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:20180919T185317Z 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 \nMonday\, January 7\, 2019 at 11:30 am ET / 8:30 am PT \nDial 877-642-4202\nConference ID: 1677247\n \nA question & answer sessio n will follow a 30 minute presentation\nReplays will be available\n \n \nA bout Semper Capital Management: \n \nSemper Capital is an independent inve stment management firm specializing in mortgage- and asset-backed securiti es\, asset-based lending\, and other structured credit investments. Sempe r Capital offers institutional and high net worth investors access to mult iple securitized debt-centric investment platforms\, ranging from private absolute return and index-based strategies to registered mutual funds and custom managed accounts. Semper is Minority Business Enterprise (MBE) cert ified\, recognized as minority/veteran business owned and has been an SEC- registered investment advisor since 1992. For more information\, visit www.sempercap.com.\n \nAbout Semper Short Duratio n Fund:\n \nThe Fund was launched December 2010 with the primary objective of providing a high level of current income consistent with the preservat ion of capital. For more information\, visit www.semperfunds.com.\n \nFund Performance Net of Expenses – Institutio nal Shares:\n\nFor the one month period ending 8/31/2018\n\n0.25%\n\nYear- to-Date (1/1/2018 – 8/31/2018)\n 1.73%\n\nTwelve Months through Qua rter End (7/1/2017 – 6/30/2018)\n 2.49%\n\nFive Year through Quarte r End (7/1/2013 – 6/30/2018)\n2.25%\n\nSince Inception (12/23/2010) thro ugh 8/31/2018\n2.52%\n\nSince Inception (12/23/2010) through 6/30/2018\n2. 51%\n \nFund Performance Net of Expenses – Investor Shares:\n\nFor the o ne month period ending 8/31/2018\n\n0.33%\n\nYear-to-Date (1/1/2018 – 8/ 31/2018)\n1.67%\n\nTwelve Months through Quarter End (7/1/2017 – 6/30/20 18)\n2.31%\n\nFive Year through Quarter End (7/1/2013 – 6/30/2018) \n2.0 3%\n\nSince Inception (12/23/2010) through 8/31/2018\n2.26%\n\nSince Incep tion (12/23/2010) through 6/30/2018\n2.25%\n\n \n \nGross Expense Ratio: I nstitutional 0.97%\, Investor 1.20%\; Net Annual Fund Operating Expense: I nstitutional 0.61%\, Investor 0.86%\; the adviser has contractually agre ed to reduce and/or reimburse fees and expenses to limit total operating e xpenses\, excluding acquired fund fees and expenses\, interest\, taxes\, i nterest and dividends on securities sold short and extraordinary expenses\ , to 0.60% and 0.85%\, respectively\, at least through March 29\, 2019. The net expense is what the investor would pay.\n \nFund performance is ne t of all expenses. Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or hi gher than the performance data quoted. Investment return and principal val ue will fluctuate so that an investor's shares\, when redeemed\, may be wo rth more or less than original cost. For the most recent month-end perfor mance\, please call 1-855-736-7799. Returns over one year are annualized.\ n \nThis material must be preceded or accompanied by a prospectus.\n \nPle ase refer to the prospectus for management fee\, expense\, and load inform ation. \n \nInvestments are subject to risk\, including the possible loss of principal. As interest rates rise\, the value of debt securities decrea se\; whereas prepayment risk tends to occur during periods of declining in terest rates. Recent turbulence in the financial markets and reduced liqui dity in credit and fixed-income market may have an adverse effect on the F und. Mortgage-backed securities are subject to prepayment risk\, when the Fund may have to reinvest this money at lower prevailing interest rates\, as well as extension risk. The value of mortgage-backed securities and ass et-backed securities can be very volatile in response to changes in intere st rates. Many of the risks of investing in commercial mortgage- backed se curities reflect the risks of investing in the real estate securing the un derlying mortgage loans. Accordingly\, the Fund may not be suitable for al l investors. This material must be accompanied or preceded by a current Fu nd prospectus. The prospectus includes information regarding the Fund’s risks\, objectives\, fees and expenses\, experience of its management and other information.\n \nThe Semper Short Duration Fund is distributed by Qu asar Distributors\, LLC. Quasar 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 disapprove any securities referred to herein. ( www.sec.gov)\n \nFor Institutional Use Only\, Not for Retail Distribution\n \n DTEND;TZID="Eastern Standard Time":20190107T120000 DTSTAMP:20180919T180208Z DTSTART;TZID="Eastern Standard Time":20190107T113000 LAST-MODIFIED:20180919T185317Z LOCATION:Dial In: 877-642-4202. Conference ID: 1677247 PRIORITY:5 SEQUENCE:0 SUMMARY;LANGUAGE=en-us:Semper Short Duration Fund Quarterly Conference Call TRANSP:OPAQUE UID:040000008200E00074C5B7101A82E008000000002049455A2150D401000000000000000 01000000041477ABD01768E40A4CE8A508D29D1BB X-ALT-DESC;FMTTYPE=text/html:

Semper Capital Management\, investment adviser for the

Semper Short Duration Fund

i nvites you to join us for our Fund strategy and

market update.

