 |
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