RiverPark Large Growth Fund
June 30, 2023 (Unaudited)
Description | Shares | Value (000) | ||||||
Schedule of Investments | ||||||||
Common Stock — 95.6%** | ||||||||
Communication Services – 20.3% | ||||||||
Alphabet, Cl A * | 7,808 | $ | 935 | |||||
Alphabet, Cl C * | 7,778 | 941 | ||||||
Meta Platforms, Cl A * | 5,992 | 1,720 | ||||||
Netflix * | 3,015 | 1,328 | ||||||
Pinterest, Cl A * | 28,637 | 783 | ||||||
Snap, Cl A * | 69,527 | 823 | ||||||
Walt Disney * | 13,722 | 1,225 | ||||||
7,755 | ||||||||
Consumer Discretionary – 11.0% | ||||||||
Amazon.com * | 12,609 | 1,644 | ||||||
Booking Holdings * | 409 | 1,104 | ||||||
Lululemon Athletica * | 1,097 | 415 | ||||||
Nike, Cl B | 9,454 | 1,044 | ||||||
4,207 | ||||||||
Consumer Staples – 1.2% | ||||||||
Costco Wholesale | 893 | 481 | ||||||
Financials – 18.2% | ||||||||
Adyen ADR | 54,644 | 945 | ||||||
Blackstone, Cl A | 13,222 | 1,229 | ||||||
Charles Schwab | 17,597 | 997 | ||||||
KKR | 14,965 | 838 | ||||||
Mastercard, Cl A | 3,254 | 1,280 | ||||||
PayPal Holdings * | 11,204 | 748 | ||||||
Visa, Cl A | 3,922 | 931 | ||||||
6,968 | ||||||||
Health Care – 7.6% | ||||||||
Illumina * | 3,748 | 703 | ||||||
Intuitive Surgical * | 3,485 | 1,192 | ||||||
UnitedHealth Group | 1,129 | 542 | ||||||
Zoetis, Cl A | 2,827 | 487 | ||||||
2,924 | ||||||||
Industrials – 4.1% | ||||||||
Uber Technologies * | 36,557 | 1,578 | ||||||
Information Technology – 33.2% | ||||||||
Adobe * | 1,750 | 856 | ||||||
Apple | 9,414 | 1,826 | ||||||
Autodesk * | 3,968 | 812 | ||||||
Datadog, Cl A * | 7,441 | 732 | ||||||
Five9 * | 9,647 | 795 | ||||||
Intuit | 1,823 | 835 | ||||||
Microsoft | 5,887 | 2,005 |
Description | Shares | Value (000) | ||||||
NVIDIA | 2,623 | $ | 1,109 | |||||
RingCentral, Cl A * | 17,263 | 565 | ||||||
ServiceNow * | 1,626 | 914 | ||||||
Shopify, Cl A * | 20,615 | 1,332 | ||||||
Workday, Cl A * | 4,046 | 914 | ||||||
12,695 | ||||||||
Total Common Stock | ||||||||
(Cost $22,017) (000) | 36,608 | |||||||
Total Investments — 95.6% | ||||||||
(Cost $22,017) (000) | $ | 36,608 |
Percentages are based on Net Assets of $38,281 (000). | |
* | Non-income producing security. |
** | More Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
ADR — American Depositary Receipt |
Cl — Class |
RPF-QH-001-2500
Wedgewood Fund
June 30, 2023 (Unaudited)
Description | Shares | Value (000) | ||||||
Schedule of Investments | ||||||||
Common Stock — 95.7%** | ||||||||
Communication Services – 16.8% | ||||||||
Alphabet, Cl A * | 17,753 | $ | 2,125 | |||||
Meta Platforms, Cl A * | 9,349 | 2,683 | ||||||
4,808 | ||||||||
Consumer Discretionary – 12.1% | ||||||||
Booking Holdings * | 441 | 1,191 | ||||||
Pool | 2,456 | 920 | ||||||
Tractor Supply | 6,089 | 1,346 | ||||||
3,457 | ||||||||
Energy – 1.5% | ||||||||
Texas Pacific Land | 334 | 440 | ||||||
Financials – 13.7% | ||||||||
PayPal Holdings * | 20,039 | 1,337 | ||||||
S&P Global | 1,710 | 686 | ||||||
Visa, Cl A | 8,001 | 1,900 | ||||||
3,923 | ||||||||
Health Care – 9.0% | ||||||||
Edwards Lifesciences * | 12,845 | 1,212 | ||||||
UnitedHealth Group | 2,835 | 1,362 | ||||||
2,574 | ||||||||
Industrials – 10.1% | ||||||||
Copart * | 18,276 | 1,667 | ||||||
Old Dominion Freight Line | 3,307 | 1,223 | ||||||
2,890 | ||||||||
Information Technology – 32.5% | ||||||||
Apple | 12,205 | 2,367 | ||||||
CDW | 7,677 | 1,409 | ||||||
Microsoft | 4,845 | 1,650 | ||||||
