BEGIN:VCALENDAR PRODID:-//Microsoft Corporation//Outlook 16.0 MIMEDIR//EN VERSION:2.0 METHOD:PUBLISH X-MS-OLK-FORCEINSPECTOROPEN:TRUE BEGIN:VTIMEZONE TZID:Eastern Standard Time BEGIN:STANDARD DTSTART:16011104T020000 RRULE:FREQ=YEARLY;BYDAY=1SU;BYMONTH=11 TZOFFSETFROM:-0400 TZOFFSETTO:-0500 END:STANDARD BEGIN:DAYLIGHT DTSTART:16010311T020000 RRULE:FREQ=YEARLY;BYDAY=2SU;BYMONTH=3 TZOFFSETFROM:-0500 TZOFFSETTO:-0400 END:DAYLIGHT END:VTIMEZONE BEGIN:VEVENT CLASS:PUBLIC CREATED:20180627T151228Z DESCRIPTION:\n \nSemper Capital Management\, investment adviser for the \nS emper MBS Total Return Fund\,\ninvites you to join us for our quarterly Fu nd strategy and \nmortgage market update.\n \n \nThursday\, July 19\, 2018 at 11:30 am ET / 8:30 am PT\nDial 877-642-4202\nConference ID: 1882439\n \nA question & answer session will follow a 30 minute presentation\nReplay s will be available\n \n \nAbout Semper Capital Management: \n \nSemper Ca pital is an independent investment management firm specializing in mortgag e- and asset-backed securities\, asset-based lending\, and other structure d credit investments. Semper Capital offers institutional and high net wo rth investors access to multiple securitized debt-centric investment platf orms\, ranging from private absolute return and index-based strategies to registered mutual funds and custom managed accounts. Semper is Minority Bu siness Enterprise (MBE) certified\, recognized as minority/veteran busines s owned and has been an SEC-registered investment advisor since 1992. For more information\, visit www.sempercap.com .\n \nAbout Semper MBS Total Return Fund:\n \nThe Fund seeks to provide a high level of risk-adjusted current income and capital appreciation through in vesting in mortgage-backed securities. For more information\, visit www.s emperfunds.com .\n \nThe Fund’s performance as of 5/31/18 is as follows:\n \nFund Performance Net of Expenses – Ins titutional Shares:\nFor the one month period ending 5/31/2018\n 0.48%\nYe ar-to-Date (1/1/2018 – 5/31/2018)\n 2.65%\nTwelve Months through Quarte r End (4/1/2017 – 3/31/2018)\n 6.30%\nSince Inception (7/22/2013) throu gh 5/31/2018\n 7.10%\nSince Inception (7/22/2013) through Prior Quarter E nd (3/31/2018)\n 7.14%\n \nFund Performance Net of Expenses – Investor Shares:\nFor the one month period ending 5/31/2018\n 0.46%\nYear-to-Date (1/1/2018 – 5/31/2018)\n 2.55%\nTwelve Months through Quarter End (4/1/ 2017 – 3/31/2018)\n 6.02%\nSince Inception (7/22/2013) through 5/31/201 8\n 6.83%\nSince Inception (7/22/2013) through Prior Quarter End 3/31/201 8)\n 6.90%\n \nFund Performance Net of Expenses – Class A Shares at MOP :\nFor the one month period ending 5/31/2018\n-1.48%\nYear-to-Date (1/1/20 18 – 5/31/2018)\n 0.57%\nTwelve Months through Quarter End (4/1/2017 – 3/31/2018)\n 3.87%\nSince Inception (7/22/2013) through 5/31/2018\n 3.98%\nSince Inception (7/22/2013) through Prior Quarter End (3/31/2018)\n 3.87%\n \nGross Expense Ratio: Institutional 0.85%\, Investor 1.09% & Cl ass A 1.09%.\n \nPerformance data quoted represents past performance\; pas t performance does not guarantee future results. Performance data shown f or the Class A Share reflects the maximum sales charge of 2.00%. The inve stment return and principal value of an investment will fluctuate so that an investor’s shares\, when redeemed\, may be worth more or less than th eir 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. Short term performanc e\, in particular\, is not a good indication of the Fund’s future perfor mance\, and an investment should not be made based solely on returns. Ret urns over one year are annualized.\n \nThis material must be preceded or a ccompanied by a prospectus.\n \nPlease refer to the prospectus for managem ent fee\, expense\, and load information. \n \nMutual Fund investing invol ves risk. Principal loss is possible. Investments in debt securities typ ically decrease in value when interest rates rise. This risk is usually g reater for longer-term debt securities. Investments in lower-rated and no n-rated securities present a greater risk of loss to principal and interes t than higher-rated securities. The Fund may make short sales of securiti es\, which involves the risk that losses to those securities may exceed th e original amount invested by the Fund. Investments in Mortgage-Backed Se curities include additional risks that investors should be aware of such a s credit risk\, interest rate risk\, prepayment risk\, real estate market risk\, possible illiquidity and default\, as well as increased susceptibil ity to adverse economic developments. The Fund may invest in securities t hat are less liquid which can be difficult to sell. The Fund may use certa in types of investment derivatives such as futures\, forwards\, and swaps. Derivatives involve risks different from\, and in certain cases\, greate r than the risks presented by more traditional investments. The Fund may use leverage which may exaggerate the effect of any increase or decrease i n the value of portfolio securities. The Fund may invest in TBA securitie s which involve interest rate and investment exposure risks. The Fund may invest in When-Issued securities which may involve less favorable prices for securities\, when delivered\, and failure to deliver securities could cause a loss to the Fund. \n \nInvestment performance reflects fee waiver s in effect. In the absence of such waivers\, total return would be reduc ed.\n \nThe Semper MBS Total Return Fund is distributed by Quasar Distribu tors\, LLC. Quasar is affiliated with U.S. Bank N.A. and U.S. Bancorp Fun d Services\, LLC.\n \nThe Securities and Exchange Commission (SEC) does no t approve or disapprove any securities referred to herein. (www.sec.gov )\n \n \n DTEND;TZID="Eastern Standard Time":20180719T120000 DTSTAMP:20180627T151228Z DTSTART;TZID="Eastern Standard Time":20180719T113000 LAST-MODIFIED:20180627T151228Z LOCATION:Dial In: 877-642-4202. Conference ID: 1882439 PRIORITY:5 SEQUENCE:0 SUMMARY;LANGUAGE=en-us:Semper MBS Total Return Fund Quarterly Conference Ca ll TRANSP:OPAQUE UID:040000008200E00074C5B7101A82E00800000000405027BC070ED401000000000000000 01000000094690C803731D24FB63544094D071D92 X-ALT-DESC;FMTTYPE=text/html:\n\n110\nClean\nClean\nfalse\n\n\n \n\n false\nfalse\nfalse\n\nEN-US\nX-NONE\nX-NONE\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n< m:wrapIndent m:val="1440"/>\n\n\n\n

