Bramshill Multi-Strategy Income Fund

(Formerly the Braddock Multi-Strategy Income Fund)

Build income with a multi-sector bond strategy.

Investment Objective

The Fund seeks total return with an emphasis on providing current income.

Investment Management

Investment Manager

Liberty Street Advisors

Investment Sub-Advisor

Investment Focus

If you’re ready to look outside the box of conventional fixed income strategies, Bramshill Multi-Strategy Income Fund offers the potential for strong performance, stable income and low correlation to traditional fixed income. Advisors seeking distinctive funds for their clients may want to use the fund to compliment client portfolios due to its relative risk profile and focus on asset-backed securities.

Bramshill Multi-Strategy Income Fund offers a competitive advantage through its expertise in fundamental fixed income security evaluation within the structured products market. Structured credit markets include securities backed by loans on assets such as mortgages, credit cards and car loans that pay both principal and interest. They may also offer the potential for capital appreciation as well.

Not only are Fund managers evaluating current holdings, they are also identifying attractive opportunities created by the coronavirus-related economic disruption. Bramshill uses specific approaches to build and manage a diversified portfolio, including:

  • Analysis of macro factors including interest rates, liquidity and volatility
  • Evaluating underlying loan attributes
  • Time horizon analysis for individual securities and the portfolio

Fund Facts

Inception date

12/31/2015

Morningstar asset category

US Fund Multisector Bond

Benchmarks

Bloomberg Aggregate Bond

ICE BofA Merrill Lynch U.S. Cash Pay U.S. High Yield

Investment minimum

$2,500

Distributions

Monthly

Tickers

Class A

BDKAX

Class C

BDKCX

Institutional Class

BDKNX

Fund Performance

As of 5/29/2024

From the Fund’s inception through November 30th, 2022, the Fund’s portfolio was managed by the Fund’s prior sub-advisor, Braddock Financial LLC. As of December 1st, 2022, Bramshill Investments, LLC is the Fund’s sub-advisor.

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Fund Disclosure

Performance data quoted represents past performance and is no guarantee of future results. Total return figures include the reinvestment of dividends and capital gains. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. For the most recent month end performance, please call (800) 207-7108. Returns showing less than one year are cumulative. Per the current prospectus dated April 30th, 2024, the gross operating expense ratio for the Class A, C, and Institutional Shares are 1.83%, 2.58%, and 1.58%, respectively. The net operating expense ratio for the Class A, C, and Institutional Shares are 1.77%, 2.52% and 1.52%, respectively. The contractual agreement between the Fund and the Advisor for fee waiver and/or paying for operating expenses is in effect until April 30, 2025. Without the contractual agreement, performance would have been lower. Performance results with load reflect the deduction for Class A Shares of the 4.25% maximum front-end sales charge. Class C Shares are subject to a contingent deferred sales charge of 1.00% when redeemed within 12 months of purchase. Performance represented without the load would be lower if this charge was reflected. Because of ongoing market volatility, Fund performance may be subject to substantial short-term changes. 

The Bloomberg Aggregate Bond Index measures the investment grade, US dollar-denominated, fixed-rate taxable bond market.  The index includes Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities.  Index Inception: 1/1/1986. The Bank of America Merrill Lynch U.S. Cash Pay U.S. High Yield Index tracks the performance of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating, at least 18 months to final maturity at the time of issuance, at least 1-year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount outstanding of $100 million. Index Inception: 5/31/1992. One cannot invest directly in an index.

Share Class Information

As of 4/30/2024 Class A SharesClass C Shares Class I
Shares
Symbol BDKAXBDKCXBDKNX
Minimum Investment $2,500$2,500$1,000,000
Maximum Sales Charge 4.25%NoneNone
12b-1 Fees 0.25%1.00%None
Gross Expense Ratio 1.83%2.58%1.58%
Fee Waiver and/or Expense Reimbursement-0.06%-0.06%-0.06%
Net Expense Ratio* 1.77%2.52%1.52%

*Net expenses based on the Advisor’s contractual agreement to waive its fees and/or pay operating expenses until 4/30/25 so that the total fund operating expenses do not exceed 1.75%, 2.50%,  and 1.50% and for the Class A, C, and Institutional Shares, respectively. The net expense ratio is applicable to investors.

