Annual Report


September 30, 2022



CrossingBridge Low Duration High Yield Fund
Institutional Class
(CBLDX)

CrossingBridge Responsible Credit Fund
Institutional Class
(CBRDX)

CrossingBridge Ultra-Short Duration Fund
Institutional Class
(CBUDX)

CrossingBridge Pre-Merger SPAC ETF
(SPC)



Investment Adviser

CrossingBridge Advisors, LLC
427 Bedford Road
Suite 220
Pleasantville, New York 10570

Phone: 1-888-898-2780

Table of Contents

COMMENTARY
   
3
       
MANAGEMENT’S DISCUSSION OF
     
  FUND PERFORMANCE AND ANALYSIS
   
9
       
EXPENSE EXAMPLE
   
20
       
INVESTMENT HIGHLIGHTS
   
22
       
SCHEDULES OF INVESTMENTS
   
30
       
STATEMENTS OF ASSETS AND LIABILITIES
   
60
       
STATEMENTS OF OPERATIONS
   
62
       
STATEMENTS OF CHANGES IN NET ASSETS
   
64
       
FINANCIAL HIGHLIGHTS
   
68
       
NOTES TO FINANCIAL STATEMENTS
   
73
       
REPORT OF INDEPENDENT REGISTERED
     
  PUBLIC ACCOUNTING FIRM
   
96
       
BASIS FOR TRUSTEES’ APPROVAL OF
     
  INVESTMENT ADVISORY AGREEMENT
   
98
       
REVIEW OF LIQUIDITY RISK MANAGEMENT PROGRAM
   
103
       
ADDITIONAL INFORMATION
   
104

Commentary
 
In 2022, stock and bond investors have been pummeled, losing money in both asset classes for three consecutive quarters, a first in at least 45 years.A  In previous letters, we have discussed our defensive stance, holding “dry powder”B and remaining disciplined. Yet, as openings occur, we take our shots. We continue to find “money-good”1 bonds and leveraged loans that have attractive yields with potential for additional upside if anticipated events come to pass:
 
 
✓long-term debt reclassifying to current liabilities
 
✓event-driven corporate actions
   
o
Mergers and acquisitions
   
o
De-leveraging initiatives
   
o
Relief from debt covenant constraints
 
✓potential future takeover targets

Below, we discuss some of the indicators that we are watching closely and describe some of the opportunities we are seeing that should allow us to “punch above our weight.”
 
Rapid Rise in Interest Rates
 
As the Fed grapples with inflation, which is no longer “transitory,” the financial markets have sold off sharply in response to the most rapid interest rate hikes in recent history. In 2022, the Fed Funds rate rose by 235 basis points in six months with indications that this will continue. The financial markets fear, but may not have fully priced in, the possibility that, ultimately, the Fed’s actions or the geopolitical backdrop will cause something to break.2  With the dramatic rise in rates, we believe the economy will slow, corporate profit margins will shrink, working capital costs will increase and debt service will be more expensive. These factors are concerning, but, more importantly, also create opportunities that may be exploited if patience and diligence are exercised.
________________
 
1
“Money good” is a term used by CrossingBridge to describe debt it believes will be paid off in full under current market conditions and on a strict priority basis.
2
These tensions were discussed in our 1Q22 letter, Locomotive Breath, and our 2Q22 letter, In Flanders Fields.
3

High Yield Spreads versus Risk Free Rate
 


Credit spreads in the high yield market are almost “cheap” as they have widened by approximately 220 basis points to 550 basis pointsE since the end of 2021. This is slightly below the 25-year average of 552 basis points,3 leaving room to go wider if unforeseen economic or political events hit the market with a haymaker.4  However, as noted in our 2Q22 letter, a high yield investor who avoided the value destruction in telecom and utility bonds in 2002, a negative year for high yield overall, would have had a positive return for the year. Similarly, an investor avoiding the deterioration in energy credits in 2015-16 would have experienced far better performance. Looking forward, we are avoiding industries that continue to struggle due to the impact of COVID, such as cruise lines and movie theaters, and those that will be most impacted by rising costs or cyclical risks to demand, including building materials, chemicals and auto parts. The sharp rise in interest rates and the widely expected resultant recession may also be the “zombie killer”5 that finally forces a wave of restructurings among companies reliant on accommodative capital markets to provide cash infusions to cover interest expense. That said, as a result of the dislocation that has already occurred, there are a lot of quality companies with “money good” debt yielding 7.5-11.5% with maturities in the 1-3-year sweet spot.
________________
 
3
The graph above uses the high yield spread calculated by subtracting the 10-year U.S. Treasury rate from the yield-to-worst of the ICE BofA U.S. High Yield Index. This differs from the index spread to worst, however, which is the index yield-to-worst less the corresponding U.S. Treasury rate which varies daily. Actual credit spread data for periods prior to the end of 1996 is limited.
4
In reference to the title of our 3Q22 letter, a haymaker is a punch thrown with full force and commitment that can be a knockout blow if landed.
5
See our 2Q19 investor letter, Rise of the Living Dead, for a discussion of “zombie companies”.

4

Wall-of-Worry Not So Worrisome
 

The rise in rates should have a more muted impact on the high yield market than in previous rate-hike cycles as many borrowers took advantage of the low rates that prevailed in 2020 and 2021 to reduce their borrowing cost and extend maturities. As shown above, in 3Q20, a large portion of the corporate credit market was likely to be faced with the need to refinance debt obligations in the 2024-25 period (i.e. orange bars in T+4 and T+5). With the new-issuance market very active despite the pandemic, debt coming due in that period has now been reduced significantly (i.e. blue bars in T+2 and T+3) while the bulge in upcoming maturities has been pushed out to 2028 (i.e. blue bar in T+6). Thus, a large portion of high yield issuers completed financings giving them low locked-in borrowing costs for several years. Similarly, many homeowners have benefitted from low interest rate mortgages. Hence the long-awaited distress cycle may be put off a little longer.
 
Bonds and Loans Trading at a Discount
 

5

When interest rates go up, bond prices go down. Consequently, corporate debt is now trading at a discount. The current year has been unusual in that the average bond in the ICE BofA U.S. High Yield Index has experienced a price decline of nearly 20 points since the end of 2021 as interest rates have moved up and credit spreads have widened. Such a sharp decline would not be unusual for distressed bonds but, in the absence of a sharp deterioration in credit quality, it is highly unusual. These discounts create the opportunity for an investor to achieve a return in excess of today’s yield to maturity should a corporate event cause a credit quality upgrade or repayment prior to maturity. Loans are also trading at a discount, but because their interest rates are floating, they have not experienced as much price deterioration as fixed rate bonds. Still, loans trading at a discount may also provide us with opportunities resulting from corporate events.
 
Where we are taking our shots
 
While we remain defensive, we are finding opportunities to throw a few “jabs” and “uppercuts” when we see openings. These investments fall into four categories, but in general are premised on events we expect to take place within a relatively short time frame.
 
Called Bonds and SPACs – Bonds that have been called and are expected to be repaid via refinancing or cash on hand at the end of the call period, typically 30-90 days out. Refinancing among high yield bonds has diminished as the cost of new financing has increased dramatically. However there continues to be a steady flow of investment grade calls and tenders as the “treasury make-whole” call protection,6 which historically resulted in prohibitively expensive call premiums for these bonds, has now fallen to zero. Thus, the market yield to exit for investment grade bonds has gravitated to about 4.00-5.00% for calls expected to be completed in 2-6 weeks. Meanwhile, the market for the few high yield bonds that are being called has risen to about 4.50-5.50%. This compares to the 2.00% yield to exit that was typical for called high yield bonds as recently as the end of 2021. Similarly, the effective yield on SPACs with liquidation dates up to 9 months has risen to 5.50-6.00%.
 
Long-term Debt Reclassifying to Current Liabilities – Bonds and loans with maturities 1-2 years out. Once the maturity of these obligations falls within one year, they must be shown on the issuer’s balance sheet as current liabilities, and their auditors must opine on their ability to pay them when they are due. Typically, borrowers prefer to repay or refinance their debt when there is at least one year to maturity to avoid this issue.
 
Event-Driven and Corporate Actions – Bonds and loans that are expected to be repaid as a result of mergers and acquisitions, efforts to de-leverage and/or the desire to remove constraining debt covenants.
 
Potential Takeover Targets – Bonds and loans issued by companies with relatively low leverage and high cash flow that, with the dramatic decline in equity valuations, may make them ripe to be acquired. In such an event, there is an increased likelihood of early repayment or improvement in credit quality.
 

________________
 
6
The call premium based on “treasury make-whole” call protection is calculated by discounting all of the scheduled principal and interest payments of the bond by the Treasury rate (plus, typically, 50 or 75 basis points) that corresponds to the bond’s maturity. This premium may not be less than 0 so, if rates rise such that the premium would be negative, the call price is par.

6

Picking our spots, rolling with the punches, and patiently awaiting the time to come out swinging,
 

David K. Sherman and the CrossingBridge Team
 
 
Endnotes
 
________________
 
A
All Star Charts, allstarcharts.com
B
“Dry powder”, in the context of our mutual fund portfolios, is defined as cash and investments that are expected to be repaid within 90 days as a result of call, redemption or maturity as well as pre-merger special purpose acquisition corporations (SPACs). The table below reflects dry powder for each CrossingBridge mutual fund as of the end of 3Q22.
 
 
C
FRED Economic Data, Federal Reserve Bank of St. Louis https://fred.stlouisfed.org/
D
ICE BofA U.S. High Yield Index, ICE BofA 10-Year U.S. Treasury Index. Calculated based on the high yield credit spread, less taxes at a rate of 34%, less 200 basis points of assumed credit losses, divided by the 10-year U.S. Treasury rate.
E
ICE BofA U.S. High Yield Index
F
Bank of America Global Research
G
ICE BofA U.S. High Yield Index, S&P/LSTA U.S. Leveraged Loan Select Equal Par Value Index

 
Definitions: Basis Point is one hundredth of 1 percentage point. ICE BofA U.S. High Yield Index tracks the performance of U.S. dollar denominated below investment grade rated corporate debt publicly issued in the U.S. domestic market. S&P/LSTA U.S. Leveraged Loan Select Equal Par Value Index is a daily tradable index for the U.S. market that seeks to mirror the market-weighted performance of the largest institutional leveraged loans, as determined by criteria. Yield to Worst is the yield on the portfolio if all bonds are held to the worst date; yield to worst date is the date of lowest possible yield outcome for each security without a default. Yield to Worst Duration is the weighted average duration calculated to the yield to worst date.
 
Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.
 
Past performance does not guarantee future results. Diversification does not assure a profit nor protect against risk in a declining market.
7

Fund holdings and sector allocation are subject to change at any time and should not be considered a recommendation to buy or sell any security. Please see the Schedule of Investments for complete Fund holdings.
 
It is not possible to invest directly in an index.
 
Mutual fund investing involves risk. Principal loss is possible. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities.
 
Must be preceded or accompanied by a prospectus.
 
Distributor: Quasar Distributors, LLC.
8

Management’s Discussion of Fund Performance and Analysis
CrossingBridge Low Duration High Yield Fund
(Unaudited)
 
The 2022 fiscal year for the CrossingBridge Low Duration High Yield Fund (CBLDX; the “Fund”) covers the twelve-month period of October 1, 2021 through September 30, 2022.  During this period, the Fund lost 0.39% on its Institutional Class shares while the ICE BofA 0-3 Year U.S. High Yield Excluding Financials Index lost 4.35%, the ICE BofA 1-3 Year U.S. Corporate Bond Index lost 5.89% and the ICE BofA 0-3 Year U.S. Treasury Index lost 3.39%.
 
Monthly investment results for the fiscal year ranged from -0.78% in June 2022 to 0.37% in July 2022. The Fund generated positive returns for six out of the twelve months during the fiscal year.  The median monthly return for the period was 0.04% with an annualized standard deviation of 3.18%.
 
The Fund had positive contributions from interest income and had realized gains and unrealized losses during the period.  100% of the income was distributed for a 1-year dividend yield of 3.20%.  The Fund’s subsidized 30 day SEC yield was 5.50% and unsubsidized 30 day SEC yield was 5.50%.  The total return for the period was negative.  Although the Fund’s NAV decreased from $10.36 on September 30, 2021 to $9.84 on September 30, 2022, this was offset by the Fund distributing $0.49 in income during the fiscal period.
 
