Pingora MSR Opportunity Fund

Pingora Asset Management LLC, launched its first fund in 2013. The Fund seeks to maximize risk-adjusted returns by investing in securities intended to provide certain economic benefits arising from one or more specified pools of mortgage servicing rights. An MSR is a contractually created right to service a mortgage loan or pool of mortgage loans over the life of such loans in exchange for a specified fee stream, subject to continued performance of services in accordance with the servicing contracts.