NPORT-EX 2 RiverPark_fp0078948_nportex.htm SCHEDULE F

  

  RiverPark Large Growth Fund
  June 30, 2022 (Unaudited)

 

Description  Shares   Value (000) 
Schedule of Investments        
Common Stock — 99.8%**
Communication Services – 22.4%    
Alphabet, Cl A *   499   $1,087 
Alphabet, Cl C *   499    1,092 
Meta Platforms, Cl A *   8,380    1,351 
Netflix *   5,291    925 
Pinterest, Cl A *   62,196    1,129 
Snap, Cl A *   83,989    1,103 
Walt Disney *   12,124    1,145 
         7,832 
Consumer Discretionary – 6.9%          
Amazon.com *   16,457    1,748 
Nike, Cl B   6,314    645 
         2,393 
Financials – 12.8%          
Blackstone, Cl A (a)   22,372    2,041 
Charles Schwab   24,244    1,532 
KKR   19,118    885 
         4,458 
Health Care – 7.9%          
Illumina *   4,125    760 
Intuitive Surgical *   6,053    1,215 
Teladoc Health *   23,930    795 
         2,770 
Industrials – 4.4%          
Uber Technologies *   75,884    1,553 
           
Information Technology – 42.8%          
Adobe *   2,749    1,006 
Adyen ADR *   38,077    556 
Apple   11,601    1,586 
Autodesk *   5,711    982 
Block, Cl A *   10,801    664 
Mastercard, Cl A   4,460    1,407 
Microsoft   7,214    1,853 
NVIDIA   6,516    988 
PayPal Holdings *   15,750    1,100 
RingCentral, Cl A *   20,603    1,076 
ServiceNow *   2,805    1,334 
Shopify, Cl A *   41,070    1,283 
Twilio, Cl A *   13,421    1,125 
         14,960 

 

Description   Shares    Value (000) 
Real Estate – 2.6%          
Zillow Group, Cl A *   28,225   $898 
           
Total Common Stock          
(Cost $30,055) (000)        34,864 
           
Total Investments — 99.8%          
(Cost $30,055) (000)       $34,864 

 

As of June 30, 2022, 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.

 

Percentagesare based on Net Assets of $34,935 (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, 2022, these securities amounted to $2,041 (000) or 5.9% of Net Assets.

 

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-001-2300

  

 

 

 

 

Wedgewood Fund
  June 30, 2022 (Unaudited)

 

Description  Shares   Value (000) 
Schedule of Investments        
Common Stock — 98.4%**
Communication Services – 14.2%    
Alphabet, Cl A *   951   $2,073 
Meta Platforms, Cl A *   12,759    2,057 
         4,130 
Consumer Discretionary – 11.4%          
Booking Holdings *   538    941 
Pool   2,011    706 
Tractor Supply   8,664    1,680 
         3,327 
Energy – 3.1%          
Texas Pacific Land   605    900 
           
Financials – 10.3%          
First Republic Bank   8,001    1,154 
Progressive   9,482    1,102 
S&P Global   2,180    735 
         2,991 
Health Care – 11.0%          
Edwards Lifesciences *   15,690    1,492 
UnitedHealth Group   3,317    1,704 
         3,196 
Industrials – 7.5%          
Copart *   11,148    1,211 
Old Dominion Freight Line   3,852    987 
         2,198 
Information Technology – 40.9%          
Apple   14,670    2,006 
CDW   10,766    1,696 
Microsoft   6,934    1,781 
Motorola Solutions   8,724    1,828 
PayPal Holdings *   18,540    1,295 
Taiwan Semiconductor Manufacturing ADR   17,754    1,451 
Visa, Cl A   9,486    1,868 
         11,925 
Total Common Stock          
(Cost $23,367) (000)        28,667 
           
Total Investments — 98.4%          
(Cost $23,367) (000)       $28,667 

 

As of June 30, 2022, 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.

 

Percentagesare based on Net Assets of $29,121 (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-001-2300

 

 

 

 

 

RiverPark Short Term High Yield Fund
  June 30, 2022 (Unaudited)

  

Description      Face Amount
(000)‡		   Value (000) 
Schedule of Investments            
Corporate Obligations — 66.7%
Communication Services – 14.5%    
CCO Holdings            
4.000%, 03/01/23 (a)        26,602   $26,447 
DISH DBS               
5.875%, 07/15/22        34,655    34,771 
Level 3 Financing               
5.375%, 05/01/25        27,166    26,200 
Linkem               
6.000%, Euribor 3 Month + 6.000%, 08/09/22 (a) (b)   EUR    31,516    33,102 
TEGNA               
4.750%, 03/15/26 (a)        16,239    15,611 
              136,131 
Consumer Discretionary – 8.7%               
Ford Motor Credit               
4.250%, 09/20/22        8,879    8,877 
3.350%, 11/01/22        8,472    8,427 
2.979%, 08/03/22        14,360    14,360 
GC EOS Buyer               
9.250%, 08/01/25 (a)        10,401    10,897 
KB Home               
7.500%, 09/15/22        33,211    33,589 
Mattel               
3.150%, 03/15/23        5,300    5,238 
              81,388 
Consumer Staples – 8.6%               
Albertsons               
3.500%, 02/15/23 (a)        25,112    24,859 
Chobani               
7.500%, 04/15/25 (a)        18,270    16,810 
Fresh Market               
9.750%, 05/01/23 (a)        39,060    39,060 
              80,729 
Energy – 8.5%               
Callon Petroleum               
6.125%, 10/01/24        45,067    45,789 
Lime Petroleum               
10.530%, NIBOR 3 Month + 9.250%, 01/09/24 (b)   NOK    15,500    1,704 
ONEOK Partners               
3.375%, 10/01/22        1,604    1,604 
Rockpoint Gas Storage Canada               
7.000%, 03/31/23 (a)        30,228    29,734 

 

Description      Face Amount
(000)‡		   Value (000) 
Suncor Energy               
3.100%, 05/15/25        610   $611 
              79,442 
Financials – 7.4%               
PBF Holding               
9.250%, 05/15/25 (a)        64,569    67,596 
StoneX Group               
8.625%, 06/15/25 (a)        1,590    1,597 
              69,193 
Health Care – 10.1%               
Surgery Center Holdings               
6.750%, 07/01/25 (a)        7,216    6,624 
Tenet Healthcare               
6.750%, 06/15/23        62,015    64,178 
Trulieve Cannabis               
9.750%, 06/18/24        23,842    23,484 
              94,286 
Industrials – 5.2%               
Altera Shuttle Tankers               
7.125%, 08/15/22        1,000    983 
Meritor               
6.250%, 06/01/25 (a)        6,871    7,055 
Nielsen Luxembourg S.A.R.L.               
5.000%, 02/01/25 (a)        11,811    11,562 
Stolt-Nielsen               
6.375%, 09/21/22        29,200    29,218 
              48,818 
Information Technology – 3.3%               
CentralNic Group               
7.000%, Euribor 3 Month + 7.000%, 07/03/23 (b)   EUR    3,650    3,837 
Sprint Communications               
6.000%, 11/15/22        27,480    27,682 
              31,519 
Materials – 0.4%               
Joseph T Ryerson & Son               
8.500%, 08/01/28 (a)        3,581    3,699 
                
