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:20180427T173706Z DESCRIPTION:Semper Capital Management\, investment adviser for the \nSemper Short Duration Fund\ninvites you to join us for our Fund strategy and \nm arket update.\n \n \nThursday\, May 10\, 2018 at 11:30 am ET / 8:30 am PT\ nDial 877-642-4202\nConference ID: 9558206\n \nA question & answer session will follow a 30 minute presentation\nReplays will be available\n \n \n \ nAbout Semper Capital Management: \n \nSemper Capital is an independent in vestment management firm specializing in mortgage- and asset-backed securi ties\, asset-based lending\, and other structured credit investments. Sem per Capital offers institutional and high net worth investors access to mu ltiple securitized debt-centric investment platforms\, ranging from privat e absolute return and index-based strategies to registered mutual funds an d custom managed accounts. Semper is Minority Business Enterprise (MBE) ce rtified\, recognized as minority/veteran business owned and has been an SE C-registered investment advisor since 1992. For more information\, visit w ww.sempercap.com .\n \nAbout Semper Short Durat ion Fund:\n \nThe Fund was launched December 2010 with the primary objecti ve of providing a high level of current income consistent with the preserv ation of capital. For more information\, visit www.semperfunds.com .\n \nFund Performance Net of Expenses – Institut ional Shares:\nFor the one month period ending 3/31/2018\n\n0.22%\nYear-to -Date (1/1/2018 – 3/31/2018)\n 0.49%\nTwelve Months through Quarter End (4/1/2017 – 3/31/2018)\n 2.59%\nFive Year through Quarter End (4/1/2013 – 3/31/2018)\n1.91%\nSince Inception (12/23/2010) through 3/31 /2018\n2.49%\nSince Inception (12/23/2010) through 3/31/2018\n2.49%\n \nFu nd Performance Net of Expenses – Investor Shares:\nFor the one month per iod ending 3/31/2018\n\n0.10%\nYear-to-Date (1/1/2018 – 3/31/2018)\n0.43 %\nTwelve Months through Quarter End (4/1/2017 – 3/31/2018)\n2.31%\nFive Year through Quarter End (4/1/2013 – 3/31/2018) \n1.65%\nSince Inceptio n (12/23/2010) through 3/31/2018\n2.22%\nSince Inception (12/23/2010) thro ugh 3/31/2018\n2.22%\n \n \nGross Expense Ratio: Institutional 0.97%\, Inv estor 1.20%\; Net Annual Fund Operating Expense: Institutional 0.61%\, In vestor 0.86%\; the adviser has contractually agreed to reduce and/or reim burse fees and expenses to limit total operating expenses\, excluding acqu ired fund fees and expenses\, interest\, taxes\, interest and dividends on securities sold short and extraordinary expenses\, to 0.60% and 0.85%\, respectively\, at least through March 29\, 2018. The net expense is what the investor would pay.\n \nFund performance is net of all expenses. Perfo rmance data quoted represents past performance and is no guarantee of futu re results. Current performance may be lower or higher than the performanc e data quoted. Investment return and principal value will fluctuate so tha t an investor's shares\, when redeemed\, may be worth more or less than or iginal cost. For the most recent month-end performance\, please call 1-85 5-736-7799. Returns over one year are annualized.\n \nThis material must b e preceded or accompanied by a prospectus.\n \nPlease refer to the prospec tus for management fee\, expense\, and load information. \n \nInvestments are subject to risk\, including the possible loss of principal. As interes t rates rise\, the value of debt securities decrease\; whereas prepayment risk tends to occur during periods of declining interest rates. Recent tur bulence in the financial markets and reduced liquidity in credit and fixed -income market may have an adverse effect on the Fund. Mortgage-backed sec urities are subject to prepayment risk\, when the Fund may have to reinves t this money at lower prevailing interest rates\, as well as extension ris k. The value of mortgage-backed securities and asset-backed securities can be very volatile in response to changes in interest rates. Many of the ri sks of investing in commercial mortgage- backed securities reflect the ris ks of investing in the real estate securing the underlying mortgage loans. Accordingly\, the Fund may not be suitable for all investors. This materi al must be accompanied or preceded by a current Fund prospectus. The prosp ectus includes information regarding the Fund’s risks\, objectives\, fee s and expenses\, experience of its management and other information.\n \nT he Morningstar Rating™ for funds\, or "star rating"\, is calculated for managed products (including mutual funds\, variable annuity and variable l ife subaccounts\, exchange-traded funds\, closed-end funds\, and separate accounts) with at least a three-year history\, without adjustment for sale s loads. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk- Adjusted Return measure that accounts for variation in a managed product's monthly excess performance\, placing more emphasis on d ownward variations and rewarding consistent performance. The top 10% of pr oducts in each product category receive 5 stars\, the next 22.5% receive 4 stars\, the next 35% receive 3 stars\, the next 22.5%receive 2 stars\, an d the bottom 10% receive 1 star. The Overall Morningstar Rating™ for a m anaged product is derived from a weighted average of the performance figur es associated with its three-\, five-\, and 10- year (if applicable) Morni ngstar Rating™ metrics. The weights are: 100% three-year rating for 36-5 9 months of total returns\, 60% five-year rating/40% three-year rating for 60-119 months of total returns\, and 50% 10- year rating/30% five-year ra ting/20% three-year rating for 120 or more months of total returns. While the 10- year overall star rating formula seems to give the most weight to the 10-year period\, the most recent three-year period actually has the gr eatest impact because it is included in all three rating periods.\n \n© 2 018 Morningstar\, Inc. All Rights Reserved. The information contained here in: (1) is proprietary to Morningstar\; (2) may not be copied or distribut ed\; and (3) is not warranted to be accurate\, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no gu arantee of future results.\n \nThe Semper Short Duration Fund is distribut ed by Quasar Distributors\, LLC. Quasar is affiliated with U.S. Bank N.A. and U.S. Bancorp Fund Services\, LLC.\n \nThe Securities and Exchange Com mission (SEC) does not approve or disapprove any securities referred to he rein. (www.sec.gov )\n \nFor Institutional Use Only\, Not for Retail Distribution\n \n \n DTEND;TZID="Eastern Standard Time":20180510T123000 DTSTAMP:20180427T173706Z DTSTART;TZID="Eastern Standard Time":20180510T113000 LAST-MODIFIED:20180427T173706Z LOCATION:Dial In: 877-642-4202. Conference ID: 9558206 PRIORITY:5 SEQUENCE:0 SUMMARY;LANGUAGE=en-us:Semper Short Duration Fund Quarterly Conference Call TRANSP:OPAQUE UID:040000008200E00074C5B7101A82E00800000000B09DA6D52CDED301000000000000000 010000000E9578680FA63804292A2E4C29F6A860C 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 Manage ment\, investment adviser for the

