Form N-CSR RIVERPARK FUNDS TRUST For: Sep 30

December 8, 2021 11:10 AM EST

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

 

Investment Company Act File Number 811-22431

 

RiverPark Funds Trust

(Exact name of registrant as specified in charter)

 

 

156 West 56th Street, 17th Floor

New York, NY 10019

(Address of principal executive offices) (Zip code)

 

Morty Schaja

156 West 56th Street, 17th Floor

New York, NY 10019

(Name and address of agent for service)

 

With copies to:

Thomas R. Westle

Blank Rome LLP

405 Lexington Avenue

New York, NY 10174

 

Registrant’s telephone number, including area code: 212-484-2100

 

Date of fiscal year end: September 30, 2021

 

Date of reporting period: September 30, 2021

 

 

 

Item 1. Reports to Stockholders.

 

A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR § 270.30e-1), is attached hereto.

 

 

 

Annual Report

September 30, 2021

 

RiverPark Large Growth Fund

Retail Class Shares and Institutional Class Shares

Wedgewood Fund

Retail Class Shares and Institutional Class Shares

RiverPark Short Term High Yield Fund

Retail Class Shares and Institutional Class Shares

RiverPark Long/Short Opportunity Fund

Retail Class Shares and Institutional Class Shares

RiverPark Strategic Income Fund

Retail Class Shares and Institutional Class Shares

RiverPark Floating Rate CMBS Fund

Retail Class Shares and Institutional Class Shares

Investment Adviser:
RiverPark Advisors, LLC

 

 

 

 

 

 

 

 

Table of Contents

 

 

   

Management’s Discussion of Fund Performance and Analysis

 

RiverPark Large Growth Fund

1

Wedgewood Fund

3

RiverPark Short Term High Yield Fund

5

RiverPark Long/Short Opportunity Fund

8

RiverPark Strategic Income Fund

13

RiverPark Floating Rate CMBS Fund

16

Schedules of Investments

 

RiverPark Large Growth Fund

19

Wedgewood Fund

20

RiverPark Short Term High Yield Fund

21

RiverPark Long/Short Opportunity Fund

25

RiverPark Strategic Income Fund

28

RiverPark Floating Rate CMBS Fund

37

Statements of Assets and Liabilities

39

Statements of Operations

41

Statements of Changes in Net Assets

43

Financial Highlights

46

Notes to Financial Statements

52

Report of Independent Registered Public Accounting Firm

71

Trustees and Officers of the Trust

72

Disclosure of Fund Expenses

74

Approval of the Investment Advisory and Investment Sub-Advisory Agreements

76

Review of Liquidity Risk Management Program

80

Notice to Shareholders

81

 

 

The RiverPark Funds file their complete schedules of fund holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-PORT within sixty days after the end of the period. The Funds’ Forms N-Q and Form N-PORT reports are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

 

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to fund securities, as well as information relating to how a Fund voted proxies relating to fund securities during the most recent period ended June 30 is available (i) without charge, upon request, by calling 888-564-4517; and (ii) on the Commission’s website at http://www.sec.gov.

 

 

 

 

Management’s Discussion of Fund Performance and Analysis

 

RiverPark Large Growth Fund (Unaudited)

 

For the fiscal year ended September 30, 2021, the RiverPark Large Growth Fund (the “Fund”) gained 33.14% and 32.73% on its Institutional Class Shares and Retail Class Shares, respectively, while the Russell 1000 Growth Total Return Index gained 27.32% and the S&P 500 Total Return Index gained 30.00%.

 

Investment results for the fiscal year were not uniform across quarters. The Institutional Class Shares gained 18.66% for the December quarter, 2.50% for the March quarter, 13.11% for the June quarter, and lost 3.23% in the September quarter.

 

The Fund’s investment results were not uniform across sectors. The Fund’s best performing sectors during the period were Communication Services, Financials, Information Technology, and Health Care. The Fund’s worst performing sectors were Real Estate, Consumer Discretionary, and Industrials. The Fund’s best performers were The Blackstone Group Inc, Snap Inc, Alphabet Inc, KKR & Co Inc and Microsoft Inc. The Fund’s worst performers were Zillow Group Inc, Farfetch Ltd, Ringcentral Inc, Lockheed Martin Corp and CME Group Inc.

 

The RiverPark Large Growth Fund seeks to make investments in securities of large capitalization companies, which it defines as those in excess of $5 billion. The Fund invests in what it believes are exciting growth businesses with significant long-term growth potential, but patiently waits for opportunities to purchase these companies at attractive prices. RiverPark believes the style is best described as a “value orientation toward growth.” RiverPark believes that the current market environment provides it with an opportunity to own a diversified portfolio of growth stocks at attractive valuations.

 

This represents the manager’s assessment of the market environment at a specific point in time and should not be relied upon by the reader as research or investment advice.

 

The Russell 1000 Growth Total Return Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

 

The S&P 500 Total Return Index is an unmanaged capitalization-weighted index generally representative of large companies in the U.S. stock market and based on price changes and reinvested dividends.

 

Morningstar Large Growth portfolios invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks.

 

Index returns are for illustrative purposes only and do not reflect any management fees, transaction costs, or expenses. Indexes are unmanaged and one cannot invest directly in an index.

 

 

1

 

 

 

 

Comparison of Change in the Value of a $10,000 Investment in the RiverPark Large Growth Fund,
Retail Class Shares, versus the Russell 1000 Growth Index TR, the S&P 500 Index TR
and the Morningstar Large Growth Category

 

 

AVERAGE ANNUAL TOTAL RETURNS FOR THE
PERIOD ENDED SEPTEMBER 30, 2021

 

One Year Return

Annualized
3 Year Return

Annualized
5 Year Return

Annualized
10 Year Return

Annualized
Inception to Date*

Institutional Class Shares

33.14%

24.19%

23.74%

18.86%

17.16%

Retail Class Shares

32.73%

23.83%

23.39%

18.55%

16.86%

Russell 1000 Growth Index TR

27.32%

22.00%

22.84%

19.68%

18.12%

S&P 500 Index TR

30.00%

15.99%

16.90%

16.63%

15.12%

Morningstar Large Growth Category

26.85%

19.19%

20.07%

17.39%

15.62%

 

 

*

Fund commenced operations on September 30, 2010.

 

Returns shown above are calculated assuming reinvestment of all dividends and distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on dividends or distributions or the redemption of shares from a fund. Returns reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower. Effective July 31, 2016, the Fund fully recaptured previously waived investment advisory fees. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than a shareholder’s original cost. Performance of the Institutional Class Shares differs due to the differences in expenses. Current performance may be lower or higher than that shown here. Unlike the Fund’s comparative benchmarks, the Fund’s total returns are reduced by its annual operating expenses. Please note that one cannot invest directly in an unmanaged index.

 

 

2

 

 

 

 

Management’s Discussion of Fund Performance and Analysis

 

Wedgewood Fund (Unaudited)

 

For the fiscal year ended September 30, 2021, the Wedgewood Fund (the “Fund”) gained 34.93% and 34.66% on its Institutional Class Shares and Retail Class Shares, respectively, while the Russell 1000 Growth Total Return Index gained 27.32% and the S&P 500 Total Return Index gained 30.00%.

 

Investment results for the fiscal year were not uniform across quarters. The Institutional Class Shares gained 12.14% for the December quarter, 4.93% for the March quarter, 11.74% for the June quarter, and 2.63% in the September quarter.

 

The Fund’s investment results were not uniform across sectors. The Fund’s best performing sectors during the period were Information Technology, Communication Services, and Consumer Discretionary. The Fund’s worst performing sectors were Industrials, Financials, and Health Care. The Fund’s best performers were Alphabet Inc, Motorola Solutions Inc, Keysight Technologies Inc, Edwards Lifesciences Corp and CDW Corp. The Fund’s worst performers were Unitedhealth Group Inc, Bristol-Myers Squibb, Progressive Corp, Taiwan Semiconductor and Booking Holdings Inc.

 

The Wedgewood Fund seeks to make investments in about 19-21 companies, with market capitalizations in excess of $5 billion, which it believes have above-average growth prospects. The Fund invests in businesses that it believes are market leaders with a long-term sustainable competitive advantage. It patiently waits for opportunities to purchase what it believes are great businesses at attractive prices. While the Fund invests in growth it believes that valuation is the key to generating attractive returns over the long-term. Unlike most growth investors, Wedgewood is not a momentum investor but rather a contrarian growth investor. Wedgewood is a firm that believes in investing as opposed to trading and generally experiences an annual portfolio turnover of less than 50%.Wedgewood believes that the current market environment provides it with an opportunity to own a portfolio of growth stocks at attractive valuations.

 

This represents the manager’s assessment of the market environment at a specific point in time and should not be relied upon by the reader as research or investment advice.

 

The Russell 1000 Growth Total Return Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

 

The S&P 500 Total Return Index is an unmanaged capitalization-weighted index generally representative of large companies in the U.S. stock market and based on price changes and reinvested dividends.

 

Morningstar Large Growth portfolios invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks.

 

Index returns are for illustrative purposes only and do not reflect any management fees, transaction costs, or expenses. Indexes are unmanaged and one cannot invest directly in an index.

 

 

3

 

 

 

 

Comparison of Change in the Value of a $10,000 Investment in the Wedgewood Fund,
Retail Class Shares, versus the Russell 1000 Growth Index TR,
the S&P 500 Index TR and the Morningstar Large Growth Category

 

 

AVERAGE ANNUAL TOTAL RETURNS FOR THE
PERIOD ENDED SEPTEMBER 30, 2021

 

One Year Return

Annualized
3 Year Return

Annualized
5 Year Return

Annualized
10 Year Return

Annualized
Inception to Date*

Institutional Class Shares

34.93%

21.06%

19.69%

16.14%

14.91%

Retail Class Shares

34.66%

20.74%

19.39%

15.90%

14.68%

Russell 1000 Growth Index TR

27.32%

22.00%

22.84%

19.68%

18.12%

S&P 500 Index TR

30.00%

15.99%

16.90%

16.63%

15.12%

Morningstar Large Growth Category

26.85%

19.19%

20.07%

17.39%

15.62%

 

 

*

Fund commenced operations on September 30, 2010.

