N-Q 1 riverpark-nq.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ________ FORM N-Q ________ QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY 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 Office) (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, New York 10174 (212) 484-2100 (Registrant's Telephone Number, including Area Code) DATE OF FISCAL YEAR END: SEPTEMBER 30, 2013 DATE OF REPORTING PERIOD: JUNE 30, 2013 ITEM 1. SCHEDULE OF INVESTMENTS RIVERPARK RIVERPARK LARGE GROWTH FUND FUNDS JUNE 30, 2013 (UNAUDITED) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Description Shares Value (000) -------------------------------------------------------------------------------- Schedule of Investments Common Stock -- 91.1%** Consumer Discretionary -- 21.4% Coach 7,261 $ 414 Discovery Communications, Cl C* 7,180 500 Dollar Tree* 19,692 1,001 Dollarama 8,711 610 Fossil Group* 2,413 249 Las Vegas Sands 10,257 543 priceline.com* 939 777 Ralph Lauren, Cl A 1,592 277 Starbucks 7,698 504 Ulta Salon Cosmetics & Fragrance* 3,040 304 Walt Disney 11,036 697 Wynn Resorts 2,154 276 ----- 6,152 ----- Energy -- 9.9% Cabot Oil & Gas 7,869 559 National Oilwell Varco 9,794 675 Noble Energy 4,410 265 Schlumberger 3,123 223 Southwestern Energy* 30,660 1,120 ----- 2,842 ----- Financials -- 18.4% American Express 5,381 402 Charles Schwab 22,923 487 CME Group, Cl A 7,781 591 KKR & Co., LP (a) 36,694 722 Mastercard, Cl A 931 535 TD Ameritrade Holding 26,429 642 The Blackstone Group LP (a) 65,350 1,376 Visa, Cl A 2,972 543 ----- 5,298 ----- Health Care -- 2.2% Edwards Lifesciences* 2,837 191 Intuitive Surgical* 433 219 Stericycle* 1,980 219 ----- 629 ----- Industrials -- 6.7% B/E Aerospace* 4,204 265 Precision Castparts 1,180 267 Realogy Holdings* 28,936 1,390 ----- 1,922 ----- Information Technology -- 25.9% Alliance Data Systems* 3,529 639 Apple 2,997 1,187 Cognizant Technology Solutions, Cl A* 13,267 831 eBay* 16,444 850 Equinix* 7,991 1,476 Google, Cl A* 965 850 QUALCOMM* 22,242 1,359 Trimble Navigation 9,817 255 ----- 7,447 ----- -------------------------------------------------------------------------------- Shares/Face Description Amount (000) Value (000) -------------------------------------------------------------------------------- Materials -- 3.7% Ecolab 2,940 $ 251 Monsanto 6,168 609 Praxair 1,740 200 ----- 1,060 ----- Telecommunication Services -- 2.9% American Tower REIT, Cl A 4,888 358 SBA Communications, Cl A* 6,684 495 ----- 853 ----- Total Common Stock (Cost $22,078) (000) 26,203 ------ Time Deposit -- 8.7% Brown Brothers, 0.030% (b) $ 2,512 2,512 (Cost $2,512) (000) ----- Total Investments -- 99.8% (Cost $24,590) (000)+ $ 28,715 ========== As of June 30, 2013, all of the Fund's investments were considered Level 1 except for the Time Deposit which was Level 2. For the period ended June 30, 2013, 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 $28,775 (000). * Non-income producing security. ** More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. (a) Security considered Master Limited Partnership. At June 30, 2013, these securities amounted to $2,098 (000) or 7.3% of Net Assets. (b) Rate shown is the simple yield as of June 30, 2013. Cl -- Class LP -- Limited Partnership REIT -- Real Estate Investment Trust + At June 30, 2013, the tax basis cost of the Fund's investments was $24,590 (000) and the unrealized appreciation and depreciation were $4,505 (000) and ($380) (000), respectively. For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. RFP-QH-001-0600 RIVERPARK RIVERPARK/WEDGEWOOD FUND FUNDS JUNE 30, 2013 (UNAUDITED) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Shares/Face Description Amount (000) Value (000) -------------------------------------------------------------------------------- Schedule of Investments Common Stock -- 92.2%** Consumer Discretionary -- 9.3% Coach 695,000 $ 39,677 Monster Beverage 405,000 24,612 priceline.com* 37,000 30,604 ------ 94,893 ------ Energy -- 6.4% National Oilwell Varco 435,000 29,972 Schlumberger 491,000 35,185 ------ 65,157 ------ Financials -- 16.1% American Express 338,000 25,269 Berkshire Hathaway, Cl B 575,000 64,354 Charles Schwab 1,797,000 38,150 Visa, Cl A 195,000 35,636 ------- 163,409 ------- Health