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, 2016
DATE OF REPORTING PERIOD: MARCH 31, 2016
ITEM 1. REPORTS TO STOCKHOLDERS.
[LOGO OMITTED]
Semi-Annual Report
March 31, 2016 (Unaudited)
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 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
[LOGO OMITTED]
--------------------------------------------------------------------------------
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 Structural Alpha Fund .......................................... 8
RiverPark Strategic Income Fund .......................................... 10
RiverPark Focused Value Fund ............................................. 14
Statements of Assets and Liabilities ........................................ 16
Statements of Operations .................................................... 18
Statements of Changes in Net Assets ......................................... 20
Financial Highlights ........................................................ 24
Notes to Financial Statements ............................................... 30
Disclosure of Fund Expenses ................................................. 44
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.
[LOGO OMITTED] RiverPark Large Growth Fund
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
Sector Weighting+
37.4% Financials
26.3% Information Technology
23.3% Consumer Discretionary
6.2% Health Care
5.8% Energy
1.0% Materials
+ Percentages are based on total investments.
--------------------------------------------------------------------------------
Description Shares Value (000)
--------------------------------------------------------------------------------
Schedule of Investments
Common Stock -- 98.7%**
Consumer Discretionary -- 23.0%
Amazon.com* 1,353 $ 803
CarMax* 63,175 3,228
Chipotle Mexican Grill, Cl A* 2,243 1,056
Dollar Tree* 23,706 1,955
Dollarama^ 15,126 1,064
Las Vegas Sands 54,074 2,795
Priceline Group* 1,775 2,288
Starbucks 20,922 1,249
Walt Disney 19,793 1,966
-------
16,404
-------
Energy -- 5.7%
EOG Resources 14,266 1,035
Schlumberger 28,814 2,125
Southwestern Energy* 114,218 922
-------
4,082
-------
Financials -- 36.9%
Affiliated Managers Group* 10,346 1,680
American Tower REIT, Cl A 31,704 3,246
BlackRock, Cl A 3,377 1,150
CBRE Group, Cl A* 85,993 2,478
Charles Schwab 77,148 2,162
CME Group, Cl A 26,560 2,551
Equinix REIT 8,746 2,892
Intercontinental Exchange 5,934 1,396
Realogy Holdings* 94,927 3,428
TD Ameritrade Holding 71,246 2,246
The Blackstone Group LP (a) 111,863 3,138
-------
26,367
-------
Health Care -- 6.2%
Align Technology* 10,608 771
Intuitive Surgical* 2,407 1,447
Perrigo 17,024 2,178
-------
4,396
-------
--------------------------------------------------------------------------------
Description Shares Value (000)
--------------------------------------------------------------------------------
Information Technology -- 25.9%
Alliance Data Systems* 11,620 $ 2,557
Alphabet, Cl A* 2,498 1,906
Alphabet, Cl C* 2,562 1,909
Apple 29,452 3,210
eBay* 38,024 907
Facebook, Cl A* 28,698 3,274
Mastercard, Cl A 21,143 1,998
Trimble Navigation* 33,565 832
Visa, Cl A 25,014 1,913
-------
18,506
-------
Materials -- 1.0%
Monsanto 7,740 679
-------
Total Common Stock
(Cost $64,137) (000) 70,434
-------
Total Investments -- 98.7%
(Cost $64,137) (000) $70,434
=======
As of March 31, 2016, 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 six months ended March 31, 2016, 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 $71,391(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 considered Master Limited Partnership. At March 31, 2016, these
securities amounted to $3,138(000) or 4.4% of Net Assets.
Cl -- Class
LP -- Limited Partnership
REIT -- Real Estate Investment Trust
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
1
[LOGO OMITTED] RiverPark/Wedgewood Fund
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
Sector Weighting+
33.9% Information Technology
12.5% Financials
12.1% Consumer Discretionary
11.9% Industrials
10.1% Consumer Staples
10.0% Energy
9.5% Health Care
+ Percentages are based on total investments.
--------------------------------------------------------------------------------
Description Shares Value (000)
--------------------------------------------------------------------------------
Schedule of Investments
Common Stock -- 96.3%**
Consumer Discretionary -- 11.6%
LKQ* 2,968,000 $ 94,768
Priceline Group* 88,000 113,429
-------
208,197
-------
Consumer Staples -- 9.7%
Kraft Heinz 1,264,000 99,300
Mead Johnson Nutrition, Cl A 874,000 74,264
-------
173,564
-------
Energy -- 9.7%
Core Laboratories 668,500 75,146
Schlumberger 1,328,000 97,940
-------
173,086
-------
Financials - 12.1%
Berkshire Hathaway, Cl B* 1,198,000 169,972
Charles Schwab 1,660,200 46,519
-------
216,491
-------
Health Care - 9.1%
Express Scripts Holding* 1,063,000 73,017
Perrigo 704,000 90,063
-------
163,080
-------
Industrials - 11.5%
Stericycle* 845,000 106,630
Verisk Analytics, Cl A* 1,238,000 98,941
-------
205,571
-------
Information Technology - 32.6%
Alphabet, Cl A* 102,000 77,816
Apple 1,496,000 163,049
Cognizant Technology Solutions, Cl A* 1,943,000 121,826
PayPal Holdings* 1,693,000 65,350
QUALCOMM 1,730,000 88,472
--------------------------------------------------------------------------------
Description Shares Value (000)
--------------------------------------------------------------------------------
Visa, Cl A 881,000 $ 67,379
----------
583,892
----------
Total Common Stock
(Cost $1,486,326)(000) 1,723,881
----------
Total Investments -- 96.3%
(Cost $1,486,326)(000) $1,723,881
==========
As of March 31, 2016, 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 six months ended March 31, 2016, 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 $1,790,786 (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
[LOGO OMITTED] RiverPark Short Term High Yield Fund
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
Sector Weighting+
80.5% Corporate Obligations
17.6% Bank Loan Obligations
1.3% Preferred Stock
0.6% Convertible Bonds
+ Percentages are based on total investments.
--------------------------------------------------------------------------------
Face Amount
Description (000) Value (000)
--------------------------------------------------------------------------------
Schedule of Investments
Corporate Obligations -- 79.8%
Consumer Discretionary -- 31.5%
Accuride
9.500%, 08/01/18 $ 13,791 $ 12,757
Beazer Homes USA
8.125%, 06/15/16 5,910 5,996
Cablevision Systems
8.625%, 09/15/17 5,544 5,877
CCO Holdings
7.000%, 01/15/19 13,143 13,408
Centex
6.500%, 05/01/16 15,120 15,139
Central European Media Enterprises
15.000%, 12/01/17 22,150 23,325
Cinemark USA
7.375%, 06/15/21 975 1,020
DR Horton
6.500%, 04/15/16 21,785 21,798
Harron Communications
9.125%, 04/01/20 (a) 28,775 30,088
HD Supply
11.500%, 07/15/20 3,000 3,343
Hyatt Hotels
3.875%, 08/15/16 160 161
MDC Partners
6.750%, 04/01/20 (a) 54,085 55,944
MGM Resorts International
10.000%, 11/01/16 5,150 5,378
7.500%, 06/01/16 5,000 5,044
6.875%, 04/01/16 300 300
Office Depot
9.750%, 03/15/19 (a) 12,902 13,634
Pinnacle Entertainment
7.500%, 04/15/21 17,168 17,876
Service International
7.000%, 06/15/17 5,457 5,825
TEGNA
10.000%, 04/01/16 8,000 8,000
--------------------------------------------------------------------------------
Face Amount
Description (000) Value (000)
--------------------------------------------------------------------------------
Yum! Brands
6.250%, 04/15/16 $ 28,754 $ 28,801
--------
273,714
--------
Consumer Staples -- 3.5%
US Foods
8.500%, 06/30/19 29,654 30,581
--------
Energy -- 2.7%
Sabine Pass LNG
7.500%, 11/30/16 (a) 22,605 23,275
--------
Financials -- 8.0%
Crescent Resources
10.250%, 08/15/17 (a) 6,489 6,448
Homefed
6.500%, 06/30/18 (a) 29,960 30,110
Realogy Group
3.375%, 05/01/16 (a) 32,666 32,631
--------
69,189
--------
Health Care -- 1.0%
Prospect Medical Holdings
8.375%, 05/01/19 (a) 7,137 7,387
Universal Health Services
7.125%, 06/30/16 1,210 1,229
--------
8,616
--------
Industrials -- 11.8%
ADT
2.250%, 07/15/17 14,001 14,211
Avis Budget Car Rental
4.875%, 11/15/17 8,785 8,906
Casella Waste Systems
7.750%, 02/15/19 8,848 9,019
CEMEX Espana
9.875%, 04/30/19 (a) 17,302 18,227
Icahn Enterprises
3.500%, 03/15/17 29,505 29,505
Masco
6.125%, 10/03/16 7,391 7,580
TRAC Intermodal
11.000%, 08/15/19 6,754 7,244
USG
6.300%, 11/15/16 7,540 7,747
--------
102,439
--------
Information Technology -- 3.4%
Denali International
5.625%, 10/15/20 (a) 18,167 19,209
Jabil Circuit
7.750%, 07/15/16 7,000 7,106
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
3
[LOGO OMITTED] RiverPark Short Term High Yield Fund
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Face Amount
Description (000)/Shares Value (000)
--------------------------------------------------------------------------------
NXP BV
3.500%, 09/15/16 (a) $ 2,821 $ 2,832
--------
29,147
--------
Materials -- 9.7%
Aleris International
7.625%, 02/15/18 34,100 34,803
Beverage Packaging Holdings
Luxembourg II
5.625%, 12/15/16 (a) 24,790 24,743
Optima Specialty Steel
12.500%, 12/15/16 (a) 19,564 16,336
PetroLogistics
6.250%, 04/01/20 932 965
Sappi Papier Holding
6.625%, 04/15/21 (a) 6,746 6,981
--------
83,828
--------
Telecommunication Services -- 8.2%
Level 3 Financing
7.000%, 06/01/20 6,145 6,415
4.101%, 01/15/18 (b) 7,226 7,262
Sprint Communications
9.125%, 03/01/17 942 963
6.000%, 12/01/16 19,844 19,819
Telesat Canada
6.000%, 05/15/17 (a) 36,143 36,188
--------
70,647
--------
Total Corporate Obligations
(Cost $697,520) (000) 691,436
--------
Preferred Stock -- 0.1%
Essex Property Trust++
7.125%, 12/31/49 3,858 96
Public Storage++
6.500%, 12/31/49 33,879 849
--------
Total Preferred Stock
(Cost $947) (000) 945
--------
Convertible Bond -- 0.6%
Prospect Capital
5.500%, 08/15/16
(Cost $5,000) (000) 5,000 5,000
--------
Bank Loan Obligations -- 17.5%
Affinity Gaming
5.250%, 11/09/17 7,000 7,013
Alere
4.250%, 06/20/22 18,651 18,517
Energy Future Holdings
4.250%, 12/19/16 43,100 43,033
--------------------------------------------------------------------------------
Face Amount
Description (000) Value (000)
--------------------------------------------------------------------------------
First Data Corporation
3.932%, 03/23/18 $ 6,458 $ 6,441
Lee Enterprises
7.250%, 03/31/19 10,333 10,230
Media General
4.000%, 07/31/20 17,054 17,025
Mediacom Communications
3.400%, 10/23/17 3,328 3,316
MGM Resorts International
3.500%, 12/17/20 10,217 10,181
Physio-Control International
5.500%, 06/06/22 11,544 11,530
RegionalCare Hospital Partners
6.000%, 04/23/19 (c) 1,800 1,786
Truven Health
4.500%, 06/06/19 5,000 4,987
Tyche Holdings
4.750%, 11/12/21 17,535 17,513
---------
Total Bank Loan Obligations
(Cost $152,175) (000) 151,572
---------
Total Investments -- 98.0%
(Cost $855,642) (000) $ 848,953
=========
As of March 31, 2016, all of the Fund's investments are Level 2 in accordance
with the authoritative guidance on fair value measurements and disclosure under
U.S. GAAP.
For the six months ended March 31, 2016, 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 $866,384 (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) Variable rate security -- Rate disclosed is the rate in effect on March
31, 2016.
(c) Unsettled bank loan.
++ Real Estate Investment Trust
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
4
[LOGO OMITTED] RiverPark Long/Short Opportunity Fund
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
Sector Weighting+
40.5% Financials
22.4% Consumer Discretionary
22.1% Information Technology
8.3% Health Care
5.6% Energy
1.1% Materials
+ Percentages are based on total investments.