 

Returns shown above are calculated assuming reinvestment of all dividends and distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on dividends or distributions or the redemption of shares from a fund. Returns reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower. Effective June 30, 2013, the Fund fully recaptured previously waived investment advisory fees. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than a shareholder’s original cost. Performance of the Institutional Class Shares differs due to the differences in expenses. Current performance may be lower or higher than that shown here. Unlike the Fund’s comparative benchmarks, the Fund’s total returns are reduced by its annual operating expenses. Please note that one cannot invest directly in an unmanaged index.

 

 

4

 

 

 

 

Management’s Discussion of Fund Performance and Analysis

 

RiverPark Short Term High Yield Fund (Unaudited)

 

For the fiscal year ended September 30, 2021, the RiverPark Short Term High Yield Fund (the “Fund”) gained 2.19% and 1.95% on its Institutional Class Shares and Retail Class Shares, respectively, while the ICE BofA Merrill Lynch 1-3 Year U.S. Corporate Bond Index gained 1.28%, the ICE BofA Merrill Lynch 1-Year U.S. Treasury Index gained 0.17% and the ICE BofA Merrill Lynch 0-3 Year U.S. High Yield Index Excluding Financials gained 10.85%.

 

Investment results for the fiscal year were fairly uniform across quarters. The Institutional Class Shares gained 0.77% for the December quarter, 0.51% for the March quarter, 0.67% for the June quarter and 0.23% in the September quarter.

 

The Fund realized positive contributions from all five of its investment categories. The Fund realized a contribution to its performance of 1.11% in the Short Term Maturities Category, 0.81% in Redeemed Debt, 0.44% in Event-Driven, 0.43% in Cushion Bonds and 0.24% in Strategic Recap.

 

The Fund continues to strive for an attractive yield while maintaining a weighted average expected effective maturity of less than one year. As of September 30, 2021, 49% of the Fund’s invested portfolio is expected to mature or be repaid within 90 days, while 99% of the Fund’s invested portfolio is expected to mature or be repaid within 12 months. As of the same date, approximately 55% of the invested portfolio is expected to be repaid as the result of a corporate event (redemption or early retirement due to an acquisition or recapitalization).

 

The RiverPark Short Term High Yield Fund focuses on short term high yield securities for which they believe credit ratings do not accurately reflect a company’s ability to meet their short term credit obligations. The RiverPark Short Term High Yield Fund seeks to make investments in fixed income securities of companies that have announced or, in Cohanzick’s opinion, will announce a funding event, reorganization or other corporate event that they believe will have a positive impact on a company’s ability to repay their debt. Additionally, the Fund will invest in securities in which it perceives there is limited near term risk of default. In Cohanzick’s view, the risks associated with investing in short term high yield debt are very different from investing in long-dated paper in which operating performance and business sustainability are of primary concern.

 

 

5

 

 

 

 

This represents the manager’s assessment of the market environment at a specific point in time and should not be relied upon by the reader as research or investment advice.

 

The ICE BofA Merrill Lynch 1-3 Year U.S. Corporate Index is a subset of the ICE BofA Merrill Lynch U.S. Corporate Master Index tracking the performance of U.S. dollar denominated investment grade rated corporate debt publicly issued in the U.S. domestic market. This subset includes all securities with a remaining term to maturity of less than 3 years.

 

The ICE BofA Merrill Lynch 1-Year U.S. Treasuries Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.

 

The ICE BofA Merrill Lynch 0-3 Year U.S. High Yield Index Excluding Financials considers all securities from the ICE BofA Merrill Lynch US High Yield Master II Index and the ICE BofA Merrill Lynch U.S. High Yield 0-1 Year Index, and then applies the following filters: securities greater than or equal to one month but less than 3 years to final maturity, and exclude all securities with Level 2 sector classification = Financial (FNCL).

 

Index returns are for illustrative purposes only and do not reflect any management fees, transaction costs, or expenses. Indexes are unmanaged and one cannot invest directly in an index.

 

 

6

 

 

 

 

Comparison of Change in the Value of a $10,000 Investment in the RiverPark Short Term High Yield Fund,
Retail Class Shares, versus the ICE BofA Merrill Lynch 1-3 Year U.S. Corporate Bond Index, the ICE BofA Merrill Lynch
1-Year U.S. Treasury Index and the ICE BofA Merrill Lynch 0-3 Year U.S. High Yield Index Excluding Financials

 

 

AVERAGE ANNUAL TOTAL RETURNS FOR THE
PERIOD ENDED SEPTEMBER 30, 2021

 

One Year Return

Annualized
3 Year Return

Annualized
5 Year Return

Annualized
10 Year Return

Annualized
Inception to Date*

Institutional Class Shares

2.19%

2.09%

2.34%

2.85%

2.89%

Retail Class Shares

1.95%

1.84%

2.07%

2.57%

2.61%

ICE BofA Merrill Lynch 1-3 Year U.S. Corporate Bond Index

1.28%

3.63%

2.67%

2.50%

2.40%

ICE BofA Merrill Lynch 1-Year U.S. Treasury Index

0.17%

1.88%

1.46%

0.89%

0.86%

ICE BofA Merrill Lynch 0-3 Year U.S. High Yield Index Excluding Financials

10.85%

4.58%

5.32%

5.75%

5.42%

 

 

*

Fund commenced operations on September 30, 2010.

 

Returns shown above are calculated assuming reinvestment of all dividends and distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on dividends or distributions or the redemption of shares from a fund. Returns reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower. Effective September 30, 2013, the Fund fully recaptured previously waived investment advisory fees. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than a shareholder’s original cost. Performance of the Institutional Class Shares differs due to the differences in expenses. Current performance may be lower or higher than that shown here. Unlike the Fund’s comparative benchmarks, the Fund’s total returns are reduced by its annual operating expenses. Please note that one cannot invest directly in an unmanaged index.

 

 

7

 

 

 

 

Management’s Discussion of Fund Performance and Analysis

 

RiverPark Long/Short Opportunity Fund (Unaudited)

 

For the fiscal year ended September 30, 2021, the RiverPark Long/Short Opportunity Fund (the “Fund”) gained 17.30% and 16.94% on its Institutional Class Shares and Retail Class Shares respectively, while the S&P 500 Total Return Index gained 30.00% and the Morningstar Long/Short Equity Category gained 15.95%. The average gross and net month-end exposures of the Fund for the fiscal year were 144% and 76% (long 110%, short 34%), respectively.

 

The Fund’s long positions contributed approximately 34% for the fiscal year, as compared to the performance of the S&P 500 Total Return Index, which gained 30.00%. The Fund’s short positions detracted approximately 13% for the fiscal year.

 

Investment results for the fiscal year were not uniform across quarters. The Institutional Class Shares gained 9.22% for the December quarter, lost 2.26% for the March quarter, gained 12.99% for the June quarter, and lost 2.75% in the September quarter.

 

The Fund’s investment results were not uniform across sectors. The Fund’s best performing sectors during the period were Financials, Communications Services, Information Technology, and Health Care. The Fund’s worst performing sectors were Real Estate, Consumer Staples, Consumer Discretionary, and Energy. The Fund’s best performers were The Blackstone Group Inc, Snap Inc, Alphabet Inc, KKR & Co Inc and Microsoft Corp. The Fund’s worst performers were SPDR S&P 500 ETF, Ringcentral Inc, Zillow Group Inc, Farfetch Ltd and iShares Russell 2000 ETF.

 

Derivatives, which were used for the Fund’s short positions and to leverage the long positions, detracted approximately 9.92% from the Fund’s performance.

 

The RiverPark Long/Short Opportunity Fund seeks long-term capital appreciation while managing downside volatility by investing long in equity securities that the Fund’s investment adviser believes have above-average growth prospects and selling short equity securities the Adviser believes are competitively disadvantaged over the long-term. The Fund is an opportunistic long/short investment fund. The Fund’s investment goal is to achieve above average rates of return with less volatility and less downside risk as compared to U.S. equity markets.

 

 

8

 

 

 

 

This represents the manager’s assessment of the market environment at a specific point in time and should not be relied upon by the reader as research or investment advice.

 

The S&P 500 Total Return Index is an unmanaged capitalization-weighted index generally representative of large companies in the U.S. stock market and based on price changes and reinvested dividends.

 

The Morningstar Long/Short Equity Category portfolios hold sizable stakes in both long and short positions. Some funds that fall into this category are market neutral - dividing their exposure equally between long and short positions in an attempt to earn a modest return that is not tied to the market’s fortunes. Other portfolios that are not market neutral will shift their exposure to long and short positions depending upon their macro outlook or the opportunities they uncover through bottom-up research.

 

Index returns are for illustrative purposes only and do not reflect any management fees, transaction costs, or expenses. Indexes are unmanaged and one cannot invest directly in an index.

 

 

9

 

 

 

 

Management’s Discussion of Fund Performance and Analysis

 

RiverPark Long/Short Opportunity Fund

 

Supplemental Disclosure (Unaudited):

 

The following represents a reconciliation of accounting principles generally accepted in the United States of America (“GAAP”) to non-GAAP exposure for underlying investments that are held by the Fund through investments in common stock and total return swap transactions as of September 30, 2021. The total non-GAAP exposure is calculated by using the common stock plus the notional swap values divided by the net asset value of the Fund as of September 30, 2021.

