NPORT-EX 2 resp-nport.htm NPORT-EX

CrossingBridge Responsible Credit Fund
 
Schedule of Investments
 
as of December 31, 2023 (Unaudited)
 
   
CORPORATE BONDS - 46.4%
   
Par
   
Value
 
Arts, Entertainment, and Recreation - 0.9%
 
DEAG Deutsche Entertainment AG, 8.00%, 07/12/2026
EUR
 
$
232,000
   
$
268,301
 
                   
Construction - 0.7%
 
Five Point Operating Co. LP / Five Point Capital Corp., 7.88%, 11/15/2025  (a)
     
209,000
     
207,108
 
                   
Finance and Insurance - 9.6%
 
Esmaeilzadeh Holding AB, 11.59% (3 Month STIBOR + 7.50%), 01/26/2025  (b)
SEK
   
2,500,000
     
229,127
 
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
 
4.75%, 09/15/2024
     
143,000
     
142,215
 
9.75%, 01/15/2029  (a)
     
546,000
     
557,712
 
Novedo Holding AB, 10.65% (3 Month STIBOR + 6.50%), 11/26/2024  (b)
SEK
   
1,250,000
     
115,258
 
Stockwik Forvaltning AB, 12.09% (3 Month STIBOR + 8.00%), 03/20/2026  (b)
SEK
   
8,750,000
     
837,679
 
StoneX Group, Inc., 8.63%, 06/15/2025  (a)
     
1,063,000
     
1,078,668
 
       
2,960,659
 
                   
Information - 12.6%
 
American Greetings Corp., 8.75%, 04/15/2025  (a)
     
180,000
     
179,901
 
Calligo UK Ltd., 12.43% (3 Month EURIBOR + 8.50%), 12/29/2024  (b)
EUR
   
100,000
     
76,724
 
Citrix Systems, Inc., 4.50%, 12/01/2027
     
145,000
     
116,365
 
Clear Channel International BV, 6.63%, 08/01/2025  (a)
     
542,000
     
545,058
 
Connect Finco SARL / Connect US Finco LLC, 6.75%, 10/01/2026  (a)
     
400,000
     
398,010
 
Go North Group AB, 15.12%, 02/09/2026
     
532,250
     
441,768
 
Hughes Satellite Systems Corp., 5.25%, 08/01/2026
     
198,000
     
174,436
 
INNOVATE Corp., 8.50%, 02/01/2026  (a)
     
460,000
     
356,500
 
Lithium Midco II Ltd., 10.72% (3 Month EURIBOR + 6.75%), 07/09/2025  (b)
EUR
   
645,000
     
690,684
 
OpNet S.p.A., 10.97% (3 Month EURIBOR + 7.00%), 02/09/2026  (a)(b)
EUR
   
553,000
     
614,299
 
Ziff Davis, Inc., 4.63%, 10/15/2030  (a)
     
318,000
     
292,091
 
       
3,885,836
 
                   
Manufacturing - 11.9%
 
Chobani LLC / Chobani Finance Corp., Inc., 7.50%, 04/15/2025  (a)
     
186,000
     
185,229
 
Elkem ASA, 6.29% (3 Month NIBOR + 1.55%), 08/31/2028  (b)
NOK
   
8,000,000
     
789,746
 
Fiven ASA, 10.66% (3 Month EURIBOR + 6.70%), 12/11/2026  (b)
EUR
   
1,001,000
     
1,116,102
 
Infrabuild Australia Pty Ltd., 14.50%, 11/15/2028  (a)
     
1,048,000
     
1,080,750
 
LR Global Holding GmbH, 11.21% (3 Month EURIBOR + 7.25%), 02/03/2025  (b)
EUR
   
300,000
     
325,389
 
Secop Group Holding GmbH, 12.33% (3 Month EURIBOR + 8.40%), 12/29/2026  (b)
EUR
   
150,000
     
168,490
 
       
3,665,706
 
                   
Mining, Quarrying, and Oil and Gas Extraction - 2.5%
 
Tacora Resources, Inc., 13.00%, 11/03/2023  (a)(c)
     
757,525
     
757,525
 
                   
Professional, Scientific, and Technical Services - 1.7%
 
Getty Images, Inc., 9.75%, 03/01/2027  (a)
     
290,000
     
292,543
 
Rebellion Operations AB, 12.13% (3 Month STIBOR + 8.00%), 05/20/2025  (b)
SEK
   
2,500,000
     
229,755
 
       
522,298
 
                   
Transportation and Warehousing - 3.9%
 
Skill BidCo ApS, 10.71% (3 Month EURIBOR + 6.75%), 03/02/2028  (b)
EUR
   
159,000
     
177,072
 
Uber Technologies, Inc., 8.00%, 11/01/2026  (a)
     
489,000
     
498,414
 
XPO, Inc., 6.25%, 06/01/2028  (a)
     
512,000
     
519,085
 
       
1,194,571
 
                   
Utilities - 2.6%
 
IEA Energy Services LLC, 6.63%, 08/15/2029  (a)
     