In the first half of 2022, U.S. equities and fixed income portfolios suffered some of their largest losses in history1 as investors dealt with the effects of inflation and rising rates. During the fiscal year, the Fund was well-prepared for this market as we maintained our defensive positioning with a portfolio duration on the low-end of its targeted range, continued holding significant dry powder2, and remained disciplined. The Fund also typically has natural cash roll-off of 15-30% of the portfolio every month, which in a rising rate environment, provides the Fund with the opportunity to reinvest that cash at higher rates. As market conditions have continued to deteriorate and rates have continued to rise, we are starting to see the market become more bifurcated, creating what we believe to be very attractive opportunities that may be suitable for the Fund.
 
As of September 30, 2022, the Fund’s net assets were weighted by category as follows: 29.6% in Short Term Securities, 10.9% in Event Driven, 11.5% in Interest Rate Sensitive, 41.0% in Core Value, 1.2% in Credit Opportunities, with the remaining 5.8% in cash and cash equivalents.
 

Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.
 
Past performance does not guarantee future results.
 
Diversification does not assure a profit nor protect against risk in a declining market.
________________
 
1
In the first half of 2022, the S&P 500 Index declined -20.6%, its worst first half performance since 1970. Investment grade bonds, represented by the ICE BofA U.S. Corporate Bond Index, declined -13.93% in the first half of the year, their worst first half ever and the worst six-month period since 1Q80 (-16.35%). The ICE BofA U.S. High Yield Index, which declined -14.04% in the first half, had its worst first half ever and worst six-month period since 4Q08 (-25.43%) (Source: Bloomberg).
2
“Dry powder”, in the context of our portfolios, is defined as cash and investments that are expected to be repaid within 90 days as a result of call, redemption or maturity as well as pre-merger special purpose acquisition corporations (SPACs).
9

Fund holdings and sector allocation are subject to change at any time and should not be considered a recommendation to buy or sell any security. Please see the Schedule of Investments for complete Fund holdings.
 
*Definitions: The ICE BofA 0-3 Year U.S. High Yield Excluding Financials Index (HSNF) tracks the performance of short maturity U.S. dollar-denominated below investment grade rating (based on an average of Moody’s, S&P, and Fitch), at least 18 months to final maturity at the time of issuance, at least one month but less than three years remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and minimum amount outstanding of $250 million. The ICE BofA 1-3 Year U.S. Corporate Bond Index (C1A0) is a subset of the ICE BofA U.S. Corporate Bond Index including all securities with a remaining term to final maturity less than three years. The ICE BofA 0-3 Year U.S. Treasury Index (G1QA) tracks the performance of U.S. dollar-denominated sovereign debt publicly issued by the U.S. government in its domestic market with maturities less than three years. The S&P 500, or simply the S&P, is a stock market index that measures the stock performance of 500 large companies listed on stock exchanges in the United States. The ICE BofA U.S. Corporate Bond Index tracks the performance of U.S. dollar-denominated investment grade rated corporate debt publicly issues in the U.S. domestic market. The ICE BofA U.S. High Yield Index tracks the performance of U.S. dollar-denominated below investment grade corporate debt publicly issued in the U.S. domestic market.Standard Deviation is a statistical measure that is used to quantify the amount of variation or dispersion of a set of data values.  Duration is the weighted average of the present value of the cash flows and is used as a measure of a bond price’s response to changes in yield.  Rising interest rates mean falling bond prices, while declining interest rates mean rising bond prices.  Dividend Yield expresses a percentage of a current share price. SEC yield is a standard yield calculation developed by the U.S. Securities and Exchange Commission (SEC) that allows for fairer comparisons of bond funds. It is based on the most recent 30-day period covered by the fund’s filings with the SEC. The yield figure reflects the dividends and interest earned during the period after the deduction of the fund’s expenses. It is also referred to as the “standardized yield”. Basis Point is one hundredth of one percent.
 
It is not possible to invest directly in an index.
 
Mutual fund investing involves risk. Principal loss is possible. Investments in foreign securities involve greater volatility and political, economic and currency risks and differences in accounting methods. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The Fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested. The Fund may invest in exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”), which are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF’s and ETN’s shares may trade at a discount to its net asset value (“NAV”), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact the Fund’s ability to sell the shares. The value of ETNs may be influenced by the level of supply and demand for the ETN, volatility and lack of liquidity. The Fund may invest in derivative securities, which derive their performance from the performance of an underlying asset, index, interest rate or currency exchange rate. Derivatives can be volatile and involve various types and degrees of risks, and, depending upon the characteristics of a particular derivative, suddenly can become illiquid. Investments in asset-backed, mortgage-backed, and collateralized mortgage-backed securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments.  The Fund invests in equity securities and warrants of special purpose acquisition companies (“SPACs”) . Pre-combination SPACs have no operating history or ongoing business other than seeking a merger, share exchange, asset acquisition, share purchase negotiation or similar business combination (a “Combination”), and the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable Combination. There is no guarantee that the SPACs in which the
10

Fund invests will complete a Combination or that any Combination that is completed will be profitable. Unless and until a Combination is completed, a SPAC generally invests its assets in U.S. government securities, money market securities, and cash. Public stockholders of SPACs may not be afforded a meaningful opportunity to vote on a proposed initial Combination because certain stockholders, including stockholders affiliated with the management of the SPAC, may have sufficient voting power, and a financial incentive, to approve such a transaction without support from public stockholders. As a result, a SPAC may complete a Combination even though a majority of its public stockholders do not support such a Combination. Some SPACs may pursue Combinations only within certain industries or regions, which may increase the volatility of their prices. The Fund may invest in SPACs domiciled or listed outside of the U.S., including, but not limited to, Canada, the Cayman Islands, Bermuda and the Virgin Islands. Investments in SPACs domiciled or listed outside of the U.S. may involve risks not generally associated with investments in the securities of U.S. SPACs, such as risks relating to political, social, and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Further, tax treatment may differ from U.S. SPACs and securities may be subject of foreign withholding taxes. Smaller capitalization SPACs will have a more limited pool of companies with which they can pursue a business combination relative to larger capitalization companies. That may make it more difficult for a small capitalization SPAC to consummate a business combination.
 
Must be preceded or accompanied by a prospectus.
 
Distributor: Quasar Distributors, LLC.
11

Management’s Discussion of Fund Performance and Analysis
CrossingBridge Responsible Credit Fund
(Unaudited)
 
The 2022 fiscal year for the CrossingBridge Responsible Credit Fund (CBRDX; the “Fund”) covers the twelve-month period of October 1, 2021 through September 30, 2022.  During this period, the Fund gained 0.45% on its Institutional Class shares while the ICE BofA U.S. High Yield Index lost 14.06%, the ICE BofA U.S. Corporate Index lost 18.19% and the ICE BofA 3-7 Year U.S. Treasury Index lost 11.08%.
 
Monthly investment results for the fiscal year ranged from -1.62% in June 2022 to 2.14% in July 2022. The Fund generated positive returns for seven out of the twelve months during the fiscal period.  The median monthly return for the period was 0.11% with an annualized standard deviation of 2.98%.
 
The Fund had positive contributions from interest income and had realized capital gains and unrealized losses during the period.  100% of the income was distributed for a 1-year dividend yield of 3.87%. The Fund’s subsidized 30-day SEC yield was 6.35% and unsubsidized 30-day SEC yield was 5.64%. The total return for the period was positive. Although the Fund’s NAV decreased from $10.01 on September 30, 2021 to $9.65 on September 30, 2022, that decrease was more than offset as the Fund distributed $0.41 in income during the fiscal year.
 
In the first half of 2022, U.S. equities and fixed income portfolios suffered some of their largest losses in history1 as investors dealt with the effects of inflation and rising rates. During the fiscal year, the Fund was well-prepared for this market as we maintained our defensive positioning with a portfolio duration well below its targeted range, continued holding significant dry powder2, and remained disciplined. The Fund was designed to be CrossingBridge’s most flexible and opportunistic Fund, of which it maintains a non-diversified status, allowing the Fund to have higher concentration than diversified funds. As market conditions have continued to deteriorate and rates have continued to rise, we are starting to see the market become more bifurcated, creating what we believe to be very attractive opportunities that may be suitable for the Fund.
 
As of September 30, 2022, the Fund’s net assets were weighted by category as follows: 14.4% in Short Term Securities, 11.5% in Event Driven, 24.1% in Interest Rate Sensitive, 30.7% in Core Value, 17.8% in Credit Opportunities, with the remaining 1.5% in cash and cash equivalents.
 

Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.
 
Past performance does not guarantee future results.
________________
 
1
In the first half of 2022, the S&P 500 Index declined -20.6%, its worst first half performance since 1970. Investment grade bonds, represented by the ICE BofA U.S. Corporate Bond Index, declined -13.93% in the first half of the year, their worst first half ever and the worst six-month period since 1Q80 (-16.35%). The ICE BofA U.S. High Yield Index, which declined -14.04% in the first half, had its worst first half ever and worst six-month period since 4Q08 (-25.43%) (Source: Bloomberg).
2
“Dry powder”, in the context of our portfolios, is defined as cash and investments that are expected to be repaid within 90 days as a result of call, redemption or maturity as well as pre-merger special purpose acquisition corporations (SPACs).
12

The Fund is non-diversified under the Investment Company Act of 1940, therefore allowing the Fund to be more concentrated than a diversified fund.  Because the Fund is non-diversified it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund.  As a result, a decline in the value of an investment in a single issuer could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.  Current fund statistics may not be indicative of future positioning.
 
Fund holdings and sector allocation are subject to change at any time and should not be considered a recommendation to buy or sell any security. Please see the Schedule of Investments for complete Fund holdings.
 
Definitions: The ICE BofA U.S. High Yield Index (H0A0) tracks the performance of U.S. dollar-denominated below investment grade corporate debt publicly issued in the U.S. domestic market. The ICE BofA U.S. Corporate Index (C0A0) tracks the performance of U.S. dollar-denominated investment grade corporate debt publicly issued in the U.S. domestic market. The ICE BofA 3-7 Year U.S. Treasury Index (G30C) is a subset of ICE BofA U.S. Treasury Index including all securities with a remaining term to final maturity greater than or equal to 3 years and less than 7 years. The S&P 500, or simply the S&P, is a stock market index that measures the stock performance of 500 large companies listed on stock exchanges in the United States. The ICE BofA U.S. Corporate Bond Index tracks the performance of U.S. dollar-denominated investment grade rated corporate debt publicly issues in the U.S. domestic market. The ICE BofA U.S. High Yield Index tracks the performance of U.S. dollar-denominated below investment grade corporate debt publicly issued in the U.S. domestic market. Basis Point is one hundredth of one percent.
 
It is not possible to invest directly in an index.
 
Mutual fund investing involves risk. Principal loss is possible. Investments in foreign securities involve greater volatility and political, economic and currency risks and differences in accounting methods. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The Fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested. The Fund’s focus on sustainability considerations (ESG criteria) may limit the number of investment opportunities available to the Fund, and as a result, at times, the Fund may underperform funds that are not subject to similar investment considerations. The Fund invests in equity securities of special purpose acquisition companies (“SPACs”), which raise assets to seek potential business combination opportunities. Unless and until a business combination is completed, a SPAC generally invests its assets in U.S. government securities, money market securities, and cash. Because SPACs have no operating history or ongoing business other than seeking a business combination, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable business combination. There is no guarantee that the SPACs in which the Fund invests will complete a business combination or that any business combination that is completed will be profitable. The Fund is non-diversified meaning it may concentrate its assets in fewer individual holdings than a diversified fund. The Fund invests in equity securities and warrants of SPACs. Pre-combination SPACs have no operating history or ongoing business other than seeking a merger, share exchange, asset acquisition, share purchase negotiation or similar business combination (a “Combination”), and the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable Combination. There is no guarantee that the SPACs in which the Fund invests will complete a Combination or that any Combination that is completed will be profitable. Unless and until a Combination is completed, a SPAC generally invests its assets in U.S. government securities, money market securities, and cash. Public stockholders of SPACs may not be afforded a meaningful opportunity to vote on a proposed initial Combination because certain stockholders, including stockholders affiliated with the management of the SPAC, may have sufficient voting power, and a financial incentive, to approve such a transaction without support from public stockholders. As a result, a SPAC
13

may complete a Combination even though a majority of its public stockholders do not support such a Combination. Some SPACs may pursue Combinations only within certain industries or regions, which may increase the volatility of their prices. The Fund may invest in SPACs domiciled or listed outside of the U.S., including, but not limited to, Canada, the Cayman Islands, Bermuda and the Virgin Islands. Investments in SPACs domiciled or listed outside of the U.S. may involve risks not generally associated with investments in the securities of U.S. SPACs, such as risks relating to political, social, and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Further, tax treatment may differ from U.S. SPACs and securities may be subject of foreign withholding taxes. Smaller capitalization SPACs will have a more limited pool of companies with which they can pursue a business combination relative to larger capitalization companies. That may make it more difficult for a small capitalization SPAC to consummate a business combination.
 
