RiverPark Strategic Income Fund | |||||||||
Schedule of Investments | |||||||||
June 30, 2024 (Unaudited) | |||||||||
CORPORATE BONDS - 43.5% | Par | Value | |||||||
Construction - 1.4% | |||||||||
Five Point Operating Co. LP / Five Point Capital Corp., 10.50%, 01/15/2028 (a)(b) | $ | 1,806,790 | $ | 1,853,929 | |||||
MasTec, Inc., 5.90%, 06/15/2029 | 4,230,000 | 4,251,277 | |||||||
6,105,206 | |||||||||
Consumer Discretionary - 0.8% | |||||||||
3T Global Holdco Ltd., 11.25%, 05/22/2028 | 3,500,000 | 3,544,849 | |||||||
Finance and Insurance - 8.0% | |||||||||
Esmaeilzadeh Holding AB, 11.40% (3 Month Stockholm Interbank Offered Rates + 7.50%), 01/26/2025 | SEK | 42,500,000 | 3,993,813 | ||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | |||||||||
6.25%, 05/15/2026 | 1,920,000 | 1,906,574 | |||||||
9.75%, 01/15/2029 (a) | 9,058,000 | 9,395,433 | |||||||
Novedo Holding AB, 10.27% (3 Month Stockholm Interbank Offered Rates + 6.50%), 11/26/2024 | SEK | 20,000,000 | 1,863,383 | ||||||
Puffin Finance SARL, 15.00%, 09/11/2025 | 3,755,000 | 3,846,192 | |||||||
Stockwik Forvaltning AB, 11.72% (3 Month Stockholm Interbank Offered Rates + 8.00%), 03/20/2026 | SEK | 40,000,000 | 3,830,550 | ||||||
StoneX Group, Inc., 7.88%, 03/01/2031 (a) | 10,324,000 | 10,656,691 | |||||||
35,492,636 | |||||||||
Information - 10.0% | |||||||||
Azerion Group NV, 10.66% (3 mo. EURIBOR + 6.75%), 10/02/2026 | EUR | 7,907,000 | 8,658,536 | ||||||
Bulk Infrastructure Holding AS, 9.23% (Norway Interbank Offered Rate Fixing 3 Month + 4.50%), 10/15/2024 | NOK | 33,000,000 | 3,092,301 | ||||||
Duett Software Group AS, 9.73% (Norway Interbank Offered Rate Fixing 3 Month + 5.00%), 04/12/2026 | NOK | 4,589,000 | 372,686 | ||||||
Go North Group AB | |||||||||
0.00%, 02/09/2026 | 244,858 | 134,672 | |||||||
11.12% (SOFR + 5.76%), 02/09/2026 | 3,472,295 | 2,951,451 | |||||||
15.12%, 02/09/2026 | 1,760,685 | 968,377 | |||||||
15.00%, 02/02/2028 (c) | SEK | 2,412,200 | 0 | ||||||
Impala BondCo PLC, 12.00% (includes 12.00% PIK) (3 Month STIBOR + 9.00%), 10/30/2027 | SEK | 9,275,846 | 616,989 | ||||||
INNOVATE Corp., 8.50%, 02/01/2026 (a) | 7,002,000 | 5,286,510 | |||||||
Inteno Group AB, 11.27% (3 mo. EURIBOR + 7.50%), 09/06/2026 | EUR | 1,400,000 | 1,184,471 | ||||||
Lithium Midco II Ltd., 10.47% (3 mo. EURIBOR + 6.75%), 07/09/2025 | EUR | 5,368,000 | 5,748,862 | ||||||
OpNet S.p.A., 10.89% (3 mo. EURIBOR + 7.00%), 02/09/2026 (a) | EUR | 5,699,000 | 6,107,895 | ||||||
Warnermedia Holdings, Inc., 6.41%, 03/15/2026 | 5,297,000 | 5,297,220 | |||||||
Ziff Davis, Inc., 4.63%, 10/15/2030 (a) | 4,483,000 | 4,058,063 | |||||||
44,478,033 | |||||||||
Manufacturing - 11.7% | |||||||||
Algoma Steel, Inc., 9.13%, 04/15/2029 (a) | 8,160,000 | 7,955,225 | |||||||
Cannabist Co. Holdings, Inc., 9.50%, 02/03/2026 | 5,068,000 | 4,282,460 | |||||||
