RiverPark Strategic Income Fund | |||||||||
Schedule of Investments | |||||||||
as of December 31, 2023 (Unaudited) | |||||||||
CORPORATE BONDS - 54.4% | Par | Value | |||||||
Agriculture, Forestry, Fishing and Hunting - 0.5% | |||||||||
Austevoll Seafood ASA, 6.78% (3 Month NIBOR + 2.00%), 06/21/2028 (a) | NOK | $ | 20,500,000 | $ | 2,027,825 | ||||
Arts, Entertainment, and Recreation - 0.7% | |||||||||
DEAG Deutsche Entertainment AG, 8.00%, 07/12/2026 | EUR | 2,161,000 | 2,499,131 | ||||||
Construction - 0.6% | |||||||||
Five Point Operating Co. LP / Five Point Capital Corp., 7.88%, 11/15/2025 (b) | 2,152,000 | 2,132,514 | |||||||
Finance and Insurance - 9.5% | |||||||||
Esmaeilzadeh Holding AB, 11.59% (3 Month STIBOR + 7.50%), 01/26/2025 (a) | SEK | 20,000,000 | 1,833,017 | ||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | |||||||||
4.75%, 09/15/2024 | 2,358,000 | 2,345,059 | |||||||
6.38%, 12/15/2025 | 3,747,000 | 3,681,942 | |||||||
9.75%, 01/15/2029 (b) | 12,058,000 | 12,316,643 | |||||||
Novedo Holding AB, 10.65% (3 Month STIBOR + 6.50%), 11/26/2024 (a) | SEK | 22,500,000 | 2,074,648 | ||||||
Puffin Finance SARL, 15.00%, 09/11/2025 | 3,755,000 | 3,864,710 | |||||||
Stockwik Forvaltning AB, 12.09% (3 Month STIBOR + 8.00%), 03/20/2026 (a) | SEK | 40,000,000 | 3,829,388 | ||||||
StoneX Group, Inc., 8.63%, 06/15/2025 (b) | 5,935,000 | 6,022,482 | |||||||
35,967,889 | |||||||||
Information - 12.7% | |||||||||
American Greetings Corp., 8.75%, 04/15/2025 (b) | 1,397,000 | 1,396,232 | |||||||
Azerion Group NV, 10.63% (3 Month EURIBOR + 6.75%), 10/02/2026 (a) | EUR | 3,772,000 | 4,112,040 | ||||||
Bulk Infrastructure Holding AS, 8.99% (3 Month NIBOR + 4.50%), 10/15/2024 (a) | NOK | 33,000,000 | 3,276,484 | ||||||
Citrix Systems, Inc., 4.50%, 12/01/2027 | 972,000 | 780,049 | |||||||
Clear Channel International BV, 6.63%, 08/01/2025 (b) | 4,436,000 | 4,461,028 | |||||||
Connect Finco SARL / Connect US Finco LLC, 6.75%, 10/01/2026 (b) | 3,222,000 | 3,205,972 | |||||||
Duett Software Group AS, 9.75% (3 Month NIBOR + 5.00%), 04/12/2026 (a) | NOK | 4,589,000 | 442,644 | ||||||
Go North Group AB, 15.12%, 02/09/2026 | 5,763,870 | 4,784,012 | |||||||
Hughes Satellite Systems Corp., 5.25%, 08/01/2026 | 2,679,000 | 2,360,167 | |||||||
Impala BondCo PLC, 13.09% (3 Month STIBOR + 9.00%), 10/20/2024 (a) | SEK | 7,500,000 | 490,937 | ||||||
INNOVATE Corp., 8.50%, 02/01/2026 (b) | 7,002,000 | 5,426,550 | |||||||
Lithium Midco II Ltd., 10.72% (3 Month EURIBOR + 6.75%), 07/09/2025 (a) | EUR | 7,009,000 | 7,505,442 | ||||||
OpNet S.p.A., 10.97% (3 Month EURIBOR + 7.00%), 02/09/2026 (a)(b) | EUR | 5,699,000 | 6,330,719 | ||||||
Ziff Davis, Inc., 4.63%, 10/15/2030 (b) | 3,891,000 | 3,573,978 | |||||||
48,146,254 | |||||||||
Manufacturing - 14.5% | |||||||||
Cannabist Co. Holdings, Inc., 9.50%, 02/03/2026 | 5,068,000 | 4,282,460 | |||||||
Chobani LLC / Chobani Finance Corp., Inc., 7.50%, 04/15/2025 (b) | 4,613,000 | 4,593,879 | |||||||
CNH Industrial Capital LLC, 4.20%, 01/15/2024 | 2,395,000 | 2,393,216 | |||||||
Fiven ASA, 10.66% (3 Month EURIBOR + 6.70%), 12/11/2026 (a) | EUR | 8,285,000 | 9,237,668 | ||||||
Infrabuild Australia Pty Ltd., 14.50%, 11/15/2028 (b) | 9,924,000 | 10,234,125 | |||||||
LINK Mobility Group Holding ASA, 3.38%, 12/15/2025 | EUR | 800,000 | 845,624 | ||||||
LR Global Holding GmbH, 11.21% (3 Month EURIBOR + 7.25%), 02/03/2025 (a) | EUR | 2,694,000 | 2,921,990 | ||||||
ProSomnus, Inc., 14.25%, 04/06/2026 (c) | 1,735,535 | 1,491,595 | |||||||
Secop Group Holding GmbH, 12.33% (3 Month EURIBOR + 8.40%), 12/29/2026 (a) | EUR | 1,443,000 | 1,620,874 | ||||||
TPC Group, Inc., 13.00%, 12/16/2027 (b) | 9,374,000 | 9,532,088 | |||||||
Valvoline, Inc., 4.25%, 02/15/2030 (b) | 7,550,000 | 7,499,217 | |||||||
54,652,736 | |||||||||
Mining, Quarrying, and Oil and Gas Extraction - 2.2% | |||||||||
Mime Petroleum AS | |||||||||
9.75%, 09/17/2025 | 1,506,807 | 1,416,398 | |||||||
13.50%, 03/21/2083 | 109,999 | 38,500 | |||||||
NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 02/01/2026 (b) | 4,258,000 | 4,304,131 | |||||||
Tacora Resources, Inc., 13.00%, 11/03/2023 (b)(c) | 2,381,851 | 2,381,851 | |||||||