Total Corporate Obligations               
(Cost $636,012) (000)             625,205 

  

 

 

 

RiverPark Short Term High Yield Fund
  June 30, 2022 (Unaudited)

 

Description      Shares   Value (000) 
Special Purpose Acquisition Companies — 14.8%
Common Stock– 14.8%    
Diversified Financials – 14.8%    
10X Capital Venture Acquisition III, Cl A *        206,666   $2,067 
Alpha Partners Technology Merger, Cl A *        12,808    124 
Alpha Partners Technology Merger Founder Shares * (c)        45,106    6 
Anzu Special Acquisition I, Cl A *        98,738    968 
Apeiron Capital Investment, Cl A *        114,252    1,140 
Atlantic Coastal Acquisition, Cl A *        179,019    1,751 
Atlantic Coastal Acquisition II, Cl A *        175,000    1,738 
Ault Disruptive Technologies *        255,000    2,555 
AxonPrime Infrastructure Acquisition Founder Shares * (c)        22,000    5 
Banyan Acquisition, Cl A *        50,000    498 
Biotech Acquisition, Cl A *        799,001    7,910 
Blockchain Moon Acquisition *        5,100    50 
C5 Acquisition, Cl A *        71,039    710 
Canna-Global Acquisition, Cl A *        58,214    582 
Cartesian Growth, Cl A *        321,503    3,160 
CC Neuberger Principal Holdings II, Cl A *        1,368,294    13,669 
CleanTech Acquisition *        151,200    1,523 
Crown PropTech Acquisitions, Cl A *        822,131    8,098 
Direct Selling Acquisition, Cl A *        300,443    3,010 
Energem *        47,546    476 
Founder SPAC, Cl A *        400,000    4,024 
FoxWayne Enterprises Acquisition *        22,477    228 
G Squared Ascend I, Cl A *        110,000    1,079 
G&P Acquisition, Cl A *        58,519    582 
Global SPAC Partners *        250,000    2,552 
Golden Path Acquisition *        160,202    1,620 
GP Bullhound Acquisition I, Cl A *   EUR    274,873    2,843 
Hambro Perks Acquisition, Cl A *   GBP    619,686    7,543 

 

Description  Shares   Value (000) 
HCM ACQUISITION CORP, Cl A *   255,000   $2,560 
Health Sciences Acquisitions 2 *   100,000    996 
Highland Transcend Partners I, Cl A *   451,954    4,456 
IG Acquisition, Cl A *   52,500    520 
InFinT Acquisition, Cl A *   200,000    2,006 
Innovative International Acquisition, Cl A *   142,500    1,432 
Investcorp Europe Acquisition I, Cl A *   340,000    3,407 
Kairous Acquisition ltd *   100,000    997 
Larkspur Health Acquisition, Cl A *   700,000    6,951 
Liberty Resources Acquisition, Cl A *   50,000    501 
LMF Acquisition Opportunities, Cl A *   4,509    46 
M3-Brigade Acquisition II, Cl A *   143,007    1,403 
M3-Brigade Acquisition III, Cl A *   358,543    3,575 
Mercato Partners Acquisition, Cl A *   400,000    3,984 
Model Performance Acquisition, Cl A *   16,508    168 
Mountain Crest Acquisition V *   47,909    472 
Onyx Acquisition I, Cl A *   70,000    701 
Papaya Growth Opportunity I, Cl A *   175,000    1,748 
Pershing Square Tontine Holdings, Cl A *   125,000    2,496 
Pioneer Merger, Cl A *   50,000    492 
Relativity Acquisition, Cl A *   339,941    3,423 
Riverview Acquisition, Cl A *   400,000    3,980 
RMG Acquisition III, Cl A *   100,000    984 
Semper Paratus Acquisition, Cl A *   175,000    1,752 
Silver Crest Acquisition, Cl A *   76,200    751 
Sizzle Acquisition *   75,000    752 
Spree Acquisition 1 *   702,000    7,006 
Tailwind Acquisition, Cl A *   299,640    2,981 
Talon 1 Acquisition, Cl A *   57,529    579 
Vision Sensing Acquisition, Cl A *   487,960    4,884 

 

 

 

 

RiverPark Short Term High Yield Fund
  June 30, 2022 (Unaudited)

 

Description      Shares/
Number of Warrants		   Value (000) 
Western Acquisition Ventures *        157,143   $1,567 
              138,081 
Rights– 0.0%               
Diversified Financials – 0.0%               
AIC Acquisition        350,000    33 
Broad Capital Acquisition        350,000    37 
Kairous Acquisition ltd *        89,501    11 
Mountain Crest Acquisition V *        47,909    6 
              87 
Warrants– 0.0%               
Diversified Financials – 0.0%               
10X Capital Venture Acquisition III               
11.500%, 01/03/28 *        103,333    10 
Alpha Partners Technology Merger               
11.500%, 04/03/28 *        183,211    25 
Apeiron Capital Investment               
11.500%, 06/27/23 *        57,176    5 
APX Acquisition I               
11.500%, 08/22/28 *        48,181    4 
Atlantic Coastal Acquisition II               
11.500%, 06/05/28 *        87,500    8 
Ault Disruptive Technologies               
11.500%, 06/23/28 *        191,250    12 
Banyan Acquisition               
11.500%, 10/03/28 *        25,000    3 
Canna-Global Acquisition               
11.500%, 02/12/28 *        58,214    5 
Energem, Cl A               
11.500%, 03/13/23 *        46,351    4 
GP Bullhound Acquisition I               
11.500%, 03/14/27 *   EUR    137,504    43 
Hambro Perks Acquisition               
11.500%, 01/07/26 *   GBP    309,843    40 
HCM ACQUISITION CORP, Cl A               
11.500%, 01/03/28 *        127,500    12 
InFinT Acquisition               
11.500%, 05/22/27 *        99,985    6 
Innovative International Acquisition               
11.500%, 04/06/23 *        71,245    7 
Kairous Acquisition ltd               
11.500%, 09/18/26 *        50,000    4 
Relativity Acquisition               
11.500%, 02/14/27 *        339,941    28 

 

Description  Number of Warrants/
Face Amount (000)‡/ Shares		   Value (000) 
Sizzle Acquisition          
11.500%, 03/15/26 *   37,500   $4 
Western Acquisition Ventures          
11.500%, 01/15/27 *   78,550    9 
         229 
Total Special Purpose Acquisition Companies          
(Cost $138,593) (000)        138,397 
           
