0001752724-22-279625.txt : 20221214
0001752724-22-279625.hdr.sgml : 20221214
20221214124904
ACCESSION NUMBER: 0001752724-22-279625
CONFORMED SUBMISSION TYPE: N-CEN
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20220930
FILED AS OF DATE: 20221214
DATE AS OF CHANGE: 20221214
EFFECTIVENESS DATE: 20221214
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: RIVERPARK FUNDS TRUST
CENTRAL INDEX KEY: 0001494928
IRS NUMBER: 000000000
STATE OF INCORPORATION: DE
FISCAL YEAR END: 0930
FILING VALUES:
FORM TYPE: N-CEN
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-22431
FILM NUMBER: 221461649
BUSINESS ADDRESS:
STREET 1: 156 WEST 56TH STREET
STREET 2: 17TH FLOOR
CITY: NEW YORK
STATE: NY
ZIP: 10019
BUSINESS PHONE: 212-484-2100
MAIL ADDRESS:
STREET 1: 156 WEST 56TH STREET
STREET 2: 17TH FLOOR
CITY: NEW YORK
STATE: NY
ZIP: 10019
0001494928
S000030031
RiverPark Large Growth Fund
C000092087
Retail Class
RPXFX
C000092088
Institutional Class
RPXIX
C000092089
C Class
0001494928
S000030032
Wedgewood Fund
C000092090
Retail Class
RWGFX
C000092091
Institutional Class
RWGIX
C000092092
C Class
0001494928
S000030034
RiverPark Short Term High Yield Fund
C000092096
Retail Class
RPHYX
C000092097
Institutional Class
RPHIX
0001494928
S000036411
RiverPark Long/Short Opportunity Fund
C000111376
Class C Shares
C000111377
Institutional Class
RLSIX
C000111378
Retail Class
RLSFX
0001494928
S000041908
RiverPark Strategic Income Fund
C000130188
C Class Shares
C000130189
Institutional Class Shares
RSIIX
C000130190
Retail Class Shares
RSIVX
0001494928
S000063344
RiverPark Floating Rate CMBS Fund
C000205366
Institutional Class Shares
RCRIX
C000205367
Retail Class Shares
RCRFX
N-CEN
1
primary_doc.xml
X0404
N-CEN
LIVE
0001494928
XXXXXXXX
811-22431
N-1A
true
RiverPark Funds Trust
811-22431
0001494928
549300MZL2U4WJYG1566
156 WEST 56TH STREET
17TH FLOOR
NEW YORK
10019
US-NY
US
2124842100
Goldman Sachs & Co. LLC
200 West Street
New York
10282-2198
212-902-1000
Records as Prime Broker for Trust
RiverPark Advisors, LLC
156 W 56th St
New York
10019
(212) 484-2100
Records as Advisor for Trust
SEI Investments Global Fund Services
1 Freedom Valley Drive
OAKS
19456
610-676-1000
Records as Administrator for Trust
Cohanzick Management, LLC
427 Bedford Rd # 230
Pleasantville
10570
(914) 741-9600
Records as sub-advisor for Trust
DST SYSTEMS, INC.
311 W. 11th Street
Kansas City
64105
816-435-1000
Records As Transfer Agent For Trust
Wedgewood Partners, Inc.
9909 Clayton Rd # 103
St. Louis
63124
(314) 567-6407
Records as sub-advisor for Trust
BROWN BROTHERS HARRIMAN & CO.
50 Post Office Square
Boston
02110-1548
617-772-1818
Records as Custodian for Trust
N
N
N-1A
6
Y
Richard Browne
N/A
N
Ira Balsam
N/A
N
Mitch Rubin
N/A
Y
David Sachs
N/A
N
Morty Schaja
N/A
Y
William Woolverton
N/A
480 E. Swedesford Road
Suite 220
Wayne
19087
XXXXXX
N
N
N
N
N
N
N
SEI Investments Distribution Co.
8-27897
000010690
N/A
N
N
Cohen & Company, Ltd
925
N/A
N
N
N
N
N
N
N
RIVERPARK SHORT TERM HIGH YIELD FUND
S000030034
549300ZIEZ88YN1W1K96
N
2
0
0
N/A
N
N
Y
N
N/A
0.00000000
0.00000000
Rule 32a-4 (17 CFR 270.32a-4)
Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))
Rule 18f-4 (17 CFR 270.18f-4)
Y
N
Y
N
RiverPark Advisors, LLC
801-70321
000150646
549300MZL2U4WJYG1566
N
Cohanzick Management, LLC
801-70109
000149772
RZNSSMU0RI3694JCZW27
N
N
DST SYSTEMS, INC.