 

Reconciliation of GAAP to Non-GAAP Long/Short Exposure by Underlier
September 30, 2021

 

Common Stock and Total Return Swaps:

 
 

GAAP
Exposure

Non-GAAP
Exposure

Adobe

   

Common Stock

1.9%

1.9%

Total Return Swap

0.6%

 

1.9%

2.5%

Alphabet, Cl A

   

Common Stock

2.5%

2.5%

Total Return Swap

0.1%

 

2.5%

2.6%

Alphabet, Cl C

   

Common Stock

2.5%

2.5%

Total Return Swap

0.1%

 

2.5%

2.6%

Amazon.com

   

Common Stock

4.8%

4.8%

Total Return Swap

0.5%

 

4.8%

5.3%

Autodesk

   

Common Stock

1.0%

1.0%

Total Return Swap

1.4%

 

1.0%

2.4%

Charles Schwab

   

Common Stock

Total Return Swap

3.3%

 

3.3%

DexCom

   

Common Stock

2.6%

2.6%

Total Return Swap

0.1%

 

2.6%

2.7%

Exact Sciences

   

Common Stock

2.9%

2.9%

Total Return Swap

0.1%

 

2.9%

3.0%

     
 

GAAP
Exposure

Non-GAAP
Exposure

Facebook, Cl A

   

Common Stock

3.2%

3.2%

Total Return Swap

0.5%

 

3.2%

3.7%

Farfetch Limited, Cl A

   

Common Stock

1.5%

1.5%

Total Return Swap

0.3%

 

1.5%

1.8%

Illumina

   

Common Stock

2.6%

2.6%

Total Return Swap

0.2%

 

2.6%

2.8%

Intuitive Surgical

   

Common Stock

1.9%

1.9%

Total Return Swap

1.0%

 

1.9%

2.9%

Mastercard Incorporated, Cl A

   

Common Stock

1.4%

1.4%

Total Return Swap

1.9%

 

1.4%

3.3%

Nike, Cl B

   

Common Stock

1.8%

1.8%

Total Return Swap

0.5%

 

1.8%

2.3%

Pinterest, Cl A

   

Common Stock

2.9%

2.9%

Total Return Swap

0.9%

 

2.9%

3.8%

ServiceNow

   

Common Stock

2.7%

2.7%

Total Return Swap

0.1%

 

2.7%

2.8%

 

 

10

 

 

 

 

Common Stock and Total Return Swaps (continued):

 

GAAP
Exposure

Non-GAAP
Exposure

Shopify, Cl A

   

Common Stock

2.6%

2.6%

Total Return Swap

1.2%

 

2.6%

3.8%

Snowflake, Cl A

   

Common Stock

Total Return Swap

2.6%

 

2.6%

Square, Cl A

   

Common Stock

0.9%

0.9%

Total Return Swap

1.6%

 

0.9%

2.5%

Twilio, Cl A

   

Common Stock

2.2%

2.2%

Total Return Swap

0.5%

 

2.2%

2.7%

Uber Technologies

   

Common Stock

2.1%

2.1%

Total Return Swap

0.3%

 

2.1%

2.4%

 

     
 

GAAP
Exposure

Non-GAAP
Exposure

Unitedhealth Group

   

Common Stock

1.7%

1.7%

Total Return Swap

0.6%

 

1.7%

2.3%

Visa, Cl A

   

Common Stock

1.1%

1.1%

Total Return Swap

1.4%

 

1.1%

2.5%

Walt Disney Company

   

Common Stock

2.1%

2.1%

Total Return Swap

1.3%

 

2.1%

3.4%

Zillow Group, Cl A

   

Common Stock

0.7%

0.7%

Total Return Swap

1.1%

 

0.7%

1.8%

     

Remaining Underliers Common Stock

44.7%

44.7%

     

Total Common Stock & Total Return Swaps

94.3%

116.5%

 

Securities Sold Short, Not Yet Purchased:

 

Common Stock

-50.1%

     

Total, Securities Sold Short, Not Yet Purchased

-50.1%

 

*

See pages 25-27 of the Schedule of Investments, which presents a complete listing of the securities held by the Fund as of September 30, 2021.

 

 

11

 

 

 

 

Comparison of Change in the Value of a $10,000 Investment in the RiverPark Long/Short Opportunity Fund,
Retail Class Shares, versus the S&P 500 Index TR and the Morningstar Long/Short Equity Category

 

 

AVERAGE ANNUAL TOTAL RETURNS FOR THE
PERIOD ENDED SEPTEMBER 30, 2021

 

One Year Return

Annualized
3 Year Return

Annualized
5 Year Return

Annualized
10 Year Return

Annualized
Inception to Date*

Institutional Class Shares

17.30%

20.41%

19.10%

12.50%

10.94%

Retail Class Shares

16.94%

20.12%

18.83%

12.29%

10.77%

S&P 500 Index TR

30.00%

15.99%

16.90%

16.63%

14.70%

Morningstar Long/Short Equity Category

15.95%

5.11%

5.92%

5.22%

4.21%

 

 

*

Fund commenced operations on March 30, 2012. The performance data quoted for periods prior to March 30, 2012 is that of the Predecessor Fund. The Predecessor Fund commenced operations on September 30, 2009. The Predecessor Fund was not a registered mutual fund and was not subject to the same investment and tax restrictions as the Fund. If it had been, the Predecessor Fund’s performance might have been lower. Performance shown for periods of one year and greater are annualized.

 

For periods after March 30, 2012, the returns shown above are calculated assuming reinvestment of all dividends and distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on dividends or distributions or the redemption of shares from a fund. Returns reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than a shareholder’s original cost. Performance of the Institutional Class Shares differs due to the differences in expenses. Current performance may be lower or higher than that shown here. Unlike the Fund’s comparative benchmarks, the Fund’s total returns are reduced by its annual operating expenses. Please note that one cannot invest directly in an unmanaged index.

 

 

12

 

 

 

 

Management’s Discussion of Fund Performance and Analysis

 

RiverPark Strategic Income Fund (Unaudited)

 

For the fiscal year ended September 30, 2021, the RiverPark Strategic Income Fund (the “Fund”) gained 13.59% and 13.44% on its Institutional Class Shares and Retail Class Shares, respectively, while the Bloomberg U.S. Aggregate Bond Index lost 0.90%, the Morningstar Multisector Bond Category gained 6.31%, and the Morningstar High Yield Bond Category gained 10.39%.

 

Investment results for the fiscal year were not uniform across quarters. The Institutional Class Shares gained 4.24% for the December quarter, 5.84% for the March quarter, 1.44% for the June quarter, and 1.50% in the September quarter.

 

The Fund realized positive contributions from six of its seven investment categories. The Fund realized a contribution to its performance of 5.25% in Buy & Hold “Money Good”, 4.79% in Other (ABS) category, 2.06% in Off the Beaten Path, 1.52% in Interest Rate Resets, 0.19% in Priority Based (Above the Fray), and 0.07% in Short Term Securities, whereas the Fund lost 0.10% in Hedges.

 

As of September 30, 2021, the Fund’s net assets were weighted by category as follows: 30.8% in Off The Beaten Path, 30.5% in the Buy & Hold “Money Good” category, 16.8% in Interest Rate Resets (floaters, cushion bonds), 10.4% in Other (ABS), 9.3% in the Priority Based (Above the Fray), -2.2% in Hedges, with the remaining 4.4% in cash and cash equivalents. Across all categories, 96.0% of the net assets were held in high yield securities and -0.4% was held in investment grade securities. The Fund held 212 positions as of this date, none of which were held in the Short Term Securities category.

 

RiverPark Strategic Income Fund seeks high current income and capital appreciation consistent with the preservation of capital by investing in investment grade and non-investment grade debt, preferred stock, convertible bonds, bank loans, high yield bonds and income producing equities that Cohanzick deems appropriate for the Fund’s investment objective. The Fund will primarily invest in both investment grade and non-investment grade “Money Good” securities, for which the enterprise value of the issuing company exceeds the value of the senior and equally ranked debt of the considered investment. The Fund expects to invest in securities that are not widely followed, which Cohanzick believes offer better returns with little or no additional credit risk.

 

Footnotes:

 

“Money Good” is a term used by the Adviser to describe debt it believes will be paid off in full under current market conditions and on a strict priority basis.

 

High yield and investment grade classification of securities was based on Bloomberg Composite Ratings.

 

 

13

 

 

 

 

This represents the manager’s assessment of the market environment at a specific point in time and should not be relied upon by the reader as research or investment advice.

 

The Bloomberg U.S. Aggregate Bond Index is a broad-based unmanaged index of investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, Mortgage-Backed Securities (agency fixed-rate and hybrid adjustable-rate mortgages pass-throughs), asset backed securities, and commercial backed securities.

 

The Morningstar Multisector Bond Category portfolios seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, U.S. corporate bonds, foreign bonds, and high-yield U.S. debt securities.

 

The Morningstar High Yield Bond Category portfolios seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, U.S. corporate bonds, foreign bonds, and high-yield U.S. debt securities.

 

Index returns are for illustrative purposes only and do not reflect any management fees, transaction costs, or expenses. Indexes are unmanaged and one cannot invest directly in an index.

 

 

14

 

 

 

 

Comparison of Change in the Value of a $10,000 Investment in the RiverPark Strategic Income Fund,
Retail Class Shares, versus the Bloomberg U.S. Aggregate Bond Index, the Morningstar Multisector
Bond Category and the Morningstar High Yield Bond Category

 

 

AVERAGE ANNUAL TOTAL RETURNS FOR THE
PERIOD ENDED SEPTEMBER 30, 2021

 

One Year Return

Annualized
3 Year Return

Annualized
5 Year Return

Annualized
Inception to Date*

Institutional Class Shares

13.59%

4.71%

4.79%

4.32%

Retail Class Shares

13.44%

4.52%

4.55%

4.07%

Bloomberg U.S. Aggregate Bond Index

-0.90%

5.36%

2.94%

3.35%

Morningstar Multisector Bond Category

6.31%

4.99%

4.06%

3.90%

Morningstar High Yield Bond Category

10.39%

5.51%

5.24%

4.64%

 

 

*

Fund commenced operations on September 30, 2013.

 

Returns shown above are calculated assuming reinvestment of all dividends and distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on dividends or distributions or the redemption of shares from a fund. Returns reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower. Effective March 31, 2014, the Fund fully recaptured previously waived investment advisory fees. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than a shareholder’s original cost. Performance of the Institutional Class Shares differs due to the differences in expenses. Current performance may be lower or higher than that shown here. Unlike the Fund’s comparative benchmarks, the Fund’s total returns are reduced by its annual operating expenses. Please note that one cannot invest directly in an unmanaged index.

 

 

15

 

 

 

 

Management’s Discussion of Fund Performance and Analysis

 

RiverPark Floating Rate CMBS Fund (Unaudited)

 

For the fiscal year ended September 30, 2021, the RiverPark Floating Rate CMBS Fund (the “Fund”) gained 1.61% and 1.24% on its Institutional Class Shares and Retail Class Shares respectively, while the Bloomberg U.S. Investment-Grade CMBS Index gained 1.00% and the Bloomberg U.S. Aggregate Bond Index lost 0.90%.

