# EDGAR Filing Document

**Accession Number:** 0001261788
**File Stem:** 0000894189-23-000693
**Filing Date:** 2023-1
**Character Count:** 846728
**Document Hash:** 182ce4ff512b93f28f22a90082713fc1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-23-000693.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0000894189-23-000693

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 30

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**EFFECTIVENESS DATE**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Trust for Advised Portfolios
- **CENTRAL INDEX KEY:** 0001261788
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21422
- **FILM NUMBER:** 23564433

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-287-3700

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZIEGLER CAPITAL MANAGEMENT INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 20130128

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZIEGLER LOTSOFF CAPITAL MANAGEMENT INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 20110803

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LOTSOFF CAPITAL MANAGEMENT INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 20050915
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Trust for Advised Portfolios
- **CENTRAL INDEX KEY:** 0001261788
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-108394
- **FILM NUMBER:** 23564432

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-287-3700

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZIEGLER CAPITAL MANAGEMENT INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 20130128

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZIEGLER LOTSOFF CAPITAL MANAGEMENT INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 20110803

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LOTSOFF CAPITAL MANAGEMENT INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 20050915

## Series and Classes Contracts Data

### Ziegler Senior Floating Rate Fund (Series ID: S000053146)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000167251 | Class A             | ZFLAX           |
| C000167252 | Class C             | ZFLCX           |
| C000167253 | Institutional Class | ZFLIX           |

### Ziegler FAMCO Hedged Equity Fund (Series ID: S000070432)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000223915 | Investor      | SHLIX           |
| C000223916 | Institutional | SHLDX           |

?xml version='1.0' encoding='ASCII'? ck0001261788-20220930

As filed with the U.S. Securities and Exchange Commission on January 27, 2023

File No. 333-108394

File No.: 811-21422

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-1A**

---

| | |
|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | ⌧ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Effective Amendment No. | □ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Effective Amendment No. <u>261</u> | ⌧ |
| and/or | |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | ⌧ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment No. <u>262</u> | ⌧ |

---

**<u>Trust for Advised Portfolios</u>**

(Exact Name of Registrant as Specified in Charter)

615 East Michigan Street

Milwaukee, Wisconsin 53202

(Address of Principal Executive Offices) (Zip Code)

(626) 914-7385

(Registrant's Telephone Number, Including Area Code)

The Corporation Trust Company

1209 Orange Street

Corporation Trust Center

Wilmington, DE 19801

(Name and Address of Agent for Service)

Copies to:

---

| | |
|:---|:---|
| Russell B. Simon, President<br>Trust for Advised Portfolios<br>c/o U.S. Bank Global Fund Services<br>777 East Wisconsin Avenue, 10<sup>th</sup> Floor<br>Milwaukee, Wisconsin 53202 | Christopher D. Menconi, Esquire<br>Morgan, Lewis & Bockius LLP<br>1111 Pennsylvania Avenue NW<br>Washington, D.C. 20004 |

---

It is proposed that this filing will become effective

□ immediately upon filing pursuant to paragraph (b)

⌧ On January 31, 2023 pursuant to paragraph (b)

□ 60 days after filing pursuant to paragraph (a)(1)

□ on (date) pursuant to paragraph (a)(1)

□ 75 days after filing pursuant to paragraph (a)(2)

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

Explanatory note: This Post-Effective Amendment No. 261 to the registration statement of Trust for Advised Portfolios (the "Trust") is being filed to add the Ziegler Senior Floating Rate Fund and the Ziegler FAMCO Hedged Equity Fund audited financial statements and certain related financial information for the fiscal year ended September 30, 2022 and to make other permissible changes under Rule 485(b).

------

---

| | |
|:---|:---|
| ![ck0001261788-20220930_g1.jpg](ck0001261788-20220930_g1.jpg) | **P R O S P E C T U S**<br>**January 31, 2023** |

---

**Ziegler Senior Floating Rate Fund** 

---

| | |
|:---|:---|
| **Class A** | **ZFLAX** |
| **Class C** | **ZFLCX** |
| **Institutional Class** | **ZFLIX** |

---

The Ziegler Senior Floating Rate Fund (the "Fund") seeks total return, comprised of current income and capital appreciation. The Fund currently offers three classes of shares. The classes differ only in their ongoing fees and investment eligibility requirements.

Please read this Prospectus and keep it for future reference. It contains important information, including information on how the Fund invests and the services it offers to shareholders.

