NPORT-EX 2 respcredit.htm

CrossingBridge Responsible Credit Fund
 
Schedule of Investments
 
June 30, 2024 (Unaudited)
 
   
CORPORATE BONDS - 44.1%
 
Par
   
Value
 
Construction - 0.5%
 
Five Point Operating Co. LP / Five Point Capital Corp., 10.50%, 01/15/2028 (a)(b)
   
$
175,474
   
$
180,052
 
                   
Finance and Insurance - 8.3%
 
Esmaeilzadeh Holding AB, 11.40% (3 Month Stockholm Interbank Offered Rates + 7.50%), 01/26/2025
SEK
   
5,000,000
     
469,860
 
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 9.75%, 01/15/2029 (a)
     
546,000
     
566,340
 
Novedo Holding AB, 10.27% (3 Month Stockholm Interbank Offered Rates + 6.50%), 11/26/2024
SEK
   
2,500,000
     
232,923
 
Stockwik Forvaltning AB, 11.72% (3 Month Stockholm Interbank Offered Rates + 8.00%), 03/20/2026
SEK
   
8,750,000
     
837,933
 
StoneX Group, Inc., 7.88%, 03/01/2031 (a)
     
827,000
     
853,650
 
       
2,960,706
 
                   
Health Care and Social Assistance - 1.7%
 
Orexo AB, 10.22% (3 Month Stockholm Interbank Offered Rates + 6.50%), 03/28/2028
SEK
   
6,250,000
     
604,736
 
                   
Information - 15.3%
 
Cabonline Group Holding AB
 
14.00%, 03/19/2026
SEK
   
6,292,000
     
619,700
 
14.00%, 03/19/2026
SEK
   
3,364,000
     
321,325
 
Calligo UK Ltd., 10.72% (3 mo. EURIBOR + 7.00%), 12/29/2028
EUR
   
103,520
     
68,182
 
Go North Group AB
 
0.00%, 02/09/2026
     
22,611
     
12,436
 
11.12% (SOFR + 5.76%), 02/09/2026
     
320,394
     
272,335
 
15.12%, 02/09/2026
     
162,585
     
89,422
 
15.00%, 02/02/2028  (c)
SEK
   
222,749
     
0
 
INNOVATE Corp., 8.50%, 02/01/2026 (a)
     
460,000
     
347,300
 
Inteno Group AB, 11.27% (3 mo. EURIBOR + 7.50%), 09/06/2026
EUR
   
500,000
     
423,025
 
Lithium Midco II Ltd., 10.47% (3 mo. EURIBOR + 6.75%), 07/09/2025
EUR
   
401,000
     
429,451
 
OpNet S.p.A.
 
10.89% (3 mo. EURIBOR + 7.00%), 02/09/2026  (a)
EUR
   
553,000
     
592,677
 
10.91% (3 mo. EURIBOR + 7.00%), 02/09/2026
EUR
   
1,000,000
     
1,068,273
 
Warnermedia Holdings, Inc., 6.41%, 03/15/2026
     
900,000
     
900,037
 
Ziff Davis, Inc., 4.63%, 10/15/2030 (a)
     
378,000
     
342,170
 
       
5,486,333
 
                   
Manufacturing - 10.4%
 
Infrabuild Australia Pty Ltd., 14.50%, 11/15/2028 (a)
     
1,048,000
     
1,084,785
 
Mangrove Luxco III Sarl, 7.78% (9.00% PIK), 10/09/2025
EUR
   
2,148,038
     
2,296,272
 
Secop Group Holding GmbH, 12.12% (3 mo. EURIBOR + 8.40%), 12/29/2026
EUR
   
150,000
     
164,257
 
SLR Group GmbH, 10.89% (3 mo. EURIBOR + 7.00%), 10/09/2027
EUR
   
163,000
     
179,006
 
       
3,724,320
 
                   
Mining, Quarrying, and Oil and Gas Extraction - 1.1%
 
Tacora Resources, Inc., 13.00%, 09/30/2024 (a)(c)
     
757,525
     
378,762
 
                   
Professional, Scientific, and Technical Services - 0.8%
 
Getty Images, Inc., 9.75%, 03/01/2027 (a)
     
290,000
     
290,859
 
                   
Transportation and Warehousing – 6.0%
 
Uber Technologies, Inc., 8.00%, 11/01/2026 (a)
     
1,489,000
     
1,503,313
 
XPO, Inc., 6.25%, 06/01/2028 (a)
     
650,000
     
654,502
 
       
2,157,815
 
TOTAL CORPORATE BONDS (Cost $16,260,433)
     
15,783,583
 
                   
BANK LOANS - 26.3%
 
Par
   
Value
 
Arts, Entertainment, and Recreation - 2.8%
 
NAI Entertainment Holdings LLC, 10.96% (1 mo. Term SOFR + 5.00%), 05/08/2025
     
994,605
     
994,853
 
                   
Information - 4.5%
 
CBS Radio, 0.00%, 11/18/2024
     
163,000
     
78,240
 
Cengage Learning, Inc. First Lien, 9.54% (6 mo. Term SOFR + 4.75%), 07/14/2026
     
506,000
     
508,057
 
Clear Channel International First Lien, 7.50%, 08/15/2027
     
537,000
     
524,918
 
Lions Gate Capital Holdings LLC First Lien, 7.69% (1 mo. Term SOFR + 2.25%), 03/24/2025
     
