Quarterly Conference Call Transcripts and Replays

 

Videos

Greg Parsons on CNBC's Fast Money September 28, 2016, discussing the strong correlation between stocks and bonds and the impact on investors.

Click here for interview.

CNBC Fast Money

 

 

AUG 30, 2016 Greg Parsons on CNBC Halftime Report discussing the "hunt for yield" through mortgage-backed securities
JUNE 22, 2016 Greg Parsons on CNBC Fast Money discussing the current low global interest rate climate as a "new reality" for America
MAY 16, 2016 Greg Parsons on CNBC Squawk on the Street discussing bracing for continued volatility in the markets for 2016
MAR 14, 2016 Greg Parsons on CNBC Fast Money discussing the Fed decision, markets, volatility
MAR 7, 2016 Greg Parsons on CNBC Closing Bell discussing overall market
JAN 26, 2016 Greg Parsons on Squawk on the Street discussing the Federal Reserve meeting

 

Press Releases

FEB 13, 2017 Semper MBS Total Return Fund Crosses $700M AUM on Continued Strong Performance
DEC 14, 2016 Semper Short Duration Fund Receives 5-Star Morningstar Rating with Continued Strong Performance
OCT 24, 2016 Semper MBS Total Return Fund Reaches $500M AUM on Strong Performance
AUG 4, 2016 Semper MBS Total Return Fund Receives 5 Star Morningstar Rating and Crosses 3 Year Mark
FEB 3, 2016 Semper Hired by New York State to Manage $250 Million of Common Retirement Fund
FEB 1, 2016 Semper Short Duration Fund Receives 4 Star Morningstar Rating and Crosses Five Year Mark
DEC 21, 2015 Semper MBS Total Return Fund Announces Addition of Class A Share
AUG 1, 2015 Semper MBS Total Return Fund Crosses 2 Year Milestone and $300 Million on Strong Performance
SEP 23, 2014 Semper MBS Total Return Fund Crosses 1 Year Milestone and $125 Million on Strong Performance
MAY 13, 2014 Semper MBS Total Return Fund Crosses $50 Million Milestone on Strong Performance
JAN 13, 2014 Semper Short Duration Fund Receives 4 Star Morningstar Rating and Crosses the Three Year Mark with Continued Asset Growth and Performance
AUG 02, 2013 Semper Capital launches new Mortgage-Backed Securities Mutual Fund
MAY 09, 2013 Semper Short Duration Fund Crosses $40 Million Milestone on Strong Performance

 

Semper in the Press

JUL, 2016 REFI Guest Column: Structured Credit Offers Solid Cash Flows
MAR, 2016 Alternative Credit Intelligence: Semper looks to broaden out across asset-backed investing
DEC, 2015 Barron's: "Toxic" Mortgages, Healthy Gains
NOV, 2015 Institutional Investor: Semper CEO on non-QMs as the next chapter for mortgage credit investors
SEP, 2015 Barron's: "Nontraditional Bond Funds Aren't All Bad" - Semper MBS Total Return Fund featured
JUL, 2015 New York Times ETFs and Mutual Funds Quarterly Report - Semper MBS Total Return Fund a 12 month leader

 

 

Market Perspectives

NOV, 2015 GSE Credit Risk Transfer Securitizations (CRTs): An opportunity for attractive risk-adjusted returns in RMBS
OCT, 2015 Semper MBS Total Return Fund: a History of Steady Returns in Periods of Rising Rates
OCT, 2015 Trust Preferred CDOs (TruPS CDOs): An Attractive Opportunity for Yield in Structured Credit
APR, 2015 The case for investing in the Non-agency RMBS market in a time of rising interest rates
MAR, 2015 Semper's Thoughts on Yellen's Testimony and the Implications for RMBS

 

