 |
RiverPark Large Growth Fund December 31, 2020 (Unaudited) |
| Description | Shares | Value (000) | ||||||
| Schedule of Investments | ||||||||
| Common Stock — 97.9%** | ||||||||
| Communication Services – 19.7% | ||||||||
| Alphabet, Cl A * | 847 | $ | 1,484 | |||||
| Alphabet, Cl C * | 844 | 1,479 | ||||||
| Facebook, Cl A * | 8,357 | 2,283 | ||||||
| Pinterest, Cl A * | 38,322 | 2,525 | ||||||
| Snap, Cl A * | 57,352 | 2,872 | ||||||
| Twitter * | 44,157 | 2,391 | ||||||
| Walt Disney | 12,157 | 2,203 | ||||||
| 15,237 | ||||||||
| Consumer Discretionary – 7.1% | ||||||||
| Amazon.com * | 1,064 | 3,466 | ||||||
| NIKE, Cl B | 14,159 | 2,003 | ||||||
| 5,469 | ||||||||
| Financials – 11.4% | ||||||||
| Apollo Global Management, Cl A | 40,697 | 1,993 | ||||||
| Blackstone Group, Cl A (a) | 61,209 | 3,967 | ||||||
| KKR | 69,154 | 2,800 | ||||||
| 8,760 | ||||||||
| Health Care – 17.5% | ||||||||
| DexCom * | 5,490 | 2,030 | ||||||
| Exact Sciences * | 18,714 | 2,479 | ||||||
| Illumina * | 7,382 | 2,731 | ||||||
| Intuitive Surgical * | 2,715 | 2,221 | ||||||
| IQVIA Holdings * | 8,899 | 1,595 | ||||||
| Zoetis, Cl A | 15,065 | 2,493 | ||||||
| 13,549 | ||||||||
| Industrials – 6.8% | ||||||||
| Lockheed Martin | 3,293 | 1,169 | ||||||
| Northrop Grumman | 4,049 | 1,234 | ||||||
| Uber Technologies * | 55,852 | 2,848 | ||||||
| 5,251 | ||||||||
| Information Technology – 32.1% | ||||||||
| Adobe * | 3,232 | 1,616 | ||||||
| Apple | 25,199 | 3,344 | ||||||
| Autodesk * | 6,917 | 2,112 | ||||||
| C3.ai, Cl A * | 5,838 | 810 | ||||||
| Mastercard, Cl A | 4,959 | 1,770 | ||||||
| Microsoft | 14,792 | 3,290 | ||||||
| PayPal Holdings * | 9,510 | 2,227 | ||||||
| RingCentral, Cl A * | 4,519 | 1,713 | ||||||
| ServiceNow * | 3,444 | 1,896 | ||||||
| Shopify, Cl A * | 2,068 | 2,341 | ||||||
| Twilio, Cl A * | 5,883 | 1,991 | ||||||
| Visa, Cl A | 7,781 | 1,702 | ||||||
| 24,812 | ||||||||
| Real Estate – 3.3% | ||||||||
| American Tower REIT, Cl A | 5,351 | 1,201 | ||||||
| Description | Shares | Value (000) | ||||||
| Equinix REIT | 1,904 | $ | 1,360 | |||||
| 2,561 | ||||||||
| Total Common Stock | ||||||||
| (Cost $37,581) (000) | 75,639 | |||||||
| Total Investments — 97.9% | ||||||||
| (Cost $37,581) (000) | $ | 75,639 | ||||||
As of December 31, 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 December 31, 2020, there were no transfers in or out of Level 3.
| Percentages are based on Net Assets of $77,288 (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 December 31, 2020, these securities amounted to $3,967 (000) or 5.1% 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-001-2000
| |
Wedgewood Fund December 31, 2020 (Unaudited) |
| Description | Shares | Value (000) | ||||||
| Schedule of Investments | ||||||||
| Common Stock — 100.0%** | ||||||||
| Communication Services – 20.6% | ||||||||
| Alphabet, Cl A * | 1,864 | $ | 3,267 | |||||
| Electronic Arts | 13,680 | 1,964 | ||||||
| Facebook, Cl A * | 11,428 | 3,122 | ||||||
| 8,353 | ||||||||
| Consumer Discretionary – 9.7% | ||||||||
| Starbucks | 17,625 | 1,886 | ||||||
| Tractor Supply | 14,586 | 2,050 | ||||||
| 3,936 | ||||||||
| Financials – 7.8% | ||||||||
| First Republic Bank | 8,548 | 1,256 | ||||||
| Progressive | 9,770 | 966 | ||||||
| S&P Global | 2,905 | 955 | ||||||
| 3,177 | ||||||||
| Health Care – 14.9% | ||||||||
| Alcon | 17,164 | 1,132 | ||||||
| Bristol-Myers Squibb | 26,941 | 1,671 | ||||||
| Edwards Lifesciences * | 35,390 | 3,229 | ||||||
| 6,032 | ||||||||
| Industrials – 4.8% | ||||||||
| Copart * | 15,293 | 1,946 | ||||||
| Information Technology – 42.2% | ||||||||
| Apple | 23,135 | 3,070 | ||||||
| CDW | 14,385 | 1,896 | ||||||
| Keysight Technologies * | 15,480 | 2,045 | ||||||
| Microsoft | 9,095 | 2,023 | ||||||
| Motorola Solutions | 14,745 | 2,507 | ||||||
| PayPal Holdings * | 12,800 | 2,998 | ||||||
| Visa, Cl A | 11,670 | 2,552 | ||||||
| 17,091 | ||||||||
| Total Common Stock | ||||||||
| (Cost $28,087) (000) | 40,535 | |||||||
| Rights — 0.0% | ||||||||
| Health Care – 0.0% | ||||||||
| Bristol Myers Squibb CVR*(a) | 8,600 | 6 | ||||||
| Total Rights | ||||||||
| (Cost $19) (000) | 6 | |||||||
| Total Investments — 100.0% | ||||||||
| (Cost $28,106) (000) | $ | 40,541 | ||||||
As of December 31, 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 December 31, 2020, there were no transfers in or out of Level 3.
| Percentages are based on Net Assets of $40,542 (000). | |
| * | Non-income producing security. |
| ** | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
| (a) | No rate available. |
| 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-001-2000
| |
RiverPark Short Term High Yield Fund December 31, 2020 (Unaudited) |
| Description | Face Amount (000)‡ | Value (000) | ||||||||||
| Schedule of Investments | ||||||||||||
| Corporate Obligations — 72.6% | ||||||||||||
| Communication Services – 10.6% | ||||||||||||
| CenturyLink | ||||||||||||
| 6.450%, 06/15/21 | 10,781 | $ | 11,010 | |||||||||
| Cogent Communications Group | ||||||||||||
| 5.375%, 03/01/22 (a) | 1,087 | 1,122 | ||||||||||
| DISH DBS | ||||||||||||
| 6.750%, 06/01/21 | 17,864 | 18,243 | ||||||||||
| Linkem | ||||||||||||
| 6.000%, VAR Euribor 3 Month+6.000%, 08/09/22 (a) | EUR | 21,357 | 26,115 | |||||||||
| Netflix | ||||||||||||
| 5.375%, 02/01/21 | 3,206 | 3,224 | ||||||||||
| Sirius XM Radio | ||||||||||||
| 3.875%, 08/01/22 (a) | 6,947 | 7,060 | ||||||||||
| Townsquare Media | ||||||||||||
| 6.500%, 04/01/23 (a) | 22,181 | 22,652 | ||||||||||
| 89,426 | ||||||||||||
| Consumer Discretionary – 5.0% | ||||||||||||
| APX Group | ||||||||||||
| 7.875%, 12/01/22 | 13,713 | 13,773 | ||||||||||
| Ford Motor Credit | ||||||||||||
| 5.085%, 01/07/21 | 3,146 | 3,154 | ||||||||||
| 3.336%, 03/18/21 | 9,416 | 9,451 | ||||||||||
| 3.200%, 01/15/21 | 4,163 | 4,173 | ||||||||||
| PetSmart | ||||||||||||
| 7.125%, 03/15/23 (a) | 2,000 | 2,002 | ||||||||||
| 5.875%, 06/01/25 (a) | 9,450 | 9,728 | ||||||||||
| 42,281 | ||||||||||||
| Consumer Staples – 6.5% | ||||||||||||
| Energizer Holdings | ||||||||||||
| 7.750%, 01/15/27 (a) | 42,620 | 47,399 | ||||||||||
| Ingles Markets | ||||||||||||
| 5.750%, 06/15/23 | 7,610 | 7,710 | ||||||||||
| 55,109 | ||||||||||||
| Energy – 4.5% | ||||||||||||
| Blue Racer Midstream | ||||||||||||
| 6.125%, 11/15/22 (a) | 33,572 | 33,653 | ||||||||||
| NuStar Logistics | ||||||||||||
| 6.750%, 02/01/21 | 3,673 | 3,696 | ||||||||||
| Tallgrass Energy Partners | ||||||||||||
| 4.750%, 10/01/23 (a) | 298 | 305 | ||||||||||
| 37,654 | ||||||||||||
| Financials – 2.0% | ||||||||||||
| OneMain Finance | ||||||||||||
| 7.750%, 10/01/21 | 16,308 | 17,185 | ||||||||||
| Health Care – 3.0% | ||||||||||||
| Mednax | ||||||||||||
| 5.250%, 12/01/23 (a) | 25,031 | 25,351 | ||||||||||
| Industrials – 12.0% | ||||||||||||
| Altera Shuttle Tankers | ||||||||||||
| 7.125%, 08/15/22 | 4,000 | 4,038 | ||||||||||
