Bramshill Income Performance Fund
|
|||||||||||||
Schedule of Investments
|
|||||||||||||
December 31, 2023 (Unaudited)
|
|||||||||||||
Security
|
Rate
|
Maturity Date
|
Principal
Amount
|
Value
|
|||||||||
Corporate Bonds — 31.6%
|
|||||||||||||
Aerospace/Defense — 1.2%
|
|||||||||||||
Boeing Co.
|
3.750
|
%
|
2/1/2050
|
7,079,000
|
$
|
5,524,816
|
|||||||
RTX Corp.
|
3.030
|
%
|
3/15/2052
|
5,061,000
|
3,511,108
|
||||||||
Total Aerospace/Defense
|
9,035,924
|
||||||||||||
Banks — 3.0%
|
|||||||||||||
Bank of America Corp. (a)
|
0.981
|
%
|
9/25/2025
|
6,806,000
|
6,571,082
|
||||||||
Wells Fargo & Co. (a)
|
2.406
|
%
|
10/30/2025
|
15,880,000
|
15,452,950
|
||||||||
Total Banks
|
22,024,032
|
||||||||||||
Commercial Services — 0.8%
|
|||||||||||||
Neptune Bidco US, Inc. (b)
|
9.290
|
%
|
4/15/2029
|
6,060,000
|
5,654,464
|
||||||||
Total Commercial Services
|
5,654,464
|
||||||||||||
Cruise Lines — 2.3%
|
|||||||||||||
NCL Corp. Ltd. (b)
|
8.375
|
%
|
2/1/2028
|
15,778,000
|
16,729,366
|
||||||||
Total Cruise Lines
|
16,729,366
|
||||||||||||
E-Commerce/Products — 0.3%
|
|||||||||||||
Alibaba Group Holding Ltd.
|
3.150
|
%
|
2/9/2051
|
3,349,000
|
2,207,995
|
||||||||
Total E-Commerce/Products
|
2,207,995
|
||||||||||||
Energy — 4.2%
|
|||||||||||||
Berkshire Hathaway Energy Co.
|
2.850
|
%
|
5/15/2051
|
2,152,000
|
1,463,219
|
||||||||
BP Capital Markets America, Inc.
|
3.001
|
%
|
3/17/2052
|
2,224,000
|
1,568,032
|
||||||||
BP Capital Markets PLC (a)(c)
|
4.875
|
%
|
3/22/2030
|
28,316,000
|
27,002,860
|
||||||||
Valero Energy Corp.
|
3.650
|
%
|
12/1/2051
|
2,717,000
|
1,983,371
|
||||||||
Total Energy
|
32,017,482
|
||||||||||||
Financials — 6.8%
|
|||||||||||||
Barclays PLC (a)
|
3.330
|
%
|
11/24/2042
|
1,767,000
|
1,311,565
|
||||||||
Goldman Sachs Group, Inc. (a)
|
3.210
|
%
|
4/22/2042
|
2,271,000
|
1,746,205
|
||||||||
JPMorgan Chase & Co. (a)
|
3.220
|
%
|
3/1/2025
|
27,960,000
|
27,849,135
|
||||||||
Morgan Stanley (a)
|
3.620
|
%
|
4/17/2025
|
10,081,000
|
10,022,684
|
||||||||
Morgan Stanley (a)
|
2.484
|
%
|
9/16/2036
|
4,862,000
|
3,865,291
|
||||||||
Nasdaq, Inc.
|
3.250
|
%
|
4/28/2050
|
5,064,000
|
3,588,415
|
||||||||
UBS Group AG (a)(b)(c)
|
9.250
|
%
|
11/13/2028
|
1,977,000
|
2,138,093
|
||||||||
Total Financials
|
50,521,388
|
Bramshill Income Performance Fund
|
|||||||||||||
Schedule of Investments
|
|||||||||||||
December 31, 2023 (Unaudited)
|
|||||||||||||
Security
|
Rate
|
Maturity Date
|
Principal
Amount
|
Value
|
|||||||||
Corporate Bonds (Continued)
|
|||||||||||||
Insurance — 0.9%
|
|||||||||||||
Arch Capital Group Ltd.
|
3.635
|
%
|
6/30/2050
|
3,372,000
|
$
|
2,589,581
|
|||||||
Athene Holding Ltd.
|
3.950
|
%
|
5/25/2051
|
5,232,000
|
3,956,831
|
||||||||
Total Insurance
|
6,546,412
|
||||||||||||
Manufacturing — 1.7%
|
|||||||||||||
3M Co. (d)
|
3.125
|
%
|
9/19/2046
|
5,365,000
|
3,933,012
|
||||||||
LYB International Finance III LLC
|
3.625
|
%
|
4/1/2051
|
5,774,000
|
4,223,139
|
||||||||
Micron Technology, Inc.