84-1963
21B7QCD05XOK0YTYOP98
N
N
N
Pricing Direct
549300WIC0TOJ7N7GD54
N
Bloomberg
254900BF4G8VMW8GG471
N
IHS Markit
549300HLPTRASHS0E726
GB
N
Thomson Reuters Corporation
549300561UZND4C7B569
CA
N
S&P
549300U4VWNITEKO2881
N
Intercontinental Exchange, Inc.
5493000F4ZO33MV32P92
N
N
BROWN BROTHERS HARRIMAN & CO.
5493006KMX1VFTPYPW14
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
JEFFERIES & CO., INC.
008-15074
SEC File Number
N
N
DST SYSTEMS, INC.
84-00448
SEC File Number
N
N
CITIGROUP GLOBAL MARKETS, INC.
008-08177
SEC File Number
N
N
CHASE SECURITIES, INC
008-35008
SEC File Number
N
N
BANC OF AMERICA INVESTMENT SERVICES, INC.
008-69787
SEC File Number
N
N
SUNTRUST CAPITAL MARKETS, INC.
008-17212
SEC File Number
N
N
PERSHING TRADING COMPANY, L.P.
008-17574
SEC File Number
N
N
WELLS FARGO SECURITIES LLC
008-65876
SEC File Number
N
N
R.W. BAIRD INC.
008-00497
SEC File Number
N
N
GOLDMAN SACHS GROUP, INC.
008-00129
SEC File Number
N
N
JP MORGAN
008-35008
SEC File Number
N
N
N
SEI INVESTMENTS GLOBAL FUNDS SERVICES
801-24593
SEC File Number
N
N
N
Goldman Sachs
008-00129
000000361
FOR8UP27PHTHYVLBNG30
13151.00000000
Oscar Gruss
8-22371
000002091
549300V78DH9XCK5UI63
99572.00000000
Jefferies & Company
008-15074
000002347
58PU97L1C0WSRCWADL48
10316.00000000
Jones Trading
008-26089
000006888
213800DIYIKDWRCFOC55
101384.00000000
Mizuho Securities
008-37710
000019647
7TK5RJIZDFROZCA6XF66
10887.00000000
Cantor Fitzgerald
008-00201
000000134
5493004J7H4GCPG6OB62
82159.00000000
Credit Suisse First Boston
008-00422
000000816
1V8Y6QCX6YMJ2OELII46
9937.00000000
GMP Securities
008-83237
001416435
549300QXVHD3G589TO05
10107.00000000
Cowen and Co.
008-40756
000023857
5493008QI0EFC5WBED75
44167.00000000
RW Pressprich
8-42547
000026460
549300N7J0JV1QRBLW74
31890.00000000
443967.00000000
GOLDMAN SACHS
008-00129
000000361
FOR8UP27PHTHYVLBNG30
418313073.00000000
BANK OF AMERICA
008-69787
000283942
549300HN4UKV1E2R3U73
969185028.00000000
MORGAN STANLEY & CO, INC
008-15869
000008209
9R7GPTSO7KV3UQJZQ078
126424139.00000000
ROBERT W. BAIRD INC.
008-00497
000008158
549300772UJAHRD6LO53
201766074.00000000
CANTOR FITZGERALD INC (MUNICIPALS)
008-00201
000000134
5493004J7H4GCPG6OB62
144266324.99000001
WASHOVIA SECURITIES
008-65876
000126292
VYVVCKR63DVZZN70PB21
301068348.00000000
PERSHING LLC
008-17574
000007560
ZI8Q1A8EI8LQFJNM0D94
646746232.00000000
CITIGROUP GLOBAL MARKETS
008-08177
000007059
MBNUM2BPBDO7JBLYG310
474225719.00000000
JP MORGAN CHASE SECURITIES
008-35008
000000079
ZBUT11V806EZRVTWT807
533763872.00000000
WEDBUSH MORGAN SECURITIES, INC.
