ABSOLUTE Funds

Absolute Capital Opportunities Fund [CAPOX]

Inception Date:
December 30, 2015

Structure:
Open-End Mutual Fund

Ticker:
CAPOX

Share Classes:
I-Share

Fund Admin:
Ultimus Fund Solutions, LLC

Distributor:
Ultimus Fund Distributors, LLC

Fund Overview
Sub Advisor
Fund Literature
Fund Distributions
Investing in the Fund

Absolute Capital Opportunities Fund seeks to achieve long-term capital appreciation with a lower sensitivity to traditional financial market indices such as the Standard & Poor’s 500® Index. The Fund uses a flexible approach to value investing and seeks to generate returns from multiple sources. The manager varies the Fund’s net exposures (long and short) and utilizes tail-risk hedging to potentially benefit from volatility.

About the Subadviser

KOVITZ INVESTMENT GROUP PARTNERS is an investment and wealth management firm located in Chicago, IL. Kovitz was founded in October 2003 after operating as an independent group within Rothschild Investment Corporation starting in 1997. The firm manages assets with a value approach across a number of equity, fixed-income, and private strategies. The hedged equity strategy utilized by CAPOX is managed by a long-standing team of Mitch Kovitz, Joel Hirsh and Mark Rosland.

Mitchell A. Kovitz, CFA

Founder & Principal, Co-Chief Investment Officer
Industry start: 1989
Firm start: 2003
Education: University of Illinois at Urbana –Champaign, BS; University of Illinois, MST

Joel D. Hirsh, CFA

Principal, Co-Chief Investment Officer
Industry Start: 2004
Firm Start: 2006
Education: University Of Michigan, BA

Mark C. Rosland

Principal, Portfolio Manager
Industry Start: 2001
Firm Start: 2003
Education: University of Iowa, BA

Fund Literature



Fact sheet

Intro Presentation

CAPOX Summary Prospectus

Absolute Funds Prospectus

Absolute Funds Statement of Additional Information (SAI)

Additional Resources:

CAPOX Financial Advisor Introduction:

(email request –financial professional use only)

Shareholder Reports

Annual Report – Period Ending 3/31/23
Semi-Annual Report – Period Ending 9/30/22
Annual Report – Period Ending 3/31/22
Semi-Annual Report – Period Ending 9/30/21
Annual Report – Period Ending 3/31/21
Semi-Annual Report – Period Ending 9/30/20
Absolute Funds Information Statement – 9/17/20
Annual Report – Period Ending 3/31/20
Semi-Annual Report – Period Ending 9/30/19
Annual Report – Period Ending 3/31/19
Semi-Annual Report – Period Ending 9/30/18
Annual Report – Period Ending 3/31/18
Semi-Annual Report – Period Ending 9/30/17
Annual Report – Period Ending 3/31/17
Semi-Annual Report – Period Ending 9/30/16
Annual Report – Period Ending 3/31/16

Fund Distribution Information

The Fund distributes income semi-annually in June and December and distributes long and short-term capital gains in December. This page will be updated with distribution amounts when the data becomes available.

2023 Distributions

December – Income & Capital Gains Distributions per share.

Class	Income	Long-Term Capital Gains	Short-Term Capital Gains
Class	CAPOX	Income	–	Long-Term Capital Gains	–––	Short-Term Capital Gains	–
Class	Ex Date	Income	12/29/23	Long-Term Capital Gains	12/12/23	Short-Term Capital Gains	–
Class	Record Date	Income	12/28/23	Long-Term Capital Gains	12/11/23	Short-Term Capital Gains	–

June – Income Distributions per share.
Class	Income
Class	CAPOX	Income	$0.00607
Class	Ex Date	Income	6/30/23
Class	Record Date	Income	6/29/23

2022 Distributions

December – Income & Capital Gains Distributions per share.

Class	Income	Long-Term Capital Gains	Short-Term Capital Gains
Class	CAPOX	Income	$o.oo	Long-Term Capital Gains	$o.oo	Short-Term Capital Gains	$o.oo
Class	Ex Date	Income	12/30/22	Long-Term Capital Gains	12/13/22	Short-Term Capital Gains	12/13/22
Class	Record Date	Income	12/29/22	Long-Term Capital Gains	12/12/22	Short-Term Capital Gains	12/12/22

June – Income Distributions per share.
Class	Income
Class	CAPOX	Income	$0.00
Class	Ex Date	Income	6/30/22
Class	Record Date	Income	6/29/22

2021 Distributions

December – Income & Capital Gains Distributions per share.

Class	Income	Long-Term Capital Gains	Short-Term Capital Gains
Class	CAPOX	Income	$0.00	Long-Term Capital Gains	$0.00	Short-Term Capital Gains	$0.00
Class	Ex Date	Income	12/31/21	Long-Term Capital Gains	12/14/21	Short-Term Capital Gains	12/14/21
Class	Record Date	Income	12/30/21	Long-Term Capital Gains	12/13/21	Short-Term Capital Gains	12/13/21

June – Income Distributions per share.
Class	Income
Class	CAPOX	Income	$0.00
Class	Ex Date	Income	6/30/21
Class	Record Date	Income	6/29/21

2020 Distributions

December – Income & Capital Gains Distributions per share.