|
3.477
|
%
|
11/1/2051
|
5,719,000
|
4,168,944
|
||||||||
Total Manufacturing
|
12,325,095
|
||||||||||||
Media — 0.9%
|
|||||||||||||
Charter Communications Operating LLC
|
3.500
|
%
|
6/1/2041
|
4,347,000
|
3,085,544
|
||||||||
Warnermedia Holdings, Inc.
|
3.428
|
%
|
3/15/2024
|
3,977,000
|
3,956,314
|
||||||||
Total Media
|
7,041,858
|
||||||||||||
Pharmaceuticals — 0.5%
|
|||||||||||||
Biogen, Inc.
|
3.150
|
%
|
5/1/2050
|
5,649,000
|
3,987,438
|
||||||||
Total Pharmaceuticals
|
3,987,438
|
||||||||||||
Pipelines — 2.7%
|
|||||||||||||
Enbridge, Inc.
|
2.150
|
%
|
2/16/2024
|
3,813,000
|
3,796,027
|
||||||||
Enbridge, Inc. (a)
|
8.500
|
%
|
1/15/2084
|
2,139,000
|
2,280,614
|
||||||||
Energy Transfer LP (3 mo. Term SOFR + 3.279%) (e)
|
8.656
|
%
|
11/1/2066
|
9,174,000
|
7,668,898
|
||||||||
Kinder Morgan, Inc.
|
3.250
|
%
|
8/1/2050
|
4,139,000
|
2,790,195
|
||||||||
Williams Cos., Inc.
|
3.500
|
%
|
10/15/2051
|
5,068,000
|
3,718,919
|
||||||||
Total Pipelines
|
20,254,653
|
||||||||||||
Private Equity — 1.4%
|
|||||||||||||
Brookfield Finance, Inc.
|
6.350
|
%
|
1/5/2034
|
9,464,000
|
10,097,815
|
||||||||
Total Private Equity
|
10,097,815
|
||||||||||||
Real Estate Investment Trust — 0.7%
|
|||||||||||||
American Tower Corp.
|
2.950
|
%
|
1/15/2051
|
2,146,000
|
1,438,760
|
||||||||
Simon Property Group LP
|
3.250
|
%
|
9/13/2049
|
5,159,000
|
3,748,867
|
||||||||
Total Real Estate Investment Trust
|
5,187,627
|
||||||||||||
Retail — 0.4%
|
|||||||||||||
Starbucks Corp.
|
3.500
|
%
|
11/15/2050
|
4,142,000
|
3,231,464
|
||||||||
Total Retail
|
3,231,464
|
Bramshill Income Performance Fund
|
|||||||||||||
Schedule of Investments
|
|||||||||||||
December 31, 2023 (Unaudited)
|
|||||||||||||
Security
|
Rate
|
Maturity Date
|
Principal
Amount |
Value
|
|||||||||
Corporate Bonds (Continued)
|
|||||||||||||
Retail Trade — 0.5%
|
|||||||||||||
Macy's Retail Holdings LLC
|
4.300
|
%
|
2/15/2043
|
4,909,000
|
$
|
3,590,294
|
|||||||
Total Retail Trade
|
3,590,294
|
||||||||||||
Software & Services — 1.0%
|
|||||||||||||
Oracle Corp.
|
3.600
|
%
|
4/1/2040
|
5,497,000
|
4,404,895
|
||||||||
Oracle Corp.
|
3.850
|
%
|
4/1/2060
|
4,138,000
|
3,020,042
|
||||||||
Total Software & Services
|
7,424,937
|
||||||||||||
Telecommunication Service — 0.5%
|
|||||||||||||
Verizon Communications, Inc.
|
2.875
|
%
|
11/20/2050
|
5,065,000
|
3,456,179
|
||||||||
Total Telecommunication Service
|
3,456,179
|
||||||||||||
Utilities — 1.8%
|
|||||||||||||
American Electric Power Co., Inc.
|
3.250
|
%
|
3/1/2050
|
2,680,000
|
1,918,876
|
||||||||
Duke Energy Corp.
|
3.300
|
%
|
6/15/2041
|
4,714,000
|
3,626,705
|
||||||||
NextEra Energy Capital Holdings, Inc.
|
4.255
|
%
|
9/1/2024
|
4,567,000
|
4,524,072
|
||||||||
Pacific Gas and Electric Co.
