# EDGAR Filing Document

**Accession Number:** 0001618627
**File Stem:** 0001398344-25-019934
**Filing Date:** 2025-10
**Character Count:** 333303
**Document Hash:** 083d5969242de4391b6591ecbd228cd1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-019934.hdr.sgml**: 20260626

**ACCESSION NUMBER**: 0001398344-25-019934

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RBB Fund Trust
- **CENTRAL INDEX KEY:** 0001618627

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23011
- **FILM NUMBER:** 251427485

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 609-731-6256

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PENN Capital Funds Trust
- **DATE OF NAME CHANGE:** 20140904
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RBB Fund Trust
- **CENTRAL INDEX KEY:** 0001618627

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-200168
- **FILM NUMBER:** 251427484

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 609-731-6256

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PENN Capital Funds Trust
- **DATE OF NAME CHANGE:** 20140904

## Series and Classes Contracts Data

### Torray Equity Income Fund (Series ID: S000079134)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000240014 | Torray Equity Income Fund | TORYX           |

Filed with the Securities and Exchange Commission on October 29, 2025

1933 Act Registration File No. 333-200168

1940 Act Registration File No. 811-23011

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X] <br> Pre-Effective Amendment No.   [ ] <br> Post-Effective Amendment No. <u>72</u> [X]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X] <br> Amendment No. <u>75</u> [X] <br>

(Check Appropriate Box or Boxes)

**<u>THE RBB FUND TRUST</u>**

(Exact Name of Registrant as Specified in Charter)

**615 East Michigan Street**

**Milwaukee, Wisconsin 53202**

(Address of Principal Executive Offices, including Zip Code)

Registrant's Telephone Number, including Area Code: (**609) 731-6256**

Copies to:

---

| | |
|:---|:---|
| **STEVEN PLUMP** | **JILLIAN L. BOSMANN, ESQUIRE** |
| **The RBB Fund Trust** | **Faegre Drinker Biddle & Reath LLP** |
| **615 East Michigan Street** | **One Logan Square, Suite 2000** |
| **Milwaukee, Wisconsin 53202-5207** | **Philadelphia, Pennsylvania 19103-6996** |

---

Approximate Date of Proposed Public Offering: As soon as practicable after the Registration Statement becomes effective.

[ ] immediately upon filing pursuant to paragraph (b)

[ ] on (date) pursuant to paragraph (b)

[ ] 60 days after filing pursuant to paragraph (a)(1)

[X] on December 31, 2025 pursuant to paragraph (a)(1)

[ ] 75 days after filing pursuant to paragraph (a)(2)

[ ] on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

[ ] This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

**PROSPECTUS**

 **December 31, 2025**

 **Torray Equity Income Fund** 

 **(formerly known as the Torray Fund)**

**Ticker: TORYX**

**A series of The RBB Fund Trust**

The Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| **SUMMARY SECTION** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Objectives | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees and Expenses of the Fund | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Investment Approach | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Risks of Investing in the Fund | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance Information | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Managers | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchasing and Selling Fund Shares | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Information | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to Broker-Dealers and Other Financial Intermediaries | 5 |
| **MORE INFORMATION ABOUT INVESTMENT OBJECTIVES, APPROACH AND RISKS** | **6** |
| **MORE INFORMATION ABOUT FUND MANAGEMENT** | **8** |
| **MORE INFORMATION ABOUT PURCHASING AND REDEEMING SHARES** | **9** |
| **ACCOUNT STATEMENTS** | **16** |
| **HOUSEHOLDING** | **17** |
| **ELECTRONIC DELIVERY OF FINANCIAL REPORTS** | **17** |
| **DISCLOSURE OF PORTFOLIO HOLDINGS** | **17** |
| **TAXES AND DISTRIBUTIONS** | **17** |
| **PAYMENTS TO THIRD PARTIES BY THE ADVISER** | **19** |
| **OTHER INFORMATION** | **19** |
| **PRIOR PERFORMANCE OF SIMILARLY ADVISED ACCOUNTS** | **20** |
| **FINANCIAL HIGHLIGHTS** | **22** |
| **HOW TO OBTAIN MORE INFORMATION** | **Back Cover** |

---

**SUMMARY SECTION**

**Investment Objectives**

The Torray Equity Income Fund (formerly known as the Torray Fund) (the "Fund") seeks to build investor wealth over time, with a particular focus on the level and growth of current income.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

**Shareholder Fees** <br> (fees paid directly from your investment)

---

| | |
|:---|:---|
|  **Annual Fund Operating Expenses** <br> (expenses that you pay each year as a percentage of the value of your investment) |  |
| Management Fees | 0.85% |
| Other Expenses | [...] |
| Total Annual Fund Operating Expenses | [...] |
| Fee Waiver and/or Expense Reimbursement<sup>(1)</sup> | [...] |
| Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement<sup>(1)</sup> | [...] |

---

<sup>(1)</sup> Torray Investment Partners LLC (the "Adviser") has contractually agreed to limit the amount of the Fund's total annual operating expenses (excluding AFFE, short sale dividend expenses, extraordinary items, interest expense or taxes) to 0.95% of the Fund's average daily net assets. This contractual limitation is in effect until December 31, 2026 and may not be terminated without the approval of the Board of Trustees (the "Board") of The RBB Fund Trust (the "Trust"). The Adviser is permitted to recoup any fees it has waived or deferred or expenses it has borne pursuant to an expense limitation agreement to the extent that the Fund's expenses (after any repayment is taken into account) do not exceed both of (i) the expense limitations that were in effect at the time of the waiver or reimbursement, and (ii) the current expense limitations. The Board must approve any recoupment payment made to the Adviser. The Fund will not be obligated to pay any such deferred fees and expenses more than three years after date on which the fees and expenses were waived or deferred.

 

***Example***

 

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

 

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same ([taking into account the terms of the expense limitation agreement]). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| [...] | [...] | [...] | [...] |

---

***Portfolio Turnover***

 ****

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. During the fiscal year ended August 31, 2025, the Fund's portfolio turnover rate was [...]% of the average value of its portfolio.

**Principal Investment Approach**

The Fund views common stock ownership as an investment in a business, and therefore invests for the long term. The Fund seeks to invest in securities when it believes valuations are modest relative to earnings, cash flow or asset values. The Fund invests principally in common stock of large capitalization domestic companies characterized by operating profitability, conservative financial structures, sustainable dividend policies and shareholder-oriented management. Investments are held as long as the issuers' fundamentals remain intact, and the Fund believes issuers' shares are reasonably valued.

The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets (including borrowings for investment purposes) in equity securities, such as common stocks, preferred stocks, and convertible preferred stocks. This 80% investment policy is not fundamental and may be changed by the Board without shareholder approval.

The Fund usually holds between 20-25 stocks, with positions in individual issuers generally ranging between 3% and 5% of the Fund's assets. Generally, positions in individual issuers will not exceed 6% of Fund assets. The Fund will not concentrate its investments in any industries, but the Fund may, at certain times and depending on market conditions and other factors, have concentrations in one or more sectors. The Fund will also invest in U.S. Treasury securities and other cash equivalents.

**Principal Risks of Investing in the Fund**

Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The Fund's principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Different risks may be more significant at different times depending on market conditions or other factors. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

 **Convertible Securities Risk.** The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. Convertible securities are subject to the risks of stocks when the underlying stock price is high relative to the conversion price (because more of the security's value resides in the conversion feature) and fixed income securities when the underlying stock price is low relative to the conversion price (because the conversion feature is less valuable). A convertible security is not as sensitive to interest rate changes as a similar non-convertible fixed income security, and generally has less potential for gain or loss than the underlying stock.

**Equity Securities Risk.** The Fund expects to invest in, or have exposure to, equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities.

**Large Companies Risk.** The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

**Management Risk.** All investments are subject to risks, and an investment in the Fund is no exception. Accordingly, you may lose money by investing in the Fund and investors face the risk that the Adviser's business analyses prove faulty.

**Market Risk.** The value of the Fund's investments will fluctuate as markets fluctuate and could decline over short- or long-term periods, sometimes rapidly and unpredictably. Markets for securities in which the Fund invests may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. In addition, extraordinary events outside the control of the Fund, including acts of God (e.g., fire, flood, earthquake, storm, hurricane or other natural disaster), acts of war and terrorist activities, and global health events, such as epidemics, pandemics and disease, and their related social and economic impacts, may cause significant adverse market conditions and result in losses in value to the Fund's investments.

**Sector Risk.** The securities of companies in the same or related businesses ("industry sectors"), if comprising a significant portion of the Fund's portfolio, may in some circumstances react negatively to market conditions, interest rates and economic, regulatory or financial developments and adversely affect the value of the portfolio to a greater extent than if such securities comprised a lesser portion of the Fund's portfolio or the Fund's portfolio was diversified across a greater number of industry sectors. Some industry sectors have particular risks that may not affect other sectors. The Fund may focus its investments in the following sector(s):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● [**Financial Sector Risk.** The Fund may invest in companies in the financial sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, and the availability and cost of capital.]

**Share Ownership Risk.** To the extent that a significant portion of the Fund's shares are held by a limited number of shareholders or their affiliates, there is a risk that the share trading activities of these shareholders could disrupt the Fund's investment strategies, which could have adverse consequences for the Fund and other shareholders (e.g., by requiring the Fund to sell investments at inopportune times or causing the Fund to maintain larger-than-expected cash positions pending acquisition of investments).

**Value-Style Investment Risk.** The Fund's value investments are subject to the risk that their intrinsic values may not be recognized by the broad market or that their prices may decline.

**Performance Information**

The Fund was reorganized following the close of business on December 9, 2022, to acquire the assets and liabilities of the Torray Fund (the "Predecessor Fund"), a series of The Torray Fund, in exchange for shares of the Fund. Accordingly, the Fund is the successor to the Predecessor Fund, and the following performance information shown prior to December 12, 2022, is that of the Predecessor Fund. From December 12, 2022 until August 30, 2025, the Fund had an investment objective, strategies and policies substantially similar to the Predecessor Fund, which was also advised by the Adviser. Effective August 31, 2025, the Fund changed its investment objective and investment strategies, and the performance set forth below prior to August 31, 2025 is attributable to the previous investment objective and investment strategies.

Below is a bar chart and performance table that provides some indication of the risks of investing in the Fund. The bar chart illustrates how the Fund's annual total returns have varied from year to year. The performance table provides the Fund's average annual total returns both on a before-tax and an after-tax basis and compares the Fund's performance against the performance of unmanaged market indices. It is important to remember that the Fund's past performance (both before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information may be obtained on the Fund's website (https://funds.torray.com/fund-performance/).

**Annual Total Returns (%) as of 12/31**

![](fp0096023-1_01.jpg)

During the period covered by this bar chart, the Fund's highest return for a calendar quarter was 17.27% in the fourth quarter of 2020, and the lowest return for a calendar quarter was -26.40% in the first quarter of 2020.

The Fund's year-to-date total return as of September 30, 2025, was 14.70%.

**Average Annual Total Returns<br> (For the periods ended December 31, 2024)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since Inception** <br> **December 31, 1990**  |
| **Torray Equity Income Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Return Before Taxes | 13.72% | 8.45% | 7.35% | 9.50% |
| &nbsp;&nbsp;&nbsp; Return After Taxes on Distributions | 11.94% | 6.51% | 5.76% | 8.48% |
| &nbsp;&nbsp;&nbsp; Return After Taxes on Distributions and Sale of Fund Shares | 9.50% | 6.32% | 5.57% | 8.16% |
|  **Morningstar US Large-Mid Cap Broad Value Index\*** (reflects no deduction for fees, expenses, or taxes) | 17.17% | 10.70% | 10.39% | N/A |
|  **S&P 500 Total Return Index\*** (reflects no deduction for fees, expenses, or taxes) | 25.02% | 14.53% | 13.10% | 11.03% |

---

\* The Morningstar US Large-Mid Cap Broad Value Index is designed to provide comprehensive, consistent representation of the large-mid cap value segment of the US equity market. The S&P 500 Total Return Index measures the performance of 500 large-capitalization U.S. companies. These indexes are unmanaged and do not reflect the fees and expenses typically incurred by mutual funds. Results include reinvested dividends.

After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

**Investment Adviser**

The Fund's investment manager is Torray Investment Partners LLC.

**Portfolio Managers**

Mr. Shawn M. Hendon, President of the Adviser, serves as co-portfolio manager of the Fund along with Mr. Jeffrey D. Lent and Mr. Brian Zaczynski, CFA. Mr. Hendon has served as co-portfolio manager of the Fund and the Predecessor Fund since 2017. Mr. Hendon previously also served as co-portfolio manager of the Predecessor Fund from 2008-2012. Mr. Lent has served as co-portfolio manager of the Fund and the Predecessor Fund since 2020. Mr. Zaczynski has served as co-portfolio manager of the Fund since November 2025.

**Purchasing and Selling Fund Shares**

To purchase shares of the Fund for the first time, you must invest $2,000. Additional purchases can be made for $500 or more. The Fund has the discretion to further modify, waiver or reduce the above investment minimum requirements. Shares of the Fund may be available through certain brokerage firms, financial institutions and other industry professionals (collectively, "Service Organizations").

You may purchase and sell shares on any day that the New York Stock Exchange is open.

You may sell Fund shares through your financial intermediary or by contacting the Fund: (i) by telephone at 1-800-626-9769; or (ii) in writing c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252.

For more information about purchasing and redeeming Fund shares, see the section entitled "More Information About Purchasing and Redeeming Shares."

**Tax Information**

The Fund intends to make distributions that will be taxed as ordinary income or capital gains unless you are a tax-exempt organization or are investing through a tax-advantaged arrangement such as a 401(k) plan or Individual Retirement Account. Distributions on investments made through such tax-advantaged arrangements may be taxed later upon withdrawal of assets from those accounts.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase and/or hold Fund shares through a broker-dealer or other financial intermediary, the Fund and/or the Adviser may pay the intermediary for facilitating the sale of Fund shares and/or for shareholder services that the intermediary provides. These payments have the potential to create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**MORE INFORMATION ABOUT INVESTMENT OBJECTIVES, APPROACH AND RISKS**

**Investment Objectives**

As noted earlier, the Fund's investment objective is to build investor wealth over time, with a particular focus on the level and growth of current income. The Fund's investment objective may be changed without shareholder approval. Shareholders will be provided with prior written notice of any changes to the Fund's investment objective.

There is no guarantee that these objectives will be achieved.

**Investment Process**

The Adviser's primary focus is on business analysis. The Fund invests principally in common stock of large-capitalization domestic companies that generally have demonstrated records of profitability, conservative financial structures, and shareholder-oriented management. The Fund seeks to invest in such companies when it believes that valuations are modest relative to earnings, cash flow or asset values. A company's historical record is central to valuation, and the Adviser seeks to identify companies whose managements are good stewards of capital, focus on profitability and growth in per share value, and are candid in reporting to shareholders. Companies with successful track records that have fallen from investor favor can be of interest if the Adviser determines the cause or causes of investor disaffection are temporary and that the share prices fail to reflect the Adviser's assessment of their intrinsic value. However, companies with poor records or those that suffer reversals deemed likely to be permanent are avoided regardless of how "cheap" their shares may appear. Positions may be reduced or sold if (a) a superior investment opportunity is identified, (b) a company's fundamentals are deteriorating to the point where the original investment thesis for owning the stock is no longer intact, or (c) the investment has become significantly overvalued. The Fund currently expects to invest a significant portion of its assets in the Financials sector.

The Fund invests, under normal circumstances, at least 80% of its net assets (including borrowings for investment purposes) in equity securities, such as common stocks, preferred stocks, and convertible preferred stocks. Shareholders will be given at least 60 days' advance notice of any change to this 80% investment policy.

**Principal Risks of Investing in the Fund**

 **Convertible Securities Risk.** A convertible security is a bond, debenture, note, preferred stock, right, warrant or other security that may be converted into or exchanged for a prescribed amount of common stock or other security of the same or a different issuer or cash within a particular period of time at a specified price or formula. A convertible security generally entitles the holder to receive interest paid or accrued on debt securities or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities generally have characteristics similar to both debt and equity securities. Convertible securities ordinarily provide a stream of income with generally higher yields than those of common stock of the same or similar issuers. Convertible securities generally rank senior to common stock in a corporation's capital structure but are usually subordinated to comparable nonconvertible proportionate securities.

Convertible securities generally do not participate directly in any dividend increases or decreases of the underlying securities although the market prices of convertible securities may be affected by any dividend changes or other changes in the underlying securities. The Fund's investments in convertible securities may subject the Fund to the risks that prevailing interest rates, issuer credit quality and any call provisions may affect the value of the Fund's convertible securities. Rights and warrants entitle the holder to buy equity securities at a specific price for a specific period of time. Rights typically have a substantially shorter term than do warrants. Rights and warrants may be considered more speculative and less liquid than certain other types of investments in that they do not entitle a holder to dividends or voting rights with respect to the underlying securities nor do they represent any rights in the assets of the issuing company. Rights and warrants may lack a secondary market.

**Equity Securities Risk.** The Fund expects to invest in, or have exposure to, equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities. The Fund's investments in equity securities may subject the Fund to volatility and the following risks: prices of stock may fall over short or extended periods of time; cyclical movements of the equity market may cause the value of the Fund's securities to fluctuate drastically from day to day; and individual companies may report poor results or be negatively affected by industry and or economic trends and developments.

**Large Companies Risk.** The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Furthermore, large-capitalization companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

**Management Risk.** All investments are subject to risks, and an investment in the Fund is no exception. Accordingly, you may lose money by investing in the Fund and investors face the risk that the Adviser's business analyses prove faulty. The Fund is actively managed and its performance may reflect the Adviser's ability to make decisions which are suited to achieving the Fund's investment objectives. As a result, the Fund could underperform other mutual funds with similar investment objectives.

**Market Risk.** The value of the Fund's investments will fluctuate as markets fluctuate and could decline over short- or long-term periods, sometimes rapidly and unpredictably. Markets for securities in which the Fund invests may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. In addition, extraordinary events outside the control of the Fund, including acts of God (e.g., fire, flood, earthquake, storm, hurricane or other natural disaster), acts of war and terrorist activities, and global health events, such as epidemics, pandemics and disease, and their related social and economic impacts, may cause significant adverse market conditions and result in losses in value to the Fund's investments.

The COVID-19 pandemic has negatively affected the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. On May 5, 2023, the World Health Organization declared the end of the global emergency status for COVID-19. The United States subsequently ended the federal COVID-19 public health emergency declaration effective May 11, 2023. Although vaccines for COVID-19 are widely available, it is unknown how long certain circumstances related to the pandemic will persist, whether they will reoccur in the future, and what additional implications may follow from the pandemic. The impact of these events and other epidemics or pandemics in the future could adversely affect the Fund's performance.

Additionally, climate change poses long-term threats to physical and biological systems. Potential hazards and risks related to climate change for a State or municipality include, among other things, wildfires, rising sea levels, more severe coastal flooding and erosion hazards, and more intense storms. Storms in recent years have demonstrated vulnerabilities in a State's or municipality's infrastructure to extreme weather events. Climate change risks, if they materialize, can adversely impact a State's or municipality's financial plan in current or future years. In addition, economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. A rise in sea levels, an increase in powerful windstorms and/or a climate-driven increase in sea levels or flooding could cause coastal properties to lose value or become unmarketable altogether. Economists warn that, unlike previous declines in the real estate market, properties in affected coastal zones may not ever recover their value. Large wildfires driven by high winds and prolonged drought may devastate businesses and entire communities and may be very costly to any business found to be responsible for the fire. Regulatory changes and divestment movements tied to concerns about climate change could adversely affect the value of certain land and the viability of industries whose activities or products are seen as accelerating climate change. The Fund cannot predict the effects of or likelihood of such events on the U.S. and world economies. The Fund could be materially impacted by such events which may, in turn, negatively affect the value and performance the Fund.

Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. As the use of technology grows, liquidity and market movements may be affected. As artificial intelligence is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund.

**Sector Risk.** The securities of companies in the same or related businesses ("industry sectors"), if comprising a significant portion of the Fund's portfolio, may in some circumstances react negatively to market conditions, interest rates and economic, regulatory or financial developments and adversely affect the value of the portfolio to a greater extent than if such securities comprised a lesser portion of the Fund's portfolio or the Fund's portfolio was diversified across a greater number of industry sectors. Some industry sectors have particular risks that may not affect other sectors. The Fund may focus its investments in the following sector(s):

 **[Financial Sector Risk.** The Fund may invest in companies in the financial sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, and the availability and cost of capital. These factors and events have had, and may continue to have, a significant negative impact on the valuations and stock prices of companies in this sector and have increased the volatility of investments in this sector. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector.]

**Share Ownership Risk.** To the extent that a significant portion of the Fund's shares are held by a limited number of large shareholders or their affiliates, there is a risk that the share trading activities of these shareholders could disrupt the Fund's investment strategies, which could have adverse consequences for the Fund and other shareholders (e.g., by requiring the Fund to sell investments at inopportune times or causing the Fund to maintain larger-than-expected cash positions pending acquisition of investments). These shareholders may redeem shares in substantial quantities or on a frequent basis, which may negatively impact the Fund's performance, may increase realized capital gains, may accelerate the realization of taxable income to other shareholders and may potentially limit the use of available capital loss carryforwards or certain other losses to offset any future realized capital gains. Large shareholder redemption activity also may increase the Fund's brokerage and other expenses.

**Value-Style Investment Risk.** The Fund's value investments are subject to the risk that their intrinsic values may not be recognized by the broad market, that their prices may decline, or that a stock judged to be undervalued may actually be appropriately priced. The determination that a stock is undervalued is subjective; the market may not agree, and a stock's price may not rise to what the Adviser believes is its full value. If the market does not consider the stock to be undervalued then the value of the Fund's shares may decline, even if stock prices generally are rising.

**MORE INFORMATION ABOUT FUND MANAGEMENT**

The Fund's investment manager is Torray Investment Partners LLC (formerly known as Torray LLC), 7501 Wisconsin Avenue, Suite 750W, Bethesda, Maryland 20814. The Adviser offers investment management services to individuals, institutions and investment companies. Shawn M. Hendon, President of the Adviser, serves as co-manager of the Fund with Jeffrey D. Lent and Brian Zaczynski, CFA, and they share the same responsibilities for the day-to-day management of the Fund's investment portfolio.

Mr. Hendon is a Principal at the Adviser and is a critical member of the Adviser's research and portfolio management team. He previously served as co-portfolio manager of the Predecessor Fund from 2008-2012, and again from January 1, 2017 through present, after re-joining the Adviser's portfolio management team. Prior to joining the Adviser in 2008, Mr. Hendon was co-founder and Partner of Rockledge Partners (from 2004 to 2007) and Managing Director and Portfolio Manager for Lockheed Martin Investment Management Company (from 1979 to 2003). In 2012, he founded Harewood Partners, LLC, and served as Managing Partner of that firm from 2012 to 2023. Mr. Hendon received a BA degree from Georgetown University (1973), and an MBA from the George Washington University (1976).

Mr. Lent is a Principal at the Adviser and serves as Portfolio Manager or Co-Portfolio Manager for all separate account strategies at Torray. He began his investment career in 1987 with Kemper Mutual Funds in Chicago, Illinois. Prior to joining Torray in 2010, he was an analyst and portfolio manager with Resolute Capital Management and a Vice President with Tucker Anthony, Inc., where he formed the Corporate Services Group. Mr. Lent received a BS from the University of New Hampshire in 1987.

Mr. Zaczynski serves as co-portfolio manager of the Fund since November 2025, and has been lead analyst for the Fund since 2018. Prior to joining the Adviser in 2016, Mr. Zaczynski was an analyst and trader for TAMRO Capital Partners where he focused on two long-only, domestic-focused equity strategies. Before joining TAMRO, he worked at U.S. Bancorp as a Structured Finance Analyst. Mr. Zaczynski holds the Chartered Financial Analyst designation and received a BSBA in Finance from Suffolk University in 2006.

Additional information about the portfolio managers' compensation, other accounts they manage, and their ownership of shares in the Fund is available in the Statement of Additional Information ("SAI").

Subject to the oversight of the Board of Trustees (the "Board") of The RBB Fund Trust (the "Trust"), the Adviser provides investment advice and portfolio management services and oversees the administration of the Fund. The Fund compensates the Adviser for its services at the annual rate of 0.85% of its average daily net assets, payable on a monthly basis in arrears.

A discussion regarding the basis for the Board's approval of the investment advisory agreement between the Trust and the Advisor on behalf of the Torray Equity Income Fund is available in the Fund's [annual report] on Form N-CSR to shareholders for the fiscal year ended August 31, 2025.

**Fund Expenses**

The Fund is responsible for its own operating expenses. Pursuant to an expense limitation and reimbursement agreement between the Adviser and the Trust, on behalf of the Fund (the "Agreement"), the Adviser has contractually agreed to waive all or a portion of its advisory fee and/or reimburse expenses in an aggregate amount equal to the amount by which the Total Annual Fund Operating Expenses (excluding certain items discussed below) for the Fund exceed 0.95% of the average daily net assets attributable to the Fund (the "Expense Cap"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net Total Annual Fund Operating Expenses to exceed 0.95%: acquired fund fees and expenses ("AFFE"), taxes, interest expense, dividends on securities sold short and extraordinary expenses.

The Agreement will remain in effect until December 31, 2026 and may not be terminated without the approval of the Board. If at any time the Fund's Total Annual Fund Operating Expenses (not including AFFE, short sale dividend expenses, extraordinary items, interest expense or taxes) for a year are less than 0.95% or the Expense Cap then in effect, whichever is less, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided it is able to effect such recoupment without causing the Fund's expense ratio (after recoupment) to exceed (i) the expense limit in effect at the time of the waiver or reimbursement and (ii) the current expense limit in effect at the time of the recoupment. The Adviser was effectively paid an annualized management fee of [...]% of the Fund's average daily net assets for the fiscal year ended August 31, 2025.

**MORE INFORMATION ABOUT PURCHASING AND REDEEMING SHARES**

**Pricing Fund Shares**

Shares of the Fund are sold at their net asset value ("NAV"). The NAV per share of the Fund is calculated as follows:

NAV = Value of Assets - Value of Liabilities <br> Number of Outstanding Shares

The Fund's NAV is calculated once daily at the close of regular trading hours on the NYSE (generally 4:00 p.m. Eastern time) on each day the NYSE is open. The NYSE is generally open Monday through Friday, except national holidays. The NYSE also may be closed on national days of mourning or due to natural disaster or other extraordinary events or emergency. Fund shares will generally not be priced on any day the NYSE is closed. The Fund will effect purchases of Fund Shares at the NAV next determined after receipt by the transfer agent of your purchase order in good order as described below. The Fund will effect redemptions of Fund Shares at the NAV next calculated after receipt by the transfer agent of your redemption request in good order as described below. If the Fund holds securities that are primarily listed on non-U.S. exchanges, the NAV of the Fund's shares may change on days when shareholders will not be able to purchase or redeem the Fund's shares.

If available, the Fund's investments in securities and other exchange traded assets are generally valued based on market quotations. If market quotations are unavailable or deemed unreliable securities will be valued by the Adviser, as valuation designee (the "Valuation Designee"), in accordance with procedures adopted by the Board and under the Board's ultimate supervision. The Fund will regularly value its investments in derivative instruments at fair value. The Fund may use independent pricing services to assist in calculating the value of the Fund's portfolio holdings. Relying on prices supplied by pricing services or dealers or using fair valuation involves the risk that the values used by the Fund to price its investments may be higher or lower than the values used by other investment companies and investors to price the same investments.

The Board has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee in calculating the Fund's NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated the Adviser as its "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

**How to Buy Shares**

You may buy shares of the Fund on a no-load basis on any day that the NYSE is open.

All checks must be in U.S. Dollars drawn on a domestic bank. The Fund will not accept payment in cash or money orders. The Fund does not accept post-dated checks or any conditional order or payment. To prevent check fraud, the Fund will not accept third party checks, Treasury checks, credit card checks, traveler's checks or starter checks for the purchase of shares.

Shares of the Fund have not been registered for sale outside of the United States. The Fund generally does not sell shares to investors residing outside the United States, even if they are United States citizens or lawful permanent residents, except to investors with United States military APO or FPO addresses.

The transfer agent will charge a $25 fee against a shareholder's account, in addition to any loss sustained by the Fund, for any payment that is returned. It is the policy of the Fund not to accept applications under certain circumstances or in amounts considered disadvantageous to shareholders. The Fund reserves the right to reject any application.

The minimum initial purchase is $2,000. You should send your check payable to "Torray Equity Income Fund" with a completed account application to the Fund's transfer agent:

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| | |
|:---|:---|
| **Regular Mail Address** | **Courier Address** |
| Torray Equity Income Fund | Torray Equity Income Fund |
| c/o U.S. Bank Global Fund Services | c/o U.S. Bank Global Fund Services |
| P.O. Box 219252 | 801 Pennsylvania Avenue, Suite 219252 |
| Kansas City, MO 64121-9252 | Kansas City, MO 64105-1307 |

---

The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, deposit in the mail or with such services, or receipt at U.S. Bank Global Fund Services post office box, of purchase orders or redemption requests does not constitute receipt by the transfer agent of the Fund. Receipt of purchase orders or redemption requests is based on when the order is received at the transfer agent's offices.

Additional purchases can be made for $500 or more and should be sent to the applicable address above. Please remember to include your account number on your check.

**Purchases Through Intermediaries.** Shares of the Fund may also be available through certain Service Organizations. Certain features of the Fund, such as the initial and subsequent investment minimums and certain trading restrictions, may be modified or waived by Service Organizations. Service Organizations may impose minimum investment requirements. Service Organizations may also impose transaction or administrative charges or other direct fees, which charges and fees would not be imposed if Fund shares are purchased directly from the Trust. Therefore, you should contact the Service Organization acting on your behalf concerning the fees (if any) charged in connection with a purchase or redemption of Shares and should read this Prospectus in light of the terms governing your accounts with the Service Organization. Service Organizations will be responsible for promptly transmitting client or customer purchase and redemption orders to the Trust in accordance with their agreements with the Trust or its agent and with clients or customers. Service Organizations or, if applicable, their designees that have entered into agreements with the Trust or its agent, may enter confirmed purchase orders on behalf of clients and customers, with payment to follow no later than the Trust's pricing on the following business day. If payment is not received by such time, the Service Organization could be held liable for resulting fees or losses. The Trust will be deemed to have received a purchase or redemption order when a Service Organization, or, if applicable, its authorized designee, accepts a purchase or redemption order in good order if the order is actually received by the Trust in good order not later than the next business morning. If a purchase order is not received by the Trust in good order, the transfer agent will contact the financial intermediary to determine the status of the purchase order. Orders received by the Trust in good order will be priced at the Fund's NAV next computed after such orders are deemed to have been received by the Service Organization or its authorized designee.