--------------------------------------------------------------------------------
Description Shares Value (000)
--------------------------------------------------------------------------------
Schedule of Investments
Common Stock -- 90.6%**
Consumer Discretionary -- 20.3%
Amazon.com* 2,233 $ 1,326
CarMax* 112,281 5,738
Chipotle Mexican Grill, Cl A* 3,677 1,732
Dollar Tree* (c) 14,253 1,175
Dollarama*** 28,702 2,020
Imax* (a) 46,547 1,447
Las Vegas Sands (a) (c) 73,407 3,793
Priceline Group* (a) (c) 2,857 3,682
Starbucks (a) 32,832 1,960
Walt Disney (a) (c) 12,859 1,277
-------
24,150
-------
Energy -- 5.1%
EOG Resources 31,657 2,298
Schlumberger (a) (c) 29,454 2,172
Southwestern Energy* (a) (c) 192,663 1,555
-------
6,025
-------
Financials -- 36.7%
Affiliated Managers Group* 16,874 2,740
American Tower REIT, Cl A (a) (c) 45,357 4,643
BlackRock, Cl A 6,942 2,364
CBRE Group, Cl A* 148,697 4,286
Charles Schwab (a) 131,549 3,686
CME Group, Cl A (a) (c) 31,770 3,052
Equinix REIT (a) 14,826 4,903
Intercontinental Exchange 9,246 2,174
Realogy Holdings* (a) 169,130 6,107
TD Ameritrade Holding (a) 117,397 3,702
The Blackstone Group LP (a) (b) 211,691 5,938
-------
43,595
-------
Health Care -- 7.5%
Align Technology* 17,316 1,258
Intuitive Surgical* (a) 4,139 2,488
Pacira Pharmaceuticals* 32,624 1,728
--------------------------------------------------------------------------------
Description Shares Value (000)
--------------------------------------------------------------------------------
Perrigo 26,761 $ 3,424
---------
8,898
---------
Information Technology -- 20.0%
Alliance Data Systems* (a) (c) 16,105 3,543
Alphabet, Cl A* (a) (c) 3,786 2,888
Alphabet, Cl C* (a) (c) 3,468 2,584
Apple (a) (c) 39,958 4,355
eBay* (c) 17,860 426
Facebook, Cl A* 48,362 5,518
Mastercard, Cl A (a) (c) 10,172 961
Trimble Navigation* (a) 53,282 1,322
Visa, Cl A (a) (c) 28,740 2,198
---------
23,795
---------
Materials -- 1.0%
Monsanto (a) 13,847 1,215
---------
Total Common Stock
(Cost $96,751) (000) 107,678
---------
Total Investments -- 90.6%
(Cost $96,751) (000) $107,678
=========
Schedule of Securities Sold Short
Common Stock -- (50.3)%
Consumer Discretionary -- (18.9)%
Best Buy (37,237) $(1,208)
CBS, Cl B (17,040) (939)
Crocs* (44,180) (425)
Dick's Sporting Goods (17,221) (805)
Foot Locker (8,897) (574)
Gannett (46,446) (703)
Gap (26,274) (772)
Garmin (34,422) (1,375)
Hibbett Sports* (24,717) (887)
Kohl's (13,157) (613)
Live Nation Entertainment* (34,561) (771)
Lululemon Athletica* (19,162) (1,298)
Macy's (30,774) (1,357)
Mattress Firm Holding* (12,679) (538)
Omnicom Group (17,154) (1,428)
Publicis Groupe (18,249) (1,281)
Scripps Networks Interactive, Cl A (26,226) (1,718)
Sony ADR (52,671) (1,355)
Starz - Liberty Capital* (21,598) (569)
TEGNA (21,168) (497)
Thomson Reuters (17,521) (709)
Time Warner (7,940) (576)
Twenty-First Century Fox, Cl A (31,724) (884)
WPP (52,733) (1,232)
--------
(22,514)
--------
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
5
[LOGO OMITTED] RiverPark Long/Short Opportunity Fund
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Description Shares Value (000)
--------------------------------------------------------------------------------
Consumer Staples -- (2.9)%
Coca-Cola (27,589) $ (1,280)
Kroger (14,590) (558)
Spectrum Brands Holdings (5,570) (609)
Wal-Mart Stores (13,662) (936)
--------
(3,383)
--------
Financials -- (4.4)%
Green Dot, Cl A* (80,311) (1,845)
Iron Mountain REIT (53,808) (1,825)
Prologis REIT (21,640) (956)
SL Green Realty REIT (6,468) (626)
--------
(5,252)
--------
Health Care -- (2.8)%
Acadia Healthcare* (15,886) (875)
Cerner* (21,823) (1,156)
Envision Healthcare Holdings* (33,329) (680)
HCA Holdings* (7,800) (609)
--------
(3,320)
--------
Industrials -- (3.5)%
Generac Holdings* (13,108) (488)
Nielsen Holdings (30,976) (1,631)
Pitney Bowes (57,898) (1,247)
TransDigm Group* (3,798) (837)
--------
(4,203)
--------
Information Technology -- (13.9)%
Akamai Technologies* (9,938) (552)
Alibaba Group Holding ADR* (10,276) (812)
Cimpress* (19,669) (1,784)
CommScope Holding* (49,323) (1,377)
Corning (49,177) (1,027)
Flextronics International* (107,224) (1,293)
Intel (27,503) (890)
International Business Machines (6,154) (932)
j2 Global (16,808) (1,035)
Lexmark International, Cl A (35,497) (1,187)
NVIDIA (33,070) (1,178)
Oracle (30,083) (1,231)
SAP ADR (12,974) (1,043)
Western Union (80,593) (1,555)
Zebra Technologies, Cl A* (8,219) (567)
--------
(16,463)
--------
Telecommunication Services -- (3.9)%
AT&T (38,165) (1,495)
CenturyLink (35,261) (1,127)
Cogent Communications Holdings (18,976) (741)
--------------------------------------------------------------------------------
Description Shares Value (000)
--------------------------------------------------------------------------------
Verizon Communications (24,364) $ (1,317)
----------
(4,680)
----------
Total Common Stock
(Proceeds $57,320) (000) (59,815)
----------
Total Securities Sold Short
(Proceeds $57,320) (000) $ (59,815)
==========
The following is a list of the inputs used as of March 31, 2016 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 $107,678 $ -- $ -- $107,678
-------- -------- -------- --------
Total Investments in Securities $107,678 $ -- $ -- $107,678
======== ======== ======== ========
Securities Sold Short Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------------------
Common Stock $(59,815) $ -- $ -- $(59,815)
-------- -------- -------- --------
Total Securities Sold Short $(59,815) $ -- $ -- $(59,815)
======== ======== ======== ========
Other Financial Instruments Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------------------
Total Return Swaps^ $ -- $ -- $ -- $ --
-------- -------- -------- --------
Total Other Financial Instruments $ -- $ -- $ -- $ --
======== ======== ======== ========
^ As of March 31, 2016, the swaps are considered Level 2. See Note 2 in Notes to
Financial Statements for additional information.
For the six months ended March 31, 2016, 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.
--------------------------------------------------------------------------------
6
[LOGO OMITTED] RiverPark Long/Short Opportunity Fund
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
A list of open swap agreements held by the Fund at March 31, 2016 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 -- 0.50% Total Return 02/06/17 3,496 $ 769 $ --
Goldman Sachs
International Alliance Data Systems Fed Funds 1-Day -- 0.45% Total Return 09/13/16 2,156 474 --
Goldman Sachs
International Alphabet, Cl A Fed Funds 1-Day -- 0.45% Total Return 09/09/16 379 289 --
Goldman Sachs
International Alphabet, Cl C Fed Funds 1-Day -- 0.45% Total Return 09/09/16 808 602 --
Goldman Sachs
International American Tower Fed Funds 1-Day -- 0.45% Total Return 10/13/16 9,923 1,016 --
Goldman Sachs
International Apple Fed Funds 1-Day -- 0.45% Total Return 08/04/16 4,501 491 --
Goldman Sachs
International Apple Fed Funds 1-Day -- 0.50% Total Return 02/06/17 3,735 407 --
Goldman Sachs
International CME Group Fed Funds 1-Day -- 0.45% Total Return 10/13/16 14,172 1,362 --
Goldman Sachs
International Dollar Tree Fed Funds 1-Day -- 0.45% Total Return 09/28/16 28,550 2,354 --
Goldman Sachs
International eBay Fed Funds 1-Day -- 0.45% Total Return 06/14/16 56,532 1,348 --
Goldman Sachs
International Las Vegas Sands Fed Funds 1-Day -- 0.45% Total Return 09/06/16 17,647 912 --
Goldman Sachs
International Mastercard Fed Funds 1-Day -- 0.45% Total Return 09/06/16 19,358 1,829 --
Goldman Sachs
International Mastercard Fed Funds 1-Day -- 0.50% Total Return 02/13/17 7,349 695 --
Goldman Sachs
International Priceline Group Fed Funds 1-Day -- 0.45% Total Return 06/06/16 66 85 --
Goldman Sachs
International Schlumberger Fed Funds 1-Day -- 0.45% Total Return 09/06/16 19,343 1,426 --
Goldman Sachs
International Southwestern Energy Fed Funds 1-Day -- 0.45% Total Return 06/14/16 71,196 575 --
Goldman Sachs
International Visa Fed Funds 1-Day -- 0.45% Total Return 06/06/16 8,734 668 --
Goldman Sachs
International Visa Fed Funds 1-Day -- 0.50% Total Return 02/13/17 6,888 527 --
Goldman Sachs
International Walt Disney Fed Funds 1-Day -- 0.45% Total Return 08/04/16 22,528 2,237 --
------
$
======
Percentages are based on Net Assets of $118,877 (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) Some or all is pledged as collateral for securities sold short in the
total amount of $34,598 (000).
(b) Security considered Master Limited Partnership. At March 31, 2016, these
securities amounted to $5,938 (000) or 5.0% of Net Assets.
(c) Underlying security for a total return swap.
ADR -- American Depositary Receipt
Cl -- Class
LP -- Limited Partnership
REIT -- Real Estate Investment Trust
Amounts designated as "-- " are $0 or rounded to $0.
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
7
[LOGO OMITTED] RiverPark Structural Alpha Fund
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
Sector Weighting+
100.0% U.S. Treasury Obligations
+ Percentages are based on total investments.
--------------------------------------------------------------------------------
Face Amount
(000)/
Description Contracts Value (000)
--------------------------------------------------------------------------------
Schedule of Investments
U.S. Treasury Obligations -- 46.8%
U.S. Treasury Bill (a)
0.461%, 09/29/16 $ 1,800 $ 1,796
0.391%, 07/28/16 (b) 1,800 1,798
0.356%, 06/30/16 (b) 1,600 1,599
0.335%, 05/26/16 (b) 1,600 1,600
0.246%, 04/28/16 (b) 1,600 1,600
0.130%, 04/07/16 (b) 1,250 1,250
-------
Total U.S. Treasury Obligations
(Cost $9,641) (000) 9,643
-------
Total Investments -- 46.8%
(Cost $9,641) (000) $ 9,643
=======
Schedule of Open Options Purchased
Purchased Options -- 6.0%*#
CBOE S&P 500 Index, Call Option
Expires 08/31/16, Strike Price $1,975 9 $ 116
Expires 07/29/16, Strike Price $1,950 9 126
Expires 09/30/16, Strike Price $2,000 14 166
Expires 06/30/16, Strike Price $2,100 14 44
Expires 04/29/16, Strike Price $2,100 9 7
Expires 06/30/16, Strike Price $2,025 9 68
Expires 12/30/16, Strike Price $2,000 20 275
Expires 05/31/16, Strike Price $2,100 9 17
NASDAQ Euro Index, Call Option
Expires 06/17/16, Strike Price $4,475 4 56
S&P 500 Index, Call Option
Expires 06/17/16, Strike Price $2,050 10 53
Expires 03/17/17, Strike Price $2,050 14 169
Expires 01/20/17, Strike Price $1,875 6 138
-------
Total Purchased Options
(Cost $1,483) (000) $ 1,235
=======
Schedule of Open Options Written
Written Options -- (3.8)%*#
C2 S&P 500 Index, Call Option
Expires 04/15/16, Strike Price $2,075 (5) $ (6)
Expires 04/15/16, Strike Price $2,090 (5) (3)
C2 S&P 500 Index, Put Option
Expires 04/15/16, Strike Price $1,950 (5) (1)
Expires 04/15/16, Strike Price $1,970 (5) (1)
--------------------------------------------------------------------------------
Description Contracts Value (000)
--------------------------------------------------------------------------------
CBOE S&P 500 Index, Call Option
Expires 08/31/16, Strike Price $2,050 (9) $ (70)
Expires 04/22/16, Strike Price $2,095 (5) (3)
Expires 04/08/16, Strike Price $2,045 (10) (22)
Expires 09/30/16, Strike Price $2,175 (14) (37)
Expires 06/30/16, Strike Price $2,250 (14) (1)
Expires 04/22/16, Strike Price $2,110 (5) (2)
Expires 07/29/16, Strike Price $2,050 (9) (62)
Expires 04/29/16, Strike Price $2,175 (9) --
Expires 04/29/16, Strike Price $2,125 (7) (2)
Expires 06/30/16, Strike Price $2,125 (9) (18)
Expires 04/01/16, Strike Price $2,040 (5) (10)
Expires 12/30/16, Strike Price $2,150 (20) (108)
Expires 05/31/16, Strike Price $2,175 (9) (2)
CBOE S&P 500 Index, Put Option
Expires 08/31/16, Strike Price $1,975 (3) (18)
Expires 04/22/16, Strike Price $1,990 (5) (3)
Expires 04/22/16, Strike Price $1,975 (5) (3)
Expires 09/30/16, Strike Price $1,825 (7) (25)
Expires 06/30/16, Strike Price $2,000 (3) (13)
Expires 06/30/16, Strike Price $1,950 (7) (21)
Expires 07/29/16, Strike Price $1,925 (3) (11)
Expires 05/31/16, Strike Price $2,100 (3) (20)
Expires 04/29/16, Strike Price $2,100 (3) (15)
Expires 04/29/16, Strike Price $2,000 (7) (9)
Expires 04/08/16, Strike Price $1,925 (10) --
Expires 04/01/16, Strike Price $1,920 (5) --
Expires 12/30/16, Strike Price $1,850 (10) (62)
NASDAQ Euro Index, Call Option
Expires 06/17/16, Strike Price $4,825 (4) (5)
NASDAQ Euro Index, Put Option
Expires 06/17/16, Strike Price $4,150 (2) (10)
S&P 500 Index, Call Option
Expires 06/17/16, Strike Price $2,250 (10) (1)
Expires 03/17/17, Strike Price $2,200 (14) (66)
Expires 01/20/17, Strike Price $2,050 (6) (66)
S&P 500 Index, Put Option
Expires 03/17/17, Strike Price $1,925 (7) (68)
Expires 01/20/17, Strike Price $1,725 (3) (13)
Expires 06/17/16, Strike Price $1,875 (5) (7)
-------
Total Written Options
(Premiums Received $1,351) (000) $ (784)