**The U.S. Securities and Exchange Commission 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** | |
| **Ziegler**<br>**Senior Floating Rate Fund**<br>P.O. Box 701 <br>Milwaukee, WI 53201-0701<br>Toll Free: <br>833-777-1533  | **[SUMMARY SECTION](#i821a61932b4c47c09b8d73931dce140c_10)** | **[1](#i821a61932b4c47c09b8d73931dce140c_10)** |
| **Ziegler**<br>**Senior Floating Rate Fund**<br>P.O. Box 701 <br>Milwaukee, WI 53201-0701<br>Toll Free: <br>833-777-1533  | **INVESTMENT OBJECTIVE, PRINCIPAL INVESTMENT STRATEGIES AND PRINCIPAL RISKS** | **[7](#i821a61932b4c47c09b8d73931dce140c_16)** |
| **Ziegler**<br>**Senior Floating Rate Fund**<br>P.O. Box 701 <br>Milwaukee, WI 53201-0701<br>Toll Free: <br>833-777-1533  | **[DISCLOSURE OF PORTFOLIO HOLDINGS](#i821a61932b4c47c09b8d73931dce140c_19)** | **[14](#i821a61932b4c47c09b8d73931dce140c_19)** |
| **Ziegler**<br>**Senior Floating Rate Fund**<br>P.O. Box 701 <br>Milwaukee, WI 53201-0701<br>Toll Free: <br>833-777-1533  | **[MANAGEMENT OF THE FUND](#i821a61932b4c47c09b8d73931dce140c_22)** | **[14](#i821a61932b4c47c09b8d73931dce140c_22)** |
| **Ziegler**<br>**Senior Floating Rate Fund**<br>P.O. Box 701 <br>Milwaukee, WI 53201-0701<br>Toll Free: <br>833-777-1533  | **[SHAREHOLDER INFORMATION](#i821a61932b4c47c09b8d73931dce140c_25)** | **[15](#i821a61932b4c47c09b8d73931dce140c_25)** |
| **Ziegler**<br>**Senior Floating Rate Fund**<br>P.O. Box 701 <br>Milwaukee, WI 53201-0701<br>Toll Free: <br>833-777-1533  | **[DIVIDENDS AND DISTRIBUTIONS](#i821a61932b4c47c09b8d73931dce140c_28)** | **[28](#i821a61932b4c47c09b8d73931dce140c_28)** |
| **Ziegler**<br>**Senior Floating Rate Fund**<br>P.O. Box 701 <br>Milwaukee, WI 53201-0701<br>Toll Free: <br>833-777-1533  | **[TOOLS TO COMBAT FREQUENT TRANSACTIONS](#i821a61932b4c47c09b8d73931dce140c_31)** | **[28](#i821a61932b4c47c09b8d73931dce140c_31)** |
| **Ziegler**<br>**Senior Floating Rate Fund**<br>P.O. Box 701 <br>Milwaukee, WI 53201-0701<br>Toll Free: <br>833-777-1533  | **[TAX CONSEQUENCES](#i821a61932b4c47c09b8d73931dce140c_34)** | **[29](#i821a61932b4c47c09b8d73931dce140c_34)** |
| **Ziegler**<br>**Senior Floating Rate Fund**<br>P.O. Box 701 <br>Milwaukee, WI 53201-0701<br>Toll Free: <br>833-777-1533  | **[SHARE CLASS INFORMATION AND DISTRIBUTION ARRANGEMENTS](#i821a61932b4c47c09b8d73931dce140c_37)** | **[31](#i821a61932b4c47c09b8d73931dce140c_37)** |
| **Ziegler**<br>**Senior Floating Rate Fund**<br>P.O. Box 701 <br>Milwaukee, WI 53201-0701<br>Toll Free: <br>833-777-1533  | **[ADDITIONAL INFORMATION](#i821a61932b4c47c09b8d73931dce140c_40)** | **[32](#i821a61932b4c47c09b8d73931dce140c_40)** |
| **Ziegler**<br>**Senior Floating Rate Fund**<br>P.O. Box 701 <br>Milwaukee, WI 53201-0701<br>Toll Free: <br>833-777-1533  | **[FINANCIAL HIGHLIGHTS](#i821a61932b4c47c09b8d73931dce140c_43)** | **[35](#i821a61932b4c47c09b8d73931dce140c_43)** |
| **Ziegler**<br>**Senior Floating Rate Fund**<br>P.O. Box 701 <br>Milwaukee, WI 53201-0701<br>Toll Free: <br>833-777-1533  | **[PRIVACY NOTICE](#i821a61932b4c47c09b8d73931dce140c_46)** | **PN-[1](#i821a61932b4c47c09b8d73931dce140c_46)** |

---

------

**SUMMARY SECTION**

**Investment Objective**

The Ziegler Senior Floating Rate Fund (the "Fund") seeks total return, comprised of current income and capital appreciation.

**Fees and Expenses of the Fund**

The following 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 table and the Example below.** You may qualify for sales charge discounts if you or your family invest, or agree to invest in the future, at least $100,000 in the Fund. You may qualify for a sales charge waiver if you or your family invest, or agree to invest in the future, at least $1,000,000 in the Fund. More information about these and other discounts is available from your financial intermediary, in this Prospectus on page 20 under the heading "Qualifying for a Reduced Class A Sales Charge" and in the Fund's statement of additional information (the "SAI") on page 27 under the heading "Sales Charge Waivers and Reductions."

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SHAREHOLDER FEES** *(fees paid directly from your investment)* | **SHAREHOLDER FEES** *(fees paid directly from your investment)* | **SHAREHOLDER FEES** *(fees paid directly from your investment)* | **SHAREHOLDER FEES** *(fees paid directly from your investment)* | **SHAREHOLDER FEES** *(fees paid directly from your investment)* | **SHAREHOLDER FEES** *(fees paid directly from your investment)* |
| | **Class A** | | **Class C** | | **Institutional <br>Class** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 4.25% |  |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of original cost of shares or current market value, whichever is less) | 1.00% | <sup>1</sup> | 1.00% | <sup>2</sup> |  |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions |  |  |  |  |  |
| Redemption Fee (as a percentage of amount redeemed on shares held for 60 days or less) | 1.00% |  |  |  |  |
| Exchange Fee |  |  |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FUND OPERATING EXPENSES** <br>*(expenses that you pay each year as a percentage of the value of your investment)* | **ANNUAL FUND OPERATING EXPENSES** <br>*(expenses that you pay each year as a percentage of the value of your investment)* | **ANNUAL FUND OPERATING EXPENSES** <br>*(expenses that you pay each year as a percentage of the value of your investment)* | **ANNUAL FUND OPERATING EXPENSES** <br>*(expenses that you pay each year as a percentage of the value of your investment)* |
| | **Class A** | **Class C** | **Institutional<br>Class** |
| Management Fees | 0.65% | 0.65% | 0.65% |
| Distribution and Service (Rule 12b-1) Fees | 0.25% | 1.00% |  |
| Other Expenses | 0.60% | 0.60% | 0.61% |
| Acquired Fund Fees and Expenses <sup>3</sup> | 0.02% | 0.02% | 0.02% |
| Total Annual Fund Operating Expenses | 1.52% | 2.27% | 1.28% |
| &nbsp;&nbsp;&nbsp;Less: Fee Waiver and/or Expense Reimbursement <sup>4</sup> | -0.51% | -0.51% | -0.52% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.01% | 1.76% | 0.76% |

---

1. Although there is no front-end sales charge on purchases of $1 million or more, there is a maximum deferred sales charge of 1.00% if you redeem within 18 months of such a purchase. This charge is waived for certain investors.

2. There is a maximum deferred sales charge of 1.00% if you redeem within 1 year of purchase. This charge is waived for certain investors.

3. Total Annual Fund Operating Expenses do not correlate to the "Ratio of expenses to average net assets" either "Before fees waived / reimbursed by the Adviser" or "After fees waived / reimbursed by the Adviser" provided in the Financial Highlights because the Financial Highlights reflect the operating expenses of the Fund and do not include 0.02% that is attributed to acquired fund fees and expenses.