Fiven ASA, 10.46% (3 mo. EURIBOR + 6.70%), 12/11/2026 | EUR | 4,924,000 | 5,442,108 | ||||||
Infrabuild Australia Pty Ltd., 14.50%, 11/15/2028 (a) | 9,924,000 | 10,272,332 | |||||||
Mangrove Luxco III Sarl, 7.78% (includes 9.00% PIK), 10/09/2025 | EUR | 14,236,750 | 15,219,219 | ||||||
ProSomnus, Inc., 14.25%, 04/06/2026 (c) | 1,893,359 | 1,079,215 | |||||||
Secop Group Holding GmbH, 12.12% (3 mo. EURIBOR + 8.40%), 12/29/2026 | EUR | 1,443,000 | 1,580,153 | ||||||
SLR Group GmbH, 10.89% (3 mo. EURIBOR + 7.00%), 10/09/2027 | EUR | 1,865,000 | 2,048,135 | ||||||
Trulieve Cannabis Corp., 8.00%, 10/06/2026 | 4,526,000 | 4,405,246 | |||||||
52,284,093 | |||||||||
Materials - 0.9% | |||||||||
Norske Skog ASA, 9.23% (Norway Interbank Offered Rate Fixing 3 Month + 4.50%), 06/25/2029 | NOK | 44,400,000 | 4,174,066 | ||||||
Mining, Quarrying, and Oil and Gas Extraction - 0.6% | |||||||||
Mime Petroleum AS, 9.75%, 09/17/2026 | 1,546,621 | 1,496,356 | |||||||
Tacora Resources, Inc., 13.00%, 09/30/2024 (a)(c) | 2,381,851 | 1,190,925 | |||||||
2,687,281 | |||||||||
Professional, Scientific, and Technical Services - 1.1% | |||||||||
Floatel International Ltd., 9.75%, 04/10/2029 | 1,250,000 | 1,187,500 | |||||||
GemmaCert Ltd., 9.00%, 06/30/2024 (c) | 500,965 | 0 | |||||||
Getty Images, Inc., 9.75%, 03/01/2027 (a) | 2,568,000 | 2,575,607 | |||||||
LifeFit Group MidCo GmbH, 13.39% (3 mo. EURIBOR + 7.50%), 01/26/2025 | EUR | 1,190,744 | 1,295,950 | ||||||
5,059,057 | |||||||||
Retail Trade - 1.3% | |||||||||
99 Escrow Issuer, Inc., 7.50%, 01/15/2026 (a) | 4,193,000 | 214,891 | |||||||
AutoZone, Inc., 5.10%, 07/15/2029 | 5,400,000 | 5,382,212 | |||||||
5,597,103 | |||||||||
Transportation and Warehousing - 5.5% | |||||||||
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 10.00%, 10/15/2026 (a)(b) | 13,103,000 | 13,481,930 | |||||||
Uber Technologies, Inc. | |||||||||
8.00%, 11/01/2026 (a) | 2,974,000 | 3,002,586 | |||||||
7.50%, 09/15/2027 (a) | 1,216,000 | 1,240,835 | |||||||
XPO, Inc., 6.25%, 06/01/2028 (a) | 6,864,000 | 6,911,540 | |||||||
24,636,891 | |||||||||
Utilities - 0.2% | |||||||||
Hawaii Electric Light Company, 3.28%, 12/30/2040 (c) | 1,500,000 | 855,000 | |||||||
Wholesale Trade - 2.0% | |||||||||
TPC Group, Inc., 13.00%, 12/16/2027 (a) | 8,042,622 | 8,169,736 | |||||||
United Natural Foods, Inc., 6.75%, 10/15/2028 (a) | 1,025,000 | 926,337 | |||||||
9,096,073 | |||||||||
TOTAL CORPORATE BONDS (Cost $201,515,738) | 194,010,288 | ||||||||
BANK LOANS - 20.0% | Par | Value | |||||||
Arts, Entertainment, and Recreation - 2.8% | |||||||||
NAI Entertainment Holdings LLC, 10.96% (1 mo. Term SOFR + 5.00%), 05/08/2025 | 12,457,771 | 12,460,885 | |||||||
Consumer Discretionary - 1.3% | |||||||||
Crocs, Inc., 7.59% (1 mo. Term SOFR + 2.25%), 02/20/2029 | 5,717,000 | 5,763,451 | |||||||
