     
1,104,694
 
               
2,547,287
 
                   
Retail Trade — 1.4%
                 
Walgreens Boots Alliance, Inc., 6.37%, 01/10/2024(i)
     
1,397,000
     
1,394,203
 
               
5,931,032
 
TOTAL SHORT-TERM INVESTMENTS (Cost $6,192,193)
     
6,189,235
 
                   
TOTAL INVESTMENTS - 97.8% (Cost $98,341,810)
   
$
98,008,168
 
Other Assets in Excess of Liabilities - 2.2%
     
2,197,362
 
TOTAL NET ASSETS - 100.0%
           
$
100,205,530
 
           
Percentages are stated as a percent of net assets.
         
Par amount is in U.S. Dollar unless otherwise indicated.
         

EURIBOR – Euro-Interbank Offer Rate
 
NIBOR – Norwegian Interbank Offer Rate
 
SOFR - Secured Overnight Financing Rate
 
STIBOR – Stockholm Interbank Offer Rate
 

(a)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2023, the value of these securities total $37,086,291 or 37.0% of the Fund’s net assets.
(b)
Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of December 31, 2023.
(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 $925,650 or 0.9% of net assets as of December 31, 2023.
(d)
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 December 31, 2023.
(e)
Zero coupon bonds make no periodic interest payments but are issued at a discount from par value.
(f)
Represents less than 0.05% of net assets.
(g)
Non-income producing security.
(h)
The rate shown represents the 7-day effective yield as of December 31, 2023.
(i)
The rate shown is the effective yield.

CrossingBridge Ultra-Short Duration Fund
 
Schedule of Forward Currency Contracts
 
as of December 31, 2023 (Unaudited)
 
   
Settlement Date
Currency to be Received
 
Currency to be Delivered
 
Counterparty
 
Unrealized Appreciation (Depreciation)
 
                         
1/12/2024
USD
   
4,677,092
 
EUR
   
4,289,000
 
U.S. Bancorp Investments, Inc.
 
$
(60,501
)
1/12/2024
USD
   
2,326,164
 
NOK
   
25,060,000
 
U.S. Bancorp Investments, Inc.
   
(141,320
)
1/12/2024
USD
   
559,372
 
SEK
   
5,765,000
 
U.S. Bancorp Investments, Inc.
   
(12,547
)
                              
$
(214,368
)
EUR - Euro
NOK - Norwegian Krone
SEK - Swedish Krona
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 and the RiverPark Strategic Income Fund (collectively, the “Mutual Funds”) and the CrossingBridge Pre-Merger SPAC ETF (the “ETF”), each representing a
distinct diversified series with its own investment objective and policies within the Trust.  The investment objective of the CrossingBridge Low Duration High 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 investment objective of the RiverPark Strategic
Income Fund is seek high current income and capital appreciation with the preservation of capital.  The CrossingBridge Low Duration High 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, 2023, 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 RiverPark Strategic Income Fund commenced
investment operations on September 30, 2013.  From commencement date through May 12, 2023, the RiverPark Strategic Income was a series of the RiverPark Funds
Trust.  On May 13, 2023, the Fund reorganized into the Trust.  The Fund has registered and currently offers both an Institutional Class 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. Costs incurred by the Funds in connection with the organization, registration and the initial public offering of shares
were paid by CrossingBridge Advisors, LLC (“the Adviser”), the Funds’ investment adviser. The Trust may issue an unlimited number of shares of beneficial interest
at $0.001 par value. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial
Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies.”
 
         
Significant Accounting Policies
       
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. These policies are in
conformity with generally accepted accounting principles in the United States of America (“GAAP”).
   
         
Investment Valuation
       
Each security owned by the Fund that is listed on a securities exchange, including Special Purpose Acquisition Companies ("SPACs"), is valued at its last sale price on that
exchange on the date as of which assets are valued. Bank loans are valued at prices supplied by an approved independent pricing service (“Pricing Service”), if available,
and otherwise will be valued at the most recent bid quotations or evaluated prices, as applicable, based on quotations or prices obtained from one or more broker-dealers
known to follow the issue.
       
         
If the security is listed on more than one exchange, the Fund will use the price of the exchange that the Fund generally considers to be the principal exchange on
which the security is traded. Portfolio securities listed on the NASDAQ Stock Market, LLC (“NASDAQ”) will be valued at the NASDAQ Official Closing Price, which may
not necessarily represent the last sale price. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the mean between the
most recent bid and asked prices on such day or the security shall be valued at the latest sales price on the “composite market” for the day such security is being
valued. The composite market is defined as a consolidation of the trade information provided by national securities and foreign exchanges and over-the-counter
markets as published by a Pricing Service.
       
         
Foreign securities will be priced in their local currencies as of the close of their primary exchange or market or as of the time the Fund calculates its NAV, whichever
is earlier. Foreign securities, currencies and other assets denominated in foreign currencies are then translated into U.S. dollars at the exchange rate of such
 
currencies against the U.S. dollar, as provided by an approved Pricing Service or reporting agency. All assets denominated in foreign currencies will be converted
into U.S. dollars using the applicable currency exchange rates as of the close of the New York Stock Exchange (“NYSE”), generally 4:00 p.m. Eastern Time.
 
