 |
RiverPark Large Growth Fund June 30, 2020 (Unaudited) |
| Description | Shares | Value (000) | ||||||
| Schedule of Investments | ||||||||
| Common Stock — 99.5%** | ||||||||
| Communication Services – 17.5% | ||||||||
| Alphabet, Cl A * | 783 | $ | 1,111 | |||||
| Alphabet, Cl C * | 783 | 1,107 | ||||||
| Facebook, Cl A * | 9,699 | 2,202 | ||||||
| Pinterest, Cl A * | 68,485 | 1,518 | ||||||
| Snap, Cl A * | 87,881 | 2,064 | ||||||
| Twitter * | 29,068 | 866 | ||||||
| Walt Disney | 12,214 | 1,362 | ||||||
| 10,230 | ||||||||
| Consumer Discretionary – 9.8% | ||||||||
| Amazon.com * | 1,104 | 3,046 | ||||||
| NIKE, Cl B | 11,876 | 1,164 | ||||||
| Vail Resorts | 8,425 | 1,535 | ||||||
| 5,745 | ||||||||
| Financials – 10.5% | ||||||||
| Apollo Global Management, Cl A | 30,985 | 1,547 | ||||||
| Blackstone Group, Cl A (a) | 46,336 | 2,625 | ||||||
| CME Group, Cl A | 4,809 | 782 | ||||||
| KKR | 37,928 | 1,171 | ||||||
| 6,125 | ||||||||
| Health Care – 15.7% | ||||||||
| DexCom * | 3,551 | 1,440 | ||||||
| Exact Sciences * | 25,560 | 2,222 | ||||||
| Illumina * | 4,397 | 1,628 | ||||||
| Intuitive Surgical * | 3,020 | 1,721 | ||||||
| IQVIA Holdings * | 6,915 | 981 | ||||||
| Zoetis, Cl A | 8,360 | 1,146 | ||||||
| 9,138 | ||||||||
| Industrials – 6.3% | ||||||||
| Lockheed Martin | 2,870 | 1,047 | ||||||
| Northrop Grumman | 3,256 | 1,001 | ||||||
| Uber Technologies * | 52,845 | 1,643 | ||||||
| 3,691 | ||||||||
| Information Technology – 35.7% | ||||||||
| Adobe * | 3,475 | 1,513 | ||||||
| Apple | 6,116 | 2,231 | ||||||
| Autodesk * | 7,731 | 1,849 | ||||||
| Bill.Com Holdings * | 15,152 | 1,367 | ||||||
| Mastercard, Cl A | 4,658 | 1,377 | ||||||
| Microsoft | 14,792 | 3,010 | ||||||
| PayPal Holdings * | 11,311 | 1,971 | ||||||
| RingCentral, Cl A * | 4,954 | 1,412 | ||||||
| ServiceNow * | 3,905 | 1,582 | ||||||
| Shopify, Cl A * | 1,833 | 1,740 | ||||||
| Twilio, Cl A * | 7,287 | 1,599 | ||||||
| Visa, Cl A | 6,214 | 1,200 | ||||||
| 20,851 | ||||||||
| Real Estate – 4.0% | ||||||||
| American Tower REIT, Cl A | 4,626 | 1,196 | ||||||
| Equinix REIT | 1,571 | 1,103 | ||||||
| 2,299 | ||||||||
| Total Common Stock | ||||||||
| (Cost $33,242) (000) | 58,079 | |||||||
| Total Investments — 99.5% | ||||||||
| (Cost $33,242) (000) | $ | 58,079 | ||||||
As of June 30, 2020, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.
For the period ended June 30, 2020, there were no transfers in or out of Level 3.
| Percentages are based on Net Assets of $58,398 (000). | |
| * | Non-income producing security. |
| ** |
More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
| (a) | Security considered Master Limited Partnership. At June 30, 2020, these securities amounted to $2,625 (000) or 4.5% of Net Assets. |
| Cl — Class |
| REIT — Real Estate Investment Trust |
For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
RPF-QH-001-1900
|
RiverPark/Wedgewood Fund June 30, 2020 (Unaudited) |
| Description | Shares | Value (000) | ||||||
| Schedule of Investments | ||||||||
| Common Stock — 96.3%** | ||||||||
| Communication Services – 23.2% | ||||||||
| Alphabet, Cl A * | 2,485 | $ | 3,524 | |||||
| Electronic Arts * | 17,950 | 2,370 | ||||||
| Facebook, Cl A * | 17,234 | 3,913 | ||||||
| 9,807 | ||||||||
| Consumer Discretionary – 11.8% | ||||||||
| Starbucks | 23,884 | 1,757 | ||||||
| Tractor Supply | 24,506 | 3,230 | ||||||
| 4,987 | ||||||||
| Financials – 2.9% | ||||||||
| S&P Global | 3,720 | 1,226 | ||||||
| Health Care – 14.2% | ||||||||
| Alcon | 21,481 | 1,231 | ||||||
| Bristol-Myers Squibb | 27,730 | 1,631 | ||||||
| Edwards Lifesciences * | 45,310 | 3,131 | ||||||
| 5,993 | ||||||||
| Industrials – 2.6% | ||||||||
| Copart * | 13,090 | 1,090 | ||||||
| Information Technology – 41.6% | ||||||||
| Apple | 10,835 | 3,953 | ||||||
| CDW | 15,431 | 1,793 | ||||||
| Keysight Technologies * | 14,458 | 1,457 | ||||||
| Microsoft | 6,849 | 1,394 | ||||||
| Motorola Solutions | 16,219 | 2,273 | ||||||
| NVIDIA | 2,552 | 969 | ||||||
| PayPal Holdings * | 16,250 | 2,831 | ||||||
| Visa, Cl A | 14,830 | 2,865 | ||||||
| 17,535 | ||||||||
| Total Common Stock | ||||||||
| (Cost $31,752) (000) | 40,638 | |||||||
| Rights — 0.1% | ||||||||
| Health Care – 0.1% | ||||||||
| Bristol Myers Squid CVR * | 9,400 | 34 | ||||||
| Total Rights | ||||||||
| (Cost $20) (000) | 34 | |||||||
| Total Investments — 96.4% | ||||||||
| (Cost $31,772) (000) | $ | 40,672 | ||||||
As of June 30, 2020, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.
For the period ended June 30, 2020, there were no transfers in or out of Level 3.
| Percentages are based on Net Assets of $42,188 (000). | |
| * | Non-income producing security. |
| ** |
More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
| Cl — Class |
| CVR — Contingent Value Right |
For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
RPF-QH-001-1900
|
RiverPark Short Term High Yield Fund June 30, 2020 (Unaudited) |
| Description | Face Amount (000)† | Value (000) | ||||||
| Schedule of Investments | ||||||||
| Corporate Obligations — 80.2% | ||||||||
| Communication Services – 27.1% | ||||||||
| Altice Finco | ||||||||
| 7.625%, 02/15/25 (a) | 775 | $ | 809 | |||||
| CSC Holdings | ||||||||
| 7.750%, 07/15/25 (a) | 17,426 | 18,179 | ||||||
| 5.375%, 07/15/23 (a) | 16,500 | 16,751 | ||||||
| DISH DBS | ||||||||
| 6.750%, 06/01/21 | 6,081 | 6,205 | ||||||
| Level 3 Financing | ||||||||
| 5.375%, 08/15/22 | 7,354 | 7,363 | ||||||
| Linkem | ||||||||
| 7.000%, VAR EURIBOR 3 Month+7.000%, 08/09/22 (a) | EUR | 21,306 | 23,556 | |||||
| Netflix | ||||||||
| 5.375%, 02/01/21 | 3,206 | 3,287 | ||||||
| Sirius XM Radio | ||||||||
| 5.375%, 04/15/25 (a) | 8,550 | 8,803 | ||||||
| 4.625%, 05/15/23 (a) | 16,473 | 16,607 | ||||||
| 3.875%, 08/01/22 (a) | 6,947 | 7,007 | ||||||
| Sprint Communications | ||||||||
| 7.000%, 08/15/20 | 27,706 | 27,858 | ||||||
| Univision Communications | ||||||||
| 5.125%, 05/15/23 (a) | 28,105 | 28,451 | ||||||
| 164,876 | ||||||||
| Consumer Discretionary – 5.5% | ||||||||
| American Axle & Manufacturing | ||||||||
| 6.625%, 10/15/22 | 6,564 | 6,664 | ||||||
| APX Group | ||||||||
| 7.875%, 12/01/22 | 5,539 | 5,529 | ||||||
| Eldorado Resorts | ||||||||
| 7.000%, 08/01/23 | 3,473 | 3,599 | ||||||
| Expedia Group | ||||||||
| 5.950%, 08/15/20 | 9,431 | 9,459 | ||||||
| L Brands | ||||||||
| 6.625%, 04/01/21 | 8,003 | 8,272 | ||||||
| 33,523 | ||||||||
| Consumer Staples – 3.1% | ||||||||
| Energizer Holdings | ||||||||
| 5.500%, 06/15/25 (a) | 8,360 | 8,644 | ||||||
| Safeway | ||||||||
