NPORT-EX 2 fp0068189_nportex.htm SCHEDULE F

 

  RiverPark Large Growth Fund
June 30, 2021 (Unaudited)

  

Description   Shares     Value (000)  
Schedule of Investments                
Common Stock — 98.4%**                
Communication Services – 19.5%                
Alphabet, Cl A *     746     $ 1,822  
Alphabet, Cl C *     741       1,857  
Facebook, Cl A *     6,736       2,342  
Pinterest, Cl A *     39,940       3,153  
Snap, Cl A *     42,398       2,889  
Twitter *     32,472       2,234  
Walt Disney     12,362       2,173  
Zillow Group, Cl A *     10,515       1,289  
              17,759  
Consumer Discretionary – 10.0%                
Amazon.com *     1,080       3,716  
Booking Holdings *     886       1,939  
Farfetch, Cl A *     24,747       1,246  
NIKE, Cl B     14,159       2,187  
              9,088  
Financials – 12.7%                
Apollo Global Management, Cl A     33,304       2,072  
Blackstone Group, Cl A (a)     42,380       4,117  
Charles Schwab     36,195       2,635  
KKR     46,627       2,762  
              11,586  
Health Care – 17.9%                
DexCom *     5,490       2,344  
Exact Sciences *     15,358       1,909  
Illumina *     5,548       2,625  
Intuitive Surgical *     2,451       2,254  
IQVIA Holdings *     8,899       2,157  
UnitedHealth Group     5,088       2,038  
Zoetis, Cl A     16,238       3,026  
              16,353  
Industrials – 2.0%                
Uber Technologies *     35,443       1,776  
                 
Information Technology – 33.3%                
Adobe *     3,232       1,893  
Apple     23,111       3,165  
Autodesk *     6,917       2,019  
Mastercard, Cl A     5,635       2,057  
Microsoft     13,808       3,741  
PayPal Holdings *     8,063       2,350  
RingCentral, Cl A *     6,531       1,898  
ServiceNow *     3,444       1,893  
Shopify, Cl A *     2,188       3,197  

 

Description   Shares     Value (000)  
Snowflake, Cl A *     7,068     $ 1,709  
Square, Cl A *     8,344       2,034  
Twilio, Cl A *     5,883       2,319  
Visa, Cl A     8,727       2,040  
              30,315  
Real Estate – 3.0%                
American Tower REIT, Cl A     5,351       1,445  
Equinix REIT     1,656       1,329  
              2,774  
Total Common Stock                
(Cost $44,046) (000)             89,651  
                 
Total Investments — 98.4%                
(Cost $44,046) (000)           $ 89,651  

 

As of June 30, 2021, 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, 2021 there were no transfers in or out of Level 3.

 

  Percentages are based on Net Assets of $91,147 (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, 2021, these securities amounted to $4,117 (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-001-2100

 

 

 

  Wedgewood Fund
June 30, 2021 (Unaudited)

  

Description   Shares     Value (000)  
Schedule of Investments                
Common Stock — 99.1%**                
Communication Services – 22.3%                
Alphabet, Cl A *     1,613     $ 3,939  
Electronic Arts     11,915       1,714  
Facebook, Cl A *     9,558       3,323  
              8,976  
Consumer Discretionary – 12.2%                
Booking Holdings *     400       875  
Starbucks     15,805       1,767  
Tractor Supply     12,111       2,254  
              4,896  
Financials – 9.4%                
First Republic Bank     7,313       1,369  
Progressive     14,810       1,454  
S&P Global     2,380       977  
              3,800  
Health Care – 6.7%                
Edwards Lifesciences *     26,155       2,709  
                 
Industrials – 7.2%                
Copart *     12,798       1,687  
Old Dominion Freight Line     4,709       1,195  
              2,882  
Information Technology – 41.3%                
Apple     17,300       2,369  
CDW     12,320       2,152  
Keysight Technologies *     12,880       1,989  
Microsoft     8,010       2,170  
Motorola Solutions     12,905       2,798  
PayPal Holdings *     8,634       2,517  
Taiwan Semiconductor Manufacturing ADR     7,796       937  
Visa, Cl A     7,228       1,690  
              16,622  
Total Common Stock                
(Cost $23,803) (000)             39,885  
                 
Total Investments — 99.1%                
(Cost $23,803) (000)           $ 39,885  

 

As of June 30, 2021, 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, 2021 there were no transfers in or out of Level 3.

 

  Percentages are based on Net Assets of $40,262 (000).
* Non-income producing security.
** More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

 

ADR — American Depositary Receipt

Cl — Class

 

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-001-2100

 

 

 

  RiverPark Short Term High Yield Fund
June 30, 2021 (Unaudited)

  

Description       Face Amount
(000)‡		     Value (000)  
Schedule of Investments                    
Corporate Obligations — 69.3%
Communication Services – 19.4%                    
CCO Holdings                    
4.000%, 03/01/23 (a)         19,569     $ 19,779  
Cogent Communications Group                    
5.375%, 03/01/22 (a)         7,910       8,071  
CSC Holdings                    
6.750%, 11/15/21         43,329       44,287  
DISH DBS                    
5.875%, 07/15/22         18,272       19,084  
Level 3 Financing                    
5.375%, 05/01/25         21,148       21,624  
Linkem                    
6.000%, VAR Euribor 3 Month+6.000%, 08/09/22 (a)   EUR     27,399       32,615  
Lumen Technologies                    
5.800%, 03/15/22         7,191       7,409  
Meredith                    
6.500%, 07/01/25 (a)         3,547       3,836  
Sirius XM Radio                    
4.625%, 07/15/24 (a)         12,053       12,399  
3.875%, 08/01/22 (a)         20,545       20,608  
Videotron                    
5.000%, 07/15/22         22,238       23,192  
                  212,904  
Consumer Discretionary – 12.4%                    
1011778 BC ULC                    
4.250%, 05/15/24 (a)         31,521       31,887  
APX Group                    
7.875%, 12/01/22         14,219       14,324  
7.625%, 09/01/23         19,400       19,958  
At Home Holding III                    
8.750%, 09/01/25 (a)         10,223       11,431  
Everi Payments                    
7.500%, 12/15/25 (a)         9,290       9,655  
Ford Motor Credit                    
5.875%, 08/02/21         30,301       30,493  
3.813%, 10/12/21         900       908  
K Hovnanian Enterprises                    
10.000%, 07/15/22 (a)         7,440       7,544  
LGI Homes                    
6.875%, 07/15/26 (a)         10,180       10,572  
                  136,772  
Consumer Staples – 5.6%                    
B&G Foods                    
5.250%, 04/01/25         11,000       11,312  

 

Description   Face Amount
(000)‡		     Value (000)  
Fresh Market                
9.750%, 05/01/23 (a)     32,619     $ 33,562  
Ingles Markets                
5.750%, 06/15/23     8,294       8,312  
Performance Food Group                
5.500%, 06/01/24 (a)     4,280       4,298  
Safeway                
4.750%, 12/01/21     4,544       4,613  
              62,097  
Energy – 11.1%                
Callon Petroleum                
6.250%, 04/15/23     57,434       57,536  
6.250%, 04/15/23     5,390       5,400  
SunCoke Energy Partners                
7.500%, 06/15/25 (a)     56,750       58,966  
              121,902  
Financials – 1.6%                
Donnelley Financial Solutions                
8.250%, 10/15/24     752       781  
Genworth Holdings                
7.625%, 09/24/21     1,479       1,505  
Navient                
7.250%, 01/25/22     14,687       15,252  
              17,538  
Health Care – 2.9%                
AHP Health Partners                
9.750%, 07/15/26 (a)     2,683       2,889  
Jaguar Holding II                
4.625%, 06/15/25 (a)     20,688       21,764  
Surgery Center Holdings                
6.750%, 07/01/25 (a)     7,006       7,164  
              31,817  
Industrials – 7.8%                
Altera Shuttle Tankers                
7.125%, 08/15/22     4,000       4,062  
Ardagh Packaging Finance                
6.000%, 02/15/25 (a)     6,785       7,017  
BWX Technologies                
5.375%, 07/15/26 (a)     16,294       16,735  
Hawaiian Airlines Pass-Through Certificates, Ser 2013-1, Cl B                
4.950%, 01/15/22     5,848       5,842  
Hertz                
7.625%, 06/01/22 (a) (b)     1,597       1,788  
Hillman Group                
6.375%, 07/15/22 (a)     20,583       20,622  

