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Performance

QUARTERLY  
as of March 31, 2017 Quarter YTD 1 Year 3 Years 5 Years Since Inception*
Investor Class 0.86% 0.86% 3.00% 1.80% 1.66% 2.21%
Bloomberg Barclays 1-3 Year Government Index 0.28% 0.28% 0.25% 0.74% 0.65% 0.80%

Gross Expense Ratio: 1.22%    Net Expense Ratio: 0.86%**

QUARTERLY  
as of March 31, 2017 Quarter YTD 1 Year 3 Years 5 Years Since Inception*
Institutional Class 0.92% 0.92% 3.26% 2.06% 1.92% 2.48%
Bloomberg Barclays 1-3 Year Government Index 0.28% 0.28% 0.25% 0.74% 0.65% 0.80%

Gross Expense Ratio: 0.99%    Net Expense Ratio: 0.61%**

Performance data quoted represents past performance; past performance does not guarantee future results. 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 or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 855-736-7799

Periods longer than 1 year are annualized.

* Inception of the Fund is 12/23/10.

** Semper Capital Management, L.P. (the "Adviser") has contractually agreed to waive a portion or all of its management fees and pay Fund expenses to ensure that Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement (excluding AFFE, taxes, interest expense, dividends on securities sold short and extraordinary expenses) do not exceed 0.60% of average daily net assets for Institutional Class shares and 0.85% of average daily net assets for Investor Class shares (the "Expense Caps"). The Expense Caps will remain in effect through at least March 29, 2018 and may be terminated only by the Trust's Board of Trustees (the "Board"). The Adviser may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date they were paid, subject to the Expense Caps.

** Semper Capital Management, L.P. (the "Adviser") has contractually agreed to waive a portion or all of its management fees and pay Fund expenses to ensure that Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement (excluding AFFE, taxes, interest expense, dividends on securities sold short and extraordinary expenses) do not exceed 0.60% of average daily net assets for Institutional Class shares and 0.85% of average daily net assets for Investor Class shares (the "Expense Caps"). The Expense Caps will remain in effect through at least March 29, 2018 and may be terminated only by the Trust's Board of Trustees (the "Board"). The Adviser may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date they were paid, subject to the Expense Caps.

The Bloomberg Barclays Capital 1-3 Year Government Index includes Treasury and Agency securities issued by the U.S. Government with a maturity from 1 up to (but not including) 3 years. This unmanaged Index contains only dollar-denominated, investment grade issues with at least $250 million par outstanding. One cannot invest directly in an index.

2017 Monthly Returns Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
Investor Class 0.20% 0.27% 0.39% 0.19% - - - - - - - - 1.05%
2016 Monthly Returns Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
Investor Class 0.00% -0.19% 0.20% 0.55% -0.03% -0.01% 0.10% 0.51% 0.37% 0.18% 0.18% 0.25% 2.13%
2015 Monthly Returns Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
Investor Class -0.24%  0.46% -0.40%  0.26%  0.28%  -0.08%  0.06% 0.09%  0.19% 0.01%  0.11% -0.10% 0.65%
2014 Monthly Returns Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
Investor Class 0.39% 0.30% 0.03% 0.36% 0.38% 0.22% 0.09% -0.10% -0.01% 0.26% 0.08% 0.48% 2.51%
2013 Monthly Returns Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
Investor Class 0.03% 0.08% 0.09% 0.43% -0.66% -0.86% -0.11% 0.34% 0.55% 0.35% -0.04% -0.15% 0.00%
2012 Monthly Returns Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
Investor Class 0.63% 0.22% 0.50% 0.61% 0.18% 0.18% 0.41% 0.10% 0.18% 0.39% 0.09% 0.02% 3.56%
2011 Monthly Returns Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
Investor Class 1.11% 0.01% 0.12% 0.53% 0.52% 0.12% 0.41% 0.40% 0.11% 0.14% 0.05% 0.28% 3.85%
2017 Monthly Returns Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
Institutional Class 0.22% 0.29% 0.41% 0.11% - - - - - - - - 1.03%
2016 Monthly Returns Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
Institutional Class 0.02% -0.17% 0.22% 0.57% 0.00% 0.01% 0.22% 0.44% 0.39% 0.20% 0.20% 0.27% 2.39%
2015 Monthly Returns Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
Institutional Class -0.12%  0.38% -0.28%  0.28%  0.30% -0.06%  -0.01%  0.11% 0.21% 0.03%  0.14% -0.08% 0.90%
2014 Monthly Returns Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
Institutional Class 0.41% 0.32% 0.05% 0.38% 0.40% 0.25% 0.11% 0.02% -0.09% 0.28% 0.10% 0.50% 2.77%
2013 Monthly Returns Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
Institutional Class 0.14% 0.10% 0.01% 0.43% -0.54% -0.83% -0.18% 0.36% 0.66% 0.27% -0.02% -0.16% 0.23%
2012 Monthly Returns Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
Institutional Class 0.65% 0.24% 0.52% 0.63% 0.20% 0.20% 0.33% 0.22% 0.20% 0.32% 0.21% 0.04% 3.82%
2011 Monthly Returns Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
Institutional Class 1.12% 0.03% 0.24% 0.45% 0.64% 0.04% 0.43% 0.52% 0.13% 0.16% 0.07% 0.30% 4.20%

 

GROWTH OF 10K (12/23/2010 – 4/30/2017)

This chart illustrates the Institutional Class Shares performance of a hypothetical $10,000 investment made in the Fund on 12/23/2010. Assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge or redemption fees. This chart does not imply any future performance.