 |
RiverPark Large Growth Fund |
| December 31, 2021 (Unaudited) |
| Description | Shares | Value (000) | ||||||
| Schedule of Investments | ||||||||
| Common Stock — 99.5%** | ||||||||
| Communication Services – 19.6% | ||||||||
| Alphabet, Cl A * | 594 | $ | 1,721 | |||||
| Alphabet, Cl C * | 592 | 1,713 | ||||||
| Meta Platforms, Cl A * | 9,984 | 3,358 | ||||||
| Pinterest, Cl A * | 78,294 | 2,846 | ||||||
| Snap, Cl A * | 61,348 | 2,885 | ||||||
| Twitter * | 43,457 | 1,878 | ||||||
| Walt Disney * | 13,924 | 2,157 | ||||||
| 16,558 | ||||||||
| Consumer Discretionary – 10.5% | ||||||||
| Airbnb, Cl A * | 13,282 | 2,211 | ||||||
| Amazon.com * | 1,281 | 4,271 | ||||||
| Farfetch, Cl A * | 70,016 | 2,341 | ||||||
| 8,823 | ||||||||
| Financials – 11.8% | ||||||||
| Blackstone, Cl A (a) | 25,605 | 3,313 | ||||||
| Charles Schwab | 34,758 | 2,923 | ||||||
| KKR | 25,668 | 1,912 | ||||||
| SoFi Technologies * | 116,047 | 1,835 | ||||||
| 9,983 | ||||||||
| Health Care – 13.9% | ||||||||
| Dexcom * | 3,021 | 1,622 | ||||||
| Exact Sciences * | 32,587 | 2,536 | ||||||
| Illumina * | 5,548 | 2,111 | ||||||
| Intuitive Surgical * | 6,211 | 2,231 | ||||||
| UnitedHealth Group | 2,543 | 1,277 | ||||||
| Zoetis, Cl A | 8,100 | 1,977 | ||||||
| 11,754 | ||||||||
| Industrials – 3.9% | ||||||||
| Uber Technologies * | 77,520 | 3,251 | ||||||
| Information Technology – 35.8% | ||||||||
| Adobe * | 3,028 | 1,717 | ||||||
| Apple | 17,912 | 3,181 | ||||||
| Autodesk * | 6,917 | 1,945 | ||||||
| Block, Cl A * | 10,417 | 1,682 | ||||||
| Mastercard, Cl A | 7,186 | 2,582 | ||||||
| Microsoft | 9,611 | 3,232 | ||||||
| PayPal Holdings * | 13,303 | 2,509 | ||||||
| RingCentral, Cl A * | 16,063 | 3,009 | ||||||
| ServiceNow * | 3,321 | 2,156 | ||||||
| Shopify, Cl A * | 1,268 | 1,747 | ||||||
| Snowflake, Cl A * | 4,523 | 1,532 | ||||||
| Twilio, Cl A * | 9,602 | 2,529 | ||||||
| Visa, Cl A | 10,754 | 2,330 | ||||||
| 30,151 | ||||||||
| Real Estate – 4.0% | ||||||||
| Zillow Group, Cl A * | 53,711 | 3,342 | ||||||
| Total Common Stock | ||||||||
| (Cost $54,150) (000) | 83,862 | |||||||
| Total Investments — 99.5% | ||||||||
| (Cost $54,150) (000) | $ | 83,862 | ||||||
As of December 31, 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 December 31, 2021 there were no transfers in or out of Level 3.
| Percentages are based on Net Assets of $84,302 (000). | |
| * | Non-income producing security. |
| ** | More Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
| (a) | Security considered Master Limited Partnership. At December 31, 2021, these securities amounted to $3,313 (000) or 3.9% of Net Assets. |
| Cl — Class |
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-001-2200
| |
Wedgewood Fund |
| December 31, 2021 (Unaudited) |
| Description | Shares | Value (000) | ||||||
| Schedule of Investments | ||||||||
| Common Stock — 98.3%** | ||||||||
| Communication Services – 17.7% | ||||||||
| Alphabet, Cl A * | 1,371 | $ | 3,972 | |||||
| Meta Platforms, Cl A * | 11,051 | 3,717 | ||||||
| 7,689 | ||||||||
| Consumer Discretionary – 12.4% | ||||||||
| Booking Holdings * | 579 | 1,389 | ||||||
| Starbucks | 11,022 | 1,289 | ||||||
| Tractor Supply | 11,481 | 2,740 | ||||||
| 5,418 | ||||||||
| Energy – 2.0% | ||||||||
| Texas Pacific Land | 710 | 887 | ||||||
| Financials – 9.2% | ||||||||
| First Republic Bank | 6,913 | 1,428 | ||||||
| Progressive | 14,360 | 1,474 | ||||||
| S&P Global | 2,380 | 1,123 | ||||||
| 4,025 | ||||||||
| Health Care – 8.6% | ||||||||
| Edwards Lifesciences * | 17,140 | 2,220 | ||||||
| UnitedHealth Group | 3,038 | 1,526 | ||||||
| 3,746 | ||||||||
| Industrials – 6.7% | ||||||||
| Copart * | 12,098 | 1,834 | ||||||
| Old Dominion Freight Line | 2,975 | 1,066 | ||||||
| 2,900 | ||||||||
| Information Technology – 41.7% | ||||||||
| Apple | 16,685 | 2,962 | ||||||
| CDW | 11,920 | 2,441 | ||||||
| Keysight Technologies * | 7,326 | 1,513 | ||||||
| Microsoft | 7,668 | 2,579 | ||||||
| Motorola Solutions | 9,394 | 2,552 | ||||||
| PayPal Holdings * | 8,339 | 1,573 | ||||||
| Taiwan Semiconductor Manufacturing ADR | 15,858 | 1,908 | ||||||
| Visa, Cl A | 12,127 | 2,628 | ||||||
| 18,156 | ||||||||
| Total Common Stock | ||||||||
| (Cost $24,485) (000) | 42,821 | |||||||
| Total Investments — 98.3% | ||||||||
| (Cost $24,485) (000) | $ | 42,821 | ||||||
As of December 31, 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 December 31, 2021 there were no transfers in or out of Level 3.
| Percentages are based on Net Assets of $43,558 (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 |
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-001-2200
| |
RiverPark Short Term High Yield Fund |
| December 31, 2021 (Unaudited) |
| Description | Face Amount (000)‡/Shares | Value (000) | |||||||||
| Schedule of Investments | |||||||||||
| Corporate Obligations — 42.6% | |||||||||||
| Communication Services – 14.3% | |||||||||||
| CCO Holdings | |||||||||||
| 4.000%, 03/01/23 (a) | 19,769 | $ | 19,794 | ||||||||
| DISH DBS | |||||||||||
| 5.875%, 07/15/22 | 23,034 | 23,438 | |||||||||
| Level 3 Financing | |||||||||||
| 5.375%, 05/01/25 | 27,166 | 27,791 | |||||||||
| Linkem | |||||||||||
| 6.000%, VAR Euribor 3 Month + 6.000%, 08/09/22 (a) | EUR | 27,399 | 31,043 | ||||||||
| Lumen Technologies | |||||||||||
| 5.800%, 03/15/22 | 28,791 | 29,043 | |||||||||
| Netflix | |||||||||||
| 5.500%, 02/15/22 | 11,525 | 11,602 | |||||||||
| T-Mobile USA | |||||||||||
| 4.000%, 04/15/22 | 9,534 | 9,601 | |||||||||
| 152,312 | |||||||||||
| Consumer Discretionary – 6.2% | |||||||||||
| Foot Locker | |||||||||||
| 8.500%, 01/15/22 | 20,040 | 20,132 | |||||||||
| Ford Motor Credit | |||||||||||
| 5.596%, 01/07/22 | 4,141 | 4,149 | |||||||||
| 3.219%, 01/09/22 | 1,778 | 1,780 | |||||||||
| MGM Resorts International | |||||||||||
| 7.750%, 03/15/22 | 13,769 | 13,959 | |||||||||
| Sally Holdings | |||||||||||
| 8.750%, 04/30/25 (a) | 15,573 | 16,601 | |||||||||
| Scientific Games International | |||||||||||
| 5.000%, 10/15/25 (a) | 8,835 | 9,107 | |||||||||
| 65,728 | |||||||||||
| Consumer Staples – 7.1% | |||||||||||
| B&G Foods | |||||||||||
| 5.250%, 04/01/25 | 11,000 | 11,247 | |||||||||
| Chobani | |||||||||||
| 7.500%, 04/15/25 (a) | 18,270 | 18,813 | |||||||||
| Cooke Omega Investments | |||||||||||
| 8.500%, 12/15/22 (a) | 10,282 | 10,473 | |||||||||
| Fresh Market | |||||||||||
| 9.750%, 05/01/23 (a) | 34,458 | 35,490 | |||||||||
| 76,023 | |||||||||||
| Energy – 0.8% | |||||||||||
| Western Midstream Operating | |||||||||||
| 4.000%, 07/01/22 | 8,632 | 8,664 | |||||||||
| Financials – 1.4% | |||||||||||
| FS KKR Capital | |||||||||||
| 4.750%, 05/15/22 | 15,000 | 15,158 | |||||||||
| Health Care – 3.2% | |||||||||||
| Surgery Center Holdings | |||||||||||
| 6.750%, 07/01/25 (a) | 8,631 | 8,705 | |||||||||
| Trulieve Cannabis | |||||||||||
| 9.750%, 06/18/24 | 23,842 | 25,302 | |||||||||
| 34,007 | |||||||||||
| Industrials – 2.5% | |||||||||||
| Altera Shuttle Tankers | |||||||||||
| 7.125%, 08/15/22 | 3,000 | 3,075 | |||||||||
| Hawaiian Airlines Pass-Through Certificates, Ser 2013-1, Cl B | |||||||||||
| 4.950%, 01/15/22 | 4,017 | 4,017 | |||||||||
| Icahn Enterprises | |||||||||||
| 6.750%, 02/01/24 | 13,920 | 13,969 | |||||||||
| Quad | |||||||||||
| 7.000%, 05/01/22 | 3,000 | 3,045 | |||||||||
| Rumo Luxembourg SARL | |||||||||||
| 5.875%, 01/18/25 (a) | 2,380 | 2,449 | |||||||||
| 26,555 | |||||||||||
| Information Technology – 6.1% | |||||||||||
| NortonLifeLock | |||||||||||
| 3.950%, 06/15/22 | 15,759 | 15,863 | |||||||||
| Nuance Communications | |||||||||||
| 5.625%, 12/15/26 | 17,825 | 18,411 | |||||||||
| Sprint Communications | |||||||||||
| 6.000%, 11/15/22 | 14,980 | 15,611 | |||||||||
| Xerox | |||||||||||
| 4.070%, 03/17/22 | 15,270 | 15,353 | |||||||||
| 65,238 | |||||||||||
| Materials – 1.0% | |||||||||||
| Kraton Polymers | |||||||||||
| 4.250%, 12/15/25 (a) | 10,465 | 10,845 | |||||||||
| Total Corporate Obligations | |||||||||||
| (Cost $454,965) (000) | 454,530 | ||||||||||
| Special Purpose Acquisition Companies — 18.1% | |||||||||||
| Common Stock– 18.1% | |||||||||||
| Diversified Financials – 18.1% | |||||||||||
| ACE Convergence Acquisition, Cl A * | 957,574 | 9,537 | |||||||||
| |
RiverPark Short Term High Yield Fund |
| December 31, 2021 (Unaudited) |
| Description | Shares | Value (000) | ||||||
| Alpha Partners Technology Merger, Cl A * | 12,808 | $ | 124 | |||||
| Anzu Special Acquisition I, Cl A * | 98,738 | 963 | ||||||
| Apeiron Capital Investment * | 114,352 | 1,154 | ||||||
| Apollo Strategic Growth Capital, Cl A * | 700,868 | 6,918 | ||||||
| APx Acquisition I * | 96,362 | 970 | ||||||
| Atlantic Coastal Acquisition, Cl A | 1,000,000 | 9,760 | ||||||
| Ault Disruptive Technologies * | 255,000 | 2,583 | ||||||
| AxonPrime Infrastructure Acquisition, Cl A * | 440,000 | 4,321 | ||||||
| Better World Acquisition * | 3,773 | 38 | ||||||
| Biotech Acquisition, Cl A * | 799,001 | 7,862 | ||||||
| Blockchain Moon Acquisition * | 5,100 | 50 | ||||||
| Canna-Global Acquisition * | 117,609 | 1,191 | ||||||
| Capstar Special Purpose Acquisition, Cl A * | 13,721 | 137 | ||||||
| Cartesian Growth, Cl A * | 321,503 | 3,176 | ||||||
| CleanTech Acquisition * | 151,200 | 1,506 | ||||||
| Crown PropTech Acquisitions, Cl A | 822,131 | 8,139 | ||||||
| Direct Selling Acquisition, Cl A * | 300,443 | 2,983 | ||||||
| Dune Acquisition, Cl A | 565,572 | 5,599 | ||||||
| Energem * | 47,546 | 483 | ||||||
| FirstMark Horizon Acquisition, Cl A * | 1,052,141 | 10,406 | ||||||
| FoxWayne Enterprises Acquisition * | 22,477 | 223 | ||||||
| G Squared Ascend I, Cl A * | 110,000 | 1,087 | ||||||
| G&P Acquisition, Cl A * | 58,519 | 574 | ||||||
| Globis Acquisition * | 568,145 | 5,750 | ||||||
| Golden Path Acquisition * | 162,002 | 1,614 | ||||||
| Gores Metropoulos II, Cl A * | 100,000 | 997 | ||||||
| Hambro Perks Acquisition, Cl A * | 619,686 | 8,405 | ||||||
| Haymaker Acquisition III, Cl A * | 100,000 | 983 | ||||||
| Highland Transcend Partners I, Cl A | 451,954 | 4,483 | ||||||
| InFinT Acquisition * | 200,000 | 2,006 | ||||||
| Innovative International Acquisition * | 142,500 | 1,429 | ||||||
| Integrated Rail and Resources Acquisition * | 341,026 | 3,427 | ||||||
| Investcorp Europe Acquisition I * | 340,000 | 3,427 | ||||||
| Kairous Acquisition Ltd. * | 100,000 | 1,018 | ||||||
| L&F Acquisition, Cl A | 704,313 | 7,064 | ||||||
| Larkspur Health Acquisition * | 700,000 | 7,021 | ||||||
| Liberty Resources Acquisition * | 50,000 | 514 | ||||||
| LMF Acquisition Opportunities, Cl A * | 4,509 | 45 | ||||||
| M3-Brigade Acquisition II, Cl A * | 143,007 | 1,417 | ||||||
| M3-Brigade Acquisition III * | 358,543 | 3,593 | ||||||
| Magnum Opus Acquisition, Cl A * | 287,097 | 2,848 | ||||||
| Mercato Partners Acquisition, Cl A * | 400,000 | 3,920 | ||||||
| Motive Capital, Cl A * | 150,000 | 1,476 | ||||||
| Mountain Crest Acquisition V * | 47,909 | 482 | ||||||
| Nabors Energy Transition | 75,000 | 761 | ||||||
| Novus Capital II, Cl A * | 419,935 | 4,157 | ||||||
| Oaktree Acquisition II, Cl A * | 101,567 | 1,004 | ||||||
| Onyx Acquisition I * | 70,000 | 709 | ||||||
| Pershing Square Tontine Holdings, Cl A * | 125,000 | 2,465 | ||||||
| Pine Technology Acquisition, Cl A * | 50,000 | 492 | ||||||
| Pioneer Merger, Cl A * | 50,000 | 494 | ||||||
| RMG Acquisition III, Cl A * | 100,000 | 975 | ||||||
| SCVX * | 140,745 | 1,406 | ||||||
| Semper Paratus Acquisition * | 175,000 | 1,771 | ||||||
| Silver Crest Acquisition, Cl A * | 76,200 | 748 | ||||||
| Sizzle Acquisition * | 75,000 | 770 | ||||||
| Spree Acquisition 1 * | 702,000 | 7,034 | ||||||
| Tailwind Acquisition, Cl A * | 299,640 | 2,948 | ||||||
| Talon 1 Acquisition * | 82,222 | 831 | ||||||
| Thayer Ventures Acquisition, Cl A * | 144,675 | 1,461 | ||||||
| Virgin Group Acquisition II, Cl A * | 350,000 | 3,455 | ||||||
| VPC Impact Acquisition Holdings III, Cl A * | 174,298 | 1,743 | ||||||
| Yellowstone Acquisition, Cl A * | 215,024 | 2,187 | ||||||
| Zanite Acquisition, Cl A * | 1,609,223 | 16,382 | ||||||
| 193,496 | ||||||||
| Warrant– 0.0% | ||||||||
| Diversified Financials – 0.0% | ||||||||
| Alpha Partners Technology Merger | ||||||||
| 11.500%, 04/03/28 * | 183 | 123 |
| |
RiverPark Short Term High Yield Fund |
| December 31, 2021 (Unaudited) |
| Description | Shares/Face Amount (000)‡ | Value (000) | ||||||
| AxonPrime Infrastructure Acquisition | ||||||||
| 11.500%, 07/11/23 * | 147 | $ | 102 | |||||
| Mercato Partners Acquisition | ||||||||
| 11.500%, 12/31/26 * | 200 | 118 | ||||||
| 343 | ||||||||
| Total Special Purpose Acquisition Companies | ||||||||
| (Cost $193,378) (000) | 193,839 | |||||||
| Commercial Paper — 11.5% | ||||||||
| Consumer Discretionary – 1.9% | ||||||||
| General Motors Financial | ||||||||
| 0.400%, 01/20/22 (a) (b) | 15,000 | 14,997 | ||||||
| 0.380%, 01/05/22 (a) (b) | 5,308 | 5,308 | ||||||
| 20,305 | ||||||||
| Consumer Staples – 1.5% | ||||||||
| Conagra Brands | ||||||||
| 0.400%, 01/06/22 (a) (b) | 16,104 | 16,103 | ||||||
| Health Care – 1.7% | ||||||||
| Viatris | ||||||||
| 0.550%, 01/18/22 (a) (b) | 17,525 | 17,521 | ||||||
| Information Technology – 2.1% | ||||||||
| Jabil | ||||||||
| 0.500%, 02/08/22 (b) | 6,633 | 6,628 | ||||||
| 0.470%, 01/06/22 (a) (b) | 2,250 | 2,250 | ||||||
| 0.470%, 01/24/22 (a) (b) | 13,823 | 13,818 | ||||||
| 22,696 | ||||||||
| Materials – 4.3% | ||||||||
| Albemarle | ||||||||
| 0.500%, 02/10/22 (a) (b) | 8,000 | 7,996 | ||||||
| 0.450%, 02/07/22 (a) (b) | 12,000 | 11,995 | ||||||
| Glencore Funding | ||||||||
| 0.250%, 02/17/22 (a) (b) | 18,287 | 18,279 | ||||||
| Parker-Hannifin | ||||||||
| 0.400%, 02/01/22 (a) (b) | 8,000 | 7,998 | ||||||
| 46,268 | ||||||||
| Total Commercial Paper | ||||||||
| (Cost $122,895) (000) | 122,893 | |||||||
| Convertible Bonds — 7.9% | ||||||||
| Energy – 6.5% | ||||||||
| Cheniere Energy CV to 7.2265 | ||||||||
| 4.250%, 03/15/45 | 37,436 | 31,691 | ||||||
| Golar LNG CV to 26.9925 | ||||||||
| 2.750%, 02/15/22 | 37,132 | 37,245 | ||||||
| 68,936 | ||||||||
| Health Care – 0.9% | ||||||||
| Flexion Therapeutics CV to 37.3413 | ||||||||
| 3.375%, 05/01/24 | 9,385 | 9,432 | ||||||
| Industrials – 0.5% | ||||||||
| Fortive CV to 10.9568 | ||||||||
| 0.875%, 02/15/22 | 5,687 | 5,716 | ||||||
| Total Convertible Bonds | ||||||||
| (Cost $83,782) (000) | 84,084 | |||||||
| Trade Claims — 2.2% | ||||||||
| Energy – 2.2% | ||||||||
| Brazos Electric Power * (e) | 25,659 | 23,093 | ||||||
| Total Trade Claims | ||||||||
| (Cost $23,265) (000) | 23,093 | |||||||
| Bank Loan Obligations — 13.6% | ||||||||
| Consumer Discretionary – 2.1% | ||||||||
| Change Healthcare Holdings, Inc. (fka Emdeon Inc.), Closing Date Term Loan, 1st Lien | ||||||||
| 3.500%, 03/01/24 | 10,392 | 10,380 | ||||||
| Golden Nugget Online Gaming, Inc., 2020 Initial Term Loan, 1st Lien | ||||||||
| 13.000%, VAR LIBOR + 0.120%, 10/04/23 | 10,957 | 11,669 | ||||||
| 22,049 | ||||||||
| Financials – 1.1% | ||||||||
| JZ Capital Partners, Term loan | ||||||||
| 10.750%, 06/12/22 (e) (f) (g) | 11,890 | 11,890 | ||||||
| Health Care – 4.2% | ||||||||
| Mallinckrodt International, 1st Lien | ||||||||
| 4.310%, 02/28/22 | 45,578 | 44,496 | ||||||
| Materials – 1.6% | ||||||||
| Forterra Finance, LLC, Replacement Term Loan | ||||||||
| 4.000%, VAR LIBOR + 0.030%, 10/25/23 | 17,542 | 17,520 | ||||||
| |
RiverPark Short Term High Yield Fund |
| December 31, 2021 (Unaudited) |
| Description | Face
Amount (000)‡ | Value (000) | ||||||
| Telecommunications – 4.6% | ||||||||
| Intelsat Jackson Holdings S.A., DIP Facility, 1st Lien | ||||||||
| 4.750%, 07/13/22 | 29,900 | $ | 29,853 | |||||
| Intelsat Jackson Holdings S.A., Tranche B-3 Term Loan | ||||||||
| 8.000%, 11/27/23 | 4,829 | 4,815 | ||||||
| Intelsat Jackson Holdings, Term Loan B-4 | ||||||||
| 8.750%, 01/02/24 | 2,738 | 2,731 | ||||||
| Intelsat Jackson Holdings, Term Loan B-5 | ||||||||
| 6.625%, 01/02/24 (c) | 12,217 | 12,192 | ||||||
| 49,591 | ||||||||
| Total Bank Loan Obligations | ||||||||
| (Cost $146,685) (000) | 145,546 | |||||||
| Total Investments — 95.9% | ||||||||
| (Cost $1,024,970) (000) | $ | 1,023,985 | ||||||
| Written Options — 0.0%(d) | ||||||||
| Total Written Options | ||||||||
| (Premiums Received $31) (000) | $ | (36 | ) | |||||
A list of the open forward foreign currency contracts held by the Fund at December 31, 2021, is as follows (000):
| ||||||||||||||
| Counterparty | Maturity Date | Currency to Deliver | Currency to Receive | Unrealized Depreciation | ||||||||||
| Brown Brothers Harriman | 01/05/22 | GBP | 6,228 | USD | 8,246 | $ | (159 | ) | ||||||
| Brown Brothers Harriman | 01/05/22 | EUR | 27,711 | USD | 31,222 | (149 | ) | |||||||
| $ | (308 | ) | ||||||||||||
A list of the open option contracts held by the Fund at December 31, 2021 was as follows (000):
| Description | Number of Contracts | Notional Amount (000) | Exercise Price | Expiration Date | Value (000) | |||||||||||||
| WRITTEN OPTIONS — 0.0% | ||||||||||||||||||
| Call Options | ||||||||||||||||||
| FMAC* | (300 | ) | $ | (320 | ) | $ | 10.00 | 04/16/22 | $ | (20 | ) | |||||||
| Pershing Square Tontine Holdings Ltd.* | (59 | ) | (121 | ) | 20.00 | 06/18/22 | (4 | ) | ||||||||||
| Pershing Square Tontine Holdings Ltd.* | (603 | ) | (1,218 | ) | 20.00 | 03/19/22 | (12 | ) | ||||||||||
| (1,659 | ) | (36 | ) | |||||||||||||||
| Total Written Options | ||||||||||||||||||
| (Premiums Received $31) (000) | $ | (1,659 | ) | $ | (36 | ) | ||||||||||||
The following is a list of the inputs used as of December 31, 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 | $ | — | $ | 454,530 | $ | — | $ | 454,530 | ||||||||