For administration, subaccounting, transfer agency and/or other services, the Adviser or its affiliates may pay Service Organizations and certain recordkeeping organizations a fee (the "Service Fee") based on the average annual NAV of accounts with the Trust maintained by such Service Organizations or recordkeepers. The Service Fee payable to any one Service Organization is determined based upon a number of factors, including the nature and quality of services provided, the operations processing requirements of the relationship and the standardized fee schedule of the Service Organization or recordkeeper.

In addition, the Fund may enter into agreements with Service Organizations pursuant to which the Fund will pay a Service Organization for networking, sub-transfer agency, sub-administration and/or sub-accounting services. These payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by the Service Organization or (2) a fixed dollar amount for each account serviced by the Service Organization. The aggregate amount of these payments may be substantial.

**Initial Investment – By Wire**

If you are making your first investment in the Fund, before you wire funds, the transfer agent must have a completed account application. You may mail or overnight deliver your account application to the transfer agent. Upon receipt of your completed application, the transfer agent will establish an account for you. The account number assigned will be required as part of the instruction that should be provided to your bank to send the wire. Your bank must include the name of the Fund you are purchasing, the account number, and your name so that monies can be correctly applied. Your bank should transmit Funds by wire to:

U.S. Bank, N.A.<br> 777 East Wisconsin Avenue<br> Milwaukee, WI 53202<br> ABA #075000022<br> Credit:<br> U.S. Bancorp Fund Services, LLC<br> Account #112-952-137<br> Further Credit:<br> Torray Equity Income Fund <br> (shareholder registration)<br> (shareholder account number)

**For Subsequent Investments – Telephone Purchases**

Subject to the conditions described below, investors may purchase additional shares of the Fund by calling 1-800-626-9769. If you elected this option on your account application, and your account has been open for at least 7 business days, telephone orders will be accepted via electronic funds transfer from your bank account through the Automated Clearing House (ACH) network. This option is offered to shareholders whose accounts are held directly with the Fund. (Please speak with your Financial Intermediary if your account is held elsewhere.) You must have banking information established on your account prior to making a purchase. If your order is received prior to 4:00 p.m. Eastern time, your shares will be purchased at the net asset value calculated on the day your order is placed.

**For Subsequent Investments – By Wire**

Before sending your wire, please contact the transfer agent at 1-800-626-9769 to advise them of your intent to wire funds. This will ensure prompt and accurate credit upon receipt of your wire.

Wired funds must be received prior to 4:00 pm Eastern time to be eligible for same day pricing. The Fund and U.S. Bank, N.A., the Fund's custodian, are not responsible for the consequences of delays resulting from the banking or Federal Reserve wire system, or from incomplete wiring instructions.

**For Subsequent Investments – By Electronic Transfer Online**

Subject to the conditions described below, and if you elected this option on your account application, and your account has been open for at least 7 business days, you may purchase additional shares of the Fund through the Fund's investor portal, a link to which can be found on the Fund's website at https://funds.torray.com. This option is offered to shareholders whose accounts are held directly with the Fund. (Please speak with your Financial Intermediary if your account is held elsewhere.) Electronic orders will be accepted via electronic funds transfer from your bank account through the Automated Clearing House (ACH) network. You must have banking information established on your account prior to making an online purchase. If your order is received prior to 4:00 p.m. Eastern time, your shares will be purchased at the net asset value calculated on the day your order is placed.

**Automatic Investment Plan**

Once an account has been opened with the initial minimum investment you may make additional purchases at regular intervals through the Automatic Investment Plan. This Plan provides a convenient method to have monies deducted from your bank account, for investment into the Fund, on a monthly, bi-monthly, or quarterly basis. In order to participate in the Plan, each purchase must be in the amount of $500 or more, and your financial institution must be a member of the Automated Clearing House (ACH) network. If your bank rejects your payment, the Fund's transfer agent will charge a $25 fee to your account. To begin participating in the Plan, please complete the Automatic Investment Plan section on the account application or call the Fund's transfer agent at 1-800-626-9769 for instructions. Any request to change or terminate your automatic Investment Plan should be submitted to the transfer agent at least 5 days prior to the desired effective date.

**How to Redeem Shares**

You may redeem your shares either in writing or if you elected the telephone redemption privilege on your application, by telephone or through the online investor portal, a link to which can be found on the Fund's website at https://funds.torray.com. The online redemption maximum is $100,000. Your written redemption request must include: (1) the name of the Fund, (2) the number of shares or dollar amount to be redeemed, (3) the account number and (4) signatures by all of the shareholders whose names appear on the account registration with a signature guarantee, if applicable. You should submit your written redemption request directly to:

---

| | |
|:---|:---|
| **Regular Mail Address** | **Courier Address** |
| Torray Equity Income Fund | Torray Equity Income Fund |
| c/o U.S. Bank Global Fund Services | c/o U.S. Bank Global Fund Services |
| P.O. Box 219252 | 801 Pennsylvania Avenue, Suite 219252 |
| Kansas City, MO 64121-9252 | Kansas City, MO 64105-1307 |

---

The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, deposit in the mail or with such services, or receipt at U.S. Bank Global Fund Services post office box, of purchase orders or redemption requests does not constitute receipt by the transfer agent of the Fund. Receipt of purchase orders or redemption requests is based on when the order is received at the transfer agent's offices.

Under normal circumstances, the Fund expects to meet redemption requests through the sale of investments held in cash or cash equivalents. The Fund may also choose to sell portfolio assets for the purpose of meeting such requests. The Fund further reserves the right to distribute "in kind" securities from the Fund's portfolio in lieu (in whole or in part) of cash under certain circumstances, including under stressed market conditions.

If your account is held in the name of a corporation, as a fiduciary or agent, or as a surviving joint owner, you may be required to provide additional documents with your redemption request.

If your address of record has changed within the last 30 calendar days of receipt of your redemption request, you will be required to obtain a signature guarantee. See the section entitled "Redemptions Requiring a Signature Guarantee."

The Fund and the transfer agent reserve the right to refuse any telephone transaction when they are unable to confirm to their satisfaction that a caller is the account owner, or a person authorized by the account owner. Neither the Fund nor any of its service contractors will be liable for any loss or expense in acting upon telephone instructions that are reasonably believed to be genuine. The telephone transaction privilege may be suspended, limited, modified or terminated at any time without prior notice by the Fund or U.S. Bancorp Fund Services, LLC.

To redeem by telephone, you can call 1-800-626-9769.

Please remember that all redemption requests must include your name and account number. The Fund typically sends the redemption proceeds on the next business day (a day when the NYSE is open for normal business) after the redemption request is received in good order and prior to market close, regardless of whether the redemption proceeds are sent via check, wire, or automated clearing house (ACH) transfer. The Fund may suspend redemptions, or postpone payment for up to seven days, as permitted by federal securities law. If you redeem by wire transfer, the Fund's transfer agent charges a fee (currently $15) for each wire redemption. If you are redeeming shares that were recently purchased by check or electronic funds transfer through the ACH network, the proceeds may be delayed until the payment for purchase clears; this may take up to 15 calendar days from the date of purchase. This delay will not apply if you purchased your shares via wire payment.

Shareholders who have an IRA or other tax-advantaged retirement plans may redeem their shares by writing to the Fund or, if you elected this option on your account application, by telephone. Redeeming shareholders must either complete and submit the Fund's IRA/Qualified Plan Distribution Request Form, available on the Fund's website at https://funds.torray.com, or must otherwise indicate on their written redemption request whether or not to withhold federal income tax. Redemption requests failing to indicate an election not to have tax withheld will generally be subject to 10% withholding. Shares held in IRA or other tax-advantaged retirement plan accounts may also be redeemed by telephone at 1-800-626-9769. Investors will be asked whether or not to withhold taxes from any distribution. Shares held in IRA or other tax-advantaged retirement plan accounts may not be redeemed through the online investor portal; however, you can visit the Fund's website to obtain the IRA/Qualified Plan Distribution Request Form.

For those set up to redeem online, log in to your existing investor portal account, a link to which can be found on the Fund's website at https://funds.torray.com.

**Redemption in Kind**

It is currently the Fund's policy to pay all redemptions in cash. The Fund reserves the right to pay shareholders redeeming large amounts with, in whole or in part, securities instead of cash in certain circumstances. Distribution in-kind redemptions are taxable to shareholders in the same manner as cash redemptions, generally resulting in capital gain or loss subject to certain loss limitation rules. Shareholders may incur brokerage charges on the sale of any such securities so received in payment of redemptions, and will bear any market risks associated with such securities until they are converted into cash.

**Systematic Withdrawal Plan**

You can also redeem shares automatically on a monthly, quarterly, semi-annual or annual basis via a Systematic Withdrawal Plan ("SWP"). To establish a SWP, an account must have a current market value of $2,000 or more and should have dividends reinvested. The minimum amount of the systematic withdrawal is $250. The systematic withdrawals can be sent by check to the address of record or to your bank via ACH provided the bank is an online member of ACH. Any check or ACH withdrawal will be sent the business day following the redemption date. You may establish this plan by completing the appropriate section on the Account Application or by calling 1-800-626-9769 for instructions. Any request to change or terminate your SWP should be submitted to the transfer agent at least 5 days prior to the desired effective date.

**Redemptions Requiring a Signature Guarantee**

Signature guarantees will generally be accepted from domestic banks, brokers, dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies and savings associations, as well as from participants in the New York Stock Exchange Medallion Signature Program and the Securities Transfer Agents Medallion Program ("STAMP"). A notary public is not an acceptable signature guarantor.

A signature guarantee, from either a Medallion program member or a non-Medallion program member, is required in the following situations:

● If ownership is being changed on your account;

● When redemption proceeds are payable or sent to any person, address or bank account not on record;

● If a change of address was received by the transfer agent within the 30 calendar days prior to the redemption request;

● For all redemptions in excess of $100,000 from any shareholder account.

The Fund may waive any of the above requirements in certain instances, subject to the Fund receiving upon request another acceptable form of authentication from a financial institution source. In such instances, it is in the Fund's sole discretion to determine whether such authentication is acceptable. In addition to the situations described above, the Fund and the transfer agent each reserve the right to require a signature guarantee in other instances based on the circumstances relative to the particular situation.

Non-financial transactions, including establishing or modifying certain services on an account, may require a signature guarantee, signature verification from a Signature Validation Program member, or other acceptable form of authentication from a financial institution source.

**Additional Purchase and Redemption Information**

The Fund reserves the following rights as they relate to purchases and redemptions:

● To redeem your shares if your account balance falls below $2,000 as a result of redemptions and not market performance. You will receive 30 days' notice to increase the value of your account to $2,000 before the account is closed;

● To refuse any purchase order;

● To refuse third-party checks, starter checks or cash equivalents for purchases of shares;

● To change or waive the Fund's investment minimums;

● To suspend the right to redeem and delay redemption proceeds during times when trading on the NYSE is restricted or halted, or otherwise as permitted by the SEC;

● To require additional documentation or a medallion signature guarantee on any redemption request.

Shareholders should be aware that purchase and redemption requests mailed to the Adviser's Maryland address will not be processed until the date that they are received by the Fund's transfer agent (generally the next business day) at the address noted under "How to Buy Shares", and that such transactions will be priced at the NAV determined as of that date in accordance with the procedures described under "Pricing Fund Shares". You can avoid delays by mailing requests for purchases and redemptions directly to the Fund's transfer agent.

Telephone trades must be received by or prior to market close. During periods of high market activity, shareholders may encounter higher than usual call waits. Please allow sufficient time to place your telephone transaction. Once a telephone transaction has been placed, it cannot be cancelled or modified after the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time).

Before executing an instruction received by telephone, the transfer agent will use reasonable procedures to confirm that the telephone instructions are genuine. The telephone call may be recorded, and the caller may be asked to verify certain personal identification information. If the Fund or its agents follow these procedures, they cannot be held liable for any loss, expense or cost arising out of any telephone redemption request that is reasonably believed to be genuine. This includes fraudulent or unauthorized requests. If an account has more than one owner or authorized person, the Fund will accept telephone instructions from any one owner or authorized person.

Online transactions are subject to the same purchase and redemption minimums and maximums as other transaction methods. You should be aware that there may be delays, malfunctions or other inconveniences associated with online transactions. There also may be times when the website is unavailable for Fund transactions or other purposes. Should this happen, you should consider performing transactions by another method.

The Fund employs procedures to confirm that online transactions are genuine. These procedures include passwords, encryption and other precautions reasonably designed to protect the integrity, confidentiality and security of shareholder information. In order to conduct transactions online, you will need your account number, username and password. The Fund and its service providers will not be liable for any loss, liability, cost or expense for following instructions communicated online, including fraudulent or unauthorized instructions.

You can decline telephone and internet buy or sell privileges on your New Account Application. If you have telephone/online privileges on your account and want to discontinue them, please contact Shareholder Services at 1-800-626-9769 for instructions. You may reinstate these privileges at any time in writing, including online registration with respect to Internet privileges.

**Lost Shareholder, Inactive Accounts and Unclaimed Property**

It is important that the Fund maintain a correct address for each investor. An incorrect address may cause an investor's account statements and other mailings to be returned to the Fund. Based upon statutory requirements for returned mail, the Fund will attempt to locate the investor or rightful owner of the account. If the Fund is unable to locate the investor, then it will determine whether the investor's account can legally be considered abandoned. Your mutual fund account may be transferred to your state of residence if no activity occurs within your account during the "inactivity period" specified in your state's abandoned property laws. The Fund is legally obligated to escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator in accordance with statutory requirements. The investor's last known address of record determines which state has jurisdiction. Please proactively contact the transfer agent at 1-800-626-9769 (toll free) at least annually to ensure your account remains in active status.

Investors with a state of residence in Texas have the ability to designate a representative to receive legislatively required unclaimed property due diligence notifications. Please contact the Texas Comptroller of Public Accounts for further information. Please contact the transfer agent if you wish to complete a Texas Designation of Representative form.

**Frequent Trading Policy**

In accordance with the policy adopted by the Board, the Trust discourages and does not accommodate market timing and other excessive trading practices. Purchases should be made with a view to longer-term investment only. Excessive short-term (market timing) trading practices may disrupt portfolio management strategies, increase brokerage and administrative costs, harm Fund performance and result in dilution in the value of Fund Shares held by long-term shareholders. The Trust and the Adviser reserve the right to (i) reject a purchase or exchange order, (ii) delay payment of immediate cash redemption proceeds for up to seven calendar days, (iii) revoke a shareholder's privilege to purchase Fund shares (including exchanges), or (iv) limit the amount of any exchange involving the purchase of Fund shares. An investor may receive notice that their purchase order or exchange has been rejected after the day the order is placed or after acceptance by a financial intermediary. It is currently expected that a shareholder would receive notice that its purchase order or exchange has been rejected within 48 hours after such purchase order or exchange has been received by the Trust in good order. The Trust and the Adviser will not be liable for any loss resulting from rejected purchase orders. To minimize harm to the Trust and its shareholders (or the Adviser), the Trust (or the Adviser) will exercise its right if, in the Trust's (or the Adviser's) judgment, an investor has a history of excessive trading or if an investor's trading, in the judgment of the Trust (or the Adviser), has been or may be disruptive to the Fund. No waivers of the provisions of the policy established to detect and deter market timing and other excessive trading activity are permitted that would harm the Fund and its shareholders or would subordinate the interests of the Fund and its shareholders to those of the Adviser or any affiliated person or associated person of the Adviser.

Pursuant to the policy adopted by the Board, the Adviser has developed criteria that it uses to identify trading activity that may be excessive. The Adviser reviews on a regular, periodic basis available information related to the trading activity in the Fund in order to assess the likelihood that the Fund may be the target of excessive trading. As part of its excessive trading surveillance process, the Adviser, on a periodic basis, examines transactions that exceed certain monetary thresholds or numerical limits within a period of time. If, in its judgment, the Adviser detects excessive, short-term trading, it may reject or restrict a purchase request and may further seek to close an investor's account with the Fund. The Adviser may modify its surveillance procedures and criteria from time to time without prior notice regarding the detection of excessive trading or to address specific circumstances. The Adviser will apply the criteria in a manner that, in the its judgment, will be uniform.

There is no assurance that the Fund will be able to identify market timers, particularly if they are investing through intermediaries.

If necessary, the Trust may prohibit additional purchases of shares by a financial intermediary or by certain customers of the financial intermediary. Financial intermediaries may also monitor their customers' trading activities in the Fund. The criteria used by intermediaries to monitor for excessive trading may differ from the criteria used by the Trust. If a financial intermediary fails to enforce the Trust's excessive trading policies, the Trust may take certain actions, including terminating the relationship.

**Customer Identification Information**

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person that opens a new account, and to determine whether such person's name appears on government lists of known or suspected terrorists and terrorist organizations.

As a result, the Fund must obtain the following information for each person that opens a new account:

● Name;

● Date of birth (for individuals);

● Residential or business street address (although post office boxes are still permitted for mailing); and

● Social security number, taxpayer identification number, or other identifying number.

You may also be asked for a copy of your driver's license, passport or other identifying document in order to verify your identity. In addition, it may be necessary to verify your identity by cross-referencing your identification information with a consumer report or other electronic database. Additional information may be required to open accounts for corporations and other entities. If you are opening the account in the name of a legal entity (e.g., partnership, limited liability company, business trust, corporation, etc.), you must also supply the identity of the beneficial owners.

Federal law prohibits the Fund and other financial institutions from opening a new account unless they receive the minimum identifying information listed above. After an account is opened, the Fund may restrict your ability to purchase additional shares until your identity is verified. The Fund may close your account or take other appropriate action if it is unable to verify your identity within a reasonable time. If your account is closed for this reason, your shares will be redeemed at the NAV next calculated after the account is closed.

**ACCOUNT STATEMENTS**

The Fund provides you with:

● a confirmation statement after each transaction;

● an account statement reflecting your transactions for the calendar quarter;

● an account statement reflecting your annual transactions; and

● by February 15 of each year, certain tax information which is also filed with the Internal Revenue Service.

The Fund provides the above shareholder services without charge but may charge for special services such as requests for historical transcripts of accounts. You may also view your quarterly and annual statements through the Fund's investor login, a link to which can be found on the Fund's website at https://funds.torray.com.

**HOUSEHOLDING**

In an effort to decrease costs, the Fund intends to reduce the number of duplicate Prospectuses and other regulatory documents you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders that the transfer agent reasonably believes are from the same family or household. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-800-626-9769 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies thirty days after receiving your request. This householding policy does not apply to account statements, which will be sent to each shareholder separately.

**ELECTRONIC DELIVERY OF FINANCIAL REPORTS**

Also in an effort to decrease costs, the Fund has elected under relevant SEC rules not to mail paper copies of annual and semiannual reports to all shareholders, but instead will mail a notice to all shareholders advising them that such reports are available online and identifying the website to access such reports. As required by such rules, the mailed notice will include instructions for how an investor can elect—at any time—to receive all future reports in paper, or request to receive particular reports in paper on an ad hoc basis.

**DISCLOSURE OF PORTFOLIO HOLDINGS**

A complete list of the Fund's portfolio holdings is publicly available on a quarterly basis through applicable filings made with the SEC on Forms N-CSR and Part F of Form N-PORT. Additional information is also available on the Fund's website at https://funds.torray.com. A description of the Fund's policies and procedures with respect to the disclosure of its portfolio securities is provided in the SAI.

**TAXES AND DISTRIBUTIONS**

It is the Fund's policy to make distributions at least annually of all or substantially all of its net investment income and net realized capital gains (the excess of net long-term capital gain over net short-term capital loss), if any. Unless you elect to receive your distributions in cash, your ordinary income and capital gain distributions will be reinvested in additional shares of the same share class of the Fund at the NAV calculated as of the payment date. You can change your distribution option by notifying the Fund's transfer agent, in writing or by telephone, prior to the date of distribution. Your choice will be effective for distributions paid after the Fund receives your notice at least five days prior to the record date of the next distribution. The Fund pays distributions on a per-share basis. As a result, on the ex-dividend date of such a payment, the NAV of the Fund will be reduced by the amount of the payment.

The Fund may be required to withhold federal income tax at a rate of 24% (backup withholding) from dividend payments, distributions, and redemption proceeds if a shareholder fails to furnish the fund with his/her correct social security or tax identification number. The shareholder must certify that the number is correct and that he/she is not subject to backup withholding. The certification is included as part of the share purchase application form.

If you elect to receive distributions and/or capital gains paid in cash and the U.S. Postal Service cannot deliver the check, or if a check remains outstanding for 6 months, the Fund reserves the right to reinvest the distribution check in your account, at the Fund's current NAV, and to reinvest all subsequent distributions.

 **Taxes**

The following is a summary of certain U.S. tax considerations relevant under current law, which may be subject to change in the future. The tax information in this Prospectus is provided as general information and more information about taxes is contained in the SAI. Except where otherwise indicated, the discussion relates to investors who are individual United States citizens or residents and domestic corporations and trusts. You should consult your own tax professional about the federal, state, local and/or foreign tax consequences of an investment in shares of the Fund.

**Taxes on Distributions**

For federal income tax purposes, distributions of net investment income are generally taxable as ordinary income or qualified dividend income. Taxes on distributions of capital gains are determined by how long the Fund owned the investments that generated them, rather than how long you owned your shares. Distributions of net capital gains (that is, the excess of net long-term capital gains from the sale of investments that the Fund owned for more than 12 months over net short-term capital losses) that are reported to shareholders by the Fund as capital gain dividends will be taxable as long-term capital gains, which for non-corporate shareholders are subject to tax at reduced rates. Distribution of net gains from the sale of investments that the Fund owned for 12 months or less will be taxable as ordinary income.

Distributions of investment income reported to shareholders by the Fund as derived from "qualified dividend income" will be taxed in the hands of individuals at the rates applicable to long-term capital gains, provided that certain holding period and other requirements are met at both the shareholder and Fund level. "Qualified dividend income" generally is income derived from dividends paid by U.S. corporations or certain foreign corporations that are either incorporated in a U.S. possession or eligible for tax benefits under certain U.S. income tax treaties. In addition, dividends that the Fund receives in respect of stock of certain foreign corporations may be qualified dividend income if that stock is readily tradable on an established U.S. securities market. The amount of the Fund's distributions that qualify for this favorable treatment may be reduced as a result of the Fund's securities lending activities, if any. Corporate shareholders may be entitled to a dividends-received deduction for the portion of dividends they receive from the Fund that are attributable to dividends received by the Fund from U.S. corporations, subject to certain limitations. The amount of the dividends qualifying for this deduction may, however, be reduced as a result of the Fund's securities lending activities, if any.

A distribution will be treated as paid on December 31 of the current calendar year if it is declared by the Fund in October, November or December with a record date in such a month and paid by the Fund during January of the following calendar year.

Distributions are taxable to you even if they are paid from income or gains earned before your investment (and thus were included in the price you paid for your shares). In general, you will be taxed on the distributions you receive from the Fund, whether you receive them as additional shares or in cash. Any gain resulting from the sale of your shares in the Fund will generally be subject to tax.

The Fund's investment in foreign securities may be subject to foreign withholding taxes. In that case, the Fund's yield on those securities would be decreased. However, if more than 50% of the Fund's gross assets consist of foreign securities, the Fund may be able to pass through to you a foreign tax credit for such foreign taxes.

In addition, the Fund's investments in foreign securities or foreign currencies may increase or accelerate the Fund's recognition of ordinary income and may affect the timing, amount or character of the Fund's distributions.

By January 31 of each year, we will send you a statement showing the tax status of your dividends and distributions for the prior year.

**Taxes on Sales or Exchanges of Shares**

For federal income tax purposes, any capital gain or loss realized upon a sale or exchange of shares of the Fund will generally be treated as a long-term capital gain or loss if those shares have been held for more than 12 months and as a short-term capital gain or loss if those shares have been held for 12 months or less. However, any capital loss on a sale of shares held for 6 months or less is treated as long-term capital loss to the extent of capital gain dividends received on the shares.

Any loss realized on a sale will be disallowed to the extent shares of the Fund are acquired, including through reinvestment of dividends, within a 61-day period beginning 30 days before and ending 30 days after the sale of shares. If disallowed, the loss will be reflected in an upward adjustment to the basis of the shares acquired.

**U.S. Tax Treatment of Foreign Shareholders**

If you are neither a resident nor a citizen of the United States or if you are a foreign entity, dividends (other than capital gain dividends) paid to you by the Fund are subject to withholding of U.S. federal income tax at a rate of 30% (or such lower rate as may be provided by an applicable income tax treaty). However, dividends attributable to the Fund's interest income from U.S. obligors and dividends attributable to net short-term capital gains of the Fund are generally exempt from the 30% withholding tax.

Foreign shareholders will generally not be subject to U.S. tax on gains realized on the sale or redemption of shares in the Fund, except that a non-resident alien individual who is present in the U.S. for 183 days or more in a calendar year will be taxable on such gains and on capital gain dividends from the Fund.

However, if a foreign investor conducts a trade or business in the U.S. and the investment in the Fund is effectively connected with that trade or business, then the foreign investor's income from the Fund will generally be subject to U.S. federal income tax at graduated rates in a manner similar to the income of a U.S. citizen or resident.

The Fund will also generally be required to withhold 30% tax on certain payments to foreign entities that do not provide a Form W-8BEN-E that evidences their compliance with, or exemption from, specified information reporting requirements under the Foreign Account Tax Compliance Act.

The estate of a foreign shareholder may be subject to U.S. federal estate tax on shares of the Fund in addition to the federal tax on income referred to above.

In order to qualify for any exemptions from withholding described above or for lower withholding tax rates under income tax treaties, or to establish an exemption from backup withholding, a foreign shareholder must comply with special certification and filing requirements relating to its non-U.S. status (including, in general, furnishing the completed applicable IRS Form W-8BEN or substitute form).

All foreign investors should consult their own tax advisors regarding the tax consequences in their country of residence of an investment in the Fund.

**State and Local Taxes** 

You may also be subject to state and local taxes on distributions on, and sales and redemptions of, your Fund shares. State income taxes may not apply, however, to the portions of the Fund's distributions, if any, that are attributable to interest on U.S. government securities. You should consult your tax advisor regarding the tax status of distributions in your state and locality.

**PAYMENTS TO THIRD PARTIES BY THE ADVISER**

The Adviser may, out of its own resources, and without additional direct cost to the Fund or its shareholders, provide compensation to certain financial intermediaries, such as broker-dealers and financial advisers, in connection with sales of shares of the Fund. This compensation is generally paid to those intermediaries that provide shareholder servicing, marketing support, broker education, and/or access to sales meetings, sales representatives and management representatives of the intermediary. Compensation may also be paid to intermediaries for inclusion of the Fund on a sales list, including a preferred or select sales list, or in other sales programs, or as an expense reimbursement in cases where the intermediary provides shareholder services to Fund shareholders.

Please be aware that the Fund may use brokers who sell shares of the Fund to effect portfolio transactions. The Fund does not consider the sale of Fund shares as a factor when selecting brokers to effect portfolio transactions. The Fund has adopted procedures which address these matters. You should note that if one mutual fund sponsor makes greater distribution assistance payments than another, your broker or financial adviser and his or her firm may have an incentive to recommend one fund complex over another.

**OTHER INFORMATION**

**Shareholder Rights**

The Fund's Amended and Restated Agreement and Declaration of Trust (the "Declaration of Trust") requires shareholders bringing a derivative action on behalf of the Fund to first make a pre-suit demand and also to collectively hold at least 10% of the outstanding shares of the Trust or at least 10% of the outstanding shares of the series or class to which the demand relates and to undertake to reimburse the Trust for the expense of any counsel or advisors used when considering the merits of the demand in the event that the Board determines not to bring such action. Following receipt of the demand, the Trustees must be afforded a reasonable amount of time to investigate and consider the demand. In each case, these requirements do not apply to claims arising under the federal securities laws.

**Duties of Trustees**

The Fund's Declaration of Trust provides that the Fund's Trustees are subject to the same fiduciary duties to which the directors of a Delaware corporation would be subject if (i) the Trust were a Delaware corporation, (ii) the Shareholders were shareholders of such Delaware corporation, and (iii) the Trustees were directors of such Delaware corporation, and that such modified duties are instead of any fiduciary duties to which the Trustees would otherwise be subject. Without limiting the generality of the foregoing, all actions and omissions of the Trustees are evaluated under the doctrine commonly referred to as the "business judgment rule," as defined and developed under Delaware law, to the same extent that the same actions or omissions of directors of a Delaware corporation in a substantially similar circumstance would be evaluated under such doctrine. Notwithstanding the foregoing, the provisions of the Fund's Declaration of Trust and its By-Laws, to the extent that they restrict or eliminate the duties (including fiduciary duties) and liabilities relating thereto of a Trustee otherwise applicable under the foregoing standard or otherwise existing at law or in equity, replace such other duties and liabilities of such Trustee. In addition, nothing in the Fund's Agreement and Declaration of Trust modifying, restricting or eliminating the duties or liabilities of Trustees shall apply to, or in any way limit, the duties (including state law fiduciary duties of loyalty and care) or liabilities of such persons with respect to matters arising under the federal securities laws.

**NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR MAKE ANY REPRESENTATIONS NOT CONTAINED IN THIS PROSPECTUS OR IN THE FUND'S SAI INCORPORATED HEREIN BY REFERENCE, IN CONNECTION WITH THE OFFERING MADE BY THIS PROSPECTUS AND, IF GIVEN OR MADE, SUCH REPRESENTATIONS MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE TRUST OR ITS DISTRIBUTOR. THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFERING BY THE TRUST OR BY THE DISTRIBUTOR IN ANY JURISDICTION IN WHICH SUCH OFFERING MAY NOT LAWFULLY BE MADE.**

 **Prior Performance of Similarly Advised Accounts**

The Adviser has experience in managing other accounts with substantially similar investment objectives, policies and strategies as the Fund. The tables on this page are provided to illustrate the past performance of the Adviser in managing the other accounts and do not represent the performance of the Fund. Investors should not consider this performance information as a substitute for the performance of the Fund, nor should investors consider this information as an indication of the future performance of the Fund or of the Adviser.

This performance history is net of all fees charged to investors in the other accounts constituting the composite and reflects the impact of any expense reimbursements or waivers. The performance for the Fund would differ from the information below to the extent that the Fund and the other accounts do not have the same expenses. [The fees and expenses of the other accounts are lower than those of the Fund and performance of the other accounts would be lower if the fees and expenses of the Fund were used.] However, the Fund's results in the future also may be different because the other accounts are not subject to certain investment limitations, diversification requirements and other restrictions imposed on mutual funds under applicable U.S. securities and tax laws that, if applicable, could have adversely affected the performance of the other accounts. In addition, the securities held by the Fund may not be identical to the securities held by the other accounts.

The performance of the other accounts is also compared to the performance of an appropriate broad-based securities benchmark index. This index is unmanaged and is not subject to fees and expenses typically associated with managed funds, including the Fund. Investors cannot invest directly in the index. The performance information is accompanied by additional disclosures, which are an integral part of the information.

 **Average Annual Returns (periods ending June 30, 2025)** 

---

| | | |
|:---|:---|:---|
| **Period** | **Composite** | **Morningstar US Large-Mid Cap Broad Value Index** |
| 1 Year | 16.77% | 11.57% |
| 3 Years | 15.06% | 14.03% |
| 5 Years | 15.79% | 14.92% |
| 10 Years | 11.33% | 10.88% |
| Since Inception <br> (04/01/2005 – 06/30/2025)  | 10.55% | -- % |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **MONTHLY PERFORMANCE OF COMPOSITE NET OF FEES** | **MONTHLY PERFORMANCE OF COMPOSITE NET OF FEES** | **MONTHLY PERFORMANCE OF COMPOSITE NET OF FEES** | **MONTHLY PERFORMANCE OF COMPOSITE NET OF FEES** | **MONTHLY PERFORMANCE OF COMPOSITE NET OF FEES** | **MONTHLY PERFORMANCE OF COMPOSITE NET OF FEES** | **MONTHLY PERFORMANCE OF COMPOSITE NET OF FEES** | **MONTHLY PERFORMANCE OF COMPOSITE NET OF FEES** | **MONTHLY PERFORMANCE OF COMPOSITE NET OF FEES** | **MONTHLY PERFORMANCE OF COMPOSITE NET OF FEES** | **MONTHLY PERFORMANCE OF COMPOSITE NET OF FEES** | **MONTHLY PERFORMANCE OF COMPOSITE NET OF FEES** | **MONTHLY PERFORMANCE OF COMPOSITE NET OF FEES** | **MONTHLY PERFORMANCE OF COMPOSITE NET OF FEES** |
| | **Jan** | **Feb** | **Mar** | **Apr** | **May** | **Jun** | **Jul** | **Aug** | **Sep** | **Oct** | **Nov** | **Dec** | **Year** |
| **2024** | 0.56% | 3.02% | 3.98% | -4.84% | 3.16% | 1.10% | 5.81% | 1.67% | 1.55% | -0.28% | 4.01% | -3.80% | 16.54% |
| **2023** | 5.38% | -3.59% | -0.68% | -0.19% | -5.14% | 5.95% | 6.19% | -1.30% | -3.00% | -2.63% | 7.26% | 5.95% | 13.86% |
| **2022** | -1.85% | -1.68% | 3.51% | -4.51% | 4.27% | -8.58% | 6.11% | -2.79% | -7.97% | 10.95% | 6.57% | -4.54% | -2.58% |
| **2021** | 0.26% | 4.03% | 6.31% | 2.67% | 2.57% | 0.93% | 1.25% | 1.44% | -3.83% | 4.02% | -0.03% | 7.29% | 29.89% |
| **2020** | -2.03% | -8.79% | -14.52% | 12.74% | 3.52% | -0.22% | 1.46% | 3.11% | -2.19% | -2.65% | 12.17% | 3.53% | 2.90% |

---

**FINANCIAL HIGHLIGHTS**

The financial highlights tables are intended to help you understand the Fund's financial performance for the past five years. The financial information presented for each applicable period prior to December 12, 2022 is that of the Predecessor Fund. The Fund is the accounting successor to the Predecessor Fund as a result of the reorganization of the Predecessor Fund into the Fund following the close of business on December 9, 2022. The Fund has adopted the financial statements of the Predecessor Fund. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate of return that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). Effective August 31, 2023, the Fund changed its fiscal year end date from December 31st to August 31st. The information for the fiscal year ended August 31, 2025, August 31, 2024, fiscal period ended August 31, 2023 and fiscal year ended December 31, 2022 in the table below has been audited by [ ], the Fund's independent registered public accounting firm whose report, along with the Fund's financial statements, are included in the [annual report], which is available upon request. The information for the year ended December 31, 2021 and 2020 was audited by the Fund's prior independent registered public accounting firm.

**PER SHARE DATA**

**For a Fund share outstanding throughout each period/year**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Years Ended December 31** | **Years Ended December 31** | **Years Ended December 31** |
| **PER SHARE DATA:** | **Year Ended** <br> **August 31, 2025**  | **Year Ended** <br> **August 31, 2024**  | **Period Ended <br> August 31, 2023<sup>(1)</sup>** | **2022<sup>(2)</sup>** | **2021** | **2020** |
| **Net Asset Value, Beginning of Year** | [...] | $49.33 | $46.86 | $52.24 | $47.64 | $50.70 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(3)</sup> | [...] | 0.55 | 0.43 | 0.60 | 0.59 | 0.63 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments | [...] | 11.03 | 2.38 | (1.03) | 9.65 | (2.15) |
| Total from investment operations | [...] | 11.58 | 2.81 | (0.43) | 10.24 | (1.52) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | [...] | (0.57) | (0.34) | (0.60) | (0.59) | (0.64) |
| &nbsp;&nbsp;&nbsp; Net realized gains | [...] | (2.62) |  | (4.35) | (5.05) | (0.90) |
| Total distributions | [...] | (3.19) | (0.34) | (4.95) | (5.64) | (1.54) |
| **Net Asset Value, End of Year** | [...] | $57.72 | $49.33 | $46.86 | $52.24 | $47.64 |
| **TOTAL RETURN**<sup>(**4**)</sup>** | [...] | 24.89% | 6.03 %<sup>(5)</sup> | -0.98% | 21.39% | -2.51% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |  |
|  Net assets, end of year (000's omitted) | [...] | $355305 | $318781 | $321288 | $380868 | $356342 |
|  Ratios of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver | [...] | 0.97% | 0.96%<sup>(6)</sup> | 1.16% | 1.16% | 1.17% |
| &nbsp;&nbsp;&nbsp; After expense waiver | [...] | 0.95% | 0.95%<sup>(6)</sup> | 1.06% | 1.07% | 1.06% |
|  Ratios of net investment income to average net assets | [...] | 1.05% | 1.36%<sup>(6)</sup> | 1.18% | 1.10% | 1.46% |
| Portfolio turnover rate | [...] | 12% | 9%<sup>(5)</sup> | 40% | 36% | 33% |

---

<sup>(1)</sup> Effective August 31, 2023, the Fund changed its fiscal year end date to August 31st.

<sup>(2)</sup> Prior to the close of business on December 9, 2022, the Fund was a series (the "Predecessor Fund") of The Torray Fund, an open-end management investment company organized as a Massachusetts business trust. The Predecessor Fund was reorganized into the Fund following the close of business on December 9, 2022 (the "Reorganization"). As a result of the Reorganization, the performance and accounting history of the Predecessor Fund was assumed by the Fund. Performance and accounting information prior to December 9, 2022 included herein is that of the Predecessor Fund.

<sup>(3)</sup> Calculated based on the average amount of shares outstanding during the period.

<sup>(4)</sup> Past performance is not predictive of future performance. Returns assume reinvestment of all dividends and distributions.

<sup>(5)</sup> Not annualized.

<sup>(6)</sup> Annualized.

**INVESTMENT ADVISER**

Torray Investment Partners LLC<br> 7501 Wisconsin Avenue, Suite 750W<br> Bethesda, MD 20814

**COUNSEL**

Faegre Drinker Biddle & Reath LLP<br> One Logan Square, Suite 2000<br> Philadelphia, PA 19103

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

[ ]

**ADMINISTRATOR AND TRANSFER AGENT**

U.S. Bancorp Fund Services, LLC<br> 615 East Michigan Street<br> Milwaukee, WI 53202

**UNDERWRITER**

Quasar Distributors, LLC<br> 190 Middle Street, Suite 301

Portland, Maine 04101

**HOW TO OBTAIN MORE INFORMATION**

The Statement of Additional Information ("SAI") contains additional information about the Fund including a more detailed discussion of its investment policies and the risks associated with various investments. The SAI is incorporated by reference into this prospectus. This means that the SAI is legally a part of the prospectus.

Additional information about the Fund's investments is available in the Fund's Annual and Semi-Annual Reports to Shareholders. In the Fund's [annual report], you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year.

You may obtain a copy of the SAI or Reports to Shareholders by request and without charge by contacting the Fund at 1-800-626-9769, in writing to Torray Equity Income Fund, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252, or on the Fund's website at https://funds.torray.com/literature.html.

You may view and copy information about the Trust and the Fund, including the SAI, by visiting the SEC's Internet site at www.sec.gov. You may also obtain copies of Fund documents by paying a duplicating fee and sending an electronic request to the following e-mail address: publicinfo@sec.gov.

Investment Company Act File No. 811-23011

 **TORRAY EQUITY INCOME FUND**

 **(formerly known as the Torray Fund)**

**Ticker: TORYX**

**A series of The RBB Fund Trust**

**STATEMENT OF ADDITIONAL INFORMATION**

 **December 31, 2025**

This Statement of Additional Information ("SAI") is not a prospectus. This SAI should be read in conjunction with the Prospectus for the Torray Equity Income Fund (formerly known as the Torray Fund) (the "Fund") dated December 31, 2025 (the "Prospectus") and the Fund's Annual Report to shareholders for the fiscal year ended August 31, 2025 (the "Annual Report"). The Fund is a series of The RBB Fund Trust (the "Trust"). A copy of the Prospectus, Annual Report and semi-annual reports may be obtained without charge by writing Torray Equity Income Fund, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252, or by telephoning toll free at 1-800-626-9769, or on the Fund's website at https://funds.torray.com/literature.html. The Fund's most recent Annual Report is a separate document and includes the Fund's audited financial statements, which are deemed to be incorporated by reference into this SAI.

The Fund is the accounting successor of the Torray Fund (the "Predecessor Fund"), which was organized as a series of The Torray Fund. The financial statements and notes contained in the [annual report] on Form N-CSR are incorporated by reference into this SAI. These financial statements have been audited by the Fund's independent registered public accounting firm, whose report thereon is incorporated herein by reference. No other part of the Annual Report is incorporated by reference herein.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| **ORGANIZATION OF THE FUND** | **1** |
| **INVESTMENT OBJECTIVES, POLICIES, RISKS AND RESTRICTIONS** | **1** |
| &nbsp;&nbsp;&nbsp;Investment Objectives | 1 |
| &nbsp;&nbsp;&nbsp;Investment Restrictions | 6 |
| **MANAGEMENT OF THE FUND** | **7** |
| **CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES** | **16** |
| **INVESTMENT ADVISER AND OTHER SERVICE PROVIDERS** | **17** |
| &nbsp;&nbsp;&nbsp;The Adviser | 17 |
| &nbsp;&nbsp;&nbsp;Code of Ethics | 19 |
| &nbsp;&nbsp;&nbsp;Other Service Providers | 19 |
| **DISTRIBUTIONS** | **20** |
| **BROKERAGE SERVICES** | **20** |
| **REDEMPTION OF SHARES AND DETERMINATION OF NET ASSET VALUE** | **21** |
| &nbsp;&nbsp;&nbsp;How to Redeem Shares | 21 |
| &nbsp;&nbsp;&nbsp;How Net Asset Value is Determined | 22 |
| **TAXES** | **23** |
| **PROXY VOTING** | **24** |
| **DISCLOSURE OF PORTFOLIO HOLDINGS** | **24** |
| **FINANCIAL STATEMENTS** | **25** |
| **APPENDIX A** | **A-1** |
| **APPENDIX B** | **B-1** |

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**ORGANIZATION OF THE FUND**

The RBB Fund Trust (the "Trust"), is an open-end management investment company organized as a Delaware statutory trust on August 29, 2014. The Trust's Amended and Restated Agreement and Declaration of Trust permits the Trust to offer separate series of shares of beneficial interest (each of which is a separate mutual fund) and separate classes of such series. Upon liquidation, shareholders of a series of the Trust are entitled to share pro rata in the net assets of such series available for distribution to shareholders. Expenses attributable to any series of the Trust are borne by that series.

The Trust is authorized to issue an unlimited number of interests (or shares) with no par value. Shares of each series have equal voting rights, and are voted in the aggregate and not by the series except in matters where a separate vote is required by the Investment Company Act of 1940, as amended (the "1940 Act"), or when the matter affects only the interest of a particular Fund. The Trust's series may hold special meetings of shareholders to elect or remove Trustees of the Trust, change fundamental policies, approve a management contract, or for other purposes. The Trust's series will mail proxy materials in advance of a shareholder meeting, including a proxy and information about the proposals to be voted on. When matters are submitted to shareholders for a vote, each shareholder is entitled to one vote for each full share owned and fractional votes for fractional shares owned. Fund shares do not have cumulative voting rights or any preemptive or conversion rights. The Trust does not normally hold annual meetings of shareholders.

This SAI pertains to the shares representing interests in the Fund. The Fund commenced operations on December 31, 1990 as the Predecessor Fund. Effective following the close of business on December 9, 2022, the Predecessor Fund was reorganized into a new series of the Trust in a tax-free reorganization. Unless otherwise indicated, references to the "Fund" in the SAI refer to the Predecessor Fund and Fund. Torray Investment Partners LLC (the "Adviser") serves as the investment adviser to the Fund.

**INVESTMENT OBJECTIVES, POLICIES, RISKS AND RESTRICTIONS**

**Investment Objectives**

The Fund is a diversified, open-end management investment company. The Fund seeks to build investor wealth over time, with a particular focus on the level and growth of current income.

*Equity Securities.* Since the Fund purchases equity securities, including common stocks, preferred stocks and securities convertible into common stocks, the Fund is subject to the risks that stock prices both individually and market-wide will fall over short or extended periods of time, and that prices of the equity securities held by the Fund may fluctuate from day -to-day. Historically, the stock markets have moved in cycles. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The stock prices of these companies may suffer a decline in response. These factors contribute to price volatility. Therefore, in order to be successful, investors must accept that, although the stocks of good companies generally rise over long periods, they can trade at virtually any price in the short run.

*Fixed-Income Securities.* The Fund may invest up to 5% of its assets in fixed-income securities consisting of corporate notes, bonds and debentures, which may include convertible notes and bonds. Fixed-income securities are subject to interest rate risk which refers to the risk that the value of the Fund's fixed -income securities can change in response to changes in prevailing interest rates causing volatility and possible loss of value in response to the movement in interest rates. The Fund is not limited with respect to the investment rating of the fixed -income securities in which it may invest, and it may therefore purchase securities with investment ratings below investment grade. Securities that are rated below investment grade are subject to risks related to the credit quality of the issuer of the security. Such high yield/high risk securities are further subject to the risk that changes in economic conditions could lead to a weakened capacity of the issuers of the securities to make principal and interest payments, which is not necessarily the case with issuers of higher rated securities. For a summary of bond ratings please see <u>Appendix B</u> to this SAI.

*U.S. Treasury Securities.* The Fund is free to invest in U.S. Treasury Securities of varying maturities. There are usually no brokerage commissions as such paid by the Fund in connection with the purchase of such instruments. The value of such securities can be expected to vary inversely to the changes in prevailing interest rates. Thus, if interest rates have increased from the time a security was purchased, such security, if sold, might be sold at a price less than its cost. Similarly, if interest rates have declined from the time a security was purchased, such security, if sold, might be sold at a price greater than its cost. See "Brokerage Services," for a discussion of underwriters' commissions and dealers' spreads involved in the purchase and sale of such instruments.

*Cash Investments.* The Fund may invest in high-quality, short-term debt securities and money market instruments, including money market funds, certificates of deposit, bankers' acceptances time deposits, savings association obligations, commercial paper, short-term notes (including discount notes), and other obligations.

While the Fund holds cash investments, the Fund may not participate in market advances to the extent it would have if the Fund had been more fully invested. Cash investments are subject to credit risk and interest rate risk, although to a lesser extent than longer-term debt securities, due to cash investments' short-term, significant liquidity, and typical high credit quality.

Generally, money market mutual funds seek to earn income consistent with the preservation of capital and maintenance of liquidity. They primarily invest in high-quality money market obligations, including U.S. government obligations, bank obligations and high-grade corporate instruments. These investments generally mature within 397 calendar days from the date of acquisition. An investment in a money market mutual fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency.

To the extent that the Fund invests in money market mutual funds, shareholders will indirectly bear fees and expenses charged by the underlying money market mutual funds in addition to the Fund's direct fees and expenses. Furthermore, investing in money market mutual funds could affect the timing, amount and character of distributions to shareholders and therefore may increase the amount of taxes payable by shareholders.

The investment objectives and policies of the Fund set forth above and in the Prospectus may be changed without shareholder approval. Shareholders will be provided with prior written notice of any changes to the Fund's investment objectives.

**Large Shareholder Purchase and Redemption Risk**

The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value ("NAV") and liquidity. Similarly, large share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. However, this risk may be limited to the extent that the Adviser and the Fund have entered into a fee waiver and/or expense reimbursement arrangement.

 **Liquidity Program**

The Fund may participate in the ReFlow, LLC ("ReFlow") liquidity program, which is designed to provide a liquidity source for mutual funds experiencing net redemptions of their shares. In order to pay cash to shareowners who redeem their shares on a given day, a fund typically must hold cash in its portfolio or liquidate portfolio securities, which imposes certain costs on a fund. ReFlow provides participating mutual funds with another source of cash by standing ready to purchase shares from a fund equal to the amount of the fund's net redemptions on a given day. In return for this service, the Fund will pay a fee to ReFlow at a rate determined by a daily "Dutch auction" with other participating mutual funds seeking liquidity that day. The current minimum fee rate (which is subject to change) is 0.14% of the value of the fund shares purchased by ReFlow, although the Fund may submit a bid at a higher fee rate if it determines that doing so is in the best interest of Fund shareholders. The costs to the Fund for participating in ReFlow are expected to be influenced by and comparable to the cost of other sources of liquidity, such as the costs of selling portfolio securities to meet redemptions. The Fund is not guaranteed to receive cash from ReFlow on any given day as allocation of ReFlow's cash is based on the results of ReFlow's automated daily auction process among participating mutual funds.

ReFlow's purchases of Fund shares through the liquidity program are made on an investment-blind basis without regard to the Fund's objective, policies, or anticipated performance. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a Fund. While ReFlow holds Fund shares, it will have the same rights and privileges with respect to those shares as any other shareowner. ReFlow will periodically redeem its entire share position in the Fund and may request that such redemption be met in kind in accordance with the Fund's in-kind redemption policies. Purchases and redemptions of the Fund's shares by ReFlow in connection with the ReFlow liquidity program are not considered excessive short-term trading under the Trust's policy regarding excessive trading practices.

**Pandemic Risk**

Disease outbreaks that affect local economies or the global economy may materially and adversely impact the Fund and/or the Adviser's business. For example, uncertainties regarding the COVID-19 outbreak have resulted in serious economic disruptions across the globe. These types of outbreaks can be expected to cause severe decreases in core business activities such as manufacturing, purchasing, tourism, business conferences and workplace participation, among others. These disruptions lead to instability in the market place, including stock market losses and overall volatility, as has occurred in connection with COVID-19. In the face of such instability, governments may take extreme and unpredictable measures to combat the spread of disease and mitigate the resulting market disruptions and losses. The Adviser has in place business continuity plans reasonably designed to ensure that it maintains normal business operations, and it periodically tests those plans. However, in the event of a pandemic or an outbreak, there can be no assurance that the Adviser or the Fund's service providers will be able to maintain normal business operations for an extended period of time or will not lose the services of key personnel on a temporary or long-term basis due to illness or other reasons. Although vaccines for COVID-19 are widely available, the full impacts of a pandemic or disease outbreaks are unknown and the pace of recovery may vary from market to market, resulting in a high degree of uncertainty for potentially extended periods of time.

**Restricted and Illiquid Investments**

Pursuant to Rule 22e-4 under the 1940 Act ("Rule 22e-4" or the "Liquidity Rule"), the Fund may invest up to 15% of its net assets in illiquid investments. An illiquid investment as defined in Rule 22e-4 is an investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions within 7 calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments include securities that are illiquid by virtue of the absence of a readily available market or legal or contractual restrictions on resale. Illiquid investments may include: repurchase agreements and time deposits with a notice or demand period of more than seven days; interest rate; currency, mortgage and credit default swaps; interest rate caps; floors and municipal leases; certain restricted securities, such as those purchased in a private placement of securities, unless it is determined, based upon a review of the trading markets for a specific restricted security, that such restricted security is liquid; and certain over-the-counter options. Securities that have legal or contractual restrictions on resale but have a readily available market are not considered illiquid for purposes of this limitation. With respect to the Fund, repurchase agreements subject to demand are deemed to have a maturity equal to the notice period.

Mutual funds do not typically hold a significant amount of restricted or other illiquid investments because of the potential for delays on resale and uncertainty in valuation. Limitations on resale may have an adverse effect on the marketability of portfolio securities and a mutual fund might be unable to dispose of restricted or other illiquid investments promptly or at reasonable prices and might thereby experience difficulty in satisfying redemptions within seven days. A mutual fund might also have to register such restricted securities in order to dispose of them resulting in additional expense and delay. Adverse market conditions could impede such a public offering of securities. To the extent an investment held by the Fund is deemed to be an illiquid investment or a less liquid investment, the Fund will be exposed to a greater liquidity risk.

The Fund may purchase securities which are not registered under the Securities Act of 1933, as amended (the "Securities Act") but which may be sold to "qualified institutional buyers" in accordance with Rule 144A under the Securities Act ("Restricted Securities"). These securities will not be considered illiquid so long as it is determined by the Adviser that an adequate trading market exists for the securities. This investment practice could have the effect of increasing the level of illiquidity in the Fund during any period that qualified institutional buyers become uninterested in purchasing restricted securities.

The Adviser will monitor the liquidity of Restricted Securities held by the Fund under the supervision of the Trust's Board of Trustees (the "Board"). In reaching liquidity decisions, the Adviser may consider, among others, the following factors: (1) the unregistered nature of the security; (2) the frequency of trades and quotes for the security; (3) the number of dealers wishing to purchase or sell the security and the number of other potential purchasers; (4) dealer undertakings to make a market in the security; and (5) the nature of the security and the nature of the marketplace trades (e.g., the time needed to dispose of the security, the method of soliciting offers and the mechanics of the transfer).

The purchase price and subsequent valuation of Restricted Securities normally reflect a discount from the price at which such securities trade when they are not restricted, since the restriction makes them less liquid. The amount of the discount from the prevailing market price is expected to vary depending upon the type of security, the character of the issuer, the party who will bear the expenses of registering the Restricted Securities and prevailing supply and demand conditions.

The Trust has implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to Rule 22e-4. If the limitation on illiquid investments is exceeded, the condition will be reported to the Board and, when required by the Liquidity Rule, to the SEC.

On November 2, 2022, the SEC proposed amendments to Rule 22e-4. If adopted as proposed, the proposed amendments would result in changes to the Fund's liquidity classification framework and could potentially increase the percentage of the Funds' investments deemed to be illiquid. In addition, the Fund's operations and investment strategies may be adversely impacted if the proposed amendments are adopted.

**Cyber Security Risk**

The Fund and its service providers may be prone to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption, or lose operational capacity. Breaches in cyber security include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber-attacks. Cyber security breaches affecting the Fund or the Adviser, custodian, transfer agent, intermediaries and other third-party service providers may adversely impact the Fund. For instance, cyber security breaches may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential business information, impede trading, subject the Fund to regulatory fines or financial losses and/or cause reputational damage. The Fund may also incur additional costs for cyber security risk management purposes. Similar types of cyber security risks are also present for issuers of securities in which the Fund may invest, which could result in material adverse consequences for such issuers and may cause the Fund's investment in such companies to lose value. While the Fund and its service providers have established IT and data security programs and have in place business continuity plans and other systems designed to prevent losses and mitigate cyber security risk, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified or that cyber-attacks may be highly sophisticated. Furthermore, the Fund has limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser.

**Temporary Investments** 

Although the Fund invests primarily in equity securities, for temporary defensive purposes, the Fund may hold cash or invest in a variety of money market instruments and short-term and medium-term debt securities including: (a) obligations of the United States or foreign governments, their respective agencies or instrumentalities; (b) bank deposits and bank obligations (including certificates of deposit, time deposits and bankers' acceptances) of U.S. or foreign banks denominated in any currency; (c) floating rate securities and other instruments denominated in any currency issued by international development agencies; (d) finance company and corporate commercial paper and other short-term corporate debt obligations of U.S. and foreign corporations; and (e) repurchase agreements with banks and broker-dealers with respect to such securities. If the Fund were to take a temporary defensive position, it may be unable to achieve its investment objectives for a period of time.

**Special Note Regarding Market Events**

Periods of unusually high financial market volatility and restrictive credit conditions, at times limited to a particular sector or geographic area, have occurred in the past and may be expected to recur in the future. Some countries, including the United States, have adopted or have signaled protectionist trade measures, relaxation of the financial industry regulations that followed the financial crisis, and/or reductions to corporate taxes. The scope of these policy changes is still developing, but the equity and debt markets may react strongly to expectations of change, which could increase volatility, particularly if a resulting policy runs counter to the market's expectations. The outcome of such changes cannot be foreseen at the present time. In addition, events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. may add to instability in the world economy and markets generally. As a result of increasingly interconnected global economies and financial markets, the value and liquidity of the Fund's investments may be negatively affected by events impacting a country or region, regardless of whether the Fund invests in issuers located in or with significant exposure to such country or region.

Disease outbreaks that affect local economies or the global economy may materially and adversely impact a Fund and/or the Adviser's business. For example, uncertainties regarding the COVID-19 outbreak have resulted in serious economic disruptions across the globe. Governmental authorities and regulators throughout the world, such as the U.S. Federal Reserve, have in the past responded to major economic disruptions with changes to fiscal and monetary policy, including but not limited to, direct capital infusions, new monetary programs and interest rate changes. Certain of those policy changes have been implemented in response to the coronavirus outbreak. Such policy changes may adversely affect the value, volatility and liquidity of dividend and interest paying securities.

In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in the Fund being, among other things, unable to buy or sell certain securities or financial instruments or to accurately price its investments. Although multiple asset classes may be affected by a market disruption, the duration and effects may not be the same for all types of assets. To the extent the Fund may overweight its investments in certain countries, companies, industries or market sectors, such position will increase the Fund's exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors. These conditions could result in the Fund's inability to achieve its investment objectives, cause the postponement of reconstitution or rebalance dates for benchmark indices, adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, negatively impact the Fund's performance, and cause losses on your investment in the Fund.

Additionally, U.S. and global markets recently have experienced increased volatility, including the recent failures of certain U.S. and non-U.S. banks, which could be harmful to the Fund, underlying funds, and issuers in which they invest. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Fund, underlying funds, and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking industry or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Fund, underlying funds, and issuers in which they invest.

Recently, various countries have seen significant internal conflicts and in some cases, civil wars may have had an adverse impact on the securities markets of the countries concerned. In addition, the occurrence of new disturbances due to acts of war or terrorism or other political developments cannot be excluded. Nationalization, expropriation or confiscatory taxation, currency blockage, political changes, government regulation, political, regulatory or social instability or uncertainty or diplomatic developments, including the imposition of sanctions or other similar measures, could adversely affect the Fund's investments.

Recent examples of the above include conflict, loss of life and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Israel, Hamas and other militant groups in the Middle East. The extent, duration and impact of these conflicts, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional or global economies and the markets for certain securities and commodities. These impacts could negatively affect the Fund's investments in securities and instruments that are economically tied to the applicable region, and include (but are not limited to) declines in value and reductions in liquidity. In addition, to the extent new sanctions are imposed or previously relaxed sanctions are reimposed (including with respect to countries undergoing transformation), complying with such restrictions may prevent the Fund from pursuing certain investments, cause delays or other impediments with respect to consummating such investments or divestments, require divestment or freezing of investments on unfavorable terms, render divestment of underperforming investments impracticable, negatively impact the Fund's ability to achieve their investment objectives, prevent the Fund from receiving payments otherwise due, increase diligence and other similar costs to the Fund, render valuation of affected investments challenging, or require the Fund to consummate an investment on terms that are less advantageous than would be the case absent such restrictions. Any of these outcomes could adversely affect the Fund's performance with respect to such investments, and thus the Fund's performance as a whole.

**Portfolio Turnover**

The frequency of portfolio transactions of the Fund (the portfolio turnover rate) will vary from year to year depending on many factors. An annual portfolio turnover rate of 100% would occur if all the securities in the Fund were replaced once in a period of one year. Higher portfolio turnover rates may result in increased brokerage costs to the Fund and a possible increase in short-term capital gains or losses.