Motorola Solutions | 7,114 | 2,086 | ||||||
Taiwan Semiconductor Manufacturing ADR | 17,466 | 1,763 | ||||||
9,275 | ||||||||
Total Common Stock | ||||||||
(Cost $17,418) (000) | 27,367 | |||||||
Total Investments — 95.7% | ||||||||
(Cost $17,418) (000) | $ | 27,367 |
Percentages are based on Net Assets of $28,591 (000). | |
* | Non-income producing security. |
** | More Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
ADR — American Depositary Receipt |
Cl — Class |
RPF-QH-001-2500
RiverPark Short Term High Yield Fund
June 30, 2023 (Unaudited)
Description | Face Amount (000)‡ | Value (000) | ||||||||||
Schedule of Investments | ||||||||||||
Corporate Obligations — 55.2% | ||||||||||||
Communication Services – 10.2% | ||||||||||||
Charter Communications Operating | �� | |||||||||||
6.949%, ICE LIBOR USD 3 Month + 1.650%, 02/01/24 (a) | 3,146 | $ | 3,160 | |||||||||
4.500%, 02/01/24 | 9,420 | 9,338 | ||||||||||
Opnet | ||||||||||||
9.848%, Euribor 3 Month + 6.250%, 08/09/23 (a) (b) | EUR | 19,254 | 21,142 | |||||||||
TEGNA | ||||||||||||
4.750%, 03/15/26 (b) | 16,239 | 15,520 | ||||||||||
TWDC Enterprises 18 | ||||||||||||
7.550%, 07/15/93 | 13,403 | 13,814 | ||||||||||
Warnermedia Holdings | ||||||||||||
3.528%, 03/15/24 | 450 | 442 | ||||||||||
3.428%, 03/15/24 | 17,066 | 16,760 | ||||||||||
80,176 | ||||||||||||
Consumer Discretionary – 15.0% | ||||||||||||
Cengage Learning | ||||||||||||
9.500%, 06/15/24 (b) | 2,124 | 2,125 | ||||||||||
Ford Motor Credit | ||||||||||||
3.370%, 11/17/23 | 20,317 | 20,129 | ||||||||||
Scientific Games International | ||||||||||||
8.625%, 07/01/25 (b) | 13,433 | 13,731 | ||||||||||
Taylor Morrison Communities | ||||||||||||
5.625%, 03/01/24 (b) | 15,922 | 15,817 | ||||||||||
Valvoline | ||||||||||||
4.250%, 02/15/30 (b) | 18,350 | 17,987 | ||||||||||
Viking Cruises | ||||||||||||
13.000%, 05/15/25 (b) | 37,708 | 39,619 | ||||||||||
Yum! Brands | ||||||||||||
3.875%, 11/01/23 | 9,705 | 9,630 | ||||||||||
119,038 | ||||||||||||
Consumer Staples – 5.7% | ||||||||||||
Performance Food Group | ||||||||||||
6.875%, 05/01/25 (b) | 18,980 | 19,015 | ||||||||||
Quatrim SAS | ||||||||||||
5.875%, 01/15/24 (b) | EUR | 8,000 | 6,060 | |||||||||
Spectrum Brands | ||||||||||||
5.750%, 07/15/25 | 20,155 | 20,155 | ||||||||||
45,230 | ||||||||||||
Description | Face Amount (000)‡ | Value (000) | ||||||||
Energy – 1.2% | ||||||||||
Calumet Specialty Products Partners | ||||||||||
9.250%, 07/15/24 (b) | 435 | $ | 436 | |||||||
PDC Energy | ||||||||||
6.125%, 09/15/24 | 8,843 | 8,847 | ||||||||
9,283 | ||||||||||
Financials – 1.5% | ||||||||||
Brookfield Finance | ||||||||||
4.000%, 04/01/24 | 3,711 | 3,660 | ||||||||
StoneX Group | ||||||||||
8.625%, 06/15/25 (b) | 7,702 | 7,785 | ||||||||
11,445 | ||||||||||
Health Care – 5.2% | ||||||||||
Columbia Care | ||||||||||
13.000%, 05/14/24 | 9,870 | 9,693 | ||||||||
9.500%, 02/03/26 (b) | 8,000 | 7,175 | ||||||||
Trulieve Cannabis | ||||||||||
9.750%, 06/18/24 | 25,658 | 24,375 | ||||||||
41,243 | ||||||||||
Industrials – 4.5% | ||||||||||
Fortune Brands Innovations | ||||||||||
4.000%, 09/21/23 | 6,350 | 6,323 | ||||||||
Hawaiian Airlines Pass-Through Certificates, Ser 2013-1, Cl A | ||||||||||
3.900%, 01/15/26 | 5,280 | 4,669 | ||||||||
Icahn Enterprises | ||||||||||
4.750%, 09/15/24 | 4,906 | 4,690 | ||||||||
IEA Energy Services | ||||||||||