Information - 3.8% | |||||||||
CBS Radio, 0.00%, 11/18/2024 | 2,047,000 | 982,560 | |||||||
Cengage Learning, Inc. First Lien, 9.54% (6 mo. Term SOFR + 4.75%), 07/14/2026 | 5,673,780 | 5,696,844 | |||||||
Clear Channel International First Lien, 7.50%, 08/15/2027 | 6,706,000 | 6,555,115 | |||||||
Magnite, Inc., 9.84% (1 mo. Term SOFR + 4.50%), 02/06/2031 | 3,582,000 | 3,599,176 | |||||||
16,833,695 | |||||||||
Manufacturing - 7.1% | |||||||||
Chobani LLC, 8.71% (1 Month LIBOR + 3.50%), 10/23/2027 | 4,590,460 | 4,611,967 | |||||||
Chobani LLC First Lien, 9.08% (1 mo. Term SOFR + 3.75%), 10/25/2027 | 2,799,930 | 2,816,113 | |||||||
DS Parent, Inc., 10.83% (3 Month SOFR + 5.50%), 12/16/2030 | 5,260,000 | 5,266,601 | |||||||
Elevate Textiles, Inc., 13.95% (3 mo. Term SOFR + 8.65%), 09/30/2027 | 192,898 | 189,845 | |||||||
First Brands Group LLC First Lien, 10.59% (3 mo. Term SOFR + 5.00%), 03/30/2027 | 2,061,398 | 2,052,379 | |||||||
Forum Energy Technologies, Inc., 11.00%, 12/08/2026 (c) | 11,685,773 | 11,218,342 | |||||||
ProSomnus Holdings, Inc., 17.50% (Prime + 9.00%), 11/07/2024 (c) | 587,638 | 587,638 | |||||||
Trulite, 11.34% (1 mo. Term SOFR + 6.00%), 02/15/2030 | 4,914,094 | 4,778,956 | |||||||
31,521,841 | |||||||||
Mining, Quarrying, and Oil and Gas Extraction - 1.1% | |||||||||
HighPeak Energy, 12.98% (3 Month SOFR + 7.50%), 09/30/2026 | 4,867,800 | 4,983,410 | |||||||
Professional, Scientific, and Technical Services - 1.5% | |||||||||
Getty Images, Inc. First Lien, 9.93% (3 Month LIBOR + 4.50%), 02/19/2026 | 2,086,494 | 2,088,476 | |||||||
Inotiv, Inc. First Lien, 12.34% (3 mo. Term SOFR + 6.75%), 09/22/2026 | 4,760,318 | 4,593,707 | |||||||
6,682,183 | |||||||||
Retail Trade - 1.4% | |||||||||
Mountaineer Merger Corp., 12.59% (3 Month LIBOR + 7.00%), 10/22/2028 | 5,603,908 | 4,486,628 | |||||||
The Container Store, Inc., 10.60% (3 Month LIBOR + 4.75%), 01/31/2026 | 2,394,997 | 1,586,686 | |||||||
6,073,314 | |||||||||
Wholesale Trade – 1.0% | |||||||||
Gulfside Supply T/L B First Lien, 8.33% (3 mo. Term SOFR + 3.00%), 05/29/2031 | 2,000,000 | 2,003,750 | |||||||
United Natural Foods, Inc. First Lien, 10.09% (1 mo. Term SOFR + 3.25%), 10/22/2025 | 2,720,000 | 2,732,471 | |||||||
4,736,221 | |||||||||
TOTAL BANK LOANS (Cost $89,752,168) | 89,055,000 | ||||||||
MORTGAGE-BACKED SECURITIES - 5.6% | Par | Value | |||||||
Finance and Insurance - 5.6% | |||||||||
BX Trust | |||||||||
Series 2020-VKNG, Class C, 6.84% (1 mo. Term SOFR + 1.51%), 10/15/2037 (a) | 1,309,000 | 1,296,818 | |||||||
Series 2021-VOLT, Class B, 6.39% (1 mo. Term SOFR + 1.06%), 09/15/2036 (a) | 1,830,000 | 1,804,849 | |||||||
Series 2021-VOLT, Class C, 6.54% (1 mo. Term SOFR + 1.21%), 09/15/2036 (a) | 2,800,000 | 2,745,358 | |||||||