Must be preceded or accompanied by a prospectus.
 
Distributor: Quasar Distributors, LLC.
14

Management’s Discussion of Fund Performance and Analysis
CrossingBridge Ultra-Short Duration Fund
(Unaudited)
 
The 2022 fiscal year for the CrossingBridge Ultra-Short Duration Fund (CBUDX; the “Fund”) covers the twelve-month period of October 1, 2021 through September 30, 2022.  During this period, the Fund gained 1.12% on its Institutional Class shares while the ICE BofA 0-1 Year U.S. Corporate Index lost 1.07%, the ICE BofA 0-1 Year U.S. Treasury Index lost 0.20% and the ICE BofA 0-3 Year U.S. Fixed Rate Asset Backed Securities Index lost 2.96%.
 
Monthly investment results for the fiscal year ranged from -0.12% in March 2022 to 0.38% in August 2022. The Fund generated positive returns for eight out of the twelve months during the fiscal year.  The median monthly return for the period was 0.11% with an annualized standard deviation of 0.52%
 
The Fund had positive contributions from interest income and had realized gains and unrealized losses during the period. 100% of the income was distributed for a 1-year dividend yield of 1.43%. The Fund’s subsidized 30-day SEC yield was 4.00% and unsubsidized 30-day SEC yield was 3.77%.  Although the Fund’s NAV decreased from $10.01 on September 30, 2021 to $9.97 on September 30, 2022, this was more than offset by the distribution of $0.15 of income during the period.
 
In the first half of 2022, U.S. equities and fixed income portfolios suffered some of their largest losses in history1 as investors dealt with the effects of inflation and rising rates. During the fiscal year, the Fund was well-prepared for this market as we maintained our defensive positioning with an ultra-short duration, continued holding significant dry powder2, and remained disciplined. Especially within an ultra-short duration portfolio, CrossingBridge stresses preservation of capital rather than chasing yield. Per the Fund’s prospectus, CrossingBridge manages interest rate risk by maintaining an average portfolio duration of 1 or less by investing in short-term, medium-term, and floating rate securities. As a result, the Fund was well insulated from the steep rise in rates. In addition, although the Fund has no restrictions as to credit quality, the intention is that the Fund will maintain a minimum of at least 65% of the portfolio in investment grade securities, further insulating the Fund in the difficult fixed income environment. As of September 30, 2022, the Fund had 70.85% of the portfolio in investment grade securities. As market conditions have continued to deteriorate and rates have continued to rise, we are starting to see the market become more bifurcated, creating what we believe to be very attractive opportunities that may be suitable for the Fund.
 
As of September 30, 2022, the Fund’s net assets were weighted by category as follows: 47.5% in Short Term Securities, 9.5% in Event Driven, 6.6% in Interest Rate Sensitive, 35.0% in Core Value, 0.0% in Credit Opportunities, with the remaining 1.4% in cash and cash equivalents.
 
________________
 
1
In the first half of 2022, the S&P 500 Index declined -20.6%, its worst first half performance since 1970. Investment grade bonds, represented by the ICE BofA U.S. Corporate Bond Index, declined -13.93% in the first half of the year, their worst first half ever and the worst six-month period since 1Q80 (-16.35%). The ICE BofA U.S. High Yield Index, which declined -14.04% in the first half, had its worst first half ever and worst six-month period since 4Q08 (-25.43%) (Source: Bloomberg).
2
“Dry powder”, in the context of our portfolios, is defined as cash and investments that are expected to be repaid within 90 days as a result of call, redemption or maturity as well as pre-merger special purpose acquisition corporations (SPACs).
15

Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.
 
Past performance does not guarantee future results.
 
Diversification does not assure a profit nor protect against risk in a declining market.
 
Fund holdings and sector allocation are subject to change at any time and should not be considered a recommendation to buy or sell any security. Please see the Schedule of Investments for complete Fund holdings.
 
*Definitions: The ICE BofA 0-1 Year U.S. Corporate Index (H540) tracks the performance of short-maturity U.S. dollar-denominated investment grade corporate debt publicly issued in the U.S. domestic market. The ICE BofA 0-1 Year U.S. Treasury Index (G0QA) tracks the performance of U.S. dollar-denominated sovereign debt publicly issued by the U.S. government in its domestic market with maturities less than a year. The ICE BofA 0-3 Year U.S. Fixed Rate Asset Backed Securities Index (R1A0) is a subset of ICE BofA U.S. Fixed Rate Asset Backed Securities Index including all securities with an average life less than 3 years. The S&P 500, or simply the S&P, is a stock market index that measures the stock performance of 500 large companies listed on stock exchanges in the United States. The ICE BofA U.S. Corporate Bond Index tracks the performance of U.S. dollar-denominated investment grade rated corporate debt publicly issues in the U.S. domestic market. The ICE BofA U.S. High Yield Index tracks the performance of U.S. dollar-denominated below investment grade corporate debt publicly issued in the U.S. domestic market. Duration is the weighted average of the present value of the cash flows and is used as a measure of a bond price’s response to changes in yield. Rising interest rates mean falling bond prices, while declining interest rates mean rising bond prices. Standard Deviation is a statistical measure of portfolio risk used to measure variability of total return around an average, over a specified period of time. The greater the standard deviation over the period, the wider the variability or range of returns and hence, the greater the fund’s volatility. The standard deviation has been calculated since inception and is annualized.
 
It is not possible to invest directly in an index.
 
Mutual fund investing involves risk. Principal loss is possible. Investments in foreign securities involve greater volatility and political, economic and currency risks and differences in accounting methods. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested.  The Fund invests in equity securities and warrants of special purpose acquisition companies (“SPACs”). Pre-combination SPACs have no operating history or ongoing business other than seeking a merger, share exchange, asset acquisition, share purchase negotiation or similar business combination (a “Combination”), and the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable Combination. There is no guarantee that the SPACs in which the Fund invests will complete a Combination or that any Combination that is completed will be profitable. Unless and until a Combination is completed, a SPAC generally invests its assets in U.S. government securities, money market securities, and cash. Public stockholders of SPACs may not be afforded a meaningful opportunity to vote on a proposed initial Combination because certain stockholders, including stockholders affiliated with the management of the SPAC, may have sufficient voting power, and a financial incentive, to approve such a transaction without support from public stockholders. As a result, a SPAC may complete a Combination even though a majority of its public stockholders do not support such a Combination. Some SPACs may pursue Combinations only within certain industries or regions, which may increase the volatility of their prices. The Fund may invest in SPACs domiciled or listed outside of the U.S., including, but not limited to, Canada, the Cayman Islands, Bermuda and the Virgin Islands. Investments in SPACs domiciled or listed outside of the U.S. may involve risks not generally associated with investments in the securities of U.S. SPACs, such as risks relating to political, social, and economic
16

developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Further, tax treatment may differ from U.S. SPACs and securities may be subject of foreign withholding taxes. Smaller capitalization SPACs will have a more limited pool of companies with which they can pursue a business combination relative to larger capitalization companies. That may make it more difficult for a small capitalization SPAC to consummate a business combination.
 
Must be preceded or accompanied by a prospectus.
 
Distributor: Quasar Distributors, LLC.
17

Management’s Discussion of Fund Performance and Analysis
CrossingBridge Pre-Merger SPAC ETF
(Unaudited)
 
The 2022 fiscal year for the CrossingBridge Pre-Merger SPAC ETF (SPC; the “Fund”) covers the twelve-month period of October 1, 2021 through September 30, 2022.  During this period, the Fund had a NAV return of 2.85% and a market return of 2.70%. The Fund’s market return of 2.70% compared favorably to the ICE BofA 0-3 Year U.S. Treasury Index’s loss of 3.39%. The Fund had realized and unrealized gains during the period.  The total return for the period was higher as the share price increased from $20.04 on September 30, 2021 to $20.56 on September 30, 2022, while the NAV increased from $20.01 to $20.56 for the period.
 
Given that pre-merger Special Purpose Acquisition Companies (SPACs) behave like fixed income securities due to their IPO proceeds being placed in a trust account typically invested in ultra-short term U.S. government securities for the benefit of SPAC shareholders, as rates went up for Treasuries, so did the yields for pre-merger SPACs. On September 30, 2021, the weighted average yield of SPACs still seeking an acquisition target was 1.71%, and on September 30, 2022, that yield increased to 5.80% with a weighted average maturity of just less than 6 months. The current environment in the secondary market for pre-merger SPACs remains robust – as of September 30, 2022, there were 666 pre-merger SPACs totaling $161 billion in total trust value in the U.S.-listed SPAC market. Although the market will experience a large majority of liquidations within the first half of 2023, we believe the current opportunity for the Fund remains attractive.
 

Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.
 
Past performance does not guarantee future results.
 
Diversification does not assure a profit nor protect against risk in a declining market.
 
Fund holdings and sector allocation are subject to change at any time and should not be considered a recommendation to buy or sell any security. Please see the Schedule of Investments for complete Fund holdings.
 
*Definitions: The ICE BofA 0-3 Year U.S. Treasury Index tracks the performance of U.S. dollar-denominated sovereign debt publicly issued by the U.S. government in its domestic market with maturities less than three years. Weighted Average Yield: similar to a bond’s Yield to Maturity, SPACs have a Yield to Liquidation/Redemption, which can be calculated using the Gross Spread and Time to Liquidation. Weighted Average Maturity: Similar to a bond’s maturity date, SPACs also have a maturity, which is the defined time period in which they have to complete a business combination. This is referred to as the Liquidation or Redemption Date.
 
It is not possible to invest directly in an index.
 
Investing involves risk; Principal loss is possible. The Fund invests in equity securities and warrants of SPACs. Pre-combination SPACs have no operating history or ongoing business other than seeking a merger, share exchange, asset acquisition, share purchase negotiation or similar business combination (a “Combination”), and the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable Combination. There is no guarantee that the SPACs in which the Fund invests will complete a Combination or that any Combination that is completed will be profitable. Unless and until a Combination is completed, a SPAC generally invests its assets in U.S. government securities, money market securities, and cash. Public stockholders of SPACs may not be afforded a meaningful opportunity to vote on a proposed initial Combination because certain
18

stockholders, including stockholders affiliated with the management of the SPAC, may have sufficient voting power, and a financial incentive, to approve such a transaction without support from public stockholders. As a result, a SPAC may complete a Combination even though a majority of its public stockholders do not support such a Combination. Some SPACs may pursue Combinations only within certain industries or regions, which may increase the volatility of their prices. The Fund may invest in SPACs domiciled or listed outside of the U.S., including, but not limited to, Canada, the Cayman Islands, Bermuda and the Virgin Islands. Investments in SPACs domiciled or listed outside of the U.S. may involve risks not generally associated with investments in the securities of U.S. SPACs, such as risks relating to political, social, and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Further, tax treatment may differ from U.S. SPACs and securities may be subject of foreign withholding taxes. Smaller capitalization SPACs will have a more limited pool of companies with which they can pursue a business combination relative to larger capitalization companies. That may make it more difficult for a small capitalization SPAC to consummate a business combination. Because the Fund is non-diversified it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a result, a decline in the value of an investment in a single issuer could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.
 
Must be preceded or accompanied by a prospectus.
 
