International 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).

Standard Deviation measures the volatility of the Fund’s returns. Beta measures the Fund’s sensitivity to market movements.

Sharpe Ratio uses the Fund’s standard deviation and average excess return over the risk-free rate to determine reward per unit of risk.

Upside Capture is the statistical measure of an investment manager's overall performance in up-markets.

Downside Capture is a statistical measure of an investment manager's overall performance in down-markets.

Portfolio Turnover is calculated by dividing the lesser of purchases or sales of portfolio securities for the fiscal year by the monthly average of the value of the portfolio securities owned by the Fund during the fiscal year.

Weighted Average Market Capitalization is a dollar-value measurement of the size of companies in a portfolio or index. In such a weighting scheme, an average figure is derived from the market capitalizations of each company (their market prices multiplied by the number of shares outstanding) multiplied by their weights in the portfolio or index.

Price/Earnings Ratio is a stock’s price divided by its earnings per share.

Price/Book Ratio is a stock’s price divided by its ‘book’ or net asset value.

Emerging markets are economies transitioning from developing to developed status, characterized by high volatility, but also significant growth potential.

Median Market Capitalization is the midpoint of market capitalization of the stocks in the portfolio.

Active Share is a measure of the percentage of stock holdings in a manager’s portfolio that differ from the benchmark index. Active share was calculated using an index ETF.

Active Management Due to the active management of the Fund the Fund could underperform its benchmark index and/or other funds with similar investment objectives and strategies.

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.

Important Risk Information: The VELA International Fund invests in a diversified portfolio of non-U.S. equities from a broad market capitalization spectrum. 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 nonU.S. controls on investments, and less stringent investor protection and disclosure standards of U.S. markets.

Past performance is no guarantee of future results. Investing involves risk, including loss of principal. The value of the fund's shares, when redeemed, may be worth more or less than their original cost.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment loss

The MSCI World ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries excluding the United States. You cannot invest directly into an index.

Morningstar Disclosures:

© 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/ 30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10- year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

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.