4. Pursuant to a contractual fee waiver and reimbursement agreement, Ziegler Capital Management, LLC (the "Adviser") has contractually agreed to waive a portion or all of its management fees and pay Fund expenses (excluding acquired fund fees and expenses, taxes, interest expense, dividends on securities sold short, and extraordinary expenses) in order to limit the

------

total annual fund operating expenses to 0.99%, 1.74%, and 0.74% of average daily net assets of the Fund's Class A, Class C, and Institutional Class shares, respectively (the "Expense Caps"). The Expense Caps will remain in effect through at least January 31, 2024 and may be terminated only by the Trust for Advised Portfolios (the "Trust") Board of Trustees (the "Board"). The Adviser may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date they were waived or paid, subject to, if different, the Expense Cap at the time of waiver/payment or the Expense Cap at the time of recoupment, whichever is lower.

*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 either 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 Expense Caps for the first year). 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** |
| **Class A** <br>(with or without redemption at end of period; <br>incorporates front-end sales charge) | $524 | $837 | $1172 | $2119 |
| **Class C** (with redemption at end of period) | $279 | $660 | $1169 | $2566 |
| **Class C** (without redemption at end of period) | $179 | $660 | $1169 | $2566 |
| **Institutional Class** (with or without redemption at end of period**)** | $76 | $348 | $642 | $1477 |

---

*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. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. For the fiscal year ended September 30, 2022, the Fund's portfolio turnover rate was 26% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund invests under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in senior secured floating rate loans, other senior secured floating rate debt instruments, and in other instruments that have economic characteristics similar to such instruments.

A senior secured loan is considered "senior" because, in the event of the borrower's bankruptcy, the holder of the instrument is paid before other parties. A senior secured loan is "secured" because the loan is collateralized with assets that can be sold to repay the holder if necessary. Even though senior debt holders are in line to be repaid first in the event of bankruptcy, they will not necessarily receive the full amount they are owed. "Floating rate" instruments reset their interest rate periodically over a base rate, with rates tied to a representative interest rate index, typically 30-day, 90-day, or 180-day Secured Overnight Financing Rate ("SOFR"). The Secured Overnight Financing Rate has been designated the replacement benchmark rate for U.S. dollar denominated securities the Fund may own. The transition of outstanding London Inter-bank Offered Rate based instruments to the SOFR is currently expected to conclude between by June 2023.

The Fund's strategy has a duration of approximately 90 days and, as a result, a one percent increase in interest rates would likely have a minimal direct effect on the prices of the Fund's holdings. Duration measures a bond's or portfolio's sensitivity to interest rate changes and is expressed as a measure of time. The longer the duration is, the greater the risk. For example, if a portfolio has a duration of 5 years, a 1% increase in interest rates could be expected to result in a 5% decrease in the value of the portfolio. Shorter duration results in lower expected volatility.

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Floating rate loans are generally purchased from banks or other financial institutions through assignments or participations. A direct interest in a floating rate loan may be acquired directly from the lending agent or another lender by assignment or an indirect interest may be acquired as a participation in another lender's portion of a floating rate loan. An assignment is a transfer of debt, and all the rights and obligations associated with it, from a creditor to a third-party, in order to improve the creditor's liquidity and/or to reduce its risk exposure. A participation permits investors to buy portions of an outstanding loan or package of loans, and holders to participate, on a pro rata basis, in collecting interest and principal payments.

The Fund may, but does not currently, use leverage, which is the use of borrowed capital for investment purposes with the expectation that the profits made will be greater than the interest payable, in an effort to maximize its return through borrowing, generally from banks. The Fund may borrow in an amount of up to 33.33% of the Fund's total assets after such borrowing.

The Fund may invest up to 100% of its net assets in floating rate loans and floating rate debt securities that are determined to be below investment grade (sometimes referred to as "high yield" or "junk"). Investment grade securities are: (1) securities rated BBB- or higher by Standard & Poor's Ratings Services ("S&P") or Baa3 or higher by Moody's Investors Service, Inc. ("Moody's") or an equivalent rating by another nationally recognized statistical rating organization ("NRSRO"), (2) securities with comparable short-term NRSRO ratings, or (3) unrated securities determined by Pretium Credit Management, LLC (the "Sub-Adviser" or "Pretium") to be of comparable quality at the time of purchase.

The Fund invests in loans and debt securities as determined by the Sub-Adviser. The Sub-Adviser performs its own independent credit analysis on each borrower and on the collateral securing each loan. The Sub-Adviser considers the nature of the industry in which the borrower operates, the nature of the borrower's assets and the general quality and creditworthiness of the borrower.

The Fund may invest in floating rate loans and/or floating rate debt securities of non-U.S. borrowers or issuers; in those situations, the Fund will only invest in such loans or securities that are U.S. dollar denominated or otherwise provide for payment in U.S. dollars. The Fund may invest in defaulted or distressed loans and loans to bankrupt companies. Some of the floating rate loans and debt securities in which the Fund may invest will be considered to be illiquid, although the Fund may invest no more than 15% of its net assets in illiquid investments.

The Fund may also invest up to 15% of its net assets in collateralized loan obligations ("CLOs"), which are securitized debt instruments backed solely by a pool of floating rate loans and other debt securities. The Fund will maintain a cash balance and has established a line of credit to meet shareholder redemptions and short-term liquidity needs.

**Principal Investment Risks**

Investors in the Fund may lose money. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. There are risks associated with the types of securities in which the Fund invests. These risks include:

**Bank Loans and Senior Loans Risk.** Bank loans and senior loans are subject to credit risk, interest rate risk and liquidity risk. In addition, bank loans and senior loans are subject to the risk that the value of the collateral, if any, securing a loan may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan.

**Borrowing and Leverage Risk.** Borrowing money to buy securities exposes the Fund to leverage because the Fund can achieve a return on a capital base larger than the assets that shareholders have contributed to the Fund. Borrowing may cause the Fund to be more volatile because it may exaggerate the effect of any increase or decrease in the value of the Fund's portfolio securities. Borrowing may also cause the Fund to liquidate positions when it may not be advantageous to do so. In addition, borrowing will cause the Fund to incur interest expenses and other fees.

------

**CLO Risk.** CLOs are typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The cash flows from CLOs are split into two or more portions, called tranches, varying in risk and yield. CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches as well as market anticipation of defaults

**Counterparty Risk.** Counterparty risk arises upon entering into borrowing arrangements and over-the counter contracts such as swaps and is the risk from the potential inability of counterparties to meet the terms of their contracts.