| 3.950%, 08/15/20 | 3,269 | 3,252 | ||||||
| Sysco | ||||||||
| 2.600%, 10/01/20 | 7,150 | 7,171 | ||||||
| 19,067 | ||||||||
| Energy – 2.3% | ||||||||
| CITGO Petroleum | ||||||||
| 6.250%, 08/15/22 (a) | 14,326 | 14,281 | ||||||
| Health Care – 8.4% | ||||||||
| Acadia Healthcare | ||||||||
| 6.125%, 03/15/21 | 8,005 | 8,013 | ||||||
| 5.125%, 07/01/22 | 1,335 | 1,336 | ||||||
| DaVita | ||||||||
| 5.125%, 07/15/24 | 37,389 | 38,081 | ||||||
| Quest Diagnostics | ||||||||
| 4.700%, 04/01/21 | 3,775 | 3,889 | ||||||
| 51,319 | ||||||||
| Industrials – 10.3% | ||||||||
| Briggs & Stratton | ||||||||
| 6.875%, 12/15/20 | 1,344 | 442 | ||||||
| Griffon | ||||||||
| 5.250%, 03/01/22 | 6,280 | 6,300 | ||||||
| Hawaiian Airlines 2013-1 Cl B Pass-Through Certificates | ||||||||
| 4.950%, 01/15/22 | 7,031 | 6,671 | ||||||
| HC2 Holdings | ||||||||
| 11.500%, 12/01/21 (a) | 9,133 | 8,728 | ||||||
| Icahn Enterprises | ||||||||
| 6.250%, 02/01/22 | 6,080 | 6,109 | ||||||
| Navios South American Logistics | ||||||||
| 7.250%, 05/01/22 (a) | 2,956 | 2,963 | ||||||
| Standard Industries | ||||||||
| 5.375%, 11/15/24 (a) | 1,000 | 1,031 | ||||||
| United Rentals North America | ||||||||
| 5.500%, 07/15/25 | 5,502 | 5,653 | ||||||
| Watco | ||||||||
| 6.375%, 04/01/23 (a) | 18,126 | 18,373 | ||||||
| Williams Scotsman International | ||||||||
| 7.875%, 12/15/22 (a) | 5,802 | 6,030 | ||||||
| 62,300 | ||||||||
| Information Technology – 8.2% | ||||||||
| Anixter | ||||||||
| 5.125%, 10/01/21 | 14,212 | 14,967 | ||||||
| Dell International | ||||||||
| 5.875%, 06/15/21 (a) | 24,514 | 24,560 | ||||||
| NortonLifeLock | ||||||||
| 4.200%, 09/15/20 | 1,474 | 1,478 | ||||||
| VeriSign | ||||||||
| 4.625%, 05/01/23 | 3,630 | 3,662 | ||||||
| Xerox | ||||||||
| 3.500%, 08/20/20 | 3,984 | 4,002 | ||||||
| 2.750%, 09/01/20 | 1,072 | 1,073 | ||||||
| 49,742 | ||||||||
| Materials – 5.8% | ||||||||
| Neenah | ||||||||
| 5.250%, 05/15/21 (a) | 4,280 | 4,276 | ||||||
| New | ||||||||
| 6.250%, 11/15/22 (a) | 19,200 | 19,413 | ||||||
| PQ | ||||||||
| 6.750%, 11/15/22 (a) | 5,000 | 5,095 | ||||||
| Steel Dynamics | ||||||||
| 5.500%, 10/01/24 | 450 | 463 | ||||||
| 5.250%, 04/15/23 | 1,055 | 1,064 | ||||||
| WR Grace & -Conn | ||||||||
| 5.125%, 10/01/21 (a) | 4,639 | 4,889 | ||||||
| 35,200 | ||||||||
| Real Estate – 9.5% | ||||||||
| Equinix | ||||||||
| 5.875%, 01/15/26 | 27,520 | 29,025 | ||||||
|
RiverPark Short Term High Yield Fund June 30, 2020 (Unaudited) |
| Description | Face Amount (000)†/ Shares | Value (000) | ||||||
| Realogy Group | ||||||||
| 5.250%, 12/01/21 (a) | $ | 28,195 | $ | 28,590 | ||||
| 57,615 | ||||||||
| Total Corporate Obligations | ||||||||
| (Cost $488,337) (000) | 487,923 | |||||||
| Common Stock — 1.1% | ||||||||
| Financials – 1.1% | ||||||||
| Subversive Capital Acquisition, Cl A * | 642,670 | 6,395 | ||||||
| Information Technology – 0.0% | ||||||||
| Internap Holding LLC (b) | 529,593 | 16 | ||||||
| Total Common Stock | ||||||||
| (Cost $8,764) (000) | 6,411 | |||||||
| Convertible Bond — 1.0% | ||||||||
| Energy – 1.0% | ||||||||
| Ship Finance International | ||||||||
| 5.750%, 10/15/21 | 6,340 | 6,045 | ||||||
| Total Convertible Bond | ||||||||
| (Cost $6,365) (000) | 6,045 | |||||||
| Bank Loan Obligations — 16.4%(c) | ||||||||
| Communication Services – 7.1% | ||||||||
| Cincinnati Bell Inc., Tranche B Term Loan, 1st Lien | ||||||||
| 4.250%, 08/16/24 | 15,933 | 15,725 | ||||||
| Intelsat Jackson, Term Loan, 1st Lien | ||||||||
| 0.000%, 07/14/21 (d) | 3,010 | 3,050 | ||||||
| Windstream Services, LLC (fka Windstream Corporation), Term Facility (DIP), Term Loan, 1st Lien | ||||||||
| 2.680%, VAR LIBOR+2.500%, 03/08/21 | 24,702 | 24,239 | ||||||
| 43,014 | ||||||||
| Consumer Discretionary – 0.7% | ||||||||
| Trico Group, LLC, Tranche B-2 Term Loan, 1st Lien | ||||||||
| 8.000%, VAR LIBOR+7.000%, 02/02/24 | 4,737 | 4,535 | ||||||
| Energy – 0.9% | ||||||||
| McDermott International, Term Facility, 1st Lien | ||||||||
| 0.000%, 10/21/20 (d) | 5,232 | 5,232 | ||||||
| Gaming/Leisure – 1.3% | ||||||||
| Eldorado Resorts, Inc. Term Loan B | ||||||||
| 3.250%, 03/15/24 | 7,913 | 7,849 | ||||||
| Description | Face Amount (000)† | Value (000) | ||||||
| Information Technology – 0.2% | ||||||||
| Internap Holding LLC, Second Out Term Loan, 1st Lien | ||||||||
| 8.250%, 05/08/25 | $ | 2,390 | $ | 1,315 | ||||
| Utilities – 6.2% | ||||||||
| Pacific Gas and Electric Company, Initial Term Loan (DIP), 1st Lien | ||||||||
| 3.930%, VAR LIBOR+2.250%, 12/31/20 | 38,140 | 37,949 | ||||||
| Total Bank Loan Obligations | ||||||||
| (Cost $101,369) (000) | 99,894 | |||||||
| Total Investments — 98.7% | ||||||||
| (Cost $604,835) (000) | $ | 600,273 | ||||||
A list of the open forward foreign currency contracts held by the Fund at June 30, 2020, is as follows (000):
| Counterparty | Maturity Date | Currency to Deliver | Currency to Receive | Unrealized Appreciation (Depreciation) |
||||||
| Brown Brothers Harriman | 07/07/20 | CAD 3,085 | USD 2,271 | $ | (1 | ) | ||||
| Brown Brothers Harriman | 07/07/20 | CAD 12,957 | USD 9,640 | 96 | ||||||
| Brown Brothers Harriman | 07/07/20 | EUR 21,145 | USD 23,818 | 58 | ||||||
| $ | 153 | |||||||||
The following is a list of the inputs used as of June 30, 2020 in valuing the Fund’s investments and other financial instruments carried at value (000), in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP:
|
Investments in Securities |
Level 1 |
Level 2 |
Level 3(1) |
Total |
||||||||||||
| Corporate Obligations | $ | — | $ | 487,923 | $ | — | $ | 487,923 | ||||||||
| Common Stock | 6,395 | — | 16 | 6,411 | ||||||||||||
| Convertible Bond | — | 6,045 | — | 6,045 | ||||||||||||
| Bank Loan Obligations | — | 99,894 | — | 99,894 | ||||||||||||
| Total Investments in Securities | $ | 6,395 | $ | 593,862 | $ | 16 | $ | 600,273 | ||||||||
| Other Financial Instruments |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
| Forwards Contracts* | ||||||||||||||||
| Unrealized Appreciation | $ | — | $ | 154 | $ | — | $ | 154 | ||||||||
| Unrealized Depreciation | — | (1 | ) | — | (1 | ) | ||||||||||
| Total Other Financial Instruments | $ | — | $ | 153 | $ | — | $ | 153 | ||||||||
| (1) | A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets. |
| * | Forward contracts are valued at the unrealized appreciation/depreciation on the instrument. |
For the period ended June 30, 2020, there were transfers in to Level 3 assets and liabilities. The transfers were due to changes in the availability of observable inputs used to determine fair value.
