Daily NAV as of November 20, 2017
NAV Daily Change
MBS Total Return Fund - Institutional Class
10.71 -0.01
MBS Total Return Fund - Class A
10.71 0.00
MBS Total Return Fund - Investor Class
10.71 0.00
Short Duration Fund - Institutional Class
9.94 0.00
Short Duration Fund - Investor Class
9.93 0.00

Semper Capital Management is an independent investment management firm specializing in mortgage securities and other asset-backed investments.

The Overall Morningstar Rated™ Semper MBS Total Return Fund (SEMMX) invests primarily in mortgage-backed securities (MBS) including residential MBS (RMBS) and commercial MBS (CMBS). The Fund seeks to provide a high level of risk-adjusted current income and capital appreciation.

The Overall Morningstar Rated™ Semper Short Duration Fund (SEMIX, SEMRX) invests primarily in short duration securities in sectors including RMBS and CMBS. The Fund seeks to provide a high level of current income that is consistent with preservation of capital.

All classes offer daily purchases and redemptions. The Institutional Shares have no Rule 12b-1 distribution and service fee and have a higher minimum initial investment than Investor and Class A Shares. Investor and Class A Shares have a 0.25% Rule 12b-1 distribution and service fee.

Overall Morningstar Ratings™
As of 10/31/17

Semper MBS Total Return
(SEMMX)

As of 10/31/17 the Semper MBS Total Return Fund received a 5-Star Overall Morningstar Rating™ and 5-Star 3-Year Morningstar Rating™ among 260 Non-Traditional Bond Funds.

Semper Short Duration Fund
(SEMIX, SEMRX)

As of 10/31/17 the Semper Short Duration Fund Institutional Class (SEMIX and SEMRX) received a 5-Star Overall Morningstar Rating™ among 135 Ultrashort Bond Funds.