Distributor: Foreside Fund Services, LLC.
19

CROSSINGBRIDGE FUNDS
Expense Example
(Unaudited)


As a shareholder of the CrossingBridge Low Duration High Yield Fund, CrossingBridge Responsible Credit Fund and CrossingBridge Ultra-Short Duration Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, shareholder servicing plan fees and other Fund expenses. As a shareholder of the CrossingBridge Pre-Merger SPAC ETF, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of the Fund’s shares, and (2) ongoing costs, including management fees of the Fund. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The Example is based on an investment of $1,000 invested at the beginning of the respective period disclosed in the following table and held for the entire respective period disclosed in the following table.
 
Actual Expenses
 
The first line under each Fund in the following table provides information about actual account values and actual expenses for each Fund. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
 
Hypothetical Example for Comparison Purposes
 
The second line under each Fund in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
20

CROSSINGBRIDGE FUNDS
Expense Example (Continued)
(Unaudited)


   
Beginning
Ending
 
 
Annualized
Account Value
Account Value
Expenses
 
Expense
April 1,
September 30,
Paid During
 
Ratio
2022
2022
Period*
CrossingBridge Low
       
  Duration High Yield Fund
       
Institutional Class
       
  Based on actual fund return
0.87%
$1,000.00
$ 988.90
$4.34
  Based on hypothetical 5% return
0.87%
  1,000.00
1,020.71
  4.41
         
CrossingBridge
       
  Responsible Credit Fund
       
Institutional Class
       
  Based on actual fund return
0.88%
  1,000.00
1,001.20
  4.41
  Based on hypothetical 5% return
0.88%
  1,000.00
1,020.66
  4.46
         
CrossingBridge
       
  Ultra-Short Duration Fund
       
Institutional Class
       
  Based on actual fund return
0.88%
  1,000.00
1,009.40
  4.43
  Based on hypothetical 5% return
0.88%
  1,000.00
1,020.66
  4.46
         
CrossingBridge
       
  Pre-Merger SPAC ETF
       
  Based on actual fund return
0.80%
  1,000.00
1,003.90
  4.02
  Based on hypothetical 5% return
0.80%
  1,000.00
1,021.06
  4.05

*
Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the period (183 days), divided by 365 days to reflect the six month period ended September 30, 2022.
21

CROSSINGBRIDGE LOW DURATION HIGH YIELD FUND
Investment Highlights
(Unaudited)


The Fund seeks high current income and capital appreciation consistent with the preservation of capital using a low duration mandate. The allocation of portfolio holdings as of September 30, 2022 is as follows:
 
Allocation of Portfolio Holdings
(% of Investments)
 
 

*
Less than 0.05%.

Average Annual Total Returns as of September 30, 2022
 
 
One
Three
Since
 
Year
Years
February 1, 20181
Institutional Class Shares
-0.39%
 3.46%
3.23%
ICE BofA 0-3 Year U.S. High Yield
     
  Excluding Financials Index
-4.35%
 1.89%
2.73%
ICE BofA 0-3 Year U.S. Treasury Index
-3.39%
-0.16%
0.88%
ICE BofA 1-3 Year U.S. Corporate Bond Index
-5.89%
-0.19%
1.21%

1
Commencement of investment operations.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 1-888-898-2780.
 
Investment performance reflects fee waivers in effect. In the absence of such waivers, total returns would be reduced.
22

CROSSINGBRIDGE LOW DURATION HIGH YIELD FUND
Investment Highlights (Continued)
(Unaudited)


The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The following graph illustrates performance of a hypothetical investment made in the Fund and the Fund’s primary benchmark index, the ICE BofA 0-3 Year U.S. High Yield Excluding Financials Index, as well as other broad-based securities indices on the Fund’s inception date. The graph does not reflect any future performance. ICE BofA 0-3 Year U.S. High Yield Excluding Financials Index is a subset of ICE BofA 0-3 Year U.S. High Yield Index excluding sector level 2 Financial issuers. ICE BofA 0-3 Year U.S. Treasury Index tracks the performance of U.S. dollar denominated sovereign debt publicly issued by the U.S. government in its domestic market with maturities less than three years.  Qualifying securities must have at least 18 months to maturity at point of issuance, at least one month and less than three years remaining term to final maturity, a fixed coupon schedule and minimum amount outstanding of $1 billion. ICE BofA 1-3 Year U.S. Corporate Bond Index is a subset of ICE BofA U.S. Corporate Bond Index including all securities with a remaining term to final maturity less than 3 years. It is not possible to invest directly in an index.
 
Growth of $50,000 Investment

 

*
Commencement of investment operations.
23

CROSSINGBRIDGE RESPONSIBLE CREDIT FUND
Investment Highlights
(Unaudited)


The Fund seeks high current income and capital appreciation consistent with the preservation of capital by investing in fixed income securities that meet the responsible investing criteria of the Fund’s investment adviser. The allocation of portfolio holdings as of September 30, 2022 is as follows:
 
Allocation of Portfolio Holdings
(% of Investments)
 
 
Average Annual Total Returns as of September 30, 2022
 
 
One
Since
 
Year
June 30, 20211
Institutional Class Shares
    0.45%
    0.82%
ICE BofA U.S. High Yield Index
 -14.06%
-10.73%
ICE BofA 3-7 Year U.S. Treasury Index
 -11.08%
  -9.07%
ICE BofA U.S. Corporate Index
 -18.19%
-14.85%

1
Commencement of investment operations.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-898-2780.
 
Investment performance reflects fee waivers in effect. In the absence of such waivers, total returns would be reduced.
24

CROSSINGBRIDGE RESPONSIBLE CREDIT FUND
Investment Highlights (Continued)
(Unaudited)


The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The following graph illustrates performance of a hypothetical investment made in the Fund and the Fund’s primary benchmark index, the ICE BofA U.S. High Yield Index, as well as other broad-based securities indices on the Fund’s inception date. ICE BofA 3-7 Year U.S. Treasury Index measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than 3 years and less than or equal to 7 years. ICE BofA U.S. Corporate Index is an unmanaged index comprised of U.S. dollar denominated investment grade, fixed rate corporate debt securities publicly issued in the U.S. domestic market with at least one year remaining term to final maturity and at least $250 million outstanding. ICE BofA U.S. High Yield Index is an unmanaged index that tracks the performance of U.S. dollar denominated, below investment-grade rated corporate debt publicly issued in the U.S. domestic market. It is not possible to invest directly in an index.
 
Growth of $50,000 Investment

 

 
25

CROSSINGBRIDGE ULTRA-SHORT DURATION FUND
Investment Highlights
(Unaudited)


The Fund seeks to offer a higher yield than cash instruments while maintaining a low duration. The allocation of portfolio holdings as of September 30, 2022 is as follows:
 
Allocation of Portfolio Holdings
(% of Investments)
 

Average Annual Total Returns as of September 30, 2022
 
 
One
Since
 
Year
June 30, 20211
Institutional Class Shares
  1.12%
  0.95%
ICE BofA 0-1 Year U.S. Corporate Index
-1.07%
-0.79%
ICE BofA 0-1 Year U.S. Treasury Index
-0.20%
-0.14%
ICE BofA 0-3 Year U.S. Fixed Rate
   
  Asset Backed Securities Index
-2.96%
-2.28%

1
Commencement of investment operations.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-898-2780.
 
Investment performance reflects fee waivers in effect. In the absence of such waivers, total returns would be reduced.
26

CROSSINGBRIDGE ULTRA-SHORT DURATION FUND
Investment Highlights (Continued)
(Unaudited)


The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The following graph illustrates performance of a hypothetical investment made in the Fund and the Fund’s primary benchmark index, ICE BofA 0-1 Year U.S. Corporate Index, as well as other broad-based securities indices on the Fund’s inception date. ICE BofA 0-1 Year U.S. Corporate Index is a subset of ICE BofA U.S. Corporate Bond Index including all securities with a remaining term to final maturity less than 1 year. ICE BofA 0-1 Year U.S. Treasury Index tracks the performance of U.S. dollar denominated sovereign debt publicly issued by the U.S. government in its domestic market with maturities less than one year. ICE BofA 0-3 Year U.S. Fixed Rate Asset Backed Securities Index is a subset of ICE BofA U.S. Fixed Rate Asset Backed Securities Index including all securities with a remaining term to final maturity less than three years. It is not possible to invest directly in an index.
 
Growth of $50,000 Investment

 
27

CROSSINGBRIDGE PRE-MERGER SPAC ETF
Investment Highlights
(Unaudited)


The Fund seeks to provide total returns consistent with the preservation of capital. The allocation of portfolio holdings as of September 30, 2022 is as follows:
 
Allocation of Portfolio Holdings
(% of Investments)
 
 
 
Average Annual Total Returns as of September 30, 2022
 
 
One
Since
 
Year
September 20, 20211
Net Asset Value
 2.85%
 2.80%
Market Value
 2.70%
 2.82%
ICE BofA 0-3 Year U.S. Treasury Index
-3.39%
-3.36%

1
Commencement of investment operations.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-888-898-2780.
 
The returns shown assume reinvestment of Fund distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The following graph illustrates performance of a hypothetical investment made in the Fund and broad-based securities indices on the Fund’s inception date. The graph does not reflect any future performance. ICE BofA 0-3 Year U.S. Treasury Index tracks the performance of U.S. dollar denominated sovereign debt publicly issued by the
28

CROSSINGBRIDGE PRE-MERGER SPAC ETF
Investment Highlights (Continued)
(Unaudited)


U.S. government in its domestic market with maturities less than three years. Qualifying securities must have at least 18 months to maturity at point of issuance, at least one month and less than three years remaining term to final maturity, a fixed coupon schedule and minimum amount outstanding of $1 billion. It is not possible to invest directly in an index.
 
Growth of $10,000 Investment

 


29

CROSSINGBRIDGE LOW DURATION HIGH YIELD FUND

  Schedule of Investments

September 30, 2022

   
Face
       
   
Amount†
   
Value
 
ASSET BACKED SECURITIES – 1.63%
           
             
Finance and Insurance – 0.18%
           
HTS Fund I LLC
           
  2021-1, 1.410%, 08/25/2036 (a)
   
1,000,000
   
$
967,062
 
                 
Transportation and Warehousing – 1.45%
               
Hawaiian Airlines 2013-1 Class A Pass Through Certificates
               
  2013-1, 3.900%, 01/15/2026
   
9,817,848
     
7,899,273
 
TOTAL ASSET BACKED SECURITIES (Cost $9,847,972)
           
8,866,335
 
                 
                 
BANK LOANS – 6.89%
               
                 
Accommodation and Food Services – 0.35%
               
Fogo De Chao, Inc.
               
  7.365% (1 Month LIBOR + 4.250%), 04/05/2025 (b)
   
2,036,000
     
1,922,748
 
                 
Administrative and Support and Waste
               
  Management and Remediation Services – 0.63%
               
Monitronics International, Inc.
               
  10.306% (Base Rate + 7.500%), 03/29/2024 (b)
   
5,162,081
     
3,453,747
 
                 
Construction – 0.20%
               
Lealand Finance (McDermott)
               
  6.115% (1 Month Base Rate + 3.000%), 06/30/2024 (b)
   
1,750,984
     
1,116,252
 
                 
Finance and Insurance – 0.43%
               
MoneyGram International, Inc.
               
  7.615% (3 Month LIBOR + 4.500%), 07/21/2026 (b)
   
2,395,458
     
2,346,247
 
                 
                 
Information – 2.64%
               
Cengage Learning, Inc.
               
  7.814% (Base Rate + 4.750%), 07/14/2026 (b)
   
4,059,963
     
3,686,325
 
Go Daddy Operating Co. LLC
               
  4.865% (1 Month LIBOR + 1.750%), 02/15/2024 (b)
   
10,776,898
     
10,687,988
 
             
14,374,313
 
                 
Manufacturing – 1.02%
               
First Brands Group LLC
               
  8.368% (6 Month SOFR + 5.000%), 03/30/2027 (b)
   
2,130,912
     
2,055,797
 
K&N Parent, Inc.
               
  7.000% (3 Month LIBOR + 4.750%), 10/20/2023 (b)
   
4,366,418
     
3,481,838
 
             
5,537,635
 

The accompanying notes are an integral part of these financial statements.
30

CROSSINGBRIDGE LOW DURATION HIGH YIELD FUND

  Schedule of Investments (Continued)

September 30, 2022

   
Face
       
   
Amount†
   
Value
 
             
BANK LOANS – 6.89% (CONTINUED)
           
             
Mining, Quarrying, and Oil and Gas Extraction – 0.81%
           
Quarternorth Energy Holding, Inc.
           