Final semper logo RGB

 \;

Semper Capital Management\, investment adviser for the

Semper MBS Total Return Fund\,

invites you to join us for our quarterly Fund strategy and

mortgage market update.

 \;

 \;

Thursday\, July 19\, 2018 at 11:30 am ET / 8: 30 am PT

Dial 877-642-4202

Conference ID: 1882439< o:p>

 \;

A question &\; answer session will follo w a 30 minute presentation

Replays will be available

 \;

 \;

< span style='font-size:10.0pt\;font-family:"Source Sans Pro"\,serif\;mso-bi di-font-family:"Lucida Sans"'>About Semper Capital Management:< /b>

< o:p> \;

Semper Capital is an independent investme nt management firm specializing in mortgage- and asset-backed securities\, asset-based lending\, and other structured credit investments. \; Semper Capital offers institutional and high net worth investors access to multiple securitized debt-centric inve stment platforms\, ranging from private absolute return and index-based st rategies to registered mutual funds and custom managed accounts. Semper is Minority Business Enterprise (MBE) certified\, recognized as minority/vet eran business owned and has been an SEC-registered investment advisor sinc e 1992. For more information\, visit www.sempercap.com.

 \;

About Se mper MBS Total Return Fund:

 \;

The Fund seeks to provide a high level of risk-adjust ed current income and capital appreciation through investing in mortgage-b acked securities.  \;For more information\, visit www.semperfunds.c om.