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 7.38% (1 mo. Term SOFR + 2.05%), 12/15/2037 (a) | 4,481,000 | 4,485,452 | |||||||
Cold Storage Trust | |||||||||
Series 2020-ICE5, Class A, 6.34% (1 mo. Term SOFR + 1.01%), 11/15/2037 (a) | 1,484,316 | 1,479,376 | |||||||
Series 2020-ICE5, Class D, 7.54% (1 mo. Term SOFR + 2.21%), 11/15/2037 (a) | 3,258,614 | 3,248,978 | |||||||
JP Morgan Chase Commercial Mortgage Securities | |||||||||
Series 2021-MHC, Class A, 6.49% (1 mo. Term SOFR + 1.16%), 04/15/2038 (a) | 3,401,629 | 3,402,037 | |||||||
Series 2021-MHC, Class B, 6.74% (1 mo. Term SOFR + 1.41%), 04/15/2038 (a) | 970,000 | 962,287 | |||||||
Merit 2020, Series 2022-MHIL, Class A, 6.14% (1 mo. Term SOFR + 0.81%), 01/15/2027 (a) | 5,428,661 | 5,358,424 | |||||||
TOTAL MORTGAGE-BACKED SECURITIES (Cost $24,687,854) | 24,783,579 | ||||||||
CONVERTIBLE BONDS - 4.2% | Par | Value | |||||||
Administrative and Support and Waste Management and Remediation Services - 0.9% | |||||||||
Match Group Financeco 2, Inc., 0.88%, 06/15/2026 (a) | 4,428,000 | 4,026,607 | |||||||
Information - 1.7% | |||||||||
BuzzFeed, Inc., 8.50%, 12/03/2026 (a) | 4,275,000 | 3,954,375 | |||||||
Leafly Holdings, Inc., 8.00%, 01/31/2025 (c) | 4,163,000 | 3,538,550 | |||||||
7,492,925 | |||||||||
Professional, Scientific, and Technical Services - 0.1% | |||||||||
UpHealth, Inc., 14.33% (SOFR + 9.00%), 12/15/2025 (a) | 805,000 | 800,579 | |||||||
Transportation and Warehousing - 1.5% | |||||||||
Delivery Hero SE | |||||||||
1.50%, 01/15/2028 | EUR | 1,100,000 | 913,121 | ||||||
2.13%, 03/10/2029 | EUR | 7,100,000 | 5,748,729 | ||||||
6,661,850 | |||||||||
TOTAL CONVERTIBLE BONDS (Cost $19,986,299) | 18,981,961 | ||||||||
PREFERRED STOCKS - 1.6% | Shares | Value | |||||||
Finance and Insurance - 0.2% | |||||||||
Saratoga Investment Corp. Series 2027, 6.00%, 04/30/2027 | 40,765 | 970,615 | |||||||
Professional, Scientific, and Technical Services - 0.0%(d) | |||||||||
Argo Blockchain PLC Series A, 8.75%, 11/30/2026 | 8,481 | 76,668 | |||||||
Wholesale Trade - 1.4% | |||||||||
NGL Energy Partners LP Series B, 12.81% (3 mo. Term SOFR + 7.47%), Perpetual | 243,284 | 6,033,443 | |||||||
TOTAL PREFERRED STOCKS (Cost $5,609,164) | 7,080,726 | ||||||||
ASSET-BACKED SECURITIES - 1.4% | Par | Value | |||||||
Transportation and Warehousing - 1.4% | |||||||||
Hawaiian Airlines 2013-1 Class A Pass Through Certificates, Series 2013-1, 3.90%, 01/15/2026 | 6,490,349 | 6,125,267 | |||||||
TOTAL ASSET-BACKED SECURITIES (Cost $6,028,742) | 6,125,267 | ||||||||
REAL ESTATE INVESTMENT TRUSTS - 1.1% | Shares | Value | |||||||
Real Estate and Rental and Leasing – 1.1% | |||||||||
CTO Realty Growth, Inc. | 131,933 | 2,303,550 | |||||||
CTO Realty Growth, Inc. Series A, 6.38%, Perpetual | 122,111 | 2,458,095 | |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,713,954) | 4,761,645 | ||||||||