205,893
     
205,944
 
Magnite, Inc., 9.84% (1 mo. Term SOFR + 4.50%), 02/06/2031
     
286,000
     
287,371
 
       
1,604,530
 
                   
Manufacturing - 14.2%
 
Chobani LLC, 8.71% (1 mo. Term SOFR + 3.50%), 10/23/2027
     
493,606
     
495,919
 
Chobani LLC First Lien, 9.08% (1 mo. Term SOFR + 3.75%), 10/25/2027
     
682,570
     
686,515
 
Elevate Textiles, Inc., 13.95% (3 mo. Term SOFR + 8.65%), 09/30/2027
     
769,230
     
757,053
 
First Brands Group LLC First Lien, 10.59% (3 mo. Term SOFR + 5.00%), 03/30/2027
     
511,958
     
509,718
 
Forum Energy Technologies, Inc., 11.00%, 12/08/2026 (c)
     
1,939,027
     
1,861,466
 
Trulite, 11.34% (1 mo. Term SOFR + 6.00%), 02/15/2030
     
795,000
     
773,138
 
       
5,083,809
 
                   
Real Estate and Rental and Leasing - 2.4%
 
Micromont, 8.00%, 11/15/2026 (c)
     
875,000
     
875,000
 
                   
Retail Trade - 2.4%
 
Mountaineer Merger Corp., 12.59% (3 Month LIBOR + 7.00%), 10/22/2028
     
467,532
     
374,318
 
The Container Store, Inc., 10.60% (3 Month LIBOR + 4.75%), 01/31/2026
     
736,446
     
487,895
 
       
862,213
 
TOTAL BANK LOANS (Cost $9,679,906)
     
9,420,405
 
                   
ASSET-BACKED SECURITIES - 2.5%
 
Par
   
Value
 
Transportation and Warehousing - 2.5%
 
Hawaiian Airlines 2013-1 Class A Pass Through Certificates, Series 2013-1, 3.90%, 01/15/2026
     
932,588
     
880,130
 
TOTAL ASSET-BACKED SECURITIES (Cost $873,746)
     
880,130
 
                   
CONVERTIBLE BONDS - 2.3%
 
Par
   
Value
 
Professional, Scientific, and Technical Services - 0.7%
 
UpHealth, Inc., 14.33% (SOFR + 9.00%), 12/15/2025 (a)
     
237,000
     
235,699
 
                   
Transportation and Warehousing - 1.6%
 
Delivery Hero SE
 
1.50%, 01/15/2028
EUR
   
100,000
     
83,011
 
2.13%, 03/10/2029
EUR
   
600,000
     
485,808
 
       
568,819
 
TOTAL CONVERTIBLE BONDS (Cost $760,930)
     
804,518
 
                   
REAL ESTATE INVESTMENT TRUSTS - 1.4%
   
Shares
   
Value
 
Real Estate and Rental and Leasing - 1.0%
         
CTO Realty Growth, Inc.
     
20,000
     
349,200
 
CTO Realty Growth, Inc. Series A, 6.38%, Perpetual
     
7,334
     
147,633
 
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $491,206)
     
496,833
 
                   
PREFERRED STOCKS - 1.3%
   
Shares
   
Value
 
Wholesale Trade - 1.3%
         
NGL Energy Partners LP Series B, 12.81% (3 mo. Term SOFR + 7.47%), Perpetual
     
19,446
     
482,261
 
TOTAL PREFERRED STOCKS (Cost $341,683)
     
482,261
 
                   
COMMON STOCKS - 0.4%
   
Shares
   
Value
 
Manufacturing - 0.4%
         
RA PARENT, Inc. (c)(d)
     
3
     
147,600
 
TOTAL COMMON STOCKS (Cost $177,000)
     
147,600
 
                   
SHORT-TERM INVESTMENTS - 21.9%
               
Commercial Paper - 13.1%
   
Par
         
Consumer Staples — 3.2%
                 
Conagra Brands, Inc., 5.60%, 07/02/2024 (e)
     
388,000
     
387,757
 
Dollarama, Inc., 5.71%, 07/11/2024 (e)
     
757,000
     
755,477
 
               
1,143,234
 
                   
Industrials — 2.2%
                 
ITT, Inc., 5.46%, 07/08/2024 (e)
     
776,000
     
774,827
 
                   
Manufacturing — 3.1%
                 
VF Corp., 6.57%, 07/24/2024 (e)
     
312,000
     
310,774
 
Whirlpool Corp., 5.76%, 07/12/2024 (e)
     
810,000
     
808,145
 
               
1,118,919
 
                   
Materials — 1.7%
                 
FMC Corp., 6.16%, 07/19/2024 (e)
     
630,000
     
627,759
 
                   
Real Estate and Rental and Leasing — 0.9%
                 
Crown Castle, Inc., 5.75%, 08/01/2024 (e)
     