Schedule of Distributions

Distribution DateBDKNXBDKCXBDKAX
4/29/2024$0.0313$0.0260$0.0299
3/27/2024$0.0311$0.0255$0.0297
2/28/2024$0.0284$0.0232$0.0271
1/29/2024$0.0460$0.0404$0.0443
Distribution DateBDKNXBDKCXBDKAX
12/23/2023$0.0453$0.0398$0.0440
11/23/2023$0.0330$0.0278$0.0317
10/23/2023$0.0340$0.0290$0.0326
9/23/2023$0.0307$0.0254$0.0294
8/23/2023$0.0368$0.0310$0.0352
7/23/2023$0.0368$0.0310$0.0352
6/23/2023$0.0326$0.0274$0.0309
5/23/2023$0.0356$0.0282$0.0323
4/23/2023$0.0377$0.0326$0.0364
3/23/2023$0.0388$0.0335$0.0378
2/23/2023$0.0380$0.0326$0.0361
1/23/2023$0.0307$0.0253$0.0293
Distribution DateBDKNXBDKCXBDKAX
Dec 28, 2022$0.0393$0.0338$0.0379
Nov 28, 2022$0.0360$0.0306$0.0345
Oct 28, 2022$0.0370$0.0315$0.0355
Sep 29, 2022$0.0316$0.0261$0.0289
Aug 30, 2022$0.0255$0.0195$0.0241
Jul 28, 2022$0.0256$0.0110$0.0242
Jun 29, 2022$0.0214$0.0187$0.0227
May 27, 2022$0.0279$0.0218$0.0263
Apr 28, 2022$0.0194$0.0137$0.0180
Mar 29, 2022$0.0224$0.0180$0.0225
Feb 25, 2022$0.0253$0.0197$0.0238
Jan 28, 2022$0.0195$0.0132$0.0180
Distribution DateBDKNXBDKCXBDKAX
Dec 29, 2021$0.0225$0.0160$0.0207
Nov 24, 2021 $0.0225$0.0164$0.0209
Oct 28, 2021$0.0217$0.0153$0.0200
Sep 29, 2021$0.0240$0.0174$0.0223
Aug 30, 2021$0.0218$0.0155$0.0203
Jul 29, 2021$0.0186$0.0122$0.0170
Jun 29, 2021 $0.0219$0.0154$0.0203
May 28, 2021$0.0216$0.0153$0.0200
Apr 29, 2021$0.0186$0.0126$0.0171
Mar 30, 2021$0.0240$0.0174$0.0223
Feb 25, 2021$0.0248$0.0192$0.0232
Jan 28, 2021$0.0231$0.069$0.0216
Distribution DateBDKNXBDKCXBDKAX
Dec 30, 2020$0.0241$0.0179$0.0225
Nov 25, 2020$0.0226$0.0170$0.0212
Oct 29, 2020$0.0229$0.0168$0.0213
Sep 29, 2020$0.0305$0.0248$0.0291
Aug 28, 2020 $0.0290$0.0231$0.0276
Jul 30, 2020 $0.0254$0.0195$0.0237
Jun 29, 2020 $0.0230$0.0178$0.0218
May 28, 2020 $0.0224$0.0174$0.0213
Apr 29, 2020 $0.0203$0.0162$0.0194
Mar 30, 2020 $0.0275$0.0203$0.0203
Feb 27, 2020 $0.0308$0.0226$0.0287
Jan 30, 2020 $0.0318$0.0233$0.0296
Distribution DateBDKNXBDKCXBDKAX
Dec 30, 2019 $0.0351$0.0264$0.0329
Nov 27, 2019 $0.0310$0.0228$0.0290
Oct 30, 2019 $0.0331$0.0247$0.0310
Sep 27, 2019 $0.0327$0.0243$0.0306
Aug 29, 2019 $0.0328$0.0242$0.0309
Jul 30, 2019 $0.0363$0.0280$0.0341
Jun 27, 2019 0.0349$0.0265$0.0327
May 30, 2019 $0.0380$0.0295$0.0360
Apr 29, 2019 $0.0318$0.0237$0.0297
Mar 29, 2019 $0.0377$0.0292$0.0355
Feb 28, 2019 $0.0361$0.0287 $0.0342
Jan 30, 2019 $0.0395$0.0314$0.0373
Distribution DateBDKNXBDKCXBDKAX
Dec 28, 2018$0.0384 $0.0304$0.0362
Nov 29, 2018$0.0345$0.0263$0.0327
Oct 30, 2018 $0.0376$0.0290$0.0355
Sep 27, 2018 $0.0390$0.0310$0.0371
Aug 30, 2018 $0.0371$0.0285$0.0348
Jul 30, 2018 $0.0385$0.0301$0.0363
Jun 28, 2018 $0.0361$0.0281$0.0341
May 30, 2018 $0.0378$0.0291$0.0357
Apr 27, 2018 $0.0352$0.0273$0.0331
Mar 28, 2018 $0.0358$0.0275$0.0337
Feb 28, 2018 $0.0424$0.0352$0.0405
Jan 31, 2018 $0.0371$0.0280$0.0349
Distribution DateBDKNXBDKCXBDKAX
Dec 31, 2017$0.0418$0.0349$0.0396
Nov 30, 2017 $0.0376 0.0292$0.0354
Oct 31, 2017 $0.0373 $0.0298$0.0351
Sep 29, 2017 $0.0384$0.0318$0.0363
Aug 31, 2017 $0.0406$0.0330$0.0384
Jul 31, 2017$0.0406$0.0330$0.0385
Jun 30, 2017 $0.0405$0.0341$0.0374
May 31, 2017 $0.0465$0.0399$0.0443
Apr 28, 2017 $0.0435$0.0346$0.0414
Mar 31, 2017 $0.0433$0.0367$0.0414
Feb 28, 2017 $0.0411$0.0340$0.0391
Jan 31, 2017 $0.0574$0.0490$0.0560
Distribution DateBDKNXBDKCXBDKAX
Dec 29, 2016$0.0543 0.0458$0.0528
Nov 30, 2016$0.0440$0.0368$0.0419
Oct 31, 2016$0.0501$0.0450$0.0481
Sep 30, 2016$0.0518$0.0440$0.0496
Aug 31, 2016$0.0475$0.0390 $0.0457
Jul 29, 2016$0.0479$0.0394$0.0460
Jun 30, 2016$0.0548$0.0466$0.0527
May 31, 2016$0.0555$0.0470$0.0533
Apr 29, 2016$0.0454$0.0369$0.0448
Mar 31, 2016$0.0358$0.0310$0.0357
Feb 29, 2016$0.0389$0.0315$0.0372
Jan 29, 2016$0.0412$0.0348$0.0436
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Top Holdings

