The primary objective of the Semper Short Duration Fund (the "Fund") is to provide a high level of current income that is consistent with preservation of capital.
The Fund invests primarily in investment-grade, U.S. dollar-denominated debt instruments of domestic entities. This includes U.S. Treasuries, Agencies, Mortgage-Backed, Asset-Backed, and other short duration securities that Semper deems as high quality. Semper has managed separate accounts for institutional investors with a substantially similar investment strategy since 1993.
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 Class Shares. Investor Class Shares have a 0.25% Rule 12b-1 distribution and service fee.
Minimums may be lower on Broker Dealer Platforms.
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.
Fund | Bloomberg 1-3 Year Government Index | |
AUM (Assets Under Management) | $267.56 Million | $3.5 Trillion |
Effective Duration | 0.34 Years | 1.86 Years |
Average Life | 3.45 Years | 1.97 Years |
Number of Securities | 158 | 306 |
Average Coupon | 2.60% | 1.28% |
Average Price | $98.86 | $98.11 |
30 Day SEC Yield (subsidized): 1.93%
30 Day SEC Yield (unsubsidized): 1.87%
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.
Average Coupon: Market value weighted average of the coupons of each portfolio security.
Average Life: Average number of years for which each dollar of unpaid principal on a loan or mortgage remains outstanding.
Average Price: The mean price of an asset or security over some period of time.
Sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.
MBS: Mortgage-Backed Securities
CLO: Collateralized Loan Obligations
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 1-3 Year Government 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 Short Duration Fund. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Semper Short Duration Fund.
Quarter | YTD | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception* | |
Institutional Class | -1.50% | -1.50% | -0.33% | 0.64% | 1.49% | 1.70% | 2.04% |
Bloomberg 1-3 Year Government Index | -2.50% | -2.50% | -3.03% | 0.84% | 1.05% | 0.85% | 0.91% |
Gross Expense Ratio: 0.62% Net Expense Ratio: 0.60%**
Periods longer than 1 year are annualized.
*Inception of the Fund is 12/23/10.
Quarter | YTD | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception* | |
Investor Class | -1.46% | -1.46% | 0.47% | 0.46% | 1.27% | 1.47% | 1.79% |
Bloomberg 1-3 Year Government Index | -2.50% | -2.50% | -3.03% | 0.84% | 1.05% | 0.85% | 0.91% |
Gross Expense Ratio: 0.87% Net Expense Ratio: 0.85%**
Periods longer than 1 year are annualized.
*Inception of the Fund is 12/23/10.
**Semper Capital Management, L.P. (the "Adviser") has contractually agreed to waive a portion or all of its management fees and pay Fund expenses to ensure that Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement (excluding AFFE, taxes, interest expense, dividends on securities sold short and extraordinary expenses) do not exceed 0.60% of average daily net assets. The Expense Caps will remain in effect through at least through March 29, 2023 and may be terminated only by the Trust's Board of Trustees (the "Board"). The net expense is what an investor has paid. The Adviser may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date they were paid, subject to the Expense Caps.
“Bloomberg®” and Bloomberg 1-3 Year Government 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 Short Duration Fund. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Semper Short Duration 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 2/28/2022) | Download |
Fund Holdings (as of 8/31/2021) | 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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