Daily NAV as of February 16, 2018
NAV Daily Change
MBS Total Return Fund - Institutional Class
10.68 0.00
MBS Total Return Fund - Class A
10.67 0.00
MBS Total Return Fund - Investor Class
10.67 0.00
Short Duration Fund - Institutional Class
9.91 0.01
Short Duration Fund - Investor Class
9.90 0.00

NEW AT SEMPER

Definitions:

Cashflows: Mortgages typically have required monthly interest and principal payments which are collected by servicers of mortgage-backed securities trusts, which in turn distribute these payments to MBS investors.
Bps (Basis point): Denotes the change in interest rates or the yield of a fixed-income security (1/100th of 1%).

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.

Capital Gains Distribution Announcement:

The Semper MBS Total Return Fund and The Semper Short Duration Fund will not have capital gains distribution at the end of the 2017 calendar year.

Overall Morningstar Ratings™
As of 1/31/18

Semper MBS Total Return
(SEMMX)

As of 1/31/18 the Semper MBS Total Return Fund received a 4-Star Overall Morningstar Rating™ and 4-Star 3-Year Morningstar Rating™ among 279 Non-Traditional Bond Funds.

Semper Short Duration Fund
(SEMIX, SEMRX)

As of 1/31/18 the Semper Short Duration Fund Institutional Class (SEMIX and SEMRX) received a 5-Star Overall Morningstar Rating™ among 141 Ultrashort Bond Funds.

 

<