| Special Purpose Acquisition Companies | 193,496 | 343 | — | 193,839 | ||||||||||||
| Commercial Paper | — | 122,893 | — | 122,893 | ||||||||||||
| Convertible Bonds | — | 84,084 | — | 84,084 | ||||||||||||
| Trade Claims | — | — | 23,093 | 23,093 | ||||||||||||
| Bank Loan Obligations | — | 133,656 | 11,890 | 145,546 | ||||||||||||
| Total Investments in Securities | $ | 193,496 | $ | 795,506 | $ | 34,983 | $ | 1,023,985 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Written Options | $ | (36 | ) | $ | — | $ | — | $ | (36 | ) | ||||||
| Forwards Contracts* | ||||||||||||||||
| Unrealized Depreciation | — | (308 | ) | — | (308 | ) | ||||||||||
| Total Other Financial Instruments | $ | (36 | ) | $ | (308 | ) | $ | — | $ | (344 | ) | |||||
| * | Forward contracts are valued at the unrealized 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):
Trade Claims | Bank Loan Obligation | Totals | ||||||||||
| Beginning balance as of October 1, 2021 | $ | 23,093 | $ | — | $ | 23,093 | ||||||
| Change in unrealized appreciation/ (depreciation) | — | — | — | |||||||||
| Realized gain/(loss) | — | — | — | |||||||||
| Purchases | — | 11,890 | 11,890 | |||||||||
| Sales | — | — | — | |||||||||
| Transfer into Level 3 | — | — | — | |||||||||
| Transfer out of Level 3 | — | — | — | |||||||||
| Ending balance as of December 31, 2021 | $ | 23,093 | $ | 11,890 | $ | 34,983 | ||||||
| Change in unrealized gains/(losses) included in earnings related to securities still held at reporting date | $ | (172 | ) | $ | — | $ | (172 | ) |
| |
RiverPark Short Term High Yield Fund |
| December 31, 2021 (Unaudited) |
For the period ended December 31, 2021 there were no transfers in or out of Level 3.
| Percentages are based on Net Assets of $1,067,438 (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 December 31, 2021, these securities amounted to $279,585 (000) or 26.2% of Net Assets. |
| (b) | Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at the time purchase. |
| (c) | Unsettled bank loan. Interest rate may not be available. |
| (d) | Refer to table below for details on Options Contracts. |
| (e) | Level 3 security in accordance with fair value hierarchy. |
| (f) | Securities considered illiquid. The total value of such securities as of December 31, 2021 was $11,890 (000) and represented 1.1% of Net Assets. |
| (g) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates. |
| Cl — Class |
| CV — Convertible Security |
| EUR — Euro |
| EURIBOR— Euro London Interbank Offered Rate |
| GBP — British Pound Sterling |
| LIBOR— London Interbank Offered Rate |
| LLC — Limited Liability Company |
| Ltd. — Limited |
| Ser — Series |
| USD— U.S. Dollar |
| VAR— Variable Rate |
Unfunded commitments as of December 31, 2021:
| ||||||||||
| Asset Type | Symbol | Description | Unfunded Commitment (000) | |||||||
| Special Purpose Acquisition Companies | APTMF | Alpha Partners Technology Merger Founder Shares | $ | 451 | ||||||
| Special Purpose Acquisition Companies | APMIF | AxonPrime Infrastructure Acquisition Founder Shares | 220 | |||||||
| Total Unfunded Commitments | $ | 671 | ||||||||
The Fund expects to meet the unfunded commitments reflected in the above table as they become due.
The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of December 31, 2021. The following disclosures also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.
| Asset | Fair Value at December 31, 2021 (000) | Valuation Technique | Unobservable Input | Range (Weighted Average) |
| Trade Claims | ||||
| Brazos Electric Power | $23,093 | Transaction Method | Offered Quotes | 90—92 |
| Bank Debt | ||||
| JZ Capital Partners 10.75% 6/12/22 | $11,890 | Transaction Method | Performing Loan on private assets, which are in excess of current debt | — |
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.
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-001-2200
| |
RiverPark Long/Short Opportunity Fund |
| December 31, 2021 (Unaudited) |
| Description | Shares | Value (000) | ||||||
| Schedule of Investments | ||||||||
| Common Stock — 99.1%** | ||||||||
| Communication Services – 20.4% | ||||||||
| Alphabet, Cl A *(a) | 4,966 | $ | 14,387 | |||||
| Alphabet, Cl C *(a) | 4,951 | 14,326 | ||||||
| Meta Platforms, Cl A *(a) | 50,014 | 16,823 | ||||||
| Pinterest, Cl A *(a) | 386,758 | 14,059 | ||||||
| Snap, Cl A *(a) | 334,630 | 15,737 | ||||||
| Twitter *(a) | 285,540 | 12,341 | ||||||
| Walt Disney * | 74,472 | 11,535 | ||||||
| 99,208 | ||||||||
| Consumer Discretionary – 12.7% | ||||||||
| Airbnb, Cl A *(a) | 77,046 | 12,828 | ||||||
| Amazon.com *(a) | 7,721 | 25,744 | ||||||
| Farfetch, Cl A *(a) | 371,144 | 12,407 | ||||||
| NIKE, Cl B | 65,554 | 10,926 | ||||||
| 61,905 | ||||||||
| Financials – 11.8% | ||||||||
| Blackstone, Cl A (b) (c) | 218,014 | 28,209 | ||||||
| Charles Schwab (a) | 12,492 | 1,050 | ||||||
| KKR | 237,004 | 17,657 | ||||||
| SoFi Technologies *(a) | 665,655 | 10,524 | ||||||
| 57,440 | ||||||||
| Health Care – 19.5% | ||||||||
| Dexcom *(a) | 20,950 | 11,249 | ||||||
| Exact Sciences *(a) | 223,853 | 17,423 | ||||||
| Illumina *(a) | 33,991 | 12,932 | ||||||
| Intuitive Surgical *(a) | 29,781 | 10,700 | ||||||
| IQVIA Holdings * | 44,919 | 12,673 | ||||||
| UnitedHealth Group (a) | 23,334 | 11,717 | ||||||
| Zoetis, Cl A | 75,201 | 18,351 | ||||||
| 95,045 | ||||||||
| Industrials – 3.7% | ||||||||
| Uber Technologies *(a) | 433,561 | 18,179 | ||||||
| Information Technology – 29.1% | ||||||||
| Adobe *(a) | 17,526 | 9,938 | ||||||
| Apple | 135,578 | 24,075 | ||||||
| Autodesk *(a) | 18,731 | 5,267 | ||||||
| Block, Cl A * | 50,130 | 8,097 | ||||||
| Mastercard, Cl A (a) | 20,679 | 7,430 | ||||||
| Microsoft | 85,086 | 28,616 | ||||||
| PayPal Holdings *(a) | 91,256 | 17,209 | ||||||
| RingCentral, Cl A *(a) | 5,168 | 968 | ||||||
| ServiceNow *(a) | 22,874 | 14,848 | ||||||
| Shopify, Cl A *(a) | 6,616 | 9,113 | ||||||
| Twilio, Cl A *(a) | 36,603 | 9,639 | ||||||
| Visa, Cl A (a) | 31,219 | 6,765 | ||||||
| 141,965 | ||||||||
| Real Estate – 1.9% | ||||||||
| Zillow Group, Cl A *(a) | 144,971 | 9,020 | ||||||
| Total Common Stock | ||||||||
| (Cost $331,492) (000) | 482,762 | |||||||
| Total Investments — 99.1% | ||||||||
| (Cost $331,492) (000) | $ | 482,762 | ||||||
| |
RiverPark Long/Short Opportunity Fund |
| December 31, 2021 (Unaudited) |
A list of open swap agreements held by the Fund at December 31, 2021 was as follows:
Long Exposure
| Company Reference | Counterparty | Fund Pays | Payment Frequency1 | Maturity Date | Notional Amount (000) | Value (000) | Net Unrealized Appreciation / (Depreciation) (000)† | ||||||||
| Ringcentral | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 01/19/2023 | $ | 20,417 | $ | 20,471 | $ | 54 | |||||
| Charles Schwab | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 03/02/2022 | 12,454 | 20,217 | 7,763 | ||||||||
| Zillow Group, Class A | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 04/20/2022 | 18,145 | 13,767 | (4,378 | ) | |||||||
| Mastercard Inc., Cl A | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 05/09/2022 | 13,365 | 13,169 | (196 | ) | |||||||
| Snowflake, Cl A | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 05/11/2022 | 8,292 | 12,483 | 4,191 | ||||||||
| Twilio, Cl A | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 02/15/2022 | 11,668 | 10,725 | (943 | ) | |||||||
| Pinterest, Cl A | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 05/09/2022 | 11,221 | 9,455 | (1,766 | ) | |||||||
| Shopify, Cl A | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 05/23/2022 | 8,219 | 9,397 | 1,178 | ||||||||
| Visa, Cl A | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 09/27/2022 | 8,926 | 8,487 | (439 | ) | |||||||
| Snap, Cl A | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 11/30/2022 | 7,763 | 8,012 | 249 | ||||||||
| Farfetch Limited, Cl A | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 05/11/2022 | 7,693 | 7,487 | (206 | ) | |||||||
| Autodesk, | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 12/29/2022 | 6,685 | 7,393 | 708 | ||||||||
| Uber Technologies | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 05/09/2022 | 6,917 | 7,065 | 148 | ||||||||
| Walt Disney Company | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 05/09/2022 | 7,310 | 5,974 | (1,336 | ) | |||||||
| Sofi Technologies | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 01/19/2023 | 5,382 | 5,913 | 531 | ||||||||
| Intuitive Surgical | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 04/07/2022 | 3,874 | 5,832 | 1,958 | ||||||||
| Block Inc., Cl A | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 03/09/2022 | 8,408 | 5,752 | (2,656 | ) | |||||||
| Paypal Holdings | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 01/19/2023 | 5,270 | 5,236 | (34 | ) | |||||||
| Amazon.Com | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 09/28/2022 | 4,690 | 4,662 | (28 | ) | |||||||