 

The Fund strives for an attractive yield while maintaining a portfolio that is substantially comprised of floating rate CMBS investments with a weighted average maturity of less than five years. As of September 30, 2021, the weighted average coupon for the Fund was 2.70%, 100% of the Fund’s invested portfolio was in floating rate securities, and the weighted average maturity of the portfolio was 1.6 years.

 

Investment results for the fiscal year were not uniform across quarters. The Institutional Class Shares lost 1.32% for the December quarter, then gained 1.91% for the March quarter, 0.59% for the June quarter, and 0.46% in the September quarter.

 

The RiverPark Floating Rate CMBS Fund emphasizes floating rate Single Asset / Single Borrower (SASB) loans that are structured as Commercial Mortgage Backed Securities (CMBS). The RiverPark Floating Rate CMBS Fund seeks to make investments in larger ($500+ million) securitizations of income producing commercial real estate loans secured by institutional quality assets with well-regarded sponsors. The Fund emphasizes investments that have conservative credit metrics. As of September 30, 2021, all of the Fund’s investments were paying monthly coupons.

 

This represents the manager’s assessment of the market environment at a specific point in time and should not be relied upon by the reader as research or investment advice.

 

The Bloomberg U.S. Investment-Grade CMBS Index measures the market of US Agency and US Non-Agency conduit and fusion CMBS deals with a minimum current deal size of $300mn.

 

The Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities and commercial back securities (agency and nonagency).

 

 

16

 

 

 

 

Loan-to-Value Ratio (or LTV): In order to calculate the Loan-to-Value Ratio at the Fund’s level in the capital structure (also referred to as “attachment point”), the Total Loan is divided by the underlying value of the commercial real estate securing the Fund’s investment. The Loan-to-Value Ratio is important to understanding the amount of credit support that protects the Fund’s investment. For example, if the Total Loan is $200 million and the property is appraised at $400 million, then the Loan-to-Value ratio would be 50%. A lower Loan-to-Value Ratio indicates that our investment has more credit support than a loan with a higher LTV.

 

Weighted Average Coupon is used to determine the gross interest rates of multiple mortgages that underline the CMBS. The Weighted Average Coupon represents the average interest rate of different pools of mortgages with varying interest rates.

 

Index returns are for illustrative purposes only and do not reflect any management fees, transaction costs, or expenses. Indexes are unmanaged and one cannot invest directly in an index.

 

 

17

 

 

 

 

Comparison of Change in the Value of a $10,000 Investment in the RiverPark Floating Rate CMBS Fund,
Retail Class Shares, versus the Bloomberg U.S. Investment-Grade CMBS Index and Bloomberg
U.S. Aggregate Bond Index

 

 

AVERAGE ANNUAL TOTAL RETURNS FOR THE
PERIOD ENDED SEPTEMBER 30, 2021

 

One Year Return

Annualized
3 Year Return

Annualized
5 Year Return

Annualized
10 Year Return

Annualized
Inception to Date*

Institutional Class Shares

1.61%

-0.71%

1.31%

3.83%

4.48%

Retail Class Shares

1.24%

-1.02%

1.02%

3.68%

4.34%

Bloomberg U.S. Investment-Grade CMBS Index

1.00%

5.71%

3.36%

4.16%

4.82%

Bloomberg U.S. Aggregate Bond Index

-0.90%

5.36%

2.94%

3.01%

3.48%

 

 

*

Fund commenced operations on September 30, 2016. The performance data quoted for period prior to September 30, 2016 is that of the Predecessor Fund. The Predecessor Fund commenced operations on May 31, 2010. The Predecessor Fund was not a registered mutual fund and was not subject to the same investment and tax restrictions as the Fund. If it had been, the Predecessor Fund’s performance might have been lower. Performance shown for periods of one year and greater are annualized.

 

Furthermore, on November 12, 2018 the Interval Fund reorganized as an open-end mutual fund with daily liquidity. The performance data for the Retail Class Shares for periods prior to November 12, 2018, but after September 30, 2016 is that of the Institutional Class Shares adjusted to reflect the higher expense ratio applicable to the Retail Class Shares.

 

For periods after September 30, 2016, the returns shown above are calculated assuming reinvestments of all dividends and distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on dividends or distributions or the redemption of shares from a fund. Returns reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower. Results represent past performance and do not indicate future results. The value of an investment in the Fund and the return on investment both will fluctuate and redemption proceeds may be higher or lower than a shareholder’s original cost. Performance of the Institutional Class Shares differs due to the differences in expenses. Current performance may be lower or higher than that shown here. Unlike the Fund’s comparative benchmarks, the Fund’s total returns are reduced by its annual operating expenses. Please note that one cannot invest directly in an unmanaged index.

 

 

18

 

 

RiverPark Large Growth Fund

September 30, 2021

 

 

Description

 

Shares

   

Value (000)

 

Schedule of Investments

               

Common Stock — 99.2%**

               

Communication Services – 22.1%

               

Alphabet, Cl A *

    746     $ 1,994  

Alphabet, Cl C *

    741       1,975  

Facebook, Cl A *

    8,816       2,992  

Pinterest, Cl A *

    56,779       2,893  

Snap, Cl A *

    42,398       3,132  

Twitter *

    40,108       2,422  

Walt Disney

    15,018       2,541  

Zillow Group, Cl A *

    19,002       1,683  
              19,632  

Consumer Discretionary – 9.2%

               

Amazon.com *

    1,341       4,405  

Farfetch, Cl A *

    43,955       1,648  

NIKE, Cl B

    14,159       2,056  
              8,109  

Financials – 11.3%

               

Blackstone Group, Cl A (a)

    31,573       3,673  

Charles Schwab

    36,195       2,636  

KKR

    37,560       2,287  

SoFi Technologies *

    90,314       1,434  
              10,030  

Health Care – 18.1%

               

DexCom *

    4,029       2,203  

Exact Sciences *

    20,092       1,918  

Illumina *

    5,548       2,250  

Intuitive Surgical *

    2,451       2,437  

IQVIA Holdings *

    8,899       2,132  

UnitedHealth Group

    5,088       1,988  

Zoetis, Cl A

    16,238       3,152  
              16,080  

Industrials – 1.8%

               

Uber Technologies *

    35,443       1,588  
                 

Information Technology – 33.6%

               

Adobe *

    3,232     1,861  

Apple

    19,010       2,690  

Autodesk *

    6,917       1,973  

Mastercard, Cl A

    5,635       1,959  

Microsoft

    13,808       3,893  

PayPal Holdings *

    8,063       2,098  

RingCentral, Cl A *

    8,534       1,856  

ServiceNow *

    3,444       2,143  

Shopify, Cl A *

    2,188       2,966  

Snowflake, Cl A *

    7,068       2,138  

Square, Cl A *

    8,344       2,001  

Twilio, Cl A *

    7,250       2,313  

Visa, Cl A

    8,727       1,944  
              29,835  

Real Estate – 3.1%

               

American Tower REIT, Cl A

    5,351       1,420  

Equinix

    1,656       1,309  
              2,729  

Total Common Stock

               

(Cost $47,639) (000)

            88,003  
                 

Total Investments — 99.2%

               

(Cost $47,639) (000)

          $ 88,003  

 

As of September 30, 2021, 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 year ended September 30, 2021, there were no transfers in or out of Level 3.

 

Percentages are based on Net Assets of $88,748 (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 September 30, 2021, these securities amounted to $3,673 (000) or 4.1% of Net Assets.

 

Cl — Class

REIT — Real Estate Investment Trust

 

 

The accompanying notes are an integral part of the financial statements.

 

 

19

 

 

Wedgewood Fund

September 30, 2021

 

 

Description

 

Shares

   

Value (000)

 

Schedule of Investments

               

Common Stock — 99.7%**

               

Communication Services – 21.0%

               

Alphabet, Cl A *

    1,416     $ 3,786  

Electronic Arts

    11,880       1,690  

Facebook, Cl A *

    9,433       3,201  
              8,677  

Consumer Discretionary – 11.3%

               

Booking Holdings *

    376       892  

Starbucks

    11,847       1,307  

Tractor Supply

    12,111       2,454  
              4,653  

Financials – 9.0%

               

First Republic Bank

    7,113       1,372  

Progressive

    14,810       1,339  

S&P Global

    2,380       1,011  
              3,722  

Health Care – 10.2%

               

Edwards Lifesciences *

    26,155       2,961  

UnitedHealth Group

    3,193       1,248  
              4,209  

Industrials – 7.4%

               

Copart *

    12,348       1,713  

Old Dominion Freight Line

    4,604       1,317  
              3,030  

Information Technology – 40.8%

               

Apple

    17,145     2,426  

CDW

    12,095       2,201  

Keysight Technologies *

    10,633       1,747  

Microsoft

    7,870       2,219  

Motorola Solutions

    12,715       2,954  

PayPal Holdings *

    8,339       2,170  

Taiwan Semiconductor Manufacturing ADR

    13,582       1,516  

Visa, Cl A

    7,228       1,610  
              16,843  

Total Common Stock

               

(Cost $24,697) (000)

            41,134  
                 

Total Investments — 99.7%

               

(Cost $24,697) (000)

          $ 41,134  

 

As of September 30, 2021, 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 year ended September 30, 2021, there were no transfers in or out of Level 3.

 

Percentages are based on Net Assets of $41,273 (000).

*

Non-income producing security.

**

More Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

 

Cl — Class

ADR — American Depository Receipt

 

 

The accompanying notes are an integral part of the financial statements.