As of 3/31/24% of Net Assets (Excluding Cash)
WAL 2021-CL2 M3 MTGE VAR RATE 07/25/20594.10
CAS 2019-HRP1 B1 VAR RT 11/25/20393.72
AMSR TRUST 2020-SFR1 8.1930% 04/17/373.48
ALLY AUTO RECEIVABLE 0.0000% 02/16/323.04
FARM 2023-1 B MTGE VAR RATE 3/25/522.20
CACLN 2021-3 G 9.812% 2/26/20292.20
WAL 2021-CL2 M4A MTG VAR RATE 07/25/20592.11
STRUCT AGENCY CREDIT VAR RT 10/25/20272.06
WAL 2021-CL2 M2 MTGE VAR RATE 07/25/20591.98
PROGRESS RES TR 2020 5.2680% 04/17/371.98
Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.

Fund Highlights

Diversification

The Fund invests in non-investment grade and investment grade securities in a variety of sectors: Residential Mortgage Backed Securities (“RMBS”), Asset Backed Securities (“ABS”), and Collateralized Loan Obligations (“CLOs”).

Research intensive process

The Fund’s portfolio managers use a research-intensive process focused on finding undervalued securities they believe will produce consistent returns in most interest rate environments.

Important Risks and Disclosures:

Effective December 1st, 2022, Bramshill Investments, LLC is the Fund’s Sub-advisor responsible for managing the Fund’s portfolio, replacing the Fund’s prior sub-advisor, and the Fund’s name changed to Bramshill Multi-Strategy Income Fund. Effective April 30, 2023 changes were made to the Fund’s principal investment strategy. While the Fund will still invest in securitized products such as residential mortgage-backed securities (“RMBS”) and asset-backed securities, it may not focus its investments in RMBS, and the strategy may include investments in other fixed income opportunities. No changes were made to the Fund’s investment objective.

