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The Fund is distributed by Ultimus Fund Distributors, LLC.

You should make an independent investigation of the Fund, including your tax, legal, accounting, and other advisors.  Before investing you should carefully consider the Fund’s Investment Objectives, Risks, charges and expenses.  A prospectus with this and other information about the Fund may be obtained by calling 1-800-657-3812.  The prospectus should be read carefully before investing.

An investment in the Fund will involve significant risks, including the loss of the amount invested.  Investment in the Fund is suitable only for certain financially sophisticated investors who have no need for immediate liquidity in their investment and can bear the risk of an investment for an extended period of time, this is a closed-end management company.  There is no guarantee that the Fund will achieve its objectives.  Investments in the Fund will not be registered under the 1940 Act.  The Fund is also subject to cybersecurity risk, fund of funds structure risk, legal and regulatory risk, liquidity risk, loss of investment risk, limited operating history risk, market risk, non-diversification risk, and portfolio fund risk.   Additional risks include but are not limited to:

Control Risk – The Adviser will not have control of, or have the ability to exercise influence over, the trading policies or strategies of a Portfolio Fund. Investment decisions of the Portfolio Funds are also made independently of each other so that, at any particular time, one Portfolio Fund may be purchasing shares of an issuer whose shares are being sold at the same time by another Portfolio Fund. Transactions of this sort could result in the Fund directly or indirectly incurring certain transaction costs without accomplishing any net investment result.

Expense Layering Risk – In addition to its own expenses, the Fund will also bear its allocable share of the costs and expenses of each Portfolio Fund, including its allocable share of the management and incentive compensation paid to an Investment Manager. As a result, the Fund’s investments in the Portfolio Funds may result in the Fund paying higher expenses than other funds with similar investment objectives and strategies or if it invested directly in the securities held by the Portfolio Funds. Also, each Investment Manager generally will be entitled to receive a management fee of between 1% and 2% and a performance-based allocation, expected to range up to 20% of a Portfolio Fund’s net profits.

Long/Short Strategy Risk – The success of a long/short strategy is contingent upon an Investment Manager’s ability to correctly identify investment opportunities with the highest probability of success (long positions) and/or those with the highest probability of failure (short positions). Substantial losses may be recognized as a result of the implementation of this strategy.

The foregoing is only a brief, incomplete summary of some of the risks an investor should consider.  See the prospectus for a comprehensive description.

Section 16 Filings