8-12987
000000877
549300CSX55MXZ47EI78
188516102.00000000
5417136509.00000000
N
1029999144.00000000
N
N
N
N
WEDGEWOOD FUND
S000030032
549300VL2MKXS08Y4I88
N
2
0
0
N/A
Y
N
Y
N
N/A
0.00000000
0.00000000
Rule 32a-4 (17 CFR 270.32a-4)
Y
Y
Y
Y
RiverPark Advisors, LLC
801-70321
000150646
549300MZL2U4WJYG1566
N
Wedgewood Partners, Inc.
801-31746
000021923
N/A
N
N
DST SYSTEMS, INC.
84-1963
21B7QCD05XOK0YTYOP98
N
N
N
Intercontinental Exchange, Inc.
5493000F4ZO33MV32P92
N
IHS Markit
549300HLPTRASHS0E726
GB
N
Thomson Reuters Corporation
549300561UZND4C7B569
CA
N
Pricing Direct
549300WIC0TOJ7N7GD54
N
S&P
549300U4VWNITEKO2881
N
Bloomberg
254900BF4G8VMW8GG471
N
N
BROWN BROTHERS HARRIMAN & CO.
5493006KMX1VFTPYPW14
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
DST SYSTEMS, INC.
21B7QCD05XOK0YTYOP98
N
N
PIPER JAFFRAY
008-15204
SEC File Number
N
N
JEFFERIES & CO., INC.
008-15074
SEC File Number
N
N
BLAIR, WILLIAM & CO. LLC
008-02698
SEC File Number
N
N
JP MORGAN
008-35008
SEC File Number
N
N
GOLDMAN SACHS CO.
008-00129
SEC File Number
N
N
BARCLAYS CAPITAL INC.
008-41342
SEC File Number
N
N
RAYMOND JAMES FINANCIAL SERVICES, INC.
008-10999
SEC File Number
N
N
RBC DAIN RAUSCHER INC.
008-45411
SEC File Number
N
N
MERRILL LYNCH, PIERCE, FENNER &S SMIT, INC.
008-07221
SEC File Number
N
N
SANFORD C. BERNSTEIN & CO., INC.
008-52942
SEC File Number
N
N
N
SEI INVESTMENTS GLOBAL FUNDS SERVICES
801-24593
SEC File Number
N
N
N
Goldman Sachs
008-00129
000000361
FOR8UP27PHTHYVLBNG30
4566.00000000
4566.00000000
0.00000000
N
35852035.00000000
N
N
N
N
RIVERPARK LONG/SHORT OPPORTUNITY FUND
S000036411
5493000DF5G52TXNBM62
N
2
0
0
N/A
N
N
Y
N
N/A
0.00000000
0.00000000
Rule 32a-4 (17 CFR 270.32a-4)
Rule 18f-4 (17 CFR 270.18f-4)
Y
Y
Y
N
RiverPark Advisors, LLC
801-70321
000150646
549300MZL2U4WJYG1566
N
DST SYSTEMS, INC.
84-1963
21B7QCD05XOK0YTYOP98
N
N
N
Intercontinental Exchange, Inc.
5493000F4ZO33MV32P92
N
S&P
549300U4VWNITEKO2881
N
Thomson Reuters Corporation
549300561UZND4C7B569
CA
N
IHS Markit
549300HLPTRASHS0E726
GB
N
Pricing Direct
549300WIC0TOJ7N7GD54
N
Bloomberg
254900BF4G8VMW8GG471
N
N
BROWN BROTHERS HARRIMAN & CO.
5493006KMX1VFTPYPW14
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
DST SYSTEMS, INC.
21B7QCD05XOK0YTYOP98
N
N
GOLDMAN SACHS CO.
008-00129
SEC File Number
N
N
BARCLAYS CAPITAL INC.
008-41342
SEC File Number
N
N
SANFORD C. BERNSTEIN & CO., INC.
008-52942
SEC File Number
N
N
JEFFRIES & CO. INC.
008-15074
SEC File Number
N
N
PERSHING LLC
008-17574
SEC File Number
N
N
STIFEL FINANCIAL CORPORATION
008-01447
SEC File Number
N
N
MERRILL LYNCH, PIERCE, FENNER &S SMIT, INC.