 

 

 

  RiverPark Short Term High Yield Fund
June 30, 2021 (Unaudited)

  

Description   Face Amount
(000)‡/Shares		     Value (000)  
Icahn Enterprises                
6.750%, 02/01/24     2,095     $ 2,146  
WESCO Distribution                
5.375%, 06/15/24     27,965       28,343  
              86,555  
Information Technology – 4.7%                
Nuance Communications                
5.625%, 12/15/26     17,825       18,661  
Sprint                
7.250%, 09/15/21     29,972       30,477  
Sprint Communications                
11.500%, 11/15/21     2,622       2,720  
              51,858  
Materials – 1.9%                
Nouryon Holding BV                
8.000%, 10/01/26 (a)     14,310       15,187  
United States Steel                
6.875%, 08/15/25     5,555       5,692  
              20,879  
Real Estate – 1.9%                
ESH Hospitality                
5.250%, 05/01/25 (a)     20,292       20,695  
                 
Total Corporate Obligations                
(Cost $760,423) (000)             763,017  
                 
Special Purpose Acquisition Companies — 11.6%                
Common Stock– 11.6%                
Diversified Financials – 11.6%                
890 5th Avenue Partners, Cl A *     711,111       7,011  
ACON S2 Acquisition, Cl A     109,000       1,079  
Aldel Financial, Cl A *     249,500       2,458  
Alkuri Global Acquisition, Cl A *     395,338       3,914  
Ascendant Digital Acquisition, Cl A *     535,573       5,329  
Aurora Acquisition, Cl A     8,900       88  
Austerlitz Acquisition I, Cl A *     1,021,124       10,129  
Cerberus Telecom Acquisition, Cl A *     339,141       3,368  
Consonance-HFW Acquisition, Cl A *     18,249       181  
D8 Holdings, Cl A *     325,464       3,245  
Decarbonization Plus Acquisition II, Cl A *     289,231       2,855  

 

Description   Shares/Face
Amount (000)‡		     Value (000)  
Foresight Acquisition, Cl A *     369,075     $ 3,650  
Fusion Acquisition, Cl A *     26,707       266  
Galileo Acquisition *     300,000       3,000  
GigCapital4 *     230,849       2,274  
Good Works Acquisition *     50,000       497  
Gores Metropoulos II, Cl A *     325,239       3,217  
ION Acquisition 2, Cl A *     150,000       1,483  
Leo Holdings III, Cl A *     92,976       918  
Live Oak Acquisition II, Cl A *     1,446,711       14,351  
M3-Brigade Acquisition II, Cl A *     143,007       1,390  
Montes Archimedes Acquisition, Cl A *     73,196       724  
NavSight Holdings *     50,000       499  
NextGen Acquisition *     50,000       497  
Pioneer Merger, Cl A *     50,000       495  
PTK Acquisition *     165,200       1,637  
Roth Ch Acquisition II *     13,105       130  
Rotor Acquisition, Cl A *     1,252,430       12,499  
SCVX *     140,745       1,392  
Seaport Global Acquisition,Cl A *     124,570       1,241  
Seven Oaks Acquisition, Cl A *     829,400       8,203  
Soaring Eagle Acquisition, Cl A *     250,000       2,490  
Star Peak II, Cl A     800,000       7,920  
Thimble Point Acquisition, Cl A *     1,285,729       12,716  
Virtuoso Acquisition, Cl A     68,918       684  
VPC Impact Acquisition Holdings III, Cl A *     400,000       3,956  
Yucaipa Acquisition, Cl A     231,387       2,284  
Total Special Purpose Acquisition Companies                
(Cost $127,846) (000)             128,070  
                 
Trade Claims — 2.1%                
Energy – 2.1%                
Brazos Electric Power *     25,659       23,093  
                 
Total Trade Claims                
(Cost $23,253) (000)             23,093  

 

 

 

  RiverPark Short Term High Yield Fund
June 30, 2021 (Unaudited)

  

Description   Face Amount
(000)‡/
Shares/
Number of
Warrants		     Value (000)  
Convertible Bond — 1.6%                
Energy – 1.6%                
Ship Finance International CV to 65.8012                
5.750%, 10/15/21     17,252     $ 17,576  
                 
Total Convertible Bond                
(Cost $17,362) (000)             17,576  
                 
Preferred Stock — 0.2%                
Financials – 0.2%                
Huntington Bancshares                
6.250%     98,900       2,474  
                 
Total Preferred Stock                
(Cost $2,509) (000)             2,474  
                 
Municipal Bond — 0.1%                
Puerto Rico – 0.1%                
Puerto Rico, Highway & Transportation Authority                
5.606%, 07/01/21     1,400       1,400  
                 
Total Municipal Bond                
(Cost $1,400) (000)             1,400  
                 
Warrant — 0.0%                
Financials – 0.0%                
Aldel Financial, Cl A *                
Expires 1/3/2028, Strike Price 11.50     124,750       122  
                 
Total Warrant                
(Cost $111) (000)             122  
                 
Bank Loan Obligations — 14.6%                
Automobile – 2.3%                
Hertz Corporation, The, Loan (DIP), 1st Lien                
8.250%, VAR LIBOR+0.073%, 12/31/21 (c)     25,219       25,261  

 

Description   Face Amount
(000)‡		     Value (000)  
Building Materials – 1.3%                
Forterra Finance, LLC, Replacement Term Loan                
4.000%, VAR LIBOR+0.030%, 10/25/23     14,072     $ 14,069  
                 
Consumer Discretionary – 2.6%                
Golden Nugget Online Gaming, Inc., 2020 Initial Term Loan, 1st Lien                
13.000%, VAR LIBOR+0.120%, 10/04/23     10,957       12,162  
Jo-Ann Stores, LLC, Initial Loan, 1st Lien                
6.000%, 10/20/23 (c)     16,186       16,161  
              28,323  
Diversified/Conglomerate Service – 0.8%                
Change Healthcare Holdings, Inc. (fka Emdeon Inc.), Closing Date Term Loan, 1st Lien                
3.500%, VAR LIBOR+0.025%, 03/01/24     8,528       8,517  
                 
Gaming/Leisure – 0.5%                
Diamond Resorts Corp, Term B Loan                
4.750%, VAR LIBOR+0.038%, 09/02/23     5,820       5,819  
                 
Health Care – 3.5%                
Mallinckrodt International, 1st Lien                
0.000%, 02/28/22 (c)     39,440       38,750  
                 
Home and Office Furnishings, Housewares and Durable Consumer Products – 0.2%                
Hillman Group, Inc., The, Initial Term Loan, 1st Lien                
4.115%, VAR LIBOR+0.040%, 05/30/25     1,642       1,637  
                 
Publishing – 1.3%                
Meredith Corporation, Tranche B-3 Term Loan, 1st Lien                
5.250%, VAR LIBOR+0.043%, 01/31/25 (c)     2,652       2,708  

 

 

 

  RiverPark Short Term High Yield Fund
June 30, 2021 (Unaudited)

  

Description     Face Amount
(000)‡		       Value (000)  
Meredith, Term loan                
2.646%, 01/31/25 (c)     11,785     $ 11,729  
              14,437  
Telecommunications – 2.1%                
Cincinnati Bell Inc., Tranche B Term Loan, 1st Lien                
4.250%, VAR LIBOR+0.033%, 10/02/24     15,711       15,684  
Colorado Buyer Second Lien                
8.250%, 05/01/25     5,000       4,944  
Intelsat Jackson Holdings S.A., DIP Facility, 1st Lien                
6.500%, VAR LIBOR+0.055%, 07/13/22     3,010       3,027  
              23,655  
Total Bank Loan Obligations                
(Cost $160,843) (000)             160,468  
                 
