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.

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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.

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 points^E 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.

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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”.

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

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.

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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.

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

David K. Sherman and the CrossingBridge Team

Endnotes

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^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.

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.

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.

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.

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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).

“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).

*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

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.

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.

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.

________________

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.

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

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.

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.

________________

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.

*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

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.

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.

*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

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.

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.

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.

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.

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.

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.

Investment performance reflects fee waivers in effect. In the absence of such waivers, total returns would be reduced.

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

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.

Investment performance reflects fee waivers in effect. In the absence of such waivers, total returns would be reduced.

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

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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