RiverPark Large Growth Fund |
Description | Shares | Value (000) | ||||||
Schedule of Investments | ||||||||
Common Stock — 98.3%** | ||||||||
Communication Services – 15.7% | ||||||||
Activision Blizzard | 14,812 | $ | 880 | |||||
Alphabet, Cl A * | 1,017 | 1,362 | ||||||
Alphabet, Cl C * | 1,017 | 1,360 | ||||||
Facebook, Cl A * | 10,125 | 2,078 | ||||||
Twitter * | 34,543 | 1,107 | ||||||
Walt Disney | 12,815 | 1,854 | ||||||
8,641 | ||||||||
Consumer Discretionary – 15.6% | ||||||||
adidas ADR | 6,262 | 1,019 | ||||||
Amazon.com * | 1,530 | 2,827 | ||||||
Booking Holdings * | 356 | 731 | ||||||
Five Below * | 10,102 | 1,292 | ||||||
NIKE, Cl B | 16,334 | 1,655 | ||||||
Ulta Beauty * | 4,358 | 1,103 | ||||||
8,627 | ||||||||
Energy – 1.2% | ||||||||
EOG Resources | 8,024 | 672 | ||||||
Financials – 6.8% | ||||||||
Blackstone Group, Cl A (a) | 49,323 | 2,759 | ||||||
CME Group, Cl A | 4,809 | 965 | ||||||
3,724 | ||||||||
Health Care – 14.1% | ||||||||
Exact Sciences * | 14,339 | 1,326 | ||||||
Illumina * | 4,203 | 1,394 | ||||||
Intuitive Surgical * | 2,148 | 1,270 | ||||||
IQVIA Holdings * | 7,647 | 1,182 | ||||||
SmileDirectClub, Cl A * | 110,078 | 962 | ||||||
UnitedHealth Group | 5,554 | 1,633 | ||||||
7,767 | ||||||||
Industrials – 3.6% | ||||||||
CoStar Group * | 1,014 | 607 | ||||||
Northrop Grumman | 4,032 | 1,387 | ||||||
1,994 | ||||||||
Information Technology – 37.6% | ||||||||
Adobe * | 5,533 | 1,825 | ||||||
Apple | 5,882 | 1,727 | ||||||
Autodesk * | 10,496 | 1,926 | ||||||
Mastercard, Cl A | 5,548 | 1,657 | ||||||
Microsoft | 19,665 | 3,101 | ||||||
Palo Alto Networks * | 8,469 | 1,958 | ||||||
PayPal Holdings * | 13,098 | 1,417 | ||||||
salesforce.com * | 13,402 | 2,180 | ||||||
ServiceNow * | 6,086 | 1,718 | ||||||
Teradata * | 22,570 | 604 | ||||||
Twilio, Cl A * | 10,930 | 1,074 | ||||||
Visa, Cl A | 8,224 | 1,545 | ||||||
20,732 | ||||||||
Real Estate – 3.7% | ||||||||
American Tower REIT, Cl A | 4,107 | 944 | ||||||
Equinix REIT | 1,921 | 1,121 | ||||||
2,065 | ||||||||
Total Common Stock | ||||||||
(Cost $35,275) (000) | 54,222 | |||||||
Total Investments — 98.3% | ||||||||
(Cost $35,275) (000) | $ | 54,222 |
As of December 31, 2019, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.
For the period ended December 31, 2019, there were no transfers in or out of Level 3.
Percentages are based on Net Assets of $55,133 (000). | |
* | Non-income producing security. |
** | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
(a) | Security considered Master Limited Partnership. At December 31, 2019, these securities amounted to $2,759 (000) or 5.0% of Net Assets. |
ADR — American Depositary Receipt
Cl — Class
REIT — Real Estate Investment Trust
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-001-1800
RiverPark/Wedgewood Fund |
Description | Shares | Value (000) | ||||||
Schedule of Investments | ||||||||
Common Stock — 98.2%** | ||||||||
Communication Services – 21.4% | ||||||||
Alphabet, Cl A * | 6,462 | $ | 8,655 | |||||
Electronic Arts * | 47,300 | 5,085 | ||||||
Facebook, Cl A * | 43,055 | 8,837 | ||||||
22,577 | ||||||||
Consumer Discretionary – 19.1% | ||||||||
Booking Holdings * | 3,518 | 7,225 | ||||||
Ross Stores | 27,160 | 3,162 | ||||||
Starbucks | 50,990 | 4,483 | ||||||
Tractor Supply | 56,181 | 5,250 | ||||||
20,120 | ||||||||
Financials – 2.5% | ||||||||
S&P Global | 9,650 | 2,635 | ||||||
Health Care – 14.4% | ||||||||
Alcon * | 52,756 | 2,984 | ||||||
Bristol-Myers Squibb | 44,284 | 2,843 | ||||||
Edwards Lifesciences * | 39,895 | 9,307 | ||||||
15,134 | ||||||||
Industrials – 6.7% | ||||||||
Copart * | 23,250 | 2,114 | ||||||
Fastenal | 133,315 | 4,926 | ||||||
7,040 | ||||||||
Information Technology – 34.1% | ||||||||
Apple | 32,192 | 9,453 | ||||||
CDW | 23,190 | 3,312 | ||||||
FleetCor Technologies * | 6,985 | 2,010 | ||||||
Motorola Solutions | 25,070 | 4,040 | ||||||
NVIDIA | 19,233 | 4,526 | ||||||
PayPal Holdings * | 43,615 | 4,718 | ||||||
Visa, Cl A | 42,045 | 7,900 | ||||||
35,959 | ||||||||
Total Common Stock | ||||||||
(Cost $70,836) (000) | 103,465 | |||||||
Rights — 0.1% | ||||||||
Health Care – 0.1% | ||||||||
Celegene CVR * | 29,684 | 89 | ||||||
Total Rights | ||||||||
(Cost $63) (000) | 89 | |||||||
Total Investments — 98.3% | ||||||||
(Cost $70,899) (000) | $ | 103,554 |
As of December 31, 2019, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.
For the period ended December 31, 2019, there were no transfers in or out of Level 3.
