DAILY NAV as of March 28, 2017

NAV Daily Change

MBS Total Return - Institutional Class
SEMMX - 00770X758

$0.00

MBS Total Return - Class A
SEMOX - 00768D152

-$0.01

MBS Total Return - Investor Class
SEMPX - 00770X741

-0.01

Short Duration - Institutional Class
SEMIX - 00770X592

$0.00

Short Duration - Investor Class
SEMRX - 00770X618

$0.00

Semper Capital Management is an independent investment management firm specializing in mortgage securities and other asset-backed investments.

The Overall Morningstar Rated™ Semper MBS Total Return Fund (SEMMX, SEMPX) invests primarily in mortgage-backed securities (MBS) including residential MBS (RMBS) and commercial MBS (CMBS). The Fund seeks to provide a high level of risk-adjusted current income and capital appreciation.

The Overall Morningstar Rated™ Semper Short Duration Fund (SEMIX) invests primarily in short duration securities in sectors including RMBS and CMBS. The Fund seeks to provide a high level of current income that is consistent with preservation of capital.

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.

Overall Morningstar Ratings™
As of 2/28/17

Semper MBS Total Return
(SEMMX, SEMPX)

As of 2/28/17 the Semper MBS Total Return Fund received a 5-Star Overall Morningstar Rating™ and 5-Star 3-Year Morningstar Rating™ among 244 Non-Traditional Bond Funds.

Semper Short Duration Fund
(SEMIX)

As of 2/28/17 the Semper Short Duration Fund Institutional Class (SEMIX) received a 5-Star Overall Morningstar Rating™ among 134 Ultrashort Bond Funds.

Lipper Leader Ratings
As of 2/28/17

Semper MBS Total Return
(SEMMX)

Category: General Domestic
SEMMX and SEMPX were designated a Lipper leader in the Total Return, Consistent Return and Capital Preservation categories among 243, 243, and 5793 General Domestic Funds for the Overall Period ending 2/28/17.

Semper Short Duration Fund
(SEMIX)

Category: Short/Intermediate Corporate
SEMIX was designated a Lipper leader in the Total Return, Consistent Return, and Capital Preservation categories 276, 271 and 5793 Short/Intermediate Corporate Funds for the Overall Period ending 2/28/17.