8,140,880 | |||||||||
Professional, Scientific, and Technical Services - 1.8% | |||||||||
Aker Horizons ASA, 8.02% (3 Month NIBOR + 3.25%), 08/15/2025 (a) | NOK | 8,500,000 | 811,105 | ||||||
GemmaCert Ltd., 9.00%, 05/19/2024 (c) | 500,965 | 140,721 | |||||||
Getty Images, Inc., 9.75%, 03/01/2027 (b) | 2,568,000 | 2,590,516 | |||||||
LifeFit Group MidCo GmbH, 11.43% (3 Month EURIBOR + 7.50%), 01/26/2025 | EUR | 1,178,795 | 1,293,195 | ||||||
Rebellion Operations AB, 12.13% (3 Month STIBOR + 8.00%), 05/20/2025 (a) | SEK | 20,000,000 | 1,838,041 | ||||||
6,673,578 | |||||||||
Retail Trade - 2.8% | |||||||||
99 Escrow Issuer, Inc., 7.50%, 01/15/2026 (b) | 4,193,000 | 1,420,253 | |||||||
Advance Auto Parts, Inc., 1.75%, 10/01/2027 | 4,375,000 | 3,761,470 | |||||||
The Gap, Inc., 3.88%, 10/01/2031 (b) | 6,621,000 | 5,456,226 | |||||||
10,637,949 | |||||||||
Transportation and Warehousing - 5.2% | |||||||||
Kistefos AS, 9.72% (3 Month NIBOR + 5.00%), 09/13/2028 (a) | NOK | 4,100,000 | 393,459 | ||||||
Skill Bidco ApS, 10.71% (3 Month EURIBOR + 6.75%), 03/02/2028 (a) | EUR | 923,000 | 1,027,910 | ||||||
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 9.00%, 10/15/2026 (b)(d) | 11,756,000 | 11,743,363 | |||||||
Uber Technologies, Inc., 8.00%, 11/01/2026 (b) | 2,974,000 | 3,031,255 | |||||||
XPO, Inc., 6.25%, 06/01/2028 (b) | 3,542,000 | 3,591,014 | |||||||
19,787,001 | |||||||||
Utilities - 2.4% | |||||||||
Hawaii Electric Light Company, 3.28%, 12/30/2040 (c) | 1,500,000 | 855,000 | |||||||
IEA Energy Services LLC, 6.63%, 08/15/2029 (b) | 8,723,000 | 8,112,390 | |||||||
8,967,390 | |||||||||
Wholesale Trade - 1.5% | |||||||||
Performance Food Group, Inc., 6.88%, 05/01/2025 (b) | 5,000,000 | 5,024,174 | |||||||
United Natural Foods, Inc., 6.75%, 10/15/2028 (b) | 1,025,000 | 831,132 | |||||||
5,855,306 | |||||||||
TOTAL CORPORATE BONDS (Cost $209,201,526) | 205,488,453 | ||||||||
BANK LOANS - 20.4% | Par | Value | |||||||
Accommodation and Food Services - 1.5% | |||||||||
Carrols Restaurant Group, Inc., 8.71% (1 Month SOFR + 3.25%), 04/30/2026 (a) | 5,641,239 | 5,554,871 | |||||||
Arts, Entertainment, and Recreation - 2.9% | |||||||||
NAI Entertainment Holdings LLC, 8.47% (1 Month SOFR + 5.00%), 05/08/2025 (a) | 11,164,684 | 11,113,494 | |||||||
Information - 3.4% | |||||||||
American Greetings Corp., 11.35% (1 Month SOFR + 6.00%), 04/06/2028 (a) | 2,700,593 | 2,712,975 | |||||||
Cengage Learning, Inc., First Lien 10.41% (3 Month SOFR + 4.75%), 07/14/2026 (a) | 10,155,931 | 10,200,973 | |||||||
12,913,948 | |||||||||
Manufacturing - 6.8% | |||||||||
Chobani LLC, 8.97% (1 Month LIBOR + 3.50%), 10/23/2027 (a) | 4,626,230 | 4,640,110 | |||||||
Chobani LLC, First Lien 9.11% (1 Month SOFR + 3.75%), 10/25/2027 (a) | 2,814,000 | 2,822,203 | |||||||
Crocs, Inc., 8.50% (3 Month LIBOR + 3.50%), 02/19/2029 (a) | 1,466,773 | 1,474,481 | |||||||
Diebold Nixdorf, Inc., 12.86% (3 Month SOFR + 7.50%), 08/11/2028 (a) | 1,252,156 | 1,290,891 | |||||||
DS Parent, Inc., TBD (1 Month SOFR + 5.50%), 12/16/2030 | 7,576,000 | 7,254,020 | |||||||
Elevate Textiles, Inc., 14.04% (3 Month SOFR + 8.65%), 09/30/2027 (a) | 193,873 | 193,146 | |||||||
Energy Acquisition Co., Inc. | |||||||||
7.50% (3 Month SOFR + 4.25%), 06/26/2025 (a) | 4,286,247 | 4,245,399 | |||||||
7.50% (Fixed Rate + 7.50%), 06/26/2025 | 1,802,690 | 1,730,582 | |||||||
First Brands Group LLC, First Lien 10.88% (6 Month SOFR + 5.00%), 03/30/2027 (a) | 2,066,230 | 2,054,617 | |||||||
25,705,449 | |||||||||
Mining, Quarrying, and Oil and Gas Extraction - 1.7% | |||||||||
HighPeak Energy, 13.00% (3 Month SOFR + 7.50%), 09/30/2026 | 5,124,000 | 5,136,810 | |||||||
Quarternorth Energy Holding, Inc., 13.47% (1 Month LIBOR + 8.00%), 08/27/2026 (a) | 1,369,243 | 1,369,243 | |||||||
6,506,053 | |||||||||
Professional, Scientific, and Technical Services - 1.8% | |||||||||
Getty Images, Inc., First Lien 9.95% (3 Month LIBOR + 4.50%), 02/19/2026 (a) | 2,199,035 | 2,211,954 | |||||||
Inotiv, Inc., First Lien 12.21% (1 Month SOFR + 6.75%), 09/22/2026 (a) | 4,740,995 | 4,575,060 | |||||||
6,787,014 | |||||||||