| Meta Platforms, Cl A | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 09/28/2022 | 4,721 | 4,448 | (273 | ) | |||||||
| Adobe | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 02/24/2022 | 2,583 | 3,208 | 625 | ||||||||
| Airbnb, Cl A | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 01/19/2023 | 2,844 | 3,009 | 165 | ||||||||
| Unitedhealth Group Inc. | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 03/03/2022 | 1,684 | 2,516 | 832 | ||||||||
| Nike, Cl B | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 09/27/2022 | 1,636 | 1,608 | (28 | ) | |||||||
| Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 11/30/2022 | 1,348 | 1,073 | (275 | ) | ||||||||
| Illumina | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 02/15/2022 | 1,022 | 1,038 | 16 | ||||||||
| Servicenow | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 05/17/2022 | 437 | 516 | 79 | ||||||||
| Dexcom, | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 05/25/2022 | 394 | 508 | 114 | ||||||||
| Alphabet, Cl A | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 11/10/2022 | 461 | 477 | 16 | ||||||||
| Alphabet, Cl C | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 11/10/2022 | 451 | 465 | 14 | ||||||||
| Exact Sciences | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 05/09/2022 | 505 | 292 | (213 | ) | |||||||
| $ | 194,785 | $ | 200,655 | $ | 5,870 | ||||||||||
| |
RiverPark Long/Short Opportunity Fund |
| December 31, 2021 (Unaudited) |
Short Exposure
| Company Reference | Counterparty | Fund Receives | Fund Pays | Payment Frequency1 | Maturity Date | Notional Amount (000) | Value (000) | Net Unrealized Appreciation / (Depreciation) (000)† | ||||||||
| IShares Russell 2000 ETF | Goldman Sachs International | USD-SOFR | -0.55% | Maturity | 01/11/2023 | $ | (31,274 | ) | $ | (31,268 | ) | $ | 6 | |||
| Energy Select Sector SPDR Fund ETF | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 01/11/2023 | (31,249 | ) | (31,050 | ) | 199 | ||||||
| Flex Ltd. | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 03/10/2022 | (7,915 | ) | (7,991 | ) | (76 | ) | |||||
| Carnival | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 01/04/2023 | (6,102 | ) | (7,081 | ) | (979 | ) | |||||
| Carvana Co., Cl A | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 12/29/2022 | (7,981 | ) | (6,796 | ) | 1,185 | ||||||
| MGM Resorts International | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 01/04/2023 | (5,907 | ) | (6,693 | ) | (786 | ) | |||||
| New York Times Co., Cl A | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 03/14/2022 | (6,412 | ) | (6,666 | ) | (254 | ) | |||||
| Iron Mountain Inc. | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 05/18/2022 | (4,735 | ) | (6,618 | ) | (1,883 | ) | |||||
| Sysco | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 08/23/2022 | (6,100 | ) | (6,613 | ) | (513 | ) | |||||
| Charter Communications, | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 01/11/2023 | (6,190 | ) | (6,527 | ) | (337 | ) | |||||
| Capri Holdings Limited | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 08/23/2022 | (5,003 | ) | (6,505 | ) | (1,502 | ) | |||||
| Comcast, Cl A | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 01/11/2023 | (6,140 | ) | (6,427 | ) | (287 | ) | |||||
| Wynn Resorts, Limited | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 01/04/2023 | (6,057 | ) | (6,418 | ) | (361 | ) | |||||
| Fox | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 03/18/2022 | (5,779 | ) | (6,372 | ) | (593 | ) | |||||
| Stericycle | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 08/23/2022 | (6,925 | ) | (6,307 | ) | 618 | ||||||
| Colgate-Palmolive Co. | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 09/28/2022 | (5,502 | ) | (6,098 | ) | (596 | ) | |||||
| Lumen Technologies | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 03/04/2022 | (5,366 | ) | (6,079 | ) | (713 | ) | |||||
| Aramark | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 08/23/2022 | (5,373 | ) | (5,914 | ) | (541 | ) | |||||
| Kimberly-Clark | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 09/28/2022 | (5,444 | ) | (5,713 | ) | (269 | ) | |||||
| Campbell Soup Co. | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 03/18/2022 | (5,782 | ) | (5,697 | ) | 85 | ||||||
| Kellogg Company | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 12/29/2022 | (5,548 | ) | (5,669 | ) | (121 | ) | |||||
| The Kraft Heinz Co. | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 08/02/2022 | (6,025 | ) | (5,653 | ) | 372 | ||||||
| Take Two Interactive Software Inc | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 12/21/2022 | (5,468 | ) | (5,554 | ) | (86 | ) | |||||
| Royal Caribbean Group | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 01/04/2023 | (4,904 | ) | (5,528 | ) | (624 | ) | |||||
| Nielsen PLC | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 03/10/2022 | (5,941 | ) | (5,473 | ) | 468 | ||||||
| Walmart | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 05/18/2022 | (5,200 | ) | (5,429 | ) | (229 | ) | |||||
| VF Corp | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 08/23/2022 | (5,473 | ) | (5,417 | ) | 56 | ||||||
| T-Mobile US | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 01/11/2023 | (5,240 | ) | (5,368 | ) | (128 | ) | |||||
| Verizon Communications | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 05/24/2022 | (5,700 | ) | (5,301 | ) | 399 | ||||||
| AT&T | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 04/05/2022 | (5,608 | ) | (5,201 | ) | 407 | ||||||
| Procter & Gamble Company | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 09/28/2022 | (4,504 | ) | (5,163 | ) | (659 | ) | |||||
| Church & Dwight Co. | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 09/28/2022 | (4,204 | ) | (5,140 | ) | (936 | ) | |||||
| J. M. Smucker Company | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 03/04/2022 | (4,232 | ) | (5,091 | ) | (859 | ) | |||||
| |
RiverPark Long/Short Opportunity Fund |
| December 31, 2021 (Unaudited) |
Short Exposure
| Company Reference | Counterparty | Fund Receives | Fund Pays | Payment Frequency1 | Maturity Date | Notional Amount (000) | Value (000) | Net Unrealized Appreciation / (Depreciation) (000)† | ||||||||
| Edgewell Personal Care Company | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 09/28/2022 | $ | (4,723 | ) | $ | (5,067 | ) | $ | (344 | ) | ||
| General Mills | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 12/29/2022 | (4,628 | ) | (4,970 | ) | (342 | ) | |||||
| Tapestry | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 08/23/2022 | (4,662 | ) | (4,920 | ) | (258 | ) | |||||
| Mondelez International | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 01/12/2023 | (4,458 | ) | (4,774 | ) | (316 | ) | |||||
| Draftkings, Cl A | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 01/31/2023 | (4,900 | ) | (4,762 | ) | 138 | ||||||
| Keurig Dr Pepper | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 03/10/2022 | (3,999 | ) | (4,688 | ) | (689 | ) | |||||
| Lucid Group | Goldman Sachs International | USD-SOFR | -5.40% | Maturity | 01/11/2023 | (4,978 | ) | (4,618 | ) | 360 | ||||||
| Pepsico | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 03/10/2022 | (3,585 | ) | (4,571 | ) | (986 | ) | |||||
| Discovery, Series A | Goldman Sachs International | USD-SOFR | -1.08% | Maturity | 08/31/2022 | (5,450 | ) | (4,472 | ) | 978 | ||||||
| Canada Goose Holdings | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 12/29/2022 | (5,322 | ) | (4,385 | ) | 937 | ||||||
| Coca-Cola Company | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 03/10/2022 | (3,567 | ) | (4,275 | ) | (708 | ) | |||||
| Coinbase Global, Cl A | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 01/11/2023 | (3,993 | ) | (3,755 | ) | 238 | ||||||
| Harley-Davidson | Goldman Sachs International | USD-SOFR | -0.50% | Maturity | 05/18/2022 | (3,056 | ) | (2,747 | ) | 309 | ||||||
| $ | (296,604 | ) | $ | (306,824 | ) | $ | (10,220 | ) | ||||||||
| 1 | The payment frequency is the maturity date of each swap contract or the settlement date of a closing transaction, whichever comes first. |
The following is a list of the inputs used as of December 31, 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 | $ | 482,762 | $ | — | $ | — | $ | 482,762 | ||||||||
| Total Investments in Securities | $ | 482,762 | $ | — | $ | — | $ | 482,762 | ||||||||
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Equity Swaps‡ | ||||||||||||||||
| Unrealized Appreciation | $ | 25,396 | $ | — | $ | — | $ | 25,396 | ||||||||
| Unrealized Depreciation | (29.746 | ) | — | — | (29.746 | ) | ||||||||||
| Total Other Financial Instruments | $ | 4.350 | $ | — | $ | — | $ | 4.350 | ||||||||
‡ Equity Swaps are valued at the unrealized appreciation (depreciation) on the instrument.