Percentages are based on Net Assets of $105,340 (000). | |
* | Non-income producing security. |
** | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
Cl — Class
CVR — Contingent Value Right
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-001-1800
RiverPark Short Term High Yield Fund |
Description | Face Amount (000)† | Value (000) | ||||||||
Schedule of Investments | ||||||||||
Corporate Obligations — 49.6% | ||||||||||
Communication Services – 14.7% | ||||||||||
CenturyLink | ||||||||||
5.625%, 04/01/20 | 8,866 | $ | 8,932 | |||||||
Inmarsat Finance | ||||||||||
4.875%, 05/15/22 (a) | 26,095 | 26,470 | ||||||||
Lee Enterprises | ||||||||||
9.500%, 03/15/22 (a) | 13,770 | 12,845 | ||||||||
Linkem | ||||||||||
7.000%, VAR Euribor 3 Month+7.000%, 08/09/22 (a) | EUR | 21,306 | 23,909 | |||||||
Qwest | ||||||||||
7.125%, 11/15/43 | 1,137 | 1,158 | ||||||||
6.875%, 09/15/33 | 1,371 | 1,379 | ||||||||
Sprint Communications | ||||||||||
7.000%, 03/01/20 (a) | 33,162 | 33,378 | ||||||||
TEGNA | ||||||||||
5.125%, 07/15/20 | 975 | 978 | ||||||||
109,049 | ||||||||||
Consumer Discretionary – 12.2% | ||||||||||
Aramark Services | ||||||||||
5.125%, 01/15/24 | 9,732 | 10,007 | ||||||||
Fiat Chrysler Automobiles | ||||||||||
4.500%, 04/15/20 | 10,932 | 11,019 | ||||||||
Lennar | ||||||||||
6.625%, 05/01/20 | 14,253 | 14,490 | ||||||||
LKQ | ||||||||||
4.750%, 05/15/23 | 6,585 | 6,693 | ||||||||
Nissan Motor Acceptance | ||||||||||
2.250%, 01/13/20 (a) | 5,210 | 5,210 | ||||||||
Reynolds Group Issuer | ||||||||||
5.750%, 10/15/20 | 22,262 | 22,318 | ||||||||
WestJet Airlines | ||||||||||
3.500%, 06/16/21 (a) | 20,175 | 20,497 | ||||||||
90,234 | ||||||||||
Energy – 2.2% | ||||||||||
Pacific Gas & Electric | ||||||||||
3.500%, 10/01/20 (b) | 15,968 | 16,026 | ||||||||
Financials – 3.0% | ||||||||||
Credit Acceptance | ||||||||||
6.125%, 02/15/21 | 542 | 543 | ||||||||
istar | ||||||||||
6.000%, 04/01/22 | 21,445 | 22,094 | ||||||||
22,637 | ||||||||||
Health Care – 0.3% | ||||||||||
Kinetic Concepts | ||||||||||
12.500%, 11/01/21 (a) | 1,890 | 1,950 | ||||||||
Industrials – 9.2% | ||||||||||
American Airlines Group | ||||||||||
4.625%, 03/01/20 (a) | 15,312 | 15,362 | ||||||||
Briggs & Stratton | ||||||||||
6.875%, 12/15/20 | 8,667 | 8,606 | ||||||||
HC2 Holdings | ||||||||||
11.500%, 12/01/21 (a) | 3,709 | 3,459 | ||||||||
Icahn Enterprises | ||||||||||
5.875%, 02/01/22 | 5,674 | 5,691 | ||||||||
Moog | ||||||||||
5.250%, 12/01/22 (a) | 6,468 | 6,573 | ||||||||
Nielsen Finance | ||||||||||
4.500%, 10/01/20 | 28,136 | 28,206 | ||||||||
67,897 | ||||||||||
Information Technology – 2.9% | ||||||||||
Anixter | ||||||||||
5.125%, 10/01/21 | 4,058 | 4,224 | ||||||||
Dell International | ||||||||||
5.875%, 06/15/21 (a) | 16,740 | 17,022 | ||||||||
21,246 | ||||||||||
Materials – 3.2% | ||||||||||
Ball | ||||||||||
4.375%, 12/15/20 | 5,020 | 5,137 | ||||||||
Steel Dynamics | ||||||||||
5.125%, 10/01/21 | 18,609 | 18,620 | ||||||||
23,757 | ||||||||||
Technology – 0.1% | ||||||||||
Xerox | ||||||||||
2.800%, 05/15/20 | 864 | 866 | ||||||||
Utilities – 1.8% | ||||||||||
Calpine | ||||||||||
6.000%, 01/15/22 (a) | 1,933 | 1,939 | ||||||||
5.875%, 01/15/24 (a) | 8,938 | 9,143 | ||||||||
5.375%, 01/15/23 | 2,464 | 2,498 | ||||||||
13,580 | ||||||||||
Total Corporate Obligations | ||||||||||
(Cost $368,689) (000) | 367,242 | |||||||||
Commercial Paper — 32.3%(c) | ||||||||||
Consumer Discretionary – 10.9% | ||||||||||
Ford Motor Credit | ||||||||||
2.516%, 01/13/20 | 20,000 | 19,981 | ||||||||
General Motors | ||||||||||
2.146%, 01/28/20 | 8,000 | 7,984 | ||||||||
Keurig | ||||||||||
1.953%, 01/13/20 | 18,000 | 17,988 | ||||||||
Marriot International | ||||||||||
1.967%, 02/13/20 | 10,000 | 9,974 | ||||||||
Royal Caribbean Cruises | ||||||||||
2.028%, 01/22/20 | 20,000 | 19,974 | ||||||||
1.950%, 01/02/20 | 5,000 | 5,000 | ||||||||
24,974 | ||||||||||
80,901 | ||||||||||
Consumer Staples – 10.5% | ||||||||||
Campbell Soup | ||||||||||
2.003%, 01/08/20 | 10,000 | 9,996 | ||||||||
1.907%, 01/17/20 | 10,000 | 9,991 | ||||||||
19,987 | ||||||||||
Constellation Brands | ||||||||||
2.007%, 01/13/20 | 5,667 | 5,662 | ||||||||
1.987%, 01/15/20 | 7,933 | 7,925 | ||||||||
13,587 |
RiverPark Short Term High Yield Fund |
Description | Face Amount (000)†/Shares | Value (000) | ||||||
JM Smucker | ||||||||
2.001%, 01/06/20 | 20,000 | $ | 19,994 | |||||
Kellog | ||||||||
1.800%, 01/02/20 | 5,214 | 5,213 | ||||||
Walgreens | ||||||||
2.058%, 02/05/20 | 18,895 | 18,856 | ||||||
77,637 | ||||||||
Health Care – 0.9% | ||||||||
Boston Scientific | ||||||||
2.026%, 02/04/20 | 6,700 | 6,687 | ||||||
Materials – 4.5% | ||||||||
DuPont de Nemours | ||||||||
1.995%, 01/29/20 | 18,000 | 17,970 | ||||||
Nutrien | ||||||||
1.997%, 02/10/20 | 15,159 | 15,123 | ||||||
33,093 | ||||||||
Technology – 5.5% | ||||||||
Jabil | ||||||||
2.460%, 02/14/20 | 19,457 | 19,394 | ||||||
NetApp | ||||||||
2.106%, 02/10/20 | 10,000 | 9,976 | ||||||
1.985%, 01/27/20 | 11,395 | 11,378 | ||||||
21,354 | ||||||||
40,748 | ||||||||
Total Commercial Paper | ||||||||
(Cost $239,094) (000) | 239,066 | |||||||
Convertible Bonds — 2.7% | ||||||||
Industrials – 0.7% | ||||||||
Ship Finance International | ||||||||
5.750%, 10/15/21 | 4,674 | 4,991 | ||||||
Materials – 2.0% | ||||||||
Cemex | ||||||||
3.720%, 03/15/20 | 15,067 | 15,164 | ||||||
Total Convertible Bonds | ||||||||
(Cost $19,754) (000) | 20,155 | |||||||
Common Stock — 0.2% | ||||||||
Financials – 0.2% | ||||||||
Mudrick Capital Acquisition * | 100,000 | 1,025 | ||||||
Gordon Pointe Acquisition * | 59,185 | 624 | ||||||
Total Common Stock | ||||||||
(Cost $1,635) (000) | 1,649 | |||||||
Preferred Stock — 0.0% | ||||||||
Financials – 0.0% | ||||||||
Allstate | ||||||||
5.625% | 92 | 2 | ||||||
Total Preferred Stock | ||||||||
(Cost $2) (000) | 2 | |||||||
Face Amount (000)† | ||||||||
Bank Loan Obligations — 8.0%(d) | ||||||||
Communication Services – 3.2% | ||||||||
LSC Communications | ||||||||
7.124%, VAR LIBOR USD 1 Month+5.500%, 09/30/22 | 6,289 | 4,019 | ||||||
Zayo Group | ||||||||
3.799%, 01/13/21 (d) | 19,702 | 19,730 | ||||||
23,749 | ||||||||
Energy – 1.4% | ||||||||
Pacific Gas & Electric | ||||||||
4.240%, 12/31/20 (d) | 7,500 | 7,500 | ||||||
3.950%, 12/31/20 (d) | 2,500 | 2,500 | ||||||
10,000 | ||||||||
Information Technology – 0.4% | ||||||||
Internap Corporation, Initial Term Loan, 1st Lien | ||||||||
8.790%, VAR ICE LIBOR USD 3 Month+6.250%, 04/06/22 | 4,828 | 2,961 | ||||||
Telecommunications – 3.0% | ||||||||
Windstream Services, LLC (fka Windstream Corporation), Term Facility (DIP), 1st Lien | ||||||||
4.300%, VAR LIBOR+2.500%, 03/08/21 | 22,105 | 22,071 | ||||||
Total Bank Loan Obligations | ||||||||
(Cost $63,029) (000) | 58,781 | |||||||
Total Investments — 92.8% | ||||||||
(Cost $692,203) (000) | $ | 686,895 |
A list of the open forward foreign currency contracts held by the Fund at December 31, 2019, is as follows (000):
Counterparty | Maturity Date | Currency to Deliver | Currency to Receive | Unrealized Depreciation | ||||||||||||||
Brown Brothers Harriman | 01/07/20 | EUR | 21,480 | USD | 23,890 | $ | (212 | ) | ||||||||||
$ | (212 | ) |
RiverPark Short Term High Yield Fund |
The following is a list of the inputs used as of December 31, 2019 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 | $ | — | $ | 367,242 | $ | — | $ | 367,242 | ||||||||
Commercial Paper | — | 239,066 | — | 239,066 | ||||||||||||
Convertible Bonds | — | 20,155 | — | 20,155 | ||||||||||||
Common Stock | 1,649 | — | — | 1,649 | ||||||||||||
Preferred Stock | 2 | — | — | 2 | ||||||||||||
Bank Loan Obligations | — | 58,781 | — | 58,781 | ||||||||||||
Total Investments in Securities | $ | 1,651 | $ | 685,244 | $ | — | $ | 686,895 |
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Forwards† | ||||||||||||||||
Unrealized Appreciation | — | — | — | — | ||||||||||||
Unrealized Depreciation | — | (212 | ) | — | (212 | ) | ||||||||||
Total Other Financial Instruments | $ | — | $ | (212 | ) | $ | — | $ | (212 | ) |
† | Forward contracts are valued at the Unrealized Depreciation on the instrument. |
For the period ended December 31, 2019, there were no transfers in or out of Level 3.