6.625%, 08/15/29 (b) | 8,025 | 7,744 | ||||||||
Lakers Group | ||||||||||
9.570%, NIBOR 3 Month + 5.500%, 06/09/25 (a) | NOK | 65,600 | 6,310 | |||||||
Uber Technologies | ||||||||||
7.500%, 05/15/25 (b) | 5,526 | 5,598 | ||||||||
35,334 | ||||||||||
Information Technology – 5.6% | ||||||||||
Deutsche Telekom International Finance BV | ||||||||||
2.485%, 09/19/23 (b) | 5,139 | 5,131 | ||||||||
Infor | ||||||||||
1.450%, 07/15/23 (b) | 17,224 | 17,194 | ||||||||
Sprint | ||||||||||
7.875%, 09/15/23 | 22,667 | 22,742 | ||||||||
45,067 |
RiverPark Short Term High Yield Fund
June 30, 2023 (Unaudited)
Description | Face Amount (000)‡ | Value (000) | ||||||
Materials – 6.3% | ||||||||
Ball Corp | ||||||||
4.000%, 11/15/23 | 26,260 | $ | 26,087 | |||||
Copper Mountain Mining | ||||||||
8.000%, 04/09/26 (b) | 23,552 | 23,905 | ||||||
49,992 | ||||||||
Total Corporate Obligations | ||||||||
(Cost $444,020) (000) | 436,808 | |||||||
Commercial Paper — 26.1% | ||||||||
Communication Services – 5.0% | ||||||||
Paramount Global | ||||||||
5.830%, 08/04/23 (c) | 13,940 | 13,861 | ||||||
Thomson Reuters | ||||||||
5.500%, 07/13/23 (c) | 6,224 | 6,212 | ||||||
Walt Disney | ||||||||
5.467%, 09/19/23 (c) | 20,000 | 19,759 | ||||||
39,832 | ||||||||
Consumer Discretionary – 2.6% | ||||||||
General Motors | ||||||||
5.672%, 08/23/23 (c) | 12,637 | 12,527 | ||||||
5.595%, 08/03/23 (c) | 8,070 | 8,027 | ||||||
20,554 | ||||||||
Consumer Staples – 4.5% | ||||||||
Bacardi Martini | ||||||||
5.761%, 07/12/23 (c) | 10,000 | 9,983 | ||||||
Constellation Brands | ||||||||
5.610%, 07/07/23 (c) | 9,464 | 9,454 | ||||||
Walgreens | ||||||||
5.993%, 07/13/23 (c) | 16,030 | 15,996 | ||||||
35,433 | ||||||||
Financials – 1.0% | ||||||||
Crown Castle | ||||||||
5.906%, 07/06/23 (c) | 7,698 | 7,691 | ||||||
Health Care – 1.5% | ||||||||
Bayer | ||||||||
6.073%, 08/28/23 (b) (c) | 12,000 | 11,894 | ||||||
Industrials – 4.3% | ||||||||
Jabil | ||||||||
5.983%, 07/14/23 (c) | 23,884 | 23,831 | ||||||
Parker-Hannifin | ||||||||
5.508%, 10/02/23 (c) | 10,786 | 10,623 | ||||||
34,454 | ||||||||
Information Technology – 2.6% | ||||||||
HP | ||||||||
5.259%, 07/12/23 (c) | 20,673 | 20,637 |
Description | Face Amount (000)‡ | Value (000) | ||||||
Materials – 4.6% | ||||||||
EIDP | ||||||||
5.716%, 09/18/23 (c) | 9,013 | $ | 8,908 | |||||
FMC | ||||||||
5.926%, 07/20/23 (c) | 21,573 | 21,502 | ||||||
Nutrien | ||||||||
5.596%, 08/04/23 (c) | 5,922 | 5,891 | ||||||
36,301 | ||||||||
Total Commercial Paper | ||||||||
(Cost $206,822) (000) | 206,796 | |||||||
Bank Loan Obligations — 8.8% | ||||||||
Chemicals, Plastics and Rubber – 1.2% | ||||||||
Univar Solutions USA Inc., Term B-5 Loan, 1st Lien | ||||||||
7.538%, 11/13/26 | 9,396 | 9,391 | ||||||
Communication Services – 3.0% | ||||||||
Live Nation Entertainment, Inc., Term Loan, 1st Lien | ||||||||
0.000%, 10/17/24 (d) | 12,759 | 12,559 | ||||||
Univision Communications, 1st Lien | ||||||||
7.943%, 03/15/24 | 11,086 | 11,094 | ||||||
23,653 | ||||||||
Energy – 1.2% | ||||||||
Keane Group Holdings, LLC, Term Loan | ||||||||
8.688%, 05/19/25 (a) (d) | 10,000 | 9,992 | ||||||
Health Care – 2.1% | ||||||||
Horizon Therapeutics USA, Inc., Term B-2 Loan | ||||||||
6.954%, 03/15/28 | 16,664 | 16,607 | ||||||
Materials – 1.3% | ||||||||
Diamond BC, Term Loan, 1st Lien | ||||||||
8.057%, 09/29/28 | 10,305 | 10,288 | ||||||
Total Bank Loan Obligations | ||||||||
