UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________
FORM N-CSRS
________
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, 2015
DATE OF REPORTING PERIOD: MARCH 31, 2015
ITEM 1. REPORTS TO STOCKHOLDERS.
RIVERPARK
FUNDS
--------------------------------------------------------------------------------
Semi-Annual Report
March 31, 2015 (Unaudited)
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RiverPark Large Growth Fund
Retail Class and Institutional Class Shares
RiverPark/Wedgewood Fund
Retail Class and Institutional Class Shares
RiverPark Short Term High Yield Fund
Retail Class and Institutional Class Shares
RiverPark Long/Short Opportunity Fund
Retail Class and Institutional Class Shares
RiverPark/Gargoyle Hedged Value Fund
Retail Class and Institutional Class Shares
RiverPark Structural Alpha Fund
Retail Class and Institutional Class Shares
RiverPark Strategic Income Fund
Retail Class and Institutional Class Shares
RiverPark Focused Value Fund
Retail Class and Institutional Class Shares
Investment Adviser:
RiverPark Advisors, LLC
RIVERPARK
FUNDS
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TABLE OF CONTENTS
--------------------------------------------------------------------------------
Schedules of Investments
RiverPark Large Growth Fund ............................................... 1
RiverPark/Wedgewood Fund .................................................. 2
RiverPark Short Term High Yield Fund ...................................... 3
RiverPark Long/Short Opportunity Fund ..................................... 5
RiverPark/Gargoyle Hedged Value Fund ...................................... 9
RiverPark Structural Alpha Fund ...........................................11
RiverPark Strategic Income Fund ...........................................12
RiverPark Focused Value Fund ..............................................16
Statements of Assets and Liabilities .........................................18
Statements of Operations .....................................................20
Statements of Changes in Net Assets ..........................................22
Financial Highlights .........................................................26
Notes to Financial Statements ................................................30
Disclosure of Fund Expenses ..................................................47
Approval of the Investment Advisory and Investment Sub-Advisory Agreements ...49
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 within sixty days after the end of the
period. The Funds' Forms N-Q 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.
RIVERPARK RiverPark Large Growth Fund
FUNDS March 31, 2015 (Unaudited)
--------------------------------------------------------------------------------
SECTOR WEIGHTING+
30.2% Information Technology
26.7% Financials
20.6% Consumer Discretionary
9.6% Energy
4.6% Health Care
4.5% Materials
1.5% Telecommunication Services
1.5% Time Deposit
0.8% Industrials
+ Percentages are based on total investments.
--------------------------------------------------------------------------------
Description Shares Value (000)
--------------------------------------------------------------------------------
Schedule of Investments
Common Stock -- 97.8%**
Consumer Discretionary -- 20.5%
Discovery Communications, Cl C* 38,390 $ 1,132
Dollar Tree* 26,112 2,119
Dollarama^ 23,822 1,331
Las Vegas Sands 44,110 2,428
Melco Crown Entertainment ADR 42,422 910
Priceline Group* 2,018 2,349
Starbucks 19,651 1,861
Walt Disney 17,555 1,841
Wynn Resorts 6,662 839
------
14,810
------
Energy -- 9.5%
Cabot Oil & Gas, Cl A 36,810 1,087
EOG Resources 15,056 1,380
Schlumberger 23,062 1,924
Southwestern Energy* 106,189 2,463
------
6,854
------
Financials -- 26.5%
Affiliated Managers Group* 8,451 1,815
American Express 14,068 1,099
American Tower REIT, Cl A 22,721 2,139
Charles Schwab 70,464 2,145
CME Group, Cl A 20,467 1,938
Intercontinental Exchange 3,132 731
Realogy Holdings* 78,514 3,571
TD Ameritrade Holding 53,239 1,984
The Blackstone Group LP (a) 96,357 3,747
------
19,169
------
Health Care -- 4.6%
Intuitive Surgical* 2,034 1,027
Perrigo 13,643 2,259
------
3,286
------
Industrials -- 0.8%
Precision Castparts 2,816 591
------
--------------------------------------------------------------------------------
Description Shares/Face
Amount (000) Value (000)
--------------------------------------------------------------------------------
Information Technology -- 30.0%
Alliance Data Systems* 6,211 $1,840
Apple 22,930 2,853
eBay* 15,504 894
Equinix REIT 12,265 2,856
Facebook, Cl A* 26,166 2,151
Google, Cl A* 3,408 1,891
Google, Cl C* 3,433 1,881
Mastercard, Cl A 26,142 2,259
QUALCOMM 20,865 1,447
Trimble Navigation* 55,482 1,398
Visa, Cl A 33,372 2,183
------
21,653
------
Materials -- 4.4%
Ecolab 5,560 636
Monsanto 18,053 2,032
Praxair 4,388 530
------
3,198
------
Telecommunication Services -- 1.5%
SBA Communications, Cl A* 8,974 1,051
------
Total Common Stock
(Cost $60,468) (000) 70,612
------
Time Deposit -- 1.5%
Brown Brothers Harriman,
0.030%, 04/01/15
(Cost $1,109) (000) $ 1,109 1,109
------
Total Investments -- 99.3%
(Cost $61,577) (000) $71,721
=======
As of March 31, 2015, all of the Fund's investments were considered Level 1 in
accordance with the authoritative guidance on fair value measurements and
disclosure under GAAP.
For the period ended March 31, 2015, there were no transfers between Level 1 and
Level 2 assets and liabilities or between Level 2 and Level 3 assets and
liabilities.
Percentages are based on Net Assets of $72,221 (000)
* Non-income producing security.
** More narrow industries are utilized for compliance purposes, whereas broad
sectors are utilized for reporting purposes.
^ Traded in Canadian Dollar.
(a) Security is considered Master Limited Partnership. At March 31, 2015,
these securities amounted to $3,747 (000) or 5.2% of Net Assets.
ADR -- American Depositary Receipt
Cl -- Class
LP -- Limited Partnership
REIT -- Real Estate Investment Trust
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
1
RIVERPARK RiverPark/Wedgewood Fund
FUNDS March 31, 2015 (Unaudited)
--------------------------------------------------------------------------------
Sector Weighting+
30.0% Information Technology
13.0% Financials
12.9% Health Care
12.4% Energy
12.1% Consumer Discretionary
9.5% Industrials
7.1% Time Deposit
3.0% Consumer Staples
+ Percentages are based on total investments.
--------------------------------------------------------------------------------
Description Shares Value (000)
--------------------------------------------------------------------------------
Schedule of Investments
Common Stock -- 92.3%**
Consumer Discretionary -- 12.0%
Coach 2,828,000 $ 117,164
LKQ* 2,283,000 58,354
Priceline Group* 61,000 71,013
----------
246,531
----------
Consumer Staples -- 3.0%
Mead Johnson Nutrition, Cl A 615,000 61,826
----------
Energy -- 12.4%
Core Laboratories 718,500 75,076
National Oilwell Varco 1,756,000 87,783
Schlumberger 1,098,000 91,617
----------
254,476
----------
Financials -- 12.9%
Berkshire Hathaway, Cl B* 1,036,000 149,515
M&T Bank 919,000 116,713
----------
266,228
----------
Health Care -- 12.8%
Express Scripts Holding* 1,747,000 151,587
Perrigo 372,000 61,585
Varian Medical Systems* 526,000 49,491
----------
262,663
----------
Industrials -- 9.5%
Cummins 433,000 60,031
NOW* 135,750 2,938
Stericycle* 366,000 51,397
Verisk Analytics, Cl A* 1,125,000 80,325
----------
194,691
----------
Information Technology -- 29.7%
Apple 1,079,000 134,260
Cognizant Technology
Solutions, Cl A* 1,957,000 122,097
EMC 1,983,000 50,686
Google, Cl A* 54,000 29,954
Google, Cl C* 54,000 29,592
QUALCOMM 2,457,000 170,368
--------------------------------------------------------------------------------
Shares/Face
Description Amount (000) Value (000)
--------------------------------------------------------------------------------
Visa, Cl A 1,148,000 $ 75,091
----------
612,048
----------
Total Common Stock
(Cost $1,572,128) (000) 1,898,463
----------
Time Deposit -- 7.0%
Brown Brothers Harriman,
0.030%, 04/01/15
(Cost $144,755) (000) $144,755 144,755
----------
Total Investments -- 99.3%
(Cost $1,716,883)(000) $2,043,218
==========
As of March 31, 2015, all of the Fund's investments were considered Level 1 in
accordance with the authoritative guidance on fair value measurements and
disclosure under GAAP.
For the period ended March 31, 2015, there were no transfers between Level 1
and Level 2 assets and liabilities or between Level 2 and Level 3 assets and
liabilities.
Percentages are based on Net Assets of $2,057,764 (000).
* Non-income producing security.
** More narrow industries are utilized for compliance purposes, whereas broad
sectors are utilized for reporting purposes.
Cl -- Class
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
2
RIVERPARK RiverPark Short Term High Yield Fund
FUNDS March 31, 2015 (Unaudited)
--------------------------------------------------------------------------------
Sector Weighting+
80.2% Corporate Obligations
13.1% Bank Loan Obligations
6.6% Time Deposit
0.1% Preferred Stock
+ Percentages are based on total investments.
--------------------------------------------------------------------------------
Face Amount
Description (000) Value (000)
--------------------------------------------------------------------------------
Schedule of Investments
Corporate Obligations -- 84.4%
Consumer Discretionary -- 10.3%
American Achievement
10.875%, 04/15/16 (a) $ 14,365 $ 14,114
Brightstar
9.500%, 12/01/16 (a) 32,961 34,609
CCO Holdings
7.250%, 10/30/17 15,003 15,659
International Game Technology
5.500%, 06/15/20 7,935 8,093
5.350%, 10/15/23 4,090 4,156
Schaeffler Finance BV
7.750%, 02/15/17 (a) 6,089 6,835
TRW Automotive
4.500%, 03/01/21 (a) 5,570 5,626
4.450%, 12/01/23 (a) 3,720 3,757
----------
92,849
----------
Consumer Staples -- 5.2%
Central Garden and Pet
8.250%, 03/01/18 8,386 8,622
Pesquera Inca SAC
9.000%, 02/10/17 (a) 3,750 3,759
US Foods
8.500%, 06/30/19 32,554 34,263
----------
46,644
----------
Energy -- 6.4%
Crestwood Midstream Partners
7.750%, 04/01/19 (b) 810 842
Drill Rigs Holdings
6.500%, 10/01/17 (a) 1,205 970
Laredo Petroleum
9.500%, 02/15/19 25,690 26,910
Newfield Exploration
6.875%, 02/01/20 16,542 17,128
Sabine Pass LNG
7.500%, 11/30/16 11,355 12,122
----------
57,972
----------
Financials -- 4.2%
KCG Holdings
8.250%, 06/15/18 (a) 35,277 37,305
----------
--------------------------------------------------------------------------------
Face Amount
Description (000) Value (000)
--------------------------------------------------------------------------------
Health Care -- 4.3%
Biomet
6.500%, 08/01/20 $ 29,895 $ 31,764
ExamWorks Group
9.000%, 07/15/19 4,674 4,966
HealthSouth
8.125%, 02/15/20 1,650 1,726
----------
38,456
----------
Industrials -- 20.3%
AAR
7.250%, 01/15/22 14,710 16,697
Avis Budget Car Rental
9.750%, 03/15/20 8,283 9,065
Bombardier
4.250%, 01/15/16 (a) 41,975 43,056
Dispensing Dynamics International
12.500%, 01/01/18 (a) 2,755 2,900
Hyva Global BV
8.625%, 03/24/16 (a) 11,884 11,022
Masonite International
8.250%, 04/15/21 (a) 250 268
United Continental Holdings
6.000%, 07/15/26 7,985 7,993
United Rentals North America
8.375%, 09/15/20 20,335 21,871
5.750%, 07/15/18 33,633 35,071
VWR Funding
7.250%, 09/15/17 33,329 34,912
----------
182,855
----------
Information Technology -- 6.5%
Amkor Technology
7.375%, 05/01/18 10,000 10,225
CDW
8.500%, 04/01/19 13,386 13,955
Infor US
9.375%, 04/01/19 32,055 34,413
----------
58,593
----------
Materials -- 12.6%
American Piping Products
12.875%, 11/15/17 (a) 13,395 13,596
APERAM
7.750%, 04/01/18 (a) 34,630 35,972
Beverage Packaging Holdings
Luxembourg II
5.625%, 12/15/16 (a) 19,480 19,602
Headwaters
7.625%, 04/01/19 16,463 17,191
Hexion US Finance
8.875%, 02/01/18 947 838
Optima Specialty Steel
12.500%, 12/15/16 (a) 25,315 25,916
----------
113,115
----------
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
3
RIVERPARK RiverPark Short Term High Yield Fund
FUNDS March 31, 2015 (Unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Description Face Amount
(000)/Shares Value (000)
--------------------------------------------------------------------------------
Telecommunication Services -- 14.6%
eAccess
8.250%, 04/01/18 $ 26,679 $ 27,780
Goodman Networks
12.125%, 07/01/18 19,000 17,860
Level 3 Financing
9.375%, 04/01/19 24,813 25,976
Telesat Canada
6.000%, 05/15/17 (a) 36,143 36,857
Zayo Group
8.125%, 01/01/20 21,366 22,608
----------
131,081
----------
Total Corporate Obligations
(Cost $764,841) (000) 758,870
----------
Preferred Stock -- 0.1%
WP GLIMCHER
8.125%, 04/15/15++ 20 494
----------
Total Preferred Stock
(Cost $503) (000) 494
----------
Bank Loan Obligations -- 13.7%
Alvogenn Lux Holdings
12.500%, 06/13/15 14,100 14,100
Armored Autogroup
6.000%, 11/05/16 10,167 10,179
Blue Coat Systems
4.000%, 05/31/19 10,000 9,992
Energy Future Holdings
4.250%, 06/19/16 43,100 43,235
Lee Enterprises
7.250%, 03/31/19 15,683 15,782
Radio One
7.500%, 03/31/16 29,948 30,135
----------
Total Bank Loan Obligations
(Cost $123,568) (000) 123,423
----------
Time Deposit -- 7.0%
Brown Brothers Harriman,
0.030%, 04/01/15 62,876 62,876
----------
Total Time Deposit
(Cost $62,876) (000) 62,876
----------
Total Investments -- 105.2%
(Cost $951,788) (000) $ 945,663
==========
The following is a list of the inputs used as of March 31, 2015 in valuing the
Fund's investments 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 $ -- $ 758,870 $ -- $ 758,870
Preferred Stock 494 -- -- 494
Bank Loan Obligations -- 123,423 -- 123,423
Time Deposit $ 62,876 -- -- $ 62,876
-------- --------- ------- ---------
Total Investments in Securities $ 63,370 $ 882,293 $ -- $ 945,663
======== ========= ======= =========
For the period ended March 31, 2015, there were no transfers between Level 1 and
Level 2 assets and liabilities or between Level 2 and Level 3 assets and
liabilities.
Percentages are based on Net Assets of $899,171 (000).
(a) Securities sold within terms of a private placement memorandum, exempt
from registration under Section 144A of the Securities Act of 1933, as
amended, and may be sold only to dealers in that program or other
"accredited investors." These securities have been determined to be liquid
under guidelines established by the Board of Trustees.
(b) Security considered Master Limited Partnership. At March 31, 2015 these
securities amounted to $842 (000) or 0.1% of Net Assets.
++ Real Estate Investment Trust
Amounts designated as "--" are $0 or rounded to $0.
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
4
RIVERPARK RiverPark Long/Short Opportunity Fund
FUNDS March 31, 2015 (Unaudited)
--------------------------------------------------------------------------------
Sector Weighting+
28.7% Information Technology
27.4% Financials
20.2% Consumer Discretionary
9.2% Energy
5.3% Time Deposit
4.8% Health Care
3.0% Materials
1.4% Telecommunication Services
+ Percentages are based on total investments long, excluding securities sold
short.
--------------------------------------------------------------------------------
Description Shares Value (000)
--------------------------------------------------------------------------------
Schedule of Investments
Common Stock -- 98.4%**
Consumer Discretionary -- 21.0%
Discovery Communications, Cl C* (c) 56,130 $ 1,654
Dollar Tree* (b) (c) 17,641 1,432
Dollarama^ 63,540 3,552
Imax* (c) 70,262 2,369
Las Vegas Sands (b) (c) 67,805 3,732
Melco Crown Entertainment ADR 69,144 1,484
Priceline Group* (b) (c) 3,045 3,545
Rentrak* (c) 20,234 1,124
Starbucks (c) 32,693 3,096
Walt Disney (b) (c) 4,672 490
Wynn Resorts (b) (c) 8,035 1,011
----------
23,489
----------
Energy -- 9.6%
Cabot Oil & Gas (b) (c) 48,132 1,421
EOG Resources 25,973 2,382
Helmerich & Payne 16,313 1,111
Schlumberger (b) (c) 27,234 2,272
Southwestern Energy* (b) (c) 152,818 3,544
----------
10,730
----------
Financials -- 28.5%
Affiliated Managers Group* 13,848 2,974
American Express (c) 23,985 1,874
American Tower REIT, Cl A (b) (c) 28,548 2,688
Charles Schwab (c) 120,633 3,672
CME Group, Cl A (b) (c) 25,718 2,436
Intercontinental Exchange 5,686 1,326
Realogy Holdings* (c) 117,375 5,338
TD Ameritrade Holding (c) 99,475 3,707
The Blackstone Group LP (a) (c) 201,211 7,825
----------
31,840
----------
Health Care -- 5.0%
Intuitive Surgical* (c) 3,429 1,732
Perrigo 23,314 3,859
----------
5,591
----------
--------------------------------------------------------------------------------
Shares/Face
Description Amount (000) Value (000)
--------------------------------------------------------------------------------
Information Technology -- 29.8%
Alliance Data Systems* (b) (c) 7,475 $ 2,214
Apple (b) (c) 28,469 3,542
eBay* (b) 6,957 401
Equinix (c) 17,914 4,171
Facebook, Cl A* 40,389 3,321
Google, Cl A* (b) (c) 5,621 3,118
Google, Cl C* (b) (c) 5,600 3,069
Mastercard, Cl A (b) (c) 29,973 2,589
QUALCOMM (b) (c) 30,352 2,105
Trimble Navigation* (c) 89,026 2,244
Visa, Cl A (b) (c) 51,164 3,347
WebMD Health, Cl A* 72,071 3,158
----------
33,279
----------
Materials -- 3.1%
Monsanto (c) 30,921 3,480
----------
Telecommunication Services -- 1.4%
SBA Communications, Cl A* (b) (c) 13,584 1,590
----------
Total Common Stock
(Cost $90,079) (000) 109,999
----------
Time Deposit -- 5.5%
Brown Brothers Harriman,
0.030%, 04/01/15 $ 6,119 6,119
----------
Total Time Deposit
(Cost $6,119) (000) 6,119
----------
Total Investments -- 103.9%
(Cost $96,198) (000) $ 116,118
==========
Schedule of Securities Sold Short
Common Stock -- (46.3)%
Consumer Discretionary -- (18.9)%
Abercrombie & Fitch, Cl A (24,417) $ (538)
Amazon.com* (1,054) (392)
Apollo Education Group, Cl A* (22,316) (422)
Best Buy (36,416) (1,376)
CBS, Cl B (12,461) (756)
Crocs* (53,705) (634)
DeVry Education Group (13,761) (459)
Dick's Sporting Goods (14,162) (807)
GameStop, Cl A (18,204) (691)
Gannett (21,168) (785)
Gap (16,951) (735)
Guess? (41,709) (775)
Hibbett Sports* (15,177) (745)
Kohl's (15,602) (1,221)
Live Nation Entertainment* (25,180) (635)
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
5
RIVERPARK RiverPark Long/Short Opportunity Fund
FUNDS March 31, 2015 (Unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Description Shares Value (000)
--------------------------------------------------------------------------------
Netflix* (1,264) $ (527)
Noodles, Cl A* (29,449) (514)
Omnicom Group (8,661) (675)
Potbelly* (45,365) (621)
Publicis Groupe (9,195) (710)
Scripps Networks Interactive, Cl A (11,433) (784)
Six Flags Entertainment (16,348) (791)
Sony ADR (31,374) (840)
Staples (46,717) (761)
Starz - Liberty Capital* (23,054) (793)
Strayer Education* (8,676) (464)
Thomson Reuters (17,521) (711)
Viacom, Cl B (15,801) (1,079)
WPP (32,486) (738)
zulily, Cl A* (9,760) (127)
---------
(21,106)
---------
Consumer Staples -- (1.6)%
Coca-Cola (27,589) (1,119)
Kroger (8,339) (639)
----------
(1,758)
----------
Financials -- (1.2)%
Green Dot, Cl A* (49,047) (781)
Iron Mountain REIT (14,540) (531)
----------
(1,312)
----------
Health Care -- (0.7)%
Cerner* (10,373) (760)
----------
Industrials -- (3.3)%
Generac Holdings* (13,108) (638)
Hertz Global Holdings* (24,111) (523)
Nielsen (25,063) (1,117)
Pitney Bowes (33,037) (770)
Tyco International (15,687) (676)
----------
(3,724)
----------
Information Technology -- (16.6)%
Activision Blizzard (33,334) (758)
Akamai Technologies* (10,333) (734)
Alibaba Group Holding ADR* (6,784) (565)
Cimpress* (13,352) (1,127)
Corning (32,665) (741)
Flextronics International* (60,200) (763)
Hewlett-Packard (39,487) (1,230)
Infosys ADR (19,150) (672)
Intel (19,217) (601)
International Business Machines (4,120) (661)
j2 Global (14,528) (954)
Lexmark International, Cl A (25,814) (1,093)
Linear Technology (15,236) (713)
NetSuite* (3,064) (284)
NVIDIA (33,070) (692)
--------------------------------------------------------------------------------
Shares/
Description Contracts Value (000)
--------------------------------------------------------------------------------
Oracle (16,166) $ (698)
Rackspace Hosting* (15,062) (777)
salesforce.com inc* (16,589) (1,108)
SAP ADR (9,480) (684)
ServiceNow* (5,132) (404)
Splunk* (5,056) (299)
Teradata* (14,912) (658)
Western Union (56,132) (1,168)
Zillow Group, Cl A* (11,106) (1,114)
-----------
(18,498)
-----------
Materials -- (0.5)%
Glencore++ (133,403) (566)
-----------
Telecommunication Services -- (3.5)%
AT&T (38,165) (1,246)
CenturyLink (24,203) (836)
Cogent Communications Holdings (18,976) (671)
Verizon Communications (24,364) (1,184)
-----------
(3,937)
-----------
Total Common Stock
(Proceeds $49,749) (000) (51,661)
-----------
Total Securities Sold Short
(Proceeds $49,749) (000) $ (51,661)
===========
Schedule of Open Options Purchased
Purchased Options -- 0.4%*#
Akami Technologies, Put Option
Expires 01/15/16, Strike Price $55 53 $ 10
Apollo Group, Put Option
Expires 01/15/16, Strike Price $27 104 89
Electronic Arts, Put Option
Expires 01/15/16, Strike Price $40 85 6
Las Vegas Sands, Call Option
Expires 01/15/16, Strike Price $78 406 15
S&P 500 Index, Put Option
Expires 06/19/15, Strike Price $1,925 123 295
Wynn Resorts, Call Option
Expires 01/15/16, Strike Price $219 138 3
-----------
Total Purchased Options
(Cost $1,331) (000) $ 418
===========
Schedule of Open Options Written
Written Options -- (1.0)%*#
Akami Technologies, Call Option
Expires 01/15/16, Strike Price $75 (53) $ (31)
Apollo Group, Call Option
Expires 01/15/16, Strike Price $40 (104) (1)
Electronic Arts, Call Option
Expires 01/15/16, Strike Price $55 (85) (72)
Las Vegas Sands, Put Option
Expires 01/15/16, Strike Price $50 (203) (83)
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
6
RIVERPARK RiverPark Long/Short Opportunity Fund
FUNDS March 31, 2015 (Unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Description Contracts Value (000)
--------------------------------------------------------------------------------
Melco Crown Entertainment,
Put Option
Expires 01/15/16, Strike Price $22.66 (238) $ (87)
S&P 500 Index, Call Option
Expires 06/19/15, Strike Price $2,000 (41) (404)
S&P 500 Index, Put Option
Expires 06/19/15, Strike Price $1,825 (123) (152)
Wynn Resorts, Put Option
Expires 01/15/16, Strike Price $149 (69) (222)
-----------
Total Written Options
(Premiums Received $1,328) (000) $ (1,052)
