COPLX

DCM Copley Fund

DCM

COPLX

Copley Fund Overview

Performance & Fees

Portfolio

What Sets Us Apart

Attractive Results amidst Downdrafts, plus a Tax-Savvy Structure The Fund began operations in 1974 and is managed today by an experienced team of Portfolio Managers, Jim Mulvey and Vijay Chopra, and Senior Analysts, Jared Wein and Andrew Sidoti. Jim Mulvey has over 30 years’ experience in managing fundamental US Equity mandates. Vijay Chopra has over 30 years’ experience in managing equity portfolios that blend fundamental analysis with quantitative tools. The strategy seeks to invest in quality businesses at the right price and holds them for the long-term. We invest in businesses trading below our determination of absolute valuation. This valuation is highly conservative with three built-in “margin of safety” factors and a focus on free cash flow generation. Portfolio construction results in a relatively concentrated portfolio built to perform well in most market environments. The Fund is structured as a C-Corp versus the typical mutual fund’s Regulated Investment Company (RIC) structure. RICs pass through capital gains, dividends, or interest earned to individual investors. Copley Fund may be subject to lower tax rates than an individual investor.

Fund Facts Ticker

COPLX

Asset Class

U.S. Equity

Inception Date

9/1/1978

Fund Stats Fund Assets

85.67M

Number of Holdings

36

30-Day SEC Yield

0.66

30-Day SEC Yield (Unsubsidized)

0.66

As of

9/30/2023

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.

Portfolio Managers James Mulvey Portfolio Manager, Fundamental Strategies 30+ Years of Experience, 1 Year on the Fund Vijay Chopra, PhD, CFA Director, Quantitative Strategies 30+ Years of Experience, 3 Years on the Fund

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. 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. 30-Day SEC Yield (Subsidized/Unsubsidized) represents net investment income earned by a fund over a 30-day period, expressed as an annual percentage rate based on the fund's share price at the end of the 30-day period. Subsidized yield reflects fee waivers and/or expense reimbursements during the period. Without waivers and/or reimbursements, yields would be reduced. Unsubsidized yield does not adjust for any fee waivers and/or expense reimbursements in effect.

Copley Fund • 3Q23

DCM

COPLX

Copley Fund Overview

Performance & Fees

Portfolio

Quarterly (%) 3-Months

YTD

1-Year

3-Years

5-Years

10-Years

COPLX

-1.94

7.47

13.01

5.39

5.92

9.08

Since Inception 7.45

S&P 500

-3.27

13.07

21.62

10.15

9.92

11.91

9.12

Morningstar Large Value Category

-1.97

4.19

17.49

12.09

7.91

9.92

-

As of 9/30/2023

The 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 indices. There are 1,261 Large Value funds in the Morningstar universe.

Cumulative (%) 1-Year

3-Year

5-Year

10-Year

Since Inception

COPLX

13.01

17.07

33.29

138.38

229.22

S&P 500

21.62

33.65

60.44

208.21

324.98

As of 9/30/2023

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.

Fees Ratio of Total Expenses, including net regular and deferred taxes, to average net assets

1.06%

As listed in the Prospectus as of 6/28/2023

Copley Fund • 3Q23

DCM

COPLX

Copley Fund Overview

Portfolio

Performance & Fees

Down Capture 3-Year

Low Volatility 3-Year

Downside Capture -76

As of 9/30/2023

Copley Fund Morningstar Large Value Category

-80

S&P 500

-100

Source: Morningstar Calculation Benchmark: S&P 500 TR Index

Source: Morningstar Calculation Benchmark: S&P 500 TR Index

Portfolio Stats

Risk Measures

As of 9/30/2023

COPLX S&P 500

R1000V

COPLX vs SPY 1-Year

COPLX vs R1000V 1-year

S&P 500 1-year

Alpha

-4.20

2.4

-

As of 9/30/2023

Number of Holdings

36

504

845

Avg Market Capitalization ($bn)

Beta

0.63

0.74

-

579

631

138

R-squared

0.88

0.9

-

P/B Ratio

2.34

4.08

2.27

Sharpe Ratio

0.63

0.59

1.3

13.14

17.92

14.03

Return on Assets (%)

1.87

3.72

2.53

Standard Deviation

13.5

13.5

16.0

Return on Equity (%)

13.71

17.01

12.45

P/E Ratio (1-Year)

R-Squared A measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of the index. Sharpe Ratio A measure that uses standard deviation and excess return to determine reward per unit of risk. The greater a fund's Sharpe ratio, the better its risk-adjusted performance has been. 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.

Copley Fund • 3Q23

DCM

COPLX

Copley Fund Overview

Portfolio

Performance & Fees

Top 10 Holdings As of 9/30/2023

Sector Breakdown Weight (%)

As of 9/30/2023

Microsoft Corp

6.92

Apple Inc

6.79

Communication Services

Meta Platforms Inc-Class A

5.16

Comcast Corp-Class A

COPLX S&P 500 R1000V 26.0

8.8

5.0

Consumer Discretionary

5.4

10.6

4.9

4.96

Consumer Staples

4.0

6.5

8.3

American International Group

4.58

Energy

7.3

4.7

9.1

Oracle Corp

4.05

Financials

30.0

12.8

20.4

Walt Disney Co/The

4.01

Health Care

3.8

13.3

15.2

Marathon Petroleum Corp

3.94

Industrials

5.0

8.3

13.1

Morgan Stanley

3.82

Information Technology

17.9

27.4

9.0

Goldman Sachs Group Inc

3.70

Materials

-

2.4

4.8

Total of Top 10

47.9

Real Estate

-

2.4

4.6

Utilities

-

2.4

4.8

36

Number of Holdings

Top 5 Quarterly Contributors 6/30/2023 - 9/30/2023

Top 5 Quarterly Detractors

Contribution (%)

6/30/2023 - 9/30/2023

Contribution (%)

Marathon Petroleum Corp

0.9

Apple Inc

-0.9

Phillips 66

0.4

Liberty Media

-0.6

Comcast Corp-Class A

0.3

Microsoft Corp

-0.5

American international Group

0.2

American Express

-0.5

Abbvie Inc

0.2

Oracle Corp

-0.5

Important Risk Information Before investing, you should carefully consider the Fund’s investment objectives, risks, charges, and expenses. This and other information is in the prospectus, a copy of which may be obtained by calling (888) 484-5766. Please read the prospectus carefully before you invest. Investments in the Copley Fund are subject to investment risks, including the possible loss of some or all of the money invested. There can be no assurance that the Copley Fund will be successful in meeting its investment objective. Generally, the Copley Fund will be subject to the following additional principal risks: Accumulated Earnings Tax, Tax on Unrealized Appreciation, Market Risk, Management Style Risk, ADR Risks, Large-Capitalization Company Risk, Mid-Cap Company Risk, Risks Related to Other Equity Securities, Former Operating Business Tax Risk, Sector Risk, Risks Related to Portfolio Turnover, Related Risks, and Risks from Temporary Defensive Positions. An investor should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The Fund is distributed by Ultimus Fund Distributors, LLC. (Member FINRA). There is no affiliation between DCM Advisors, LLC and Ultimus Fund Distributors, LLC. 17487616-UFD-10/19/2023

Copley Fund • 3Q23