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| | |
|:---|:---|
|  **Fiscal Year Ended August 31, 2025** | **Fiscal Year Ended August 31, 2024** |
|  [...] | 12% |

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**Investment Restrictions**

Without a vote of the majority of the outstanding voting securities of the Fund, the Fund will not take any of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Borrow money in excess of 5% of
the value (taken at the lower of cost or current value) of the Fund's total assets (not including the amount borrowed) at the time
the borrowing is made, and then only from banks as a temporary measure to facilitate the meeting of redemption requests (and not for
leverage) or for extraordinary or emergency purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Pledge, hypothecate, mortgage or otherwise encumber its assets in excess
of 10% of the Fund's total assets (taken at cost), and then only to secure borrowings permitted by Restriction 1 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Purchase securities on margin, except such short-term credits as may be
necessary for the clearance of purchases and sales of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Make short sales of securities or maintain a short position for the account
of the Fund unless at all times when a short position is open the Fund owns an equal amount of such securities or owns securities which,
without payment of any further consideration, are convertible into or exchangeable for securities of the same issue as, and equal in amount
to, the securities sold short.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Underwrite securities issued by other persons except to the extent that,
in connection with the disposition of its portfolio investments, it may be deemed to be an underwriter under federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Purchase or sell real estate, although it may invest in securities of issuers
which deal in real estate, including securities of real estate investment trusts, and may purchase securities which are secured by interests
in real estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Purchase or sell commodities or commodity contracts, including future contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Make loans, except by purchase of debt obligations or by entering into repurchase
agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Invest in securities of any issuer if, immediately after such investment,
more than 5% of the total assets of the Fund (taken at current value) would be invested in the securities of such issuer, except that
up to 25% of the Fund's total assets taken at current value may be invested without regard to such 5% limitation; provided, however,
that this limitation does not apply to obligations issued or guaranteed as to interest and principal by the U.S. government or its agencies
or instrumentalities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Acquire more than 10% of the voting securities of any issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Concentrate more than 25% of the value of its total assets in any one industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Issue senior securities, except to the extent permitted by the Investment
Company Act of 1940, by a SEC exemptive order, or by the SEC.

It is contrary to the Fund's present policy, which may be changed by the Trustees without shareholder approval, to pledge or hypothecate its assets, make any short sales of securities, maintain any short position for the account of the Fund, issue senior securities, or purchase foreign securities which are not publicly traded in the United States. In addition, it is contrary to the Fund's present policy to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Invest more than 10% of the Fund's net assets (taken at current value)
in securities which at the time of such investment are not readily marketable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Write (sell) or purchase options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Buy or sell oil, gas or other mineral leases, rights or royalty contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Make investments for the purpose of gaining control of a company's
management.

Except with respect to borrowing and illiquid investments, all percentage limitations on investments set forth herein and in the Prospectus will apply at the time of the making of an investment and shall not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of such investment.

The phrase "shareholder approval," as used in the Prospectus, and the phrase "vote of a majority of the outstanding voting securities," as used herein, means the affirmative vote of the lesser of (1) more than 50% of the outstanding shares of the Fund, or (2) 67% or more of the shares of the Fund present at a meeting if more than 50% of the outstanding shares are represented at the meeting in person or by proxy.

**MANAGEMENT OF THE FUND**

The business and affairs of the Trust are managed under the oversight of the Board, subject to the laws of the State of Delaware and the Trust's organizational documents. The Trustees are responsible for deciding matters of overall policy and overseeing the actions of the Trust's service providers. The officers of the Trust conduct and supervise the Trust's daily business operations.

Trustees who are not deemed to be "interested persons" of the Trust (as defined in the 1940 Act) are referred to as "Independent Trustees." Trustees who are deemed to be "interested persons" of the Trust are referred to as "Interested Trustees." The Board is currently composed of five Independent Trustees and two Interested Trustees. The Board has selected Arnold M. Reichman, an Independent Trustee, to act as Chair. Mr. Reichman's duties include presiding at meetings of the Board and interfacing with management to address significant issues that may arise between regularly scheduled Board and Committee meetings. In the performance of his duties, Mr. Reichman will consult with the other Independent Trustees and the Trust's officers and legal counsel, as appropriate. The Chair may perform other functions as requested by the Board from time to time.

The Board meets as often as necessary to discharge its responsibilities. Currently, the Board conducts regular, in-person meetings at least four times a year, and holds special in-person or telephonic meetings as necessary to address specific issues that require attention prior to the next regularly scheduled meeting. The Board also relies on professionals, such as the Trust's independent registered public accounting firms and legal counsel, to assist the Trustees in performing their oversight responsibilities.

The Board has established seven standing committees — Audit, Contract, Executive, Nominating and Governance, Product Development, Regulatory Oversight, and Valuation Committees. The Board may establish other committees, or nominate one or more Trustees to examine particular issues related to the Board's oversight responsibilities, from time to time. Each committee meets periodically to perform its delegated oversight functions and reports its findings and recommendations to the Board. For more information on the Committees, see the section entitled "Standing Committees."

The Board has determined that the Trust's leadership structure is appropriate because it allows the Board to effectively perform its oversight responsibilities.

**Trustees and Executive Officers**

The Trustees and executive officers of the Trust, their ages, business addresses and principal occupations during the past five years are set forth below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s)** <br> **Held with** <br> **Trust**  | **Term of Office** <br> **and Length of** <br> **Time Served<sup>(1)</sup>**  | **Principal** <br> **Occupation(s)** <br> **During Past 5 Years**  | **Number of Portfolios in Fund** <br> **Complex Overseen by Trustee\***  | **Other Directorships Held by Trustee During the Past 5 Years** |
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
| Gregory P. Chandler <br> 615 East Michigan Street <br> Milwaukee, WI 53202 <br> Age: 58  | Trustee | June 2021 to present | Since 2020, Chief Financial Officer, HC Parent Corp. <br> d/b/a Herspiegel Consulting LLC (life sciences consulting services); 2020, Chief Financial Officer, Avocado Systems Inc. (cyber security software provider); from 2009-2020, Chief Financial Officer, Emtec, Inc. (information technology consulting/services).  | [...] | FS Energy and Power Fund (business development company); Wilmington Funds (12 portfolios) (registered investment company); Emtec, Inc. (until December 2019); FS Investments Corporation (business development company) (until December 2018). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Lisa A. Dolly <br> 615 East Michigan Street <br> Milwaukee, WI, 53202 <br> Age: 58  | Trustee | October 2021 to present | From July 2019-December 2019, Chairman, Pershing LLC (broker dealer, clearing and custody firm); January 2016-June 2019, Chief Executive Officer, Pershing, LLC. | [...] | Allfunds Group PLC (United Kingdom wealthtech and fund distribution provider); Securities Industry and Financial Markets Association (trade association for broker dealers, investment banks and asset managers); Hightower Advisors (wealth management firm); Cohen & Steers, Inc. (global investment manager). |
| Nicholas A. Giordano <br> 615 East Michigan Street <br> Milwaukee, WI 53202 <br> Age: 81  | Trustee | June 2021 to present | Since 1997, Consultant, financial services organizations. | [...] | IntriCon Corporation (biomedical device manufacturer) (until 2022); Wilmington Funds (12 portfolios) (registered investment company); Independence Blue Cross (healthcare insurance) (until March 2021). |
| Arnold M. Reichman <br> 615 East Michigan Street <br> Milwaukee, WI 53202 <br> Age: 76  | Chair and Trustee | June 2021 to present | Retired. | [...] | EIP Investment Trust (registered investment company) (until August 2022). |
| Martha A. Tirinnanzi <br> 615 East Michigan Street <br> Milwaukee, WI 53202 <br> Age: 64  | Trustee | January 2024 to present | Since 2014, Instructor, The Institute for Financial Markets; from 2013-2023, President and Chief Executive Officer, Financial Standards, Inc. (consulting firm); from 2020-2022, Adjunct Professor of Finance and Accounting, The Catholic University of America's Busch School of Business. | [...] | Intercontinental Exchange, Inc. ("ICE") (financial services company and operator of global exchanges and clearinghouses); ICE Mortgage Services, LLC (a subsidiary of ICE); ICE Mortgage Technology, Inc. (a subsidiary of ICE); Community Development Trust (real estate investment trust) (until May 2023). |
| **INTERESTED TRUSTEES<sup>(2)</sup>** | **INTERESTED TRUSTEES<sup>(2)</sup>** | **INTERESTED TRUSTEES<sup>(2)</sup>** | **INTERESTED TRUSTEES<sup>(2)</sup>** | **INTERESTED TRUSTEES<sup>(2)</sup>** | **INTERESTED TRUSTEES<sup>(2)</sup>** |
| Robert Sablowsky <br> 615 East Michigan Street <br> Milwaukee, WI 53202 <br> Age: 86  | Vice Chair and Trustee | June 2021 to present | Since 2002, Senior Director – Investments and, prior thereto, Executive Vice President, of Oppenheimer & Co., Inc. (a registered broker-dealer). | [...] | None. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Brian T. Shea <br> 615 East Michigan Street <br> Milwaukee, WI 53202 <br> Age: 64  | Trustee | June 2021 to present | From 2014-2017, Chief Executive Officer, BNY Mellon Investment Services (fund services, global custodian and securities clearing firm); from 1983-2014, Chief Executive Officer and various positions, Pershing LLC (broker dealer, clearing and custody firm). | [...] | Barclays PLC, Barclays Bank PLC and Barclays Execution Services Limited (financial services companies); Fidelity National Information Services, Inc. (financial services technology company) (until 2024); Ameriprise Financial, Inc. (financial services company); WisdomTree Investments, Inc. (asset management company) (until March 2019). |
| **OFFICERS** | **OFFICERS** | **OFFICERS** | **OFFICERS** | **OFFICERS** | **OFFICERS** |
| Steven Plump <br> 615 East Michigan Street <br> Milwaukee, WI 53202 <br> Age: 65  | President | August 2022 to present | From 2011 to 2021, Executive Vice President, PIMCO LLC. | N/A | N/A |
| Salvatore Faia, JD, <br> CPA, CFE <br> Vigilant Compliance, LLC <br> Gateway Corporate <br> Center, Suite 216 <br> 223 Wilmington West <br> Chester Pike <br> Chadds Ford, PA 19317 <br> Age: 62  | Chief Compliance Officer | June 2021 to present | Since 2004, President, Vigilant Compliance, LLC (investment management services company); since 2005, Independent Trustee of EIP Investment Trust (registered investment company); since 2004, Chief Compliance Officer of The RBB Fund, Inc.; from 2009 to 2022, President of The RBB Fund, Inc.; from 2021 to 2022, President of The RBB Fund Trust. | N/A | N/A |
| James G. Shaw <br> 615 East Michigan Street <br> Milwaukee, WI 53202 <br> Age: 64  | Chief Financial Officer and Secretary <br>Chief Operating Officer  | June 2021 to present <br>August 2022 to present  | Since 2022, Chief Operating Officer of The RBB Fund Trust and The RBB Fund Inc.; since 2021, Chief Financial Officer and Secretary of The RBB Fund Trust; since 2016, Chief Financial Officer and Secretary of The RBB Fund Inc. | N/A | N/A |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| Craig A. Urciuoli <br> 615 East Michigan Street <br> Milwaukee, WI 53202 <br> Age: 50  | Director of Marketing & Business Development | June 2021 to present | Since 2021, Director of Marketing & Business Development of The RBB Fund Trust; since 2019, Director of Marketing & Business Development of The RBB Fund, Inc.; from 2000 to 2019, Managing Director, Third Avenue Management LLC (investment advisory firm). | N/A |
| Thomas M. Reynolds <br> 615 East Michigan Street <br> Milwaukee, WI 53202 <br> Age: 65  | Assistant Secretary and Assistant Treasurer | June 2021 to present | Since 2024, Assistant Secretary and Assistant Treasurer of The RBB Fund, Inc.; from 2023 to 2024, Vice President of Virtus Investment Partners; from 2020 to 2023, CFO of Stone Harbor Investment Partner LP. | N/A |
| Jennifer Witt <br> 615 East Michigan Street <br> Milwaukee, WI 53202 <br> Age: 42  | Assistant Treasurer | June 2021 to present | Since 2020, Vice President, U.S. Bank Global Fund Services (fund administrative services firm); from 2016 to 2020, Assistant Vice President, U.S. Bank Global Fund Services. | N/A |
| Joshua Solin <br> 615 East Michigan Street <br> Milwaukee, WI 53202 <br> Age: 36  | Assistant Treasurer | January 2025 to present | Since 2023, Assistant Vice President, U.S. Bank Global Fund Services (fund administrative services firm); from 2021 to 2023, Officer, U.S. Bank Global Fund Services. | N/A |
| Edward Paz <br> 615 East Michigan Street <br> Milwaukee, WI 53202 <br> Age: 54  | Assistant Secretary | June 2021 to present | Since 2007, Vice President and Counsel, U.S. Bank Global Fund Services (fund administrative services firm). | N/A |
| Jillian L. Bosmann <br> One Logan Square <br> Ste. 2000 <br> Philadelphia, PA 19103 <br> Age: 46  | Assistant Secretary | June 2021 to present | Since 2017, Partner, Faegre Drinker Biddle & Reath LLP (law firm). | N/A |

---

\* Each Trustee oversees [...] portfolios of the fund complex, consisting of the series in the Trust ([...] portfolios) and in The RBB Fund, Inc. ([...] portfolios).

&nbsp;&nbsp;&nbsp;&nbsp;(1) Subject
 to the Trust's Retirement Policy, each Trustee may continue to serve as a Trustee until
 the last day of the calendar year in which the applicable Trustee attains age 75 or until
 his or her successor is elected and qualified or his or her death, resignation or removal.
 The Board reserves the right to waive the requirements of the Policy with respect to an individual
 Trustee. The Board has approved waivers of the policy with respect to Messrs. Giordano, Reichman,
 and Sablowsky. Each officer holds office at the pleasure of the Board until the next special
 meeting of the Trust or until his or her successor is duly elected and qualified, or until
 he or she dies, resigns or is removed.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Messrs. Sablowsky and Shea are considered
"interested persons" of the Trust as that term is defined in the 1940 Act and are referred to as "Interested Trustees."
Mr. Sablowsky is considered an "Interested Trustee" of the Trust by virtue of his position as a senior officer of Oppenheimer
& Co., Inc., a registered broker-dealer. Mr. Shea is considered an "Interested Trustee" of the Trust by virtue of his position
on the Board of Barclays Bank plc, a multinational bank.

**Trustee Experience, Qualifications, Attributes and/or Skills**

The information above includes each Trustee's principal occupations during the last five years. Each Trustee possesses extensive additional experience, skills and attributes relevant to his or her qualifications to serve as a Trustee. The cumulative background of each Trustee led to the conclusion that each Trustee should serve as a Trustee of the Trust. Mr. Chandler has demonstrated leadership and management abilities as evidenced by his senior executive-level positions in the investment technology consulting/services and investment banking/brokerage industries, and also serves on various boards. Ms. Dolly has over three decades of experience in the financial services industry, and she has demonstrated her leadership and management abilities by serving in numerous senior executive-level positions. Mr. Giordano has years of experience as a consultant to financial services organizations and also serves on the boards of other registered investment companies. Mr. Reichman brings decades of investment management experience to the Board, in addition to senior executive-level management experience. Mr. Sablowsky has demonstrated leadership and management abilities as evidenced by his senior executive-level positions in the financial services industry. Mr. Shea has demonstrated leadership and management abilities as evidenced by his senior executive-level positions in the brokerage, clearing, banking and investment services industry, including service on the boards of public companies, industry regulatory organizations and a university. Ms. Tirinnanzi has over 20 years of strategic, regulatory and operational management experience in the financial and mortgage industries, including service on the boards of a public company and real estate investment trust, and brings to the Board her expertise regarding derivatives markets and related businesses.

**Standing Committees** 

The responsibilities of each Committee of the Board and its members are described below.

 *Audit Committee.* The Board has an Audit Committee comprised of three Independent Trustees. The current members of the Audit Committee are Ms. Tirinnanzi and Messrs. Chandler and Giordano. The Audit Committee, among other things, reviews results of the annual audit and approves the firm(s) to serve as independent auditors. The Audit Committee convened five times during the fiscal year ended August 31, 2025.

 *Contract Committee.* The Board has a Contract Committee comprised of an Interested Trustee and two Independent Trustees. The current members of the Contract Committee are Mses. Dolly and Tirinnanzi and Mr. Sablowsky. The Contract Committee reviews and makes recommendations to the Board regarding the approval and continuation of agreements and plans of the Trust. The Contract Committee convened four times during the fiscal year ended August 31, 2025.

 *Executive Committee.* The Board has an Executive Committee comprised of an Interested Trustee and three Independent Trustees. The current members of the Executive Committee are Messrs. Chandler, Giordano, Reichman and Sablowsky. The Executive Committee may generally carry on and manage the business of the Trust when the Board is not in session. The Executive Committee convened one time during the fiscal year ended August 31, 2025.

 *Nominating and Governance Committee.* The Board has a Nominating and Governance Committee comprised of three Independent Trustees. The current members of the Nominating and Governance Committee are Messrs. Chandler, Giordano and Reichman. The Nominating and Governance Committee recommends to the Board all persons to be nominated as Trustees of the Trust. The Nominating and Governance Committee will consider nominees recommended by shareholders. Recommendations should be submitted to the Committee care of the Trust's Secretary. The Nominating and Governance Committee convened four times during the fiscal year ended August 31, 2025.

 *Product Development Committee.* The Board has a Product Development Committee comprised of the Interested Trustees and two Independent Trustees. The current members of the Product Development Committee are Messrs. Chandler, Reichman, Sablowsky and Shea. The Product Development Committee oversees the process regarding the addition of new investment advisers and investment products to the Trust. The Product Development Committee met seven times during the fiscal year ended August 31, 2025.

 *Regulatory Oversight Committee.* The Board has a Regulatory Oversight Committee comprised of the Interested Trustees and two Independent Trustees. The current members of the Regulatory Oversight Committee are Ms. Dolly and Messrs. Reichman, Sablowsky, and Shea. The Regulatory Oversight Committee monitors regulatory developments in the mutual fund industry and focuses on various regulatory aspects of the operation of the Trust. The Regulatory Oversight Committee met four times during the fiscal year ended August 31, 2025.

 *Valuation Committee.* The Board has a Valuation Committee comprised of the Interested Trustees and two officers of the Trust. The members of the Valuation Committee are Messrs. Faia, Sablowsky, Shea and Shaw. The Valuation Committee is responsible for reviewing fair value determinations. The Valuation Committee met four times during the fiscal year ended August 31, 2025.

**Risk Oversight**

The Board performs its risk oversight function for the Trust through a combination of (1) direct oversight by the Board as a whole and Board committees and (2) indirect oversight through the Trust's investment advisers and other service providers, Trust officers and the Trust's Chief Compliance Officer ("CCO"). The Trust is subject to a number of risks, including but not limited to investment risk, compliance risk, operational risk, reputational risk, credit risk and counterparty risk. Day-to-day risk management with respect to the Trust is the responsibility of the Trust's investment advisers or other service providers (depending on the nature of the risk) that carry out the Trust's investment management and business affairs. Each of the investment advisers and the other service providers have their own independent interest in risk management and their policies and methods of risk management will depend on their functions and business models and may differ from the Trust's and each other's in the setting of priorities, the resources available or the effectiveness of relevant controls.

The Board provides risk oversight by receiving and reviewing on a regular basis reports from the Trust's investment advisers or other service providers, receiving and approving compliance policies and procedures, periodic meetings with the Trust's portfolio managers to review investment policies, strategies and risks, and meeting regularly with the Trust's CCO to discuss compliance reports, findings and issues. The Board also relies on the Trust's investment advisers and other service providers, with respect to the day-to-day activities of the Trust, to create and maintain procedures and controls to minimize risk and the likelihood of adverse effects on the Trust's business and reputation.

Board oversight of risk management is also provided by various Board Committees. For example, the Audit Committee meets with the Trust's independent registered public accounting firms to ensure that the Trust's respective audit scopes include risk-based considerations as to the Trust's financial position and operations.

The Board may, at any time and in its discretion, change the manner in which it conducts risk oversight. The Board's oversight role does not make the Board a guarantor of the Trust's investments or activities.

**Trustee Ownership of Shares of the Trust**

The following table sets forth the dollar range of equity securities beneficially owned by each Trustee in the Fund and in all of the portfolios of the Trust and The RBB Fund, Inc. (which for each Trustee comprise all registered investment companies within the Trust's family of investment companies overseen by him or her), as of December 31, 2024, including the amounts through the deferred compensation plan:

---

| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of** <br> **Equity Securities in the Fund**  | **Aggregate Dollar Range of** <br> **Equity Securities in All** <br> **Registered Investment Companies** <br> **Overseen by Trustee within the** <br> **Family of Investment Companies**  |
|  | **INDEPENDENT TRUSTEES** |  |
| Gregory P. Chandler |  | Over $100,000 |
| Lisa A. Dolly |  |  |
| Nicholas A. Giordano |  | $10001-$50000 |
| Arnold M. Reichman |  | Over $100,000 |
| Martha A. Tirinnanzi<sup>(1)</sup> |  |  |
|  | **INTERESTED TRUSTEES** |  |
| Robert Sablowsky |  | Over $100,000 |
| Brian T. Shea |  | $1-$10000 |

---

<sup>(1)</sup> Ms. Tirinnanzi began serving as a Trustee effective January 1, 2024.

As of December 31, 2024, the Independent Trustees and their respective immediate family members (spouse or dependent children) [did not own] beneficially or of record any securities of the Trust's investment advisers or distributors, or of any person directly or indirectly controlling, controlled by, or under common control with the investment advisers or distributors.

**Trustees' and Officers' Compensation**

Effective January 1, 2025, the Trust and The RBB Fund, Inc., based on an allocation formula, pay each Trustee a retainer at the rate of $225,000 annually, $15,000 for each regular meeting of the Board attended in-person; $6,000 for each Regulatory Oversight Committee meeting attended in-person; $5,000 for each other committee (excluding the Regulatory Oversight Committee) meeting attended in-person; $9,000 and $6,500, respectively, for each special in-person or telephonic Board meeting that lasts longer than 30 minutes; $4,000 for each special committee meeting that lasts longer than 30 minutes; $3,000 for each special Board or committee meeting that lasts less than 30 minutes. The Chair of the Audit Committee and Chair of the Regulatory Oversight Committee each receives an additional fee of $50,000 for their services. The Chair of the Contract Committee and the Chair of the Nominating and Governance Committee each receives an additional fee of $40,000 per year for their services. The Vice Chair of the Regulatory Oversight Committee receives an additional fee of $25,000 for his services. The Chair of the Board receives an additional fee of $125,000 per year for his services in this capacity and the Vice Chair of the Board receives an additional fee of $50,000 per year for his services in this capacity.

From January 1, 2024 through December 31, 2024, the Trust and The RBB Fund, Inc., based on an allocation formula, paid each Trustee a retainer at the rate of $175,000 annually, $13,500 for each regular meeting of the Board attended in-person; $5,000 for each Regulatory Oversight Committee meeting attended in-person; $4,000 for each other committee (excluding the Regulatory Oversight Committee) meeting attended in-person; $7,500 and $5,000, respectively, for each special in-person or telephonic Board meeting that lasts longer than 30 minutes; $3,000 for each special committee meeting that lasts longer than 30 minutes; $2,000 for each special Board or committee meeting that lasts less than 30 minutes. The Chair of the Audit Committee and Chair of the Regulatory Oversight Committee each received an additional fee of $35,000 for their services. The Chair of the Contract Committee and the Chair of the Nominating and Governance Committee each received an additional fee of $25,000 per year for their services. The Vice Chair of the Regulatory Oversight Committee received an additional fee of $15,000 for his services. The Chair of the Board received an additional fee of $100,000 per year for his services in this capacity and the Vice Chair of the Board received an additional fee of $40,000 per year for his services in this capacity.

Trustees are reimbursed for any reasonable out-of-pocket expenses incurred in attending meetings of the Board or any committee thereof. An employee of Vigilant Compliance, LLC serves as CCO of the Trust Vigilant Compliance, LLC is compensated for the services provided to the Trust, and such compensation is determined by the Board. For the fiscal year ended August 31, 2025, Vigilant Compliance, LLC received $1,060,000 in aggregate from all series of the Trust and The RBB Fund, Inc. for its services, and $17,202 from the Fund. Employees of the Trust serve as President, Chief Financial Officer, Chief Operating Officer, Secretary, Director of Marketing & Business Development, Assistant Treasurer and Assistant Secretary, and are compensated for services provided. For the fiscal year ended August 31, 2025, each of the following members of the Board and the President, Chief Financial Officer, Chief Operating Officer, Secretary, Director of Marketing & Business Development, Assistant Treasurer and Assistant Secretary received compensation from the Trust and The RBB Fund, Inc. in the following amounts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Trustee/Officer** | **Aggregated** <br> **Compensation** <br> **from the** <br> **Fund** | **Pension or** <br> **Retirement** <br> **Benefits** <br> **Accrued as** <br> **Part** <br> **of Fund** <br> **Expenses** | **Estimated <br> Annual Benefits <br> Upon <br> Retirement** | **Total** <br> **Compensation** <br> **From Fund** <br> **Complex Paid to** <br> **Trustees** <br> **or Officers** |
| **Independent Trustees:** |  |  |  |  |
| Gregory P. Chandler, Trustee | $4199 | N/A | N/A | $406250 |
| Lisa A. Dolly, Trustee | $3804 | N/A | N/A | $363750 |
| Nicholas A. Giordano, Trustee | $3847 | N/A | N/A | $369250 |
| Arnold M. Reichman, Trustee and Chair | $4992 | N/A | N/A | $476750 |
| Robert A. Straniere, Trustee<sup>(1)</sup> | $650 | N/A | N/A | $101250 |
| Martha A. Tirinnanzi, Trustee<sup>(2)</sup> | $3483 | N/A | N/A | $336000 |
| **Interested Trustee:** |  |  |  |  |
| Robert Sablowsky, Trustee and Vice Chair | $4881 | N/A | N/A | $466750 |
| Brian T. Shea, Trustee | $3943 | N/A | N/A | $380500 |
| **Officers:** |  |  |  |  |
| Steven Plump, President | $4589 | N/A | N/A | $424750 |
| James G. Shaw, Chief Financial Officer, Chief Operating Officer, and Secretary | $5899 | N/A | N/A | $546000 |
| Craig Urciuoli, Director of Marketing & Business Development | $4697 | N/A | N/A | $434750 |
| Thomas Reynolds, Assistant Secretary and Assistant Treasurer | $2161 | N/A | N/A | $200000 |

---

<sup>(1)</sup> Mr. Straniere retired from his role as a Trustee effective January 2025. <br> <sup>(2)</sup> Ms. Tirinnanzi began serving as a Trustee effective January 1, 2024.

Each compensated Trustee is entitled to participate in the Trust's deferred compensation plan (the "DC Plan"). Under the DC Plan, a compensated Trustee may elect to defer all or a portion of his or her compensation and have the deferred compensation treated as if it had been invested by the Trust in shares of one or more of the portfolios of the Trust. The amount paid to the Trustees under the DC Plan will be determined based upon the performance of such investments.

**Trustee Emeritus Program** 

The Board has created a position of Trustee Emeritus, whereby an incumbent Trustee who has attained at least the age of 75 and completed a minimum of fifteen years of service as a Trustee or as a director of The RBB Fund, Inc., may, in the sole discretion of the Nominating and Governance Committee of the Trust ("Committee"), be recommended to the full Board to serve as Trustee Emeritus.

A Trustee Emeritus that has been approved as such receives an annual fee in an amount equal to up to 50% of the annual base compensation paid to a Trustee. Compensation will be determined annually by the Committee and the Board with respect to each Trustee Emeritus. In addition, a Trustee Emeritus will be reimbursed for any expenses incurred in connection with their service, including expenses of travel and lodging incurred in attendance at Board/Committee meetings. A Trustee Emeritus will continue to receive relevant materials concerning the Fund and will be available to consult with the Trustees at reasonable times as requested. However, a Trustee Emeritus does not have any voting rights at Board meetings and is not subject to election by shareholders of the Fund.

A Trustee Emeritus will be permitted to serve in such capacity from year to year at the pleasure of the Committee and the Board for up to three years. Effective February 2024, Julian Brodsky serves as a Trustee Emeritus of the Trust. Effective January 2025, Robert Straniere serves as a Trustee Emeritus of the Trust. For the fiscal year ended August 31, 2025, Messrs. Brodsky and Straniere received compensation for their roles as a Trustee Emeritus in the following amounts:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Trusee Emeritus** | **Aggregate Compensation from the Fund** | **Pension or Retirement Benefits Accrued as Part of Fund Expenses** | **Estimated Annual Benefits Upon Retirement** | **Total Compensation From Fund Complex** |
| Julian Brodsky | $1192 | N/A | N/A | $106250 |
| Robert Straniere | $1138 | N/A | N/A | $84375 |

---

**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES**

As of November 30, 2025, to the Trust's knowledge, the entities listed below were owners of record of approximately 5% or more of the total outstanding shares of the Fund. Any shareholder that beneficially owns 25% or more of the outstanding shares of the Fund may be presumed to "control" (as that term is defined in the 1940 Act) the Fund. Shareholders controlling the Fund could have the ability to vote a majority of the shares of the Fund on any matter requiring approval of the shareholders of the Fund.

---

| | |
|:---|:---|
| **Shareholder** | **% of Fund** |
| Charles Schwab & Co. Inc. <br> Special Custody A/C FBO Customers <br> Attn Mutual Funds <br> 101 Montgomery St. <br> San Francisco, CA 94105-4151  | [...] |
| National Financial Services LLC <br> For Exclusive Benefit of its Customers <br> Attn Mutual Funds Dept, 4<sup>th</sup> FL <br> 499 Washington Blvd. <br> Jersey City, NJ 07310-1995  | [...] |
| JP Morgan Securities LLC <br> 825 S. Main St. <br> Yreka, CA 96097-3320  | [...] |

---

As of November 30, 2025 the Trustees and Officers as a group owned [less than 1%] of the outstanding shares of the Fund.

**INVESTMENT ADVISER AND OTHER SERVICE PROVIDERS**

**The Adviser**

Torray Investment Partners LLC is a Delaware limited liability company. The Adviser was founded in 1972, and is located at 7501 Wisconsin Avenue, Suite 750W, Bethesda, Maryland 20814. The Adviser is controlled by Shawn M. Hendon, William M. Lane, and Jeffrey D. Lent. The Adviser is registered as an investment adviser with the SEC.