=======
# See Note 2 in Notes to Financial Statements for additional information.
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
8
[LOGO OMITTED] RiverPark Structural Alpha Fund
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
The open futures contracts held by the Fund at March 31, 2016 are as follows:
Number of Unrealized
Contracts Expiration Depreciation
Counterparty Type of Contract Short Date (000)
------------------------------------------------------------------------------------------------------
Interactive Brokers LLC S&P 500 Index E-MINI (60) Jun-2016 $ (124)
=========
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, 2016 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 $9,643 $ -- $ -- $9,643
------ -------- -------- ------
Total Investments in Securities $9,643 $ -- $ -- $9,643
====== ======== ======== ======
Other Financial Instruments Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------------------
Purchased Options $1,235 $ -- $ -- $1,235
Written Options (784) -- -- (784)
Futures^
Unrealized Depreciation (124) -- -- (124)
------ -------- -------- ------
Total Other Financial Instruments $ 327 $ -- $ -- $ 327
====== ======== ======== ======
^ Futures contracts are valued at the unrealized depreciation on the instrument.
See Note 2 in Notes to Financial Statements for additional information.
For the six months ended March 31, 2016, 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 $20,601 (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
$7,847 (000).
CBOE -- Chicago Board Options Exchange
LLC -- Limited Liability Company
NASDAQ -- National Association of Securities Dealers Automated Quotations
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.
--------------------------------------------------------------------------------
9
[LOGO OMITTED] RiverPark Strategic Income Fund
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
Sector Weighting+
79.1% Corporate Obligations
9.3% Commercial Paper
6.8% Bank Loan Obligations
3.4% Asset-Backed Securities
0.9% Convertible Bonds
0.5% Mortgage-Backed Securities
+ Percentages are based on total investments.
--------------------------------------------------------------------------------
Face Amount
Description (000) Value (000)
--------------------------------------------------------------------------------
Schedule of Investments
Corporate Obligations -- 74.8%
Consumer Discretionary -- 18.2%
Accuride
9.500%, 08/01/18 $ 10,506 $ 9,718
American Media
11.500%, 12/15/17 6,529 6,700
Cablevision Systems
8.625%, 09/15/17 1,851 1,962
Caesars Entertainment Resort
Properties
8.000%, 10/01/20 9,484 9,332
Coach
4.250%, 04/01/25 13,005 12,893
Ford Motor Credit
3.200%, 01/15/21 500 512
1.461%, 03/27/17 1,000 999
Goodyear Tire & Rubber
6.500%, 03/01/21 2,000 2,108
Hot Topic
9.250%, 06/15/21 (a) 450 453
HT Intermediate Holdings
12.000%, 05/15/19 (a) 8,738 7,995
LBI Media
10.000%, 04/15/19 (a) 7,383 7,088
MDC Partners
6.750%, 04/01/20 (a) 3,423 3,541
MHGE Parent
8.500%, 08/01/19 (a) 6,498 6,498
Office Depot
9.750%, 03/15/19 (a) 9,025 9,537
Pinnacle Entertainment
7.500%, 04/15/21 8,632 8,988
Postmedia Network
12.500%, 07/15/18 11,197 1,288
Scripps Networks Interactive
2.700%, 12/15/16 9,919 10,007
Wyndham Worldwide
2.950%, 03/01/17 6,287 6,348
-------
105,967
-------
--------------------------------------------------------------------------------
Face Amount
Description (000) Value (000)
--------------------------------------------------------------------------------
Consumer Staples -- 6.2%
BI-LO
9.250%, 02/15/19 (a) $ 7,409 $ 7,113
Carolina Beverage Group
10.625%, 08/01/18 (a) 7,127 6,878
Kroger
2.000%, 01/15/19 500 507
Simmons Foods
7.875%, 10/01/21 (a) 6,069 5,128
Southern States Cooperative
10.000%, 08/15/21 (a) 10,677 6,673
US Foods
8.500%, 06/30/19 9,701 10,004
--------
36,303
--------
Energy -- 0.7%
Express Pipeline
7.390%, 12/31/17 (a) 756 768
Sanjel
7.500%, 06/19/19 (a) 2,700 122
Westmoreland Coal
8.750%, 01/01/22 (a) 5,580 3,278
--------
4,168
--------
Financials -- 11.2%
Consolidated-Tomoka Land
4.500%, 03/15/20 (a) 4,328 4,025
Crescent Resources
10.250%, 08/15/17 (a) 4,511 4,483
Forestar USA Real Estate Group
8.500%, 06/01/22 (a) 6,850 6,850
Homefed
6.500%, 06/30/18 (a) 23,302 23,418
Hunt Cos
9.625%, 03/01/21 (a) 19,123 17,641
Lender Processing Services
5.750%, 04/15/23 7,191 7,470
Toll Road Investors Partnership
4.245%, 02/15/45 (a) (b) 5,537 1,289
--------
65,176
--------
Health Care -- 2.2%
Mallinckrodt International Finance
5.750%, 08/01/22 (a) 2,569 2,379
Prospect Medical Holdings
8.375%, 05/01/19 (a) 10,053 10,405
--------
12,784
--------
Industrials -- 11.5%
Acuity Brands Lighting
6.000%, 12/15/19 1,000 1,100
America West Airlines Pass-
Through Trust, Ser 2000-1
8.057%, 07/02/20 550 606
Casella Waste Systems
7.750%, 02/15/19 6,009 6,125
Cleaver-Brooks
8.750%, 12/15/19 (a) 7,886 7,492
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
10
[LOGO OMITTED] RiverPark Strategic Income Fund
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Face Amount
Description (000) Value (000)
--------------------------------------------------------------------------------
Continental Airlines Pass-Through
Trust, Ser 2000-2, Cl A1
7.707%, 04/02/21 $ 3,075 $ 3,352
Continental Airlines Pass-Through
Trust, Ser 1999-2, Cl C2
6.236%, 03/15/20 505 535
Continental Airlines Pass-Through
Trust, Ser 2007-1, Cl A
5.983%, 04/19/22 1,225 1,355
Dispensing Dynamics International
12.500%, 01/01/18 (a) 3,964 3,558
HC2 Holdings
11.000%, 12/01/19 (a) 17,017 13,954
Jac Holding
11.500%, 10/01/19 (a) 6,249 6,155
MasTec
4.875%, 03/15/23 4,250 3,666
Milacron
7.750%, 02/15/21 (a) 770 712
Quad
7.000%, 05/01/22 11,660 9,736
Techniplas
10.000%, 05/01/20 (a) 7,140 5,177
Waste Italia
10.500%, 11/15/19 (a) 9,067 3,095
--------
66,618
--------
Information Technology -- 5.4%
Denali International
5.625%, 10/15/20 (a) 13,134 13,888
Fidelity National Information
Services
5.000%, 03/15/22 3,925 4,084
Fiserv
3.500%, 10/01/22 3,275 3,443
Leidos
7.125%, 07/01/32 5,833 5,883
Western Digital
10.500%, 04/01/24 (a) 4,000 4,020
--------
31,318
--------
Materials -- 13.2%
Aleris International
7.625%, 02/15/18 7,584 7,741
Beverage Packaging Holdings
Luxembourg II
5.625%, 12/15/16 (a) 10,460 10,440
Hardwoods Acquisition
7.500%, 08/01/21 (a) 2,272 1,556
Hexion
10.000%, 04/15/20 5,996 5,412
6.625%, 04/15/20 7,890 6,588
IAMGOLD
6.750%, 10/01/20 (a) 2,850 2,180
--------------------------------------------------------------------------------
Face Amount
Description (000) Value (000)
--------------------------------------------------------------------------------
Kissner Milling
7.250%, 06/01/19 (a) $ 5,704 $ 5,376
Lansing Trade Group
9.250%, 02/15/19 (a) 16,624 15,793
Nexeo Solutions
8.375%, 03/01/18 8,100 8,130
NWH Escrow
7.500%, 08/01/21 (a) 8,632 5,697
Optima Specialty Steel
12.500%, 12/15/16 (a) 9,745 8,137
--------
77,050
--------
Telecommunication Services -- 6.2%
Qwest
6.750%, 12/01/21 5,000 5,387
SBA Tower Trust
3.598%, 04/15/18 (a) 6,385 6,386
Sprint Communications
9.125%, 03/01/17 4,923 5,034
6.000%, 12/01/16 11,011 10,997
Telesat Canada
6.000%, 05/15/17 (a) 7,924 7,934
--------
35,738
--------
Total Corporate Obligations
(Cost $476,119) (000) 435,122
--------
Commercial Paper -- 8.8%
Ford Motor Credit
1.051%, 04/07/16 (b) 17,000 16,996
Thomson Reuters
0.861%, 04/29/16 (b) 17,000 16,994
Viacom
0.000%, 04/27/16 (b) 17,000 16,994
--------
Total Commercial Paper
(Cost $50,969) (000) 50,984
--------
Asset-Backed Securities -- 3.2%
Other Asset-Backed Securities -- 3.2%
Countrywide Asset-Backed
Certificates, Ser 2006-SPS2, Cl A
0.753%, 05/25/26 (c) 532 1,318
Countrywide Asset-Backed
Certificates, Ser 2006-SPS1, Cl A
0.653%, 12/25/25 (c) 129 457
Master Asset Vehicle II,
Ser 2009-2U, Cl A1
0.216%, 07/15/56 (b) (c) 17,829 16,848
--------
Total Asset-Backed Securities
(Cost $17,536) (000) 18,623
--------
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
11
[LOGO OMITTED] RiverPark Strategic Income Fund
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Face Amount
Description (000) Value (000)
--------------------------------------------------------------------------------
Convertible Bond -- 0.8%
Prospect Capital
5.750%, 03/15/18
(Cost $5,092) (000) $ 5,000 $ 4,859
----------
Mortgage-Backed Securities -- 0.6%
Non-Agency Mortgage-Backed
Obligations -- 0.6%
Structured Asset Mortgage
Investments II Trust, Ser 2005-
AR8, Cl A4
1.835%, 02/25/36 (c) 3,890 1,658
Structured Asset Mortgage
Investments II Trust, Ser 2006-
AR3, Cl 12A3
0.703%, 05/25/36 (c) 4,778 1,623
----------
Total Mortgage-Backed Securities
(Cost $3,970) (000) 3,281
----------
Bank Loan Obligations -- 6.4%
Alere
4.250%, 06/20/22 5,000 4,964
Eastman Kodak
7.250%, 09/03/19 5,969 5,680
Hampton Rubber
5.000%, 03/27/21 4,534 3,264
Lee Enterprises
12.000%, 12/15/22 5,799 5,915
7.250%, 03/31/19 2,272 2,249
Marsico Holdings
5.375%, 12/31/22 20,689 2,069
Maueser-Werke
8.750%, 07/31/22 6,500 5,596
Media General
4.000%, 07/31/20 5,156 5,147
Newpage
9.500%, 02/11/21 4,337 634
0.375%, 07/28/17 726 614
Regionalcare Hospital Partners
6.000%, 04/23/19 1,200 1,191
----------
Total Bank Loan Obligations
(Cost $49,278) (000) 37,323
----------
Total Investments -- 94.6%
(Cost $602,964) (000) $ 550,192
==========
Schedule of Securities Sold Short
Corporate Obligations -- (1.6)%
Financials -- (0.5)%
Allstate
3.150%, 06/15/23 (1,000) $ (1,030)
CIT Group
5.000%, 08/15/22 (2,000) (2,029)
--------------------------------------------------------------------------------
Face Amount
Description (000) Value (000)
--------------------------------------------------------------------------------
Jefferies Group
5.125%, 01/20/23 $ (100) $ (100)
----------
(3,159)
----------
Industrials -- (0.7)%
Aircastle
5.125%, 03/15/21 (2,000) (2,090)
United Rentals North America
4.625%, 07/15/23 (2,000) (1,995)
----------
(4,085)
----------
Materials -- (0.4)%
Owens-Brockway Glass Container
5.875%, 08/15/23 (a) (2,000) (2,087)
----------
Total Corporate Obligations
(Proceeds $8,933) (000) (9,331)
----------
Total Securities Sold Short -- (1.6)%
(Proceeds $8,933) (000) $ (9,331)
==========
A list of the open forward foreign currency contracts held by the Fund at March
31, 2016 is as follows++:
Currency Currency Unrealized
Settlement to Deliver to Receive Appreciation
Counterparty Date (000) (000) (000)
--------------------------------------------------------------------------------
Brown Brothers
Harriman 4/8/16 EUR 8,415 USD 9,297 $ (280)
=========
++ See Note 2 in Notes to Financial Statements for additional information.