Commercial Paper — 11.7%          
Consumer Discretionary – 1.6%          
General Motors          
1.704%, 07/18/22 (d)   15,000    14,984 
         — 
Consumer Staples – 5.7%          
Campbell Soup          
2.512%, 09/07/22 (d)   20,000    19,912 
Constellation Brands          
2.302%, 07/07/22 (d)   15,387    15,381 
Dollarama          
1.452%, 07/11/22 (d)   18,000    17,990 
         53,283 
Health Care – 1.5%          
Viatris          
3.007%, 07/22/22 (d)   13,889    13,871 
         — 
Industrials – 0.9%          
Fortune Brands Home          
2.707%, 08/01/22 (d)   9,000    8,985 
         — 
Real Estate – 2.0%          
Crown Castle International          
2.504%, 07/19/22 (d)   19,000    18,978 
         — 
Total Commercial Paper          
(Cost $110,087) (000)        110,101 
           
Trade Claims — 2.5%          
Energy – 2.5%          
Brazos Electric Power * (c)   25,659    23,093 
           
Total Trade Claims          
(Cost $23,287) (000)        23,093 

 

 

 

 

RiverPark Short Term High Yield Fund
  June 30, 2022 (Unaudited)

 

Description  Shares/
Face Amount (000)‡		   Value (000) 
Preferred Stock — 0.6%
Real Estate – 0.6%    
UMH Properties        
6.750%   223,255   $5,615 
           
Total Preferred Stock          
(Cost $5,627) (000)        5,615 
           
Bank Loan Obligations — 6.0%
Health Care – 4.1%          
Mallinckrodt International, 1st Lien          
0.000%, 07/28/22 (e)   38,853    38,853 
           
Information Technology – 0.5%          
MoneyGram Payment, 1st Lien          
6.000%, 07/14/26   5,265    5,081 
           
Materials – 1.4%          
Barrette Outdoor, Term Loan          
5.416%, 11/02/27   12,967    12,701 
           
Total Bank Loan Obligations          
(Cost $56,293) (000)        56,635 
           
Total Investments — 102.3%          
(Cost $969,899) (000)       $959,046 

  

A list of the open forward foreign currency contracts held by the Fund at June 30, 2022, is as follows (000): 

 

Counterparty  Maturity Date  Currency to Deliver  Currency to Receive  Unrealized
Appreciation		 
Brown Brothers Harriman  07/06/22  EUR   38,264   USD   40,941   $836 
Brown Brothers Harriman  07/06/22  GBP   6,197   USD   7,795    252 
                      $1,088 

  

The following is a list of the inputs used as of June 30, 2022 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  $—   $625,205   $—   $625,205 
Special Purpose Acquisition Companies   138,151    235    11    138,397 
Commercial Paper   —    110,101    —    110,101 
Trade Claims   —    —    23,093    23,093 
Preferred Stock   5,615    —    —    5,615 
Bank Loan Obligations   —    56,635    —    56,635 
                     
Total Investments in Securities  $143,766   $792,176   $23,104   $959,046 

  

Other Financial Instruments  Level 1   Level 2   Level 3   Total 
Forwards Contracts*                    
Unrealized Appreciation  $—   $1,088   $—   $1,088 
Total Other Financial Instruments  $—   $1,088   $—   $1,088 

 

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

 

 

 

 

RiverPark Short Term High Yield Fund
  June 30, 2022 (Unaudited)

 

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining value (000):

 

   Special Purpose Acquisition Companies   Trade
Claims		   Totals 
Beginning balance as of October 1, 2021  $—   $23,093   $23,093 
Change in unrealized appreciation/ (depreciation)   11    (33)   (22)
Realized gain/(loss)   —    —    — 
Purchases (and Short Sales, if applicable)   —    —    — 
Other capitalized items   —    33    33 
Sales Proceeds (and Buy to Covers, if applicable)   —    —    — 
Transfer into Level 3   —    —    — 
Transfer out of Level 3   —    —    — 
Ending balance as of June 30, 2022  $11   $23,093   $23,104 
Net change in Unrealized appreciation/ (depreciation) included in the Statements of Operations attributable to Level 3 investments held at June 30, 2022  $11   $(33)  $(22)

 

Percentages are based on Net Assets of $937,428 (000).

‡In U.S. Dollar unless otherwise indicated.
*Non-income producing security.
#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, 2022, these securities amounted to $294,652 (000) or 31.4% of Net Assets.
(b)Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates for certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.
(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)Unsettled bank loan. Interest rate may not be available.

 

Cl — Class

EUR — Euro

EURIBOR — Euro London Interbank Offered Rate

GBP — Great British Pound

Ltd. — Limited

NIBOR — Norwegian Interbank Offered Rate

NOK — Norwegian Krone

USD — United States Dollar

 

 

 

 

RiverPark Short Term High Yield Fund
  June 30, 2022 (Unaudited)

 

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of June 30, 2022. 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, 2022
(000)

Valuation

Technique

 Unobservable Input Value/Rate (Weighted
Average)
Special Purpose Acquisition Companies        

Alpha Partners Technology

Merger Founder Shares

 $6 Market Approach Implied pricing using the underlying warrants $0.1338
Special Purpose Acquisition Companies        

AxonPrime Infrastructure

Acquisition Founder Shares

 $5 Market Approach Implied pricing using the underlying warrants $0.23
Trade Claims        
Brazos Electric Power $23,093 Market Approach Broker Quotes

Admin Claims 92 - 95;

Unsecured Claims 82

 

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-001-2300

 

 

 

 

  RiverPark Long/Short Opportunity Fund
  June 30, 2022 (Unaudited)

 

Description  Shares   Value (000) 
Schedule of Investments        
Common Stock — 91.3%**
Communication Services – 22.2%    
Alphabet, Cl A *   1,963   $4,278 
Alphabet, Cl C *   1,959    4,285 
Meta Platforms, Cl A *(a)   15,087    2,433 
Netflix *(a)   19,026    3,327 
Pinterest, Cl A *   252,445    4,584 
Snap, Cl A *(a)   396,095    5,201 
Walt Disney *   49,033    4,629 
         28,737 
Consumer Discretionary – 8.4%          
Amazon.com *   74,003    7,860 
Nike, Cl B   29,670    3,032 
         10,892 
Financials – 9.3%          
Blackstone, Cl A (b) (c)   89,784    8,191 
KKR   83,871    3,882 
         12,073 
Health Care – 8.9%          
Illumina *   15,809    2,915 
Intuitive Surgical *   28,245    5,669 
Teladoc Health *   89,644    2,977 
         11,561 
Industrials – 5.5%          
Uber Technologies *   348,104    7,122 
           
Information Technology – 35.5%          
Adobe *   12,698    4,648 
Adyen ADR   139,354    2,036 
Apple   46,203    6,317 
Autodesk *(a)   18,731    3,221 
Block, Cl A *(a)   8,706    535 
Mastercard, Cl A (a)   12,908    4,072 
Microsoft   30,393    7,806 
NVIDIA (a)   8,692    1,318 
PayPal Holdings *   62,007    4,330 
RingCentral, Cl A *(a)   3,603    188 
ServiceNow *   12,350    5,873 
Shopify, Cl A * (a)   112,600    3,518 
Twilio, Cl A *(a)   26,205    2,196 
         46,058 

 

Description   Shares    Value (000) 
Real Estate – 1.5%          
Zillow Group, Cl A *(a)   59,211   $1,884 
           
Total Common Stock          
(Cost $123,253) (000)        118,327 
           
Total Investments — 91.3%          
(Cost $123,253) (000)       $118,327 

 