**Credit Risk.** The issuer of instruments in which the Fund invests may be unable to meet interest and/or principal payments. An issuer's securities may decrease in value if its financial strength weakens which may reduce its credit rating and possibly its ability to meet its contractual obligations.

**Defaulted Debt Securities Risk.** Investing in defaulted debt securities is speculative and involves substantial risks. Defaulted debt securities generally do not generate interest payments. Principal on defaulted debt might not be repaid, and the Fund could lose up to its entire investment. Certain of the issuers of securities may be involved in bankruptcy or other reorganization proceedings. Although such investments may result in significant returns to the Fund, they involve a substantial degree of risk. Many of the events within a bankruptcy case are adversarial and often beyond the control of the creditors. Accordingly, a bankruptcy court may approve actions that are contrary to the interests of the Fund. Such investments can result in a total loss of principal.

**Floating Rate Securities Risk.** The interest rates payable on floating rate securities are not fixed and may fluctuate based upon changes in market rates. The interest rate on a floating rate security is a variable rate which is tied to another interest rate, such as the SOFR. Floating rate securities are subject to interest rate risk and credit risk.

**Foreign Securities Risk.** Foreign securities and dollar denominated securities of foreign issuers involve special risks such as economic or financial instability, lack of timely or reliable financial information and unfavorable political or legal developments. Foreign securities also involve risks such as currency fluctuations and delays in enforcement of rights.

**High Yield Securities Risk.** High yield debt obligations (or junk bonds) are speculative investments that are usually issued by highly indebted companies, which means there is an increased risk that these companies might not generate sufficient cash flow to pay their debts. Consequently, high yield securities and loans entail greater risk of loss of principal than securities and loans that are rated investment grade.

**Illiquid Investment Risk.** Illiquid assets held by the Fund may be difficult to sell particularly during times of market turmoil. Illiquid assets may also be difficult to value. If the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the Fund may be forced to sell at a price that is less than the price at which it is valued and/or at a loss relative to its cost.

**Inflation Risk.** Inflation risk results from the variation in the value of cash flows from a security due to inflation, as measured in terms of purchasing power.

**Interest Rate Risk.** Interest rate changes may affect the value of a debt instrument indirectly (especially in the case of fixed rate securities) and directly (especially in the case of instruments whose rates are adjustable). An increase in interest rates may result in a decrease in the value of debt securities held by the Fund. Fixed income securities with longer duration generally have greater sensitivity to changes in interest rates than fixed income securities with shorter duration.

**Investment Risk.** When you sell your shares of the Fund, they could be worth less than what you paid for them. Therefore, you may lose money by investing in the Fund.

**Issuer Risk.** The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets.

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**Loan Interests Risk.** The Fund may be unable to sell its loan interests at a time when it may otherwise be desirable to do so or may be able to sell them only at prices that are less than what the Fund regards as their fair market value. Accordingly, loan interests may at times be illiquid. Loan interests may be difficult to value and may have extended settlement periods (*i.e.*, more than seven days after the sale). As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet a Fund's redemption obligations until potentially a substantial period after the sale of the loans. The Fund, therefore, may be forced to sell other assets at a loss to pay redemption proceeds. To assist with cash management and liquidity, the Fund will maintain a cash balance and has established a line of credit facility.

Interests in loans made to finance highly leveraged companies or transactions, such as corporate acquisitions, may be especially vulnerable to adverse changes in economic or market conditions. Interests in secured loans have the benefit of collateral and, typically, of restrictive covenants limiting the ability of the borrower to further encumber its assets. There is a risk that the value of any collateral securing a loan in which the Fund has an interest may decline and that the collateral may not be sufficient to cover the amount owed on the loan. In the event the borrower defaults, the Fund's access to the collateral may be limited or delayed by bankruptcy or other insolvency laws. Further, in the event of a default, second lien secured loans will generally be paid only if the value of the collateral exceeds the amount of the borrower's obligations to the first lien secured lenders, and the remaining collateral may not be sufficient to cover the full amount owed on the loan in which the Fund has an interest. The Fund may acquire a participation interest in a loan that is held by another party. When the Fund's loan interest is a participation, the Fund may have less control over the exercise of remedies than the party selling the participation interest, and it normally would not have any direct rights against the borrower.

In addition, loans may not be considered securities and, therefore, the Fund may not have the protections of the federal securities laws with respect to its holdings in such loans.

**Manager Risk.** The Fund is an actively managed portfolio. The Sub-Adviser's practices and investment strategies may not work to produce the desired results.

**Market Risk.** Overall securities market risks will affect the value of individual instruments in which the Fund invests. Factors such as economic growth and market conditions, interest rate levels, and political events affect the U.S. securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

In the past several years, financial markets, such as those in the United States, Europe, Asia and elsewhere, have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. Governmental and non-governmental issuers have defaulted on, or been forced to restructure, their debts. These conditions may continue, recur, worsen or spread.

Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Fund's investments may be negatively affected.

Periods of market volatility may occur in response to pandemics, acts of war, or events affecting global markets. These types of events could adversely affect the Fund's performance. For example, since December 2019, a novel strain of coronavirus (COVID-19) has spread globally, which has resulted in the temporary closure of many corporate offices, retail stores, manufacturing facilities and factories, and other businesses across the world.

In addition, Russia's military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies.

**Regulatory Risk.** Changes in government regulations may adversely affect the value of a security.

**Unrated Securities Risk.** Because the Fund may purchase securities that are not rated by any rating organization, the Sub-Adviser may internally assign ratings to certain of those securities, after assessing their credit quality, in categories of those similar to those of rating organizations. Some unrated securities may not have an active trading

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market or may be difficult to value, which means the Fund might have difficulty selling them promptly at an acceptable price.

**Performance**

The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund's Institutional Class performance from year to year. The table illustrates how the Fund's average annual returns for the period indicated compare with those of a broad measure of market performance. The Fund's past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is posted on the Fund's website www.zieglercapfunds.com or by calling the Fund toll-free at 833-777-1533.

**Calendar year ended December 31,**

![ck0001261788-20220930_g2.jpg](ck0001261788-20220930_g2.jpg)

During the period of time shown in the bar chart, the Fund's highest quarterly return was 8.60% for the quarter ended June 30, 2020, and the lowest quarterly return was -11.32% for the quarter ended March 31, 2020.

