Objective and Strategy

The APEXcm Small/Mid Cap Growth Fund (the “Fund”) seeks to achieve long-term capital growth.

The Fund seeks to achieve its investment objective by investing in a diversified portfolio of common stocks of small and mid-cap growth-oriented companies that are selected for their long-term capital appreciation potential and which are expected to grow faster than the U.S. economy. The Fund considers an issuer to be small- or mid-cap if it has a market capitalization, at the time of purchase, within the range of the largest and smallest capitalized issuers included in the Russell 2500TM Growth Index.

Risk Information

As with any mutual fund investment, there is a risk that you could lose money by investing in the Fund. The success of the Fund’s investment strategy depends largely upon the Apex Capital Management’s (the “Adviser”) skill in selecting common stocks for purchase and sale by the Fund and there is no assurance that the Fund will achieve its investment objective. Because of the types of securities in which the Fund invests and the investment techniques the Adviser uses, the Fund is designed for investors who are investing for the long term.

Small and Mid-Cap Company Risk.  Investing in small and mid-cap companies involves greater risk than is customarily associated with larger, more established companies. Small and mid-cap companies frequently have less management depth and experience, narrower market penetrations, less diverse product lines, less competitive strengths and fewer resources than larger companies. Due to these and other factors, stocks of small and mid-cap companies may be more susceptible to market downturns and other events, and their prices may be more volatile than larger capitalization companies. In addition, in many instances, the securities of small and mid-cap companies typically are traded only over-the-counter or on a regional securities exchange, and the frequency and volume of their trading is substantially less than is typical of larger companies. Because small and mid-cap companies normally have fewer shares outstanding than larger companies, it may be more difficult to buy or sell significant amounts of such shares without an unfavorable impact on prevailing prices. Therefore, the securities of small and mid-cap companies may be subject to greater price fluctuations. Small and mid-cap companies are typically subject to greater changes in earnings and business prospects than larger, more established companies and also may not be widely followed by investors, which can lower the demand for their stock.

For additional risks related to the Fund and the Fund’s investments, please see the most recent prospectus.

The Adviser/Portfolio Manager

The Adviser, located in Dayton, Ohio, has been in business since 1987. Nitin N. Kumbhani, the Fund’s portfolio manager, founded Apex Capital Management. Mr. Kumbhani is a Vice Chairman and Chief of Growth Equity Strategies at Fiera Capital Inc. On June 1, 2016, Fiera Capital Inc. assumed all of the advisory business of Apex Capital Management Inc. Investment management services previously provided by the former Apex team continue to be managed by the same Apex team using the Apex Capital Management brand name. Fiera Capital Inc., an SEC–registered investment adviser, is an indirect, wholly-owned subsidiary of Fiera Capital Corporation.

FINRA’s BrokerCheck

Check the background of Ultimus Fund Distributors, LLC on FINRA’s BrokerCheck

An investor should consider the investment objectives, risks, and charges and expenses of the Apex Small/Mid-Cap Growth Fund carefully before investing. The prospectus contains this and other information about the Fund. A copy of the prospectus is available by calling the Trust directly at 1.888.575.4800. The prospectus should be read carefully before investing. The prospectus is also available for your review at www.apexcmfund.com/fund-documents. The Fund is distributed by Ultimus Fund Distributors, LLC.



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