INNOVA

Copley Fund

📄 Factsheet 📑 Prospectus 📑 SAI
The performance data quoted represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor's shares, when redeemed, may be worth more or less than their original cost. For performance information current to the most recent month-end, please call toll-free (888) 484-5766.

What Set's Us Apart

Appreciation and Resiliency Strategy, plus a Tax-Savvy Structure

The Fund began operations in 1974. The Fund is managed today by an experienced team—the INNOVA group—utilizing a tax savvy, dividend growth strategy. The Portfolio Manager, Dr. Vijay Chopra, is a Chartered Financial Analyst with over 30 Years of industry experience.

Because the Fund is structured as a C-Corp versus the typical mutual fund Regulated Investment Company (RIC) structure, RECs pass through taxes for capital gains, dividends, or interest earned to individual investors, the Fund may be subject to lower tax rates than an individual investor.

The Fund trades each day at Net Asset Value as it is continuously offering shares for purchase and redemption with a common Open-end mutual fund structure.

Performance

as of June 30, 2022


Expense Ratios

Gross of Waivers (deferred taxes)  4.05%
Net of Waivers (deferred taxes)  4.02%
Net of Waivers* 0.72%

*The Adviser has contractually waived $60,000 of its fee through February 2023
The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (888) 484-5766.

Maximum Drawdown

as of June 30, 2022

3-YR Up/Down Capture

as of June 30, 2022

3-Yr Beta & Alpha

as of June 30, 2022


3-YR Risk/Return Analysis

as of June 30, 2022

When making investment decisions, investors should consider what we feel is unique tax characteristics related to the accrual of deferred taxes. The Fund  is required to include deferred taxes in calculating its expense ratio even though they are not currently payable. The Fund’s total annual operating expense  ratio after advisory fee waiver and without the inclusion of net regular and deferred taxes is 0.72%.
Because the Fund accumulates rather than distributes its income, the Fund may be subject to the imposition of the Federal accumulated earnings tax. In the event an accumulated earnings tax would be assessed against the Fund, such assessment would decrease the net assets of the Fund and have a proportionate negative effect on each shareholder’s account.

Top 10 Holdings & Dividends

as of June 30, 2022


Source: Bloomberg.
Current and future portfolio holdings are subject to risk. Holdings are subject change.

Disclosures

Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.

Beta is a measure of the volatility, or systematic risk of a security or a portfolio in comparison to the market as a whole.

Downside Capture measures a manager’s performance in down markets relative to the market.

Upside Capture is calculated by taking the fund’s monthly return during months when the benchmark had a positive return and dividing it by the benchmark return during that same month. DCM Advisors does not provide tax advice. Please consult your tax advisor before making any decisions or taking any action based on this information.

Standard Deviation measures the average a return series deviates from its mean. It is often used as a measure of risk. When a fund has high standard deviation, the predicted range of performance implies greater volatility.

Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected and historical growth rates.

S&P 500 Index is a stock market index tracking the performance of 500 large companies listed on stock exchanges in the United States. It is one of the most commonly followed equity indices.

Wilshire 5000 Index is a market-capitalization-weighted index of the market value of all American-stocks actively traded in the United States.

DCM Advisors, LLC is the advisor to the DCM/INNOVA High Equity Income Innovation Fund and the Lebenthal Ultra Short Tax-Free Income Fund, and is the sub-advisor to the Copley Fund. Copley Financial Services, Corp. is the advisor to the Copley Fund. There is no affiliation between Ultimus Fund Distributors, LLC, Copley Financial Services, Corp. and DCM Advisors, LLC.
Investing involves risk, including loss of principal. There is no guarantee that this, or any investing strategy will be successful. There is risk that undervalued securities may not appreciate in value as anticipated or remain undervalued for long periods of time. Fixed income investments are affected by a number  of risks, including fluctuation in interest rates, credit risk, and prepayment risk. In general, as prevailing interest rates rise, fixed income prices will fall.
An investor should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. A copy of the prospectus is available at the link below or by calling Shareholder Services at 1-888-484-5766. The prospectus should be read carefully before investing.

The fund may not be available for sale in all states. The information presented on this page is not an offer to sell or a solicitation of an offer to purchase the Fund.

Distributor: Ultimus Fund Distributors, LLC
15376705-UFD-07/27/2022
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