 

 

 

  RiverPark Long/Short Opportunity Fund
  June 30, 2022 (Unaudited)

 

A list of open swap agreements held by the Fund at June 30, 2022 was as follows:

 

Long Exposure

                          Net 
                          Unrealized 
                  Notional       Appreciation/ 
          Payment   Maturity   Amount   Value   (Depreciation) 
Company Reference  Counterparty  Fund Pays   Frequency1   Date   (000)   (000)   (000)† 
Autodesk  Goldman Sachs International   USD-SOFR + 0.61%    Maturity    12/29/2022   $2,213   $1,487   $(726)
Block, Class A  Goldman Sachs International   USD-SOFR + 0.61%    Maturity    04/12/2023    3,016    1,891    (1,125)
Charles Schwab  Goldman Sachs International   USD-SOFR + 0.61%    Maturity    03/30/2023    11,136    8,491    (2,645)
MasterCard, Class A  Goldman Sachs International   USD-SOFR + 0.61%    Maturity    06/07/2023    2,649    2,361    (288)
Meta Platforms, Class A  Goldman Sachs International   USD-SOFR + 0.61%    Maturity    09/28/2022    4,191    3,242    (949)
Netflix  Goldman Sachs International   USD-SOFR + 0.61%    Maturity    03/28/2023    645    309    (336)
NVIDIA  Goldman Sachs International   USD-SOFR + 0.61%    Maturity    03/28/2023    3,967    2,677    (1,290)
Ringcentral, Class A  Goldman Sachs International   USD-SOFR + 0.61%    Maturity    01/19/2023    18,551    5,131    (13,420)
Shopify, Class A  Goldman Sachs International   USD-SOFR + 0.61%    Maturity    06/22/2023    1,609    1,283    (326)
Snap, Class A  Goldman Sachs International   USD-SOFR + 0.61%    Maturity    11/30/2022    123    36    (87)
Twilio, Class A  Goldman Sachs International   USD-SOFR + 0.61%    Maturity    03/15/2023    6,240    2,722    (3,518)
Zillow Group, Class A  Goldman Sachs International   USD-SOFR + 0.61%    Maturity    05/22/2023    2,701    1,925    (776)
                     $57,041   $31,555   $(25,486)

 

Short Exposure

 

                               
Company Reference  Counterparty  Fund Receives   Fund Pays   Payment Frequency1   Maturity Date  Notional Amount (000)   Value (000)   Net Unrealized Appreciation/ (Depreciation) (000)† 
3M Company  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   03/27/2023  $(1,168)  $(1,043)  $125 
American Airlines Group  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   07/19/2023   (676)   (691)   (15)
C.H. Robinson Worldwide  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   03/29/2023   (1,270)   (1,342)   (72)
Campbell Soup Co  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   04/19/2023   (611)   (667)   (56)
Carvana Co., Class A  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   07/26/2023   (1,339)   (996)   343 
Charter Communications  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   07/12/2023   (743)   (732)   11 
Church & Dwight Co.  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   09/28/2022   (624)   (673)   (49)
Clorox Co.  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   03/27/2023   (699)   (673)   26 
Coinbase Global, Class A  Goldman Sachs International   USD-SOFR    -6.50%   Maturity   06/28/2023   (887)   (627)   260 
Comcast, Class A Voting  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   01/11/2023   (1,670)   (1,370)   300 

 

 

 

 

  RiverPark Long/Short Opportunity Fund
  June 30, 2022 (Unaudited)

 

Company Reference  Counterparty  Fund Receives   Fund Pays   Payment
Frequency1		   Maturity
Date		  Notional
Amount
(000)		   Value
(000)		   Net Unrealized
Appreciation/
(Depreciation) (000)†		 
Conagra Brands  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   02/07/2023  $(650)  $(676)  $(26)
Delta Air Lines  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   07/19/2023   (677)   (651)   26 
DraftKings  Goldman Sachs International   USD-SOFR    -0.757%   Maturity   06/22/2023   (1,097)   (949)   148 
Expeditors International Of Washington  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   03/29/2023   (1,430)   (1,343)   87 
Flex Ltd.  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   04/12/2023   (1,704)   (1,609)   95 
Fox  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   04/19/2023   (912)   (722)   190 
General Mills  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   12/29/2022   (635)   (745)   (110)
Graco  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   03/27/2023   (1,279)   (1,074)   205 
HEICO  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   06/07/2023   (986)   (925)   61 
Illinois Tool Works  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   03/27/2023   (1,583)   (1,364)   219 
Industrial Select Sector SPDR  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   06/22/2023   (5,974)   (5,605)   369 
Iron Mountain, Inc.  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   06/21/2023   (1,116)   (1,038)   78 
iShares Russell 2000 ETF  Goldman Sachs International   USD-SOFR    -0.97%   Maturity   06/08/2023   (3,017)   (2,777)   240 
J. M. Smucker Company  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   04/05/2023   (673)   (666)   7 
Kellogg Company  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   12/29/2022   (609)   (676)   (67)
Kimberly-Clark  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   06/22/2023   (631)   (677)   (46)
Liberty Global PLC, Class A  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   03/22/2023   (1,700)   (1,328)   372 
Linde PLC  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   03/27/2023   (1,374)   (1,330)   44 
MGM Resorts International  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   06/22/2023   (1,202)   (1,055)   147 
Mondelez International  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   01/12/2023   (671)   (682)   (11)
Paramount Global, Class B  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   06/22/2023   (890)   (681)   209 
Roblox, Class A  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   07/31/2023   (1,020)   (975)   45 
Snap-On  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   06/22/2023   (1,231)   (1,128)   103 
SPDR Dow Jones Industrial Average ETF Trust  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   06/14/2023   (5,893)   (5,721)   172 
SPDR S&P 500 ETF Trust  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   06/08/2023   (3,047)   (2,809)   238 
SPDR S&P Homebuilders ETF  Goldman Sachs International   USD-SOFR    -1.16%   Maturity   07/17/2023   (1,416)   (1,393)   23 
SPDR S&P Retail ETF  Goldman Sachs International   USD-SOFR    -3.357%   Maturity   07/17/2023   (2,736)   (2,658)   78 
Stericycle  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   08/23/2022   (2,058)   (1,320)   738 
The Kraft Heinz Co  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   08/02/2022   (705)   (694)   11 
Trade Desk  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   06/28/2023   (1,299)   (1,210)   89 

 

 

 

 

  RiverPark Long/Short Opportunity Fund
  June 30, 2022 (Unaudited)

 

Company Reference  Counterparty  Fund Receives   Fund Pays   Payment
Frequency1		   Maturity
Date		  Notional
Amount
(000)		   Value
(000)		   Net Unrealized
Appreciation/
(Depreciation)
(000)†		 
United Airlines Holdings  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   07/19/2023  $(679)  $(677)  $2 
Unity Software  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   06/28/2023   (1,378)   (1,288)   90 
Wynn Resorts, Ltd  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   06/22/2023   (1,201)   (1,087)   114 
Zoominfo Technologies  Goldman Sachs International   USD-SOFR    -0.50%   Maturity   06/22/2023   (912)   (748)   164 
                                     
                        $(62,072)  $(57,095)  $4,977 

 

1The payment frequency is the maturity date of each swap contract or the settlement date of a closing transaction, whichever comes first.
†Inclusive of accrued dividends and interest related to Total Return Swaps.