| Description | Face Amount (000)‡ | Value (000) | ||||||
| ATS Automation Tooling Systems | ||||||||
| 6.500%, 06/15/23 (a) | 22,905 | $ | 23,308 | |||||
| BMC East | ||||||||
| 5.500%, 10/01/24 (a) | 9,952 | 10,226 | ||||||
| Great Lakes Dredge & Dock | ||||||||
| 8.000%, 05/15/22 | 15,055 | 15,493 | ||||||
| Hawaiian Airlines Pass-Through Certificates, Ser 2013-1 | ||||||||
| 4.950%, 01/15/22 | 6,731 | 6,146 | ||||||
| HC2 Holdings | ||||||||
| 11.500%, 12/01/21 (a) | 9,079 | 9,056 | ||||||
| Icahn Enterprises | ||||||||
| 6.250%, 02/01/22 | 6,362 | 6,392 | ||||||
| Nielsen Luxembourg SARL | ||||||||
| 5.500%, 10/01/21 (a) | 4,662 | 4,687 | ||||||
| Wesco Distribution | ||||||||
| 5.375%, 12/15/21 | 3,890 | 3,894 | ||||||
| XPO Logistics | ||||||||
| 6.500%, 06/15/22 (a) | 17,794 | 17,885 | ||||||
| 101,125 | ||||||||
| Information Technology – 15.8% | ||||||||
| Dell International | ||||||||
| 5.875%, 06/15/21 (a) | 37,279 | 37,393 | ||||||
| Sabre Global | ||||||||
| 5.250%, 11/15/23 (a) | 40,161 | 40,763 | ||||||
| VeriSign | ||||||||
| 4.625%, 05/01/23 | 3,630 | 3,669 | ||||||
| Veritas | ||||||||
| 7.500%, 02/01/23 (a) | 51,295 | 51,514 | ||||||
| 133,339 | ||||||||
| Materials – 12.2% | ||||||||
| Aruba Investments | ||||||||
| 8.750%, 02/15/23 (a) | 27,274 | 27,646 | ||||||
| Graphic Packaging International | ||||||||
| 4.750%, 04/15/21 | 71 | 71 | ||||||
| Kraton Polymers | ||||||||
| 7.000%, 04/15/25 (a) | 54,454 | 57,367 | ||||||
| Louisiana-Pacific | ||||||||
| 4.875%, 09/15/24 | 5,786 | 5,942 | ||||||
| Tecnoglass | ||||||||
| 8.200%, 01/31/22 (a) | 961 | 1,005 | ||||||
| Valvoline | ||||||||
| 4.375%, 08/15/25 | 10,545 | 10,896 | ||||||
| 102,927 | ||||||||
| Real Estate – 1.0% | ||||||||
| SBA Communications | ||||||||
| 4.000%, 10/01/22 | 8,041 | 8,136 | ||||||
| Total Corporate Obligations | ||||||||
| (Cost $609,537) (000) | 612,533 | |||||||
| Commercial Paper — 6.3% | ||||||||
| Consumer Discretionary – 1.4% | ||||||||
| General Motors Financial | ||||||||
| 0.450%, 01/28/21 (a) (b) | 12,289 | 12,283 | ||||||
| |
RiverPark Short Term High Yield Fund December 31, 2020 (Unaudited) |
| Description | Face Amount (000)‡/Shares | Value (000) | ||||||
| Consumer Staples – 1.2% | ||||||||
| Walgreens Boots Alliance | ||||||||
| 0.280%, 02/05/21 (a) (b) | 10,000 | $ | 9,997 | |||||
| Health Care – 1.9% | ||||||||
| Viatris | ||||||||
| 0.600%, 02/26/21 (a) (b) | 15,927 | 15,911 | ||||||
| Materials – 1.8% | ||||||||
| LyondellBasell Investment | ||||||||
| 0.200%, 02/02/21 (a) (b) | 15,000 | 14,997 | ||||||
| Total Commercial Paper | ||||||||
| (Cost $53,192) (000) | 53,188 | |||||||
| Special Purpose Acquisition Companies — 3.6% | ||||||||
| Common Stock– 0.9% | ||||||||
| Diversified Financials – 0.9% | ||||||||
| Subversive Capital Acquisition, Cl A * | 710,470 | 7,190 | ||||||
| Corporate Obligation– 2.7% | ||||||||
| Consumer Staples – 2.7% | ||||||||
| Kronos Acquisition Holdings | ||||||||
| 9.000%, 08/15/23 (a) | 22,510 | 23,067 | ||||||
| Total Special Purpose Acquisition Companies | ||||||||
| (Cost $30,026) (000) | 30,257 | |||||||
| Preferred Stock — 0.9% | ||||||||
| Financials – 0.9% | ||||||||
| Gladstone Capital | ||||||||
| 6.125% | 294,561 | 7,464 | ||||||
| Total Preferred Stock | ||||||||
| (Cost $7,435) (000) | 7,464 | |||||||
| Convertible Bond — 0.7% | ||||||||
| Energy – 0.7% | ||||||||
| Ship Finance International CV to 65.8012 | ||||||||
| 5.750%, 10/15/21 | 6,340 | 6,276 | ||||||
| Total Convertible Bond | ||||||||
| (Cost $6,355) (000) | 6,276 | |||||||
| Municipal Bond — 0.2% | ||||||||
| Nevada – 0.2% | ||||||||
| Nevada State, Department of Business & Industry, RB | ||||||||
| 0.300%, 12/01/26 (a) (c) | 1,500 | 1,500 | ||||||
| Total Municipal Bond | ||||||||
| (Cost $1,500) (000) | 1,500 | |||||||
| Bank Loan Obligations — 11.4% | ||||||||
| Communication Services – 3.6% | ||||||||
| Cincinnati Bell Inc., Tranche B Term Loan, 1st Lien | ||||||||
| 4.250%, 08/16/24 | 15,832 | 15,824 | ||||||
| Description | Face Amount (000)‡ | Value (000) | ||||||
| Intelsat Jackson, Term Loan, 1st Lien DIP | ||||||||
| 6.500%, 07/13/22 | 3,010 | $ | 3,066 | |||||
| ION Media Networks, Inc., Term Loan, 1st Lien | ||||||||
| 3.188%, 12/17/24 | 11,870 | 11,850 | ||||||
| 30,740 | ||||||||
| Consumer Discretionary – 3.0% | ||||||||
| First Brands Group, LLC, Tranche B-3 Term Loan, 1st Lien | ||||||||
| 8.500%, VAR LIBOR+7.500%, 02/02/24 (e) | 6,248 | 6,217 | ||||||
| Garret Motion, Term Loan, 1st Lien | ||||||||
| 0.000%, 03/31/21 (d) | 6,084 | 6,084 | ||||||
| Golden Nugget Online Gaming, Inc., 2020 Buyback Term Loan | ||||||||
| 13.000%, VAR LIBOR+12.000%, 10/04/23 (e) | 11,189 | 12,923 | ||||||
| 25,224 | ||||||||
| Health Care – 1.8% | ||||||||
| Mallinckrodt International, 1st Lien | ||||||||
| 0.000%, 02/28/22 (d) | 15,558 | 14,925 | ||||||
| Industrials – 2.7% | ||||||||
| Hertz, Term Loan, 1st Lien | ||||||||
| 0.000%, 12/31/21 (d) | 22,040 | 22,555 | ||||||
| Information Technology – 0.3% | ||||||||
| MTS System, Term Loan, 1st Lien | ||||||||
| 4.000%, 07/05/23 | 2,864 | 2,857 | ||||||
| Total Bank Loan Obligations | ||||||||
| (Cost $95,834) (000) | 96,301 | |||||||
| Total Investments — 95.7% | ||||||||
| (Cost $803,879) (000) | $ | 807,519 | ||||||
| A list of the open forward foreign currency contracts held by the Fund at December 31, 2020, is as follows (000): | ||||||||||||||
| Counterparty | Maturity Date | Currency to Deliver | Currency to Receive | Unrealized Depreciation | ||||||||||
| Brown Brothers Harriman | 01/05/21 | USD | 600 | EUR | 491 | $ | (1 | ) | ||||||
| Brown Brothers Harriman | 01/05/21 | EUR | 22,101 | USD | 26,869 | (131 | ) | |||||||
| $ | (132 | ) | ||||||||||||
| |
RiverPark Short Term High Yield Fund December 31, 2020 (Unaudited) |
The following is a list of the inputs used as of December 31, 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 | ||||||||||||
| Corporate Obligations | $ | — | $ | 612,533 | $ | — | $ | 612,533 | ||||||||
| Commercial Paper | — | 53,188 | — | 53,188 | ||||||||||||
| Special Purpose Acquisition Companies | 7,190 | 23,067 | — | 30,257 | ||||||||||||
| Preferred Stock | — | 7,464 | — | 7,464 | ||||||||||||
| Convertible Bond | — | 6,276 | — | 6,276 | ||||||||||||
| Municipal Bond | — | 1,500 | — | 1,500 | ||||||||||||
| Bank Loan Obligations | — | 96,301 | — | 96,301 | ||||||||||||
| Total Investments in Securities | $ | 7,190 | $ | 800,329 | $ | — | $ | 807,519 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Forwards Contracts* | ||||||||||||||||
| Unrealized Depreciation | $ | — | $ | (132 | ) | $ | — | $ | (132 | ) | ||||||
| Total Other Financial Instruments | $ | — | $ | (132 | ) | $ | — | $ | (132 | ) | ||||||
| * | Forward contracts are valued at the unrealized depreciation on the instrument. |
For the period ended December 31, 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.