862,000
     
801,660
 
TOTAL CORPORATE BONDS (Cost $14,138,743)
     
14,263,664
 
                   
BANK LOANS - 22.4%
   
Par
   
Value
 
Arts, Entertainment, and Recreation - 2.9%
 
NAI Entertainment Holdings LLC, 8.47% (1 Month SOFR + 5.00%), 05/08/2025  (b)
     
901,170
     
897,038
 
                   
Information - 4.1%
 
Cengage Learning, Inc., First Lien 10.41% (3 Month SOFR + 4.75%), 07/14/2026  (b)
     
988,636
     
993,021
 
Lions Gate Capital Holdings LLC, First Lien 7.71% (1 Month SOFR + 2.25%), 03/24/2025  (b)
     
279,810
     
279,685
 
       
1,272,706
 
                   
Manufacturing - 8.8%
 
Chobani LLC, 8.97% (1 Month LIBOR + 3.50%), 10/23/2027  (b)
     
496,164
     
497,652
 
Chobani LLC, First Lien 9.11% (1 Month SOFR + 3.75%), 10/25/2027  (b)
     
686,000
     
688,000
 
Crocs, Inc., 8.50% (3 Month LIBOR + 3.50%), 02/19/2029  (b)
     
101,829
     
102,365
 
Diebold Nixdorf, Inc., 12.86% (3 Month SOFR + 7.50%), 08/11/2028  (b)
     
140,682
     
145,034
 
Elevate Textiles, Inc., 14.04% (3 Month SOFR + 8.65%), 09/30/2027  (b)
     
773,115
     
770,216
 
First Brands Group LLC, First Lien 10.88% (6 Month SOFR + 5.00%), 03/30/2027  (b)
     
513,158
     
510,274
 
       
2,713,541
 
                   
Professional, Scientific, and Technical Services - 3.2%
 
Magnite, Inc., 10.47% (1 Month SOFR + 5.00%), 04/30/2028  (b)
     
970,000
     
974,651
 
                   
Retail Trade - 3.4%
 
Mountaineer Merger Corp., 12.64% (3 Month LIBOR + 7.00%), 10/22/2028  (b)
     
480,519
     
362,192
 
The Container Store, Inc., 10.36% (3 Month LIBOR + 4.75%), 01/31/2026  (b)
     
740,964
     
672,424
 
       
1,034,616
 
TOTAL BANK LOANS (Cost $6,894,127)
     
6,892,552
 
                   
ASSET-BACKED SECURITIES - 3.0%
   
Par
   
Value
 
Transportation and Warehousing - 3.0%
 
Hawaiian Airlines 2013-1 Class A Pass Through Certificates, Series 2013-1, 3.90%, 01/15/2026
     
992,826
     
930,992
 
TOTAL ASSET-BACKED SECURITIES (Cost $911,471)
     
930,992
 
                   
CONVERTIBLE BONDS - 3.0%
   
Par
   
Value
 
Information - 3.0%
 
DocuSign, Inc., 0.00%, 01/15/2024  (d)
     
709,000
     
709,017
 
UpHealth, Inc., 0.00% (SOFR + 9.00%), 12/15/2025  (a)(b)
     
250,000
     
216,751
 
TOTAL CONVERTIBLE BONDS (Cost $894,887)
     
925,768
 
                   
COLLATERALIZED MORTGAGE OBLIGATIONS - 2.1%
   
Par
   
Value
 
Finance and Insurance - 2.1%
 
BX Trust, Series 2021-VOLT, Class C, 6.58% (1 Month SOFR + 1.21%), 09/15/2036  (a)(e)
     
679,000
     
655,342
 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $650,697)
     
655,342
 
                   
REAL ESTATE INVESTMENT TRUSTS - 1.1%
   
Shares
   
Value
 
Real Estate and Rental and Leasing - 1.1%
         
CTO Realty Growth, Inc.
     
20,000
     
346,600
 
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $344,526)
     
346,600
 
                   
COMMON STOCKS - 0.5%
   
Shares
   
Value
 
Manufacturing - 0.5%
         
RA PARENT INC(c)(f)
     
3
     
147,600
 
TOTAL COMMON STOCKS (Cost $177,000)
     
147,600
 
                   
PREFERRED STOCKS - 0.4%
           
Value
 
Mining, Quarrying, and Oil and Gas Extraction - 0.4%
         
NGL Energy Partners LP, Series B, 12.82% (3 Month LIBOR + 7.21%), Perpetual(b)
     
4,719
     
130,386
 
TOTAL PREFERRED STOCKS (Cost $82,774)
     
130,386
 
                   
SHORT-TERM INVESTMENTS - 20.1%
                 
Money Market Funds - 4.1%
   
Shares
         
First American Treasury Obligations Fund - Class X - Class X, 5.29%(g)
     
1,271,532
     
1,271,532
 
                   
Commercial Paper - 16.0%
   
Par
         
Information — 3.9%
                 
Global Payments, Inc., 6.05%, 01/16/2024(h)
     
