RiverPark/Gargoyle Hedged Value Fund (RGHIX / RGHVX)

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1 RiverPark/Gargoyle Hedged Value Fund (RGHIX / RGHVX) First Quarter 2014 Performance Summary Dear Fellow Investors RiverPark/Gargoyle Hedged Value Fund (RGHIX/RGHVX) opened the year with a strong first quarter, gaining 3.9%. For the quarter, our stocks gained approximately 4.4% compared to 1.8% for the S&P 500 Total Return Index (SPTR) and 3.0% for the Russell 1000 Value Index (RLV). The option portfolio is designed to not only partially hedge the stock portfolio but also to dampen volatility, and during this quarter s period of relatively high market volatility, the fund exhibited daily volatility as measured by standard deviation, of 27% less than that of the S&P 500. Historically, the Fund s monthly standard deviation has run about 9% less than that of the S&P. TABLE I Fund returns for period ended March 31, 2014 Institutional Shares (RGHIX) Retail Shares (RGHVX) S&P 500 (w/dividend) Annualized performance since inception of the Mutual Fund (4/30/12) was 21.11% for RGHIX and 20.81% for RGHVX. *Total returns presented for periods less than one year are cumulative, returns for periods one year and greater are annualized. Inception date was December 31, **Morningstar L/S Equity Category Returns sourced from Morningstar Principia. Russell 1000 Value Morningstar L/S Equity Category** First Quarter % 3.83% 1.81% 3.02% 0.86% Year-To-Date 3.89% 3.83% 1.81% 3.02% 0.86% One Year 22.79% 22.47% 21.86% 21.57% 10.06% Five Year* 20.84% 20.72% 21.14% 21.74% 6.58% Ten Year* 8.72% 8.67% 7.41% 7.58% 2.78% Since Inception* (December 31, 1999) 9.27% 9.23% 3.66% 6.25% 3.49% The performance quoted herein represents past performance. Past performance does not guarantee future results. High short-term performance of the Fund is unusual and investors should not expect such performance to be repeated. The investment return and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost, and current performance may be higher or lower than the performance quoted. For performance data current to the most recent month end, please call The performance data quoted for periods prior to April 30, 2012 is that of the Predecessor Fund. The Fund will be managed in a materially equivalent manner to its predecessor. The Predecessor Fund was not a registered mutual fund and was not subject to the same investment and tax restrictions as the Fund. If the annual returns for the predecessor partnership were charged the same fees and expenses as the Fund, the annual returns for the predecessor partnership would have been higher. *** RiverPark Advisors, LLC, the Fund s investment adviser, has agreed contractually to waive its fees and to reimburse expenses of the Fund to the extent necessary to ensure that operating expenses do not exceed, on an annual basis, 1.25% for the

2 Institutional Class Shares and 1.50% for the Retail Class Shares of the Fund s average net assets. Gross Fund expenses are 1.16% for the Institutional Class and 1.44% for the Retail Class. This agreement is in effect until at least January 31, 2015, and subject to annual approval by the Board of Trustees of RiverPark Funds Trust. The expense ratios stated are as of the most recent prospectus, dated January 28, We are pleased with the performance of the Fund in the first quarter. The Fund seeks to achieve long-term market outperformance by utilizing two sources of added value the purchase of undervalued stocks pursuant to a proprietary stock-selection methodology and the sale of generally overpriced index calls against the stock portfolio to target a net long market exposure of 50%. The sale of index call options partially hedges the portfolio against market downturns while still allowing for upside participation, and seeks to reduce the volatility of the standalone stock portfolio. In the first quarter, both aspects of the hedged value strategy worked to the Fund s advantage and allowed the Fund to outperform the SPX with lower volatility. Market Summary After running to fresh all-time highs to close a euphoric 2013, stocks opened the year decidedly range-bound as investors took stock of the prospects for a continuation of the rally. While corporate earnings remained largely benign, investors began to focus on continued tapering by the Fed heading into their January 29th Open Market Committee meeting, and drove stocks lower by 5.5% between January 22nd and February 1st. However, the selloff was short lived, with stocks regaining their losses by February 14th and continuing to rally to another set of alltime highs as new Fed Chair Janet Yellen echoed the dovish policies of her predecessor Ben Bernanke in her first Congressional testimony on February 11th. March saw a resumption of range-bound trading, resulting in the S&P 500 ending the quarter higher by 1.81%.