|
RiverPark Short Term High Yield Fund June 30, 2020 (Unaudited) |
| Percentages are based on Net Assets of $608,446 (000). | |
| * | Non-income producing security. |
| † | In U.S. Dollar unless otherwise indicated. |
| (a) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." These securities have been determined to be liquid under guidelines established by the Board of Trustees. At June 30, 2020, these securities amounted to $267,036 (000) or 43.9% of Net Assets. |
| (b) | Level 3 security in accordance with fair value hierarchy. |
| (c) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
| (d) | Unfunded bank loan. Interest rate not available. |
| Cl — Class |
| CAD — Canadian Dollar |
| EUR — Euro |
| EURIBOR— Euro London Interbank Offered Rate |
| LIBOR— London Interbank Offered Rate |
| LLC — Limited Liability Company |
| USD — U.S. Dollar |
| VAR — Variable Rate |
For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
RPF-QH-001-1900
|
RiverPark Long/Short Opportunity Fund June 30, 2020 (Unaudited) |
| Description | Shares | Value (000) | ||||||
| Schedule of Investments | ||||||||
| Common Stock — 85.2%** | ||||||||
| Communication Services – 15.2% | ||||||||
| Alphabet, Cl A *(a) | 3,021 | $ | 4,284 | |||||
| Alphabet, Cl C *(a) | 3,017 | 4,265 | ||||||
| Facebook, Cl A *(a) | 37,126 | 8,430 | ||||||
| Pinterest, Cl A *(a) | 249,430 | 5,530 | ||||||
| Snap, Cl A *(a) | 357,339 | 8,394 | ||||||
| Twitter * | 124,695 | 3,715 | ||||||
| Walt Disney (a) | 41,553 | 4,633 | ||||||
| 39,251 | ||||||||
| Consumer Discretionary – 9.0% | ||||||||
| Amazon.com * | 4,453 | 12,285 | ||||||
| NIKE, Cl B | 42,753 | 4,192 | ||||||
| Vail Resorts | 37,393 | 6,811 | ||||||
| 23,288 | ||||||||
| Financials – 9.7% | ||||||||
| Apollo Global Management, Cl A | 130,217 | 6,500 | ||||||
| Blackstone Group, Cl A (b) (c) | 192,491 | 10,907 | ||||||
| CME Group, Cl A | 15,693 | 2,551 | ||||||
| KKR | 159,488 | 4,925 | ||||||
| 24,883 | ||||||||
| Health Care – 14.1% | ||||||||
| DexCom *(a) | 13,955 | 5,657 | ||||||
| Exact Sciences *(a) | 87,841 | 7,637 | ||||||
| Illumina *(a) | 10,201 | 3,778 | ||||||
| Intuitive Surgical *(a) | 9,927 | 5,657 | ||||||
| IQVIA Holdings * | 28,134 | 3,992 | ||||||
| SmileDirectClub, Cl A * | 622,583 | 4,918 | ||||||
| Zoetis, Cl A | 34,013 | 4,661 | ||||||
| 36,300 | ||||||||
| Industrials – 4.9% | ||||||||
| Lockheed Martin (a) | 7,490 | 2,733 | ||||||
| Northrop Grumman | 13,887 | 4,270 | ||||||
| Uber Technologies *(a) | 183,468 | 5,702 | ||||||
| 12,705 | ||||||||
| Information Technology – 28.7% | ||||||||
| Adobe * | 13,015 | 5,666 | ||||||
| Apple | 27,383 | 9,989 | ||||||
| Autodesk *(a) | 12,752 | 3,050 | ||||||
| Bill.Com Holdings * | 61,647 | 5,561 | ||||||
| Mastercard, Cl A (a) | 17,747 | 5,248 | ||||||
| Microsoft | 59,828 | 12,176 | ||||||
| PayPal Holdings *(a) | 38,819 | 6,763 | ||||||
| RingCentral, Cl A * | 21,667 | 6,175 | ||||||
| ServiceNow *(a) | 14,285 | 5,786 | ||||||
| Shopify, Cl A *(a) | 3,197 | 3,035 | ||||||
| Twilio, Cl A *(a) | 26,379 | 5,788 | ||||||
| Visa, Cl A | 25,568 | 4,939 | ||||||
| 74,176 | ||||||||
| Real Estate – 3.6% | ||||||||
| American Tower REIT, Cl A | 17,724 | 4,582 | ||||||
| Equinix REIT | 6,747 | 4,739 | ||||||
| 9,321 | ||||||||
| Total Common Stock | ||||||||
| (Cost $163,872) (000) | 219,924 | |||||||
| Total Investments — 85.1% | ||||||||
| (Cost $163,872) (000) | $ | 219,924 | ||||||
| Written Option — (0.9)%(d) | ||||||||
| (Premiums Received $914) (000) | $ | (2,384 | ) | |||||
A list of the open option contracts held by the Fund at June 30, 2020 was as follows (000):
| Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | |||||||||||||
| WRITTEN OPTION — (0.9)% | ||||||||||||||||||
| Call Options | ||||||||||||||||||
| Shopify* | (67 | ) | $ | (6,358 | ) | $ | 640.00 | 01/16/21 | $ | (2,384 | ) | |||||||
| Total Written Option | ||||||||||||||||||
| (Premiums Received $914) | $ | (6,358 | ) | $ | (2,384 | ) | ||||||||||||
|
RiverPark Long/Short Opportunity Fund June 30, 2020 (Unaudited) |
A list of open swap agreements held by the Fund at June 30, 2020 was as follows:
| Equity Swap Agreements | |||||||||||||||||||||
| Company Reference | Counterparty | Receive (Pay) | Payment | Termination |
Notional Amount (000) |
Value (000) |
Net Unrealized Appreciation/ (Depreciation) (000)† |
||||||||||||||
| Align Technology Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 03/03/21 | $ | (2,488 | ) | $ | (2,729 | ) | $ | (241 | ) | ||||||||
| Alphabet Inc, Class A | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 09/10/20 | 193 | 230 | 37 | ||||||||||||||
| Alphabet Inc, Class C | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 09/10/20 | 188 | 224 | 36 | ||||||||||||||
| Ametek Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 04/13/21 | (1,465 | ) | (1,608 | ) | (143 | ) | |||||||||||
| Aramark | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 07/14/21 | (1,620 | ) | (1,419 | ) | 201 | ||||||||||||
| ATT Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 03/03/21 | (1,966 | ) | (1,918 | ) | 48 | ||||||||||||
| Autodesk Inc | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 10/28/20 | 2,760 | 4,367 | 1,607 | ||||||||||||||
| Avis Budget Group Inc | Goldman Sachs International | Fed Funds - (2.59)% | Maturity | 07/14/21 | (1,780 | ) | (1,657 | ) | 123 | ||||||||||||
| Baker Hughes Co | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 07/14/21 | (1,580 | ) | (1,489 | ) | 91 | ||||||||||||
| Boston Properties Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/19/21 | (1,595 | ) | (1,501 | ) | 94 | ||||||||||||
| Caterpillar Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 07/14/21 | (1,818 | ) | (1,860 | ) | (42 | ) | |||||||||||
| Centurylink Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/21 | (1,709 | ) | (1,607 | ) | 102 | ||||||||||||
| Cerner Corp | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 06/03/21 | (1,607 | ) | (1,611 | ) | (4 | ) | |||||||||||
| Church Dwight Co Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 07/08/21 | (1,611 | ) | (1,685 | ) | (74 | ) | |||||||||||
| Cimpress PLC | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 06/03/21 | (1,393 | ) | (1,543 | ) | (150 | ) | |||||||||||
| Core Laboratories N.V. | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 07/14/21 | (1,837 | ) | (1,599 | ) | 238 | ||||||||||||
| Deere Co | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 07/14/21 | (1,820 | ) | (1,866 | ) | (46 | ) | |||||||||||
| Dell Technologies, Class C | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/19/21 | (1,449 | ) | (1,878 | ) | (429 | ) | |||||||||||
| Dexcom Inc | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 04/27/21 | 205 | 384 | 179 | ||||||||||||||
| Discovery Inc, Class A | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/17/21 | (2,288 | ) | (2,299 | ) | (11 | ) | |||||||||||
| Dish Network Corp, Class A | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 07/01/21 | (1,497 | ) | (1,595 | ) | (98 | ) | |||||||||||
| Edgewell Personal Care Co | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 06/03/21 | (2,361 | ) | (2,620 | ) | (259 | ) | |||||||||||
| Exact Sciences Corp | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 04/07/21 | 849 | 1,146 | 297 | ||||||||||||||
| Facebook Inc, Class A | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 09/10/20 | 161 | 196 | 35 | ||||||||||||||
| Federal Realty Investment Trust | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/17/21 | (1,518 | ) | (1,514 | ) | 4 | ||||||||||||
| Gaming And Leisure Properties | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/17/21 | - | (11 | ) | (11 | ) | ||||||||||||
| Gap Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 07/14/21 | (2,586 | ) | (3,175 | ) | (589 | ) | |||||||||||
| Gartner Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/12/21 | (1,483 | ) | (1,620 | ) | (137 | ) | |||||||||||
| Halliburton Co | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 07/14/21 | (1,566 | ) | (1,563 | ) | 3 | ||||||||||||
| Harley-Davidson Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/17/21 | (1,722 | ) | (1,891 | ) | (169 | ) | |||||||||||
| Healthequity Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 04/21/21 | (2,397 | ) | (2,500 | ) | (103 | ) | |||||||||||
| HP Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/19/21 | (2,426 | ) | (2,690 | ) | (264 | ) | |||||||||||
| Idex Corp | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/05/21 | (1,529 | ) | (1,665 | ) | (136 | ) | |||||||||||
| Illumina Inc | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 01/13/21 | 2,194 | 2,800 | 606 | ||||||||||||||
| Intel Corp | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/19/21 | (1,693 | ) | (1,671 | ) | 22 | ||||||||||||
