PRIVACY POLICY

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Wavelength Capital Management
250 West 57th Street
20th Floor
New York, NY 10107

Investor Relations
Phone: 212-951-1178
IR@wavelengthcapital.com

DISCLAIMER

Wavelength Capital Management is an SEC–registered1 investment adviser located in New York. Wavelength may only transact business in those states in which it is notice filed or qualifies for a corresponding exemption from such requirements. Wavelength's website is limited to the dissemination of general information regarding its investment advisory services to United States residents residing in states where providing such information is not prohibited by applicable law.

Accordingly, the publication of Wavelength's website on the Internet should not be construed as Wavelength's solicitation to effect, or attempt to effect, transactions in securities or the rendering of personalized investment advice for compensation over the Internet.

Investing involves the risk of loss and investors should be prepared to bear potential losses. Past performance may not be indicative of future results and may have been impacted by events and economic conditions that will not prevail in the future. No portion of this commentary is to be construed as a solicitation to buy or sell a security or the provision of personalized investment, tax or legal advice. Certain information contained in this report is derived from sources that Wavelength believes to be reliable; however, the Firm does not guarantee the accuracy or timeliness of such information and assumes no liability for any resulting damages.

For information pertaining to the registration status of Wavelength, please view the United States Securities and Exchange Commission’s website at www.adviserinfo.sec.gov. A copy of Wavelength's current written disclosure statement discussing Wavelength's business operations, services and fees is available from Wavelength upon written request. Wavelength does not make any representations as to the accuracy, timeliness, suitability, completeness or relevance of any information prepared by any unaffiliated third party, whether linked to Wavelength's website or incorporated herein, and takes no responsibility therefore. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

1SEC registration does not indicate a certain level of skill or training.

Products & Capabilities

Wavelength Interest Rate Neutral Fund (WAVLX)
NAV ($) Change (%) Change
$ 10.06 $ 0 % 0
As of: 2017-11-20

TickerWAVLX

CUSIP90386H883

Net Expense Ratio11.29%

Gross Expense Ratio12.15%

Inception Date9/30/2013

1 The Adviser has contractually agreed until at least October 1, 2018 to waive its management fee and/or reimburse expenses of the Fund to the extent necessary to maintain the total annual fund operating expenses at 0.99% of the average daily net assets, exclusive of certain expense such as expenses related to short sales and borrowing costs.

Overview

Performance &
Composition

Management

Fees &
Minimums

Purchase
the Fund

Category

Nontraditional Bond

Principal Investment Strategy Overview:

Investment Objective

The Wavelength Interest Rate Neutral Fund (the “Fund”) seeks total return.

Investment Rationale

Macroeconomic Balance
The Fund is designed to generate consistent returns uncorrelated with traditional fixed income markets and interest rate environments by targeting a hedged and diversified investment exposure across potential changing economic conditions.

Portfolio Hedging

The Fund uses four distinct sub-portfolios built based on the economic relationships of markets traded and quantitatively balances the portfolio’s investment exposure.

Disciplined Risk Management

The Fund incorporates risk measures as part of its investment process which seeks to limit outsized sensitivity to any single economic outcome.

Key Advantages

Innovative Research
The Fund’s investment strategy is grounded in academic research and uses financial and economic concepts commonly examined by leading academics.

Diversified Instruments
The Fund seeks to avoid idiosyncratic, issuer-specific risks and is implemented through relatively diversified, index-level market measures.

Liquidity & Transparency
The Fund focuses on relatively liquid, exchange - traded instruments which are marked to market daily.

Before you invest in the Wavelength Interest Rate Neutral Fund, please refer to the prospectus for important information about the investment company, including investment objectives, risks, charges and expenses. You may also obtain a hard copy of the prospectus by calling 866-896-9292. The prospectus should be read carefully before you invest or send money.

As with any mutual fund investment, there is a risk that you could lose money by investing in the Wavelength Interest Rate Neutral Fund. There can be no assurance that the Wavelength Interest Rate Neutral Fund will achieve its investment objective.

The return on and value of an investment in the Wavelength Interest Rate Neutral Fund will fluctuate in response to stock market movements. Stocks are subject to market risks, such as rapid increase or decrease in a stock’s value or liquidity, fluctuations in price due to earnings, economic conditions and other factors beyond the control of the Adviser.