**Advisory Agreement with the Adviser.** The Adviser renders advisory services to the Fund pursuant to an Investment Advisory Agreement ("Advisory Agreement").

Subject to the supervision of the Board, the Adviser will provide for the overall management of the Fund including (i) the provision of a continuous investment program for the Fund, including investment research and management with respect to all securities, investments, cash and cash equivalents, (ii) the determination from time to time of what securities and other investments will be purchased, retained or sold by the Fund, and (iii) the placement from time to time of orders for all purchases and sales of securities and other investments made for the Fund. The Adviser will provide the services rendered by it in accordance with the Fund's investment objectives, restrictions and policies as stated in the Prospectus and in this SAI. The Adviser will not be liable for any error of judgment, mistake of law, or for any loss suffered by the Fund in connection with the performance of the Advisory Agreement, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services or a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Adviser in the performance of its duties, or from reckless disregard of its obligations and duties under the Advisory Agreement.

For its services to the Fund, the Adviser is entitled to an advisory fee computed daily and payable monthly at the annual rate of 0.85% of the Fund's average daily net assets. Pursuant to an Expense Limitation and Reimbursement Agreement between the Adviser and the Trust, on behalf of the Fund (the "Agreement"), the Adviser has contractually agreed to waive all or a portion of its advisory fee and/or reimburse expenses in an aggregate amount equal to the amount by which the Total Annual Fund Operating Expenses (excluding certain items discussed below) for the Fund exceed 0.95% of the average daily net assets attributable to the Fund (the "Expense Cap"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net Total Annual Fund Operating Expenses to exceed 0.95%: acquired fund fees and expenses ("AFFE"), taxes, interest expense, dividends on securities sold short and extraordinary expenses. This contractual limitation is in effect until December 31, 2026, and may not be terminated without the approval of the Board. If at any time the Fund's Total Annual Fund Operating Expenses (not including AFFE, short sale dividend expenses, extraordinary items, interest expense or taxes) for a year are less than 0.95% or the expense cap then in effect, whichever is less, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided it is able to effect such recoupment without causing the Fund's expense ratio (after recoupment) to exceed (i) the expense limit in effect at the time of the waiver or recoupment and (ii) the current expense limit in effect at the time of recoupment.

General expenses of the Trust not readily identifiable as belonging to a portfolio of the Trust are allocated among all investment portfolios by or under the direction of the Board in such manner as it deems to be fair and equitable. Expenses borne by the Fund include, but are not limited to the following (or the Fund's share of the following): (a) the cost (including brokerage commissions) of securities and other investments, including futures contracts, forward contracts, swaps, and options, purchased or sold by the Fund and any losses incurred in connection therewith; (b) fees payable to and expenses incurred on behalf of the Fund by the Adviser; (c) filing fees and expenses relating to the registration and qualification of the Trust and the Fund's shares under federal and/or state securities laws and maintaining such registrations and qualifications; (d) fees and salaries payable to the Trust's Trustees and officers; (e) taxes (including any income or franchise taxes) and governmental fees; (f) costs of any liability and other insurance or fidelity bonds; (g) any costs, expenses or losses arising out of a liability of or claim for damages or other relief asserted against the Trust or the Fund for violation of any law; (h) legal, accounting and auditing expenses, including legal fees of special counsel for the independent Trustees; (i) charges of custodians and other agents; (j) expenses of setting in type and printing prospectuses, statements of additional information and supplements thereto for existing shareholders, reports, statements, and confirmations to shareholders and proxy material that are not attributable to a class; (k) costs of mailing prospectuses, statements of additional information and supplements thereto to existing shareholders, as well as reports to shareholders and proxy materials that are not attributable to a class; (1) any extraordinary expenses; (m) fees, voluntary assessments and other expenses incurred in connection with membership in investment company organizations; (n) costs of mailing and tabulating proxies and costs of shareholders' and Trustees' meetings; (o) costs of independent pricing services to value the Fund's securities; and (p) the costs of investment company literature and other publications provided by the Trust to its Trustees and officers. Distribution expenses, transfer agency expenses, expenses of preparation, printing and mailing prospectuses, statements of additional information, proxy statements and reports to shareholders, and organizational expenses and registration fees, identified as belonging to a particular class of the Trust, are allocated to such class.

The Advisory Agreement provides that the Adviser shall at all times have all rights in and to the Fund's name and all investment models used by or on behalf of the Fund. The Adviser may use the Fund's name or any portion thereof in connection with any other mutual fund or business activity without the consent of any shareholder, and the Trust has agreed to execute and deliver any and all documents required to indicate its consent to such use.

The table below sets forth the management fees paid by the Fund for the fiscal year ended August 31, 2025, fiscal period ended August 31, 2024 and the fiscal year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | August 31, 2025 | August 31, 2024 | August 31, 2023\* | December 31, 2022 |
|  Management Fees Accrued | [...] | $2848155 | $1783143 | $3282802 |
|  Management Fees Waived | [...] | $(83186) | $(29208) | $(344488) |
|  Total Management Fees Paid to Adviser | [...] | $2764969 | $1753935 | $2938314 |

---

\* The Fund changed its fiscal year end from December 31 to August 31.

As of August 31, 2025, the Fund had amounts available for recoupment by the Adviser as follows:

  <u> Expiration August 31, 2028 </u> <br> <u> Fund </u> <u> [...] </u>

Shawn M. Hendon, Jeffrey D. Lent, and Brian Zaczynski are co-managers of the Fund. The following table lists the number and types of other accounts managed by each individual and assets under management in those accounts as of August 31, 2025, and none of the accounts base the advisory fee on the performance of the account.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager\*** | **Other Registered Investment Company Accounts** | **Assets Managed** <br> **($ millions)**  | **Other Pooled Investment Vehicle Accounts** | **Assets Managed** <br> **($ millions)**  | **Other Accounts** | **Assets** <br> **Managed** <br> **($ millions)**  |
| Shawn M. Hendon | 0 | $0 | 0 | $0 | 0 | $0 |
| Jeffrey D. Lent | 0 | $0 | 0 | $0 | 532 | $416 million |
| Brian Zaczynski | 0 | $0 | 0 | $0 | 0 | $0 |

---

\* If an account has a co-portfolio manager, the total number of accounts and assets have been allocated to each respective manager. Therefore, some accounts and assets have been counted twice.

As indicated in the table above, portfolio managers at the Adviser may manage accounts for multiple clients. The portfolio managers may manage other registered investment companies, and separate accounts (i.e., accounts managed on behalf of individuals). Portfolio managers at the Adviser make investment decisions for each account based on the investment objectives and policies and other relevant investment considerations applicable to that portfolio. Because a portfolio manager's compensation is affected by revenues earned by the Adviser, the incentives associated with any given account may be higher or lower than those associated with other accounts. The Adviser has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, which it believes address the conflicts associated with managing multiple accounts for multiple clients. The Adviser monitors a variety of areas, including compliance with account investment guidelines, the allocation of initial public offerings and other similar investment opportunities, and compliance with the Adviser's Code of Ethics.

The compensation of each of the Fund's portfolio managers consists of a fixed annual salary, plus additional remuneration based on the firm-wide results of the Adviser for the given time period.

The dollar range of equity securities of the Fund beneficially owned by the portfolio managers as of August 31, 2025, is as follows:

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Equity Securities of the Fund Beneficially Owned** |
| Shawn M. Hendon | Over $1,000,000 |
| Jeffrey D. Lent | Over $1,000,000 |
| Brian Zaczynski | $100001– $500000 |

---

**Code of Ethics**

The Trust and the Adviser have each adopted a code of ethics under Rule 17j-1 of the 1940 Act that permits personnel subject to the codes to invest in securities, including securities that may be purchased or held by the Trust, subject to certain restrictions.

**Other Service Providers**

Pursuant to an administration agreement (the "Administration Agreement") between the Trust and U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), 615 East Michigan Street, Milwaukee, Wisconsin, 53202 (the "Administrator"), the Administrator acts as the Fund's administrator. The Administrator provides certain administrative services to the Fund, including, among other responsibilities, preparation for signature by an officer of the Trust of all documents required to be filed for compliance by the Trust and the Fund with applicable laws and regulations; arranging for the computation of performance data, including NAV and yield; responding to shareholder inquiries; and arranging for the maintenance of books and records of the Fund, and providing, at its own expense, office facilities, equipment and personnel necessary to carry out its duties. In this capacity, the Administrator does not have any responsibility or authority for the management of the Fund, the determination of investment policies, or for any matter pertaining to the distribution of Fund shares. Pursuant to the Administration Agreement, for its services, the Administrator receives from the Fund a fee computed daily and payable monthly based on the Fund's average net assets, subject to an annual minimum fee.

Fund Services also acts as Fund Accountant, Transfer Agent and dividend disbursing agent under separate agreements with the Trust.

The Fund paid the following in fund administration and fund accounting fees to Fund Services for the fiscal year ended August 31, 2025, August 31, 2024, fiscal period ended August 31, 2023 and the fiscal year ended December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| August 31, 2025 | August 31, 2024 | August 31, 2023\* | December 31, 2022 |
| [...] | $93891 | $56680 | $188194 |

---

\* The Fund changed its fiscal year end from December 31 to August 31.

Pursuant to a custody agreement between the Trust and the Fund, U.S. Bank, N.A., an affiliate of Fund Services, serves as the custodian of the Fund's assets. For its services, the Custodian receives a monthly fee based on a percentage of the Fund's assets, in addition to certain transaction-based fees. The Custodian's address is 1555 North Rivercenter Drive, Suite 302, Milwaukee, Wisconsin, 53212. The Custodian does not participate in decisions relating to the purchase and sale of securities by the Fund. U.S. Bank, N.A. and its affiliates may participate in revenue sharing arrangements with service providers of mutual funds in which the Fund may invest.

 *Independent Registered Public Accounting Firm.* [ ], located at [ ], serves as the independent registered public accounting firm for the Fund. Its services include auditing the Fund's financial statements.

 *Underwriter.* Quasar Distributors, LLC (the "Underwriter"), located at 190 Middle Street, Suite 301, Portland, Maine 04101, serves as the principal underwriter of the Fund's shares. The Underwriter acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares. The Underwriter has no obligation to sell any specific quantity of Fund shares. The Underwriter and its officers have no role in determining the Fund's investment policies or which securities are to be purchased or sold by the Fund.

The Underwriter may enter into agreements with selected broker-dealers, banks or other financial intermediaries for distribution of shares of the Fund. With respect to certain financial intermediaries and related fund "supermarket" platform arrangements, the Fund and/or the Adviser, rather than the Underwriter, typically enters into such agreements. These financial intermediaries may charge a fee for their services and may receive shareholder service or other fees from parties other than the Underwriter. These financial intermediaries may otherwise act as processing agents and are responsible for promptly transmitting purchase, redemption and other requests to the Fund.

*Fund Counsel.* The law firm of Faegre Drinker Biddle & Reath LLP, One Logan Square, Suite 2000, Philadelphia, Pennsylvania 19103, serves as counsel to the Trust and the Independent Trustees.

**DISTRIBUTIONS**

*Distributions from Net Investment Income.* The Fund pays out substantially all of its net investment income (i.e., dividends, interest it receives from its investments and short-term gains). It is the present policy of the Fund to declare and pay distributions from net investment income quarterly.

*Distributions of Capital Gains.* The Fund's policy is to distribute annually substantially all of the net realized capital gain, if any, after giving effect to any available capital loss carryover. Net realized capital gain is the excess of net realized long-term capital gain over net realized short-term capital loss.

**BROKERAGE SERVICES**

Transactions on stock exchanges and other agency transactions involve the payment by the Fund of negotiated brokerage commissions. Such commissions vary among different brokers. Also, a particular broker may charge different commissions according to such factors as the difficulty and size of the transaction. There is generally no stated commission in the case of securities traded in the over-the-counter markets but the price paid by the Fund usually includes a dealer commission or mark-up. It is anticipated that most purchases and sales of short-term portfolio securities will be with the issuer or with major dealers in money market instruments acting as principals. In underwritten offerings, the price paid includes a disclosed, fixed commission or discount retained by the underwriter or dealer.

When the Adviser places orders for the purchase and sale of portfolio securities for the Fund and buys and sells securities for the Fund, it is anticipated that such transactions will be effected through a number of brokers and dealers. In so doing, the Adviser intends to use its best efforts to obtain for the Fund the most favorable price and execution available, except to the extent that it may be permitted to pay higher brokerage commissions as described below. In seeking the most favorable price and execution, the Adviser considers all factors it deems relevant, including, by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker/ dealer involved and the quality of service rendered by the broker/dealer in other transactions.

It has for many years been a common practice in the investment advisory business for advisors of investment companies and other institutional investors to receive research, statistical and quotation services from brokers which execute portfolio transactions for the clients of such advisors. Consistent with this practice, the Adviser may receive research, statistical and quotation services from brokers with which the Fund's portfolio transactions are placed. These services, which in some instances could also be purchased for cash, include such matters as general economic and security market reviews, industry and company reviews, evaluations of securities and recommendations as to the purchase and sale of securities. Some of these services may be of value to the Adviser in advising various clients (including the Fund), although not all of these services are necessarily useful and of value in managing the Fund. The fees paid to the Adviser are not reduced because it receives such services.

As permitted by Section 28(e) of the Securities Exchange Act of 1934 and the Advisory Agreement, the Adviser may cause the Fund to pay a broker which provides "brokerage and research services" (as defined in the Act) to the Adviser an amount of disclosed commission for effecting a securities transaction for the Fund in excess of the commission which another broker would have charged for effecting that transaction. The authority of the Adviser to cause the Fund to pay any such greater commissions is subject to such policies as the Trustees may adopt from time to time.

Under the 1940 Act, persons affiliated with the Fund are prohibited from dealing with the Fund as a principal in the purchase and sale of securities.

The following table sets forth the amount of brokerage commissions paid by the Fund for the fiscal year ended August 31, 2025, August 31, 2024, fiscal period ended August 31, 2023 and the fiscal year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| August 31, 2025 | August 31, 2024 | August 31, 2023\* | December 31, 2022 |
| [...] | $44359 | $39854 | $101649 |

---

\* The Fund changed its fiscal year end from December 31 to August 31.

During the fiscal year ended August 31, 2025, the Fund paid the following brokerage commissions to brokers who also provided research services. The dollar values of the securities traded are also shown below:

---

| | | |
|:---|:---|:---|
| | Dollar Value of Securities Traded | Related Soft Dollar Brokerage Commissions |
| Fiscal period ended August 31, 2025 | [$] | [$] |

---

**REDEMPTION OF SHARES AND DETERMINATION OF NET ASSET VALUE**

**How to Redeem Shares**

The procedures for redemption of Fund shares are summarized in the Prospectus section entitled "More Information about Purchasing and Redeeming Shares - How to Redeem Shares." Redemption requests must be in good order, as defined in the Prospectus. Upon receipt of a redemption request in good order, the shareholder will receive proceeds equal to the net asset value of the redeemed shares next determined after the redemption request has been received. The Fund will accept redemption requests only on days the New York Stock Exchange ("NYSE") is open. Proceeds will normally be forwarded on the next day on which the NYSE is open; however, the Fund reserves the right to take up to seven days to make payment if, in the judgment of the Adviser, the Fund could be adversely affected by immediate payment. The proceeds of redemption may be more or less than the shareholder's investment and thus may involve a capital gain or loss for tax purposes. If the shares to be redeemed represent an investment made by check or electronic funds transfer through the ACH network, the Fund reserves the right not to forward the proceeds of the redemption until the payment for purchase has been collected.

The Fund may suspend the right of redemption and may postpone payment only when the NYSE is closed for other than customary weekends and holidays, or if permitted by the rules of the SEC during periods when trading on the NYSE is restricted or during any emergency which makes it impracticable for the Fund to dispose of its securities or to determine fairly the value of its net assets, or during any other period permitted by order of the SEC.

The Fund reserves the right to redeem shares and mail the proceeds to the shareholder if at any time the net asset value of the shares in the shareholder's account in the Fund falls below a specified level, currently set at $2,000. Shareholders will be notified and will have 30 days to bring the account up to the required level before any redemption action will be taken by the Fund. The Fund also reserves the right to redeem shares in a shareholder's account in excess of an amount set from time to time by the Trustees. No such limit is presently in effect, but such a limit could be established at any time and could be applicable to existing as well as future shareholders.

**How Net Asset Value is Determined**

In accordance with procedures adopted by the Board, the NAV per share of the Fund is calculated by determining the value of the net assets attributed to the Fund and dividing by the number of outstanding shares of the Fund. All securities are valued on each Business Day as of the close of regular trading on the NYSE (normally, but not always, 4:00 p.m. Eastern Time) or such other time as the NYSE or National Association of Securities Dealers Automated Quotations System ("NASDAQ") market may officially close. The term "Business Day" means any day the NYSE is open for trading, which is Monday through Friday except for holidays. The NYSE is generally closed on the following holidays: New Year's Day (observed), Martin Luther King, Jr. Day, Washington's Birthday (observed), Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

The time at which transactions and shares are priced and the time by which orders must be received may be changed in case of an emergency or if regular trading on the NYSE is stopped at a time other than 4:00 p.m. Eastern Time. The Trust reserves the right to reprocess purchase, redemption and exchange transactions that were initially processed at a NAV other than the Fund's official closing NAV (as the same may be subsequently adjusted), and to recover amounts from (or distribute amounts to) shareholders based on the official closing NAV. The Trust reserves the right to advance the time by which purchase and redemption orders must be received for same business day credit as otherwise permitted by the SEC. In addition, the Fund may compute its NAV as of any time permitted pursuant to any exemption, order or statement of the SEC or its staff.

The securities of the Fund are valued under the direction of the Fund's Administrator and under the general supervision of the Board. Prices are generally determined using readily available market prices. Subject to the approval of the Board, the Fund may employ outside organizations, which may use a matrix or formula method that takes into consideration market indices, matrices, yield curves and other specific adjustments in determining the approximate market value of portfolio investments. This may result in the investments being valued at a price that differs from the price that would have been determined had the matrix or formula method not been used. All cash, receivables, and current payables are carried on the Fund's books at their face value. Other assets, if any, are valued at fair value as determined in good faith by the Fund's Adviser as valuation designee under the oversight of the Board.

The SEC has adopted Rule 2a-5 under the 1940 Act ("Rule 2a-5"), which provides a framework for fund valuation practices. Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. Pursuant to the requirements of Rule 2a-5, the Board has designated the Adviser as its valuation designee to perform fair value determinations with respect to the Fund.

The procedures used by any pricing service and its valuation results are reviewed by the officers of the Trust under the general supervision of the Board.

The Fund may hold portfolio securities that are listed on foreign exchanges. These securities may trade on weekends or other days when the Fund does not calculate NAV. As a result, the value of these investments may change on days when you cannot purchase or sell Fund shares.

**TAXES**

The following summarizes certain additional tax considerations generally affecting the Fund and its shareholders that are not described in the Prospectus. No attempt is made to present a detailed explanation of the tax treatment of the Fund or its shareholders, and the discussions here and in the Prospectus are not intended as a substitute for careful tax planning. Potential investors should consult their tax advisers with specific reference to their own tax situations.

The discussions of the federal tax consequences in the Prospectus and this SAI are based on the Internal Revenue Code of 1986, as amended (the "Code") and the regulations issued under it, and court decisions and administrative interpretations, as in effect on the date of this SAI. Future legislative or administrative changes or court decisions may significantly alter the statements included herein, and any such changes or decisions may be retroactive.

**General** 

The Fund intends to qualify and to continue to qualify as a regulated investment company under Subchapter M of Subtitle A, Chapter 1, of the Code. As such, the Fund generally will be exempt from federal income tax on its net investment income and realized capital gains that it distributes to shareholders. To qualify for treatment as a regulated investment company, it must meet three important tests each year.

First, the Fund must derive with respect to each taxable year at least 90% of its gross income from dividends, interest, certain payments with respect to securities loans, gains from the sale or other disposition of stock or securities or foreign currencies, other income derived with respect to the Fund's business of investing in stock, securities or currencies, or net income derived from interests in qualified publicly traded partnerships.

Second, generally, at the close of each quarter of the Fund's taxable year, at least 50% of the value of the Fund's assets must consist of cash and cash items, U.S. government securities, securities of other regulated investment companies, and securities of other issuers as to which the Fund has not invested more than 5% of the value of its total assets in securities of the issuer and as to which the Fund does not hold more than 10% of the outstanding voting securities of the issuer, and no more than 25% of the value of the Fund's total assets may be invested in the securities of (1) any one issuer (other than U.S. government securities and securities of other regulated investment companies), (2) two or more issuers that the Fund controls and which are engaged in the same or similar trades or businesses or (3) one or more qualified publicly traded partnerships.

Third, the Fund must distribute an amount equal to at least the sum of 90% of its net investment company taxable income (net investment income and the excess of net short-term capital gain over net long-term capital loss) before taking into account any deduction for dividends paid and 90% of its tax-exempt income, if any, for the year.

The Fund intends to comply with these requirements. If the Fund were to fail to make sufficient distributions, it could be liable for corporate income tax and for excise tax in respect of the shortfall or, if the shortfall is large enough, the Fund could be disqualified as a regulated investment company. If for any taxable year the Fund were not to qualify as a regulated investment company, all its taxable income would be subject to tax at regular corporate rates without any deduction for distributions to shareholders. In that event, shareholders would recognize dividend income on distributions to the extent of the Fund's current and accumulated earnings and profits, and corporate shareholders could be eligible for the dividends-received deduction.

The Code imposes a nondeductible 4% excise tax on regulated investment companies that fail to distribute each year an amount equal to specified percentages of their ordinary taxable income and capital gain net income (excess of capital gains over capital losses). The Fund intends to make sufficient distributions or deemed distributions each year to avoid liability for this excise tax. However, the Fund may not always make sufficient distributions to avoid the excise tax.

**Loss Carryforwards**

For federal income tax purposes, the Fund is generally permitted to carry forward a net capital loss in any year to offset its own capital gains, if any, during subsequent years.

As of August 31, 2025, the Fund [did not have any] capital loss carryovers.

**State and Local Taxes**

Although the Fund expects to qualify as a regulated investment company and to be relieved of all or substantially all federal income taxes, depending upon the extent of its activities in states and localities in which its offices are maintained, in which its agents or independent contractors are located or in which it is otherwise deemed to be conducting business, the Fund may be subject to the tax laws of such states or localities.

**PROXY VOTING**

The Board has delegated the responsibility of voting proxies with respect to the portfolio securities purchased and/or held by the Fund to the Fund's Adviser, subject to the Board's continuing oversight.

The Adviser will vote proxies in accordance with its proxy policies and procedures, which are included in <u>Appendix A</u> to this SAI.

The Trust is required to disclose annually the Fund's complete proxy voting record on Form N-PX. The Fund's proxy voting record for the most recent 12 month period ended June 30th will be available upon request by calling 1-800-626-9769 or by writing to the Fund at: Torray Equity Income Fund, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252 . The Fund's Form N-PX will also be available on the SEC's website at www.sec.gov.

**DISCLOSURE OF PORTFOLIO HOLDINGS**

The Trust has adopted, on behalf of the Fund, a policy relating to the selective disclosure of the Fund's portfolio holdings by the Adviser, Board, officers, or third party service provider, in accordance with regulations that seek to ensure that disclosure of information about portfolio holdings is in the best interest of Fund shareholders. The policies relating to the disclosure of the Fund's portfolio holdings are designed to allow disclosure of portfolio holdings information where necessary to the Fund's operation without compromising the integrity or performance of the Fund. It is the policy of the Trust that disclosure of the Fund's portfolio holdings to a select person or persons prior to the release of such holdings to the public ("selective disclosure") is prohibited, unless there are legitimate business purposes for selective disclosure.

The Trust discloses portfolio holdings information as required in regulatory filings and shareholder reports, discloses portfolio holdings information as required by federal and state securities laws and may disclose portfolio holdings information in response to requests by governmental authorities. As required by the federal securities laws, including the 1940 Act, the Trust will disclose the Fund's portfolio holdings in applicable regulatory filings, including shareholder reports, reports on Form N-CSR, Form N-CEN, Form N-PORT or such other filings, reports or disclosure documents as the applicable regulatory authorities may require.

The Trust may distribute or authorize the distribution of information about the Fund's portfolio holdings that is not publicly available to its third-party service providers, which include U.S. Bank, N.A., the custodian; U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"); [ ], the Fund's independent registered public accounting firm; Faegre Drinker Biddle & Reath LLP, legal counsel; FilePoint, the financial printer; the Fund's proxy voting service(s); ReFlow, the Fund's short-term liquidity provider, and the Trust's liquidity classification agent. These service providers are required to keep such information confidential, and are prohibited from trading based on the information or otherwise using the information except as necessary in providing services to the Fund. Such holdings are released on conditions of confidentiality, which include appropriate trading prohibitions. "Conditions of confidentiality" include confidentiality terms included in written agreements, implied by the nature of the relationship (e.g. attorney-client relationship), or required by fiduciary or regulatory principles (e.g., custody services provided by financial institutions). Portfolio holdings may also be provided earlier to shareholders and their agents who receive redemptions in kind that reflect a pro rata allocation of all securities held in the Fund's portfolio.

Portfolio holdings may also be disclosed, upon authorization by a designated officer of the Adviser, to (i) certain independent reporting agencies recognized by the SEC as acceptable agencies for the reporting of industry statistical information, and (ii) financial consultants to assist them in determining the suitability of the Fund as an investment for their clients, in each case in accordance with the anti-fraud provisions of the federal securities laws and the Trust's and the Adviser's fiduciary duties to Fund shareholders. Disclosures to financial consultants are also subject to a confidentiality agreement and/or trading restrictions. The foregoing disclosures are made pursuant to the Trust's policy on selective disclosure of portfolio holdings. The Board or a committee thereof may, in limited circumstances, permit other selective disclosure of portfolio holdings subject to a confidentiality agreement and/or trading restrictions.

The Adviser reserves the right to refuse to fulfill any request for portfolio holdings information from a shareholder or non-shareholder if it believes that providing such information will be contrary to the best interests of the Fund.

The Board provides ongoing oversight of the Trust's policies and procedures and compliance with such policies and procedures. As part of this oversight function, the Board receives from the Trust's CCO as necessary, reports on compliance with these policies and procedures. In addition, the Board receives an annual assessment of the adequacy and effectiveness of the policies and procedures with respect to the Fund, and any changes thereto, and an annual review of the operation of the policies and procedures. Any violation of the policy set forth above as well as any corrective action undertaken to address such violation must be reported by the Adviser, director, officer or third party service provider to the Trust's CCO, who will determine whether the violation should be reported immediately to the Board or at its next quarterly Board meeting.

**FINANCIAL STATEMENTS**

The audited financial statements for the Fund for the fiscal year period August 31, 2025, including notes thereto and the report of [ ]., the Fund's independent registered public accounting firm, as set forth in the Fund's Annual Report on Form N-CSR to shareholders (File No. 811-23011), have been filed with the SEC and are deemed to be [incorporated by reference] into this Statement of Additional Information.

**APPENDIX A**

**Torray Investment Partners**

**PROXY VOTING POLICY AND PROCEDURES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **GOVERNING STANDARDS** 

This Proxy Voting Policy and Procedures (the "Policy") has been adopted by Torray Investment Partners LLC ("Torray") to comply with Rule 206(4)-6 (the "Rule") under the Investment Advisers Act of 1940 ("Advisers Act"). The Policy, which has been designed to ensure that Torray votes proxies in the best interest of its clients and provides clients with information about how their proxies are voted, contains procedures that have been reasonably designed to prevent and detect fraudulent, deceptive or manipulative acts by Torray and its advisory affiliates.1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **LEGAL REQUIREMENTS** 

The Rule states that it is a fraudulent, deceptive, or manipulative act, practice or course of business within the meaning of Section 206(4) of the Advisers Act, for an investment adviser to exercise voting authority with respect to client securities, unless the adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Adopts and implements written policies
and procedures that are reasonably designed to ensure that the adviser votes client securities in the best interest of clients, which
procedures must include how the adviser addresses material conflicts that may arise between its interests and those of its clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Discloses to clients how they may
obtain information from the adviser about how it voted with respect to their securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Describes to clients the adviser's
proxy voting policies and procedures and, upon request, furnish a copy of the policies and procedures to the requesting client.

In accordance with its obligations under the Rule, Torray has designed and adopted the following procedures to ensure that client proxies are voted in the best interest of clients at all times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **POLICY** 

The Policy applies to those client accounts that contain voting securities and for which Torray has authority to vote client proxies. The Policy will be reviewed and, as necessary, updated periodically to address new or revised proxy voting issues.

When voting proxies for client accounts, Torray's primary objective is to make voting decisions in the interest of maximizing <u>shareholder value</u>. Consideration will be given to both the short and long term implications of the proposal to be voted on when considering the optimal vote.

In certain situations, a client or its fiduciary may provide Torray with a statement of proxy voting policy or guidelines. In these situations, Torray shall seek to comply with such policy or guidelines to the extent that it would not be inconsistent with applicable regulation or its fiduciary responsibilities.

1 A firm's advisory affiliates are defined in this Policy to include: 1) all officers, partners, directors (or any person performing similar functions); 2) all persons directly or indirectly controlling or controlled by the adviser; and 3) all current employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **PROCEDURES** 

Torray votes proxies for all clients, unless the client has explicitly reserved proxy voting authority. Torray will maintain a list of all clients for which it does not vote proxies. The list will be maintained electronically and updated by an individual delegated by Torray's Director of Investment Operations ("DIO") on an as-needed basis.

Torray shall make best efforts to ensure that, where authority has been granted to the Adviser, it is the designated party to receive proxy voting materials from companies or intermediaries. Such entities shall be instructed to direct all proxy voting materials to Torray's DIO or delegated individual.

Torray subscribes to the Broadridge *Proxy Edge* service. This browser-based proxy voting system automates the physical paper handling and detailed recordkeeping needs of Torray's proxy voting function.

*Proxy Edge* informs Torray of when it is required to vote a particular proxy on behalf of its clients. However, Torray retains all decision making authority with respect to the voting of client proxies and casts such proxy votes in an electronic format via the Internet over Proxy Edge website.

