Medalist Partners MBS Total Return Fund;Inv

Under typical market conditions, the Semper MBS Total Return Fund primarily focuses on mortgage-backed securities (MBS), committing at least 80% of its net assets (including any borrowed capital used for investment) to these instruments. The average maturity profile of the MBS within the portfolio generally falls between one and ten years. Importantly, the fund has no restrictions on how much it can allocate to MBS with credit ratings below investment grade, which are also known as "high-yield" or "junk" bonds.