| ‡ | In U.S. Dollar unless otherwise indicated. |
| Percentages are based on Net Assets of $843,714 (000). | |
| * | Non-income producing security. |
| (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 December 31, 2020, these securities amounted to $533,995 (000) or 63.3% of Net Assets. |
| (b) | Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at the time purchase. |
| (c) | Variable or floating rate security, the interest rate of which adjusts periodically based prevailing interest rates. |
| (d) | Unfunded bank loan. Interest rate not available. |
| (e) | 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. |
| Cl — Class |
| DIP — Debtor in Possession |
| EUR — Euro |
| EURIBOR— Euro London Interbank Offered Rate |
| LIBOR— London Interbank Offered Rate |
| LLC — Limited Liability Company |
| RB — Revenue Bond |
| USD — United States 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-001-2000
| |
RiverPark Long/Short Opportunity Fund December 31, 2020 (Unaudited) |
| Description | Shares | Value (000) | ||||||
| Schedule of Investments | ||||||||
| Common Stock — 89.7%** | ||||||||
| Communication Services – 18.9% | ||||||||
| Alphabet, Cl A * | 4,966 | $ | 8,704 | |||||
| Alphabet, Cl C * | 4,951 | 8,673 | ||||||
| Facebook, Cl A * | 50,233 | 13,722 | ||||||
| Pinterest, Cl A *(a) | 224,443 | 14,791 | ||||||
| Snap, Cl A *(a) | 337,889 | 16,918 | ||||||
| Twitter * | 277,557 | 15,030 | ||||||
| Walt Disney | 64,981 | 11,773 | ||||||
| 89,611 | ||||||||
| Consumer Discretionary – 7.6% | ||||||||
| Amazon.com * | 6,370 | 20,747 | ||||||
Experience Investment, SPAC, Cl A * | 529,071 | 5,862 | ||||||
| NIKE, Cl B | 65,554 | 9,274 | ||||||
| 35,883 | ||||||||
| Financials – 11.1% | ||||||||
| Apollo Global Management, Cl A | 233,649 | 11,444 | ||||||
| Blackstone Group, Cl A (b) (c) | 371,248 | 24,061 | ||||||
| KKR | 414,694 | 16,791 | ||||||
| 52,296 | ||||||||
| Health Care – 17.4% | ||||||||
| DexCom *(a) | 32,383 | 11,973 | ||||||
| Exact Sciences *(a) | 90,797 | 12,030 | ||||||
| Illumina * | 33,991 | 12,577 | ||||||
| Intuitive Surgical * | 9,927 | 8,121 | ||||||
| IQVIA Holdings *(b) | 50,650 | 9,075 | ||||||
| Semler Scientific * | 16,538 | 1,554 | ||||||
| SmileDirectClub, Cl A * | 1,037,033 | 12,382 | ||||||
| Zoetis, Cl A | 89,254 | 14,771 | ||||||
| 82,483 | ||||||||
| Industrials – 5.4% | ||||||||
| Lockheed Martin | 7,490 | 2,659 | ||||||
| Northrop Grumman | 23,440 | 7,142 | ||||||
| Uber Technologies *(a) | 310,366 | 15,829 | ||||||
| 25,630 | ||||||||
| Information Technology – 26.5% | ||||||||
| Adobe *(b) | 17,526 | 8,765 | ||||||
| Apple | 152,828 | 20,279 | ||||||
| Autodesk * | 18,731 | 5,719 | ||||||
| C3.ai, Cl A * | 35,615 | 4,942 | ||||||
| Mastercard, Cl A | 20,679 | 7,381 | ||||||
| Microsoft | 82,261 | 18,296 | ||||||
| PayPal Holdings * | 54,764 | 12,826 | ||||||
| RingCentral, Cl A *(a) | 28,563 | 10,825 | ||||||
| ServiceNow *(a) | 17,332 | 9,540 | ||||||
| Shopify, Cl A * | 10,081 | 11,411 | ||||||
| Twilio, Cl A *(a) | 29,230 | 9,894 | ||||||
| Visa, Cl A | 25,568 | 5,593 | ||||||
| 125,471 | ||||||||
| Description | Shares | Value (000) | ||||||
| Real Estate – 2.8% | ||||||||
| American Tower REIT, Cl A (b) | 27,525 | $ | 6,178 | |||||
| Equinix REIT | 9,809 | 7,005 | ||||||
| 13,183 | ||||||||
| Total Common Stock | ||||||||
| (Cost $284,261) (000) | 424,557 | |||||||
| Total Investments — 89.7% | ||||||||
| (Cost $284,261) (000) | $ | 424,557 | ||||||
| Written Options — (1.6)%(d) | ||||||||
| Total Written Options | ||||||||
| (Premiums Received $4,070) (000) | (7,372 | ) | ||||||
A list of the open option contracts held by the Fund at December 31, 2020 was as follows (000):
| Description | Number of Contracts | Notional Amount (000) | Exercise Price | Expiration Date | Value (000) | |||||||||||||
| WRITTEN OPTIONS — (1.6)% | ||||||||||||||||||
| Call Options | ||||||||||||||||||
| DexCom* | (167 | ) | $ | (3,610 | ) | $ | 340.00 | 01/16/21 | $ | (567 | ) | |||||||
| Exact Sciences* | (576 | ) | (5,292 | ) | 120.00 | 01/16/21 | (835 | ) | ||||||||||
| Pinterest* | (1,156 | ) | (7,618 | ) | 60.00 | 01/16/21 | (789 | ) | ||||||||||
| RingCentral* | (143 | ) | (5,419 | ) | 290.00 | 01/16/21 | (1,281 | ) | ||||||||||
| ServiceNow* | (91 | ) | (5,009 | ) | 500.00 | 02/20/21 | (573 | ) | ||||||||||
| Snap* | (1,740 | ) | (8,712 | ) | 39.00 | 01/16/21 | (1,940 | ) | ||||||||||
| Twilio* | (162 | ) | (5,484 | ) | 280.00 | 01/16/21 | (977 | ) | ||||||||||
| Uber Technologies* | (1,710 | ) | (5,086 | ) | 50.00 | 01/16/21 | (411 | ) | ||||||||||
| (46,230 | ) | (7,373 | ) | |||||||||||||||
| Total Written Options | ||||||||||||||||||
| (Premiums Received $4,070) ($ Thousands) | $ | (46,230 | ) | $ | (7,373 | ) | ||||||||||||
| |
RiverPark Long/Short Opportunity Fund December 31, 2020 (Unaudited) |
A list of open swap agreements held by the Fund at December 31, 2020 was as follows:
| Equity Swap | ||||||||||||||||||||
| Company Reference | Counterparty | Receive (Pay) | Payment Frequency | Termination Date | Notional Amount (000) | Value (000) | Net Unrealized Appreciation/ (Depreciation) (000)† | |||||||||||||
| Alphabet Inc-Cl A | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 10/08/2021 | $ | 251 | $ | 289 | 38 | |||||||||||
| Alphabet Inc-Cl C | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 10/08/2021 | 247 | 281 | 34 | |||||||||||||
| Att Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 03/01/2021 | (2,297 | ) | (2,131 | ) | 166 | |||||||||||
| Autodesk Inc | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 11/26/2021 | 4,585 | 5,614 | 1,029 | |||||||||||||
| Boston Properties Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/17/2021 | (2,107 | ) | (2,132 | ) | (25 | ) | ||||||||||
| Campbell Soup Co | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 11/26/2021 | (2,037 | ) | (2,066 | ) | (29 | ) | ||||||||||
| Centurylink Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/24/2021 | (2,366 | ) | (2,335 | ) | 31 | |||||||||||
| Cerner Corp | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 06/01/2021 | (2,940 | ) | (3,316 | ) | (376 | ) | ||||||||||
| Dexcom Inc | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 04/23/2021 | 205 | 349 | 144 | |||||||||||||
| Discovery Inc - A | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/13/2021 | (1,864 | ) | (2,613 | ) | (749 | ) | ||||||||||
| Dish Network Corp-A | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 06/29/2021 | (1,950 | ) | (2,052 | ) | (102 | ) | ||||||||||
| Edgewell Personal Care Co | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 06/01/2021 | (1,693 | ) | (1,993 | ) | (300 | ) | ||||||||||
| Exact Sciences Corp | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 04/05/2021 | 185 | 499 | 314 | |||||||||||||
| Federal Realty Investment Trust | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/13/2021 | (1,894 | ) | (1,959 | ) | (65 | ) | ||||||||||
| Flex Ltd | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 12/10/2021 | (2,045 | ) | (2,422 | ) | (377 | ) | ||||||||||