The Fund may invest in fixed income securities and as a result the Fund may be subject to the following risks: interest rate risk, credit risk, credit rating risk, prepayment and extension risk and liquidity risk.

The Fund is offered only to United States residents, and is intended only for such persons. This should be considered a solicitation to buy or an offer to sell shares of any fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction. Wavelength Capital Management, LLC is the adviser to the Wavelength Interest Rate Neutral Fund, which is distributed by Ultimus Fund Distributors, LLC.

1 Wavelength Capital Management, LLC (the “Adviser”) has contractually agreed, until October 1, 2017, to waive Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, acquired fund fees and expenses and extraordinary expenses such as litigation and merger or reorganization costs and other expense not incurred in the ordinary course of the Fund’s business) to an amount not exceeding 0.99% of average daily net assets. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for a period of three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses to exceed the foregoing.

As of 2017-10-31 (unless indicated otherwise)

As of 2017-09-30 (unless indicated otherwise)

Monthly
Quarterly
Month YTD 1 Year Since Inception
WAVLX 0.6% 5.19% 5.53% 2.34%
Quarter YTD 1 Year Since Inception
WAVLX 1.75% 4.56% 4.26% 2.24%

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 original cost. Returns for one year or less are cumulative. Call 1-866-896-9292 or visit www.wavelengthfunds.com for current month-end data.

The Adviser has contractually agreed until at least October 1, 2018 to waive its management fee and/or reimburse expenses of the Fund to the extent necessary to maintain the total annual fund operating expenses at 0.99% of the average daily net assets, exclusive of certain expense such as expenses related to short sales and borrowing costs.

Portfolio Exposure as of 10/31/2017
Net Assets $ 26,465,578 (Subject to change)

Security Type Security Description Exposure Quanity
Commodity Futures E-Mini Silver Future -41,781 -1
Index Futures DJIA Mini E-CBOT Future 699,720 6
Index Futures E-Mini S&P 500 Future 643,188 5
Index Futures Nasdaq 100 E-Mini Future 375,135 3
Treasury Futures 10-year U.S. Treasury Note Future 499,625 4
Treasury Futures U.S. Treasury Long Bond Future -304,875 -2
Treasury Futures U.S. 5-year Treasury Note (cbt) 2,694,773 23
Money Market Accounts Fidelity Institutional Money Market Government Portfolio 2,309,292 2,309,292
Exchange Traded Funds (ETFs) iShares iBoxx $ High Yield Corporate Bond ETF 1,160,726 13,120
Exchange Traded Funds (ETFs) iShares iBoxx $ Investment Grade Corporate Bond ETF 515,451 4,255
Exchange Traded Funds (ETFs) iShares J.P. Morgan USD Emerging Markets Bond ETF 2,057,974 17,703
Exchange Traded Funds (ETFs) iShares TIPS Bond ETF 3,392,150 29,808
Exchange Traded Funds (ETFs) PowerShares Emerging Markets Sovereign Debt Portfolio 722,491 24,392
Exchange Traded Funds (ETFs) PowerShares Senior Loan Portfolio 3,194,514 138,171
Exchange Traded Funds (ETFs) SPDR Barclays High Yield Bond ETF 1,129,601 30,333
Exchange Traded Funds (ETFs) SPDR Barclays Short Term High Yield Bond ETF 2,448,835 87,709
Exchange Traded Funds (ETFs) SPDR Bloomberg Barclays Convertible Securities ETF 2,140,843 41,337
Exchange Traded Funds (ETFs) Vaneck Vectors Emerging Market High Yield Bond ETF 927,850 37,293
Exchange Traded Funds (ETFs) Vanguard Emerging Markets Government Bond Fund ETF 1,136,436 14,037
Exchange Traded Funds (ETFs) Vanguard Mortgage-backed Securities ETF 407,761 7,733
Exchange Traded Funds (ETFs) Vanguard REIT ETF 189,060 2,300
Exchange Traded Funds (ETFs) Vanguard Short-term Corporate Bond ETF 2,789,554 34,852
Exchange Traded Funds (ETFs) Vanguard Short-term Inflation-protected Securities 907,523 18,319

Before you invest in the Wavelength Interest Rate Neutral Fund, please refer to the prospectus for important information about the investment company, including investment objectives, risks, charges and expenses. You may also obtain a hard copy of the prospectus by calling 866-896-9292. The prospectus should be read carefully before you invest or send money.