 

The following is a list of the inputs used as of June 30, 2022 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  $118,327   $—   $—   $118,327 
                     
Total Investments in Securities  $118,327   $—   $—   $118,327 

 

d 

 

Other Financial Instruments  Level 1   Level 2   Level 3   Total 
Equity Swaps‡                    
Unrealized Appreciation  $—   $5,429   $—   $5,429 
Unrealized Depreciation   —    (25,938)   —    (25,938)
Total Other Financial Instruments  $—   $(20,509)  $—   $(20,509)

 

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

 

Percentagesare based on Net Assets of $129,635 (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 June 30, 2022 was $8,191(000).
(c)Security considered Master Limited Partnership. At June 30, 2022, these securities amounted to $8,191 (000) or 6.3% of Net Assets.

  

Cl — Class

ETF — Exchange Traded Fund

Ltd. — Limited

PLC — Public Limited Company

SOFR — Secured Overnight Financing Rate

S &P — Standard & Poor's

SPDR — Standard & Poor's Depository Receipt

USD — United States Dollar

 

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-001-2300

 

 

 

 

  RiverPark Strategic Income Fund
  June 30, 2022 (Unaudited)

 

Description      Face Amount
(000)‡		   Value (000) 
Schedule of Investments            
Corporate Obligations — 53.0%    
Communication Services – 8.1%               
Connect Finco SARL               
6.750%, 10/01/26 (a)        2,123   $1,905 
DISH DBS               
5.875%, 07/15/22        5,862    5,881 
Getty Images               
9.750%, 03/01/27 (a)        2,568    2,443 
Linkem               
6.000%, Euribor 3 Month + 6.000%, 08/09/22 (a) (b)   EUR    4,657    4,891 
              15,120 
Consumer Discretionary – 5.3%               
99 Escrow Issuer               
7.500%, 01/15/26 (a)        4,193    3,009 
Anagram International               
15.000%cash/0% PIK, 08/15/25 (a)        1,649    1,730 
Georg Jensen               
6.000%, Euribor 3 Month + 6.000%, 05/15/23 (b)   EUR    1,000    1,009 
Hercules Achievement               
10.250%, ICE LIBOR USD 3 Month + 8.000%, 12/22/24 (a) (b)        554    537 
Jacktel               
10.000%, 12/04/23 (a)        781    586 
10.000%, 12/04/23        514    517 
Lifefit Group Midco GmbH               
7.500%, Euribor 3 Month + 7.500%, 07/26/23 (b)   EUR    1,160    1,219 
MHH Holding BV               
8.402%, ICE LIBOR USD 3 Month + 7.000%, 02/10/25 (b)        1,292    1,292 
              9,899 
Consumer Staples – 1.8%               
Chobani               
7.500%, 04/15/25 (a) (c)        2,591    2,384 
Fresh Market               
9.750%, 05/01/23 (a) (c)        913    913 
              3,297 

 

Description      Face Amount
(000)‡		   Value (000) 
Energy – 11.5%    
Golar LNG               
7.000%, 10/20/25 (a)        4,817   $4,480 
Greenfire Resources               
12.000%, 08/15/25 (a)        1,615    1,723 
International Petroleum               
7.250%, 02/01/27 (a)        3,132    3,007 
Martin Midstream Partners               
11.500%, 02/28/25 (a)        1,838    1,817 
10.000%, 02/29/24 (a)        3,457    3,475 
Mime Petroleum               
10.250%, 11/10/26        550    525 
Rockpoint Gas Storage Canada               
7.000%, 03/31/23 (a) (c)        6,552    6,445 
              21,472 
Financials – 6.8%               
Aker Horizons               
4.550%, NIBOR 3 Month + 3.250%, 08/15/25 (b)   NOK    8,500    770 
LR Global Holding GmbH               
7.250%, Euribor 3 Month + 7.250%, 02/03/25 (b)   EUR    2,129    2,158 
PBF Holding               
9.250%, 05/15/25 (a)        5,768    6,038 
StoneX Group               
8.625%, 06/15/25 (a) (c)        3,653    3,669 
              12,635 
Health Care – 3.9%               
Columbia Care               
9.500%, 02/03/26        5,000    5,007 
Tenet Healthcare               
6.750%, 06/15/23        2,173    2,249 
              7,256 
Industrials – 10.6%               
Altera Shuttle Tankers               
9.500%, 12/15/25        3,600    2,988 
FXI Holdings               
12.250%, 11/15/26 (a)        1,851    1,651 
Hawaiian Airlines Pass-Through Certificates, Ser 2013-1, Cl A               
3.900%, 01/15/26        4,436    3,884 
IEA Energy Services               
6.625%, 08/15/29 (a)        4,912    4,022 
Innovate               
8.500%, 02/01/26 (a) (c)        5,773    4,935 

 

 

 

 

  RiverPark Strategic Income Fund
  June 30, 2022 (Unaudited)

 

Description      Face Amount
(000)‡		   Value (000) 
Nielsen Finance               
5.625%, 10/01/28 (a)        1,096   $1,021 
Nielsen Luxembourg S.A.R.L.               
5.000%, 02/01/25 (a)        446    437 
StorCentric Peleus Insurance Co               
5.875%, 02/19/23 (a) (d)        844    837 
              19,775 
Information Technology – 0.9%               
Azerion Holding BV               
7.250%, 04/28/24   EUR    500    521 
Duett Software Group               
6.260%, NIBOR 3 Month + 5.000%, 04/12/26 (b)   NOK    4,589    447 
LINK Mobility Group Holding               
3.375%, 12/15/25   EUR    800    662 
              1,630 
Materials – 4.1%               
Copper Mountain Mining               
8.000%, 04/09/26 (a)        3,902    3,687 
Impala BondCo               
9.072%, STIBOR SEK 3-Month + 9.000%, 10/20/24 (b)   SEK    7,500    724 
Tacora Resources               
8.250%, 05/15/26 (a)        3,790    3,276 
              7,687 
Total Corporate Obligations               
(Cost $106,188) (000)             98,771 
                
Convertible Bonds — 6.8%               
Communication Services – 4.9%               
BuzzFeed               
8.500%, 12/03/26 (a)        5,400    4,968 
Leafly Holdings               
8.000%, 01/31/25 (e)        4,163    4,163 
              9,131 
Health Care – 1.9%               
UpHealth               
6.250%, 06/15/26 (a)        4,592    3,513 
                
Total Convertible Bonds               
(Cost $14,120) (000)             12,644 

 