Total Investments — 99.5%                
(Cost $1,093,747) (000)           $ 1,096,220  

 

A list of the open forward foreign currency contracts held by the Fund at June 30, 2021, is as follows (000):

 

Counterparty   Maturity Date   Currency to Deliver   Currency to Receive   Unrealized
Appreciation		  
Brown Brothers Harriman   07/07/21   EUR     27,804     USD     33,737     $ 765  
                                $ 765  

 

The following is a list of the inputs used as of June 30, 2021 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   $ —     $ 763,017     $ —     $ 763,017  
Special Purpose Acquisition Companies     128,070       —       —       128,070  
Trade Claims     —       23,093       —       23,093  
Convertible Bond     —       17,576       —       17,576  
Preferred Stock     2,474       —       —       2,474  
Municipal Bond     —       1,400       —       1,400  
Warrant     —       122       —       122  
Bank Loan Obligations   $ —     $ 160,468     $ —     $ 160,468  
Total Investments in Securities   $ 130,544     $ 965,676     $ —     $ 1,096,220  

 

Other Financial Instruments   Level 1     Level 2     Level 3     Total  
Forwards Contracts*                                
Unrealized Appreciation   $ —     $ 765     $ —     $ 765  
Total Other Financial Instruments   $ —     $ 765     $ —     $ 765  

 

* Forward contracts are valued at the unrealized appreciation on the instrument.

 

For the period ended June 30, 2021 there were no transfers in or out of Level 3.

 

  Percentages are based on Net Assets of $1,101,726 (000).
‡ In U.S. Dollar unless otherwise indicated.
* 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 June 30, 2021, these securities amounted to $379,085 (000) or 34.4% of Net Assets.
(b) Security in default on interest payments.
(c) Unsettled bank loan. Interest rate may not be available.

 

Cl — Class

CV — Convertible Security

DIP — Debtor in Possession

EUR — Euro

EURIBOR— Euro London Interbank Offered Rate

LIBOR— London Interbank Offered Rate

LLC — Limited Liability Company

Ser — Series

ULC — Unlimited Liability Company

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-001-2100

 

 

 

  RiverPark Long/Short Opportunity Fund
June 30, 2021 (Unaudited)

  

Description   Shares     Value (000)  
Schedule of Investments                
Common Stock — 95.0%**                
Communication Services – 20.9%                
Alphabet, Cl A *(a)     4,966     $ 12,126  
Alphabet, Cl C *(a)     4,951       12,409  
Facebook, Cl A *     46,248       16,081  
Pinterest, Cl A *(a)     250,869       19,806  
Snap, Cl A *     334,630       22,801  
Twitter *     225,473       15,515  
Walt Disney (a)     64,981       11,422  
              110,160  
Consumer Discretionary – 7.7%                
Amazon.com *     7,323       25,192  
Farfetch, Cl A *(a)     105,899       5,333  
NIKE, Cl B (a)     65,554       10,128  
              40,653  
Financials – 13.1%                
Apollo Global Management, Cl A     205,912       12,808  
Blackstone Group, Cl A (b) (c)     276,415       26,851  
KKR     368,003       21,800  
SoFi Technologies *     403,185       7,729  
              69,188  
Health Care – 18.6%                
DexCom *     32,383       13,827  
Exact Sciences *(a)     90,797       11,287  
Illumina *(a)     33,991       16,085  
Intuitive Surgical *(a)     9,927       9,129  
IQVIA Holdings *(b)     76,361       18,504  
UnitedHealth Group (a)     23,334       9,344  
Zoetis, Cl A     107,403       20,016  
              98,192  
Industrials – 3.5%                
Blade Air Mobility *     600,780       6,308  
Uber Technologies *(a)     242,277       12,143  
              18,451  
Information Technology – 28.3%                
Adobe *(a)(b)     17,526       10,264  
Apple     152,828       20,931  
Autodesk *(a)     18,731       5,468  
Mastercard, Cl A (a)     20,679       7,550  
Microsoft     85,086       23,050  
PayPal Holdings *     54,764       15,963  
RingCentral, Cl A *     37,350       10,853  
ServiceNow *(a)     22,874       12,570  
Shopify, Cl A *(a)     10,081       14,728  
Square, Cl A *(a)     20,467       4,990  

 

Description   Shares     Value (000)  
Information Technology – continued                
Twilio, Cl A *(a)     29,230     $ 11,521  
Visa, Cl A (a)     25,568       5,978  
WM Technology *     277,296       4,953  
              148,819  
Real Estate – 2.9%                
American Tower REIT, Cl A (a)(b)     27,525       7,435  
Equinix (a)     9,809       7,873  
              15,308  
Total Common Stock                
(Cost $306,265) (000)             500,771  
                 
Total Investments — 95.0%                
(Cost $306,265) (000)           $ 500,771  

 

A list of open swap agreements held by the Fund at June 30, 2021 was as follows:

 

 

 

  RiverPark Long/Short Opportunity Fund
June 30, 2021 (Unaudited)

  

Equity Swap
Company Reference   Counterparty   Receive (Pay)   Payment Frequency   Termination Date   Notional Amount(000)     Value (000)     Net Unrealized
Appreciation/
(Depreciation)
(000)†		  
Adobe Systems   Goldman Sachs International   Fed Funds - 0.50%   Maturity   02/24/2022   $ 2,582     $ 3,322     $ 740  
Alphabet, Class A   Goldman Sachs International   Fed Funds - 0.50%   Maturity   10/13/2021     251       402       151  
Alphabet, Class C   Goldman Sachs International   Fed Funds - 0.50%   Maturity   10/13/2021     247       402       155  
AT&T   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   04/05/2022     (3,903 )     (4,077 )     (174 )
Autodesk   Goldman Sachs International   Fed Funds - 0.50%   Maturity   11/30/2021     7,045       7,649       604  
Booking Holdings   Goldman Sachs International   Fed Funds - 0.50%   Maturity   03/02/2022     9,666       10,771       1,105  
Boston Properties   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   06/21/2022     (2,313 )     (2,428 )     (115 )
Campbell Soup   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   03/18/2022     (3,179 )     (3,169 )     10  
Cerner Corp   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   07/06/2022     (4,092 )     (4,118 )     (26 )
Chegg   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   06/15/2022     (2,303 )     (2,411 )     (108 )
Coca Cola Company   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   03/10/2022     (3,019 )     (3,330 )     (311 )
Dexcom   Goldman Sachs International   Fed Funds - 0.50%   Maturity   05/25/2022     393       404       11  
Domino's Pizza   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   02/08/2022     (3,929 )     (4,855 )     (926 )
Exact Sciences Corp   Goldman Sachs International   Fed Funds - 0.50%   Maturity   05/09/2022     505       468       (37 )
Farfetch   Goldman Sachs International   Fed Funds - 0.50%   Maturity   05/09/2022     2,038       2,010       (28 )
Federal Realty Investment Trust   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   03/18/2022     (2,287 )     (2,624 )     (337 )
Flextronics International Ltd   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   03/10/2022     (3,992 )     (3,715 )     277  
Gap   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   05/18/2022     (4,577 )     (4,605 )     (28 )
General Mills   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   11/30/2021     (4,090 )     (4,331 )     (241 )
Harley-Davidson   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   05/18/2022     (3,705 )     (4,080 )     (375 )
Hewlett-Packard   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   06/21/2022     (5,077 )     (4,672 )     405  
Illumina   Goldman Sachs International   Fed Funds - 0.50%   Maturity   02/15/2022     1,022       1,295       273  
Intuitive Surgical   Goldman Sachs International   Fed Funds - 0.50%   Maturity   04/07/2022     3,874       4,987       1,113  
Iron Mountain   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   05/18/2022     (4,735 )     (5,235 )     (500 )
JM Smucker   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   03/04/2022     (3,966 )     (4,595 )     (629 )
Kellogg   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   11/30/2021     (4,292 )     (4,607 )     (315 )
Keurig Dr Pepper   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   03/10/2022     (3,998 )     (4,453 )     (455 )
Kimco Realty   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   03/10/2022     (2,088 )     (2,488 )     (400 )
Kraft Heinz   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   08/02/2022     (3,945 )     (3,965 )     (20 )
Kroger   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   03/04/2022     (3,013 )     (3,532 )     (519 )
Lumen Technologies   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   03/04/2022     (3,480 )     (4,240 )     (760 )
Mastercard   Goldman Sachs International   Fed Funds - 0.50%   Maturity   05/09/2022     10,499       10,404       (95 )
Mondelez International, Class A   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   12/14/2021     (3,976 )     (4,536 )     (560 )
New York Times, Class A   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   03/14/2022     (3,450 )     (3,053 )     397  
Nielsen Holdings PLC   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   03/10/2022     (3,940 )     (4,280 )     (340 )
Nike, Class B   Goldman Sachs International   Fed Funds - 0.50%   Maturity   08/25/2021     1,690       2,682       992  
Peloton Interactive, Class A   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   04/25/2022     (4,092 )     (5,085 )     (993 )
Pepsico   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   03/10/2022     (3,585 )     (3,854 )     (269 )
Pinterest, Class A   Goldman Sachs International   Fed Funds - 0.50%   Maturity   05/09/2022     541       535       (6 )
Regency Centers Corp   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   03/10/2022     (2,004 )     (2,528 )     (524 )
Schwab Charles Corp New   Goldman Sachs International   Fed Funds - 0.50%   Maturity   03/02/2022     12,454       17,479       5,025  
Servicenow   Goldman Sachs International   Fed Funds - 0.50%   Maturity   05/17/2022     438       437       (1 )
Shopify, Class A   Goldman Sachs International   Fed Funds - 0.50%   Maturity   05/23/2022     5,143       6,551       1,408  
Simon Property Group   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   07/14/2021     (1,911 )     (2,699 )     (788 )
Snowflake, Class A   Goldman Sachs International   Fed Funds - 0.50%   Maturity   05/11/2022     8,848       10,684       1,836  
Spdr S&P 500 ETF Trust   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   06/06/2022     (61,323 )     (63,150 )     (1,827 )
Square   Goldman Sachs International   Fed Funds - 0.50%   Maturity   03/09/2022     8,409       8,734       325  
Twenty-First Century Fox, Class A   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   03/18/2022     (3,165 )     (3,727 )     (562 )

