Investment Objective

Current income & long-term capital appreciation.

Investment Strategy

The Income Opportunities fund invests in dividend and interest income producing securities, both domestic and foreign, across the market capitalization spectrum. The fund may also utilize call option writing to generate additional income.

Key Advantages of Investing


Dividend-paying companies can offer cash flows to investors in the short term, with potential for long-term capital appreciation.


The portfolio management team has decades of experience in the value investing space and is supported by a disciplined, nimble research team.


An actively managed, valuation-centric approach and commitment to a long-term horizon enhances our potential to buy good businesses at compelling valuations.


Fund Facts





Inception Date:

March 31, 2022


Russell 3000

Minimum Purchase:


Expense Ratio:


Portfolio Managers

Jason Downey, CFA

22 Years of Investment Experience

Bobby Murphy, CFA, CPA

17 Years of Investment Experience

Nick Rinker, CFA

16 Years of Investment Experience

Shaun Steiger, CFA

11 Years of Investment Experience

Period and Annualized Total Returns (%)

As of 9/30/2022

QTD YTD 1 Year Since Inception
Class I - - - -
Russell 3000 - - N/A -
50% Russell 3000/50% Bloomberg US Agg - - N/A -

Performance data quoted represents past performance. Past performance does not guarantee future results. The 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 may be lower or higher than the performance data quoted. Investors may obtain performance data current to the most recent month-end by calling 833-399-1001.

Sector Exposure (%)

As of TBD

Fund Russell 3000

Current and future portfolio holdings are subject to risk. The security holdings are presented to illustrate examples of the securities that the fund has bought and the diversity of areas in which the funds may invest, and may not be representative of the fund's current or future investments. Portfolio holdings are subject to change and should not be considered investment advice.

Portfolio Statistics

As of TBD

1Source: FactSet

2Includes common stock only

Risk Statistics (since inception)

Source: Morningstar Direct

Beta vs. Russell 3000 Index

Investors should carefully consider the investment objectives, risks, and charges and expenses of the fund before investing. The prospectus contains this and other information about the fund, and it should be read carefully before investing. Investors may obtain a copy of the prospectus by calling 833-399-1001.

The fund is distributed by Ultimus Fund Distributors, LLC. (Member FINRA). Ultimus Fund Distributors, LLC and VELA Investment Management, LLC are separate and unaffiliated.

Risk Considerations: All investments carry a certain amount of risk and the fund cannot guarantee that it will achieve its investment objective. An investment in the fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. You may lose money by investing in the fund.

Value-Oriented Investment Strategies Risk. Value stocks are those that are believed to be undervalued in comparison to their peers due to adverse business developments or other factors, or those where the Adviser believes the aggregate present value of the company’s future cash flows is materially greater than that which the market is currently reflecting via the target company’s share price.

Non-U.S. Securities Risk. The fund may invest in non-U.S. securities and U.S. securities of companies domiciled in non-U.S. countries that may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies. These companies may be subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, regulatory risk, higher transaction costs, delayed settlement, possible non-U.S. controls on investments, and less stringent investor protection and disclosure standards of non-U.S. markets. In addition, the potential departure of one or more other countries from the European Union may have significant political and financial consequences for global markets.

New Fund Risk. The fund is newly organized and has little or no operating history. While the Adviser has experience in investment-related activities, the Adviser has limited experience managing registered investment companies.

The 30-Day SEC Yield represents net investment income earned by the Fund over the 30-day period ending 03/31/2024, expressed as an annual percentage rate based on the Fund's share price at the end of the 30-day period.

The Russell 3000 TR Index is a market-capitalization-weighted equity index maintained by FTSE Russell that tracks the performance of the 3000 largest U.S. traded stocks across all market sectors, inclusive of dividends, capital gains, distributions, and interest. The secondary index for the fund is a blend of the Russell 3000 TR (50%) and The Bloomberg Aggregate Bond Index (50%). The Bloomberg Aggregate Bond Index broadly tracks the performance of the U.S. investment-grade bond market. The index is composed of investment-grade government and corporate bonds. You cannot invest directly into an index.