Transcription

Balanced FundFund A*Fact sheet as of July 31st, 2016Fund Objective: Income and growth of capitalAsset ClassBalancedInvestment Strategy: The investment strategy of the Balanced Fund is to achieve a maximum total return over thelong term, primarily through equity investments, but also with a measure of stability and safety introduced by a highquality fixed income portfolio segment. Equity investments normally represent 60 to 80% of the Balanced Fund’s portfolioat any given time. It may invest in securities convertible into or exchangeable for common stock as well as in debtsecurities and preferred stocks believed to provide capital appreciation opportunities.CategoryModerate AllocationFund InformationInception Date3/31/1993Assets 12 MillionNumber of Holdings75Distribution FrequencyDailyNAV FrequencyDailyExpense Ratio2.25Load StructureNo LoadManagementCompanyBramshillInvestments LLC.AdministratorAltree FundServicesAuditorPWCLegal AdvisorsAppleby Ltd.Performance Annualized: (%)YTD1 Year3 Year5 Year10 YearBalanced Fund5.084.746.286.604.44Benchmark(70% S&P 500 /30% Barclays Agg)7.255.939.1710.527.20*Note that the YTD return is not an annualized number it is the total return year to date for the fund.Annual Returns (%) - Net of fees(Trailing 15 yrs)Portfolio Management TeamArt DeGaetano22 yearsDerek Pines16 yearsJustin Byrnes18 yearsMalcolm Selver48 yearsJeffrey Leschen10 yearsContactCarla SeelyFreisenbruch-Meyer Insurance Services Ltd.75 Front StreetHamilton, HM CX BermudaPhone: 005200620072008200920102011201420157.54% 21.67% 5.42%201220131.06%Balanced Fund -9.76% 14.79% -16.42% 16.83% 9.16%8.36% 10.23% 0.79% -34.44% 34.27% 13.97% -3.05%Benchmark4.11% 12.22% 5.98% -24.02% 19.92% 12.33% 3.82% 12.38% 21.82% 11.25% 1.13%-2.83% -5.77% -12.30% 21.07% 8.82%Annual Growth of 10,000 24,000 22,000Benchmark 20,000Balanced Fund 18,000 16,000 14,000 12,000Balanced Fund, 18,023 10,000 8,000INVESTMENT PROCESSThe portfolio managers combine fundamental and quantitative analysis to identify companies with strong earnings, growth potential and a compelling risk/reward profile.AssessingRelative Value of Asset Classes Combine top down forecasting of key macroeconomic variables with a bottoms up analysis ofindividual securitiesRotate the portfolio among various asset classesbased on undervalued and overvalued metricsCapitalize on opportunities in the market wheresecurities and sectors are mispricedEvaluate across equity and fixed income marketsseeking the most attractive risk/reward investmentsPortfolio & Risk ManagementSector & Individual Security Selection Overweight/underweight sector allocations vs.benchmark on macroeconomic viewsAssess securities using fundamental credit analysis, stress test/recovery analysisPerformance scenario analysis and beta testingPursue investments that are secured by assets orhave strong cash flows tied to revenue streamsAnalyze price and risk of a security vs. similarsecurities within a sectorwww.fmgroup.bm Manage and monitor the portfolio real timeAdhere to position limits, sector exposures, andstop lossesTeam oriented process governing investmentanalysis, operations, and executionUtilize deep relationships and access to industrywide research to be accretive to our internalprocessPortfolio modeling including liquidity, tail risk andhedging

Balanced FundFund ATop 10 Equity Holdings (%)FundConsumer Staples Spdr5.34Health Care Select Sector5.13Master Income ETF3.07Fixed Income - 20%IShares Nasdaq Biotechnology2.91Cash - 18%Berkshire Hathaway Inc2.88Ralph Lauren Corp2.53Pfizer Inc2.45Asset Class Allocation (As of 7/31/2016)U.S. Equities - 62%International Equities - 0%Sector Allocation (%)FundEquity62.28Bristol-Myers Squibb Co2.10Consumer Discretionary11.65Michael Kors Holdings Ltd2.02Financials12.81Nordstrom Inc1.93Health Care15.08Industrials3.99Information Technology7.25Top 10 Fixed Income HoldingsFundIShares Short Maturity Bond5.022.95Consumer Staples5.34T 0 3/4 06/30/17Utilities0.68Ishares 1-3 year Treasury Bond1.69Materials1.72Ishares US Preferred Stock1.48Energy0.68WFC 8 12/31/491.32Other3.07GM 3.7 05/09/231.32Fixed Income20.04LEN 4 3/4 04/01/211.28Corporate Bonds11.14Invesco Senior Income Trust1.24Preferred Stocks6.06Nuveen Credit Strat Inc1.23Goverment Bonds2.64Proshares Ultrashort 20 yr Treasury0.95Municipal Bonds0.19Cash & Equivalent17.68Average Quality Rating of Fixed Income HoldingsStandard & PoorsFund kA-FitchAMoody’sA2IMPORTANT DISCLOSURESThe Front Street Funds Trust is authorized as a Collective Investment Scheme (CIS) by the Bermuda Monetary Authority.Past performance is not an indication of future performance, performance data shown represents past performance only. The investment return and principal valueof an investment will fluctuate based upon market value, no investment returns are guaranteed.The material contained in this document is for information purposes only. It is not intended as an offer or solicitation for purchase or sale of any security or financialinstrument, nor is it advice or a recommendation to enter into any transaction. The Front Street Funds Trust and its related entities do not warrant the accuracy ofthe information provided herein, either expressed or implied, for any particular purpose.Please refer to the prospectus and related documentation for further information regarding the investment offering.Fund A - Balanced Fund performance data is shown as net of fees.www.fmgroup.bm

