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Mutual Fund Performance
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Monthly Quarterly

Performance

Performance

1 Month 3 Month YTD 1 Year 3 Year SI1
Market Neutral Large Cap Fund
COGMX - Investor Class
COGIX - Institutional Class
HFRX EH: Equity Market Neutral Index
S&P 500 TR Index
Large Cap Value Fund
COGLX - Investor Class
COGVX - Institutional Class
S&P 500 TR Index
Russell 1000 Value Index
Large Cap Growth Fund
COGGX - Investor Class
COGEX - Institutional Class
Russell 1000 TR Index
Russell 1000 Growth Index

3 Month YTD 1 Year 3 Year SI1
Market Neutral Large Cap Fund
COGMX - Investor Class
COGIX - Institutional Class
HFRX EH: Equity Market Neutral Index
S&P 500 TR Index
Large Cap Value Fund
COGLX - Investor Class
COGVX - Institutional Class
S&P 500 TR Index
Russell 1000 Value Index
Large Cap Growth Fund
COGGX - Investor Class
COGEX - Institutional Class
Russell 1000 TR Index
Russell 1000 Growth Index

View glossary for index definitions. Keep in mind, the indices do not reflect management fees or transaction costs. It is not possible to invest directly in an unmanaged index.

Performance of less than one year is not annualized. Diversification does not eliminate the risk of experiencing investment losses.

1Inception Dates:
Cognios Market Neutral Large Cap Fund: 12/31/2012
Cognios Large Cap Value Fund and Cognios Large Cap Growth Fund: 10/03/2016

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 for the Market Neutral Fund and 888.553.4233 for the Cognios Large Cap Value and Large Cap Growth Funds.

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

Cognios Large Cap Value Fund: Inception Date of 10/03/2016. Investor Class: Gross Expense Ratio - 1.36%, Net Expense Ratio - 1.10% as of 10/03/2016. Institutional Class: Gross Expense Ratio - 1.11%, Net Expense Ratio - 0.85% as of 10/03/2016. Cognios Capital, LLC (the “Adviser”) has entered into an Expense Limitation Agreement with the Value Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Value Fund, if necessary, in an amount that limits the Value Fund’s annual operating expenses (exclusive of interest, taxes, brokerage fees and commissions, acquired funds fees and expenses, extraordinary expenses, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) to not more than 0.85% through at least October 31, 2018. Subject to approval by the Value Fund’s Board, any waiver under the Expense Limitation Agreement is subject to repayment by the Value Fund within the three fiscal years following the year in which such waiver occurred, if the Value Fund is able to make the payment without exceeding the expense limitation in place at the time of the waiver. The current contractual agreement cannot be terminated prior to at least one year after the effective date of the Registration Statement without the Board of Trustees’ approval.

Cognios Large Cap Growth Fund: Inception Date of 10/03/2016. Investor Class: Gross Expense Ratio - 2.52%, Net Expense Ratio - 1.15% as of 10/03/2016. Institutional Class: Gross Expense Ratio - 2.27%, Net Expense Ratio - 0.90% as of 10/03/2016. Cognios Capital, LLC (the “Adviser”) has entered into an Expense Limitation Agreement with the Growth Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Growth Fund, if necessary, in an amount that limits the Growth Fund’s annual operating expenses (exclusive of interest, taxes, brokerage fees and commissions, acquired funds fees and expenses, extraordinary expenses, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) to not more than 0.90% through at least October 31, 2018. Subject to approval by the Growth Fund’s Board, any waiver under the Expense Limitation Agreement is subject to repayment by the Growth Fund within the three fiscal years following the year in which such waiver occurred, if the Growth Fund is able to make the payment without exceeding the expense limitation in place at the time of the waiver. The current contractual agreement cannot be terminated prior to at least one year after the effective date of the Registration Statement without the Board of Trustees’ approval.