| Interpublic Group | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 04/14/21 | (1,492 | ) | (1,585 | ) | (93 | ) | |||||||||||
| Intuitive Surgical Inc | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 03/09/21 | 1,298 | 1,295 | (3 | ) | |||||||||||||
| Iron Mountain Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 06/03/21 | (1,879 | ) | (2,078 | ) | (199 | ) | |||||||||||
|
RiverPark Long/Short Opportunity Fund June 30, 2020 (Unaudited) |
| Equity Swap Agreements | |||||||||||||||||||||
| Company Reference | Counterparty | Receive (Pay) | Payment | Termination |
Notional Amount (000) |
Value (000) |
Net Unrealized Appreciation/ (Depreciation) (000)† |
||||||||||||||
| Kimberly-Clark Corp | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 07/08/21 | $ | (1,602 | ) | $ | (1,637 | ) | $ | (35 | ) | ||||||||
| Kohls Corp | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 07/14/21 | (1,810 | ) | (1,692 | ) | 118 | ||||||||||||
| Kraft Heinz | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 07/01/21 | (2,420 | ) | (2,495 | ) | (75 | ) | |||||||||||
| Kroger Co | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 07/01/21 | (2,263 | ) | (2,407 | ) | (144 | ) | |||||||||||
| Lockheed Martin Corp | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 04/21/21 | 1,238 | 1,505 | 267 | ||||||||||||||
| Mastercard, Class A | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 04/07/21 | 656 | 661 | 5 | ||||||||||||||
| Medical Properties Trust | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 06/03/21 | (1,485 | ) | (1,529 | ) | (44 | ) | |||||||||||
| National Oilwell Varco | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 07/14/21 | (1,636 | ) | (1,537 | ) | 99 | ||||||||||||
| Nielsen Holdings PLC | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 07/01/21 | (1,551 | ) | (1,598 | ) | (47 | ) | |||||||||||
| Omnicom Group | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 04/14/21 | (1,534 | ) | (1,593 | ) | (59 | ) | |||||||||||
| Paypal Holdings | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 04/15/21 | 286 | 482 | 196 | ||||||||||||||
| Pinterest, Class A | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 04/07/21 | 825 | 1,083 | 258 | ||||||||||||||
| Publicis Groupe | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 03/26/21 | (1,862 | ) | (1,779 | ) | 83 | ||||||||||||
| Regency Centers Corp | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 06/03/21 | (1,805 | ) | (1,829 | ) | (24 | ) | |||||||||||
| Schlumberger Ltd | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 07/14/21 | (1,617 | ) | (1,532 | ) | 85 | ||||||||||||
| Sensata Technologies | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 04/07/21 | (2,576 | ) | (2,787 | ) | (211 | ) | |||||||||||
| Servicenow | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 04/15/21 | 218 | 322 | 104 | ||||||||||||||
| Shopify, Class A | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 04/21/21 | 1,567 | 4,255 | 2,688 | ||||||||||||||
| Simon Property Group | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 07/14/21 | (1,814 | ) | (1,636 | ) | 178 | ||||||||||||
| Sl Green Realty Corp | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 07/14/21 | (1,788 | ) | (1,777 | ) | 11 | ||||||||||||
| Snap, Class A | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 04/08/21 | 91 | 238 | 147 | ||||||||||||||
| Snap-On | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 06/03/21 | (1,710 | ) | (1,753 | ) | (43 | ) | |||||||||||
| Sprouts Farmers Market | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 07/08/21 | (1,738 | ) | (1,809 | ) | (71 | ) | |||||||||||
| Sysco Corp | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 07/14/21 | (1,586 | ) | (1,575 | ) | 11 | ||||||||||||
| Tapestry | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 07/14/21 | (1,796 | ) | (1,673 | ) | 123 | ||||||||||||
| Trimble | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 06/03/21 | (2,345 | ) | (2,556 | ) | (211 | ) | |||||||||||
| Twilio, Class A | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 01/13/21 | 291 | 709 | 418 | ||||||||||||||
| Uber Technologies | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 04/07/21 | 843 | 980 | 137 | ||||||||||||||
| Ventas | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 06/03/21 | (1,450 | ) | (1,472 | ) | (22 | ) | |||||||||||
| Verizon Communications | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 04/22/21 | (1,565 | ) | (1,583 | ) | (18 | ) | |||||||||||
| ViacomCBS, Class B | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 06/16/21 | (1,947 | ) | (2,379 | ) | (432 | ) | |||||||||||
| Vornado Realty Trust | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 07/14/21 | (1,569 | ) | (1,503 | ) | 66 | ||||||||||||
| Walmart | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 07/14/21 | (1,646 | ) | (1,631 | ) | 15 | ||||||||||||
| Walt Disney Company | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 04/07/21 | 827 | 876 | 49 | ||||||||||||||
| Welltower | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 06/03/21 | (1,497 | ) | (1,469 | ) | 28 | ||||||||||||
| Western Union Co | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/12/21 | (1,986 | ) | (2,153 | ) | (167 | ) | |||||||||||
| WPP PLC | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 03/26/21 | (1,826 | ) | (1,580 | ) | 246 | ||||||||||||
| Zebra Technologies, Class A | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 03/03/21 | (2,182 | ) | (2,342 | ) | (160 | ) | |||||||||||
| 4,091 | |||||||||||||||||||||
The following is a list of the inputs used as of June 30, 2020 in valuing the Fund’s investments and other financial instruments carried at value (000), in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP:
|
Investments in Securities |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
| Common Stock | $ | 219,924 | $ | — | $ | — | $ | 219,924 | ||||||||
| Total Investments in Securities | $ | 219,924 | $ | — | $ | — | $ | 219,924 | ||||||||
|
RiverPark Long/Short Opportunity Fund June 30, 2020 (Unaudited) |
| Other Financial Instruments |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
| Written Options | $ | (2,384 | ) | $ | — | $ | — | $ | (2,384 | ) | ||||||
| Equity Swaps‡ | ||||||||||||||||
|
Unrealized Appreciation |
— | 9,055 | — | 9,055 | ||||||||||||
|
Unrealized Depreciation |
— | (4,964 | ) | — | (4,964 | ) | ||||||||||
| Total Other Financial Instruments | $ | (2,384 | ) | $ | 4,091 | $ | — | $ | 1,707 | |||||||
| ‡ | Equity Swaps are valued at the unrealized appreciation (depreciation) on the instrument. |
For the period ended June 30, 2020, there were no transfers in or out of Level 3.
| Percentages are based on Net Assets of $258,278 (000). | |
| * | Non-income producing security. |
| ** | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
| † | Inclusive of accrued dividends and interest related to Total Return Swaps. |
| (a) | Underlying security for a Total Return Swap. |
| (b) | This security or partial position of this security has been committed as collateral for option contracts. The aggregate market value of the collateral as of June 30, 2020 was $10,742 (000). |
| (c) | Security considered Master Limited Partnership. At June 30, 2020, these securities amounted to $10,907 (000) or 4.2% of Net Assets. |
| (d) | Refer to table below for details on Options Contracts. |
| Cl — Class |
| Ltd. — Limited |
| PLC — Public Limited Company |
| REIT — Real Estate Investment Trust |
For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
Amounts designated as “— “ are $0 or rounded to $0.
RPF-QH-001-1900
|
RiverPark Strategic Income Fund June 30, 2020 (Unaudited) |
| Description | Face Amount (000)† | Value (000) | ||||||
| Schedule of Investments | ||||||||
| Corporate Obligations — 60.7% | ||||||||
| Communication Services – 14.6% | ||||||||
| Connect Finco SARL | ||||||||
| 6.750%, 10/01/26 (a) | 6,117 | $ | 5,807 | |||||
| CSC Holdings | ||||||||
| 7.750%, 07/15/25 (a) | 2,984 | 3,113 | ||||||
| 5.375%, 07/15/23 (a) | 1,576 | 1,600 | ||||||
| Linkem | ||||||||
| 7.000%, VAR EURIBOR 3 Month+7.000%, 08/09/22 (a) | EUR | 8,896 | 9,835 | |||||
| Sirius XM Radio | ||||||||
| 5.375%, 04/15/25 (a) | 410 | 422 | ||||||
| 4.625%, 05/15/23 (a) | 1,099 | 1,108 | ||||||
| 4.125%, 07/01/30 (a) | 686 | 681 | ||||||
| T-Mobile USA | ||||||||
| 6.000%, 03/01/23 | 2,442 | 2,456 | ||||||
| Univision Communications | ||||||||
| 5.125%, 05/15/23 (a) | 939 | 951 | ||||||
| ViacomCBS | ||||||||
| 4.200%, 05/19/32 (b) | 1,000 | 1,127 | ||||||
| 27,100 | ||||||||
| Consumer Discretionary – 12.2% | ||||||||
| APX Group | ||||||||
| 7.875%, 12/01/22 | 1,684 | 1,681 | ||||||
| Diamond Sports Group | ||||||||
| 12.750%, 12/01/26 (a) | 1,084 | 1,030 | ||||||
| 5.375%, 08/15/26 (a) | 676 | 493 | ||||||
| Ferrellgas | ||||||||
| 10.000%, 04/15/25 (a) | 1,567 | 1,695 | ||||||