Semper Short Duration Fund

invites you to join us for our F und strategy and

market update.

 \;

 \;

Thursday\, May 10\, 2018 at 11: 30 am ET / 8:30 am PT

Dial 877-64 2-4202

Conference ID: 9558206

 \;

A question &\; answer session will follow a 30 minute presentati on

Replays will be available

 \;

 \;

 \;

About Sempe r Capital Management:

 \;

Semper Capital is an independent investment management firm special izing 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 investment platforms\, ranging from private absolute return and index-based strategies to registered mut ual funds and custom managed accounts. Semper is Minority Business Enterpr ise (MBE) certified\, recognized as minority/veteran business owned and ha s been an SEC-registered investment advisor since 1992. For more informati on\, visit www.sempercap.com.

 \;

About Semper S hort Duration Fund:< /span>

 \;

The Fund w as launched December 2010 with the primary objective of providing a high l evel of current income consistent with the preservation of capital.  \ ;For more information\, visit www.semperfunds.com.

 \;

Fund Performance Net of Expenses –\; Institutional S hares:


0.22%

 \;

Fund Performance Net of Expenses –\; Investor Shares:

For the one month period ending 3/31/2018

Year-to-Date (1/1/2018 –\; 3/31/2018)

< /td>

 \; \;  \; \; \;0.49%

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

 \; \; \;  \; \; 2.59%

Five Year through Quarter End (4/1/2013 –\; 3/31/2018)

1.91%

Since Inception (12/2 3/2010) through 3/31/2018

2.49%

Since Inception (12/23/2010) through 3/31/ 2018

2.49%

For the one month period ending 3/31/2018


0.10%

Year-to-D ate (1/1/2018 –\; 3/31/2018)

0.43%

Twelve M onths through Quarter End (4/1/2017 –\; 3/31/2018)< /p>

2.31 %

Five Year through Quarter End (4/1/2013 –\; 3/31/2018)

1.65%

Since Inception (12/23/2010) through 3/31 /2018

2.22%

Since Inception (12/23/2010) through 3/31/2018

2.22%

&nbs p\;

 \;

Gross Expense Ratio: Institutional 0.97 %\, Investor 1.20%\; Net Annual Fund Operating Expense: Institutional \; 0.61%\, Investor \; 0.86%\; the adviser has contractually agreed to reduce and/or reimburs e fees and expenses to limit total operating expenses\, excluding a cquired fund fees and expenses\, interest\, taxes\, interest and dividends on securities sold short and extraordinary expenses\,  \;to 0.60% and 0.85%\, r espectively\, at least through March 29\, 2018. \; The net expense is what the investor would pay.