The following is a list of the level of inputs used as of March 31, 2016, in
valuing the Fund's investments and other financial instruments carried at value
(000):
Investments in Securities Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------------------
Corporate Obligations $ -- $435,122 $ -- $435,122
Commercial Paper -- 50,984 -- 50,984
Asset-Backed Securities -- 18,623 -- 18,623
Convertible Bond -- 4,859 -- 4,859
Mortgage-Backed Securities -- 3,281 -- 3,281
Bank Loan Obligations -- 37,323 -- 37,323
------- -------- -------- --------
Total Investments in Securities $ -- $550,192 $ -- $550,192
======= ======== ======== ========
Securities Sold Short Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------------------
Corporate Obligations $ -- $ (9,331) $ -- $ (9,331)
------- --------- -------- ---------
Total Securities Sold Short $ -- $ (9,331) $ -- $ (9,331)
======= ========= ======== =========
Other Financial Instruments Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------------------
Forwards Contracts*
Unrealized Depreciation $ (280) $ -- $ -- $ (280)
------- -------- -------- --------
Total Other Financial Instruments $ (280) $ -- $ -- $ (280)
======= ========= ======== =========
* Forward contracts are valued at the unrealized depreciation on the instrument.
See Note 2 in Notes to Financial Statements for additional information.
For the six months ended March 31, 2016, 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.
--------------------------------------------------------------------------------
12
[LOGO OMITTED] RiverPark Strategic Income Fund
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
Percentages are based on Net Assets of $581,340 (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) 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, 2016.
Cl -- Class
EUR -- Euro
Ser -- Series
USD -- United States Dollar
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
13
[LOGO OMITTED] RiverPark Focused Value Fund
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
Sector Weighting+
22.6% Consumer Discretionary
16.1% Materials
15.6% Energy
13.7% Information Technology
10.5% Utilities
9.8% Financials
6.2% Health Care
5.5% Industrials
+ Percentages are based on total investments.
--------------------------------------------------------------------------------
Description Shares Value (000)
--------------------------------------------------------------------------------
Schedule of Investments
Common Stock -- 87.1%
Consumer Discretionary -- 19.7%
Las Vegas Sands 89,300 $ 4,615
Liberty Global, Cl A* 66,900 2,576
Liberty Global LiLAC, Cl A* 880 31
Liberty Interactive QVC Group, Cl A* 51,100 1,290
--------
8,512
--------
Energy -- 13.6%
Magellan Midstream Partners LP (a) 23,300 1,603
Marathon Petroleum 84,400 3,138
National Oilwell Varco 23,000 716
Sunoco Logistics Partners LP (a) 16,800 421
--------
5,878
--------
Financials -- 8.5%
American Tower REIT, Cl A 15,500 1,587
The Blackstone Group LP (a) 74,600 2,092
--------
3,679
--------
Health Care -- 5.4%
Express Scripts Holding* 28,200 1,937
Valeant Pharmaceuticals
International* 15,695 413
--------
2,350
--------
Industrials -- 4.8%
Macquarie Infrastructure 30,600 2,064
--------
Information Technology -- 11.9%
Broadcom 18,300 2,827
Western Digital 49,500 2,339
--------
5,166
--------
Materials -- 14.1%
CF Industries Holdings 78,400 2,457
LyondellBasell Industries, Cl A 24,100 2,062
Praxair 13,700 1,568
--------
6,087
--------
--------------------------------------------------------------------------------
Description Shares Value (000)
--------------------------------------------------------------------------------
Utilities - 9.1%
Calpine* 260,200 $ 3,947
--------
Total Common Stock
(Cost $45,606) (000) 37,683
--------
Total Investments -- 87.1%
(Cost $45,606) (000) $ 37,683
========
As of March 31, 2016, 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, 2016, 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 $43,283 (000).
* Non-income producing security.
(a) Security considered Master Limited Partnership. At March 31, 2016, these
securities amounted to $4,116 (000) or 9.5% of Net Assets.
Cl -- Class
LP -- Limited Partnership
REIT -- Real Estate Investment Trust
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
14
[This Page Intentionally Left Blank]
--------------------------------------------------------------------------------
15
Statements of Assets and Liabilities (000) [LOGO OMITTED]
March 31, 2016 (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) $ 70,434 $ 1,723,881 $ 848,953 $ 107,678
Deposits with Brokers for Securities Sold Short -- -- -- 57,165
Cash 439 48,659 18,143 9,192
Receivable for Investment Securities Sold 599 18,236 -- --
Receivable for Dividend and Interest Income 17 1,843 15,549 25
Prepaid Expenses 16 68 32 24
Receivable for Capital Shares Sold 8 3,028 1,349 2,682
Cash Collateral on Swap Contracts -- -- -- 1,300
Receivable for Swap Reset -- -- -- 1,068
----------- -------------- ------------- -------------
Total Assets 71,513 1,795,715 884,026 179,134
----------- -------------- ------------- -------------
Liabilities:
Securities Sold Short, at Value (Note 2) -- -- -- 59,815
Payable Due to Shareholder Servicing Agent (Note 3) 43 60 181 4
Payable Due to Adviser (Note 3) 39 972 461 147
Payable for Capital Shares Redeemed 15 3,393 1,670 135
Payable Due to Administrative Services Plan, Institutional
Class Shares (Note 3) 5 130 51 27
Payable Due to Administrative Services Plan, Retail Class
Shares (Note 3) 4 33 81 3
Payable Due to Administrator 3 84 40 5
Payable for Investment Securities Purchased -- -- 14,723 --
Income Distribution Payable -- -- 293 --
Dividends Payable on Securities Sold Short -- -- -- 105
Payable Due to Trustees -- -- 1 --
Chief Compliance Officer Fees Payable -- 1 1 --
Other Accrued Expenses 13 256 140 16
----------- -------------- ------------- -------------
Total Liabilities 122 4,929 17,642 60,257
----------- -------------- ------------- -------------
Net Assets $ 71,391 $ 1,790,786 $ 866,384 $ 118,877
=========== ============== ============= =============
Net Assets Consist of:
Paid-in Capital $ 64,649 $ 1,683,736 $ 889,042 $ 114,182
Accumulated Undistributed Net Investment Income (Accumulated
Net Investment Loss) 761 553 55 (2,288)
Accumulated Net Realized Loss on Investments, Securities Sold Short,
Purchased and Written Options and Swap Contracts (316) (131,058) (16,024) (1,449)
Net Unrealized Appreciation (Depreciation) on Investments and
Securities Sold Short 6,297 237,555 (6,689) 8,432
----------- -------------- ------------- -------------
Net Assets $ 71,391 $ 1,790,786 $ 866,384 $ 118,877
=========== ============== ============= =============
Investments in Securities, at Cost $ 64,137 $ 1,486,326 $ 855,642 $ 96,751
Securities Sold Short, Proceeds -- -- -- 57,320
Net Assets - Institutional Class Shares(1) $32,867,340 $1,712,244,078 $ 616,565,496 $113,756,592
=========== ============== ============= =============
Net Assets - Retail Class Shares(1) $38,523,977 $ 78,541,852 $ 249,818,500 $ 5,120,785
=========== ============== ============= =============
Institutional Class Shares:
Outstanding Shares of Beneficial Interest(1)
(Unlimited Authorization -- No Par Value) 1,884,474 102,864,072 63,253,067 11,229,058
=========== ============== ============= =============
Retail Class Shares:
Outstanding Shares of Beneficial Interest(1)
(Unlimited Authorization -- No Par Value) 2,232,787 4,742,986 25,715,963 509,099
=========== ============== ============= =============
Institutional Class Shares:
Net Asset Value, Offering and Redemption
Price Per Share -- Institutional Class Shares $17.44 $16.65 $9.75 $10.13
=========== ============== ============= =============
Retail Class Shares:
Net Asset Value, Offering and Redemption
Price Per Share -- Retail Class Shares $17.25 $16.56 $9.71 $10.06
=========== ============== ============= =============
(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.
--------------------------------------------------------------------------------
16
Statements of Assets and Liabilities (000) [LOGO OMITTED]
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
RiverPark RiverPark RiverPark
Structural Strategic Focused
Alpha Fund Income Fund Value Fund
------------------------------------------------------------------------------------------------------------------------------------
Assets:
Investments in Securities, at Value (Note 2) $ 9,643 $ 550,192 $ 37,683
Deposits with Brokers for Futures and Options 3,751 9,548 --
Cash 6,754 52,698 6,585
Purchased Options, at Value 1,235 -- --
Receivable for Investment Securities Sold 131 4,900 --
Receivable for Capital Shares Sold 19 1,502 --
Prepaid Expenses 13 36 41
Receivable for Variation Margin 12 -- --
Receivable for Dividend and Interest Income 1 10,546 26
----------- ------------ -------------
Total Assets 21,559 629,422 44,335
----------- ------------ -------------
Liabilities:
Written Options, at Value (Note 2) 784 -- --
Securities Sold Short, at Value (Note 2) -- 9,331 --
Payable Due to Shareholder Servicing Agent (Note 3) 1 167 --
Payable Due to Adviser (Note 3) 24 315 20
Payable for Capital Shares Redeemed 81 1,208 --
Payable Due to Administrative Services Plan, Institutional Class
Shares (Note 3) 5 50 9
Payable Due to Administrative Services Plan, Retail Class Shares
(Note 3) -- 44 --
Payable Due to Administrator 1 27 2
Payable for Investment Securities Purchased 61 36,377 1,016
Unrealized Depreciation on Forward Foreign Currency Contracts -- 280 --
Income Distribution Payable -- 223 --
Payable Due to Trustees -- 1 --
Chief Compliance Officer Fees Payable -- 1 --
Other Accrued Expenses 1 58 5
----------- ------------ -------------
Total Liabilities 958 48,082 1,052
----------- ------------ -------------
Net Assets $ 20,601 $ 581,340 $ 43,283
=========== ============ =============
Net Assets Consist of:
Paid-in Capital $ 20,890 $ 668,577 $ 51,776
Accumulated Undistributed (Distributions in Excess of) Net Investment
Income
(Accumulated Net Investment Loss) (349) (1,065) 229
Accumulated Net Realized Loss on Investments, Securities Sold Short,
Purchased and Written Options,
Futures Contracts, Forward Currency Contracts and Foreign
Currency Transactions (137) (32,740) (799)
Net Unrealized Appreciation (Depreciation) on Investments and
Securities Sold Short 2 (53,170) (7,923)
Net Unrealized Appreciation on Purchased and Written Options 319 -- --
Net Unrealized Depreciation on Futures Contracts (124) -- --
Net Unrealized Depreciation on Forward Foreign Currency Contracts
and Foreign Currency Transactions -- (262) --
----------- ------------ -------------
Net Assets $ 20,601 $ 581,340 $ 43,283
=========== ============ =============
Investments in Securities, at Cost $ 9,641 $ 602,964 $ 45,606
Purchased Options, at Cost 1,483 -- --
Securities Sold Short, Proceeds -- 8,933 --
Written Options, Premiums Received 1,351 -- --
Net Assets - Institutional Class Shares(1) $17,839,243 $221,218,894 $ 42,634,747
=========== ============ =============
Net Assets - Retail Class Shares(1) $ 2,762,116 $360,121,269 $ 648,301
=========== ============ =============
Institutional Class Shares:
Outstanding Shares of Beneficial Interest(1)
(Unlimited Authorization -- No Par Value) 1,782,084 24,740,864 5,417,107
=========== ============ =============
Retail Class Shares:
Outstanding Shares of Beneficial Interest(1)
(Unlimited Authorization -- No Par Value) 277,778 40,309,339 82,335
=========== ============ =============
Institutional Class Shares:
Net Asset Value, Offering and Redemption
Price Per Share -- Institutional Class Shares $10.01 $8.94 $7.87
=========== ============ =============
Retail Class Shares:
Net Asset Value, Offering and Redemption
Price Per Share -- Retail Class Shares $9.94 $8.93 $7.87
=========== ============ =============
(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.
