Bramshill Investments LLC

Item 5. Fees and Compensation
Investment Management Fees
For managed accounts and sub-advisory relationships, the annual management fee is individually negotiated
and ranges up to 100 basis points (1.00%) on the assets under management. This fee is generally lower for
institutional platforms where Bramshill serves as an account sub-adviser.
For BRMSX, the annual management fee is 85 basis points (0.85%) on the Fund’s net asset value, subject to a
voluntary operating expense cap of 110 basis points (1.10%) for the institutional share class. This fee is
calculated daily based on closing net asset value and charged to the Fund monthly in arrears.

1Bramshill serves as the subadvisor to the Bramshill Income Performance Fund (BRMSX), an open-end management
company. UCITS refers to the European Union’s Undertaking for Collective Investment in Transferable Securities.

For BRLMX (formerly known as BDKNX), the annual management fee is 1.25% on the Fund’s net asset value,
subject to a voluntary operating expense cap of 150 basis points (1.50%) for the institutional share class. This
fee is calculated daily based on closing net asset value and charged to the Fund monthly in arrears.
For BHILX, the Firm does not charge an annual management fee. The Firm has contractually agreed to not
charge a management fee and to reimburse all expenses of the Fund, except certain expenses, indefinitely.
For LSPIX, the annual management fee is 1.3% on the Fund's net asset value. Bramshill has agreed to reduce
its fees and/or absorb the expenses of the Fund until at least April 30, 2024, to ensure that operating expense
will not exceed 1.80% of the LSPIX's daily average net assets. These fee waivers and expense reimbursements
are subject to possible recoupment, as outlined in the fund's prospectus.
For TFSLX, the Fund charges an annual management fee of .56% to each of the share classes. Fees and/or
expenses may be reimbursed at the Firm's discretion.
For UCITS, the annual management fee ranges from 85 basis points (.85%) to 135 basis points (1.35%) on the
Fund’s net asset value. The management fee varies based upon differing fee classes, as stated in the respective
offering document. The fee is calculated daily based on closing net asset value and charged to the Fund monthly
in arrears.
For the Bramshill Tactical Fixed Income Fund (the “Tactical Fund”), the stated annual management fee is 100
basis points (1.00%) on the Fund’s net asset value. This fee is calculated and charged to the Fund monthly in
arrears based on closing net asset value on the last business day of the period. This fee is adjusted to account
for interim contribution to or withdrawals from a capital account during the course of a billing period.
For the Bramshill Debt Opportunities Master Fund (the “Debt Opportunities Fund”), the Fund does not pay
any management fee to Bramshill. If Bramshill elects to charge a management fee in the future, investors will
receive reasonable prior notice and an opportunity to withdraw.
Performance Allocation
With respect to each investor’s interest in the Tactical Fund, Bramshill or its affiliate will receive a special
allocation (the “Performance Allocation”) at the end of each performance period (generally, each fiscal year) of
up to twenty percent (20%) of the excess, if any, of the net asset value of such interest (or the portion thereof
withdrawn), at the end of the performance period over the previous highest net asset value at which a
Performance Allocation was made with respect to such interest or, if no Performance Allocation has been
made, then the initial net asset value of such interest, in each case adjusted to take into account distributions
to, and withdrawals by an investor.

With respect to each investor’s interest in the Debt Opportunities Fund, Bramshill or its affiliate will receive a
Performance Allocation at the end of each performance period (generally, each fiscal year) equal to 15% of the
excess, if any, of the net asset value of a series of shares (or the portion thereof withdrawn), at the end of the
performance period over the previous highest net asset value at which a Performance Allocation was made
with respect to such series of shares or, if no Performance Allocation has been made, then the initial net asset
value of such series of shares, in each case adjusted to take into account distributions to, and redemptions by,
an investor.

Fee Discretion
Bramshill, in its sole discretion, may negotiate to charge a higher or lower management fee (or rebate back a
portion of the management fee) based upon certain criteria, such as the size and timing of capital commitments,
management strategy to be employed, anticipated future earning capacity, anticipated future additional assets,

dollar amount of assets to be managed, related accounts, account composition, preexisting client relationship,
account retention and pro bono activities.
Additional Account Fees and Expenses
In addition to the fee paid to Bramshill, Clients will also incur certain charges imposed by other third parties,
such as broker-dealers, custodians, trust companies, banks and other financial institutions (collectively
“Financial Institutions”). These additional charges may include securities brokerage commissions, implicit or
explicit mark-ups, ticket charges, transaction fees, trade-away fees, custodial fees, borrowing expenses, charges
imposed directly by an investment product in a client’s account (as disclosed in a Fund’s prospectus), deferred
sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and
taxes on brokerage accounts and securities transactions.
Investors in registered investment companies under the Firm’s management (“Fund Shareholders”) will also
be subject to additional Fund-level fees, as detailed in the Fund’s prospectus.
Investors in the Tactical Fund and the Debt Opportunities Fund should consult the Fund’s governing
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Item 7. Types of Clients
Bramshill offers services to high-net-worth individuals, family offices, other financial services firms, business
organizations, retirement and pension plans, pooled investment vehicles, investment companies and other types
of institutional clientele. As a condition for starting and maintaining an advisory relationship, the Firm generally
imposes a minimum portfolio size of at least $5,000,000. The Firm, in its sole discretion, may accept clients
with smaller portfolios based upon certain criteria, such as anticipated future earning capacity, anticipated future
additional assets, dollar amount of assets to be managed, related accounts, account composition, preexisting
Client relationships, account retention, and pro bono activities. Bramshill only accepts Clients with less than
the minimum portfolio size if, in the sole opinion of the Firm, the smaller portfolio size will not result in a
substantial increase of investment risk beyond the Client’s identified risk tolerance. Bramshill may also
aggregate the portfolios of family members or related accounts to meet the minimum portfolio size.

The Tactical Fund and the Debt Opportunities Fund generally impose a minimum investment of $5,000,000,
but the Firm (or its affiliate) may agree to accept smaller commitments in its sole discretion.