 \;

The Fund’\;s performance as of 5/31/18 is as follows:

 \;

Fund Performance Net of E xpenses –\; Institutional Shares:

For the one month period ending 5/31/2 018

 \; 0 .48%

Year-to-Date (1/1/2018 –\; 5/31/2018)

 \; 2.65%

< /td>

Twelve Months through Quarter End (4/1/2017 –\; 3/31/2018)

 \; 6.30%

Since In ception (7/22/2013) through 5/31/2018

 \; 7.10%

Since Inception (7/22/2013) through Prior Quarter End (3/31/2018)

 \; 7.14 %

 \;

Fund Performance Net of Expenses –\; Investor Shares:

For the one month period ending 5/31/2018

 \; 0.46%

Year-to-Date (1/1/2018 –\; 5/31/2018)

 \; 2.55%

< /td>

Twelve Months through Quarter End (4/1/2017 –\; 3/31/2018)

 \; 6.02%

Since In ception (7/22/2013) through 5/31/2018

 \; 6.83%

Since Inception (7/22/2013) through Prior Quarter End 3/31/2018)

 \; 6.90%

 \;

Fund Performance Net of Expenses –\; Class A Shares at MOP:

Fo r the one month period ending 5/31/2018

-1.48%

Year-to-Date (1/1/2018 –\; 5/31/20 18)

 \; < /span>0.57%

Twelve Months through Quarter End (4/1/2017 –\; 3 /31/2018)

&nb sp\; 3.87%

Since Inception (7/22/2013) through 5/31/2018

 \; 3.98%

Since Inception (7/22/2013) through Pr ior Quarter End (3/31/2018)

 \; 3.87%

 \;

Gross Expense Ratio: Instituti onal 0.85%\, Investor 1.09% &\; Class A 1.09%.

 \;< /o:p>

Performance data quoted represents past performance \; past performance does not guarantee future results. \; Performance data shown for the Class A< /span> Share reflects the maximum sales charge of 2.00%. \; 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 o r higher than the performance quoted. \; Performance data current to t he most recent month end may be obtained by calling 855-736-7799. \; S hort term performance\, in particular\, is not a good indication of the Fund’\;s future performance\, and an investmen t should not be made based solely on returns. \; Returns over one year are annualized.< /p>

 \;

This material must be preceded or accompanied by a prospectus.

&nb sp\;

Please refer to the prospectus for management fee\, expen se\, and load information.

 \;

Mutual Fund inves ting involves risk. \; Principal loss is possible. \; Investments in debt securities typically decrease in value when interest rates rise.&n bsp\; This risk is usually greater for longer-term debt securities. \; Investments in lower-rated and non-rated securities present a greater ris k of loss to principal and interest than higher-rated securities. \; T he Fund may make short sales of securities\, which involves the risk that losses to those securities may exceed the original amount invested by the Fund. \; Investments in Mortgage-Backed Securities include additional risks that investors should be aware of such as credit risk\, interest rat e risk\, prepayment risk\, real estate market risk\, possible illiquidity and default\, as well as increased susceptibility to adverse economic deve lopments. \; The Fund may invest in securities that are less liquid wh ich can be difficult to sell. The Fund may use certain types of investment derivatives such as futures\, forwards\, and swaps. \; Derivatives in volve risks different from\, and in certain cases\, greater than the risks presented by more traditional investments. \; The Fund may use levera ge which may exaggerate the effect of any increase or decrease in the valu e of portfolio securities. \; The Fund may invest in TBA securities wh ich involve interest rate and investment exposure risks. \; The Fund m ay invest in When-Issued securities which may involve less favorable price s for securities\, when delivered\, and failure to deliver securities coul d cause a loss to the Fund. \;

 \;

Investment performanc e reflects fee waivers in effect. \; In the absence of such waivers\, total return would be reduced.

 \;

The Semper MBS Total Return Fund is distributed by Quasar Distributors\, LLC. \; Quasar is affiliated with U.S. Bank N.A. and U.S. Bancorp Fund Services\, LLC.< /o:p>

 \;

The Securities and Exchange Commission (SEC) do es not approve or disapprove any securities referred to herein. (www.sec.gov)< /o:p>

 \;

 \;

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