RiverPark Focused Value Fund Investment Adviser: RiverPark Advisors, LLC serves as the RiverPark Funds' investment adviser. The Adviser was formed in July 2009 and is a privately owned investment management firm that primarily advises a family of mutual funds. The Adviser is a wholly owned subsidiary of RP Holding Group LLC, a Delaware limited liability company, and is 84.3% owned by employees. RiverPark Capital Management LLC, an affiliate of the Adviser and also a wholly owned subsidiary of RP Holding Group LLC, provides investment management services to separate accounts and partnerships. The RiverPark Focused Value Fund is supported by a team of professionals which includes: Erik Diamond, Assistant Portfolio Manager Erik graduated from the University of Illinois with a BS in Finance in 1991. From 1991-1999, Erik served as an analyst for ESL Investments, Porter Felleman, First Manhattan and Gotham Partners, evaluating investments in equity and distressed securities. In 1999, Erik founded DCM Partners, a valueoriented investment partnership where he served as Chief Investment Officer and Managing Member through 2011. Erik joined RiverPark Capital in 2014 where he rejoins David Berkowitz. They previously worked together at Gotham Partners and have known each other for over 15 years. Mitch Rubin, J.D., CFA, Co-CIO, Managing Partner After a brief career as a practicing attorney Mitch has held various positions as an Analyst and Portfolio Manager. Prior to Co-Founding RiverPark in 2006, Mitch served as the Portfolio Manager for several investment strategies at Baron Capital. Mitch holds a BA in Economics and Political Science from the University of Michigan in 1988 and a JD from Harvard Law School in 1991. For more information on the RiverPark Focused Value Fund, or any of the other RiverPark products, please call Matt Kelly, RiverPark’s Chief Marketing Officer at 212.484.2100, or email [email protected] As of February 28, 2015 Institutional and Retail Share Classes Investment Objective The RiverPark Focused Value Fund (“RiverPark Value” or the “Fund”) seeks long-term capital appreciation. Investment Strategy RiverPark Value seeks long-term capital appreciation by investing in large capitalization US equity securities that the Fund's Investment Advisor believes are trading at substantial discounts to intrinsic value. The Fund is a high conviction strategy and intends to be concentrated, with generally 20-25 investments. The Fund’s investments will generally fall into two categories: high-quality businesses at reasonable prices and businesses impacted by temporary challenges. The Fund seeks to invest in businesses that are durable and predictable, run by shareholder-oriented management teams and where we believe conservative projections of future performance can lead to expected returns in excess of 15% annually over a 3-5 year holding period. The Fund’s investment approach is bottom-up, fundamental, rigorous, research-intensive value-investing. For each investment, Riverpark develops a quantitative framework for valuation and intends to make purchases when investments are available at substantial discounts to a conservative assessment of value. The Fund’s investment philosophy is that: 1. Markets are generally efficient, but occasionally inefficient. 2. As shareholders, the Fund invests in pieces of businesses, not pieces of paper. 3. Security pricing is very important in assessing investment merit. 4. Diversification is important, to a point. Finally, a strong sell discipline is essential to the Fund's overall value approach. The Adviser will generally have a specific price target in mind when entering a position, will monitor each position as the stock price and our assessment of value evolve and will re-size or exit positions accordingly. Inception Date NASDAQ Ticker CUSIP Net Asset Value Expense Ratio (Gross) Expense Ratio (Net) Minimum Initial Investment Fund Facts Institutional Retail March 31, 2015 RFVIX 76882K728 $10.00 1.06% 1.00% $100,000 March 31, 2015 RFVFX 76882K736 $10.00 1.31% 1.25% $1,000 Portfolio Management David Berkowitz , Co-Chief Investment Officer and Portfolio Manager David graduated from the Massachusetts Institute of Technology with an SB in Chemical Engineering in 1984 and an SM in Chemical Engineering Practice in 1985. He worked as an engineer for Union Carbide Corporation and Amoco Corporation before receiving an MBA with distinction from Harvard Business School in 1992. In 1992, with a classmate from business school, David founded Gotham Partners, a valueoriented investment partnership. He co-managed Gotham from inception through 2002. In 2003, he joined the Jack Parker Corporation, a New York family office as Chief Investment Officer and managed a focused portfolio of public equities. In 2006, he formed Festina Lente Invesment Management, a value-oriented investment partnership and managed that entity through 2008. In 2009 he joined Ziff Brothers Investments where he held numerous investment and managerial roles. Most recently he was Chief Risk and Strategy Officer and a Partner. David joined RiverPark Capital in 2014 as Co-Chief Investment Officer, Portfolio Manager of the RiverPark Focused Value Fund and as a Principal in the firm. To determine if this Fund is an appropriate investment for you, carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information may be found in the Fund’s summary and full prospectuses, which may be obtained by calling 888.564.4517, or by visiting the website at www.riverparkfunds.com. Please read the prospectus carefully before investing. Mutual fund investing involves risk including possible loss of principal. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from social, economic or political instability in other nations. Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise. High yield bonds and non-investment grade securities involve greater risks of default or downgrade and are more volatile than investment grade securities, due to the speculative nature of their investments. The 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 Fund, they involve a substantial degree of risk. There can be no assurance that the Fund will achieve its stated objectives. The Fund is not diversified. The RiverPark Focused Value Fund is distributed by SEI Investments Distribution Co., which is not affiliated with RiverPark Advisors, LLC, or its affiliates. The Adviser has agreed to waive fees and reimburse expenses until at least January 31, 2016 to the extent necessary to assure that expenses will not exceed certain pre-agreed limits. The Adviser has the ability, subject to annual approval by the Board of Trustees, to recapture all or a portion of such waivers. The Gross Expense Ratio reflects actual expenses and the Net Expense Ratio reflects the impact of such waivers or recaptures, if any.
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