(Cost $70,237) (000) | 69,931 | |||||||
RiverPark Short Term High Yield Fund
June 30, 2023 (Unaudited)
Description | Face Amount (000)‡/ Shares/ Number of Rights/ Warrants | Value (000) | ||||||||||
Convertible Bond — 7.0% | ||||||||||||
Health Care – 7.0% | ||||||||||||
Oak Street Health | ||||||||||||
0.384%, 03/15/26 (c) | 55,209 | $ | 55,099 | |||||||||
Total Convertible Bond | ||||||||||||
(Cost $54,638) (000) | 55,099 | |||||||||||
Special Purpose Acquisition Companies — 1.0% | ||||||||||||
Common Stock– 1.0% | ||||||||||||
Diversified Financials – 1.0% | ||||||||||||
Alpha Partners Technology Merger, Cl A * | 211,450 | 2,199 | ||||||||||
Alpha Partners Technology Merger Founder Shares, Cl A * (e) (f) | 45,106 | 2 | ||||||||||
AxonPrime Infrastructure Acquisition Founder Shares, Cl A * (e) (f) | 22,000 | — | ||||||||||
Learn CW Investment, Cl A * | 209,050 | 2,191 | ||||||||||
M3-Brigade Acquisition III, Cl A * | 358,543 | 3,747 | ||||||||||
8,139 | ||||||||||||
Rights– 0.0% | ||||||||||||
Diversified Financials – 0.0% | ||||||||||||
Broad Capital Acquisition | 100,300 | 13 | ||||||||||
Warrants– 0.0% | ||||||||||||
Diversified Financials – 0.0% | ||||||||||||
Hambro Perks Acquisition * | ||||||||||||
Expires 1/7/2026, Strike Price 11.50* | GBP | 309,843 | — | |||||||||
Total Special Purpose Acquisition Companies | ||||||||||||
(Cost $7,715) (000) | 8,152 | |||||||||||
Total Investments — 98.1% | ||||||||||||
(Cost $783,432) (000) | $ | 776,786 |
A list of the open forward foreign currency contracts held by the Fund at June 30, 2023, is as follows (000):
Counterparty | Maturity Date | Currency to Deliver | Currency to Receive | Unrealized Appreciation (Depreciation) | ||||||||||||||
Brown Brothers Harriman | 07/06/23 | USD | 723 | SEK | 7,808 | $ | 1 | |||||||||||
Brown Brothers Harriman | 07/06/23 | USD | 3,019 | EUR | 2,804 | 41 | ||||||||||||
Brown Brothers Harriman | 07/06/23 | SEK | 7,808 | USD | 720 | (4 | ) | |||||||||||
Brown Brothers Harriman | 07/06/23 | NOK | 4,523 | USD | 408 | (13 | ) | |||||||||||
Brown Brothers Harriman | 07/06/23 | EUR | 29,475 | USD | 31,574 | (591 | ) | |||||||||||
Brown Brothers Harriman | 07/12/23 | NOK | 63,661 | USD | 5,907 | (26 | ) | |||||||||||
$ | (592 | ) |
Percentages are based on Net Assets of $791,801 (000). | |
‡ | In U.S. Dollar unless otherwise indicated. |
* | Non-income producing security. |
(a) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates for certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
(b) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." These securities have been determined to be liquid under guidelines established by the Board of Trustees. At June 30, 2023, these securities amounted to $237,879 (000) or 30.0% of Net Assets. |
(c) | Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at the time of purchase. |
(d) | Unsettled bank loan. Interest rate may not be available. |
(e) | Level 3 security in accordance with fair value hierarchy. |
(f) | Security is fair valued. |
RiverPark Short Term High Yield Fund
June 30, 2023 (Unaudited)
Cl — Class |
EUR — Euro |
EURIBOR— Euro London Interbank Offered Rate |
GBP— Great British Pound Sterling |
ICE— Intercontinental Exchange |
LIBOR— London Interbank Offered Rate |
NOK — Swedish Krona |
SEK — Norwegian Krona |
USD — U.S. Dollar |
Amounts designated as “—” are $0 or have been rounded to $0.