--------------------------------------------------------------------------------
17
Statements of Operations (000)
For the Six Month Period Ended
March 31, 2016 (Unaudited) [LOGO OMITTED]
--------------------------------------------------------------------------------
RiverPark RiverPark RiverPark
Large RiverPark/ Short Term Long/Short
Growth Wedgewood High Yield Opportunity
Fund Fund Fund Fund
------------------------------------------------------------------------------------------------------------------------------------
Investment Income:
Dividends $ 718 $ 12,158 $ 143 $ 954
Interest -- -- 16,026 7
Foreign Taxes Withheld -- (103) -- --
--------- --------- --------- ----------
Total Investment Income 718 12,055 16,169 961
--------- --------- --------- ----------
Expenses:
Investment Advisory Fees (Note 3) 248 6,360 2,690 857
Shareholder Service Fees(1) (Note 3) 52 (256) 257 13
Administrative Services Fee, Institutional Class Shares (Note 3) 15 607 233 68
Administrative Services Fee, Retail Class Shares (Note 3) 26 (15) 125 4
Administrator Fees (Note 3) 21 538 228 31
Chief Compliance Officer Fees (Note 3) 1 15 6 1
Trustees' Fees (Note 3) 1 17 7 1
Registration Fees 16 28 17 21
Transfer Agent Fees 5 145 61 8
Printing Fees 3 81 35 5
Professional Fees 2 52 23 3
Custodian Fees 1 16 9 2
Dividend Expense -- -- -- 593
Stock Loan Fee -- -- -- 139
Insurance and Other Fees 1 52 24 4
--------- --------- --------- ----------
Total Expenses 392 7,640 3,715 1,750
--------- --------- --------- ----------
Advisor Waiver Recapture (Note 3) 41 -- -- 15
--------- --------- --------- ----------
Net Expenses 433 7,640 3,715 1,765
--------- --------- --------- ----------
Net Investment Income (Loss) 285 4,415 12,454 (804)
--------- --------- --------- ----------
Net Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) From:
Investments 457 (128,449) (8,187) 2,661
Purchased Options -- -- -- (41)
Written Options -- -- -- (63)
Securities Sold Short -- -- -- 2,501
Swaps Contracts -- -- -- 1,065
Net Change in Unrealized Appreciation (Depreciation) on:
Investments 2,770 168,752 5,193 1,629
Purchased Options -- -- -- 89
Written Options -- -- -- 59
Securities Sold Short -- -- -- (6,724)
--------- --------- --------- ----------
Net Realized and Unrealized Gain (Loss) 3,227 40,303 (2,994) 1,176
--------- --------- --------- ----------
Net Increase in Net Assets Resulting from Operations $ 3,512 $ 44,718 $ 9,460 $ 372
========= ========= ========= ==========
(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.
--------------------------------------------------------------------------------
18
Statements of Operations (000)
For the Six Month Period Ended
March 31, 2016 (Unaudited) [LOGO OMITTED]
--------------------------------------------------------------------------------
RiverPark RiverPark RiverPark
Structural Strategic Focused
Alpha Fund Income Fund Value Fund
------------------------------------------------------------------------------------------------------------------------------------
Investment Income:
Interest $ 9 $ 21,753 $ 2
Dividends -- 39 551
Foreign Taxes Withheld -- -- --
-------- --------- ---------
Total Investment Income 9 21,792 553
-------- --------- ---------
Expenses:
Investment Advisory Fees (Note 3) 135 1,917 138
Administrative Services Fee, Institutional Class Shares (Note 3) 4 101 3
Administrative Services Fee, Retail Class Shares (Note 3) 2 254 --
Administrator Fees (Note 3) 5 162 12
Shareholder Service Fees(1) (Note 3) 4 458 1
Chief Compliance Officer Fees (Note 3) -- 5 1
Trustees' Fees (Note 3) -- 5 1
Registration Fees 15 24 27
Transfer Agent Fees 2 44 5
Printing Fees 1 25 2
Professional Fees 1 16 1
Custodian Fees 1 6 1
Interest Expense -- 2,327 --
Stock Loan Fee -- 52 --
Offering Costs -- -- 32
Insurance and Other Fees 1 23 1
-------- --------- ---------
Total Expenses 171 5,419 225
-------- --------- ---------
Fees Waived by Adviser (Note 3) -- -- (9)
Advisor Waiver Recapture (Note 3) 1 -- --
-------- --------- ---------
Net Expenses 172 5,419 216
-------- --------- ---------
Net Investment Income (Loss) (163) 16,373 337
-------- --------- ---------
Net Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) From:
Investments -- (21,749) (747)
Purchased Options (580) -- --
Written Options 460 155 --
Futures Contracts (117) -- --
Forward Foreign Currency Contracts -- 79 --
Foreign Currency Transactions -- (8) --
Net Change in Unrealized Appreciation (Depreciation) on:
Investments 2 (11,768) (2,818)
Purchased Options 481 -- --
Written Options 306 (139) --
Securities Sold Short -- (398) --
Futures Contracts (294) -- --
Forward Foreign Currency Contracts -- (229) --
Foreign Currency Transactions -- 18 --
-------- --------- ---------
Net Realized and Unrealized Gain (Loss) 258 (34,039) (3,565)
-------- --------- ---------
Net Increase (Decrease) in Net Assets Resulting from Operations $ 95 $ (17,666) $ (3,228)
======== ========= =========
(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.
--------------------------------------------------------------------------------
19
Statements of Changes in Net Assets (000) [LOGO OMITTED]
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Large Growth Fund RiverPark/Wedgewood Fund
------------------------------------------------------------------------------------------------------------------------------------
Six Month Six Month
Period Ended Period Ended
March 31, 2016 Year Ended March 31, 2016 Year Ended
(Unaudited) September 30, 2015 (Unaudited) September 30, 2015
------------------------------------------------------------------------------------------------------------------------------------
Operations:
Net Investment Income $ 285 $ 247 $ 4,415 $ 6,713
Net Realized Gain (Loss) from Investments 457 919 (128,449) 80,634
Net Change in Unrealized Appreciation (Depreciation)
on Investments 2,770 (5,899) 168,752 (194,176)
-------- --------- ----------- -----------
Net Increase (Decrease) in Net Assets Resulting from
Operations 3,512 (4,733) 44,718 (106,829)
-------- --------- ----------- -----------
Distributions to Shareholders From:
Net Investment Income:
Institutional Class Shares (5) -- (9,635) (838)
Retail Class Shares -- -- (102) --
Net Realized Gains:
Institutional Class Shares (584) (429) (76,296) (77,897)
Retail Class Shares (752) (1,433) (3,946) (9,079)
-------- --------- ----------- -----------
Total Distributions to Shareholders (1,341) (1,862) (89,979) (87,814)
-------- --------- ----------- -----------
Capital Share Transactions:
Institutional Class Shares:
Shares Issued 2,550 25,338 341,719 1,113,109
Shares Issued as Reinvestment of Distributions 584 382 73,728 67,574
Shares Redeemed (6,365) (1,911) (635,605) (721,486)
-------- --------- ----------- -----------
Net Increase (Decrease) in Net Assets from
Institutional Class Shares Transactions (3,231) 23,809 (220,158) 459,197
-------- --------- ----------- -----------
Retail Class Shares:
Shares Issued 2,249 9,430 10,916 48,675
Shares Issued as Reinvestment of Distributions 751 1,427 4,005 8,911
Shares Redeemed (10,146) (15,721) (46,587) (144,201)
-------- --------- ----------- -----------
Net Decrease in Net Assets from Retail Class Shares
Transactions (7,146) (4,864) (31,666) (86,615)
-------- --------- ----------- -----------
Net Increase (Decrease) in Net Assets from Capital Share
Transactions (10,377) 18,945 (251,824) 372,582
-------- --------- ----------- -----------
Net Increase (Decrease) in Net Assets (8,206) 12,350 (297,085) 177,939
Net Assets:
Beginning of Period 79,597 67,247 2,087,871 1,909,932
-------- --------- ----------- -----------
End of Period $ 71,391 $ 79,597 $ 1,790,786 $2,087,871
======== ========= =========== ===========
Accumulated Undistributed Net Investment Income $ 761 $ 481 $ 553 $ 5,875
======== ========= =========== ===========
Shares Issued and Redeemed:
Institutional Class Shares:
Shares Issued 152 1,386 20,256 59,506
Shares Issued as Reinvestment of Distributions 33 22 4,388 3,797
Shares Redeemed (366) (103) (38,463) (39,183)
-------- --------- ----------- -----------
Net Increase (Decrease) in Institutional Class Shares (181) 1,305 (13,819) 24,120
-------- --------- ----------- -----------
Retail Class Shares:
Shares Issued 135 514 679 2,663
Shares Issued as Reinvestment of Distributions 43 81 241 506
Shares Redeemed (606) (860) (2,862) (7,986)
-------- --------- ----------- -----------
Net Decrease in Retail Class Shares (428) (265) (1,942) (4,817)
-------- --------- ----------- -----------
Net Increase (Decrease) in Share Transactions (609) 1,040 (15,761) 19,303
======== ========= =========== ===========
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 Changes in Net Assets (000) [LOGO OMITTED]
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Short Term High Yield Fund RiverPark Long/Short Opportunity Fund
------------------------------------------------------------------------------------------------------------------------------------
Six Month Six Month
Period Ended Period Ended
March 31, 2016 Year Ended March 31, 2016 Year Ended
(Unaudited) September 30, 2015 (Unaudited) September 30, 2015
------------------------------------------------------------------------------------------------------------------------------------
Operations:
Net Investment Income (Loss) $ 12,454 $ 28,774 $ (804) $ (1,629)
Net Realized Gain (Loss) from Investments,
Purchased and Written Options,
Securities Sold Short, Swap Contracts and Foreign
Currency Transactions (8,187) (6,474) 6,123 (320)
Net Change in Unrealized Appreciation (Depreciation)
on Investments, Purchased and Written Options
and Securities Sold Short 5,193 (7,546) (4,947) (2,920)
----------- ------------ ---------- -----------
Net Increase (Decrease) in Net Assets Resulting
from Operations 9,460 14,754 372 (4,869)
----------- ------------ ---------- -----------
Distributions to Shareholders From:
Net Investment Income:
Institutional Class Shares (9,524) (22,429) -- --
Retail Class Shares (2,981) (6,697) -- --
Net Realized Gains:
Institutional Class Shares -- -- -- --
Retail Class Shares -- -- -- --
----------- ------------ ---------- -----------
Total Distributions to Shareholders (12,505) (29,126) -- --
----------- ------------ ---------- -----------
Capital Share Transactions:
Institutional Class Shares:
Shares Issued 119,802 194,381 36,695 43,850
Shares Issued as Reinvestment of Distributions 7,680 17,771 -- --
Shares Redeemed (174,749) (215,739) (20,625) (49,660)
----------- ------------ ---------- -----------
Net Increase (Decrease) in Net Assets from
Institutional Class Shares Transactions (47,267) (3,587) 16,070 (5,810)
----------- ------------ ---------- -----------
Retail Class Shares:
Shares Issued 82,153 50,730 101 2,415
Shares Issued as Reinvestment of Distributions 2,953 6,541 -- --
Shares Redeemed (38,680) (74,543) (8,108) (4,764)
----------- ------------ ---------- -----------
Net Increase (Decrease) in Net Assets from Retail
Class Shares Transactions 46,426 (17,272) (8,007) (2,349)
----------- ------------ ---------- -----------
Net Increase (Decrease) in Net Assets from Capital
Share Transactions (841) (20,859) 8,063 (8,159)
----------- ------------ ---------- -----------
Net Increase (Decrease) in Net Assets (3,886) (35,231) 8,435 (13,028)
Net Assets:
Beginning of Period 870,270 905,501 110,442 123,470
----------- ------------ ---------- -----------
End of Period $ 866,384 $ 870,270 $ 118,877 $ 110,442
=========== ============ ========== ===========
Accumulated Undistributed Net Investment Income
(Accumulated Net Investment Loss) $ 55 $ 106 $ (2,288) $ (1,484)
=========== ============ ========== ===========
Shares Issued and Redeemed:
Institutional Class Shares:
Shares Issued 12,304 19,608 3,618 4,111
Shares Issued as Reinvestment of Distributions 788 1,796 -- --
Shares Redeemed (17,933) (21,771) (2,021) (4,686)
----------- ------------ ---------- -----------
Net Increase (Decrease) in Institutional
Class Shares (4,841) (367) 1,597 (575)
----------- ------------ ---------- -----------
Retail Class Shares:
Shares Issued 8,452 5,127 10 226
Shares Issued as Reinvestment of Distributions 304 663 -- --
Shares Redeemed (3,984) (7,543) (822) (453)
----------- ------------ ---------- -----------
Net Increase (Decrease) in Retail Class Shares 4,772 (1,753) (812) (227)
----------- ------------ ---------- -----------
Net Increase (Decrease) in Share Transactions (69) (2,120) 785 (802)
=========== ============ ========== ===========
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) [LOGO OMITTED]
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Structural Alpha Fund RiverPark Strategic Income Fund
------------------------------------------------------------------------------------------------------------------------------------
Six Month Six Month
Period Ended Period Ended
March 31, 2016 Year Ended March 31, 2016 Year Ended
(Unaudited) September 30, 2015 (Unaudited) September 30, 2015
------------------------------------------------------------------------------------------------------------------------------------