Percentages are based on Net Assets of $739,971 (000).
* | Non-income producing security. |
† | In U.S. Dollar unless otherwise indicated. |
(a) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." These securities have been determined to be liquid under guidelines established by the Board of Trustees. At December 31, 2019, these securities amounted to $177,757 or 24.0% of Net Assets. |
(b) | Security in default on interest payments. |
(c) | Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at the time purchase. |
(d) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
EUR— Euro
EURIBOR— Euro London Interbank Offered Rate
ICE— Intercontinental Exchange
LIBOR— London Interbank Offered Rate
LLC — Limited Liability Company
USD — U.S. Dollar
VAR— Variable Rate
For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
RPF-QH-001-1800
RiverPark Long/Short Opportunity Fund |
Description | Shares | Value (000) | ||||||
Schedule of Investments | ||||||||
Common Stock — 97.3%** | ||||||||
Communication Services – 15.5% | ||||||||
Alphabet, Cl A * | 1,559 | $ | 2,088 | |||||
Alphabet, Cl C * | 1,564 | 2,091 | ||||||
Facebook, Cl A * | 20,007 | 4,107 | ||||||
Twitter * | 63,145 | 2,024 | ||||||
Walt Disney | 19,879 | 2,875 | ||||||
13,185 | ||||||||
Consumer Discretionary – 13.5% | ||||||||
adidas ADR | 10,895 | 1,774 | ||||||
Amazon.com * | 2,383 | 4,403 | ||||||
Booking Holdings * | 498 | 1,023 | ||||||
NIKE, Cl B | 25,686 | 2,602 | ||||||
Ulta Beauty * | 6,776 | 1,715 | ||||||
11,517 | ||||||||
Energy – 1.6% | ||||||||
EOG Resources | 15,773 | 1,321 | ||||||
Financials – 7.1% | ||||||||
Blackstone Group, Cl A (a) | 76,760 | 4,294 | ||||||
CME Group, Cl A | 8,775 | 1,761 | ||||||
6,055 | ||||||||
Health Care – 15.8% | ||||||||
Exact Sciences * | 29,695 | 2,746 | ||||||
Illumina * | 4,535 | 1,505 | ||||||
Intuitive Surgical * | 3,407 | 2,014 | ||||||
IQVIA Holdings * | 13,844 | 2,139 | ||||||
SmileDirectClub, Cl A * | 211,979 | 1,853 | ||||||
UnitedHealth Group | 10,706 | 3,147 | ||||||
13,404 | ||||||||
Industrials – 3.7% | ||||||||
CoStar Group * | 1,587 | 949 | ||||||
Northrop Grumman | 6,337 | 2,180 | ||||||
3,129 | ||||||||
Information Technology – 36.0% | ||||||||
Adobe * | 8,701 | 2,870 | ||||||
Apple | 10,878 | 3,194 | ||||||
Autodesk * | 1,192 | 219 | ||||||
Mastercard, Cl A | 9,223 | 2,754 | ||||||
Microsoft | 32,907 | 5,189 | ||||||
Palo Alto Networks * | 14,128 | 3,267 | ||||||
PayPal Holdings * | 20,277 | 2,193 | ||||||
salesforce.com * | 16,875 | 2,745 | ||||||
ServiceNow * | 9,623 | 2,717 | ||||||
Teradata * | 41,956 | 1,123 | ||||||
Twilio, Cl A * | 17,258 | 1,696 | ||||||
Visa, Cl A | 14,320 | 2,691 | ||||||
30,658 | ||||||||
Real Estate – 4.1% | ||||||||
American Tower REIT, Cl A | 7,498 | 1,723 | ||||||
Equinix REIT | 2,974 | 1,736 | ||||||
3,459 | ||||||||
Total Common Stock | ||||||||
(Cost $57,268) (000) | 82,728 | |||||||
Total Investments — 97.3% | ||||||||
(Cost $57,268) (000) | $ | 82,728 |
The following is a list of the inputs used as of December 31, 2019 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 | $ | 82,728 | $ | — | $ | — | $ | 82,728 | ||||||||
Total Investments in Securities | $ | 82,728 | $ | — | $ | — | $ | 82,728 |
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Equity Swaps* | ||||||||||||||||
Unrealized Appreciation | $ | — | $ | 1,527 | $ | — | $ | 1,527 | ||||||||
Unrealized Depreciation | — | (2,114 | ) | — | (2,114 | ) | ||||||||||
Total Other Financial Instruments | $ | — | $ | (587 | ) | $ | — | $ | (587 | ) |
* | Equity Swaps are valued at the unrealized appreciation (depreciation) on the instrument. |
For the period ended December 31, 2019, there were no transfers in or out of Level 3.
RiverPark Long/Short Opportunity Fund |
A list of open swap agreements held by the Fund at December 31, 2019 was as follows:
Equity Swap Agreements | ||||||||||||||||||||
Display Name Value | Counterparty | Receive (Pay) | Payment Frequency | Termination Date | Notional Amount (000) | Value (000) | Net Unrealized Appreciation (Depreciation) (000) | |||||||||||||
3M Company' | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | $ | (389 | ) | $ | (438 | ) | $ | (49 | ) | |||||||
Activision Blizzard | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 10/21/2020 | 1,287 | 1,389 | 102 | |||||||||||||
Adobe Systems Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 09/10/2020 | 81 | 93 | 12 | |||||||||||||
Alphabet Inc-Cl A | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 09/10/2020 | 193 | 219 | 26 | |||||||||||||
Alphabet Inc-Cl C | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 09/10/2020 | 188 | 213 | 25 | |||||||||||||
Amazon.Com Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 09/10/2020 | 231 | 238 | 7 | |||||||||||||
Analog Devices Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 11/25/2020 | (378 | ) | (422 | ) | (44 | ) | ||||||||||
Autodesk Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 10/28/2020 | 2,277 | 2,788 | 511 | |||||||||||||
Baker Hughes A Ge Co | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 11/05/2020 | (493 | ) | (573 | ) | (80 | ) | ||||||||||
Campbell Soup Co | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (628 | ) | (673 | ) | (45 | ) | ||||||||||
Carvana Co | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (257 | ) | (335 | ) | (78 | ) | ||||||||||
Centurylink Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (465 | ) | (479 | ) | (14 | ) | ||||||||||
Cerner Corp | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/01/2020 | (742 | ) | (899 | ) | (157 | ) | ||||||||||
Cimpress | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (989 | ) | (970 | ) | 19 | |||||||||||
Clorox Co | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/01/2020 | (630 | ) | (620 | ) | 10 | |||||||||||
Coca Cola Company | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (473 | ) | (484 | ) | (11 | ) | ||||||||||
Colgate-Palmolive | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (552 | ) | (526 | ) | 26 | |||||||||||
Core Laboratories | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/01/2020 | (514 | ) | (382 | ) | 132 | |||||||||||
Domino'S Pizza Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (878 | ) | (1,076 | ) | (198 | ) | ||||||||||
Donaldson Co Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (377 | ) | (423 | ) | (46 | ) | ||||||||||
Edgewell Personal | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/01/2020 | (493 | ) | (503 | ) | (10 | ) | ||||||||||
Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 09/10/2020 | 161 | 178 | 17 | ||||||||||||||