RPF-QH-001-2500
RiverPark Long/Short Opportunity Fund
June 30, 2023 (Unaudited)
Description | Shares | Value (000) | ||||||
Schedule of Investments | ||||||||
Common Stock — 83.9%** | ||||||||
Communication Services – 19.5% | ||||||||
Alphabet, Cl A * | 9,294 | $ | 1,112 | |||||
Alphabet, Cl C * | 9,239 | 1,118 | ||||||
Meta Platforms, Cl A *(a) | 6,372 | 1,828 | ||||||
Netflix * | 3,459 | 1,524 | ||||||
Pinterest, Cl A * | 35,126 | 960 | ||||||
Snap, Cl A * | 85,349 | 1,011 | ||||||
Walt Disney * | 16,802 | 1,500 | ||||||
9,053 | ||||||||
Consumer Discretionary – 10.6% | ||||||||
Amazon.com * | 14,272 | 1,861 | ||||||
Booking Holdings * | 468 | 1,264 | ||||||
Lululemon Athletica * | 1,417 | 536 | ||||||
Nike, Cl B | 11,646 | 1,285 | ||||||
4,946 | ||||||||
Consumer Staples – 1.3% | ||||||||
Costco Wholesale | 1,107 | 596 | ||||||
Financials – 14.2% | ||||||||
Adyen ADR | 63,115 | 1,091 | ||||||
Blackstone, Cl A (b) | 15,434 | 1,435 | ||||||
KKR | 18,461 | 1,034 | ||||||
Mastercard, Cl A (a) | 2,539 | 999 | ||||||
PayPal Holdings * | 13,814 | 922 | ||||||
Visa, Cl A | 4,611 | 1,095 | ||||||
6,576 | ||||||||
Health Care – 8.2% | ||||||||
Illumina * | 5,003 | 938 | ||||||
Intuitive Surgical * | 4,319 | 1,477 | ||||||
UnitedHealth Group | 1,514 | 728 | ||||||
Zoetis, Cl A | 3,822 | 658 | ||||||
3,801 | ||||||||
Industrials – 3.6% | ||||||||
Uber Technologies * | 39,196 | 1,692 | ||||||
Information Technology – 26.5% | ||||||||
Adobe * | 1,921 | 939 | ||||||
Apple | 11,404 | 2,212 | ||||||
Autodesk * | 4,385 | 897 | ||||||
Datadog, Cl A * | 8,852 | 871 | ||||||
Five9 * | 13,353 | 1,101 | ||||||
Intuit | 2,093 | 959 | ||||||
Microsoft | 7,240 | 2,465 | ||||||
NVIDIA (a) | 268 | 113 |
Description | Shares | Value (000) | ||||||
ServiceNow * | 1,860 | $ | 1,045 | |||||
Shopify, Cl A * | 23,072 | 1,491 | ||||||
Workday, Cl A *(a) | 980 | 222 | ||||||
12,315 | ||||||||
Total Common Stock | ||||||||
(Cost $24,847) (000) | 38,979 | |||||||
Total Investments — 83.9% | ||||||||
(Cost $24,847) (000) | $ | 38,979 |
RiverPark Long/Short Opportunity Fund
June 30, 2023 (Unaudited)
A list of open swap agreements held by the Fund at June 30, 2023 was as follows:
Long Exposure | |||||||||||||||||||||||
Company Reference | Counterparty | Fund Pays | Payment Frequency1 | Maturity Date | Notional Amount (000) | Value (000) | Net Unrealized Apprecation/ (Depreciation) (000)† | ||||||||||||||||
Charles Schwab | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 05/01/2024 | $ | 1,194 | $ | 1,250 | $ | 56 | |||||||||||||
Mastercard, Class A | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 07/09/2024 | 398 | 421 | 23 | ||||||||||||||||
Meta Platforms, Class A | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 10/30/2023 | 100 | 208 | 108 | ||||||||||||||||
NVIDIA | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 04/26/2024 | 631 | 990 | 359 | ||||||||||||||||
Ringcentral | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 02/22/2024 | 888 | 777 | (111 | ) | |||||||||||||||
Workday, Class A | Goldman Sachs International | USD-SOFR + 0.61% | Maturity | 09/28/2023 | 560 | 737 | 177 | ||||||||||||||||
$ | 3,771 | $ | 4,383 | $ | 612 |