Retail Trade - 1.7% | |||||||||
Mountaineer Merger Corp., 12.64% (3 Month LIBOR + 7.00%), 10/22/2028 (a) | 5,759,572 | 4,341,277 | |||||||
The Container Store, Inc., 10.36% (3 Month LIBOR + 4.75%), 01/31/2026 (a) | 2,402,322 | 2,180,107 | |||||||
6,521,384 | |||||||||
Wholesale Trade - 0.6% | |||||||||
Dairyland USA Corp., 10.21% (1 Month SOFR + 4.75%), 08/17/2029 (a) | 499,314 | 500,145 | |||||||
United Natural Foods, Inc., 8.72% (1 Month SOFR + 3.25%), 10/22/2025 (a) | 1,594,054 | 1,594,054 | |||||||
2,094,199 | |||||||||
TOTAL BANK LOANS (Cost $77,223,655) | 77,196,412 | ||||||||
CONVERTIBLE BONDS - 5.9% | Par | Value | |||||||
Information - 5.9% | |||||||||
BuzzFeed, Inc., 8.50%, 12/03/2026 (b) | 5,400,000 | 4,104,000 | |||||||
DocuSign, Inc., 0.00%, 01/15/2024 (e) | 11,148,000 | 11,148,258 | |||||||
Leafly Holdings, Inc., 8.00%, 01/31/2025 (c) | 4,163,000 | 3,538,550 | |||||||
UpHealth, Inc. | |||||||||
0.00% (SOFR + 9.00%), 12/15/2025 (a)(b) | 850,000 | 736,955 | |||||||
6.25%, 06/15/2026 (b) | 3,906,000 | 2,909,970 | |||||||
TOTAL CONVERTIBLE BONDS (Cost $25,201,922) | 22,437,733 | ||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 5.6% | Par | Value | |||||||
Finance and Insurance - 5.6% | |||||||||
BX Trust | |||||||||
Series 2019-XL, Class A, 6.40% (1 Month SOFR + 1.03%), 10/15/2036 (b)(f) | 1,955,457 | 1,950,992 | |||||||
Series 2020-VKNG, Class C, 6.88% (1 Month SOFR + 1.51%), 10/15/2037 (b)(f) | 1,309,000 | 1,289,099 | |||||||
Series 2021-MFM1, Class D, 6.98% (1 Month SOFR + 1.61%), 01/15/2034 (b)(f) | 702,662 | 685,915 | |||||||
Series 2021-SOAR, Class C, 6.58% (1 Month SOFR + 1.21%), 06/15/2038 (b)(f) | 1,084,377 | 1,063,170 | |||||||
Series 2021-VOLT, Class C, 6.58% (1 Month SOFR + 1.21%), 09/15/2036 (b)(f) | 2,982,000 | 2,878,101 | |||||||
Series 2022-IND, Class B, 7.30% (1 Month SOFR + 1.94%), 04/15/2037 (b)(f) | 645,491 | 641,265 | |||||||
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 7.41% (1 Month SOFR + 1.80%), 12/15/2037 (b)(f) | 3,240,000 | 3,207,113 | |||||||
Cold Storage Trust, Series 2020-ICE5, Class D, 7.57% (1 Month SOFR + 2.21%), 11/15/2037 (b)(f) | 3,258,614 | 3,223,965 | |||||||
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 7.01% (1 Month SOFR + 1.65%), 05/15/2036 (b)(f) | 624,447 | 622,563 | |||||||
JP Morgan Chase Commercial Mortgage Securities, Series 2021-MHC, Class B, 6.53% (1 Month SOFR + 1.16%), 04/15/2038 (b)(f) | 970,000 | 958,779 | |||||||
Life 2022-BMR Mortgage Trust, Series 2022-BMR2, Class A1, 6.66% (1 Month SOFR + 1.30%), 05/15/2039 (b)(f) | 3,700,000 | 3,622,329 | |||||||
SMRT 2022-MINI, Series 2022-MINI, Class B, 6.71% (1 Month SOFR + 1.35%), 01/15/2039 (b)(f) | 934,000 | 911,964 | |||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $21,007,155) | 21,055,255 | ||||||||
ASSET-BACKED SECURITIES - 1.7% | Par | Value | |||||||
Transportation and Warehousing - 1.7% | |||||||||
Hawaiian Airlines 2013-1 Class A Pass Through Certificates, Series 2013-1, 3.90%, 01/15/2026 | 6,909,575 | 6,479,240 | |||||||
TOTAL ASSET-BACKED SECURITIES (Cost $6,305,822) | 6,479,240 | ||||||||
COMMON STOCKS - 1.2% | Shares | Value | |||||||
Construction - 0.0%(g) | |||||||||
Southland Holdings, Inc.(h) | 15,374 | 79,330 | |||||||
Finance and Insurance - 0.2% | |||||||||
Bitcoin Depot, Inc.(h) | 249,984 | 807,448 | |||||||
Information - 0.3% | |||||||||
UpHealth, Inc.(h) | 133,414 | 30,612 | |||||||
Verizon Communications, Inc.(i) | 30,200 | 1,138,540 | |||||||
Warner Bros Discovery, Inc.(h)(i) | 11,200 | 127,456 | |||||||
1,296,608 | |||||||||
Manufacturing - 0.6% | |||||||||
RA PARENT INC(c)(h) | 43 | 2,122,488 | |||||||
Mining, Quarrying, and Oil and Gas Extraction - 0.1% | |||||||||
Quarternorth Energy Holding, Inc.(h) | 4,187 | 561,058 | |||||||
Professional, Scientific, and Technical Services - 0.0%(g) | |||||||||
GemmaCert Ltd.(c)(h) | 21,135 | 0 | |||||||
TOTAL COMMON STOCKS (Cost $4,605,055) | 4,866,932 | ||||||||
PREFERRED STOCKS - 1.2% | Value | ||||||||
Finance and Insurance - 0.3% | |||||||||
Saratoga Investment Corp., Series 2027, 6.00%, 04/30/2027 | 40,765 | 972,653 | |||||||
Manufacturing - 0.5% | |||||||||