COMMON STOCKS - 0.7% | Shares | Value | |||||||
Administrative and Support and Waste Management and Remediation Services - 0.1% | |||||||||
Bitcoin Depot, Inc. (e) | 249,984 | 449,971 | |||||||
Finance and Insurance - 0.0%(d) | |||||||||
Ardagh Metal Packaging SA | 27,673 | 94,088 | |||||||
Information - 0.1% | |||||||||
UpHealth, Inc. (e) | 133,414 | 56,034 | |||||||
Warner Bros Discovery, Inc. (e) | 28,000 | 208,320 | |||||||
264,354 | |||||||||
Manufacturing - 0.5% | |||||||||
EchoStar Corp. - Class A (e)(f) | 7,400 | 131,794 | |||||||
RA PARENT, Inc. (c)(e) | 43 | 2,122,488 | |||||||
2,254,282 | |||||||||
Professional, Scientific, and Technical Services - 0.0%(d) | |||||||||
GemmaCert Ltd. (c)(e) | 21,135 | 0 | |||||||
TOTAL COMMON STOCKS (Cost $3,397,514) | 3,062,695 | ||||||||
WARRANTS - 0.0%(d) | Contracts | Value | |||||||
Information - 0.0%(d) | |||||||||
Leafly Holdings, Inc., Expires 11/07/2026, Exercise Price $11.50 (e) | 21,228 | 329 | |||||||
Manufacturing - 0.0%(d) | |||||||||
McDermott International Ltd., Expires 06/30/2027, Exercise Price $0.01 (c)(e) | 258,269 | 0 | |||||||
McDermott International Ltd., Expires 06/30/2027, Exercise Price $0.00 (c)(e) | 286,965 | 0 | |||||||
ProSomnus, Inc., Expires 04/20/2028, Exercise Price $11.50 (e) | 40,414 | 348 | |||||||
Total Manufacturing | 348 | ||||||||
Mining, Quarrying, and Oil and Gas Extraction - 0.0%(d) | |||||||||
Tacora Resources, Inc., Expires 05/11/2025, Exercise Price $0.01 (c)(e) | 20,243,861 | 0 | |||||||
TOTAL WARRANTS (Cost $153,329) | 677 | ||||||||
SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 0.0%(d) | Shares | Value | |||||||
Berenson Acquisition Corp. Founder Shares (c)(e) | 12,570 | 0 | |||||||
Plum Acquisition Corp. III (e) | 8,594 | 560 | |||||||
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) (Cost $50) | 560 | ||||||||
SHORT-TERM INVESTMENTS - 24.1% | |||||||||
Commercial Paper - 15.1% | Par | ||||||||
Arts, Entertainment, and Recreation — 2.0% | |||||||||
Rogers Communications, Inc., 4.55%, 07/16/2024 (g) | 8,729,000 | 8,709,888 | |||||||
Consumer Staples — 2.1% | |||||||||
Dollarama, Inc., 5.71%, 07/11/2024 (g) | 9,482,000 | 9,462,924 | |||||||
Manufacturing — 6.2% | |||||||||
Bacardi-Martini BV, 5.90%, 07/18/2024 (g) | 8,287,000 | 8,260,305 | |||||||
Constellation Brands, Inc., 5.43%, 07/23/2024 (g) | 5,736,000 | 5,712,790 | |||||||
VF Corp., 6.57%, 07/24/2024 (g) | 3,905,000 | 3,889,654 | |||||||
Whirlpool Corp., 5.76%, 07/12/2024 (g) | 10,150,000 | 10,126,758 | |||||||
27,989,507 | |||||||||
Materials — 1.7% | |||||||||
FMC Corp., 6.16%, 07/19/2024 (g) | 7,901,000 | 7,872,899 | |||||||
Real Estate and Rental and Leasing — 1.0% | |||||||||
Crown Castle, Inc., 5.75%, 08/01/2024 (g) | 4,420,000 | 4,395,673 | |||||||