Torray's DIO or delegated individual will provide all proxy solicitation information and materials to the appropriate investment personnel of Torray (i.e., portfolio managers, analysts, etc.) for their review and consideration.

In general, Torray shall support management if management's position appears reasonable and is not detrimental to the long-term equity ownership of the corporation. This procedure should not be interpreted as a pre-determined policy to vote in favor of the management of companies held in client portfolios. As noted by the SEC in Advisers Act Release No. 2106, the fiduciary duty that Torray owes its clients prohibits the adoption of a policy to enter default proxy votes in favor of management. Thus, Torray shall review all client proxies in accordance with the general principles outlined above.

Torray votes all issues on a case-by-case basis, including the following: (1) anti-takeover measures; (2) proxy contests for control; (3) contested elections; (4) executive compensation proposals; and (5) shareholder proposals.

If Torray finds that, for a particular security, management's position on resolutions cannot be supported consistently, Torray shall review the quality of management and the projected future expectations of the issuer to determine whether Torray should sell its equity interest in such company.

Torray's investment personnel shall be responsible for making voting decisions with respect to all client proxies. Such decisions shall then be forwarded to Torray's DIO or delegated individual, who will then ensure that such proxy votes are submitted in a timely manner.

Torray's DIO may delegate the physical process of voting client proxies to any of Torray's employees who are familiar with Broadridge's *Proxy Edge* service, but all voting decisions will be made by appropriate investment personnel.

Torray is not required to vote every client proxy and refraining from voting should not be construed as a violation of Torray's fiduciary obligations. Torray shall at no time ignore or neglect its proxy voting responsibilities. However, there may be times when refraining from voting is in the client's best interest, such as when an adviser's analysis of a particular client proxy reveals that the cost of voting the proxy may exceed the expected benefit to the client (e.g., casting a vote on a foreign security may require that the adviser engage a translator or travel to a foreign country to vote in person). Such position also complies with Interpretive Bulletin 94-2 of the DOL. Additional examples where Torray may not vote on a particular proxy include: (1) a proxy is received with respect to securities that have been sold before the date of the shareholder meeting and are no longer held in a client account; (2) the terms of an applicable securities lending agreement prevent Torray from voting with respect to a loaned security; 3) despite reasonable efforts, Torray receives proxy materials without sufficient time to reach an informed voting decision and vote the proxies; (4) the terms of the security or any related agreement or applicable law preclude Torray from voting; or (5) the terms of an applicable advisory agreement or subsequent request reserve voting authority to the client or another party.

Torray's investment personnel will conduct proxy voting cost-benefit analysis in situations in which Torray believes it may be in its clients' best interest for Torray not to vote a particular proxy. Torray's DIO shall maintain documentation of any cost-benefit analysis with respect to client proxies that are <u>not</u> voted by Torray.

Torray's DIO will report any attempts by Torray personnel to influence the voting of client proxies in a manner that is inconsistent with Torray's Policy. Such a report shall be made to the CCO and the Torray Board of Managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **MATERIAL CONFLICTS OF INTEREST** 

*<u>General:</u>* As noted previously, Torray will vote its clients' proxies in the best interest of its clients and not its own. In voting client proxies, Torray shall avoid material conflicts of interest between the interests of Torray on the one hand and the interests of its clients on the other.

*<u>Potential Material Conflicts of Interest:</u>* Torray is aware of the following potential material conflicts that could affect Torray's proxy voting process in the future. It should be noted that these potential conflicts have been listed for informational purposes only and do not include all of the potential conflicts of interest that an adviser might face in voting client proxies. Torray acknowledges that the existence of relationships of the types discussed below, even in the absence of any active efforts to solicit or influence Torray with respect to a proxy vote related to such relationships, is sufficient for a material conflict to exist.

***<u>Example Conflict No. 1:</u>*** A client of Torray is affiliated with an issuer that is held in Torray's client portfolios. For example, XYZ's pension fund may engage Torray to manage its assets. XYZ is a public company and Torray's clients hold shares of XYZ. This type of relationship may influence Torray to vote with management on proxies to gain favor with management. Such favor may influence XYZ's decision to continue to engage Torray.

***<u>Example Conflict No. 2:</u>*** A client of Torray is an officer or director of an issuer that is held in Torray's client portfolios. Similar conflicts of interest exist in this relationship as discussed above in Example Conflict No. 1.

***<u>Example Conflict No. 3:</u>*** Torray's employees maintain a personal and/or business relationship (not an advisory relationship) with issuers or individuals that serve as officers or directors of issuers. For example, the spouse of a Torray employee may be a high-level executive of an issuer that is held in Torray's client accounts. The spouse could attempt to influence Torray to vote in favor of management.

*<u>Determining the Materiality of Conflicts of Interest:</u>* Determinations as to whether a conflict of interest is material will be made after internal discussion among the Board of Managers and the CCO. Where the Board of Managers or the CCO has a direct connection to the conflict in question, that person will be recused from the materiality discussion. Among the factors to be considered in determining the materiality of a conflict include whether the relevant client relationship accounts for a significant percentage of Torray's annual revenues, or the percentage of Torray's assets that is invested with a particular issuer. Materiality determinations are fact based, and will depend on the details of a particular situation. Whether a particular conflict of interest is deemed material will be based on the likelihood that the conflict might cause a proxy to be voted in a manner that was not in the best interests of Torray's clients. All materiality deliberations will be memorialized in writing.

If the CCO and the Board of Managers determine that the conflict in question is not material, Torray will vote the proxy in accordance with the policies stated herein. If a material conflict may exist which cannot be otherwise addressed, Torray may choose one of several options including: (1) voting in accordance with the Proxy Procedures, if it involves little or no discretion; (2) voting as recommended by a third party service, if employed by Torray; (3) "echo" or "mirror" voting the proxies in the same proportion as the votes of other proxy holders that are not Torray clients; (4) if possible, erecting information barriers around the person or persons making the voting decision sufficient to insulate the decision from the conflict; or (6) if agreed upon in writing with the client, forwarding the proxies to affected clients and allowing them to vote their own proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **RECORDKEEPING** 

*<u>General:</u>* In accordance with Rule 204-2(c)(2) under the Advisers Act, Torray shall maintain the following documents in an easily accessible place for five years, the first two in an appropriate office of Torray:

● Proxy voting policies and procedures;

● Proxy statements received regarding client securities;

● Records of votes cast on behalf of clients;

● Records of client requests for proxy voting information; and

● Any documents prepared by Torray that were material to making a decision how to vote, or that memorialized the basis for the decision.

In lieu of maintaining its own copies of proxy statements as noted above, Torray may rely on proxy statements filed on the SEC's EDGAR system (See <u>https://www.sec.gov/fast-answers/answersproxyhtfhtm.html</u>). Additionally, Torray may rely on proxy statements and records of proxy votes cast by Torray that are maintained with a third party, such as Broadridge.

All proxy votes will be recorded with Broadridge, or if Broadridge does not hold the information, on the *Proxy Voting Record* or in another suitable place. In either case, the following information will be maintained:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The name of the issuer of the portfolio
security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The exchange ticker symbol of the portfolio security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The Council on Uniform Securities Identification Procedures ("CUSIP") number for the portfolio security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The shareholder meeting date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The number of shares Torray is voting on a firm-wide basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ A brief identification of the matter voted on;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Whether the matter was proposed by the issuer or by a security holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Whether or not Torray cast its votes on the matter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ How Torray cast its vote (e.g., for or against proposal, or abstain; for or withhold regarding election of directors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Whether Torray cast its vote with or against management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Whether any client requested an alternative vote on its proxy.

*<u>Conflicting Votes:</u>* In the event that Torray votes the same proxy in two directions, it shall maintain documentation to support its voting (this may occur if a client requires Torray to vote a certain way on an issue, while Torray deems it beneficial to vote in the opposite direction for its other clients) in the permanent file.

*<u>Client Request to Review Votes:</u>* Any request, whether written (including e-mail) or oral, received by any of Torray's employees, must be promptly reported to Torray's DIO. All written requests and responses to requests must be retained in Torray's proxy voting file. The following additional procedures shall be followed with respect to a client request to review proxy voting information:

Torray's DIO shall record the identity of the client, the date of the request, and the disposition (e.g., provided a written or oral response to client's request, referred to third party, not a proxy voting client, other dispositions, etc.) in a designated log in the firm's proxy voting file.

Torray shall provide the information requested, free of charge, to the client within a reasonable time period (no more than 10 business days) for their review. Clients are permitted to request, and Torray is required to distribute, the proxy voting record for such client for the five (5) year period prior to their request.

*Updated December, 2022*

**APPENDIX B**

**DESCRIPTION OF SECURITIES RATINGS**

**Short-Term Credit Ratings**

An ***S&P Global Ratings*** short-term issue credit rating is generally assigned to those obligations considered short-term in the relevant market. The following summarizes the rating categories used by S&P Global Ratings for short-term issues:

"A-1" – A short-term obligation rated "A-1" is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong.

"A-2" – A short-term obligation rated "A-2" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

"A-3" – A short-term obligation rated "A-3" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

"B" – A short-term obligation rated "B" is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

"C" – A short-term obligation rated "C" is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

"D" – A short-term obligation rated "D" is in default or in breach of an imputed promise. For non-hybrid capital instruments, the "D" rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The "D" rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to "D" if it is subject to a distressed debt restructuring.

Local Currency and Foreign Currency Ratings – S&P Global Ratings' issuer credit ratings make a distinction between foreign currency ratings and local currency ratings. A foreign currency rating on an issuer can differ from the local currency rating on it when the obligor has a different capacity to meet its obligations denominated in its local currency, versus obligations denominated in a foreign currency.

"NR" – This indicates that a rating has not been assigned or is no longer assigned.

***Moody's Investors Service ("Moody's")*** short-term ratings are forward-looking opinions of the relative credit risks of financial obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

Moody's employs the following designations to indicate the relative repayment ability of rated issuers:

"P-1" – Issuers (or supporting institutions) rated Prime-1 reflect a superior ability to repay short-term obligations.

"P-2" – Issuers (or supporting institutions) rated Prime-2 reflect a strong ability to repay short-term obligations.

"P-3" – Issuers (or supporting institutions) rated Prime-3 reflect an acceptable ability to repay short-term obligations.

"NP" – Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

"NR" – Is assigned to an unrated issuer, obligation and/or program.

***Fitch, Inc. / Fitch Ratings Ltd. ("Fitch")*** short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-term ratings are assigned to obligations whose initial maturity is viewed as "short-term" based on market convention.<sup>1</sup> Typically, this means up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public finance markets. The following summarizes the rating categories used by Fitch for short-term obligations:

"F1" – Securities possess the highest short-term credit quality. This designation indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

"F2" – Securities possess good short-term credit quality. This designation indicates good intrinsic capacity for timely payment of financial commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A long-term rating can also be used to rate an issue with short maturity.

"F3" – Securities possess fair short-term credit quality. This designation indicates that the intrinsic capacity for timely payment of financial commitments is adequate.

"B" – Securities possess speculative short-term credit quality. This designation indicates minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

"C" – Securities possess high short-term default risk. Default is a real possibility.

"RD" – Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

"D" – Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

"NR" – Is assigned to an issue of a rated issuer that are not and have not been rated.

The ***DBRS Morningstar® Ratings Limited ("DBRS Morningstar")*** short-term obligation ratings provide DBRS Morningstar's opinion on the risk that an issuer will not meet its short-term financial obligations in a timely manner. The obligations rated in this category typically have a term of shorter than one year. The R-1 and R-2 rating categories are further denoted by the subcategories "(high)", "(middle)", and "(low)".

The following summarizes the ratings used by DBRS Morningstar for commercial paper and short-term debt:

"R-1 (high)" - Short-term debt rated "R-1 (high)" is of the highest credit quality. The capacity for the payment of short-term financial obligations as they fall due is exceptionally high. Unlikely to be adversely affected by future events.

"R-1 (middle)" – Short-term debt rated "R-1 (middle)" is of superior credit quality. The capacity for the payment of short-term financial obligations as they fall due is very high. Differs from "R-1 (high)" by a relatively modest degree. Unlikely to be significantly vulnerable to future events.

"R-1 (low)" – Short-term debt rated "R-1 (low)" is of good credit quality. The capacity for the payment of short-term financial obligations as they fall due is substantial. Overall strength is not as favorable as higher rating categories. May be vulnerable to future events, but qualifying negative factors are considered manageable.

"R-2 (high)" – Short-term debt rated "R-2 (high)" is considered to be at the upper end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events.

"R-2 (middle)" – Short-term debt rated "R-2 (middle)" is considered to be of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events or may be exposed to other factors that could reduce credit quality.

"R-2 (low)" – Short-term debt rated "R-2 (low)" is considered to be at the lower end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events. A number of challenges are present that could affect the issuer's ability to meet such obligations.

"R-3" – Short-term debt rated "R-3" is considered to be at the lowest end of adequate credit quality. There is a capacity for the payment of short-term financial obligations as they fall due. May be vulnerable to future events, and the certainty of meeting such obligations could be impacted by a variety of developments.

"R-4" – Short-term debt rated "R-4" is considered to be of speculative credit quality. The capacity for the payment of short-term financial obligations as they fall due is uncertain.

"R-5" – Short-term debt rated "R-5" is considered to be of highly speculative credit quality. There is a high level of uncertainty as to the capacity to meet short-term financial obligations as they fall due.

"D" – A downgrade to "D" may occur when the issuer has filed under any applicable bankruptcy, insolvency or winding-up statute, or there is a failure to satisfy an obligation after the exhaustion of grace periods. DBRS Morningstar may also use "SD" (Selective Default) in cases where only some securities are impacted, such as the case of a "distressed exchange".

**<u>Long-Term Issue Credit Ratings</u>**

The following summarizes the ratings used by ***S&P Global Ratings*** for long-term issues:

"AAA" – An obligation rated "AAA" has the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

"AA" – An obligation rated "AA" differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

"A" – An obligation rated "A" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

"BBB" – An obligation rated "BBB" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

"BB," "B," "CCC," "CC" and "C" – Obligations rated "BB," "B," "CCC," "CC" and "C" are regarded as having significant speculative characteristics. "BB" indicates the least degree of speculation and "C" the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

"BB" – An obligation rated "BB" is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

"B" – An obligation rated "B" is more vulnerable to nonpayment than obligations rated "BB", but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

"CCC" – An obligation rated "CCC" is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

"CC" – An obligation rated "CC" is currently highly vulnerable to nonpayment. The "CC" rating is used when a default has not yet occurred but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.

"C" – An obligation rated "C" is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

"D" – An obligation rated "D" is in default or in breach of an imputed promise. For non-hybrid capital instruments, the "D" rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The "D" rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to "D" if it is subject to a distressed debt restructuring

Plus (+) or minus (-) – Ratings from "AA" to "CCC" may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

"NR" – This indicates that a rating has not been assigned, or is no longer assigned.

Local Currency and Foreign Currency Ratings - S&P Global Ratings' issuer credit ratings make a distinction between foreign currency ratings and local currency ratings. A foreign currency rating on an issuer can differ from the local currency rating on it when the obligor has a different capacity to meet its obligations denominated in its local currency, versus obligations denominated in a foreign currency.

***Moody's*** long-term ratings are forward-looking opinions of the relative credit risks of financial obligations with an original maturity of eleven months or more. Such ratings reflect both on the likelihood of default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. The following summarizes the ratings used by Moody's for long-term debt:

"Aaa" – Obligations rated "Aaa" are judged to be of the highest quality, subject to the lowest level of credit risk.

"Aa" – Obligations rated "Aa" are judged to be of high quality and are subject to very low credit risk.

"A" – Obligations rated "A" are judged to be upper-medium grade and are subject to low credit risk.

"Baa" – Obligations rated "Baa" are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

"Ba" – Obligations rated "Ba" are judged to be speculative and are subject to substantial credit risk.

"B" – Obligations rated "B" are considered speculative and are subject to high credit risk.

"Caa" – Obligations rated "Caa" are judged to be speculative of poor standing and are subject to very high credit risk.

"Ca" – Obligations rated "Ca" are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

"C" – Obligations rated "C" are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from "Aa" through "Caa." The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

"NR" – Is assigned to unrated obligations, obligation and/or program.

The following summarizes long-term ratings used by ***Fitch***:

"AAA" – Securities considered to be of the highest credit quality. "AAA" ratings denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

"AA" – Securities considered to be of very high credit quality. "AA" ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

"A" – Securities considered to be of high credit quality. "A" ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

"BBB" – Securities considered to be of good credit quality. "BBB" ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

"BB" – Securities considered to be speculative. "BB" ratings indicates an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.

"B" – Securities considered to be highly speculative. "B" ratings indicate that material credit risk is present

"CCC" – A "CCC" rating indicates that substantial credit risk is present.

"CC" – A "CC" rating indicates very high levels of credit risk.

"C" – A "C" rating indicates exceptionally high levels of credit risk.

Defaulted obligations typically are not assigned "RD" or "D" ratings but are instead rated in the "CCC" to "C" rating categories, depending on their recovery prospects and other relevant characteristics. Fitch believes that this approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.

Plus (+) or minus (-) may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the "AAA" obligation rating category, or to corporate finance obligation ratings in the categories below "CCC".

"NR" – Is assigned to an unrated issue of a rated issuer.

The ***DBRS*** Morningstar long-term obligation ratings provide DBRS Morningstar's opinion on the risk that investors may not be repaid in accordance with the terms under which the long-term obligation was issued. The obligations rated in this category typically have a term of one year or longer. All rating categories from AA to CCC contain subcategories "(high)" and "(low)". The absence of either a "(high)" or "(low)" designation indicates the rating is in the middle of the category. The following summarizes the ratings used by DBRS Morningstar for long-term debt:

"AAA" – Long-term debt rated "AAA" is of the highest credit quality. The capacity for the payment of financial obligations is exceptionally high and unlikely to be adversely affected by future events.

"AA" – Long-term debt rated "AA" is of superior credit quality. The capacity for the payment of financial obligations is considered high. Credit quality differs from "AAA" only to a small degree. Unlikely to be significantly vulnerable to future events.

"A" – Long-term debt rated "A" is of good credit quality. The capacity for the payment of financial obligations is substantial, but of lesser credit quality than "AA." May be vulnerable to future events, but qualifying negative factors are considered manageable.

"BBB" – Long-term debt rated "BBB" is of adequate credit quality. The capacity for the payment of financial obligations is considered acceptable. May be vulnerable to future events.

"BB" – Long-term debt rated "BB" is of speculative, non-investment grade credit quality. The capacity for the payment of financial obligations is uncertain. Vulnerable to future events.

"B" – Long-term debt rated "B" is of highly speculative credit quality. There is a high level of uncertainty as to the capacity to meet financial obligations.

"CCC", "CC" and "C" – Long-term debt rated in any of these categories is of very highly speculative credit quality. In danger of defaulting on financial obligations. There is little difference between these three categories, although "CC" and "C" ratings are normally applied to obligations that are seen as highly likely to default or subordinated to obligations rated in the "CCC" to "B" range. Obligations in respect of which default has not technically taken place but is considered inevitable may be rated in the "C" category.

"D" – A downgrade to "D" may occur when the issuer has filed under any applicable bankruptcy, insolvency or winding up statute or there is a failure to satisfy an obligation after the exhaustion of grace periods. DBRS Morningstar may also use "SD" (Selective Default) in cases where only some securities are impacted, such as the case of a "distressed exchange".

**<u>Municipal Note Ratings</u>**

An ***S&P Global Ratings*** U.S. municipal note rating reflects S&P Global Ratings' opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P Global Ratings' analysis will review the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Amortization schedule - the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Source of payment - the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.

Municipal Short-Term Note rating symbols are as follows:

"SP-1" – A municipal note rated "SP-1" exhibits a strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

"SP-2" – A municipal note rated "SP-2" exhibits a satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

"SP-3" – A municipal note rated "SP-3" exhibits a speculative capacity to pay principal and interest.

"D" – This rating is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.

***Moody's*** uses the global short-term Prime rating scale (listed above under Short-Term Credit Ratings) for commercial paper issued by U.S. municipalities and nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by an issuer's self-liquidity.

For other short-term municipal obligations, Moody's uses one of two other short-term rating scales, the Municipal Investment Grade ("MIG") and Variable Municipal Investment Grade ("VMIG") scales provided below.

Moody's uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and certain other short-term obligations, which typically mature in three years or less.

MIG Scale

"MIG-1" – This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

"MIG-2" – This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

"MIG-3" – This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

"SG" – This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

"NR" – Is assigned to an unrated obligation, obligation and/or program.

In the case of variable rate demand obligations ("VRDOs"), Moody's assigns both a long-term rating and a short-term payment obligation rating. The long-term rating addresses the issuer's ability to meet scheduled principal and interest payments. The short-term payment obligation rating addresses the ability of the issuer or the liquidity provider to meet any purchase price payment obligation resulting from optional tenders ("on demand") and/or mandatory tenders of the VRDO. The short-term payment obligation rating uses the VMIG scale. Transitions of VMIG ratings with conditional liquidity support differ from transitions of Prime ratings reflecting the risk that external liquidity support will terminate if the issuer's long-term rating drops below investment grade.

Moody's typically assigns the VMIG rating if the frequency of the payment obligation is less than every three years. If the frequency of the payment obligation is less than three years but the obligation is payable only with remarketing proceeds, the VMIG short-term rating is not assigned and it is denoted as "NR".

"VMIG-1" – This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections.

"VMIG-2" – This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections.

"VMIG-3" – This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections.

"SG" – This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural and/or legal protections.

"NR" – Is assigned to an unrated obligation, obligation and/or program.

**<u>About Credit Ratings</u>**

An ***S&P Global Ratings*** issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P Global Ratings' view of the obligor's capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

Ratings assigned on ***Moody's*** global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities.

***Fitch's*** credit ratings are forward-looking opinions on the relative ability of an entity or obligation to meet financial commitments. Issuer Default Ratings (IDRs) are assigned to corporations, sovereign entities, financial institutions such as banks, leasing companies and insurers, and public finance entities (local and regional governments). Issue-level ratings are also assigned and often include an expectation of recovery, which may be notched above or below the issuer-level rating. Issue ratings are assigned to secured and unsecured debt securities, loans, preferred stock and other instruments. Credit ratings are indications of the likelihood of repayment in accordance with the terms of the issuance. In limited cases, Fitch may include additional considerations (i.e., rate to a higher or lower standard than that implied in the obligation's documentation).

***DBRS Morningstar*** offers independent, transparent, and innovative credit analysis to the market. Credit ratings are forward-looking opinions about credit risk that reflect the creditworthiness of an issuer, rated entity, security and/or obligation based on DBRS Morningstar's quantitative and qualitative analysis in accordance with applicable methodologies and criteria. They are meant to provide opinions on relative measures of risk and are not based on expectations of, or meant to predict, any specific default probability. Credit ratings are not statements of fact. DBRS Morningstar issues credit ratings using one or more categories, such as public, private, provisional, final(ized), solicited, or unsolicited. From time to time, credit ratings may also be subject to trends, placed under review, or discontinued. DBRS Morningstar credit ratings are determined by credit rating committees.

**THE RBB FUND TRUST**

**PART C**

**OTHER INFORMATION**

**Item 28.** **Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) [Certificate of Trust](http://www.sec.gov/Archives/edgar/data/1618627/000158281614000626/certoftrust.htm) <sup>(1)</sup>

(2) [Amended and Restated Agreement and Declaration of Trust dated October 21, 2015](http://www.sec.gov/Archives/edgar/data/1618627/000158281615000383/agmtdecltrust.htm) <sup>(2)</sup>

(3) [Certificate of Amendment to Certificate of Trust](http://www.sec.gov/Archives/edgar/data/1618627/000139834422015786/fp0078809_ex9928a3.htm) <sup>(6)</sup>

(b) [Bylaws, as amended](http://www.sec.gov/Archives/edgar/data/1618627/000139834421020665/fp0069806_ex9928b.htm) <sup>(5)</sup>

(c) Instruments Defining Rights of Security Holders are incorporated by reference to the [Declaration of Trust](http://www.sec.gov/Archives/edgar/data/1618627/000158281615000383/agmtdecltrust.htm) and [Bylaws](http://www.sec.gov/Archives/edgar/data/1618627/000139834421020665/fp0069806_ex9928b.htm)

(d) Investment Advisory Agreement Contracts

(1) [Investment Advisory Agreement *(Penn Capital Funds)* between the Registrant and Penn Capital Management Company, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834425005619/fp0092682-1_ex9928d1.htm) <sup>(17)</sup>

(2) [Form of Expense Limitation Agreement *(Penn Capital Funds)* between the Registrant and Penn Capital Management Company, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834425001544/fp0092139-1_ex9928d2.htm) <sup>(16)</sup>

(3) [Investment Advisory Agreement *(P/E Global Enhanced International Fund)* between the Registrant and P/E Global LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834422025303/fp0081157-1_ex9928d3.htm) <sup>(11)</sup>

(4) [Expense Limitation Agreement *(P/E Global Enhanced International Fund)* between the Registrant and P/E Global LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834422025303/fp0081157-1_ex9928d4.htm) <sup>(11)</sup>

(5) [Investment Advisory Agreement *(Torray Fund)* between the Registrant and Torray Investment Partners LLC (f/k/a Torray LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834422025303/fp0081157-1_ex9928d5.htm) <u>)</u> <sup>(11)</sup>

(6) [Expense Limitation Agreement *(Torray Fund)* between the Registrant and Torray Investment Partners LLC (f/k/a Torray LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834422025303/fp0081157-1_ex9928d6.htm) <u>)</u> <sup>(11)</sup>

(7) [Investment Advisory Agreement *(Longview Advantage ETF)* between the Registrant and Hill Investment Group Partners, LLC d/b/a Longview Research Partners](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928d7.htm) <sup>(14)</sup>

(8) [Expense Limitation Agreement *(Longview Advantage ETF)* between the Registrant and Hill Investment Group Partners, LLC d/b/a Longview Research Partners](https://www.sec.gov/Archives/edgar/data/1618627/000139834425016563/fp0095138-1_ex9928d8.htm) <sup>(23)</sup>

(9) [Investment Advisory Agreement *(First Eagle ETFs)* between the Registrant and First Eagle Investment Management, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928d9.htm) <sup>(14)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [Investment Sub-Advisory Agreement *(First Eagle ETFs)* among Registrant, First Eagle Investment Management, LLC, and Exchange Traded Concepts, LLC<sup>(</sup>](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928d10.htm) <sup>14)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [Expense Limitation Agreement *(First Eagle ETFs)* between Registrant and First Eagle Investment Management, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928d11.htm) <sup>(14)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [Investment Advisory Agreement *(Tweedy, Browne Insider + Value ETF)* between the Registrant and Tweedy, Browne Company LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023350/fp0091386-1_ex9928d12.htm) <sup>(15)</sup>

(13) [Investment Sub-Advisory Agreement *(Tweedy, Browne Insider + Value ETF)* among Registrant, Tweedy, Browne Company LLC, and Exchange Traded Concepts, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023350/fp0091386-1_ex9928d13.htm) <sup>(15)</sup>

(14) [Investment Advisory Agreement *(Advent Convertible Bond ETF)* between Registrant and Advent Capital Management, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834425007030/fp0093001-1_ex9928d14.htm) <sup>(18)</sup>

(15) [Investment Advisory Agreement *(Twin Oak Enhanced Credit ETF)* between Registrant and Twin Oak ETF Company](http://www.sec.gov/Archives/edgar/data/1618627/000139834425010162/fp0093681-1_ex9928d15.htm) <sup>(19)</sup>

(16) [Investment Sub-Advisory Agreement *(Twin Oak Enhanced Credit ETF)* between Twin Oak ETF Company and Exchange Traded Concepts, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834425011015/fp0093800-1_ex9928d16.htm) <sup>(20)</sup>

(17) [Expense Limitation Agreement (*Twin Oak Enhanced Credit ETF*) between Registrant and Twin Oak ETF Company](http://www.sec.gov/Archives/edgar/data/1618627/000139834425011015/fp0093800-1_ex9928d17.htm) <sup>(20)</sup>

(18) [Investment Advisory Agreement *(Twin Oak Active Opportunities II ETF, Twin Oak Active Opportunities III ETF and Twin Oak Endure ETF)* between Registrant and Twin Oak ETF Company](http://www.sec.gov/Archives/edgar/data/1618627/000139834425011015/fp0093800-1_ex9928d18.htm) <sup>(20)</sup>

(19) [Investment Sub-Advisory Agreement *(Twin Oak Active Opportunities II ETF, Twin Oak Active Opportunities III ETF and Twin Oak Endure ETF)* between Twin Oak ETF Company and Exchange Traded Concepts, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834425011015/fp0093800-1_ex9928d19.htm) <sup>(20)</sup>

(20) [Expense Limitation Agreement (*Twin Oak Endure ETF*) between Registrant and Twin Oak ETF Company](http://www.sec.gov/Archives/edgar/data/1618627/000139834425011015/fp0093800-1_ex9928d20.htm) <sup>(20)</sup>

(21) Investment Advisory Agreement *(MUFG Japan Small Cap Active ETF)* between Registrant and Clearbrook Investment Consulting, LLC will be filed by amendment.

(22) Investment Sub-Advisory Agreement *(MUFG Japan Small Cap Active ETF)* between Clearbrook Investment Consulting, LLC and Mitsubishi UFJ Trust and Banking Corporation will be filed by amendment.

(23) Investment Trading Advisory Agreement *(MUFG Japan Small Cap Active ETF)* between Clearbrook Investment Consulting, LLC and Exchange Traded Concepts, LLC will be filed by amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) Investment Advisory Agreement *(Gladius ETFs)* between Registrant and Gladius Capital Management LP will be filed by amendment.