008-07221
SEC File Number
N
N
JP MORGAN
008-35008
SEC File Number
N
N
NATIONAL FINANCIAL SERVICES LLC
008-26740
SEC File Number
N
N
REDBURN PARTNERS
008-67320
SEC File Number
N
N
N
SEI INVESTMENTS GLOBAL FUNDS SERVICES
801-24593
SEC File Number
N
N
N
Stifel Nicolaus and Co
008-01447
000000793
5WUVMA08EYG4KEUPW589
5546.00000000
Goldman Sachs
008-00129
000000361
FOR8UP27PHTHYVLBNG30
848138.00000000
853684.00000000
Goldman Sachs
008-00129
000000361
FOR8UP27PHTHYVLBNG30
36465092.00000000
39465092.00000000
N
294398199.00000000
N
N
N
N
RiverPark Floating Rate CMBS Fund
S000063344
5493001F15VCO0PHY055
N
2
0
0
N/A
Y
N
Y
N
N/A
0.00000000
0.00000000
Rule 32a-4 (17 CFR 270.32a-4)
Y
Y
Y
N
RiverPark Advisors, LLC
801-70321
000150646
549300MZL2U4WJYG1566
N
DST SYSTEMS, INC.
84-1963
21B7QCD05XOK0YTYOP98
N
N
N
Pricing Direct
549300WIC0TOJ7N7GD54
N
Bloomberg
254900BF4G8VMW8GG471
N
S&P
549300U4VWNITEKO2881
N
Thomson Reuters Corporation
549300561UZND4C7B569
CA
N
Intercontinental Exchange, Inc.
5493000F4ZO33MV32P92
N
IHS Markit
549300HLPTRASHS0E726
GB
N
N
BROWN BROTHERS HARRIMAN & CO.
5493006KMX1VFTPYPW14
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
CHASE SECURITIES, INC
ZBUT11V806EZRVTWT807
N
N
MORGAN STANLEY
9R7GPTSO7KV3UQJZQ078
N
N
WELLS FARGO SECURITIES
VYVVCKR63DVZZN70PB21
N
N
JP MORGAN
ZBUT11V806EZRVTWT807
N
N
BARCLAYS CAPITAL INVESTMENT
AC28XWWI3WIBK2824319
N
N
CITIGROUP GLOBAL MANAGEMENT
MBNUM2BPBDO7JBLYG310
N
N
DST SYSTEMS, INC.
21B7QCD05XOK0YTYOP98
N
N
NATIXIS
549300L8G1E7ZHVEOG75
N
N
GOLDMAN SACHS CO.
FOR8UP27PHTHYVLBNG30
N
N
BANK OF AMERICA
549300HN4UKV1E2R3U73
N
N
DEUTSCHE BANK SECURITIES
9J6MBOOO7BECTDTUZW19
N
N
N
SEI INVESTMENTS GLOBAL FUNDS SERVICES
801-24593
SEC File Number
N
N
N
0.00000000
Bank of America
008-69787
000283942
549300HN4UKV1E2R3U73
1878750.00000000
Chase Securities Inc.
008-35008
000000079
ZBUT11V806EZRVTWT807
3135727.00000000
Deutsche Bank
008-17822
000002525
9J6MBOOO7BECTDTUZW19
4823122.00000000
Citigroup Global Markets
008-08177
000007059
MBNUM2BPBDO7JBLYG310
1994947.00000000
JP Morgan
008-35008
000000079
ZBUT11V806EZRVTWT807
1820672.00000000
13653218.00000000
N
39405646.00000000
N
N
N
N
RIVERPARK LARGE GROWTH FUND
S000030031
5493002CO4PZHOIJYB36
N
2
0
0
N/A
N
N
Y
N
N/A
0.00000000
0.00000000
Rule 32a-4 (17 CFR 270.32a-4)
Y
N
Y
N
RiverPark Advisors, LLC
801-70321
000150646
549300MZL2U4WJYG1566
N
DST SYSTEMS, INC.
84-1963
21B7QCD05XOK0YTYOP98
N
N
N
Thomson Reuters Corporation
549300561UZND4C7B569
CA
N
S&P
549300U4VWNITEKO2881
N
Pricing Direct
549300WIC0TOJ7N7GD54
N
IHS Markit
549300HLPTRASHS0E726
GB
N
Bloomberg
254900BF4G8VMW8GG471
N
Intercontinental Exchange, Inc.
5493000F4ZO33MV32P92
N
N
BROWN BROTHERS HARRIMAN & CO.
