Although the Fund is effective, the Advisory share class is not yet available for investing.

Investment Objective

The Context Macro Opportunities Fund seeks total return with low correlation to broad financial markets. Total return consists of capital appreciation and income.

Category

Multi–alternative — the Context Macro Opportunities Fund is a single-manager, multi-strategy fund.

Investment Overview:

The Fund seeks to uncover value and mitigate risk utilizing disciplined decision making.

  • Top-down macro, thematic approach seeks non-directional market risks with asymmetric outcomes
  • Strategy uses high-quality, liquid fixed income markets to target unique return profile: asset-backed, credit, fixed income-related equities, mortgage, municipal, swaps/options, treasury
  • Relative value focus

The Fund employs a number of arbitrage and alternative investment strategies to pursue its investment objective and may have exposure to long and short positions across all of its asset classes. In order to pursue these strategies, the Fund may invest in a wide range of debt securities and derivative instruments. The Fund may also invest in equity securities and equity-linked derivative instruments.

The Subadviser’s investment strategies include, but not limited to, the following:

  • Break-Even Inflation Trading: The Subadviser may take a “break-even inflation” position by trading inflation-linked securities against their nominal bond equivalent. The resulting spread will generally be neutral to changes in interest rates.
  • Capital Structure Arbitrage: The Subadviser will enter into relative value trades in senior tranches of credit default indices positioned against subordinated tranches.
  • Hedged Mortgage-Backed Securities Trading: The Subadviser may seek to capture value resulting from differences in views related to prepayment characteristics.
  • Volatility Spread Trading: The Subadviser may seek to capture mispricing in volatility by taking offsetting positions in two or more option-related instruments.
  • Opportunistic Investing: The Subadviser may employ other arbitrage and alternative strategies when it believes attractive market opportunities arise.

*Context Advisers II, L.P. (the “Adviser”) has contractually agreed to waive its fee and/or reimburse Fund expenses to limit Total Annual Fund Operating Expenses (excluding all taxes, interest, portfolio transaction expenses, dividend and interest expense on short sales, acquired fund fees and expenses, proxy expenses and extraordinary expenses (as determined in the sole discretion of the Adviser)) of Institutional Shares to 1.89% through April 30, 2018 (the “Expense Cap”).

First Principles Capital Management, LLC (FPCM) is a wholly-owned subsidiary of AIG.

IMPORTANT INFORMATION:

Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information about the Fund is in the prospectus, a copy of which may be obtained by calling 1-855-612-2257. Please read the prospectus carefully before you invest.

An investment in the Fund is subject to risk, including the possible loss of principal amount invested. Risks are detailed in the prospectus and include, but are not limited to, the following:

  • Asset-backed and mortgage-backed securities are subject to risk of prepayment. These types of securities may also decline in value because of mortgage foreclosures or defaults on the underlying obligations.
  • Credit default swap agreements involve special risks because they may be difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).
  • Investments in futures contracts involve additional costs, may be more volatile than other investments and may involve a small initial investment relative to the risk assumed. The prices of futures can be highly volatile, using futures can lower total return and the potential loss from futures can exceed the Fund’s initial investment.
  • The Fund may use derivatives (including futures, options, swap agreements and forward contracts) to enhance returns or hedge against market declines. The Fund's derivative investments have risks, including the imperfect correlation between the value of such instruments and the underlying assets of the Fund, which creates the possibility that the loss on such instruments may be greater than the gain in the value in the Fund.
  • Investing in foreign companies involves certain risks not generally associated with investments in the securities of U.S. companies. In addition, individual international country economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, capital reinvestment, resources, self-sufficiency and balance of payments position.
  • Emerging markets investments are subject to additional risks due to greater political and economic uncertainties as well as a relative lack of information about companies in such markets.
  • Hedging is a strategy in which the Fund uses a derivative to offset the risks associated with other Fund holdings. There can be no assurance that the Fund’s hedging strategy will reduce risk or that hedging transactions will be either available or cost effective.
  • The Fund may incur leverage by borrowing directly or by making investments in reverse repurchase agreements. The use of leverage has the risk of capital losses that exceed the net assets of the Fund. Employing leverage will cause the net asset value of the Fund to be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.
  • The Fund is "non-diversified", investing in fewer securities at any one time than a diversified fund. A decline in the value of or default by a single issuer makes the Fund more susceptible to financial, economic or market events impacting such issuer.
  • Short selling involves unlimited risk including the possibility that losses to the Fund may exceed the original amount it invested.
  • Investments in small and medium capitalization companies may be less liquid and their securities’ prices may fluctuate more than those of larger, more established companies.
  • Newly-organized Funds have no assurance that active trading markets will be developed or maintained.

Foreside Fund Services, LLC, distributor. www.foreside.com

Returns (%) Monthly as of Date 10/31/2017Quarterly As of Date 09/29/2017
month ytd 1 Year since inception
CMOTX 0.00 % -1.39 % -0.65 % -0.05 %
quarter ytd 1 Year since inception
CMOTX 0.00 % -1.39 % -1.33 % -0.05 %

Performance data quoted represents past performance and is no guarantee of future results. Current 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 than the original cost. Returns for one year or less are cumulative. Shares redeemed within 90 days of purchase will be charged a 2.00% redemption fee. For performance current to the most recent month-end, please click here.

*Context Advisers II, L.P. (the “Adviser”) has contractually agreed to waive its fee and/or reimburse Fund expenses to limit Total Annual Fund Operating Expenses (excluding all taxes, interest, portfolio transaction expenses, dividend and interest expense on short sales, acquired fund fees and expenses, proxy expenses and extraordinary expenses (as determined in the sole discretion of the Adviser)) of Institutional Shares to 1.89% through April 30, 2018 (the “Expense Cap”).

First Principles Capital Management, LLC (FPCM) is a wholly-owned subsidiary of AIG.

IMPORTANT INFORMATION:

Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information about the Fund is in the prospectus, a copy of which may be obtained by calling 1-855-612-2257. Please read the prospectus carefully before you invest.

An investment in the Fund is subject to risk, including the possible loss of principal amount invested. Risks are detailed in the prospectus and include, but are not limited to, the following:

  • Asset-backed and mortgage-backed securities are subject to risk of prepayment. These types of securities may also decline in value because of mortgage foreclosures or defaults on the underlying obligations.
  • Credit default swap agreements involve special risks because they may be difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).
  • Investments in futures contracts involve additional costs, may be more volatile than other investments and may involve a small initial investment relative to the risk assumed. The prices of futures can be highly volatile, using futures can lower total return and the potential loss from futures can exceed the Fund’s initial investment.
  • The Fund may use derivatives (including futures, options, swap agreements and forward contracts) to enhance returns or hedge against market declines. The Fund's derivative investments have risks, including the imperfect correlation between the value of such instruments and the underlying assets of the Fund, which creates the possibility that the loss on such instruments may be greater than the gain in the value in the Fund.
  • Investing in foreign companies involves certain risks not generally associated with investments in the securities of U.S. companies. In addition, individual international country economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, capital reinvestment, resources, self-sufficiency and balance of payments position.
  • Emerging markets investments are subject to additional risks due to greater political and economic uncertainties as well as a relative lack of information about companies in such markets.
  • Hedging is a strategy in which the Fund uses a derivative to offset the risks associated with other Fund holdings. There can be no assurance that the Fund’s hedging strategy will reduce risk or that hedging transactions will be either available or cost effective.
  • The Fund may incur leverage by borrowing directly or by making investments in reverse repurchase agreements. The use of leverage has the risk of capital losses that exceed the net assets of the Fund. Employing leverage will cause the net asset value of the Fund to be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.
  • The Fund is "non-diversified", investing in fewer securities at any one time than a diversified fund. A decline in the value of or default by a single issuer makes the Fund more susceptible to financial, economic or market events impacting such issuer.
  • Short selling involves unlimited risk including the possibility that losses to the Fund may exceed the original amount it invested.
  • Investments in small and medium capitalization companies may be less liquid and their securities’ prices may fluctuate more than those of larger, more established companies.
  • Newly-organized Funds have no assurance that active trading markets will be developed or maintained.

Foreside Fund Services, LLC, distributor. www.foreside.com

Portfolio Oversight
Andrew Wert
Managing Director, Investments
Education: BS-University of Richmond
Prior Experience: Proprietary Trader at BNP CooperNeff, Brown University Investment Office, Cohesion Capital, LLC
Andrew Dudley, CFA
Managing Director, Investments
MBA-University of Chicago, Booth School of Business; BA-Yale University
Prior Experience: Senior Investment Director in Global Asset Allocation at Putnam Investments; Senior Portfolio Manager at Fidelity Investments
Subadviser

First Principles Capital Management (FPCM)

  • Portfolio Managers: Mark G. Alexandridis, David Ho, Mattan Horowitz, and Prasad Kadiyala
  • Investment Strategy: Global multi sector relative value absolute return fixed income strategy with a non-benchmark centric approach that allows for broad flexibility on duration, geography, sector, quality, and derivative usage. Coverage of complete spectrum of fixed income assets allows for discovery and exploitation of relative value opportunities on a risk-adjusted basis

*Context Advisers II, L.P. (the “Adviser”) has contractually agreed to waive its fee and/or reimburse Fund expenses to limit Total Annual Fund Operating Expenses (excluding all taxes, interest, portfolio transaction expenses, dividend and interest expense on short sales, acquired fund fees and expenses, proxy expenses and extraordinary expenses (as determined in the sole discretion of the Adviser)) of Investor Shares, Advisory Shares and Institutional Shares to 2.14%, 1.99% and 1.89%, respectively, through April 30, 2017 (the “Expense Cap”).

First Principles Capital Management, LLC (FPCM) is a wholly-owned subsidiary of AIG.

Purchase of shares
CMOFX
Investor
CMOAX
Advisory
CMOTX
Institutional
Minimum Initial Investment$2,000$100,000$1,000,000
Minimum Additional Investment$200NoneNone
Shareholder fees
CMOFX
Investor
CMOAX
Advisory
CMOTX
Institutional
Sales LoadNoneNoneNone
Deferred Sales LoadNoneNoneNone
Redemption Fees2.00%2.00%2.00%
Annual fund operating expenses
CMOFX
Investor
CMOAX
Advisory
CMOTX
Institutional
Management Fees1.74%1.74%1.74%
Distribution (12b-1) Fee0.25%0.10%None
All Other Expenses1.23%1.23%1.23%
Total Annual Fund Operating Expenses3.22%3.07%2.97%
Less Fee Waivers-1.02%-1.02%-1.02%
Total Annual Fund Operating Expenses after Fee Waivers2.20%2.05%1.95%

*Context Advisers II, L.P. (the “Adviser”) has contractually agreed to waive its fee and/or reimburse Fund expenses to limit Total Annual Fund Operating Expenses (excluding all taxes, interest, portfolio transaction expenses, dividend and interest expense on short sales, acquired fund fees and expenses, proxy expenses and extraordinary expenses (as determined in the sole discretion of the Adviser)) of Investor Shares, Advisory Shares and Institutional Shares to 2.14%, 1.99% and 1.89%, respectively, through April 30, 2017 (the “Expense Cap”).

To purchase the fund directly, please follow these steps.

Step 1
Step 2
Step 3
Download and Print the Fund account form
Complete Application

If you have any questions, please call (844) 511-9653 (toll-free)

Send Application

Please send the completed application with check or wire instructions to one of the below addresses or Fax to (866) 205-1499.

Application Mailing Addresses
Regular Mail Delivery
Context Capital Funds
c/o ALPS Fund Services
P.O. Box 1920
Denver, CO 80201
Overnight Mail Delivery
Context Capital Funds
c/o ALPS Fund Services
Attn: Transfer Agency
1290 Broadway, Suite 1100
Denver, CO 80203

*Context Advisers II, L.P. (the “Adviser”) has contractually agreed to waive its fee and/or reimburse Fund expenses to limit Total Annual Fund Operating Expenses (excluding all taxes, interest, portfolio transaction expenses, dividend and interest expense on short sales, acquired fund fees and expenses, proxy expenses and extraordinary expenses (as determined in the sole discretion of the Adviser)) of Investor Shares, Advisory Shares and Institutional Shares to 2.20%, 2.05% and 1.95%, respectively, through April 30, 2017 (the “Expense Cap”).

Mark Alexandridis
Andrew Wert