| Foxtrot Escrow | ||||||||
| 12.250%, 11/15/26 (a) | 2,887 | 2,809 | ||||||
| Georg Jensen | ||||||||
| 6.000%, VAR EURIBOR 3 Month+6.000%, 05/15/23 | EUR | 300 | 282 | |||||
| Hercules Achievement | ||||||||
| 9.000%, VAR ICE LIBOR USD 3 Month+8.000%, 12/22/24 (a) | 3,185 | 3,113 | ||||||
| Jacktel | ||||||||
| 10.000%, 12/04/23 (a) | 1,700 | 442 | ||||||
| Lifefit Group Midco GmbH | ||||||||
| 7.500%, VAR EURIBOR 3 Month+7.500%, 07/26/23 | EUR | 1,160 | 1,163 | |||||
| Michael Kors USA | ||||||||
| 4.250%, 11/01/24 (a) | 1,267 | 1,199 | ||||||
| SB Holdco | ||||||||
| 8.000%, VAR EURIBOR 3 Month+8.000%, 07/13/22 | EUR | 1,300 | 1,439 | |||||
| Scientific Games International | ||||||||
| 6.625%, 05/15/21 | 809 | 813 | ||||||
| Silversea Cruise Finance | ||||||||
| 7.250%, 02/01/25 (a) | 2,548 | 2,411 | ||||||
| Tapestry | ||||||||
| 4.250%, 04/01/25 (b) | 3,861 | 3,741 | ||||||
| Wolverine World Wide | ||||||||
| 6.375%, 05/15/25 (a) | 339 | 357 | ||||||
| 22,668 | ||||||||
| Consumer Staples – 0.9% | ||||||||
| Fresh Market | ||||||||
| 9.750%, 05/01/23 (a) | 2,020 | 1,727 | ||||||
| Energy – 6.3% | ||||||||
| CITGO Petroleum | ||||||||
| 6.250%, 08/15/22 (a) | 3,539 | 3,528 | ||||||
| Clearway Energy Operating | ||||||||
| 4.750%, 03/15/28 (a) | 676 | 690 | ||||||
| Golar LNG Partners | ||||||||
| 6.624%, VAR ICE LIBOR USD 3 Month+6.250%, 11/22/21 | 1,000 | 860 | ||||||
| Martin Midstream Partners | ||||||||
| 7.250%, 02/15/21 | 2,235 | 1,732 | ||||||
| McDermott Technology Americas | ||||||||
| 10.625%, 05/01/24 (a) (c) | 11,884 | 791 | ||||||
| Oceaneering International | ||||||||
| 4.650%, 11/15/24 | 943 | 715 | ||||||
| Sanjel Corporation | ||||||||
| 0.000%, 12/31/49 (a)(c)(d)(e)(f) | 2,700 | — | ||||||
| 0.000%, 12/31/49 (c) (d) (e) | 101 | — | ||||||
| 0.000%, 12/31/49 (c) (d) (e) | 101 | — | ||||||
| 0.000%, 12/31/49 (c) (d) (e) | 101 | — | ||||||
| 0.000%, 12/31/49 (c) (d) (e) | 101 | — | ||||||
| 0.000%, 12/31/49 (c) (d) (e) | 101 | — | ||||||
| 0.000%, 12/31/49 (c) (d) (e) | 101 | — | ||||||
| 0.000%, 12/31/49 (c) (d) (e) | 101 | — | ||||||
| 0.000%, 12/31/49 (c) (d) (e) | 101 | — | ||||||
| SESI | ||||||||
| 7.750%, 09/15/24 | 2,360 | 870 | ||||||
| 7.125%, 12/15/21 (a) | 4,370 | 1,934 | ||||||
| W&T Offshore | ||||||||
| 9.750%, 11/01/23 (a) | 977 | 615 | ||||||
| 11,735 | ||||||||
| Financials – 2.3% | ||||||||
| Donnelley Financial Solutions | ||||||||
| 8.250%, 10/15/24 | 679 | 671 | ||||||
| International. FCStone | ||||||||
| 8.625%, 06/15/25 (a) | 3,242 | 3,392 | ||||||
| Toll Road Investors Partnership II MBIA Insurance Corp | ||||||||
| 0.000%, 02/15/45 (a) (e) | 215 | 70 | ||||||
| VNV Global | ||||||||
| 5.750%, 10/04/22 | SEK | 2,250 | 244 | |||||
| 4,377 | ||||||||
| Health Care – 4.2% | ||||||||
| DaVita | ||||||||
| 5.125%, 07/15/24 | 7,710 | 7,853 | ||||||
|
RiverPark Strategic Income Fund June 30, 2020 (Unaudited) |
| Description | Face Amount (000)† | Value (000) | ||||||
| Industrials – 11.7% | ||||||||
| America West Airlines Pass-Through Trust, Ser 2000-1 Ambac Assurance Corp | ||||||||
| 8.057%, 07/02/20 | 189 | $ | 189 | |||||
| Borealis Finance | ||||||||
| 7.500%, 11/16/22 (a) | 2,248 | 1,761 | ||||||
| Briggs & Stratton | ||||||||
| 6.875%, 12/15/20 | 467 | 153 | ||||||
| Continental Airlines Pass-Through Trust, Ser 2000-2, Cl A1 | ||||||||
| 7.707%, 04/02/21 | 173 | 166 | ||||||
| Continental Airlines Pass-Through Trust, Ser 2007-1, Cl A | ||||||||
| 5.983%, 04/19/22 | 501 | 475 | ||||||
| Hawaiian Airlines 2013-1 Cl A Pass-Through Certificates | ||||||||
| 3.900%, 01/15/26 | 3,828 | 3,356 | ||||||
| HC2 Holdings | ||||||||
| 11.500%, 12/01/21 (a) | 2,776 | 2,653 | ||||||
| MPC Container Ships Invest BV | ||||||||
| 5.056%, VAR ICE LIBOR USD 3 Month+4.750%, 09/22/22 | 2,300 | 1,719 | ||||||
| Mueller Industries | ||||||||
| 6.000%, 03/01/27 (b) | 5,170 | 5,072 | ||||||
| Stolt-Nielsen | ||||||||
| 6.375%, 09/21/22 | 2,500 | 2,600 | ||||||
| StorCentric Peleus Insurance Co | ||||||||
| 5.875%, 02/19/23 (a) | 844 | 849 | ||||||
| Triumph Group Inc | ||||||||
| 6.250%, 09/15/24 (a) | 2,467 | 2,102 | ||||||
| Welbilt | ||||||||
| 9.500%, 02/15/24 | 796 | 764 | ||||||
| 21,859 | ||||||||
| Information Technology – 2.8% | ||||||||
| Anixter | ||||||||
| 5.125%, 10/01/21 | 676 | 712 | ||||||
| CentralNic Group | ||||||||
| 7.000%, VAR EURIBOR 3 Month+7.000%, 07/03/23 | EUR | 765 | 864 | |||||
| Dell International | ||||||||
| 7.125%, 06/15/24 (a) | 2,277 | 2,361 | ||||||
| 6.100%, 07/15/27 (a) (b) | 1,072 | 1,240 | ||||||
| 5,177 | ||||||||
| Materials – 2.3% | ||||||||
| Alcoa Nederland Holding BV | ||||||||
| 6.750%, 09/30/24 (a) | 1,943 | 1,991 | ||||||
| Allegheny Technologies | ||||||||
| 7.875%, 08/15/23 | 923 | 947 | ||||||
| NOVA Chemicals | ||||||||
| 5.250%, 06/01/27 (a) | 1,582 | 1,393 | ||||||
| 4,331 | ||||||||
| Description | Face Amount (000)† /Shares | Value (000) | ||||||
| Real Estate – 2.4% | ||||||||
| Equinix | ||||||||
| 5.875%, 01/15/26 | 3,937 | $ | 4,152 | |||||
| Realogy Group | ||||||||
| 7.625%, 06/15/25 (a) | 343 | 344 | ||||||
| 4,496 | ||||||||
| Utilities – 1.0% | ||||||||
| Pacific Gas and Electric | ||||||||
| 2.500%, 02/01/31 | 348 | 341 | ||||||
| 2.100%, 08/01/27 | 348 | 345 | ||||||
| Vistra Operations | ||||||||
| 4.300%, 07/15/29 (a) | 1,080 | 1,137 | ||||||
| 1,823 | ||||||||
| Total Corporate Obligations | ||||||||
| (Cost $120,801) (000) | 113,146 | |||||||
| Common Stock — 5.8% | ||||||||
| Consumer Discretionary – 1.6% | ||||||||
| Appvion (d) (f) | 305,017 | 3,019 | ||||||
| Financials – 2.7% | ||||||||
| Ceres Acquisition * | 52,492 | 496 | ||||||
| Subversive Capital Acquisition, Cl A * | 466,905 | 4,646 | ||||||
| 5,142 | ||||||||
| Information Technology – 0.0% | ||||||||
| Internap Holding LLC (d) | 592,725 | 18 | ||||||
| Materials – 0.7% | ||||||||
| RA Parent (d) | 56 | 1,200 | ||||||
| Real Estate – 0.8% | ||||||||
| Alpine Income Property Trust | 67,175 | 1,092 | ||||||
| CTO Realty Growth | 10,497 | 415 | ||||||
| 1,507 | ||||||||
| Total Common Stock | ||||||||
| (Cost $16,108) (000) | 10,886 | |||||||
| Convertible Bonds — 4.3% | ||||||||
| Consumer Discretionary – 0.2% | ||||||||
| WildBrain | ||||||||
| 5.875%, 09/30/24 (a) | CAD | 825 | 441 | |||||
| Consumer Staples – 0.3% | ||||||||
| Chefs' Warehouse | ||||||||
| 1.875%, 12/01/24 (a) | 802 | 583 | ||||||
| Energy – 1.3% | ||||||||
| Ship Finance International | ||||||||
| 5.750%, 10/15/21 | 2,426 | 2,313 | ||||||
|
RiverPark Strategic Income Fund June 30, 2020 (Unaudited) |
| Description | Face Amount (000)† /Shares | Value (000) | ||||||
| Health Care – 0.5% | ||||||||
| Jazz Investments I | ||||||||
| 2.000%, 06/15/26 (a) | $ | 857 | $ | 868 | ||||
| Industrials – 0.6% | ||||||||
| HC2 Holdings | ||||||||
| 7.500%, 06/01/22 (a) | 1,232 | 1,121 | ||||||
| Real Estate – 1.4% | ||||||||
| Consolidated-Tomoka Land | ||||||||
| 3.875%, 04/15/25 (a) | 1,989 | 1,635 | ||||||
| CTO Realty Growth | ||||||||
| 3.875%, 04/15/25 | 1,217 | 1,001 | ||||||
| 2,636 | ||||||||
| Total Convertible Bonds | ||||||||
| (Cost $8,324) (000) | 7,962 | |||||||
| Trade Claims — 1.7% | ||||||||
| Utilities – 1.7% | ||||||||
| Pacific Gas & Electric (d) (f) | 3,006 | 3,081 | ||||||
| Total Trade Claims | ||||||||
| (Cost $2,585) (000) | 3,081 | |||||||
| Preferred Stock — 0.5% | ||||||||
| Real Estate – 0.5% | ||||||||
| Monmouth Real Estate Investment | ||||||||
| 6.125% | 40,356 | 987 | ||||||
| Total Preferred Stock | ||||||||
| (Cost $900) (000) | 987 | |||||||
| Commercial Paper — 0.5%(e) | ||||||||
| Consumer Discretionary – 0.5% | ||||||||
| General Motors | ||||||||
| 0.000%, 07/07/20 | 964 | 964 | ||||||
| Total Commercial Paper | ||||||||
| (Cost $963) (000) | 964 | |||||||
| Municipal Bonds — 0.4% | ||||||||
| Revenue Bond – 0.4% | ||||||||
| New York State Dormitory Authority | ||||||||
| 4.000%, 07/01/20 | 348 | 348 | ||||||
| School District of Broward County | ||||||||
| 5.000%, 07/01/20 | 348 | 348 | ||||||
| Total Municipal Bonds | ||||||||
| (Cost $696) (000) | 696 | |||||||
| Description | Shares/ Number of Warrants/ Face Amount (000) | Value (000) | ||||||
| Exchange-Traded Fund — 0.3% | ||||||||
| Financials – 0.3% | ||||||||
| iShares iBoxx High Yield Corporate Bond ETF | 7,001 | $ | 571 | |||||
| Total Exchange-Traded Fund | ||||||||
| (Cost $577) (000) | 571 | |||||||
| Warrant — 0.0% | ||||||||
| Financials – 0.0% | ||||||||
| Tuscan Holdings II* | 34,625 | 19 | ||||||
| Total Warrant | ||||||||
| (Cost $17) (000) | 19 | |||||||
| Bank Loan Obligations — 21.0%(g) | ||||||||
| Communication Services – 3.0% | ||||||||
| GTT Communications, Inc., Closing Date U.S. Term Loan, 1st Lien | ||||||||
| 2.930%, VAR LIBOR+2.750%, 05/31/25 | 1,259 | 922 | ||||||
| Windstream Services, LLC (fka Windstream Corporation), Term Facility (DIP), 1st Lien | ||||||||