As with any mutual fund investment, there is a risk that you could lose money by investing in the Wavelength Interest Rate Neutral Fund. There can be no assurance that the Wavelength Interest Rate Neutral Fund will achieve its investment objective.

The return on and value of an investment in the Wavelength Interest Rate Neutral Fund will fluctuate in response to stock market movements. Stocks are subject to market risks, such as rapid increase or decrease in a stock’s value or liquidity, fluctuations in price due to earnings, economic conditions and other factors beyond the control of the Adviser.

The Fund may invest in fixed income securities and as a result the Fund may be subject to the following risks: interest rate risk, credit risk, credit rating risk, prepayment and extension risk and liquidity risk.

The Fund is offered only to United States residents, and is intended only for such persons. This should be considered a solicitation to buy or an offer to sell shares of any fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction. Wavelength Capital Management, LLC is the adviser to the Wavelength Interest Rate Neutral Fund, which is distributed by Ultimus Fund Distributors, LLC.

1 Wavelength Capital Management, LLC (the “Adviser”) has contractually agreed, until October 1, 2017, to waive Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, acquired fund fees and expenses and extraordinary expenses such as litigation and merger or reorganization costs and other expense not incurred in the ordinary course of the Fund’s business) to an amount not exceeding 0.99% of average daily net assets. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for a period of three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses to exceed the foregoing.

Management

Andrew Dassori
Chief Investment Officer

Education
BSc, London School of Economics

Before you invest in the Wavelength Interest Rate Neutral Fund, please refer to the prospectus for important information about the investment company, including investment objectives, risks, charges and expenses. You may also obtain a hard copy of the prospectus by calling 866-896-9292. The prospectus should be read carefully before you invest or send money.

As with any mutual fund investment, there is a risk that you could lose money by investing in the Wavelength Interest Rate Neutral Fund. There can be no assurance that the Wavelength Interest Rate Neutral Fund will achieve its investment objective.

The return on and value of an investment in the Wavelength Interest Rate Neutral Fund will fluctuate in response to stock market movements. Stocks are subject to market risks, such as rapid increase or decrease in a stock’s value or liquidity, fluctuations in price due to earnings, economic conditions and other factors beyond the control of the Adviser.

The Fund may invest in fixed income securities and as a result the Fund may be subject to the following risks: interest rate risk, credit risk, credit rating risk, prepayment and extension risk and liquidity risk.

The Fund is offered only to United States residents, and is intended only for such persons. This should be considered a solicitation to buy or an offer to sell shares of any fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction. Wavelength Capital Management, LLC is the adviser to the Wavelength Interest Rate Neutral Fund, which is distributed by Ultimus Fund Distributors, LLC.

1 Wavelength Capital Management, LLC (the “Adviser”) has contractually agreed, until October 1, 2017, to waive Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, acquired fund fees and expenses and extraordinary expenses such as litigation and merger or reorganization costs and other expense not incurred in the ordinary course of the Fund’s business) to an amount not exceeding 0.99% of average daily net assets. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for a period of three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses to exceed the foregoing.

Purchase of shares

Minimum Initial Investment $100,000
Minimum Additional Investment None

Shareholder Fees (Fees paid directly from your investment)

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) None
Maximum Deferred Sales Charge (Load) None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends None
Redemption Fee None
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Management Fees 0.95%
Distribution and/or Service (12b-1) Fees None
Other Expenses 1.05%
Acquired Fund Fees and Expenses 2 0.35%
Total Annual Fund Operating Expenses 2.35%
Fee Reductions and/or Expense Reimbursements 1 1.01%
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement 1.34%

Before you invest in the Wavelength Interest Rate Neutral Fund, please refer to the prospectus for important information about the investment company, including investment objectives, risks, charges and expenses. You may also obtain a hard copy of the prospectus by calling 866-896-9292. The prospectus should be read carefully before you invest or send money.

As with any mutual fund investment, there is a risk that you could lose money by investing in the Wavelength Interest Rate Neutral Fund. There can be no assurance that the Wavelength Interest Rate Neutral Fund will achieve its investment objective.