Description      Face Amount
(000)‡/
Shares/
Number of
Warrants		   Value (000) 
Special Purpose Acquisition Companies — 5.0%    
Common Stock– 5.0%               
Diversified Financials – 5.0%               
Alpha Partners Technology Merger Founder Shares (e) *        8,594   $1 
AxonPrime Infrastructure Acquisition Founder Shares (e)*        4,000    1 
Berenson Acquisition Founder Shares (e)*        12,570    2 
BGP Acquisition, Cl A *        100,793    981 
Biote (Haymaker) Founder Shares (e)        187,945    531 
Carney Technology Acquisition II, Cl A *        200,449    1,978 
DHB Capital, Cl A *        5,295    52 
Financials Acquisition, Cl A *   GBP    64,486    781 
G&P Acquisition, Cl A *        14,087    140 
Iconic Sports Acquisition, Cl A *        91,450    915 
Isleworth Healthcare Acquisition *        30,282    302 
LMF Acquisition Opportunities, Cl A *        8,731    89 
Mason Industrial Technology, Cl A *        277,191    2,711 
Parabellum Acquisition Founder Shares (e)*        19,671    3 
Revelstone Capital Acquisition Founder Shares (e)*        5,925    1 
Tekkorp Digital Acquisition, Cl A *        70,000    694 
Trine II Acquisition, Cl A *        15,733    156 
              9,338 
Warrant– 0.0%               
Diversified Financials – 0.0%               
Alpha Partners Technology Merger               
11.500%, 04/03/28 *        14,386    2 
Berenson Acquisition I               
11.500%, 08/04/26 *        49,911    7 
DHB Capital, Cl A               
11.500%, 03/18/28 *        1,765    — 

 

 

 

 

  RiverPark Strategic Income Fund
  June 30, 2022 (Unaudited)

 

Description      Shares/
Number of
Warrants/
Face Amount
(000)‡		   Value (000) 
Financials Acquisition               
04/07/27 * #   GBP    33,086   $5 
Heartland Media Acquisition               
10/24/27 * #        23,238    3 
KnightSwan Acquisition               
07/24/28 * #        16,647    3 
OmniLit Acquisition, Cl A               
11.500%, 11/11/26 *        3,804    — 
Target Global Acquisition I               
11.500%, 01/03/28 *        9,006    1 
              21 
                
Total Special Purpose Acquisition Companies               
(Cost $8,751) (000)             9,359 
                
Commercial Paper — 4.2%               
Crown Castle               
2.054%, 07/11/22 (f)        4,283    4,281 
General Motors               
1.906%, 08/05/22 (f)        3,569    3,561 
              7,842 
Total Commercial Paper               
(Cost $7,843) (000)             7,842 
                
Trade Claims — 2.8%               
Energy – 2.8%               
Brazos Electric Power * (e)        5,778    5,200 
                
Total Trade Claims               
(Cost $5,244) (000)             5,200 
                
Common Stock — 2.7%               
Communication Services – 0.1%               
KORE Group Holdings *        32,156    99 
Leafly Holdings *        5,204    23 
Verizon Communications        23    1 
              123 
Energy – 0.1%               
QuarterNorth Energy        1,821    228 

  

Description  Shares   Value (000) 
Health Care – 0.4%          
Biote *   124,992   $471 
Intercure *   58,743    340 
         811 
Industrials – 0.8%          
3M   10,235    1,324 
Monitronics International *   208,000   104 
         1,428 
Information Technology – 0.0%          
Diebold Nixdorf *   8,900    20 
MarketWise *   1,779    7 
         27 
Materials – 1.1%          
RA Parent * (e)   33    2,131 
           
Real Estate – 0.2%          
Alpine Income Property Trust   15,492    278 
           
Total Common Stock          
(Cost $5,995) (000)        5,026 
           
Preferred Stock — 2.4%          
Consumer Discretionary – 1.4%          
Fossil Group          
7.000%   140,113    2,642 
Garrett Motion          
11.000%   11,292    93 
         2,735 
Financials – 1.0%          
Argo Blockchain          
8.750%   70,802    1,215 
Saratoga Investment          
6.000%   25,091    607 
         1,822 
Total Preferred Stock          
(Cost $5,946) (000)        4,557 
           
Exchange-Traded Fund — 0.3%          
SPDR S&P 500 ETF Trust   1,633    616 
Total Exchange-Traded Fund          
(Cost $659) (000)        616 

 

 

 

 

  RiverPark Strategic Income Fund
  June 30, 2022 (Unaudited)

 

Description  Number of
Warrants/
Face Amount
(000)‡		   Value (000) 
Warrants — 0.0%    
Communication Services – 0.0%          
Leafly Holdings *          
Expires 11/10/2026, Strike Price 11.50  41,630   $28 
           
Energy – 0.0%          
Mcdermott International *          
Expires 6/30/2027, Strike Price 12.33   258,269    3 
Mcdermott International *          
Expires 6/30/2027, Strike Price 15.98   286,965    3 
           
Health Care – 0.0%          
GemmaCert (e)          
Expires 5/19/2024 #   21,135    — 
           
Total Warrants          
(Cost $153) (000)        34 
           
Bank Loan Obligations — 14.1%          
Consumer Discretionary – 5.6%          
First Brands Group, LLC, Initial Term Loan, 2nd Lien          
9.739%, LIBOR + 8.500%, 03/30/28 (b)   3,393    3,270 
Monitronics International, Inc., Loan, 1st Lien          
8.750%, LIBOR + 0.065%, 03/29/24 (b)   1,837    1,188 
Mountaineer Merger Corporation, Initial Term Loan, 1st Lien          
8.335%, 10/26/28 (b)   3,884    3,418 
Rising Tide, Term Loan, Inital Term Loan, 2nd Lien          
9.916%, LIBOR + 8.250%, 06/01/29 (b)   2,786    2,563 
         10,439 
Energy – 0.3%          
Quaternorth Energy Hold, Term Loan, 2nd Lien          
9.666%, 08/27/26   611    611 

 

Description  Face Amount (000)‡   Value (000) 
Financials – 0.0%    
Lealand Finance Company B.V., Take-Back Term Loan          
2.666%, LIBOR + 4.000%, 06/30/25 (b) (h)   6   $3 
           
Health Care – 7.1%          
GemmaCert, Term Loan          
9.000%, 05/19/24 (e)   439    439 
Inotiv Inc., Delayed Draw, Term Loan, 1st Lien          
7.489%, 11/05/26 (h)   1,747    1,694 
Inotiv Inc., Term Loan, 1st Lien          
7.825%, 11/05/26 (b)   3,025    2,935 
Mallinckrodt International, 1st Lien          
0.000%, 07/28/22 (h)   8,106    8,106 
         13,174 
Materials – 1.1%          
Elevate Textiles, Inc., Initial Term Loan, 1st Lien          
5.967%, 05/01/24 (b)   1,118    900 
Real Alloy Holding, Term Loan, 1st Lien          
12.250%, LIBOR + 0.000%, 12/31/49 (b) (e)   1,098    1,098 
         1,998 
Total Bank Loan Obligations          
(Cost $27,040) (000)        26,225 
           
Total Investments — 91.3%          
(Cost $181,939) (000)       $170,274 
           
Schedule of Securities Sold Short, Not Yet Purchased          
Corporate Obligations — (2.0)%          
Consumer Staples – (0.6)%          
Conagra Brands          
7.125%, 10/01/26   (​1,000)    (1,100)
           