For the period ended December 31, 2021 there were no transfers in or out of Level 3.
| Percentages are based on Net Assets of $487,050 (000). | |
| * | Non-income producing security. |
| ** | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
| (a) | Underlying security for a Total Return Swap. |
| (b) | This security or a partial position of this security has been committed as collateral for Total Return Swaps. The aggregate market value of the collateral as of December 31, 2021 was $28,209(000). |
| (c) | Security considered Master Limited Partnership. At December 31, 2021, these securities amounted to $28,209 (000) or 5.8% of Net Assets. |
| Cl — Class |
| ETF — Exchange Traded Fund |
| Ltd. — Limited |
| PLC — Public Limited Company |
| SPDR — Standard & Poor's Depository Receipt |
Amounts designated as “—” are $0 or have been rounded to $0.
| |
RiverPark Long/Short Opportunity Fund |
| December 31, 2021 (Unaudited) |
For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
RPF-QH-001-2200
| |
RiverPark Strategic Income Fund |
| December 31, 2021 (Unaudited) |
| Description | Face Amount (000)‡ | Value (000) | ||||||||||
| Schedule of Investments | ||||||||||||
| Corporate Obligations — 41.5% | ||||||||||||
| Communication Services – 4.6% | ||||||||||||
| Connect Finco SARL | ||||||||||||
| 6.750%, 10/01/26 (a) | 4,471 | $ | 4,706 | |||||||||
| Getty Images | ||||||||||||
| 9.750%, 03/01/27 (a) | 280 | 297 | ||||||||||
| Linkem | ||||||||||||
| 6.000%, VAR Euribor 3 Month + 6.000%, 08/09/22 (a) | EUR | 4,675 | 5,297 | |||||||||
| 10,300 | ||||||||||||
| Consumer Discretionary – 5.0% | ||||||||||||
| 99 Escrow Issuer | ||||||||||||
| 7.500%, 01/15/26 (a) | 4,501 | 3,538 | ||||||||||
| Anagram International | ||||||||||||
| 15.000%, 08/15/25 (a) | 1,609 | 1,802 | ||||||||||
| Diamond Sports Group | ||||||||||||
| 12.750%, 12/01/26 (a) | 1,535 | 802 | ||||||||||
| FXI Holdings | ||||||||||||
| 12.250%, 11/15/26 (a) | 1,639 | 1,846 | ||||||||||
| Georg Jensen | ||||||||||||
| 6.000%, VAR Euribor 3 Month + 6.000%, 05/15/23 | EUR | 500 | 564 | |||||||||
| Hercules Achievement | ||||||||||||
| 9.000%, VAR ICE LIBOR USD 3 Month + 8.000%, 12/22/24 (a) | 554 | 555 | ||||||||||
| Jacktel | ||||||||||||
| 10.000%, 12/04/23 (a) | 1,876 | 469 | ||||||||||
| 10.000%, 12/04/23 | 514 | 516 | ||||||||||
| Lifefit Group Midco GmbH | ||||||||||||
| 7.500%, VAR Euribor 3 Month + 7.500%, 07/26/23 | EUR | 1,160 | 1,313 | |||||||||
| 11,405 | ||||||||||||
| Consumer Staples – 2.8% | ||||||||||||
| Chobani | ||||||||||||
| 7.500%, 04/15/25 (a) (b) | 2,591 | 2,668 | ||||||||||
| Fresh Market | ||||||||||||
| 9.750%, 05/01/23 (a) (b) | 3,549 | 3,655 | ||||||||||
| 6,323 | ||||||||||||
| Energy – 6.7% | ||||||||||||
| GAC Holdco | ||||||||||||
| 12.000%, 08/15/25 (a) | 1,400 | 1,516 | ||||||||||
| Golar LNG | ||||||||||||
| 7.000%, 10/20/25 (a) | 1,589 | 1,576 | ||||||||||
| Martin Midstream Partners | ||||||||||||
| 11.500%, 02/28/25 (a) | 1,838 | 1,936 | ||||||||||
| 10.000%, 02/29/24 (a) | 3,457 | 3,558 | ||||||||||
| Mime Petroleum | ||||||||||||
| 10.250%, 11/10/26 | 550 | 531 | ||||||||||
| PBF Logistics | ||||||||||||
| 6.875%, 05/15/23 | 1,442 | 1,404 | ||||||||||
| Rockpoint Gas Storage Canada | ||||||||||||
| 7.000%, 03/31/23 (a) | 4,302 | 4,317 | ||||||||||
| Sanjel | ||||||||||||
| 0.000%, 06/19/70 (c) (d) (e) (f) | 101 | — | ||||||||||
| 0.000%, 12/19/70 (c) (d) (e) (f) | 2,700 | — | ||||||||||
| 0.000%, 12/29/70 (c) (d) (e) (f) | 101 | — | ||||||||||
| 0.000%, 12/29/70 (c) (d) (e) (f) | 101 | — | ||||||||||
| 0.000%, 12/29/70 (c) (d) (e) (f) | 101 | — | ||||||||||
| 0.000%, 12/29/70 (c) (d) (e) (f) | 101 | — | ||||||||||
| 0.000%, 12/29/70 (c) (d) (e) (f) | 101 | — | ||||||||||
| 0.000%, 12/29/70 (c) (d) (e) (f) | 101 | — | ||||||||||
| 0.000%, 12/29/70 (c) (d) (e) (f) | 101 | — | ||||||||||
| 14,838 | ||||||||||||
| Financials – 3.6% | ||||||||||||
| Aker Horizons | ||||||||||||
| 4.040%, VAR NIBOR 3 Month + 3.250%, 08/15/25 | NOK | 12,500 | 1,388 | |||||||||
| LR Global Holding GmbH | ||||||||||||
| 7.250%, VAR Euribor 3 Month + 7.250%, 02/03/25 | EUR | 2,129 | 2,490 | |||||||||
| StoneX Group | ||||||||||||
| 8.625%, 06/15/25 (a) (b) | 3,653 | 3,884 | ||||||||||
| VNV Global | ||||||||||||
| 5.750%, 10/04/22 | SEK | 2,250 | 254 | |||||||||
| 8,016 | ||||||||||||
| Industrials – 9.4% | ||||||||||||
| Altera Shuttle Tankers | ||||||||||||
| 9.500%, 12/15/25 | 3,600 | 3,458 | ||||||||||
| Hawaiian Airlines Pass-Through Certificates, Ser 2013-1, Cl B | ||||||||||||
| 4.950%, 01/15/22 | 301 | 300 | ||||||||||
| Hawaiian Airlines Pass-Through Certificates, Ser 2013-1, Cl A | ||||||||||||
| 3.900%, 01/15/26 | 4,464 | 4,424 | ||||||||||
| Icahn Enterprises | ||||||||||||
| 5.250%, 05/15/27 | 720 | 741 | ||||||||||
| IEA Energy Services | ||||||||||||
| 6.625%, 08/15/29 (a) | 4,912 | 4,859 | ||||||||||
| Innovate | ||||||||||||
| 8.500%, 02/01/26 (a) (b) | 5,813 | 5,875 | ||||||||||
| |
RiverPark Strategic Income Fund |
| December 31, 2021 (Unaudited) |
| Description | Face Amount (000)‡/ Shares | Value (000) | ||||||||||
| SGL TransGroup International | ||||||||||||
| 11.500%, 09/06/25 | EUR | 300 | $ | 347 | ||||||||
| StorCentric Peleus Insurance Co | ||||||||||||
| 5.875%, 02/19/23 (a) | 844 | 845 | ||||||||||
| 20,849 | ||||||||||||
| Information Technology – 5.6% | ||||||||||||
| Diebold Nixdorf | ||||||||||||
| 8.500%, 04/15/24 | 2,863 | 2,866 | ||||||||||
| DUO Bidco | ||||||||||||
| 5.640%, VAR NIBOR 3 Month + 5.000%, 04/12/26 | NOK | 4,589 | 531 | |||||||||
| Elastic | ||||||||||||
| 4.125%, 07/15/29 (a) | 369 | 365 | ||||||||||
| LINK Mobility Group Holding | ||||||||||||
| 3.375%, 12/15/25 | EUR | 4,500 | 4,967 | |||||||||
| MicroStrategy | ||||||||||||
| 6.125%, 06/15/28 (a) | 3,928 | 3,942 | ||||||||||
| 12,671 | ||||||||||||
| Materials – 3.8% | ||||||||||||
| Copper Mountain Mining | ||||||||||||
| 8.000%, 04/09/26 (a) | 3,983 | 4,188 | ||||||||||
| Impala Group | ||||||||||||
| 9.000%, VAR STIBOR SEK 3-Month + 9.000%, 10/20/24 | SEK | 7,500 | 833 | |||||||||
| Tacora Resources | ||||||||||||
| 8.250%, 05/15/26 (a) | 3,411 | 3,412 | ||||||||||
| 8,433 | ||||||||||||
| Total Corporate Obligations | ||||||||||||
| (Cost $97,096) (000) | 92,835 | |||||||||||
| Special Purpose Acquisition Companies — 15.0% | ||||||||||||
| Common Stock– 15.0% | ||||||||||||
| Diversified Financials – 15.0% | ||||||||||||
| Adit EdTech Acquisition * | 5,942 | 59 | ||||||||||
| Ahren Acquisition * | 29,233 | 293 | ||||||||||
| Alpha Partners Technology Merger Founder Shares * | 8,594 | — | ||||||||||
| AltEnergy Acquisition * | 17,214 | 174 | ||||||||||
| Anzu Special Acquisition I, Cl A * | 23,739 | 232 | ||||||||||
| AP Acquisition * | 17,497 | 177 | ||||||||||
| Athlon Acquisition, Cl A * | 13,586 | 133 | ||||||||||
| Atlantic Avenue Acquisition, Cl A * | 117,481 | 1,151 | ||||||||||
| Authentic Equity Acquisition, Cl A * | 13,586 | 133 | ||||||||||
| AxonPrime Infrastructure Acquisition Founder Shares * | 4,000 | — | ||||||||||
| Battery Future Acquisition * | 27,695 | 277 | ||||||||||
| Berenson Acquisition Founder Shares * | 12,570 | — | ||||||||||
| Berenson Acquisition I, Cl A * | 124,439 | 1,203 | ||||||||||
| BGP Acquisition, Cl A * | 82,436 | 784 | ||||||||||
| Bite Acquisition * | 17,030 | 166 | ||||||||||
| Carney Technology Acquisition II, Cl A * | 200,449 | 1,958 | ||||||||||
| Cartesian Growth, Cl A * | 39,405 | 389 | ||||||||||
| Cascade Acquisition, Cl A * | 50,126 | 498 | ||||||||||
| CF Acquisition IV, Cl A * | 27,235 | 267 | ||||||||||
| Chain Bridge I * | 18,691 | 188 | ||||||||||
| Clarim Acquisition, Cl A * | 25,893 | 251 | ||||||||||
| Cohn Robbins Holdings, Cl A * | 18,189 | 179 | ||||||||||
| Concord Acquisition III, Cl A * | 26,386 | 261 | ||||||||||
| COVA Acquisition, Cl A * | 13,586 | 133 | ||||||||||
| DHB Capital, Cl A * | 5,295 | 52 | ||||||||||
| Disruptive Acquisition I, Cl A * | 22,708 | 223 | ||||||||||
