Welcome to NCM Capital Funds

The Right Combination.

The data quoted above represents past performance, which is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. View performance data current to the Fund’s most recent month end.

The Fund is subject to investment risks, including Mid-Cap Securities Risk. Investing in securities of mid-cap companies generally involves greater risk than investing in larger, more established companies. The risk exists that mid-cap companies will not succeed, and the prices of the companies shares could dramatically decline. As an investor in the Fund, you are subject to the risk that you may lose your money as a result of the impact of the Fund’s investment risk on the Fund’s net asset value per share. When you sell your investment in the Fund, the value of your investment may be more or less than your initial investment.

The NCM Capital Mid Cap Growth Fund is distributed by Ultimus Fund Distributors, LLC. An investor should consider the investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about the Fund. View a free prospectus, which contains detailed information, including fees and expenses, and the risks associated with investing in these funds.

The Advisor has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund’s annual operating expenses (exclusive of interest, taxes, brokerage fees and commissions, Acquired Fund fees and expenses, extraordinary expenses, and payments, if any, under the Rule 12b-1 Plan) to not more than 1.30% of its average daily net assets for the fiscal year ending February 28, 2010. As a result, the Fund’s “Total Annual Fund Operating Expenses” (excluding interest, taxes, brokerage fees and commissions, Acquired Fund fees and expenses, and extraordinary expenses) will be limited to 1.55%. It is expected that the Expense Limitation Agreement will continue from year-to-year, provided such continuance is approved by the Board of Trustees of the Trust. For more information, please see the Fund’s prospectus. During the period cited above the Advisor assumed certain expenses and/or waived a portion of its fee. Total return would have been lower absent such assumptions and/or fee waivers. These fee waivers and/or reimbursements are believed not to have had a significant effect on the performance of the Fund. The NCM Capital Mid-Cap Growth Fund’s inception date was July 6, 2007.
Performance shown is for the period ended December 31, 2009. The performance data quoted above represents past performance, which is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data quoted. View <a target="_self" href="/images/stories/Fund_Info/monthendperformance12312009.pdf" title="Performance Data">performance data</a> current to the Fund’s most recent month end.
The Fund is subject to investment risks, including Mid-Cap Securities Risk. Investing in securities of mid-cap companies generally involves greater risk than investing in larger, more established companies. The risk exists that mid-cap companies will not succeed, and the prices of the companies shares could dramatically decline. As an investor in the Fund, you are subject to the risk that you may lose your money as a result of the impact of the Fund’s investment risk on the Fund’s net asset value per share. When you sell your investment in the Fund, the value of your investment may be more or less than your initial investment.
The NCM Capital Mid Cap Growth Fund is distributed by Ultimus Fund Distributors, LLC. An investor should consider the investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about the Fund. View a free <a target="_self" href="/images/stories/Fund_Info/prospectusupdate10162009.pdf" title="NCMGX Prospectus">prospectus</a>, which contains detailed information, including fees and expenses, and the risks associated with investing in these funds. 
The Fund is available for sale in the following states: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY