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Highmore Managed Volatility Fund as of 11/01/2016

The Highmore Managed Volatility Fund HMVZX, HMVQX ABOUT THE ADVISOR: Highmore is an opportunistic alternative asset management firm delivering market investments across core investment styles. The Firm focuses exclusively on alternative investments creating innovative solutions that seek to help investors manage portfolio risk. Highmore is led by a seasoned team of professionals whose collective resume includes experience at firms such as: Oppenheimer & Company, Citibank, Bank of America/Merrill Lynch, Man Group, FrontPoint Partners, Hines Real Estate, W.P. Carey, and Griffin Capital. Over the past twenty years members of the team have managed funds and developed multiple alternative investment strategies, overseeing assets in excess of $35 Billion. Highmore, in affiliation with US Bancorp’s Series Portfolio Trust, is proud to offer the Highmore Managed Volatility Fund combining the investment skills and experience of its’ team of professionals with select global investment managers. THE HIGHMORE MANAGED VOLATILITY FUND: The Fund is designed to be a dynamic component of an investor’s overall investment allocation aiming to address low current fixed income yields and the possibility of future equity market volatility. The Fund seeks to maximize positive returns during market downturns and attempts to maintain a low correlation to U.S. and World equity markets. The Fund also aims to provide stability and positive returns through varied economic cycles. With the ability to invest in equity securities, debt securities and derivative instruments, the Fund provides exposure to several sub-strategies often referred to as “alternative” investment strategies. Highmore’s portfolio management team employs these strategies by allocating fund assets primarily among a select group of experienced sub-advisors. INCREASING EQUITY VALUATIONS COMBINED WITH DECREASING FIXED INCOME YIELDS:

FUND FACTS:

as of 11/01/2016

Inception.................................11/01/2016 Morningstar Category.........Multi-Alternative MULTI-ALTERNATIVE FUNDS:

"Funds in this category have a majority of their assets exposed to alternative strategies and include both funds with static allocations to alternative strategies and funds tactically allocating among alternative strategies and asset classes.” (Morningstar) SHARE CLASS

SOURCE: BLOOMBERG . AS OF OCT 14TH 2016

Past performance is not a guarantee of future results. Index performance is not illustrative of Fund performance. One cannot invest directly in an index. The fund is new and has no performance. Please call 844-HMRFUND for Fund performance, when available.

TRADITIONAL ASSET ALLOCATION COMPARED TO A RISK OPTIMIZED ALLOCATION INCORPORATING 20% MULTI-ALTERNATIVE FUNDS:

INSTITUTIONAL

ADVISOR

Ticker Symbol

HMVZX

HMVQX

Account Minimum

$25,000

$1,000

Cusip

81752T601

81752T700

Managment Fee

1.80%

1.80%

12b-1 Fees

NONE

0.25%

Gross Expense Ratio

2.69%

2.94%

Net Expense Ratio

2.25%

2.50%

Sales Load (Maximum)

0.00%

5.75%

Deferred Sales Charge

NONE

NONE

Number of Holdings

N/A

N/A

Portfolio Turnover

N/A

N/A

The Advisor has contractually agreed to waive certain fees through 11/01/2018.

INVESTMENT TEAM: Advisor............HIGHMORE GROUP ADVISORS, LLC PORTFOLIO MANAGERS: Dipak P. Jogia................................INCEPTION Brian M. Altenburg, Ph.D...............INCEPTION Joseph Julian, Ph.D........................INCEPTION

The managed volatility fund is designed as a component of a traditional fixed income allocation to help protect against downside moves in the market.

CONTACT US: Highmore.............................(415) 860-3673 Literature..............................844-HMRFUND

SOURCE: BLOOMBERG

Prepared 11/01/2016 PAGE 1 OF 2


Highmore Managed Volatility Fund as of 11/01/2016

THE POTENTIAL BENEFITS OF ADDING A VOLATILITY MANAGED STRATEGY TO A PORTFOLIO:

ABOUT THE PORTFOLIO MANAGERS: BRIAN M. ALTENBURG, PH.D

Managing Partner and Co-Founder at Highmore. Previous experience included his roles as Global Head of Alternative Investments at Oppenheimer & Co., Global Head of Citibank’s TPG Alternative Solutions and Global Head of alternative asset allocation, Head of Alternative Investment Solutions at Bank of America/ Merrill Lynch, and Senior Analyst at Man Investments (Man Group). Dr. Altenburg completed his D.Phil. from Oxford University, with a particular interest focused on the areas of organizational behavior and behavioral finance.