 

 

20

 

 

RiverPark Short Term High Yield Fund

September 30, 2021

 

 

Description

 

Face
Amount
(000)‡

   

Value (000)

 

Schedule of Investments

               

Corporate Obligations — 57.5%

               

Communication Services — 21.9%

               

Altice France

               

7.375%, 05/01/26 (a)

    54,229     $ 56,342  

C&W Senior Financing DAC

               

7.500%, 10/15/26 (a)

    9,310       9,667  

CCO Holdings

               

4.000%, 03/01/23 (a)

    19,569       19,685  

Cogent Communications Group

               

5.375%, 03/01/22 (a)

    19,127       19,247  

CSC Holdings

               

6.750%, 11/15/21

    43,544       43,707  

DISH DBS

               

5.875%, 07/15/22

    23,034       23,742  

Level 3 Financing

               

5.375%, 05/01/25

    21,148       21,630  

Linkem

               

6.000%, VAR Euribor 3 Month + 6.000%, 08/09/22 (a)

  EUR 27,399       31,862  

Lumen Technologies

               

5.800%, 03/15/22

    22,110       22,558  

Meredith

               

6.500%, 07/01/25

    9,460       10,139  
              258,579  

Consumer Discretionary — 5.4%

               

Ashton Woods USA

               

9.875%, 04/01/27 (a)

    415       465  

Caesars Resort Collection

               

5.250%, 10/15/25 (a)

    12,954       13,147  

Foot Locker

               

8.500%, 01/15/22

    18,309       18,783  

Ford Motor Credit

               

3.813%, 10/12/21

    24,619       24,662  

0.999%, VAR ICE LIBOR USD 3 Month + 0.880%, 10/12/21

    3,246       3,246  

Hilton Grand Vacations Borrower

               

6.125%, 12/01/24

    3,949     4,102  
              64,405  

Consumer Staples — 5.2%

               

B&G Foods

               

5.250%, 04/01/25

    11,000       11,276  

Cooke Omega Investments

               

8.500%, 12/15/22 (a)

    10,282       10,501  

Fresh Market

               

9.750%, 05/01/23 (a)

    34,458       35,535  

Safeway

               

4.750%, 12/01/21

    4,544       4,585  
              61,897  

Financials — 7.3%

               

Donnelley Financial Solutions

               

8.250%, 10/15/24

    1,326       1,363  

Rocket Mortgage

               

5.250%, 01/15/28 (a)

    79,000       85,221  

Starwood Property Trust

               

5.000%, 12/15/21

    322       323  
              86,907  

Health Care — 5.4%

               

Jaguar Holding II

               

4.625%, 06/15/25 (a)

    29,488       30,668  

Surgery Center Holdings

               

6.750%, 07/01/25 (a)

    7,006       7,137  

Trulieve Cannabis

               

9.750%, 06/18/24

    24,789       26,431  
              64,236  

Industrials — 4.9%

               

Altera Shuttle Tankers

               

7.125%, 08/15/22

    4,000       4,025  

Grinding Media

               

7.375%, 12/15/23 (a)

    37,364       38,111  

Hawaiian Airlines Pass-Through Certificates, Ser 2013-1, Cl B

               

4.950%, 01/15/22

    4,017       4,013  

Icahn Enterprises

               

6.750%, 02/01/24

    11,700       11,861  
              58,010  

Information Technology — 4.0%

               

NortonLifeLock

               

3.950%, 06/15/22

    14,625       14,814  

Nuance Communications

               

5.625%, 12/15/26

    17,825       18,471  

 

The accompanying notes are an integral part of the financial statements.

 

 

21

 

 

RiverPark Short Term High Yield Fund
September 30, 2021

 

Description

 

Face
Amount
(000)‡ /
Shares

   

Value (000)

 

Sprint Communications

               

11.500%, 11/15/21

    13,496     $ 13,665  
              46,950  

Materials — 1.1%

               

Ball

               

5.000%, 03/15/22

    2,576       2,627  

Crown Americas

               

4.500%, 01/15/23

    8,725       9,163  

LSB Industries

               

9.625%, 05/01/23 (a)

    1,310       1,366  
              13,156  

Real Estate — 2.3%

               

Uniti Group

               

7.125%, 12/15/24

    26,280       26,871  
                 

Total Corporate Obligations

               

(Cost $680,788) (000)

            681,011  
                 

Special Purpose Acquisition Companies — 12.3%

Common Stock— 12.3%

               

Diversified Financials — 12.3%

               

890 5th Avenue Partners, Cl A *

    931,571       9,232  

ACE Convergence Acquisition, Cl A *

    970,942       9,622  

Aldel Financial, Cl A *

    220,096       2,221  

Alkuri Global Acquisition, Cl A *

    395,338       3,942  

Alpha Partners Technology Merger *

    676,540       6,691  

Altimar Acquisition II, Cl A *

    814,243       8,020  

Aurora Acquisition, Cl A

    8,900       89  

Austerlitz Acquisition I, Cl A *

    1,021,124       10,150  

AxonPrime Infrastructure Acquisition *

    440,000       4,356  

Capstar Special Purpose Acquisition, Cl A *

    13,721       136  

Cartesian Growth, Cl A *

    376,849       3,720  

CITIC Capital Acquisition, Cl A *

    100,000       997  

Decarbonization Plus Acquisition II, Cl A *

    289,231       2,860  

dMY Technology Group IV, Cl A

    200,000       1,982  

Foresight Acquisition, Cl A *

    369,075       3,639  

G Squared Ascend I, Cl A *

    110,000       1,085  

GigCapital4 *

    230,849       2,276  

Golden Path Acquisition *

    164,598       1,631  

Gores Metropoulos II, Cl A *

    325,239       3,213  

Highland Transcend Partners I, Cl A

    451,153       4,475  

ION Acquisition 2, Cl A *

    150,000       1,487  

Leo Holdings III, Cl A *

    242,976       2,415  

Live Oak Acquisition II, Cl A *

    1,360,949       13,582  

 

Description

 

Shares/
Face
Amount
(000)‡

   

Value (000)

 

M3-Brigade Acquisition II, Cl A *

    143,007     $ 1,417  

Magnum Opus Acquisition, Cl A *

    287,097       2,839  

Motive Capital, Cl A *

    150,000       1,485  

Novus Capital II, Cl A *

    424,362       4,201  

Pioneer Merger, Cl A *

    50,000       497  

SCVX *

    140,745       1,398  

Seaport Global Acquisition, Cl A *

    139,624       1,406  

Seven Oaks Acquisition, Cl A *

    860,576       8,546  

Tailwind Acquisition, Cl A *

    299,640       2,930  

Thayer Ventures Acquisition, Cl A *

    144,675       1,463  

Thimble Point Acquisition, Cl A *

    1,285,729       12,780  

Virtuoso Acquisition, Cl A

    68,918       683  

VPC Impact Acquisition Holdings III, Cl A *

    400,000       3,964  

Yellowstone Acquisition, Cl A *

    215,100       2,183  

Yucaipa Acquisition, Cl A

    231,387       2,286  
              145,899  

Total Special Purpose Acquisition Companies

               

(Cost $145,460) (000)

            145,899  
                 

Commercial Paper — 7.1%

               

Communication Services — 1.7%

               

Rogers Communication

               

0.210%, 12/23/21 (b)

    20,000       19,991  
                 

Consumer Discretionary — 1.8%

               

General Motors

               

0.320%, 11/22/21 (b)

    15,120       15,112  

0.300%, 10/27/21 (b)

    6,636       6,635  
              21,747  

Health Care — 1.3%

               

Viatris

               

0.450%, 12/01/21 (b)

    15,000       14,990  
                 

Industrials — 0.6%

               

ITT

               

0.170%, 11/30/21 (b)

    7,654       7,649  
                 

Materials — 1.7%

               

Glencore Funding

               

0.240%, 11/03/21 (b)

    20,000       19,994  
                 

Total Commercial Paper

               

(Cost $84,374) (000)

            84,371  

 

The accompanying notes are an integral part of the financial statements.

 

 

22

 

 

RiverPark Short Term High Yield Fund
September 30, 2021

 

Description

 

Face
Amount
(000)‡/
Shares

   

Value (000)

 

Trade Claims — 2.0%

               

Energy — 2.0%

               

Brazos Electric Power *(d)

    25,659     $ 23,093  
                 

Total Trade Claims

               

(Cost $23,253) (000)

            23,093  
                 

Convertible Bond — 1.5%

               

Energy — 1.5%

               

Ship Finance International CV to 65.8012

               

5.750%, 10/15/21

    17,252       17,404  
                 

Total Convertible Bond

               

(Cost $17,267) (000)

            17,404  
                 

Preferred Stock — 0.1%

               

Real Estate — 0.1%

               

National Retail Properties

               

5.200%

    69,983       1,754  
                 

Total Preferred Stock

               

(Cost $1,755) (000)

            1,754  
                 

Bank Loan Obligations — 17.1%

               

Building Materials — 1.5%

               

Forterra Finance, LLC, Replacement Term Loan

               

4.000%, VAR LIBOR + 0.030%, 10/25/23

    17,707       17,693  
                 

Consumer Discretionary — 1.9%

               

Change Healthcare Holdings, Inc. (fka Emdeon Inc.), Closing Date Term Loan, 1st Lien

               

3.500%, VAR LIBOR + 0.025%, 03/01/24

    10,643       10,630  

Golden Nugget Online Gaming, Inc., 2020 Initial Term Loan, 1st Lien

               

13.000%, VAR LIBOR + 0.120%, 10/04/23

    10,957       11,833  
              22,463  

Health Care — 5.6%

               

Mallinckrodt International, 1st Lien

               

0.000%, 02/28/22 (c)

    45,578       44,575  

 

Description

 

Face
Amount
(000)‡

   

Value (000)

 

Parexel International, Term Loan B, 1st Lien

               

2.834%, 09/27/24 (c)

    21,882     $ 21,864  
              66,439  

Industrials — 1.9%

               

Syncreon Group, Term Loan, 1st Lien

               

7.000%, 04/01/25

    22,302       22,414  
                 

Publishing — 1.7%

               

Meredith Corporation, Tranche B-3 Term Loan, 1st Lien

               

5.250%, VAR LIBOR + 0.043%, 01/31/25

    4,124       4,206  

Meredith, Term loan

               

2.584%, 01/31/25

    15,980       15,939  
              20,145  

Telecommunications — 4.5%

               

Intelsat Jackson Holdings S.A., DIP Facility, 1st Lien

               

4.750%, 07/13/22 (c)

    32,775       32,775  

Intelsat Jackson Holdings S.A., Tranche B-3 Term Loan

               

8.000%, 11/27/23 (c)

    4,829       4,882  

Intelsat Jackson Holdings, Term Loan B-4

               

8.750%, 01/02/24 (c)

    2,738       2,777  

Intelsat Jackson Holdings, Term Loan B-5

               

6.625%, 01/02/24 (c)

    12,217       12,390  
              52,824  

Total Bank Loan Obligations

               

(Cost $202,550) (000)

            201,978  
                 

Total Investments — 97.6%

               

(Cost $1,155,447) (000)

          $ 1,155,510  

 

A list of the open forward foreign currency contracts held by the Fund at September 30, 2021, is as follows (000):

 

Counterparty

 

Maturity
Date

   

Currency
to Deliver

   

Currency to
Receive

   

Unrealized
Appreciation

 

Brown Brothers Harriman

    10/06/21       EUR       27,808       USD       32,945     $ 733  
                                            $ 733  

 

 

The accompanying notes are an integral part of the financial statements.

