Daily NAV as of 5/24/2017
NAVDaily Change
MBS Total Return Fund - Institutional Class$10.65$0.01
MBS Total Return Fund - Class A$10.64$0.01
MBS Total Return Fund - Investor Class$10.64$0.01
Short Duration Fund - Institutional Class$9.91$0.00
Short Duration Fund - Investor Class$9.90$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, SEMPX) 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) 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 4/30/17

Semper MBS Total Return
(SEMMX, SEMPX)

As of 4/30/17 the Semper MBS Total Return Fund received a 5-Star Overall Morningstar Rating™ and 5-Star 3-Year Morningstar Rating™ among 252 Non-Traditional Bond Funds.

Semper Short Duration Fund
(SEMIX)

As of 4/30/17 the Semper Short Duration Fund Institutional Class (SEMIX) received a 5-Star Overall Morningstar Rating™ among 134 Ultrashort Bond Funds.

Lipper Leader Ratings
As of 4/30/17

Semper MBS Total Return
(SEMMX)

Category: General Domestic
SEMMX and SEMPX were designated a Lipper leader in the Total Return, Consistent Return and Capital Preservation categories among 245, 244 and 5771 General Domestic Funds for the Overall Period ending 4/30/17.

Semper Short Duration Fund
(SEMIX)

Category: Short/Intermediate Corporate
SEMIX was designated a Lipper leader in the Total Return, Consistent Return, and Capital Preservation categories 277, 272 and 5771 Short/Intermediate Corporate Funds for the Overall Period ending 4/30/17.

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S&P 500 – Standard & Poor's 500 Index is a gauge of the U.S. equities market and includes 500 leading companies in leading industries of the U.S. economy. Assumes dividends are reinvested in the index. This is an unmanaged index. One cannot invest directly in an index.

S&P 500 ETF - An exchange-traded fund that tracks one of the most popular indexes in the world, the S&P 500 Index.

Effective Duration - A duration calculation for bonds with embedded options that takes into account that expected cash flows will fluctuate as interest rates change.

Empirical Duration - A calculation of a bond's duration based on historical data estimated statistically using historical market-based bond prices and historical market-based Treasury yields.

Index performance is not indicative of fund performance. Past performance does not guarantee future results. To obtain fund performance click here.

Click here for a list of the Semper MBS Total Return Fund’s top 10 holdings. Fund holding and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security. Opinions expressed are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor investment advice.

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