|
3.500
|
%
|
8/1/2050
|
4,759,000
|
3,307,308
|
||||||||
Total Utilities
|
13,376,961
|
||||||||||||
Total Corporate Bonds (Cost — $221,593,859)
|
234,711,384
|
||||||||||||
Security
|
Shares
|
Value
|
|||||||||||
Closed-End Funds — 10.6%
|
|||||||||||||
High Yield Bond — 1.7%
|
|||||||||||||
Allspring Income Opportunities
|
194,381
|
1,267,364
|
|||||||||||
BlackRock Corporate High Yield Fund, Inc.
|
402,901
|
3,799,357
|
|||||||||||
BlackRock Limited Duration Income Trust
|
62,279
|
870,660
|
|||||||||||
First Trust High Income Long/Short Fund
|
69,071
|
835,068
|
|||||||||||
Western Asset High Income Opportunity Fund, Inc.
|
853,771
|
3,295,556
|
|||||||||||
Western Asset High Yield Defined Opportunity Fund Inc.
|
202,231
|
2,444,973
|
|||||||||||
Total High Yield Bond
|
12,512,978
|
||||||||||||
Muni National Long — 8.9%
|
|||||||||||||
BlackRock MuniHoldings Fund, Inc.
|
290,466
|
3,459,450
|
|||||||||||
BlackRock MuniVest Fund, Inc.
|
401,528
|
2,858,879
|
|||||||||||
BlackRock MuniYield Quality Fund III, Inc. (d)
|
604,363
|
7,034,785
|
|||||||||||
Eaton Vance Municipal Bond Fund
|
626,309
|
6,344,510
|
|||||||||||
Invesco Municipal Opportunity Trust
|
890,012
|
8,553,015
|
|||||||||||
Invesco Municipal Trust
|
462,632
|
4,408,883
|
|||||||||||
Invesco Trust for Investment Grade Municipals
|
475,160
|
4,699,332
|
Bramshill Income Performance Fund
|
|||||||||||||
Schedule of Investments
|
|||||||||||||
December 31, 2023 (Unaudited)
|
|||||||||||||
Security
|
Shares
|
Value
|
|||||||||||
Closed-End Funds (Continued)
|
|||||||||||||
Muni National Long (Continued)
|
|||||||||||||
Nuveen AMT-Free Quality Municipal Income Fund
|
1,164,732
|
$
|
12,812,053
|
||||||||||
Nuveen Quality Municipal Income Fund
|
1,399,852
|
16,028,306
|
|||||||||||
Total Muni National Long
|
66,199,213
|
||||||||||||
Total Closed-End Funds (Cost — $95,055,506)
|
78,712,191
|
||||||||||||
Exchange Traded Funds — 9.4%
|
|||||||||||||
iShares 0-5 Year High Yield Corporate Bond ETF (d)
|
490,618
|
20,713,892
|
|||||||||||
iShares Short Maturity Bond ETF (d)
|
570,303
|
28,811,708
|
|||||||||||
JPMorgan Ultra-Short Income ETF
|
405,797
|
20,383,183
|
|||||||||||
Total Exchange Traded Funds (Cost — $69,525,829)
|
69,908,783
|
||||||||||||
Open-End Funds — 0.5%
|
|||||||||||||
Equable Shares Hedged Equity Fund, Class I
|
302,016
|
3,908,081
|
|||||||||||
Total Open-End Funds (Cost — $3,685,990)
|
3,908,081
|
||||||||||||
Security
|
Rate
|
Maturity Date
|
Shares/Units
|
Value
|
|||||||||
Preferred Stocks — 30.2%
|
|||||||||||||
Banks — 5.8%
|
|||||||||||||
Bank of America Corp. Depositary Shares (a)(f)
|
6.250
|
%
|
9/5/2024
|
5,121
|
5,092,043
|
||||||||
Bank of New York Mellon Corp. Depositary Shares (a)(f)
|
4.700
|
%
|
9/20/2025
|
3,597
|
3,515,173
|
||||||||
Citigroup, Inc. Depositary Shares (a)(f)
|
5.000
|
%
|
9/12/2024
|
8,227
|
8,022,450
|
||||||||
Citigroup, Inc. Depositary Shares (a)(f)
|
4.000
|
%
|
12/10/2025
|
6,496
|
6,010,781
|
||||||||
Citizens Financial Group, Inc. Depositary Shares (a)(f)
|
5.650
|
%
|
10/6/2025
|
7,784
|
7,398,923
|
||||||||
Regions Financial Corp. Depositary Shares (a)(f)
|
5.750
|
%
|
6/15/2025
|
8,935
|
8,698,712
|
||||||||
Wells Fargo & Co. Depositary Shares (a)(f)
|
5.900
|
%
|
6/15/2024
|
3,846
|
3,812,440
|
||||||||
Total Banks
|
42,550,522
|
||||||||||||
Energy — 2.7%
|