Operations:
Net Investment Income (Loss) $ (163) $ (227) $ 16,373 $ 33,003
Net Realized Gain (Loss) from Investments,
Purchased and Written Options,
Securities Sold Short, Futures Contracts,
Forward Foreign Currency Contracts
and Foreign Currency Transactions (237) 888 (21,523) (8,856)
Net Change in Unrealized Appreciation
(Depreciation) on Investments, Purchased
and Written Options, Securities Sold Short,
Futures Contracts, Forward Foreign
Currency Contracts and Foreign Currency
Transactions 495 (827) (12,516) (37,125)
--------- --------- ---------- ------------
Net Increase (Decrease) in Net Assets Resulting
from Operations 95 (166) (17,666) (12,978)
--------- --------- ---------- ------------
Distributions to Shareholders From:
Net Investment Income:
Institutional Class Shares -- -- (6,797) (15,111)
Retail Class Shares -- -- (10,708) (21,088)
Net Realized Gains:
Institutional Class Shares (267) (322) -- (242)
Retail Class Shares (51) (54) -- (368)
--------- --------- ---------- ------------
Total Distributions to Shareholders (318) (376) (17,505) (36,809)
--------- --------- ---------- ------------
Capital Share Transactions:
Institutional Class Shares:
Shares Issued 4,867 7,876 57,861 183,885
Shares Issued as Reinvestment of Distributions 267 322 5,633 13,221
Shares Redeemed (1,758) (1,110) (76,680) (135,144)
--------- --------- ---------- ------------
Net Increase (Decrease) in Net Assets from
Institutional Class Shares Transactions 3,376 7,088 (13,186) 61,962
--------- --------- ---------- ------------
Retail Class Shares:
Shares Issued 666 3,727 48,071 182,290
Shares Issued as Reinvestment of Distributions 51 54 10,688 21,337
Shares Redeemed (1,141) (1,284) (68,346) (88,474)
--------- --------- ---------- ------------
Net Increase (Decrease) in Net Assets from Retail
Class Shares Transactions (424) 2,497 (9,587) 115,153
--------- --------- ---------- ------------
Net Increase (Decrease) in Net Assets from Capital
Share Transactions 2,952 9,585 (22,773) 177,115
--------- --------- ---------- ------------
Net Increase (Decrease) in Net Assets 2,729 9,043 (57,944) 127,328
Net Assets:
Beginning of Period 17,872 8,829 639,284 511,956
--------- --------- ---------- ------------
End of Period $ 20,601 $ 17,872 $ 581,340 $ 639,284
========= ========= =========== ============
Accumulated Undistributed (Distributions in Excess
of) Net Investment Income
(Accumulated Net Investment Loss) $ (349) $ (186) $ (1,065) $ 67
========= ========= =========== ============
Shares Issued and Redeemed:
Institutional Class Shares:
Shares Issued 486 759 6,375 18,326
Shares Issued as Reinvestment of Distributions 26 32 618 1,330
Shares Redeemed (176) (107) (8,362) (13,598)
--------- --------- ---------- ------------
Net Increase (Decrease) in Institutional Class Shares 336 684 (1,369) 6,058
--------- --------- ---------- ------------
Retail Class Shares:
Shares Issued 68 362 5,266 18,173
Shares Issued as Reinvestment of Distributions 5 5 1,174 2,148
Shares Redeemed (115) (126) (7,424) (8,857)
--------- --------- ---------- ------------
Net Increase (Decrease) in Retail Class Shares (42) 241 (984) 11,464
--------- --------- ---------- ------------
Net Increase (Decrease) in Share Transactions 294 925 (2,353) 17,522
========= ========= =========== ============
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) [LOGO OMITTED]
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Focused Value Fund
------------------------------------------------------------------------------------------------------------------------------------
Six Month Period
Ended March 31, 2016 Period Ended
(Unaudited) September 30, 2015*
------------------------------------------------------------------------------------------------------------------------------------
Operations:
Net Investment Income $ 337 $ 148
Net Realized Loss from Investments (747) (33)
Net Change in Unrealized Depreciation on Investments (2,818) (5,105)
------------- ------------
Net Decrease in Net Assets Resulting from Operations (3,228) (4,990)
------------- ------------
Distributions to Shareholders From:
Net Investment Income:
Institutional Class Shares (256) --
Retail Class Shares (1) --
Net Realized Gains:
Institutional Class Shares (18) --
Retail Class Shares -- --
------------- ------------
Total Distributions to Shareholders (275) --
------------- ------------
Capital Share Transactions:
Institutional Class Shares:
Shares Issued 2,800 48,467
Shares Issued as Reinvestment of Distributions 274 --
Shares Redeemed (170) (344)
------------- ------------
Net Increase in Net Assets from Institutional Class Shares Transactions 2,904 48,123
------------- ------------
Retail Class Shares:
Shares Issued 455 661
Shares Issued as Reinvestment of Distributions 2 --
Shares Redeemed (138) (231)
------------- ------------
Net Increase in Net Assets from Retail Class Shares Transactions 319 430
------------- ------------
Net Increase in Net Assets from Capital Share Transactions 3,223 48,553
------------- ------------
Net Increase (Decrease) in Net Assets (280) 43,563
Net Assets:
Beginning of Period 43,563 --
------------- ------------
End of Period $ 43,283 $ 43,563
============= ============
Accumulated Undistributed Net Investment Income $ 229 $ 149
============= ============
Shares Issued and Redeemed:
Institutional Class Shares:
Shares Issued 361 5,079
Shares Issued as Reinvestment of Distributions 32 --
Shares Redeemed (20) (35)
------------- ------------
Net Increase in Institutional Class Shares 373 5,044
------------- ------------
Retail Class Shares:
Shares Issued 56 66
Shares Redeemed (16) (23)
------------- ------------
Net Increase in Retail Class Shares 40 43
------------- ------------
Net Increase in Share Transactions 413 5,087
============= ============
* Fund commenced operations on 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.
--------------------------------------------------------------------------------
23
Financial Highlights
For a Share Outstanding Throughout Each Period
For the Six Month Period Ended March 31, 2016 (Unaudited)
and the Year or Period Ended September 30,
--------------------------------------------------------------------------------
Distributions
Net Asset Net Realized and of 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
2016* $ 16.93 $ 0.08 $ 0.73 $ 0.81 $ --(3) $ (0.30) $ --
2015 18.34 0.09 (0.99) (0.90) -- (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
2016* $ 16.77 $ 0.06 $ 0.72 $ 0.78 $ -- $ (0.30) $ --
2015 18.21 0.05 (0.98) (0.93) -- (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
2016* $ 16.93 $ 0.03 $ 0.45 $ 0.48 $ (0.08) $ (0.68) $ --
2015 18.37 0.06 (0.67) (0.61) (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
2016* $ 16.73 $ 0.09(5) $ 0.44 $ 0.53 $ (0.02) $ (0.68) $ --
2015 18.21 --(3) (0.66) (0.66) -- (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)
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
24
[LOGO OMITTED]
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
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
------------------------------------------------------------------------------------------------------------------------------------
$ (0.30) $17.44 4.76% $ 32,867 1.00%(4) 0.88% 0.87% 24%
(0.51) 16.93 (5.03) 34,963 1.00(4) 0.95 0.47 30
(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
$ (0.30) $17.25 4.60% $ 38,524 1.25%(4) 1.16% 0.64% 24%
(0.51) 16.77 (5.23) 44,634 1.25(4) 1.23 0.29 30
(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
$ (0.76) $16.65 2.83% $ 1,712,244 0.81% 0.81% 0.42% 13%
(0.83) 16.93 (3.52) 1,975,999 0.85 0.85 0.34 24
(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
$ (0.70) $16.56 3.13%(6) $ 78,542 0.18%(7) 0.18%(7) 1.06%(8) 13%
(0.82) 16.73 (3.83) 111,872 1.16 1.16 (0.02) 24
(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
* Unless otherwise indicated, all ratios for the period have been
annualized.
+ 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) The net investment income per share has been increased by a one-time
adjustment as a result of a management change in estimate relating to
shareholder servicing and administrative servicing fees. Had this change in
estimate not occurred, the net investment income per share would have been
$0.02 per share.
(6) Total return has been increased by a one-time adjustment as a result of a
management change in estimate relating to shareholder servicing and
administrative servicing fees. Had this change in estimate not occurred,
total return would have been 2.63%.
(7) The ratio of net expenses to average net assets has been reduced by a
one-time adjustment as a result of a management change in estimate relating
to shareholder servicing and administrative servicing fees. Had this change
in estimate not occurred, the annualized ratio of net expenses to average
net assets would have been 1.13%.
(8) The ratio of net investment income to average net assets has been
increased by a one-time adjustment as a result of a management change in
estimate relating to shareholder servicing and administrative servicing
fees. Had this change in estimate not occurred, the annualized ratio of net
investment income to average net assets would have been 0.11%.
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, 2016 (Unaudited)
and the Year or Period Ended September 30,
------------------------------------------------------------------------------------------------------------------------------------
Realized and Distributions
Net Asset Net Unrealized of Dividends
Value, Investment Gains Total from from Net Distributions
Beginning of Income (Losses) on Investment Investment from Net Total
Period (Loss)(1) Investments Operations Income Realized Gains Distributions
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Short Term High Yield Fund
Institutional Class Shares
2016* $ 9.78 $ 0.15 $ (0.03) $ 0.12 $ (0.15) $ -- $ (0.15)
2015 9.94 0.33 (0.16) 0.17 (0.33) -- (0.33)
2014 9.98 0.38 (0.04) 0.34 (0.38) -- (0.38)
2013 10.01 0.39 (0.07) 0.32 (0.35) -- (0.35)
2012 9.88 0.44 0.08 0.52 (0.39) -- (0.39)
2011 10.00 0.47 (0.15) 0.32 (0.44) -- (0.44)
Retail Class Shares
2016* $ 9.75 $ 0.14 $ (0.04) $ 0.10 $ (0.14) $ -- $ (0.14)
2015 9.92 0.30 (0.16) 0.14 (0.31) -- (0.31)
2014 9.97 0.36 (0.05) 0.31 (0.36) -- (0.36)
2013 9.99 0.37 (0.06) 0.31 (0.33) -- (0.33)
2012 9.88 0.42 0.06 0.48 (0.37) -- (0.37)
2011 10.00 0.43 (0.13) 0.30 (0.42) -- (0.42)
RiverPark Long/Short Opportunity Fund
Institutional Class Shares
2016* $ 10.09 $ (0.07) $ 0.11 $ 0.04 $ -- $ -- $ --
2015 10.51 (0.15) (0.27) (0.42) -- -- --
2014 10.10 (0.21) 0.62 0.41 -- -- --
2013 10.14 (0.22) 0.27 0.05 -- (0.09) (0.09)
2012(2) 10.00 (0.13) 0.27 0.14 -- -- --
Retail Class Shares
2016* $ 10.03 $ (0.08) $ 0.11 $ 0.03 $ -- $ -- $ --
2015 10.46 (0.16) (0.27) (0.43) -- -- --
2014 10.08 (0.22) 0.60 0.38 -- -- --
2013 10.13 (0.23) 0.27 0.04 -- (0.09) (0.09)
2012(2) 10.04 (0.13) 0.22 0.09 -- -- --
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
26
[LOGO OMITTED]
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Total Expenses
Ratio of Net Expenses to Average Net Assets,
to Average Net Assets, Including Dividend Ratio of Net
Net Assets, Including Dividend Expense and Stock Loan Investment Income
Net Asset Value, Total End of Expense and Stock Fee, Excluding Advisor (Loss) to Portfolio
End of Period Return++ Period (000) Loan Fee Waiver Recapture Average Net Assets Turnover Rate
------------------------------------------------------------------------------------------------------------------------------------
$ 9.75 1.24% $ 616,565 0.82% 0.82% 3.08% 47%
9.78 1.72 666,036 0.87 0.87 3.31 90
9.94 3.48 680,443 0.90 0.90 3.81 195
9.98 3.39 587,334 0.99(8) 0.94 3.88 390
10.01 5.32+ 100,224 1.00 1.12 4.42 611
9.88 3.27+ 18,883 1.00 2.12 4.69 454
$ 9.71 1.02% $ 249,819 1.12% 1.12% 2.81% 47%
9.75 1.47 204,234 1.18 1.18 3.00 90
9.92 3.02 225,058 1.18 1.18 3.62 195
9.97 3.14 285,742 1.25(8) 1.21 3.75 390
9.99 4.88+ 97,701 1.25 1.32 4.23 611
9.88 3.06+ 6,083 1.25 2.18 4.28 454
$ 10.13 0.40% $ 113,756 3.07%(7)(8) 3.05% (1.40)% 25%
10.09 (4.00) 97,196 3.01(6)(8) 3.00 (1.41) 35
10.51 4.06 107,276 3.22(5)(8) 3.16 (1.99) 59
10.10 0.55+ 26,686 3.46(4) 3.60 (2.22) 56
10.14 1.40+ 19,994 3.49(3) 4.12 (2.61) 20
$ 10.06 0.30% $ 5,121 3.28%(7)(8) 3.25% (1.49)% 25%
10.03 (4.11)+ 13,246 3.16(6) 3.19 (1.55) 35
10.46 3.77 16,194 3.37(5)(8) 3.29 (2.03) 59
10.08 0.45+ 72,410 3.61(4) 3.71 (2.32) 56
10.13 0.90+ 4,302 3.68(3) 4.18 (2.78) 20
* Unless otherwise indicated, all ratios for the period have been
annualized.
+ 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) 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.
(3) 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.
(4) 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.
(5) 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.
(6) Dividend expense and stock loan fee totaled 1.16% of average net assets
for the year ended September 30, 2015. Had these expenses not been included
the ratios would have been 1.85% and 2.00%, respectively.