  

 

 

  RiverPark Long/Short Opportunity Fund
June 30, 2021 (Unaudited)

  

Equity Swap
Company Reference   Counterparty   Receive (Pay)   Payment Frequency   Termination Date   Notional Amount(000)     Value (000)     Net Unrealized
Appreciation/
(Depreciation)
(000)†		  
Twilio, Class A   Goldman Sachs International   Fed Funds - 0.50%   Maturity   02/15/2022   $ 3,136     $ 3,494     $ 358  
Uber Technologies   Goldman Sachs International   Fed Funds - 0.50%   Maturity   05/09/2022     1,815       1,581       (234 )
Unitedhealth Group   Goldman Sachs International   Fed Funds - 0.50%   Maturity   03/03/2022     2,800       3,257       457  
Verizon   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   05/24/2022     (3,695 )     (3,549 )     146  
Visa   Goldman Sachs International   Fed Funds - 0.50%   Maturity   08/25/2021     6,539       7,632       1,093  
Vornado Realty Trust   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   03/10/2022     (3,200 )     (3,710 )     (510 )
Wal Mart Stores   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   05/18/2022     (4,685 )     (4,750 )     (65 )
Walt Disney Company   Goldman Sachs International   Fed Funds - 0.50%   Maturity   05/09/2022     7,310       6,806       (504 )
Zillow Group, Class A   Goldman Sachs International   Fed Funds - 0.50%   Maturity   04/20/2022     7,460       7,942       482  
Zoom Video Communications, Class A   Goldman Sachs International   Fed Funds - (0.50)%   Maturity   04/25/2022     (3,816 )     (4,636 )     (820 )
                                    $ 2,961  

 

The following is a list of the inputs used as of June 30, 2021 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   $ 500,771     $ —     $ —     $ 500,771  
Total Investments in Securities   $ 500,771     $ —     $ —     $ 500,771  

 

Other Financial Instruments   Level 1     Level 2     Level 3     Total  
Equity Swaps‡                                
  Unrealized Appreciation   $ 17,363     $ —     $ —     $ 17,363  
  Unrealized Depreciation     (14,402 )     —       —       (14,402 )
Total Other Financial Instruments   $ 2,961     $ —     $ —     $ 2,961  

 

‡ Equity Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

 

For the period ended June 30, 2021 there were no transfers in or out of Level 3.

 

  Percentages are based on Net Assets of $527,053 (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 a partial position of this security has been committed as collateral. The aggregate market value of the collateral as of June 30, 2021 was $56,824 (000).
(c) Security considered Master Limited Partnership. At June 30, 2021, these securities amounted to $26,851 (000) or 5.1% of Net Assets.

 

Cl — Class

ETF — Exchange Traded Fund

Ltd. — Limited

PLC — Public Limited Company

REIT — Real Estate Investment Trust

S&P — Standard & Poor's

 

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-001-2100

 

 

 

  RiverPark Strategic Income Fund
June 30, 2021 (Unaudited)

  

Description       Face Amount
(000)‡		     Value (000)  
Schedule of Investments                    
Corporate Obligations — 48.2%
Communication Services – 5.1%                    
BuzzFeed                    
7.000%, 09/30/26 (k)   CAD     5,400     $ —  
Connect Finco SARL                    
6.750%, 10/01/26 (a)         4,804       5,091  
Getty Images                    
9.750%, 03/01/27 (a)         280       301  
Linkem                    
6.000%, VAR Euribor 3 Month+6.000%, 08/09/22 (a)   EUR     4,675       5,565  
Sirius XM Radio                    
5.375%, 07/15/26 (a)         367       380  
                  11,337  
Consumer Discretionary – 9.5%                    
99 Escrow Issuer                    
7.500%, 01/15/26 (a)         4,501       4,397  
Anagram International                    
15.000%cash/0% PIK, 08/15/25 (a)         1,569       1,813  
APX Group                    
7.875%, 12/01/22         5,433       5,473  
At Home Holding III                    
8.750%, 09/01/25 (a)         1,467       1,640  
Crocs                    
4.250%, 03/15/29 (a)         1,018       1,041  
Diamond Sports Group                    
12.750%, 12/01/26 (a)         2,272       1,761  
FXI Holdings                    
12.250%, 11/15/26 (a)         1,639       1,892  
Georg Jensen                    
6.000%, VAR Euribor 3 Month+6.000%, 05/15/23   EUR     500       594  
Hercules Achievement                    
9.000%, VAR ICE LIBOR USD 3 Month+8.000%, 12/22/24 (a)         554       557  
Jacktel                    
10.000%, 12/04/23         514       516  
10.000%, 12/04/23 (a)         1,786       268  
Lifefit Group Midco GmbH                    
7.500%, VAR Euribor 3 Month+7.500%, 07/26/23   EUR     1,160       1,331  
                  21,283  
Consumer Staples – 2.9%                    
Chobani                    
7.500%, 04/15/25 (a)         1,921       2,002  

 