  11.115% (1 Month LIBOR + 8.000%), 08/27/2026 (b)
   
4,419,985
   
$
4,412,626
 
                 
Professional, Scientific, and Technical Services – 0.81%
               
Getty Images, Inc.
               
  7.625% (3 Month LIBOR + 4.500%), 02/19/2026 (b)
   
4,423,000
     
4,399,293
 
TOTAL BANK LOANS (Cost $39,602,662)
           
37,562,861
 
                 
                 
COMMERCIAL PAPER – 20.77%
               
                 
Information – 3.91%
               
Crown Castle, Inc.
               
  3.513%, 10/19/2022 (c)
   
11,261,000
     
11,239,069
 
Rogers Communications, Inc.
               
  4.030%, 11/04/2022 (c)
   
5,371,000
     
5,352,437
 
Telus Corp.
               
  3.322%, 12/01/2022 (c)
   
4,750,000
     
4,719,102
 
             
21,310,608
 
                 
Manufacturing – 13.62%
               
Constellation Brands, Inc.
               
  3.912%, 10/24/2022 (c)
   
10,925,000
     
10,897,534
 
FMC Corp.
               
  3.067%, 10/03/2022 (c)
   
8,750,000
     
8,747,363
 
Fortive Corp.
               
  3.057%, 10/14/2022 (c)
   
7,750,000
     
7,739,762
 
Fortune Brands Home & Security, Inc.
               
  3.540%, 10/24/2022 (c)
   
5,750,000
     
5,736,545
 
General Motors Financial Co, Inc.
               
  3.326%, 10/25/2022 (c)
   
5,732,000
     
5,717,272
 
  3.833%, 11/28/2022 (c)
   
5,732,000
     
5,694,377
 
HP, Inc.
               
  3.536%, 10/17/2022 (c)
   
11,464,000
     
11,445,702
 
Jabil, Inc.
               
  3.475%, 10/17/2022 (c)
   
11,550,000
     
11,528,838
 
Parker-Hannifin Corp.
               
  3.216%, 11/28/2022 (c)
   
6,750,000
     
6,706,912
 
             
74,214,305
 

The accompanying notes are an integral part of these financial statements.
31

CROSSINGBRIDGE LOW DURATION HIGH YIELD FUND

  Schedule of Investments (Continued)

September 30, 2022

   
Face
       
   
Amount†
   
Value
 
             
COMMERCIAL PAPER – 20.77% (CONTINUED)
           
             
Mining, Quarrying, and Oil and Gas Extraction – 3.24%
           
Glencore Funding LLC
           
  3.386%, 11/10/2022 (c)
   
9,399,000
   
$
9,361,128
 
Targa Resources Corp.
               
  3.550%, 10/13/2022 (c)
   
8,293,000
     
8,283,746
 
             
17,644,874
 
TOTAL COMMERCIAL PAPER (Cost $113,197,750)
           
113,169,787
 
                 
                 
CONVERTIBLE BONDS – 2.18%
               
                 
Information – 2.18%
               
BuzzFeed, Inc.
               
  8.500%, 12/03/2026 (a)(e)
   
4,900,000
     
3,724,000
 
Leafly Holdings, Inc.
               
  8.000%, 01/31/2025 (d)(e)
   
7,245,000
     
6,737,850
 
UpHealth, Inc.
               
  6.250%, 06/15/2026 (a)
   
4,636,000
     
1,442,955
 
TOTAL CONVERTIBLE BONDS (Cost $16,659,724)
           
11,904,805
 
                 
                 
CORPORATE BONDS – 46.56%
               
                 
Accommodation and Food Services – 0.24%
               
Nathan’s Famous, Inc.
               
  6.625%, 11/01/2025 (a)
   
1,321,000
     
1,315,293
 
                 
Agriculture, Forestry, Fishing and Hunting – 0.29%
               
Cooks Venture, Inc.
               
  2022-2, 5.500%, 01/15/2025 (a)
   
1,595,000
     
1,563,898
 
                 
Arts, Entertainment, and Recreation – 0.04%
               
Gaming Innovation Group Plc
               
  9.979% (3 Month STIBOR + 8.500%), 06/11/2024 (a)(b)(f)(g)
 
SEK 2,250,000
     
205,787
 
                 
Construction – 0.36%
               
Schletter International BV
               
  7.462% (3 Month EURIBOR + 6.750%), 09/12/2025 (b)(f)(h)
 
EUR 1,990,000
     
1,942,705
 
                 
Educational Services – 0.27%
               
Hercules Achievement Inc / Varsity Brands Holding Co, Inc.
               
  11.674% (3 Month LIBOR + 8.000%), 12/22/2024 (a)(b)
   
1,533,000
     
1,456,350
 

The accompanying notes are an integral part of these financial statements.
32

CROSSINGBRIDGE LOW DURATION HIGH YIELD FUND

  Schedule of Investments (Continued)

September 30, 2022

   
Face
       
   
Amount†
   
Value
 
             
CORPORATE BONDS – 46.56% (CONTINUED)
           
             
Finance and Insurance – 3.10%
           
HMH Holding BV
           
  9.912%, 02/10/2025 (f)
   
4,001,000
   
$
4,051,012
 
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
               
  4.750%, 09/15/2024
   
621,000
     
581,587
 
Nordic Capital II
               
  7.910%, 06/30/2024 (f)(i)
 
NOK 10,200,000
     
943,859
 
StoneX Group, Inc.
               
  8.625%, 06/15/2025 (a)
   
11,178,000
     
11,313,198
 
             
16,889,656
 
                 
Health Care and Social Assistance – 0.27%
               
ADDvise Group AB
               
  8.569% (3 Month STIBOR + 7.250%), 05/21/2024 (b)(f)(g)
 
SEK 16,380,000
     
1,472,298
 
                 
Information – 18.58%
               
American Greetings Corp.
               
  8.750%, 04/15/2025 (a)
   
2,712,000
     
2,608,754
 
Azerion Holding BV
               
  7.250%, 04/28/2024 (f)(h)
 
EUR 3,199,000
     
3,097,326
 
CCO Holdings LLC / CCO Holdings Capital Corp.
               
  4.000%, 03/01/2023 (a)
   
4,319,000
     
4,299,564
 
Cengage Learning, Inc.
               
  9.500%, 06/15/2024 (a)
   
8,486,000
     
7,976,840
 
Clear Channel International BV
               
  6.625%, 08/01/2025 (a)(f)
   
10,961,000
     
10,197,991
 
Connect Finco SARL / Connect US Finco LLC
               
  6.750%, 10/01/2026 (a)(f)
   
7,949,000
     
6,964,658
 
Go North Group AB
               
  12.874% (3 Month STIBOR + 12.000%), 07/15/2025 (b)(f)(g)
 
SEK 51,250,000
     
4,715,537
 
Impala BondCo Plc
               
  10.217% (3 Month STIBOR + 9.000%), 10/20/2024 (b)(f)(g)
 
SEK 11,250,000
     
981,710
 
INNOVATE Corp.
               
  8.500%, 02/01/2026 (a)
   
6,874,000
     
5,052,390
 
Linkem S.p.A.
               
  7.193% (3 Month EURIBOR + 6.000%), 11/09/2022 (a)(b)(f)(h)
 
EUR 14,565,000
     
14,238,688
 
N0r5ke Viking I AS
               
  10.220% (3 Month NIBOR + 8.000%), 05/03/2024 (b)(f)(i)
 
NOK 14,800,000
     
1,345,640
 
Nielsen Co.
               
  5.000%, 02/01/2025 (a)(f)
   
11,665,000
     
11,453,138
 
Sprint Communications LLC
               
  6.000%, 11/15/2022
   
17,170,000
     
17,187,170
 

The accompanying notes are an integral part of these financial statements.
33

CROSSINGBRIDGE LOW DURATION HIGH YIELD FUND

  Schedule of Investments (Continued)

September 30, 2022

   
Face
       
   
Amount†
   
Value
 
             
CORPORATE BONDS – 46.56% (CONTINUED)
           
             
Information – 18.58% (Continued)
           
TEGNA, Inc.
           
  4.750%, 03/15/2026 (a)
   
9,483,000
   
$
9,165,319
 
Tigo Energy, Inc.
               
  5.500%, 01/15/2025 (a)
   
1,969,333
     
1,945,292
 
             
101,230,017
 
                 
Manufacturing – 10.55%
               
Blast Motion, Inc.
               
  5.500%, 02/15/2025 (a)
   
2,000,000
     
1,932,200
 
Chobani LLC / Chobani Finance Corp, Inc.
               
  7.500%, 04/15/2025 (a)
   
9,167,000
     
8,422,960
 
Columbia Care, Inc.
               
  9.500%, 02/03/2026 (f)
   
17,087,000
     
17,020,959
 
Fiven ASA
               
  7.916% (3 Month EURIBOR + 6.850%), 06/21/2024 (b)(f)(h)
 
EUR 7,992,000
     
7,675,879
 
Ford Motor Credit Co. LLC
               
  3.350%, 11/01/2022
   
6,693,000
     
6,684,861
 
FXI Holdings, Inc.
               
  12.250%, 11/15/2026 (a)
   
5,213,000
     
4,144,335
 
Georg Jensen A/S
               
  6.321% (3 Month EURIBOR + 6.000%), 05/15/2023 (b)(f)(h)
 
EUR 100,000
     
95,555
 
Graphic Packaging International LLC
               
  4.875%, 11/15/2022
   
3,902,000
     
3,901,813
 
Hillenbrand, Inc.
               
  5.750%, 06/15/2025
   
3,542,000
     
3,458,019
 
Jaguar Land Rover Automotive Plc
               
  5.625%, 02/01/2023 (a)(f)
   
1,106,000
     
1,082,788
 
LR Global Holding GmbH
               
  7.832% (3 Month EURIBOR + 7.250%), 02/03/2025 (b)(f)(h)
 
EUR 3,609,000
     
3,050,651
 
             
57,470,020
 
                 
Mining, Quarrying, and Oil and Gas Extraction – 3.22%
               
Copper Mountain Mining Corp.
               
  8.000%, 04/09/2026 (f)
   
6,576,062
     
5,885,576
 
Greenfire Resources, Inc.
               
  12.000%, 08/15/2025 (a)(f)
   
3,411,000
     
3,629,816
 
Tacora Resources, Inc.
               
  8.250%, 05/15/2026 (a)(f)
   
7,781,000
     
6,645,218
 
W&T Offshore, Inc.
               
  9.750%, 11/01/2023 (a)
   
1,421,000
     
1,394,290
 
             
17,554,900
 

The accompanying notes are an integral part of these financial statements.
34

CROSSINGBRIDGE LOW DURATION HIGH YIELD FUND

  Schedule of Investments (Continued)

September 30, 2022

   
Face
       
   
Amount†
   
Value
 
             
CORPORATE BONDS – 46.56% (CONTINUED)
           
             
Professional, Scientific, and Technical Services – 2.06%
           
Aker Horizons ASA
           
  5.530% (3 Month NIBOR + 3.250%), 08/15/2025 (b)(f)(i)
 
NOK 5,000,000
   
$
414,429
 
Desenio Group AB
             
  7.056% (3 Month STIBOR + 5.500%), 12/16/2024 (b)(f)(g)
 
SEK 1,250,000
     
59,134
 
Getty Images, Inc.
             
  9.750%, 03/01/2027 (a)
   
7,949,000
     
7,904,287
 
Rebellion Operations AB
               
  9.319% (3 Month STIBOR + 8.000%), 05/20/2025 (b)(f)(g)
 
SEK 32,500,000
     
2,879,407
 
             
11,257,257
 
                 
Real Estate and Rental and Leasing – 0.79%
               
Exterran Energy Solutions LP / EES Finance Corp.
               
  8.125%, 05/01/2025
   
2,815,000
     
2,853,200
 
REX – Real Estate Exchange, Inc.
               