Fedex Corp | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 06/03/2020 | (409 | ) | (389 | ) | 20 | |||||||||||
Five Below | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 10/28/2020 | 1,976 | 1,948 | (28 | ) | ||||||||||||
Gartner Inc. | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 11/04/2020 | (584 | ) | (616 | ) | (32 | ) | ||||||||||
General Mills Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (661 | ) | (657 | ) | 4 | |||||||||||
Godaddy Inc - Class A | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 01/14/2021 | (419 | ) | (418 | ) | 1 | |||||||||||
Graco Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/13/2020 | (379 | ) | (430 | ) | (51 | ) | ||||||||||
Grubhub Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/20/2020 | (683 | ) | (616 | ) | 67 | |||||||||||
Halliburton Co | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/01/2020 | (794 | ) | (793 | ) | 1 | |||||||||||
Harley-Davidson Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/07/2020 | (1,297 | ) | (1,289 | ) | 8 | |||||||||||
Helmerich & Payne | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/01/2020 | (472 | ) | (414 | ) | 58 | |||||||||||
Hershey Co | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (521 | ) | (493 | ) | 28 | |||||||||||
Idex Corporation | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (408 | ) | (432 | ) | (24 | ) | ||||||||||
Illumina Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 01/13/2021 | (645 | ) | (628 | ) | 17 | |||||||||||
International Business Machines | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (1,294 | ) | (1,234 | ) | 60 | |||||||||||
Iron Mountain Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/01/2020 | (948 | ) | (927 | ) | 21 | |||||||||||
J2 Global Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (746 | ) | (784 | ) | (38 | ) | ||||||||||
JM Smucker | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/01/2020 | (707 | ) | (631 | ) | 76 | |||||||||||
Kellogg Co | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (720 | ) | (783 | ) | (63 | ) | ||||||||||
Keurig Dr Pepper Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/01/2020 | (880 | ) | (896 | ) | (16 | ) | ||||||||||
Kimberly-Clark | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (761 | ) | (763 | ) | (2 | ) | ||||||||||
Kimco Realty | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (545 | ) | (572 | ) | (27 | ) | ||||||||||
Kroger | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (599 | ) | (650 | ) | (51 | ) | ||||||||||
Lowes Companies Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (985 | ) | (1,073 | ) | (88 | ) | ||||||||||
Maxim Integrated Products | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (404 | ) | (437 | ) | (33 | ) | ||||||||||
Microsoft Corporation | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 09/10/2020 | 263 | 309 | 46 | |||||||||||||
Monolithic Power Systems | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (381 | ) | (431 | ) | (50 | ) | ||||||||||
Monster Beverage | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 11/20/2020 | (424 | ) | (477 | ) | (53 | ) | ||||||||||
National Oilwell Varco | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/01/2020 | (710 | ) | (761 | ) | (51 | ) |
RiverPark Long/Short Opportunity Fund |
Equity Swap Agreements (concluded) | ||||||||||||||||||||
Display Name Value | Counterparty | Receive (Pay) | Payment Frequency | Termination Date | Notional Amount (000) | Value (000) | Net Unrealized Appreciation (Depreciation) (000) | |||||||||||||
Nordstrom Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/01/2020 | (735 | ) | (743 | ) | (8 | ) | ||||||||||
Patterson-Uti Energy | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/01/2020 | (501 | ) | (459 | ) | 42 | |||||||||||
Pepsico Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (407 | ) | (412 | ) | (5 | ) | ||||||||||
Polo Ralph Lauren Co | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 11/20/2020 | (423 | ) | (531 | ) | (108 | ) | ||||||||||
Power Integrations I | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (405 | ) | (446 | ) | (41 | ) | ||||||||||
Procter & Gamble | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (453 | ) | (459 | ) | (6 | ) | ||||||||||
Qualcomm | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (356 | ) | (420 | ) | (64 | ) | ||||||||||
Regency Centers Corp | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/01/2020 | (585 | ) | (556 | ) | 29 | |||||||||||
Salesforce.Com Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 09/10/2020 | 604 | 655 | 51 | |||||||||||||
Schlumberger Ltd | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 11/05/2020 | (340 | ) | (435 | ) | (95 | ) | ||||||||||
Scotts Miracle-Gro | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 09/02/2020 | (419 | ) | (424 | ) | (5 | ) | ||||||||||
Siteone Landscape | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (342 | ) | (422 | ) | (80 | ) | ||||||||||
Sl Green Realty Corp | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/01/2020 | (360 | ) | (374 | ) | (14 | ) | ||||||||||
Snap On Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/01/2020 | (376 | ) | (422 | ) | (46 | ) | ||||||||||
Sprouts Farmers | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/01/2020 | (896 | ) | (827 | ) | 69 | |||||||||||
Texas Instruments | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (416 | ) | (425 | ) | (9 | ) | ||||||||||
Tootsie Roll Industries | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 09/02/2020 | (441 | ) | (413 | ) | 28 | |||||||||||
Toro Co | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (380 | ) | (417 | ) | (37 | ) | ||||||||||
Trimble Navigation | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/01/2020 | (912 | ) | (961 | ) | (49 | ) | ||||||||||
Twilio Inc Class A | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 01/13/2021 | (440 | ) | (429 | ) | 11 | |||||||||||
United Parcel Service | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (422 | ) | (420 | ) | 2 | |||||||||||
Viacom CBS Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 10/07/2020 | (437 | ) | (446 | ) | (9 | ) | ||||||||||
Vornado Realty Trust | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/01/2020 | (444 | ) | (459 | ) | (15 | ) | ||||||||||
Wal Mart Stores Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (826 | ) | (830 | ) | (4 | ) | ||||||||||
Watsco Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (383 | ) | (419 | ) | (36 | ) | ||||||||||
