Fund Name Fund Ticker CUSIP Net Assets Shares Outstanding NAV NAV Change Dollars Rate Date
Bramshill Income Performance Fund (Inst) BRMSX 89832P515 423904896.3 42175735.91 10.05 -0.01 4/18/2019

BRAMSHILL INCOME PERFORMANCE FUND INVESTMENT OVERVIEW – BRMSX

The Fund implements a tactical fixed income strategy which seeks to maximize total return across different types of fixed income products and, based on market conditions, may also hold cash, cash equivalents and alternative investments.

The Fund is actively managed, typically with between 40 and 50 investments, incorporating sector allocations and tactical hedging during various interest rate and market environments. The Adviser uses fundamental credit and relative value analysis, and focuses on securities with transparent pricing, actively-traded capital structures and a high level of liquidity. The Fund seeks to maintain an average credit rating of investment grade. The average duration of the strategy is expected to be approximately six years, with an expected range of between three and nine years.

The Fund invests in a tactical portfolio of income-producing securities, including up to 80% in investment grade corporate bonds and up to 40% in high yield bonds (i.e. junk bonds), which are defined as debt securities rated below Baa by Moody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by Standard & Poor’s Ratings Services (“S&P”) or Fitch, Inc. (“Fitch”), or, if unrated, determined by the Adviser to be of comparable quality. The Fund may also invest up to 70% in preferred stocks, up to 80% in U.S. municipal bonds, and up to 100% in U.S. Treasuries. The Fund may also invest up to 15% in fixed income closed-end funds and up to 25% in fixed income exchange traded funds (“ETFs”). The Fund may also invest up to 25% in foreign issuers of U.S. dollar denominated fixed income securities.

The Fund may also sell short U.S. Treasury securities (of an aggregate dollar value not exceeding 33 1/3% of the aggregate dollar value of the Fund’s assets) only as a hedge based on market conditions. The Fund seeks to mitigate the negative impact of rising Treasury interest rates on the performance of investment grade bonds (conversely limiting the positive impact of falling interest rates). These short positions are not intended to mitigate other factors influencing the price of investment grade bonds, such as credit risk, which may have a greater impact than rising or falling interest rates.

The Fund’s strategies may result in frequent portfolio trading and high portfolio turnover (typically greater than 100%). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in the Fund’s annual operating expenses or in the expense example, affect the Fund’s performance.



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OUR PHILOSOPHY

Bramshill Income Performance Fund follows the Bramshill Income Performance Strategy which Bramshill Investments has been employing for seven years. The investment team manages a high-quality fixed income investment portfolio with a flexible total return mandate. Bramshill assesses five asset classes in the U.S. credit markets to determine where we believe the best opportunities are available. When the risk-reward in the markets appears favorable, the fund will endeavor to maintain a profile which is designed to participate in market rallies. However, when credit market opportunities appear less favorable, the strategy will maintain a more conservative profile which aims to prevent against principal drawdowns. The Bramshill team customizes a liquid portfolio of income-generating assets which we believe can provide a high probability of generating a positive total return.



DISCLOSURE


The fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company and it may be obtained here or by calling (877) 272-6718. Read it carfully before investing.

Mutual fund investing involves risk. Principal loss is possible. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment by the fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater in emerging markets. Closed-end funds and ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of the shares may trade at a discount to its net asset value (“nav”), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a funds ability to sell its shares. In addition, the fund may incur higher expenses than if the fund did not invest in these types of securities. The fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested

Bramshill investments, LLC is the investment adviser to the fund. The fund is distributed by Quasar Distributors, LLC.

The Bramshill Funds are offered only to united states residents, and information on this site is intended for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.