Strategy. Under normal market conditions, the Fund will pursue its investment strategy by investing primarily in securitized products, which represent interests in pools of assets, including securities backed by residential real estate (Residential Mortgage -Backed Securities or RMBS), commercial real estate (Commercial Mortgage -Backed Securities or CMBS), corporate debt and loans (Collateralized Loan Obligations or CLOs), and consumer and commercial assets (Asset -Backed Securities or ABS). The Funds allocation of its investments among various asset classes within the securitized product market will depend on the views of Bramshill Investments, LLC (Bramshill or the Sub -Advisor ), the Funds sub -advisor , as to the best value currently available in the marketplace. In selecting investments, the Sub -Advisor will consider, among other … Show more… Under normal market conditions, the Fund will pursue its investment strategy by investing primarily in securitized products, which represent interests in pools of assets, including securities backed by residential real estate (Residential Mortgage -Backed Securities or RMBS), commercial real estate (Commercial Mortgage -Backed Securities or CMBS), corporate debt and loans (Collateralized Loan Obligations or CLOs), and consumer and commercial assets (Asset -Backed Securities or ABS). The Funds allocation of its investments among various asset classes within the securitized product market will depend on the views of Bramshill Investments, LLC (Bramshill or the Sub -Advisor ), the Funds sub -advisor , as to the best value currently available in the marketplace. In selecting investments, the Sub -Advisor will consider, among other things, maturity, yield and ratings information and opportunities for price appreciation and interest income. Mortgage -related securities are backed by or provide exposure to mortgages, including private (i.e., non -agency ) and government mortgage -backed (i.e., agency) securities. Agency loans have balances that fall within the limits set by the Federal Housing Finance Agency (FHFA), are underwritten to standards set by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac), and qualify as collateral for securities that are issued by Ginnie Mae, Fannie Mae and Freddie Mac. Non -agency loans have balances that may or may not fall within the limits set by FHFA and do not qualify as collateral for securities that are issued by Ginnie Mae, Fannie Mae or Freddie Mac. CMBS are generally multi -class or pass -through securities backed by a mortgage loan or a pool of mortgage loans secured by commercial property, such as industrial and warehouse properties, office buildings, retail space and shopping malls, multifamily properties and cooperative apartments. Asset -backed securities are securities backed by non -mortgage assets, such as company receivables, truck and auto loans, leases, home equity loans, credit card receivables and student loans. A CLO is a type of asset -backed debt security typically collateralized predominantly by pools of domestic and foreign senior secured corporate loans, including loans that may be rated below investment grade. RMBS, CMBS, ABS, and CLOs are issued using a variety of structures, including multi -class structures featuring senior and subordinated classes, which vary in risk and yield. In selecting securities for investment, the Sub -Advisor favors investments that it believes are undervalued and will produce consistent returns in most interest rate environments. The Sub -Advisor selects those securities for investment that it believes offer the best risk/return opportunity based on its analyses of a variety of factors including collateral quality, duration, structure, excess interest, credit support, potential for greater upside and less downside capture, liquidity, and market conditions. While there are no restrictions on the maturity of individual securities, the securities in the Funds portfolio are expected to have an average effective duration of less than five years. The Fund does not limit its investments to a particular credit quality, and at times may be primarily invested in securities rated non -investment grade (also referred to as junk bonds) by a nationally recognized statistical rating organization (NRSRO), or not rated. An NRSRO is a credit rating agency that rates the creditworthiness of a company or a financial product, such as a debt security or money market instrument. From time to time, the Sub -Advisor may tactically utilize the following securities or instruments as an alternative investment to securitized products, for hedging purposes, to attempt to enhance the portfolios return, or to mitigate against certain risks, principally credit and interest rate risk: U.S. Treasury securities; corporate bonds; municipal bonds; leveraged loans; equity securities, including preferred securities; shares of investment companies, including exchange -traded funds (ETFs) that invest in fixed income or equity securities; interest rate, total return, credit default, and synthetic swaps; interest rate and bond futures; and credit spread and interest rate options. In addition, the Fund may enter into repurchase agreements and reverse repurchase agreements, which are considered to be borrowings, to seek to enhance returns. The Fund may borrow to the maximum extent permitted by applicable law, which generally means that the Fund may borrow up to one -third of its total assets. The Sub -Advisor generally sells a Fund investment if the Sub -Advisor determines that the characteristics that resulted in the original purchase decision have changed materially, the investment is no longer earning a return commensurate with its risk, the Sub -Advisor identifies other investments with more attractive valuations and return characteristics, or the Fund requires cash to meet redemption requests. The Fund is classified as non -diversified under the Investment Company Act of 1940, as amended (the 1940 Act), which means that it may invest more of its assets in fewer issuers than diversified funds. Show less