Wholesale Trade — 2.1% | |||||||||
Genuine Parts Co., 5.07%, 07/23/2024 (g) | 9,191,000 | 9,159,940 | |||||||
Total Commercial Paper (Cost $67,613,718) | 67,590,831 | ||||||||
Money Market Funds - 9.0% | Shares | ||||||||
First American Government Obligations Fund - Class X, 5.23% (h) | 20,035,724 | 20,035,724 | |||||||
First American Treasury Obligations Fund - Class X, 5.20% (h) | 20,035,724 | 20,035,724 | |||||||
Total Money Market Funds (Cost $40,071,448) | 40,071,448 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $107,685,166) | 107,662,279 | ||||||||
TOTAL INVESTMENTS - 102.2% (Cost $463,529,978) | 455,524,677 | ||||||||
Liabilities in Excess of Other Assets - (2.2)% | (9,951,165 | ) | |||||||
TOTAL NET ASSETS - 100.0% | $ | 445,573,512 |
Percentages are stated as a percent of net assets. | |
Par amount is in U.S. Dollar unless otherwise indicated. |
ASA - Advanced Subscription Agreement |
NV - Naamloze Vennootschap |
PIK - Payment in Kind |
PLC - Public Limited Company |
SA - Sociedad Anónima |
SOFR - Secured Overnight Financing Rate |
EUR - Euro |
NOK - Norwegian Krone |
SEK - Swedish Krona |
(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 June 30, 2024, the value of these securities total $126,865,606 or 27.5% of the Fund’s net assets. |
(b) | Step coupon bond. The rate disclosed is as of June 30, 2024. |
(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 $20,592,158 or 4.6% of net assets as of June 30, 2024. |
(d) | Represents less than 0.05% of net assets. |
(e) | Non-income producing security. |
(f) | Held in connection with written option contracts. See Schedule of Options Written for further information. |
(g) | The rate shown is the effective yield as of June 30, 2024. |
(h) | The rate shown represents the 7-day effective yield as of June 30, 2024. |
RiverPark Strategic Income Fund | ||||||||||||
Schedule of Written Options | ||||||||||||
June 30, 2024 (Unaudited) | ||||||||||||
WRITTEN OPTIONS - 0.0% (a)(b)(c) | Notional Amount | Contracts | Value | |||||||||
Call Options - 0.0% (b) | ||||||||||||
EchoStar Corp., Expiration: 12/20/2024; Exercise Price: $25.00 | $ | (243,997 | ) | (137 | ) | $ | (16,029 | ) | ||||
iShares iBoxx $ High Yield Corporate Bond ETF, Expiration: 08/16/2024; Exercise Price: $77.00 | (4,566,688 | ) | (592 | ) | (32,560 | ) | ||||||
Total Call Options | (48,589 | ) | ||||||||||
TOTAL WRITTEN OPTIONS (Premiums received $100,574) | (48,589 | ) | ||||||||||
Percentages are stated as a percent of net assets. |
(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 | ||||||||
June 30, 2024 (Unaudited) | ||||||||
CORPORATE BONDS - (1.3)% | Par | Value | ||||||
Administrative and Support and Waste Management and Remediation Services - (0.4)% | ||||||||
Concentrix Corp., 6.85%, 08/02/2033 | $ | (1,572,000 | ) | $ | (1,564,473 | ) | ||