===========
# See Note 2 in Notes to Financial Statements for additional information.
The following is a list of the inputs used as of March 31, 2015 in valuing the
Fund's investments, securities sold short, 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 $ 109,999 $ -- $ -- $ 109,999
Time Deposit 6,119 -- -- 6,119
--------- ---------- --------- ----------
Total Investments in Securities $ 116,118 $ -- $ -- $ 116,118
========= ========== ========= ==========
Securities Sold Short Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------
Common Stock $ (51,661) $ -- $ -- $ (51,661)
---------- ---------- --------- -----------
Total Securities Sold Short $ (51,661) $ -- $ -- $ (51,661)
========== ========== ========= ===========
Other Financial Instruments Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------
Purchased Options $ 418 $ -- $ -- $ 418
Written Options (1,052) -- -- (1,052)
Total Return Swaps^ -- -- -- --
---------- ---------- ---------- -----------
Total Other Financial Instruments $ (634) $ -- $ -- $ (634)
========== ========== ========== ===========
^ As of March 31, 2015, the swaps are considered Level 2. See Note 2 in
Notes to Financial Statements for additional information.
For the period ended March 31, 2015, there were no transfers between Level 1 and
Level 2 assets and liabilities or between Level 2 and Level 3 assets and
liabilities.
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
7
RIVERPARK RiverPark Long/Short Opportunity Fund
FUNDS March 31, 2015 (Unaudited)
--------------------------------------------------------------------------------
A list of open swap agreements held by the Fund at March 31, 2015 was as
follows:
------------------------------------------------------------------------------------------------------------------------------------
Total Return Swaps
------------------------------------------------------------------------------------------------------------------------------------
Net Unrealized
Notional Appreciation
Termination Amount (Depreciation)
Counterparty Reference Entity/Obligation Fund Pays Fund Receives Date Contracts (000) (000)
------------------------------------------------------------------------------------------------------------------------------------
Goldman Sachs
International Alliance Data Systems Fed Funds 1-Day - 0.45% Total Return 09/11/15 2,156 $ 639 $ --
Goldman Sachs
International American Tower REIT Fed Funds 1-Day - 0.45% Total Return 10/14/14 5,354 504 --
Goldman Sachs
International Apple Fed Funds 1-Day - 0.45% Total Return 07/03/15 4,501 560 --
Goldman Sachs
International Cabot Oil & Gas Fed Funds 1-Day - 0.45% Total Return 10/14/15 8,601 254 --
Goldman Sachs
International CME Group Fed Funds 1-Day - 0.45% Total Return 10/14/15 7,191 681 --
Goldman Sachs
International Dollar Tree Fed Funds 1-Day - 0.45% Total Return 09/16/15 22,229 1,804 --
Goldman Sachs
International eBay Fed Funds 1-Day - 0.45% Total Return 06/12/15 17,779 1,025 --
Goldman Sachs
International Google Fed Funds 1-Day - 0.45% Total Return 09/04/15 809 446 --
Goldman Sachs
International Las Vegas Sands Fed Funds 1-Day - 0.45% Total Return 09/10/15 4,345 239 --
Goldman Sachs
International Mastercard Fed Funds 1-Day - 0.45% Total Return 09/03/15 19,358 1,672 --
Goldman Sachs
International Priceline Group Fed Funds 1-Day - 0.45% Total Return 06/04/15 66 77 --
Goldman Sachs
International QUALCOMM Fed Funds 1-Day - 0.45% Total Return 11/16/15 2,775 192 --
Goldman Sachs
International SBA Communications Fed Funds 1-Day - 0.45% Total Return 10/14/15 842 99 --
Goldman Sachs
International Schlumberger Fed Funds 1-Day - 0.45% Total Return 09/03/15 11,277 941 --
Goldman Sachs
International Southwestern Energy Fed Funds 1-Day - 0.45% Total Return 06/12/15 54,587 1,265 --
Goldman Sachs
International Visa Fed Funds 1-Day - 0.45% Total Return 06/04/15 5,544 363 --
Goldman Sachs
International Walt Disney Fed Funds 1-Day - 0.45% Total Return 07/03/15 22,528 2,363 --
Goldman Sachs
International Wynn Resorts Fed Funds 1-Day - 0.45% Total Return 09/04/15 2,556 322 --
--------
$ --
========
Percentages are based on Net Assets of $111,899 (000).
* Non-income producing security.
** More narrow industries are utilized for compliance purposes, whereas broad
sectors are utilized for reporting purposes.
^ Traded in Canadian Dollar.
++ Traded in British Pounds.
(a) Security considered Master Limited Partnership. At March 31, 2015, these
securities amounted to $7,825 (000) or 7.0% of Net Assets.
(b) Underlying security for a total return swap.
(c) Some or all is pledged as collateral for securities sold short and open
options written in the total amount of $51,138 (000) (see Note 2 in Notes
to Financial Statements).
ADR -- American Depositary Receipt
Cl -- Class
LP -- Limited Partnership
REIT -- Real Estate Investment Trust
S&P -- Standard & Poor's
Amounts designated as "--" are $0 or rounded to $0.
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
8
RIVERPARK RiverPark/Gargoyle Hedged Value Fund
FUNDS March 31, 2015 (Unaudited)
--------------------------------------------------------------------------------
Sector Weighting+
20.2% Information Technology
15.8% Financials
13.8% Consumer Discretionary
11.8% Industrials
11.5% Energy
9.6% Health Care
6.3% Materials
4.5% Consumer Staples
3.3% Utilities
3.2% Telecommunication Services
+ Percentages are based on total investments.
--------------------------------------------------------------------------------
Description Shares Value (000)
--------------------------------------------------------------------------------
Schedule of Investments
Common Stock -- 101.1%**
Consumer Discretionary -- 14.0%
Best Buy (a) 21,948 $ 829
Cablevision Systems, Cl A (a) 48,400 886
Ford Motor (a) 57,380 926
General Motors (a) 20,100 754
International Game Technology (a) 52,603 916
Las Vegas Sands (a) 12,470 686
Lions Gate Entertainment (a) 28,181 956
Staples (a) 64,895 1,057
Time Warner (a) 11,230 948
Tribune Media* 14,710 895
Viacom, Cl B 6,400 437
Wolverine World Wide 23,900 799
----------
10,089
----------
Consumer Staples -- 4.5%
Avon Products (a) 81,716 653
Herbalife (a) 21,100 902
Molson Coors Brewing, Cl B (a) 12,315 917
Pilgrim's Pride (a) 35,380 799
----------
3,271
----------
Energy -- 11.7%
Apache (a) 5,970 360
Chesapeake Energy (a) 17,240 244
ConocoPhillips (a) 9,370 583
Devon Energy 17,400 1,049
Hess (a) 12,800 869
Kosmos Energy* 19,200 152
Newfield Exploration* (a) 11,400 400
Oasis Petroleum* (a) 16,200 230
Oil States International* (a) 14,365 571
Peabody Energy 27,600 136
SandRidge Energy* (a) 74,758 133
--------------------------------------------------------------------------------
Description Shares Value (000)
--------------------------------------------------------------------------------
Superior Energy Services (a) 22,943 $ 513
Tesoro (a) 9,952 909
Valero Energy (a) 17,470 1,112
Western Refining (a) 23,530 1,162
----------
8,423
----------
Financials -- 16.0%
American International Group (a) 17,310 948
Bank of New York Mellon (a) 9,318 375
CIT Group 11,240 507
Erie Indemnity, Cl A (a) 11,731 1,024
FNF Group (a) 33,300 1,224
Genworth Financial, Cl A* (a) 36,050 264
Intercontinental Exchange (a) 4,490 1,047
Jones Lang LaSalle (a) 5,730 976
Leucadia National (a) 32,228 718
MGIC Investment* 90,582 872
NASDAQ OMX Group (a) 6,704 342
Navient (a) 50,200 1,021
Ocwen Financial* (a) 28,940 239
PartnerRe (a) 8,310 950
Radian Group (a) 62,400 1,048
----------
11,555
----------
Health Care -- 9.7%
Alere* (a) 16,776 820
Allscripts Healthcare Solutions* (a) 19,310 231
Edwards Lifesciences* (a) 8,800 1,254
Gilead Sciences* 9,500 933
Mylan* (a) 5,000 297
Myriad Genetics* (a) 21,587 764
Perrigo (a) 6,320 1,046
United Therapeutics* (a) 9,831 1,695
----------
7,040
----------
Industrials -- 11.9%
Delta Air Lines (a) 18,807 846
Huntington Ingalls Industries (a) 9,900 1,387
Joy Global (a) 13,850 543
Macquarie Infrastructure 11,200 922
Manpowergroup (a) 11,950 1,029
Owens Corning (a) 30,100 1,306
Pentair (a) 13,270 835
SPX (a) 10,130 860
Terex (a) 34,200 909
----------
8,637
----------
Information Technology -- 20.4%
AOL* (a) 9,696 384
ARRIS Group* (a) 33,800 977
Brocade Communications Systems (a) 28,180 334
Computer Sciences (a) 8,071 527
First Solar* (a) 14,773 883
Flextronics International* (a) 94,031 1,192
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
9
RIVERPARK RiverPark/Gargoyle Hedged Value Fund
FUNDS March 31, 2015 (Unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shares/
Description Contracts Value (000)
--------------------------------------------------------------------------------
Harris (a) 14,300 $ 1,126
Hewlett-Packard (a) 26,650 830
IAC (a) 13,890 937
Itron* (a) 4,918 179
Lexmark International, Cl A (a) 5,600 237
Micron Technology* (a) 27,200 738
NCR* (a) 27,200 803
NVIDIA (a) 37,300 781
ON Semiconductor* (a) 98,100 1,188
Oracle (a) 12,200 527
PTC* (a) 25,500 922
Sohu.com* (a) 3,604 192
VeriSign* (a) 16,730 1,121
Vishay Intertechnology (a) 4,633 64
Yahoo!* 17,600 782
----------
14,724
----------
Materials -- 6.3%
Axiall (a) 20,820 977
Cabot 13,000 585
Celanese, Ser A (a) 16,200 905
Freeport-McMoRan (a) 11,500 218
LyondellBasell Industries, Cl A 4,000 351
Newmont Mining (a) 35,341 767
Tronox, Cl A (a) 37,560 764
----------
4,567
----------
Telecommunication Services -- 3.2%
CenturyLink (a) 18,010 623
Telephone & Data Systems (a) 26,326 655
United States Cellular* (a) 15,502 554
Verizon Communications (a) 9,871 480
----------
2,312
----------
Utilities -- 3.4%
AES 54,200 697
Calpine* (a) 42,900 981
Dynegy* 23,900 751
----------
2,429
----------
Total Common Stock
(Cost $66,501) (000) 73,047
---------
Total Investments -- 101.1%
(Cost $66,501) (000) $ 73,047
==========
Schedule of Open Options Written
Written Options -- (1.2)%*++
CBOE Russell 2000 Index,
Call Option
Expires 04/17/15, Strike Price $1,250 (21) $ (36)
Expires 04/17/15, Strike Price $1,260 (18) (21)
Expires 04/17/15, Strike Price $1,240 (16) (38)
--------------------------------------------------------------------------------
Description Contracts Value (000)
--------------------------------------------------------------------------------
Expires 04/17/15, Strike Price $1,220 (36) $ (139)
Expires 04/17/15, Strike Price $1,230 (38) (117)
CBOE S&P 500 Index, Call Option
Expires 04/24/15, Strike Price $2,080 (45) (92)
Expires 04/24/15, Strike Price $2,100 (28) (31)
Expires 04/24/15, Strike Price $2,065 (8) (23)
Expires 04/30/15, Strike Price $2,070 (22) (65)
Expires 04/10/15, Strike Price $2,115 (10) (2)
NASDAQ Euro Index, Call Option
Expires 04/17/15, Strike Price $4,450 (2) (2)
Expires 04/17/15, Strike Price $4,400 (4) (10)
S&P 500 Index, Call Option
Expires 04/17/15, Strike Price $2,070 (40) (87)
Expires 04/17/15, Strike Price $2,090 (43) (50)
Expires 04/17/15, Strike Price $2,120 (18) (5)
Expires 04/17/15, Strike Price $2,065 (40) (100)
Expires 04/17/15, Strike Price $2,075 (20) (38)
Expires 04/17/15, Strike Price $2,100 (15) (12)
-----------
Total Written Options
(Premiums Received $1,024) (000) $ (868)
===========
++ See Note 2 in Notes to Financial Statements for additional information.
The following is a list of the inputs used as of March 31, 2015 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 $ 73,047 $ -- $ -- $73,047
-------- ------- ------- -------
Total Investments in Securities $ 73,047 $ -- $ -- $73,047
======== ======= ======= =======
Other Financial Instruments Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Written Options $ (868) $ -- $ -- $ (868)
-------- ------- -------- -------
Total Other Financial Instruments $ (868) $ -- $ -- $ (868)
======== ======= ======== =======
For the period ended March 31, 2015, there were no transfers between Level 1 and
Level 2 assets and liabilities or between Level 2 and Level 3 assets and
liabilities.
Percentages are based on Net Assets of $72,239 (000).
* Non-income producing security.
(a) Some or all is pledged as collateral for open options written in the total
amount of $59,487 (000) (see Note 2 in Notes to Financial Statements).
CBOE -- Chicago Board Options Exchange
Cl -- Class
NASDAQ -- National Association of Securities Dealers Automated Quotations
Ser -- Series
S&P -- Standard & Poor's
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
10
RIVERPARK RiverPark Structural Alpha Fund
FUNDS March 31, 2015 (Unaudited)
--------------------------------------------------------------------------------
Sector Weighting+
57.3% Time Deposit
42.7% U.S. Treasury Obligations
+ Percentages are based on total investments.
--------------------------------------------------------------------------------
Description Face Amount
(000)/
Contracts Value (000)
--------------------------------------------------------------------------------
Schedule of Investments
U.S. Treasury Obligations -- 31.2%
United States Treasury Bills (a) (b)
0.010%, 04/09/15 $ 1,000 $ 1,000
0.010%, 05/07/15 1,200 1,200
0.010%, 06/04/15 1,200 1,200
----------
Total U.S. Treasury Obligations
(Cost $3,400) (000) 3,400
----------
Time Deposit -- 42.0%
Brown Brothers Harriman,
0.030%, 04/01/15 4,569 4,569
----------
Total Time Deposit
(Cost $4,569) (000) 4,569
----------
Total Investments -- 73.2%
(Cost $7,969) (000) $ 7,969
==========
Schedule of Open Options Purchased
Purchased Options -- 5.8%*++
CBOE S&P 500 Index, Call Option
Expires 12/31/15, Strike Price $2,025 10 $ 130
Expires 09/30/15, Strike Price $1,950 10 163
S&P 500 Index, Call Option
Expires 03/18/16, Strike Price $2,100 6 61
Expires 06/30/15, Strike Price $1,975 10 121
Expires 06/17/16, Strike Price $2,050 10 147
----------
Total Purchased Options
(Cost $559) (000) $ 622
==========
Schedule of Open Options Written
Written Options -- (3.5)% *++
CBOE S&P 500 Index, Call Option
Expires 04/10/15, Strike Price $2,160 (3) $ --
Expires 04/24/15, Strike Price $2,130 (5) (2)
Expires 06/30/15, Strike Price $2,150 (10) (17)
Expires 04/02/15, Strike Price $2,155 (2) --
Expires 04/30/15, Strike Price $2,135 (3) (1)
Expires 09/30/15, Strike Price $2,125 (10) (53)
Expires 12/31/15, Strike Price $2,175 (10) (50)
CBOE S&P 500 Index, Put Option
Expires 04/02/15, Strike Price $2,035 (2) --
Expires 04/10/15, Strike Price $2,040 (3) (3)
Expires 04/24/15, Strike Price $2,000 (5) (6)
Expires 12/31/15, Strike Price $1,875 (5) (33)
Expires 04/30/15, Strike Price $2,015 (3) (5)
--------------------------------------------------------------------------------
Description Contracts Value (000)
--------------------------------------------------------------------------------
Expires 06/30/15, Strike Price $1,900 (5) $ (12)
Expires 09/30/15, Strike Price $1,825 (5) (19)
S&P 500 Index, Call Option
Expires 03/18/16, Strike Price $2,250 (6) (23)
Expires 04/17/15, Strike Price $2,130 (5) (1)
Expires 06/17/16, Strike Price $2,250 (10) (54)
S&P 500 Index, Put Option
Expires 04/17/15, Strike Price $2,010 (5) (5)
Expires 03/18/16, Strike Price $1,975 (3) (34)
Expires 06/17/16, Strike Price $1,875 (5) (51)
-----------
Total Written Options
(Premiums Received $486) (000) $ (369)
===========
++ See Note 2 in Notes to Financial Statements for additional information.