**Average Annual Total Returns** 

**For the Periods Ended December 31, 2022**

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| | | | |
|:---|:---|:---|:---|
| **Institutional Class** | <br>**1 Year** | **5 Years** | **Since Inception April 1, 2016** |
| &nbsp;&nbsp;&nbsp;Return Before Taxes | -2.12% | 2.35% | 3.33% |
| &nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | -4.20% | 0.40% | 1.41% |
| &nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | -1.26% | 0.97% | 1.73% |
| **Class A** |  |  |  |
| &nbsp;&nbsp;&nbsp;Return Before Taxes | -6.50% | 1.27% | 2.46% |
| **Class C** |  |  |  |
| &nbsp;&nbsp;&nbsp;Return Before Taxes | -4.05% | 1.32% | 2.30% |
| &nbsp;&nbsp;&nbsp;**Credit Suisse Leveraged Loan Index** <br>**(reflects no deduction for fees, expenses, or taxes)** | -1.06% | 3.23% | 4.26% |
| &nbsp;&nbsp;&nbsp;**Credit Suisse Leveraged Loan Index** <br>**(reflects no deduction for fees, expenses, or taxes)** | -1.06% | 3.23% | 4.26% |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts ("IRAs"). After-tax returns are shown only for Institutional; after-tax returns for Class A and Class C will vary to the extent they have different expenses.

In certain cases, the figure representing "Return after Taxes on Distributions and Sale of Fund Shares" may be higher than other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.

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**Management**

**Investment Adviser.** Ziegler Capital Management, LLC

**Investment Sub-Adviser.** Pretium Credit Management, LLC

**Portfolio Managers.** Roberta Goss with the Sub-Adviser has been the Fund's portfolio manager since September 2019. Christina O'Hearn with the Sub-Adviser has been the Fund's portfolio manager since January 2023. Eduardo Cortes with the Adviser has been the Fund's portfolio manager since January 2023. Each portfolio manager is jointly and primarily responsible for the day-to-day management of the Fund's portfolio.

**Purchase and Sale of Fund Shares**

You may purchase or redeem Fund shares on any business day by written request via mail to Ziegler Senior Floating Rate Fund c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701, by telephone at 833-777-1533, by wire transfer, or through a financial intermediary. Investors who wish to purchase or redeem Fund shares through a financial intermediary should contact the financial intermediary directly. The minimum initial and subsequent investment amounts are shown below. The minimum initial and subsequent investment for Institutional Shares may be modified for certain types of investors.

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| | | | |
|:---|:---|:---|:---|
| | **Class A** | **Class C** | **Institutional Class** |
| **Regular Accounts** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum Initial Investment  | $1000 | $1000 | $1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum Subsequent Investment  | $100 | $100 | No Minimum |
| **Individual Retirement Accounts** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum Initial Investment  | $250 | $250 | $1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum Subsequent Investment  | $100 | $100 | No Minimum |

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**Tax Information**

The Fund's distributions are taxable, and will be taxed as ordinary income, qualified dividend income or capital gains, unless you invest though a tax-advantaged arrangement, such as a 401(k) plan or an IRA. Distributions on investments made through 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 the Fund through a broker-dealer or other financial intermediary, the Fund and/or the Adviser may pay the intermediary for the sale of Fund shares and related services. These payments may 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.

**INVESTMENT OBJECTIVE, PRINCIPAL INVESTMENT STRATEGIES** 

**AND PRINCIPAL RISKS**

**Investment Objective**

The Fund seeks total return, comprised of current income and capital appreciation. The Fund's objective is not fundamental, and it may be changed without shareholder approval.

**Principal Investment Strategies**

The Fund invests under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in senior secured floating rate loans and other senior secured floating rate debt instruments, and in other instruments that have economic characteristics similar to such instruments. The Fund will provide shareholders at least 60 days prior notice of a change to its 80% policy.

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A senior secured loan is considered "senior" because, in the event of the borrower's bankruptcy, the holder of the instrument is paid before all other parties. A senior secured loan is "secured" because the loan is collateralized with assets that can be sold to repay the holder if necessary. Even though senior debtholders are in line to be repaid first, they will not necessarily receive the full amount they are owed. "Floating rate" instruments reset their interest rate periodically over a base rate, with rates tied to a representative interest rate index, typically 30-day, 90-day, or 180-day SOFR.

The Fund's strategy has a duration of approximately 90 days and, as a result, a one percent increase in interest rates would have a minimal direct effect on the prices of the Fund's holdings. Duration measures a bond's or portfolio's sensitivity to interest rate changes and is expressed as a measure of time. The longer the duration is, the greater the risk. For example, if a portfolio has a duration of 5 years, a 1% increase in interest rates could be expected to result in a 5% decrease in the value of the portfolio. Shorter duration results in lower expected volatility.

Floating rate loans are made to or issued by companies (borrowers), which may include U.S. and non-U.S. companies, and bear interest at a floating rate that resets periodically. The interest rates on floating rate loans are generally based on a percentage above SOFR, a designated U.S. bank's prime or base rate, or the overnight federal funds rate. Prime based and federal funds rate loans reset periodically when the prime or federal funds rate resets. SOFR loans reset on set dates, typically every 30 to 90 days, but not to exceed one year. Secured floating rate loans are often issued in connection with recapitalizations, acquisitions, leveraged buyouts and refinancings. Floating rate loans are typically structured and administered by a financial institution that acts as agent for the lenders in the lending group.

Floating rate loans are generally purchased from banks or other financial institutions through assignments or participations. A direct interest in a floating rate loan may be acquired directly from the agent or another lender by assignment or an indirect interest may be acquired as a participation in another lender's portion of a floating rate loan. An assignment is a transfer of debt, and all the rights and obligations associated with it, from a creditor to a third-party, in order to improve the creditor's liquidity and/or to reduce its risk exposure. A participation permits investors to buy portions of an outstanding loan or package of loans, and holders participate, on a pro rata basis, in collecting interest and principal payments.

The Fund may, but currently does not, use leverage, which is the use of borrowed capital for investment purposes with the expectation that the profits made will be greater than the interest payable, in an effort to maximize its return through borrowing, generally from banks. The Fund may borrow in an amount of up to 33.33% of the Fund's total assets after such borrowing.

The Fund may invest up to 100% of its net assets in floating rate loans and floating rate debt securities that are determined to be below investment grade. Investment grade securities are: (i) securities rated BBB- or higher by S&P or Baa3 or higher by Moody's or an equivalent rating by another NRSRO, (ii) securities with comparable short-term NRSRO ratings, or (iii) unrated securities determined by the Sub-Adviser to be of comparable quality at the time of purchase.