3 RiverPark/Gargoyle Statistics Table II RiverPark/Gargoyle Statistics as of March 31, 2014 (Median Values) RGHIX Portfolio Russell 1000 Value Index Russell 2000 Value Index S&P 500 Index Market Cap ($BN) Price to Book Price to Earnings Long Term Growth EPS 5 Year Growth Price to Free Cash Flow Price to Sales Net Debt to Equity Price to Book: Ratio of the stock price to the book value per share. 2 Price to Earnings: Ratio of the stock price to its earnings per share. 3 EPS 5 Year Growth: Diluted EPS from Continuing Operations five year arithmetic average growth. For interim Period, the comparative period is the same interim period five periods earlier. 4 Price to Free Cash Flow: Period-end stock price divided by trailing 12-month free cash flow per share. Trailing values are equal to the sum of the most recent 4 quarters.

4 Top Long Contributors/Detractors Table III Top Contributors to Performance for the Quarter Ended March 31, 2014 Table IV Top Detractors from Performance for the Quarter Ended March 31, 2014 Percent Impact Percent Impact First Solar, Inc. 0.48% Best Buy Co % Tyson Foods, Inc. 0.45% Staples, Inc % Pilgrim s Pride Corporation 0.40% Leidos Holdings, Inc % VeriFone Systems Inc. 0.38% United Therapeutics Corporation -0.25% Nabors Industries Ltd 0.37% Peabody Energy Corporation -0.23% Below is a list of the Fund s top ten equity holdings as of the end of the quarter: Table VII Top Ten Equity Holdings as of March 31, 2014 Percent of Net Assets of the Fund First Solar, Inc. 1.9% Pilgrim s Pride Corp. 1.7% Tyson Foods Inc. 1.7% VeriFone Systems Inc. 1.6% Delta Air Lines, Inc. 1.6% Activison Blizzard, Inc. 1.4% Alcoa Inc. 1.4% Ashland Inc. 1.4% Jones Lang Lasalle Inc. 1.4% Hewlett-Packard Co. 1.4% 15.6% Holdings subject to change.

5 Options Performance For the first quarter, our options portfolio lost 0.5%, for a drag of 11.0%. The CBOE S&P 500 Volatility Index (VIX), sometimes referred to as the Fear Gauge, spiked above 21 in late January; however, it subsequently declined and remained range bound between 14 and 16 for the remainder of the quarter. Nevertheless, recent levels of the VIX remain slightly elevated from the end of As always, we are grateful for your confidence in our team and welcome your questions and comments. Warmly, Josh Parker and Alan Salzbank Portfolio Managers 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 full or summary prospectus, which may be obtained by calling , or by visiting the website at Please read the prospectus carefully before investing. Mutual fund investing involves risk including possible loss of principal. The value of the Fund s positions in index options fluctuates in response to changes in the value of the underlying index. Selling index call options can reduce the risk of owning stocks, but it limits the opportunity to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call 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 the Fund. Furthermore, the risk of loss from a short index call option sale is unlimited and may only be partially offset from the gains associated with the stock portfolio. Unusual market conditions or the lack of a ready market for any particular option at a specific time may reduce the effectiveness of the fund s option strategies, and for these and other reasons the Fund s option strategies may not reduce the Fund s volatility to the extent desired. Accordingly,

6 the purchase of Fund shares should be viewed as a long-term investment. There can be no assurance that the Fund will achieve its stated objectives. This material represents the portfolio manager s opinion and is an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any security in particular. The S&P 500 Index is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock s weight in the Index proportionate to its market value. The Russell 1000 Value Index measures the performance of the large-cap value segment and includes those Russell 1000 companies with lower price-tobook ratios and lower expected growth values. The Morningstar Long/Short Equity Category is the average performance of the 200 funds that currently comprise Morningstar s Long/Short Equity Category as of 03/31/2014. Index returns are for illustrative purposes only and do not represent Fund performance. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indexes are unmanaged and one cannot invest directly in an Index. The RiverPark funds are distributed by SEI Investments Distribution Co., One Freedom Valley Drive, Oaks, PA which is not affiliated with RiverPark Advisors, LLC or their affiliates.