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RiverPark Short Term High Yield Fund to close to new investors

edited June 2013 in Fund Discussions
http://www.sec.gov/Archives/edgar/data/1494928/000139834413002870/fp0007468_497.htm

497 1 fp0007468_497.htm

RiverPark Funds Trust

RiverPark Short Term High Yield Fund

Supplement dated June 14, 2013 to the Summary Prospectus, Prospectus and Statement of Additional Information (“SAI”) dated January 28, 2013.

This supplement provides new and additional information beyond that contained in the Summary Prospectus, Prospectus and SAI and should be read in conjunction with the Summary Prospectus, Prospectus and SAI.

Effective as of 4pm on June 21, 2013 (the "Closing Date"), Retail and Institutional Class Shares of the RiverPark Short Term High Yield Fund (the "Fund") are closed to new investors.


After the Closing Date, existing shareholders of Retail and Institutional Class Shares of the Fund and certain eligible investors, as set forth below, may purchase additional Retail and Institutional Class Shares of the Fund through existing or new accounts and reinvest dividends and capital gains distributions. Existing shareholders and eligible investors include:

· Shareholders of Retail Class Shares and Institutional Class Shares of the Fund as of the Closing Date (although once a shareholder closes all accounts in the Fund, additional investments into the Fund may not be accepted).

· Clients of a financial adviser or planner who had client assets invested in the Fund as of the Closing Date.

· Any trustee of RiverPark Funds Trust, or employee of RiverPark Advisors, LLC or Cohanzick Management, LLC, or an investor who is an immediate family member of any of these individuals.

The Fund reserves the right, in its sole discretion, to determine the criteria for qualification as an eligible investor and to reject any purchase order. Sales of Retail Class Shares and Institutional Class Shares of the Fund may be further restricted or reopened in the future.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

RPF-SK-011-0100

Comments

  • This is positive news for shareholders! Awesome.
  • At about 730 million AUM. Interesting.
  • Reply to @00BY: And still charging 1.25% ER...$9M a year.
  • Reply to @Charles: Meh. Cheaper would be nice. Still: (1) High overhead strategy. (2) Delivering the returns it promised. David
  • edited June 2013
    Reply to @David_Snowball: My issue certainly is not with Mr. Sherman, but RiverPark. Based on their high ER practice with RPHYX and RWGFX. Their ultra high minimums for institutional shares. Concerned that at the end of the day, RiverPark is more of an asset gatherer than a shareholder friendly shop. Exploiting talent more than partnering with it. Do you think Mr. Sherman is receiving the preponderance of the $9M in fees his good strategy will now generate?
  • edited June 2013
    I believe they are closing this to channel monies to new income fund Mr. Sherman is going to manage. They are most like to deny it but it very much smells like it.
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