| General Mills Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 11/26/2021 | (2,052 | ) | (1,983 | ) | 69 | |||||||||||
| Godaddy Inc - Class A | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 12/10/2021 | (2,038 | ) | (2,430 | ) | (392 | ) | ||||||||||
| Harley-Davidson Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/13/2021 | (2,310 | ) | (3,193 | ) | (883 | ) | ||||||||||
| HP Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/17/2021 | (2,426 | ) | (3,853 | ) | (1,427 | ) | ||||||||||
| Illumina Inc | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 01/11/2021 | 3,017 | 3,771 | 754 | |||||||||||||
| Intuitive Surgical Inc | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 03/05/2021 | 3,398 | 4,428 | 1,030 | |||||||||||||
| Iron Mountain Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 06/01/2021 | (3,668 | ) | (4,357 | ) | (689 | ) | ||||||||||
| JM Smucker Co/The | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 11/26/2021 | (2,059 | ) | (2,113 | ) | (54 | ) | ||||||||||
| Kellogg Co | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 11/26/2021 | (2,074 | ) | (1,990 | ) | 84 | |||||||||||
| Kimberly-Clark Corp | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 07/06/2021 | (2,106 | ) | (2,069 | ) | 37 | |||||||||||
| Kimco Realty Corp | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 12/13/2021 | (2,031 | ) | (2,201 | ) | (170 | ) | ||||||||||
| Klepierre | Goldman Sachs International | Fed Funds - (0.90%) | Maturity | 08/09/2021 | (824 | ) | (1,002 | ) | (178 | ) | ||||||||||
| Kraft Heinz Co/The | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 06/29/2021 | (2,389 | ) | (2,690 | ) | (301 | ) | ||||||||||
| Kroger Co | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 06/29/2021 | (2,153 | ) | (2,110 | ) | 43 | |||||||||||
| Lockheed Martin Corp | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 04/19/2021 | 3,972 | 4,103 | 131 | |||||||||||||
| Mastercard Inc - A | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 04/05/2021 | 2,184 | 2,431 | 247 | |||||||||||||
| Mondelez International Inc-A | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 12/10/2021 | (2,081 | ) | (2,198 | ) | (117 | ) | ||||||||||
| Nielsen Holdings PLC | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 06/29/2021 | (2,150 | ) | (3,148 | ) | (998 | ) | ||||||||||
| NIKE Inc -Cl B | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 08/23/2021 | 1,690 | 2,453 | 763 | |||||||||||||
| Paypal Holdings Inc | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 04/13/2021 | 286 | 646 | 360 | |||||||||||||
| Peloton Interactive Inc-A | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 12/09/2021 | (3,088 | ) | (4,637 | ) | (1,549 | ) | ||||||||||
| Pinterest Inc- Class A | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 04/05/2021 | 80 | 447 | 367 | |||||||||||||
| Regency Centers Corp | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 06/01/2021 | (2,230 | ) | (2,353 | ) | (123 | ) | ||||||||||
| Servicenow Inc | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 04/13/2021 | 218 | 437 | 219 | |||||||||||||
| Shopify Inc - Class A | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 04/19/2021 | 1,567 | 5,035 | 3,468 | |||||||||||||
| Simon Property Group Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 07/12/2021 | (2,006 | ) | (2,380 | ) | (374 | ) | ||||||||||
| Sl Green Realty Corp | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 07/12/2021 | (1,767 | ) | (2,246 | ) | (479 | ) | ||||||||||
| Snap Inc - A | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 04/06/2021 | 91 | 507 | 416 | |||||||||||||
| Sprouts Farmers Market Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 12/10/2021 | (2,042 | ) | (2,125 | ) | (83 | ) | ||||||||||
| Twilio Inc - A | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 01/11/2021 | 291 | 1,092 | 801 | |||||||||||||
| Uber Technologies Inc | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 04/05/2021 | 843 | 1,606 | 763 | |||||||||||||
| Verizon Communications Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 04/20/2021 | (2,672 | ) | (2,854 | ) | (182 | ) | ||||||||||
| Visa Inc-Class A Shares | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 08/23/2021 | 4,069 | 4,466 | 397 | |||||||||||||
| Vornado Realty Trust | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 07/12/2021 | (1,992 | ) | (1,957 | ) | 35 | |||||||||||
| Walt Disney Co/The | Goldman Sachs International | Fed Funds - 0.50% | Maturity | 04/05/2021 | 827 | 1,422 | 595 | |||||||||||||
| Western Union Co | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/10/2021 | (3,034 | ) | (3,292 | ) | (258 | ) | ||||||||||
| Zoom Video Communications-A | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 01/10/2022 | (2,205 | ) | (1,882 | ) | 323 | |||||||||||
| 2,378 | ||||||||||||||||||||
| |
RiverPark Long/Short Opportunity Fund December 31, 2020 (Unaudited) |
The following is a list of the inputs used as of December 31, 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 | $ | 424,557 | $ | — | $ | — | $ | 424,557 | ||||||||
| Total Investments in Securities | $ | 424,557 | $ | — | $ | — | $ | 424,557 | ||||||||
| Other Financial Instruments | Level 1 |
|
Level 2 |
|
Level 3 |
|
Total | |||||||||
| Written Options | $ | (7,373 | ) | $ | — | $ | — | $ | (7,373 | ) | ||||||
| Equity Swaps‡ | ||||||||||||||||
| Appreciation | 12,658 | 12,658 | ||||||||||||||
| Depreciation | (10,280 | ) | (10,280 | ) | ||||||||||||
| Total Other Financial Instruments | $ | (7,373 | ) | $ | 2,378 | $ | — | $ | (4,995 | ) | ||||||
| ‡ | Equity Swaps are valued at the unrealized appreciation (depreciation) on the instrument. |
For the period ended December 31, 2020, there were no transfers in or out of Level 3.
| Percentages are based on Net Assets of $473,448 (000). | |
| * | Non-income producing security. |
| ** | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
| (a) | Underlying security for a Total Return Swap. |
| (b) | This security or a partial position of this security has been committed as collateral for Total Return Swaps. The aggregate market value of the collateral as of December 31, 2020 was $48,079(000). |
| (c) | Security considered Master Limited Partnership. At December 31, 2020, these securities amounted to $24,061 (000) or 5.1% of Net Assets. |
| (d) | Refer to table below for details on Options Contracts. |
| Cl — Class |
| REIT — Real Estate Investment Trust |
| SPAC — Special Purpose Acquisition Company |
Amounts designated as “— “ are $0 or 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-001-2000
| |
RiverPark Strategic Income Fund December 31, 2020 (Unaudited) |
| Description | Face Amount (000)‡ | Value (000) | ||||||||||
| Schedule of Investments | ||||||||||||
| Corporate Obligations — 47.7% | ||||||||||||
| Communication Services – 7.3% | ||||||||||||
| Connect Finco SARL | ||||||||||||
| 6.750%, 10/01/26 (a) | 4,804 | $ | 5,182 | |||||||||
| Linkem | ||||||||||||
| 6.000%, VAR Euribor 3 Month+6.000%, 08/09/22 (a) | EUR | 4,710 | 5,759 | |||||||||
| T-Mobile USA | ||||||||||||