The open futures contracts held by the Fund at March 31, 2015 are as follows:
Number of Unrealized
Contracts Expiration Appreciation
Counterparty Type of Contract Short Date (000)
--------------------------------------------------------------------------------
Interactive
Brokers LLC S&P 500 Index E-MINI (20) Jun-2015 $ 5
=====
See Note 2 in Notes to Financial Statements for more information regarding
futures collateral.
The following is a list of the inputs used as of March 31, 2015 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
--------------------------------------------------------------------------------
U.S. Treasury Obligations $ 3,400 $ -- $ -- $3,400
Time Deposit 4,569 -- -- 4,569
------- ------- ------- -------
Total Investments in Securities $ 7,969 $ -- $ -- $7,969
======= ======= ======= =======
Other Financial Instruments Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Purchased Options $ 622 $ -- $ -- $ 622
Written Options (369) -- -- (369)
Futures**
Unrealized Appreciation 5 -- -- 5
------- ------- ------- -------
Total Other Financial Instruments $ 258 $ -- $ -- $ 258
======= ======= ======= =======
** Futures contracts are valued at the unrealized appreciation on the
instrument. See Note 2 in Notes to Financial Statements for additional
information.
For the period ended March 31, 2015, there were no transfers between Level 1 and
Level 2 assets and liabilities or between Level 2 and Level 3 assets and
liabilities.
Percentages are based on Net Assets of $10,890 (000).
* Non-income producing security.
(a) Zero coupon security. The rate reported on the Schedule of Investments is
the effective yield at time of purchase.
(b) Pledged as collateral for open options contracts in the total amount of
$3,400 (000) (see Note 2 in Notes to Financial Statements).
CBOE -- Chicago Board Options Exchange
LLC -- Limited Liability Company
S&P -- Standard & Poor's
Amounts designated as -- are $0 or rounded to $0.
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
11
RIVERPARK RiverPark Strategic Income Fund
FUNDS March 31, 2015 (Unaudited)
--------------------------------------------------------------------------------
Sector Weighting+
75.9% Corporate Obligations
9.2% Bank Loan Obligations
7.6% Time Deposits
3.4% Commercial Paper
3.1% Asset-Backed Securities
0.6% Mortgage-Backed Securities
0.2% Convertible Bonds
0.0% Warrants
0.0% Preferred Stock
+ Percentages are based on total investments.
--------------------------------------------------------------------------------
Face Amount
Description (000) Value (000)
--------------------------------------------------------------------------------
Schedule of Investments
Corporate Obligations -- 77.4%
Consumer Discretionary -- 15.2%
American Achievement
10.875%, 04/15/16 (a) $ 5,385 $ 5,291
American Media
11.500%, 12/15/17 6,278 6,435
Brightstar
9.500%, 12/01/16 (a) 8,077 8,481
Caesars Entertainment Resort
Properties
8.000%, 10/01/20 4,504 4,493
Cambium Learning Group
9.750%, 02/15/17 10,496 10,496
CCO Holdings
7.250%, 10/30/17 5,759 6,011
Coach
4.250%, 04/01/25 12,505 12,700
Ford Motor Credit
1.461%, 03/27/17 1,000 1,000
HT Intermediate Holdings
12.000%, 05/15/19 (a) 6,431 6,640
International Game Technology
5.500%, 06/15/20 6,840 6,977
5.350%, 10/15/23 6,910 7,021
LBI Media
10.000%, 04/15/19 (a) 7,845 8,208
Nathan's Famous
10.000%, 03/15/20 (a) 8,160 8,609
Postmedia Network
12.500%, 07/15/18 8,530 8,956
----------
101,318
----------
Consumer Staples -- 6.9%
BI-LO
9.250%, 02/15/19 (a) 3,664 3,710
Carolina Beverage Group
10.625%, 08/01/18 (a) 5,802 5,715
--------------------------------------------------------------------------------
Face Amount
Description (000) Value (000)
--------------------------------------------------------------------------------
Central Garden and Pet
8.250%, 03/01/18 $ 6,168 $ 6,342
Simmons Foods
7.875%, 10/01/21 (a) 10,497 10,392
Southern States Cooperative
10.000%, 08/15/21 (a) 9,998 9,498
US Foods
8.500%, 06/30/19 9,701 10,210
----------
45,867
----------
Energy -- 1.8%
Drill Rigs Holdings
6.500%, 10/01/17 (a) 490 394
Express Pipeline
7.390%, 12/31/17 (a) 1,337 1,428
Helmerich & Payne International
Drilling
4.650%, 03/15/25 (a) 4,000 4,150
Sanjel
7.500%, 06/19/19 2,700 1,742
Westmoreland Coal
8.750%, 01/01/22 (a) 4,081 4,122
----------
11,836
----------
Financials -- 9.9%
Consolidated-Tomoka Land
4.500%, 03/15/20 (a) 6,775 7,427
Fifth Street Finance
4.875%, 03/01/19 500 515
Hunt Cos
9.625%, 03/01/21 (a) 19,088 19,661
KCG Holdings
8.250%, 06/15/18 (a) 16,248 17,182
Lender Processing Services
5.750%, 04/15/23 10,976 11,685
Prospect Capital
5.750%, 03/15/18 5,000 5,125
Toll Road Investors Partnership
4.133%, 02/15/45 (a) (b) 7,396 1,517
Toll Road Investors Partnership II
6.512%, 02/15/25 (a) (b) 5,700 3,067
----------
66,179
----------
Health Care -- 3.2%
Biomet
6.500%, 08/01/20 8,032 8,534
ExamWorks Group
9.000%, 07/15/19 3,281 3,486
Prospect Medical Holdings
8.375%, 05/01/19 (a) 8,907 9,508
----------
21,528
----------
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
12
RIVERPARK RiverPark Strategic Income Fund
FUNDS March 31, 2015 (Unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Face Amount
Description (000) Value (000)
--------------------------------------------------------------------------------
Industrials -- 16.9%
Acuity Brands Lighting
6.000%, 12/15/19 $ 1,000 $ 1,125
Ahern Rentals
9.500%, 06/15/18 (a) 3,992 4,247
America West Airlines Pass-Through
Trust, Ser 2000-1
8.057%, 07/02/20 678 773
Bombardier
4.250%, 01/15/16 (a) 5,124 5,256
Continental Airlines Pass-Through
Trust, Ser 2000-2, Cl A1
7.707%, 04/02/21 3,943 4,397
Continental Airlines Pass-Through
Trust, Ser 1999-2, Cl C2
6.236%, 03/15/20 633 681
Continental Airlines Pass-Through
Trust, Ser 2007-1, Cl A
5.983%, 04/19/22 1,280 1,441
Dispensing Dynamics International
12.500%, 01/01/18 (a) 11,006 11,584
HC2 Holdings
11.000%, 12/01/19 (a) 19,353 19,788
Hyva Global
8.625%, 03/24/16 (a) 6,553 6,078
Jac Holding
11.500%, 10/01/19 (a) 1,945 2,008
Northwest Airlines Pass-Through
Trust, Ser 2007-1, Cl A
7.027%, 11/01/19 2,779 3,221
PaperWorks Industries
9.500%, 08/15/19 (a) 3,665 3,770
Quad
7.000%, 05/01/22 (a) 9,240 8,940
Tempel Steel
12.000%, 08/15/16 (a) 9,543 8,183
United Rentals North America
5.750%, 07/15/18 10,819 11,282
VWR Funding
7.250%, 09/15/17 10,838 11,353
Waste Italia
10.500%, 11/15/19 (a) 9,067 8,945
----------
113,072
----------
Information Technology -- 5.2%
Fidelity National Information
Services
5.000%, 03/15/22 3,925 4,166
Fiserv
3.500%, 10/01/22 3,275 3,380
--------------------------------------------------------------------------------
Face Amount
Description (000) Value (000)
--------------------------------------------------------------------------------
Infor US
9.375%, 04/01/19 $ 16,173 $ 17,362
Leidos
7.125%, 07/01/32 9,333 10,136
----------
35,044
----------
Materials -- 11.7%
American Piping Products
12.875%, 11/15/17 (a) 4,150 4,212
Beverage Packaging Holdings
Luxembourg II
5.625%, 12/15/16 (a) 8,670 8,724
Hardwoods Acquisition
7.500%, 08/01/21 (a) 4,755 4,565
Hexion US Finance
8.875%, 02/01/18 528 467
6.625%, 04/15/20 15,614 14,365
Lansing Trade Group
9.250%, 02/15/19 (a) 16,624 16,583
NWH Escrow
7.500%, 08/01/21 (a) 5,457 5,157
Optima Specialty Steel
12.500%, 12/15/16 (a) 11,440 11,712
Verso Paper Holdings
11.750%, 01/15/19 13,389 12,552
----------
78,337
----------
Telecommunication Services -- 6.6%
Cox Communications
5.500%, 10/01/15 13,000 13,305
Goodman Networks
12.125%, 07/01/18 11,740 11,036
Qwest
6.750%, 12/01/21 5,000 5,739
SBA Tower Trust
3.598%, 04/15/18 (a) 5,840 5,853
Telesat Canada
6.000%, 05/15/17 (a) 7,924 8,080
----------
44,013
----------
Total Corporate Obligations
(Cost $523,530) (000) 517,194
----------
Commercial Paper -- 3.5%
Ford Motor Credit
0.751%, 04/15/15 10,000 9,998
Hewlett-Packard
0.841%, 06/15/15 13,000 12,993
----------
Total Commercial Paper
(Cost $22,975) (000) 22,991
----------
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
13
RIVERPARK RiverPark Strategic Income Fund
FUNDS March 31, 2015 (Unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Face Amount
(000)/Number
of Warrants/
Description Shares Value (000)
--------------------------------------------------------------------------------
Asset-Backed Securities -- 3.2%
Other Asset-Backed Securities -- 3.2%
Applebee's, Ser 2014-1, Cl A2
4.277%, 09/05/44 (a) $ 2,500 $ 2,592
Countrywide Asset-Backed
Certificates, Ser 2006-SPS1, Cl A
0.375%, 12/25/25 (c) 177 490
Countrywide Asset-Backed
Certificates, Ser 2006-SPS2, Cl A
0.491%, 05/25/26 (c) 689 1,418
Master Asset Vehicle II,
Ser 2009-2U, Cl A1
0.000%, 07/15/56 (c) 17,829 16,670
----------
Total Asset-Backed Securities
(Cost $20,577) (000) 21,170
----------
Mortgage-Backed Security -- 0.6%
Non-Agency Mortgage-Backed Obligation -- 0.6%
Structured Asset Mortgage
Investments II Trust,
Ser 2005-AR8, Cl A4
1.664%, 02/25/36 (c)
(Cost $4,123) (000) 8,497 4,121
----------
Convertible Bond -- 0.2%
TeleCommunication Systems
7.750%, 06/30/18
(Cost $1,543) (000) 1,561 1,499
----------
Warrants -- 0.0%
Lee Enterprises*
(Cost $--) (000) 96,200 144
----------
Preferred Stock -- 0.0%
Southwestern Energy
6.250%, 01/15/18
(Cost $5) (000) 100 5
----------
Bank Loan Obligations -- 9.4%
Alvogenn Lux Holdings
12.500%, 06/13/15 8,400 8,400
Armored Autogroup
6.000%, 11/05/16 3,175 3,179
Eastman Kodak
10.750%, 09/03/20 1,600 1,600
Energy Future Holdings
4.250%, 06/19/16 11,400 11,436
Hampton Rubber
5.000%, 03/27/22 4,580 3,927
--------------------------------------------------------------------------------
Face Amount
Description (000) Value (000)
--------------------------------------------------------------------------------
Lee Enterprises
11.900%, 12/15/22 $ 2,405 $ 2,573
7.250%, 03/31/19 3,448 3,470
Marsico Holdings
5.313%, 12/31/22 7,898 1,975
0.000%, 12/31/22 8,328 2,082
Maueser-Werke
8.250%, 07/31/22 6,825 6,644
Newpage
0.599%, 02/11/21 3,750 3,588
Radio One
7.500%, 03/31/16 3,443 3,464
Vertellus Specialties
10.500%, 10/29/19 (c) 11,990 10,581
----------
Total Bank Loan Obligations
(Cost $66,719) (000) 62,919
----------
Time Deposit -- 5.8%
Brown Brothers Harriman,
0.030%, 04/01/15
(Cost $38,814) (000) 38,814 38,814
----------
Total Investments -- 100.1%
(Cost[ $678,286) (000) $ 668,857
==========
A list of the open forward foreign currency contracts held by the Fund at March
31, 2015 is as follows++:
Currency Currency Unrealized
Settlement to Deliver to Receive Appreciation
Counterparty Date (000) (000) (000)
--------------------------------------------------------------------------------
Brown Brothers Harriman 4/9/15 EUR 8,415 USD 9,135 $ 86
=======
++ See Note 2 in Notes to Financial Statements for additional
information.
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
14
RIVERPARK RiverPark Strategic Income Fund
FUNDS March 31, 2015 (Unaudited)
--------------------------------------------------------------------------------
The following is a list of the inputs used as of March 31, 2015 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 $ -- $517,194 $ -- $ 517,194
Commercial Paper -- 22,991 -- 22,991
Asset-Backed Securities -- 21,170 -- 21,170
Mortgage-Backed Security -- 4,121 -- 4,121
Convertible Bond -- 1,499 -- 1,499
Warrants -- 144 -- 144
Preferred Stock -- 5 -- 5
Bank Loan Obligations -- 62,919 -- 62,919
Time Deposit 38,814 -- -- 38,814
------- -------- ------- ----------
Total Investments in Securities $38,814 $630,043 $ -- $ 668,857
======= ======== ======= ==========
Other Financial Instruments Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Forwards Contracts **
Unrealized Appreciation $ 86 $ -- $ -- $ 86
------- -------- ------- ----------
Total Other Financial Instruments $ 86 $ -- $ -- $ 86
======= ======== ======= ==========
** Forward contracts are valued at the unrealized appreciation on the
instrument. See Note 2 in Notes to Financial Statements for additional
information.
For the period ended March 31, 2015, there were no transfers between Level 1 and
Level 2 assets and liabilities or between Level 2 and Level 3 assets and
liabilities.
Percentages are based on Net Assets of $667,876 (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.
(b) Zero coupon security. The rate reported on the Schedule of Investments is
the effective yield at time of purchase.
(c) Variable rate security - Rate disclosed is the rate in effect on March 31,
2015.
Cl -- Class
EUR -- Euro
Ser -- Series
USD -- United States Dollar
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
15
RIVERPARK RiverPark Focused Value Fund
FUNDS March 31, 2015 (Unaudited)
(Inception Date of Fund)
--------------------------------------------------------------------------------
Sector Weighting+
100.0% Time Deposit
+ Percentages are based on total investments.
--------------------------------------------------------------------------------
Face Amount
Description (000) Value (000)
--------------------------------------------------------------------------------
Schedule of Investments
Time Deposit -- 41.4%
Brown Brothers Harriman,
0.030%, 04/01/15
(Cost $6,022) (000) $ 6,022 $ 6,022
----------
Total Investments -- 41.4%
(Cost $6,022) (000) $ 6,022
==========
As of March 31, 2015, the Fund's investment was considered Level 1 in accordance
with the authoritative guidance on fair value measurements and disclosure under
GAAP.
Percentages are based on Net Assets of $14,546 (000).
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
16
[This Page Intentionally Left Blank]
17
Statements of Assets and Liabilities (000) [RIVERPARK FUNDS LOGO]
March 31, 2015 (Unaudited)
--------------------------------------------------------------------------------
RiverPark
RiverPark RiverPark/ RiverPark Long/Short
Large Wedgewood Short Term Opportunity
Growth Fund Fund High Yield Fund Fund
------------------------------------------------------------------------------------------------------------------------------------
Assets:
Investments in Securities, at Value (Note 2) $ 71,721 $ 2,043,218 $ 945,663 $ 116,118
Purchased Options, at Value -- -- -- 418
Deposits with Brokers for Securities Sold Short -- -- -- 42,351
Receivable for Investment Securities Sold 1,113 -- -- 5,917
Receivable for Dividend and Interest Income 26 1,034 17,775 37
Prepaid Expenses 20 90 36 38
Receivable for Capital Shares Sold 2 19,522 952 379
Cash Collateral on Swap Contracts -- -- -- 1,000
----------- --------------- ----------- ------------
Total Assets 72,882 2,063,864 964,426 166,258
----------- --------------- ----------- ------------
Liabilities:
Securities Sold Short, at Value (Note 2) -- -- -- 51,661
Written Options, at Value (Note 2) -- -- -- 1,052
Payable for Investment Securities Purchased 546 -- 62,756 1,014
Income Distribution Payable -- -- 428 --
Payable for Capital Shares Redeemed -- 3,620 955 84
Dividends Payable on Securities Sold Short -- -- -- 89
Payable for Swap Reset -- -- -- 239
Payable Due to Shareholder Servicing Agent (Note 3) 45 580 178 2
Payable Due to Adviser (Note 3) 42 1,129 495 141
Payable Due to Administrative Services Plan, Institutional
Class Shares (Note 3) 2 212 94 48
Payable Due to Administrative Services Plan, Retail Class
Shares (Note 3) 8 125 97 --
Payable Due to Administrator 5 152 67 8
Other Accrued Expenses 13 282 185 21
----------- --------------- ----------- ------------
Total Liabilities 661 6,100 65,255 54,359
----------- --------------- ----------- ------------
Net Assets $ 72,221 $ 2,057,764 $ 899,171 $ 111,899
=========== ============== =========== ============
Net Assets Consist of:
Paid-in Capital $ 60,377 $ 1,683,165 $ 907,474 $ 103,790
Undistributed (Distributions in Excess of) Net Investment
Income (Accumulated Net Investment Loss) 474 1,182 (579) (1,890)
Accumulated Net Realized Gain (Loss) on Investments,
Securities Sold Short, Purchased and Written Options and
Swap Contracts 1,226 47,082 (1,599) (7,372)
Net Unrealized Appreciation (Depreciation) on Investments
and Securities Sold Short 10,144 326,335 (6,125) 18,008
Net Unrealized Depreciation on Purchased and Written Options -- -- -- (637)
----------- --------------- ----------- ------------
Net Assets $ 72,221 $ 2,057,764 $ 899,171 $ 111,899
=========== ============== =========== ============
Investments in Securities, at Cost $ 61,577 $ 1,716,883 $ 951,788 $ 96,198
Securities Sold Short, Proceeds -- -- -- 49,749
Purchased Options, at Cost -- -- -- 1,331
Written Options, Premiums Received -- -- -- 1,328
Net Assets - Institutional Class Shares(1) $20,075,993 $1,874,918,545 $682,866,024 $98,165,885
=========== ============== =========== ============
Net Assets - Retail Class Shares(1) $52,145,135 $ 182,845,085 $216,305,380 $13,733,557
=========== ============== =========== ============
Institutional Class Shares:
Outstanding Shares of Beneficial Interest(1)
(Unlimited Authorization -- No Par Value) 1,084,390 100,783,825 68,929,932 9,286,323
=========== ============== =========== ============
Retail Class Shares:
Outstanding Shares of Beneficial Interest(1)
(Unlimited Authorization -- No Par Value) 2,839,969 9,930,116 21,893,494 1,306,420
=========== ============== =========== ============
Institutional Class Shares:
Net Asset Value, Offering and Redemption
Price Per Share -- Institutional Class Shares $18.51 $18.60 $9.91 $10.57
=========== ============== =========== ============
Retail Class Shares:
Net Asset Value, Offering and Redemption
Price Per Share -- Retail Class Shares $18.36 $18.41 $9.88 $10.51
=========== ============== =========== ============
(1) Shares and Net Assets have not been rounded.
Amounts designated as "--" are either not applicable, $0 or have been rounded
to $0.