Fixed Income FundFund B*Fact sheet as of July 31st, 2016Fund Objective: Income and growth of capitalAsset ClassFixed IncomeInvestment Strategy: The Fixed Income Fund employs the Bramshill Income Performance Strategy which is a multi-CategoryConservative AllocationFund Informationasset class fixed income strategy that seeks to maximize total return across various asset classes. The strategy investsin a tactical portfolio of income-producing securities, including investments grade and high yield bonds, preferreds,municipal bonds, and U.S. Treasury securities. The portfolio is actively managed, incorporating sector allocations andtactical hedging during various interest rate and market environments. The strategy uses fundamental credit and relativevalue analysis, and focuses on securities with transparent pricing, actively-traded capital structures and liquidity. Thestrategy is unlevered, highly liquid, not benchmark dependent and seeks to maintain an investment grade portfolio.Inception DateApril 2016Assets4.5 MillionNumber of Holdings34Distribution FrequencyDailyNAV FrequencyDailyExpense Ratio1.50 1.6Load StructureNo Load 1.4Investment ManagerBramshillInvestments, LLC 1.2AdministratorAltree FundServices 0.8Jan-09AuditorPWCBramshill Income Performance StrategyPIMCO Total Return Bond Fund (PTTRX)Legal AdvisorsAppleby Ltd.Barclays Capital U.S. Aggregate Bond IndexJP Morgan Strategic Income Fund (JSOSX)MillionsBramshill Income Performance Strategy vs Benchmarks 2.0 1.8 lized Performance: (%)Portfolio Management TeamArt DeGaetano22 yearsDerek Pines16 yearsJustin Byrnes18 yearsMalcolm Selver48 yearsJeffrey Leschen10 yearsContactCarla SeelyFreisenbruch-Meyer Insurance Services Ltd.75 Front StreetHamilton, HM CX BermudaPhone: [email protected] Year3 Year5 Year*Inception(1/1/2009)Income Performance Strategy6.717.666.206.3788.64Barclays Capital U.S. Aggregate BondIndex5.985.954.243.5740.36PIMCO Total Return Bond Fund - Inst5.024.173.693.6754.71JP Morgan Strategic Income Fund - Inst6.013.031.632.6544.96*The BIP Strategy has been verified for compliance with GIPS beginning in May 2012. Pre-May 2012 data is considered supplemental information.Yearly Performance: (%)Income Performance 12.75-2.358.532.65*The BIP Strategy has been verified for compliance with GIPS beginning in May 2012.INVESTMENT PROCESSThe investment process is based upon the following criteria:Analyzing Portfolio’s Interest RateSensitivityAssessingRelative Value of Asset Classes Rotate the portfolio among various asset classesbased on undervalued and overvalued metricsCapitalize on opportunities in the market wheresecurities and sectors are mispricedEvaluate across taxable, tax-free, and equityoriented income marketsAnalyze price and risk of a security vs. similarsecurities within a sector Interpret Federal Reserve policyPosition the portfolio along the various points ofthe yield curveAnalyze how interest rate moves will impact eachposition in the portfolioUse hedges and security structure allocations toadjust portfolio positioningCredit Selection www.fmgroup.bmAssess securities using fundamental credit analysis, stress test/recovery analysisPerformance target analysisPursue investments that are secured by assets orhave strong cash flows tied to revenue streamsInvest in securities priced with favorable risk/reward on recoveryEstablish positions in large liquid credits, avoidingcredit derivative and private placements

