Form N-CSR RIVERPARK FUNDS TRUST For: Sep 30

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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 56^th Street, 17^th Floor

New York, NY 10019

(Address of principal executive offices) (Zip code)

Morty Schaja

156 West 56^th Street, 17^th 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.

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.

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.

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.

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.

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.

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.

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.

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.

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 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.

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%

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.

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.

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.

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.

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.

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).

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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
5.000%, 10/01/23		1,067		1,053
UpHealth CV to 93.8967
6.250%, 06/15/26 ^(a)		4,592		3,680
				5,912
Industrials — 0.9%
Uber Technologies CV to 12.3701
0.000%, 12/15/25 ^(a) ^(d)		1,836		1,795

Total Convertible Bonds