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:20190123T150158Z DESCRIPTION:Semper Capital Management\, investment adviser for the\nSemper MBS Total Return Fund\,\ninvites you to join us for our quarterly Fund str ategy and \nmortgage market update.\n \n \nMonday\, January 28\, 2019 at 4 :00 pm ET / 1:00 pm PT\nDial 877-642-4202\nConference ID: 1070808\n \nA qu estion & answer session will follow a 30 minute presentation\nReplays will be available\n \n \nAbout Semper Capital Management: \n \nSemper Capital is an independent investment management firm specializing in mortgage- and asset-backed securities\, asset-based lending\, and other structured cred it investments. Semper Capital offers institutional and high net worth in vestors access to multiple securitized debt-centric investment platforms\, ranging from private absolute return and index-based strategies to regist ered mutual funds and custom managed accounts. Semper is Minority Business Enterprise (MBE) certified\, recognized as minority/veteran business owne d and has been an SEC-registered investment advisor since 1992. For more i nformation\, visit www.sempercap.com .\n \nAbou t Semper MBS Total Return Fund:\n \nThe Fund seeks to provide a high level of risk-adjusted current income and capital appreciation through investin g in mortgage-backed securities. For more information\, visit www.semperf unds.com .\n \nThe Fund’s performance as of 12/31/18 is as follows:\n \nFund Performance Net of Expenses – Institut ional Shares:\nFor the one month period ending 12/31/2018\n-0.09%\nYear-to -Date (1/1/2018 – 12/31/2018)\n 3.89%\nTwelve Months through Quarter En d (1/1/2018 – 12/31/2018)\n 3.89%\nFive Year through Quarter End (1/1/2 014 – 12/31/2018)\n 5.37%\nSince Inception (7/22/2013) through 12/31/20 18\n 6.54%\nSince Inception (7/22/2013) through Prior Quarter End (12/31/ 2018)\n 6.54%\n \nFund Performance Net of Expenses – Investor Shares:\n For the one month period ending 12/31/2018\n-0.02%\nYear-to-Date (1/1/2018 – 12/31/2018)\n 3.72%\nTwelve Months through Quarter End (1/1/2018 – 12/31/2018)\n 3.72%\nFive Year through Quarter End (1/1/2014 – 12/31/2 018)\n 5.12%\nSince Inception (7/22/2013) through 12/31/2018\n 6.29%\nSi nce Inception (7/22/2013) through Prior Quarter End 12/31/2018)\n 6.29%\n \nFund Performance Net of Expenses – Class A Shares at MOP:\nFor the on e month period ending 12/31/2018\n-1.98%\nYear-to-Date (1/1/2018 – 12/31 /2018)\n 1.62%\nTwelve Months through Quarter End (1/1/2018 – 12/31/201 8)\n 1.62%\nFive Year through Quarter End (1/1/2014 – 12/31/2018)\n N/ A\nSince Inception (12/18/2015) through 12/31/2018\n 3.56%\nSince Incepti on (12/18/2015) through Prior Quarter End (12/31/2018)\n 3.56%\n \nGross Expense Ratio: Institutional 0.85%\, Investor 1.09% & Class A 1.09%.\n \nP erformance data quoted represents past performance\; past performance does not guarantee future results. Performance data shown for the Class A Sha re reflects the maximum sales charge of 2.00%. The investment return and principal value of an investment will fluctuate so that an investor’s sh ares\, when redeemed\, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performa nce 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 Fund’s future performance\, and an inv estment should not be made based solely on returns. Returns over one year are annualized.\n \nThis material must be preceded or accompanied by a pr ospectus.\n \nPlease refer to the prospectus for management fee\, expense\ , and load information. \n \nMutual Fund investing involves risk. Princip al loss is possible. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer- term debt securities. Investments in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher-rate d securities. The Fund may make short sales of securities\, which involve s the risk that losses to those securities may exceed the original amount invested by the Fund. Investments in Mortgage-Backed Securities include a dditional risks that investors should be aware of such as credit risk\, in terest rate risk\, prepayment risk\, real estate market risk\, possible il liquidity and default\, as well as increased susceptibility to adverse eco nomic developments. The Fund may invest in securities that are less liqui d which can be difficult to sell. The Fund may use certain types of invest ment derivatives such as futures\, forwards\, and swaps. Derivatives invo lve risks different from\, and in certain cases\, greater than the risks p resented by more traditional investments. The Fund may use leverage which may exaggerate the effect of any increase or decrease in the value of por tfolio securities. The Fund may invest in TBA securities which involve in terest rate and investment exposure risks. The Fund may invest in When-Is sued securities which may involve less favorable prices for securities\, w hen delivered\, and failure to deliver securities could cause a loss to th e Fund. \n \nInvestment performance reflects fee waivers in effect. In t he absence of such waivers\, total return would be reduced.\n \nThe Semper MBS Total Return Fund is distributed by Quasar Distributors\, LLC. Quasa r is affiliated with U.S. Bank N.A. and U.S. Bancorp Fund Services\, LLC.\ n \nThe Securities and Exchange Commission (SEC) does not approve or disap prove any securities referred to herein. (www.sec.gov )\n \n \n DTEND;TZID="Eastern Standard Time":20190128T163000 DTSTAMP:20190123T150159Z DTSTART;TZID="Eastern Standard Time":20190128T160000 LAST-MODIFIED:20190123T150158Z LOCATION:Participant Toll-Free Dial-In Number: (877) 642-4202 Conferenc e ID 1070808 PRIORITY:5 SEQUENCE:0 SUMMARY;LANGUAGE=en-us:Semper MBS Total Return Fund Quarterly Conference Ca ll TRANSP:OPAQUE UID:040000008200E00074C5B7101A82E00800000000704BE7AD02B3D401000000000000000 0100000002F3E91CEB10AD14190495E60786AC7AE X-ALT-DESC;FMTTYPE=text/html:

Semper Capital Management\, investment advi ser for the

Semper MBS Total Return Fund\,

invites you to join us for our quarterly Fund strat egy and

mortgage market update.

 \;

 \;

Monday\, January 28\, 2019 at 4 :00 pm ET / 1:00 pm PT

Dial 877-6 42-4202

Conference ID: 1070808

 \ ;

A question &\; answer session will follow a < span style='font-size:14.0pt\;font-family:"Source Sans Pro"\,sans-serif'>3 0 minute pre sentation

Replays wil l be available

 \;

 \;

Ab out Semper Capital Management: < /p>

< o:p> \;

Semper Capital is an independent investment management firm sp ecializing in mortgage- and asset-backed securities\, asset-based lending\ , and other structured credit investments.& nbsp\; Semper Capital offers institutional and high net worth inves tors access to multiple securitized debt-centric investment platforms\, ra nging from private absolute return and index-based strategies to registere d mutual funds and custom managed accounts. Semper is Minority Business En terprise (MBE) certified\, recognized as minority/veteran business owned a nd has been an SEC-registered investment advisor since 1992. For more info rmation\, visit www. sempercap.com.

 \;

About Semper MBS Total Return Fund:

 \;

The Fund seeks to provide a high level of risk-adjusted current income and capital appreciation thr ough investing in mortgage-backed securities.  \;For more information\ , visit www.semper funds.com.

 \;

The Fund’\;s performance as of 12/31/18 is as follows:

 \;

Fund Performance Net of Expenses –\; Institutional Shares:

< /span>

For th e one month period ending 12/31/2018

-0.09%

< /td>

Year-to-Date (1/1/2018 –\; 12/31/2018)

 \; 3.89%

Twelve Months through Quarter End (1/1/2 018 –\; 12/31/2018)

 \; 3.89%

Five Year through Quarter End (1/1/2014 –\; 12/3 1/2018)

 \; 5.37%

Since Inception (7/22/2013) through 12/31/2018

 \; < /span>6.54%

Since Inception (7/22/2013) through Prior Quarter End (12/31/2018)