Quarterly Conference Call Transcripts and Replays

JAN 11, 2017 Semper MBS Total Return Fund Quarterly Conference Call – Audio Replay
JAN 11, 2017 Semper MBS Total Return Fund Quarterly Conference Call – Written Transcript
OCT 13, 2016 Semper MBS Total Return Fund Quarterly Conference Call – Audio Replay
OCT 13, 2016 Semper MBS Total Return Fund Quarterly Conference Call – Written Transcript
JUL 14, 2016 Semper MBS Total Return Fund Quarterly Conference Call – Audio Replay
JUL 14, 2016 Semper MBS Total Return Fund Quarterly Conference Call – Written Transcript
APR 7, 2016 Semper MBS Total Return Fund Quarterly Conference Call – Audio Replay
APR 7, 2016 Semper MBS Total Return Fund Quarterly Conference Call – Written Transcript
JAN 7, 2016 Semper MBS Total Return Fund Quarterly Conference Call – Audio Replay
JAN 7, 2016 Semper MBS Total Return Fund Quarterly Conference Call – Written Transcript
OCT 1, 2015 Semper MBS Total Return Fund Quarterly Conference Call – Audio Replay
OCT 1, 2015 Semper MBS Total Return Fund Quarterly Conference Call – Written Transcript
JUN 25, 2015 Semper MBS Total Return Fund Quarterly Conference Call – Audio Replay
JUN 25, 2015 Semper MBS Total Return Fund Quarterly Conference Call – Written Transcript
MAR 26, 2015 Semper MBS Total Return Fund Quarterly Conference Call – Audio Replay
MAR 26, 2015 Semper MBS Total Return Fund Quarterly Conference Call – Written Transcript
JAN 08, 2015 Semper MBS Total Return Fund Quarterly Conference Call – Audio Replay
JAN 08, 2015 Semper MBS Total Return Fund Quarterly Conference Call – Written Transcript
SEP 25, 2014 Semper MBS Total Return Fund Quarterly Conference Call – Audio Replay
SEP 25, 2014 Semper MBS Total Return Fund Quarterly Conference Call – Written Transcript
JUN 26, 2014 Semper MBS Total Return Fund Quarterly Conference Call – Audio Replay
JUN 26, 2014 Semper MBS Total Return Fund Quarterly Conference Call – Written Transcript
 

Click here to listen to interview.

Cash Flow: 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.

Duration: Measure of a bond or bond portfolio's sensitivity to changes in interest rates. Generally, the longer the duration, the greater the price change relative to interest rate movements.

Basis Points: A unit of measure that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument.

Barclays US MBS Index:  Covers agency mortgage-backed pass-through securities - both fixed-rate and hybrid ARM - issued by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). Pool aggregates must have at least $250 million outstanding with a weighted average maturity of at least 1 year. One cannot invest directly in an index. 

NAV: Net Asset Value, i.e. the value of the Fund’s assets minus the value of its liabilities.

Yield To Maturity:  Anticipated rate of return on a bond if held until the maturity date.

Loan-to-value:  Amount of the mortgage lien divided by the appraised value of the property, expressed as a percentage.

Correlation: Statistic measure of how two securities move in relation to each other.

SEC Yield: A standard yield calculation developed by the Securities and Exchange Commission (SEC) that is based on the most recent 30-day period covered by a fund’s filings with the SEC.  The yield figure reflects the dividends and interest earned during the period, after the deduction of the fund’s expenses.

Effective Duration:  Calculation for bonds with cash flow variability.  It takes into account that expected cash flows will fluctuate as interest rates change.

Empirical Duration:  Calculation of a bond's duration based on historical data (change in price for a given change in yield to maturity).

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. As of 9/30/16 the Semper MBS Total Return Fund received a 5-Star Overall Morningstar Rating™ and 5-Star 3-Year Morningstar Rating™ among 261 non-traditional bond funds.  The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. ©2016 Morningstar, Inc.  All Rights Reserved. The information contained herein (1) is proprietary to Morningstar (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely.  Neither Morningstar nor its content providers are responsible for any damages or losses arising from any sue of this information. 

  Morningstar Rankings represent a fund’s total-return rank relative to all funds that have the same Morningstar Category. The highest rank is 1 and the lowest is based on the total number of funds ranked in the category. It is based on Morningstar total return, which includes both income and capital gains or losses and is not adjusted for sales charges or redemption fees. Past performance does not guarantee future results.