Fossil Group, Inc., 7.00%, 11/30/2026 | 130,336 | 2,008,478 | |||||||
Mining, Quarrying, and Oil and Gas Extraction - 0.4% | |||||||||
NGL Energy Partners LP, Series B, 12.82% (3 Month LIBOR + 7.21%), Perpetual(a) | 48,669 | 1,344,724 | |||||||
Professional, Scientific, and Technical Services - 0.0%(g) | |||||||||
Argo Blockchain PLC, Series A, 8.75%, 11/30/2026 | 8,481 | 96,259 | |||||||
TOTAL PREFERRED STOCKS (Cost $5,291,936) | 4,422,114 | ||||||||
REAL ESTATE INVESTMENT TRUSTS - 0.6% | Shares | Value | |||||||
Real Estate and Rental and Leasing - 0.6% | |||||||||
CTO Realty Growth, Inc. | 131,933 | 2,286,399 | |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,271,734) | 2,286,399 | ||||||||
SPECIAL PURPOSE ACQUISITION COMPANIES (SPACs) - 0.0%(g) | Shares | Value | |||||||
Alpha Partners Technology Merger Corp. Founder Shares(c)(h) | 8,594 | 516 | |||||||
Berenson Acquisition Corp. I(c)(h) | 12,570 | 0 | |||||||
Revelstone Capital Acquisition Corp. Founder Shares(c)(h) | 5,925 | 237 | |||||||
Screaming Eagle Acquisition Corp.(h) | 273,500 | 123,102 | |||||||
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (SPACs) (Cost $127,267) | 123,855 | ||||||||
WARRANTS - 0.0%(g) | Contracts | Value | |||||||
Finance and Insurance - 0.0%(g) | |||||||||
Financials Acquisition Corp., Expires April 04, 2027, Exercise Price $11.50(c)(h) | 33,086 | 0 | |||||||
Information - 0.0%(g) | |||||||||
Leafly Holdings, Inc., Expires November 07, 2026, Exercise Price $11.50(h) | 21,228 | 333 | |||||||
Manufacturing - 0.0%(g) | |||||||||
ProSomnus, Inc., Expires April 20, 2028, Exercise Price $11.50(h) | 40,414 | 924 | |||||||
McDermott International Ltd., Expires June 30, 2027, Exercise Price $0.01(c)(h) | 545,234 | 0 | |||||||
Total Manufacturing | 924 | ||||||||
Mining, Quarrying, and Oil and Gas Extraction - 0.0%(g) | |||||||||
Tacora Resources, Inc., Expires May 11, 2025, Exercise Price $0.01(c)(h) | 20,243,861 | 0 | |||||||
TOTAL WARRANTS (Cost $154,191) | 1,257 | ||||||||
SHORT-TERM INVESTMENTS - 7.5% | |||||||||
Money Market Funds - 1.3% | Shares | ||||||||
First American Treasury Obligations Fund - Class X - Class X, 5.29%(j) | 5,050,698 | 5,050,698 | |||||||
Commercial Paper - 6.2% | Par | ||||||||
Manufacturing — 6.2% | |||||||||
Albemarle Corp., 6.16%, 01/05/2024(k) | 7,443,000 | 7,434,685 | |||||||
FMC Corp., 6.19%, 01/12/2024(k) | 5,724,000 | 5,710,516 | |||||||
Jabil, Inc., 6.11%, 01/05/2024(k) | 5,347,000 | 5,340,684 | |||||||
Stanley Black & Decker, Inc., 6.15%, 01/18/2024(k) | 5,000,000 | 4,984,872 | |||||||
23,470,757 | |||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $28,531,132) | 28,521,455 | ||||||||
TOTAL INVESTMENTS - 98.5% (Cost $379,921,395) | $ | 372,879,105 | |||||||
Other Assets in Excess of Liabilities - 1.5% | 5,047,359 | ||||||||
TOTAL NET ASSETS - 100.0% | $ | 377,926,464 | |||||||
Percentages are stated as a percent of net assets. | |||||||||
Par amount is in U.S. Dollar unless otherwise indicated. |
EURIBOR – Euro-Interbank Offer Rate | |
LIBOR - London Interbank Offered Rate | |
NIBOR – Norwegian Interbank Offer Rate | |
SOFR - Secured Overnight Financing Rate | |
STIBOR – Stockholm Interbank Offer Rate |
(a) | Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of December 31, 2023. |
(b) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2023, the value of these securities total $170,332,988 or 45.1% of the Fund’s net assets. |
(c) | Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $10,530,958 or 2.8% of net assets as of December 31, 2023. |
(d) | Step coupon bond. The rate disclosed is as of December 31, 2023. |
(e) | Zero coupon bonds make no periodic interest payments but are issued at a discount from par value. |
(f) | Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of December 31, 2023. |
(g) | Represents less than 0.05% of net assets. |
(h) | Non-income producing security. |
(i) | Held in connection with written option contracts. See Schedule of Options Written for further information. |
(j) | The rate shown represents the 7-day effective yield as of December 31, 2023. |
(k) | The rate shown is the effective yield. |