Description       Face Amount
(000)‡		     Value (000)  
Fresh Market                    
9.750%, 05/01/23 (a)         3,549     $ 3,652  
Grieg Seafood                    
3.590%, VAR NIBOR 3 Month+3.400%, 06/25/25 (a)   NOK     6,500       739  
                  6,393  
Energy – 4.1%                    
Martin Midstream Partners                    
11.500%, 02/28/25 (a)         1,838       1,914  
10.000%, 02/29/24 (a)         3,457       3,557  
PBF Logistics                    
6.875%, 05/15/23         2,624       2,581  
Rockpoint Gas Storage Canada                    
7.000%, 03/31/23 (a)         936       959  
Sanjel                    
0.000%, 12/19/69 (b) (c) (d) (e)         2,700       —  
0.000%, 12/29/69 (b) (c) (e)         101       —  
0.000%, 12/29/69 (b) (c) (e)         101       —  
0.000%, 12/29/69 (b) (c) (e)         101       —  
0.000%, 12/29/69 (b) (c) (e)         101       —  
0.000%, 12/29/69 (b) (c) (e)         101       —  
0.000%, 12/29/69 (b) (c) (e)         101       —  
0.000%, 12/29/69 (b) (c) (e)         101       —  
0.000%, 06/19/70 (b) (c) (e)         101       —  
                  9,011  
Financials – 5.8%                    
Aker Horizons                    
3.510%, VAR NIBOR 3 Month+3.250%, 08/15/25   NOK     12,500       1,434  
Donnelley Financial Solutions                    
8.250%, 10/15/24         679       706  
Hunt                    
5.250%, 04/15/29 (a)         5,090       4,953  
LR Global Holding GmbH                    
7.250%, VAR Euribor 3 Month+7.250%, 02/03/25   EUR     1,445       1,777  
StoneX Group                    
8.625%, 06/15/25 (a) (f)         3,437       3,681  
VNV Global                    
5.750%, 10/04/22   SEK     2,250       272  
                  12,823  
Health Care – 0.7%                    
Surgery Center Holdings                    
6.750%, 07/01/25 (a)         1,600       1,636  

 

 

 

  RiverPark Strategic Income Fund
June 30, 2021 (Unaudited)

  

Description       Face Amount
(000)‡		     Value (000)  
Industrials – 6.9%                    
Borealis Finance                    
7.500%, 11/16/23 (a)         603     $ 618  
Hawaiian Airlines Pass-Through Certificates, Ser 2013-1, Cl B                    
4.950%, 01/15/22         438       437  
Hawaiian Airlines Pass-Through Certificates, Ser 2013-1, Cl A                    
3.900%, 01/15/26         4,725       4,632  
HC2 Holdings                    
8.500%, 02/01/26 (a) (f)         5,813       5,801  
Icahn Enterprises                    
5.250%, 05/15/27 (a)         2,749       2,847  
StorCentric Peleus Insurance Co                    
5.875%, 02/19/23 (a)         844       843  
                  15,178  
Information Technology – 7.6%                    
Dell International                    
7.125%, 06/15/24 (a)         4,069       4,183  
Diebold Nixdorf                    
8.500%, 04/15/24         2,468       2,530  
DUO Bidco                    
5.350%, VAR NIBOR 3 Month+5.000%, 04/12/26   NOK     4,589       541  
Elastic                    
4.125%, 07/15/29 (a)         369       369  
LINK Mobility Group Holding                    
3.375%, 12/15/25   EUR     4,900       5,846  
MicroStrategy                    
6.125%, 06/15/28 (a)         3,189       3,189  
NortonLifeLock                    
5.000%, 04/15/25 (a)         162       165  
                  16,823  
Materials – 5.6%                    
Briggs & Stratton                    
6.875%, 12/15/20 (e)         67       6  
Copper Mountain Mining                    
8.000%, 04/09/26 (a)         7,300       7,610  
Modex                    
7.990%, VAR NIBOR 3 Month+7.750%, 03/02/26   NOK     9,200       1,085  
Tacora Resources                    
8.250%, 05/15/26 (a)         3,661       3,794  
                  12,495  
Total Corporate Obligations                    
(Cost $108,107) (000)                 106,979  

 

Description   Shares     Value (000)  
Special Purpose Acquisition Companies — 12.9%                
Common Stock– 12.9%                
Diversified Financials – 12.9%                
Adit EdTech Acquisition *     13,586     $ 132  
Alkuri Global Acquisition, Cl A *     13,586       134  
Anzu Special Acquisition I *     23,739       237  
Ares Acquisition *     17,341       173  
Athena Technology Acquisition *     15,356       153  
Athlon Acquisition, Cl A *     13,586       131  
Atlantic Avenue Acquisition, Cl A *     117,481       1,141  
Authentic Equity Acquisition, Cl A *     13,586       132  
BGP Acquisition, Cl A *     82,036       804  
Bite Acquisition *     17,030       165  
Carney Technology Acquisition II, Cl A *     200,449       1,944  
Cartesian Growth, Cl A *     46,189       447  
Cascade Acquisition, Cl A *     50,126       495  
CBRE Acquisition Holdings, Cl A *     31,106       302  
Cerberus Telecom Acquisition (k) *     31,668       —  
Cerberus Telecom Acquisition, Cl A *     52,263       519  
CF Acquisition IV, Cl A *     27,235       264  
CF Acquisition VI *     27,466       268  
Churchill Capital V, Cl A *     9,218       93  
Clarim Acquisition, Cl A *     25,893       250  
Cohn Robbins Holdings, Cl A *     18,189       179  
COVA Acquisition, Cl A *     13,586       132  
DHB Capital, Cl A *     5,295       52  
Disruptive Acquisition I, Cl A *     38,088       369  
EJF Acquisition, Cl A *     30,285       293  
Elliott Opportunity II *     293,167       2,935  
Empowerment & Inclusion Capital I, Cl A *     25,567       250  
EQ Health Acquisition, Cl A *     13,586       131  
Equity Distribution Acquisition, Cl A *     35,502       350  
Fintech Evolution Acquisition Group, Cl A *     13,586       131  
Forum Merger IV, Cl A *     33,205       323  
G Squared Ascend II *     36,871       369  
Genesis Park (k) *     122,000       —  
GigInternational1 *     35,394       357  
Global Partner Acquisition II, Cl A *     16,501       160  
Golden Falcon Acquisition, Cl A *     51,001       496  
Gores Guggenheim *     35,928       360  

 

 

 

  RiverPark Strategic Income Fund
June 30, 2021 (Unaudited)

  

Description   Shares     Value (000)  
Hamilton Lane Alliance Holdings I, Cl A *     31,337     $ 306  
Healthcare Services Acquisition, Cl A *     13,586       132  
Ignyte Acquisition *     13,586       132  
Isleworth Healthcare Acquisition *     30,282       297  
Itiquira Acquisition, Cl A *     13,586       131  
Jack Creek Investment, Cl A *     13,586       131  
KINS Technology Group, Cl A *     31,314       309  
Live Oak (k) *     245,692       —  
Marlin Technology, Cl A *     15,099       152  
Mason Industrial Technology, Cl A *     277,191       2,677  
Noble Rock Acquisition *     8,833       88  
North Atlantic Acquisition, Cl A *     13,586       132  
Oaktree Acquisition II, Cl A *     33,720       333  
Omnichannel Acquisition, Cl A *     233,921       2,299  
One Equity Partners Open Water I, Cl A *     25,590       249  
Oyster Enterprises Acquisition, Cl A *     13,586       131  
Peridot Acquisition II, Cl A *     23,488       229  
Pontem, Cl A *     3,197       31  
PWP Forward Acquisition I *     7,776       77  
RMG Acquisition III, Cl A *     27,407       267  
Roth Ch Acquisition II *     37,640       374  
RXR Acquisition *     3,782       38  
Seven Oaks Acquisition, Cl A *     22,979       227  
Silver Crest Acquisition, Cl A *     13,586       131  
Stratim Cloud Acquisition *     76,033       760  
Supernova Partners Acquisition III *     2,876       29  
Tailwind International Acquisition, Cl A *     38,400       371  
Tailwind Two Acquisition, Cl A *     38,624       373  
Tech and Energy Transition, Cl A *     15,353       148  
Tekkorp Digital Acquisition, Cl A *     70,000       682  
Thimble Point Acquisition, Cl A *     18,869       187  
Tishman Speyer Innovation II, Cl A *     47,169       466  
Vector Acquisition II (k) *     124,533       —  
Vector Acquisition II, Cl A *     194,509       1,931  
Z-Work Acquisition *     14,413       144  
              28,635  

 