| 6.000%, 03/01/23 | 2,442 | 2,448 | ||||||||||
| 13,389 | ||||||||||||
| Consumer Discretionary – 13.5% | ||||||||||||
| 99 Escrow Issuer | ||||||||||||
| 7.500%, 01/15/26 (a) | 2,250 | 2,242 | ||||||||||
| Anagram International | ||||||||||||
| 15.000%, 08/15/25 (a) | 1,528 | 1,757 | ||||||||||
| APX Group | ||||||||||||
| 7.875%, 12/01/22 | 5,433 | 5,457 | ||||||||||
| At Home Holding III | ||||||||||||
| 8.750%, 09/01/25 (a) | 2,076 | 2,251 | ||||||||||
| Diamond Sports Group | ||||||||||||
| 12.750%, 12/01/26 (a) | 1,084 | 981 | ||||||||||
| Ferrellgas | ||||||||||||
| 10.000%, 04/15/25 (a) | 1,567 | 1,734 | ||||||||||
| FXI Holdings | ||||||||||||
| 12.250%, 11/15/26 (a) | 1,446 | 1,651 | ||||||||||
| Georg Jensen | ||||||||||||
| 6.000%, VAR Euribor 3 Month+6.000%, 05/15/23 | EUR | 500 | 546 | |||||||||
| Hercules Achievement | ||||||||||||
| 9.000%, VAR ICE LIBOR USD 3 Month+8.000%, 12/22/24 (a) | 2,068 | 2,073 | ||||||||||
| Jacktel | ||||||||||||
| 10.000%, 12/04/23 (a) | 1,700 | 425 | ||||||||||
| Lifefit Group Midco GmbH | ||||||||||||
| 7.500%, VAR Euribor 3 Month+7.500%, 07/26/23 | EUR | 1,160 | 1,406 | |||||||||
| SB Holdco | ||||||||||||
| 8.000%, VAR Euribor 3 Month+8.000%, 07/13/22 | EUR | 1,300 | 1,628 | |||||||||
| Tapestry | ||||||||||||
| 4.250%, 04/01/25 (b) | 1,365 | 1,465 | ||||||||||
| Universal Entertainment | ||||||||||||
| 8.500%, 12/11/24 (a) | 1,128 | 1,198 | ||||||||||
| 24,814 | ||||||||||||
| Consumer Staples – 0.4% | ||||||||||||
| Grieg Seafood | ||||||||||||
| 3.920%, VAR NIBOR 3 Month+3.400%, 06/25/25 (a) | NOK | 6,500 | 739 | |||||||||
| Description | Face Amount (000)‡ | Value (000) | ||||||||||
| Energy – 6.6% | ||||||||||||
| Golar LNG Partners | ||||||||||||
| 6.463%, VAR ICE LIBOR USD 3 Month+6.250%, 11/22/21 | 935 | $ | 781 | |||||||||
| Martin Midstream Partners | ||||||||||||
| 11.500%, 02/28/25 (a) | 1,449 | 1,402 | ||||||||||
| 10.000%, 02/29/24 (a) | 3,457 | 3,535 | ||||||||||
| PBF Logistics | ||||||||||||
| 6.875%, 05/15/23 | 3,456 | 3,318 | ||||||||||
| Sanjel Corporation | ||||||||||||
| 0.000%, 12/31/49 (a) (c) (d) (e) (f) | 2,700 | — | ||||||||||
| 0.000%, 12/31/49 (a) (c) (d) (e) | 101 | — | ||||||||||
| 0.000%, 12/31/49 (a) (c) (d) (e) | 101 | — | ||||||||||
| 0.000%, 12/31/49 (a) (c) (d) (e) | 101 | — | ||||||||||
| 0.000%, 12/31/49 (a) (c) (d) (e) | 101 | — | ||||||||||
| 0.000%, 12/31/49 (a) (c) (d) (e) | 101 | — | ||||||||||
| 0.000%, 12/31/49 (a) (c) (d) (e) | 101 | — | ||||||||||
| 0.000%, 12/31/49 (a) (c) (d) (e) | 101 | — | ||||||||||
| 0.000%, 12/31/49 (a) (c) (d) (e) | 101 | — | ||||||||||
| SESI | ||||||||||||
| 7.750%, 09/15/24 (e) | 2,360 | 767 | ||||||||||
| 7.125%, 12/15/21 (a) (e) | 2,830 | 916 | ||||||||||
| Talos Production | ||||||||||||
| 12.000%, 01/15/26 (a) | 333 | 325 | ||||||||||
| Teekay LNG Partners | ||||||||||||
| 5.510%, VAR NIBOR 3 Month+5.150%, 09/02/25 | NOK | 3,000 | 350 | |||||||||
| W&T Offshore | ||||||||||||
| 9.750%, 11/01/23 (a) | 977 | 696 | ||||||||||
| 12,090 | ||||||||||||
| Financials – 2.0% | ||||||||||||
| Donnelley Financial Solutions | ||||||||||||
| 8.250%, 10/15/24 | 679 | 722 | ||||||||||
| StoneX Group | ||||||||||||
| 8.625%, 06/15/25 (a) | 2,284 | 2,488 | ||||||||||
| Toll Road Investors Partnership II MBIA Insurance Corp | ||||||||||||
| 0.000%, 02/15/45 (a) (d) | 215 | 68 | ||||||||||
| VNV Global | ||||||||||||
| 5.750%, 10/04/22 | SEK | 2,250 | 280 | |||||||||
| 3,558 | ||||||||||||
| Industrials – 14.2% | ||||||||||||
| Borealis Finance | ||||||||||||
| 7.500%, 11/16/23 (a) | 1,824 | 1,817 | ||||||||||
| Briggs & Stratton | ||||||||||||
| 6.875%, 12/15/20 (e) | 67 | 5 | ||||||||||
| Continental Airlines Pass-Through Trust, Ser 2000-2, Cl A1 | ||||||||||||
| 7.707%, 04/02/21 | 157 | 156 | ||||||||||
| Continental Airlines Pass-Through Trust, Ser 2007-1, Cl A | ||||||||||||
| 5.983%, 04/19/22 | 428 | 433 | ||||||||||
| Hawaiian Airlines Pass-Through Certificates, Ser 2013-1 | ||||||||||||
| 4.950%, 01/15/22 | 504 | 460 | ||||||||||
| 3.900%, 01/15/26 | 3,989 | 3,566 | ||||||||||
| |
RiverPark Strategic Income Fund December 31, 2020 (Unaudited) |
| Description | Face Amount (000)‡/ Shares | Value (000) | ||||||||||
| HC2 Holdings | ||||||||||||
| 11.500%, 12/01/21 (a) | 4,319 | $ | 4,308 | |||||||||
| Icahn Enterprises | ||||||||||||
| 4.750%, 09/15/24 | 1,686 | 1,754 | ||||||||||
| MPC Container Ships Invest BV | ||||||||||||
| 4.986%, VAR ICE LIBOR USD 3 Month+4.750%, 03/22/23 | 1,174 | 1,138 | ||||||||||
| Mueller Industries | ||||||||||||
| 6.000%, 03/01/27 (b) | 5,170 | 5,279 | ||||||||||
| Stolt-Nielsen | ||||||||||||
| 6.375%, 09/21/22 | 3,400 | 3,519 | ||||||||||
| StorCentric Peleus Insurance Co | ||||||||||||
| 5.875%, 02/19/23 (a) | 844 | 847 | ||||||||||
| Taseko Mines | ||||||||||||
| 8.750%, 06/15/22 (a) | 2,040 | 2,073 | ||||||||||
| Wallenius Wilhelmsen | ||||||||||||
| 6.100%, VAR NIBOR 3 Month+5.750%, 09/09/24 | NOK | 6,500 | 773 | |||||||||
| 26,128 | ||||||||||||
| Information Technology – 3.7% | ||||||||||||
| Azerion Holding BV | ||||||||||||
| 8.500%, VAR Euribor 3 Month+8.500%, 03/17/23 | EUR | 1,488 | 1,836 | |||||||||
| Dell International | ||||||||||||
| 7.125%, 06/15/24 (a) | 2,547 | 2,644 | ||||||||||
| Mercell Holding | ||||||||||||
| 6.000%, VAR STIBOR SEK 3-Month+6.000%, 12/08/25 | SEK | 4,800 | 586 | |||||||||
| Sabre Global | ||||||||||||
| 5.250%, 11/15/23 (a) | 1,540 | 1,563 | ||||||||||
| Veritas US | ||||||||||||
| 7.500%, 02/01/23 (a) | 205 | 206 | ||||||||||
| 6,835 | ||||||||||||
| Total Corporate Obligations | ||||||||||||
| (Cost $90,637) (000) | 87,553 | |||||||||||
| Special Purpose Acquisition Companies — 17.4% | ||||||||||||
| Common Stock– 17.3% | ||||||||||||
| Diversified Financials – 17.3% | ||||||||||||
| Altitude Acquisition * | 166,052 | 1,719 | ||||||||||
| Atlantic Avenue Acquisition, Cl A * | 117,481 | 1,184 | ||||||||||
| Atlas Crest Investment * | 169,262 | 1,786 | ||||||||||
| Carney Technology Acquisition II * | 131,712 | 1,351 | ||||||||||
| Cascade Acquisition * | 50,126 | 524 | ||||||||||
| CBRE Acquisition Holdings * | 18,525 | 194 | ||||||||||
| Cerberus Telecom Acquisition * | 30,000 | 320 | ||||||||||
| Cerberus Telecom Acquisition, Cl A * | 58,914 | 601 | ||||||||||
| Ceres Acquisition * | 52,492 | 501 | ||||||||||
| CF Acquisition IV * (f) | 27,235 | 280 | ||||||||||
| CF Finance Acquisition II, Cl A * | 16,709 | 184 | ||||||||||
| CM Life Sciences, Cl A * | 14,101 | 156 | ||||||||||
| Description | Shares/ Number of Warrants | Value (000) | ||||||
| Cohn Robbins Holdings, Cl A * | 46,937 | $ | 489 | |||||
| DPCM Capital * | 56,480 | 599 | ||||||
| EdtechX Holdings Acquisition II * | 59,271 | 612 | ||||||
| Equity Distribution Acquisition, Cl A * | 42,243 | 432 | ||||||
| FG New America Acquisition, Cl A * | 37,604 | 383 | ||||||
| Fortress Value Acquisition II, Cl A * | 83,543 | 896 | ||||||
| Forum Merger III * | 1,622 | 22 | ||||||
| Genesis Park Acquisition * | 99,631 | 1,035 | ||||||
| Golden Falcon Acquisition * | 27,235 | 283 | ||||||
| Gores Holdings VI * | 26,342 | 279 | ||||||