| 2.680%, VAR LIBOR+2.500%, 03/08/21 | 2,672 | 2,622 | ||||||
| Windstream Services, LLC (fka Windstream Corporation), Tranche B-6 Term Loan (2016), 1st Lien | ||||||||
| 8.250%, VAR Prime Rate by Country+5.000%, 03/29/21 | 3,334 | 2,007 | ||||||
| 5,551 | ||||||||
| Consumer Discretionary – 8.1% | ||||||||
| Appvion Operations, Inc., Term Loan, 1st Lien | ||||||||
| 7.000%, VAR LIBOR+0.060%, 06/12/26 | 861 | 857 | ||||||
| Eldorado Resorts, Inc. Term Loan B | ||||||||
| 3.250%, VAR LIBOR+2.250%, 03/15/24 | 2,406 | 2,386 | ||||||
| General Nutrition Centers, Term Loan | ||||||||
| 10.000%, VAR LIBOR USD 1 Month+7.000%, 12/31/22 | 1,701 | 1,610 | ||||||
| JetBlue Airways Corporation, Term Loan, 1st Lien | ||||||||
| 6.250%, VAR LIBOR+5.250%, 06/12/24 | 174 | 170 | ||||||
|
RiverPark Strategic Income Fund June 30, 2020 (Unaudited) |
| Description | Face Amount (000) | Value (000) | ||||||
| Monitronics International, Inc., Loan, 1st Lien | ||||||||
| 7.750%, VAR LIBOR+0.065%, 03/29/24 | $ | 1,194 | $ | 905 | ||||
| Party City Holdings Inc., 2018 Replacement Term Loan, 1st Lien | ||||||||
| 4.100%, VAR LIBOR+0.025%, 08/19/22 | 3,277 | 1,547 | ||||||
| Production Resource Group, L.L.C., Term Loan, 1st Lien | ||||||||
| 8.900%, VAR LIBOR+7.000%, 08/21/24 (c) | 2,550 | 1,402 | ||||||
| Trico Group, LLC, Tranche B-2 Term Loan, 1st Lien | ||||||||
| 8.000%, VAR LIBOR+7.000%, 02/02/24 | 6,458 | 6,184 | ||||||
| 15,061 | ||||||||
| Energy – 2.1% | ||||||||
| Crestwood Holdings LLC, Term Loan, 1st Lien | ||||||||
| 7.700%, VAR LIBOR+7.500%, 02/28/23 | 4,396 | 2,875 | ||||||
| Fieldwood Energy LLC, Closing Date Loan, 2nd Lien | ||||||||
| 0.000%, VAR LIBOR+5.250%, 04/11/22 (c) | 5,879 | 1,068 | ||||||
| 3,943 | ||||||||
| Information Technology – 0.8% | ||||||||
| Internap Holding LLC, Second Out Term Loan, 1st Lien | ||||||||
| 8.250%, VAR LIBOR+3.000%, 05/08/25 | 2,675 | 1,472 | ||||||
| Materials – 2.4% | ||||||||
| Pixelle Specialty Solutions, LLC, Initial Term Loan, 1st Lien | ||||||||
| 7.500%, VAR LIBOR+6.500%, 10/31/24 | 3,331 | 3,132 | ||||||
| Real Alloy Holding, Term Loan | ||||||||
| 13.000%, 12/31/49 (d)(f) | 1,211 | 1,211 | ||||||
| 4,343 | ||||||||
| Real Estate – 1.2% | ||||||||
| IEA Energy Services LLC, 2019 Refinancing Term Loan, 1st Lien | ||||||||
| 7.058%, VAR LIBOR+6.750%, 09/25/24 | 2,372 | 2,285 | ||||||
| Description | Face Amount (000)/ Shares | Value (000) | ||||||
| Utilities – 3.4% | ||||||||
| Pacific Gas and Electric Company, Initial Term Loan (DIP), 1st Lien | ||||||||
| 3.930%, VAR LIBOR+2.250%, 12/31/20 | $ | 6,404 | $ | 6,372 | ||||
| Total Bank Loan Obligations | ||||||||
| (Cost $49,305) (000) | 39,027 | |||||||
| Total Investments — 95.2% | ||||||||
| (Cost $200,276) (000) | $ | 177,339 | ||||||
| Schedule of Securities Sold Short, Not Yet Purchased | ||||||||
| Corporate Obligations — (2.5)% | ||||||||
| Consumer Staples – (1.8)% | ||||||||
| Conagra Brands | ||||||||
| 7.125%, 10/01/26 | (1,000 | ) | (1,257 | ) | ||||
| Kraft Heinz Foods | ||||||||
| 3.000%, 06/01/26 | (2,000 | ) | (2,017 | ) | ||||
| (3,274 | ) | |||||||
| Financials – (0.3)% | ||||||||
| Capital One Financial | ||||||||
| 3.450%, 04/30/21 | (586 | ) | (598 | ) | ||||
| Health Care – (0.4)% | ||||||||
| McKesson | ||||||||
| 3.950%, 02/16/28 | (660 | ) | (756 | ) | ||||
| Total Corporate Obligations | ||||||||
| (Proceeds $4,283) (000) | (4,628 | ) | ||||||
| Common Stock — 0.0% | ||||||||
| Industrials – 0.0% | ||||||||
| Briggs & Stratton | (48,422 | ) | (63 | ) | ||||
| Total Common Stock | ||||||||
| (Proceeds $93) (000) | (63 | ) | ||||||
| Total Securities Sold Short, Not Yet Purchased | ||||||||
| (Proceeds $4,376) (000) | $ | (4,691 | ) | |||||
| Purchased Options — 0.1%(h) | ||||||||
| Total Purchased Options | ||||||||
| (Cost $136) (000) | $ | 126 | ||||||
| Written Options — (0.3)%(h) | ||||||||
| Total Written Options | ||||||||
| (Premiums Received $539) (000) | $ | (455 | ) | |||||
A list of the open forward foreign currency contracts held by the Fund at June 30, 2020, is as follows (000):
| Counterparty | Maturity Date | Currency to Deliver | Currency to Receive | Unrealized Appreciation (Depreciation) |
||||||
| Brown Brothers Harriman | 07/07/20 | USD 665 | EUR 593 | $ | 1 | |||||
| Brown Brothers Harriman | 07/07/20 | USD 981 | EUR 865 | (9 | ) | |||||
| Brown Brothers Harriman | 07/07/20 | SEK 2,294 | USD 248 | 2 | ||||||
| Brown Brothers Harriman | 07/07/20 | EUR 13,365 | USD 15,054 | 37 | ||||||
| Brown Brothers Harriman | 07/07/20 | CAD 570 | USD 421 | 1 | ||||||
| $ | 32 | |||||||||
|
RiverPark Strategic Income Fund June 30, 2020 (Unaudited) |
A list of the open option contracts held by the Fund at June 30, 2020 was as follows (000):
| Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | |||||||||||||
| PURCHASED OPTIONS — 0.1% | ||||||||||||||||||
| Put Options | ||||||||||||||||||
| Briggs & Stratton* | 169 | $ | 111 | $ | 2.50 | 07/18/20 | $ | 23 | ||||||||||
| Crestwood Equity Partners LP* | 162 | 212 | 10.00 | 12/19/20 | 25 | |||||||||||||
| Hawaiian Holdings* | 65 | 190 | 8.00 | 12/19/20 | 5 | |||||||||||||
| 513 | 53 | |||||||||||||||||
| Call Options | ||||||||||||||||||
| Barrick Gold* | 114 | 212 | 22.00 | 01/16/21 | 73 | |||||||||||||
| Total Purchased Options | ||||||||||||||||||
| (Cost $136) | $ | 725 | $ | 126 | ||||||||||||||
| WRITTEN OPTIONS — (0.3)% | ||||||||||||||||||
| Put Options | ||||||||||||||||||
| Barrick Gold Corp* | (114 | ) | $ | (212 | ) | 24.00 | 01/16/21 | $ | (26 | ) | ||||||||
| iShares iBoxx $ Investment Grade Corporate Bond ETF* | (346 | ) | (4,654 | ) | 110.00 | 09/19/20 | (5 | ) | ||||||||||
| iShares iBoxx High Yield Corporate Bond ETF* | (69 | ) | (606 | ) | 76.00 | 08/22/20 | (5 | ) | ||||||||||
| iShares iBoxx High Yield Corporate Bond ETF* | (103 | ) | (905 | ) | 78.00 | 08/22/20 | (11 | ) | ||||||||||
| iShares iBoxx High Yield Corporate Bond ETF* | (206 | ) | (1,810 | ) | 81.00 | 08/22/20 | (42 | ) | ||||||||||
| Magellan Midstream Partners LP* | (101 | ) | (436 | ) | 37.50 | 10/17/20 | (19 | ) | ||||||||||
| SPDR Gold Shares* | (81 | ) | (1,155 | ) | 157.00 | 01/16/21 | (38 | ) | ||||||||||
| $ | (9,778 | ) | $ | (146 | ) | |||||||||||||
| Call Options | ||||||||||||||||||
| Briggs & Stratton* | (101 | ) | $ | (66 | ) | 5.00 | 01/16/21 | $ | (1 | ) | ||||||||
| Crestwood Equity Partners LP* | (162 | ) | (212 | ) | 15.00 | 12/19/20 | (36 | ) | ||||||||||
| Crestwood Equity Partners LP* | (404 | ) | (530 | ) | 7.50 | 10/17/20 | (234 | ) | ||||||||||
| Hawaiian Holdings* | (130 | ) | (381 | ) | 16.00 | 07/18/20 | (5 | ) | ||||||||||
| Hawaiian Holdings* | (221 | ) | (647 | ) | 14.00 | 07/18/20 | (24 | ) | ||||||||||
| iShares iBoxx High Yield Corporate Bond ETF* | (244 | ) | (2,144 | ) | 85.00 | 08/22/20 | (9 | ) | ||||||||||
| $ | (3,980 | ) | $ | (309 | ) | |||||||||||||
| Total Written Options | ||||||||||||||||||
| (Premiums Received $539) | $ | (13,758 | ) | $ | (455 | ) | ||||||||||||
The following is a list of the inputs used as of June 30, 2020 in valuing the Fund’s investments, securities sold short, not yet purchased, and other financial instruments carried at value (000), in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP:
|
Investments in Securities |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
| Corporate Obligations | $ | — | $ | 113,146 | $ | — | $ | 113,146 | ||||||||
| Common Stock | 6,649 | — | 4,237 | 10,886 | ||||||||||||
| Convertible Bonds | — | 7,962 | — | 7,962 | ||||||||||||
| Trade Claims | — | — | 3,081 | 3,081 | ||||||||||||
| Preferred Stock | 987 | — | — | 987 | ||||||||||||
| Commercial Paper | — | 964 | — | 964 | ||||||||||||
| Municipal Bonds | — | 696 | — | 696 | ||||||||||||
| Exchange-Traded Fund | 571 | — | — | 571 | ||||||||||||
| Warrant | — | 19 | — | 19 | ||||||||||||
| Bank Loan Obligations | — | 37,816 | 1,211 | 39,027 | ||||||||||||
| Total Investments in Securities | $ | 8,207 | $ | 160,603 | $ | 8,529 | $ | 177,339 | ||||||||
|
Securities Sold Short, Not Yet Purchased |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
| Corporate Obligations | $ | — | $ | (4,628 | ) | $ | — | $ | (4,628 | ) | ||||||
| Common Stock | (63 | ) | — | — | (63 | ) | ||||||||||
| Total Securities Sold Short, Not Yet Purchased | $ | (63 | ) | $ | (4,628 | ) | $ | — | $ | (4,691 | ) | |||||
| Other Financial Instruments |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
| Purchased Options | $ | 126 | $ | — | $ | — | $ | 126 | ||||||||
| Written Options | (455 | ) | — | — | (455 | ) | ||||||||||
| Forwards Contracts** | ||||||||||||||||
| Unrealized Appreciation | — | 41 | — | 41 | ||||||||||||
| Unrealized Depreciation | — | (9 | ) | — | (9 | ) | ||||||||||
| Total Other Financial Instruments | $ | (329 | ) | $ | 32 | $ | — | $ | (297 | ) | ||||||