RiverPark Strategic Income Fund | ||||||||||||
Schedule of Options Written | ||||||||||||
as of December 31, 2023 (Unaudited) | ||||||||||||
OPTIONS WRITTEN - 0.0% (a)(b)(c) | Notional Amount | Contracts | Value | |||||||||
Call Options - 0.0% (b) | ||||||||||||
iShares 1-3 Year Treasury Bond ETF, Expires June 21, 2024 at $84.00 | $ | (2,149,448 | ) | (262 | ) | $ | (13,100 | ) | ||||
iShares iBoxx $ High Yield Corporate Bond ETF | 0 | 0 | – | |||||||||
Expires March 15, 2024 at $77.00 | (1,996,662 | ) | (258 | ) | (33,798 | ) | ||||||
Expires March 15, 2024 at $76.00 | (2,105,008 | ) | (272 | ) | (63,920 | ) | ||||||
Verizon Communications, Inc., Expires January 19, 2024 at $35.00 | (1,624,870 | ) | (431 | ) | (116,801 | ) | ||||||
Total Call Options | (227,619 | ) | ||||||||||
Put Options - 0.0% (b) | ||||||||||||
iShares 1-3 Year Treasury Bond ETF, Expires June 21, 2024 at $82.00 | (2,149,448 | ) | (262 | ) | (15,720 | ) | ||||||
Warner Bros Discovery, Inc., Expires April 19, 2024 at $10.00 | (191,184 | ) | (168 | ) | (9,744 | ) | ||||||
Total Put Options | (25,464 | ) | ||||||||||
TOTAL OPTIONS WRITTEN (Premiums received $158,836) | (253,083 | ) |
(a) | Exchange-traded. |
(b) | Represents less than 0.05% of net assets. |
(c) | 100 shares per contract. |
RiverPark Strategic Income Fund | ||||||||
Schedule of Securities Sold Short | ||||||||
as of December 31, 2023 (Unaudited) | ||||||||
CORPORATE BONDS - (2.4)% | Par | Value | ||||||
Information – (1.4)% | ||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | $ | – | ||||||
4.75%, 03/01/2030 (a) | (4,191,000 | ) | (3,834,893 | ) | ||||
Concentrix Corp. | $ | – | ||||||
6.85%, 08/02/2033 | (1,572,000 | ) | (1,620,564 | ) | ||||
(5,455,457 | ) | |||||||
Manufacturing – (0.5)% | ||||||||
F-Brasile SpA / F-Brasile US LLC | $ | – | ||||||
7.38%, 08/15/2026 (a) | (1,300,000 | ) | (1,272,030 | ) | ||||
Johnson & Johnson | $ | – | ||||||
4.95%, 05/15/2033 | (862,000 | ) | (933,217 | ) | ||||
(2,205,247 | ) | |||||||
Wholesale Trade – (0.5)% | ||||||||
Likewize Corp. | $ | – | ||||||
9.75%, 10/15/2025 (a) | (2,019,000 | ) | (2,048,758 | ) | ||||
(2,048,758 | ) | |||||||
TOTAL CORPORATE BONDS (Proceeds $9,249,921) | (9,709,462 | ) | ||||||
EXCHANGE TRADED FUNDS - (0.8)% | Shares | Value | ||||||
iShares iBoxx $ High Yield Corporate Bond ETF | (41,300 | ) | (3,196,207 | ) | ||||
TOTAL EXCHANGE TRADED FUNDS (Proceeds $3,100,941) | (3,196,207 | ) | ||||||
TOTAL SECURITIES SOLD SHORT (Proceeds $12,350,862) | (12,905,669 | ) |
(a) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2023, the value of these securities total $7,155,681 or 1.9% of the Fund’s net assets. |
RiverPark Strategic Income Fund | |||||||||||||||
Schedule of Forward Currency Contracts | |||||||||||||||
as of December 31, 2023 (Unaudited) | |||||||||||||||
Settlement Date | Currency Purchased | Currency Sold | Counterparty | Value / Unrealized Appreciation (Depreciation) | |||||||||||
1/12/2024 | USD | 36,759,963 | EUR | 33,865,000 | U.S. Bancorp Investments, Inc. | $ | (647,032 | ) | |||||||
1/12/2024 | USD | 6,632,260 | NOK | 71,450,000 | U.S. Bancorp Investments, Inc. | (402,924 | ) | ||||||||
1/12/2024 | USD | 9,637,403 | SEK | 99,325,000 | U.S. Bancorp Investments, Inc. | (216,170 | ) | ||||||||
$ | (1,266,126 | ) |
EUR - Euro
NOK - Norwegian Krone
SEK - Swedish Krona
USD - U.S. Dollars
Organization | ||||||
Trust for Professional Managers (the “Trust”) was organized as a Delaware statutory trust under a Declaration of Trust dated May 29, 2001. The Trust is registered | ||||||
under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The CrossingBridge Funds (the | ||||||
“Funds”) are comprised of the CrossingBridge Low Duration High Yield Fund, the CrossingBridge Responsible Credit Fund, the CrossingBridge Ultra-Short Duration | ||||||
Fund and the RiverPark Strategic Income Fund (collectively, the “Mutual Funds”) and the CrossingBridge Pre-Merger SPAC ETF (the “ETF”), each representing a | ||||||
distinct diversified series with its own investment objective and policies within the Trust. The investment objective of the CrossingBridge Low Duration High Yield | ||||||