The Fund will only invest in loans or securities that are U.S. dollar denominated or otherwise provide for payment in U.S. dollars. The Fund may also invest in defaulted or distressed loans and loans to bankrupt companies.

The Fund may also invest up to 15% of its net assets in collateralized loan obligations, which are debt instruments backed solely by a pool of other debt securities. Some of the floating rate loans and debt securities in which the Fund may invest will be considered to be illiquid, although the Fund may invest no more than 15% of its net assets in illiquid investments. The Fund will maintain a cash balance and has established a line of credit to meet shareholder redemptions and short-term liquidity needs.

The Fund invests in loans and debt securities as determined by Sub-Adviser. The Sub-Adviser performs its own independent credit analysis on each borrower and on the collateral securing each loan. The Sub-Adviser considers the nature of the industry in which the borrower operates, the nature of the borrower's assets and the general quality and creditworthiness of the borrower.

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The Sub-Adviser constructs the investment portfolio using a process that focuses on obtaining access to the widest possible range of potential investments available in the market and ongoing credit analysis of issuers. In constructing the portfolio, the Sub-Adviser analyzes each company to determine the company's earnings potential and other factors indicating the sustainability of earnings growth.

A number of factors are considered when making the decision to either buy or sell loans and securities. These include macroeconomic factors such as the relative health of the high yield capital markets; company specific performance such as earnings trends, margins and growth; industry characteristics such as regulatory trends and the competitive landscape; and technical considerations such as the supply and demand for various investments. The purchase or sale of loans and securities may be related to a decision to alter the Fund's macro risk exposure, a need to limit or reduce the Fund's exposure to a particular security or issuer, degradation of an issuer's credit quality, or general liquidity needs of the Fund.

In anticipation of or in response to market, economic, political, or other conditions, the Sub-Adviser may temporarily use a different investment strategy for defensive purposes (for example, the Fund may hold a higher than average position in cash or cash equivalents). If the Fund's portfolio managers do so, different factors could affect the Fund's performance, and the Fund may not achieve its investment objective. A defensive position, taken at the wrong time, may have an adverse impact on the Fund's performance.

The Fund's investments in the types of securities described in this prospectus may vary from time to time, and, at any time, the Fund may not be invested in all of the types of securities described in this prospectus. The Fund may also invest in securities and other investments not described in this prospectus. For more information, see "Description of the Fund and Its Investments and Risks" in the Fund's SAI.

**Principal Risks**

Investors in the Fund may lose money. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the FDIC or any other government agency. There are risks associated with the types of securities in which the Fund invests. These risks include:

**Bank Loans and Senior Loan Risks.** Bank loans and senior loans are subject to credit risk, interest rate risk and liquidity risk. In addition, bank loans and senior loans are subject to the risk that the value of the collateral, if any, securing a loan may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Bank loans and senior loans usually have mandatory and optional prepayment provisions. If a borrower prepays a senior loan, the Fund will have to reinvest the proceeds in other loans or securities that may pay lower interest rates. Senior loans also are subject to the risk that a court could subordinate a senior loan to presently existing or future indebtedness or take other action detrimental to the holders of senior loans.

**Borrowing and Leverage Risk.** Borrowing money to buy securities exposes the Fund to leverage, because the Fund can achieve a return on a capital base larger than the assets that shareholders have contributed to the Fund. Borrowing may cause the Fund to be more volatile because it may exaggerate the effect of any increase or decrease in the value of the Fund's portfolio securities. Borrowing may also cause the Fund to liquidate positions when it may not be advantageous to do so. In addition, borrowing will cause the Fund to incur interest expenses and other fees which will reduce the Fund's returns if such costs exceed the returns on the securities purchased or retained with such borrowings.

**CLO Risk.** A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults.

For a CLO, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the bulk of defaults from the bonds or loans in the

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trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CLO trust typically has higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CLO securities as a class.

**Counterparty Risk.** Some of the markets in which the Fund may effect transactions are "over-the-counter" or "interdealer" markets. The participants in such markets are typically not subject to the credit evaluation and regulatory oversight to which members of "exchange-based" markets are subject. This exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss.

**Credit Risk.** The strategies utilized by the Sub-Adviser require accurate and detailed credit analysis of issuers and there can be no assurance that its analysis will be accurate or complete. The Fund may be subject to substantial losses in the event of credit deterioration or bankruptcy of one or more issuers in its portfolio. An issuer may default on the payment of principal and/or interest on an instrument. Financial strength and solvency of an issuer are the primary factors influencing credit risk. In addition, inadequacy of collateral or credit enhancement for a debt instrument may affect its credit risk. Credit risk may change over the life of an instrument and debt obligations which are rated by rating agencies are often reviewed and may be subject to downgrade.

**Defaulted Debt Securities Risk.** Investing in defaulted debt securities is speculative and involves substantial risks. Certain of the issuers of securities may be involved in bankruptcy or other reorganization proceedings. Although such investments may result in significant returns to the Fund, they involve a substantial degree of risk. Many of the events within a bankruptcy case are adversarial and often beyond the control of the creditors. Accordingly, a bankruptcy court may approve actions that are contrary to the interests of the Fund. Such investments can result in a total loss of principal. The Fund generally will not receive interest payments on defaulted debt securities, and there is a substantial risk that principal will not be repaid. The Fund's investment in defaulted debt securities may incur additional expenses to the extent that it is required to seek recovery upon a default in the payment of principal of or interest on the securities. In any reorganization or liquidation proceeding relating to defaulted debt, the Fund may lose its entire investment in such securities or may be required to accept cash or securities with a value lower than the fund's original investment. Defaulted debt securities and any securities received in exchange for defaulted debt securities may be subject to restrictions on resale.

**Floating Rate Securities Risk.** The interest rates payable on certain fixed income securities in which the Fund may invest are not fixed and may fluctuate based upon changes in market rates. The interest rate on a floating rate security is a variable rate which is tied to another interest rate, such as SOFR. Additionally, such securities are subject to interest rate risk and may fluctuate in value in response to interest rate changes if there is a delay between changes in market interest rates and the interest reset date for the obligation, or for other reasons. Floating rate securities are less effective at locking in a particular yield and are subject to credit risk.