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
18
Statements of Assets and Liabilities (000) [RIVERPARK FUNDS LOGO]
March 31, 2015 (Unaudited)
--------------------------------------------------------------------------------
RiverPark/ RiverPark RiverPark RiverPark
Gargoyle Hedged Structural Strategic Focused
Value Fund Alpha Fund Income Fund Value Fund
------------------------------------------------------------------------------------------------------------------------------------
Assets:
Investments in Securities, at Value (Note 2) $ 73,047 $ 7,969 $ 668,857 $ 6,022
Purchased Options, at Value -- 622 -- --
Deposits with Brokers for Futures and Options 47 2,426 -- --
Receivable for Investment Securities Sold 1,884 224 12,914 --
Receivable for Dividend and Interest Income 61 -- 11,775 --
Prepaid Expenses 24 23 35 --
Receivable for Capital Shares Sold 20 78 1,985 14,546
Unrealized Appreciation on Forward Foreign Currency Contracts -- -- 86 --
Receivable for Variation Margin -- 15 -- --
----------- --------------- ----------- ------------
Total Assets 75,083 11,357 695,652 20,568
----------- --------------- ----------- ------------
Liabilities:
Written Options, at Value (Note 2) 868 369 -- --
Payable for Investment Securities Purchased 1,886 68 25,392 6,022
Payable for Capital Shares Redeemed 4 2 1,444 --
Income Distribution Payable -- -- 230 --
Payable Due to Adviser (Note 3) 61 11 346 --
Payable Due to Administrator 5 1 47 --
Payable Due to Shareholder Servicing Agent (Note 3) 2 1 163 --
Payable Due to Administrative Services Plan, Institutional
Class Shares (Note 3) 1 3 25 --
Payable Due to Administrative Services Plan, Retail Class
Shares (Note 3) 1 -- 37 --
Payable Due to Trustees -- -- 2 --
Variation Margin Payable -- 9 -- --
Other Accrued Expenses 16 3 90 --
----------- --------------- ----------- ------------
Total Liabilities 2,844 467 27,776 6,022
----------- --------------- ----------- ------------
Net Assets $ 72,239 $ 10,890 $ 667,876 $ 14,546
=========== ============== =========== ============
Net Assets Consist of:
Paid-in Capital $ 63,100 $ 10,652 $ 682,011 $ 14,546
Undistributed (Accumulated Net Investment Loss/Distributions
in Excess of) Net Investment Income 262 (97) (1,106) --
Accumulated Net Realized Gain (Loss) on Investments, Purchased
and Written Options and Futures Contracts 2,175 150 (3,674) --
Net Unrealized Appreciation (Depreciation) on Investments 6,546 -- (9,429) --
Net Unrealized Appreciation on Purchased and Written Options 156 180 -- --
Net Unrealized Appreciation on Futures Contracts -- 5 -- --
Net Unrealized Appreciation on Forward Foreign Currency
Contracts and Foreign Currency Translation -- -- 74 --
----------- --------------- ----------- ------------
Net Assets $ 72,239 $ 10,890 $ 667,876 $ 14,546
=========== ============== =========== ============
Investments in Securities, at Cost $ 66,501 $ 7,969 $ 678,286 $ 6,022
Purchased Options, at Cost -- 559 -- --
Written Options, Premiums Received 1,024 486 -- --
Net Assets - Institutional Class Shares(1) $57,825,763 $ 8,827,557 $280,745,799 $ 14,426,082
=========== ============== =========== ============
Net Assets - Retail Class Shares(1) $14,412,915 $ 2,061,990 $387,130,431 $ 119,550
=========== ============== =========== ============
Institutional Class Shares:
Outstanding Shares of Beneficial Interest(1)
(Unlimited Authorization -- No Par Value) 4,194,462 859,908 27,948,908 1,442,608
=========== ============== =========== ============
Retail Class Shares:
Outstanding Shares of Beneficial Interest(1)
(Unlimited Authorization -- No Par Value) 1,047,801 201,699 38,553,891 11,955
=========== ============== =========== ============
Institutional Class Shares:
Net Asset Value, Offering and Redemption
Price Per Share -- Institutional Class Shares $13.79 $10.27 $10.04 $10.00
=========== ============== =========== ============
Retail Class Shares:
Net Asset Value, Offering and Redemption
Price Per Share -- Retail Class Shares $13.76 $10.22 $10.04 $10.00
=========== ============== =========== ============
(1) Shares and Net Assets have not been rounded.
Amounts designated as "--" are either not applicable, $0 or have been rounded
to $0.
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
19
Statements of Operations (000)
For the Six Month Period Ended
March 31, 2015 (Unaudited) [RIVERPARK LOGO]
--------------------------------------------------------------------------------
RiverPark RiverPark RiverPark
Large RiverPark/ Short Term Long/Short
Growth Wedgewood High Yield Opportunity
Fund Fund Fund Fund
------------------------------------------------------------------------------------------------------------------------------------
Investment Income:
Dividends $ 607 $ 10,976 $ 270 $ 1,052
Interest -- 19 18,998 1
Foreign taxes withheld -- (74) -- --
------------ --------------- ----------- -----------
Total Investment Income 607 10,921 19,268 1,053
------------ --------------- ----------- -----------
Expenses:
Investment Advisory Fees (Note 3) 222 6,479 2,911 840
Shareholder Service Fees(1) (Note 3) 65 249 277 18
Administrative Services Fee, Institutional Class Shares (Note 3) 8 526 249 67
Administrative Services Fee, Retail Class Shares (Note 3) 34 111 145 3
Administrator Fees (Note 3) 30 878 394 49
Chief Compliance Officer Fees (Note 3) 1 14 6 1
Trustees' Fees (Note 3) 1 16 7 1
Registration Fees 19 81 19 36
Transfer Agent Fees 11 324 145 18
Printing Fees 2 103 47 6
Custodian Fees 1 15 11 5
Professional Fees -- 59 23 1
Dividend Expense -- -- -- 444
Stock Loan Fee -- -- -- 134
Pricing fees -- -- 10 2
Insurance and Other Fees 1 46 17 3
------------ --------------- ----------- -----------
Total Expenses 395 8,901 4,261 1,628
------------ --------------- ----------- -----------
Fees Waived by Adviser (Note 3) -- -- -- (6)
Advisor Waiver Recapture (Note 3) 9 -- -- --
------------ --------------- ----------- -----------
Net Expenses 404 8,901 4,261 1,622
------------ --------------- ----------- -----------
Net Investment Income (Loss) 203 2,020 15,007 (569)
------------ --------------- ----------- -----------
Net Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) From:
Investments 1,623 50,083 (656) 4,394
Purchased Options -- -- -- (449)
Written Options -- -- -- 153
Securities Sold Short -- -- -- (4,451)
Swaps Contracts -- -- -- 556
Foreign Currency Transactions -- -- -- 17
Net Change in Unrealized Appreciation (Depreciation) on:
Investments 718 63,356 (1,789) 1,489
Purchased Options -- -- -- (1,066)
Written Options -- -- -- 386
Securities Sold Short -- -- -- 263
------------ --------------- ----------- -----------
Net Realized and Unrealized Gain (Loss) 2,341 113,439 (2,445) 1,292
------------ --------------- ----------- -----------
Net Increase in Net Assets Resulting from Operations $ 2,544 $ 115,459 $ 12,562 $ 723
============ ================ ============ ===========
(1) Attributable to Retail Class Shares only.
Amounts designated as "--" are either not applicable, $0 or have been rounded
to $0.
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
20
Statements of Operations (000)
For the Six Month Period Ended
March 31, 2015 (Unaudited) [RIVERPARK LOGO]
--------------------------------------------------------------------------------
RiverPark/Gargoyle RiverPark Structural RiverPark Strategic
Hedged Value Fund Alpha Fund Income Fund
------------------------------------------------------------------------------------------------------------------------------------
Investment Income:
Dividends $ 816 $ (9) $ 33
Interest -- -- 18,228
Foreign taxes withheld (1) -- --
------------- ------------ --------
Total Investment Income 815 (9) 18,261
------------- ------------ --------
Expenses:
Investment Advisory Fees (Note 3) 329 68 1,795
Shareholder Service Fees(1) (Note 3) 20 2 413
Administrative Services Fee, Institutional Class Shares (Note 3) 10 1 118
Administrative Services Fee, Retail Class Shares (Note 3) 8 1 229
Administrator Fees (Note 3) 32 4 243
Chief Compliance Officer Fees (Note 3) 1 -- 4
Trustees' Fees (Note 3) 1 -- 4
Registration Fees 23 21 41
Transfer Agent Fees 12 2 90
Printing Fees 4 1 26
Custodian Fees 5 -- 6
Professional Fees 1 -- 17
Pricing fees 1 -- --
Insurance and Other Fees 1 -- (14)
------------- ------------ --------
Total Expenses 448 100 2,972
------------- ------------ --------
Fees Waived by Adviser (Note 3) -- (12) --
Advisor Waiver Recapture (Note 3) 29 -- --
------------- ------------ --------
Net Expenses 477 88 2,972
------------- ------------ --------
Net Investment Income (Loss) 338 (97) 15,289
------------- ------------ --------
Net Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) From:
Investments 5,111 120 (4,817)
Purchased Options -- 693 --
Written Options (2,323) -- --
Futures Contracts -- (193) --
Forward Foreign Currency Contracts -- -- 1,115
Foreign Currency Transactions -- -- 58
Net Change in Unrealized Appreciation (Depreciation) on:
Investments (1,794) -- (5,629)
Purchased Options -- (411) --
Written Options (435) 114 --
Futures Contracts -- (47) --
Forward Foreign Currency Contracts -- -- 77
Foreign Currency Translation -- -- (12)
------------- ------------ --------
Net Realized and Unrealized Gain (Loss) 559 276 (9,208)
------------- ------------ --------
Net Increase in Net Assets Resulting from Operations $ 897 $ 179 $ 6,081
============ ============ ========
(1) Attributable to Retail Class Shares only.
Amounts designated as "--" are either not applicable, $0 or have been rounded
to $0.
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
21
Statements of Changes in Net Assets (000) [RIVERPARK LOGO]
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Large Growth Fund RiverPark/Wedgewood Fund
------------------------------------------------------------------------------------------------------------------------------------
Six Month Six Month
Period Ended Period Ended
March 31, 2015 Year Ended March 31, 2015 Year Ended
(Unaudited) September 30, 2014 (Unaudited) September 30, 2014
------------------------------------------------------------------------------------------------------------------------------------
Operations:
Net Investment Income (Loss) $ 203 $ (50) $ 2,020 $ (27)
Net Realized Gain from Investments 1,623 1,861 50,083 103,981
Net Change in Unrealized Appreciation on Investments 718 2,989 63,356 83,754
--------- ------------ ----------- ------------
Net Increase in Net Assets Resulting from Operations 2,544 4,800 115,459 187,708
--------- ------------ ----------- ------------
Distributions to Shareholders From:
Net Investment Income:
Institutional Class Shares -- (15) (838) --
Retail Class Shares -- (3) -- --
Net Realized Gains:
Institutional Class Shares (429) (54) (77,897) (13,609)
Retail Class Shares (1,433) (228) (9,079) (5,917)
--------- ------------ ----------- ------------
Total Distributions to Shareholders (1,862) (300) (87,814) (19,526)
--------- ------------ ----------- ------------
Capital Share Transactions:
Institutional Class Shares:
Shares Issued 6,371 6,925 334,483 942,069
Shares Issued as Reinvestment of Distributions 382 69 67,574 10,874
Shares Redeemed (905) (194) (252,872) (201,353)
--------- ------------ ----------- ------------
Net Increase in Net Assets from Institutional Class
Shares Transactions 5,848 6,800 149,185 751,590
--------- ------------ ----------- ------------
Retail Class Shares:
Shares Issued 6,240 31,394 35,106 246,569
Shares Issued as Reinvestment of Distributions 1,427 231 8,911 5,873
Shares Redeemed (9,223) (8,198) (73,015) (442,969)
--------- ------------ ----------- ------------
Net Increase (Decrease) in Net Assets from Retail Class
Shares Transactions (1,556) 23,427 (28,998) (190,527)
--------- ------------ ----------- ------------
Net Increase in Net Assets from Capital Share
Transactions 4,292 30,227 120,187 561,063
--------- ------------ ----------- ------------
Net Increase in Net Assets 4,974 34,727 147,832 729,245
Net Assets:
Beginning of Period 67,247 32,520 1,909,932 1,180,687
--------- ------------ ----------- ------------
End of Period $ 72,221 $ 67,247 $ 2,057,764 $1,909,932
========= ============ =========== ============
Undistributed Net Investment Income $ 474 $ 271 $ 1,182 $ --
========= ============ =========== ============
Shares Issued and Redeemed:
Institutional Class Shares:
Shares Issued 351 380 18,124 51,700
Shares Issued as Reinvestment of Distributions 22 4 3,797 639
Shares Redeemed (50) (10) (13,700) (11,262)
--------- ------------ ----------- ------------
Net Increase in Institutional Class Shares 323 374 8,221 41,077
--------- ------------ ----------- ------------
Retail Class Shares:
Shares Issued 341 1,745 1,917 14,010
Shares Issued as Reinvestment of Distributions 81 13 506 348
Shares Redeemed (508) (452) (3,995) (24,369)
--------- ------------ ----------- ------------
Net Increase (Decrease) in Retail Class Shares (86) 1,306 (1,572) (10,011)
--------- ------------ ----------- ------------
Net Increase in Share Transactions 237 1,680 6,649 31,066
========= ============ =========== ============
Amounts designated as "--" are either not applicable, $0 or have been rounded
to $0.
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
22
Statements of Changes in Net Assets (000) [RIVERPARK LOGO]
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Short Term High Yield Fund RiverPark Long/Short Opportunity Fund
------------------------------------------------------------------------------------------------------------------------------------
Six Month Six Month
Period Ended Period Ended
March 31, 2015 Year Ended March 31, 2015 Year Ended
(Unaudited) September 30, 2014 (Unaudited) September 30, 2014
------------------------------------------------------------------------------------------------------------------------------------
Operations:
Net Investment Income (Loss) $ 15,007 $ 33,634 $ (569) $ (2,496)
Net Realized Gain (Loss) from Investments,
Purchased and Written Options, Swap Contracts
Securities Sold Short and Foreign Currency
Transactions (656) (600) 220 (1,746)
Net Change in Unrealized Appreciation
(Depreciation) on Investments, Purchased and
Written Options, and Securities Sold Short (1,789) (2,750) 1,072 7,853
----------- ----------- ---------- -------------
Net Increase in Net Assets Resulting from Operations 12,562 30,284 723 3,611
----------- ----------- ---------- -------------
Distributions to Shareholders From:
Net Investment Income:
Institutional Class Shares (11,970) (25,294) -- --
Retail Class Shares (3,654) (8,471) -- --
----------- ----------- ---------- -------------
Total Distributions to Shareholders (15,624) (33,765) -- --
----------- ----------- ---------- -------------
Capital Share Transactions:
Institutional Class Shares:
Shares Issued 100,797 251,589 23,335 113,097
Shares Issued as Reinvestment of Distributions 9,374 20,189 -- --
Shares Redeemed (105,505) (175,906) (33,118) (31,196)
----------- ----------- ---------- -------------
Net Increase (Decrease) in Net Assets from
Institutional Class Shares Transactions 4,666 95,872 (9,783) 81,901
----------- ----------- ---------- -------------
Retail Class Shares:
Shares Issued 31,128 97,210 1,328 66,991
Shares Issued as Reinvestment of Distributions 3,573 8,258 -- --
Shares Redeemed (42,635) (165,435) (3,839) (128,129)
----------- ----------- ---------- -------------
Net Decrease in Net Assets from Retail Class
Shares Transactions (7,934) (59,967) (2,511) (61,138)
----------- ----------- ---------- -------------
Net Increase (Decrease) in Net Assets from
Capital Share Transactions (3,268) 35,905 (12,294) 20,763
----------- ----------- ---------- -------------
Net Increase (Decrease) in Net Assets (6,330) 32,424 (11,571) 24,374
Net Assets:
Beginning of Period 905,501 873,077 123,470 99,096
----------- ----------- ---------- -------------
End of Period $ 899,171 $ 905,501 $ 111,899 $ 123,470
=========== =========== ========== =============
Undistributed Net Investment Income
(Accumulated Net Investment Loss) $ (579) $ 38 $ (1,890) $ (1,321)
=========== =========== ========== =============
Shares Issued and Redeemed:
Institutional Class Shares:
Shares Issued 10,148 25,139 2,228 10,446
Shares Issued as Reinvestment of Distributions 945 2,021 -- --
Shares Redeemed (10,624) (17,577) (3,149) (2,881)
----------- ----------- ---------- -------------
Net Increase (Decrease) in Institutional Class Shares 469 9,583 (921) 7,565
----------- ----------- ---------- -------------
Retail Class Shares:
Shares Issued 3,139 9,731 126 6,240
Shares Issued as Reinvestment of Distributions 361 828 -- --
Shares Redeemed (4,304) (16,535) (368) (11,879)
----------- ----------- ---------- -------------
Net Decrease in Retail Class Shares (804) (5,976) (242) (5,639)
----------- ----------- ---------- -------------
Net Increase (Decrease) in Share Transactions (335) 3,607 (1,163) 1,926
=========== =========== ========== =============
Amounts designated as "--" are either not applicable, $0 or have been rounded
to $0.
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
23
Statements of Changes in Net Assets (000) [RIVERPARK LOGO]
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
RiverPark/Gargoyle Hedged Value Fund RiverPark Structural Alpha Fund
------------------------------------------------------------------------------------------------------------------------------------
Six Month Six Month
Period Ended Period Ended
March 31, 2015 Year Ended March 31, 2015 Year Ended
(Unaudited) September 30, 2014 (Unaudited) September 30, 2014
------------------------------------------------------------------------------------------------------------------------------------
Operations:
Net Investment Income (Loss) $ 338 $ 203 $ (97) $ (160)
Net Realized Gain from Investments, Purchased
and Written Options and Futures Contracts 2,788 2,046 620 312
Net Change in Unrealized Appreciation
(Depreciation) on Investments, Purchased and
Written Options and Futures Contracts (2,229) 3,153 (344) 334
----------- ---------- --------- ----------
Net Increase in Net Assets Resulting from Operations 897 5,402 179 486
----------- ---------- --------- ----------
Distributions to Shareholders From:
Net Investment Income:
Institutional Class Shares (240) (128) -- --
Retail Class Shares (16) (32) -- --
Net Realized Gains:
Institutional Class Shares (2,428) (215) (322) (141)
Retail Class Shares (646) (78) (54) (17)
----------- ---------- --------- ----------
Total Distributions to Shareholders (3,330) (453) (376) (158)
----------- ---------- --------- ----------
Capital Share Transactions:
Institutional Class Shares:
Shares Issued 22,103 26,896 1,069 1,439
Shares Issued as Reinvestment of Distributions 2,190 298 322 141
Shares Redeemed (9,708) (5,815) (395) (2,004)
----------- ---------- --------- ----------
Net Increase (Decrease) in Net Assets from
Institutional Class Shares Transactions 14,585 21,379 996 (424)
----------- ---------- --------- ----------
Retail Class Shares:
Shares Issued 2,657 21,116 1,622 798
Shares Issued as Reinvestment of Distributions 645 102 54 17
Shares Redeemed (10,972) (8,445) (414) (893)
----------- ---------- --------- ----------
Net Increase (Decrease) in Net Assets from Retail
Class Shares Transactions (7,670) 12,773 1,262 (78)
----------- ---------- --------- ----------
Net Increase (Decrease) in Net Assets from Capital
Share Transactions 6,915 34,152 2,258 (502)
----------- ---------- --------- ----------
Net Increase (Decrease) in Net Assets 4,482 39,101 2,061 (174)
Net Assets:
Beginning of Period 67,757 28,656 8,829 9,003
----------- ---------- --------- ----------
End of Period $ 72,239 $ 67,757 $ 10,890 $ 8,829
=========== ========== ========= ==========
Undistributed Net Investment Income (Accumulated
Net Investment Loss) $ 262 $ 180 $ (97) $ --
=========== ========== ========= ==========
Shares Issued and Redeemed:
Institutional Class Shares:
Shares Issued 1,595 1,940 104 141
Shares Issued as Reinvestment of Distributions 168 23 32 14
Shares Redeemed (733) (412) (38) (195)
----------- ---------- --------- ----------
Net Increase (Decrease) in Institutional Class Shares 1,030 1,551 98 (40)
----------- ---------- --------- ----------
Retail Class Shares:
Shares Issued 192 1,520 159 78
Shares Issued as Reinvestment of Distributions 50 8 5 2
Shares Redeemed (805) (603) (41) (88)
----------- ---------- --------- ----------
Net Increase (Decrease) in Retail Class Shares (563) 925 123 (8)
----------- ---------- --------- ----------
Net Increase (Decrease) in Share Transactions 467 2,476 221 (48)
=========== ========== ========= ==========
Amounts designated as "--" are either not applicable, $0 or have been rounded
to $0.
