Cognios Market Neutral Large Cap Fund

Cognios Funds Quarterly Review

2017 First Quarter Conference Call Transcript

If you have questions about terminology used in the call, please visit our Glossary of Terms page for definitions.

Performance as of 03/31/20171 Month3 MonthYTDSI11 Year3 YearSI1
Investor Class-1.04%0.42%0.42%16.73%-6.66%3.72%3.71%
Institutional Class1.39%7.46%7.46%9.64%-0.64%3.98%-
S&P 500 Total Return Index20.12%6.07%6.07%81.21%17.17%10.37%15.03%
The HFRX Equity Market Neutral Index30.74%1.51%1.51%7.11%-1.09%1.04%1.63%
Performance as of 04/30/20171 Month3 MonthYTDSI11 Year3 YearSI1
Investor Class0.21%2.92%0.63%16.97%-2.41%3.82%3.69%
Institutional Class0.21%3.10%0.73%18.20%-2.18%4.05%3.94%
S&P 500 Total Return Index21.03%5.16%7.16%83.07%17.92%10.47%14.99%
The HFRX Equity Market Neutral Index30.12%0.87%1.63%7.23%0.90%0.89%1.63%

Diversification does not eliminate the risk of experiencing investment losses.

Past performance does not guarantee future results. The performance data quoted represents past performance. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You can obtain performance data current to the most recent month end by calling 855.254.6467.

1Cognios Market Neutral Large Cap Fund Inception Date of 12/31/2012.

2S&P 500 Total Return Index: Broad-based measurement of changes in stock market conditions based on the average performance of 500 widely held common stocks commonly known as the Standard & Poor's 500 or S&P 500. Indices are unmanaged and cannot be invested in directly.

3The HFRX Equity Market Neutral Index is a common benchmark for long/short market neutral hedge funds (funds traditionally only available to high net-worth accredited and institutional investors that are also "qualified clients" as defined by the SEC). More information about this index may be found at

Investor Class: Gross Expense Ratio - 4.08%, Net Expense Ratio - 3.81%, Adj. Net Expense Ratio - 1.95% as of 01/28/2017

Institutional Class: Gross Expense Ratio - 3.84%, Net Expense Ratio - 3.56%, Adj. Net Expense Ratio - 1.70% as of 01/28/2017

Cognios Capital, LLC (the “Adviser”) has agreed contractually to reduce the fees payable to it under the Advisory Agreement (but not below zero) and/or reimburse other expenses of the Fund attributable to services provided by ALPS Fund Services, Inc. and its affiliates (including, but not limited to, organizational expenses and offering costs), to the extent necessary to limit the Total Annual Fund Operating Expenses (as defined in Item 3 of Form N-1A) of each of the Investor Class and Institutional Class shares of the Fund (exclusive of brokerage costs, interest, taxes, dividends, litigation expenses, indemnification amounts, borrowing costs, brokerage expenses and dividend expenses on securities sold short, distribution/12b-1 fees and extraordinary expenses (as determined under generally accepted accounting principles) to 1.70% of the Fund´s average annual net assets. This agreement is in effect through January 31, 2018 and may not be terminated or modified prior to this date except with the approval of the Fund’s Board of Trustees. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the agreement described above to the extent that the Fund’s expenses in later periods fall below the annual rates set forth in the agreement. The Fund will not be obligated to pay any such deferred fees and expenses more than three years after the end of the fiscal year in which the fees and expenses were deferred.

The Cognios Funds are not suitable for all investors. Subject to investment risks, including possible loss of the principal amount invested.

An investor should consider investment objectives, risks, charges and expenses carefully before investing. Click Here to obtain a prospectus which contains this and other information, or call 855.254.6467. Read the prospectus carefully before investing.

The Cognios Funds are distributed by ALPS Distributors, Inc., 1290 Broadway, Ste 1100, Denver, CO 80203.

Not FDIC Insured - No Bank Guarantee - May Lose Value.