| DP Capital Acquisition I * | 18,260 | 183 | ||||||||||
| DPCM Capital * | 28,465 | 280 | ||||||||||
| EJF Acquisition, Cl A * | 6,888 | 68 | ||||||||||
| Empowerment & Inclusion Capital I, Cl A * | 25,567 | 249 | ||||||||||
| Enterprise 4.0 Technology Acquisition * | 12,712 | 128 | ||||||||||
| EQ Health Acquisition, Cl A * | 13,586 | 132 | ||||||||||
| Equity Distribution Acquisition, Cl A * | 35,502 | 349 | ||||||||||
| EVe Mobility Acquisition * | 38,483 | 385 | ||||||||||
| Executive Network Partnering, Cl A * | 27,853 | 273 | ||||||||||
| Fintech Evolution Acquisition Group, Cl A * | 13,586 | 132 | ||||||||||
| Forum Merger IV, Cl A * | 33,205 | 323 | ||||||||||
| G Squared Ascend II, Cl A * | 18,297 | 176 | ||||||||||
| G&P Acquisition, Cl A * | 14,087 | 138 | ||||||||||
| Galata Acquisition * | 71,161 | 689 | ||||||||||
| Global Consumer Acquisition * | 92,876 | 921 | ||||||||||
| Global Partner Acquisition II, Cl A * | 16,501 | 160 | ||||||||||
| Golden Falcon Acquisition, Cl A * | 51,001 | 499 | ||||||||||
| Growth For Good Acquisition * | 20,624 | 206 | ||||||||||
| Hamilton Lane Alliance Holdings I, Cl A * | 31,337 | 306 | ||||||||||
| |
RiverPark Strategic Income Fund |
| December 31, 2021 (Unaudited) |
| Description | Shares/Number of Warrants/Face Amount (000)‡ | Value (000) | ||||||
| Healthcare Services Acquisition, Cl A * | 13,586 | $ | 133 | |||||
| Iconic Sports Acquisition * | 88,675 | 897 | ||||||
| Ignyte Acquisition * | 13,586 | 133 | ||||||
| Infinite Acquisition * | 6,016 | 61 | ||||||
| Isleworth Healthcare Acquisition * | 30,282 | 298 | ||||||
| Itiquira Acquisition, Cl A * | 13,586 | 132 | ||||||
| Jackson Acquisition * | 34,223 | 341 | ||||||
| Juniper II * | 21,998 | 224 | ||||||
| KINS Technology Group, Cl A * | 31,314 | 312 | ||||||
| LMF Acquisition Opportunities, Cl A * | 8,757 | 88 | ||||||
| Mason Industrial Technology, Cl A * | 277,191 | 2,705 | ||||||
| Noble Rock Acquisition, Cl A * | 8,833 | 86 | ||||||
| Oaktree Acquisition II, Cl A * | 25,247 | 249 | ||||||
| Omnichannel Acquisition, Cl A * | 75,381 | 750 | ||||||
| OmniLit Acquisition * | 7,608 | 76 | ||||||
| One Equity Partners Open Water I, Cl A * | 25,590 | 249 | ||||||
| Oyster Enterprises Acquisition, Cl A * | 13,586 | 133 | ||||||
| Parabellum Acquisition, Cl A * | 354,580 | 3,457 | ||||||
| Parabellum Acquisition Founder Shares * | 19,671 | — | ||||||
| Pearl Holdings Acquisition * | 72,315 | 723 | ||||||
| Peridot Acquisition II, Cl A * | 23,488 | 229 | ||||||
| Pontem, Cl A * | 3,197 | 31 | ||||||
| PROOF Acquisition I * | 32,084 | 321 | ||||||
| PWP Forward Acquisition I, Cl A * | 7,776 | 76 | ||||||
| Revelstone Capital Acquisition * | 52,667 | 521 | ||||||
| Revelstone Capital Acquisition Founder Shares * | 5,925 | — | ||||||
| RMG Acquisition III, Cl A * | 27,407 | 267 | ||||||
| RXR Acquisition, Cl A * | 3,782 | 37 | ||||||
| SDCL EDGE Acquisition * | 17,994 | 179 | ||||||
| Seaport Global Acquisition II, Cl A * | 53,691 | 531 | ||||||
| ShoulderUp Technology Acquisition * | 3,856 | 39 | ||||||
| Silver Crest Acquisition, Cl A * | 13,586 | 133 | ||||||
| SportsMap Tech Acquisition * | 16,924 | 166 | ||||||
| Stratim Cloud Acquisition * | 51,763 | 502 | ||||||
| Tailwind International Acquisition, Cl A * | 38,400 | 374 | ||||||
| Tailwind Two Acquisition, Cl A * | 11,998 | 119 | ||||||
| Target Global Acquisition I * | 27,018 | 269 | ||||||
| Tech and Energy Transition, Cl A * | 15,353 | 149 | ||||||
| Tekkorp Digital Acquisition, Cl A * | 70,000 | 695 | ||||||
| TG Venture Acquisition * | 36,095 | 354 | ||||||
| Tishman Speyer Innovation II, Cl A * | 47,169 | 460 | ||||||
| Trine II Acquisition * | 15,733 | 159 | ||||||
| Vector Acquisition II, Cl A * | 175,058 | 1,710 | ||||||
| VMG Consumer Acquisition * | 21,395 | 217 | ||||||
| Zanite Acquisition, Cl A * | 7,101 | 72 | ||||||
| 33,435 | ||||||||
| Warrants– 0.0% | ||||||||
| Diversified Financials – 0.0% | ||||||||
| Alpha Partners Technology Merger | ||||||||
| 11.500%, 04/03/28 * | 14 | 10 | ||||||
| AxonPrime Infrastructure Acquisition | ||||||||
| 11.500%, 07/11/23 * | 27 | 19 | ||||||
| Berenson Acquisition I | ||||||||
| 08/04/26 *# | 62 | 31 | ||||||
| Concord Acquisition III, Cl A | ||||||||
| 01/03/29 *# | 13 | 9 | ||||||
| DHB Capital, Cl A | ||||||||
| 11.500%, 03/18/28 * | 2 | 1 | ||||||
| Parabellum Acquisition, | ||||||||
| 03/29/23 *# | 195 | 88 | ||||||
| Seaport Global Acquisition II | ||||||||
| 11/04/23 *# | 27 | 14 | ||||||
| 172 | ||||||||
| Total Special Purpose Acquisition Companies | ||||||||
| (Cost $33,336) (000) | 33,607 | |||||||
| Commercial Paper — 5.6% | ||||||||
| Health Care – 1.6% | ||||||||
| Viatris | ||||||||
| 0.000%, 01/25/22 (d) | 3,530 | 3,529 | ||||||
| Industrials – 0.7% | ||||||||
| Albemarle | ||||||||
| 0.000%, 02/03/22 (d) | 1,627 | 1,626 | ||||||
| Information Technology – 1.6% | ||||||||
| Jabil | ||||||||
| 0.500%, 02/08/22 (d) | 3,651 | 3,649 | ||||||
| |
RiverPark Strategic Income Fund |
| December 31, 2021 (Unaudited) |
| Description | Face Amount (000)‡/ Shares | Value (000) | ||||
| Materials – 1.7% | ||||||
| Sherwin-Williams | ||||||
| 2.104%, 01/19/22 (d) | 3,802 | $3,802 | ||||
| Total Commercial Paper | ||||||
| (Cost $12,606) (000) | 12,606 | |||||
| Convertible Bonds — 4.6% | ||||||
| Communication Serivces – 2.4% | ||||||
| BuzzFeed | ||||||
| 8.500%, 12/03/26 | 5,400 | 5,292 | ||||
| Health Care – 2.2% | ||||||
| Tilray CV to 5.9735 | ||||||
| 5.000%, 10/01/23 | 1,067 | 1,052 | ||||
| UpHealth CV to 93.8967 | ||||||
| 6.250%, 06/15/26 | 4,592 | 3,941 | ||||
| 4,993 | ||||||
| Total Convertible Bonds | ||||||
| (Cost $11,005) (000) | 10,285 | |||||
| Common Stock — 3.8% | ||||||
| Communication Services – 0.1% | ||||||
| KORE Group Holdings * | 32,156 | 217 | ||||
| Energy – 1.1% | ||||||
| Crestwood Equity Partners LP (g) | 237 | 7 | ||||
| Magellan Midstream Partners LP | 12,300 | 571 | ||||
| Superior Energy Services *(c) | 45,294 | 1,902 | ||||
| 2,480 | ||||||
| Financials – 0.1% | ||||||
| Rescap Liquidating Trust * | 311,918 | 203 | ||||
| Health Care – 0.8% | ||||||
| Intercure * | 295,483 | 1,927 | ||||
| Industrials – 0.0% | ||||||
| Rocket Lab USA * | 500 | 6 | ||||
| Information Technology – 0.0% | ||||||
| MarketWise * | 1,779 | 13 | ||||
| Materials – 1.3% | ||||||
| Barrick Gold | 22,800 | 433 | ||||
| RA Parent * (c) (f) | 56 | 2,510 | ||||
| 2,943 | ||||||
| Real Estate – 0.4% | ||||||
| CTO Realty Growth | 12,869 | $791 | ||||
| Total Common Stock | ||||||
| (Cost $9,894) (000) | 8,580 | |||||
| Preferred Stock — 2.8% | ||||||
| Consumer Discretionary – 1.4% | ||||||
| Fossil Group | ||||||
| 7.000% | 118,063 | 2,999 | ||||
| Financials – 1.0% | ||||||
| Argo Blockchain | ||||||
| 8.750% | 81,671 | 2,033 | ||||
| Federal Home Loan Mortgage* | ||||||
| 5.100%* | 37,004 | 154 | ||||
| Federal National Mortgage Association* | ||||||
| 8.250%*(h) | 32,023 | 100 | ||||
| 2,287 | ||||||
| Real Estate – 0.4% | ||||||
| Monmouth Real Estate Investment | ||||||
| 6.125% | 34,298 | 866 | ||||
| Total Preferred Stock | ||||||
| (Cost $6,336) (000) | 6,152 | |||||
| Trade Claims — 2.3% | ||||||
| Energy – 2.3% | ||||||
| Brazos Electric Power *(c) | 5,778 | 5,200 | ||||
| Total Trade Claims | ||||||
| (Cost $5,239) (000) | 5,200 | |||||
| Warrants — 0.0% | ||||||
| Energy – 0.0% | ||||||
| Mcdermott International * (c) (f) | ||||||
| Expires 6/30/2027, Strike Price 12.33 | 258,269 | — | ||||
| Mcdermott International * (c) (f) | ||||||
| Expires 6/30/2027, Strike Price 15.98 | 286,965 | — | ||||
| Health Care – 0.0% | ||||||
| GemmaCert | ||||||
| Expires 5/19/2024# (c) (f) | 21,135 | — | ||||
| Total Warrants | ||||||
| (Cost $153) (000) | — | |||||
| |
RiverPark Strategic Income Fund |
| December 31, 2021 (Unaudited) |
| Description | Face Amount (000)‡ | Value (000) | ||||||
| Bank Loan Obligations — 16.6% | ||||||||
| Consumer Discretionary – 5.6% | ||||||||
