The Semper MBS Total Return Fund (the "Fund") seeks to provide a high level of risk-adjusted current income and capital appreciation.
Under normal market conditions, the Fund invests at least 80% of its net assets in mortgage-backed securities (MBS), including residential MBS (RMBS) and commercial MBS (CMBS). RMBS and CMBS include securities issued by government sponsored entities (Agency MBS), and by private entities (Non-Agency MBS).
Shares may be bought or sold on any day the NYSE is open. All transactions are processed at the Fund's next net asset value (NAV), which is calculated at 4 pm ET each business day. Sale proceeds will normally be wired on the following business day.
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.
Minimums may be lower on Broker Dealer Platforms.
Fund | Bloomberg US MBS Index | |
AUM (Assets Under Management) | $841.23 Million | $7.1 Trillion |
Effective Duration | 1.32 Years | 5.08 Years |
Average Life | 7.14 Years | 7.07 Years |
Number of Securities | 231 | 420 |
Average Coupon | 4.16% | 2.60% |
Average Price | $93.88 | $96.98 |
30 Day SEC Yield (subsidized): 3.98%
30 Day SEC Yield (unsubsidized): 3.98%
Sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.
RMBS: Residential Mortgage-Backed Securities
CMBS: Commercial Mortgage-Backed Securities
ABS: Asset-Backed Securities.
Sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.
Prime: Non-agency MBS collateralized with high quality mortgages that generally did not meet the maximum loan size underwriting criteria of the U.S. Government agencies, (GNMA, FNMA and Freddie Mac) but otherwise would qualify for agency guarantees.
Subprime: Non-agency MBS collateralized with mortgages failing to meet agency underwriting standards generally because of weak credit histories of the borrowers.
Alt-A: Non-agency MBS collateralized with mortgages failing to meet agency underwriting standards due to somewhat weak credit characteristics, incomplete documentation, or other reasons, but generally higher in credit quality than Subprime mortgage credit quality.
Option Arm: is an adjustable rate mortgage with several possible payment choices
NPL: Non-performing Loans
RPL: Re-performing Loans
Jumbo 2.0: is a type of financing that exceeds the limits set by the Federal Housing Finance Agency and cannot be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac.
Non-QM: is a loan that doesn’t meet the standards of a qualified mortgage and uses non-traditional methods of income verification to help a borrower get approved for a home loan.
CRT: Credit Risk Transfer
SFR: Single Family Rental
Sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.
Investment Grade: Credit ratings of AAA, AA, A, and BBB assessed by credit rating agencies.
Below Investment Grade: Credit ratings of BB or lower by credit rating agencies.
Credit quality distribution is determined by using the highest credit rating for each security from Moody's, Standard & Poor's, Fitch Ratings, DBRS, Morningstar and Kroll, five credit rating agencies providing credit assessments for mortgage-backed securities.
Sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.
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.
“Bloomberg®” and Bloomberg US MBS Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Semper Capital Management, L.P. Bloomberg is not affiliated with Semper Capital Management, L.P., and Bloomberg does not approve, endorse, review, or recommend the Semper MBS Total Return Fund. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Semper MBS Total Return Fund.
Quarter | YTD | 1 Year | 3 Years | 5 Years | Since Inception* | |
Institutional Class | -3.64% | -3.64% | 0.98% | -0.33% | 1.74% | 4.09% |
Bloomberg US MBS Index | -4.97% | -4.97% | -4.92% | 0.56% | 1.36% | 1.95% |
Total Annual Fund Operating Expense: 0.80%
Periods longer than 1 year are annualized.
*Inception of the Fund is 7/22/13.
Quarter | YTD | 1 Year | 3 Years | 5 Years | Since Inception* | |
Class A | -5.65% | -5.65% | -1.28% | -1.14% | 1.12% | 1.68% |
Bloomberg US MBS Index | -4.97% | -4.97% | -4.92% | 0.56% | 1.36% | 1.95% |
Total Annual Fund Operating Expense: 1.05%
Periods longer than 1 year are annualized.
*Inception of the Class A Shares is 12/18/15.
Quarter | YTD | 1 Year | 3 Years | 5 Years | Since Inception* | |
Investor Class | -3.69% | -3.69% | 0.72% | -0.49% | 1.52% | 3.87% |
Bloomberg US MBS Index | -4.97% | -4.97% | -4.92% | 0.56% | 1.36% | 1.95% |
Total Annual Fund Operating Expense: 1.05%
Periods longer than 1 year are annualized.
*Inception of the Fund is 7/22/13.
“Bloomberg®” and Bloomberg US MBS Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Semper Capital Management, L.P. Bloomberg is not affiliated with Semper Capital Management, L.P., and Bloomberg does not approve, endorse, review, or recommend the Semper MBS Total Return Fund. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Semper MBS Total Return Fund.
Summary Prospectus | Download |
Prospectus | Download |
Statement of Additional Information (SAI) | Download |
Annual Report | Download |
Semi-Annual Report | Download |
2021 Tax Information | Download |
Fund Holdings (as of 2/28/22) | Download |
Fund Holdings (as of 8/31/21) | Download |
New Account Application | Download |
New Entity Account Application | Download |
Beneficial Ownership Change Form | Download |
IRA Application | Download |
IRA Disclosure | Download |
IRA Transfer Form | Download |
Semper Funds are also available on many Broker Dealer Platforms including:
Barclays Capital, Inc. |
Matrix Trust Company |
BNY Mellon |
Mid Atlantic Capital Corp. (Sunguard) |
Cambridge Investment Research |
Morgan Stanley |
CAVU Securities |
MSCS Financial Services, LLC |
Charles Schwab & Co. |
National Association |
Coastal Equities |
Newbridge Securities Corp. |
COR Clearing |
Oppenheimer & Co. Inc. |
DA Davidson |
Pershing LLC |
Fidelity/National Financial Services |
PNC Bank |
First Republic Securities |
RW Baird |
Folio FN Investments |
Scottrade |
Hancock Securities Group |
SEI Private Trust |
Interactive Brokers, LLC |
State Street |
Janney Montgomery Scott, LLC |
Stifel, Nicolaus & Company, Incorporated |
Jefferies LLC |
Sunbelt Securities |
JP Morgan Chase |
TD Ameritrade |
Kalos Capital, LLC |
UBS Financial Services |
Lincoln Financial Advisors |
Vanguard |
LPL Financial Corp. |
Wedbush Securities Inc. |
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Semper is a proud signatory of the United Nations-supported Principles for Responsible Investment (PRI), the world’s largest reporting project on responsible investment. The PRI will work to achieve a sustainable global financial system by encouraging adoption of the Principles and collaboration on their implementation; by fostering good governance, integrity and accountability; and by addressing obstacles to a sustainable financial system that lie within market practices, structures and regulation.
About the PRI
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