Talmage

Overview

The Fund's objective is to seek current income and capital appreciation consistent with the preservation of capital by investing predominantly in the approximately $600 billion commercial mortgage backed securities ("CMBS") market that is secured by income-producing commercial real estate assets predominantly in the United States.

RiverPark believes that the Fund provides a unique opportunity to generate mid-single digit income yields (based upon current coupons and purchase discounts) 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.

As has been the case since the predecessor fund's inception, in the current environment, 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 with no single asset greater than 65% LTV) ; 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.

Talmage's investment process is a fundamental based "bottom up" approach that emphasizes due diligence of the underlying real estate, comprehensive capital structure and yield analysis, and active asset management. Talmage, which manages approximately $1 billion in other real estate debt strategies, has access to extensive data points at every level of the commercial real estate sector. The Fund intends to buy and hold its investments (the predecessor private fund typically had turnover rates of less than 50%). The Fund will invest across the debt capital structure, with the majority of investments expected to be at or just below investment grade. Talmage believes that there are substantial inconsistencies in credit ratings providing opportunities for the Fund to use its extensive knowledge of the underlying real estate to generate attractive risk-adjusted returns.

The Fund will be structured as a closed-end "interval" fund. Interval funds, similar to open-end mutual funds, price their portfolios and publish their NAV daily. Investors wishing to purchase fund shares may do so daily at NAV. Unlike open-end mutual funds, shareholders may not redeem their shares on a daily basis. The Fund will make quarterly repurchase offers for between 5% and 25% of outstanding shares at NAV with no discount.




Our Portfolio Manager


Edward L. Shugrue III

Mr. Shugrue, the CEO of Talmage, has over 25 years of commercial real estate investing, lending and restructuring experience as an owner, lender and advisor. He founded Talmage and its predecessor investment business in 2003. From 1997 until 2003, Mr. Shugrue co-built one of the country's first commercial real estate mezzanine investment platforms in his capacity as the Chief Financial Officer of Sam Zell's Capital Trust, Inc. (NYSE: CT). From 1991 to 1996, Mr. Shugrue was one of four people responsible for turning around, taking public and selling RiverBank America, a New York bank. From 1988 through 1990, Mr. Shugrue was employed in the real estate group of Bear Stearns & Co. Inc. where he worked on principal, agency and securitization assignments.

Edward L Shugrue III
Edward L. Shugrue III

In-Depth Philosophy & Process

RiverPark Floating Rate CMBS Fund

Performance

Returns as of TBD

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

Returns as of 4/25/2017

MTD YTD 1 Year 3 Years* 5 Years* Since
Inception*
RCRIX - Inception Date: 5/31/2010

Returns as of Quarter Ending March 31, 2017

QTD YTD 1 Year 3 Years* 5 Years* Since
Inception*
RCRIX - Inception Date: 5/31/2010


Annualized Performance since inception of the Mutual Fund (9/30/2016) was TBD for RCRIX, as of quarter ending TBD.

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

Expense Ratio: 1.39% gross and 1.00% net as of the most recent prospectus, dated December 11, 2017.

The performance data quoted for periods prior to 9/30/2016 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. Inception Date of the Predecessor Fund is 5/31/2010.

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.

The Fund will initially offer one class of shares although the Fund reserves the right, subject to applicable law, to offer two classes of shares: Institutional Class Shares and Retail Class Shares. Currently the Fund is offering only the Institutional Class Shares.

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. 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.

**Formerly known as the RiverPark Commercial Real Estate Fund.

Full Holdings

As of TBD

Security % of Total Portfolio

Holdings Subject to change.