| Horizon Acquisition, Cl A * | 38,262 | 383 | ||||||
| Jaws Spitfire Acquisition * | 16,709 | 185 | ||||||
| KINS Technology Group * | 31,314 | 322 | ||||||
| Landcadia Holdings III, Cl A * | 112,841 | 1,183 | ||||||
| Live Oak Acquisition II * | 50,126 | 544 | ||||||
| Oaktree Acquisition II, Cl A * | 37,653 | 395 | ||||||
| Omnichannel Acquisition * | 233,921 | 2,409 | ||||||
| Revolution Acceleration Acquisition * | 33,210 | 346 | ||||||
| RMG Acquisition II * | 184,397 | 2,056 | ||||||
| Seven Oaks Acquisition * | 45,392 | 470 | ||||||
| Starboard Value Acquisition, Cl A * | 61,018 | 632 | ||||||
| Subversive Capital Acquisition, Cl A * | 453,068 | 4,585 | ||||||
| Tailwind Acquisition, Cl A * | 131,648 | 1,368 | ||||||
| Tekkorp Digital Acquisition * | 19,333 | 208 | ||||||
| Tekkorp Digital Acquisition, Cl A * | 70,000 | 706 | ||||||
| Thayer Ventures Acquisition * | 13,171 | 138 | ||||||
| TS Innovation Acquisitions * | 119,170 | 1,256 | ||||||
| Vector Acquisition, Cl A * | 63,805 | 645 | ||||||
| 31,661 | ||||||||
| Warrants– 0.1% | ||||||||
| Diversified Financials – 0.1% | ||||||||
| Atlantic Avenue Acquisition * | 58,740 | 65 | ||||||
| Cerberus Telecom Acquisition * | 4,049 | 5 | ||||||
| DPCM Capital, Cl A * | 12,550 | 27 | ||||||
| Tekkorp Digital Acquisition * | 35,000 | 85 | ||||||
| Vector Acquisition * | 18,377 | 29 | ||||||
| 211 | ||||||||
| Total Special Purpose Acquisition Companies | ||||||||
| (Cost $29,953) (000) | 31,872 | |||||||
| |
RiverPark Strategic Income Fund December 31, 2020 (Unaudited) |
| Description | Face Amount (000)/ Shares | Value (000) | ||||||
| Convertible Bonds — 3.4% | ||||||||
| Energy – 2.1% | ||||||||
| Seaspan CV to 76.8935 | ||||||||
| 3.750%, 12/15/25 (a) | $ | 1,334 | $ | 1,438 | ||||
| Ship Finance International CV to 65.8012 | ||||||||
| 5.750%, 10/15/21 | 2,426 | 2,401 | ||||||
| 3,839 | ||||||||
| Real Estate – 1.3% | ||||||||
| CTO Realty Growth CV to 18.2596 | ||||||||
| 3.875%, 04/15/25 (a) | 2,536 | 2,437 | ||||||
| 2,437 | ||||||||
| Total Convertible Bonds | ||||||||
| (Cost $6,098) (000) | 6,276 | |||||||
| Common Stock — 3.4% | ||||||||
| Consumer Discretionary – 1.6% | ||||||||
| Appvion * (c) (f) | 305,017 | 3,020 | ||||||
| Energy – 0.3% | ||||||||
| Magellan Midstream Partners LP (g) | 10,100 | 429 | ||||||
| Mcdermott International * | 129,005 | 104 | ||||||
| 533 | ||||||||
| Financials – 0.2% | ||||||||
| Rescap Liquidating Trust | 311,918 | 296 | ||||||
| Information Technology – 0.0% | ||||||||
| Internap Holding LLC * (c) (f) | 592,725 | 6 | ||||||
| Materials – 0.6% | ||||||||
| RA Parent * (c) (f) | 56 | 1,116 | ||||||
| Real Estate – 0.7% | ||||||||
| Alpine Income Property Trust | 27,023 | 405 | ||||||
| CTO Realty Growth | 20,429 | 861 | ||||||
| 1,266 | ||||||||
| Total Common Stock | ||||||||
| (Cost $11,834) (000) | 6,237 | |||||||
| Municipal Bond — 1.3% | ||||||||
| Puerto Rico – 1.3% | ||||||||
| GDB Debt Recovery Authority | ||||||||
| 7.500%, 08/20/40 | $ | 3,177 | 2,442 | |||||
| Total Municipal Bond | ||||||||
| (Cost $2,201) (000) | 2,442 | |||||||
| Description | Shares/ Number of Warrants/ Number of Rights/ Face Amount (000)/ | Value (000) | ||||||
| Preferred Stock — 1.1% | ||||||||
| Financials – 0.1% | ||||||||
| Great Elm Capital | ||||||||
| 6.500% | 3,350 | $ | 83 | |||||
| Industrials – 0.5% | ||||||||
| WESCO International | ||||||||
| 10.625% | 30,044 | 939 | ||||||
| Real Estate – 0.5% | ||||||||
| Monmouth Real Estate Investment | ||||||||
| 6.125% | 39,030 | 980 | ||||||
| Total Preferred Stock | ||||||||
| (Cost $1,763) (000) | 2,002 | |||||||
| Trade Claims — 0.1% | ||||||||
| Utilities – 0.1% | ||||||||
| Pacific Gas & Electric (c) (f) | 202 | 209 | ||||||
| Total Trade Claims | ||||||||
| (Cost $174) (000) | 209 | |||||||
| Warrants — 0.0% | ||||||||
| Energy – 0.0% | ||||||||
| Mcdermott International * (c) | ||||||||
| Expires 6/30/2027, Strike Price 12.33 | 258,269 | — | ||||||
| Mcdermott International * (c) | ||||||||
| Expires 6/30/2027, Strike Price 15.98 | 286,965 | — | ||||||
| Total Warrants | ||||||||
| (Cost $153) (000) | — | |||||||
| Rights — 0.0% | ||||||||
| Energy – 0.0% | ||||||||
| Mcdermott International (c) | 129,005 | — | ||||||
| Total Rights | ||||||||
| (Cost $–) (000) | — | |||||||
| Bank Loan Obligations — 20.8% | ||||||||
| Consumer Discretionary – 5.2% | ||||||||
| Appvion Operations, Inc., Term Loan, 1st Lien | ||||||||
| 7.000%, VAR LIBOR+0.060%, 06/12/26 | $ | 822 | $ | 813 | ||||
| First Brands Group, LLC, Tranche B-3 Term Loan, 1st Lien | ||||||||
| 8.500%, VAR LIBOR+7.500%, 02/02/24 | 4,885 | 4,861 | ||||||
| |
RiverPark Strategic Income Fund December 31, 2020 (Unaudited) |
| Description | Face Amount (000) | Value (000) | ||||||
| Golden Nugget Online Gaming, Inc., 2020 Buyback Term Loan | ||||||||
| 13.000%, VAR LIBOR+12.000%, 10/04/23 | $ | 3,403 | $ | 3,931 | ||||
| 9,605 | ||||||||
| Energy – 2.5% | ||||||||
| Crestwood Holdings LLC, Term Loan, 1st Lien | ||||||||
| 7.660%, VAR LIBOR+7.500%, 02/28/23 | 4,322 | 3,241 | ||||||
| Fieldwood Energy LLC, Closing Date Loan, 1st Lien | ||||||||
| 0.000%, VAR LIBOR+5.250%, 04/11/22 | 5,879 | 1,323 | ||||||
| 4,564 | ||||||||
| Financials – 5.2% | ||||||||
| JZ Capital Partners, Term Loans, 1st Lien | ||||||||
| 12.140%, 06/21/21 (e) (h) | 7,178 | 7,178 | ||||||
| Lealand Finance Company B.V., Take-Back Term Loan | ||||||||
| 4.147%, VAR LIBOR+4.000%, 06/30/25 | 2,193 | 1,420 | ||||||
| PaySafe Group, Term Loan, 2nd Lien | ||||||||
| 0.000%, 01/01/26 (h) (i) | 1,050 | 1,037 | ||||||
| 9,635 | ||||||||
| Healthcare – 0.5% | ||||||||
| Alliance HealthCare Services, Inc. , Initial Term Loan, 1st Lien | ||||||||
| 5.500%, VAR LIBOR+4.500%, 10/20/23 | 953 | 856 | ||||||
| Industrials – 2.7% | ||||||||
| Hertz, Term Loan, 1st Lien | ||||||||
| 0.000%, 12/31/21 (h) (i) | 4,890 | 5,004 | ||||||
| Information Technology – 0.7% | ||||||||
| Internap Holding LLC, Second Out Term Loan, 1st Lien | ||||||||
| 7.500%, VAR LIBOR+5.500%, 05/08/25 | 2,730 | 1,201 | ||||||
| Materials – 3.3% | ||||||||
| Elevate Textiles, Inc., Initial Term Loan, 2nd Lien | ||||||||
| 5.367%, VAR LIBOR+5.367%, 05/01/24 | 1,709 | 1,528 | ||||||
| Pixelle Specialty Solutions, LLC, Initial Term Loan, 1st Lien | ||||||||
| 7.500%, VAR LIBOR+6.500%, 10/31/24 | 3,310 | 3,295 | ||||||
| Description | Face Amount (000)/ Shares | Value (000) | ||||||
| Real Alloy Holding, Term Loan, 1st Lien | ||||||||
| 11.000%, VAR LIBOR0.000%, 12/31/49 (c) (f) | $ | 1,211 | $ | 1,193 | ||||
| 6,016 | ||||||||
| Real Estate – 0.7% | ||||||||
| IEA Energy Services LLC, 2019 Refinancing Term Loan, 1st Lien | ||||||||
| 7.060%, VAR LIBOR+6.750%, 09/25/24 | 1,373 | 1,362 | ||||||
| Total Bank Loan Obligations | ||||||||
| (Cost $45,213) (000) | 38,243 | |||||||
| Total Investments — 95.2% | ||||||||
| (Cost $188,026) (000) | $ | 174,834 | ||||||
| Schedule of Securities Sold Short, Not Yet Purchased | ||||||||
| Corporate Obligations — (2.6)% | ||||||||
| Consumer Staples – (1.9)% | ||||||||
| Conagra Brands | ||||||||
| 7.125%, 10/01/26 | (1,000) | (1,284 | ) | |||||
