Income Opportunities Fund

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.

Record Date: the cutoff established by the fund to determine the shareholders eligible to receive a dividend or distribution.

Payable & Reinvestment Date: refers to the date that any dividends are due to be paid out to shareholders as of the record date. For shareholders who elect to have dividends reinvested into the fund rather than paid out, this is also the date of reinvestment, i.e. reinvestment date.

Reinvestment NAV: the price per share on the day the distribution is reinvested.

Income: revenue received from an investment.

ST (Short Term) Gain: profits realized from the sale of investments held for one year or less, taxed at the taxpayer's top marginal tax rate or regular income tax bracket, which can range from 10% to 37%. Short-term capital gains receive less preferential tax treatment compared to assets held for at least one year taxed at lower long-term capital gain rates.

LT (Long Term) Gain: profits realized from the sale of investments held for greater than one year, taxed between 0% and 20%, depending on the investor’s income.

Total Per Share: reflects the total dividend income paid out to shareholders, divided by the number of outstanding shares of the fund.

VELA Investment Management does not provide tax advice. Please consult your tax advisor before making any decisions or taking any action based on this information.

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.

Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund's capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund. The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund. Refer to the fund's annual report or statement of additional information for specific information regarding distributions.