Information - (0.7)% | ||||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 03/01/2030 (a) | (2,167,000 | ) | (1,878,244 | ) | ||||
Frontier Communications Holdings LLC, 6.00%, 01/15/2030 (a) | (1,660,000 | ) | (1,447,759 | ) | ||||
(3,326,003 | ) | |||||||
Management of Companies and Enterprises - (0.2)% | ||||||||
SK Invictus Intermediate II Sarl, 5.00%, 10/30/2029 (a) | (1,094,000 | ) | (991,903 | ) | ||||
TOTAL CORPORATE BONDS (Proceeds $5,785,027) | (5,882,379 | ) | ||||||
TOTAL SECURITIES SOLD SHORT - (1.3)% (Proceeds $5,785,027) | $ | (5,882,379 | ) | |||||
Percentages are stated as a percent of net assets. |
(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 June 30, 2024, the value of these securities total $4,317,906 or 1.0% of the Fund’s net assets. |
RiverPark Strategic Income Fund |
Schedule of Forward Currency Contracts |
June 30, 2024 (Unaudited) |
Settlement Date | Currency Purchased | Currency Sold | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||
07/15/2024 | EUR | 1,350,000 | USD | 1,443,906 | U.S. Bancorp Investments, Inc. | $ | 3,056 | |||||||||
07/15/2024 | SEK | 20,015,000 | USD | 1,900,417 | U.S. Bancorp Investments, Inc. | (10,418 | ) | |||||||||
07/15/2024 | USD | 51,792,007 | EUR | 47,835,000 | U.S. Bancorp Investments, Inc. | 521,313 | ||||||||||
07/15/2024 | USD | 7,747,080 | NOK | 81,650,000 | U.S. Bancorp Investments, Inc. | 96,329 | ||||||||||
07/15/2024 | USD | 12,429,724 | SEK | 128,230,000 | U.S. Bancorp Investments, Inc. | 321,080 | ||||||||||
Total Unrealized Appreciation (Depreciation) | $ | 931,360 |
EUR - Euro | ||||
NOK – Norwegian Krone | ||||
SEK - Swedish Krona | ||||
USD - United States Dollar |
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 June 30, 2024: | ||||||
RiverPark Strategic Income Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets(1): | ||||||||||||||||
Corporate Bonds | $ | - | $ | 190,885,148 | $ | 3,125,140 | $ | 194,010,288 | ||||||||
Bank Loans | - | 77,249,020 | 11,805,980 | 89,055,000 | ||||||||||||
Convertible Bonds | - | 15,443,411 | 3,538,550 | 18,981,961 | ||||||||||||
Collateralized Mortgage Obligations | - | 24,783,579 | - | 24,783,579 | ||||||||||||
Asset-Backed Securities | - | 6,125,267 | - | 6,125,267 | ||||||||||||
Common Stocks | 940,207 | - | 2,122,488 | 3,062,695 | ||||||||||||
Preferred Stocks | 7,080,726 | - | - | 7,080,726 | ||||||||||||
Real Estate Investment Trusts | 4,761,645 | - | - | 4,761,645 | ||||||||||||
Special Purpose Acquisition Companies | 560 | - | - | 560 | ||||||||||||
Warrants | 677 | - | - | 677 | ||||||||||||
Short-Term Investments | 40,071,448 | 67,590,831 | - | 107,662,279 | ||||||||||||
Total Assets | $ | 52,855,263 | $ | 382,077,256 | $ | 20,592,158 | $ | 455,524,677 | ||||||||
Liabilities: | ||||||||||||||||