Care -- 20.1% Express Scripts Holding* 902,000 55,644 Gilead Sciences* 587,000 30,060 Perrigo 301,000 36,421 Stericycle* 428,000 47,264 Varian Medical Systems* 513,000 34,602 ------- 203,991 ------- Industrials -- 7.7% Cummins 387,000 41,974 Verisk Analytics, Cl A* 606,000 36,178 ------ 78,152 ------ Information Technology -- 32.6% Apple 234,000 92,683 Cognizant Technology Solutions, Cl A* 1,034,000 64,739 EMC 2,470,000 58,341 Google, Cl A* 58,000 51,062 QUALCOMM* 1,067,000 65,172 ------- 331,997 ------- Total Common Stock (Cost $850,296) (000) 937,599 ------- Time Deposit -- 8.2% Brown Brothers, 0.030% (a) $ 83,577 83,577 (Cost $83,577) (000) ------- Total Investments -- 100.4% (Cost $933,873) (000) + $ 1,021,176 ============= As of June 30, 2013, all of the Fund's investments were considered Level 1 except for the Time Deposit which was Level 2. For the period ended June 30, 2013, 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 $1,016,757 (000). * Non-income producing security. ** More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. (a) Rate shown is the simple yield as of June 30, 2013. Cl -- Class + At June 30, 2013, the tax basis cost of the Fund's investments was $933,873 (000) and the unrealized appreciation and depreciation were $114,208 (000) and ($26,905) (000), respectively. For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. RFP-QH-001-0600 RIVERPARK RIVERPARK SHORT TERM HIGH YIELD FUND FUNDS JUNE 30, 2013 (UNAUDITED) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Face Amount Description (000) Value (000) -------------------------------------------------------------------------------- Schedule of Investments Corporate Obligations -- 82.9% Consumer Discretionary -- 28.4% Asbury Automotive Group 7.625%, 03/15/17 $ 1,750 $ 1,805 Avis Budget Car Rental 2.775%, 05/15/14 (a) 2,300 2,306 Blyth 5.500%, 11/01/13 1,685 1,695 Entravision Communications 8.750%, 08/01/17 41,713 44,581 GXS Worldwide 9.750%, 06/15/15 11,341 11,568 Hanesbrands 8.000%, 12/15/16 10,066 10,720 Icahn Enterprises 7.750%, 01/15/16 27,385 28,309 Interpublic Group 10.000%, 07/15/17 4,285 4,521 Lamar Media 9.750%, 04/01/14 6,796 7,153 Lions Gate Entertainment 10.250%, 11/01/16 (b) 17,500 18,834 Media General 11.750%, 02/15/17 20,139 22,354 Nielsen Finance 11.625%, 02/01/14 16,878 17,764 Office Depot 6.250%, 08/15/13 6,431 6,487 Pegasus Solutions 13.000%, 04/15/14 (b) (c) 10,966 10,527 Penn National Gaming 8.750%, 08/15/19 10,915 12,007 Sheridan Group 12.500%, 04/15/14 3,900 3,881 Steinway Musical Instruments 7.000%, 03/01/14 (b) 11,816 11,846 ------- 216,358 ------- Consumer Staples -- 9.8% Beverages & More 9.625%, 10/01/14 (b) 7,805 7,902 Dole Food 8.750%, 07/15/13 5,328 5,344 HJ Heinz 5.350%, 07/15/13 11,600 11,613 Rite Aid 9.500%, 06/15/17 21,515 22,355 7.500%, 03/01/17 20,361 20,947 Southern States Cooperative 11.250%, 05/15/15 (b) 5,727 5,956 ------ 74,117 ------ Energy -- 11.1% Bill Barrett 9.875%, 07/15/16 17,885 18,826 -------------------------------------------------------------------------------- Face Amount Description (000) Value (000) -------------------------------------------------------------------------------- Comstock Resources 8.375%, 10/15/17 $ 3,466 $ 3,622 Helix Energy Solutions Group 9.500%, 01/15/16 (b) 5,820 5,984 McMoRan Exploration 11.875%, 11/15/14 4,790 4,982 Ocean Rig UDW 9.500%, 04/27/16 (b) 3,000 3,128 Panoro Energy 13.500%, 11/15/18 (d) 19,450 3,450 12.000%, 11/15/18 (b) 2,590 2,797 RDS Ultra-Deepwater 11.875%, 03/15/17 (b) 7,100 7,704 Stallion Oilfield Holdings 10.500%, 02/15/15 21,243 22,539 Targa Resources Partners 11.250%, 07/15/17 9,000 9,533 Whiting Petroleum 7.000%, 02/01/14 1,836 1,887 ------ 84,452 ------ Health Care -- 6.3% Bausch & Lomb 9.875%, 11/01/15 5,050 5,214 BioScrip 10.250%, 10/01/15 (c) 26,125 27,627 Surgical Care Affiliates 8.875%, 07/15/15 (b) 14,963 15,038 ------ 47,879 ------ Industrials -- 7.5% Builders FirstSource 3.000%, 02/15/16 (a) (b) 1,095 1,095 CNH Capital 6.250%, 11/01/16 5,500 5,885 Continental Airlines Pass-Through Trust 6.940%, 10/15/13 10 10 Ingersoll-Rand Global Holding 9.500%, 04/15/14 23,200 24,765 Intertape Polymer US 8.500%, 08/01/14 283 282 Jack Cooper Holdings 13.750%, 12/15/15 (b) (c) 13,966 15,014 Signature