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:20180202T182953Z DESCRIPTION:Semper Capital Management\, investment adviser for the \nSemper MBS Total Return Fund\,\ninvites you to join us for our quarterly Fund st rategy and \nmortgage market update.\n \n \nThursday\, March 29\, 2018 at 11:30 am ET / 8:30 am PT\nDial 877-642-4202\nConference ID: 8149098\n \nA question & answer session will follow a 30 minute presentation\nReplays wi ll be available\n \n \nAbout Semper Capital Management: \n \nSemper Capita l is an independent investment management firm specializing in mortgage- a nd asset-backed securities\, asset-based lending\, and other structured cr edit investments. Semper Capital offers institutional and high net worth investors access to multiple securitized debt-centric investment platforms \, ranging from private absolute return and index-based strategies to regi stered mutual funds and custom managed accounts. Semper is Minority Busine ss Enterprise (MBE) certified\, recognized as minority/veteran business ow ned and has been an SEC-registered investment advisor since 1992. For more information\, visit www.sempercap.com .\n \nAb out Semper MBS Total Return Fund:\n \nThe Fund seeks to provide a high lev el of risk-adjusted current income and capital appreciation through invest ing in mortgage-backed securities. For more information\, visit www.sempe rfunds.com .\n \nThe Fund’s performance as of 12/31/17 is as follows:\n \nFund Performance Net of Expenses – Instit utional Shares:\nFor the one month period ending 12/31/2017\n 0.21%\nYear -to-Date (1/1/2017 – 12/31/2017)\n 6.19%\nTwelve Months through Quarter End (1/1/2017 – 12/31/2017)\n 6.19%\nSince Inception (7/22/2013) throu gh 12/31/2017\n 7.15%\nSince Inception (7/22/2013) through Prior Quarter End (12/31/2017)\n 7.15%\n \nFund Performance Net of Expenses – Investo r Shares:\nFor the one month period ending 12/31/2017\n 0.17%\nYear-to-Da te (1/1/2017 – 12/31/2017)\n 5.91%\nTwelve Months through Quarter End ( 1/1/2017 – 12/31/2017)\n 5.91%\nSince Inception (7/22/2013) through 12/ 31/2017\n 6.88%\nSince Inception (7/22/2013) through Prior Quarter End 12 /31/2017)\n 6.88%\n \nFund Performance Net of Expenses – Class A Shares at MOP:\nFor the one month period ending 12/31/2017\n-1.85%\nYear-to-Date (1/1/2017 – 12/31/2017)\n 3.76%\nTwelve Months through Quarter End (1/ 1/2017 – 12/31/2017)\n 3.76%\nSince Inception (7/22/2013) through 12/31 /2017\n 3.47%\nSince Inception (7/22/2013) through Prior Quarter End (12/ 31/2017)\n 3.47%\n \nGross Expense Ratio: Institutional 0.69%\, Investor 0.94% & Class A 0.94%.\n \nPerformance data quoted represents past perform ance\; past performance does not guarantee future results. Performance da ta shown for the Class A Share reflects the maximum sales charge of 2.00%. The investment return and principal value of an investment will fluctuat e so that an investor’s shares\, when redeemed\, may be worth more or le ss than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the m ost recent month end may be obtained by calling 855-736-7799. Short term performance\, in particular\, is not a good indication of the Fund’s fut ure performance\, and an investment should not be made based solely on ret urns. Returns over one year are annualized.\n \nThis material must be pre ceded or accompanied by a prospectus.\n \nPlease refer to the prospectus f or management fee\, expense\, and load information. \n \nMutual Fund inves ting involves risk. Principal loss is possible. Investments in debt secu rities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in lower-ra ted and non-rated securities present a greater risk of loss to principal a nd interest than higher-rated securities. The Fund may make short sales o f 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 rate risk\, prepayment risk\, real esta te market risk\, possible illiquidity and default\, as well as increased s usceptibility to adverse economic developments. The Fund may invest in se curities that are less liquid which can be difficult to sell. The Fund may use certain types of investment derivatives such as futures\, forwards\, and swaps. Derivatives involve risks different from\, and in certain case s\, greater than the risks presented by more traditional investments. The Fund may use leverage which may exaggerate the effect of any increase or decrease in the value of portfolio securities. The Fund may invest in TBA securities which involve interest rate and investment exposure risks. Th e Fund may invest in When-Issued securities which may involve less favorab le prices for securities\, when delivered\, and failure to deliver securit ies could cause a loss to the Fund. \n \nInvestment performance reflects fee waivers in effect. In the absence of such waivers\, total return woul d be reduced.\n \nThe Semper MBS Total Return Fund is distributed by Quasa r Distributors\, LLC. Quasar is affiliated with U.S. Bank N.A. and U.S. B ancorp Fund Services\, LLC.\n \nThe Securities and Exchange Commission (SE C) does not approve or disapprove any securities referred to herein. (www. sec.gov )\n \n DTEND;TZID="Eastern Standard Time":20180329T120000 DTSTAMP:20180202T182953Z DTSTART;TZID="Eastern Standard Time":20180329T113000 LAST-MODIFIED:20180202T182953Z LOCATION:Dial In: 877-642-4202. Conference ID: 8149098 PRIORITY:5 SEQUENCE:0 SUMMARY;LANGUAGE=en-us:Semper MBS Total Return Fund Quarterly Conference Ca ll TRANSP:OPAQUE UID:040000008200E00074C5B7101A82E00800000000D0EFCFE8299CD301000000000000000 01000000041096AAD6900F54684E32E67F12E7E8E X-ALT-DESC;FMTTYPE=text/html:\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n

Semper Capital M anagement\, investment adviser for the

Semper MBS Total Return Fund\,

invites you to join us for our quarterly Fund strategy and

mortgage m arket update.