 

Unsubsidized SEC Yield: 4.94%

Diversification does not guarantee a profit or protect against a loss in declining markets.  Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

Click here to listen to interview.

Cash Flow: 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.

Duration: Measure of a bond or bond portfolio's sensitivity to changes in interest rates. Generally, the longer the duration, the greater the price change relative to interest rate movements.

Basis Points: A unit of measure that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument.

Bloomberg Barclays US Aggregate Bond Index: A broad base index, maintained by Bloomberg since August 24th 2016, and prior to then by Barclays which took over the index business of the now defunct Lehman Brothers, which is often used to represent investment grade bonds being traded in United States.

Bloomberg Barclays US MBS Index:  Covers agency mortgage-backed pass-through securities - both fixed-rate and hybrid ARM - issued by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). Pool aggregates must have at least $250 million outstanding with a weighted average maturity of at least 1 year. One cannot invest directly in an index. 

NAV: Net Asset Value, i.e. the value of the Fund’s assets minus the value of its liabilities.

NAV: Net Asset Value, i.e. the value of the Fund's assets minus the value of its liabilities

Yield To Maturity:  Anticipated rate of return on a bond if held until the maturity date.

Loan-to-value:  Amount of the mortgage lien divided by the appraised value of the property, expressed as a percentage.

Correlation: Statistic measure of how two securities move in relation to each other.

SEC Yield: A standard yield calculation developed by the Securities and Exchange Commission (SEC) that is based on the most recent 30-day period covered by a fund’s filings with the SEC.  The yield figure reflects the dividends and interest earned during the period, after the deduction of the fund’s expenses.

Effective Duration:  Calculation for bonds with cash flow variability.  It takes into account that expected cash flows will fluctuate as interest rates change.

Empirical Duration:  Calculation of a bond's duration based on historical data (change in price for a given change in yield to maturity).

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. As of 9/30/16 the Semper MBS Total Return Fund received a 5-Star Overall Morningstar Rating™ and 5-Star 3-Year Morningstar Rating™ among 261 non-traditional bond funds.  The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. ©2016 Morningstar, Inc.  All Rights Reserved. The information contained herein (1) is proprietary to Morningstar (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely.  Neither Morningstar nor its content providers are responsible for any damages or losses arising from any sue of this information. 

Morningstar Rankings represent a fund’s total-return rank relative to all funds that have the same Morningstar Category. The highest rank is 1 and the lowest is based on the total number of funds ranked in the category. It is based on Morningstar total return, which includes both income and capital gains or losses and is not adjusted for sales charges or redemption fees. Past performance does not guarantee future results.

Unsubsidized SEC Yield: 4.94%

Diversification does not guarantee a profit or protect against a loss in declining markets.  Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

Click here to view interview.

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.

By clicking the links you are leaving the Semper Funds site and entering a third party site. The Semper Funds are not responsible for any information contained on the third party.

Click here to view interview.

Cash flow - Cash flow is the net amount of cash and cash-equivalents moving into and out of a business.

Duration - A measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates.

Negative convexity - Negative convexity exists when the shape of a bond's yield curve is concave. A bond's convexity is the rate of change of its duration, and it is measured as the second derivative of the bond's price with respect to its yield. Most mortgage bonds are negatively convex, and callable bonds usually exhibit negative convexity at lower yields.

Discount to par - In finance, discount refers to the condition of the price of a bond that is lower than par, or face value. The discount equals the difference between the price paid for a security and the security's par value.

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.

By clicking the links you are leaving the Semper Funds site and entering a third party site. The Semper Funds are not responsible for any information contained on the third party.

Cash Flow: 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.

Duration: Measure of a bond or bond portfolio’s sensitivity to changes in interest rates. Generally, the longer the duration, the greater the price change relative to interest rate movements.

Yield To Maturity: Anticipated rate of return on a bond if held until the maturity date.

Basis Points: A unit of measure that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument.