Financials – (0.6)%          
FS Energy and Power Fund          
7.500%, 08/15/23 (a)   (​1,060)    (1,064)
           
Health Care – (0.1)%          
McKesson          
3.950%, 02/16/28   (​280)    (273)

 

 

 

 

  RiverPark Strategic Income Fund
  June 30, 2022 (Unaudited)

 

Description  Face Amount
(000)‡		  Value (000) 
Industrials – (0.7)%    
Covanta Holding        
4.875%, 12/01/29 (a)  ($1,486)  $(1,212)
         
Total Corporate Obligations        
(Proceeds $3,973) (000)      (3,649)
         
         
Total Securities Sold Short, Not Yet Purchased        
(Proceeds $3,973) (000)     $(3,649)
Purchased Options — 0.0%        
(Cost $16) (000)     $37 
Written Options — (0.2)%        
Total Written Options        
(Premiums Received $398) (000)     $(441)

  

A list of the open forward foreign currency contracts held by the Fund at June 30, 2022, is as follows (000):

 

Counterparty  Maturity Date  Currency to Deliver  Currency to Receive  Unrealized
Appreciation
(Depreciation)		 
Brown Brothers Harriman  07/06/22  USD   457   ILS   1,567   $(8)
Brown Brothers Harriman  07/06/22  EUR   583   USD   611    — 
Brown Brothers Harriman  07/06/22  USD   376   NOK   3,766    7 
Brown Brothers Harriman  07/06/22  NOK   16,543   USD   1,746    67 
Brown Brothers Harriman  07/06/22  GBP   653   USD   821    26 
Brown Brothers Harriman  07/06/22  EUR   9,567   USD   10,243    216 
Brown Brothers Harriman  07/06/22  SEK   7,534   USD   769    32 
Brown Brothers Harriman  07/06/22  ILS   1,567   USD   468    19 
                      $359 

 

A list of the open option contracts held by the Fund at June 30, 2022 is as follows (000):

 

Description  Number of
Contracts		   Notional
Amount
(000)		   Exercise Price   Expiration Date  Value
(000)		 
PURCHASED OPTIONS — 0.0%                       
Put Options                       
Diebold Nixdorf*   531   $121   $2.50   11/19/22  $37 
Total Purchased Option                       
(Cost $16) (000)       $121           $37 
WRITTEN OPTIONS — (0.2)%                       
Put Options                       
iShares iBoxx $ High Yield Corporate Bond ETF*   (653)  $(4,807)  $75.00   08/20/22  $(189)
iShares iBoxx $ High Yield Corporate Bond ETF*   (379)   (2,790)   78.00   09/17/22   (218)
         (7,597)           (407)
Call Options                       
Diebold Nixdorf*   (354)   (80)   5.00   11/19/22   (5)
iShares iBoxx $ High Yield Corporate Bond ETF*   (372)   (2,738)   76.00   07/16/22   (4)
iShares iBoxx $ High Yield Corporate Bond ETF*   (379)   (2,790)   78.00   09/17/22   (9)
iShares iBoxx $ High Yield Corporate Bond ETF*   (327)   (2,407)   76.00   08/20/22   (15)
         (8,016)           (34)
Total Written Options                       
(Premiums Received $398) (000)       $(15,612)          $(441)

 

The following is a list of the inputs used as of June 30, 2022 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  $—   $98,771   $—   $98,771 
Convertible Bonds   —    8,481    4,163    12,644 
Special Purpose Acquisition Companies   8,799    21    539    9,359 
Commercial Paper   —    7,841    —    7,841 
Trade Claims   —    —    5,200    5,200 
Common Stock   2,563    332    2,131    5,026 
Preferred Stock   3,857    700    —    4,557 
Exchange-Traded Fund   616    —    —    616 
Warrants   6    28    —    34 
Bank Loan Obligations   —    24,688    1,537    26,225 
                     
Total Investments in Securities  $15,841   $140,862   $13,570   $170,273 

 

Securities Sold Short, Not Yet Purchased  Level 1   Level 2   Level 3   Total 
Corporate Obligations  $—   $(3,649)  $—   $(3,649)
                     
Total Securities Sold Short, Not Yet Purchased  $—   $(3,649)  $—   $(3,649)

 

 

 

  

  RiverPark Strategic Income Fund
  June 30, 2022 (Unaudited)

 

Other Financial Instruments  Level 1   Level 2   Level 3   Total 
Purchased Options  $37   $—   $—   $37 
Written Options   (441)   —    —    (441)
Forwards Contracts*                    
Unrealized Appreciation   —    367    —    367 
Unrealized Depreciation   —    (8)   —    (8)
Total Other Financial Instruments  $(404)  $359   $—   $(45)

  

*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).

 

   Convertible Bonds   Special Purpose
Acquisition
Companies		  

Trade

Claims

   Common
Stock		   Warrants   Bank Loan
Obligations		   Totals 
Beginning balance as of October 1, 2021  $—   $—   $5,200   $5,922   $3   $7,732   $18,857 
Change in unrealized appreciation/ (depreciation)   —    539    (8)   1,909    3    —    2,443 
Realized gain/(loss)   —    —    —    413    —    —    413 
Purchases (and Short Sales, if applicable)   4,163    —    —    —    —    —    4,163 
Other capitalized items   —    —    8    —    —    101    109 
Sales (and Buy to Covers, if applicable)   —    —    —    (7,246)   —    

(6,296)

 

    (13,542)
Transfer into Level 3   —    —    —    1,133    —    —    1,133 
Transfer out of Level 3   —    —    —    —    (6)   —    (6)
Ending balance as of June 30, 2022  $4,163   $539   $5,200   $2,131   $—   $1,537   $13,570 
Change in unrealized gains/(losses) included in earnings related to securities still held at reporting date  $—   $539   $(8)  $1,250   $—   $—   $1,781 

 

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of June 30,2022. 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, 2022 (000)

 Valuation Technique Unobservable Input Value/Rate (Weighted Average)
         
Convertible Bond $4,163 Market Capitalization Equity Market Capitalization $196.9 mm
Leafly Holdings 8% 1/31/25     Note Outstanding $30 mm
Special Purpose Acquisition Companies $1 Market Approach Implied pricing using the underlying warrants $0.1338
Alpha Partners Technology Merger Founder Shares      
Special Purpose Acquisition Companies $1 Market Approach Implied pricing using the underlying warrants $0.23
AxonPrime Infrastructure Acquisition Founder Shares      
Special Purpose Acquisition Companies $2 Market Approach Implied pricing using the underlying warrants $0.14

 

 

 

 

  RiverPark Strategic Income Fund
  June 30, 2022 (Unaudited)

 

Assets

Fair Value at

June 30, 2022 (000)

 Valuation Technique Unobservable Input Value/Rate (Weighted Average)
Berenson Acquisition Founder Shares        

