Ladder Climbs Above the Fray with Real Estate Play

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Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund 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 what is stated. Call 1-888-859-5867 for the most current month-end performance. Please click here to view Standardized Performance and Top 10 Holdings.

Investments in mortgage-backed securities, asset-backed securities and other structured finance instruments include additional risks that investors should be aware of, such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. The Fund will concentrate its investments in commercial mortgage-backed securities (“CMBS”) and, therefore, will be subject to the risks associated with these securities, including risks associated with the underlying mortgages, to a greater degree than a fund that does not concentrate in such securities. Investments in non-investment grade and unrated securities present a greater risk of loss to principal and interest than higher-rated securities. Derivatives involve risks different from and, in certain cases, greater than the risks presented by more traditional investments. Investments in non-investment grade and unrated securities, derivatives, and restricted securities tend to involve greater liquidity risk. The Fund is non-diversified and, therefore, may be more susceptible to being adversely affected by a single corporate, economic, political or regulatory occurrence than a diversified fund. Any use of leverage by the Fund may exaggerate the effect of any increase or decrease in the value of securities in the Fund’s portfolio on the Fund’s Net Asset Value and, therefore, may increase the volatility of the Fund. For more information on these risks and other risks of the Fund, please see the Prospectus.

Duration is a measure of the sensitivity to the price of a fixed-income investment to a change in interest rates.  Duration is expressed as a number of years. Rising interest rates mean falling bond prices, while declining interest rates mean rising bond prices.

Please consider the Fund’s investment objectives, risks, and charges carefully before investing. This information and other important information about the Fund can be found in the Fund’s current Prospectus, which may be obtained by calling your financial advisor or shareholder services at (888) 859-5867. Please read the Prospectus carefully before investing. Ladder Select Bond Fund is distributed by Ultimus Fund Distributors, LLC.