Fund is to seek high current income and capital appreciation consistent with the preservation of capital. The investment objective of the CrossingBridge Responsible | ||||||
Credit Fund is to seek high current income and capital appreciation consistent with the preservation of capital. The investment objective of the CrossingBridge | ||||||
Ultra-Short Duration Fund is to offer a higher yield than cash instruments while maintaining a low duration. The investment objective of the RiverPark Strategic | ||||||
Income Fund is seek high current income and capital appreciation with the preservation of capital. The CrossingBridge Low Duration High Yield Fund commenced | ||||||
investment operations on February 1, 2018. The Fund has registered both an Investor Class and Institutional Class of shares. During the fiscal quarter ended | ||||||
December 31, 2023, only the Institutional Class was operational. Both the CrossingBridge Responsible Credit Fund and CrossingBridge Ultra-Short Duration Fund | ||||||
commenced investment operations on June 30, 2021. Both Funds registered only an Institutional Class of shares. The RiverPark Strategic Income Fund commenced | ||||||
investment operations on September 30, 2013. From commencement date through May 12, 2023, the RiverPark Strategic Income was a series of the RiverPark Funds | ||||||
Trust. On May 13, 2023, the Fund reorganized into the Trust. The Fund has registered and currently offers both an Institutional Class and Retail Class of shares. The | ||||||
investment objective of the CrossingBridge Pre-Merger SPAC ETF is to provide total returns consistent with the preservation of capital. The ETF commenced | ||||||
investment operations on September 20, 2021. Costs incurred by the Funds in connection with the organization, registration and the initial public offering of shares | ||||||
were paid by CrossingBridge Advisors, LLC (“the Adviser”), the Funds’ investment adviser. The Trust may issue an unlimited number of shares of beneficial interest | ||||||
at $0.001 par value. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial | ||||||
Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies.” | ||||||
Significant Accounting Policies | ||||||
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. These policies are in | ||||||
conformity with generally accepted accounting principles in the United States of America (“GAAP”). | ||||||
Investment Valuation | ||||||
Each security owned by the Fund that is listed on a securities exchange, including Special Purpose Acquisition Companies ("SPACs"), is valued at its last sale price on that | ||||||
exchange on the date as of which assets are valued. Bank loans are valued at prices supplied by an approved independent pricing service (“Pricing Service”), if available, | ||||||
and otherwise will be valued at the most recent bid quotations or evaluated prices, as applicable, based on quotations or prices obtained from one or more broker-dealers | ||||||
known to follow the issue. | ||||||
If the security is listed on more than one exchange, the Fund will use the price of the exchange that the Fund generally considers to be the principal exchange on | ||||||
which the security is traded. Portfolio securities listed on the NASDAQ Stock Market, LLC (“NASDAQ”) will be valued at the NASDAQ Official Closing Price, which may | ||||||
not necessarily represent the last sale price. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the mean between the | ||||||
most recent bid and asked prices on such day or the security shall be valued at the latest sales price on the “composite market” for the day such security is being | ||||||
valued. The composite market is defined as a consolidation of the trade information provided by national securities and foreign exchanges and over-the-counter | ||||||
markets as published by a Pricing Service. | ||||||
Foreign securities will be priced in their local currencies as of the close of their primary exchange or market or as of the time the Fund calculates its NAV, whichever | ||||||