 

 

23

 

 

RiverPark Short Term High Yield Fund
September 30, 2021

 

The following is a list of the inputs used as of September 30, 2021 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

  $     $ 681,011     $     $ 681,011  

Special Purpose Acquisition Companies

    145,899                   145,899  

Commercial Paper

          84,371             84,371  

Trade Claims

                23,093       23,093  

Convertible Bond

          17,404             17,404  

Preferred Stock

    1,754                   1,754  

Bank Loan Obligations

          201,978             201,978  

Total Investments in Securities

  $ 147,653     $ 984,764     $ 23,093     $ 1,155,510  

 

Other Financial
Instruments

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Forwards Contracts*

                               

Unrealized Appreciation

  $     $ 733     $     $ 733  

Total Other Financial Instruments

  $     $ 733     $     $ 733  

 

*

Forward contracts are valued at the unrealized appreciation on the instrument. See Note 2 in Notes to Financial Statements for additional information.

 

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining value (000):

 

 

 

Trade Claims

   

Totals

 

Beginning balance as of October 1, 2020

  $     $  

Change in unrealized appreciation/ (depreciation)

    (160 )     (160 )

Realized gain/(loss)

    (7 )     (7 )

Purchases

    28,555       28,555  

Sales

    (5,295 )     (5,295 )

Transfer into Level 3

           

Transfer out of Level 3

           

Ending balance as of September 30, 2021

  $ 23,093     $ 23,093  

Change in unrealized gains/(losses) included in earnings related to securities still held at reporting date

  $ (160 )   $ (160 )

 

For the year ended September 30, 2021, there were no transfers in or out of Level 3.

 

In U.S. Dollar unless otherwise indicated.

Percentages are based on Net Assets of $1,184,514 (000).

*

Non-income producing security.

(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 September 30, 2021, these securities amounted to $358,953 (000) or 30.3% of Net Assets.

(b)

Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at the time purchase.

(c)

Unsettled bank loan. Interest rate may not be available.

(d)

Level 3 security in accordance with fair value hierarchy.

 

Cl — Class

CV — Convertible Security

DAC — Designated Activity Company

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

 

 

Unfunded commitments as of September 30, 2021:

 

Asset Type

Symbol

Description

Unfunded
Commitment
(000)

Special Purpose Acquisition Companies

APTMF

Alpha Partners Technology Merger Founder Shares

$ 451

Special Purpose Acquisition Companies

APMIF

AxonPrime Infrastructure Acquisition Founder Shares

1,452

Total Unfunded Commitments

$ 1,903

 

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of September 30, 2021. The following disclosures also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

 

Assets

Fair
Value at
September 30,
2021
(000)

Valuation
Technique

Unobservable Input

Range
(Weighted
Average)

Trade Claims

 

Brazos Electric Power

$ 23,093

Transactions Method

Offered Quotes

90 - 92

 

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.

 

The accompanying notes are an integral part of the financial statements.

 

 

24

 

 

RiverPark Long/Short Opportunity Fund

September 30, 2021

 

 

Description

 

Shares

   

Value (000)

 

Schedule of Investments

               

Common Stock — 94.3%**

               

Communication Services – 21.8%

               

Alphabet, Cl A *(a)

    4,966     $ 13,277  

Alphabet, Cl C *(a)

    4,951       13,196  

Facebook, Cl A *(a)

    50,014       16,974  

Pinterest, Cl A *(a)

    296,991       15,132  

Snap, Cl A *

    334,630       24,719  

Twitter *

    269,497       16,275  

Walt Disney (a)

    64,981       10,993  

Zillow Group, Cl A *(a)

    43,493       3,852  
              114,418  

Consumer Discretionary – 8.2%

               

Amazon.com *(a)

    7,721       25,364  

Farfetch, Cl A *(a)

    210,673       7,896  

NIKE, Cl B (a)

    65,554       9,520  
              42,780  

Financials – 10.7%

               

Blackstone Group, Cl A (b) (c)

    218,014       25,364  

KKR

    368,003       22,404  

SoFi Technologies *

    517,723       8,221  
              55,989  

Health Care – 19.2%

               

DexCom *(a)

    25,134       13,745  

Exact Sciences *(a)

    159,714       15,245  

Illumina *(a)

    33,991       13,787  

Intuitive Surgical *(a)

    9,927       9,869  

IQVIA Holdings *

    76,361       18,291  

UnitedHealth Group (a)

    23,334       9,118  

Zoetis, Cl A

    107,403       20,851  
              100,906  

Industrials – 3.3%

               

Blade Air Mobility *

    600,780       6,248  

Uber Technologies *(a)

    242,277       10,854  
              17,102  

Information Technology – 28.2%

               

Adobe *(a)

    17,526     10,090  

Apple

    135,578       19,184  

Autodesk *(a)

    18,731       5,341  

Mastercard, Cl A (a)

    20,679       7,190  

Microsoft

    85,086       23,988  

PayPal Holdings *

    54,764       14,250  

RingCentral, Cl A *

    63,483       13,807  

ServiceNow *(a)

    22,874       14,234  

Shopify, Cl A *(a)

    10,081       13,668  

Square, Cl A *(a)

    20,467       4,909  

Twilio, Cl A *(a)

    36,603       11,678  

Visa, Cl A (a)

    25,568       5,695  

WM Technology *

    277,296       4,021  
              148,055  

Real Estate – 2.9%

               

American Tower REIT, Cl A

    27,525       7,306  

Equinix REIT

    9,809       7,750  
              15,056  

Total Common Stock

               

(Cost $326,346) (000)

            494,306  
                 

Total Investments — 94.3%

               

(Cost $326,346) (000)

          $ 494,306  

 

 

The accompanying notes are an integral part of the financial statements.

 

 

25

 

 

RiverPark Long/Short Opportunity Fund
September 30, 2021

 

A list of open swap agreements held by the Fund at September 30, 2021 was as follows:

 

Equity Swap Agreements

Company Reference

Counterparty

Receive (Pay)

 

Payment
Frequency

   

Termination
Date

   

Notional
Amount
(000)

   

Value
(000)

   

Net
Unrealized
Appreciation/
(Depreciation)
(000)†

 

Activision Blizzard

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       08/23/2022     $ (7,165 )   $ (6,502 )   $ 663  

Adobe

Goldman Sachs International

USD-LIBOR-BBA

    Maturity       02/24/2022       2,582       3,261       679  

Alphabet, Class A

Goldman Sachs International

USD-LIBOR-BBA

    Maturity       10/13/2021       251       439       188  

Alphabet, Class C

Goldman Sachs International

USD-LIBOR-BBA

    Maturity       10/13/2021       247       427       180  

Amazon.com

Goldman Sachs International

USD-LIBOR-BBA

    Maturity       09/28/2022       2,737       2,725       (12 )

Aramark

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       08/23/2022       (5,373 )     (5,255 )     118  

AT&T

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       04/05/2022       (5,608 )     (5,575 )     33  

Autodesk

Goldman Sachs International

USD-LIBOR-BBA

    Maturity       11/30/2021       7,045       7,459       414  

Boston Properties

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       06/21/2022       (5,307 )     (5,188 )     119  

Campbell Soup

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       03/18/2022       (5,782 )     (5,431 )     351  

Capri

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       08/23/2022       (3,773 )     (3,881 )     (108 )

Cerner

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       07/06/2022       (4,092 )     (3,733 )     359  

Charles Schwab

Goldman Sachs International

USD-LIBOR-BBA

    Maturity       03/02/2022       12,454       17,508       5,054  

Chegg

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       06/15/2022       (5,367 )     (4,558 )     809  

Church & Dwight

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       09/28/2022       (5,490 )     (5,413 )     77  

Coca-Cola Company

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       03/10/2022       (3,567 )     (3,769 )     (202 )

Colgate-Palmolive

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       09/28/2022       (5,502 )     (5,367 )     135  

Dexcom

Goldman Sachs International

USD-LIBOR-BBA

    Maturity       05/25/2022       393       518       125  

Discovery, Class A

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       08/31/2022       (5,450 )     (4,807 )     643  

Edgewell Personal Care Company

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       09/28/2022       (5,681 )     (4,872 )     809  

Electronic Arts

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       08/23/2022       (5,347 )     (5,378 )     (31 )

Exact Sciences

Goldman Sachs International

USD-LIBOR-BBA

    Maturity       05/09/2022       505       357       (148 )

Facebook, Class A

Goldman Sachs International

USD-LIBOR-BBA

    Maturity       09/28/2022       3,116       2,874       (242 )

Farfetch Limited, Class A

Goldman Sachs International

USD-LIBOR-BBA

    Maturity       05/11/2022       2,038       1,491       (547 )

Federal Realty Investment Trust

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       03/18/2022       (3,687 )     (4,102 )     (415 )

Five Below

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       08/23/2022       (3,865 )     (3,726 )     139  

Flex

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       03/10/2022       (6,949 )     (6,696 )     253  

Fox

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       03/18/2022       (4,827 )     (5,874 )     (1,047 )

Gap

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       05/18/2022       (7,352 )     (5,411 )     1,941  

General Mills

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       11/30/2021       (5,261 )     (5,497 )     (236 )

Harley-Davidson

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       05/18/2022       (6,692 )     (6,046 )     646  

HP

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       06/21/2022       (6,082 )     (5,223 )     859  

Illumina

Goldman Sachs International

USD-LIBOR-BBA

    Maturity       02/15/2022       1,022       1,108       86  

Intuitive Surgical

Goldman Sachs International

USD-LIBOR-BBA

    Maturity       04/07/2022       3,874       5,385       1,511  

Iron Mountain

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       05/18/2022       (4,734 )     (5,453 )     (719 )