  6.000%, 03/15/2025 (a)
   
1,500,000
     
1,476,000
 
             
4,329,200
 
                 
Retail Trade – 2.10%
               
Albertsons Cos Inc / Safeway Inc /
               
  New Albertsons LP / Albertsons LLC
               
  3.500%, 02/15/2023 (a)
   
6,798,000
     
6,730,700
 
Anagram International Inc / Anagram Holdings LLC
               
  15.000%, 08/15/2025 (a)
   
4,616,344
     
4,690,021
 
             
11,420,721
 
                 
Transportation and Warehousing – 3.23%
               
Golar LNG Ltd.
               
  7.000%, 10/20/2025 (f)
   
16,509,000
     
15,662,914
 
Seaspan Corp.
               
  6.500%, 02/05/2024 (f)
   
1,700,000
     
1,683,000
 
XPO Logistics, Inc.
               
  6.250%, 05/01/2025 (a)
   
271,000
     
272,141
 
             
17,618,055
 
                 
Wholesale Trade – 1.46%
               
Martin Midstream Partners LP / Martin Midstream Finance Corp.
               
  10.000%, 02/29/2024 (a)
   
7,155,775
     
7,194,738
 
  11.500%, 02/28/2025 (a)
   
765,000
     
747,868
 
             
7,942,606
 
TOTAL CORPORATE BONDS (Cost $269,443,872)
           
253,668,763
 

The accompanying notes are an integral part of these financial statements.
35

CROSSINGBRIDGE LOW DURATION HIGH YIELD FUND

  Schedule of Investments (Continued)

September 30, 2022

   
Face
       
   
Amount†
   
Value
 
             
PREFERRED STOCKS – 1.05%
           
             
Finance and Insurance – 1.05%
           
CoBank ACB
           
  6.250%, No stated maturity
   
57,197
   
$
5,719,700
 
TOTAL PREFERRED STOCKS (Cost $5,789,480)
           
5,719,700
 
                 
   
Number
         
   
of Shares
         
SPECIAL PURPOSE ACQUISITION COMPANIES – 13.23%
               
Accelerate Acquisition Corp. (l)
   
267,020
     
2,626,142
 
Agile Growth Corp. (f)(l)
   
128,420
     
1,275,211
 
Alpha Partners Technology
               
  Merger Corp. Founder Shares (d)(e)(l)
   
9,341
     
887
 
AltEnergy Acquisition Corp. (l)
   
139,779
     
1,399,188
 
Atlantic Avenue Acquisition Corp. (l)
   
90,259
     
905,569
 
Authentic Equity Acquisition Corp. (f)(l)
   
12,435
     
123,728
 
AxonPrime Infrastructure
               
  Acquisition Corp. Founder Shares (d)(e)(l)
   
5,000
     
736
 
Berenson Acquisition Corp. Founder Shares (d)(e)(l)
   
19,099
     
969
 
BGP Acquisition Corp. (f)(l)
   
179,882
     
1,770,039
 
Bite Acquisition Corp. (l)
   
127,263
     
1,252,904
 
Blockchain Moon Acquisition Corp. (l)
   
90,668
     
904,867
 
Bullpen Parlay Acquisition Co. (f)(l)
   
44,011
     
443,631
 
Carney Technology Acquisition Corp. II (l)
   
235,993
     
2,348,130
 
Clarim Acquisition Corp. (l)
   
130,261
     
1,288,281
 
Compute Health Acquisition Corp. (l)
   
270,004
     
2,664,939
 
COVA Acquisition Corp. (f)(l)
   
74,557
     
741,097
 
Crescera Capital Acquisition Corp. (f)(l)
   
33,736
     
338,709
 
DHB Capital Corp. (l)
   
4,520
     
44,477
 
DTRT Health Acquisition Corp. (l)
   
56,825
     
577,910
 
Elliott Opportunity II Corp. (f)(l)
   
41,338
     
406,766
 
Empowerment & Inclusion Capital I Corp. (l)
   
180,657
     
1,784,891
 
Enterprise 4.0 Technology Acquisition Corp. (f)(l)
   
19,880
     
200,788
 
Fat Projects Acquisition Corp. (f)(l)
   
28,536
     
284,361
 
Financials Acquisition Corp. (f)(j)(l)
   
190,901
     
2,126,167
 
FutureTech II Acquisition Corp. (l)
   
20,556
     
206,588
 
G&P Acquisition Corp. (l)
   
250,380
     
2,501,296
 
Global Partner Acquisition Corp. II (f)(l)
   
139,288
     
1,387,308
 
Goal Acquisitions Corp. (l)
   
377,573
     
3,719,094
 
Golden Falcon Acquisition Corp. (l)
   
46,683
     
464,496
 
GP Bullhound Acquisition I SE (f)(k)(l)
   
108,609
     
1,058,032
 
Hambro Perks Acquisition Co. Ltd. (f)(j)(l)
   
217,802
     
2,431,857
 
Healthcare Services Acquisition Corp. (l)
   
12,435
     
123,604
 

The accompanying notes are an integral part of these financial statements.
36

CROSSINGBRIDGE LOW DURATION HIGH YIELD FUND

  Schedule of Investments (Continued)

September 30, 2022

   
Number
       
   
of Shares
   
Value
 
SPECIAL PURPOSE ACQUISITION
           
  COMPANIES – 13.23% (CONTINUED)
           
Hiro Metaverse Acquisitions I SA (f)(j)(l)
   
135,163
   
$
1,512,929
 
Horizon Acquisition Corp. II (f)(l)
   
218,757
     
2,187,570
 
Ibere Pharmaceuticals (f)(l)
   
126,627
     
1,254,874
 
Iconic Sports Acquisition Corp. (f)(l)
   
345,215
     
3,505,658
 
Ignyte Acquisition Corp. (l)
   
12,435
     
124,226
 
Innovative International Acquisition Corp. (f)(l)
   
204,013
     
2,068,692
 
Itiquira Acquisition Corp. (f)(l)
   
12,435
     
123,604
 
JOFF Fintech Acquisition Corp. (l)
   
146,589
     
1,443,902
 
LAVA Medtech Acquisition Corp. (l)
   
43,085
     
433,435
 
Legato Merger Corp. II (l)
   
32,606
     
323,941
 
Mason Industrial Technology, Inc. (l)
   
206,515
     
2,023,847
 
Mercury Ecommerce Acquisition Corp. (l)
   
350,000
     
3,489,500
 
NewHold Investment Corp. II (l)
   
104,856
     
1,033,356
 
OmniLit Acquisition Corp. (l)
   
12,822
     
129,246
 
One Equity Partners Open Water I Corp. (l)
   
19,319
     
190,678
 
Oyster Enterprises Acquisition Corp. (l)
   
89,245
     
881,741
 
Peridot Acquisition Corp. II (f)(l)
   
102,230
     
1,013,610
 
Pivotal Investment Corp. III (l)
   
186,823
     
1,841,141
 
Pontem Corp. (f)(l)
   
165,045
     
1,640,547
 
Portage Fintech Acquisition Corp. (f)(l)
   
55,240
     
544,114
 
PowerUp Acquisition Corp. (f)(l)
   
25,212
     
255,650
 
PWP Forward Acquisition Corp. I (l)
   
6,639
     
65,294
 
Pyrophyte Acquisition Corp. (f)(l)
   
22,753
     
231,004
 
Relativity Acquisition Corp. (l)
   
169,970
     
1,709,048
 
Revelstone Capital Acquisition Corp. Founder Shares (d)(e)(l)
   
10,125
     
1,013
 
RMG Acquisition Corp. III (f)(l)
   
31,887
     
317,276
 
ShoulderUp Technology Acquisition Corp. (l)
   
6,440
     
64,690
 
Silver Spike III Acquisition Corp. (f)(l)
   
278,920
     
2,831,038
 
Social Leverage Acquisition Corp. I (l)
   
55,240
     
543,009
 
SportsMap Tech Acquisition Corp. (l)
   
13,234
     
132,472
 
ST Energy Transition I Ltd. (f)(l)
   
12,659
     
126,970
 
Tech and Energy Transition Corp. (l)
   
13,307
     
131,207
 
Tekkorp Digital Acquisition Corp. (f)(l)
   
59,086
     
592,042
 
Tio Tech A (f)(l)
   
396,937
     
3,927,692
 
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES
               
  (Cost $72,508,769)
           
72,097,678
 
                 
TRADE CLAIMS – 0.87%
               
                 
Utilities – 0.87%
               
Brazos Electric Power Cooperative, Inc. (l)
   
5,397,407
     
4,738,924
 
TOTAL TRADE CLAIMS (Cost $4,891,400)
           
4,738,924
 

The accompanying notes are an integral part of these financial statements.
37

CROSSINGBRIDGE LOW DURATION HIGH YIELD FUND

  Schedule of Investments (Continued)

September 30, 2022

   
Number
       
   
of Shares
   
Value
 
WARRANTS – 0.01%
           
Brigade-M3 European Acquisition Corp. (f)(l)
           
  Expiration: 01/17/2027, Exercise Price: $11.50
   
110,310
   
$
12,134
 
DHB Capital Corp. (l)
               
  Expiration: 03/31/2028, Exercise Price: $11.50
   
1,506
     
80
 
Financials Acquisition Corp. (f)(j)(l)
               
  Expiration: 04/04/2027, Exercise Price: $11.50
   
95,450
     
4,263
 
GP Bullhound Acquisition I SE (f)(k)(l)
               
  Expiration: 03/11/2027, Exercise Price: $11.50
   
54,304
     
13,305
 
Hambro Perks Acquisition Corp. (f)(j)(l)
               
  Expiration: 01/07/2026, Exercise Price: $11.50
   
108,901
     
12,767
 
Hiro Metaverse Acquisitions I SA (f)(j)(l)
               
  Expiration: 12/21/2026, Exercise Price: $11.50
   
67,581
     
11,696
 
Leafly Holdings, Inc. (l)
               
  Expiration: 11/07/2026, Exercise Price: $11.50
   
36,943
     
6,273
 
OmniLit Acquisition Corp. (l)
               
  Expiration: 11/08/2026, Exercise Price: $11.50
   
3,260
     
401
 
TOTAL WARRANTS (Cost $89,432)
           
60,919
 
                 
MONEY MARKET FUNDS – 9.92%
               
First American Government Obligations
               
  Fund – Class X, 2.773% (m)
   
23,272,462
     
23,272,462
 
First American Treasury Obligations Fund – Class X, 2.875% (m)
   
30,776,578
     
30,776,578
 
TOTAL MONEY MARKET FUNDS (Cost $54,049,040)
           
54,049,040
 
Total Investments (Cost $586,080,101) – 103.11%
           
561,838,812
 
Liabilities in Excess of Other Assets – (3.11)%
           
(16,945,818
)
Total Net Assets – 100.00%
         
$
544,892,994
 

Percentages are stated as a percent of net assets.
Face amount in U.S. Dollar unless otherwise indicated.
(a)
Securities issued pursuant to Rule 144A under the Securities Act of 1933 and Regulation S under the Securities Act of 1933. Aggregate value of these securities is $152,158,539 or 27.93% of Fund’s net assets.
(b)
Variable rate security. The rate shown represents the rate at September 30, 2022.
(c)
The rate shown is the effective yield.
(d)
Illiquid security.
(e)
Security valued using unobservable inputs.
(f)
Foreign issued security.
(g)
Principal amount denominated in Swedish Krona.
(h)
Principal amount denominated in Euros.
(i)
Principal amount denominated in Norwegian Krone.
(j)
Holding denominated in British Pound.
(k)
Holding denominated in Euros.

The accompanying notes are an integral part of these financial statements.
38

CROSSINGBRIDGE LOW DURATION HIGH YIELD FUND

  Schedule of Investments (Continued)

(l)
Non-income producing security.
(m)
Seven day yield as of September 30, 2022.

Definitions:
EURIBOR – Euro-Interbank Offer Rate is a reference rate expressing the average interest rate at which eurozone banks offer unsecured short-term lending on the interbank market.
LIBOR – London Interbank Offer Rate is a benchmark rate at which banks offer to lend funds to one another in the international interbank market for short-term loans.
NIBOR – Norwegian Interbank Offer Rate is a collective term for Norwegian money market rates at different maturities. It is intended to reflect the interest rate level a bank require for unsecured money market lending in Norwegian Krone to another bank.
SOFR – Secured Overnight Financing Rate is a benchmark interest rate for dollar-denominated derivatives and loans. SOFR is based on transactions in the Treasury repurchase market and is based on data from observable transactions rather than on estimated borrowing rates.
STIBOR – Stockholm Interbank Offer Rate is a reference rate that shows the average interest rate at which a number of active banks on the Swedish money market are willing to lend to one another, without collateral, at different maturities.