(25) Investment Sub-Advisory Agreement *(Gladius ETFs)* between Gladius Capital Management LP and Vident Advisory, LLC (d/b/a Vident Asset Management) will be filed by amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) [Addendum No. 1 to Investment Advisory Agreement *(Tweedy, Browne International Insider + Value ETF)* between the Registrant and Tweedy, Browne Company LLC](https://www.sec.gov/Archives/edgar/data/1618627/000139834425018755/fp0095591-1_ex9928d26.htm) <sup>(24)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) [Addendum No. 1 to Investment Sub-Advisory Agreement *(Tweedy, Browne International Insider + Value ETF)* among Registrant, Tweedy, Browne Company LLC, and Exchange Traded Concepts, LLC](https://www.sec.gov/Archives/edgar/data/1618627/000139834425018755/fp0095591-1_ex9928d27.htm) <sup>(24)</sup>

(28) Investment Advisory Agreement (*Twin Oak Enhanced Equity ETF, Twin Oak Enhanced Fixed Income ETF, Twin Oak Global Equity ETF, Twin Oak Hedged Equity ETF and Twin Oak Hedged Opportunities ETF*) between Registrant and Twin Oak ETF Company will be filed by amendment.

(29) Investment Sub-Advisory Agreement (*Twin Oak Enhanced Equity ETF, Twin Oak Enhanced Fixed Income ETF, Twin Oak Global Equity ETF, Twin Oak Hedged Equity ETF and Twin Oak Hedged Opportunities ETF*) between Registrant and Sub-Adviser will be filed by amendment.

(30) Expense Limitation Agreement *(Advent Convertible Bond ETF)* between Registrant and Advent Capital Management, LLC will be filed by amendment.

(31) Investment Advisory Agreement (*Longview Advantage Fixed Income ETF and Longview Advantage Real Estate ETF*) between the Registrant and Hill Investment Group Partners, LLC d/b/a Longview Research Partners will be filed by amendment.

(32) Investment Advisory Agreement *(Pathfinder Focused Opportunities ETF and Pathfinder Disciplined US Equity ETF)* between the Registrant and Opal Capital LLC will be filed by amendment.

(33) Investment Sub-Advisory Agreement (*Pathfinder Focused Opportunities ETF and Pathfinder Disciplined US Equity ETF*) between Opal Capital LLC and Vident Asset Management will be filed by amendment.

(e) (1) [Distribution Agreement between the Registrant and Quasar Distributors, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024609/fp0081109-1_ex9928e5.htm) <sup>(8)</sup>

(2) [First Amendment to Distribution Agreement between the Registrant and Quasar Distributors, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834423023276/fp0086228-1_ex9928e8.htm) <sup>(12)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Second Amendment to Distribution Agreement between the Registrant and Quasar Distributors, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024435/fp0081116-1_ex9928e7.htm) <sup>(7)</sup>

(4) [Third Amendment to Distribution Agreement between the Registrant and Quasar Distributors, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834424017858/fp0090153-1_ex9928e9.htm) <sup>(13)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Amendment to Distribution Agreement between the Registrant and Quasar Distributors, LLC dated August 31, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425018755/fp0095591-1_ex9928e10.htm) <sup>(24)</sup>

(6) [ETF Distribution Agreement between the Registrant and Quasar Distributors, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024994/fp0081359-1_ex9928e6.htm) <sup>(10)</sup>

(7) [Amendment to ETF Distribution Agreement dated September 27, 2024](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928e11.htm) <sup>(14)</sup>

(8) [Amendment to ETF Distribution Agreement dated January 29, 2025](http://www.sec.gov/Archives/edgar/data/1618627/000139834425005619/fp0092682-1_ex9928e12.htm) <sup>(17)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [Amendment to ETF Distribution Agreement dated May 15, 2025](http://www.sec.gov/Archives/edgar/data/1618627/000139834425011733/fp0093910-1_ex9928e13.htm) <sup>(21)</sup>

(10) Amendment to ETF Distribution Agreement will be filed by amendment.

(f) Bonus or Profit Sharing Contracts – Not Applicable

(g) (1) (i) [Custody Agreement between the Registrant and U.S. Bank National Association](http://www.sec.gov/Archives/edgar/data/1618627/000158281615000383/custodyagmt.htm) <sup>(2)</sup>

(ii) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated July 17, 2017](http://www.sec.gov/Archives/edgar/data/1618627/000089418917005729/amend-cust_agmt.htm) <sup>(4)</sup>

(iii) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated June 24, 2021](http://www.sec.gov/Archives/edgar/data/1618627/000139834421020665/fp0069806_ex9928g1iii.htm) <sup>(5)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated July 22, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024609/fp0081109-1_ex9928g1iv.htm) <sup>(8)</sup>

(v) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated December 7, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024435/fp0081116-1_ex9928g1v.htm) <sup>(7)</sup>

(vi) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated December 28, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422025303/fp0081157-1_ex9928g1vi.htm) <sup>(11)</sup>

(vii) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated October 22, 2024](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928g1vii.htm) <sup>(14)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated February 21, 2025](http://www.sec.gov/Archives/edgar/data/1618627/000139834425005619/fp0092682-1_ex9928g1viii.htm) <sup>(17)</sup>

(ix) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated May 16, 2025](http://www.sec.gov/Archives/edgar/data/1618627/000139834425011733/fp0093910-1_ex9928g1ix.htm) <sup>(21)</sup>

(x) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated June 11, 2025](http://www.sec.gov/Archives/edgar/data/1618627/000139834425012654/fp0094102-1_ex9928g1x.htm) <sup>(22)</sup>

(xi) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated September 5, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425018755/fp0095591-1_ex9928g1xi.htm) <sup>(24)</sup>

---

| | |
|:---|:---|
|  | (xii) |
| (h) |  |
|  | (1) (i) [Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000158281615000383/adminsvcsagmt.htm)<sup>(2)</sup> |
|  | (ii) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated July 17, 2017](http://www.sec.gov/Archives/edgar/data/1618627/000089418917005729/amend-fundadmsvc_agmt.htm)<sup>(4)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated June 24, 2021](http://www.sec.gov/Archives/edgar/data/1618627/000139834421020665/fp0069806_ex9928h1iii.htm) <sup>(5)</sup>

(iv) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated September 2, 2021](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024609/fp0081109-1_ex9928h1iv.htm) <sup>(8)</sup>

(v) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated July 1, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024609/fp0081109-1_ex9928h1v.htm) <sup>(8)</sup>

(vi) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated December 7, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024435/fp0081116-1_ex9928h1vi.htm) <sup>(7)</sup>

(vii) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated December 28, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422025303/fp0081157-1_ex9928h1vii.htm) <sup>(11)</sup>

(viii) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated October 22, 2024](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928h1viii.htm) <sup>(14)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated February 21, 2025](http://www.sec.gov/Archives/edgar/data/1618627/000139834425005619/fp0092682-1_ex9928h1ix.htm) <sup>(17)</sup>

(x) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated May 16, 2025](http://www.sec.gov/Archives/edgar/data/1618627/000139834425011733/fp0093910-1_ex9928h1x.htm) <sup>(21)</sup>

(xi) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated June 11, 2025](http://www.sec.gov/Archives/edgar/data/1618627/000139834425012654/fp0094102-1_ex9928h1xi.htm) <sup>(22)</sup>

(xii) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated September 5, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425018755/fp0095591-1_ex9928h1xii.htm) <sup>(24)</sup>

(xiii) Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC will be filed by amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (i) [Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000158281615000383/transferagmtsvcagmt.htm) <sup>(2)</sup>

(ii) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated July 17, 2017](http://www.sec.gov/Archives/edgar/data/1618627/000089418917005729/amend-tas_agmt.htm) <sup>(4)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated June 24, 2021](http://www.sec.gov/Archives/edgar/data/1618627/000139834421020665/fp0069806_ex9928h2iii.htm) <sup>(5)</sup>

(iv) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated July 22, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024609/fp0081109-1_ex9928h2iv.htm) <sup>(8)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated December 7, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024435/fp0081116-1_ex9928h2v.htm) <sup>(7)</sup>

(vi) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated December 28, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422025303/fp0081157-1_ex9928h2vi.htm) <sup>(11)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated October 22, 2024](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928h2vii.htm) <sup>(14)</sup>

(viii) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated February 21, 2025](http://www.sec.gov/Archives/edgar/data/1618627/000139834425005619/fp0092682-1_ex9928h2viii.htm) <sup>(17)</sup>

(ix) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated May 16, 2025](http://www.sec.gov/Archives/edgar/data/1618627/000139834425011733/fp0093910-1_ex9928h2ix.htm) <sup>(21)</sup>

(x) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated June 11, 2025](http://www.sec.gov/Archives/edgar/data/1618627/000139834425012654/fp0094102-1_ex9928h2x.htm) <sup>(22)</sup>

(xi) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated September 5, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425018755/fp0095591-1_ex9928h2xi.htm) <sup>(24)</sup>

(xii) Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC will be filed by amendment.

(3) (i) [Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000158281615000383/accountingscvagmt.htm) <sup>(2)</sup>

(ii) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated July 17, 2017](http://www.sec.gov/Archives/edgar/data/1618627/000089418917005729/amend-fundacctg_agmt.htm) <sup>(4)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated June 24, 2021](http://www.sec.gov/Archives/edgar/data/1618627/000139834421020665/fp0069806_ex9928h3iii.htm) <sup>(5)</sup>

(iv) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated July 1, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024609/fp0081109-1_ex9928h3iv.htm) <sup>(8)</sup>

(v) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated December 7, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024435/fp0081116-1_ex9928h3v.htm) <sup>(7)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated December 28, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422025303/fp0081157-1_ex9928h3vi.htm) <sup>(11)</sup>

(vii) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated October 22, 2024](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928h3vii.htm) <sup>(14)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated February 21, 2025](http://www.sec.gov/Archives/edgar/data/1618627/000139834425005619/fp0092682-1_ex9928h3viii.htm) <sup>(17)</sup>

(ix) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated May 16, 2025](http://www.sec.gov/Archives/edgar/data/1618627/000139834425011733/fp0093910-1_ex9928h3ix.htm) <sup>(21)</sup>

(x) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated June 11, 2025](http://www.sec.gov/Archives/edgar/data/1618627/000139834425012654/fp0094102-1_ex9928h3x.htm) <sup>(22)</sup>

(xi) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated September 5, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425018755/fp0095591-1_ex9928h3xi.htm) <sup>(24)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC will be filed by amendment.

(4) [Form of Shareholder Servicing Plan](http://www.sec.gov/Archives/edgar/data/1618627/000158281615000383/shareholdersvcplan.htm) <sup>(2)</sup>

(i) (1) [Opinion and Consent of Counsel relating to the Penn Capital Mid Cap Core Fund (*formerly, Penn Capital Small/Mid Cap Equity Fund*), Penn Capital Special Situations Small Cap Equity Fund (*formerly, Penn Capital Small Cap Equity Fund*), and Penn Capital Opportunistic High Income Fund (*formerly, Penn Capital Opportunistic High Yield Fund*)](http://www.sec.gov/Archives/edgar/data/1618627/000158281615000383/legalopinion.htm) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Opinion and Consent of Counsel relating to the Penn Capital Short Duration High Income Fund (*formerly, Penn Capital Defensive Short Duration High Income Fund*)](http://www.sec.gov/Archives/edgar/data/1618627/000168035917000387/opinionconsentcounsel.htm) <sup>(3)</sup>

(3) [Opinion of Counsel relating to the Torray Fund](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024435/fp0081116-1_ex9928i1.htm) <sup>(7)</sup>

(4) [Opinion of Counsel relating to the P/E Global Enhanced International Fund](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024609/fp0081109-1_ex9928i1.htm) <sup>(8)</sup>

(5) [Opinion of Counsel relating to the Longview Advantage ETF](http://www.sec.gov/Archives/edgar/data/1618627/000139834424017858/fp0090153-1_ex9928i5.htm) <sup>(13)</sup>

(6) [Opinion of Counsel relating to the First Eagle ETFs](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928i6.htm) <sup>(12)</sup>

(7) [Opinion of Counsel relating to the Tweedy, Browne Insider + Value ETF](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023350/fp0091386-1_ex9928i7.htm) <sup>(15)</sup>

(8) [Opinion of Counsel relating to the Advent Convertible Bond ETF](http://www.sec.gov/Archives/edgar/data/1618627/000139834425007030/fp0093001-1_ex9928i8.htm) <sup>(18)</sup>

(9) [Opinion of Counsel relating to the Twin Oak Enhanced Credit ETF](http://www.sec.gov/Archives/edgar/data/1618627/000139834425010162/fp0093681-1_ex9928i9.htm) <sup>(19)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [Opinion of Counsel relating to the Twin Oak Active Opportunities II ETF, the Twin Oak Active Opportunities III ETF and the Twin Oak Endure ETF](http://www.sec.gov/Archives/edgar/data/1618627/000139834425011015/fp0093800-1_ex9928i10.htm) <sup>(20)</sup>

(11) [Opinion of Counsel relating to the MUFG Japan Small Cap Active ETF](http://www.sec.gov/Archives/edgar/data/1618627/000139834425012654/fp0094102-1_ex9928i11.htm) <sup>(22)</sup>

(12) Opinion of Counsel relating to Gladius ETFs will be filed by amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) [Opinion of Counsel relating to Tweedy, Browne International Insider + Value ETF](https://www.sec.gov/Archives/edgar/data/1618627/000139834425016563/fp0095138-1_ex9928i13.htm) <sup>(23)</sup>

(14) Opinion of Counsel relating to Twin Oak Enhanced Equity ETF, Twin Oak Enhanced Fixed Income ETF, Twin Oak Global Equity ETF, Twin Oak Hedged Equity ETF and Twin Oak Hedged Opportunities ETF will be filed by amendment.

(15) Opinion of Counsel relating to Longview Advantage Fixed Income ETF and Longview Advantage Real Estate ETF will be filed by amendment.

(16) Opinion of Counsel relating to Pathfinder Focused Opportunities ETF and Pathfinder Disciplined US Equity ETF will be filed by amendment.

(17) [Consent of Counsel is filed herewith.](fp0096023-1_ex9928i17.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Omitted Financial Statements – Not Applicable.

(l) (1) [Initial Capital Agreement *(Penn Capital Funds)*](http://www.sec.gov/Archives/edgar/data/1618627/000158281615000383/purchaseagmt.htm) <sup>(2)</sup>

(2) [Initial Capital Agreement](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024960/fp0081330-1_ex9928l2.htm) [*(P/E Global Enhanced International Fund)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024960/fp0081330-1_ex9928l2.htm) <sup>(9)</sup>

(3) [Initial Capital Agreement *(Torray Fund)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024435/fp0081116-1_ex9928l2.htm) <sup>(7)</sup>

(4) [Initial Capital Agreement *(Longview Advantage ETF)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834425005619/fp0092682-1_ex9928l4.htm) <sup>(17)</sup>

(5) [Initial Capital Agreement *(First Eagle ETFs)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928l5.htm) <sup>(14)</sup>

(6) [Initial Capital Agreement *(Tweedy, Browne Insider + Value ETF)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023350/fp0091386-1_ex9928l6.htm) <sup>(15)</sup>

(7) [Initial Capital Agreement *(Advent Convertible Bond ETF)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834425007030/fp0093001-1_ex9928l7.htm) <sup>(18)</sup>

(8) [Initial Capital Agreement *(Twin Oak Enhanced Credit ETF)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834425012654/fp0094102-1_ex9928l8.htm) <sup>(22)</sup>

(9) [Initial Capital Agreement *(Twin Oak Endure ETF)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834425011733/fp0093910-1_ex9928l9.htm) <sup>(21)</sup>

(10) [Form of Initial Capital Agreement *(Twin Oak Active Opportunities II ETF and the Twin Oak Active Opportunities III ETF)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834425011015/fp0093800-1_ex9928l10.htm) <sup>(20)</sup>

(11) [Initial Capital Agreement *(MUFG Japan Small Cap Active ETF)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834425012654/fp0094102-1_ex9928l11.htm) <sup>(22)</sup>

(12) Initial Capital Agreement *(Gladius ETFs)* will be filed by amendment.

(13) [Initial Capital Agreement *(Tweedy, Browne International Insider + Value ETF)*](https://www.sec.gov/Archives/edgar/data/1618627/000139834425016563/fp0095138-1_ex9928l13.htm) <sup>(23)</sup>

(14) Initial Capital Agreement (*Twin Oak Enhanced Equity ETF, Twin Oak Enhanced Fixed Income ETF, Twin Oak Global Equity ETF, Twin Oak Hedged Equity ETF and Twin Oak Hedged Opportunities ETF*) will be filed by amendment.

(15) Initial Capital Agreement (*Longview Advantage Fixed Income ETF and Longview Advantage Real Estate ETF*) will be filed by amendment.

(16) Initial Capital Agreement *(Pathfinder Focused Opportunities ETF and Pathfinder Disciplined US Equity ETF)* will be filed by amendment.

(m) Rule 12b-1 Plans

(1) [Plan of Distribution pursuant to Rule 12b-1 *(P/E Global Enhanced International Fund – Class A)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024609/fp0081109-1_ex9928m1.htm) <sup>(8)</sup>

(2) [Plan of Distribution pursuant to Rule 12b-1 *(P/E Global Enhanced International Fund – Investor Class)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024609/fp0081109-1_ex9928m2.htm) <sup>(8)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;(n) Amended Rule 18f-3 Plan will be filed by amendment.

(o) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;(p) Code of Ethics

(1) [Code of Ethics of Registrant](http://www.sec.gov/Archives/edgar/data/1618627/000139834421020665/fp0069806_ex9928p1.htm) <sup>(5)</sup>

(2) [Code of Ethics of Penn Capital Management Company, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834425007030/fp0093001-1_ex9928p2.htm) <sup>(18)</sup>

(3) [Code of Ethics of Foreside Financial Group, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834421020665/fp0069806_ex9928p3.htm) <sup>(5)</sup>

(4) [Code of Ethics of P/E Global LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834424017858/fp0090153-1_ex9928p4.htm) <sup>(13)</sup>

(5) [Code of Ethics of Torray Investment Partners](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928p5.htm) <sup>(14)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Code of Ethics of Hill Investment Group Partners, LLC d/b/a Longview Research Partners](http://www.sec.gov/Archives/edgar/data/1618627/000139834424017858/fp0090153-1_ex9928p6.htm) <sup>(13)</sup>

(7) [Code of Ethics of First Eagle Investment Management, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834425005619/fp0092682-1_ex9928p7.htm) <sup>(17)</sup>

(8) [Code of Ethics of Exchange Traded Concepts, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834425005619/fp0092682-1_ex9928p8.htm) <sup>(17)</sup>

(9) [Code of Ethics of Tweedy, Browne Company LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023350/fp0091386-1_ex9928p9.htm) <sup>(15)</sup>

(10) [Code of Ethics of Advent Capital Management, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834425007030/fp0093001-1_ex9928p10.htm) <sup>(18)</sup>

(11) [Code of Ethics of Twin Oak ETF Company](http://www.sec.gov/Archives/edgar/data/1618627/000139834425010162/fp0093681-1_ex9928p11.htm) <sup>(19)</sup>

(12) [Code of Ethics of Clearbrook Investment Consulting, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834425012654/fp0094102-1_ex9928p12.htm) <sup>(22)</sup>

(13) Code of Ethics of Mitsubishi UFJ Trust and Banking Corporation will be filed by amendment.

(14) Code of Ethics of Gladius Capital Management LP will be filed by amendment.

(15) Code of Ethics of Vident Advisory, LLC will be filed by amendment.

(16) Code of Ethics of Opal Capital LLC will be filed by amendment.

<sup>(1)</sup> Incorporated herein by reference to the Registrant's Initial Registration Statement on Form N-1A as filed with the SEC via EDGAR on November 13, 2014.

<sup>(2)</sup> Incorporated herein by reference to the Registrant's Pre-Effective Registration Statement No. 3 on Form N-1A as filed with the SEC via EDGAR on November 18, 2015.

<sup>(3)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 6 on Form N-1A as filed with the SEC via EDGAR on July 14, 2017.

<sup>(4)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 8 on Form N-1A as filed with the SEC via EDGAR on October 27, 2017.

<sup>(5)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 15 on Form N-1A as filed with the SEC via EDGAR on October 29, 2021.

<sup>(6)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 16 on Form N-1A as filed with the SEC via EDGAR on August 16, 2022.

<sup>(7)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 28 on Form N-1A as filed with the SEC via EDGAR on December 9, 2022.

<sup>(8)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 31 on Form N-1A as filed with the SEC via EDGAR on December 15, 2022.

<sup>(9)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 32 on Form N-1A as filed with the SEC via EDGAR on December 23, 2022.

<sup>(10)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 33 on Form N-1A as filed with the SEC via EDGAR on December 27, 2022.

<sup>(11)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 34 on Form N-1A as filed with the SEC via EDGAR on December 30, 2022.

<sup>(12)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 39 on Form N-1A as filed with the SEC via EDGAR on December 21, 2023.

<sup>(13)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 44 on Form N-1A as filed with the SEC via EDGAR on September 13, 2024.

<sup>(14)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 49 on Form N-1A as filed with the SEC via EDGAR on December 13, 2024.

<sup>(15)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 50 on Form N-1A as filed with the SEC via EDGAR on December 18, 2024.

<sup>(16)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 54 on Form N-1A as filed with the SEC via EDGAR on January 31, 2025.

<sup>(17)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 55 on Form N-1A as filed with the SEC via EDGAR on March 14, 2025.

<sup>(18)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 56 on Form N-1A as filed with the SEC via EDGAR on April 11, 2025.

<sup>(19)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 61 on Form N-1A as filed with the SEC via EDGAR on May 27, 2025.

<sup>(20)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 62 on Form N-1A as filed with the SEC via EDGAR on May 30, 2025.

<sup>(21)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 63 on Form N-1A as filed with the SEC via EDGAR on June 11, 2025.

<sup>(22)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 64 on Form N-1A as filed with the SEC via EDGAR on July 2, 2025.

<sup>(23)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 66 on Form N-1A as filed with the SEC via EDGAR on August 25, 2025.

<sup>(24)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 67 on Form N-1A as filed with the SEC via EDGAR on October 1, 2025.

**Item 29. Persons Controlled by or Under Common Control with Registrant**

No person is directly or indirectly controlled by or under common control with the Registrant.

**Item 30. Indemnification**

Under the terms of the Delaware Statutory Trust Act ("DSTA") and the Registrant's Amended and Restated Agreement and Declaration of Trust ("Declaration of Trust"), no officer or trustee of the Registrant shall have any liability to the Registrant, its shareholders, or any other party for damages, except to the extent such limitation of liability is precluded by Delaware law, the Declaration of Trust or the By-Laws of the Registrant.

Subject to the standards and restrictions set forth in the Declaration of Trust, DSTA, Section 3817, permits a statutory trust to indemnify and hold harmless any trustee, beneficial owner or other person from and against any and all claims and demands whatsoever. DSTA, Section 3803 protects trustees, officers, managers and other employees, when acting in such capacity, from liability to any person other than the Registrant or beneficial owner for any act, omission or obligation of the Registrant or any trustee thereof, except as otherwise provided in the Declaration of Trust.

The Declaration of Trust provides that any person who is or was a Trustee, officer, employee or other agent, including the underwriter, of such Trust shall be liable to the Trust and its shareholders only for (1) any act or omission that constitutes a bad faith violation of the implied contractual covenant of good faith and fair dealing, or (2) the person's own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person (such conduct referred to herein as Disqualifying Conduct) and for nothing else. Except in these instances and to the fullest extent that limitations of liability of agents are permitted by the DSTA, these Agents (as defined in the Declaration of Trust) shall not be responsible or liable for any act or omission of any other Agent of the Trust or any investment adviser or principal underwriter. Moreover, except and to the extent provided in these instances, none of these Agents, when acting in their respective capacity as such, shall be personally liable to any other person, other than such Trust or its shareholders, for any act, omission or obligation of the Trust or any trustee thereof.

The Trust shall indemnify, out of its property, to the fullest extent permitted under applicable law, any of the persons who was or is a party or is threatened to be made a party to any Proceeding (as defined in the Declaration of Trust) because the person is or was an Agent of such Trust. These persons shall be indemnified against any Expenses (as defined in the Declaration of Trust), judgments, fines, settlements and other amounts actually and reasonably incurred in connection with the Proceeding if the person acted in good faith or, in the case of a criminal proceeding, had no reasonable cause to believe that the conduct was unlawful. The termination of any Proceeding by judgment, order, settlement, conviction or plea of nolo contendere or its equivalent shall not in itself create a presumption that the person did not act in good faith or that the person had reasonable cause to believe that the person's conduct was unlawful. There shall nonetheless be no indemnification for a person's own Disqualifying Conduct.

Indemnification of Registrant's Trustees, officers, advisor, distributor, custodian, administrator, transfer agent and accounting services provider against certain stated liabilities is provided for in the following documents:

(a) Section 12 of the Form of Investment Advisory Agreement (*Penn Capital Funds*) between the Registrant and Penn Capital Management Company, LLC in exhibit (d)(1), as previously filed and incorporated herein by reference.

(b) Section 12 of the Investment Advisory Agreement (*P/E Global Enhanced International Fund*) between the Registrant and P/E Global LLC in exhibit (d)(3), as previously filed and incorporated herein by reference.

(c) Section 12 of the Investment Advisory Agreement *(Torray Fund)* between the Registrant and Torray, LLC in exhibit (d)(5), as previously filed and incorporated herein by reference.

(d) Section 12 of the Investment Advisory Agreement *(Longview Advantage ETF)* between the Registrant and Hill Investment Group Partners, LLC d/b/a Longview Research Partners in exhibit (d)(7), as previously filed and incorporated herein by reference.

(e) Section 12 of the Investment Advisory Agreement *(First Eagle ETFs)* between the Registrant and First Eagle Investment Management, LLC in exhibit (d)(9), as previously filed and incorporated herein by reference.

(f) Section 12 of the Investment Advisory Agreement *(Tweedy, Browne Insider + Value ETF and Tweedy, Browne International Insider + Value ETF)* between the Registrant and Tweedy, Browne Company LLC in exhibit (d)(12), as previously filed and incorporated herein by reference.

(g) Section 12 of the Investment Advisory Agreement *(Advent Convertible Bond ETF)* between the Registrant and Advent Convertible Bond ETF in exhibit (d)(14), as previously filed and incorporated herein by reference.

(h) Section 12 of the Investment Advisory Agreement *(Twin Oak Enhanced Credit ETF)* between the Registrant and Twin Oak ETF Company in exhibit (d)(15), as previously filed and incorporated herein by reference.

(i) Section 12 of the Investment Advisory Agreement *(Twin Oak Active Opportunities II ETF, Twin Oak Active Opportunities III ETF and Twin Oak Endure ETF)* between the Registrant and Twin Oak ETF Company in exhibit (d)(18), as previously filed and incorporated by reference.

(j) Sections 7 and 8 of the Distribution Agreement (*Penn Capital Funds*) in exhibit (e)(1), as previously filed and incorporated herein by reference.

(k) Sections 9 and 10 of the Distribution Agreement in exhibit (e)(6), as previously filed and incorporated herein by reference.

(l) Sections 6 and 15 of the ETF Distribution Agreement in exhibit (e)(11), as previously filed and incorporated herein by reference.

(m) Article X, Section 10.01 of the Custody Agreement in exhibit (g)(1)(i), as previously filed and incorporated herein by reference.

(n) Section 6 of the Fund Administration Servicing Agreement in exhibit (h)(1)(i), as previously filed and incorporated herein by reference.

(o) Section 8 of the Transfer Agent Servicing Agreement and Exhibit C thereto in exhibit (h)(2)(i), as previously filed and incorporated herein by reference.

(p) Section 9 of the Fund Accounting Servicing Agreement in exhibit (h)(3)(i), as previously filed and incorporated herein by reference.

Pursuant to Rule 484 under the Securities Act of 1933, as amended (the "Securities Act"), the Registrant furnishes the following undertaking: "Insofar as indemnification for liability arising under the Securities Act may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue."

**Item 31. Business and Other Connections of Investment Advisers**

Advent Capital Management, LLC, the investment adviser to the Advent Convertible Bond ETF, is a registered investment advisor. For additional information, please see Advent Capital Management, LLC's Form ADV (SEC File No. 801-60263), incorporated herein by reference, which sets forth the directors and officers of Advent Capital Management, LLC and information as to any business, profession, vocation or employment of a substantial nature engaged in by Advent Capital Management, LLC and its directors and officers during the past two years.

Clearbrook Investment Consulting, LLC, the investment adviser to the MUFG Japan Small Cap Active ETF, is a registered investment advisor. For additional information, please see Clearbrook Investment Consulting, LLC's Form ADV (SEC File No. 801-56832), incorporated herein by reference, which sets forth the directors and officers of Clearbrook Investment Consulting, LLC and information as to any business, profession, vocation or employment of a substantial nature engaged in by Clearbrook Investment Consulting, LLC and its directors and officers during the past two years.

First Eagle Investment Management, LLC, the investment adviser to the First Eagle Global Equity ETF and First Eagle Overseas Equity ETF, is a registered investment advisor. For additional information, please see First Eagle Investment Management, LLC's Form ADV (SEC File No. 801-50659), incorporated herein by reference, which sets forth the directors and officers of First Eagle Investment Management, LLC and information as to any business, profession, vocation or employment of a substantial nature engaged in by First Eagle Investment Management, LLC and its directors and officers during the past two years.

Gladius Capital Management LP, the investment adviser to the Wayfinder ETFs, is a registered investment advisor. For additional information, please see Gladius Capital Management LP's Form ADV (SEC File No. 801-70841), incorporated herein by reference, which sets forth the directors and officers of Gladius Capital Management LP and information as to any business, profession, vocation or employment of a substantial nature engaged in by Gladius Capital Management LP and its directors and officers during the past two years.

Hill Investment Group Partners, LLC, d/b/a Longview Research Partners, the investment adviser to the Longview Advantage ETF, is a registered investment advisor. For additional information, please see Hill Investment Group Partners, LLC d/b/a Longview Research Partners' Form ADV (SEC File No. 801-120176), incorporated herein by reference, which sets forth the directors and officers of Hill Investment Group Partners, LLC d/b/a Longview Research Partners and information as to any business, profession, vocation or employment of a substantial nature engaged in by Hill Investment Group Partners, LLC d/b/a Longview Research Partners and its directors and officers during the past two years.