DIPAK P. JOGIA For the graph above, we use a 50/50 blend of S&P 500 Index and MSCI World Index to represent Equities Strategy. We used Barclays US Aggregate Bond Index for Fixed Income and HFRI Macro (Total) Index for the diversifier. Past performance is not a guarantee of future results. Index performance is not illustrative of Fund performance. One cannot invest directly in an index. This chart illustrates a hypothetical performance of a $1000 investment made on 01/01/1990 through April 30, 2016 and assumes reinvestment of dividends and capital gains. This is not representative of Fund performance as the fund is new and has no performance. Please call 844-HMRFUND for Fund performance, when available.

Managing Partner and Co-Founder at Highmore. Previous experience included his roles as Global Head of Alternative Investments Research at Oppenheimer & Co., and Partner at FrontPoint Partners, a multi-strategy hedge fund. Mr. Jogia received a B.A. in History, a postgraduate Diploma in Economics and an M.Sc. in Economic History from the London School of Economics and Political Science.

INDEX PERFORMANCE:

JOSEPH JULIAN, PH.D

SOURCE: BLOOMBERG

PERFORMANCE AS OF 09/30/16 YEAR(S)

1

S&P 500 INDEX

15.43%

11.36%

5.19%

MSCI WORLD INDEX

16.37%

11.63%

3.08%

THE BARCLAYS US AGGREGATE BOND INDEX

7.24%

4.47%

4.79%

HFRI MACRO (TOTAL) INDEX

1.51%

0.69%

3.36%

5

10

Principal at Highmore. Previous experience included his roles as Portfolio Manager at Oppenheimer & Co. specializing in alternative investments, Head of Absolute Return Strategies for Witenberg Investments where he provided manager selection and risk management, and Lead Market Strategist for Thomas White Asset Management. Dr. Julian attended UCLA and earned his Ph.D. degree from the University of California, San Diego in theoretical physics and sound wave technology.

An investor should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The statutory prospectus contains this and other information about the Fund. A copy of the prospectus is available by calling Shareholder Services at 844-HMRFUND or at 844-467-3863. The prospectus should be read carefully before investing. An investment in the Fund is subject to investment risks, including the possible loss of some or the entire principal amount invested. Investment in the Fund is also subject to several risks as described in the Fund’s prospectus. Key risks associated with the fund due to categorization as a “multi-Alternative fund include but are not limited to: Alternative Strategies Risk, Hedge Fund Risk, Derivative Risk, Swap Agreement Risk, Futures and Options Risk, Short Sales Risk, Leverage Risk, Model Risk, Sector Risk, Investment Sub-Advisor Risk and New Fund Risk. More information about these risks and other risks can be found in the Fund’s prospectus. Please read the description of each risk carefully as there can be no assurance that the Fund will be successful in meeting its investment objective. Absolute return strategies are not designed to outperform stocks and bonds during strong market rallies. Diversification cannot assure a profit nor protect against loss in a declining market. The Barclays US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar denominated, fixed-rate taxable bond market. The S&P 500 index is an American stock market index based on the market capitalizations of 500 large companies having common stock listed on the NYSE or NASDAQ. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. HFRI Macro (Total) Index: Investment Managers which trade a broad range of strategies in which the investment process is predicated on movements in underlying economic variables and the impact these have on equity, fixed income, hard currency and commodity markets. Managers employ a variety of techniques, both discretionary and systematic analysis, combinations of top down and bottom up theses, quantitative and fundamental approaches and long and short term holding periods. Correlation by definition is a statistic that measures the degree to which two securites move in relation to each other. The Highmore Managed Volatility Fund is a series of the US Bancorp Series Portfolio Trust and is distributed by Quasar Distributors, LLC. There is no affiliation between The Highmore Managed Volatility Fund, Highmore Group Advisors, LLC (including principals), and Quasar Distributors, LLC. While the Fund is effective, it is not currently open for investment.

Prepared 11/01/2016 PAGE 2 OF 2


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