Overview

The Fund's objective is to seek current income and capital appreciation consistent with the preservation of capital by investing predominantly in floating rate commercial mortgage backed securities ("CMBS"), which are secured by income-producing commercial real estate assets, predominately in the United States.

RiverPark believes that the Fund provides a unique opportunity to generate mid-single digit income yields with both limited credit and interest rate risk and with a proven and experienced manager.

RiverPark believes the Fund should be considered by investors looking to decrease their exposure to the risk of rising interest rates in their fixed income portfolios and investors seeking non-correlated alternative investments that generate current income.

The Fund expects to invest primarily in:

- Single asset/single borrower CMBS that are secured by institutional quality commercial real estate assets that we believe generally have better liquidity, transparency and sponsorship;

- Performing (non-distressed) assets supported by robust in-place cash flow;

- Investments that are protected by subordinate layers of debt and equity, with an average portfolio loan-to-value ratio or "LTV" of less than 50%; and

Floating-rate instruments that reset monthly with short to medium term maturities (generally averaging three years), thus substantially reducing the interest rate risk of the Fund.

The Fund’s investment process is a fundamental "bottom up" approach, which is comprised of three interrelated components: analysis of the underlying real estate, analysis of the security’s legal structure and yield and ongoing portfolio management focused on trading and risk management.

The Fund intends to be primarily a “buy and hold” investor, but will also use its trading skills to buy and sell investments opportunistically, either offensively (to capture additional perceived upside) or defensively (to protect against perceived credit erosion). The Fund’s portfolio turnover rate is expected to be less than 50% per year.

The Fund will invest across the debt capital structure, with the majority of investments expected to be at or just below investment grade.




Our Portfolio Manager


Edward L. Shugrue III

Ed Shugrue has over 30 years of commercial real estate investing, lending and restructuring experience as an owner, lender and advisor. Prior to joining RiverPark, Mr. Shugrue founded and served for 15 years as CEO of Talmage LLC (and its predecessors), a CMBS investment manager with over $12 billion of relevant investment experience. From 1997 until 2003, he co-built one of the country's first commercial real estate mezzanine investment platforms in his capacity as the CFO of Sam Zell's Capital Trust, Inc. (NYSE: CT). From 1991 to 1996, he was one of four people responsible for turning around, taking public and selling RiverBank America, a New York bank. From 1988 through 1990, he was employed in the real estate group of Bear Stearns & Co. Inc. where he worked on principal, agency and securitization assignments.

Ed is a graduate of the University of Pennsylvania with a BA (honors) in political science and with a degree from the Wharton School. He is a former governor of the Commercial Mortgage Backed Securities Association (CMSA).

Edward L Shugrue III
Edward L. Shugrue III

Performance

Returns as of TBD

NAV Daily YTD
RiverPark Floating Rate CMBS Fund Institutional (RCRIX)
RiverPark Floating Rate CMBS Fund Retail (RCRFX)

Returns as of 4/25/2017

MTD YTD 1 Year 3 Years* 5 Years* Since
Inception*
RCRIX
RCRFX

Returns as of Quarter Ending March 31, 2017

QTD YTD 1 Year 3 Years* 5 Years* Since
Inception*
RCRIX
RCRFX


Inception date of the Fund was May 31, 2010.

*Returns presented for periods less than 1 year are cumulative, returns for periods greater than 1 year are annualized.

As of September 30, 2018, the annualized performance since inception of the Institutional class (RCRIX) of the Interval Fund (9/30/2016) was 4.43%.

The performance data quoted for periods prior to September 30, 2016 is that of the Predecessor Fund. The Fund is 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, which are now lower than the predecessor fund, the annual returns for the predecessor partnership would have been higher. On November 12, 2018 the Interval Fund reorganized as an open-end mutual fund with daily liquidity. The performance data quoted for the Retail Class for periods prior to November 12, 2018 but after September 30, 2016 is that of the Institutional Class adjusted to reflect the higher expense ratio applicable to the Retail Class.

The performance quoted herein represents past performance. Past performance does not guarantee future results. 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.

Expense Ratio: Institutional: 1.02% gross and 1.00% net, Retail: 1.27% gross and 1.25% net as of the most recent prospectus, dated October 20, 2018.

The Fund offers two classes of shares: Institutional Class Shares and Retail Class Shares. Retail Class shares have a shareholder servicing fee of up to 0.25% per annum of average daily net assets. Institutional Class shares have no shareholder servicing fee. For more information, please see the prospectus. RiverPark has agreed contractually to waive its fees and to reimburse expenses of the Fund, including expenses associated with the Fund's administrative services plan, to the extent necessary to ensure that operating expenses (excluding interest, brokerage commissions, dividends on short sales and interest expense on securities sold short, acquired fund fees and expenses and extraordinary expenses (i.e. litigation costs relating to shareholder suits or regulatory actions)) do not exceed, on an annual basis, 1.00% of the Fund's average net assets for the Institutional Class share and 1.25% for the Retail Class shares. This arrangement will continue for at least one year from the effective date of the registration statement and, subject to annual approval by the Board of Trustees the Fund, this arrangement will remain in effect unless and until the Board of Trustees approves its modification or termination or the Adviser notifies the Fund at least 30 days prior to the annual approval of its determination not to continue the agreement.

Holdings*

As of TBD

Security Security Identifier % of Total Portfolio

Holdings Subject to change.

*The percentage weightings set forth above represent the market value, including any accrued interest, of each position divided by the net asset value of the Fund as of that date.