Group Holdings 9.000%, 12/31/16 (c) 1,000 967 Ultrapetrol Bahamas 9.000%, 11/24/14 8,636 8,692 Wabtec 6.875%, 07/31/13 460 463 ------ 57,173 ------ Information Technology -- 3.2% Alion Science and Technology 12.000%, 11/01/14 632 647 Euronet Worldwide 3.500%, 10/15/25 250 250 Stratus Technologies Bermuda 12.000%, 03/29/15 3,829 3,867 RIVERPARK RIVERPARK SHORT TERM HIGH YIELD FUND FUNDS JUNE 30, 2013 (UNAUDITED) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Face Amount Description (000) Value (000) -------------------------------------------------------------------------------- Stream Global Services 11.250%, 10/01/14 (b) $ 19,434 $ 19,702 -------- 24,466 -------- Materials -- 6.0% Appleton Papers 9.750%, 06/15/14 (c) 2,306 2,257 Catalyst Paper 13.000%, 09/13/16 (a) (b) (c) 3,526 3,631 Century Aluminum 8.000%, 05/15/14 7,470 7,470 OXEA Finance 9.500%, 07/15/17 (b) 21,102 22,707 Packaging Dynamics 8.750%, 02/01/16 (b) 6,100 6,192 Pretium Packaging 11.500%, 04/01/16 (c) 3,089 3,274 ------ 45,531 ------ Telecommunication Services -- 10.3% Bonten Media Group 9.000%, 06/01/15 (b) 10,555 10,555 Bresnan Broadband Holdings 8.000%, 12/15/18 (b) (c) 16,585 18,137 Level 3 Financing 4.215%, 02/15/15 (a) 15,010 15,029 Local TV Finance 9.250%, 06/15/15 (b) 6,546 6,587 Primus Telecommunications Holding 10.000%, 04/15/17 9,696 9,793 Wind Acquisition Finance 11.750%, 07/15/17 (b) 2,760 2,884 Windstream 8.125%, 08/01/13 15,194 15,255 ------- 78,240 ------- Utilities -- 0.3% InterGen 9.000%, 06/30/17 (b) 2,395 2,472 ------- Total Corporate Obligations (Cost $632,572) (000) 630,688 ------- Convertible Bonds -- 3.1% Five Star Quality Care 3.750%, 10/15/26 (c) 4,693 4,693 Icahn Enterprises LP 4.000%, 08/15/13 (a) 18,488 18,516 ------ Total Convertible Bonds (Cost $23,200) (000) 23,209 ------ -------------------------------------------------------------------------------- Shares/Face Description Amount (000) Value (000) -------------------------------------------------------------------------------- Preferred Stock -- 0.2% First Industrial Realty Trust 7.250%, 07/17/13 74,838 $ 1,802 (Cost $1,874) (000) ----- Asset-Backed Security -- 0.1% Other Asset-Backed Security -- 0.1% Aircraft Certificate Owner Trust Ser 2003-1A, Cl D 6.455%, 09/20/22 (b) $ 697 718 (Cost $710) (000) ----- Bank Loan Obligations -- 3.7% Armored Autogroup 6.000%, 11/05/16 3,000 2,977 El Pollo Loco 9.250%, 07/14/17 4,937 5,036 Lee Enterprises 7.500%, 12/31/15 11,938 11,639 MediaNews Group 8.500%, 03/19/14 1,916 1,907 Paxton Media Group 9.000%, 04/29/15 (c) 308 296 9.000%, 04/29/15 (c) 3,714 3,565 Radio One 7.500%, 12/31/15 2,925 2,980 ------ Total Bank Loan Obligations (Cost $28,829) (000) 28,400 ------ Total Investments -- 90.0% (Cost $687,185) (000) + $ 684,817 =========== As of June 30, 2013, all of the Fund's investments were considered Level 2, except for Preferred Stock, which was Level 1. For the period ended June 30, 2013, 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 $760,659 (000). (a) Variable rate security - Rate disclosed is the rate in effect on June 30, 2013. (b) 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. (c) Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of June 30, 2013, was $89,988 (000) and represented 11.8% of Net Assets. (d) Face amount is presented in Norwegian Krone. Cl -- Class LP -- Limited Partnership Ser -- Series RIVERPARK RIVERPARK SHORT TERM HIGH YIELD FUND FUNDS JUNE 30, 2013 (UNAUDITED) -------------------------------------------------------------------------------- + At June 30, 2013, the tax basis cost of the Fund's investments was $687,185 (000) and the unrealized appreciation and depreciation were $1,175 (000) and ($3,543) (000), respectively. For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. RFP-QH-001-0600 RIVERPARK RIVERPARK LONG/SHORT OPPORTUNITY FUND FUNDS JUNE 30, 2013 (UNAUDITED) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Description Shares Value (000) -------------------------------------------------------------------------------- Schedule of Investments Common Stock -- 99.6%** Consumer Discretionary -- 24.3% Coach 26,052 $ 1,487 Discovery Communications, Cl C* (c) 30,412 2,119 Dollar Tree *(c) 25,177 1,280 Dollarama 29,781 2,084 Fossil Group* 