The return on and value of an investment in the Wavelength Interest Rate Neutral Fund will fluctuate in response to stock market movements. Stocks are subject to market risks, such as rapid increase or decrease in a stock’s value or liquidity, fluctuations in price due to earnings, economic conditions and other factors beyond the control of the Adviser.

The Fund may invest in fixed income securities and as a result the Fund may be subject to the following risks: interest rate risk, credit risk, credit rating risk, prepayment and extension risk and liquidity risk.

The Fund is offered only to United States residents, and is intended only for such persons. This should be considered a solicitation to buy or an offer to sell shares of any fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction. Wavelength Capital Management, LLC is the adviser to the Wavelength Interest Rate Neutral Fund, which is distributed by Ultimus Fund Distributors, LLC.

1 Wavelength Capital Management, LLC (the “Adviser”) has contractually agreed, until October 1, 2017, to waive Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, acquired fund fees and expenses and extraordinary expenses such as litigation and merger or reorganization costs and other expense not incurred in the ordinary course of the Fund’s business) to an amount not exceeding 0.99% of average daily net assets. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for a period of three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses to exceed the foregoing.

2 “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses after Fee Waivers and/or Expenses Reimbursement” Will not correlate to the ratios of expenses to the average net assets in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and do not include “Acquired Fund Fees and Expenses.”

Available at the following firms:

E*TRADE

Or to purchase direct, please follow these steps:

Step 1

Download and Print the Fund Account Form

General Account ApplicationRoth IRA ApplicationIRA ApplicationCoverdell Application
Step 2

Complete Application

If you have any questions, please call

1-866-896-9292 (toll-free)

Step 3

Send Application

Please send the completed application with check or wire instructions to the below address

Application Mailing Address:
Regular Mail or Overnight Delivery

Wavelength Funds
c/o Ultimus Fund Distributors, LLC
225 Pictoria Drive, Suite 450
Cincinnati, Ohio 45246

Before you invest in the Wavelength Interest Rate Neutral Fund, please refer to the prospectus for important information about the investment company, including investment objectives, risks, charges and expenses. You may also obtain a hard copy of the prospectus by calling 866-896-9292. The prospectus should be read carefully before you invest or send money.

As with any mutual fund investment, there is a risk that you could lose money by investing in the Wavelength Interest Rate Neutral Fund. There can be no assurance that the Wavelength Interest Rate Neutral Fund will achieve its investment objective.

The return on and value of an investment in the Wavelength Interest Rate Neutral Fund will fluctuate in response to stock market movements. Stocks are subject to market risks, such as rapid increase or decrease in a stock’s value or liquidity, fluctuations in price due to earnings, economic conditions and other factors beyond the control of the Adviser.

The Fund may invest in fixed income securities and as a result the Fund may be subject to the following risks: interest rate risk, credit risk, credit rating risk, prepayment and extension risk and liquidity risk.

The Fund is offered only to United States residents, and is intended only for such persons. This should be considered a solicitation to buy or an offer to sell shares of any fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction. Wavelength Capital Management, LLC is the adviser to the Wavelength Interest Rate Neutral Fund, which is distributed by Ultimus Fund Distributors, LLC.

1 Wavelength Capital Management, LLC (the “Adviser”) has contractually agreed, until October 1, 2017, to waive Management Fees and reimburse Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (exclusive of brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses on securities sold short, acquired fund fees and expenses and extraordinary expenses such as litigation and merger or reorganization costs and other expense not incurred in the ordinary course of the Fund’s business) to an amount not exceeding 0.99% of average daily net assets. Management Fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for a period of three years after such fees and expenses were incurred, provided that the repayments do not cause Total Annual Fund Operating Expenses to exceed the foregoing.

Resources

FINRA’s BrokerCheck

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

X-BRL Files : eXtensible Business Reporting Language
The XBRL files above can only be read with special viewer software. Additional information on the XBRL language and a free version of the viewer software is available on the SEC’s website at xbrl.sec.gov.

Please note that the XBRL file does not include all of the information contained in the Prospectus or Summary Prospectus. To access the full text of a Prospectus or Summary Prospectus, click on the link for each fund in the Prospectus or Summary Prospectus columns above.