 \; 6.54%

 \;

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

F or the one month period ending 12/31/2018

-0.02%

Year-to-Date (1/1/2018 –\; 12/31/2018)

 \; 3.72%

< span style='mso-bookmark:_Hlk521657524'>Twelve Months th rough Quarter End (1/1/2018 –\; 12/31/2018)< /p>

 \; 3.72%

Five Year through Quarter End (1/1/2014 –\; 12/31/2018)

 \; 5.12%

Since Inception (7/22/2013) through 12/31/2018

< span style='mso-bookmark:_Hlk521657524'> \; 6.29%

Since Inception (7/22/2013) through Prior Quarter End 1 2/31/2018)

 \; 6.29%

 \;< /span>

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

< span style='mso-bookmark:_Hlk521657524'>

For the one month per iod ending 12/31/2018

-1.98%

Year-to-Date (1/1/2018 ̵ 1\; 12/31/2018)

< span style='mso-spacerun:yes'> \; 1.62%

Twelve Months through Quarter End (1/1/2018 –\; 12/31/201 8)

 \; 1.62%

F ive Year through Quarter End (1/1/2014 –\; 12/31/2018)

 \; N/A

Since Inception (12/ 18/2015) through 12/31/2018

 \; 3.56%< /span>

Since Inception (12/18/2015) through Prior Quarter End (12/31/2018)

 \; 3.56%

 \;

< p class=MsoPlainText style='text-align:justify'>Gross Expense Ratio: Institutional 0.85%\, Investor 1.09% & amp\; Class A 1.09%.

 \;

Performance data quoted represents past performa nce\; past performance does not guarantee future results. \; Performan ce data shown for the Class A Share reflects the maximum sales charge of 2 .00%. \; The investment return a nd principal value of an investment will fluctuate so that an investorR 17\;s shares\, when redeemed\, may be worth more or less than their original cost. \; Current pe rformance of the Fund may be lower or higher than the performance quoted.& nbsp\; Performance data current to the most recent month end may be obtain ed by calling 855-736-7799. \; Short term performance\, in particular\, is not a good indication of the Fund’\;s f uture performance\, and an investment should not be made based solely on r eturns. \; Ret urns over one year are annualized.

< span style='font-size:10.0pt\;font-family:"Source Sans Pro"\,sans-serif\;m so-bidi-font-family:Arial'> \;

This material must be preceded or accompanied by a prospectus.

 \;

Please refer to the prospectus for manage ment fee\, expense\, and load information.

< span style='mso-bookmark:_Hlk521657524'> \;

Mutual Fund investing involves risk. \; Principal loss is possible. \; Investments in debt securities typical ly decrease in value when interest rates rise. \; This risk is usually greater for longer-term debt securities. \; Investments in lower-rate d and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. \; The Fund may make short sal es of securities\, which involves the risk that losses to those securities may exceed the original amount invested by the Fund. \; Investments i n Mortgage-Backed Securities include additional risks that investors shoul d be aware of such as credit risk\, interest rate risk\, prepayment risk\, real estate market risk\, possible illiquidity and default\, as well as i ncreased susceptibility to adverse economic developments. \; The Fund may invest in securities that are less liquid which can be difficult to se ll. The Fund may use certain types of investment derivatives such as futur es\, forwards\, and swaps. \; Derivatives involve risks different from \, and in certain cases\, greater than the risks presented by more traditi onal investments. \; The Fund may use leverage which may exaggerate th e 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. \; The Fund may invest in When-Issued s ecurities which may involve less favorable prices for securities\, when de livered\, and failure to deliver securities could cause a loss to the Fund . \;

 \;

Investment performance reflects fee waivers in effect. \; In the absence of such waivers\, total return wo uld be reduced.

 \;

The Semper MBS Total Return Fund is distributed by Quas ar Distributors\, LLC. \; Quasar is affiliated with U.S. Bank N.A. and U.S. Bancorp Fund Services\, LLC.

 \;

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

 \;

 \;

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