8,292 857 Imax* 48,731 1,211 Las Vegas Sands 31,535 1,669 priceline.com*(c) 3,331 2,755 Ralph Lauren, Cl A 6,887 1,196 Rentrak* 44,145 886 Starbucks 27,309 1,789 Tribune* 17,051 969 Ulta Salon Cosmetics & Fragrance* 10,203 1,022 Walt Disney (c) 15,442 975 Wynn Resorts 8,898 1,139 ------ 21,438 ------ Energy -- 10.3% Cabot Oil & Gas (c) 31,301 2,223 National Oilwell Varco (c) 39,894 2,749 Noble Energy 17,973 1,079 Schlumberger (c) 16,468 1,180 Southwestern Energy* (c) 50,055 1,828 ----- 9,059 ----- Financials -- 20.9% American Express 19,054 1,425 Charles Schwab 79,637 1,691 CME Group, Cl A (c) 29,487 2,240 KKR & Co., LP (a) 128,562 2,528 Mastercard, Cl A (c) 1,248 717 TD Ameritrade Holding 92,817 2,254 The Blackstone Group LP (a) 270,504 5,697 Visa, Cl A (c) 10,266 1,876 ------ 18,428 ------ Health Care -- 2.9% Accretive Health* (c) 103,232 1,116 Edwards Lifesciences* 10,517 707 Intuitive Surgical* 1,476 747 ----- 2,570 ----- Industrials -- 6.6% B/E Aerospace* 17,270 1,089 Realogy Holdings* 97,354 4,677 ----- 5,766 ----- Information Technology -- 28.7% Alliance Data Systems*(c) 10,901 1,973 Apple (c) (d) 9,122 3,613 Bankrate* 94,959 1,363 Cognizant Technology Solutions, Cl A* 50,992 3,193 eBay*(c) 25,559 1,322 -------------------------------------------------------------------------------- Shares/Face Description Amount (000) Value (000) -------------------------------------------------------------------------------- Equinix* 26,991 $ 4,986 Google, Cl A* 3,262 2,872 QUALCOMM* (c) 78,755 4,811 Trimble Navigation 44,603 1,160 ------ 25,293 ------ Materials -- 2.4% Monsanto 21,761 2,150 ------ Telecommunication Services -- 3.5% American Tower REIT, Cl A (c) 16,895 1,236 SBA Communications, Cl A* (c) 25,154 1,865 ------ 3,101 ------ Total Common Stock (Cost $82,001) (000) 87,805 ------ Time Deposit -- 6.8% Brown Brothers, 0.030% (b) $ 6,012 6,012 (Cost $6,012) (000) ------ Total Investments -- 106.4% (Cost $88,013) (000) + $ 93,817 ====== Schedule of Securities Sold Short Common Stock -- (54.7)% Consumer Discretionary -- (21.7)% Amazon.com (2,895) $ (804) Best Buy (68,489) (1,872) Burger King Worldwide (76,075) (1,484) Darden Restaurants (24,074) (1,215) DeVry (37,795) (1,172) Gannett (21,206) (519) Garmin (32,642) (1,180) GNC Holdings, Cl A (11,393) (504) Guess? (27,647) (858) hhgregg* (30,737) (491) Macy's (19,101) (917) Netflix* (2,377) (501) Nielsen Holdings (43,517) (1,462) Sony ADR (89,414) (1,895) Staples (85,339) (1,353) Starz - Liberty Capital* (43,134) (953) Strayer Education (9,520) (465) Weight Watchers International (17,315) (797) Wendy's (111,069) (648) ------- (19,090) ------- Consumer Staples -- (3.4)% Fairway Group Holdings, Cl A* (29,721) (718) Green Mountain Coffee Roasters* (11,573) (869) Kroger (28,651) (990) Safeway (18,641) (441) ------ (3,018) ------ RIVERPARK RIVERPARK LONG/SHORT OPPORTUNITY FUND FUNDS JUNE 30, 2013 (UNAUDITED) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Shares/ Description Contracts Value (000) -------------------------------------------------------------------------------- Energy -- (1.1)% First Solar* (22,533) $ (1,008) -------- Financials -- (3.3)% Green Dot, Cl A* (70,555) (1,407) Legg Mason (30,627) (950) Progressive (21,117) (537) -------- (2,894) -------- Health Care -- (1.0)% Cerner* (9,039) (868) -------- Industrials -- (5.7)% General Dynamics (11,081) (868) Huntington Ingalls Industries (7,865) (444) Iron Mountain (50,841) (1,353) Lockheed Martin (8,338) (905) Northrop Grumman (12,274) (1,016) Pitney Bowes (30,575) (448) ------- (5,034) ------- Information Technology -- (18.5)% Activision Blizzard (81,966) (1,169) Akamai Technologies* (9,676) (412) Corning (86,014) (1,224) Electronic Arts* (81,072) (1,862) Flextronics International* (116,529) (902) Hewlett-Packard* (73,433) (1,821) Infosys ADR (16,102) (663) Intel (48,593) (1,177) Jabil Circuit (22,432) (457) Lexmark International, Cl A (27,529) (842) Linear Technology (14,034) (517) Microsoft (42,201) (1,457) NetApp* (11,392) (430) Nokia ADR (316,618) (1,184) Research In Motion* (41,613) (436) SAP ADR (5,842) (426) VMware, Cl A (6,107) (409) Western Union (51,850) (887) ------- (16,275) ------- Total Common Stock (Proceeds $46,052) (000) (48,187) ------- Total Securities