is earlier. Foreign securities, currencies and other assets denominated in foreign currencies are then translated into U.S. dollars at the exchange rate of such | ||||||
currencies against the U.S. dollar, as provided by an approved Pricing Service or reporting agency. All assets denominated in foreign currencies will be converted | ||||||
into U.S. dollars using the applicable currency exchange rates as of the close of the New York Stock Exchange (“NYSE”), generally 4:00 p.m. Eastern Time. | ||||||
Debt securities, including corporate bonds, bank loans, commercial paper, and short-term debt instruments having a maturity of 60 days or less, are valued at the | ||||||
mean in accordance with prices supplied by an approved Pricing Service. Pricing Services may use various valuation methodologies such as the mean between the | ||||||
bid and the asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. If a price is not available from a | ||||||
Pricing Service, the most recent quotation obtained from one or more broker-dealers known to follow the issue will be obtained. Quotations will be valued at the | ||||||
mean between the bid and the offer. Any discount or premium is accreted or amortized using constant yield method over the life of the security. | ||||||
Money market funds are valued at cost. If cost does not represent current market value the securities will be priced at fair value. | ||||||
SPAC Founders Shares, received as part of the initial public offering process, will be valued initially in line with the publicly traded warrants, which typically have no value | ||||||
prior to the warrants being separated from the SPAC common shares. Upon a de-SPAC transaction, the valuation of the Founders Shares may be updated to reflect | ||||||
more current circumstances and inputs, including the value of the publicly traded warrants or the value of the publicly traded common shares, and may include a | ||||||
discount to reflect any restrictions associated with the Founders Shares. | ||||||
Redeemable securities issued by open-end, registered investment companies are valued at the NAVs of such companies for purchase and/or redemption orders | ||||||
placed on that day. All exchange-traded funds are valued at the last reported sale price on the exchange on which the security is principally traded. | ||||||
If market quotations are not readily available, a security or other asset will be valued at its fair value in accordance with Rule 2a-5 of the 1940 Act as determined under the | ||||||
Adviser’s fair value pricing procedures, subject to oversight by the Board of Trustees. These fair value pricing procedures will also be used to price a security when | ||||||
corporate events, events in the securities market and/or world events cause the Adviser to believe that a security’s last sale price may not reflect its actual fair market value. | ||||||
The intended effect of using fair value pricing procedures is to ensure that the Fund is accurately priced. The Board of Trustees will regularly evaluate whether the Fund’s | ||||||
fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Fund and the quality of prices obtained through the application of such | ||||||
procedures by the Adviser. | ||||||
FASB Accounting Standards Codification, “Fair Value Measurements and Disclosures” Topic 820 (“ASC 820”), establishes an authoritative definition of fair value and | ||||||
sets out a hierarchy for measuring fair value. ASC 820 requires an entity to evaluate certain factors to determine whether there has been a significant decrease in | ||||||
volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and | ||||||
adjustment may be necessary to estimate fair value. ASC 820 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair | ||||||
value in those instances as well as expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below: | ||||||
Level 1 – Quoted prices in active markets for identical securities. | ||||||
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | ||||||
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). | ||||||
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. | ||||||