| Kraft Heinz Foods | ||||||||
| 3.000%, 06/01/26 | (2,000) | (2,090 | ) | |||||
| (3,374 | ) | |||||||
| Financials – (0.3)% | ||||||||
| Capital One Financial | ||||||||
| 3.450%, 04/30/21 | (586) | (590 | ) | |||||
| Health Care – (0.4)% | ||||||||
| McKesson | ||||||||
| 3.950%, 02/16/28 | (660) | (770 | ) | |||||
| Total Corporate Obligations | ||||||||
| (Proceeds $4,283) (000) | (4,734 | ) | ||||||
| Common Stock — (0.6)% | ||||||||
| Energy – (0.6)% | ||||||||
| Crestwood Equity Partners | (56,600 | ) | (1,074 | ) | ||||
| Industrials – 0.0% | ||||||||
| Briggs & Stratton | (58,627 | ) | (4 | ) | ||||
| Total Common Stock | ||||||||
| (Proceeds $712) (000) | (1,078 | ) | ||||||
| Total Securities Sold Short, Not Yet Purchased | ||||||||
| (Proceeds $4,995) (000) | $ | (5,812 | ) | |||||
| Purchased Options — 0.0%(j) | ||||||||
| Total Purchased Options | ||||||||
| (Cost $145) (000) | $ | 15 | ||||||
| Written Options — (0.3)%(j) | ||||||||
| Total Written Options | ||||||||
| (Premiums Received $444) (000) | $ | (485 | ) | |||||
| |
RiverPark Strategic Income Fund December 31, 2020 (Unaudited) |
| A list of the open forward foreign currency contracts held by the Fund at December 31, 2020, is as follows (000): | ||||||||||||||||||
| Counterparty | Maturity Date | Currency to Deliver | Currency to Receive | Unrealized Appreciation/ (Depreciation) | ||||||||||||||
| Brown Brothers Harriman | 01/05/21 | USD | 5,363 | EUR | 4,383 | $ | 24 | |||||||||||
| Brown Brothers Harriman | 01/05/21 | USD | 400 | NOK | 3,429 | 1 | ||||||||||||
| Brown Brothers Harriman | 01/05/21 | SEK | 7,122 | USD | 841 | (27 | ) | |||||||||||
| Brown Brothers Harriman | 01/05/21 | NOK | 19,403 | USD | 2,208 | (62 | ) | |||||||||||
| Brown Brothers Harriman | 01/05/21 | EUR | 13,583 | USD | 16,486 | (210 | ) | |||||||||||
| $ | (274 | ) | ||||||||||||||||
A list of the open option contracts held by the Fund at December 31, 2020 is as follows (000):
| Description | Number of Contracts | Notional Amount (000) | Exercise Price | Expiration Date | Value (000) | |||||||||||||
| PURCHASED OPTIONS — 0.0% | ||||||||||||||||||
| Call Options | ||||||||||||||||||
| Barrick Gold* | 114 | $ | 212 | $ | 22.00 | 01/16/21 | $ | 13 | ||||||||||
| Crestwood Equity Partners LP* | 405 | 769 | 10.00 | 01/16/21 | 2 | |||||||||||||
| 981 | 15 | |||||||||||||||||
| Total Purchased Options | ||||||||||||||||||
| (Cost $145) (000) | $ | 981 | $ | 15 | ||||||||||||||
| WRITTEN OPTIONS — (0.3)% | ||||||||||||||||||
| Call Options | ||||||||||||||||||
| Barrick Gold Corp* | (114 | ) | $ | (212 | ) | 24.00 | 01/16/21 | $ | (17 | ) | ||||||||
| Briggs & Stratton Corporation* | (101 | ) | (1 | ) | 5.00 | 01/16/21 | (1 | ) | ||||||||||
| Briggs & Stratton Corporation* | (135 | ) | (1 | ) | 1.00 | 01/16/21 | (1 | ) | ||||||||||
| Crestwood Equity Partners LP* | (405 | ) | (769 | ) | 20.00 | 01/16/21 | (18 | ) | ||||||||||
| Crestwood Equity Partners LP* | (404 | ) | (767 | ) | 15.00 | 04/17/21 | (180 | ) | ||||||||||
| ETF Series Solutions - Defiance NextGen SPAC IPO ETF* | (48 | ) | (137 | ) | 30.00 | 02/20/21 | (6 | ) | ||||||||||
| GFL Environmental* | (66 | ) | (193 | ) | 20.00 | 01/16/21 | (61 | ) | ||||||||||
| iShares iBoxx $ High Yield Corporate Bond ETF* | (333 | ) | (2,907 | ) | 86.00 | 03/20/21 | (55 | ) | ||||||||||
| JPMorgan Chase* | (96 | ) | (1,331 | ) | 110.00 | 03/20/21 | (19 | ) | ||||||||||
| SPDR Gold Shares* | (81 | ) | (1,155 | ) | 157.00 | 01/16/21 | (1 | ) | ||||||||||
| SPN*(d) (e) (k) (l) | (212 | ) | – | 100.00 | 04/17/21 | (127 | ) | |||||||||||
| $ | (7,473 | ) | $ | (486 | ) | |||||||||||||
| Total Written Options | ||||||||||||||||||
| (Premiums Received $445) (000) | $ | (7,473 | ) | $ | (486 | ) | ||||||||||||
The following is a list of the inputs used as of December 31, 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 | $ | — | $ | 87,553 | $ | — | $ | 87,553 | ||||||||
| Special Purpose Acquisition Companies | 31,661 | 211 | — | 31,872 | ||||||||||||
| Convertible Bonds | — | 6,276 | — | 6,276 | ||||||||||||
| Common Stock | 2,095 | — | 4,142 | 6,237 | ||||||||||||
| Municipal Bond | — | 2,442 | — | 2,442 | ||||||||||||
| Preferred Stock | — | 2,002 | — | 2,002 | ||||||||||||
| Trade Claims | — | — | 209 | 209 | ||||||||||||
| Warrants | — | — | — | — | ||||||||||||
| Rights | — | — | — | — | ||||||||||||
| Bank Loan Obligations | — | 29,872 | 8,371 | 38,243 | ||||||||||||
| Total Investments in Securities | $ | 33,756 | $ | 128,356 | $ | 12,722 | $ | 174,834 | ||||||||
Securities Sold Short, Not Yet Purchased |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total | ||||||||
| Corporate Obligations | $ | — | $ | (4,734 | ) | $ | — | $ | (4,734 | ) | ||||||
| Common Stock | (1,078 | ) | — | — | (1,078 | ) | ||||||||||
| Total Securities Sold Short, Not Yet Purchased | $ | (1,078 | ) | $ | (4,734 | ) | $ | — | $ | (5,812 | ) | |||||
| Other Financial Instruments |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
||||||||
| Purchased Options | $ | 15 | $ | — | $ | — | $ | 15 | ||||||||
| Written Options | (358 | ) | — | (127 | ) | (485 | ) | |||||||||
| Forward Contracts* | ||||||||||||||||
| Unrealized Appreciation | — | 25 | — | 25 | ||||||||||||
| Unrealized Depreciation | — | (299 | ) | — | (299 | ) | ||||||||||
| Total Other Financial Instruments | $ | (343 | ) | $ | (274 | ) | $ | (127 | ) | $ | (744 | ) | ||||
| ** | Forward contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
| |
RiverPark Strategic Income Fund December 31, 2020 (Unaudited) |
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 | Warrants | Bank Loan Obligations | |||||||||||||
| Beginning balance as of October 1, 2020 | $ | 4,226 | $ | 1,970 | $ | 57 | $ | 1,211 | ||||||||
| Change in unrealized appreciation/ (depreciation) | (84 | ) | (291 | ) | (57 | ) | (18 | ) | ||||||||
| Realized gain/(loss) | — | — | — | — | ||||||||||||
| Purchases | — | 239 | — | — | ||||||||||||
| Sales | — | (1,709 | ) | — | — | |||||||||||
| Transfer into Level 3 | — | — | — | — | ||||||||||||
| Transfer out of Level 3 | — | — | — | — | ||||||||||||
| Ending balance as of June 30, 2020 | $ | 4,142 | $ | 209 | $ | — | $ | 1,193 | ||||||||
| Change in unrealized gains/(losses) included in earnings related to securities still held at reporting date | $ | (84 | ) | $ | (291 | ) | $ | (57 | ) | $ | (18 | ) | ||||
Rights | Written Options | Total | ||||||||||
| Beginning balance as of October 1, 2020 | $ | — | $ | (127 | ) | $ | 7,337 | |||||
| Change in unrealized appreciation/ (depreciation) | — | — | (450 | ) | ||||||||
| Purchases | — | — | 239 | |||||||||
| Sales | — | — | (1,709 | ) | ||||||||
| Transfer into Level 3 | — | — | — | |||||||||
| Transfer out of Level 3 | — | — | — | |||||||||
| Ending balance as of June 30, 2020 | $ | — | $ | (127 | ) | $ | 5,417 | |||||
| Change in unrealized gains/(losses) included in earnings related to securities still held at reporting date | $ | — | $ | — | $ | (450 | ) | |||||
For the period ended December 31, 2020, there were no transfers in or out of Level 3.