         
Debt securities, including corporate bonds, bank loans, commercial paper, and short-term debt instruments having a maturity of 60 days or less, are valued at the
mean in accordance with prices supplied by an approved Pricing Service. Pricing Services may use various valuation methodologies such as the mean between the
bid and the asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. If a price is not available from a
Pricing Service, the most recent quotation obtained from one or more broker-dealers known to follow the issue will be obtained. Quotations will be valued at the
mean between the bid and the offer. Any discount or premium is accreted or amortized using constant yield method over the life of the security.
 
         
Money market funds are valued at cost. If cost does not represent current market value the securities will be priced at fair value.
 
         
SPAC Founders Shares, received as part of the initial public offering process, will be valued initially in line with the publicly traded warrants, which typically have no value
prior to the warrants being separated from the SPAC common shares. Upon a de-SPAC transaction, the valuation of the Founders Shares may be updated to reflect
more current circumstances and inputs, including the value of the publicly traded warrants or the value of the publicly traded common shares, and may include a
discount to reflect any restrictions associated with the Founders Shares.
     
         
Redeemable securities issued by open-end, registered investment companies are valued at the NAVs of such companies for purchase and/or redemption orders
placed on that day. All exchange-traded funds are valued at the last reported sale price on the exchange on which the security is principally traded.
 
 
If market quotations are not readily available, a security or other asset will be valued at its fair value in accordance with Rule 2a-5 of the 1940 Act as determined under the
Adviser’s fair value pricing procedures, subject to oversight by the Board of Trustees. These fair value pricing procedures will also be used to price a security when
corporate events, events in the securities market and/or world events cause the Adviser to believe that a security’s last sale price may not reflect its actual fair market value.
The intended effect of using fair value pricing procedures is to ensure that the Fund is accurately priced. The Board of Trustees will regularly evaluate whether the Fund’s
fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Fund and the quality of prices obtained through the application of such
procedures by the Adviser.
       
 
FASB Accounting Standards Codification, “Fair Value Measurements and Disclosures” Topic 820 (“ASC 820”), establishes an authoritative definition of fair value and
sets out a hierarchy for measuring fair value. ASC 820 requires an entity to evaluate certain factors to determine whether there has been a significant decrease in
volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and
 
adjustment may be necessary to estimate fair value. ASC 820 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair
value in those instances as well as expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:
         
Level 1 – Quoted prices in active markets for identical securities.
     
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
 
         
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
         
The following is a summary of the inputs used to value the Funds investments carried at fair value as of December 31, 2023:
   

CrossingBridge Ultra-Short Duration Fund
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets(1):
                       
   Corporate Bonds
 
$
-
   
$
67,225,121
   
$
-
   
$
67,225,121
 
Collateralized Mortgage Obligations
   
-
     
9,779,114
     
-
     
9,779,114
 
   Asset-Backed Securities
   
-
     
9,348,406
     
-
     
9,348,406
 
   Convertible Bonds
   
-
     
1,954,045
     
925,650
     
2,879,695
 
   Bank Loans
   
-
     
2,586,510
     
-
     
2,586,510
 
   Warrants
   
87
     
-
     
-
     
87
 
   Short-Term Investments
   
258,203
     
5,931,032
     
-
     
6,189,235
 
Total Assets
 
$
258,290
   
$
96,824,228
   
$
925,650
   
$
98,008,168
 
                                 
Other Financial Instruments(2):
                               
   Forward Currency Exchange Contracts
 
$
-
   
$
(214,368
)
 
$
-
   
$
(214,368
)
Total Other Financial Instruments
 
$
-
   
$
(214,368
)
 
$
-
   
$
(214,368
)
                                 
(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 Ultra-Short Duration Fund
                               
   
Convertible Bonds
   
Special Purpose
Acquisition Companies
                 
Beginning Balance - October 1, 2023
 
$
925,650
   
$
-
                 
Purchases
   
-
     
-
                 
Sales
   
-
     
-
                 
Realized gains
   
-
     
-
                 
Realized losses
   
-
     
-
                 
Change in unrealized appreciation (depreciation)
   
-
     
-
                 
Transfer in/(out) of Level 3
   
-
     
-
                 
Ending Balance - December 31, 2023
 
$
925,650
   
$
-
                 
                                 
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, 2023:
                               
                                 
CrossingBridge Ultra-Short Duration Fund
                               
Description
 
Fair Value
December 31, 2023
   
Valuation Methodologies
   
Unobservable Input
   
Range/Weighted
Average Unobservable
Input
 
Convertible Bonds
 
$
925,650
   
Liquidation analysis
   
Yield to maturity
     
21.60%

Special Purpose Acquisition Companies*
 
$
-
   
Market comparable
   
Market price of similar asset
   

$0
 
                                 
* Table presents information for one security, which has been valued at $0.00 throughout the period.