** Forward contracts are valued at the unrealized appreciation (depreciation) on the instrument.
The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining value (000):
|
Common Stock |
Trade Claims |
Bank Loan Obligations |
Total |
|||||||||||||
| Beginning balance as of October 1, 2019 | $ | 4,883 | $ | 2,601 | $ | 1,133 | $ | 8,616 | ||||||||
| Change in unrealized appreciation/ (depreciation) | (663 | ) | 499 | — | (164 | ) | ||||||||||
| Purchases | — | — | 39 | 39 | ||||||||||||
| Sales | — | (19 | ) | — | (19 | ) | ||||||||||
| Transfer into Level 3 | 18 | — | — | 18 | ||||||||||||
| Transfer out of Level 3 | — | — | — | — | ||||||||||||
| Ending balance as of June 30, 2020 | $ | 4,237 | $ | 3,081 | $ | 1,172 | $ | 8,490 | ||||||||
| Change in unrealized gains/(losses) included in earnings related to securities still held at reporting date | $ | (663 | ) | $ | 499 | $ | — | $ | (164 | ) | ||||||
For the period ended June 30, 2020, there were no transfers in or out of Level 3.
|
RiverPark Strategic Income Fund June 30, 2020 (Unaudited) |
The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of June 30, 2020. The following disclosures also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.
The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.
| Assets | Fair Value at June 30, 2020 | Valuation Technique | Unobservable Inputs | Range | ||||||
|
Common Stock Appvion |
$ | 3,019 | Multiples and Comparables Methods | 3.2x multiple on $38.2mm in EBITDA (total enterprise value) less net debt of $39.7mm on 8.5mm shares outstanding. The EBITDA multiple used for the unobservable inputs was approximately 42% of the average of the comparable public companies. | 5.6x-8.3x multiple (average multiple being 7.6x) of EBITDA on comparable public companies together with $118mm-$390mm in EBITDA and $217mm-$1,043mm of net debt for the companies. | |||||
|
Common Stock RA Parent |
$ | 1,200 | Multiples and Comparables Methods | 5.0x $40.3mm in EBITDA (total enterprise value) less net debt of $93.9mm on 5,000 shares outstanding. The EBITDA multiple used for the unobservable inputs was approximately 69% of the average of the comparable public companies. | 5.1x-11.4x multiples of EBITDA, with an average EBITDA of 7.3x, on comparable public companies. | |||||
|
Common Stock Internap Holding LLC |
$ | 18 | Consensus Pricing | The restructuring plan values the equity at $1.50/unit, however, with the second-out term loan trading at a significant discount to par, we find it highly unlikely that this reflects the market value for the units. Consistent with this view, a bona-fide broker has indicated that the units would trade within a range of $0.01-$0.05. We are pricing the LLC units at the mid-point of that range, $0.03. | $.01 - $.05 per unit. | |||||
|
Trade Claims Pacific Gas & Electric |
$ | 3,081 | Transactions Method and Liquidation Value of Claims | A bona-fide quote of 102.50 from an independent broker was used to support this valuation. | — | |||||
|
Bank Loan Obligations Real Alloy |
$ | 1,211 | Multiple Methods | During 1Q20 net debt declined from $97.4 mm to $93.9 mm, primarily due to a sequential increase in EBITDA and reduction in capital expenditures. However, with LTM EBITDA declining from $44.1 mm to $40.3 mm, net leverage increased from 2.2x to 2.3x during the quarter and still remains relatively low. | 2.1x-2.3x net leverage coupled with $40.3mm in EBITDA for the company. | |||||
| Percentages are based on Net Assets of $186,298 (000). | |
| * | Non-income producing security. |
| † | In U.S. Dollar unless otherwise indicated. |
| (a) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." These securities have been determined to be liquid under guidelines established by the Board of Trustees. At June 30, 2020, these securities amounted to $70,290 (000) or 37.7% of Net Assets. |
| (b) | This security or partial position of this security has been committed as collateral for open short positions and option contracts. The aggregate market value of the collateral as of June 30, 2020 was $11,180 (000). |
| (c) | Security in default on interest payments. |
| (d) | Level 3 security in accordance with fair value hierarchy. |
| (e) | Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at the time purchase. |
| (f) | Securities considered illiquid. The total value of such securities as of June 30, 2020 was $7,311 (000) and represented 3.9% of Net Assets. |
| (g) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
| (h) | Refer to table below for details on Options Contracts. |
| CAD — Canadian Dollar |
| Cl — Class |
| ETF — Exchange Traded Fund |
| EUR — Euro |
| EURIBOR — Euro London Interbank Offered Rate |
| ICE— Intercontinental Exchange |
| LIBOR — London Interbank Offered Rate |
| LLC — Limited Liability Company |
| LP — Limited Partnership |
| SEK — Swedish Krona |
| Ser — Series |
| SPDR — Standard and Poor's Depository Receipt |
| USD — U.S. Dollar |
| VAR— Variable Rate |
Amounts designated as “—” are $0 or have been rounded to $0.