Corporate Bonds | $ | - | $ | (5,882,379 | ) | $ | - | $ | (5,882,379 | ) | ||||||
Written Options | (32,560 | ) | (16,029 | ) | - | (48,589 | ) | |||||||||
Total Liabilities | $ | (32,560 | ) | $ | (5,898,408 | ) | $ | - | $ | (5,930,968 | ) | |||||
Other Financial Instruments(2): | ||||||||||||||||
Forward Currency Exchange Contracts | $ | - | $ | 931,360 | $ | - | $ | 931,360 | ||||||||
Total Other Financial Instruments | $ | - | $ | 931,360 | $ | - | $ | 931,360 | ||||||||
(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 | ||||||||||||||||||||||||
Bank Loans | Corporate Bonds | Convertible Bonds | Common Stocks | Special Purpose Acquisition Companies | Warrants | |||||||||||||||||||
Beginning Balance - October 1, 2023 | $ | - | $ | 3,666,946 | $ | 3,538,550 | $ | 2,553,888 | $ | 1,073 | $ | - | ||||||||||||
Purchases | 11,987,036 | 1,339,536 | - | - | - | - | ||||||||||||||||||
Sales | - | - | - | - | - | - | ||||||||||||||||||
Accretion/Amortization | 16,650 | (15,394 | ) | |||||||||||||||||||||
Realized gains (losses) | - | - | - | - | (39 | ) | - | |||||||||||||||||
Change in unrealized appreciation (depreciation) | (197,706 | ) | (1,865,948 | ) | - | (431,400 | ) | (344 | ) | - | ||||||||||||||
Transfer in/(out) of Level 3 | - | - | - | - | (690 | ) | - | |||||||||||||||||
Ending Balance - June 30, 2024 | $ | 11,805,980 | $ | 3,125,140 | $ | 3,538,550 | $ | 2,122,488 | $ | - | $ | - | ||||||||||||
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 June 30, 2024: | ||||||||||||||||||||||||
RiverPark Strategic Income Fund | ||||||||||
Description | Fair Value June 30, 2024 | Valuation Methodologies | Unobservable Input | Range/Weighted Average Unobservable Input | ||||||
Bank Loans | $ | 11,218,342 | Vendor Pricing | Broker Quotes | $96 - 97.875 | |||||
Bank Loans | $ | 587,638 | Vendor Pricing | Broker Quotes | $100.00 | |||||
Corporate Bonds | $ | - | Liquidation analysis | Transaction price | N/A | |||||
Corporate Bonds | $ | 855,000 | Market comparable | Transaction price | N/A | |||||
Corporate Bonds | $ | 1,079,215 | Market comparable | Transaction price | N/A | |||||
Corporate Bonds | $ | - | Liquidation analysis | Transaction price | N/A | |||||
Corporate Bonds | $ | 1,190,925 | 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 | |||||
Common Stocks | $ | - | Market comparable | No current market | $0 | |||||
Special Purpose Acquisition Companies* | $ | - | Market comparable | Market price of similar asset | $0- $1 | |||||
Warrants** | $ | - | Liquidation analysis | Market discount | $0 | |||||
* Table presents information for three securities, which have been valued between $0.00 and $0.24 throughout the period. | ||||||||||
** Table presents information for three securities, which have been valued at $0.00 throughout the period. |