Sold Short (Proceeds $46,052) (000)++ $ (48,187) ========= Schedule of Open Options Purchased Purchased Option -- 0.1%*(++) Apple, Call Option Expires 10/19/13, Strike Price $430 20 $ 22 (Cost $66) (000) ------ -------------------------------------------------------------------------------- Description Contracts Value (000) -------------------------------------------------------------------------------- Schedule of Open Options Written Written Options -- (0.1)%*(++) Apple, Call Option Expires 10/19/13, Strike Price $500 (20) $ (4) Apple, Put Option Expires 10/19/13, Strike Price $425 (10) (41) ------- Total Written Options (Premiums Received $66) (000) $ (45) ======= (++) For the period ended June 30, 2013, the total amount of all open purchased and written options are representative of the volume of activity for these types of derivatives during the period. The following table is a summary of the inputs used as of June 30, 2013 in valuing the Fund's investments carried at value (000):
Investments in Securities LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ------------------------------------------------------------------------------------------------- Common Stock $ 87,805 $ -- $ -- $ 87,805 Time Deposit -- 6,012 -- 6,012 --------- --------- -------- ------------ Total Investments in Securities $ 87,805 $ 6,012 $ -- $ 93,817 ========= ========= ======== ============= Liabilities LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ------------------------------------------------------------------------------------------------- Common Stock $ (48,187) $ -- $ -- $ (48,187) --------- --------- -------- ------------- Total Liabilities $ (48,187) $ -- $ -- $ (48,187) ========= ========= ======== ============= Other Financial Instruments LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ------------------------------------------------------------------------------------------------- Purchased Option $ 22 $ -- $ -- $ 22 Written Options (45) -- -- (45) Total Return Swaps^ -- -- -- -- --------- --------- ---------- ------------- Total Other Financial Instruments $ (23) $ -- $ -- $ (23) ========= ========= ========== =============
^ Total Return Swaps are valued at the unrealized appreciation (depreciation) on the instrument. The Total Return Swaps reset monthly, as such there was $0 unrealized appreciation (depreciation) as of June 30, 2013. The swaps are considered Level 2. For the period ended June 30, 2013, there were no transfers between Level 1 and Level 2 assets and liabilities or between Level 2 and Level 3 assets and liabilities. RIVERPARK RIVERPARK LONG/SHORT OPPORTUNITY FUND FUNDS JUNE 30, 2013 (UNAUDITED) -------------------------------------------------------------------------------- A list of open swap agreements held by the Fund at June 30, 2013, was as follows:
------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN SWAPS ------------------------------------------------------------------------------------------------------------------------------------ NET UNREALIZED NOTIONAL APPRECIATION REFERENCE TERMINATION AMOUNT (DEPRECIATION) COUNTERPARTY ENTITY/OBLIGATION FUND PAYS FUND RECEIVES DATE (THOUSANDS) ($ THOUSANDS) ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Accretive Health Fed Funds 1-Day - 0.45% Total Return 08/20/13 31 $ - Goldman Sachs Alliance Data Systems Fed Funds 1-Day - 0.45% Total Return 09/10/13 37 - Goldman Sachs American Tower Fed Funds 1-Day - 0.45% Total Return 10/11/13 44 - Goldman Sachs Apple Fed Funds 1-Day - 0.45% Total Return 07/03/14 254 - Goldman Sachs Cabot Oil & Gas Fed Funds 1-Day - 0.45% Total Return 10/11/13 26 - Goldman Sachs CME Group Fed Funds 1-Day - 0.45% Total Return 10/11/13 31 - Goldman Sachs Discovery Communications Fed Funds 1-Day - 0.45% Total Return 05/30/14 22 - Goldman Sachs Dollar Tree Fed Funds 1-Day - 0.45% Total Return 08/21/13 1,799 - Goldman Sachs Ebay Fed Funds 1-Day - 0.45% Total Return 06/12/14 1,268 - Goldman Sachs Mastercard Fed Funds 1-Day - 0.45% Total Return 09/03/13 1,267 - Goldman Sachs National Oilwell Varco Fed Funds 1-Day - 0.45% Total Return 05/30/14 29 - Goldman Sachs priceline.com Fed Funds 1-Day - 0.45% Total Return 05/30/14 55 - Goldman Sachs QUALCOMM Fed Funds 1-Day - 0.45% Total Return 11/14/13 166 - Goldman Sachs SBA Communications Fed Funds 1-Day - 0.45% Total Return 10/11/13 61 - Goldman Sachs Schlumberger Fed Funds 1-Day - 0.45% Total Return 09/03/13 72 - Goldman Sachs Southwestern Communications Fed Funds 1-Day - 0.45% Total Return 06/12/14 1,990 - Goldman Sachs Visa Fed Funds 1-Day - 0.45% Total Return 05/30/14 127 Goldman Sachs Walt Disney Fed Funds 1-Day - 0.45% Total Return 07/03/14 1,582 - ----- $ - =====