Williams-Sonoma Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 08/26/2021 | (590 | ) | (647 | ) | (57 | ) | ||||||||||
Wingstop Inc | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/01/2020 | (216 | ) | (215 | ) | 1 | |||||||||||
Zillow Group Inc, Class A | Goldman Sachs International | Fed Funds - (0.50)% | Maturity | 05/01/2020 | (605 | ) | (692 | ) | (87 | ) | ||||||||||
$ | (587 | ) |
Percentages are based on Net Assets of $85,058(000)
* | Non-income producing security. |
** | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
(a) | Security considered Master Limited Partnership. At December 31, 2019, these securities amounted to $4,294 (000) or 5.0% of Net Assets. |
ADR — American Depositary Receipt
Cl — Class
Ltd. — Limited
PLC — Public Limited Company
REIT — Real Estate Investment Trust
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-001-1800
RiverPark Strategic Income Fund |
Description | Face Amount (000)† | Value (000) | ||||||||
Schedule of Investments | ||||||||||
Corporate Obligations — 55.5% | ||||||||||
Communication Services – 8.6% | ||||||||||
Comcast | ||||||||||
2.349%, VAR ICE LIBOR USD 3 Month+0.440%, 10/01/21 | 240 | $ | 241 | |||||||
2.239%, VAR ICE LIBOR USD 3 Month+0.330%, 10/01/20 | 480 | 481 | ||||||||
CSC Holdings | ||||||||||
5.375%, 07/15/23 (a) | 5,200 | 5,341 | ||||||||
Lee Enterprises | ||||||||||
9.500%, 03/15/22 (a) | 4,905 | 4,576 | ||||||||
Level 3 Financing | ||||||||||
3.400%, 03/01/27 (a) | 425 | 428 | ||||||||
Linkem | ||||||||||
7.000%, VAR Euribor 3 Month+7.000%, 08/09/22 (a) | EUR | 8,896 | 9,983 | |||||||
Sirius XM Radio | ||||||||||
5.000%, 08/01/27 (a) | 2,077 | 2,195 | ||||||||
23,245 | ||||||||||
Consumer Discretionary – 14.9% | ||||||||||
Arrow Bidco | ||||||||||
9.500%, 03/15/24 (a) | 103 | 99 | ||||||||
Diamond Sports Group | ||||||||||
5.375%, 08/15/26 (a) | 1,385 | 1,404 | ||||||||
Dollar Tree | ||||||||||
2.702%, VAR ICE LIBOR USD 3 Month+0.700%, 04/17/20 | 6,500 | 6,501 | ||||||||
Ford Motor Credit | ||||||||||
2.677%, VAR ICE LIBOR USD 3 Month+0.790%, 06/12/20 (b) | 4,828 | 4,831 | ||||||||
Georg Jensen | ||||||||||
6.000%, VAR Euribor 3 Month+6.000%, 05/15/23 | EUR | 500 | 558 | |||||||
Jacktel | ||||||||||
10.000%, 12/04/23 (a) | 1,700 | 1,377 | ||||||||
Lifefit Group Midco GmbH | ||||||||||
7.500%, VAR Euribor 3 Month+7.500%, 07/26/23 | EUR | 2,321 | 2,655 | |||||||
Nexteer Automotive Group | ||||||||||
5.875%, 11/15/21 (a) | 2,405 | 2,447 | ||||||||
Reynolds Group Issuer | ||||||||||
5.750%, 10/15/20 | 8,224 | 8,244 | ||||||||
SB Holdco | ||||||||||
8.000%, VAR Euribor 3 Month+8.000%, 07/13/22 | EUR | 1,900 | 2,131 | |||||||
Silversea Cruise Finance | ||||||||||
7.250%, 02/01/25 (a) | 6,500 | 6,893 | ||||||||
Tapestry | ||||||||||
4.250%, 04/01/25 (b) | 2,935 | 3,109 | ||||||||
40,249 | ||||||||||
Consumer Staples – 1.8% | ||||||||||
Cott Holdings | ||||||||||
5.500%, 04/01/25 (a) | 3,692 | 3,866 | ||||||||
Fresh Market | ||||||||||
9.750%, 05/01/23 (a) | 2,020 | 1,030 | ||||||||
4,896 | ||||||||||
Energy – 7.3% | ||||||||||
CITGO Petroleum | ||||||||||
6.250%, 08/15/22 (a) | 2,960 | 3,008 | ||||||||
EP Energy | ||||||||||
7.750%, 05/15/26 (a) (c) | 2,821 | 2,025 | ||||||||
Golar LNG Partners | ||||||||||
6.299%, VAR ICE LIBOR USD 3 Month+4.400%, 05/22/20 | 1,000 | 994 | ||||||||
Pacific Gas & Electric | ||||||||||
3.500%, 10/01/20 (c) | 5,635 | 5,655 | ||||||||
Sanjel Corporation | ||||||||||
0.000%, 12/31/49 (a) (c) (d) | 101 | — | ||||||||
0.000%, 12/31/49 (a) (c) (d) | 101 | — | ||||||||
0.000%, 12/31/49 (a) (c) (d) | 101 | — | ||||||||
0.000%, 12/31/49 (a) (c) (d) | 101 | — | ||||||||
0.000%, 12/31/49 (a) (c) (d) | 101 | — | ||||||||
0.000%, 12/31/49 (a) (c) (d) | 101 | — | ||||||||
0.000%, 12/31/49 (a) (c) (d) | 101 | — | ||||||||
0.000%, 12/31/49 (a) (c) (d) (e) (f) | 2,700 | — | ||||||||
0.000%, 12/31/49 (a) (c) (d) | 101 | — | ||||||||
SESI | ||||||||||
7.750%, 09/15/24 | 2,360 | 1,576 | ||||||||
7.125%, 12/15/21 | 2,123 | 1,816 | ||||||||
Vantage Drilling International | ||||||||||
9.250%, 11/15/23 (a) | 3,676 | 3,586 | ||||||||
W&T Offshore | ||||||||||
9.750%, 11/01/23 (a) | 1,213 | 1,160 | ||||||||
19,820 | ||||||||||
Financials – 0.0% | ||||||||||
Toll Road Investors Partnership II MBIA Insurance Corp | ||||||||||
6.936%, 02/15/45 (a) (d) | 704 | 185 | ||||||||
Health Care – 0.1% | ||||||||||
Bayer US Finance II | ||||||||||
2.577%, VAR ICE LIBOR USD 3 Month+0.630%, 06/25/21 (a) | 255 | 256 | ||||||||
Industrials – 16.9% | ||||||||||
America West Airlines Pass-Through Trust, Ser 2000-1 Ambac Assurance Corp | ||||||||||
8.057%, 07/02/20 | 190 | 196 | ||||||||
American Airlines Group | ||||||||||
4.625%, 03/01/20 (a) | 5,656 | 5,675 | ||||||||
Borealis Finance | ||||||||||
7.500%, 11/16/22 (a) | 4,896 | 4,518 |
RiverPark Strategic Income Fund |
Description | Face Amount (000)† | Value (000) | ||||||||
Chembulk Holding | ||||||||||
8.000%, 02/02/23 (a) | 400 | $ | 356 | |||||||
Continental Airlines Pass-Through Trust, Ser 2000-2, Cl A1 | ||||||||||
7.707%, 04/02/21 | 305 | 312 | ||||||||
Continental Airlines Pass-Through Trust, Ser 1999-2, Cl C2 Ambac Assurance Corp | ||||||||||
6.236%, 03/15/20 | 23 | 23 | ||||||||
Continental Airlines Pass-Through Trust, Ser 2007-1, Cl A | ||||||||||
5.983%, 04/19/22 | 534 | 562 | ||||||||
Euronav Luxembourg | ||||||||||
7.500%, 05/31/22 (a) | 200 | 207 | ||||||||
Foxtrot Escrow Issuer | ||||||||||
12.250%, 11/15/26 (a) | 2,548 | 2,658 | ||||||||
HC2 Holdings | ||||||||||
11.500%, 12/01/21 (a) | 2,059 | 1,920 | ||||||||
Icahn Enterprises | ||||||||||
6.250%, 05/15/26 | 2,793 | 2,980 | ||||||||
5.250%, 05/15/27 (a) | 2,427 | 2,488 | ||||||||
LSC Communications | ||||||||||
8.750%, 10/15/23 (a) | 2,786 | 1,513 | ||||||||
MPC Container Ships Invest BV | ||||||||||
6.678%, VAR ICE LIBOR USD 3 Month+4.750%, 09/22/22 | 2,600 | 2,563 | ||||||||
Mueller Industries | ||||||||||
6.000%, 03/01/27 (b) | 8,128 | 8,344 | ||||||||
Stolt-Nielsen | ||||||||||
6.375%, 09/21/22 | 3,700 | 3,811 | ||||||||
Triumph Group | ||||||||||
7.750%, 08/15/25 | 1,055 | 1,103 | ||||||||
6.250%, 09/15/24 (a) | 822 | 866 | ||||||||
Welbilt | ||||||||||
9.500%, 02/15/24 | 5,203 | 5,530 | ||||||||
45,625 | ||||||||||
Information Technology – 3.2% | ||||||||||
CentralNic Group | ||||||||||
7.000%, VAR Euribor 3 Month+7.000%, 07/03/23 | EUR | 1,325 | 1,527 | |||||||
Trimble | ||||||||||
4.750%, 12/01/24 | 4,099 | 4,431 | ||||||||
4.150%, 06/15/23 | 2,543 | 2,682 | ||||||||
8,640 | ||||||||||
Materials – 2.0% | ||||||||||
Alcoa Nederland Holding BV | ||||||||||
6.750%, 09/30/24 (a) | 3,347 | 3,530 | ||||||||