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
24
Statements of Changes in Net Assets (000) [RIVERPARK LOGO]
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
RiverPark
RiverPark Strategic Income Fund Focused Value Fund*
------------------------------------------------------------------------------------------------------------------------------------
Six Month
Period Ended Period Ended
March 31, 2015 Year Ended March 31, 2015*
(Unaudited) September 30, 2014 (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------
Operations:
Net Investment Income $ 15,289 $ 13,355 $ --
Net Realized Gain (Loss) from Investments,
Forward Foreign Currency Contracts and
Foreign Currency Transactions (3,644) 778 --
Net Change in Unrealized Depreciation on
Investments, Forward Foreign Currency
Contracts and Foreign Currency Transactions (5,564) (3,791) --
--------------- ----------- -----------
Net Increase in Net Assets Resulting from Operations 6,081 10,342 --
--------------- ----------- -----------
Distributions to Shareholders From:
Net Investment Income:
Institutional Class Shares (7,195) (4,693) --
Retail Class Shares (10,132) (7,924) --
Net Realized Gains:
Institutional Class Shares (242) (1) --
Retail Class Shares (368) (3) --
--------------- ----------- -----------
Total Distributions to Shareholders (17,937) (12,621) --
--------------- ----------- -----------
Capital Share Transactions:
Institutional Class Shares:
Shares Issued 122,255 220,805 14,426
Shares Issued as Reinvestment of Distributions 6,391 4,203 --
Shares Redeemed (49,053) (19,571) --
--------------- ----------- -----------
Net Increase in Net Assets from Institutional
Class Shares Transactions 79,593 205,437 14,426
--------------- ----------- -----------
Retail Class Shares:
Shares Issued 122,493 341,287 120
Shares Issued as Reinvestment of Distributions 10,442 7,865 --
Shares Redeemed (44,752) (42,429) --
--------------- ----------- -----------
Net Increase in Net Assets from Retail
Class Shares Transactions 88,183 306,723 120
--------------- ----------- -----------
Net Increase in Net Assets from Capital
Share Transactions 167,776 512,160 14,546
--------------- ----------- -----------
Net Increase in Net Assets 155,920 509,881 14,546
Net Assets:
Beginning of Period 511,956 2,075 --
--------------- ----------- -----------
End of Period $ 667,876 $ 511,956 $ 14,546
=============== =========== ===========
Undistributed (Distributions in Excess of)
Net Investment Income $ (1,106) $ 932 $ --
=============== =========== ===========
Shares Issued and Redeemed:
Institutional Class Shares:
Shares Issued 12,118 21,338 1,443
Shares Issued as Reinvestment of Distributions 633 407 --
Shares Redeemed (4,854) (1,893) --
--------------- ----------- -----------
Net Increase in Institutional Class Shares 7,897 19,852 1,443
--------------- ----------- -----------
Retail Class Shares:
Shares Issued 12,111 33,156 12
Shares Issued as Reinvestment of Distributions 1,035 762 --
Shares Redeemed (4,422) (4,096) --
--------------- ----------- -----------
Net Increase in Retail Class Shares 8,724 29,822 12
--------------- ----------- -----------
Net Increase in Share Transactions 16,621 49,674 1,455
=============== =========== ===========
* Fund Date of Inception is March 31, 2015.
Amounts designated as "--" are either not applicable, $0 or have been rounded
to $0.
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
25
Financial Highlights
For a Share Outstanding Throughout Each Period
For the Six Month Period Ended March 31, 2015 (Unaudited)
and Year or Period Ended September 30,
--------------------------------------------------------------------------------
Net Asset Net Realized and Dividends
Value, Investment Unrealized Total from from Net Distributions Distributions
Beginning of Income Gains (Losses) Investment Investment from Net from Return
Period (Loss) (1) on Investments Operations Income Realized Gains of Capital
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Large Growth Fund
Institutional Class Shares
2015(5) $ 18.34 $ 0.07 $ 0.61 $ 0.68 $ -- $(0.51) $ --
2014 16.28 0.02 2.21 2.23 (0.04) (0.13) --
2013 13.27 0.05 3.04 3.09 (0.02) (0.06) --
2012 10.09 0.01 3.17 3.18 -- -- --
2011 10.00 (0.01) 0.16(2) 0.15 -- -- (0.06)
Retail Class Shares
2015(5) $ 18.21 $ 0.05 $ 0.61 $ 0.66 $ -- $(0.51) $ --
2014 16.18 (0.03) 2.19 2.16 --(3) (0.13) --
2013 13.21 0.01 3.03 3.04 (0.01) (0.06) --
2012 10.07 (0.03) 3.17 3.14 -- -- --
2011 10.00 (0.04) 0.16(2) 0.12 -- -- (0.05)
RiverPark/Wedgewood Fund
Institutional Class Shares
2015(5) $ 18.37 $ 0.02 $ 1.04 $ 1.06 $ (0.01) $(0.82) $ --
2014 16.21 0.01 2.41 2.42 -- (0.26) --
2013 13.88 (0.01) 2.38 2.37 -- (0.04) --
2012 10.32 (0.05) 3.61 3.56 -- -- --
2011 10.00 (0.06) 0.40(2) 0.34 --(3) -- (0.02)
Retail Class Shares
2015(5) $ 18.21 $(0.01) $ 1.03 $ 1.02 $ -- $(0.82) $ --
2014 16.09 (0.03) 2.41 2.38 -- (0.26) --
2013 13.82 (0.05) 2.36 2.31 -- (0.04) --
2012 10.30 (0.08) 3.60 3.52 -- -- --
2011 10.00 (0.09) 0.40(2) 0.31 -- -- (0.01)
RiverPark Short Term High Yield Fund
Institutional Class Shares
2015(5) $ 9.94 $ 0.17 $ (0.02) $ 0.15 $ (0.18) $ -- $ --
2014 9.98 0.38 (0.04) 0.34 (0.38) -- --
2013 10.01 0.39 (0.07) 0.32 (0.35) -- --
2012 9.88 0.44 0.08 0.52 (0.39) -- --
2011 10.00 0.47 (0.15) 0.32 (0.44) -- --
Retail Class Shares
2015(5) $ 9.92 $ 0.15 $ (0.03) $ 0.12 $ (0.16) $ -- $ --
2014 9.97 0.36 (0.05) 0.31 (0.36) -- --
2013 9.99 0.37 (0.06) 0.31 (0.33) -- --
2012 9.88 0.42 0.06 0.48 (0.37) -- --
2011 10.00 0.43 (0.13) 0.30 (0.42) -- --
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
26
[RIVERPARK LOGO]
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Total
Expenses to
Average Net Ratio of Net
Net Asset Ratio of Net Assets, Excluding Investment
Total Value, Total Net Assets, Expenses to Advisor Waiver Income (Loss) to Portfolio
Distributions End of Period Return++ End of Period (000) Average Net Assets Recapture Average Net Assets Turnover Rate
------------------------------------------------------------------------------------------------------------------------------------
$ (0.51) $ 18.51 3.84% $ 20,076 1.00%(4) 0.94% 0.78% 17%
(0.17) 18.34 13.75+ 13,954 1.00(4) 0.98 0.13 33
(0.08) 16.28 23.46+ 6,299 1.00 1.06 0.32 45
-- 13.27 31.52+ 3,804 1.00 2.78 0.08 24
(0.06) 10.09 1.44+ 2,667 1.00 9.08 (0.10) 73
$ (0.51) $ 18.36 3.75% $ 52,145 1.25%(4) 1.23% 0.53% 17%
(0.13) 18.21 13.44+ 53,293 1.25 1.26 (0.14) 33
(0.07) 16.18 23.15+ 26,221 1.25 1.31 0.06 45
-- 13.21 31.18+ 15,383 1.25 1.74 (0.20) 24
(0.05) 10.07 1.19+ 231 1.25 9.76 (0.32) 73
$ (0.83) $ 18.60 5.99% $1,874,919 0.86% 0.86% 0.24% 13%
(0.26) 18.37 15.04 1,700,475 0.88 0.88 0.06 24
(0.04) 16.21 17.15 834,476 0.92(4) 0.89 (0.06) 20
-- 13.88 34.50+ 279,016 1.00 1.03 (0.40) 24
(0.02) 10.32 3.37+ 33,004 1.00 2.83 (0.59) 48
$ (0.82) $ 18.41 5.83% $ 182,845 1.17% 1.17% (0.09)% 13%
(0.26) 18.21 14.91 209,457 1.05 1.05 (0.17) 24
(0.04) 16.09 16.79 346,211 1.17(4) 1.14 (0.32) 20
-- 13.82 34.17+ 173,582 1.25 1.27 (0.64) 24
(0.01) 10.30 3.12+ 241 1.25 3.71 (0.78) 48
$ (0.18) $ 9.91 1.48% $ 682,866 0.88% 0.88% 3.43% 44%
(0.38) 9.94 3.48 680,443 0.90 0.90 3.81 195
(0.35) 9.98 3.39 587,334 0.99(4) 0.94 3.88 390
(0.39) 10.01 5.32+ 100,224 1.00 1.12 4.42 611
(0.44) 9.88 3.27+ 18,883 1.00 2.12 4.69 454
$ (0.16) $ 9.88 1.35% $ 216,305 1.18% 1.18% 3.12% 44%
(0.36) 9.92 3.02 225,058 1.18 1.18 3.62 195
(0.33) 9.97 3.14 285,742 1.25(4) 1.21 3.75 390
(0.37) 9.99 4.88+ 97,701 1.25 1.32 4.23 611
(0.42) 9.88 3.06+ 6,083 1.25 2.18 4.28 454
+ Total return would have been lower had certain fees not been waived and/or
expenses assumed by Adviser during the period.
++ Returns shown do not reflect the deduction of taxes that a shareholder
would pay on Fund distributions or upon the redemption of Fund shares.
(1) Per share data was calculated using average shares for the period.
(2) Realized and unrealized gains and losses per share in this caption are
balancing amounts necessary to reconcile the change in net asset value per
share for the period, and may not reconcile with the aggregate gains and
losses in the Statement of Operations due to share transactions for the
period.
(3) Amount represents less than $0.01 per share.
(4) Ratio includes previously waived investment advisory fees recovered.
(5) Unless otherwise indicated, all ratios for the period have been
annualized.
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
27
Financial Highlights
For a Share Outstanding Throughout Each Period
For the Six Month Period Ended March 31, 2015 (Unaudited)
and Year or Period Ended September 30,
------------------------------------------------------------------------------------------------------------------------------------
Realized and
Net Asset Net Unrealized Dividends
Value, Investment Gains Total from from Net Distributions
Beginning of Income (Losses) on Investment Investment from Net Total
Period (Loss)(6) Investments Operations Income Realized Gains Distributions
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Long/Short Opportunity Fund
Institutional Class Shares
2015(5) $ 10.51 $(0.05) $ 0.11 $ 0.06 $ -- $ -- $ --
2014 10.10 (0.21) 0.62 0.41 -- -- --
2013 10.14 (0.22) 0.27 0.05 -- (0.09) (0.09)
2012(1) 10.00 (0.13) 0.27 0.14 -- -- --
Retail Class Shares
2015(5) $ 10.46 $(0.06) $ 0.11 $ 0.05 $ -- $ -- $ --
2014 10.08 (0.22) 0.60 0.38 -- -- --
2013 10.13 (0.23) 0.27 0.04 -- (0.09) (0.09)
2012(1) 10.04 (0.13) 0.22 0.09 -- -- --
RiverPark/Gargoyle Hedged Value Fund
Institutional Class Shares
2015(5) $ 14.21 $ 0.07 $ 0.12 $ 0.19 $ (0.05) $ (0.56) $ (0.61)
2014 12.47 0.07 1.83 1.90 (0.06) (0.10) (0.16)
2013 9.97 0.10 2.69 2.79 (0.08) (0.21) (0.29)
2012(2) 10.00 0.05 (0.08)(7) (0.03) -- -- --
Retail Class Shares
2015(5) $ 14.16 $ 0.05 $ 0.12 $ 0.17 $ (0.01) $ (0.56) $ (0.57)
2014 12.44 0.03 1.83 1.86 (0.04) (0.10) (0.14)
2013 9.96 0.06 2.70 2.76 (0.07) (0.21) (0.28)
2012(2) 9.83 0.05 0.08 0.13 -- -- --
RiverPark Structural Alpha Fund
Institutional Class Shares
2015(5) $ 10.50 $(0.10) $ 0.28 $ 0.18 $ -- $ (0.41) $ (0.41)
2014 10.12 (0.18) 0.73 0.55 -- (0.17) (0.17)
2013(3) 10.00 (0.05) 0.17 0.12 -- -- --
Retail Class Shares
2015(5) $ 10.47 $(0.11) $ 0.27 $ 0.16 $ -- $ (0.41) $ (0.41)
2014 10.12 (0.20) 0.72 0.52 -- (0.17) (0.17)
2013(3) 10.00 (0.05) 0.17 0.12 -- -- --
RiverPark Strategic Income Fund
Institutional Class Shares
2015(5) $ 10.26 $ 0.29 $ (0.18) $ 0.11 $ (0.32) $ (0.01) $ (0.33)
2014(4) 10.00 0.59 0.12(7) 0.71 (0.45) --(14) (0.45)
Retail Class Shares
2015(5) $ 10.26 $ 0.27 $ (0.18) $ 0.09 $ (0.30) $ (0.01) $ (0.31)
2014(4) 10.00 0.55 0.14(7) 0.69 (0.43) --(14) (0.43)
+ Total return would have been lower had certain fees not been waived and/or
expenses assumed by Adviser during the period.
++ Returns shown do not reflect the deduction of taxes that a shareholder
would pay on Fund distributions or upon the redemption of Fund shares.
(1) Institutional Class shares commenced operations on March 30, 2012 and
Retail Class Shares commenced operations on April 3, 2012. All ratios for
the period have been annualized, except for the Total Return and Portfolio
Turnover Rate.
(2) Institutional Class shares commenced operations on April 30, 2012 and
Retail Class Shares commenced operations on May 4, 2012. All ratios for the
period have been annualized, except for the Total Return and Portfolio
Turnover Rate.
(3) Commenced operations on June 28, 2013. All ratios for the period have
been annualized, except for the Total Return and Portfolio Turnover
Rate.
(4) Commenced operations on September 30, 2013. All ratios for the period
have been annualized, except for the Total Return and Portfolio
Turnover Rate.
(5) Unless otherwise indicated, all ratios for the period have been
annualized.
(6) Per Share data was calculated using average shares for the period.
(7) Realized and unrealized gains and losses per share in this caption are
balancing amounts necessary to reconcile the change in net asset value per
share for the period, and may not reconcile with the aggregate gains and
losses in the Statement of Operations due to share transactions for the
period.
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
28
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Net Expenses Ratio of Total Expenses
to Average Net Assets, to Average Net Assets, Ratio of Net
Net Assets, Including Dividend Including Dividend Investment Income
Net Asset Value, Total End of Expense and Stock Expense and Stock Loan (Loss) to Portfolio
End of Period Return++ Period (000) Loan Fee Fee Average Net Assets Turnover Rate
------------------------------------------------------------------------------------------------------------------------------------
$ 10.57 0.57%+ $ 98,166 2.88%(11) 2.89% (1.00)% 21%
10.51 4.06 107,276 3.22(10)(12) 3.16 (1.99) 59
10.10 0.55+ 26,686 3.46(9) 3.60 (2.22) 56
10.14 1.40+ 19,994 3.49(8) 4.12 (2.61) 20
$ 10.51 0.48%+ $ 13,733 3.02%(11) 3.04% (1.16)% 21%
10.46 3.77 16,194 3.37(10)(12) 3.29 (2.03) 59
10.08 0.45+ 72,410 3.61(9) 3.71 (2.32) 56
10.13 0.90+ 4,302 3.68(8) 4.18 (2.78) 20
$ 13.79 1.60% $ 57,826 1.25%(12) 1.15% 0.99% 39%
14.21 15.32 44,955 1.25(12) 1.17 0.48 42
12.47 28.54+ 20,123 1.25 1.52 0.92 66
9.97 (0.30)+ 16,899 1.25 1.94 1.28 29
$ 13.76 1.46% $ 14,413 1.50%(12) 1.48% 0.69% 39%
14.16 15.03 22,802 1.50(12) 1.52 0.23 42
12.44 28.42+ 8,533 1.50 1.67 0.54 66
9.96 1.32+ 402 1.50 1.99 1.35 29
$ 10.27 1.85%+ $ 8,828 1.75% 1.98% (1.93)% 0%(13)
10.50 5.46+ 8,003 1.75 2.22 (1.72) 0(13)
10.12 1.20+ 8,118 1.75 2.99 (1.73) 0
$ 10.22 1.66%+ $ 2,062 2.00% 2.33% (2.23)% 0%(13)
10.47 5.16+ 826 2.00 2.56 (1.97) 0(13)
10.12 1.20+ 885 2.00 3.32 (1.98) 0
$ 10.04 1.07% $ 280,746 0.91% 0.91% 5.70% 27%
10.26 7.16 205,825 0.91 0.91 5.67 61
$ 10.04 0.95% $ 387,130 1.19% 1.19% 5.42% 27%
10.26 6.93 306,131 1.24 1.24 5.29 61
(8) Dividend expense and stock loan fee totaled 1.64% of average net assets
for the year ended September 30, 2012. Had these expenses not been included
the ratios would have been 1.85% and 2.00%, respectively.
(9) Dividend expense and stock loan fee totaled 1.61% of average net assets
for the year ended September 30, 2013. Had these expenses not been included
the ratios would have been 1.85% and 2.00%, respectively.
(10) Dividend expense and stock loan fee totaled 1.37% of average net assets
for the year ended September 30, 2014. Had these expenses not been included
the ratios would have been 1.85% and 2.00%, respectively.
(11) Dividend expense and stock loan fee totaled 1.03% of average net assets
for the period ended March 31, 2015. Had these expenses not been included
the ratios would have been 1.85% and 2.00%, respectively.
(12) Ratios include previously waived investment advisory fees recovered.
(13) Note that the ratio is zero due to not having any long-term securities.
(14) Amount represents less than $0.01 per share.
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
29
Notes to Financial Statements
March 31, 2015 (Unaudited)
--------------------------------------------------------------------------------
1. Organization
RiverPark Funds Trust (the "Trust"), was formed on June 22, 2010 as an open-end
registered management investment company under the Investment Act of 1940. As
of March 31, 2015, the Trust was comprised of eight funds: the RiverPark Large
Growth Fund, RiverPark/Wedgewood Fund, RiverPark Short Term High Yield Fund,
RiverPark Long/Short Opportunity Fund, RiverPark/Gargoyle Hedged Value Fund,
RiverPark Structural Alpha Fund, RiverPark Strategic Income Fund and the
RiverPark Focused Value Fund (each a "Fund" and collectively the "Funds"). The
investment objective of the RiverPark Large Growth Fund, RiverPark/Wedgewood
Fund and RiverPark Focused Value Fund is to seek long term capital
appreciation. The investment objective of the RiverPark Short Term High Yield
Fund and RiverPark Strategic Income Fund is to seek high current income and
capital appreciation consistent with the preservation of capital. The
investment objective of the RiverPark Long/Short Opportunity Fund is to seek
long-term capital appreciation while managing downside volatility. The
investment objective of the RiverPark/Gargoyle Hedged Value Fund is to seek
long-term capital appreciation while exposing investors to less volatility than
in a stand-alone stock portfolio. The investment objective of the RiverPark
Structural Alpha Fund is to seek long-term capital appreciation while exposing
investors to less risk than broad stock market indices. Each of the Funds is
diversified with the exception of the RiverPark/Wedgewood Fund and RiverPark
Focused Value Fund which are non-diversified. Each Fund is registered to offer
Institutional Class Shares and Retail Class Shares. Each of the Funds, except
the RiverPark Short Term High Yield Fund, has registered Class C Shares but
they are not intended to be offered at this time. Each class differs as to
ongoing fees. The RiverPark Focused Value Fund's date of inception is March 31,
2015. As of March 31, 2015, there has been no investment activity in the
RiverPark Focused Value Fund. The RiverPark Short Term High Yield Fund was
closed to new investors on June 21, 2013.
2. Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the
Trust in preparation of its financial statements. These policies are in
conformity with accounting principles generally accepted in the United States
of America ("GAAP"). The preparation of the financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported
amounts of increases and decreases in net assets from operations during the
reporting period. Actual results could differ from those estimates.
Valuation of Investments -- Securities listed on a national securities exchange
or traded on the NASDAQ system are valued on their last sale price. Portfolio
securities traded on NASDAQ will be valued at the NASDAQ Official Closing Price
on each business day for the New York Stock Exchange ("NYSE"). If there is no
such reported sale on an exchange or NASDAQ, the portfolio security will be
valued at the mean between the most recent quoted bid and asked price. Price
information on listed securities is taken from the exchange where the security
is primarily traded. Other equity securities and debt securities for which
market quotations are readily available are valued at the mean between their
bid and asked price, except that debt securities maturing within 60 days are
valued on an amortized cost basis. Debt securities are valued according to the
broadest and most representative market, which will ordinarily be
over-the-counter. Debt securities may be valued based on prices provided by a
pricing service when such prices are believed to reflect the fair value of such
securities. Securities for which market quotations are not readily available
are valued at fair value as determined in good faith through consideration of
other factors in accordance with procedures adopted by, and under the general
supervision of, the Board of Trustees ("the Board").