The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of December 31, 2020. The following disclosures also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.
| Assets | Fair Value at December 31, 2020 (000) | Valuation Technique | Unobservable Inputs | Range | |
Common Stock Appvion
|
$ | 3,020 | Multiples and Comparables Method |
3.2x implied multiple on $34.9mm in EBITDA (total enterprise value) less net debt of $31.7mm on 7.92mm shares outstanding. | 9.1x-28.6x multiple (average multiple being 15.1x) of EBITDA on comparable public companies together with $39mm-$202mm in EBITDA and $176mm-$966mm of net debt for the companies. |
Common Stock RA Parent
|
$ | 1,116 | Transactions Method, Comparable and Multiples | One would arrive at an implied price of $23,160 if they were to use the estimated current run rate of $42.5mm in EBITDA together with a multiple of 5.0x (total enterprise value) less net debt of $96.7mm on 5,000 shares outstanding. With that said, there were a few private transactions during the quarter at lower prices of $19,000 in mid-December and another subsequent to that date at a price of $20,000. | 5.0x-15.5x multiples of EBITDA, with an average EBITDA of 9.6x, on comparable public companies together with $71mm-$138,870mm in EBITDA and $231mm-$592,720mm of net debt for the companies. |
| |
RiverPark Strategic Income Fund December 31, 2020 (Unaudited) |
| Assets | Fair Value at December 31, 2020 (000) | Valuation Technique | Unobservable Inputs | Range | |
Bank Loan Obligations Real Alloy |
$ | 1,193 | Transactions and Multiples Method | Net leverage of 4.0x with management guiding to 2.3x as EBITDA returns to a more normal run rate of $40-45mm. There were a few private transactions completed at a price of 98.50 in mid to late December. | 2.0x-2.3x net leverage coupled with $42.5mm in EBITDA for the company. |
Trade Claims Pacific Gas & Electric |
$ | 209 | Transactions Method and Liquidation Value of Claims |
A bona-fide quote of 103.00 from an independent broker was used to support this valuation. | These claims have been paying off at an all-in value between 103.8 and 105.9. |
Warrants McDermott International |
$ | — | Black-Scholes Model | The Black-Scholes Model was employed using the underlying equity closing price of $.81 per share, its expiry date of 6/30/27 and a volatility of 40%. | — |
Rights McDermott International |
$ | — | Transactions Method | Priced as worthless rights at a market value of $ — . | — |
Written Put Options SPN |
$ | (127) | Transactions Method |
This represents a private transaction made directly with the underlying company that was executed on September 29, 2020. This latest transaction price of 6% premium is being used as fair value. | — |
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.
| Percentages are based on Net Assets of $183,573 (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 December 31, 2020, these securities amounted to $51,587 (000) or 28.1% 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 December 31, 2020 was $6,744 (000). |
| (c) | Level 3 security in accordance with fair value hierarchy. |
| (d) | Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at the time purchase. |
| (e) | Security in default on interest payments. |
| (f) | Securities considered illiquid. The total value of such securities as of December 31, 2020 was $5,696 (000) and represented 3.1% of Net Assets. |
| (g) | Security considered Master Limited Partnership. At December 31, 2020, these securities amounted to $429 (000) or 0.2% of Net Assets. |
| (h) | 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. |
| (i) | Unfunded bank loan. Interest rate not available. |
| (j) | Refer to table below for details on Options Contracts. |
| (k) | Underlying company is in default. |
| (l) | On September 29, 2020, the Fund signed a commitment letter with Superior Energy Services to backstop a multiple draw term loan facility for a total commitment amount of $2,122,838 and received a put option premium in the amount of $127,369 for doing so. Should acceptable alternate exit financing not be available to the company upon the emergence of Chapter 11 bankruptcy, the Fund would be committed to provide liquidity to the company through the exercise of this delayed-draw term loan facility put option. |
| Cl — Class |
| EUR — Euro |
| EURIBOR— Euro London Interbank Offered Rate |
| ETF — Exchange Traded Fund |
| ICE— Intercontinental Exchange |
| LIBOR— London Interbank Offered Rate |
| LLC — Limited Liability Company |
| MBIA — Municipal Bond Insurance Association |
| NIBOR — Norwegian Interbank Offered Rate |
| SEK — Swedish Krona |
| Ser — Series |
| STIBOR — Stockholm Interbank Offered Rate |
| 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-001-2000
| |
RiverPark Floating Rate CMBS Fund December 31, 2020 (Unaudited) |
| Description | Face Amount (000) | Value (000) | ||||||
| Schedule of Investments | ||||||||
| Commercial Mortgage-Backed Securities — 94.1% (a) | ||||||||
| Non-Agency Mortgage-Backed Obligation – 94.1% | ||||||||
| BBCMS Mortgage Trust, Ser 2019-CLP, Cl E | ||||||||
| 2.273%, VAR ICE LIBOR USD 1 Month+2.114%, 12/15/31 | $ | 6,870 | $ | 6,404 | ||||
| BX Commercial Mortgage Trust, Ser 2020-FOX, Cl E | ||||||||
| 3.759%, VAR ICE LIBOR USD 1 Month+3.600%, 11/15/32 | 3,000 | 3,011 | ||||||
| BX Commercial Mortgage Trust, Ser 2020-VKNG, Cl G | ||||||||
| 3.409%, VAR ICE LIBOR USD 1 Month+3.250%, 10/15/37 | 5,700 | 5,672 | ||||||
| BX Commercial Mortgage Trust, Ser 2019-XL, Cl G | ||||||||
| 2.459%, VAR ICE LIBOR USD 1 Month+2.300%, 10/15/36 | 6,104 | 6,055 | ||||||
| BX Commercial Mortgage Trust, Ser 20108-IND, Cl G | ||||||||
| 2.209%, VAR ICE LIBOR USD 1 Month+2.050%, 11/15/35 | 5,670 | 5,665 | ||||||
| BX Commercial Mortgage Trust, Ser 2020-BXLP, Cl F | ||||||||
| 2.159%, VAR ICE LIBOR USD 1 Month+2.000%, 12/15/36 | 4,167 | 4,068 | ||||||
| BX Commercial Mortgage Trust, Ser 2018-BIOA, Cl E | ||||||||
| 2.110%, VAR ICE LIBOR USD 1 Month+1.951%, 03/15/37 | 3,000 | 3,002 | ||||||
| BX Trust, Ser 2019-MMP, Cl C | ||||||||
| 1.609%, VAR ICE LIBOR USD 1 Month+1.450%, 08/15/36 | 2,985 | 2,972 | ||||||
| CGDBB Commercial Mortgage Trust, Ser 2017-BIOC, Cl D | ||||||||
| 1.759%, VAR ICE LIBOR USD 1 Month+1.600%, 07/15/32 | 2,273 | 2,278 | ||||||
| Citigroup Commercial Mortgage Trust, Ser 2019-SST2, Cl F | ||||||||
| 2.659%, VAR ICE LIBOR USD 1 Month+2.500%, 12/15/36 | 420 | 413 | ||||||
| Citigroup Commercial Mortgage Trust, Ser 2019-SST2, Cl C | ||||||||
| 1.459%, VAR ICE LIBOR USD 1 Month+1.300%, 12/15/36 | 800 | 799 | ||||||
| Citigroup Commercial Mortgage Trust, Ser 2019-SST2, Cl B | ||||||||
| 1.259%, VAR ICE LIBOR USD 1 Month+1.100%, 12/15/36 | 250 | 250 | ||||||
| Cold Storage Trust, Ser 2020-ICE5, Cl F | ||||||||
| 3.651%, VAR ICE LIBOR USD 1 Month+3.492%, 11/15/37 | 3,000 | 3,004 | ||||||
| Credit Suisse Mortgage Capital Certificates, Ser 2019-ICE4, Cl F | ||||||||
| 2.809%, VAR ICE LIBOR USD 1 Month+2.650%, 05/15/36 | 3,780 | 3,733 | ||||||
| Description | Face Amount (000) | Value (000) | ||||||
| Credit Suisse Mortgage Capital Certificates, Ser 2020-UNFI | ||||||||
| 4.168%, 12/15/22 (b) | $ | 3,000 | $ | 3,000 | ||||
| DBGS Mortgage Trust, Ser 20108-BIOD, Cl E | ||||||||
| 1.859%, VAR ICE LIBOR USD 1 Month+1.700%, 05/15/35 | 2,784 | 2,784 | ||||||
| JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2019-MFP, Cl E | ||||||||
| 2.319%, VAR ICE LIBOR USD 1 Month+2.160%, 07/15/36 | 6,000 | 5,624 | ||||||
| KKR Industrial Portfolio Trust, Ser 2020-AIP, Cl E | ||||||||
| 2.785%, VAR ICE LIBOR USD 1 Month+2.626%, 03/15/37 | 2,411 | 2,380 | ||||||
| Morgan Stanley Capital I Trust, Ser 2017-CLS, Cl C | ||||||||
| 1.159%, VAR ICE LIBOR USD 1 Month+1.000%, 11/15/34 | 200 | 200 | ||||||
| Morgan Stanley Capital I Trust, Ser 2017-CLS, Cl B | ||||||||
| 1.009%, VAR ICE LIBOR USD 1 Month+0.850%, 11/15/34 | 275 | 275 | ||||||
| Morgan Stanley Capital I Trust, Ser 2017-CLS, Cl A | ||||||||
| 0.859%, VAR ICE LIBOR USD 1 Month+0.700%, 11/15/34 | 150 | 150 | ||||||
| MSCG Trust, Ser 2018-SELF, Cl D | ||||||||
| 1.809%, VAR ICE LIBOR USD 1 Month+1.650%, 10/15/37 | 2,000 | 2,006 | ||||||
| Total Commercial Mortgage-Backed Securities | ||||||||
| (Cost $64,060) (000) | 63,745 | |||||||
| Total Investments — 94.1% | ||||||||
| (Cost $64,060) (000) | $ | 63,745 | ||||||
As of December 31, 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 December 31, 2020, there were no transfers in or out of Level 3.
| Percentages are based on Net Assets of $67,755 (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 December 31, 2020, these securities amounted to $63,745 (000) or 94.1% of Net Assets. |
| (b) | This position is a one-month LIBOR floating rate commercial mortgage-backed security that is subject to a floor of 0.50%. |
| Cl — Class |
| ICE— Intercontinental Exchange |
| LIBOR— London Interbank Offered Rate |
| Ser — Series |
| USD — United States Dollar |
| VAR— Variable Rate |
| |
RiverPark Floating Rate CMBS Fund December 31, 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-001-2000