Front Street Funds TrustFixed Income FundFund BFund B - Fixed Income FundAsset Class Allocation (As of 7/31/2016)Asset Class CorrelationThe correlation below compares the historical returns of the Bramshill Income Performance Strategyto the returns of the major US asset classes. The Bramshill Income Performance Strategy has ahistorically low correlation to all major asset class.Corporate BondsHigh YieldBramshillHigh YieldCorporatePreferredStockS&P 500IG 330.570.480.650.02High YieldCorporate0.4610.710.650.570.15-0.26Preferred Stock0.330.7110.600.530.19-0.04S&P 5000.570.650.6010.570.25-0.20IG Corporate0.480.570.530.5710.500.43Municipal Bond0.650.150.190.250.5010.49US Treasuries0.02-0.26-0.04-0.200.430.491Preferred StockMunicipal BondsGovernment BondsAsset Class Allocation (%)Corporate Bonds32.5Preferred Stocks21.1Municipal Bonds0.8Government Bonds23.1High Yield12.2Bramshill Income Performance Strategy vs US Treasury ReturnsFund MetricsCumulative Return88.64Annualized Volatility5.75Sharp Ratio1.42Duration2.2Book Yield4.10%The chart below shows the performance of the strategy in rising rate enviroments. The strategy’sdiversifications allows for positive growth in various interest rate enviroments.200180160Top 5 Holdings (%)140T 0 ¾ 06/30/179.78IShares Short Maturity Bond9.67IShares 1-3 Year Treasury Bond5.59100Nuveen Credit Strategy Income5.0580IShares US Preferred Stock4.89*Asset allocation shown above represents actual holdings in Front Street Funds B12060Bramshill Income Performance StrategyISHARES 20-30 Year Treasury Bond ETF (TLT)Identifies Rising Rate Enviroment(s)*As of 6/30/2016IMPORTANT DISCLOSURESThe Front Street Funds Trust is authorized as a Collective Investment Scheme (CIS) by the Bermuda Monetary Authority.Performance and metrics data shown above is reflective of actual returns achieved by the Bramshill Income Performance Strategy, a GIPS compliant separate account strategy managed by Bramshill Investments, LLC, for the time periods specified. All data shown above is as of the current dated fact sheet unless otherwisenoted. Historic performance data is net of management fees and transaction costs. The strategy was not offered in an investment company format, which carriescertain fees and expenses not otherwise attributable to separately managed accounts.The material contained in this document is for information purposes only. It is not intended as an offer or solicitation for purchase or sale of any security or financialinstrument, nor is it advice or a recommendation to enter into any transaction. The Front Street Fund Trust and its related entities do not warrant the accuracy ofthe information provided herein, either expressed or implied, for any particular purpose.Please refer to the prospectus and related documentation for further information regarding the investment offering.www.fmgroup.bm

Fixed Income FundFund BFront Street Funds TrustFund B - Fixed Income FundBRAMSHILL INCOME PERFORMANCE STRATEGY COMPOSITE DATA & GIPS DISCLOSURESYearGross Return(%)Net Return (%)BenchmarkReturn (%)Composite3-Yr St Dev(%)Benchmark3-Yr St Dev(%)Number ofPortfoliosInternal Dispersion (%)CompositeAssets ( M)Firm Assets( 1.4292.1129.2As of June 2016 Bramshill Investments LLC currently manages 326 million within the defined firm that claims compliance with the Global Investment Performance Standards (GIPS ).The Asset Management Division of Bramshill Investments, LLC (the “Firm”) claims compliance with the Global Investment Performance Standards (GIPS ) and has preparedand presented this report in compliance with the GIPS standards. The Firm has been independently verified for the period May 2012 through December 2015. The verification report is available upon request. Verification assesses whether (i) the Firm has complied with all the composite construction requirements of the GIPS standards on afirm-wide basis and (ii) the Firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does notensure the accuracy of any specific composite presentation.The Firm is a New Jersey-based, federally registered investment adviser that provides strategy-based asset management services to institutions, family offices and highnet-worth individuals in a separately managed account and/or fund format. The Firm’s has established policies for valuing portfolios, calculating performance, and preparingGIPS compliant presentations. These policies, as well as a list of all of the firm’s composite descriptions, are available upon written request.Bramshill Income Performance is a fixed income strategy that seeks to maximize total return across various asset classes. This strategy invests in a tactical portfolio ofincome-producing securities, including investment grade and high-yield bonds, preferred securities, municipal bonds, U.S. Treasuries, income exchange-traded funds, andclosed-end funds. The portfolio is actively managed, incorporating sector allocations and tactical hedging during various interest rate and market environments. This strategyuses fundamental credit and relative value analysis, and focuses on securities with transparent pricing, actively-traded capital structures and liquidity. This strategy is unlevered, highly-liquid, not benchmark dependent, and seeks to maintain an investment grade portfolio. Accounts will generally hold a maximum of 50 investment positions. TheBarclays Capital U.S. Aggregate Index is listed as the strategy’s benchmark and is intended to serve as a comparative indicator of the overall performance relative to the U.S.dollar denominated investment grade fixed rate taxable bond market. The index currently includes U.S. Treasuries, government related securities, corporate bonds, agencymortgage-backed passthroughs, consumer asset-based securities, and commercial mortgage-backed securities. Indexes are not securities in which direct investments canbe made and they do not account for the fees and expenses generally associated with investable products.In calculating net returns, the Firm aggregates the net realized/unrealized capital gains/losses and investment income achieved in composite accounts, net of all tradingexpenses, investment management fees, custody fees and fund maintenance fees (where applicable). Gross returns are gross of investment management fees and net ofall trading expenses, custody fees and fund maintenance fees (where applicable). The standard management fee for the strategy is 100 basis points (1.00%) per annum;however, actual fee rates vary. Internal dispersion is calculated using the equal-weighted standard deviation of annual gross returns of those portfolios that were included inthe composite for the entire year. For purposes of the GIPS composite, the minimum initial investment is 100,000 and the creation date is January 2016. All performanceis expressed in U.S. Dollars.Past performance does not guarantee of future results, as there can be no assurance the Firm will be able to achieve results similar to those depicted herein. Investing involvesrisk, including the potential loss of principal.www.fmgroup.bm