J. M. Smucker Company

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       03/04/2022       (5,280 )     (5,606 )     (326 )

Kellogg Company

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       11/30/2021       (5,368 )     (5,726 )     (358 )

Keurig Dr Pepper

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       03/10/2022       (3,998 )     (4,346 )     (348 )

Kimberly-Clark

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       09/28/2022       (5,444 )     (5,251 )     193  

Kimco Realty

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       03/10/2022       (3,637 )     (4,097 )     (460 )

Kraft Heinz

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       08/02/2022       (6,025 )     (5,727 )     298  

Kroger Company

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       03/04/2022       (3,013 )     (3,749 )     (736 )

Lumen Technologies

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       03/04/2022       (5,366 )     (5,886 )     (520 )

Macy’S

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       09/28/2022       (5,693 )     (5,795 )     (102 )

Mastercard Incorporated, Class A

Goldman Sachs International

USD-LIBOR-BBA

    Maturity       05/09/2022       10,499       9,903       (596 )

Mondelez International

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       12/14/2021       (3,976 )     (4,260 )     (284 )

New York Times, Class A

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       03/14/2022       (5,734 )     (6,052 )     (318 )

Nielsen PLC

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       03/10/2022       (5,940 )     (5,103 )     837  

Nike, Class B

Goldman Sachs International

USD-LIBOR-BBA

    Maturity       09/27/2022       2,939       2,518       (421 )

Ollie’s Bargain Outlet

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       08/23/2022       (5,646 )     (3,869 )     1,777  

Peloton Interactive, Class A

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       04/27/2022       (8,040 )     (6,848 )     1,192  

Pepsico

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       03/10/2022       (3,585 )     (3,943 )     (358 )

Pinterest, Class A

Goldman Sachs International

USD-LIBOR-BBA

    Maturity       05/09/2022       5,237       4,644       (593 )

Procter & Gamble Company

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       09/28/2022       (5,509 )     (5,370 )     139  

 

The accompanying notes are an integral part of the financial statements.

 

 

26

 

 

RiverPark Long/Short Opportunity Fund
September 30, 2021

 

Equity Swap Agreements

Company Reference

Counterparty

Receive (Pay)

 

Payment
Frequency

   

Termination
Date

   

Notional
Amount
(000)

   

Value
(000)

   

Net
Unrealized
Appreciation/
(Depreciation)
(000)†

 

Regency Centers

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       03/10/2022     $ (4,724 )   $ (5,465 )   $ (741 )

Servicenow

Goldman Sachs International

USD-LIBOR-BBA

    Maturity       05/17/2022       438       493       55  

Shopify, Class A

Goldman Sachs International

USD-LIBOR-BBA

    Maturity       05/23/2022       5,143       6,070       927  

Simon Property Group

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       08/16/2022       (5,223 )     (5,342 )     (119 )

Siteone Landscape Supply

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       08/23/2022       (3,884 )     (4,610 )     (726 )

Snowflake, Class A

Goldman Sachs International

USD-LIBOR-BBA

    Maturity       05/11/2022       8,848       13,351       4,503  

Square, Class A

Goldman Sachs International

USD-LIBOR-BBA

    Maturity       03/09/2022       8,409       8,578       169  

Stericycle

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       08/23/2022       (5,489 )     (5,508 )     (19 )

Sysco

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       08/23/2022       (5,028 )     (5,476 )     (448 )

Tapestry

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       08/23/2022       (3,752 )     (3,653 )     99  

Twilio, Class A

Goldman Sachs International

USD-LIBOR-BBA

    Maturity       02/15/2022       3,136       2,822       (314 )

Uber Technologies

Goldman Sachs International

USD-LIBOR-BBA

    Maturity       05/09/2022       1,815       1,410       (405 )

Under Armour, Class A

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       08/23/2022       (4,693 )     (4,824 )     (131 )

United Rentals

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       08/23/2022       (3,725 )     (4,317 )     (592 )

Unitedhealth Group

Goldman Sachs International

USD-LIBOR-BBA

    Maturity       03/03/2022       2,800       3,185       385  

Verizon Communications

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       05/24/2022       (5,700 )     (5,436 )     264  

VF Corporation

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       08/23/2022       (3,690 )     (3,255 )     435  

Visa, Class A

Goldman Sachs International

USD-LIBOR-BBA

    Maturity       09/27/2022       7,641       7,265       (376 )

Vornado Realty Trust

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       03/10/2022       (5,379 )     (5,568 )     (189 )

Walmart

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       05/18/2022       (5,200 )     (5,206 )     (6 )

Walt Disney Company

Goldman Sachs International

USD-LIBOR-BBA

    Maturity       05/09/2022       7,310       6,539       (771 )

Yum Brands

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       08/23/2022       (3,684 )     (3,934 )     (250 )

Zillow Group, Class A

Goldman Sachs International

USD-LIBOR-BBA

    Maturity       04/20/2022       7,460       5,727       (1,733 )

Zoom Video Communications, Class A

Goldman Sachs International

USD-Federal Funds-H.15

    Maturity       04/27/2022       (3,816 )     (3,138 )     678  
                                        $ 12,195  

 

The following is a list of the inputs used as of September 30, 2021 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

  $ 494,306     $     $     $ 494,306  

Total Investments in Securities

  $ 494,306     $     $     $ 494,306  

 

Other Financial
Instruments

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Equity Swaps‡

                               

Appreciation

  $     $ 28,142     $     $ 28,142  

Depreciation

          (15,947 )           (15,947 )

Total Other Financial Instruments

  $     $ 12,195     $     $ 12,195  

 

Equity Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

 

For the year ended September 30, 2021, there were no transfers in or out of Level 3.

 

Percentages are based on Net Assets of $524,225 (000).

*

Non-income producing security.

**

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

Inclusive of accrued dividends and interest related to Total Return Swaps.

(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 September 30, 2021 was $25,364(000).

(c)

Security considered Master Limited Partnership. At September 30, 2021, these securities amounted to $25,364 (000) or 4.8% of Net Assets.

 

Cl — Class

BBA — British Bankers’ Association

LIBOR — London Interbank Offered Rate

REIT — Real Estate Investment Trust

USD — United States Dollar

 

Amounts designated as “— “ are $0 or rounded to $0.

 

The accompanying notes are an integral part of the financial statements.

 

 

27

 

 

RiverPark Strategic Income Fund

September 30, 2021

 

 

Description

 

 

Face
Amount
(000)‡

   

Value (000)

 

Schedule of Investments

Corporate Obligations — 49.8%

Communication Services — 5.0%

                 

Connect Finco SARL

                 

6.750%, 10/01/26 (a)

      4,471     $ 4,684  

Getty Images

                 

9.750%, 03/01/27 (a)

      280       299  

Linkem

                 

6.000%, VAR Euribor 3 Month + 6.000%, 08/09/22 (a)

EUR

    4,675       5,436  
                10,419  

Consumer Discretionary — 6.1%

               

99 Escrow Issuer

                 

7.500%, 01/15/26 (a)

      4,501       4,113  

Anagram International

                 

15.000%cash/ 0%PIK, 08/15/25 (a)

      1,609       1,828  

Diamond Sports Group

                 

12.750%, 12/01/26 (a)

      2,272       1,630  

FXI Holdings

                 

12.250%, 11/15/26 (a)

      1,639       1,863  

Georg Jensen

                 

6.000%, VAR Euribor 3 Month + 6.000%, 05/15/23

EUR

    500       583  

Hercules Achievement

                 

9.000%, VAR ICE LIBOR USD 3 Month + 8.000%, 12/22/24 (a)

      554       555  

Jacktel

                 

10.000%, 12/04/23 (a)

      1,831       458  

10.000%, 12/04/23

      514       516  

Lifefit Group Midco GmbH

                 

7.500%, VAR Euribor 3 Month + 7.500%, 07/26/23

EUR

    1,160       1,307  
                12,853  

Consumer Staples — 3.7%

                 

Chobani

                 

7.500%, 04/15/25 (a) (b)

      2,591     2,699  

Fresh Market

                 

9.750%, 05/01/23 (a)

      3,549       3,660  

Grieg Seafood

                 

3.930%, VAR NIBOR 3 Month + 3.400%, 06/25/25 (a)

NOK

    6,500       742  

Leroy Seafood Group

                 

3.350%, 09/17/31

NOK

    5,000       561  
                7,662  

Energy — 6.2%

                 

GAC Holdco

                 

12.000%, 08/15/25

      1       1,395  

Martin Midstream Partners

                 

11.500%, 02/28/25 (a)

      1,838       1,909  

10.000%, 02/29/24 (a)

      3,457       3,568  

PBF Logistics

                 

6.875%, 05/15/23

      1,769       1,727  

Rockpoint Gas Storage Canada

                 

7.000%, 03/31/23 (a)

      4,302       4,372  

Sanjel

                 

0.000%, 12/19/69 (c) (d) (e) (f)

    2,700        

0.000%, 12/29/69 (c) (d) (f)

    101        

0.000%, 12/29/69 (c) (d) (f)

    101        

0.000%, 12/29/69 (c) (d) (f)

    101        

0.000%, 12/29/69 (c) (d) (f)

    101        

0.000%, 12/29/69 (c) (d) (f)

    101        

0.000%, 12/29/69 (c) (d) (f)

    101        

0.000%, 12/29/69 (c) (d) (f)

    101        

0.000%, 06/19/70 (c) (d) (f)

    101        
                12,971  

Financials — 5.2%

                 

Aker Horizons

                 

3.590%, VAR NIBOR 3 Month + 3.250%, 08/15/25

NOK

    12,500       1,416  

Donnelley Financial Solutions

                 

8.250%, 10/15/24

      679       698  

Hunt

                 

5.250%, 04/15/29 (a)

      2,829       2,776  

LR Global Holding GmbH

                 

7.250%, VAR Euribor 3 Month + 7.250%, 02/03/25

EUR

    1,445       1,755  

StoneX Group

                 

8.625%, 06/15/25 (a) (b)

      3,653       3,932  

 

The accompanying notes are an integral part of the financial statements.