**Foreign Securities Risk.** Foreign securities and dollar denominated securities of foreign issuers involve special risks such as economic or financial instability, lack of timely or reliable financial information and unfavorable political or legal developments. Foreign securities also involve risks such as currency fluctuations and delays in enforcement of rights.

The value of the Fund's foreign investments may also be affected by foreign tax laws, special U.S. tax considerations and restrictions on receiving the investment proceeds from a foreign country. Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to non-U.S. withholding taxes.

In some foreign countries, less information is available about issuers and markets because of less rigorous accounting and regulatory standards than in the United States. It may be difficult for the Fund to pursue claims against a foreign issuer in the courts of a foreign country. Some securities issued by non-U.S. governments or their subdivisions, agencies and instrumentalities may not be backed by the full faith and credit of such

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governments. Even where a security is backed by the full faith and credit of a government, it may be difficult for the Fund to pursue its rights against the government. Some non-U.S. governments have defaulted on principal and interest payments, and more may do so.

**High Yield Securities Risk.** The Fund expects to invest in high-yield or junk bond securities. Such securities are generally not exchange traded and, as a result, these instruments trade in a smaller secondary market than exchange-traded bonds. In addition, the Fund may invest in debt instruments of issuers that do not have publicly traded equity securities, making it more difficult to hedge the risks associated with such investments. High-yield securities that are below investment grade or unrated face ongoing uncertainties and exposure to adverse business, financial or economic conditions which could lead to the issuer's inability to meet timely interest and principal payments.

**Illiquid Investment Risk.** Illiquid assets held by the Fund may be difficult to sell particularly during times of market turmoil. Illiquid assets may also be difficult to value. When there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities at or near their perceived value. During such periods, certain investments held by the Fund may be difficult to sell at favorable times or prices. As a result, the Fund may have to lower the price on certain securities that it is trying to sell, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Redemptions by a few large investors in the Fund at such times may have a significant adverse effect on the Fund's Net Asset Value ("NAV') and remaining Fund shareholders. The Fund may lose money if it is forced to sell certain investments to meet redemption requests or other cash needs.

**Inflation Risk.** The current historically low interest rate environment may change, potentially exposing fixed income markets to heightened volatility and reduced liquidity. Decreases in fixed income market-making capacity may persist in the future, potentially leading to heightened volatility and reduced liquidity. This in turn could lead to higher than normal shareholder redemptions which could potentially increase portfolio turnover and the Fund's transaction costs and potentially lower the Fund's performance returns. An imbalance in supply and demand in the fixed-income market may result in valuation uncertainties and heightened price volatility, reduced liquidity, widening credit spreads and a lack of price transparency in the market. Changes in economic conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments generally are subject to greater price volatility and illiquidity than higher rated investments.

**Interest Rate Risk.** The Fund is subject to the risk that the market value of fixed income securities it holds will decline due to changes in interest rates. When interest rates rise, the prices of most fixed income securities go down. Fixed income securities with longer duration generally have greater sensitivity to changes in interest rates than fixed income securities with shorter duration. The current historically low interest rate environment may change, potentially exposing fixed income markets to heightened volatility and reduced liquidity. Decreases in fixed income market-making capacity may persist in the future, potentially leading to heightened volatility and reduced liquidity. This in turn could lead to higher than normal shareholder redemptions which could potentially increase portfolio turnover and the Fund's transaction costs and potentially lower the Fund's performance returns.

**Investment Risk.** The Fund should not be relied upon as a complete investment program. The share price of the Fund fluctuates, which means that when you sell your shares of the Fund, they could be worth less than what you paid for them. Therefore, you may lose money by investing in the Fund.

**Issuer Risk.** The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. When the issuer of a security implements strategic initiatives, including mergers, acquisitions and dispositions, there is the risk that the market response to such initiatives will cause the price of the issuer's securities to fall.

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**Loan Interests Risk.** The Fund may be unable to sell its loan interests at a time when it may otherwise be desirable to do so or may be able to sell them only at prices that are less than what the Fund regards as their fair market value. Accordingly, loan interests may at times be illiquid. Loan interests may be difficult to value and may have extended settlement periods (*i.e.*, more than seven days after the sale), which expose the Fund to the risk that the receipt of principal and interest payments may be delayed until the loan interest settles. The Fund, therefore, may be forced to sell other assets at a loss to pay redemption proceeds. To assist with cash management and liquidity, the Fund will maintain a cash balance and has established a line of credit facility. Interests in loans made to finance highly leveraged companies or transactions, such as corporate acquisitions, may be especially vulnerable to adverse changes in economic or market conditions. In addition, loans may not be considered securities and, therefore, the Fund may not have the protections of the federal securities laws with respect to its holdings in such loans.

Interests in secured loans have the benefit of collateral and, typically, of restrictive covenants limiting the ability of the borrower to further encumber its assets. There is a risk that the value of any collateral securing a loan in which the Fund has an interest may decline and that the collateral may not be sufficient to cover the amount owed on the loan. In most loan agreements there is no formal requirement to pledge additional collateral. In the event the borrower defaults, the Fund's access to the collateral may be limited or delayed by bankruptcy or other insolvency laws. Further, in the event of a default, second lien secured loans will generally be paid only if the value of the collateral exceeds the amount of the borrower's obligations to the first lien secured lenders, and the remaining collateral may not be sufficient to cover the full amount owed on the loan in which the Fund has an interest. In addition, if a secured loan is foreclosed, the Fund would likely bear the costs and liabilities associated with owning and disposing of the collateral. The collateral may be difficult to sell and the Fund would bear the risk that the collateral may decline in value while the Fund is holding it.

The Fund may acquire a loan interest by obtaining an assignment of all or a portion of the interests in a particular loan that are held by an original lender or a prior assignee. As an assignee, the Fund normally will succeed to all rights and obligations of its assignor with respect to the portion of the loan that is being assigned. However, the rights and obligations acquired by the purchaser of a loan assignment may differ from, and be more limited than, those held by the original lenders or the assignor. Alternatively, the Fund may acquire a participation interest in a loan that is held by another party. When the Fund's loan interest is a participation, the Fund may have less control over the exercise of remedies than the party selling the participation interest, and it normally would not have any direct rights against the borrower. As a participant, the Fund also would be subject to the risk that the party selling the participation interest would not remit the Fund's pro rata share of loan payments to the Fund. It may be difficult for the Fund to obtain an accurate picture of a lending bank's financial condition.