 \;

 \;

Thu rsday\, March 29\, 2018 at 11:30 am ET / 8:30 am PT

Dial 877-642-4202

Conference ID: 8149098

 \;

A question &\; answer session will f ollow a 30 minute presentation< /p>

Replays will be available

 \;

 \ ;

About Semper Capital Management:

 \;

Semper Capital is an independent investment management f irm specializing in mortgage- and asset-backed securities\, asset-based le nding\, and other structured credit investments. \; Semper Capital offers institutional and high net worth investors access to multiple securitized debt-centric investment platform s\, ranging from private absolute return and index-based strategies to reg istered mutual funds and custom managed accounts. Semper is Minority Busin ess Enterprise (MBE) certified\, recognized as minority/veteran business o wned and has been an SEC-registered investment advisor since 1992. For mor e information\, visit www.sempercap.com.

 \;

Abo ut Semper MBS Total Return Fund:

 \;

The Fund seeks to provide a high level of risk-adjusted current income and capital appreciation through inv esting in mortgage-backed securities.  \;For more information\, visit www.semperfunds.com.

 \;

The Fund’\;s performance as of 12/31/17 is as follows:

 \;

Fund Performance Net of Expenses –\ ; Institutional Shares:

< td width=491 valign=top style='width:368.1pt\;padding:0in 5.4pt 0in 5.4pt\ ;height:13.35pt'>

Year-to-Date (1/1/2017 –\; 12/31/2017)

 \;

Fund Performance Net of Expenses –\; Investor Shares:< /o:p>

Fo r the one month period ending 12/31/2017

 \; 0.21%

 \; 6.19%< /p>

Twelv e Months through Quarter End (1/1/2017 –\; 12/31/2017)

 \; 6.19%

Since Inception (7/22/2013) through 12/31/2017

 \; 7.15%

Since Inception (7/22/2013) through Prior Quarter End (12/31/2017)

 \; 7.15%

< /tr>

For the one month period ending 12/31/2017

< span style='mso-spacerun:yes'> \; 0.17%

< p class=MsoNoSpacing style='line-height:115%'>Year-to-Da te (1/1/2017 –\; 12/31/2017)

 \; 5.91%

Twelve Months through Quarter End (1/1/2017 –\; 12/31/2017)

 \; 5.91%

Since Inception (7/22/2013) through 12/31/2017

 \; 6.88%< /span>

Since Inception (7/22/2013) through Prior Quarter End 12/31/2017)

 \; 6.88%

 \;

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

< td width=491 valign=bottom style='width:368.1pt\;padding:0in 5.4pt 0in 5.4 pt\;height:13.35pt'>

Twelve Months through Quarter End (1/1/2017 –\; 12/31/2017 )

For the one mon th period ending 12/31/2017

-1.85 %

Year-to-Date (1/1/2017 –\; 12/31/2017)

 \; 3.76%

 \ ; 3.76%

Since Inception (7/22/2013) through 12/31/2017

 \; 3.47%

Since Inception (7/22/201 3) through Prior Quarter End (12/31/2017)

 \; 3.47%

 \;

< span style='font-size:10.0pt\;font-family:"Source Sans Pro"\,sans-serif'>G ross Expense Ratio: Institutional 0.69%\, Investor 0.94% &\; Class A 0. 94%.

 \;

Performance data quoted represents past performance\; past performance does not guaran tee future results. \; Performance data shown for the Class A Share re flects the maximum sales charge of 2.00%.&n bsp\; The investment return and principal value of an investment wi ll 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 perform ance quoted. \; Performance data current to the most recent month end may be obtained by calling 855-736-7799. \; Short term performance\, in particular\, is not a good indication of the Fu nd’\;s future performance\, and an investment should not be made base d solely on returns. \; Returns over one year are annualized.

 \;

This material must be preceded or accompanied by a prospectus.

 \;

Please refer to the prospectus for managem ent fee\, expense\, and load information.

&nbs p\;

Mutual Fund investing involves risk. \; Principal loss is poss ible. \; Investments in debt securities typically decrease in value wh en interest rates rise. \; This risk is usually greater for longer-ter m debt securities. \; Investments in lower-rated and non-rated securit ies present a greater risk of loss to principal and interest than higher-r ated securities. \; The Fund may make short sales of securities\, whic h involves the risk that losses to those securities may exceed the origina l amount invested by the Fund. \; Investments in Mortgage-Backed Secur ities include additional risks that investors should be aware of such as c redit risk\, interest rate risk\, prepayment risk\, real estate market ris k\, possible illiquidity and default\, as well as increased susceptibility to adverse economic developments. \; The Fund may invest in securitie s that are less liquid which can be difficult to sell. The Fund may use ce rtain types of investment derivatives such as futures\, forwards\, and swa ps. \; Derivatives involve risks different from\, and in certain cases \, greater than the risks presented by more traditional investments. \ ; The Fund may use leverage which may exaggerate the effect of any increas e or decrease in the value of portfolio securities. \; The Fund may in vest in TBA securities which involve interest rate and investment exposure risks. \; The Fund may invest in When-Issued securities which may inv olve less favorable prices for securities\, when delivered\, and failure t o deliver securities could cause a loss to the Fund. \;

 \;

Investment performance reflects fee waivers in effect.& nbsp\; 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 F und Services\, LLC.

 \;

The Securities and Exchange Commission (SEC) does n ot approve or disapprove any securities referred to herein. (www.sec.gov)

 \;

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