Ferroglobe | ||||||||||
9.375%, 03/01/22 (a) | 638 | 397 | ||||||||
NOVA Chemicals | ||||||||||
5.250%, 06/01/27 (a) | 1,582 | 1,628 | ||||||||
5,555 | ||||||||||
Face Amount (000)†/Shares | ||||||||||
Real Estate – 0.7% | ||||||||||
Five Point Operating | ||||||||||
7.875%, 11/15/25 (a) | 1,813 | 1,831 | ||||||||
Total Corporate Obligations | ||||||||||
(Cost $154,692) (000) | 150,302 | |||||||||
Commercial Paper — 13.0%(d) | ||||||||||
Consumer Discretionary – 7.9% | ||||||||||
Ford Motor Credit | ||||||||||
2.516%, 01/13/20 | 3,241 | 3,238 | ||||||||
General Motors Financial | ||||||||||
2.157%, 01/09/20 | 5,398 | 5,395 | ||||||||
Marriot International | ||||||||||
1.834%, 01/03/20 | 5,046 | 5,045 | ||||||||
Royal Carribean Cruises | ||||||||||
2.261%, 01/06/20 | 7,697 | 7,694 | ||||||||
21,372 | ||||||||||
Consumer Staples – 5.1% | ||||||||||
JM Smucker | ||||||||||
2.001%, 01/06/20 | 6,784 | 6,782 | ||||||||
Walgreens | ||||||||||
2.058%, 02/05/20 | 7,050 | 7,036 | ||||||||
13,818 | ||||||||||
Total Commercial Paper | ||||||||||
(Cost $35,192) (000) | 35,190 | |||||||||
Common Stock — 3.9% | ||||||||||
Consumer Discretionary – 1.1% | ||||||||||
Appvion (e) (f) | 305,017 | 3,019 | ||||||||
Financials – 2.2% | ||||||||||
Alpine Income Property Trust | 61,118 | 1,163 | ||||||||
AMCI Acquisition, Cl A * | 56,920 | 576 | ||||||||
Consolidated-Tomoka Land | 6,112 | 369 | ||||||||
Landcadia Holdings II, Cl A * | 53,500 | 528 | ||||||||
Schultze Special Purpose Acquisition * | 177,120 | 1,796 | ||||||||
Tuscan Holdings II * | 69,250 | 683 | ||||||||
VectoIQ Acquisition * | 71,150 | 734 | ||||||||
5,849 | ||||||||||
Industrials – 0.0% | ||||||||||
HC2 Holdings * | 10,149 | 22 | ||||||||
Materials – 0.6% | ||||||||||
RA Parent (e) | 56 | 1,697 | ||||||||
Total Common Stock | ||||||||||
(Cost $12,662) (000) | 10,587 | |||||||||
Convertible Bonds — 1.5% | ||||||||||
Communication Services – 0.2% | ||||||||||
Liberty Media | ||||||||||
2.750%, 12/01/49 (a) | 407 | 428 |
RiverPark Strategic Income Fund |
Description | Face Amount (000)† | Value (000) | ||||||
Consumer Discretionary – 0.2% | ||||||||
WildBrain | ||||||||
5.875%, 09/30/24 (a) | CAD 825 | $ | 522 | |||||
Industrials – 1.1% | ||||||||
HC2 Holdings | ||||||||
7.500%, 06/01/22 (a) | 1,232 | 853 | ||||||
Macquarie Infrastructure | ||||||||
2.000%, 10/01/23 | 425 | 407 | ||||||
Ship Finance International | ||||||||
5.750%, 10/15/21 | 1,622 | 1,732 | ||||||
2,992 | ||||||||
Total Convertible Bonds | ||||||||
(Cost $3,849) (000) | 3,942 | |||||||
Trade Claims — 1.1% | ||||||||
Utilities – 1.1% | ||||||||
Pacific Gas & Electric(e) (f) | 3,006 | 2,866 | ||||||
2,866 | ||||||||
Total Trade Claims | ||||||||
(Cost $2,585) (000) | ||||||||
Warrant — 0.0% | ||||||||
Financials – 0.0% | ||||||||
Tuscan Holdings II* | 34,625 | 16 | ||||||
Total Warrant | ||||||||
(Cost $17) (000) | 16 | |||||||
Bank Loan Obligations — 20.2%(g) | ||||||||
Communication Services – 1.3% | ||||||||
Lee Enterprises | ||||||||
12.000%, 12/15/22 | 2,396 | 2,373 | ||||||
LSC Communications | ||||||||
7.124%, VAR LIBOR USD 1 Month+5.500%, 09/30/22 | 1,966 | 1,256 | ||||||
3,629 | ||||||||
Consumer Discretionary – 2.4% | ||||||||
Appvion | ||||||||
8.100%, VAR LIBOR USD 1 Month+6.000%, 06/12/26 | 1,316 | 1,316 | ||||||
Monitronics International | ||||||||
8.299%, 03/29/24 | 1,200 | 1,012 | ||||||
Town Sports International | ||||||||
5.299%, VAR LIBOR USD 1 Month+3.500%, 11/15/20 | 1,093 | 805 | ||||||
Trico Group, LLC, Tranche B-2 Term Loan, 1st Lien | ||||||||
8.945%, VAR LIBOR+7.000%, 02/02/24 | 3,535 | 3,497 | ||||||
6,630 | ||||||||
Consumer Staples – 0.6% | ||||||||
BI-LO | ||||||||
10.130%, VAR LIBOR USD 1 Month+8.000%, 05/15/24 | 565 | 519 | ||||||
9.894%, VAR LIBOR USD 1 Month+8.000%, 05/15/24 | 592 | 545 | ||||||
9.850%, VAR LIBOR USD 1 Month+8.000%, 05/15/24 | 574 | 528 | ||||||
1,592 | ||||||||
Energy – 3.8% | ||||||||
Crestwood Holdings LLC, Term Loan, 1st Lien | ||||||||
9.270%, VAR LIBOR+7.500%, 02/28/23 | 4,449 | 4,128 | ||||||
Fieldwood Energy LLC, Closing Date Loan | ||||||||
7.177%, VAR LIBOR+5.250%, 04/11/22 | 5,879 | 4,892 | ||||||
McDermott International, Inc., Term Loan, 1st Lien | ||||||||
6.945%, VAR LIBOR+5.000%, 05/12/25 (c) | 2,273 | 1,324 | ||||||
10,344 | ||||||||
Health Care – 1.4% | ||||||||
General Nutrition Centers | ||||||||
8.710%, VAR LIBOR USD 1 Month+7.000%, 12/31/22 | 1,701 | 1,695 | ||||||
Young Innovations | ||||||||
5.945%, VAR LIBOR USD 1 Month+4.000%, 11/06/24 | 2,286 | 2,126 | ||||||
3,821 | ||||||||
Industrials – 1.1% | ||||||||
IEA Energy Services LLC, 2019 Refinancing Term Loan, 1st Lien | ||||||||
10.195%, VAR LIBOR+8.250%, 09/25/24 | 2,908 | 2,916 | ||||||
Information Technology – 2.9% | ||||||||
Dell International L.L.C. (EMC Corporation), Refinancing Term B-1 Loan, 1st Lien | ||||||||
3.800%, VAR LIBOR+2.000%, 09/12/25 | 4,419 | 4,446 | ||||||
Internap Corporation, Initial Term Loan, 1st Lien | ||||||||
8.790%, VAR ICE LIBOR USD 3 Month+6.250%, 04/06/22 | 5,403 | 3,314 | ||||||
7,760 | ||||||||
Materials – 0.4% | ||||||||
Real Alloy Holding | ||||||||
11.945%, 12/31/49 (e) (g) | 1,133 | 1,133 |
RiverPark Strategic Income Fund |
Description | Face Amount (000)† | Value (000) | ||||||
Retail Stores – 0.9% | ||||||||
Production Resource Group, L.L.C., Term Loan, 1st Lien | ||||||||
8.900%, VAR LIBOR+7.000%, 08/21/24 | 2,550 | $ | 2,397 | |||||
Telecommunications – 5.4% | ||||||||
Windstream Services, LLC (fka Windstream Corporation), Term Facility (DIP), 1st Lien | ||||||||
4.300%, VAR LIBOR+2.500%, 03/08/21 | 8,285 | 8,272 | ||||||
Windstream Services, LLC (fka Windstream Corporation), Tranche B-6 Term Loan (2016), 1st Lien | ||||||||
9.750%, VAR Prime Rate by Country+5.000%, 03/29/21 | 6,584 | 6,289 | ||||||
14,561 | ||||||||
Total Bank Loan Obligations | ||||||||
(Cost $60,188) (000) | 54,783 | |||||||
Total Investments — 95.2% | ||||||||
(Cost $269,185) (000) | $ | 257,686 | ||||||
Schedule of Securities Sold Short, Not Yet Purchased | ||||||||
Corporate Obligations — (3.5)% | ||||||||
Communication Services – (0.8)% | ||||||||
AT&T | ||||||||
4.250%, 03/01/27 | (2,000) | (2,198 | ) | |||||
Consumer Staples – (1.2)% | ||||||||
Conagra Brands | ||||||||
7.125%, 10/01/26 | (1,000) | (1,227 | ) | |||||
Kraft Heinz Foods | ||||||||
3.000%, 06/01/26 | (2,000) | (2,002 | ) | |||||
(3,229 | ) | |||||||
Financials – (0.5)% | ||||||||
SoftBank Group | ||||||||
4.750%, 09/19/24 | (1,396) | (1,417 | ) | |||||
Health Care – (0.7)% | ||||||||
DaVita | ||||||||
