Institutional Investor

November 23, 2015
Underserved by Banks
Nonqualified Loans: The Next Big Mortgage Market Play?
As opportunities to invest in troubled mortgages dwindle, credit managers are betting on borrowers underserved by the banks.

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Semper MBS Total Return Fund prospectus.

RISKS AND DISCLOSURES This material must be preceded or accompanied by a prospectus. Please refer to the prospectus for further details. Mutual fund investing involves risk. Principal loss is possible. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. The Fund may make short sales of securities, which involves the risk that losses to those securities may exceed the original amount invested by the Fund. Investments in Mortgage-Backed Securities include additional risks that investors should be aware of such as credit risk, interest rate risk, prepayment risk, real estate market risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. The Fund may invest in securities that are less liquid which can be difficult to sell. The Fund may use certain types of investment derivatives such as futures, forwards, and swaps. Derivatives involve risks different from, and in certain cases, greater than the risks presented by more traditional investments. The Fund may use leverage which may exaggerate the effect of any increase or decrease in the value of portfolio securities. The Fund may invest in TBA securities which involve interest rate and investment exposure risks. The Fund may invest in When-Issued securities which may involve less favorable prices for securities, when delivered, and failure to deliver securities could cause a loss to the Fund.

The Semper MBS Total Return Fund is distributed by Quasar Distributors, LLC. Opinions expressed are those of the author or Semper Funds and are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor investment advice.

DEFINITIONS: Beta: systematic risk of a portfolio in comparison to the market as a whole.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 855-736-7799.

Standardized performance can be found on our fact sheet