Description   Number of Warrants/Shares     Value (000)  
Warrant– 0.0%                
Diversified Financials – 0.0%                
Cartesian Growth, Cl A                
Strike Price $11.500, Expires 01/03/28 *     15     $ 13  
Clarim Acquisition, Cl A                
Strike Price $11.500, Expires 01/03/28 *     9       8  
DHB Capital, Cl A                
Strike Price $11.500, Expires Date 03/18/28 *     2       2  
EJF Acquisition, Cl A                
Strike Price $11.500, Expires 03/03/27 *     7       6  
Empowerment & Inclusion Capital I, Cl A                
Strike Price $11.500, Expires 01/03/28 *     6       4  
Forum Merger IV, Cl A                
Strike Price $11.500, Expires 01/03/28 *     7       9  
Tailwind International Acquisition                
Strike Price $11.500, Expires 03/04/28 *     13       12  
Tishman Speyer Innovation II, Cl A                
Strike Price $11.500, Expires 01/03/28 *     0       —  
              54  
Total Special Purpose Acquisition Companies                
(Cost $28,396) (000)             28,689  
                 
Common Stock — 6.7%                
Consumer Discretionary – 1.8%                
Appvion * (b) (d)     305,017       3,941  
                 
Energy – 1.5%                
Crestwood Equity Partners LP (g)     11,224       336  
Magellan Midstream Partners LP (g)     10,100       494  
Mcdermott International *     422,414       207  
Superior Energy Services *     60,887       2,375  
              3,412  
Financials – 0.1%                
Rescap Liquidating Trust     311,918       234  

 

 

 

  RiverPark Strategic Income Fund
June 30, 2021 (Unaudited)

  

Description   Shares/Face
Amount (000)‡		     Value (000)  
Health Care – 1.3%                
Intercure *     392,808     $ 2,805  
                 
Information Technology – 0.4%                
Latch *     64,765       795  
                 
Materials – 1.2%                
Barrick Gold     22,800       471  
RA Parent * (b) (d)     56     $ 2,187  
              2,658  
Real Estate – 0.4%                
Alpine Income Property Trust     22,472       427  
CTO Realty Growth     9,205       493  
              920  
Total Common Stock                
(Cost $16,489) (000)             14,765  
                 
Convertible Bonds — 3.5%                
Communication Services – 0.5%                
DISH Network CV to 15.3429                
3.375%, 08/15/26     1,101       1,126  
                 
Health Care – 2.1%                
Tilray CV to 5.9735                
5.000%, 10/01/23     737       726  
UpHealth CV to 93.8967                
6.250%, 06/15/26 (a)     4,592       4,041  
              4,767  
Industrials – 0.9%                
Uber Technologies CV to 12.3701                
0.000%, 12/15/25 (a) (c)     1,836       1,871  
                 
Total Convertible Bonds                
(Cost $8,352) (000)             7,764  
                 
Preferred Stock — 2.9%                
Energy – 0.6%                
NGL Energy Partners LP(g)                
9.000%(g)     86,510       1,276  
                 
Financials – 0.2%                
Federal Home Loan Mortgage*                
5.100%*     37,004       126  

 

Description   Shares/Face Amount (000)‡/Number of Warrants     Value (000)  
Financials – continued                
Federal National Mortgage Association*                
0.000%*(h)     111,012     $ 236  
              362  
Industrials – 0.1%                
WESCO International                
10.625%     8,200       254  
                 
Real Estate – 2.0%                
CTO Realty Growth                
6.375%     37,004       941  
Gladstone Commercial                
6.000%     18,500       470  
Gladstone Land                
5.000%     80,601       2,096  
Monmouth Real Estate Investment                
6.125%     39,030       986  
              4,493  
Total Preferred Stock                
(Cost $6,528) (000)             6,385  
                 
Trade Claims — 2.4%                
Energy – 2.4%                
Brazos Electric Power *     5,778       5,200  
                 
Total Trade Claims                
(Cost $5,236) (000)             5,200  
                 
Commercial Paper — 2.4%                
Consumer Discretionary – 2.4%                
General Motors Financial                
0.000%, 07/19/21 (c)     5,395       5,394  
Total Commercial Paper                
(Cost $5,394) (000)             5,394  
                 
Warrants — 0.0%                
Energy – 0.0%                
Mcdermott International * (b)(d)                
Expires 6/30/2027, Strike Price $12.33     258,269       3  
Mcdermott International * (b)(d)                
Expires 6/30/2027, Strike Price $15.98     286,965       —  

 

 

 

  RiverPark Strategic Income Fund
June 30, 2021 (Unaudited)

  

Description   Number of
Warrants/
Shares/
Face
Amount
(000)‡		     Value (000)  
Health Care – 0.0%                
Alliance HealthCare Services#     224       —  
GemmaCert (b)#                
Expires 5/19/2024     21,135       —  
                 
Total Warrants                
(Cost $153) (000)             3  
                 
Exchange-Traded Fund — 0.2%                
Financials – 0.2%                
Invesco Senior Loan ETF     18,436     $ 408  
Total Exchange-Traded Fund                
(Cost $410) (000)             408  
                 
Bank Loan Obligations — 16.4%                
Automobile – 1.3%                
Hertz Corporation, The, Loan (DIP), 1st Lien                
8.250%, VAR LIBOR+0.073%, 12/31/21 (i)     2,856       2,861  
                 
Consumer Discretionary – 4.0%                
First Brands Group, LLC, Initial Term Loan, 2nd Lien                
9.500%, 03/30/28 (h)     3,393       3,419  
Golden Nugget Online Gaming, Inc., 2020 Initial Term Loan, 1st Lien                
13.000%, VAR LIBOR+0.120%, 10/04/23     2,416       2,682  
Rising Tide, Term Loan, Inital Term Loan, 2nd Lien                
9.000%, 05/25/29 (h)(i)     2,786       2,779  
              8,880  
Financials – 3.2%                
JZ Capital Partners, Term Loans, 1st Lien                
16.000%, 06/21/22 (b)(d)(h)(i)     6,138       6,138  
Lealand Finance Company B.V., Take-Back Term Loan                
4.104%, VAR LIBOR+4.000%, 06/30/25     2,235       993  
              7,131  

 

Description   Face Amount
(000)‡		     Value (000)  
Health Care – 4.8%                
ABB/Con-Cise Optical Group LLC, Initial Term Loan, 1st Lien                
6.000%, 06/15/23 (h)     213     $ 206  
Alliance HealthCare Services, Inc. , Initial Term Loan, 1st Lien                
5.500%, VAR LIBOR+4.500%, 10/20/23     1,416       1,398  
Alliance HealthCare Services, Inc. , Initial Term Loan, 2nd Lien                
12.000%, 04/24/24 (h)     717       645  
GemmaCert, Term Loan                
9.000%, 05/19/24 (b)(d)(h)(i)     402       402  
Mallinckrodt International, 1st Lien                
0.000%, 02/28/22 (i)     8,044       7,903  
              10,554  
Materials – 2.5%                
Elevate Textiles, Inc., Initial Term Loan, 2nd Lien                
5.370%, VAR LIBOR+5.367%, 05/01/24     1,149       1,105  
Pixelle Specialty Solutions, LLC, Initial Term Loan, 1st Lien                
7.500%, VAR LIBOR+6.500%, 10/31/24     3,310       3,308  
Real Alloy Holding, Term Loan, 1st Lien                
11.000%, 12/31/49 (b) (d)     1,211       1,211  
              5,624  
Real Estate – 0.6%                
IEA Energy Services LLC, 2019 Refinancing Term Loan, 1st Lien                
7.060%, VAR LIBOR+6.750%, 09/25/24     1,373       1,354  
                 
Total Bank Loan Obligations                
(Cost $36,734) (000)             36,404  
                 
Total Investments — 95.6%                
(Cost $215,799) (000)           $ 211,991  

 

 

 

  RiverPark Strategic Income Fund
June 30, 2021 (Unaudited)

  

Description   Shares     Value (000)  
Schedule of Securities Sold Short, Not Yet Purchased                
Corporate Obligations — (1.8)%                
Consumer Staples – (1.5)%                
Conagra Brands                
7.125%, 10/01/26       (1,000)     $ (1,255 )
Kraft Heinz Foods                
3.000%, 06/01/26       (1,863)       (1,986 )
              (3,241 )
Health Care – (0.3)%                
McKesson                
3.950%, 02/16/28       (660)       (749 )
                 