800,000
     
797,552
 
Rogers Communications, Inc., 5.79%, 02/01/2024(h)
     
400,000
     
397,884
 
               
1,195,436
 
                   
Manufacturing — 8.3%
                 
Albemarle Corp., 6.16%, 01/05/2024(h)
     
550,000
     
549,386
 
General Motors Financial Co., Inc., 5.83%, 01/10/2024(h)
     
600,000
     
598,890
 
Jabil, Inc., 6.11%, 01/05/2024(h)
     
395,000
     
394,533
 
Stanley Black & Decker, Inc., 5.73%, 01/16/2024(h)
     
750,000
     
747,958
 
VF Corp., 6.54%, 01/25/2024(h)
     
250,000
     
248,981
 
               
2,539,748
 
                   
Retail Trade — 1.2%
                 
AutoNation, Inc., 5.26%, 01/03/2024(h)
     
371,000
     
370,705
 
                   
Wholesale Trade — 2.6%
                 
Arrow Electronics, Inc., 5.84%, 01/10/2024(h)
     
804,000
     
802,446
 
       
4,908,335
 
TOTAL SHORT-TERM INVESTMENTS (Cost $6,181,769)
     
6,179,867
 
                   
TOTAL INVESTMENTS - 99.0% (Cost $30,275,994)
   
$
30,472,771
 
Other Assets in Excess of Liabilities – 1.0%
     
262,131
 
TOTAL NET ASSETS - 100.0%
           
$
30,734,902
 
           
Percentages are stated as a percent of net assets.
         
Par amount is in U.S. Dollar unless otherwise indicated.
         

EURIBOR – Euro-Interbank Offer Rate
 
LIBOR - London Interbank Offered 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 $12,544,983 or 40.8% 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 $905,125 or 2.9% of net assets as of December 31, 2023.
(d)
Zero coupon bonds make no periodic interest payments but are issued at a discount from par value.
(e)
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.
(f)
Non-income producing security.
(g)
The rate shown represents the 7-day effective yield as of December 31, 2023.
(h)
The rate shown is the effective yield.

CrossingBridge Responsible Credit 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
   
4,907,815
 
EUR
   
4,525,000
 
U.S. Bancorp Investments, Inc.
 
$
(90,462
)
1/12/2024
USD
   
744,447
 
NOK
   
8,020,000
 
U.S. Bancorp Investments, Inc.
   
(45,227
)
1/12/2024
USD
   
1,339,000
 
SEK
   
13,800,000
 
U.S. Bancorp Investments, Inc.
   
(30,034
)
1/12/2024
EUR
   
1,455,000
 
USD
   
1,607,586
 
U.S. Bancorp Investments, Inc.
   
(405
)
                              
$
(166,128
)
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 Responsible Credit Fund
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets(1):
                       
   Corporate Bonds
 
$
-
   
$
13,506,139
   
$
757,525
   
$
14,263,664
 
   Bank Loans
   
-
     
6,892,552
     
-
     
6,892,552
 
   Asset-Backed Securities
   
-
     
930,992
     
-
     
930,992
 
   Convertible Bonds
   
-
     
925,768
     
-
     
925,768
 
   Collateralized Mortgage Obligations
   
-
     
655,342
     
-
     
655,342
 
   Real Estate Investment Trusts
   
346,600
     
-
     
-
     
346,600
 
   Common Stocks
   
-
     
-
     
147,600
     
147,600
 
   Preferred Stocks
   
130,386
     
-
     
-
     
130,386
 
   Short-Term Investments
   
1,271,532
     
4,908,335
     
-
     
6,179,867
 
Total Assets
 
$
1,748,518
   
$
27,819,128
   
$
905,125
   
$
30,472,771
 
                                 
Other Financial Instruments(2):
                               
   Forward Currency Exchange Contracts
 
$
-
   
$
(166,128
)
 
$
-
   
$
(166,128
)
Total Other Financial Instruments
 
$
-
   
$
(166,128
)
 
$
-
   
$
(166,128
)
                                 
(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 Responsible Credit Fund
                               
   
Corporate Bonds
   
Common Stocks
                 
Beginning Balance - October 1, 2023
 
$
755,008
   
$
177,600
                 
Purchases
   
2,517
     
-
                 
Sales
   
-
     
-
                 
Realized gains
   
-
     
-
                 
Realized losses
   
-
     
-
                 
Change in unrealized appreciation (depreciation)
   
-
     
(30,000
)
               
Transfer in/(out) of Level 3
   
-
     
-
                 
Ending Balance - December 31, 2023
 
$
757,525
   
$
147,600
                 
                                 
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 Responsible Credit Fund
                               
Description
 
Fair Value
December 31, 2023
   
Valuation Methodologies
   
Unobservable Input
   
Range/Weighted
Average Unobservable Input
 
Corporate Bonds
 
$
757,525
   
Liquidation analysis
   
Transaction price
     
N/A
 
Common Stocks
 
$
147,600
   
Market comparable
   
Transaction price
     
N/A