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.
Percentages | are 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.
Percentages | are 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 |
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 |
1 | The 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. |
Percentages | are 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.
Percentages | are 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.
Percentages | are 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