Barclays US MBS Index: Covers agency mortgage-backed pass-through securities - both fixed-rate and hybrid ARM - issued by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). Pool aggregates must have at least $250 million outstanding with a weighted average maturity of at least 1 year. One cannot invest directly in an index.

Correlation: Statistic measure of how two securities move in relation to each other.

SEC Yield: A standard yield calculation developed by the Securities and Exchange Commission (SEC) that is based on the most recent 30-day period covered by a fund’s filings with the SEC. The yield figure reflects the dividends and interest earned during the period, after the deduction of the fund’s expenses.

AJs: Legacy Junior AAA CMBS at issuance

Effective Duration: Calculation for bonds with cash flow variability. It takes into account that expected cash flows will fluctuate as interest rates change.

Empirical Duration: Calculation of a bond’s duration based on historical data (change in price for a given change in yield to maturity).

Unsubsidized SEC Yield: 5.45%

Diversification does not guarantee a profit or protect against a loss in declining markets. Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

Click here to view interview.

Opinions expressed are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor investment advice.

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

By clicking the links you are leaving the Semper Funds site and entering a third party site. The Semper Funds are not responsible for any information contained on the third party.

Click here to view interview.

Dow Jones Industrial Average - Price-weighted average of 30 actively traded blue-chip stocks.

Nasdaq - National Association of Securities Dealers Automated Quotations, a global electronic marketplace for buying and selling securities.

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.

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.

By clicking the links you are leaving the Semper Funds site and entering a third party site. The Semper Funds are not responsible for any information contained on the third party.

Cash Flow: 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.

Duration: Measure of a bond or bond portfolio's sensitivity to changes in interest rates. Generally, the longer the duration, the greater the price change relative to interest rate movements.

Yield To Maturity: Anticipated rate of return on a bond if held until the maturity date.

Basis Points: A unit of measure that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument.

Barclays US MBS Index: Covers agency mortgage-backed pass-through securities - both fixed-rate and hybrid ARM - issued by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). Pool aggregates must have at least $250 million outstanding with a weighted average maturity of at least 1 year. One cannot invest directly in an index.

Correlation: Statistic measure of how two securities move in relation to each other.

SEC Yield: A standard yield calculation developed by the Securities and Exchange Commission (SEC) that is based on the most recent 30-day period covered by a fund's filings with the SEC. The yield figure reflects the dividends and interest earned during the period, after the deduction of the fund’s expenses.

Case-Shiller National Index: A group of indexes that tracks changes in home prices throughout the United States. The indexes are based on a constant level of data on properties that have undergone at least two arm's length transactions. Case-Shiller produces indexes representing certain metropolitan statistical areas (MSA) as well as a national index.

CoreLogic Index - A repeat-sales index that tracks increases and decreases in the same home's sales price over time.

Unsubsidized SEC Yield: 5.13%.

Diversification does not guarantee a profit or protect against a loss in declining markets. Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

Click here to view interview.

Dow Jones Industrial Average - Price-weighted average of 30 actively traded blue-chip stocks.

Nasdaq - National Association of Securities Dealers Automated Quotations, a global electronic marketplace for buying and selling securities.

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.

Russell 2000 - The Russell 2000 index is an index measuring the performance approximately 2,000 small-cap companies in the Russell 3000 Index, which is made up of 3,000 of the biggest U.S. stocks. The Russell 2000 serves as a benchmark for small-cap stocks in the United States.

Beta - Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole.

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.

By clicking the links you are leaving the Semper Funds site and entering a third party site. The Semper Funds are not responsible for any information contained on the third party.

Click here to view interview.

Dow Jones Industrial Average - Price-weighted average of 30 actively traded blue-chip stocks.

Nasdaq - National Association of Securities Dealers Automated Quotations, a global electronic marketplace for buying and selling securities.

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.

Russell 2000 - The Russell 2000 index is an index measuring the performance approximately 2,000 small-cap companies in the Russell 3000 Index, which is made up of 3,000 of the biggest U.S. stocks. The Russell 2000 serves as a benchmark for small-cap stocks in the United States.

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.

By clicking the links you are leaving the Semper Funds site and entering a third party site. The Semper Funds are not responsible for any information contained on the third party.