5493006KMX1VFTPYPW14
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
NATIONAL FINANCIAL SERVICES LLC
008-26740
SEC File Number
N
N
JP MORGAN
008-35008
SEC File Number
N
N
STIFEL FINANCIAL CORPORATION
008-01447
SEC File Number
N
N
BARCLAYS CAPITAL INC.
008-41342
SEC File Number
N
N
JEFFERIES & CO., INC.
008-15074
SEC File Number
N
N
SANFORD C. BERNSTEIN & CO., INC.
008-52942
SEC File Number
N
N
PERSHING LLC
008-17574
SEC File Number
N
N
PIPER JAFFRAY
008-15204
SEC File Number
N
N
GOLDMAN SACHS CO.
008-00129
SEC File Number
N
N
DST SYSTEMS, INC.
84-00448
SEC File Number
N
N
REDBURN PARTNERS
008-67320
SEC File Number
N
N
N
SEI INVESTMENTS GLOBAL FUNDS SERVICES
801-24593
SEC File Number
N
N
N
Goldman Sachs
008-00129
000000361
FOR8UP27PHTHYVLBNG30
78217.00000000
Schwab
008-16514
000005393
549300ZP8XN77GK5BS04
2041.00000000
80258.00000000
0.00000000
N
60189674.00000000
N
N
N
N
RIVERPARK STRATEGIC INCOME FUND
S000041908
5493006VQ17TUYGQ5V15
N
2
0
0
N/A
N
N
Y
N
N/A
0.00000000
0.00000000
Rule 32a-4 (17 CFR 270.32a-4)
Rule 18f-4 (17 CFR 270.18f-4)
Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))
Y
N
Y
N
RiverPark Advisors, LLC
801-70321
000150646
549300MZL2U4WJYG1566
N
Cohanzick Management, LLC
801-70109
000149772
RZNSSMU0RI3694JCZW27
N
N
DST SYSTEMS, INC.
84-1963
21B7QCD05XOK0YTYOP98
N
N
N
Intercontinental Exchange, Inc.
5493000F4ZO33MV32P92
N
S&P
549300U4VWNITEKO2881
N
Bloomberg
254900BF4G8VMW8GG471
N
Pricing Direct
549300WIC0TOJ7N7GD54
N
Thomson Reuters Corporation
549300561UZND4C7B569
CA
N
IHS Markit
549300HLPTRASHS0E726
GB
N
N
BROWN BROTHERS HARRIMAN & CO.
5493006KMX1VFTPYPW14
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
GOLDMAN SACHS GROUP, INC.
008-00129
SEC File Number
N
N
JP MORGAN
008-35008
SEC File Number
N
N
WACHOVIA SECURITIES
008-65876
SEC File Number
N
N
JEFFERIES & CO., INC.
008-15074
SEC File Number
N
N
BANCKOF AMERICA INVESTMENT SERVICES, INC.
008-69787
SEC File Number
N
N
CITIGROUP GLOBAL MARKETS, INC.
008-08177
SEC File Number
N
N
WELLS FARGO SECURITIES, LLC
008-65876
SEC File Number
N
N
CHASE SECURITIES, INC
008-35008
SEC File Number
N
N
SUNTRUST CAPITAL MARKETS, INC.
008-17212
SEC File Number
N
N
DEUTSCHE BANK SECURITIES INC.
008-17822
SEC File Number
N
N
DST SYSTEMS, INC.
21B7QCD05XOK0YTYOP98
N
N
N
SEI INVESTMENTS GLOBAL FUNDS SERVICES
801-24593
SEC File Number
N
N
N
Oscar Gruss
8-22371
000002091
549300V78DH9XCK5UI63
33930.00000000
Bank of America
008-69787
000283942
549300HN4UKV1E2R3U73
19950.00000000
Cantor Fitzgerald
008-00201
000000134
5493004J7H4GCPG6OB62
16397.00000000
Jones Trading
008-26089
000006888
213800DIYIKDWRCFOC55
16789.00000000
BTIG
008-65473
000122225
549300GTG9PL6WO3EC51
3119.00000000
Riley B & Co, Inc
008-49016
000040355
549300AEVMODVBY3QS51
3410.00000000
CIBC
N/A
N/A
2IGI19DL77OX0HC3ZE78
CA
24362.00000000
Jefferies & Company
008-15074
000002347
58PU97L1C0WSRCWADL48
3680.00000000
Cowen and Co.