Total Corporate Obligations                
(Proceeds $3,575) (000)             (3,990 )
                 
Exchange-Traded Fund — (1.5)%                
iShares iBoxx High Yield Corporate Bond ETF     (36,871 )     (3,246 )
Total Exchange-Traded Fund                
(Proceeds $3,232) (000)             (3,246 )
                 
Common Stock — (0.4)%                
Energy – (0.3)%                
Crestwood Equity Partners LP(g)     (18,287 )     (548 )
                 
Industrials – (0.1)%                
GFL Environmental     (6,600 )     (211 )
                 
Total Common Stock                
(Proceeds $297) (000)             (759 )
                 
Total Securities Sold Short, Not Yet Purchased                
(Proceeds $7,104) (000)           $ (7,995 )
Written Options — 0.0%(j)                
Total Written Options                
(Premiums Received $124) (000)           $ (90 )

 

A list of the open forward foreign currency contracts held by the Fund at June 30, 2021, is as follows (000):
Counterparty   Maturity Date   Currency to Deliver   Currency to Receive   Unrealized
Appreciation
(Depreciation)		  
Brown Brothers Harriman   07/07/21   USD     3,612     EUR     3,031     $ (17 )
Brown Brothers Harriman   07/07/21   EUR     15,817     USD     19,073       316  
Brown Brothers Harriman   07/07/21   USD     315     SEK     2,611       (10 )
Brown Brothers Harriman   07/07/21   SEK     4,972     USD     596       16  
Brown Brothers Harriman   07/07/21   NOK     32,973     USD     3,938       108  
                                $ 413  

 

A list of the open option contracts held by the Fund at June 30, 2021 is as follows (000):

 

Description   Number of Contracts     Notional Amount
(000)		     Exercise Price     Expiration Date   Value
(000)		  
WRITTEN OPTIONS — 0.0%                                    
Put Options                                    
Crestwood Equity Partners LP*     (73 )   $ (219 )   $ 30.00     07/17/21   $ (6 )
GFL Environmental*     (66 )     (211 )     30.00     07/17/21     (2 )
iShares iBoxx $ Investment Grade Corporate Bond ETF*     (369 )     (4,958 )     133.00     07/17/21     (3 )
Pershing Square Tontine Holdings*     (90 )     (205 )     25.00     07/17/21     (22 )
View*     (167 )     (142 )     10.00     07/17/21     (27 )
              (5,735 )                 (60 )
Call Options                                    
Latch*     (162 )     (199 )     12.50     07/17/21     (9 )
Latch*     (209 )     (256 )     12.50     08/21/21     (22 )
UpHealth*     (102 )     (69 )     10.00     07/17/21     –  
              (524 )                 (31 )
Total Written Options                                    
(Premiums Received $124) (000)           $ (6,259 )               $ (90 )

 

 

 

  RiverPark Strategic Income Fund
June 30, 2021 (Unaudited)

  

The following is a list of the inputs used as of June 30, 2021 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   $ —     $ 106,979     $ —     $ 106,979  
Bank Loan Obligations     —       28,653       7,751       36,404  
Special Purpose Acquisition Companies     28,635       54       —       28,689  
Common Stock     8,637       —       6,128       14,765  
Convertible Bonds     —       7,764       —       7,764  
Preferred Stock     1,177       5,208       —       6,385  
Commercial Paper     —       5,394       —       5,394  
Trade Claims     —       5,200       —       5,200  
Exchange-Traded Fund     408       —       —       408  
Warrants     —       —       3       3  
Total Investments in Securities   $ 38,857     $ 159,252     $ 13,882     $ 211,991  

 

Securities Sold Short, Not Yet Purchased   Level 1     Level 2     Level 3     Total  
Corporate Obligations   $ —     $ (3,990 )   $ —     $ (3,990 )
Exchange-Traded Fund     (3,246 )     —       —       (3,246 )
Common Stock     (759 )     —       —       (759 )
Total Securities Sold Short, Not Yet Purchased   $ (4,005 )   $ (3,990 )   $ —     $ (7,995 )

 

Other Financial Instruments   Level 1     Level 2     Level 3     Total  
Written Options   $ (90 )   $ —     $ —     $ (90 )
Forwards Contracts*                                
Unrealized Appreciation     —       440       —       440  
Unrealized Depreciation     —       (27 )     —       (27 )
Total Other Financial Instruments   $ (90 )   $ 413     $ —     $ 323  

 

* 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).

 

    Corporate
Obligation		     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)     —       4,608       (325 )     (54 )     —  
Realized gain/(loss)     —       (2,695 )     267       —       —  
Purchases     —       —       —       —       7,613  
Sales     —       (11 )     (1,912 ))     —       (1,073 )
Transfer into  Level 3     —       —       —       —       —  
Transfer out  of Level 3     —       —       —       —       —  
Ending balance as of June 30, 2021   $ —     $ 6,128     $ —     $ 3     $ 7,751  
Change in unrealized gains/(losses) included in earnings related to securities still held at reporting date   $ —     $ 4,608     $ (325 )   $ (54 )   $ —  

 

    Written
Options		     Totals  
Beginning balance as of October 1, 2020   $ (127 )   $ 7,337  
Change in unrealized appreciation/ (depreciation)     —       4,229  
Realized gain/(loss)     —       (2,428 )
Purchases     —       7,613  
Sales     127       (2,869 )
Transfer into  Level 3     —       —  
Transfer out  of Level 3     —       —  
Ending balance as of June 30, 2021   $ —     $ 13,882  
Change in unrealized gains/(losses) included in earnings related to securities still held at reporting date   $ —     $ 4,229  

 

 

 

  RiverPark Strategic Income Fund
June 30, 2021 (Unaudited)

  

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of June 30, 2021. 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 June 30, 2021
(000)		     Valuation Technique   Unobservable Inputs   Range
Common  Stock
Appvion		   $ 3,941     Multiples and Comparables
Method		   3.7x implied multiple on $23.6mm in EBITDA (total enterprise value) plus net cash of $15mm on 7.92mm shares outstanding.   6.6x-10.4x multiple (average multiple being 8.3x) of EBITDA on comparable public companies together with $97mm-$444mm in EBITDA and $137mm-$554mm of net debt for the companies.
Common  Stock
RA Parent		   $ 2,187     Transactions Method, Comparable and Multiples   5.75x implied multiple on $56mm in EBITDA (total enterprise value) less net debt of $126mm on 5,000 shares outstanding. There was also a private transaction during the quarter-ended June 30, 2021, which was completed on 46.48 shares at a higher price of $42,383.82/share.   7.3x-10.5x multiples of EBITDA, with an average EBITDA of 8.3x, on comparable public companies together with $153mm-$175,360mm in EBITDA and $168mm-$482,810mm of net debt for the companies.

 

Assets   Fair Value at June 30, 2021
(000)		     Valuation Technique   Unobservable Inputs   Range
Bank Loan Obligations
Real Alloy		   $ 1,211     Multiples
Method		   Net leverage of 2.2x (1.7x if removing one-time Covid-19 related costs) with EBITDA run rate of $56mm and net debt of $126mm. This loan is callable at any time at par and carries a coupon of LIBOR +10%.   2.2x-2.7x net leverage coupled with $56mm in EBITDA for the company.
Bank Loan Obligations
JZ Capital Partners, Term Loan. 1st Lien		   $ 6,138     Transactions
Method		   As part of a strategy to realize value from its investment portfolio and pay down debt, in December of 2020 the company finalized an agreement to sell a portion of its U.S. microcap portfolio for $90 million. In June of 2021, JZ Capital completed additional asset sales, which allowed for the full repayment of its the First Out Term Loans, and partial repayment of the Last Out Term Loans, resulting in a balance of approximately $35mm in Last Out Term Loans. Also, it has been agreed that at least 65% of any future sale proceeds would be applied to repaying its Last Out Term Loans. As of May 31, 2021, the company also reported a value of over $530mm of private investments and cash, and after subtracting real estate and further haircutting the values to be conservative, we believe there is at least $200-250 million of value to the remaining portfolio and assets versus the approximately $35 million of total senior loans.   —

 

 

 

  RiverPark Strategic Income Fund
June 30, 2021 (Unaudited)

  

Assets   Fair Value at June 30, 2021
(000)		     Valuation Technique   Unobservable Inputs   Range
Bank Loan Obligations
GemmaCert		   $ 402     Transactions
Method		   In May of 2021, an agreement was reached in which we lent money to the company in the form of a 3-year secured loan, secured by substantially all assets, and accrues interest at a rate of 9% per year. Based on the company’s business results thus far, as well both its recent equity valuation and the security pledge given to us as lenders, we believe the value of the business is well in excess of the loan.   —
Warrants
McDermott International		   $ 3     Transactions
Method		   A bona-fide quote of .01 from an independent broker was used to support this valuation.   —

 

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.