|||||||||||||
Edison International Depositary Shares (a)(f)
|
5.375
|
%
|
3/15/2026
|
21,133
|
20,040,399
|
||||||||
Total Energy
|
20,040,399
|
||||||||||||
Financials — 6.2%
|
|||||||||||||
Ally Financial, Inc. Depositary Shares (a)(d)(f)
|
4.700
|
%
|
5/15/2026
|
5,565
|
4,188,032
|
||||||||
Ally Financial, Inc. Depositary Shares (a)(f)
|
4.700
|
%
|
5/15/2028
|
16,424
|
11,186,863
|
||||||||
American Express Co. Depositary Shares (a)(f)
|
3.550
|
%
|
9/15/2026
|
5,155
|
4,432,269
|
||||||||
Charles Schwab Corp. (The) Depositary Shares (a)(f)
|
5.375
|
%
|
6/1/2025
|
22,665
|
22,416,998
|
||||||||
Virtus Convertible & Income Fund (f)
|
5.625
|
%
|
1/17/2024
|
153,651
|
3,303,512
|
Bramshill Income Performance Fund
|
|||||||||||||
Schedule of Investments
|
|||||||||||||
December 31, 2023 (Unaudited)
|
|||||||||||||
Security
|
Rate
|
Maturity Date
|
Shares/Units
|
Value
|
|||||||||
Preferred Stocks (Continued)
|
|||||||||||||
Financials (Continued)
|
|||||||||||||
Virtus Convertible & Income Fund II (f)
|
5.500
|
%
|
1/17/2024
|
7,743
|
$
|
160,745
|
|||||||
Total Financials
|
45,688,419
|
||||||||||||
Insurance — 4.6%
|
|||||||||||||
Allstate Corp. Depositary Shares (f)
|
7.375
|
%
|
7/15/2028
|
178,012
|
4,806,324
|
||||||||
Lincoln National Corp. Depositary Shares (f)
|
9.000
|
%
|
12/1/2027
|
396,458
|
10,819,339
|
||||||||
Lincoln National Corp. Depositary Shares (a)(f)
|
9.250
|
%
|
12/1/2027
|
12,513
|
13,695,954
|
||||||||
Reinsurance Group of America, Inc. (a)(f)
|
7.125
|
%
|
10/15/2052
|
200,625
|
5,232,300
|
||||||||
Total Insurance
|
34,553,917
|
||||||||||||
Investment Companies — 2.1%
|
|||||||||||||
Oaktree Capital Group LLC (f)
|
6.625
|
%
|
2/1/2024
|
197,950
|
4,285,617
|
||||||||
Oaktree Capital Group LLC (f)
|
6.550
|
%
|
2/1/2024
|
464,808
|
9,886,465
|
||||||||
Stifel Financial Corp. (f)
|
5.200
|
%
|
10/15/2047
|
99,043
|
2,035,334
|
||||||||
Total Investment Companies
|
16,207,416
|
||||||||||||
Pipelines — 1.0%
|
|||||||||||||
Enbridge, Inc. (a)(f)
|
5.375
|
%
|
3/1/2024
|
99,883
|
2,173,954
|
||||||||
Enbridge, Inc. (a)(f)
|
5.858
|
%
|
9/1/2027
|
72,064
|
1,370,657
|
||||||||
Energy Transfer LP Depositary Shares (a)(f)
|
7.125
|
%
|
5/15/2030
|
4,175
|
3,857,611
|
||||||||
Total Pipelines
|
7,402,222
|
||||||||||||
Real Estate Investment Trust — 3.1%
|
|||||||||||||
AGNC Investment Corp. Depositary Shares (a)(d)(f)
|
6.125
|
%
|
4/15/2025
|
624,039
|
13,579,088
|
||||||||
Annaly Capital Management, Inc. (a)(f)
|
6.750
|
%
|
6/30/2024
|
396,416
|
9,628,945
|
||||||||
Total Real Estate Investment Trust
|
23,208,033
|
||||||||||||
Utilities — 4.7%
|
|||||||||||||
Brookfield Renewable Partners LP (f)
|
5.250
|
%
|
3/31/2025
|
273,839
|
4,668,955
|
||||||||
Entergy Louisiana LLC (f)
|
4.875
|
%
|
9/1/2066
|
99,295
|
2,111,012
|
||||||||
Sempra Energy Depositary Shares (a)(f)
|
4.875
|
%
|
10/15/2025
|
29,113
|
28,558,170
|
||||||||
Total Utilities
|
35,338,137
|
||||||||||||
Total Preferred Stocks (Cost — $241,487,918)
|
224,989,065
|
||||||||||||
Bramshill Income Performance Fund
|
|||||||||||||
Schedule of Investments
|
|||||||||||||
December 31, 2023 (Unaudited)
|
|||||||||||||
Security
|
Rate
|
Maturity Date
|
Shares/
Principal Amount
|
Value
|
|||||||||
Short-Term Investments — 18.2%
|
|||||||||||||
Money Market Funds — 1.7%
|
|||||||||||||