| First Brands Group, LLC, Initial Term Loan, 2nd Lien | ||||||||
| 9.500%, VAR LIBOR + 8.500%, 03/30/28 | 3,393 | $ | 3,404 | |||||
| Golden Nugget Online Gaming, Inc., 2020 Initial Term Loan, 1st Lien | ||||||||
| 13.000%, VAR LIBOR + 0.120%, 10/04/23 | 2,416 | 2,573 | ||||||
| Mountaineer Merger Corporation, Initial Term Loan, 1st Lien | ||||||||
| 7.750%, 10/22/28 | 3,884 | 3,768 | ||||||
| Rising Tide, Term Loan, Inital Term Loan, 2nd Lien | ||||||||
| 9.000%, VAR LIBOR + 8.250%, 06/01/29 | 2,786 | 2,737 | ||||||
| 12,482 | ||||||||
| Energy – 0.3% | ||||||||
| Quaternorth Energy Hold, Term Loan, 2nd Lien | ||||||||
| 8.000%, 08/27/26 | 611 | 609 | ||||||
| Financials – 3.3% | ||||||||
| JZ Capital Partners, Term Loans, 1st Lien | ||||||||
| 16.000%, 06/21/22 (c) (f) (h) | 6,296 | 6,296 | ||||||
| Lealand Finance Company B.V., Take-Back Term Loan | ||||||||
| 4.072%, VAR LIBOR + 4.000%, 06/30/25 | 2,269 | 989 | ||||||
| 7,285 | ||||||||
| Health Care – 5.0% | ||||||||
| ABB/Con-Cise Optical Group LLC, Initial Term Loan, 1st Lien | ||||||||
| 6.000%, VAR LIBOR + 5.000%, 06/15/23 | 212 | 204 | ||||||
| GemmaCert, Term Loan | ||||||||
| 9.000%, 05/19/24 (c) (f) (h) | 402 | 402 | ||||||
| Inotiv, Inc., Term Loan | ||||||||
| 0.000%, 09/22/26 (c) (i) | 2,800 | 2,744 | ||||||
| Mallinckrodt International, 1st Lien | ||||||||
| 4.310%, 02/28/22 (i) | 8,106 | 7,914 | ||||||
| 11,264 | ||||||||
| Materials – 2.4% | ||||||||
| Elevate Textiles, Inc., Initial Term Loan, 2nd Lien | ||||||||
| 5.131%, 05/01/24 (h) | 1,133 | 1,044 | ||||||
| Pixelle Specialty Solutions, LLC, Initial Term Loan, 1st Lien | ||||||||
| 7.500%, VAR LIBOR + 6.500%, 10/31/24 | 3,310 | 3,291 | ||||||
| Real Alloy Holding, Term Loan, 1st Lien | ||||||||
| 11.000%, VAR LIBOR 0.000%, 12/31/49 (c) (f) | 1,098 | 1,098 | ||||||
| 5,433 | ||||||||
| Total Bank Loan Obligations | ||||||||
| (Cost $38,037) (000) | 37,073 | |||||||
| Total Investments — 92.2% | ||||||||
| (Cost $213,702) (000) | 206,338 | |||||||
| Schedule of Securities Sold Short, Not Yet Purchased | ||||||||
| Corporate Obligations — (2.0)% | ||||||||
| Consumer Staples – (1.4)% | ||||||||
| Conagra Brands | ||||||||
| 7.125%, 10/01/26 | (1,000) | (1,225 | ) | |||||
| Kraft Heinz Foods | ||||||||
| 3.000%, 06/01/26 | (1,863) | (1,951 | ) | |||||
| (3,176 | ) | |||||||
| Financials – (0.5)% | ||||||||
| FS Energy and Power Fund | ||||||||
| 7.500%, 08/15/23 (a) | (1,060) | (1,107 | ) | |||||
| Health Care – (0.1)% | ||||||||
| McKesson | ||||||||
| 3.950%, 02/16/28 | (280) | (308 | ) | |||||
| Total Corporate Obligations | ||||||||
| (Proceeds $4,309) (000) | (4,591 | ) | ||||||
| Common Stock — (0.1)% | ||||||||
| Industrials – (0.1)% | ||||||||
| GFL Environmental | (6,600 | ) | (250 | ) |
| |
RiverPark Strategic Income Fund |
| December 31, 2021 (Unaudited) |
| Description | Shares | Value (000) | ||||||
| Rocket Lab USA* | (500 | ) | $ | (6 | ) | |||
| Total Common Stock | ||||||||
| (Proceeds $155) (000) | (256 | ) | ||||||
| Total Securities Sold Short, Not Yet Purchased | ||||||||
| (Proceeds $4,464) (000) | $ | (4,847 | ) | |||||
| Purchased Options — 0.2%(j) | ||||||||
| Total Purchased Options | ||||||||
| (Cost $668) (000) | $ | 472 | ||||||
| Written Options — (0.1)%(j) | ||||||||
| Total Written Options | ||||||||
| (Premiums Received $313) (000) | $ | (208 | ) |
| A list of the open forward foreign currency contracts held by the Fund at December 31, 2021, is as follows (000): |
| Counterparty | Maturity Date | Currency to Deliver | Currency to Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
| Brown Brothers Harriman | 01/05/22 | USD | 559 | NOK | 5,027 | $ | 11 | |||||||||||
| Brown Brothers Harriman | 01/05/22 | SEK | 9,948 | USD | 1,091 | (8 | ) | |||||||||||
| Brown Brothers Harriman | 01/05/22 | NOK | 21,978 | USD | 2,435 | (57 | ) | |||||||||||
| Brown Brothers Harriman | 01/05/22 | ILS | 1,609 | USD | 513 | (4 | ) | |||||||||||
| Brown Brothers Harriman | 01/05/22 | EUR | 12,662 | USD | 14,266 | (68 | ) | |||||||||||
| Brown Brothers Harriman | 01/05/22 | EUR | 707 | USD | 803 | 3 | ||||||||||||
| $ | (123 | ) | ||||||||||||||||
A list of the open option contracts held by the Fund at December 31, 2021 is as follows (000):
| Description | Number of Contracts | Notional Amount (000) | Exercise Price | Expiration Date | Value (000) | |||||||||||||
| PURCHASED OPTIONS — 0.2% | ||||||||||||||||||
| Call Options | ||||||||||||||||||
| Navitas Semiconductor* | 351 | $ | 597 | $ | 10.00 | 01/22/22 | $ | 244 | ||||||||||
| Redwire* | 213 | 144 | 5.00 | 01/22/22 | 38 | |||||||||||||
| Redwire* | 134 | 90 | 10.00 | 01/22/22 | 2 | |||||||||||||
| Rocket Lab USA* | 298 | 366 | 6.00 | 01/22/22 | 188 | |||||||||||||
| 1,197 | 472 | |||||||||||||||||
| Total Purchased Options | ||||||||||||||||||
| (Cost $668) (000) | $ | 1,197 | $ | 472 | ||||||||||||||
| WRITTEN OPTIONS — (0.1)% | ||||||||||||||||||
| Put Options | ||||||||||||||||||
| Magellan Midstream Partners* | (246 | ) | (1,508 | ) | 45.00 | 01/22/22 | (8 | ) | ||||||||||
| Call Options | ||||||||||||||||||
| iShares iBoxx $ High Yield Corporate Bond ETF* | (92 | ) | $ | (800 | ) | $ | 86.00 | 02/19/22 | $ | (11 | ) | |||||||
| iShares iBoxx $ High Yield Corporate Bond ETF* | (275 | ) | $ | (2,393 | ) | $ | 87.00 | 02/19/22 | $ | (11 | ) | |||||||
| Magellan Midstream Partners* | (123 | ) | (754 | ) | 45.00 | 01/22/22 | (19 | ) | ||||||||||
| Navitas Semiconductor* | (86 | ) | (146 | ) | 20.00 | 01/22/22 | (3 | ) | ||||||||||
| Navitas Semiconductor* | (421 | ) | (716 | ) | 15.00 | 01/22/22 | (103 | ) | ||||||||||
| Redwire* | (24 | ) | (16 | ) | 12.50 | 02/19/22 | – | |||||||||||
| Redwire* | (153 | ) | (103 | ) | 10.00 | 02/19/22 | (4 | ) | ||||||||||
| Redwire* | (153 | ) | (103 | ) | 7.50 | 01/22/22 | (7 | ) | ||||||||||
| Rocket Lab USA* | (62 | ) | (76 | ) | 12.50 | 01/22/22 | (4 | ) | ||||||||||
| Rocket Lab USA* | (99 | ) | (122 | ) | 11.00 | 01/22/22 | (15 | ) | ||||||||||
| Rocket Lab USA* | (93 | ) | (114 | ) | 10.00 | 01/22/22 | (22 | ) | ||||||||||
| (5,344 | ) | (200 | ) | |||||||||||||||
| Total Written Options | ||||||||||||||||||
| (Premiums Received $312) (000) | $ | (6,853 | ) | $ | (208 | ) | ||||||||||||
The following is a list of the inputs used as of December 31, 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 | $ | — | $ | 92,835 | $ | — | $ | 92,835 | ||||||||
| Special Purpose Acquisition Companies | 33,435 | 172 | — | 33,607 | ||||||||||||
| Commercial Paper | — | 12,606 | — | 12,606 | ||||||||||||
| Convertible Bonds | — | 10,285 | — | 10,285 | ||||||||||||
| Common Stock | 4,168 | — | 4,412 | 8,580 | ||||||||||||
| Preferred Stock | 6,152 | — | — | 6,152 | ||||||||||||
| Trade Claims | — | — | 5,200 | 5,200 | ||||||||||||
| Warrants | — | — | — | — | ||||||||||||
| Bank Loan Obligations | — | 26,533 | 10,540 | 37,073 | ||||||||||||
| Total Investments in Securities | $ | 43,755 | $ | 142,431 | $ | 20,152 | $ | 206,338 | ||||||||
| Securities Sold Short, Not Yet Purchased | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Corporate Obligations | $ | — | $ | (4,591 | ) | $ | — | $ | (4,591 | ) | ||||||
| Common Stock | (256 | ) | — | — | (256 | ) | ||||||||||
| Total Securities Sold Short, Not Yet Purchased | $ | (256 | ) | $ | (4,591 | ) | $ | — | $ | (4,847 | ) |
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Purchased Options | $ | 472 | $ | — | $ | — | $ | 472 | ||||||||
| Written Options | (208 | ) | — | — | (208 | ) | ||||||||||
| Forwards Contracts* | ||||||||||||||||
| Unrealized Appreciation | — | 14 | — | 14 | ||||||||||||
| Unrealized Depreciation | — | (137 | ) | — | (137 | ) | ||||||||||
| Total Other Financial Instruments | $ | 264 | $ | (123 | ) | $ | — | $ | 141 |
| * | Forward contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
| |
RiverPark Strategic Income Fund |
| December 31, 2021 (Unaudited) |
The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining value (000).