EQUITY FUNDFund CFact Sheet as of 7/27/16CONTACTPORTFOLIO MANAGEMENT TEAMCarla SeelyFreisenbruch-Meyer Management Services75 Front Street,Hamilton, HM CX, [email protected] Lane-ZuckerManaging Director, Ingalls & Snyder LLC28 years investment experience. ManagingFund since 11/1/2011.Elizabeth LarsonSenior Vice President, Ingalls & Snyder LLC27 years investment experience.FUND INFORMATIONORMATIONAsset Class:EquityAssets: 22 millionExpense Ratio:1.84Fund Manager:Ingalls & Snyder LLCFund Objective:Long Term GrowthNumber of Holdings:25Load Structure:No LoadAuditor:PricewaterhouseCoopers Ltd.Inception Date:September 1, 1996Distribution Frequency:DailyNAV Frequency:DailyAdministrator:Altree Fund ServicesFUND STRATEGYOur strategy is to carefully select equities of high grade companies having strong financial underpinnings andprospects for above-average growth in earnings over an extended period of time. We seek to invest incompanies that often share a number of characteristics including: a high operating margin and a high returnon equity (often resulting from a superior business franchise involving strong brands and other competitiveadvantages), a conservative balance sheet, a highly capable management team, and a diversified geographicexposure.FUND PERFORMANCE as of 7/27/16Annual Returns (%) – Net of FeesPerformanceYTD1 Year3 Year5 Year10 YearSinceInceptionFront Street Equity6.65%5.97%7.95%8.03%6.22%6.60%S&P 500 Index7.30%5.62%11.14%13.34%7.74%7.95%MSCI World GROUP.BM

GROWTH OF 10,000 SINCE 0.0015,000.0010,000.005,000.00-SECTOR ALLOCATIONGEOGRAPHIC ALLOCATIONCash and Cash 83%InformationTechnology19%TTOP TEN HOLDINGS %CompanyBerkshire Hathaway Cl BGeneral ElectricAlphabet Inc.Nestle SAUnilever NVCoca ColaProcter & GambleMicrosoftGeneral MillsUnited Technologies17%North AmericaEuropeanASSET 14.4%CommonStocks95.6%Cash andCashEquivalentsIMPORTANT DISCLOSURESThe Front Street Funds Trust is authorized as a Collective Investment Scheme (CIS) by the Bermuda Monetary Authority.Past performance is not an indication of future performance, performance data shown represents past performance only. The investment return andprincipal value of an investment will fluctuate based upon market value, no investment returns are guaranteed.The material contained in this document is for information purposes only. It is not intended as an offer or solicitation for purchase or sale of anysecurity or financial instrument, nor is it advice or a recommendation to enter into any transaction. The Front Street Funds Trust and its related entitiesdo not warrant the accuracy of the information provided herein, either expressed or implied, for any particular purpose.Please refer to the prospectus and related documentation for further information regarding the investment offering.Front Street Funds Trust performance data is shown as net of fees.WWW.FMGROUP.BM