Class	Income	Long-Term Capital Gains	Short-Term Capital Gains
Class	CAPOX	Income	$0.00	Long-Term Capital Gains	$0.03483	Short-Term Capital Gains	$1.91918
Class	Ex Date	Income	12/31/20	Long-Term Capital Gains	12/10/20	Short-Term Capital Gains	12/10/20
Class	Record Date	Income	12/30/20	Long-Term Capital Gains	12/11/20	Short-Term Capital Gains	12/11/20

June – Income Distributions per share
Class	Income
Class	CAPOX	Income	$0.00493
Class	Ex Date	Income	6/30/20
Class	Record Date	Income	6/29/20

2019 Distributions

December – Income & Capital Gains Distributions per share.

Class	Income	Long-Term Capital Gains	Short-Term Capital Gains
Class	CAPOX	Income	$0.00	Long-Term Capital Gains	$0.00	Short-Term Capital Gains	$0.00
Class	Ex Date	Income	12/31/19	Long-Term Capital Gains	12/13/19	Short-Term Capital Gains	12/13/19
Class	Record Date	Income	12/30/19	Long-Term Capital Gains	12/12/19	Short-Term Capital Gains	12/12/19

June – Income Distributions per share
Class	Income
Class	CAPOX	Income	$0.00
Class	Ex Date	Income	6/28/19
Class	Record Date	Income	6/27/19

2018 Distributions

December – Income & Capital Gains Distributions per share.

Class	Income	Long-Term Capital Gains	Short-Term Capital Gains
Class	CAPOX	Income	$0.00	Long-Term Capital Gains	$0.32174	Short-Term Capital Gains	$0.44766
Class	Ex Date	Income	12/31/18	Long-Term Capital Gains	12/14/18	Short-Term Capital Gains	12/14/18
Class	Record Date	Income	12/28/18	Long-Term Capital Gains	12/13/18	Short-Term Capital Gains	12/13/18

June – Income Distributions per share
Class	Income
Class	CAPOX	Income	$0.00
Class	Ex Date	Income	6/29/18
Class	Record Date	Income	6/28/18

2017 Distributions

December – Income & Capital Gains Distributions per share.

Class	Income	Long-Term Capital Gains	Short-Term Capital Gains
Class	CAPOX	Income	$0.00	Long-Term Capital Gains	$0.00	Short-Term Capital Gains	$0.00
Class	Ex Date	Income	12/29/17	Long-Term Capital Gains	12/15/17	Short-Term Capital Gains	12/15/17
Class	Record Date	Income	12/28/17	Long-Term Capital Gains	12/14/17	Short-Term Capital Gains	12/14/17

June – Income Distributions per share
Class	Income
Class	CAPOX	Income	$0.00
Class	Ex Date	Income	6/29/18
Class	Record Date	Income	6/28/18

2016 Distributions

December – Income & Capital Gains Distributions per share.

Class	Income	Long-Term Capital Gains	Short-Term Capital Gains
Class	CAPOX	Income	$0.00	Long-Term Capital Gains	$0.00	Short-Term Capital Gains	$0.00
Class	Ex Date	Income	12/30/16	Long-Term Capital Gains	12/15/16	Short-Term Capital Gains	12/15/16
Class	Record Date	Income	12/29/16	Long-Term Capital Gains	12/14/16	Short-Term Capital Gains	12/14/16

June – Income Distributions per share
Class	Income
Class	CAPOX	Income	$0.00
Class	Ex Date	Income	6/30/16
Class	Record Date	Income	6/29/16

Investing in the Fund

Purchasing Through a Financial Adviser:
The Absolute Capital Opportunities Fund may serve as an important piece of a diversified portfolio. We encourage investors to consult their financial advisers for guidance on asset allocation and the role of the Fund. Financial Advisers should contact us directly for information on the Fund and how it may be purchased.
Go to Contact Information Page

Direct Investment in the Fund:
Investors may purchase the Fund directly from the Fund using the applications below. Please complete the applications and follow the purchasing instructions. For additional information, please call the Fund’s shareholder servicing department at 1-888-99-ABSOLUTE

Important Fund Risks & Disclosure

Past performance does not guarantee future results. The Fund’s net asset value and investment return will fluctuate based upon changes in the value of its portfolio securities. There is no assurance that the Fund will achieve its investment objective, and an investment in the Fund is not by itself a complete or balanced investment program. For a complete description of the Fund’s principal investment risks please refer to the prospectus.

Asset allocation decisions may not always be correct and may adversely affect Fund performance. The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on a convertible security’s investment value. Debt securities have interest rate, inflation and credit risks and are subject to prepayment and default risk. High yield and junk securities involve greater risk and tend to be more sensitive to economic conditions and credit risk. Short sales may be considered speculative and it may be difficult to purchase securities to meet delivery obligations. The Fund may leverage transactions which include selling securities short as well as borrowing for other than temporary or emergency purposes. Leverage creates the risk of magnified capital losses. Diversification does not prevent loss or enhance returns. Foreign investments present additional risk due to currency fluctuations, economic and political factors, government regulations, differences in accounting standards and other factors. Investments in emerging markets involve even greater risks. Small, mid and large cap stocks are subject to substantial risks such as market, business, size volatility, management experience, product diversification, financial resource, competitive strength, liquidity, and potential to fall out of favor that may cause their prices to fluctuate over time, sometimes rapidly and unpredictably. The Fund is actively managed and may experience high turnover. This may cause higher fees, expenses and taxes, which could detract from Fund performance. The Fund is new and has a limited history of operations.

These views are subject to change at any time based on market and other conditions, and Absolute Investment Advisers disclaims any responsibility to update such views. No forecasts can be guaranteed. These views may not be relied upon as investment advice or as an indication of trading intent on behalf of any Absolute Investment Advised investment product.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. It is not possible to invest directly in an index.