--------------------------------------------------------------------------------
30
RIVERPARK
FUNDS
--------------------------------------------------------------------------------
To the extent that a Fund invests in non-U.S. dollar denominated securities,
the value of all assets and liabilities not denominated in United States
dollars will be translated into United States dollars on the valuation date.
Trading in securities on European and Far Eastern securities exchanges and
over-the-counter markets is normally completed well before the close of
business on each day the NYSE is open for business (a "Business Day"). In
addition, European or Far Eastern securities trading generally or in a
particular country or countries may not take place on all Business Days in New
York. Furthermore, trading takes place in various foreign markets on days which
are not Business Days in New York and on which net asset value is not
calculated. Such calculation does not take place contemporaneously with the
determination of the prices of the majority of the portfolio securities used in
such calculation. Events affecting the values of portfolio securities that
occur between the time their prices are determined and the close of the NYSE
will not be reflected in a Fund's calculation of net assets unless the Trustees
deem that the particular event would materially affect net asset value, in
which case an adjustment will be made.
In accordance with the authoritative guidance on fair value measurement and
disclosure under GAAP, the Funds disclose the fair value of their investments
in a hierarchy that prioritizes the inputs to valuation techniques used to
measure the fair value. The objective of a fair value measurement is to
determine the price that would be received to sell an asset or paid to transfer
a liability in an orderly transaction between market participants at the
measurement date (an exit price). Accordingly, the fair value hierarchy gives
the highest priority to quoted prices (unadjusted) in active markets for
identical assets or liabilities (Level 1) and the lowest priority to
unobservable inputs (Level 3).
The three levels of the fair value hierarchy are described below:
o Level 1 -- Unadjusted quoted prices in active markets for identical,
unrestricted assets or liabilities that the Funds have the ability to
access at the measurement date;
o Level 2 -- Other significant observable inputs (includes quoted prices for
similar securities, interest rates, prepayment speeds, credit risk,
referenced indices, quoted prices in inactive markets, adjusted quoted
prices in active markets, etc.); and
o Level 3 -- Prices, inputs or exotic modeling techniques which are both
significant to the fair value measurement and unobservable (supported by
little or no market activity).
Investments are classified within the level of the lowest significant input
considered in determining fair value. Investments classified within Level 3
whose fair value measurement considers several inputs may include Level 1 or
Level 2 inputs as components of the overall fair value measurement.
For details of the investment classification, refer to the Schedules of
Investments, Schedule of Securities Sold Short, Schedules of Open Options
Purchased and Schedules of Open Options Written.
For the six month period ended March 31, 2015, there were no transfers between
Level 1 and Level 2 assets and liabilities or between Level 2 and Level 3
assets and liabilities. It is the Funds' policy to recognize transfers into and
out of Levels at the end of the reporting period.
For the six month period ended March 31, 2015, there were no significant
changes to the Funds' fair value methodologies.
--------------------------------------------------------------------------------
31
Notes to Financial Statements
March 31, 2015 (Unaudited)
--------------------------------------------------------------------------------
2. Summary of Significant Accounting Policies (continued)
Securities Sold Short -- As consistent with the RiverPark Long/Short
Opportunity Fund's investment objectives, the Fund intends to sell securities
short so long as, as a result of that sale, the current value of securities
sold short by the Fund would not exceed 50% of the value of its gross assets
(including the amounts borrowed) and 100% of the value of its net assets. A
short sale is the sale by a fund of a security which it does not own in
anticipation of purchasing the same security in the future. To complete such a
transaction, the Fund must borrow the security to make delivery to the buyer.
The Fund is then obligated to replace the security borrowed by purchasing the
security at the market price at the time of the replacement. The price at such
time may be more or less than the price at which the security was sold by the
Fund. Until the security is replaced, the Fund is required to pay the lender
amounts equal to any dividends that accrue during the period of the loan.
Dividends are shown as an expense for financial reporting purposes. To borrow
the security, the Fund also may be required to pay a fee, which is shown as an
expense for financial reporting purposes. The proceeds of the short sale are
retained by the broker, to the extent necessary to meet margin requirements,
until the short position is closed out. A realized gain, limited to the price
at which the Fund sold the security short, or a realized loss, unlimited in
size, will be recognized upon the close of a short sale.
Until the Fund closes its short position or replaces the borrowed security, the
Fund will maintain a segregated account with its custodian containing
marginable securities. The Fund may be required to add to the segregated
account as the market price of a shorted security increases. As a result of
maintaining and adding to its segregated account, the Fund may maintain higher
levels of marginable assets (for example, long equity positions) for collateral
needs thus reducing its overall managed assets available for trading purposes.
Written/Purchased Options -- Each of the Funds may purchase call and put
options on securities to seek capital growth or for hedging purposes. Each Fund
may also write and sell covered call and put options and purchase and write
options on stock indices (such as the S&P 500 Index) listed on domestic or
foreign securities exchanges or traded in the over-the-counter market for
hedging purposes. Additionally, RiverPark Long/Short Opportunity Fund,
RiverPark/Gargoyle Hedged Value Fund and RiverPark Structural Alpha Fund may
sell uncovered call options on securities and stock indices.
The RiverPark Long/Short Opportunity Fund, RiverPark/Gargoyle Hedged Value
Fund, RiverPark Structural Alpha Fund and RiverPark Strategic Income Fund may
invest up to 50% of the value of their assets, represented by premiums paid, to
purchase call and put options on securities and securities indices. The Funds
may write covered call and put options on securities and securities indices, so
long as the aggregate nominal value does not exceed 200% of the value of its
assets. The RiverPark Structural Alpha Fund may purchase or sell options or
option spreads, so long as the aggregate net notional value does not exceed
125%, and the gross notional value does not exceed 250% of the value of its
assets.
An option on a security provides the purchaser, or "holder," with the right,
but not the obligation, to purchase, in the case of a "call" option, or sell,
in the case of a "put" option, the security or securities underlying the
option, for a fixed exercise price up to a stated expiration date. The holder
pays a nonrefundable purchase price for the option, known as the "premium." The
maximum amount of risk the purchaser of the option assumes is equal to the
premium plus related transaction costs, although the entire amount may be lost.
The risk of the seller, or "writer," however, is potentially unlimited, unless
the option is "covered," which is generally accomplished through the writer's
ownership of the underlying security, in the case of a call option, or the
writer's segregation of an amount of cash or securities equal to the exercise
price, in the case of a put option. If the writer's obligation is not covered,
it is subject to the risk of the full change in value of the underlying
security from the time the option is written until exercise.
--------------------------------------------------------------------------------
32
RIVERPARK
FUNDS
--------------------------------------------------------------------------------
Purchased and written equity and index options transactions entered into during
the six month period ended March 31, 2015 are summarized as follows:
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Long/Short Opportunity Fund Purchased Options Written Options
------------------------------------------------------------------------------------------------------------------------------------
Number of Contracts Cost Number of Contracts Premiums Received
Balance at the beginning of the period. 1,210 $ 1,844,346 1,217 $ 1,476,813
Written -- -- 319 78,945
Purchased 796 121,125 -- --
Expired (700) (337,060) (146) (131,849)
Executed. (336) (138,792) (336) (55,512)
Closing buys -- -- (138) (40,608)
Sold (61) (158,995) -- --
------------------------------------------------------------------------------------------------------------------------------------
Balance at the end of the period 909 $ 1,330,624 916 $ 1,327,789
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
RiverPark/Gargoyle Hedged Value Fund Purchased Options Written Options
------------------------------------------------------------------------------------------------------------------------------------
Number of Contracts Cost Number of Contracts Premiums Received
------------------------------------------------------------------------------------------------------------------------------------
Balance at the beginning of the period -- $ -- 664 $ 1,153,440
Written -- -- 3,329 8,136,800
Purchased -- -- -- --
Expired -- -- (60) (138,568)
Closing buys -- -- (3,509) (8,128,000)
------------------------------------------------------------------------------------------------------------------------------------
Balance at the end of the period -- $ -- 424 $ 1,023,672
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Structural Alpha Fund Purchased Options Written Options
------------------------------------------------------------------------------------------------------------------------------------
Number of Contracts Cost Number of Contracts Premiums Received
------------------------------------------------------------------------------------------------------------------------------------
Balance at the beginning of the period 172 $ 658,513 265 $ 512,598
Written -- -- 376 627,791
Purchased 242 501,765 -- --
Expired (109) (10,210) (220) (395,677)
Executed. (90) (26,261) (90) (9,308)
Closing buys -- -- (226) (249,826)
Sold (169) (564,370) -- --
------------------------------------------------------------------------------------------------------------------------------------
Balance at the end of the period 46 $ 559,437 105 $ 485,578
------------------------------------------------------------------------------------------------------------------------------------
Purchased and written options held as of March 31, 2015 are disclosed
separately on the Statements of Assets and Liabilities. The realized and
unrealized gain (loss) from options purchased and written options are disclosed
separately on the Statements of Operations.
All written options and purchased options have equity risk exposure.
Additionally, all written options and purchased options held as of March 31,
2015 are exchange-traded and therefore no right of offset exists.
Swap Agreements -- The Funds may invest in equity-linked securities, including,
but not limited to, participation notes, certificates, and equity swaps.
Equity-linked securities are privately issued securities whose investment
results are designed to correspond generally to the performance of a specified
stock index or "basket" of stocks, or a single stock. To the extent that the
Funds invest in equity-linked securities whose return corresponds to the
performance of a foreign security index or one or more foreign stocks,
investing in equity-linked securities will involve risks similar to the risks
of investing in foreign securities and subject to each Fund's restrictions on
investments in foreign securities.
--------------------------------------------------------------------------------
33
Notes to Financial Statements
March 31, 2015 (Unaudited)
--------------------------------------------------------------------------------
2. Summary of Significant Accounting Policies (continued)
Equity swaps allow the parties to a swap agreement to exchange the dividend
income or other components of return on an equity investment (for example, a
group of equity securities or an index) for a component of return on another
non-equity or equity investment. An equity swap may be used by a Fund to invest
in a market without owning or taking physical custody of securities in
circumstances in which direct investment may be restricted for legal reasons or
is otherwise deemed impractical or disadvantageous. Equity swaps may also be
used for hedging purposes or to seek to increase total return. A Fund's ability
to enter into certain swap transactions may be limited by tax considerations.
The counterparty to an equity swap contract will typically be a bank,
investment banking firm or broker/dealer.
Equity swap contracts may be structured in different ways. For example, a
counterparty may agree to pay the Fund the amount, if any, by which the
notional amount of the equity swap contract would have increased in value had
it been invested in particular stocks (or an index of stocks), plus the
dividends that would have been received on those stocks. In these cases, the
Fund may agree to pay to the counterparty a floating rate of interest on the
notional amount of the equity swap contract plus the amount, if any, by which
that notional amount would have decreased in value had it been invested in such
stocks. Therefore, the return to the Fund on the equity swap contract should be
the gain or loss on the notional amount plus dividends on the stocks less the
interest paid by the Fund on the notional amount. In other cases, the
counterparty and the Fund may each agree to pay the other the difference
between the relative investment performances that would have been achieved if
the notional amount of the equity swap contract had been invested in different
stocks (or indices of stocks). A Fund will generally enter into equity swaps on
a net basis, which means that the two payment streams are netted out, with the
Fund receiving or paying, as the case may be, only the net amount of the two
payments. Payments may be made at the conclusion of an equity swap contract or
periodically during its term.
Equity swaps are derivatives and their value can be very volatile. Equity swaps
normally do not involve the delivery of securities or other underlying assets.
Accordingly, the risk of loss with respect to equity swaps is normally limited
to the net amount of payments that a Fund is contractually obligated to make.
If the counterparty to an equity swap defaults, a Fund's risk of loss consists
of the net amount of payments that such Fund is contractually entitled to
receive. Because some swap agreements have a leverage component, adverse
changes in the value or level of the underlying asset, reference rate, or index
can result in a loss substantially greater than the cost of the underlying
asset without the use of leverage. In addition, the value of some components of
an equity swap (such as the dividends on a common stock) may also be sensitive
to changes in interest rates. To the extent that the Adviser does not
accurately analyze and predict the potential relative fluctuation of the
components swapped with another party, a Fund may suffer a loss. Because equity
swaps are normally illiquid, a Fund may be unable to terminate its obligations
when desired. When entering into swap contracts, a Fund must "set aside" liquid
assets, or engage in other appropriate measures to "cover" its obligation under
the swap contract.
All swaps held by the RiverPark Long/Short Opportunity Fund during the six
month period ended March 31, 2015 had equity risk exposure.
Swaps are marked-to-market daily and are valued at the unrealized appreciation
or depreciation on the instrument based upon quotations from market makers and
the resulting changes in market values, if any, are recorded as an unrealized
gain or loss in the Statements of Operations. Net payments of interest are
recorded as realized gains or losses. The total return swaps reset monthly, as
such there was $0 unrealized appreciation (depreciation) as of March 31, 2015.
The total return swaps that the RiverPark Long/Short Opportunity Fund transacts
in are subject to a netting arrangement.
--------------------------------------------------------------------------------
34
RIVERPARK
FUNDS
--------------------------------------------------------------------------------
During the six month period ended March 31, 2015, the RiverPark Long/Short
Opportunity Fund purchased 33,536 swap contracts and closed 32,406 swap
contracts for a realized gain of $556,163 with 192,498 swap contracts
outstanding. This turnover is inclusive of monthly swap resets, swap
expirations and swap transactions with the counterparty. The open swap
contracts are collateralized by $1,000,000 in cash.
Futures and Options on Futures on Stock Indices -- The RiverPark Structural
Alpha Fund intends to use futures and may use options on futures. The use of
futures involves the risk that the futures contract may temporarily not
correlate with the underlying index on which it is based. Additionally, futures
contracts are leveraged vehicles where limited amounts of capital can expose
the Fund to significant exposure to changes in the underlying index. Options on
futures involve the risks associated with futures as well as the risks
associated with using index options. When options are purchased
over-the-counter, the Fund will bear the risk that the counterparty that wrote
the option will be unable or unwilling to perform its obligations under the
option contract. Such options may also be illiquid, and in such cases, the Fund
may have difficulty closing out its positions. The options contracts are fully
collateralized by securities pledged and $1,937,259 in cash.
Futures contracts are valued at the unrealized appreciation (depreciation) on
the instrument. Such unrealized is included as a component of the net assets on
the Statement of Assets and Liabilities. Variation margin payments are paid or
received, depending upon whether unrealized gains or losses are incurred. As of
March 31, 2015, the RiverPark Structural Alpha Fund has open futures contracts
and during the six month period ended, all futures contracts held had equity
risk exposure. For the six month period ended March 31, 2015, the total amount
of all open futures contracts, as presented in the Schedule of Investments, are
representative of the volume of activity during the period. The realized and
unrealized gain (loss) from futures contracts are disclosed separately on the
Statements of Operations. Additionally, all futures contracts held are
exchange-traded and therefore no right of offset exists. In addition to
collateral noted on the Schedule of Investments, the futures contracts are also
collateralized by $658,939 in cash.
Master Limited Partnerships -- The Funds may invest in master limited
partnerships ("MLPs"). MLPs are limited partnerships or limited liability
companies, whose partnership units or limited liability interests are listed
and traded on a U.S. securities exchange, and are treated as publicly traded
partnerships for federal income tax purposes. To qualify to be treated as a
partnership for tax purposes, an MLP must receive at least 90% of its income
from qualifying sources as set forth in Section 7704(d) of the Internal Revenue
Code of 1986, as amended (the "Code"). These qualifying sources include
activities such as the exploration, development, mining, production,
processing, refining, transportation, storage and marketing of mineral or
natural resources. MLPs generally have two classes of owners, the general
partner and limited partners. MLPs that are formed as limited liability
companies generally have two analogous classes of owners, the managing member
and the members. For purposes of this section, references to general partners
also apply to managing members and references to limited partners also apply to
members. The general partner is typically owned by a major energy company, an
investment fund, the direct management of the MLP or is an entity owned by one
or more of such parties. The general partner may be structured as a private or
publicly traded corporation or other entity. The general partner typically
controls the operations and management of the MLP through an equity interest of
as much as 2% in the MLP plus, in many cases, ownership of common units and
subordinated units. Limited partners own the remainder of the MLP through
ownership of common units and have a limited role in the MLP's operations and
management.
An investment in MLP units involves certain risks which differ from an
investment in the securities of a corporation. Holders of MLP units have
limited control and voting rights on matters affecting the partnership. In
addition, there are certain tax risks associated with an investment in MLP
units and conflicts of interest exist between common unit holders and the
general partner, including those arising from incentive distribution
--------------------------------------------------------------------------------
35
Notes to Financial Statements
March 31, 2015 (Unaudited)
--------------------------------------------------------------------------------
2. Summary of Significant Accounting Policies (continued)
payments. As a partnership, an MLP has no tax liability at the entity level.
If, as a result of a change in current law or a change in an MLP's business, an
MLP were treated as a corporation for federal income tax purposes, such MLP
would be obligated to pay federal income tax on its income at the corporate tax
rate. If an MLP were classified as a corporation for federal income tax
purposes, the amount of cash available for distribution by the MLP would be
reduced and distributions received by investors would be taxed under federal
income tax laws applicable to corporate dividends (as dividend income, return
of capital, or capital gain). Therefore, treatment of an MLP as a corporation
for federal income tax purposes would result in a reduction in the after-tax
return to investors, likely causing a reduction in the value of the Funds'
shares.
Investment Transactions -- Security transactions are accounted for on the trade
date, the date the order to buy or sell is executed. Costs used in determining
realized gains and losses on the sales of investment securities are those of
the specific securities sold. Discounts or premiums are accreted or amortized
to interest income using the effective interest method. Interest income is
recognized on the accrual basis from settlement date. Dividend income and
expenses and other distributions are recorded on the ex-dividend date, except
certain dividends and distributions from foreign securities which are recorded
as soon as a Fund is informed after the ex-dividend date. Withholding taxes on
foreign dividends have been provided for in accordance with the Funds'
understanding of the applicable country's tax rules and rates. The ability of
issuers of debt securities held by the Funds to meet their obligations may be
affected by economic and political developments in a specific country or
region.
Defaulted Investments -- Debt obligations may be placed on non-accrual status
and related interest income may be reduced by ceasing current accruals and
writing off interest receivable when the collection of all or a portion of
interest has become doubtful based on consistently applied procedures. A debt
obligation is removed from non-accrual status when the issuer resumes interest
payments or when collectability of interest is reasonably assured.
Expenses -- Expenses of the Trust that can be directly attributed to a
particular Fund are borne by that Fund. Expenses which cannot be directly
attributed to a Fund are apportioned among the Funds of the Trust based on the
number of Funds and/or relative net assets.
Classes -- Class specific expenses are borne by that class of shares. Income,
realized and unrealized gains and losses and non-class specific expenses are
allocated to the respective class on the basis of relative daily net assets.
Foreign Currency Translation -- The books and records of the Funds are
maintained in U.S. dollars. Investment securities and other assets and
liabilities denominated in a foreign currency are translated into U.S. dollars
on the date of valuation. The Fund's do not isolate that portion of realized or
unrealized gains and losses resulting from changes in the foreign exchange rate
from fluctuations arising from changes in the market prices of the securities.
These gains and losses are included in net realized and unrealized gains and
losses on investments on the Statements of Operations. Net realized and
unrealized gains and losses on foreign currency transactions represent net
foreign exchange gains or losses from foreign currency exchange contracts,
disposition of foreign currencies, currency gains or losses realized between
trade and settlement dates on securities transactions and the difference
between the amount of the investment income and foreign withholding taxes
recorded on the Fund's books and the U.S. dollar equivalent amounts actually
received or paid.
--------------------------------------------------------------------------------
36
RIVERPARK
FUNDS
--------------------------------------------------------------------------------
Forward Foreign Currency Exchange Contracts -- Each Fund may, but is not
obligated to, enter into forward foreign currency exchange contracts ("forward
contracts") in order to protect against uncertainty in the level of future
foreign exchange rates in the purchases and sale of securities. A forward
contract generally has no deposit requirement, and no commissions are charged
at any stage for trades. Although foreign exchange dealers do not charge a fee
for commissions, they do realize a profit based on the difference between the
price at which they are buying and selling various currencies. Although forward
contracts are intended to minimize currency risk -- the risk of loss due to a
decline in the value of the hedged currencies -- at the same time, they tend to
limit any potential gain which might result should the value of such currencies
increase. As of March 31, 2015, the RiverPark Strategic Income Fund held a
forward contract. It is the Funds' policy to present the gross unrealized
appreciation and gross unrealized depreciation of the forward contracts
separately on the Statements of Assets and Liabilities as the Funds do not have
a master netting agreement with the counterparty to the forward contracts. In
accordance with this policy, unrealized appreciation and depreciation as of
March 31, 2015 are presented in unrealized appreciation or unrealized
depreciation on forward foreign currency contracts on the Statements of Assets
and Liabilities. Realized and unrealized gains (losses) on forward contracts
are disclosed separately on the Statements of Operations. For the six month
period ended March 31, 2015, the total amount of open forward foreign currency
contracts, as presented in the Schedules of Investments, are representative of
the volume of activity for this derivative type during the period.