For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
RPF-QH-001-1900
|
RiverPark Strategic Income Fund June 30, 2020 (Unaudited) |
| Description | Face Amount (000) | Value (000) | ||||||
| Schedule of Investments | ||||||||
| Commercial Mortgage-Backed Securities (a) — 98.4% | ||||||||
| Non-Agency Mortgage-Backed Obligation – 98.4% | ||||||||
| 280 Park Avenue Mortgage Trust, Ser 2017-280P, Cl F | ||||||||
| 3.012%, VAR ICE LIBOR USD 1 Month+2.827%, 09/15/34 | $ | 14,000 | $ | 12,953 | ||||
| 280 Park Avenue Mortgage Trust, Ser 2017-280P, Cl E | ||||||||
| 2.304%, VAR ICE LIBOR USD 1 Month+2.119%, 09/15/34 | 2,125 | 2,008 | ||||||
| BBCMS Mortgage Trust, Ser 2020-C7, Cl D | ||||||||
| 3.605%, 04/15/53 | 5,000 | 4,248 | ||||||
| BBCMS Mortgage Trust, Ser 2018-TALL, Cl E | ||||||||
| 2.622%, VAR ICE LIBOR USD 1 Month+2.437%, 03/15/37 | 3,000 | 2,556 | ||||||
| BBCMS Mortgage Trust, Ser 2019-CLP, Cl E | ||||||||
| 2.299%, VAR ICE LIBOR USD 1 Month+2.114%, 12/15/31 | 7,070 | 6,448 | ||||||
| BBCMS Mortgage Trust, Ser 2018-TALL, Cl C | ||||||||
| 1.306%, VAR ICE LIBOR USD 1 Month+1.121%, 03/15/37 | 1,820 | 1,711 | ||||||
| BBCMS Mortgage Trust, Ser 2018-TALL, Cl B | ||||||||
| 1.156%, VAR ICE LIBOR USD 1 Month+0.971%, 03/15/37 | 2,007 | 1,897 | ||||||
| Benchmark Mortgage Trust, Ser 2020-IG3, Cl D | ||||||||
| 3.387%, 09/15/48 | 3,000 | 2,366 | ||||||
| BF Mortgage Trust, Ser 2018-NYT, Cl E | ||||||||
| 2.685%, VAR ICE LIBOR USD 1 Month+2.500%, 12/15/35 | 12,000 | 10,705 | ||||||
| BFLD, Ser 2019-DPLO, Cl F | ||||||||
| 2.725%, VAR ICE LIBOR USD 1 Month+2.540%, 10/15/34 | 8,500 | 7,175 | ||||||
| BX Commercial Mortgage Trust, Ser 2018-IND, Cl H | ||||||||
| 3.185%, VAR ICE LIBOR USD 1 Month+3.000%, 11/15/35 | 3,934 | 3,817 | ||||||
| BX Commercial Mortgage Trust, Ser 2019-XL, Cl J | ||||||||
| 2.835%, VAR ICE LIBOR USD 1 Month+2.650%, 10/15/36 | 7,643 | 7,213 | ||||||
| BX Commercial Mortgage Trust, Ser 2020-BXLP, Cl G | ||||||||
| 2.685%, VAR ICE LIBOR USD 1 Month+2.500%, 12/15/36 | 14,750 | 14,011 | ||||||
| BX Commercial Mortgage Trust, Ser 2018-BIOA, Cl F | ||||||||
| 2.656%, VAR ICE LIBOR USD 1 Month+2.471%, 03/15/37 | 9,000 | 8,259 | ||||||
| BX Commercial Mortgage Trust, Ser 2019-XL, Cl G | ||||||||
| 2.485%, VAR ICE LIBOR USD 1 Month+2.300%, 10/15/36 | 12,831 | 12,317 | ||||||
| BX Commercial Mortgage Trust, Ser 20108-IND, Cl G | ||||||||
| 2.235%, VAR ICE LIBOR USD 1 Month+2.050%, 11/15/35 | 11,270 | 10,875 | ||||||
| BX Commercial Mortgage Trust, Ser 2020-BXLP, Cl F | ||||||||
| 2.185%, VAR ICE LIBOR USD 1 Month+2.000%, 12/15/36 | 6,171 | 5,862 | ||||||
| BX Commercial Mortgage Trust, Ser 2018-BIOA, Cl E | ||||||||
| 2.136%, VAR ICE LIBOR USD 1 Month+1.951%, 03/15/37 | 5,000 | 4,569 | ||||||
| BX Commercial Mortgage Trust, Ser 2018-IND, Cl C | ||||||||
| 1.284%, VAR ICE LIBOR USD 1 Month+1.100%, 11/15/35 | 700 | 691 | ||||||
| CAMB Commercial Mortgage Trust, Ser 2019-LIFE, Cl G | ||||||||
| 3.435%, VAR ICE LIBOR USD 1 Month+3.250%, 12/15/37 | 15,000 | 14,065 | ||||||
| CAMB Commercial Mortgage Trust, Ser 20109-LIFE, Cl F | ||||||||
| 2.735%, VAR ICE LIBOR USD 1 Month+2.550%, 12/15/37 | 5,000 | 4,726 | ||||||
| CAMB Commercial Mortgage Trust, Ser 2019-LIFE, Cl C | ||||||||
| 1.635%, VAR ICE LIBOR USD 1 Month+1.450%, 12/15/37 | 150 | 147 | ||||||
| CG Commercial Mortgage Trust, Ser 2019-SST2, Cl F | ||||||||
| 2.685%, VAR ICE LIBOR USD 1 Month+2.500%, 12/15/36 | 8,000 | 7,549 | ||||||
| Citigroup Commercial Mortgage Trust, Ser 2019-SST2, Cl B | ||||||||
| 1.285%, VAR ICE LIBOR USD 1 Month+1.100%, 12/15/36 | 250 | 242 | ||||||
| CLNY Trust, Ser 2019-IKPR, Cl E | ||||||||
| 2.906%, VAR ICE LIBOR USD 1 Month+2.721%, 11/15/38 | 15,575 | 12,891 | ||||||
| COMM Mortgage Trust, Ser 2018-HCLV, Cl E | ||||||||
| 2.685%, VAR ICE LIBOR USD 1 Month+2.500%, 09/15/33 | 5,000 | 4,289 | ||||||
| COMM Mortgage Trust, Ser 2018-HCLV, Cl C | ||||||||
| 1.885%, VAR ICE LIBOR USD 1 Month+1.700%, 09/15/33 | 5,319 | 5,007 | ||||||
| Credit Suisse Mortgage Capital Certificates, Ser 2019-ICE4, Cl F | ||||||||
| 2.835%, VAR ICE LIBOR USD 1 Month+2.650%, 05/15/36 | 8,780 | 8,296 | ||||||
| Credit Suisse Mortgage Capital Certificates, Ser 2019-ICE4, Cl E | ||||||||
| 2.335%, VAR ICE LIBOR USD 1 Month+2.150%, 05/15/36 | 17,000 | 16,234 | ||||||
|
RiverPark Floating Rate CMBS Fund June 30, 2020 (Unaudited) |
| Description | Face Amount (000) | Value (000) | ||||||
| DBGS Mortgage Trust, Ser 2018-5BP, Cl E | ||||||||
| 2.085%, VAR ICE LIBOR USD 1 Month+1.900%, 06/15/33 | $ | 10,000 | $ | 9,048 | ||||
| DBGS Mortgage Trust, Ser 2018-5BP, Cl D | ||||||||
| 1.535%, VAR ICE LIBOR USD 1 Month+1.350%, 06/15/33 | 550 | 505 | ||||||
| GS Mortgage Securities Trust, Ser 2020-GC47, Cl D | ||||||||
| 3.571%, 05/12/53 | 2,000 | 1,701 | ||||||
| GS Mortgage Securities Trust, Ser 2018-LUAU, Cl E | ||||||||
| 2.735%, VAR ICE LIBOR USD 1 Month+2.550%, 11/15/32 | 5,000 | 4,274 | ||||||
| GS Mortgage Securities Trust, Ser 2019-SOHO, Cl E | ||||||||
| 2.059%, VAR ICE LIBOR USD 1 Month+1.875%, 06/15/36 | 9,000 | 8,416 | ||||||
| GS Mortgage Securities Trust, Ser 2018-HULA, Cl A | ||||||||
| 1.105%, VAR ICE LIBOR USD 1 Month+0.920%, 07/15/25 | 6,906 | 6,613 | ||||||
| JPMDB Commercial Mortgage Securities Trust, Ser 2020-COR7, Cl D | ||||||||
| 1.750%, 05/13/53 | 5,000 | 3,684 | ||||||
| JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-LAQ, Cl E | ||||||||
| 3.350%, VAR ICE LIBOR USD 1 Month+3.000%, 06/15/35 | 7,469 | 6,347 | ||||||
| JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-PHH, Cl F | ||||||||
| 3.195%, VAR ICE LIBOR USD 1 Month+3.010%, 06/15/35 | 4,500 | 3,204 | ||||||
| JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-PHH, Cl E | ||||||||
| 2.595%, VAR ICE LIBOR USD 1 Month+2.410%, 06/15/35 | 1,000 | 752 | ||||||
| JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2019-MFP, Cl E | ||||||||
| 2.345%, VAR ICE LIBOR USD 1 Month+2.160%, 07/15/36 | 9,700 | 8,873 | ||||||
| JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-LAQ, Cl D | ||||||||
| 2.300%, VAR ICE LIBOR USD 1 Month+2.100%, 06/15/32 | 4,970 | 4,348 | ||||||
| JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-PHH, Cl D | ||||||||
| 1.895%, VAR ICE LIBOR USD 1 Month+1.710%, 06/15/35 | 2,500 | 2,048 | ||||||
| JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2019-MFP, Cl D | ||||||||
| 1.845%, VAR ICE LIBOR USD 1 Month+1.660%, 07/15/36 | 8,675 | 8,110 | ||||||
| JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-PHH, Cl C | ||||||||
| 1.545%, VAR ICE LIBOR USD 1 Month+1.360%, 06/15/35 | 4,900 | 4,122 | ||||||
| JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-PHH, Cl B | ||||||||
| 1.345%, VAR ICE LIBOR USD 1 Month+1.160%, 06/15/35 | 500 | 445 | ||||||
| Morgan Stanley Capital I Trust, Ser 2019-PLND, Cl G | ||||||||
| 3.835%, VAR ICE LIBOR USD 1 Month+3.650%, 05/15/36 | 10,000 | 7,207 | ||||||
| Morgan Stanley Capital I Trust, Ser 2017-CLS, Cl F | ||||||||
| 2.785%, VAR ICE LIBOR USD 1 Month+2.600%, 11/15/34 | 8,552 | 8,285 | ||||||
| Motel 6 Trust, Ser 2017-MTL6, Cl A | ||||||||
| 1.105%, VAR ICE LIBOR USD 1 Month+0.920%, 08/15/34 | 752 | 738 | ||||||
| MSCG Trust, Ser 2018-SELF, Cl F | ||||||||
| 3.235%, VAR ICE LIBOR USD 1 Month+3.050%, 10/15/37 | 5,000 | 4,676 | ||||||
| MTRO Commercial Mortgage Trust, Ser 2019-TECH, Cl E | ||||||||
| 2.235%, VAR ICE LIBOR USD 1 Month+2.050%, 12/15/33 | 6,250 | 5,885 | ||||||
| Natixis Commercial Mortgage Securities Trust, Ser 2018-850T, Cl E | ||||||||
| 2.138%, VAR ICE LIBOR USD 1 Month+1.954%, 07/15/33 | 1,780 | 1,657 | ||||||
| Natixis Commercial Mortgage Securities Trust, Ser 2018-850T, Cl D | ||||||||
| 1.638%, VAR ICE LIBOR USD 1 Month+1.454%, 07/15/33 | 9,515 | 9,103 | ||||||
| Total Commercial Mortgage-Backed Securities | ||||||||
| (Cost $322,456) (000) | 303,168 | |||||||
| Total Investments — 98.4% | ||||||||
| (Cost $322,456) (000) | $ | 303,168 | ||||||
As of June 30, 2020, all of the Fund’s investments were considered Level 2 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.
For the period ended June 30, 2020, there were no transfers in or out of Level 3.
|
Percentages are based on Net Assets of $307,951 (000).
|
|
| (a) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." These securities have been determined to be liquid under guidelines established by the Board of Trustees. At June 30, 2020, these securities amounted to $303,168 (000) or 98.4% of Net Assets. |
| Cl — Class |
| ICE— Intercontinental Exchange |
| LIBOR— London Interbank Offered Rate |
| Ser — Series |
| USD — U.S. Dollar |
| VAR— Variable Rate |
|
RiverPark Floating Rate CMBS Fund June 30, 2020 (Unaudited) |
For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
RPF-QH-001-1900