(7) Dividend expense and stock loan fee totaled 1.28% of average net assets
for the six months ended March 31, 2016. Had these expenses not been
included the ratios would have been 1.79% and 2.00%, respectively.
(8) Ratios include previously waived investment advisory fees recovered.
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, 2016 (Unaudited)
and the Year or Period Ended September 30,
------------------------------------------------------------------------------------------------------------------------------------
Realized and Distributions
Net Asset Net Unrealized of Dividends
Value, Investment Gains Total from from Net Distributions
Beginning of Income (Losses) on Investment Investment from Net Total
Period (Loss)(1) Investments Operations Income Realized Gains Distributions
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Structural Alpha Fund
Institutional Class Shares
2016* $ 10.13 $(0.08) $ 0.13 $ 0.05 $ -- $ (0.17) $ (0.17)
2015 10.50 (0.19) 0.23 0.04 -- (0.41) (0.41)
2014 10.12 (0.18) 0.73 0.55 -- (0.17) (0.17)
2013(2) 10.00 (0.05) 0.17 0.12 -- -- --
Retail Class Shares
2016* $ 10.07 $(0.10) $ 0.14 $ 0.04 $ -- $ (0.17) $ (0.17)
2015 10.47 (0.21) 0.22 0.01 -- (0.41) (0.41)
2014 10.12 (0.20) 0.72 0.52 -- (0.17) (0.17)
2013(2) 10.00 (0.05) 0.17 0.12 -- -- --
RiverPark Strategic Income Fund
Institutional Class Shares
2016* $ 9.49 $ 0.26 $ (0.53) $ (0.27) $ (0.28) $ -- $ (0.28)
2015 10.26 0.56 (0.72) (0.16) (0.60) (0.01) (0.61)
2014(3) 10.00 0.59 0.12(7) 0.71 (0.45) --(6) (0.45)
Retail Class Shares
2016* $ 9.48 $ 0.25 $ (0.53) $ (0.28) $ (0.27) $ -- $ (0.27)
2015 10.26 0.53 (0.72) (0.19) (0.58) (0.01) (0.59)
2014(3) 10.00 0.55 0.14(7) 0.69 (0.43) --(6) (0.43)
RiverPark Focused Value Fund
Institutional Class Shares
2016* $ 8.56 $ 0.07 $ (0.71) $ (0.64) $ (0.05) $ --(6) $ (0.05)
2015(4) 10.00 0.07 (1.51) (1.44) -- -- --
Retail Class Shares
2016* $ 8.56 $ 0.06 $ (0.72) $ (0.66) $ (0.03) $ --(6) $ (0.03)
2015(4) 10.00 0.05 (1.49) (1.44) -- -- --
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
28
[LOGO OMITTED]
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Total Expenses
Ratio of Net Expenses to Average Net Assets,
to Average Net Assets, Including Dividend Ratio of Net
Including Dividend Expense and Stock Loan Investment Income
Net Asset Value, Net Assets, Expense and Fee, Excluding Advisor (Loss) to Average Portfolio
End of Period Total Return++ End of Period (000) Stock Loan Fee Waiver Recapture Net Assets Turnover Rate
------------------------------------------------------------------------------------------------------------------------------------
$10.01 0.48% $ 17,839 1.75%(5) 1.73% (1.66)% 0%(8)
10.13 0.46+ 14,646 1.75 1.90 (1.82) 0(8)
10.50 5.46+ 8,003 1.75 2.22 (1.72) 0(8)
10.12 1.20+ 8,118 1.75 2.99 (1.73) 0
$ 9.94 0.39%+ $ 2,762 2.00% 2.07% (1.92)% 0%(8)
10.07 0.17+ 3,226 2.00 2.24 (2.07) 0(8)
10.47 5.16+ 826 2.00 2.56 (1.97) 0(8)
10.12 1.20+ 885 2.00 3.32 (1.98) 0
$ 8.94 (2.85)% $ 221,219 0.90%(9) 0.90% 5.75% 25%
9.49 (1.63) 247,726 0.90 0.90 5.57 54
10.26 7.16 205,825 0.91 0.91 5.67 61
$ 8.93 (2.98)% $ 360,121 1.19%(9) 1.19% 5.44% 25%
9.48 (1.98) 391,558 1.19 1.19 5.29 54
10.26 6.93 306,131 1.24 1.24 5.29 61
$ 7.87 (7.47)%+ $ 42,635 1.00% 1.04% 1.60% 8%
8.56 (14.40)+ 43,200 1.00 1.25 1.35 14
$ 7.87 (7.66)%+ $ 648 1.25% 1.41% 1.43% 8%
8.56 (14.40)+ 363 1.25 1.60 1.01 14
* Unless otherwise indicated, all ratios for the period have been
annualized.
+ 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) Commenced operations on June 28, 2013. All ratios for the period have been
annualized, except for the Total Return and Portfolio Turnover Rate.
(3) Commenced operations on September 30, 2013. All ratios for the period have
been annualized, except for the Total Return and Portfolio Turnover Rate.
(4) Commenced operations on March 31, 2015. All ratios for the period have
been annualized, except for the Total Return and Portfolio Turnover Rate.
(5) Ratios include previously waived investment advisory fees recovered.
(6) Amount represents less than $0.01 per share.
(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.
(8) Note that the ratio is zero due to not having any long-term securities.
(9) Dividend expense and stock loan fee totaled 0.05% of average net assets
for the six months ended March 31, 2016. Had these expenses not been
included the ratios would have been 0.85% and 1.14%, respectively.
The accompanying notes are an integral part of the financial statements.
--------------------------------------------------------------------------------
29
Notes to Financial Statements [LOGO OMITTED]
March 31, 2016 (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, 2016, the Trust was comprised of seven funds: the RiverPark Large
Growth Fund, RiverPark/Wedgewood Fund, RiverPark Short Term High Yield Fund,
RiverPark Long/ Short Opportunity 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 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 both 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 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. The Funds
are investment companies and accordingly follow investment company accounting
and reporting guidance of the Financial Accounting Standards Board (FASB)
Accounting Standards Codification Topic 946 Financial Services -- Investment
Companies.
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").
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.
--------------------------------------------------------------------------------
30
Notes to Financial Statements [LOGO OMITTED]
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
2. Summary of Significant Accounting Policies (continued)
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, Schedules of Securities Sold Short, Schedules of Open Options
Purchased, Schedules of Open Options Written, open forward currency contracts
and list of open swap contracts.
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, 2016,
there were no significant changes to the Funds' fair value methodologies.
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. As
consistent with the RiverPark Strategic Income 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 15% of
the value of its gross assets (including the amounts borrowed) and 30% 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 Funds must borrow the security to make
delivery to the buyer. The Funds are 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 Funds. Until the security is replaced, the Funds
are required to pay the lender amounts equal to any dividends that accrue
during the period of the loan. Dividends and interest are shown as an expense
for financial reporting purposes. To borrow the security, the Funds 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 Funds sold the
security short, or a realized loss, unlimited in size, will be recognized upon
the close of a short sale.
Until the Funds close their short position or replace the borrowed security,
the Funds will maintain a segregated account with its custodian containing
marginable securities. The Funds 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 Funds may maintain higher
levels of marginable assets (for example, long equity positions) for collateral
needs thus reducing their overall managed assets available for trading
purposes.
--------------------------------------------------------------------------------
31
Notes to Financial Statements [LOGO OMITTED]
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
2. Summary of Significant Accounting Policies (continued)
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 Structural Alpha Fund and RiverPark Strategic Income Fund may sell
uncovered call and put options on securities and stock indices.
The RiverPark Long/Short Opportunity 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.
Purchased and written equity and index options transactions entered into during
the six months ended March 31, 2016 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 .... 786 $ 260,414 242 $ 69,697
Expired ................................... (629) (208,772) -- --
Executed .................................. (53) (26,282) -- --
Closing buys .............................. -- -- (242) (69,697)
Sold ...................................... (104) (25,360) -- --
------------------------------------------------------------------------------------------------------------------------------------
Balance at the end of the period .......... -- $ -- -- $ --
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Structural Alpha Fund Purchased Options Written Options
------------------------------------------------------------------------------------------------------------------------------------
Number of Contracts Cost Number of Contracts Premiums Received
------------------------------------------------------------------------------------------------------------------------------------
Balance at the beginning of the period .... 90 $1,066,419 182 $ 997,265
Written ................................... -- -- 589 1,608,477
Purchased ................................. 163 1,165,912 -- --
Expired ................................... (78) (423,161) (239) (823,613)
Executed .................................. (28) (314,596) (103) (185,562)
Closing buys .............................. -- -- (162) (246,118)
Sold ...................................... (20) (12,026) -- --
------------------------------------------------------------------------------------------------------------------------------------
Balance at the end of the period .......... 127 $1,482,548 267 $ 1,350,449
------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------
32
Notes to Financial Statements [LOGO OMITTED]
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Strategic Income Fund Purchased Options Written Options
------------------------------------------------------------------------------------------------------------------------------------
Number of Contracts Cost Number of Contracts Premiums Received
------------------------------------------------------------------------------------------------------------------------------------
Balance at the beginning of the period .... -- $ -- 1,250 $ 154,635
Expired ................................... -- -- (1,250) (154,635)
------------------------------------------------------------------------------------------------------------------------------------
Balance at the end of the period .......... -- $ -- -- $ --
------------------------------------------------------------------------------------------------------------------------------------
Purchased and written options held as of March 31, 2016 are disclosed
separately on the Statements of Assets and Liabilities. The realized and
unrealized gain (loss) from purchased and written options are disclosed
separately on the Statements of Operations.
All purchased and written options have equity risk exposure. Additionally, all
purchased and written options held as of March 31, 2016 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.
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 exposure and 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
monthly 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
--------------------------------------------------------------------------------
33
Notes to Financial Statements [LOGO OMITTED]
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
2. Summary of Significant Accounting Policies (continued)
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
months ended March 31, 2016 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, 2016.
The total return swaps that the RiverPark Long/Short Opportunity Fund transacts
in are subject to a netting arrangement.
During the six months ended March 31, 2016, the RiverPark Long/Short
Opportunity Fund purchased 67,391 swap contracts and closed 47,291 swap
contracts for a realized gain of $1,064,401 with 297,361 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 $1,300,000 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. At March 31, 2016, the options
contracts were fully collateralized by $7,847,920 in securities pledged and
$2,568,165 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, 2016, the RiverPark Structural Alpha Fund has open futures contracts
and during the six months ended, all futures contracts held had equity risk
exposure. For the six month period ended March 31, 2016, 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 the
$7,847,920 in collateral noted on the Schedule of Investments for the open
option contracts, the futures contracts were also collateralized by $1,180,084
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
interest, dividend, real property rent, gain from sale or other disposition of
real property and income from 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
--------------------------------------------------------------------------------
34
Notes to Financial Statements [LOGO OMITTED]
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
2. Summary of Significant Accounting Policies (continued)
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 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.
Organization and Offering Costs -- Offering costs for RiverPark Focused Value
Fund, including the cost of printing the initial prospectus and registration
fees, are being amortized to expense over a twelve month period. As of March
31, 2016, all offering costs were fully amortized.
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.
--------------------------------------------------------------------------------
35
Notes to Financial Statements [LOGO OMITTED]
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
2. Summary of Significant Accounting Policies (continued)
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, 2016, the RiverPark Strategic Income Fund held a
forward contract as a currency hedge against a foreign bond. 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, 2016 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 months ended March 31, 2016, the total amount of
open forward foreign currency contracts, as presented in the RiverPark
Strategic Income Fund's Schedule of Investments, are representative of the
volume of activity for this derivative type during the period.
The forward foreign currency contract held by the RiverPark Strategic Income
Fund during the six months ended March 31, 2016 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 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, 2016, 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.
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 and 1.40% for the RiverPark
Structural Alpha Fund.
--------------------------------------------------------------------------------
36
Notes to Financial Statements [LOGO OMITTED]
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
3. Agreements (continued)
The Adviser has contractually agreed to waive its fees and to absorb expenses
of each Fund through January 31, 2017 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 each 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 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 1.75% for the Institutional Class Shares and
2.00% for the Retail Class Shares for RiverPark Structural Alpha Fund.
As of March 31, 2016, the Adviser may in the future seek reimbursement of
previously waived fees for the Funds as follows:
Fund Expiring 2016 Expiring 2017 Expiring 2018 Expiring 2019 Total
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Large Growth Fund ............ $ 5,776 $ 5,674 $ 1,843 $ -- $ 13,293
RiverPark Structural Alpha Fund ........ 23,222 49,797 21,181 -- 94,200
RiverPark Focused Value Fund ........... -- -- 27,020 9,111 36,131
For the six months ended March 31, 2016, the Adviser recaptured previously
waived fees of $40,543 for the RiverPark Large Growth Fund; $14,744 for the
RiverPark Long/Short Opportunity Fund; and $1,435 for the RiverPark Structural
Alpha Fund.
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; and Cohanzick
Management, LLC ("Cohanzick"), as sub-adviser to the RiverPark Short Term High
Yield Fund and the RiverPark Strategic Income 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 and Cohanzick 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.