 

 

28

 

 

RiverPark Strategic Income Fund
September 30, 2021

 

Description

 

 

Face
Amount
(000)‡

   

Value (000)

 

VNV Global

                 

5.750%, 10/04/22

SEK

    2,250     $ 265  
                10,842  

Health Care — 0.8%

                 

Surgery Center Holdings

                 

6.750%, 07/01/25 (a)

      1,600       1,630  
                   

Industrials — 9.3%

                 

Hawaiian Airlines Pass-Through Certificates, Ser 2013-1, Cl B

                 

4.950%, 01/15/22

      301       300  

Hawaiian Airlines Pass-Through Certificates, Ser 2013-1, Cl A

                 

3.900%, 01/15/26

      4,464       4,391  

Icahn Enterprises

                 

5.250%, 05/15/27

      2,749       2,861  

IEA Energy Services

                 

6.625%, 08/15/29 (a)

      4,912       4,873  

INNOVATE

                 

8.500%, 02/01/26 (a) (b)

      5,813       5,791  

SGL TransGroup International

                 

11.500%, 09/06/25

EUR

    300       347  

StorCentric Peleus Insurance Co

                 

5.875%, 02/19/23 (a)

      844       845  
                19,408  

Information Technology — 8.9%

               

Dell International

                 

7.125%, 06/15/24 (a)

      4,069       4,167  

Diebold Nixdorf

                 

8.500%, 04/15/24

      2,863       2,929  

DUO Bidco

                 

5.240%, VAR NIBOR 3 Month + 5.000%, 04/12/26

NOK

    4,589       537  

Elastic

                 

4.125%, 07/15/29 (a)

      369       371  

LINK Mobility Group Holding

                 

3.375%, 12/15/25

EUR

    4,500       5,225  

MicroStrategy

                 

6.125%, 06/15/28 (a)

      5,202       5,261  

 

Description

 

 

Face
Amount
(000)‡/
Shares

   

Value (000)

 

NortonLifeLock

                 

5.000%, 04/15/25 (a)

      233     $ 237  
                18,727  

Materials — 4.6%

                 

Briggs & Stratton

                 

6.875%, 02/15/21 (f)

      67       5  

Copper Mountain Mining

                 

8.000%, 04/09/26 (a)

      4,728       4,964  

Modex

                 

8.170%, VAR NIBOR 3 Month + 7.750%, 03/02/26

NOK

    9,200       1,124  

Tacora Resources

                 

8.250%, 05/15/26 (a)

      3,411       3,481  
                9,574  

Total Corporate Obligations

                 

(Cost $106,484) (000)

              104,086  
                   

Special Purpose Acquisition Companies — 15.5%

Common Stock— 15.5%

Diversified Financials — 15.5%

               

Adit EdTech Acquisition *

      13,586       132  

Alkuri Global Acquisition, Cl A *

      13,586       135  

Alpha Partners Technology Merger *

      46,103       456  

Anzu Special Acquisition I, Cl A *

      23,739       230  

Athlon Acquisition, Cl A *

      13,586       133  

Atlantic Avenue Acquisition, Cl A *

      117,481       1,151  

Authentic Equity Acquisition, Cl A *

      13,586       132  

AxonPrime Infrastructure Acquisition *

      80,000       792  

Berenson Acquisition Founder Shares *

      12,570        

Berenson Acquisition I *

      165,918       1,636  

BGP Acquisition, Cl A *

      82,036       775  

Bite Acquisition *

      17,030       166  

Carney Technology Acquisition II, Cl A *

      200,449       1,958  

Cartesian Growth, Cl A *

      46,189       456  

 

The accompanying notes are an integral part of the financial statements.

 

 

29

 

 

RiverPark Strategic Income Fund
September 30, 2021

 

Description

 

 

Shares

   

Value (000)

 

Cascade Acquisition, Cl A *

      50,126     $ 500  

Cerberus Telecom Acquisition *

      31,668       317  

CF Acquisition IV, Cl A *

      27,235       265  

CF Acquisition VI *

      27,466       267  

Chardan NexTech Acquisition 2 *

      1,086       11  

Churchill Capital V, Cl A *

      9,218       90  

Clarim Acquisition, Cl A *

      25,893       255  

Cohn Robbins Holdings, Cl A *

      18,189       179  

COVA Acquisition, Cl A *

      13,586       132  

DHB Capital, Cl A *

      5,295       51  

Disruptive Acquisition I, Cl A *

      38,088       370  

DPCM Capital *

      28,465       278  

EJF Acquisition, Cl A *

      30,285       299  

Empowerment & Inclusion Capital I, Cl A *

      25,567       250  

EQ Health Acquisition, Cl A *

      13,586       133  

Equity Distribution Acquisition, Cl A *

      35,502       349  

Executive Network Partnering, Cl A *

      27,853       274  

Fintech Evolution Acquisition Group, Cl A *

      13,586       132  

Forum Merger IV, Cl A *

      33,205       324  

G Squared Ascend II, Cl A *

      36,871       361  

G&P Acquisition, Cl A *

      14,087       139  

Galata Acquisition *

      71,161       704  

Global Consumer Acquisition *

      92,876       918  

Global Partner Acquisition II, Cl A *

      16,501       160  

Golden Falcon Acquisition, Cl A *

      51,001       497  

Hamilton Lane Alliance Holdings I, Cl A *

      31,337       304  

Healthcare Services Acquisition, Cl A *

      13,586       132  

Ignyte Acquisition *

      13,586       133  

Isleworth Healthcare Acquisition *

      30,282       298  

Itiquira Acquisition, Cl A *

      13,586       132  

Jack Creek Investment, Cl A *

      13,586       132  

KINS Technology Group, Cl A *

      31,314     311  

LMF Acquisition Opportunities, Cl A *

      8,757       88  

Mason Industrial Technology, Cl A *

      277,191       2,700  

Noble Rock Acquisition, Cl A *

      8,833       86  

North Atlantic Acquisition, Cl A *

      13,586       133  

Oaktree Acquisition II, Cl A *

      33,720       330  

Omnichannel Acquisition, Cl A *

      233,921       2,316  

One Equity Partners Open Water I, Cl A *

      25,590       249  

Oyster Enterprises Acquisition, Cl A *

      13,586       132  

Parabellum Acquisition *

      360,624       3,595  

Parabellum Acquisition Founder Shares *

      16,028        

Peridot Acquisition II, Cl A *

      23,488       228  

Pershing Square Tontine Holdings, Cl A *

      9,000       177  

Pontem, Cl A *

      3,197       31  

PWP Forward Acquisition I, Cl A *

      7,776       75  

RMG Acquisition III, Cl A *

      27,407       267  

RXR Acquisition *

      3,782       37  

Seven Oaks Acquisition, Cl A *

      22,979       228  

Silver Crest Acquisition, Cl A *

      13,586       134  

StoneBridge Acquisition *

      1,427       14  

Stratim Cloud Acquisition *

      51,763       506  

Tailwind International Acquisition, Cl A *

      38,400       372  

Tailwind Two Acquisition, Cl A *

      38,624       376  

Tech and Energy Transition, Cl A *

      15,353       150  

Tekkorp Digital Acquisition, Cl A *

      70,000       687  

Thimble Point Acquisition, Cl A *

      18,869       188  

Tishman Speyer Innovation II, Cl A *

      47,169       462  

Vector Acquisition II, Cl A *

      194,509       1,896  

Zanite Acquisition, Cl A *

      7,101       72  
                32,378  

 

The accompanying notes are an integral part of the financial statements.

 

 

30

 

 

RiverPark Strategic Income Fund
September 30, 2021

 

Description

 

 

Number of
Warrants

   

Value (000)

 

Warrant— 0.0%

Diversified Financials — 0.0%

               

Anzu Special Acquisition I

                 

01/03/28 *#

      8     $ 5  

Clarim Acquisition, Cl A

                 

11.500%, 01/03/28 *

      9       5  

DHB Capital, Cl A

                 

11.500%, 03/18/28 *

      2       1  

Empowerment & Inclusion Capital I, Cl A

                 

11.500%, 01/03/28 *

      6       4  

G Squared Ascend II

                 

01/03/27 *#

      12       8  

Galata Acquisition, Cl A

                 

01/03/29 *#

      36       16  

Noble Rock Acquisition, Cl A

                 

01/03/28 *#

      3       2  

PWP Forward Acquisition I, Cl A

                 

03/12/26 *#

      2       1  

Stratim Cloud Acquisition

                 

03/08/26 *#

      17       11  

Tailwind International Acquisition

                 

11.500%, 03/04/28 *

      13       9  
                62  

Total Special Purpose Acquisition Companies

               

(Cost $32,211) (000)

              32,440  
                   

Common Stock — 6.9%

Consumer Discretionary — 0.9%

               

Appvion * (c) (e)

      109,300       1,787  
                   

Energy — 1.3%

                 

Crestwood Equity Partners LP (g)

      11,224       319  

Magellan Midstream Partners LP (g)

      10,100       460  

Superior Energy Services *(C)

      45,294       1,948  
                2,727  

Financials — 0.1%

                 

Rescap Liquidating Trust *

      311,918       203  

 

Description

 

 

Shares/
Face Amount
(000)‡

   

Value (000)

 

Health Care — 1.3%

                 

Intercure *

      392,808     $ 2,709  
                   

Industrials — 1.6%

                 

Redwire *

      122,000       1,175  

Rocket Lab USA *

      127,112       2,050  

View *

      16,700       90  
                3,315  

Information Technology — 0.0%

               

Latch *

      3,241       36  

MarketWise *

      1,779       15  
                51  

Materials — 1.2%

                 

Barrick Gold

      22,800       411  

RA Parent * (c) (e)

      56       2,187  
                2,598  

Real Estate — 0.5%

                 

Alpine Income Property Trust

      22,472       413  

CTO Realty Growth

      10,209       549  
                962  

Total Common Stock

                 

(Cost $16,025) (000)

              14,352  
                   

Convertible Bonds — 4.2%

Communication Services — 0.5%

               

DISH Network CV to 15.3429

                 

3.375%, 08/15/26

      1,101       1,147  
                   

Health Care — 2.8%

                 

Inotiv CV to 21.7162

                 

3.250%, 10/15/27

      1,207       1,179  

Tilray CV to 5.9735