Click here to view interview.

Dow Jones Industrial Average - Price-weighted average of 30 actively traded blue-chip stocks.

Nasdaq - National Association of Securities Dealers Automated Quotations, a global electronic marketplace for buying and selling securities.

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.

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.

By clicking the links you are leaving the Semper Funds site and entering a third party site. The Semper Funds are not responsible for any information contained on the third party.

Cash Flow: 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.

Duration: Measure of a bond or bond portfolio's sensitivity to changes in interest rates. Generally, the longer the duration, the greater the price change relative to interest rate movements.

Yield To Maturity: Anticipated rate of return on a bond if held until the maturity date.

Basis Points: A unit of measure that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument.

Barclays US MBS Index: Covers agency mortgage-backed pass-through securities - both fixed-rate and hybrid ARM - issued by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). Pool aggregates must have at least $250 million outstanding with a weighted average maturity of at least 1 year. One cannot invest directly in an index.

Barclays U.S. Aggregate Index: Represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. One cannot invest directly in an index.

Correlation: Statistic measure of how two securities move in relation to each other.

SEC Yield: A standard yield calculation developed by the Securities and Exchange Commission (SEC) that is based on the most recent 30-day period covered by a fund's filings with the SEC. The yield figure reflects the dividends and interest earned during the period, after the deduction of the fund’s expenses.

Unsubsidized SEC Yield: 4.67%.

Diversification does not guarantee a profit or protect against a loss in declining markets.

Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

Diversification does not guarantee a profit or protect from loss in a declining market.

Barclays U.S. Aggregate Index: Represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. One cannot invest directly in an index.

Barclays US MBS Index: Covers agency mortgage-backed pass-through securities - both fixed- rate and hybrid ARM - issued by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac(FHLMC). Pool aggregates must have at least $250 million outstanding with a weighted average maturity of at least 1 year. One cannot invest directly in an index.

Basis Points: A unit of measure that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument.

Cash Flow: 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.

Duration: Measure of a bond or bond portfolio's sensitivity to changes in interest rates. Generally, the longer the duration, the greater the price change relative to interest rate movements.

Empirical Duration: The ex post interest rate sensitivity of a bond.

Yield To Maturity: Anticipated rate of return on a bond if held until the maturity date.

(30 Day Sec Yield – SEMMX Subsidized: 4.41, Unsubsidized 4.40)

Diversification does not guarantee a profit or protect from loss in a declining market.

Basis Points: A unit of measure that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument.

Cash Flow: 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.

Duration: Measure of a bond or bond portfolio's sensitivity to changes in interest rates. Generally, the longer the duration, the greater the price change relative to interest rate movements.

Empirical Duration: The ex post interest rate sensitivity of a bond.

Yield To Maturity: Anticipated rate of return on a bond if held until the maturity date.

(30 Day Sec Yield – SEMMX Subsidized: 4.84, Unsubsidized 4.79)

Click here to view standardized performance for the Semper MBS Total Return Fund

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.

Diversification does not guarantee a profit or protect from loss in a declining market.

Cash Flow: 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.

Duration: Measure of a bond or bond portfolio's sensitivity to changes in interest rates. Generally, the longer the duration, the greater the price change relative to interest rate movements.

Loss Adjusted Yield-to-Maturity: Yield-to-Maturity for a mortgage-backed security after adjusting projected cash flows lower to reflect assumed credit losses on underlying mortgage loans.

Negative convexity: Convexity is the rate of change of a bond's duration as interest rates rise or fall. The rate of change of duration for bonds with predictable cash flows increases as interest rates decline, enhancing the bond's expected price appreciation as rates decline, and slightly mitigating the bond's price decline as rates rise. However, callable bonds including mortgage-backed securities, which may have unpredictable cash flows, exhibit a rate of change in theopposite direction, or negative convexity, such that a bond's price rise from declining rates is mitigated, while a bond's price decline from rising rates is accentuated.

Yield To Maturity: Anticipated rate of return on a bond if held until the maturity date.