 

For the period ended June 30, 2021, 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.

 

  Percentages are based on Net Assets of $221,888 (000).
‡ In U.S. Dollar unless otherwise indicated.
* Non-income producing security.
# Expiration Date and/or Strike Price not available.
(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, 2021, these securities amounted to $83,130 (000) or 37.5% of Net Assets.
(b) Level 3 security in accordance with fair value hierarchy.
(c) Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at the time purchase.
(d) Securities considered illiquid. The total value of such securities as of June 30, 2021 was $13,882 (000) and represented 6.3% of Net Assets.
(e) Security in default on interest payments.
(f) This security or a partial position of this security has been committed as collateral. The aggregate market value of the collateral as of June 30, 2021 was $9,482 (000).
(g) Security considered Master Limited Partnership. At June 30, 2021, these securities amounted to $1,558 (000) or 0.7% 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) Unsettled Bank Loan. Interest rate may not be available.
(j) Refer to table below for details on Options Contracts.
(k) Unfunded commitments as of June 30, 2021:

 

Asset Type   Symbol   Description   Unfunded Commitment
(000)		  
Special Purpose Acquisition Companies   GNPK.R   Genesis Park Acquisition   $ 1,220  
Special Purpose Acquisition Companies   LOKB.R   Live Oak Acquisition     2,457  
Special Purpose Acquisition Companies   VACQ.R   Vector Acquisition II     1,245  
Special Purpose Acquisition Companies   CTAC.R   Cerberus Telecom Acquisition     317  
Corporate Obligations   BUZZ7   Buzzfeed   5,400  
Total Unfunded Commitments           $ 10,639  

 

CAD — Canadian Dollar

Cl — Class

CV — Convertible Security

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

MTN — Medium Term Note

NIBOR — Norwegian Interbank Offered Rate

NOK — Norway

PIK — Paid-in-Kind

REIT — Real Estate Investment Trust

SEK — Swedish Krona

Ser — Series

 

 

 

  RiverPark Strategic Income Fund
June 30, 2021 (Unaudited)

  

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-001-2100

 

 

 

  RiverPark Floating Rate CMBS Fund
June 30, 2021 (Unaudited)

  

Description   Face Amount
(000)		     Value
(000)		  
Schedule of Investments                
Commercial Mortgage-Backed Securities — 97.6% (a)                
Non-Agency Mortgage-Backed Obligation – 97.6%                
BX Commercial Mortgage Trust, Ser 2021-MFM1, Cl G                
3.973%, VAR ICE LIBOR USD 1 Month+3.900%, 01/15/34   $ 250     $ 250  
BX Commercial Mortgage Trust, Ser 2020-FOX, Cl E                
3.673%, VAR ICE LIBOR USD 1 Month+3.600%, 11/15/32     2,947       2,960  
BX Commercial Mortgage Trust, Ser 2020-VKNG, Cl G                
3.323%, VAR ICE LIBOR USD 1 Month+3.250%, 10/15/37     1,700       1,705  
BX Commercial Mortgage Trust, Ser 2021-MFM1, Cl F                
3.073%, VAR ICE LIBOR USD 1 Month+3.000%, 01/15/34     1,000       1,006  
BX Commercial Mortgage Trust, Ser 2019-XL, Cl G                
2.373%, VAR ICE LIBOR USD 1 Month+2.300%, 10/15/36     3,105       3,106  
BX Commercial Mortgage Trust, Ser 2021-MFM1, Cl E                
2.323%, VAR ICE LIBOR USD 1 Month+2.250%, 01/15/34     1,000       1,000  
BX Commercial Mortgage Trust, Ser 20108-IND, Cl G                
2.123%, VAR ICE LIBOR USD 1 Month+2.050%, 11/15/35     1,960       1,961  
BX Commercial Mortgage Trust, Ser 2020-BXLP, Cl F                
2.073%, VAR ICE LIBOR USD 1 Month+2.000%, 12/15/36     1,913       1,913  
BX Commercial Mortgage Trust, Ser 2021-VINO, Cl E                
2.025%, VAR ICE LIBOR USD 1 Month+1.952%, 05/15/38     1,500       1,500  
BX Commercial Mortgage Trust, Ser 2018-BIOA, Cl E                
2.024%, VAR ICE LIBOR USD 1 Month+1.951%, 03/15/37     2,000       2,003  
BX Trust, Ser 2021-SOAR, Cl F                
2.450%, VAR ICE LIBOR USD 1 Month+2.350%, 06/15/38     2,000       2,002  
BX Trust, Ser 2019-MMP, Cl C                
1.523%, VAR ICE LIBOR USD 1 Month+1.450%, 08/15/36     2,985       2,978  

 

Description   Face Amount
(000)		     Value
(000)		  
CAMB Commercial Mortgage Trust, Ser 2019-LIFE, Cl G                
3.323%, VAR ICE LIBOR USD 1 Month+3.250%, 12/15/37   $ 2,660     $ 2,668  
Cold Storage Trust, Ser 2020-ICE5, Cl F                
3.565%, VAR ICE LIBOR USD 1 Month+3.492%, 11/15/37     2,949       2,980  
Credit Suisse Mortgage Capital Cartificates, Ser 2020-UNFI, Cl A                
4.168%, 12/15/22 (b)     3,000       3,009  
Credit Suisse Mortgage Capital Certificates, Ser 2019-ICE4, Cl F                
2.723%, VAR ICE LIBOR USD 1 Month+2.650%, 05/15/36     3,780       3,787  
DBGS Mortgage Trust, Ser 20108-BIOD, Cl E                
1.773%, VAR ICE LIBOR USD 1 Month+1.700%, 05/15/35     1,856       1,857  
JP Morgan Chase Commercial Mortgage Securities, Ser 2021-MHC, Cl E                
2.523%, VAR ICE LIBOR USD 1 Month+2.450%, 04/15/38     1,300       1,303  
KKR Industrial Portfolio Trust, Ser 2020-AIP, Cl E                
2.699%, VAR ICE LIBOR USD 1 Month+2.626%, 03/15/37     2,314       2,319  
KKR Industrial Portfolio Trust, Ser 2021-KDIP, Cl F                
2.123%, VAR ICE LIBOR USD 1 Month+2.050%, 12/15/37     2,500       2,495  
Morgan Stanley Capital I Trust, Ser 2017-CLS, Cl F                
2.673%, VAR ICE LIBOR USD 1 Month+2.600%, 11/15/34     1,764       1,763  
MSCG Trust, Ser 2018-SELF, Cl F                
3.123%, VAR ICE LIBOR USD 1 Month+3.050%, 10/15/37     295       295  
MSCG Trust, Ser 2018-SELF, Cl D                
1.723%, VAR ICE LIBOR USD 1 Month+1.650%, 10/15/37     2,000       2,001  
Total Commercial Mortgage-Backed Securities                
(Cost $46,399) (000)             46,861  
                 
Total Investments — 97.6%                
(Cost $46,399) (000)           $ 46,861  

 

 

 

  RiverPark Floating Rate CMBS Fund
June 30, 2021 (Unaudited)

  

As of June 30, 2021, 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, 2021 there were no transfers in or out of Level 3.

 

  Percentages are based on Net Assets of $48,029 (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, 2021, these securities amounted to $46,861 (000) or 97.6% 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 — 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-001-2100