For the period ended June 30, 2013, the total amount of open swap agreements, as presented in the table above, are representative of the volume of activity for this derivative type during the period. Percentages are based on Net Assets of $88,148 (000). * Non-income producing security. ** More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. (a) Security considered Master Limited Partnership. At June 30, 2013, these securities amounted to $8,225 (000) or 9.3% of Net Assets. (b) Rate shown is the simple yield as of June 30, 2013. (c) Underlying security for a total return swap. (d) Underlying security for a purchased/written call/put option. ADR -- American Depositary Receipt Cl -- Class LP -- Limited Partnership REIT -- Real Estate Investment Trust + At June 30, 2013, the tax basis cost of the Fund's investments was $88,013 (000) and the unrealized appreciation and depreciation were $6,655 (000) and ($851) (000), respectively. ++ At June 30, 2013 the tax basis proceeds of the Fund's securities sold short was $46,052 (000) and the unrealized appreciation and depreciation were $673 (000) and ($2,808) (000), respectively. Amounts designated as "-" are $0 or have been rounded to $0. For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. RFP-QH-001-0600 RIVERPARK RIVERPARK/GARGOYLE HEDGED VALUE FUND FUNDS JUNE 30, 2013 (UNAUDITED) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Description Shares Value (000) -------------------------------------------------------------------------------- Schedule of Investments Common Stock -- 97.6% Consumer Discretionary -- 13.3% Apollo Group, Cl A 14,110 $ 250 Dana Holding 18,900 364 Dillard's, Cl A 3,730 306 DreamWorks Animation SKG, Cl A* 6,692 172 Ford Motor 24,530 380 General Motors* 10,670 355 Goodyear Tire & Rubber 10,350 158 MGM Resorts International* 19,858 294 PulteGroup 6,060 115 Royal Caribbean Cruises 7,112 237 Staples 25,700 408 Time Warner Cable 4,060 456 ----- 3,495 ----- Consumer Staples -- 5.0% Kroger 8,180 283 Molson Coors Brewing, Cl B 7,060 338 Safeway 16,110 381 Tyson Foods, Cl A 11,465 294 ----- 1,296 ----- Energy -- 11.1% Alpha Natural Resources* 20,170 106 Apache 2,250 189 Arch Coal 12,559 47 CVR Energy* 5,846 277 First Solar* 9,244 413 HollyFrontier 6,128 262 Marathon Oil 2,908 101 Newfield Exploration* 11,400 272 Peabody Energy 4,400 64 RPC 22,760 314 SandRidge Energy* 56,470 269 Superior Energy Services* 6,800 177 Tesoro 4,752 249 Valero Energy 5,200 181 ----- 2,921 ----- Financials -- 15.2% American Capital 20,000 254 Bank of New York Mellon 9,318 261 Capital One Financial* 4,639 291 CME Group, Cl A 3,790 288 Erie Indemnity, Cl A 4,301 343 Genworth Financial, Cl A* 28,450 325 Jones Lang LaSalle 3,590 327 Legg Mason 11,525 358 Leucadia National 10,584 277 Morgan Stanley 7,300 178 NASDAQ OMX Group 6,704 220 PartnerRe 3,710 336 Reinsurance Group of America, Cl A 4,804 332 RenaissanceRe Holdings 970 84 -------------------------------------------------------------------------------- Description Shares Value (000) -------------------------------------------------------------------------------- XL Group, Cl A 3,200 $ 97 ------ 3,971 ------ Health Care -- 15.9% Abbott Laboratories 8,390 293 Allscripts Healthcare Solutions* 19,310 250 Amgen 2,460 243 Celgene* 3,148 368 Community Health Systems 9,770 458 Eli Lilly 5,633 277 Endo Health Solutions* 7,760 285 Express Scripts Holding 5,100 315 Jazz Pharmaceuticals 5,670 390 Medtronic 5,342 275 Mylan* 7,000 217 Myriad Genetics* 4,777 128 United Therapeutics* 5,020 330 WellCare Health Plans* 5,940 330 ----- 4,159 ----- Industrials -- 7.8% Manpowergroup 2,300 126 Northrop Grumman 4,277 354 Oshkosh* 6,655 253 Pentair 4,880 281 Pitney Bowes 27,400 402 Textron 11,480 299 Timken 5,964 336 ----- 2,051 ----- Information Technology -- 20.8% Activision Blizzard 27,011 385 AOL 9,696 354 Apple 790 313 Brocade Communications Systems* 22,200 128 Computer Sciences 8,071 353 Diebold 6,450 217 Flextronics International* 47,067 364 Harris 4,004 197 Hewlett-Packard* 20,850 517 IAC 3,450 164 Itron* 4,918 209 KLA-Tencor 5,700 318 Lexmark International, Cl A 5,600 171 NVIDIA 15,150 212 SAIC 14,759 206 Seagate Technology 8,930 401 Sohu.com* 3,604 222 Symantec* 9,902 223 VeriFone Systems 11,680 196 Vishay Intertechnology* 4,633 64 Yahoo!