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More Limits @RPHYX

edited December 2013 in Fund Discussions

Press Release: BusinessWire
RiverPark Announces Further Steps to Limit Flows to RiverPark Short Term High Yield Fund

http://news.morningstar.com/all/ViewNews.aspx?article=/BW/BWIPREM20131202006277_univ.xml

Comments

  • edited December 2013
    I saw this filing yesterday, but I didn't understand it until I read the morningstar article you posted. I didn't know what the prior conditions were when the fund closed in comparison with the new conditions posted. (it is clear as mud.)

    http://www.sec.gov/Archives/edgar/data/1494928/000139834413005642/fp0008858_497.htm

    497 1 fp0008858_497.htm

    RiverPark Funds Trust

    RiverPark Short Term High Yield Fund

    Supplement dated December 2, 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 December 2, 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).



    · 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.


  • edited December 2013
    Reply to @TheShadow: Thanks for the added color.And thanks for all the open/close info you provide.Tip of the cap on ESMAX. Added in the last week leading to the hard close.
    P.S.“As of the open of business on December 4, 2013, the Fund will be closed to all investors.”
    Shadow,Would this be the same as "after the close of business on December 3,2013 ?
    Don't recall the use of "open of business"in these releases.Just curious.
  • I bought some ESMAX today at Fidelity. Probably one cannot buy it tomorrow.
  • What this means is that previously Financial Advisors would establish new accounts on this 'closed' fund if they had other clients in the fund. Now, new clients of Financial Advisors will not be accepted to the RPHYX.
  • Reply to @Investor: Seems like they are really serious about limiting the size. Glad that we got in when we did.
  • edited December 2013
    Reply to @TSP_Transfer: I believe they are basically the same thing.
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