Overview

The Fund will be primarily invested in what we call Money-Good securities where the enterprise value of the issuing company, when valued using what Cohanzick believes to be conservative valuation metrics, exceeds the value of the senior and equally ranked debt of the considered investment. Therefore, although the Fund will invest in both investment grade and non-investment grade securities, we believe the risk of loss of principal due to permanent impairment is minimal.

Under normal circumstances a majority of the Fund’s assets will be invested in securities that Cohanzick believes hold limited credit risk and provide above market yields. The Fund will also invest in securities of issuers experiencing credit stress that Cohanzick believes are protected from capital loss due to their priority in the issuer’s capital structure; are not widely-followed and/or are less liquid; present opportunities because of rising or falling interest rates; and opportunistically in asset backed securities, distressed securities and equities.

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

FACT SHEET

QUARTERLY LETTER

In-Depth Overview

Monthly Distributions (RSIIX)

Monthly Distributions (RSIVX)

5 Starts
Morningstar RatingTM

Overall Rating, out of 623 High Yield Bond funds,
is based on risk-adjusted returns as of 2/28/2023

Our Portfolio Manager

David K. Sherman

Principal, Cohanzick Management, LLC

Cohanzick Management, LLC (Cohanzick) of Pleasantville, New York serves as the Sub-Adviser to the RiverPark Short Term High Yield Fund. David K. Sherman founded Cohanzick in 1996 and serves as the portfolio manager primarily responsible for the investment decisions of the Fund. Prior to founding Cohanzick, Mr. Sherman held various executive and director positions at Leucadia National Corporation and/or its subsidiaries.

Mr. Sherman holds a BS in Business Administration from Washington University.

David K. Sherman
David K. Sherman



The Morningstar RatingTM for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The RiverPark Strategic Income Fund was rated against the following numbers of High Yield Bond funds over the following time periods: 623 funds in the last three years, and 579 funds in the last five years as of 2/28/2023. © 2023 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future result.

Performance

 

Inception date of the Fund was September 30, 2013.

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

Expense Ratio: Institutional: 1.18%, Retail: 1.33% as of the most recent prospectus dated January 26, 2022.

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*

As of TBD
Security % of Total Portfolio

 

Holdings Subject to change.

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