Before investing you should carefully consider the Bramshill Multi-Strategy Income Fund’s investment objectives, risks, charges and expenses. This and other information about the Fund is in the prospectus and summary prospectus, a copy of which may be obtained by calling 800-207-7108 or by visiting the Fund’s website at www.libertystreetfunds.com. Please read the Fund’s prospectus or summary prospectus carefully before investing.

An investment in the Bramshill Multi-Strategy Income Fund is subject to risk, including the possible loss of principal amount invested and including, but not limited to, the following risks, which are more fully described in the prospectus:

Market Risk: The market price of a security may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular issuer, company, or asset class. Local, regional or global events such as the spread of infectious illness or other events could have a significant impact on a security or instrument.

Fixed Income Securities Risk/Interest Rate Risk: The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, and longer-term and lower rated securities are more volatile than shorter-term and higher rated securities.

High Yield (“Junk”) Bond Risk: Junk bonds are speculative investments which involve greater risk of default, downgrade, or price declines, can be more volatile and tend to be less liquid that investment-grade securities.

Securitized Products Risk: Securitized Products Risk: Securitized products, such as mortgage-backed and asset-backed securities, are generally subject to “prepayment risk” (the risk that borrowers will repay a loan more quickly in periods of falling interest rates) and “extension risk” (the risk that borrowers will repay a loan more slowly in periods of rising interest rates). If the Fund invests in securitized products that are subordinated to other interests in the same pool of assets, the Fund may only receive payments after the pool’s obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the assets held by a pool may limit substantially the pool’s ability to make payments of principal or interest to the Fund, reducing the values of those securities or in some cases rendering them worthless. The Fund’s investments may have additional risks associated with the nature of the assets and the servicing of those assets.

Liquidity Risk: The Fund may not be able to sell some or all of the investments that it holds due to a lack of demand in the marketplace or other factors such as market turmoil, or it may only be able to sell those investments at a loss. Liquid investments may become illiquid or less liquid after purchase by the Fund, particularly during periods of market turmoil. Illiquid and relatively less liquid investments may be harder to value, especially in changing markets.

Valuation Risk: From time to time, the Fund will need to fair-value portfolio securities at prices that differ from third party pricing inputs in order to more accurately reflect the sales price the Fund could receive in a reasonable period of time for any particular portfolio investment or groups of investments. Investors who purchase or redeem Fund shares on days when the Fund is pricing or holding fair-valued securities may pay a higher or lower price for the shares or may receive more or less redemption proceeds than they would have received if certain of the Fund’s securities had not been fair-valued, or if a different valuation methodology had been used. Such pricing differences can be significant and can occur quickly during times of market volatility, particularly for securities that trade in thin or illiquid markets.

Credit Risk: If an issuer or guarantor of a debt security held by the Fund or a counterparty to a financial contract with the Fund defaults or is downgraded or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of the Fund’s portfolio will typically decline. The Fund’s securities are generally not guaranteed by any governmental agency.

Real Estate Market Risk: The Fund’s investment in mortgage-related securities, including RMBS, will subject the Fund to risks similar to those associated with direct ownership of real estate, including reduction in the value of the real estate serving as loan collateral,  losses from casualty or condemnation, and changes in local and general economic, supply and demand factors, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses.

Management and Strategy Risk: The evaluation and selection of the Fund’s investments depend on the judgment of the Fund’s Sub-Advisor about the quality, relative yield, value or market trends affecting a particular security, industry, sector or region, which may prove to be incorrect.

Government Securities Risk: The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by Ginnie Mae, Fannie Mae, or Freddie Mac). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities issued or guaranteed by U.S. government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government-related organizations may not have the funds to meet their payment obligations in the future.

Sector Risk: Sector risk results from maintaining exposure to the performance of the securitized products for a particular sector in which the Fund may invest. The emphasis of the Fund’s portfolio on a specific sector may present more risks than if the portfolio were broadly diversified over numerous sectors. At times the performance of the Fund’s investments may lag the performance of other sectors or the broader market as a whole. Such underperformance may continue for extended periods of time.