RiverPark (and its affiliated advisers) and Wedgewood may be considered to be
affiliates as RiverPark shareholders own approximately 6% of Wedgewood
Partners, and Wedgewood owns 2.5% of RiverPark's holding company. 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.
--------------------------------------------------------------------------------
37
Notes to Financial Statements [LOGO OMITTED]
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
3. Agreements (continued)
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 Fund. For the six months ended
March 31, 2016, the Funds were charged $997,537 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, 2016, 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.
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 any 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, 2016, were as follows:
Proceeds from Sales
Fund Purchases (000) and Maturities (000)
--------------------------------------------------------------------------------
RiverPark Large Growth Fund ............ $ 17,734 $ 23,759
RiverPark/Wedgewood Fund ............... 254,398 651,156
RiverPark Short Term High Yield Fund ... 584,819 135,449
RiverPark Long/Short Opportunity Fund .. 31,626 25,245
RiverPark Structural Alpha Fund ........ -- --
RiverPark Strategic Income Fund ........ 228,899 137,728
RiverPark Focused Value Fund ........... 5,663 2,883
There were no purchases or sales of long-term U.S. Government securities for
the six months March 31, 2016.
--------------------------------------------------------------------------------
38
Notes to Financial Statements [LOGO OMITTED]
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
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.
The tax character of dividends and distributions declared during the last two
years or periods ended September 30, 2015 was as follows (000):
Long-Term
FUND Ordinary Income Capital Gain Total
------------------------------------------------------------------------------------------------------------------
RiverPark Large Growth Fund
2015 ..................................... $ 1,093 $ 769 $ 1,862
2014 ..................................... 204 96 300
RiverPark/Wedgewood Fund
2015 ..................................... 32,481 55,333 87,814
2014 ..................................... 5,539 13,987 19,526
RiverPark Short Term High Yield Fund
2015 ..................................... 29,126 -- 29,126
2014 ..................................... 33,765 -- 33,765
RiverPark Structural Alpha Fund
2015 ..................................... 79 297 376
2014 ..................................... 20 138 158
RiverPark Strategic Income Fund
2015 ..................................... 36,809 -- 36,809
2014 ..................................... 12,621 -- 12,621
There were no distributions declared during the last two fiscal years ended
September 30 in the RiverPark Long/Short Opportunity Fund and the RiverPark
Focused Value Fund.
As of September 30, 2015, 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 ............... $ 5 $ 1,335 $ -- $ (447)
RiverPark/Wedgewood Fund .................. 7,376 78,730 -- --
RiverPark Short Term High Yield Fund ...... 106 -- (1,080 (6,548)
RiverPark Long/Short Opportunity Fund ..... -- -- (5,434) --
RiverPark Structural Alpha Fund ........... -- 398 -- --
RiverPark Strategic Income Fund ........... 18 -- (1,317) (8,613)
RiverPark Focused Value Fund .............. 115 -- -- --
Total
Distributable
Unrealized Other Late Year Earnings
Appreciation Temporary Loss (Accumulated
(Depreciation) Differences Defferal Losses)
---------------------------------------------------------------------------------------
RiverPark Large Growth Fund ............... $ 3,678 $ -- $ -- $ 4,571
RiverPark/Wedgewood Fund .................. 66,205 -- -- 152,311
RiverPark Short Term High Yield Fund ...... (12,091) -- -- (19,613)
RiverPark Long/Short Opportunity Fund ..... 14,004 (1,671) (2,576) 4,323
RiverPark Structural Alpha Fund ........... (279) -- (185) (66)
RiverPark Strategic Income Fund ........... (42,204) 50 -- (52,066)
RiverPark Focused Value Fund .............. (5,105) -- -- (4,990)
Post-October losses represent losses realized on investment transactions from
November 1, 2014, through September 30, 2015, that, in accordance with Federal
income tax regulations, the RiverPark Large Growth Fund, the RiverPark Short
Term High Yield Fund and the RiverPark Strategic Income Fund elect to defer and
treat as having arisen in the following fiscal year.
--------------------------------------------------------------------------------
39
Notes to Financial Statements [LOGO OMITTED]
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
5. Federal Tax Information (continued)
Deferred late-year losses represent ordinary losses realized on investment
transactions from January 1, 2015 through September 30, 2015 and specified
losses realized on investment transactions from November 1, 2014 through
September 30, 2015. The RiverPark Long/Short Opportunity Fund and the RiverPark
Structural Alpha Fund elect to defer the late-year loss and to treat it as
having arisen in the following fiscal year.
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. 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 Short Term High Yield Fund ..... $ 1,080 $ -- $1,080
RiverPark Long/Short Opportunity Fund .... $ 5,434 $ -- $5,434
RiverPark Strategic Income Fund .......... $ 1,317 $ -- $1,317
For federal income tax purposes, the cost of securities owned at March 31, 2016
and the net realized gains or losses on securities sold for the period were
different from amounts reported for financial reporting purposes, primarily due
to wash sales, investments in partnerships and basis adjustments of the
carryover securities which cannot be used for federal income tax purposes in
the current year and have been deferred for use in future years. 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, 2016, were as follows (000):
Aggregate Aggregate
Gross Gross Net Unrealized
Federal Tax Unrealized Unrealized Appreciation
Fund Cost Appreciation Depreciation (Depreciation)
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Large Growth Fund .............. $ 64,137 $ 11,479 $ (5,182) $ 6,297
RiverPark/Wedgewood Fund ................. 1,486,326 312,102 (74,547) 237,555
RiverPark Short Term High Yield Fund ..... 855,642 1,130 (7,819) (6,689)
RiverPark Long/Short Opportunity Fund .... 96,751 20,654 (9,727) 10,927
RiverPark Structural Alpha Fund .......... 9,641 2 -- 2
RiverPark Strategic Income Fund .......... 602,964 3,074 (55,846) (52,772)
RiverPark Focused Value Fund ............. 45,606 1,434 (9,357) (7,923)
6. Risks
The RiverPark Short Term High Yield Fund and RiverPark Strategic Income Fund
invest in fixed-income instruments that are or are 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.
High- yield 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.
--------------------------------------------------------------------------------
40
Notes to Financial Statements [LOGO OMITTED]
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
6. Risks (continued)
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 and RiverPark Strategic Income Fund
are exposed to the risks of using leverage and short sales. The RiverPark
Long/Short Opportunity Fund and RiverPark Strategic Income 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 and RiverPark
Strategic Income 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 and RiverPark Strategic
Income 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 and RiverPark Strategic Income 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 and RiverPark Strategic Income Fund will
recognize a loss. The risk on a short sale is unlimited because the RiverPark
Long/Short Opportunity Fund and RiverPark Strategic Income 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 Structural Alpha Fund and
RiverPark Strategic Income 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.
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
--------------------------------------------------------------------------------
41
Notes to Financial Statements [LOGO OMITTED]
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
6. Risks (continued)
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.
A more complete description of risks is included in each Fund's prospectus and
SAI.
--------------------------------------------------------------------------------
42
Notes to Financial Statements [LOGO OMITTED]
March 31, 2016 (Unaudited)
--------------------------------------------------------------------------------
7. Other
On March 31, 2016, the Funds had the following concentrations of shareholders
holding 10% or more of the outstanding shares of the Funds. These may include
omnibus shareholder accounts comprised of one or many individual shareholders.
Fund
--------------------------------------------------------------------------------
RiverPark Large Growth Fund
Institutional Class Shares ............................................. 87%
Retail Class Shares .................................................... 91%
RiverPark/Wedgewood Fund
Institutional Class Shares ............................................. 44%
Retail Class Shares .................................................... 71%
RiverPark Short Term High Yield Fund
Institutional Class Shares ............................................. 69%
Retail Class Shares .................................................... 90%
RiverPark Long/Short Opportunity Fund
Institutional Class Shares ............................................. 80%
Retail Class Shares .................................................... 79%
RiverPark Structural Alpha Fund
Institutional Class Shares ............................................. 50%
Retail Class Shares .................................................... 96%
RiverPark Strategic Income Fund
Institutional Class Shares ............................................. 74%
Retail Class Shares .................................................... 93%
RiverPark Focused Value Fund
Institutional Class Shares ............................................. 81%
Retail Class Shares .................................................... 89%
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. Based on this evaluation, no adjustments were required to the financial
statements.
--------------------------------------------------------------------------------
43
Disclosure of Fund Expenses (Unaudited) [LOGO OMITTED]
--------------------------------------------------------------------------------
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.
--------------------------------------------------------------------------------
44
Disclosure Of Fund Expenses (Unaudited)(continued) [LOGO OMITTED]
--------------------------------------------------------------------------------
Ending Net Expenses
Beginning Account Annualized Paid
Account Value Value Expense During
10/1/15 3/31/16 Ratios Period*
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Large Growth Fund -- Institutional Class Shares
Actual Fund Return $1,000.00 $1,047.60 1.00% $5.12
Hypothetical 5% Return 1,000.00 1,020.00 1.00 5.05
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Large Growth Fund -- Retail Class Shares
Actual Fund Return 1,000.00 1,046.00 1.25 6.39
Hypothetical 5% Return 1,000.00 1,018.75 1.25 6.31
------------------------------------------------------------------------------------------------------------------------------------
RiverPark/Wedgewood Fund -- Institutional Class Shares
Actual Fund Return 1,000.00 1,028.30 0.81 4.11
Hypothetical 5% Return 1,000.00 1,020.95 0.81 4.09
------------------------------------------------------------------------------------------------------------------------------------
RiverPark/Wedgewood Fund -- Retail Class Shares
Actual Fund Return 1,000.00 1,031.30 0.18# 0.91
Hypothetical 5% Return 1,000.00 1,024.10 0.18# 0.91
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Short Term High Yield Fund -- Institutional Class Shares
Actual Fund Return 1,000.00 1,012.40 0.82 4.13
Hypothetical 5% Return 1,000.00 1,020.90 0.82 4.14
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Short Term High Yield Fund -- Retail Class Shares
Actual Fund Return 1,000.00 1,010.20 1.12 5.63
Hypothetical 5% Return 1,000.00 1,019.40 1.12 5.65
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Long/Short Opportunity Fund -- Institutional Class Shares
Actual Fund Return 1,000.00 1,004.00 3.07+ 15.38
Hypothetical 5% Return 1,000.00 1,009.65 3.07+ 15.42
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Long/Short Opportunity Fund -- Retail Class Shares
Actual Fund Return 1,000.00 1,003.00 3.28+ 16.42
Hypothetical 5% Return 1,000.00 1,008.60 3.28+ 16.47
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Structural Alpha Fund -- Institutional Class Shares
Actual Fund Return 1,000.00 1,004.80 1.75 8.77
Hypothetical 5% Return 1,000.00 1,016.25 1.75 8.82
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Structural Alpha Fund -- Retail Class Shares
Actual Fund Return 1,000.00 1,003.90 2.00 10.02
Hypothetical 5% Return 1,000.00 1,015.00 2.00 10.08
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Strategic Income Fund -- Institutional Class Shares
Actual Fund Return 1,000.00 971.50 0.90++ 4.44
Hypothetical 5% Return 1,000.00 1,020.50 0.90++ 4.55
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Strategic Income Fund -- Retail Class Shares
Actual Fund Return 1,000.00 970.20 1.19++ 5.86
Hypothetical 5% Return 1,000.00 1,019.05 1.19++ 6.01
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Focused Value Fund -- Institutional Class Shares
Actual Fund Return 1,000.00 925.30 1.00 4.81
Hypothetical 5% Return 1,000.00 1,020.00 1.00 5.05
------------------------------------------------------------------------------------------------------------------------------------
RiverPark Focused Value Fund -- Retail Class Shares
Actual Fund Return 1,000.00 923.40 1.25 6.01
Hypothetical 5% Return 1,000.00 1,018.75 1.25 6.31
------------------------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio multiplied by
the average account value over the period, multiplied by 183/366 (to
reflect the one-half year period).
# This ratio has been reduced by a one-time adjustment as a result of a
management change in estimate relating to shareholder servicing and
administrative servicing fees. Had this change in estimate not occurred,
the annualized ratio of net expenses would have been 1.13%.
+ The annualized expense ratios include dividend expense and/or stock loan
fees incurred during the six month period. Annualized dividend expense and
stock loan fees of average net assets totaled 1.28%. Had these expenses not
been included the ratios would have been 1.79% and 2.00%, respectively.
++ The annualized expense ratios include interest expense and/or stock loan
fees incurred during the six month period. Annualized dividend expense and
stock loan fees of average net assets totaled 0.05%. Had these expenses not
been included the ratios would have been 0.85% and 1.14%, respectively.
--------------------------------------------------------------------------------
45
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
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 forthe Trust.
RPF-SA-001-0600
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.
--------------------------------------------------------------------------------
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
/s/ Morty Schaja
By (Signature and Title)* --------------------------------------
Morty Schaja
President
Date: June 8, 2016
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.
/s/ Morty Schaja
By (Signature and Title)* --------------------------------------
Morty Schaja
President
Date: June 8, 2016
/s/ Rami Abdel-Rahman
By (Signature and Title)* --------------------------------------
Rami Abdel-Rahman
Chief Financial Officer and Treasurer
Date: June 8, 2016
* Print the name and title of each signing officer under his or her
signature.