Special Purpose Acquisition Companies

Parabellum Acquisition Founder Shares

 $3 Market Approach Implied pricing using the underlying warrants $0.13
         

Special Purpose Acquisition Companies

Revelstone Capital Acquisition Founders Shares

 $1 Market Approach Implied pricing using the underlying warrants $0.1351
     

Special Purpose Acquisition Companies

 $531 Market Approach Founder shares waiting on effective registration statement; Pricing at 75% of BTMD market price $2.8275
Biote (Haymaker) Founder Shares        

Trade Claims

 

 $5,200 Market Approach Broker Quotes

Admin Claims 92 - 95;

Unsecured Claims 82

Brazos Electric Power        

Common Stock

 $2,131 Transactions Method Recent Sale Price $65,000
RA Parent        

Warrants

 $0 Transactions Method  No current market for the Preferred A2 shares, thus warrants deemed to be $0 N/A
GemmaCert Strike of $7.608 expiring 5/19/24      

Bank Loan Obligations

Real Alloy

 $1,098 Book Value No Change in Net Leverage; N/A
      Improvement in EBITDA;  
      Expected Repayment of Loan in 2022  

Bank Loan Obligations

GemmaCert

 $439 Book Value 9% rate 3-Yr Loan Secured by Substantially All Assets; N/A
      Business Results of Company Thus Far  

 

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.

 

Percentagesare based on Net Assets of $186,459 (000).
‡In U.S. Dollar unless otherwise indicated.
*Non-income producing security.
#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, 2022, these securities amounted to $75,122 (000) or 40.4% of Net Assets.
(b)Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates for certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.
(c)This security or partial position of this security has been committed as collateral for open short positions and option contracts. The aggregate market value of the collateral as of June 30, 2022 was $18,346 (000).
(d)Security in default on interest payments.
(e)Level 3 security in accordance with fair value hierarchy.
(f)Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at the time purchase.

 

 

 

 

  RiverPark Strategic Income Fund
  June 30, 2022 (Unaudited)

 

(g)Security considered Master Limited Partnership. At June 30, 2022, these securities amounted to $883 (000) or 0.5% of Net Assets.
(h)Unsettled bank loan. Interest rate may not be available.

 

Cl — Class

ETF — Exchange Traded Fund

EUR — Euro

EURIBOR — Euro London Interbank Offered Rate

GBP — British Pound Sterling

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

PIK — Paid-in-Kind

SEK — Swedish Krona

Ser — Series

STIBOR — Stockholm Interbank Offered Rate

USD — United States Dollar

 

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-001-2300

 

 

 

 

  RiverPark Floating Rate CMBS Fund
  June 30, 2022 (Unaudited)

 

Description  Face Amount
(000)		   Value (000) 
Schedule of Investments        
Commercial Mortgage-Backed Securities — 95.5% (a)(b)
Non-Agency Mortgage-Backed Obligation – 95.5%          
BX Commercial Mortgage Trust, Ser 2021-MFM1, Cl G          
5.224%, ICE LIBOR USD 1 Month + 3.900%, 01/15/34  $250   $231 
BX Commercial Mortgage Trust, Ser 2020-VKNG, Cl G          
4.574%, ICE LIBOR USD 1 Month + 3.250%, 10/15/37   1,278    1,186 
BX Commercial Mortgage Trust, Ser 2021-MFM1, Cl F          
4.324%, ICE LIBOR USD 1 Month + 3.000%, 01/15/34   1,000    929 
BX Commercial Mortgage Trust, Ser 2021-VOLT, Cl F          
3.724%, ICE LIBOR USD 1 Month + 2.400%, 09/15/36   1,500    1,395 
BX Commercial Mortgage Trust, Ser 2021-SOAR, Cl F          
3.675%, ICE LIBOR USD 1 Month + 2.350%, 06/15/38   1,985    1,858 
BX Commercial Mortgage Trust, Ser 2019-XL, Cl G          
3.624%, ICE LIBOR USD 1 Month + 2.300%, 10/15/36   876    830 
BX Commercial Mortgage Trust, Ser 2021-MFM1, Cl E          
3.574%, ICE LIBOR USD 1 Month + 2.250%, 01/15/34   1,000    936 
BX Commercial Mortgage Trust, Ser 2021-XL2, Cl F          
3.568%, ICE LIBOR USD 1 Month + 2.244%, 10/15/38   1,867    1,750 
BX Commercial Mortgage Trust, Ser 2021-VINO, Cl E          
3.276%, ICE LIBOR USD 1 Month + 1.952%, 05/15/38   1,500    1,383 
BX Trust, Ser 2019-MMP, Cl F          
4.116%, ICE LIBOR USD 1 Month + 2.792%, 08/15/36   2,985    2,801 
CAMB Commercial Mortgage Trust, Ser 2019-LIFE, Cl G          
4.574%, ICE LIBOR USD 1 Month + 3.250%, 12/15/37   2,660    2,526 
Cold Storage Trust, Ser 2020-ICE5, Cl F          
4.817%, ICE LIBOR USD 1 Month + 3.492%, 11/15/37   2,949    2,801 

 

Description  Face Amount
(000)		   Value (000) 
Credit Suisse Mortgage Capital Cartificates, Ser 2020-UNFI, Cl A          
4.788%, ICE LIBOR USD 1 Month + 3.668%, 12/15/22  $3,000   $2,963 
Credit Suisse Mortgage Capital Certificates, Ser 2019-ICE4, Cl F          
3.974%, ICE LIBOR USD 1 Month + 2.650%, 05/15/36   3,780    3,591 
JP Morgan Chase Commercial Mortgage Securities, Ser 2021-MHC, Cl E          
3.774%, ICE LIBOR USD 1 Month + 2.450%, 04/15/38   1,300    1,202 
KKR Industrial Portfolio Trust, Ser 2021-KDIP, Cl F          
3.374%, ICE LIBOR USD 1 Month + 2.050%, 12/15/37   975    897 
MHP, Ser 2021-STOR, Cl F          
3.524%, ICE LIBOR USD 1 Month + 2.200%, 07/15/38   1,500    1,372 
Morgan Stanley Capital I Trust, Ser 2017-CLS, Cl F          
3.924%, ICE LIBOR USD 1 Month + 2.600%, 11/15/34   1,764    1,710 
MSCG Trust, Ser 2018-SELF, Cl D          
2.974%, ICE LIBOR USD 1 Month + 1.650%, 10/15/37   2,000    1,920 
OPG, Ser 2021-PORT F          
3.272%, ICE LIBOR USD 1 Month + 1.948%, 10/15/36   1,000    898 
Total Commercial Mortgage-Backed Securities          
(Cost $34,941) (000)        33,179 
           
Total Investments — 95.5%          
(Cost $34,941) (000)       $33,179 

 

As of June 30, 2022, 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.

 

Percentagesare based on Net Assets of $34,747 (000).

 

 

 

 

  RiverPark Floating Rate CMBS Fund
  June 30, 2022 (Unaudited)

 

(a)Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates for certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.
(b)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, 2022, these securities amounted to $33,179 (000) or 95.5% of Net Assets.

 

Cl — Class

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

Ser — Series

USD — United States Dollar

 

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-001-2300