CLO Risk: Collateralized Loan Obligations (CLOs) largely depend on the type of underlying collateral securities and the tranche in which the Fund invests. While CLOs are subject to the typical risks associated with debt instruments (i.e., interest rate risk and credit risk), the Fund is also subject to asset manager, legal and regulatory, limited recourse, liquidity, redemption, and reinvestment risks as a result of the structure of CLOs in which the Fund may invest. 

Recent Market Events:  Periods of market volatility may occur in response to market events and other economic, political, and global macro factors. For example, the COVID-19 pandemic, the large expansion of government actions to mitigate the effects of the pandemic, and the rise of inflation have resulted in extreme volatility in the global economy and in global financial markets. These and other similar events could adversely affect the value and liquidity of the Fund’s investments.

Non-diversification Risk: As a non-diversified fund, the Fund may focus its assets in the securities of fewer issuers, which exposes the Fund to greater market risk that if its assets were diversified among a greater number of issuers.

Repurchase Agreement Risk: may be viewed as loans made by the Fund which are collateralized by the securities subject to repurchase. The Fund’s investment in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements.

Reverse Repurchase Agreement Risk: reverse repurchases provide the Fund with cash for investment purposes, which creates leverage and subjects the Fund to the risks of leverage. Reverse repurchase agreements also involve the risk that the other party may fail to return the securities in a timely manner or at all.

Leverage Risk: as a result of borrowing or other investment techniques, the Fund may be leveraged.  The use of leverage may magnify the Fund’s gains and losses and make the Fund more volatile.  Leverage creates a risk of loss of value on a larger pool of assets than the Fund would otherwise have had, potentially resulting in the loss of all assets.

Derivatives Risk: Derivative instruments, futures contracts, options, swap agreements, and/or selling securities short involve risks different from direct investment in the underlying assets, including but not limited to:  futures contracts may cause the value of the Fund’s shares to be more volatile; the Fund may not fully benefit from or may lose money on option or shorting strategies; swaps may be leveraged, are subject to counterparty risk and may be difficult to value or liquidate.

Municipal Bonds Risk:  The Fund may invest in municipal bonds. U.S. state and local governments issuing municipal bonds rely on taxes and revenues from projects financed by municipal securities to pay interest and principal on municipal debt. The payment of principal and interest on these obligations may be adversely affected by a variety of factors at the state or local level, including poor statewide or local economic results, bankruptcy, changing political sentiments, legislation, litigation or court rulings, policy changes or voter-based initiatives, erosion of the tax base or revenues of the state or one or more local governments, natural disasters, or other economic or credit problems.

Leveraged Loan Risk: Leveraged loans (e.g., bank loans) are subject to the risks typically associated with debt securities. Below investment-grade leveraged loans are typically more credit sensitive. Leveraged loans may not be considered “securities” for purposes of the federal securities laws and, as a result, as a purchaser of these instruments, the Fund may not be entitled to the anti-fraud protections of the federal securities laws.

Equity Risk: The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.

Preferred Stock Risk: Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stock, dividends and a fixed share of the proceeds resulting from a liquidation of the company. The market value of preferred stock is subject to company-specific and market risks applicable generally to equity securities and is also sensitive to changes in the company’s creditworthiness, the ability of the company to make payments on the preferred stock, and changes in interest rates, typically declining in value if interest rates rise.

ETF Risk: Investing in an ETF will provide the Fund with exposure to the securities comprising the index on which the ETF is based and will expose the Fund to risks similar to those of investing directly in those securities.

LIBOR Risk: The London Interbank Offered Rate (“LIBOR”) was a leading benchmark or reference rate for various commercial and financial contracts. Nearly all LIBOR rate publications have ceased as of June 30, 2023. Alternatives to LIBOR have been established and others may be developed. The transition to a new reference rate may result in (i) increased volatility or illiquidity (ii) a reduction in the value of certain instruments or contracts held by the Fund; (iii) reduced effectiveness of related Fund transactions; (iv) additional tax, accounting and regulatory risks; or (v) costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to the Fund’s investments resulting from a substitute reference rate may also adversely affect the Fund’s performance and/or net asset value per share (“NAV”).

The Fund may not be suitable for all investors. We encourage you to consult with appropriate financial professionals before considering an investment in the Fund.

 

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