5.125%, 07/15/24 | (1,182) | (1,214 | ) | |||||
McKesson | ||||||||
3.950%, 02/16/28 | (660) | (705 | ) | |||||
(1,919 | ) | |||||||
Materials – (0.3)% | ||||||||
BASF | ||||||||
0.875%, 11/15/27 | (676) | (797 | ) | |||||
Total Corporate Obligations | ||||||||
(Proceeds $8,989) (000) | (9,560 | ) |
Description | Shares | Value (000) | ||||||
Exchange-Traded Fund — (0.3)% | ||||||||
iShares iBoxx High Yield Corporate Bond ETF | (10,111 | ) | $ | (889 | ) | |||
Total Exchange-Traded Fund | ||||||||
(Proceeds $882) (000) | (889 | ) | ||||||
Common Stock — (0.1)% | ||||||||
Industrials – (0.1)% | ||||||||
HC2 Holdings | (92,143 | ) | (200 | ) | ||||
Total Common Stock | ||||||||
(Proceeds $207) (000) | (200 | ) | ||||||
Total Securities Sold Short, Not Yet Purchased | ||||||||
(Proceeds $10,078) (000) | $ | (10,649 | ) | |||||
Purchased Option — 0.0%(h) | ||||||||
(Cost $7) (000) | 5 | |||||||
Written Option — 0.0%(h) | ||||||||
(Premiums Received $6) (000) | (3 | ) |
A list of the open forward foreign currency contracts held by the Fund at December 31, 2019, is as follows (000):
Counterparty | Maturity Date | Currency to Deliver | Currency to Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Brown Brothers Harriman | 01/07/20 | USD | 726 | SEK | 6,796 | $ | — | |||||||||||
Brown Brothers Harriman | 01/07/20 | USD | 301 | EUR | 270 | 2 | ||||||||||||
Brown Brothers Harriman | 01/07/20 | EUR | 15,344 | USD | 17,066 | (151 | ) | |||||||||||
Brown Brothers Harriman | 01/07/20 | SEK | 6,796 | USD | 717 | (9 | ) | |||||||||||
Brown Brothers Harriman | 01/07/20 | CAD | 685 | USD | 520 | (7 | ) | |||||||||||
$ | (165 | ) |
A list of the open option contracts held by the Fund at December 31, 2019 was as follows (000):
Description | Number of Contracts | Notional Amount ($ Thousands) | Exercise Price | Expiration Date | Value ($ Thousands) | |||||||||||||
PURCHASED OPTION — 0.0% | ||||||||||||||||||
Put Options | ||||||||||||||||||
Crestwood Equity Partners* | 120 | 373 | $ | 25.00 | 04/18/20 | 5 | ||||||||||||
Total Purchased Option | ||||||||||||||||||
(Cost $7) ($ Thousands) | 373 | 5 | ||||||||||||||||
WRITTEN OPTION — 0.0% | ||||||||||||||||||
Call Options | ||||||||||||||||||
Crestwood Equity Partners* | (60 | ) | (186 | ) | 35.00 | 04/18/20 | (3 | ) | ||||||||||
Total Written Option | ||||||||||||||||||
(Premiums Received $6) ($ Thousands) | (186 | ) | (3 | ) |
RiverPark Strategic Income Fund |
The following is a list of the inputs used as of December 31, 2019 in valuing the Fund’s investments, securities soldshort, not yet purchased, 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 | $ | — | $ | 150,302 | $ | — | $ | 150,302 | ||||||||
Commercial Paper | — | 35,190 | — | 35,190 | ||||||||||||
Common Stock | 5,871 | — | 4,716 | 10,587 | ||||||||||||
Convertible Bonds | — | 3,942 | — | 3,942 | ||||||||||||
Trade Claims | — | — | 2,866 | 2,866 | ||||||||||||
Warrant | — | 16 | — | 16 | ||||||||||||
Bank Loan Obligations | — | 53,650 | 1,133 | 54,783 | ||||||||||||
Total Investments in Securities | $ | 5,871 | $ | 243,101 | $ | 8,715 | $ | 257,686 |
Securities Sold Short, Not Yet Purchased | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Obligations | $ | — | $ | (9,560 | ) | $ | — | $ | (9,560 | ) | ||||||
Exchange-Traded Fund | (889 | ) | — | — | (889 | ) | ||||||||||
Common Stock | (200 | ) | — | — | (200 | ) | ||||||||||
Total Securities Sold Short, Not Yet Purchased | $ | (1,089 | ) | $ | (9,560 | ) | $ | — | $ | (10,649 | ) |
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Purchased Options | $ | 5 | $ | — | $ | — | $ | 5 | ||||||||
Written Options | (3 | ) | — | — | (3 | ) | ||||||||||
Forwards** | — | — | — | — | ||||||||||||
Unrealized Appreciation | — | 2 | — | 2 | ||||||||||||
Unrealized Depreciation | — | (167 | ) | — | (167 | ) | ||||||||||
Total Other Financial Instruments | $ | 2 | $ | (165 | ) | $ | — | $ | (163 | ) |
** | 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):
Common Stock | Trade Claims | Bank Loan Obligations | Total | |||||||||||||
Beginning balance as of October 1, 2019 | $ | 4,882 | $ | 2,601 | $ | 1,133 | $ | 8,616 | ||||||||
Change in unrealized appreciation/ (depreciation) | (166 | ) | 284 | — | 118 | |||||||||||
Purchases | — | — | — | — | ||||||||||||
Sales | — | (19 | ) | — | (19 | ) | ||||||||||
Transfer into Level 3 | — | — | — | — | ||||||||||||
Transfer out of Level 3 | — | — | — | — | ||||||||||||
Ending balance as of December 31, 2019 | $ | 4,716 | $ | 2,866 | $ | 1,133 | $ | 8,715 | ||||||||
Change in unrealized gains/(losses) included in earnings related to securities still held at reporting date | $ | (166 | ) | $ | 284 | $ | — | $ | 118 |
For the period ended December 31, 2019, there were no transfers in or out of Level 3.
The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of December 31, 2019. The following disclosures also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.
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.
Assets | Fair Value at December 31, 2019 | Valuation Technique | Unobservable Inputs | Range | ||||||
Common Stock Appvion | $ | 3,019 | Multiples and Comparables Methods | 4.6x $38mm in EBITDA (total enterprise value) less net debt of $86.9mm on 9mm shares outstanding | 4.7x-12.2x multiple of EBITDA on comparable companies together with $38.0mm-$46.3mm in EBITDA for the company; $86.6mm-$86.9mm of net debt | |||||
Common Stock RA Parent | $ | 1,697 | Multiples and Comparables Methods | 5.4x $46.3mm in EBITDA (total enterprise value) less debt of $118.1mm plus $20.6mm in cash on 5,000 shares outstanding | 5.0x-9.0x multiple of EBITDA on comparable companies together with $46.3mm-$57.9mm in EBITDA for the company |
RiverPark Strategic Income Fund |
Assets | Fair Value at December 31, 2019 | Valuation Technique | Unobservable Inputs | Range | ||||||
Trade Claims Pacific Gas & Electric | $ | 2,866 | Discounted Cash Flow | The Company's shortest public bond maturity, 3.5% notes due 10/1/20, were priced just above par as of 12/31/19. A 5 point discount was applied to these near-term notes to arrive at the valuation for these trade claims. The market capitalization of equity as of the same date was $5.8bn. | ||||||
Bank Loan Obligations Real Alloy Holding | $ | 1,133 | Multiple Methods | Low level of leverage and coupon of Libor+ 10% (totaling approximately 12% as of 12/31/19); loan callable at 100.00 with a minimum of 10 days' notice | 1.7x-2.0x net leverage coupled with $46.3mm-$57.9mm in EBITDA for the company |
Percentages are based on Net Assets of $270,480(000).