First American Government Obligations Fund - Class X - 5.29% (g)
|
12,332,140
|
$
|
12,332,140
|
||||||||||
Total Money Market Funds (Cost — $12,332,140)
|
12,332,140
|
||||||||||||
U.S. Treasury Bills — 16.5%
|
|||||||||||||
United States Treasury Bill (h)
|
5.408
|
%
|
1/11/2024
|
$
|
60,263,000
|
60,184,329
|
|||||||
United States Treasury Bill (h)
|
5.407
|
%
|
5/16/2024
|
12,956,100
|
12,707,926
|
||||||||
United States Treasury Bill (h)
|
5.330
|
%
|
6/6/2024
|
50,430,000
|
49,327,516
|
||||||||
Total U.S. Treasury Bills (Cost — $122,160,694)
|
122,219,771
|
||||||||||||
Total Short-Term Investments (Cost — $134,492,834)
|
134,551,911
|
||||||||||||
Security
|
Shares
|
Value
|
|||||||||||
Collateral for Securities on Loan — 1.8%
|
|||||||||||||
First American Government Obligations Fund - Class X - 5.29% (g)
|
12,967,808
|
12,967,808
|
|||||||||||
Total Collateral for Securities on Loan (Cost — $12,967,808)
|
12,967,808
|
||||||||||||
Total Investments — 102.3% (Cost — $778,809,744)
|
759,749,223
|
||||||||||||
Liabilities in Excess of Other Assets — (2.3)%
|
(16,992,642
|
)
|
|||||||||||
Total Net Assets — 100.0%
|
$
|
742,756,581
|
AMT Alternative Minimum Tax
|
LP Limited Partnership
|
PLC Public Limited Company
|
SOFR Secured Overnight Financing Rate
|
(a)
|
Fixed to floating rate security.
|
(b)
|
Security was purchased to Rule 144A under the Securities Act of 1933 and may not be resold subject to that Rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be
liquid.
At December 31, 2023, the value of these securities totaled $24,521,924 or 3.3% of net assets.
|
(c)
|
Perpetual maturity security. Date presented is the next call date as of December 31, 2023.
|
(d)
|
All or a portion of the security is on loan.
|
(e)
|
Variable rate security. Reference rate and spread are included in the description.
|
(f)
|
Callable at any dividend payment on or after date disclosed.
|
(g)
|
The rate reported is the annualized seven-day yield as of December 31, 2023.
|
(h)
|
Zero coupon security. Rate disclosed is the yield of the position.
|
Level 1 -
|
Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
|
Level 2 -
|
Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the
identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
Level 3 -
|
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant
would use in valuing the asset or liability, and would be based on the best information available.
|
Bramshill Income Performance Fund
|
||||||||||||||||
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Assets:
|
||||||||||||||||
Long-Term Investments
|
||||||||||||||||
Corporate Bonds
|
$
|
–
|
$
|
234,711,384
|
$
|
–
|
$
|
234,711,384
|
||||||||
Closed-End Funds
|
78,712,191
|
–
|
–
|
78,712,191
|
||||||||||||
Exchange-Traded Funds
|
69,908,783
|
–
|
–
|
69,908,783
|
||||||||||||
Open-End Funds
|
3,908,081
|
–
|
–
|
3,908,081
|
||||||||||||
Preferred Stocks
|
71,888,294
|
153,100,771
|
–
|
224,989,065
|
||||||||||||
Total Long-Term Investments
|
224,417,349
|
387,812,155
|
–
|
612,229,504
|
||||||||||||
Short-Term Investment
|
12,332,140
|
122,219,771
|
–
|
134,551,911
|
||||||||||||
Collateral for Securities on Loan
|
12,967,808
|
–
|
–
|
12,967,808
|
||||||||||||
Total Investments
|
$
|
249,717,297
|
$
|
510,031,926
|
$
|
–
|
$
|
759,749,223
|
||||||||
See Schedule of Investments for additional detailed categorizations.
|