Short Exposure | |||||||||||||||||||||||||||
Company Reference | Counterparty | Fund Receives | Fund Pays | Payment Frequency1 | Maturity Date | Notional Amount (000) | Value (000) | Net Unrealized Apprecation/ (Depreciation) (000)† | |||||||||||||||||||
Aramark | Goldman Sachs International | USD-SOFR | -0.50 | % | Maturity | 04/19/2024 | $ | (220 | ) | $ | (240 | ) | $ | (20 | ) | ||||||||||||
Ares Management, Class A | Goldman Sachs International | USD-SOFR | -0.50 | % | Maturity | 04/12/2023 | (322 | ) | (408 | ) | (86 | ) | |||||||||||||||
Capital One Financial | Goldman Sachs International | USD-SOFR | -0.50 | % | Maturity | 04/19/2024 | (323 | ) | (370 | ) | (47 | ) | |||||||||||||||
Carmax | Goldman Sachs International | USD-SOFR | -0.50 | % | Maturity | 11/24/2023 | (313 | ) | (421 | ) | (108 | ) | |||||||||||||||
Clorox Co | Goldman Sachs International | USD-SOFR | -0.50 | % | Maturity | 07/17/2023 | (276 | ) | (284 | ) | (8 | ) | |||||||||||||||
Delta Air Lines | Goldman Sachs International | USD-SOFR | -0.50 | % | Maturity | 11/24/2023 | (307 | ) | (396 | ) | (89 | ) | |||||||||||||||
Discover Financial Services | Goldman Sachs International | USD-SOFR | -0.50 | % | Maturity | 11/15/2023 | (370 | ) | (455 | ) | (85 | ) | |||||||||||||||
Draftkings | Goldman Sachs International | USD-SOFR | -0.50 | % | Maturity | 01/10/2024 | (69 | ) | (113 | ) | (44 | ) | |||||||||||||||
Five Below | Goldman Sachs International | USD-SOFR | -0.50 | % | Maturity | 03/06/2024 | (163 | ) | (160 | ) | 3 | ||||||||||||||||
Flex Ltd. | Goldman Sachs International | USD-SOFR | -0.50 | % | Maturity | 03/06/2024 | (344 | ) | (437 | ) | (93 | ) | |||||||||||||||
Hilton Worldwide Holdings | Goldman Sachs International | USD-SOFR | -0.50 | % | Maturity | 04/25/2024 | (327 | ) | (353 | ) | (26 | ) | |||||||||||||||
Industrial Select Sector SPDR ETF | Goldman Sachs International | USD-SOFR | -0.50 | % | Maturity | 01/18/2024 | (1,036 | ) | (1,071 | ) | (35 | ) | |||||||||||||||
Invesco QQQ Trust ETF | Goldman Sachs International | USD-SOFR | -0.50 | % | Maturity | 06/22/2023 | (1,086 | ) | (1,194 | ) | (108 | ) | |||||||||||||||
iShares Expanded Tech Software Sector ETF | Goldman Sachs International | USD-SOFR | -0.80 | % | Maturity | 04/19/2024 | (889 | ) | (925 | ) | (36 | ) | |||||||||||||||
iShares MSCI Eurozone ETF | Goldman Sachs International | USD-SOFR | -1.08 | % | Maturity | 01/18/2024 | (1,669 | ) | (1,879 | ) | (210 | ) | |||||||||||||||
Kimberly-Clark | Goldman Sachs International | USD-SOFR | -0.50 | % | Maturity | 01/18/2024 | (270 | ) | (273 | ) | (3 | ) | |||||||||||||||
Las Vegas Sands | Goldman Sachs International | USD-SOFR | -1.00 | % | Maturity | 01/18/2024 | (223 | ) | (238 | ) | (15 | ) | |||||||||||||||
Lyondellbasell Industries N.V., Class A | Goldman Sachs International | USD-SOFR | -0.50 | % | Maturity | 09/07/2023 | (335 | ) | (368 | ) | (33 | ) | |||||||||||||||
Marriott International, Class A | Goldman Sachs International | USD-SOFR | -0.50 | % | Maturity | 11/24/2023 | (327 | ) | (384 | ) | (57 | ) | |||||||||||||||
Planet Fitness, Class A | Goldman Sachs International | USD-SOFR | -0.50 | % | Maturity | 09/12/2023 | (220 | ) | (216 | ) | 4 | ||||||||||||||||