341,000
     
339,123
 
                   
Wholesale Trade — 2.0%
                 
Genuine Parts Co., 5.07%, 07/23/2024 (e)
     
709,000
     
706,604
 
Total Commercial Paper (Cost $4,712,193)
             
4,710,466
 
                   
Money Market Funds - 8.8%
   
Shares
         
First American Government Obligations Fund - Class X, 5.23% (f)
     
1,571,505
     
1,571,505
 
First American Treasury Obligations Fund - Class X, 5.20% (f)
     
1,571,505
     
1,571,505
 
Total Money Market Funds (Cost $3,143,010)
             
3,143,010
 
TOTAL SHORT-TERM INVESTMENTS (Cost $7,855,203)
     
7,853,476
 
                   
TOTAL INVESTMENTS - 100.2% (Cost $36,440,107)
     
35,868,806
 
Liabilities in Excess of Other Assets - (0.2)%
     
(88,328
)
TOTAL NET ASSETS - 100.0%
           
$
35,780,478
 
           

Percentages are stated as a percent of net assets.
 
   
Par amount is in U.S. Dollar unless otherwise indicated.
 

PIK - Payment in Kind
SOFR - Secured Overnight Financing Rate
 
EUR - Euro
SEK - Swedish Krona

(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, 2024, the value of these securities total $7,030,107 or 19.65% of the Fund’s net assets.
(b)
Step coupon bond. The rate disclosed is as of June 30, 2024.
(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 $3,262,828 or 9.1% of net assets as of June 30, 2024.
(d)
Non-income producing security.
(e)
The rate shown is the effective yield as of June 30, 2024.
(f)
The rate shown represents the 7-day effective yield as of June 30, 2024.

CrossingBridge Responsible Credit Fund
Schedule of Forward Currency Contracts
June 30, 2024 (Unaudited)

Settlement Date
 
Currency Purchased
 
Currency Sold
 
Counterparty
 
Unrealized
Appreciation
(Depreciation)
 
                           
07/15/2024
 
USD
   
5,885,398
 
EUR
   
5,435,000
 
U.S. Bancorp Investments, Inc.
 
$
60,036
 
07/15/2024
 
USD
   
3,188,612
 
SEK
   
32,895,000
 
U.S. Bancorp Investments, Inc.
   
82,367
 
Total Unrealized Appreciation (Depreciation)
 
$
142,403
                   

EUR - Euro
       
SEK - Swedish Krona
       
USD - United States Dollar
       

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 June 30, 2024:
 

CrossingBridge Responsible Credit Fund
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets(1):
                       
   Corporate Bonds
 
$
-
   
$
15,404,821
   
$
378,762
   
$
15,783,583
 
   Bank Loans
   
-
     
6,683,939
     
2,736,466
     
9,420,405
 
   Asset-Backed Securities
   
-
     
880,130
     
-
     
880,130
 
   Convertible Bonds
   
-
     
804,518
     
-
     
804,518
 
   Real Estate Investment Trusts
   
496,833
     
-
     
-
     
496,833
 
   Preferred Stocks
   
482,261
     
-
     
-
     
482,261
 
   Common Stocks
   
-
     
-
     
147,600
     
147,600
 
   Short-Term Investments
   
3,143,010
     
4,710,466
     
-
     
7,853,476
 
Total Assets
 
$
4,122,104
   
$
28,483,874
   
$
3,262,828
   
$
35,868,806
 
                                 
Other Financial Instruments(2):
                               
   Forward Currency Exchange Contracts
 
$
-
   
$
142,403
   
$
-
   
$
142,403
 
Total Other Financial Instruments
 
$
-
   
$
142,403
   
$
-
   
$
142,403
 
                                 
(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
                 
   
Bank Loans
   
Corporate Bonds
   
Common Stocks
 
Beginning Balance - October 1, 2023
 
$
-
   
$
755,008
   
$
177,600
 
Purchases
   
2,759,274
     
2,518
     
-
 
Sales
   
-
     
-
     
-
 
Accretion
   
2,226
     
-
     
-
 
Realized gains
   
-
     
-
     
-
 
Realized losses
   
-
     
-
     
-
 
Change in unrealized appreciation (depreciation)
   
(25,034
)
   
(378,764
)
   
(30,000
)
Transfer in/(out) of Level 3
   
-
     
-
     
-
 
Ending Balance - June 30, 2024
 
$
2,736,466
   
$
378,762
   
$
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 June 30, 2024:
                       
                         

CrossingBridge Responsible Credit Fund
               
Description
 
Fair Value June 30, 2024
 
Valuation Methodologies
Unobservable Input
 
Range/Weighted
Average Unobservable
Input
 
Bank Loans
 
$
1,861,466
 
Vendor Pricing
Broker Quotes
 
$96 - 97.875
 
Bank Loans
 
$
875,000
 
Vendor Pricing
Broker Quotes
 
$100
 
Corporate Bonds
 
$
378,762
 
Liquidation analysis
Transaction price
   
N/A
 
Common Stocks
 
$
147,600
 
Market comparable
Transaction price
   
N/A