The accompanying notes are an integral part of these financial statements.
39

CROSSINGBRIDGE LOW DURATION HIGH YIELD FUND

  Schedule of Forward Currency Exchange Contracts

September 30, 2022
  Schedule of Investments (Continue
   
   
Currency
 
USD Value at
 
Currency
 
USD Value at
   
Unrealized
 
Settlement
 
Counter-
 
to be
 
September 30,
 
to be
 
September 30,
   
Appreciation/
 
Date
 
party
 
Delivered
   
2022
 
Received
   
2022
   
(Depreciation)
 
10/14/22
 
U.S. Bank
 
32,240,415 EUR
 
$
31,628,183
 
32,529,567 USD
 
$
32,529,567
   
$
901,384
 
10/14/22
 
U.S. Bank
 
5,448,000 GBP
   
6,084,850
 
6,376,067 USD
   
6,376,067
     
291,217
 
10/14/22
 
U.S. Bank
 
30,112,000 NOK
   
2,765,602
 
3,056,621 USD
   
3,056,621
     
291,019
 
10/14/22
 
U.S. Bank
 
124,994,000 SEK
   
11,270,154
 
11,936,248 USD
   
11,936,248
     
666,094
 
10/14/22
 
U.S. Bank
 
649,045 USD
   
649,045
 
7,244,000 SEK
   
653,159
     
4,114
 
               
$
52,397,834
     
$
54,551,662
   
$
2,153,828
 

EUR – Euro
GBP – British Pound
NOK – Norwegian Krone
SEK – Swedish Krona
USD – U.S. Dollars

The accompanying notes are an integral part of these financial statements.
40

CROSSINGBRIDGE RESPONSIBLE CREDIT FUND

  Schedule of Investments

September 30, 2022

   
Face
       
   
Amount†
   
Value
 
             
ASSET BACKED SECURITIES – 6.41%
           
             
Transportation and Warehousing – 6.41%
           
Hawaiian Airlines 2013-1 Class A Pass Through Certificates
           
  2013-1, 3.900%, 01/15/2026
   
1,686,819
   
$
1,357,186
 
TOTAL ASSET BACKED SECURITIES (Cost $1,474,621)
           
1,357,186
 
                 
                 
BANK LOANS – 13.42%
               
                 
Administrative and Support and Waste
               
  Management and Remediation Services – 0.47%
               
Monitronics International, Inc.
               
  10.306% (Base Rate + 7.500%), 03/29/2024 (a)
   
149,615
     
100,125
 
                 
Information – 4.08%
               
Cengage Learning, Inc.
               
  7.814% (Base Rate + 4.750%), 07/14/2026 (a)
   
500,000
     
453,985
 
Go Daddy Operating Co. LLC
               
  4.865% (1 Month LIBOR + 1.750%), 02/15/2024 (a)
   
413,000
     
409,593
 
             
863,578
 
                 
Manufacturing – 7.00%
               
Real Alloy
               
  13.674% (3 Month LIBOR + 10.000%), 05/31/2023 (a)(b)
   
1,480,934
     
1,480,934
 
                 
Retail Trade – 1.87%
               
West Marine, Inc.
               
  11.365% (Base Rate + 8.250%), 06/01/2029 (a)
   
500,000
     
395,000
 
TOTAL BANK LOANS (Cost $2,955,504)
           
2,839,637
 
                 
                 
COMMERCIAL PAPER – 12.45%
               
                 
Information – 2.91%
               
Crown Castle, Inc.
               
  3.513%, 10/19/2022 (c)
   
367,000
     
366,285
 
Rogers Communications, Inc.
               
  4.030%, 11/04/2022 (c)
   
250,000
     
249,136
 
             
615,421
 
Manufacturing – 9.54%
               
Arrow Electronics, Inc.
               
  3.370%, 10/05/2022 (c)
   
356,000
     
355,816
 
Fortune Brands Home & Security, Inc.
               
  3.291%, 10/03/2022 (c)
   
450,000
     
449,869
 

The accompanying notes are an integral part of these financial statements.
41

CROSSINGBRIDGE RESPONSIBLE CREDIT FUND

  Schedule of Investments (Continued)

September 30, 2022

   
Face
       
   
Amount†
   
Value
 
             
COMMERCIAL PAPER – 12.45% (CONTINUED)
           
             
Manufacturing – 9.54% (Continued)
           
General Motors Financial Co, Inc.
           
  3.566%, 11/15/2022 (c)
   
450,000
   
$
447,769
 
Jabil, Inc.
               
  3.784%, 10/28/2022 (c)
   
384,000
     
382,825
 
Nutrien Ltd.
               
  3.813%, 11/15/2022 (c)
   
384,000
     
382,226
 
             
2,018,505
 
TOTAL COMMERCIAL PAPER (Cost $2,634,257)
           
2,633,926
 
                 
                 
COMMON STOCKS – 0.61%
               
                 
Health Care and Social Assistance – 0.61%
               
Biote Corp. Founder Shares (i)
   
30,000
     
128,400
 
TOTAL COMMON STOCKS (Cost $0)
           
128,400
 
                 
                 
CONVERTIBLE BONDS – 0.65%
               
                 
Manufacturing – 0.65%
               
Danimer Scientific, Inc.
               
  3.250%, 12/15/2026 (d)
   
260,000
     
137,800
 
TOTAL CONVERTIBLE BONDS (Cost $258,960)
           
137,800
 
                 
                 
CORPORATE BONDS – 47.05%
               
                 
Construction – 1.84%
               
Schletter International BV
               
  7.462% (3 Month EURIBOR + 6.750%), 09/12/2025 (a)(e)(f)
 
EUR 400,000
     
390,494
 
                 
Finance and Insurance – 3.10%
               
StoneX Group, Inc.
               
  8.625%, 06/15/2025 (d)
   
648,000
     
655,838
 
                 
Information – 16.21%
               
American Greetings Corp.
               
  8.750%, 04/15/2025 (d)
   
81,000
     
77,916
 
Calligo UK Ltd.
               
  9.728% (3 Month EURIBOR + 8.500%), 12/29/2024 (a)(e)(f)
 
EUR 100,000
     
95,310
 
Cengage Learning, Inc.
               
  9.500%, 06/15/2024 (d)
   
308,000
     
289,520
 
Clear Channel International BV
               
  6.625%, 08/01/2025 (d)(e)
   
542,000
     
504,271
 

The accompanying notes are an integral part of these financial statements.
42

CROSSINGBRIDGE RESPONSIBLE CREDIT FUND

  Schedule of Investments (Continued)

September 30, 2022

   
Face
       
   
Amount†
   
Value
 
             
CORPORATE BONDS – 47.05% (CONTINUED)
           
             
Information – 16.21% (Continued)
           
Connect Finco SARL / Connect US Finco LLC
           
  6.750%, 10/01/2026 (d)(e)
   
400,000
   
$
350,467
 
Go North Group AB
               
  12.874% (3 Month STIBOR + 12.000%), 07/15/2025 (a)(e)(g)
 
SEK 5,000,000
     
460,052
 
INNOVATE Corp.
               
  8.500%, 02/01/2026 (d)
   
460,000
     
338,100
 
Linkem S.p.A.
               
  7.193% (3 Month EURIBOR + 6.000%), 11/09/2022 (a)(d)(e)(f)
 
EUR 1,250,000
     
1,221,995
 
Tigo Energy, Inc.
               
  5.500%, 01/15/2025 (d)
   
93,333
     
92,194
 
             
3,429,825
 
                 
Manufacturing – 14.39%
               
Chobani LLC / Chobani Finance Corp, Inc.
               
  7.500%, 04/15/2025 (d)
   
431,000
     
396,018
 
Fiven ASA
               
  7.916% (3 Month EURIBOR + 6.850%), 06/21/2024 (a)(e)(f)
 
EUR 1,500,000
     
1,440,668
 
Ford Motor Credit Co. LLC
               
  3.350%, 11/01/2022
   
730,000
     
729,112
 
G-III Apparel Group Ltd.
               
  7.875%, 08/15/2025 (d)
   
250,000
     
227,199
 
LR Global Holding GmbH
               
  7.832% (3 Month EURIBOR + 7.250%), 02/03/2025 (a)(e)(f)
 
EUR 300,000
     
253,587
 
             
3,046,584
 
                 
Mining, Quarrying, and Oil and Gas Extraction – 2.91%
               
Aker ASA
               
  5.600% (3 Month NIBOR + 2.750%), 09/27/2027 (a)(e)(h)
 
NOK 3,500,000
     
317,422
 
Copper Mountain Mining Corp.
               
  8.000%, 04/09/2026 (e)
   
333,120
     
298,142
 
             
615,564
 
                 
Professional, Scientific, and Technical Services – 2.82%
               
Getty Images, Inc.
               
  9.750%, 03/01/2027 (d)
   
600,000
     
596,625
 
                 
Retail Trade – 1.20%
               
Anagram International Inc / Anagram Holdings LLC
               
  15.000%, 08/15/2025 (d)
   
250,000
     
253,990
 

The accompanying notes are an integral part of these financial statements.
43

CROSSINGBRIDGE RESPONSIBLE CREDIT FUND

  Schedule of Investments (Continued)

September 30, 2022

   
Face
       
   
Amount†
   
Value
 
             
CORPORATE BONDS – 47.05% (CONTINUED)
           
             
Transportation and Warehousing – 3.54%
           
Golar LNG Ltd.
           
  7.000%, 10/20/2025 (e)
   
480,000
   
$
455,400
 
XPO CNW, Inc.
               
  6.700%, 05/01/2034
   
315,000
     
293,156
 
             
748,556
 
                 
Wholesale Trade – 1.04%
               
United Natural Foods, Inc.
               
  6.750%, 10/15/2028 (d)
   
240,000
     
220,326
 
TOTAL CORPORATE BONDS (Cost $10,745,802)
           
9,957,802
 
                 
   
Number
         
   
of Shares
         
SPECIAL PURPOSE ACQUISITION COMPANIES – 12.43%
               
AltEnergy Acquisition Corp. (i)
   
30,000
     
300,300
 
Atlantic Avenue Acquisition Corp. (i)
   
26,630
     
267,179
 
Authentic Equity Acquisition Corp. (e)(i)
   
31,000
     
308,450
 
AxonPrime Infrastructure
               
  Acquisition Corp. Founder Shares (b)(i)(j)
   
1,000
     
147
 
Carney Technology Acquisition Corp. II (i)
   
11,082
     
110,266
 
Climate Real Impact Solutions II Acquisition Corp. (i)
   
22,531
     
222,381
 
COVA Acquisition Corp. (e)(i)
   
16,671
     
165,710
 
Empowerment & Inclusion Capital I Corp. (i)
   
50,000
     
494,000
 
Enterprise 4.0 Technology Acquisition Corp. (e)(i)
   
1,351
     
13,645
 
Global Technology Acquisition Corp. I (e)(i)
   
242
     
2,445
 
Goldenstone Acquisition Ltd. (i)
   
8,333
     
83,038
 
Healthcare Services Acquisition Corp. (i)
   
31,000
     
308,140
 
Iconic Sports Acquisition Corp. (e)(i)
   
7,573
     
76,904
 
Ignyte Acquisition Corp. (i)
   
22,737
     
227,143
 
Legato Merger Corp. II (i)
   
4,502
     
44,727
 
SportsMap Tech Acquisition Corp. (i)
   
675
     
6,757
 
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES
               
  (Cost $2,587,709)
           
2,631,232
 

The accompanying notes are an integral part of these financial statements.
44

CROSSINGBRIDGE RESPONSIBLE CREDIT FUND

  Schedule of Investments (Continued)

September 30, 2022

   
Number
       
   
of Shares
   
Value
 
MONEY MARKET FUNDS – 10.62%
           
First American Government Obligations
           
  Fund – Class X, 2.773% (k)
   
1,123,855
   
$
1,123,855
 
First American Treasury Obligations Fund – Class X, 2.875% (k)
   
1,123,855
     
1,123,855
 
TOTAL MONEY MARKET FUNDS (Cost $2,247,710)
           
2,247,710
 
Total Investments (Cost $22,904,563) – 103.64%
           
21,933,693
 
Liabilities in Excess of Other Assets – (3.64)%
           
(771,203
)
Total Net Assets – 100.00%
         
$
21,162,490
 

Percentages are stated as a percent of net assets.
Face amount in U.S. Dollar unless otherwise indicated.
(a)
Variable rate security. The rate shown represents the rate at September 30, 2022.
(b)
Security valued using unobservable inputs.
(c)
The rate shown is the effective yield.
(d)
Securities issued pursuant to Rule 144A under the Securities Act of 1933 and Regulation S under the Securities Act of 1933. Aggregate value of these securities is $5,362,259 or 25.34% of Fund’s net assets.
(e)
Foreign issued security.
(f)
Principal amount denominated in Euros.
(g)
Principal amount denominated in Swedish Krona.
(h)
Principal amount denominated in Norwegian Krone.
(i)
Non-income producing security.
(j)
Illiquid security.
(k)
Seven day yield as of September 30, 2022.