Ralph Lauren, Class A | Goldman Sachs International | USD-SOFR | -0.50 | % | Maturity | 03/13/2024 | (326 | ) | (367 | ) | (41 | ) | |||||||||||||||
SPDR S&P Homebuilders ETF | Goldman Sachs International | USD-SOFR | -1.00 | % | Maturity | 04/19/2024 | (521 | ) | (602 | ) | (81 | ) | |||||||||||||||
Squarespace | Goldman Sachs International | USD-SOFR | -0.50 | % | Maturity | 06/22/2023 | (220 | ) | (235 | ) | (15 | ) | |||||||||||||||
United Airlines Holdings | Goldman Sachs International | USD-SOFR | -0.50 | % | Maturity | 01/18/2024 | (204 | ) | (278 | ) | (74 | ) | |||||||||||||||
Zillow Group, Class A | Goldman Sachs International | USD-SOFR | -0.50 | % | Maturity | 01/10/2024 | (271 | ) | (294 | ) | (23 | ) | |||||||||||||||
$ | (10,631 | ) | $ | (11,961 | ) | $ | (1,330 | ) |
1 | The payment frequency is the maturity date of each swap contract or the settlement date of a closing transaction, whichever comes first. |
† | Inclusive of accrued dividends and interest related to Total Return Swaps. |
Percentages are based on Net Assets of $46,445 (000). | |
* | Non-income producing security. |
** | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
(a) | Underlying security for a Total Return Swap. |
(b) | This security or a partial position of this security has been committed as collateral for Total Return Swaps. The aggregate market value of the collateral as of June 30, 2023 was $630(000). |
Cl — Class |
ETF — Exchange Traded Fund |
MSCI — Morgan Stanley Capital International |
SOFR — Secured Overnight Financing Rate |
SPDR — Standard & Poor’s Depository Receipt |
S&P — Standard & Poor’s |
USD — United States Dollar |
Amounts designated as “—” are $0 or have been rounded to $0.
RPF-QH-001-2500
RiverPark Floating Rate CMBS Fund
June 30, 2023 (Unaudited)
Description | Face Amount (000) | Value (000) | ||||||
Schedule of Investments | ||||||||
Commercial Mortgage-Backed Securities — 97.7% | ||||||||
Non-Agency Mortgage-Backed Obligation – 97.7% | ||||||||
BX Commercial Mortgage Trust, Ser 2021-MFM1, Cl G | ||||||||
9.162%, TSFR1M + 4.014%, 01/15/34 (a) (b) | $ | 226 | $ | 212 | ||||
BX Commercial Mortgage Trust, Ser 2020-VKNG, Cl G | ||||||||
8.512%, TSFR1M + 3.364%, 10/15/37 (a) (b) | 1,190 | 1,135 | ||||||
BX Commercial Mortgage Trust, Ser 2021-MFM1, Cl F | ||||||||
8.262%, TSFR1M + 3.114%, 01/15/34 (a) (b) | 904 | 862 | ||||||
BX Commercial Mortgage Trust, Ser 2021-VOLT, Cl F | ||||||||
7.593%, ICE LIBOR USD 1 Month + 2.400%, 09/15/36 (a) (b) | 500 | 466 | ||||||
BX Commercial Mortgage Trust, Ser 2019-XL, Cl G | ||||||||
7.562%, TSFR1M + 2.414%, 10/15/36 (a) (b) | 876 | 859 | ||||||
BX Commercial Mortgage Trust, Ser 2021-SOAR, Cl F | ||||||||
7.544%, ICE LIBOR USD 1 Month + 2.350%, 06/15/38 (a) (b) | 1,939 | 1,851 | ||||||
BX Commercial Mortgage Trust, Ser 2021-MFM1, Cl E | ||||||||
7.512%, TSFR1M + 2.364%, 01/15/34 (a) (b) | 904 | 870 | ||||||
BX Commercial Mortgage Trust, Ser 2021-XL2, Cl F | ||||||||
7.437%, ICE LIBOR USD 1 Month + 2.244%, 10/15/38 (a) (b) | 2,780 | 2,634 | ||||||
BX Commercial Mortgage Trust, Ser 2021-VOLT, Cl E | ||||||||
7.193%, ICE LIBOR USD 1 Month + 2.000%, 09/15/36 (a) (b) | 1,896 | 1,789 | ||||||