* 9,630 242 ----- 5,456 ----- Materials -- 6.9% Alcoa 33,557 262 CF Industries Holdings 510 87 Cliffs Natural Resources 5,847 95 RIVERPARK RIVERPARK/GARGOYLE HEDGED VALUE FUND FUNDS JUNE 30, 2013 (UNAUDITED) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Shares/Face Amounts (000)/ Description Contracts Value (000) -------------------------------------------------------------------------------- Domtar 2,920 $ 194 Graphic Packaging Holding* 45,560 353 Huntsman 16,800 278 Tronox, Cl A 17,200 347 United States Steel 11,350 199 ----- 1,815 ----- Telecommunication Services -- 1.6% NII Holdings* 7,326 49 Telephone & Data Systems 13,090 323 United States Cellular 1,502 55 ----- 427 ----- Total Common Stock (Cost $21,387) (000) 25,591 ------ Time Deposit -- 0.5% Brown Brothers, 0.030% (a) $ 133 133 (Cost $133) (000) ----- Total Investments -- 98.1% (Cost $21,520) (000) + $25,724 ======= Schedule of Open Options Written Written Options -- (1.7)%*(++) CBOE Russell 2000 Index, Call Option Expires 07/20/13, Strike Price $990 (10) $ (9) Expires 07/20/13, Strike Price $985 (35) (37) Expires 07/20/13, Strike Price $995 (19) (13) Expires 08/17/13, Strike Price $980 (4) (9) Expires 07/20/13, Strike Price $1,000 (16) (8) Expires 07/20/13, Strike Price $965 (10) (21) Expires 07/20/13, Strike Price $960 (10) (25) Expires 07/20/13, Strike Price $970 (20) (37) Expires 07/20/13, Strike Price $980 (24) (30) Expires 07/20/13, Strike Price $975 (25) (39) NASDAQ 100 Index Euro, Call Option Expires 07/20/13, Strike Price $2,980 (5) (5) Expires 08/17/13, Strike Price $2,900 (4) (27) Expires 07/20/13, Strike Price $2,925 (5) (15) Expires 07/20/13, Strike Price $2,950 (5) (10) S&P 500 Index, Call Option Expires 07/20/13, Strike Price $1,625 (34) (41) Expires 07/20/13, Strike Price $1,620 (15) (21) Expires 07/20/13, Strike Price $1,610 (11) (21) Expires 07/20/13, Strike Price $1,600 (5) (15) Expires 08/17/13, Strike Price $1,585 (9) (42) Expires 07/20/13, Strike Price $1,600 (10) (25) -------- Total Written Options (Premiums Received $570) (000) $ (450) ======== (++) For the period ended June 30, 2013, the total amount of all open written options are representative of the volume of activity for these types of derivatives during the period. The following is a summary of the inputs used as of June 30, 2013, in valuing the Fund's investments carried at value (000):
Investments in Securities LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ------------------------------------------------------------------------------------------------- Common Stock $ 25,591 $ -- $ -- $ 25,591 Time Deposit -- 133 -- 133 --------- --------- -------- ------------ Total Investments in Securities $ 25,591 $ 133 $ -- $ 25,724 ========= ========= ======== ============= Other Financial Instruments LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ------------------------------------------------------------------------------------------------- Written Options (450) -- -- (450) --------- --------- -------- ------------ Total Other Financial Instruments $ (450) $ -- $ -- $ (450) ========= ========= ======== =============
For the period ended June 30, 2013, 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 $26,223 (000). * Non-income producing security. (a) Rate shown is the simple yield as of June 30, 2013. CBOE -- Chicago Board Options Exchange Cl -- Class S&P -- Standard & Poor's + At June 30, 2013, the tax basis cost of the Fund's $21,520 (000) and the unrealized appreciation and $5,294 (000) and ($1,090) (000), respectively. For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. RFP-QH-001-0600 RIVERPARK RIVERPARK STRUCTURAL ALPHA FUND FUNDS JUNE 30, 2013 (UNAUDITED) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Description Contracts Value (000) -------------------------------------------------------------------------------- Schedule of Open Options Purchased Purchased Options -- 9.7%*(++) S&P 500 Index, Call Option Expires 12/20/14, Strike Price $1,625 12 $ 133 Expires 06/21/14, Strike Price $1,550 12 158 S&P 500 Index, Put Option Expires 09/21/13, Strike Price $1,425 18 21 S&P 500 Index, Quarterly Call Option Expires 12/21/13, Strike Price $1,500 12 167 Expires 09/21/13, Strike Price $1,450 12 198 Expires 03/22/14, Strike Price $1,575 12 125 ------ Total Purchased Options (Cost $802) (000) $ 802 ====== Schedule of Open Options Written Written Options --6.5%*(++) C2 SPXPM Index, Call Option Expires 07/20/13, Strike Price $1,650 (6) $ (3) C2 SPXPM Index, Put Option Expires 07/20/13, Strike Price $1,550 (6) (5) CBOE S&P 500 Index, Call Option Expires 07/20/13, Strike Price $1,640 (6) (6) Expires 07/20/13, Strike Price $1,675 (6) -- CBOE S&P 500 Index, Put Option Expires 07/20/13, Strike Price $1,540 (6) (6) Expires 07/20/13, Strike Price $1,575 (6) (6) S&P 500 Index, Call Option Expires 06/21/14, Strike Price $1,700 (12) (66) Expires 09/21/13, Strike Price $1,600 (6) (29) Expires 12/20/14, Strike Price $1,825 (12) (44) S&P 500 Index, Put Option Expires 12/20/14, Strike Price $1,475 (6) (64) Expires 06/21/14, Strike Price $1,400 (6) (34) Expires 09/21/13, Strike Price $1,325 (18) (9) S&P 500 Index, Quarterly Call Option Expires 12/21/13, Strike Price $1,600 (12) (88) Expires 09/21/13, Strike Price $1,575 (12) (81) Expires 03/22/14, Strike Price $1,700 (12) (52) S&P 500 Index, Quarterly Put Option Expires 09/21/13, Strike Price $1,300 (6) (3) Expires 12/21/13, Strike Price $1,400 (6) (16) Expires 03/22/14, Strike Price $1,425 (6) (29) ------ Total Written Options (Premiums Received $541) (000) $ (541) ====== (++) For the period ended June 30, 2013, the total amount of all open purchased and written options are representative of the volume of activity for these types of derivatives during the period. The open futures contracts held by the Fund at June 30, 2013, are as follows: -------------------------------------------------------------------------------- UNREALIZED NUMBER OF APPRECIATION TYPE OF CONTRACTS EXPIRATION (DEPRECIATION) CONTRACT LONG (SHORT) DATE (000) ------------------------------------------------------------------------------- S&P 500 Index EMINI (12) Sep-2013 $ -- ========== The following is a summary of the inputs used as of June 30, 2013, in valuing the Fund's other financial instruments carried at value (000):
Other Financial Instruments LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ------------------------------------------------------------------------------------------------- Purchase Options $ 802 $ -- $ -- $ 802 Written Options (541) -- -- (541) Futures Contracts ^ -- -- -- -- --------- --------- -------- ------------ Total Other Financial Instruments $ 261 $ -- $ -- $ 261 ========= ========= ======== ============
^Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. Percentages are based on Net Assets of $8,310 (000). * Non-income producing security. CBOE -- Chicago Board Options Exchange S&P -- Standard & Poor's Amounts designated as "--" are rounded to $0. For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's Prospectus and Statement of Additional Information. RFP-QH-001-0600 ITEM 2. 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 in the reports it files or submits under the Securities Exchange Act of 1934 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 registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. (a) 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. -------------------------------------------------------------------------------- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) RiverPark Funds Trust By (Signature and Title)* /s/ Morty Schaja ---------------- Morty Schaja President Date: August 26, 2013 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Morty Schaja ---------------- Morty Schaja President Date: August 26, 2013 By (Signature and Title)* /s/ Michael Lawson ------------------ Michael Lawson Chief Financial Officer and Treasurer Date: August 26, 2013 * Print the name and title of each signing officer under his or her signature.