* | Non-income producing security. |
† | In U.S. Dollar unless otherwise indicated. |
(a) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." These securities have been determined to be liquid under guidelines established by the Board of Trustees. At December 31, 2019, these securities amounted to $79,246 or 29.3% of Net Assets. |
(b) | This security or partial position of this security has been committed as collateral for open short positions. The aggregate market value of the collateral as of December 31, 2019 was $16,284. |
(c) | Security in default on interest payments. |
(d) | Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at the time purchase. |
(e) | Level 3 security in accordance with fair value hierarchy. |
(f) | Securities considered illiquid. The total value of such securities as of December 31, 2019 was $– ($ Thousands) and represented —% of Net Assets. |
(g) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
(h) | Refer to table below for details on Options Contracts. |
CAD — Canadian Dollar
Cl — Class
ETF — Exchange Traded Fund
EUR — Euro
EURIBOR— Euro London Interbank Offered Rate
ICE— Intercontinental Exchange
LIBOR— London Interbank Offered Rate
LLC — Limited Liability Company
MBIA — Municipal Bond Insurance Association
SEK — Swedish Krona
Ser — Series
USD — U.S. Dollar
VAR— Variable Rate
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-001-1800
RiverPark Floating Rate CMBS Fund |
Description | Face Amount (000) | Value (000) | ||||||
Schedule of Investments | ||||||||
Commercial Mortgage-Backed Securities — 98.8% | ||||||||
Non-Agency Mortgage-Backed Obligation – 98.8% | ||||||||
280 Park Avenue Mortgage Trust, Ser 2017-280P, Cl F | ||||||||
4.567%, VAR ICE LIBOR USD 1 Month+2.827%, 09/15/34 (a) | $ | 17,000 | $ | 17,047 | ||||
280 Park Avenue Mortgage Trust, Ser 2017-280P, Cl E | ||||||||
3.859%, VAR ICE LIBOR USD 1 Month+2.119%, 09/15/34 (a) | 5,125 | 5,135 | ||||||
Austin Fairmont Hotel Trust, Ser 2019-FAIR, Cl F | ||||||||
4.540%, VAR ICE LIBOR USD 1 Month+2.800%, 09/15/32 (a) | 12,000 | 11,992 | ||||||
BBCMS Mortgage Trust, Ser 2018-TALL, Cl E | ||||||||
4.177%, VAR ICE LIBOR USD 1 Month+2.437%, 03/15/37 (a) | 3,000 | 3,000 | ||||||
BBCMS Mortgage Trust, Ser 2019-CLP, Cl E | ||||||||
3.854%, VAR ICE LIBOR USD 1 Month+2.114%, 12/15/31 (a) | 7,278 | 7,241 | ||||||
BF Mortgage Trust, Ser 2018-NYT, Cl E | ||||||||
4.240%, VAR ICE LIBOR USD 1 Month+2.500%, 11/15/35 (a) | 12,000 | 12,049 | ||||||
BFLD, Ser 2019-DPLO, Cl F | ||||||||
4.280%, VAR ICE LIBOR USD 1 Month+2.540%, 10/15/34 (a) | 11,500 | 11,482 | ||||||
BX Commercial Mortgage Trust, Ser 2019-XL, Cl J | ||||||||
4.390%, VAR ICE LIBOR USD 1 Month+2.650%, 10/15/36 (a) | 9,330 | 9,345 | ||||||
BX Commercial Mortgage Trust, Ser 2018-BIOA, Cl F | ||||||||
4.211%, VAR ICE LIBOR USD 1 Month+2.471%, 03/15/37 (a) | 12,000 | 11,997 | ||||||
BX Commercial Mortgage Trust, Ser 20108-IND, Cl G | ||||||||
3.790%, VAR ICE LIBOR USD 1 Month+2.050%, 11/15/35 (a) | 11,200 | 11,228 | ||||||
BX Commercial Mortgage Trust, Ser 2019-XL, Cl G | ||||||||
4.040%, VAR ICE LIBOR USD 1 Month+2.300%, 10/15/36 (a) | 12,430 | 12,441 | ||||||
BX Trust, Ser 2019-ATL, Cl F | ||||||||
4.476%, VAR ICE LIBOR USD 1 Month+2.737%, 10/15/36 (a) | 3,000 | 3,011 | ||||||
BX Trust, Ser 2018-GW, Cl F | ||||||||
4.160%, VAR ICE LIBOR USD 1 Month+2.420%, 05/15/35 (a) | 4,155 | 4,168 | ||||||
CAMB Commercial Mortgage Trust, Ser 2019-LIFE, Cl G | ||||||||
4.990%, VAR ICE LIBOR USD 1 Month+3.250%, 12/15/37 (a) | 12,000 | 12,072 | ||||||
CG Commercial Mortgage Trust, Ser 2019-SST2, Cl F | ||||||||
4.240%, VAR ICE LIBOR USD 1 Month+2.500%, 12/15/36 (a) | 2,750 | 2,756 | ||||||
CLNY Trust, Ser 2019-IKPR, Cl E | ||||||||
4.461%, VAR ICE LIBOR USD 1 Month+2.721%, 11/15/38 (a) | 10,000 | 9,906 | ||||||
Commercial Pass-Thru Mortgage Trust, Ser 2018-HCLV, Cl E | ||||||||
4.240%, VAR ICE LIBOR USD 1 Month+2.500%, 09/15/33 (a) | 5,000 | 5,002 | ||||||
Credit Suisse Mortgage Capital Certificates, Ser 2019-ICE4, Cl F | ||||||||
4.390%, VAR ICE LIBOR USD 1 Month+2.650%, 05/15/36 (a) | 8,000 | 8,020 | ||||||
Credit Suisse Mortgage Capital Certificates, Ser 2019-ICE4, Cl E | ||||||||
3.890%, VAR ICE LIBOR USD 1 Month+2.150%, 05/15/36 (a) | 7,000 | 7,011 | ||||||
DBGS Mortgage Trust, Ser 2018-5BP, Cl E | ||||||||
3.640%, VAR ICE LIBOR USD 1 Month+1.900%, 06/15/33 (a) | 10,000 | 9,951 | ||||||
GS Mortgage Securities Trust, Ser 2018-LUAU, Cl E | ||||||||
4.290%, VAR ICE LIBOR USD 1 Month+2.550%, 11/15/32 (a) | 12,000 | 12,030 | ||||||
GS Mortgage Securities Trust, Ser 2019-SOHO, Cl E | ||||||||
3.614%, VAR ICE LIBOR USD 1 Month+1.875%, 06/15/36 (a) | 9,000 | 8,981 | ||||||
GS Mortgage Securities Trust, Ser 2018-HULA, Cl D | ||||||||
3.540%, VAR ICE LIBOR USD 1 Month+1.800%, 07/15/25 (a) | 5,919 | 5,912 | ||||||
Hawaii Hotel Trust, Ser 2019-MAUI, Cl E | ||||||||
3.899%, VAR ICE LIBOR USD 1 Month+2.160%, 05/15/38 (a) | 6,000 | 5,989 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-PHH, Cl F | ||||||||
4.750%, VAR ICE LIBOR USD 1 Month+3.010%, 06/15/35 (a) | 9,500 | 9,506 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-LAQ, Cl E | ||||||||
4.740%, VAR ICE LIBOR USD 1 Month+3.000%, 06/15/35 (a) | 8,102 | 8,118 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2019-MFP, Cl E | ||||||||
3.900%, VAR ICE LIBOR USD 1 Month+2.160%, 07/15/36 (a) | 9,700 | 9,712 | ||||||
Morgan Stanley Capital I Trust, Ser 2019-PLND, Cl G | ||||||||
5.390%, VAR ICE LIBOR USD 1 Month+3.650%, 05/15/36 (a) | 15,000 | 15,000 |
RiverPark Floating Rate CMBS Fund |
Description | Face Amount (000) | Value (000) | ||||||
MTRO Commercial Mortgage Trust, Ser 2019-TECH, Cl E | ||||||||
3.790%, VAR ICE LIBOR USD 1 Month+2.050%, 12/15/33 (a) | $ | 6,250 | $ | 6,238 | ||||
Stonemont Portfolio Trust, Ser 2017-MONT, Cl E | ||||||||
4.515%, VAR ICE LIBOR USD 1 Month+2.750%, 08/20/30 (a) | 1,743 | 1,743 | ||||||
Total Commercial Mortgage-Backed Securities | ||||||||
(Cost $258,434) (000) | 258,083 | |||||||
Total Investments — 98.8% | ||||||||
(Cost $258,434) (000) | $ | 258,083 |
As of December 31, 2019, all of the Fund’s investments were considered Level 2 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.
For the period ended December 31, 2019, there were no transfers in or out of Level 3.
Percentages are based on Net Assets of $261,330 (000). | |
(a) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." These securities have been determined to be liquid under guidelines established by the Board of Trustees. At December 31, 2019, these securities amounted to $258,083 or 98.8% of Net Assets. |
Cl — Class
ICE— Intercontinental Exchange
LIBOR— London Interbank Offered Rate
Ser — Series
USD — U.S. Dollar
VAR— Variable Rate
For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
RPF-QH-001-1800