BX Commercial Mortgage Trust, Ser 2021-VINO, Cl E | ||||||||
7.145%, ICE LIBOR USD 1 Month + 1.952%, 05/15/38 (a) (b) | 1,500 | 1,425 | ||||||
BX Commercial Mortgage Trust, Ser 2021-SOAR, Cl E | ||||||||
6.994%, ICE LIBOR USD 1 Month + 1.800%, 06/15/38 (a) (b) | 969 | 929 |
Description | Face Amount (000) | Value (000) | ||||||
BX Commercial Mortgage Trust, Ser 2021-CIP, Cl D | ||||||||
6.864%, ICE LIBOR USD 1 Month + 1.671%, 12/15/38 (a) (b) | $ | 1,500 | $ | 1,432 | ||||
BX Commercial Mortgage Trust, Ser 2021-ACNT, Cl A | ||||||||
6.044%, ICE LIBOR USD 1 Month + 0.850%, 11/15/38 (a) (b) | 1,460 | 1,423 | ||||||
BX Trust, Ser 2022-IND, Cl E | ||||||||
9.134%, TSFR1M + 3.987%, 04/15/37 (a) (b) | 1,831 | 1,772 | ||||||
BX Trust, Ser 2019-MMP, Cl F | ||||||||
7.985%, ICE LIBOR USD 1 Month + 2.792%, 08/15/36 (a) (b) | 2,985 | 2,886 | ||||||
CAMB Commercial Mortgage Trust, Ser 2019-LIFE, Cl G | ||||||||
8.443%, ICE LIBOR USD 1 Month + 3.250%, 12/15/37 (a) (b) | 2,660 | 2,570 | ||||||
Cold Storage Trust, Ser 2020-ICE5, Cl F | ||||||||
8.686%, ICE LIBOR USD 1 Month + 3.492%, 11/15/37 (a) (b) | 2,949 | 2,876 | ||||||
Credit Suisse Mortgage Capital Certificates, Ser 2019-ICE4, Cl F | ||||||||
7.843%, ICE LIBOR USD 1 Month + 2.650%, 05/15/36 (a) (b) | 1,776 | 1,735 | ||||||
ILPT Commercial Mortgage Trust, Ser 2022-LPF2, Cl E | ||||||||
11.087%, TSFR1M + 5.940%, 10/15/39 (a) (b) | 1,000 | 990 | ||||||
ILPT Commercial Mortgage Trust, Ser 2022-LPF2, Cl C | ||||||||
8.640%, TSFR1M + 3.493%, 10/15/39 (a) (b) | 2,000 | 1,979 | ||||||
JP Morgan Chase Commercial Mortgage Securities, Ser 2021-MHC, Cl E | ||||||||
7.712%, TSFR1M + 2.564%, 04/15/38 (a) (b) | 1,300 | 1,248 | ||||||
KKR Industrial Portfolio Trust, Ser 2021-KDIP, Cl F | ||||||||
7.312%, TSFR1M + 2.164%, 12/15/37 (a) (b) | 975 | 931 | ||||||
MHP, Ser 2022-MHIL, Cl E | ||||||||
7.758%, TSFR1M + 2.611%, 01/15/27 (a) (b) | 972 | 916 | ||||||
MHP, Ser 2021-STOR, Cl F | ||||||||
7.393%, ICE LIBOR USD 1 Month + 2.200%, 07/15/38 (a) (b) | 1,500 | 1,418 |
RiverPark Floating Rate CMBS Fund
June 30, 2023 (Unaudited)
Description | Face Amount (000) | Value (000) | ||||||
OPG, Ser 2021-PORT F | ||||||||
7.141%, ICE LIBOR USD 1 Month + 1.948%, 10/15/36 (a) (b) | $ | 666 | $ | 624 | ||||
TTAN, Ser 2021-MHC, Cl D | ||||||||
6.944%, ICE LIBOR USD 1 Month + 1.750%, 03/15/38 (a) (b) | 1,574 | 1,530 | ||||||
Total Commercial Mortgage-Backed Securities | ||||||||
(Cost $38,376) (000) | 37,362 | |||||||
Total Investments — 97.7% | ||||||||
(Cost $38,376) (000) | $ | 37,362 |
Percentages are based on Net Assets of $38,227 (000). | |
(a) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates for certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
(b) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." These securities have been determined to be liquid under guidelines established by the Board of Trustees. At June 30, 2023, these securities amounted to $37,362 (000) or 97.7% of Net Assets. |
Cl — Class |
ICE— Intercontinental Exchange |
LIBOR— London Interbank Offered Rate |
Ser — Series |
TSFR1M — Term Secured Overnight Finance Rate 1-Month |
USD — U.S. Dollar |
RPF-QH-001-2500