RiverPark Short Term High Yield Fund

Overview

The RiverPark Short Term High Yield Fund focuses on short term high yield securities for which CrossingBridge believes credit ratings do not accurately reflect a company's ability to meet their short term credit obligations. The Fund seeks to make investments in fixed income securities of companies that have announced or, in CrossingBridge 's opinion, will announce a funding event, reorganization or other corporate event that they believe will have a positive impact on a company's ability to repay their debt. Additionally, the Fund will invest in securities in which it perceives there is limited near term risk of default. In CrossingBridge's view the risks associated with investing in short term high yield debt are very different from investing in long-dated paper in which operating performance and business sustainability are of primary concern.

CrossingBridge Advisors, LLC (CrossingBridge) of Pleasantville, New York serves as the Sub-Adviser to the RiverPark Short Term High Yield Fund.

For further information on the sub-advisor, please visit www.crossingbridgefunds.com.

FACT SHEET

QUARTERLY LETTER

Monthly Distributions

Our Portfolio Managers

David K. Sherman

Chief Investment Officer and Portfolio Manager, CrossingBridge Advisors, LLC

David K. Sherman founded CrossingBridge in 2016 and currently serves as the CIO. Since 1996, Mr. Sherman, has managed accounts for various clients utilizing investment programs substantially similar to those intended to be used by the Fund. Earlier in his career, Mr. Sherman was actively involved as a senior executive in Leucadia National Corporation's corporate investments and acquisitions and was Treasurer of the holding company’s insurance operations.

Mr. Sherman holds a B.S. in Business Administration from Washington University.

David K. Sherman

Michael De Kler

Portfolio Manager, CrossingBridge Advisors, LLC

Michael De Kler was named portfolio manager of the RiverPark Short Term High Yield Fund in 2025 and has been part of the Fund’s investment team since the Fund’s inception. Mr. De Kler joined an affiliate of CrossingBridge in 1999 and has been an employee of CrossingBridge since 2024.

Mr. De Kler holds a B.S. and an M.B.A. from Fairleigh Dickinson University.

Michael De Kler

Together as a team, Mr. Sherman and Mr. De Kler are both responsible for the investment decisions of the Fund.

Performance

DAILY

Returns as of TBD

	NAV	Daily Change (%)	MTD	YTD
Institutional (RPHIX)
Retail (RPHYX)

MONTHLY RETURNS

Returns as of TBD

	Month Ended TBD	YTD	1 Year	3 Years	5 Years	10 Years	Since Inception
Institutional (RPHIX)
Retail (RPHYX)

QUARTERLY RETURNS

Quarterly Returns as of Quarter Ending TBD

	Quarter Ended TBD	YTD	1 Year	3 Years	5 Years	10 Years	Since Inception
Institutional (RPHIX)
Retail (RPHYX)

Inception date of the Fund was September 30, 2010.

Total returns presented for periods less than one year are cumulative, returns for periods one year and greater are annualized.

Expense Ratio: Institutional: 0.92%, Retail: 1.19% as of the most recent prospectus, dated January 26, 2024.

The performance quoted herein is net of all fees and expenses and 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.

The Fund offers two classes of shares. Retail Class shares have a shareholder services fee of up to 0.25% per annum of average daily net assets. Institutional Class shares have no shareholder services fee. For more information, please see the prospectus.

Holdings

Holdings*

As of TBD

Security	% of Total Portfolio

Holdings are 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.

Commentary