 \;

Fu nd performance is net of all expenses. Performance data quoted represents past performance and is no guarantee of future results. Current performanc e may be lower or higher than the performance data quoted. Investment retu rn and principal value will fluctuate so that an investor's shares\, when redeemed\, may be worth more or less than origina l cost. \; For the most recent m onth-end performance\, please call 1-855-736-7799. Returns over one year are annualized.

< o:p> \;

This material must be preceded or accompanied by a prospectus.

 \;

Please refer to the prospectus for mana gement fee\, expense\, and load information.

& nbsp\;

Investments are subject to risk\, inc luding the possible loss of principal. As interest rates rise\, the value of debt securities decrease\; whereas prepayment risk tends to occur durin g periods of declining interest rates. Recent turbulence in the financial markets and reduced liquidity in credit and fixed-income market may have a n adverse effect on the Fund. Mortgage-backed securities are subject to pr epayment risk\, when the Fund may have to reinvest this money at lower pre vailing interest rates\, as well as extension risk. The value of mortgage- backed securities and asset-backed securities can be very volatile in resp onse to changes in interest rates. Many of the risks of investing in comme rcial mortgage- backed securities reflect the risks of investing in the re al estate securing the underlying mortgage loans. Accordingly\, the Fund m ay not be suitable for all investors. This material must be accompanied or preceded by a current Fund prospectus. The prospectus includes informatio n regarding the Fund’\;s risks\, objectives\, fees and expenses\, exp erience of its management and other information.

 \;

The Morningstar Ratin g™\; for funds\, or "\;star rating"\;\, is calculated for man aged products (including mutual funds\, variable annuity and variable life subaccounts\, exchange-traded funds\, closed-end funds\, and separate acc ounts) with at least a three-year history\, without adjustment for sales l oads. Exchange-traded funds and open-ended mutual funds are considered a s ingle population for comparative purposes. It is calculated based on a Mor ningstar Risk- Adjusted Return measure that accounts for variation in a ma naged product's monthly excess performance\, placing more emphasis on down ward variations and rewarding consistent performance. The top 10% of produ cts in each product category receive 5 stars\, the next 22.5% receive 4 st ars\, the next 35% receive 3 stars\, the next 22.5%receive 2 stars\, and t he bottom 10% receive 1 star. The Overall Morningstar Rating™\; for a managed product is derived from a weighted average of the performance fig ures associated with its three-\, five-\, and 10- year (if applicable) Mor ningstar Rating™\; metrics. The weights are: 100% three-year rating f or 36-59 months of total returns\, 60% five-year rating/40% three-year rat ing for 60-119 months of total returns\, and 50% 10- year rating/30% five- year rating/20% three-year rating for 120 or more months of total returns. While the 10- year overall star rating formula seems to give the most wei ght to the 10-year period\, the most recent three-year period actually has the greatest impact because it is included in al l three rating periods.

 \;

©\; 2018 Morningstar\, Inc. All Rights Reserve d. The information contained herein: (1) is proprietary to Morningstar\; ( 2) may not be copied or distributed\; and (3) is not warranted to be accur ate\, complete or timely. Neither Morningstar nor its content providers ar e responsible for any damages or losses arising from any use of this infor mation. Past performance is no guarantee of future results.

 \;

The Semper Short Duration Fund is distributed by Quasar Distributors\, LLC. \; Quasar is affiliated with U.S. Bank N .A. and U.S. Bancorp Fund Services\, LLC.

 \;

The Securities and Exchange C ommission (SEC) does not approve or disapprove any securities referred to herein. (www.sec.gov)< span style='font-size:10.0pt\;font-family:"Source Sans Pro"\,sans-serif\;m so-bidi-font-family:Arial'>

 \;

For Institutional Use Only\, Not for Retail Distribution

 \;

< span style='font-size:10.0pt\;font-family:"Source Sans Pro"\,sans-serif'>< o:p> \;

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