All forward foreign currency contracts held by the RiverPark Strategic Income
Fund during the six month period ended March 31, 2015 had currency risk
exposure.
Dividends and Distributions to Shareholders -- Dividends from net investment
income are declared and paid to shareholders annually for the RiverPark Large
Growth Fund, RiverPark/Wedgewood Fund, RiverPark Long/Short Opportunity Fund,
RiverPark/Gargoyle Hedged Value Fund, RiverPark Structural Alpha Fund and
RiverPark Focused Value Fund and declared and paid monthly for the RiverPark
Short Term High Yield Fund and RiverPark Strategic Income Fund. Dividends and
distributions are recorded on the ex-dividend date. Any net realized capital
gains will be distributed at least annually by the Funds.
Income Taxes -- Each Fund intends to qualify or continue to qualify as a
"regulated investment company" under Sub-chapter M of the Internal Revenue Code
of 1986, as amended. If so qualified, each Fund will not be subject to federal
income tax to the extent it distributes substantially all of its net investment
income and net capital gains to its shareholders.
The Funds evaluate tax positions taken or expected to be taken in the course of
preparing the Funds' tax returns to determine whether it is "more-likely-than
not" (i.e., greater than 50-percent) that each tax position will be sustained
upon examination by a taxing authority based on the technical merits of the
position. Tax positions not deemed to meet the more-likely-than-not threshold
are recorded as a tax benefit or expense in the current year. The Funds did not
record any tax provision in the current period. However, management's
conclusions regarding tax positions taken may be subject to review and
adjustment at a later date based on factors including, but not limited to,
examination by tax authorities (i.e., the last 3 tax year ends, as applicable),
on-going analysis of, and changes to, tax laws, regulations and interpretations
thereof.
As of and during the six month period ended March 31, 2015, the Funds did not
have a tax liability for any unrecognized tax benefits. The Funds recognize
interest and penalties, if any, related to unrecognized tax benefits as income
tax expense in the Statements of Operations. During the period, the Funds did
not incur any significant interest or penalties.
--------------------------------------------------------------------------------
37
Notes to Financial Statements
March 31, 2015 (Unaudited)
--------------------------------------------------------------------------------
3. Agreements
Investment Advisory Agreement -- RiverPark Advisors, LLC ("RiverPark") serves
as the Funds' investment adviser (the "Adviser"). For the services it provides
to the Funds, the Adviser receives a fee, which is calculated daily and paid
monthly at the following annual rate: 0.65% for the RiverPark Large Growth
Fund, the RiverPark/Wedgewood Fund, the RiverPark Short Term High Yield Fund,
the RiverPark Strategic Income Fund and the RiverPark Focused Value Fund, 1.50%
for the RiverPark Long/Short Opportunity Fund, 0.90% for the RiverPark/Gargoyle
Hedged Value Fund and 1.40% for the RiverPark Structural Alpha Fund.
The Adviser has agreed contractually to waive its fees and to absorb expenses
of each Fund through January 31, 2016 to the extent necessary to ensure that
ordinary operating expenses of each class (excluding interest, brokerage
commissions, dividends on short sales and interest expense on securities sold
short, acquired fund fees and expenses and extraordinary expenses) do not
exceed, on an annual basis, 1.00% for the Institutional Class Shares and 1.25%
for the Retail Class Shares of the Fund's average net assets for the RiverPark
Large Growth Fund, the RiverPark/Wedgewood Fund, the RiverPark Short Term High
Yield Fund, the RiverPark Strategic Income Fund and the RiverPark Focused Value
Fund, 1.85% for the Institutional Class Shares and 2.00% for the Retail Class
Shares of the Fund's average net assets for the RiverPark Long/ Short
Opportunity Fund, 1.25% for the Institutional Class Shares and 1.50% for the
Retail Class Shares of the Fund's average net assets for the RiverPark/Gargoyle
Hedged Value Fund and 1.75% for the Institutional Class Shares and 2.00% for
the Retail Class Shares of the Fund's average net assets for the RiverPark
Structural Alpha Fund. The Funds have each agreed to repay the Adviser in the
amount of any fees waived and Fund expenses absorbed, subject to the
limitations that: (1) the reimbursement is made only for fees and expenses
incurred not more than three years prior to the date of reimbursement; and (2)
the reimbursement may not be made if it would cause the expense limitation in
effect at the time the fees were waived or Fund expenses were absorbed, to be
exceeded. This arrangement will remain in effect unless and until the Board
approves its modification or termination.
The Adviser can recapture any fees it has waived within a three-year period
subject to the applicable annual rate of 1.00% for the Institutional Class
Shares and 1.25% for the Retail Class Shares for RiverPark Large Growth Fund,
RiverPark/Wedgewood Fund, RiverPark Short Term High Yield Fund, RiverPark
Strategic Income Fund and RiverPark Focused Value Fund. The Adviser can
recapture any fees it has waived within a three-year period subject to the
applicable annual rate of 1.85% for the Institutional Class Shares and 2.00%
for the Retail Class Shares for RiverPark Long/Short Opportunity Fund. The
Adviser can recapture any fees it has waived within a three-year period subject
to the applicable annual rate of 1.25% for the Institutional Class Shares and
1.50% for the Retail Class Shares for RiverPark/Gargoyle Hedged Value Fund. The
Adviser can recapture any fees it has waived within a three-year period subject
to the applicable annual rate of 1.75% for the Institutional Class Shares and
2.00% for the Retail Class Shares for RiverPark Structural Alpha Fund.
As of March 31, 2015, the Adviser may in the future seek reimbursement of
previously waived fees for the Funds as follows:
FUND EXPIRING 2015 EXPIRING 2016 EXPIRING 2017 EXPIRING 2018 TOTAL
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Large Growth Fund $ 78,316 $ 46,319 $ 5,674 $ -- $ 130,309
RiverPark Long/Short Opportunity Fund -- 15,850 163 9,461 25,474
RiverPark/Gargoyle Hedged Value Fund -- 44,673 5,819 -- 50,492
RiverPark Structural Alpha Fund -- 23,416 46,217 12,230 81,863
For the six months ended March 31, 2015, the Adviser recaptured previously
waived fees of $9,210 for the RiverPark Large Growth Fund, $3,479 for the
RiverPark Long/Short Opportunity Fund and $29,027 for the RiverPark/Gargoyle
Hedged Value Fund.
--------------------------------------------------------------------------------
38
RIVERPARK
FUNDS
--------------------------------------------------------------------------------
RiverPark provides day-to-day portfolio management services to the RiverPark
Large Growth Fund, RiverPark Long/Short Opportunity Fund, RiverPark Structural
Alpha Fund and RiverPark Focused Value Fund and oversees the day-to-day
portfolio management services provided by Wedgewood Partners, Inc.
("Wedgewood"), as sub-adviser to the RiverPark/Wedgewood Fund; Cohanzick
Management, LLC ("Cohanzick"), as sub-adviser to the RiverPark Short Term High
Yield Fund and the RiverPark Strategic Income Fund; and Gargoyle Investment
Advisor LLC ("Gargoyle"), as sub-adviser to the RiverPark/Gargoyle Hedged Value
Fund. With regard to the RiverPark Large Growth Fund, RiverPark Long/Short
Opportunity Fund, RiverPark Structural Alpha Fund and RiverPark Focused Value
Fund, the Adviser has discretion to purchase and sell securities in accordance
with these Funds' objectives, policies, and restrictions. This investment
discretion has been delegated by the Adviser to Wedgewood, Cohanzick and
Gargoyle with regard to each respective Fund to which such parties serve as
sub-adviser. The Adviser pays the sub-advisers a monthly fee based upon the net
assets managed by such sub-adviser from the management fee paid to the Adviser
pursuant to the Investment Advisory Agreement. The Funds are not responsible
for the payment of the sub-advisory fees.
In consideration for an exchange of equity between RiverPark and Wedgewood in
July 2013, RiverPark and Wedgewood are considered to be affiliates. For its
services as sub-adviser to the RiverPark/Wedgewood Fund, Wedgewood is entitled
to a fee to be paid from RiverPark's adviser fee, and such fee is calculated
daily and paid monthly at an annual rate of 0.325% of RiverPark/Wedgewood
Fund's average net assets in excess of $50,000,000.
Administrator, Custodian and Transfer Agent -- SEI Investments Global Funds
Services (the "Administrator") serves as the Funds' administrator pursuant to
an Administration Agreement under which the Administrator provides
administrative and accounting services. For these services, the Administrator
is paid an asset-based fee, which will vary depending on the number of share
classes and average daily net assets of the Funds. For the six month period
ended March 31, 2015, the Funds were charged $1,630,841 for these services.
Brown Brothers Harriman & Co. (the "Custodian") serves as the Funds' custodian
pursuant to a Custodian Agreement. DST Systems, Inc. (the Transfer Agent")
serves as the Funds' transfer agent pursuant to an Agency Agreement.
Distribution Agreement -- SEI Investments Distribution Co., a wholly-owned
subsidiary of SEI Investments Company and an affiliate of the Administrator
(the "Distributor") serves as the Funds' distributor pursuant to a Distribution
Agreement.
The Trust has adopted a shareholder services plan under which a shareholder
servicing fee may be paid at an annual rate of up to 0.25% of average daily net
assets attributable to Retail Class Shares and Institutional Class Shares of
the Funds to banks and their affiliates and other institutions, including
broker-dealers, as compensation for providing non-distribution related
shareholder services. Aggregate compensation for the Institutional Class Shares
will not exceed on an annual basis 0.15% of the average daily net assets of
such class. As of March 31, 2015, there were no shareholder servicing fees
charged to Institutional Class Shares.
The Trust has adopted an administrative services plan under which each Fund may
pay a non-distribution related administrative services fee at an annual rate of
up to 0.20% (currently set at 0.15%) and 0.15% of the average daily net assets
of the Retail Class Shares and Institutional Class Shares, respectively, to
financial institutions, retirement plans, broker-dealers, depository
institutions, institutional shareholders of record, registered investment
advisers and other financial intermediaries and various brokerage firms or
other industry recognized service providers of fund supermarkets or similar
programs who provide administrative, recordkeeping and support servicing to
their customers.
--------------------------------------------------------------------------------
39
Notes to Financial Statements
March 31, 2015 (Unaudited)
--------------------------------------------------------------------------------
3. Agreements (continued)
Other -- Certain officers and Trustees of the Trust are also officers of the
Adviser and the Administrator. Such officers are paid no fees by the Trust for
serving as officers of the Trust.
The services provided by the Chief Compliance Officer ("CCO") and his staff are
paid for by the Funds as incurred. The services include regulatory oversight of
the Trust's Adviser, sub-advisers and service providers as required by SEC
regulations.
4. Investment Transactions
The cost of security purchases and proceeds from security sales and maturities,
other than short-term investments, short sales, purchases to cover, written and
purchased options, and short-term securities for the six month period ended
March 31, 2015, were as follows:
PROCEEDS FROM SALES
FUND PURCHASES (000) AND MATURITIES (000)
--------------------------------------------------------------------------------
RiverPark Large Growth Fund $ 15,216 $ 11,193
RiverPark/Wedgewood Fund 272,608 243,985
RiverPark Short Term High Yield Fund 442,769 123,516
RiverPark Long/Short Opportunity Fund 23,819 41,377
RiverPark/Gargoyle Hedged Value Fund 30,117 28,614
RiverPark Structural Alpha Fund 882 918
RiverPark Strategic Income Fund 244,360 91,586
RiverPark Focused Value Fund -- --
There were no purchases or sales of long-term U.S. Government securities for
the six month period ended March 31, 2015.
5. Federal Tax Information
The amount and character of income and capital gain distributions to be paid,
if any, are determined in accordance with Federal income tax regulations, which
may differ from GAAP. As a result, net investment income (loss) and net
realized gain (loss) on investment transactions for a reporting period may
differ significantly from distributions during the year. The book/tax
differences may be temporary or permanent. To the extent these differences are
permanent in nature, they are charged or credited to undistributed net
investment income (loss), accumulated net realized gain (loss) or paid-in
capital as appropriate, in the period that the difference arises.
--------------------------------------------------------------------------------
40
RIVERPARK
FUNDS
--------------------------------------------------------------------------------
The tax character of dividends and distributions declared during the last two
years or periods ended September 30, 2014, was as follows (000):
Long-Term
FUND Ordinary Income Capital Gain Total
------------------------------------------------------------------------------------------------------------------
RiverPark Large Growth Fund
2014 $ 204 $ 96 $ 300
2013 69 44 113
RiverPark/Wedgewood Fund
2014 5,539 13,987 19,526
2013 1,598 -- 1,598
RiverPark Short Term High Yield Fund
2014 33,765 -- 33,765
2013 18,265 -- 18,265
RiverPark Long/Short Opportunity Fund
2013 161 86 247
RiverPark/Gargoyle Hedged Value Fund
2014 254 199 453
2013 296 227 523
RiverPark Structural Alpha Fund
2014 20 138 158
RiverPark Strategic Income Fund
2014 12,621 -- 12,621
As of September 30, 2014 the components of distributable earnings/(accumulated
losses) on a tax basis were as follows (000):
Undistributed Undistributed
Ordinary Long-Term Capital Loss Post-October
Income Capital Gain Carryforwards Losses
----------------------------------------------------------------------------------------------
RiverPark Large Growth Fund $ 858 $ 769 $ -- $ --
RiverPark/Wedgewood Fund 31,640 55,325 -- --
RiverPark Short Term High Yield Fund 38 -- -- (894)
RiverPark Long/Short Opportunity Fund -- -- (2,117) (1,404)
RiverPark/Gargoyle Hedged Value Fund 180 3,074 -- --
RiverPark Structural Alpha Fund 79 298 -- --
RiverPark Strategic Income Fund 1,548 -- -- --
Total
Distributable
Unrealized Other Earnings
Late-Year Appreciation Temporary (Accumulated
Loss Deferral (Depreciation) Differences Losses)
----------------------------------------------------------------------------------------------
RiverPark Large Growth Fund $ -- $ 9,535 $ -- $ 11,162
RiverPark/Wedgewood Fund -- 259,989 -- 346,954
RiverPark Short Term High Yield Fund -- (4,385) -- (5,241)
RiverPark Long/Short Opportunity Fund (2,084) 14,893 (1,902) 7,386
RiverPark/Gargoyle Hedged Value Fund -- 8,975 (657) 11,572
RiverPark Structural Alpha Fund -- 58 -- 435
RiverPark Strategic Income Fund -- (3,817) (10) (2,279)
Post-October losses represent losses realized on investment transactions from
November 1, 2013, through September 30, 2014, that, in accordance with Federal
income tax regulations, the Funds may elect to defer and treat as having arisen
in the following fiscal year.
Deferred late-year losses represent ordinary losses realized on investment
transactions from January 1, 2014 through September 30, 2014 and specified
losses realized on investment transactions from November 1, 2013 through
September 30, 2014. The RiverPark Long/Short Opportunity Fund elects to defer
the late-year loss and to treat it as having arisen in the following fiscal
year.
--------------------------------------------------------------------------------
41
Notes to Financial Statements
March 31, 2015 (Unaudited)
--------------------------------------------------------------------------------
5. Federal Tax Information (continued)
Under the Regulated Investment Company Modernization Act of 2010, the Funds are
permitted to carry forward capital losses incurred in taxable years beginning
after December 22, 2010 for an unlimited period. However, any losses incurred
during those future taxable years are required to be utilized prior to the
losses incurred in pre-enactment taxable years. As a result of this ordering
rule, preenactment capital loss carryforwards may be more likely to expire
unused. Additionally, post-enactment capital losses that are carried forward
will retain their character as either short-term or long-term capital losses
rather than being considered all short-term as under previous law. Capital loss
carryforwards under the new provisions are as follows (000):
FUND SHORT TERM LOSS LONG TERM LOSS TOTAL
--------------------------------------------------------------------------------
RiverPark Long/Short Opportunity Fund $ 2,117 $ -- $ 2,117
During the year ended September 30, 2014, the RiverPark Short Term High Yield
Fund utilized capital loss carryforwards to offset capital gains as follows
(000):
FUND
--------------------------------------------------------------------------------
RiverPark Short Term High Yield Fund $ 112
The federal tax cost and aggregate gross unrealized appreciation and
depreciation on investments held by the Funds, excluding securities sold short
and purchased and written options, at March 31, 2015, were as follows (000):
AGGREGATE AGGREGATE
GROSS GROSS NET UNREALIZED
FEDERAL TAX UNREALIZED UNREALIZED APPRECIATION
FUND COST APPRECIATION DEPRECIATION (DEPRECIATION)
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Large Growth Fund $ 61,577 $ 13,026 $ (2,882) $ 10,144
RiverPark/Wedgewood Fund 1,716,883 394,206 (67,871) 326,335
RiverPark Short Term High Yield Fund 951,788 1,045 (7,170) (6,125)
RiverPark Long/Short Opportunity Fund 96,198 24,606 (4,686) 19,920
RiverPark/Gargoyle Hedged Value Fund 66,501 11,536 (4,990) 6,546
RiverPark Structural Alpha Fund 7,969 -- -- --
RiverPark Strategic Income Fund 678,286 4,389 (13,818) (9,429)
RiverPark Focused Value Fund 6,022 -- -- --
6. Risks
The RiverPark Short Term High Yield Fund and RiverPark Strategic Income Fund
invest a significant portion of their assets in fixed income securities. Fixed
income securities are subject to credit risk and market risk, including
interest rate risk. Credit risk is the risk of the issuer's inability to meet
its principal and interest payment obligations. Market risk is the risk of
price volatility due to such factors as interest rate sensitivity, market
perception of the creditworthiness of the issuer and general market liquidity.
The prices of securities in general and fixed-income securities in particular
tend to be sensitive to interest rate fluctuations. Unexpected fluctuations in
interest rates can result in significant changes in the prices of fixed-income
securities.
--------------------------------------------------------------------------------
42
RIVERPARK
FUNDS
--------------------------------------------------------------------------------
The RiverPark Short Term High Yield Fund and RiverPark Strategic Income Fund
invest in fixed-income instruments which are or are deemed to be the equivalent
in terms of quality to securities rated below investment grade by Moody's
Investors Service, Inc. and Standard & Poor's Corporation and accordingly
involve greater risk. Such securities are regarded as predominantly speculative
with respect to the issuer's capacity to pay interest and repay principal in
accordance with the terms of the obligations and involve major risk to adverse
conditions. These securities offer higher returns than bonds with higher
ratings as compensation for holding an obligation of an issuer perceived to be
less creditworthy. Changes in economic conditions or developments regarding
issuers of non-investment grade debt securities are more likely to cause price
volatility and weaken the capacity of such issuers to make principal and
interest payments than is the case for higher grade debt securities. In
addition, the market for lower grade debt securities may be thinner and less
active than for higher grade debt securities.
The RiverPark Short Term High Yield Fund and RiverPark Strategic Income Fund
invest principally in high-yield securities. Such securities are generally not
exchange-traded and, as a result, these instruments trade in a smaller
secondary market than exchange-traded bonds. In addition, the Funds invest in
bonds of issuers that do not have publicly traded equity securities, making it
more difficult to hedge the risks associated with such investments. High-yield
securities that are below investment grade or unrated face ongoing
uncertainties and exposure to adverse business, financial or economic
conditions which could lead to the issuer's inability to meet timely interest
and principal payments.
The RiverPark Short Term High Yield Fund and RiverPark Strategic Income Fund
may invest in securities of companies that are experiencing significant
financial or business difficulties, including companies involved in bankruptcy
or other reorganization and liquidation proceedings. Although such investments
may result in significant returns to the Funds, they involve a substantial
degree of risk.
The RiverPark Long/Short Opportunity Fund is exposed to the risks of using
leverage and short sales. The RiverPark Long/Short Opportunity Fund may use
leverage. Leverage is the practice of borrowing money to purchase securities.
These investment practices involve special risks. Leverage can increase the
investment returns of the RiverPark Long/Short Opportunity Fund if the
securities purchased increase in value in an amount exceeding the cost of the
borrowing. However, if the securities decrease in value, the RiverPark
Long/Short Opportunity Fund will suffer a greater loss than would have resulted
without the use of leverage. A short sale is the sale by the RiverPark
Long/Short Opportunity Fund of a security which it does not own in anticipation
of purchasing the same security in the future at a lower price to close the
short position. A short sale will be successful if the price of the shorted
security decreases. However, if the underlying security goes up in price during
the period in which the short position is outstanding, the RiverPark Long/Short
Opportunity Fund will recognize a loss. The risk on a short sale is unlimited
because the RiverPark Long/Short Opportunity Fund must buy the shorted security
at the higher price to complete the transaction. Therefore, short sales may be
subject to greater risks than investments in long positions. With a long
position, the maximum sustainable loss is limited to the amount paid for the
security plus the transaction costs, whereas there is no maximum attainable
price of the shorted security.