The following is a summary of the inputs used to value the Funds investments carried at fair value as of December 31, 2023: |
RiverPark Strategic Income Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets(1): | ||||||||||||||||
Corporate Bonds | $ | - | $ | 200,619,286 | $ | 4,869,167 | $ | 205,488,453 | ||||||||
Bank Loans | - | 77,196,412 | - | 77,196,412 | ||||||||||||
Convertible Bonds | - | 18,899,183 | 3,538,550 | 22,437,733 | ||||||||||||
Collateralized Mortgage Obligations | - | 21,055,255 | - | 21,055,255 | ||||||||||||
Asset-Backed Securities | - | 6,479,240 | - | 6,479,240 | ||||||||||||
Common Stocks | 2,183,386 | 561,058 | 2,122,488 | 4,866,932 | ||||||||||||
Preferred Stocks | 4,422,114 | - | - | 4,422,114 | ||||||||||||
Real Estate Investment Trusts | 2,286,399 | - | - | 2,286,399 | ||||||||||||
Special Purpose Acquisition Companies | - | 123,102 | 753 | 123,855 | ||||||||||||
Warrants | 333 | 924 | - | 1,257 | ||||||||||||
Short-Term Investments | 5,050,698 | 23,470,757 | - | 28,521,455 | ||||||||||||
Total Assets | $ | 13,942,930 | $ | 348,405,217 | $ | 10,530,958 | $ | 372,879,105 | ||||||||
Liabilities: | ||||||||||||||||
Corporate Bonds | $ | - | $ | (9,709,462 | ) | $ | - | $ | (9,709,462 | ) | ||||||
Exchange Traded Funds | (3,196,207 | ) | - | - | (3,196,207 | ) | ||||||||||
Written Options | (253,083 | ) | - | - | (253,083 | ) | ||||||||||
Total Liabilities | $ | (3,449,290 | ) | $ | (9,709,462 | ) | $ | - | $ | (13,158,752 | ) | |||||
Other Financial Instruments(2): | ||||||||||||||||
Forward Currency Exchange Contracts | $ | - | $ | (1,266,126 | ) | $ | - | $ | (1,266,126 | ) | ||||||
Total Other Financial Instruments | $ | - | $ | (1,266,126 | ) | $ | - | $ | (1,266,126 | ) | ||||||
(1) See the Fund's Schedule of Investments for industry classifications. | ||||||||||||||||
(2) Other financial instruments are forward currency exchange contracts not included in the Schedule of Investments, which are reflected at the net unrealized | ||||||||||||||||
appreciation (depreciation) on the instrument. | ||||||||||||||||
The following is a reconciliation of Level 3 assets in the Funds for which significant unobservable inputs were used to determine fair value: | ||||||||||||||||
RiverPark Strategic Income Fund | ||||||||||||||||
Corporate Bonds | Convertible Bonds | Common Stocks | Special Purpose Acquisition Companies | |||||||||||||
Beginning Balance - October 1, 2023 | $ | 3,666,946 | $ | 3,538,550 | $ | 2,553,888 | $ | 1,073 | ||||||||
Purchases | 1,297,935 | - | - | - | ||||||||||||
Sales | - | - | - | - | ||||||||||||
Realized gains | - | - | - | - | ||||||||||||
Realized losses | - | - | - | - | ||||||||||||
Change in unrealized appreciation (depreciation) | (95,714 | ) | - | (431,400 | ) | (320 | ) | |||||||||
Transfer in/(out) of Level 3 | - | - | - | - | ||||||||||||
Ending Balance - December 31, 2023 | $ | 4,869,167 | $ | 3,538,550 | $ | 2,122,488 | $ | 753 | ||||||||
The following table represents additional information about valuation methodologies and inputs used for investments that are measured at fair value and | ||||||||||||||||
categorized within Level 3 as of December 31, 2023: | ||||||||||||||||
RiverPark Strategic Income Fund | ||||||||||||||||
Description | Fair Value December 31, 2023 | Valuation Methodologies | Unobservable Input | Range/Weighted Average Unobservable Input | ||||||||||||
Corporate Bonds | $ | 140,721 | Discounted cash flow | Market discount | 50-59% | |||||||||||
Corporate Bonds | $ | 855,000 | Market comparable | Transaction price | N/A | |||||||||||
Corporate Bonds | $ | 1,491,595 | Liquidation analysis | Transaction price | N/A | |||||||||||
Corporate Bonds | $ | 2,381,851 | Liquidation analysis | Transaction price | N/A | |||||||||||
Convertible Bonds | $ | 3,538,550 | Liquidation analysis | Yield to maturity | 21.60% | |||||||||||
Common Stocks | $ | 2,122,488 | Market comparable | Transaction price | N/A | |||||||||||
Special Purpose Acquisition Companies* | $ | 753 | Market comparable | Market price of similar asset | $0- $1 | |||||||||||
* Table presents information for three securities, which have been valued between $0.00 and $0.08 throughout the period. |