008-40756
000023857
5493008QI0EFC5WBED75
8684.00000000
Southwest Securities
008-45123
000006220
549300IXU82PMU6XZT45
3161.00000000
149817.00000000
MERRILL LYNCH, PIERCE, FENNER & SMITH
008-07221
000007691
8NAV47T0Y26Q87Y0QP81
13205298.00000000
JEFFERIES LLC
008-15074
000002347
58PU97L1C0WSRCWADL48
13036794.00000000
RBC DAIN RAUSCHER INC.
008-45411
000031194
549300LCO2FLSSVFFR64
13028034.00000000
JP MORGAN CHASE SECURITIES
008-35008
000000079
ZBUT11V806EZRVTWT807
23444649.00000000
GOLDMAN SACHS
008-00129
000000361
FOR8UP27PHTHYVLBNG30
28119293.00000000
PERSHING LLC
008-17574
000007560
ZI8Q1A8EI8LQFJNM0D94
23348151.00000000
BANK OF AMERICA
008-69787
000283942
549300HN4UKV1E2R3U73
85217895.00000000
NATIONAL FINANCIAL SERVICES CORPORATION
008-26740
000013041
549300JRHF1MHHWUAW04
9711466.00000000
CITIGROUP GLOBAL MARKETS
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INTERNAL CONTROL RPT
2
RiverPark_ICL.txt
INTERNAL CONTROL LETTER
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
To the Shareholders and Board of Trustees of
RiverPark Funds Trust
In planning and performing our audit of the
financial statements of RiverPark Funds Trust (the
Trust), comprising RiverPark Large Growth Fund,
Wedgewood Fund, RiverPark Short Term High Yield
Fund, RiverPark Long/Short Opportunity Fund,
RiverPark Strategic Income Fund, and RiverPark
Floating Rate CMBS Fund (the Funds) as of and for
the year ended September 30, 2022, in accordance
with the standards of the Public Company Accounting
Oversight Board (United States) (PCAOB), we
considered the Funds internal control over financial
reporting, including controls over safeguarding
securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion
on the financial statements and to comply with the
requirements of Form N-CEN, but not for the purpose
of expressing an opinion on the effectiveness of the
Funds internal control over financial reporting.
Accordingly, we express no such opinion.
The management of the Funds is responsible for
establishing and maintaining effective internal
control over financial reporting. In fulfilling
this responsibility, estimates and judgments by
management are required to assess the expected
benefits and related costs of controls. A funds
internal control over financial reporting is a
process designed to provide reasonable assurance
regarding the reliability of financial reporting and
the preparation of financial statements for external
purposes in accordance with generally accepted
accounting principles (GAAP). A funds internal
control over financial reporting includes those
policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and
dispositions of the assets of the fund; (2) provide
reasonable assurance that transactions are recorded
as necessary to permit preparation of financial
statements in accordance with GAAP, and that
receipts and expenditures of the fund are being made
only in accordance with authorizations of management
and Trustees of the fund; and (3) provide reasonable
assurance regarding prevention or timely detection
of unauthorized acquisition, use or disposition of a
funds assets that could have a material effect on
the financial statements.
Because of its inherent limitations, internal
control over financial reporting may not prevent or
detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are
subject to the risk that controls may become
inadequate because of changes in conditions, or that
the degree of compliance with the policies or
procedures may deteriorate.
A deficiency in internal control over financial
reporting exists when the design or operation of a
control does not allow management or employees, in
the normal course of performing their assigned
functions, to prevent or detect misstatements on a
timely basis. A material weakness is a deficiency,
or combination of deficiencies, in internal control
over financial reporting, such that there is a
reasonable possibility that a material misstatement
of the Funds annual or interim financial statements
will not be prevented or detected on a timely basis.
Our consideration of the Funds internal control over
financial reporting was for the limited purpose
described in the first paragraph and would not
necessarily disclose all deficiencies in internal
control that might be material weaknesses under
standards established by the PCAOB. However, we
noted no deficiencies in the Funds internal control
over financial reporting and its operation,
including controls over safeguarding securities,
that we consider to be a material weakness as
defined above as of September 30, 2022.
This report is intended solely for the information
and use of management and the Board of Trustees of
the Funds and the Securities and Exchange Commission
and is not intended to be and should not be used by
anyone other than these specified parties.
COHEN & COMPANY, LTD.
Cleveland, Ohio
November 29, 2022