Common Stock | Trade Claims | Warrants | Bank Loan Obligations | Totals | ||||||||||||||||
| Beginning balance as of October 1, 2021 |
$ | 5,922 | $ | 5,200 | $ | 3 | $ | 7,732 | $ | 18,857 | ||||||||||
| Change in unrealized appreciation/ (depreciation) | 619 | — | (3 | ) | 64 | 680 | ||||||||||||||
| Realized gain/(loss) | 1,215 | — | — | — | 1,215 | |||||||||||||||
| Purchases | — | — | — | 2,744 | 2,744 | |||||||||||||||
| Sales | (3,344 | ) | — | — | — | (3,344 | ) | |||||||||||||
| Transfer into Level 3 |
— | — | — | — | — | |||||||||||||||
| Transfer out of Level 3 |
— | — | — | — | — | |||||||||||||||
| Ending balance as of December 31, 2021 |
$ | 4,412 | $ | 5,200 | $ | — | $ | 10,540 | $ | 20,152 | ||||||||||
| Change in unrealized gains/(losses) included in earnings related to securities still held at reporting date | $ | (1,021 | ) | $ | (39 | ) | $ | — | $ | (1 | ) | $ | (1,061 | ) |
The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of December 31, 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 December 31, 2021 (000) |
Valuation Technique | Unobservable Input | Range (Weighted Average) |
|
Common Stock RA Parent |
$2,510 | Multiples, Comparables and Transactions Methods | Offered Quotes EBITDA |
$45,000 — $55,000 3.3x |
|
Common Stock Superior Energy Services |
$1,902 | Transactions Method | Offered Quotes | $42 — $44.5 |
|
Trade Claims Brazos Electric Power |
$5,200 | Transactions Method | Offered Quotes | 92 — 95 |
|
Bank Loan Obligations Inotiv, Inc. |
$2,744 | Transactions Method | Offered Quotes | 98 — 99 |
|
Bank Loan Obligations JZ Capital Partners |
$6,296 | Transactions Method | Performing Loan on private assets, which are in excess of current debt | — |
|
Bank Loans Obligations Real Alloy |
$1,098 | Multiples Methods |
EBITDA Net Leverage High Coupon Callable Loan |
$110 mm 1.2x EBTIDA LIBOR + 10.00% Callable Any Time @ 100.00 |
|
Bank Loan Obligations Gemma Cert |
$ 402 | Transactions Method | Loan Agreement secured by assets Cost | 100 |
| |
RiverPark Strategic Income Fund |
| December 31, 2021 (Unaudited) |
| Assets | Fair Value At December 31, 2021 (000) |
Valuation Technique |
Unobservable Input |
Range (Weighted Average) |
|
Warrants Gemma Cert, Stroke of 7.608 Expiration, 05/19/2024 |
$ — | Transactions Method | Loan Agreement securred by assets Cost | — |
|
Warrants McDermott International Warrants Strike prices of 12.33 & 15.98, expiring 06/30/2027 |
$ — | Transactions Method | Offered Quotes |
0.01 - 0.00 on 12.33 Strike 0.01 - 0.00 on 15.98 Strike |
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 December 31, 2021, there were no transfers in or out of Level 3.
| Percentages are based on Net Assets of $223,775 (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 December 31, 2021, these securities amounted to $64,801 (000) or 29.0% of Net Assets. |
| (b) | This security or partial position of this security has been committed as collateral for open short positions and option contracts. The aggregate market value of the collateral as of December 31, 2021 was $16,082 (000). |
| (c) | Level 3 security in accordance with fair value hierarchy. |
| (d) | Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at the time purchase. |
| (e) | Security in default on interest payments. |
| (f) | Securities considered illiquid. The total value of such securities as of December 31, 2021 was $10,306 (000) and represented 4.6% of Net Assets. |
| (g) | Security considered Master Limited Partnership. At December 31, 2021, these securities amounted to $7 (000) or 0.0% 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. |
| Cl — Class |
| CV — Convertible Security |
| ETF — Exchange Traded Fund |
| EUR — Euro |
| EURIBOR— Euro London Interbank Offered Rate |
| ICE— Intercontinental Exchange |
| ILS — Israeli New Shekels |
| LIBOR— London Interbank Offered Rate |
| LLC — Limited Liability Company |
| LP — Limited Partnership |
| NIBOR — Norwegian Interbank Offered Rate |
| NOK — Norway |
| SEK — Swedish Krona |
| Ser — Series |
| STIBOR — Stockholm Interbank Offered Rate |
| USD — U.S. Dollar |
| VAR— Variable Rate |
Amounts designated as “—” are $0 or have been rounded to $0.
| Asset Type | Symbol | Description | Unfunded Commitment (000) | |||||||
| Special Purpose Acquisition Companies | APTMF | Alpha Partners Technology Merger Founder Shares | $ | 86 | ||||||
| Special Purpose Acquisition Companies | APTMF | Axon Prime Infrastructure Acquisition Founder Shares | 40 | |||||||
| Total Unfunded Commitments | $ | 126 |
The Fund expects to meet the unfunded commitments reflected in the above table as they come due.
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-001-2200
| |
RiverPark Floating Rate CMBS Fund |
| December 31, 2021 (Unaudited) |
| Description | Face
Amount (000) | Value (000) | ||||||
| Schedule of Investments | ||||||||
| Commercial Mortgage-Backed Securities — 97.5% (a) | ||||||||
| Non-Agency Mortgage-Backed Obligation – 97.5% | ||||||||
| BX Commercial Mortgage Trust, Ser 2021-MFM1, Cl G | ||||||||
| 4.010%, VAR ICE LIBOR USD 1 Month + 3.900%, 01/15/34 | $ | 250 | $ | 249 | ||||
| BX Commercial Mortgage Trust, Ser 2020-FOX, Cl E | ||||||||
| 3.710%, VAR ICE LIBOR USD 1 Month + 3.600%, 11/15/32 | 1,264 | 1,264 | ||||||
| BX Commercial Mortgage Trust, Ser 2020-VKNG, Cl G | ||||||||
| 3.360%, VAR ICE LIBOR USD 1 Month + 3.250%, 10/15/37 | 1,398 | 1,391 | ||||||
| BX Commercial Mortgage Trust, Ser 2021-MFM1, Cl F | ||||||||
| 3.110%, VAR ICE LIBOR USD 1 Month + 3.000%, 01/15/34 | 1,000 | 996 | ||||||
| BX Commercial Mortgage Trust, Ser 2021-VOLT, Cl F | ||||||||
| 2.510%, VAR ICE LIBOR USD 1 Month + 2.400%, 09/15/36 | 1,500 | 1,486 | ||||||
| BX Commercial Mortgage Trust, Ser 2021-SOAR, Cl F | ||||||||
| 2.460%, VAR ICE LIBOR USD 1 Month + 2.350%, 06/15/38 | 2,000 | 1,986 | ||||||
| BX Commercial Mortgage Trust, Ser 2019-XL, Cl G | ||||||||
| 2.410%, VAR ICE LIBOR USD 1 Month + 2.300%, 10/15/36 | 876 | 868 | ||||||
| BX Commercial Mortgage Trust, Ser 2021-MFM1, Cl E | ||||||||
| 2.360%, VAR ICE LIBOR USD 1 Month + 2.250%, 01/15/34 | 1,000 | 992 | ||||||
| BX Commercial Mortgage Trust, Ser 2021-XL2, Cl F | ||||||||
| 2.354%, VAR ICE LIBOR USD 1 Month + 2.244%, 10/15/38 | 2,000 | 1,990 | ||||||
| BX Commercial Mortgage Trust, Ser 20108-IND, Cl G | ||||||||
| 2.160%, VAR ICE LIBOR USD 1 Month + 2.050%, 11/15/35 | 1,960 | 1,955 | ||||||
| BX Commercial Mortgage Trust, Ser 2020-BXLP, Cl F | ||||||||
| 2.110%, VAR ICE LIBOR USD 1 Month + 2.000%, 12/15/36 | 1,646 | 1,633 | ||||||
| BX Commercial Mortgage Trust, Ser 2021-VINO, Cl E | ||||||||
| 2.062%, VAR ICE LIBOR USD 1 Month + 1.952%, 05/15/38 | 1,500 | 1,495 | ||||||
| BX Commercial Mortgage Trust, Ser 2018-BIOA, Cl E | ||||||||
| 2.061%, VAR ICE LIBOR USD 1 Month + 1.951%, 03/15/37 | 1,936 | 1,932 | ||||||
| BX Trust, Ser 2019-MMP, Cl C | ||||||||
| 1.560%, VAR ICE LIBOR USD 1 Month + 1.450%, 08/15/36 | 995 | 985 | ||||||
| CAMB Commercial Mortgage Trust, Ser 2019-LIFE, Cl G | ||||||||
| 3.360%, VAR ICE LIBOR USD 1 Month + 3.250%, 12/15/37 | 2,660 | 2,650 | ||||||
| Cold Storage Trust, Ser 2020-ICE5, Cl F | ||||||||
| 3.602%, VAR ICE LIBOR USD 1 Month + 3.492%, 11/15/37 | 2,949 | 2,945 | ||||||
| Credit Suisse Mortgage Capital Cartificates, Ser 2020-UNFI, Cl A | ||||||||
| 4.168%, 12/15/22 (b) | 3,000 | 3,003 | ||||||
| Credit Suisse Mortgage Capital Certificates, Ser 2019-ICE4, Cl F | ||||||||
| 2.760%, VAR ICE LIBOR USD 1 Month + 2.650%, 05/15/36 (b) | 3,780 | 3,765 | ||||||
| DBGS Mortgage Trust, Ser 20108-BIOD, Cl E | ||||||||
| 1.802%, VAR ICE LIBOR USD 1 Month + 1.700%, 05/15/35 | 1,856 | 1,851 | ||||||
| JP Morgan Chase Commercial Mortgage Securities, Ser 2021-MHC, Cl E | ||||||||
| 2.560%, VAR ICE LIBOR USD 1 Month + 2.450%, 04/15/38 | 1,300 | 1,298 | ||||||
| KKR Industrial Portfolio Trust, Ser 2021-KDIP, Cl F | ||||||||
| 2.160%, VAR ICE LIBOR USD 1 Month + 2.050%, 12/15/37 | 1,875 | 1,840 | ||||||
| MHP, Ser 2021-STOR, Cl F | ||||||||
| 2.310%, VAR ICE LIBOR USD 1 Month + 2.200%, 07/15/38 | 1,500 | 1,491 | ||||||
| Morgan Stanley Capital I Trust, Ser 2017-CLS, Cl F | ||||||||
| 2.710%, VAR ICE LIBOR USD 1 Month + 2.600%, 11/15/34 | 1,764 | 1,756 | ||||||
| MSCG Trust, Ser 2018-SELF, Cl D | ||||||||
| 1.760%, VAR ICE LIBOR USD 1 Month + 1.650%, 10/15/37 | 2,000 | 1991 |
| |
RiverPark Floating Rate CMBS Fund |
| December 31, 2021 (Unaudited) |
| Description | Face
Amount (000) | Value (000) | ||||||
Ontario Power Generation Trust, | $ | 1,000 | 984 | |||||
| Total Commercial Mortgage-Backed Securities | ||||||||
| (Cost $42,847) (000) | 42,796 | |||||||
| Total Investments — 97.5% | ||||||||
| (Cost $42,847) (000) | $ | 42,796 |
As of December 31, 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 December 31, 2021 there were no transfers in or out of Level 3.
| Percentages are based on Net Assets of $43,888 (000). | |
| (a) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." These securities have been determined to be liquid under guidelines established by the Board of Trustees. At December 31, 2021, these securities amounted to $41,811 (000) or 95.3% 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 |
| REIT — Real Estate Investment Trust |
| 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-001-2200