&nbs p\;

 \;

Monday\, January 7\, 2019 at 11:30 am ET / 8:30 am PT

Dial 877-642-4202

Conference ID: 1677247

 \;

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

Replays will be available

 \;

& nbsp\;

About Semper Capital Management:

 \;

Semper Capital is an independ ent investment management firm specializing in mortgage- and asset-backed securities\, asset-based lending\, and other structured credit investments .  Semper Capital offers institutio nal and high net worth investors access to multiple securitized debt-centr ic investment platforms\, ranging from private absolute return and index-b ased strategies to registered mutual funds and custom managed accounts. Se mper is Minority Business Enterprise (MBE) certified\, recognized as minor ity/veteran business owned and has been an SEC-registered investment advis or since 1992. For more information\, visit www.sempercap.com .

 \;

About Semper Short Duration Fund:

 \;

The Fund was launched December 2010 with the primar y objective of providing a high level of current income consistent with th e preservation of capital.  \;For more information\, visit www.semperfunds.com.

 \;

Fund Performance Net of Exp enses – Institutional Shares:

For the one month period ending 8/31/2018< o:p>


0.25%

Year-to-Date (1/1/2018 – 8/31/2018)< o:p>

      1.73%

Twelve Months through Quarter End (7/1/2017 – 6/30/2018)

      2.49%

Five Year through Quarter End (7/1/2 013 – 6/30/2018)

2.25%

Since Inception (12/23/ 2010) through 8/31/2018

2.52%

Since Inception (12/23/2010) through 6/30/20 18

2.51%

 \;

Fund Performance Net of Expenses – Investor Shares:

< tr style='mso-yfti-irow:2'>

For the one month pe riod ending 8/31/2018


0.33%

Year-to-Date (1/ 1/2018 – 8/31/2018)

1.67%

Twelve Months throug h Quarter End (7/1/2017 – 6/30/2018)

2.31%

Fiv e Year through Quarter End (7/1/2013 – 6/30/2018)

2.03%

Since Inception (12/23/2010) through 8/31/2018

2. 26%

Since Inception (12/23/2010) through 6/30/2018< /span>

2.25%

 \;

&nbs p\;

Gross Expense Ratio: Institutional 0.97%\, Investor 1.20%\; N et Annual Fund Operating Expense: Institutional \; 0.61%\, Investor&nb sp\; 0.86%\; the adviser has contractually agree d to reduce and/or reimburse fees and expenses to limit total operating ex penses\, excluding acquired fund fees and expenses\, interest\, tax es\, interest and dividends on securities sold short and extraordinary exp enses\,   to 0.60% and 0.85%\, respectively\, at least through March 29\, 2019.  The net expense is what the investor w ould pay.

&n bsp\;

Fund performance is net of all expenses. Performance data q uoted represents past performance and is no guarantee of future results. C urrent performance may be lower or higher than the performance data quoted . Investment return and principal value will fluctuate so that an investor 's shares\, when redeemed\, may be worth more or less th an original cost.  For the m ost recent month-end performance\, please call 1-855-736-7799. Returns over one year are annualized .

 \;

This material must be preceded or accompanied by a prospe ctus.

 \;

Please refer to the prospec tus for management fee\, expense\, and load information.

 \;

Investments are subject t o risk\, including the possible loss of principal. As interest rates rise\ , the value of debt securities decrease\; whereas prepayment risk tends to occur during periods of declining interest rates. Recent turbulence in th e financial markets and reduced liquidity in credit and fixed-income marke t may have an adverse effect on the Fund. Mortgage-backed securities are s ubject to prepayment risk\, when the Fund may have to reinvest this money at lower prevailing interest rates\, as well as extension risk. The value of mortgage-backed securities and asset-backed securities can be very vola tile in response to changes in interest rates. Many of the risks of invest ing in commercial mortgage- backed securities reflect the risks of investi ng in the real estate securing the underlying mortgage loans. Accordingly\ , the Fund may not be suitable for all investors. This material must be ac companied or preceded by a current Fund prospectus. The prospectus include s information regarding the Fund’s risks\, objectives\, fees and expense s\, experience of its management and other information.< /b>

 \;

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

< o:p> \;

The Secur ities and Exchange Commission (SEC) does not approve or disapprove any sec urities referred to herein. (www.sec.gov)

 \;

< p class=MsoNormal style='text-align:justify\;mso-layout-grid-align:none\;t ext-autospace:none'>For Institutional Use Only\, Not for Retail Distributi on

 \;

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