P/E Global LLC, the investment adviser to the P/E Global Enhanced International Fund, is a registered investment advisor. For additional information, please see P/E Global LLC's Form ADV (SEC File No. 801-72133), incorporated herein by reference, which sets forth the directors and officers of P/E Global LLC and information as to any business, profession, vocation or employment of a substantial nature engaged in by P/E Global LLC and its directors and officers during the past two years.

Penn Capital Management Company, LLC, the investment adviser to the Penn Capital Short Duration High Income Fund and Penn Capital Special Situations Small Cap Equity Fund, is a registered investment advisor. For additional information, please see Penn Capital Management Company, LLC's Form ADV (SEC File No. 801-31452), incorporated herein by reference, which sets forth the directors and officers of Penn Capital Management Company, LLC and information as to any business, profession, vocation or employment of a substantial nature engaged in by Penn Capital Management Company, LLC and its directors and officers during the past two years.

Torray Investment Partners LLC, the investment adviser to the Torray Fund, is a registered investment advisor. For additional information, please see Torray Investment Partners LLC's Form ADV (SEC File No. 801-8629), incorporated herein by reference, which sets forth the directors and officers of Torray Investment Partners LLC and information as to any business, profession, vocation or employment of a substantial nature engaged in by Torray Investment Partners LLC and its directors and officers during the past two years.

Tweedy, Browne Company LLC, the investment adviser to the Tweedy, Browne Insider + Value ETF and Tweedy, Browne International Insider + Value ETF, is a registered investment advisor. For additional information, please see Tweedy, Browne Company LLC's Form ADV (SEC File No. 801-10669), incorporated herein by reference, which sets forth the directors and officers of Tweedy, Browne Company LLC and information as to any business, profession, vocation or employment of a substantial nature engaged in by Tweedy, Browne Company LLC and its directors and officers during the past two years.

Twin Oak ETF Company, the investment adviser to the Twin Oak Enhanced Credit ETF, Twin Oak Active Opportunities II ETF, Twin Oak Active Opportunities III ETF and Twin Oak Endure ETF, is a registered investment advisor. For additional information, please see Twin Oak ETF Company's Form ADV (SEC File No. 801-130584), incorporated herein by reference, which sets forth the directors and officers of Twin Oak ETF Company and information as to any business, profession, vocation or employment of a substantial nature engaged in by Twin Oak ETF Company and its directors and officers during the past two years.

**Item 32. Principal Underwriter.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Quasar Distributors, LLC ("Quasar") serves as principal underwriter for the following investment
companies registered under the Investment Company Act of 1940, as amended:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Capital Advisors Growth Fund, Series of Advisors Series Trust

2. Chase Growth Fund, Series of Advisors Series Trust

3. Davidson Multi Cap Equity Fund, Series of Advisors Series Trust

4. Edgar Lomax Value Fund, Series of Advisors Series Trust

5. First Sentier American Listed Infrastructure Fund, Series of Advisors Series Trust

6. First Sentier Global Listed Infrastructure Fund, Series of Advisors Series Trust

7. Fort Pitt Capital Total Return Fund, Series of Advisors Series Trust

8. Huber Large Cap Value Fund, Series of Advisors Series Trust

9. Huber Mid Cap Value Fund, Series of Advisors Series Trust

10. Huber Select Large Cap Value Fund, Series of Advisors Series Trust

11. Huber Small Cap Value Fund, Series of Advisors Series Trust

12. Logan Capital Broad Innovative Growth ETF, Series of Advisors Series Trust

13. Medalist Partners MBS Total Return Fund, Series of Advisors Series Trust

14. Medalist Partners Short Duration Fund, Series of Advisors Series Trust

15. O'Shaughnessy Market Leaders Value Fund, Series of Advisors Series Trust

16. PIA BBB Bond Fund, Series of Advisors Series Trust

17. PIA High Yield (MACS) Fund, Series of Advisors Series Trust

18. PIA High Yield Fund, Series of Advisors Series Trust

19. PIA MBS Bond Fund, Series of Advisors Series Trust

20. PIA Short-Term Securities Fund, Series of Advisors Series Trust

21. Poplar Forest Cornerstone Fund, Series of Advisors Series Trust

22. Poplar Forest Partners Fund, Series of Advisors Series Trust

23. Pzena Emerging Markets Value Fund, Series of Advisors Series Trust

24. Pzena International Small Cap Value Fund, Series of Advisors Series Trust

25. Pzena International Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. Pzena Mid Cap Value Fund, Series of Advisors Series Trust

27. Pzena Small Cap Value Fund, Series of Advisors Series Trust

28. Reverb ETF, Series of Advisors Series Trust

29. Scharf Fund, Series of Advisors Series Trust

30. Scharf Global Opportunity Fund, Series of Advisors Series Trust

31. Scharf Multi-Asset Opportunity Fund, Series of Advisors Series Trust

32. Shenkman Capital Floating Rate High Income Fund, Series of Advisors Series Trust

33. Shenkman Capital Short Duration High Income Fund, Series of Advisors Series Trust

34. VegTech Plant-based Innovation & Climate ETF, Series of Advisors Series Trust

35. The Aegis Funds

36. Allied Asset Advisors Funds

37. Angel Oak Funds Trust

38. Angel Oak Strategic Credit Fund

39. Barrett Opportunity Fund, Inc.

40. Brookfield Investment Funds

41. Buffalo Funds

42. Cushing<sup>®</sup>Mutual Funds Trust

43. DoubleLine Funds Trust

44. EA Series Trust *(f/k/a Alpha Architect ETF Trust)* 

45. Ecofin Tax-Advantaged Social Impact Fund, Inc.

46. AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF, Series of ETF Series Solutions

47. AAM Low Duration Preferred and Income Securities ETF, Series of ETF Series Solutions

48. AAM S&P 500 Emerging Markets High Dividend Value ETF, Series of ETF Series Solutions

49. AAM S&P 500 High Dividend Value ETF, Series of ETF Series Solutions

50. AAM S&P Developed Markets High Dividend Value ETF, Series of ETF Series Solutions

51. AAM Transformers ETF, Series of ETF Series Solutions

52. AlphaMark Actively Managed Small Cap ETF, Series of ETF Series Solutions

53. Aptus Collared Income Opportunity ETF, Series of ETF Series Solutions

54. Aptus Defined Risk ETF, Series of ETF Series Solutions

55. Aptus Drawdown Managed Equity ETF, Series of ETF Series Solutions

56. Aptus Enhanced Yield ETF, Series of ETF Series Solutions

57. Aptus Large Cap Enhanced Yield ETF, Series of ETF Series Solutions

58. Bahl & Gaynor Income Growth ETF, Series of ETF Series Solutions

59. Blue Horizon BNE ETF, Series of ETF Series Solutions

60. BTD Capital Fund, Series of ETF Series Solutions

61. Carbon Strategy ETF, Series of ETF Series Solutions

62. Cboe Vest 10 Year Interest Rate Hedge ETF, Series of ETF Series Solutions

63. ClearShares OCIO ETF, Series of ETF Series Solutions

64. ClearShares Piton Intermediate Fixed Income Fund, Series of ETF Series Solutions

65. ClearShares Ultra-Short Maturity ETF, Series of ETF Series Solutions

66. Distillate International Fundamental Stability & Value ETF, Series of ETF Series Solutions

67. Distillate Small/Mid Cash Flow ETF, Series of ETF Series Solutions

68. Distillate U.S. Fundamental Stability & Value ETF, Series of ETF Series Solutions

69. ETFB Green SRI REITs ETF, Series of ETF Series Solutions

70. Hoya Capital High Dividend Yield ETF, Series of ETF Series Solutions

71. Hoya Capital Housing ETF, Series of ETF Series Solutions

72. iBET Sports Betting & Gaming ETF, Series of ETF Series Solutions

73. International Drawdown Managed Equity ETF, Series of ETF Series Solutions

74. LHA Market State Alpha Seeker ETF, Series of ETF Series Solutions

75. LHA Market State Tactical Beta ETF, Series of ETF Series Solutions

76. LHA Market State Tactical Q ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77. LHA Risk-Managed Income ETF, Series of ETF Series Solutions

78. Loncar Cancer Immunotherapy ETF, Series of ETF Series Solutions

79. Loncar China BioPharma ETF, Series of ETF Series Solutions

80. McElhenny Sheffield Managed Risk ETF, Series of ETF Series Solutions

81. Nationwide Dow Jones<sup>®</sup>Risk-Managed Income ETF, Series of ETF Series Solutions

82. Nationwide Nasdaq-100 Risk-Managed Income ETF, Series of ETF Series Solutions

83. Nationwide Russell 2000<sup>®</sup>Risk-Managed Income ETF, Series of ETF Series Solutions

84. Nationwide S&P 500<sup>®</sup>Risk-Managed Income ETF, Series of ETF Series Solutions

85. NETLease Corporate Real Estate ETF, Series of ETF Series Solutions

86. Opus Small Cap Value ETF, Series of ETF Series Solutions

87. Roundhill Acquirers Deep Value ETF, Series of ETF Series Solutions

88. The Acquirers Fund, Series of ETF Series Solutions

89. U.S. Global GO GOLD and Precious Metal Miners ETF, Series of ETF Series Solutions

90. U.S. Global JETS ETF, Series of ETF Series Solutions

91. U.S. Global Sea to Sky Cargo ETF, Series of ETF Series Solutions

92. US Vegan Climate ETF, Series of ETF Series Solutions

93. First American Funds, Inc.

94. FundX Investment Trust

95. The Glenmede Fund, Inc.

96. The Glenmede Portfolios

97. The GoodHaven Funds Trust

98. Harding, Loevner Funds, Inc.

99. Hennessy Funds Trust

100. Horizon Funds

101. Hotchkis & Wiley Funds

102. Intrepid Capital Management Funds Trust

103. Jacob Funds Inc.

104. The Jensen Quality Growth Fund Inc.

105. Kirr, Marbach Partners Funds, Inc.

106. Leuthold Funds, Inc.

107. Core Alternative ETF, Series of Listed Funds Trust

108. Wahed Dow Jones Islamic World ETF, Series of Listed Funds Trust

109. Wahed FTSE USA Shariah ETF, Series of Listed Funds Trust

110. LKCM Funds

111. LoCorr Investment Trust

112. MainGate Trust

113. ATAC Rotation Fund, Series of Managed Portfolio Series

114. Coho Relative Value Equity Fund, Series of Managed Portfolio Series

115. Coho Relative Value ESG Fund, Series of Managed Portfolio Series

116. Cove Street Capital Small Cap Value Fund, Series of Managed Portfolio Series

117. Ecofin Global Energy Transition Fund, Series of Managed Portfolio Series

118. Ecofin Global Renewables Infrastructure Fund, Series of Managed Portfolio Series

119. Ecofin Global Water ESG Fund, Series of Managed Portfolio Series

120. Ecofin Sustainable Water Fund, Series of Managed Portfolio Series

121. Jackson Square Large-Cap Growth Fund, Series of Managed Portfolio Series

122. Jackson Square SMID-Cap Growth Fund, Series of Managed Portfolio Series

123. Kensington Active Advantage Fund, Series of Managed Portfolio Series

124. Kensington Defender Fund, Series of Managed Portfolio Series

125. Kensington Dynamic Growth Fund, Series of Managed Portfolio Series

126. Kensington Managed Income Fund, Series of Managed Portfolio Series

127. LK Balanced Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128. Muhlenkamp Fund, Series of Managed Portfolio Series

129. Nuance Concentrated Value Fund, Series of Managed Portfolio Series

130. Nuance Concentrated Value Long Short Fund, Series of Managed Portfolio Series

131. Nuance Mid Cap Value Fund, Series of Managed Portfolio Series

132. Olstein All Cap Value Fund, Series of Managed Portfolio Series

133. Olstein Strategic Opportunities Fund, Series of Managed Portfolio Series

134. Port Street Quality Growth Fund, Series of Managed Portfolio Series

135. Principal Street High Income Municipal Fund, Series of Managed Portfolio Series

136. Principal Street Short Term Municipal Fund, Series of Managed Portfolio Series

137. Reinhart Genesis PMV Fund, Series of Managed Portfolio Series

138. Reinhart International PMV Fund, Series of Managed Portfolio Series

139. Reinhart Mid Cap PMV Fund, Series of Managed Portfolio Series

140. Tortoise Energy Infrastructure and Income Fund, Series of Managed Portfolio Series

141. Tortoise Energy Infrastructure Total Return Fund, Series of Managed Portfolio Series

142. Tortoise North American Pipeline Fund, Series of Managed Portfolio Series

143. V-Shares MSCI World ESG Materiality and Carbon Transition ETF, Series of Managed Portfolio Series

144. V-Shares US Leadership Diversity ETF, Series of Managed Portfolio Series

145. Greenspring Income Opportunities Fund, Series of Manager Directed Portfolios

146. Hood River International Opportunity Fund, Series of Manager Directed Portfolios

147. Hood River Small-Cap Growth Fund, Series of Manager Directed Portfolios

148. Mar Vista Strategic Growth Fund, Series of Manager Directed Portfolios

149. Vert Global Sustainable Real Estate Fund, Series of Manager Directed Portfolios

150. Matrix Advisors Funds Trust

151. Matrix Advisors Value Fund, Inc.

152. Monetta Trust

153. Nicholas Equity Income Fund, Inc.

154. Nicholas Fund, Inc.

155. Nicholas II, Inc.

156. Nicholas Limited Edition, Inc.

157. Oaktree Diversified Income Fund Inc.

158. Permanent Portfolio Family of Funds

159. Perritt Funds, Inc.

160. Procure ETF Trust II

161. Professionally Managed Portfolios

162. Prospector Funds, Inc.

163. Provident Mutual Funds, Inc.

164. Abbey Capital Futures Strategy Fund, Series of The RBB Fund, Inc.

165. Abbey Capital Multi-Asset Fund, Series of The RBB Fund, Inc.

166. Adara Smaller Companies Fund, Series of The RBB Fund, Inc.

167. Aquarius International Fund, Series of The RBB Fund, Inc.

168. Boston Partners All Cap Value Fund, Series of The RBB Fund, Inc.

169. Boston Partners Emerging Markets Dynamic Equity Fund, Series of The RBB Fund, Inc.

170. Boston Partners Global Equity Fund, Series of The RBB Fund, Inc.

171. Boston Partners Global Sustainability Fund, Series of The RBB Fund, Inc.

172. Boston Partners Long/Short Equity Fund, Series of The RBB Fund, Inc.

173. Boston Partners Long/Short Research Fund, Series of The RBB Fund, Inc.

174. Boston Partners Small Cap Value Fund II, Series of The RBB Fund, Inc.

175. Campbell Systematic Macro Fund, Series of The RBB Fund, Inc.

176. F/m Opportunistic Income ETF, Series of The RBB Fund, Inc.

177. F/m 6-Month Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178. F/m 9-18 Month Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

179. F/m 2-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

180. F/m 3-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

181. F/m 5-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

182. F/m 7-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

183. F/m 10-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

184. F/m 20-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

185. F/m 30-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

186. F/m 15+ Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

187. F/m Emerald Life Sciences Innovation ETF, Series of The RBB Fund, Inc.

188. F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF, Series of The RBB Fund, Inc.

189. F/m High Yield 100 ETF, Series of The RBB Fund, Inc.

190. Motley Fool 100 Index ETF, Series of The RBB Fund, Inc.

191. Motley Fool Capital Efficiency 100 Index ETF, Series of The RBB Fund, Inc.

192. Motley Fool Global Opportunities ETF, Series of The RBB Fund, Inc.

193. Motley Fool Mid-Cap Growth ETF, Series of The RBB Fund, Inc.

194. Motley Fool Next Index ETF, Series of The RBB Fund, Inc.

195. Motley Fool Small-Cap Growth ETF, Series of The RBB Fund, Inc.

196. Optima Strategic Credit Fund, Series of The RBB Fund, Inc.

197. SGI Enhanced Core ETF, Series of The RBB Fund, Inc.

198. SGI Enhanced Global Income ETF, Series of The RBB Fund, Inc.

199. SGI Enhanced Nasdaq-100 ETF, Series of The RBB Fund, Inc.

200. SGI Global Equity Fund, Series of The RBB Fund, Inc.

201. SGI Peak Growth Fund, Series of The RBB Fund, Inc.

202. SGI Prudent Growth Fund, Series of The RBB Fund, Inc.

203. SGI Small Cap Core Fund, Series of The RBB Fund, Inc.

204. SGI U.S. Large Cap Equity Fund, Series of The RBB Fund, Inc.

205. SGI U.S. Large Cap Core ETF, Series of The RBB Fund, Inc.

206. SGI Dynamic Tactical ETF, Series of The RBB Fund, Inc.

207. US Treasury 10 Year Note ETF, Series of The RBB Fund, Inc.

208. US Treasury 12 Month Bill ETF, Series of The RBB Fund, Inc.

209. US Treasury 2 Year Note ETF, Series of The RBB Fund, Inc.

210. US Treasury 20 Year Bond ETF, Series of The RBB Fund, Inc.

211. US Treasury 3 Month Bill ETF, Series of The RBB Fund, Inc.

212. US Treasury 3 Year Note ETF, Series of The RBB Fund, Inc.

213. US Treasury 30 Year Bond ETF, Series of The RBB Fund, Inc.

214. US Treasury 5 Year Note ETF, Series of The RBB Fund, Inc.

215. US Treasury 6 Month Bill ETF, Series of The RBB Fund, Inc.

216. US Treasury 7 Year Note ETF, Series of The RBB Fund, Inc.

217. WPG Partners Select Small Cap Value Fund, Series of The RBB Fund, Inc.

218. WPG Partners Small Cap Value Diversified Fund, Series of The RBB Fund, Inc.

219. WPG Partners Select Hedged Fund, Series of The RBB Fund, Inc.

220. P/E Global Enhanced International Fund, Series of The RBB Fund Trust

221. Torray Fund, Series of The RBB Fund Trust

222. Longview Advantage ETF, Series of The RBB Fund Trust

223. First Eagle Global Equity ETF, Series of The RBB Fund Trust

224. First Eagle Overseas Equity ETF, Series of The RBB Fund Trust

225. Tweedy, Browne Insider + Value ETF, Series of The RBB Fund Trust

226. Tweedy, Browne International Insider + Value ETF, Series of The RBB Fund Trust

227. Advent Convertible Bond ETF, Series of The RBB Fund Trust

228. Twin Oak Endure ETF, Series of The RBB Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229. Twin Oak Enhanced Credit ETF, Series of The RBB Fund Trust

230. Twin Oak Active Opportunities II ETF, Series of The RBB Fund Trust

231. Twin Oak Active Opportunities III ETF, Series of The RBB Fund Trust

232. MUFG Japan Small Cap Active ETF, Series of The RBB Fund Trust

233. RBC Funds Trust

234. Series Portfolios Trust

235. Thompson IM Funds, Inc.

236. TrimTabs ETF Trust

237. Trust for Advised Portfolios

238. Barrett Growth Fund, Series of Trust for Professional Managers

239. Bright Rock Mid Cap Growth Fund, Series of Trust for Professional Managers

240. Bright Rock Quality Large Cap Fund, Series of Trust for Professional Managers

241. CrossingBridge Low Duration High Yield Fund, Series of Trust for Professional Managers

242. CrossingBridge Responsible Credit Fund, Series of Trust for Professional Managers

243. CrossingBridge Ultra-Short Duration Fund, Series of Trust for Professional Managers

244. RiverPark Strategic Income Fund, Series of Trust for Professional Managers

245. Dearborn Partners Rising Dividend Fund, Series of Trust for Professional Managers

246. Jensen Global Quality Growth Fund, Series of Trust for Professional Managers

247. Jensen Quality Value Fund, Series of Trust for Professional Managers

248. Rockefeller Climate Solutions Fund, Series of Trust for Professional Managers

249. Rockefeller US Small Cap Core Fund, Series of Trust for Professional Managers

250. Terra Firma US Concentrated Realty Fund, Series of Trust for Professional Managers

251. USQ Core Real Estate Fund

252. Wall Street EWM Funds Trust

253. Penn Capital Special Situations Small Cap Equity Fund, Series of The RBB Fund Trust

254. Penn Capital Short Duration High Income Fund, Series of The RBB Fund Trust

(b) The following are the Officers and Manager of Quasar, the Registrant's underwriter. Quasar's main business address is 190 Middle Street, Suite 301, Portland, ME 04101.

---

| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with Underwriter | Position with Registrant |
| Teresa Cowan | 190 Middle Street, Suite 301, Portland, ME 04101 | President/Manager |  |
| Chris Lanza | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President |  |
| Kate Macchia | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President |  |
| Susan L. LaFond | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President and Chief Compliance Officer and Treasurer |  |
| Jennifer A. Brunner | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President and Chief Compliance Officer |  |
| Kelly B. Whetstone | 190 Middle Street, Suite 301, Portland, ME 04101 | Secretary |  |

---

(c) Not Applicable.

**Item 33. Location of Accounts and Records.**

The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, are maintained at the following locations:

---

| | |
|:---|:---|
| Records Relating to: | Are located at: |
| Registrant | The RBB Fund Trust<br> 615 East Michigan Street<br> Milwaukee, Wisconsin 53202 |
| Investment Adviser | Advent Capital Management, LLC<br> 888 Seventh Avenue, 31<sup>st</sup> Floor<br> New York, New York 10106 |
| Investment Adviser | Clearbrook Investment Consulting, LLC<br> 21 West 46<sup>th</sup> Street, Suite 1507<br> New York, New York 10036 |
| Investment Adviser | First Eagle Investment Management, LLC<br> 1345 Avenue of the Americas<br> New York, New York 10105 |
| Investment Adviser | Hill Investment Group Partners, LLC d/b/a Longview Research Partners<br> 190 Carondelet Plaza, Suite 1475<br> St. Louis, Missouri 63105 |
| Investment Adviser | Opal Capital LLC<br> 5200 Town Center Circle, Suite 305<br> Boca Raton, Florida 33486 |
| Investment Adviser | P/E Global LLC<br> 75 State Street, 31<sup>st</sup> Floor<br> Boston, Massachusetts 02109 |
| Investment Adviser | Penn Capital Management Company, LLC<br> Navy Yard Corporate Center<br> 1200 Intrepid Avenue, Suite 400<br> Philadelphia, Pennsylvania 19112 |
| Investment Adviser | Torray Investment Partners LLC<br> 7501 Wisconsin Avenue, Suite 750W<br> Bethesda, Maryland 20814 |
| Investment Adviser | Tweedy, Browne Company LLC<br> One Station Place<br> Stamford, Connecticut 06902 |
| Investment Adviser | Twin Oak ETF Company<br> 888 Worchester Street, Suite 200<br> Wellesley, Massachusetts 02482 |
| Registrant's Fund Administrator, Fund Accountant, Transfer Agent and Dividend Disbursing Agent | U.S. Bancorp Fund Services, LLC<br> 615 East Michigan Street<br> Milwaukee, Wisconsin 53202 |
| Registrant's Custodian | U.S. Bank National Association<br> 1555 North Rivercenter Drive, Suite 302<br> Milwaukee, Wisconsin 53212 |
| Underwriter | Quasar Distributors, LLC<br> 190 Middle Street, Suite 301<br> Portland, Maine 04101 |

---

**Item 34. Management Services**

Not applicable.

**Item 35. Undertakings**

None.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended (the "1933 Act"), and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Post-Effective Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Short Hills, and State of New Jersey on October 29, 2025.

---

| | |
|:---|:---|
| **THE RBB FUND TRUST** | **THE RBB FUND TRUST** |
| By: | /s/ Steven Plump |
|  | Steven Plump |
|  | President |

---

Pursuant to the requirements of the 1933 Act, this Amendment to Registrant's Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| **SIGNATURE** | **TITLE** | **DATE** |
| /s/ Steven Plump | President (Principal Executive Officer) | October 29, 2025 |
| Steven Plump | President (Principal Executive Officer) |  |
| /s/ James G. Shaw | Chief Financial Officer (Principal Financial and Accounting Officer) | October 29, 2025 |
| James G. Shaw | Chief Financial Officer (Principal Financial and Accounting Officer) |  |
| \*Gregory P. Chandler | Trustee | October 29, 2025 |
| Gregory P. Chandler |  |  |
| \*Lisa A. Dolly | Trustee | October 29, 2025 |
| Lisa A. Dolly |  |  |
| \*Nicholas A. Giordano | Trustee | October 29, 2025 |
| Nicholas A. Giordano |  |  |
| \*Arnold M. Reichman | Trustee | October 29, 2025 |
| Arnold M. Reichman |  |  |
| \*Robert Sablowsky | Trustee | October 29, 2025 |
| Robert Sablowsky |  |  |
| \*Brian T. Shea | Trustee | October 29, 2025 |
| Brian T. Shea |  |  |
| \*Martha A. Tirinnanzi | Trustee | October 29, 2025 |
| Martha A. Tirinnanzi |  |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ James G. Shaw |

---

James G. Shaw <br> Attorney-in-Fact

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

<u>POWER OF ATTORNEY</u>

Know All Men by These Presents, that the undersigned, Gregory P. Chandler, hereby constitutes and appoints Jillian L. Bosmann, Edward Paz, Steven Plump, and James G. Shaw his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the U.S. Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: July 9, 2025 |
| /s/ Gregory P. Chandler |
| Gregory P. Chandler |

---

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

<u>POWER OF ATTORNEY</u>

Know All Men by These Presents, that the undersigned, Lisa A. Dolly, hereby constitutes and appoints Jillian L. Bosmann, Edward Paz, Steven Plump, and James G. Shaw her true and lawful attorneys, to execute in her name, place, and stead, in her capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the U.S. Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in her name and on her behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as she might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: July 9, 2025 |
| /s/ Lisa A. Dolly |
| Lisa A. Dolly |

---

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

<u>POWER OF ATTORNEY</u>

Know All Men by These Presents, that the undersigned, Nicholas A. Giordano, hereby constitutes and appoints Jillian L. Bosmann, Edward Paz, Steven Plump, and James G. Shaw his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the U.S. Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: July 9, 2025 |
| /s/ Nicholas A. Giordano |
| Nicholas A. Giordano |

---

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

<u>POWER OF ATTORNEY</u>

Know All Men by These Presents, that the undersigned, Arnold M. Reichman, hereby constitutes and appoints Jillian L. Bosmann, Edward Paz, Steven Plump, and James G. Shaw his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the U.S. Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: July 9, 2025 |
| /s/ Arnold M. Reichman |
| Arnold M. Reichman |

---

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

<u>POWER OF ATTORNEY</u>

Know All Men by These Presents, that the undersigned, Robert Sablowsky, hereby constitutes and appoints Jillian L. Bosmann, Edward Paz, Steven Plump, and James G. Shaw his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the U.S. Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: July 9, 2025 |
| /s/ Robert Sablowsky |
| Robert Sablowsky |

---

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

<u>POWER OF ATTORNEY</u>

Know All Men by These Presents, that the undersigned, Brian T. Shea, hereby constitutes and appoints Jillian L. Bosmann, Edward Paz, Steven Plump, and James G. Shaw his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the U.S. Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: July 9, 2025 |
| /s/ Brian T. Shea |
| Brian T. Shea |

---

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

<u>POWER OF ATTORNEY</u>

Know All Men by These Presents, that the undersigned, Martha A. Tirinnanzi, hereby constitutes and appoints Jillian L. Bosmann, Edward Paz, Steven Plump, and James G. Shaw her true and lawful attorneys, to execute in her name, place, and stead, in her capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the U.S. Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in her name and on her behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as she might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: July 9, 2025 |
| /s/ Martha A. Tirinnanzi |
| Martha A. Tirinnanzi |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Exhibit** |
| [(i)(17)](fp0096023-1_ex9928i17.htm) | [Consent of Counsel](fp0096023-1_ex9928i17.htm) |

---

## Exhibit 99.28

CONSENT OF COUNSEL

We hereby consent to the use of our name and to the references to our Firm under the caption "Counsel" in the Prospectus and "Fund Counsel" in the Statement of Additional Information included in Post-Effective Amendment Nos. 72/75 to the Registration Statement (File Nos. 333-200168 and 811-23011) on Form N-1A of The RBB Fund Trust, under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, respectively. In giving such consent, however, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

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| /s/ FAEGRE DRINKER BIDDLE & REATH LLP |
| Faegre Drinker Biddle & Reath LLP |

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Philadelphia, Pennsylvania

October 29, 2025

## Cover

**The RBB Fund Trust**

615 East Michigan Street

Milwaukee, Wisconsin 53202

October 29, 2025

**FILED VIA EDGAR**

U.S. Securities and Exchange Commission

Division of Investment Management

100 F Street, N.E.

Washington, D.C. 20549

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| Re: | **The RBB Fund Trust (the "Trust")** |

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**File Nos.: 333-200168 and 811-23011**

Dear Sir or Madam:

Pursuant to Rule 485(a) of the Securities Act of 1933, as amended (the "1933 Act"), the Investment Company Act of 1940, as amended (the "1940 Act"), and the regulations thereunder, transmitted herewith on behalf of the Trust is Post-Effective Amendment No. 72 to the Trust's Registration Statement on Form N-1A under the 1933 Act (Amendment No. 75 under the 1940 Act) (the "Amendment"), for the sole purpose of noting material changes to the investment strategy of the Torray Equity Income Fund (formerly known as the Torray Fund) (the "Fund"). Accordingly, the Trust respectfully requests that the Securities and Exchange Commission staff ("Staff") limit its review to the Prospectus sections entitled "Principal Investment Approach," "Principal Risks of Investing in the Fund," and "More Information about Investment Objectives, Approach and Risks."

Pursuant to Rule 485(a)(1), the Trust anticipates that this filing will be effective on December 31, 2025. At or before that time, the Trust will file another Post-Effective Amendment to its Registration Statement under Rule 485(b) of the 1933 Act to be effective not earlier than the effective date of this Amendment. The purpose of that filing will be to incorporate any comments made by the Staff on this Amendment, update any missing information and/or file updated exhibits to the Registration Statement.

If you have any questions regarding the enclosed, please do not hesitate to contact the undersigned at edward.paz@usbank.com.

Very truly yours,

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| /s/ Edward Paz |
| Edward Paz |
| Assistant Secretary |

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Enclosures

cc: Steven Plump, The RBB Fund Trust

James Shaw, The RBB Fund Trust

Jillian Bosmann, Faegre Drinker Biddle & Reath LLP