The RiverPark Long/Short Opportunity Fund, RiverPark/Gargoyle Hedged Value Fund
and RiverPark Structural Alpha Fund are able to invest in options which expose
investors to the risks inherent in trading options. These risks include, but
are not limited to, volatile movements in the price of the underlying
instrument and misjudgments as to the future prices of the options and/or the
underlying instrument. Increased option volatility can increase both the profit
potential and the risk associated with a fund's trading. While volatility can
be monitored and reacted to, there is no cost-effective means of hedging
against market volatility.
--------------------------------------------------------------------------------
43
Notes to Financial Statements
March 31, 2015 (Unaudited)
--------------------------------------------------------------------------------
6. Risks (continued)
Selling options creates additional risks. The seller of a "naked" call option
(or the seller of a put option who has a short position in the underlying
instrument) is subject to the risk of a rise in the price in the underlying
instrument above the strike price, which risk is reduced only by the premium
received for selling the option. In exchange for the proceeds received from
selling the call option (in lieu of an outright short position), the option
seller gives up (or will not participate in) all of the potential gain
resulting from a decrease in the price of the underlying instrument below the
strike price prior to expiration of the option.
The seller of a "naked" put option (or the seller of a call option who has a
long position in the underlying instrument) is subject to the risk of a decline
in price of the underlying instrument below the strike price, which risk is
reduced only by the proceeds received from selling the option. In exchange for
the premium received for selling the put option (in lieu of an outright long
position), the option seller gives up (or will not participate in) all of the
potential gain resulting from an increase in the price of the underlying
instrument above the strike price prior to the expiration of the option. Due to
the inherent leveraged nature of options, a relatively small adverse move in
the price of the underlying instrument may result in immediate and substantial
losses to a Fund.
The RiverPark Long/Short Opportunity Fund invests in swaps. The use of swaps is
a highly specialized activity that involves investment techniques, risk
analyses and tax planning different from those associated with ordinary
portfolio securities transactions. These transactions can result in sizeable
realized and unrealized capital gains and losses relative to the gains and
losses from the Fund's direct investments in the reference assets and short
sales. Transactions in swaps can involve greater risks than if the RiverPark
Long/Short Opportunity Fund had invested directly in the reference asset
because, in addition to general market risks, swaps are also subject to
illiquidity risk, counterparty risk, credit risk and valuation risk. Because
they are two-party contracts and because they may have terms of greater than
seven days, swap transactions may be considered to be illiquid. Moreover, the
Fund bears the risk of loss of the amount expected to be received under a swap
in the event of the default or bankruptcy of the swap counterparty. Some swaps
may be complex and valued subjectively. Swaps may also be subject to pricing or
"basis" risk, which exists when a particular swap becomes extraordinarily
expensive relative to historical prices or the price of corresponding cash
market instruments. Under certain market conditions it may not be economically
feasible to initiate a transaction or liquidate a position in time to avoid a
loss or take advantage of an opportunity. The prices of swaps can be very
volatile, and a variance in the degree of volatility or in the direction of the
price of the reference asset from the expectations may produce significant
losses in the Fund's investments in swaps. In addition, a perfect correlation
between a swap and an investment position may be impossible to achieve. As a
result, the Fund's use of swaps may not be effective in fulfilling the Fund's
investment strategies and may contribute to losses that would not have been
incurred otherwise. As a registered investment company, the Fund must "set
aside" liquid assets (often referred to as "asset segregation"), or engage in
other approved measures to "cover" open positions with respect to certain kinds
of derivatives instruments. The Fund reserves the right to modify its asset
segregation policies in the future to comply with any changes in the SEC's
positions regarding asset segregation.
The RiverPark Long/Short Opportunity Fund is exposed to counterparty credit
risk through its investment in swap contracts. The RiverPark Long/Short
Opportunity Fund bears the risk of loss of the amount expected to be received
under a swap agreement in the event of default or bankruptcy of the
counterparty, or if the counterparty fails to honor its obligations. The
RiverPark Long/Short Opportunity Fund has entered into swap agreements with a
single counterparty (Goldman Sachs International), focusing its exposure to the
counterparty credit risk of that single counterparty. Further, the swap
counterparty's obligation to the RiverPark Long/Short Opportunity Fund likely
will not be collateralized. The RiverPark Long/Short Opportunity Fund settles
swap agreements at least monthly.
--------------------------------------------------------------------------------
44
RIVERPARK
FUNDS
--------------------------------------------------------------------------------
7. Other
On March 31, 2015, the Funds had the following concentrations of shareholders
holding 10% or more of the outstanding shares of the Funds. These represent
omnibus shareholder accounts comprised of one or many individual shareholders.
FUND
--------------------------------------------------------------------------------
RiverPark Large Growth Fund
Institutional Class Shares 70%
Retail Class Shares 92%
RiverPark/Wedgewood Fund
Institutional Class Shares 48%
Retail Class Shares 77%
RiverPark Short Term High Yield Fund
Institutional Class Shares 67%
Retail Class Shares 86%
RiverPark Long/Short Opportunity Fund
Institutional Class Shares 80%
Retail Class Shares 72%
RiverPark/Gargoyle Hedged Value Fund
Institutional Class Shares 37%
Retail Class Shares 76%
RiverPark Structural Alpha Fund
Institutional Class Shares 39%
Retail Class Shares 95%
RiverPark Strategic Income Fund
Institutional Class Shares 70%
Retail Class Shares 87%
RiverPark Focused Value Fund
Institutional Class Shares 80%
Retail Class Shares 100%
In the normal course of business, the Trust enters into contracts that contain
a variety of representations which provide general indemnifications. The
Trust's maximum exposure under these arrangements cannot be known; however, the
Trust expects any risk of loss to be remote.
8. Subsequent Events
The Funds have evaluated the need for additional disclosures and/or adjustments
resulting from subsequent events through the date the financial statements were
issued. On March 20, 2015, the Board of Trustees approved, subject to
shareholder approval, the proposed reorganization of the RiverPark/Gargoyle
Hedged Value Fund ("RiverPark/Gargoyle") with and into the TCW/Gargoyle Hedged
Value Fund, a series of TCW Alternative Funds. On April 10, 2015, the TCW
Alternative Funds registration of I Class and N Class shares of the
TCW/Gargoyle Hedged Value Fund (the "TCW Fund") was declared effective. The TCW
Fund was created to be substantially similar to RiverPark/Gargoyle from an
investment perspective. On June 26, 2015, shareholders of RiverPark/Gargoyle
will be asked to vote on the approval of an Agreement and Plan of
Reorganization ("Reorganization") providing for the transfer of all of the
assets of RiverPark/Gargoyle to,
--------------------------------------------------------------------------------
45
Notes to Financial Statements
March 31, 2015 (Unaudited)
--------------------------------------------------------------------------------
8. Subsequent Events (continued)
and the assumption of all liabilities of RiverPark/Gargoyle by, the TCW Fund,
in exchange for shares of the TCW Fund, which would be distributed by
RiverPark/Gargoyle to its shareholders pro rata, based on the net assets of the
holders' respective RiverPark/Gargoyle shares, in complete liquidation of
RiverPark/Gargoyle. Shareholders of RiverPark/Gargoyle will receive shares of
the TCW Fund equal in value to the shares of RiverPark/Gargoyle held by the
shareholders prior to the Reorganization. The effect of the Reorganization is
that RiverPark/Gargoyle shareholders will become shareholders of the TCW Fund.
The Reorganization will shift management oversight responsibility for
RiverPark/Gargoyle to TCW Investment Management Company while retaining
Gargoyle Investment Advisor, LLC, as the sub-adviser, and the current
RiverPark/Gargoyle portfolio managers as the portfolio managers of the TCW
Fund. The Reorganization is intended to qualify as a tax-free transaction for
federal income tax purposes.
--------------------------------------------------------------------------------
46
RIVERPARK
DISCLOSURE OF FUND EXPENSES (UNAUDITED) FUNDS
--------------------------------------------------------------------------------
All mutual funds have operating expenses. As a shareholder of a mutual fund,
your investment is affected by these ongoing costs, which include (among
others) costs for portfolio management, administrative services, and
shareholder reports like this one. It is important for you to understand the
impact of these costs on your investment returns.
Operating expenses such as these are deducted from a mutual fund's gross income
and directly reduce its final investment return. These expenses are expressed
as a percentage of a mutual fund's average net assets; this percentage is known
as a mutual fund's expense ratio.
The following examples use the expense ratio and are intended to help you
understand the ongoing costs (in dollars) of investing in your Fund and to
compare these costs with those of other mutual funds. The examples are based on
an investment of $1,000 made at the beginning of the period shown and held for
the entire period.
The table on the following page illustrates your Fund's costs in two ways.
o Actual Fund Return. This section helps you to estimate the actual expenses
after fee waivers that your Fund incurred over the period. The "Expenses Paid
During Period" column shows the actual dollar expense incurred by a $1,000
investment in the Fund, and the "Ending Account Value" number is derived from
deducting that expense from the Fund's gross investment return.
You can use this information, together with the actual amount you invested in
the Fund, to estimate the expenses you paid over that period. Simply divide
your actual account value by $1,000 to arrive at a ratio (for example, an
$8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the
number shown for your Fund under "Expenses Paid During Period."
o Hypothetical 5% Return. This section helps you compare your Fund's costs with
those of other mutual funds. It assumes that the Fund had an annual 5% return
before expenses during the year, but that the expense ratio (Column 3) for the
period is unchanged. This example is useful in making comparisons because the
Securities and Exchange Commission requires all mutual funds to make this 5%
calculation. You can assess your Fund's comparative cost by comparing the
hypothetical result for your Fund in the "Expenses Paid During Period" column
with those that appear in the same charts in the shareholder reports for other
mutual funds.
Note: Because the return is set at 5% for comparison purposes -- NOT your
Fund's actual return--the account values shown may not apply to your specific
investment.
--------------------------------------------------------------------------------
47
RIVERPARK
DISCLOSURE OF FUND EXPENSES (UNAUDITED)(CONTINUED) FUNDS
--------------------------------------------------------------------------------
ENDING NET EXPENSES
BEGINNING ACCOUNT ANNUALIZED PAID
ACCOUNT VALUE VALUE EXPENSE DURING
10/1/14 3/31/15 RATIOS PERIOD*
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Large Growth Fund -- Institutional Class Shares
Actual Fund Return $1,000.00 $1,038.40 1.00% $ 5.08
Hypothetical 5% Return 1,000.00 1,019.95 1.00 5.04
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Large Growth Fund -- Retail Class Shares
Actual Fund Return 1,000.00 1,037.50 1.25 6.35
Hypothetical 5% Return 1,000.00 1,018.70 1.25 6.29
------------------------------------------------------------------------------------------------------------------------------------
RiverPark/Wedgewood Fund -- Institutional Class Shares
Actual Fund Return 1,000.00 1,059.90 0.86 4.42
Hypothetical 5% Return 1,000.00 1,020.64 0.86 4.33
------------------------------------------------------------------------------------------------------------------------------------
RiverPark/Wedgewood Fund -- Retail Class Shares
Actual Fund Return 1,000.00 1,058.30 1.17 6.00
Hypothetical 5% Return 1,000.00 1,019.10 1.17 5.89
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Short Term High Yield Fund -- Institutional Class Shares
Actual Fund Return 1,000.00 1,014.80 0.88 4.42
Hypothetical 5% Return 1,000.00 1,020.54 0.88 4.43
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Short Term High Yield Fund -- Retail Class Shares
Actual Fund Return 1,000.00 1,013.50 1.18 5.92
Hypothetical 5% Return 1,000.00 1,019.05 1.18 5.94
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Long/Short Opportunity Fund -- Institutional Class Shares
Actual Fund Return 1,000.00 1,005.70 2.88+ 14.40
Hypothetical 5% Return 1,000.00 1,010.57 2.88 14.44
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Long/Short Opportunity Fund -- Retail Class Shares
Actual Fund Return 1,000.00 1,004.80 3.02+ 15.09
Hypothetical 5% Return 1,000.00 1,009.87 3.02 15.13
------------------------------------------------------------------------------------------------------------------------------------
RiverPark/Gargoyle Hedged Value Fund -- Institutional Class Shares
Actual Fund Return 1,000.00 1,016.00 1.25 6.28
Hypothetical 5% Return 1,000.00 1,018.70 1.25 6.29
------------------------------------------------------------------------------------------------------------------------------------
RiverPark/Gargoyle Hedged Value Fund -- Retail Class Shares
Actual Fund Return 1,000.00 1,014.60 1.50 7.53
Hypothetical 5% Return 1,000.00 1,017.45 1.50 7.54
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Structural Alpha Fund -- Institutional Class Shares
Actual Fund Return 1,000.00 1,018.50 1.75 8.81
Hypothetical 5% Return 1,000.00 1,016.21 1.75 8.80
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Structural Alpha Fund -- Retail Class Shares
Actual Fund Return 1,000.00 1,016.60 2.00 10.06
Hypothetical 5% Return 1,000.00 1,014.96 2.00 10.05
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Strategic Income Fund -- Institutional Class Shares
Actual Fund Return 1,000.00 1,010.70 0.91 4.56
Hypothetical 5% Return 1,000.00 1,020.39 0.91 4.58
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Strategic Income Fund -- Retail Class Shares
Actual Fund Return 1,000.00 1,009.50 1.19 5.96
Hypothetical 5% Return 1,000.00 1,019.00 1.19 5.99
------------------------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio multiplied by
the average account value over the period, multiplied by 182/365 (to
reflect the one-half year period).
+ The annualized expense ratios include dividend expense and stock loan fees
incurred during the six month period.
--------------------------------------------------------------------------------
48
RIVERPARK
FUNDS
--------------------------------------------------------------------------------
APPROVAL OF THE INVESTMENT ADVISORY AND INVESTMENT SUB-ADVISORY AGREEMENTS
At an in-person meeting (the "Meeting") of the Board of Trustees (the
"Trustees" or the "Board") of RiverPark Funds Trust (the "Trust"), held on
February 12, 2015, the Board, including the Trustees who are not "interested
persons" (the "Independent Trustees") as defined by the Investment Company Act
of 1940, as amended (the "1940 Act"), approved a new Investment Advisory
Agreement (the "Advisory Agreement") between RiverPark Advisors, LLC (the
"Adviser") and the RiverPark Focused Value Fund (the "Focused Value Fund").
In considering the approval of the Advisory Agreement, the Trustees received
materials specifically relating to the Advisory Agreement. The Trustees relied
upon the advice of independent legal counsel and their own business judgment in
determining the material factors to be considered in evaluating the Advisory
Agreement, and the weight to be given to each such factor. The conclusions
reached by the Trustees were based on a comprehensive evaluation of all of the
information provided and were not the result of any one factor. Moreover, each
Trustee may have afforded different weight to the various factors in reaching
his conclusion with respect to the Advisory Agreement.
RiverPark Focused Value Fund -- Adviser: RiverPark Advisors, LLC ("RiverPark")
Nature, Extent and Quality of Service. The Trustees noted that the Adviser
will provide portfolio management services, trading, accounting, compliance and
marketing services to the Focused Value Fund. The Board further noted that the
Adviser will directly manage the Focused Value Fund along with the Large Growth
Fund, Long/Short Fund, and the Structural Alpha Fund. The Board reviewed the
background information on the key investment personnel who will be responsible
for servicing the Focused Value Fund and was satisfied with their experience.
The Board next discussed the Adviser's investment processes for the Focused
Value Fund. The Trustees reviewed the risks associated with providing
investment advisory services to the Focused Value Fund and the steps being
taken by the Adviser to mitigate these risks. The Board recognized and was
comfortable with the Adviser's approach to mitigating investment risk by
thoroughly researching investments and diversifying each portfolio with many
holdings. The Board concluded that the Adviser will provide a high level
quality of service to the Focused Value Fund for the benefit of the Fund's
shareholders.
Performance. The Board discussed the performance of the other Funds in the
Trust that the Adviser manages and believes that based on the strategy
presented for the Focused Value Fund, the Fund should have reasonable
performance once it goes effective.
Fees and Expenses. The Trustees discussed the proposed advisory fees to be
paid by the Focused Value Fund. The Trustees agreed that the advisory fee
structure was fair and competitive in comparison to other mutual funds as well
as other accounts managed by the Adviser. After discussion the Trustees,
concluded that the advisory fees were reasonable with respect to the Focused
Value Fund.
Economies of Scale. The Trustees considered the economies of scale and noted
that the Adviser agreed with the Board that they should consider breakpoints
when asset levels for the Focused Value Fund reach specific levels. After
discussion, the Board agreed that economies of scale will not be reached at the
initial launch of the Focused Value Fund, however, the matter would be
revisited in the future as the Fund's size increases.
Profitability. The Trustees reviewed the Adviser's financial statements. The
Board recognized that the Adviser was generally profitable for the year ended
December 31, 2013 and as of August, 2014. The Trustees concluded that the
Adviser's profitability was reasonable with respect to each Fund currently in
the Trust.
Conclusion. Having requested and received such information from the Adviser
as the Trustees believed to be reasonably necessary to evaluate the terms of
the Advisory Agreement, and as assisted by the advice of counsel, the Trustees
concluded that the fee structure is reasonable and that approval of the
advisory agreement is in the best interests of the shareholders.
--------------------------------------------------------------------------------
49
INVESTMENT ADVISER
RiverPark Advisors, LLC
156 West 56th Street, 17th Floor
New York, New York 10019
CUSTODIAN
Brown Brothers Harriman & Co.
40 Water Street
Boston, Massachusetts 02109
PRIME BROKERS:
Goldman Sachs & Co.
200 West Street, 3rd Floor
New York, NY 10282
Credit Suisse Securities (USA) LLC
300 Conshohocken State Rd -- Ste 600
West Conshohocken, PA 19428
Interactive Brokers LLC
209 South LaSalle Street
Suite 1000
Chicago, IL 60604
TRANSFER AGENT
DST Systems, Inc.
333 West 11th Street, 5th Floor
Kansas City, Missouri 64105
ADMINISTRATOR
SEI Investments Global Funds Services
One Freedom Valley Drive
Oaks, Pennsylvania 19456
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Cohen Fund Audit Services, Ltd.
1350 Euclid Ave., Suite 800
Cleveland, Ohio 44115
DISTRIBUTOR
SEI Investments Distribution Co.
One Freedom Valley Drive
Oaks, Pennsylvania 19456
FUND COUNSEL
Blank Rome LLP
405 Lexington Avenue
New York, New York 10174-0208
This information must be preceded or accompanied by a current prospectus for
the Trust.
RPF-SA-001-0500
ITEM 2. CODE OF ETHICS.
Not applicable for semi-annual report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semi-annual report.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semi-annual report.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to open-end management investment companies.
ITEM 6. SCHEDULE OF INVESTMENTS.
See Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT COMPANY AND
AFFILIATED PURCHASERS.
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The certifying officers, whose certifications are included herewith, have
evaluated the registrant's disclosure controls and procedures within 90 days of
the filing date of this report. In their opinion, based on their evaluation,
the registrant's disclosure controls and procedures are adequately designed, and
are operating effectively to ensure, that information required to be disclosed
by the registrant on Form N-CSR is recorded, processed, summarized and reported
within the time periods specified in the Securities and Exchange Commission's
rules and forms.
(b) There were no significant changes in the registrant's internal control over
financial reporting that occurred during the second fiscal quarter of the
registrant's last fiscal half-year that have materially affected, or are
reasonably likely to materially affect, the registrant's internal control over
financial reporting.
ITEMS 12. EXHIBITS.
(a)(1) Not applicable for semi-annual report.
(a)(2) A separate certification for the principal executive officer and the
principal financial officer of the registrant as required by Rule 30a-2(a) under
the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed
herewith.
(b) Officer certifications as required by Rule 30a-2(b) under the Investment
Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing
as an Exhibit.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) RiverPark Funds Trust
By (Signature and Title)* /s/ Morty Schaja
-------------------------------------
Morty Schaja
President
Date: June 5, 2015
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Morty Schaja
-------------------------------------
Morty Schaja
President
Date: June 5, 2015
By (Signature and Title)* /s/ Rami Abdel-Rahman
-------------------------------------
Rami Abdel-Rahman
Chief Financial Officer and Treasurer
Date: June 5, 2015
* Print the name and title of each signing officer under his or her
signature.