Definitions:
EURIBOR – Euro-Interbank Offer Rate is a reference rate expressing the average interest rate at which eurozone banks offer unsecured short-term lending on the interbank market.
LIBOR – London Interbank Offer Rate is a benchmark rate at which banks offer to lend funds to one another in the international interbank market for short-term loans.
NIBOR – Norwegian Interbank Offer Rate is a collective term for Norwegian money market rates at different maturities. It is intended to reflect the interest rate level a bank require for unsecured money market lending in Norwegian Krone to another bank.
STIBOR – Stockholm Interbank Offer Rate is a reference rate that shows the average interest rate at which a number of active banks on the Swedish money market are willing to lend to one another, without collateral, at different maturities.

The accompanying notes are an integral part of these financial statements.
45

CROSSINGBRIDGE RESPONSIBLE CREDIT FUND

  Schedule of Forward Currency Exchange Contracts

September 30, 2022

   
 
Currency
 
USD Value at
 
Currency
 
USD Value at
   
Unrealized
 
Settlement
 
Counter-
to be
 
September 30,
 
to be
 
September 30,
   
Appreciation/
 
Date
 
party
Delivered
 
2022
 
Received
 
2022
   
(Depreciation)
 
10/14/22
 
U.S. Bank
3,521,750 EUR
 
$
3,454,874
 
3,519,481 USD
 
$
3,519,481
   
$
64,607
 
10/14/22
 
U.S. Bank
3,500,000 NOK
   
321,453
 
333,333 USD
   
333,333
     
11,880
 
10/14/22
 
U.S. Bank
5,214,000 SEK
   
470,123
 
497,909 USD
   
497,908
     
27,785
 
             
$
4,246,450
     
$
4,350,722
   
$
104,272
 

EUR – Euro
NOK – Norwegian Krone
SEK – Swedish Krona
USD – U.S. Dollars

The accompanying notes are an integral part of these financial statements.
46

CROSSINGBRIDGE ULTRA-SHORT DURATION FUND

  Schedule of Investments

September 30, 2022

   
Face
       
   
Amount†
   
Value
 
             
ASSET BACKED SECURITIES – 8.27%
           
             
Agriculture, Forestry, Fishing and Hunting – 2.91%
           
Arm Master Trust LLC Series
           
  2022-T1 Agricultural Loan Backed Notes
           
  2022-T1, 4.400%, 06/16/2025 (a)(c)
   
2,000,000
   
$
1,990,626
 
                 
Finance and Insurance – 2.31%
               
LendingPoint 2021-A Asset Securitization Trust
               
  A, 1.000%, 12/15/2028 (a)
   
5,037
     
5,027
 
LendingPoint 2021-B Asset Securitization Trust
               
  A, 1.110%, 02/15/2029 (a)
   
203,974
     
201,824
 
LendingPoint 2022-A Asset Securitization Trust
               
  A, 1.680%, 06/15/2029 (a)
   
951,242
     
946,234
 
LendingPoint 2022-B Asset Securitization Trust
               
  2022-B, 4.770%, 10/15/2029 (a)
   
435,900
     
427,502
 
             
1,580,587
 
                 
Information – 2.55%
               
SBA Tower Trust
               
  2018-1, 3.448%, 03/15/2048 (a)
   
1,755,000
     
1,739,386
 
                 
Transportation and Warehousing – 0.50%
               
Santander Consumer Auto Receivables Trust 2021-B
               
  B, 1.450%, 10/15/2028 (a)
   
347,496
     
339,322
 
TOTAL ASSET BACKED SECURITIES (Cost $5,693,352)
           
5,649,921
 
                 
                 
BANK LOANS – 1.87%
               
                 
Information – 1.87%
               
Go Daddy Operating Co. LLC
               
  4.865% (1 Month LIBOR + 1.750%), 02/15/2024 (b)
   
1,289,621
     
1,278,982
 
TOTAL BANK LOANS (Cost $1,282,648)
           
1,278,982
 
                 
                 
CONVERTIBLE BONDS – 1.48%
               
                 
Information – 1.48%
               
Leafly Holdings, Inc.
               
  8.000%, 01/31/2025 (c)(d)
   
1,089,000
     
1,012,770
 
TOTAL CONVERTIBLE BONDS (Cost $1,089,000)
           
1,012,770
 

The accompanying notes are an integral part of these financial statements.
47

CROSSINGBRIDGE ULTRA-SHORT DURATION FUND

  Schedule of Investments (Continued)

September 30, 2022

   
Face
       
   
Amount†
   
Value
 
             
CORPORATE BONDS – 76.03%
           
             
Administrative and Support and Waste
           
  Management and Remediation Services – 1.46%
           
Republic Services, Inc.
           
  4.750%, 05/15/2023
   
1,000,000
   
$
998,908
 
                 
Agriculture, Forestry, Fishing and Hunting – 0.86%
               
Cooks Venture, Inc.
               
  2022-2, 5.500%, 01/15/2025 (a)
   
600,000
     
588,300
 
                 
Finance and Insurance – 7.28%
               
Humana, Inc.
               
  2.900%, 12/15/2022
   
750,000
     
747,765
 
Main Street Capital Corp.
               
  4.500%, 12/01/2022
   
725,000
     
724,856
 
Nasdaq, Inc.
               
  0.445%, 12/21/2022
   
1,550,000
     
1,534,830
 
Navient Solutions LLC
               
  0.000%, 10/03/2022
   
1,970,000
     
1,970,000
 
             
4,977,451
 
                 
Information – 12.59%
               
AT&T, Inc.
               
  0.000%, 11/27/2022
   
2,000,000
     
1,988,194
 
Calligo UK Ltd.
               
  9.728% (3 Month EURIBOR + 8.500%), 12/29/2024 (b)(e)(f)
 
EUR 400,000
     
381,238
 
Infor, Inc.
               
  1.450%, 07/15/2023 (a)
   
2,050,000
     
1,979,136
 
Linkem S.p.A.
               
  7.193% (3 Month EURIBOR + 6.000%), 11/09/2022 (a)(b)(e)(f)
 
EUR 1,721,000
     
1,682,443
 
Oracle Corp.
               
  2.500%, 10/15/2022
   
2,280,000
     
2,278,680
 
Tigo Energy, Inc.
               
  5.500%, 01/15/2025 (a)
   
294,000
     
290,411
 
             
8,600,102
 
                 
Manufacturing – 22.08%
               
AbbVie, Inc.
               
  2.300%, 11/21/2022
   
2,235,000
     
2,229,735
 
Blast Motion, Inc.
               
  5.500%, 02/15/2025 (a)
   
1,000,000
     
966,100
 
Broadcom Corp / Broadcom Cayman Finance Ltd.
               
  2.650%, 01/15/2023
   
1,000,000
     
994,105
 
Carlisle Companies, Inc.
               
  3.750%, 11/15/2022
   
1,830,000
     
1,829,939
 

The accompanying notes are an integral part of these financial statements.
48

CROSSINGBRIDGE ULTRA-SHORT DURATION FUND

  Schedule of Investments (Continued)

September 30, 2022

   
Face
       
   
Amount†
   
Value
 
             
CORPORATE BONDS – 76.03% (CONTINUED)
           
             
Manufacturing – 22.08% (Continued)
           
Columbia Care, Inc.
           
  13.000%, 05/14/2024 (e)
   
1,026,000
   
$
1,026,000
 
  9.500%, 02/03/2026 (e)
   
2,016,000
     
2,008,208
 
General Electric Co.
               
  3.100%, 01/09/2023
   
856,000
     
853,311
 
Graphic Packaging International LLC
               
  4.875%, 11/15/2022
   
650,000
     
649,969
 
Hewlett Packard Enterprise Co.
               
  2.250%, 04/01/2023
   
1,250,000
     
1,235,984
 
HP, Inc.
               
  4.750%, 03/01/2029 (a)
   
1,107,000
     
1,114,231
 
International Business Machines Corp.
               
  2.875%, 11/09/2022
   
688,000
     
687,144
 
Microchip Technology, Inc.
               
  4.333%, 06/01/2023
   
1,500,000
     
1,493,280
 
             
15,088,006
 
                 
Mining, Quarrying, and Oil and Gas Extraction – 5.39%
               
Glencore Funding LLC
               
  4.125%, 05/30/2023 (a)
   
1,000,000
     
995,040
 
Mosaic Co.
               
  3.250%, 11/15/2022
   
2,260,000
     
2,257,392
 
Schlumberger Holdings Corp.
               
  3.625%, 12/21/2022 (a)
   
427,000
     
426,956
 
             
3,679,388
 
                 
Professional, Scientific, and Technical Services – 1.20%
               
Getty Images, Inc.
               
  9.750%, 03/01/2027 (a)
   
827,000
     
822,348
 
                 
Real Estate and Rental and Leasing – 5.82%
               
Exterran Energy Solutions LP / EES Finance Corp.
               
  8.125%, 05/01/2025
   
2,467,000
     
2,500,477
 
REX – Real Estate Exchange, Inc.
               
  6.000%, 03/15/2025 (a)
   
1,500,000
     
1,476,000
 
             
3,976,477
 
                 
Retail Trade – 6.77%
               
AutoZone, Inc.
               
  2.875%, 01/15/2023
   
1,000,000
     
995,134
 
Dollar General Corp.
               
  3.250%, 04/15/2023
   
2,382,000
     
2,379,658
 

The accompanying notes are an integral part of these financial statements.
49

CROSSINGBRIDGE ULTRA-SHORT DURATION FUND

  Schedule of Investments (Continued)

September 30, 2022

   
Face
       
   
Amount†
   
Value
 
             
CORPORATE BONDS – 76.03% (CONTINUED)
           
             
Retail Trade – 6.77% (Continued)
           
eBay, Inc.
           
  3.676% (3 Month LIBOR + 0.870%), 01/30/2023 (b)
   
1,250,000
   
$
1,250,928
 
             
4,625,720
 
                 
Transportation and Warehousing – 9.29%
               
DCP Midstream Operating LP
               
  3.875%, 03/15/2023
   
1,417,000
     
1,400,974
 
Golar LNG Ltd.
               
  7.000%, 10/20/2025 (e)
   
1,856,000
     
1,760,880
 
PBF Logistics LP / PBF Logistics Finance Corp.
               
  6.875%, 05/15/2023
   
886,000
     
885,167
 
Royal Caribbean Cruises Ltd.
               
  10.875%, 06/01/2023 (a)(e)
   
2,249,000
     
2,301,008
 
             
6,348,029
 
                 
Wholesale Trade – 3.29%
               
Martin Midstream Partners LP / Martin Midstream Finance Corp.
               
  10.000%, 02/29/2024 (a)
   
1,262,000
     
1,268,872
 
McKesson Corp.
               
  2.700%, 12/15/2022
   
983,000
     
980,895
 
             
2,249,767
 
TOTAL CORPORATE BONDS (Cost $52,637,016)
           
51,954,496
 
                 
                 
MUNICIPAL BONDS – 4.38%
               
                 
Public Administration – 4.38%
               
New Hampshire Business Finance Authority
               
  2.950%, 04/01/2024
   
3,000,000
     
2,995,695
 
TOTAL MUNICIPAL BONDS (Cost $3,000,000)
           
2,995,695