The Fund also may be in possession of material non-public information about a borrower as a result of its ownership of a loan instrument of such borrower. Because of prohibitions on trading in securities of issuers while in possession of such information, the Fund might be unable to enter into a transaction in a security of that borrower when it would otherwise be advantageous to do so. Any steps taken to ensure that the Fund does not receive material non-public information about a security may have the effect of causing the Fund to have less information than other investors about certain interests in which it seeks to invest.

**Manager Risk.** The Fund is an actively managed portfolio. The Sub-Adviser's practices and investment strategies may not work to produce the desired results. The skill of the Sub-Adviser will play a significant role in the Fund's ability to achieve its investment objective. The Fund's ability to achieve its investment objective depends on the ability of the Sub-Adviser to correctly identify economic trends, especially with regard to accurately forecasting inflationary and deflationary periods.

**Market Risk.** Market risks, including political, regulatory, market and, economic or other developments, and developments that impact specific economic sectors, industries or segments of the market, can affect the value of the Fund's shares. Local, regional, or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the market generally and on specific securities. The Fund is subject to the risk that the prices of, and the income generated by, fixed income securities held by the Fund may decline significantly and/or rapidly in response to adverse issuer,

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political, regulatory, general economic and market conditions, or other developments, such as regional or global economic instability (including terrorism and related geopolitical risks), interest rate fluctuations, and those events directly involving the issuers that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment. Events in the fixed income markets may lead to periods of volatility, unusual liquidity issues and, in some cases, credit downgrades and increased likelihood of default. Such events may cause the value of securities owned by the Fund to go up or down, sometimes rapidly or unpredictably. There is a risk that the lack of liquidity or other adverse credit market conditions may hamper the Fund's ability to purchase and sell the debt securities. Changes in the economic climate, investor perceptions and stock market volatility also can cause the prices of the Fund's fixed-income investments to decline regardless of the conditions of the issuers held by the Fund. There is also a risk that policy changes by the U.S. Government and/or Federal Reserve, such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on the Fund. These events may lead to periods of volatility and increased redemptions, which could cause a fund to experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent.

Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. If there is a general decline in the securities and other markets, your investment in the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.

In the past several years, financial markets, such as those in the United States, Europe, Asia and elsewhere, have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. Governmental and non-governmental issuers have defaulted on, or been forced to restructure, their debts. These conditions may continue, recur, worsen or spread. The U.S. Government and the Federal Reserve, as well as certain foreign governments and central banks, took steps to support financial markets, including by keeping interest rates at historically low levels for an extended period. The Federal Reserve recently concluded its market support activities and began to raise interest rates. Such actions, including additional interest rate increases, could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.

Policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and may in some instances contribute to decreased liquidity and increased volatility in the financial markets. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time.

Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Fund's investments may be negatively affected.

Periods of market volatility may occur in response to pandemics, acts of war, or events affecting global markets. These types of events could adversely affect the Fund's performance. For example, since December 2019, a novel strain of coronavirus (COVID-19) has spread globally, which has resulted in the temporary closure of many corporate offices, retail stores, manufacturing facilities and factories, and other businesses across the world. The extent to which COVID-19 may negatively affect the Fund's performance or the duration of any potential business disruption is uncertain. Any potential impact on performance will depend to a large extent on future developments and new information that may emerge regarding the duration and severity of COVID-19 and the actions taken by authorities and other entities to contain COVID-19 or treat its impact. Russia's military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad-ranging economic sanctions on Russia, certain Russian individuals, banking entities and corporations, and Belarus as a response to Russia's invasion of Ukraine, and may impose sanctions on other countries that provide military or economic support to

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Russia. The extent and duration of Russia's military actions and the repercussions of such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions, including cyber-attacks) are impossible to predict, but could result in significant market disruptions, including in certain industries or sectors, such as the oil and natural gas markets, and may negatively affect global supply chains, inflation and global growth. These and any related events could significantly impact the Fund's performance and the value of an investment in the Fund, even if the Fund does not have direct exposure to Russian issuers or issuers in other countries affected by the invasion.

**Regulatory Risk.** The Fund may be significantly affected by adverse political, legislative or regulatory changes or litigation at the federal or state level.

**Unrated Securities Risk.** Because the Fund may purchase securities that are not rated by any rating organization, the Sub-Adviser may internally assign ratings to certain of those securities, after assessing their credit quality, in categories of those similar to those of rating organizations. Investing in unrated securities involves the risk that the Sub-Adviser may not accurately evaluate the security's comparative credit rating. To the extent that the Fund invests in unrated securities, the Fund's success in achieving its investment objective may depend more heavily on the Sub-Adviser's credit analysis than if the Fund invested exclusively in rated securities. Some unrated securities may not have an active trading market or may be difficult to value, which means the Fund might have difficulty selling them promptly at an acceptable price.

**DISCLOSURE OF PORTFOLIO HOLDINGS**

A complete description of the Fund's policies and procedures with respect to the disclosure of the Fund's portfolio holdings is available in the Fund's SAI and on the Fund's website at www.zieglercapfunds.com.

**MANAGEMENT OF THE FUND**

**Investment Adviser**

The Fund's investment adviser, Ziegler Capital Management, LLC, headquarters are located at 30 S. Wacker Drive, Suite 2800, Chicago, Illinois 60606, and has additional offices in Milwaukee, Wisconsin and Saint Louis, Missouri. The Adviser is an SEC-registered investment advisory firm formed in 2005. As of October 31, 2022, the Adviser had assets under management or advisement of approximately $7.85 billion.

Pursuant to the terms of an advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the "Advisory Agreement"), the Adviser is responsible for the day-to-day management of the Fund in accordance with the Fund's investment objective and policies. The Adviser also furnishes the Fund with office space and certain administrative services and provides most of the personnel needed to fulfill its obligations under the Advisory Agreement. For its services, the Fund pays the Adviser a monthly management fee that is calculated at the annual rate of 0.65% of the Fund's average daily net assets. For the fiscal year ended September 30, 2022, the Adviser received an aggregate fee of 0.13% of average net assets, after fee waivers.

A discussion regarding the basis of the Board's approval of the Advisory Agreement is available in the Fund's annual report to shareholders for the fiscal year ended September 30, 2022.

**Sub-Adviser**

The Adviser has entered into a sub-advisory agreement with Pretium Credit Management, LLC (the "Sub-Advisory Agreement") located at c/o Pretium Partners, LLC, 810 Seventh Avenue, 24<sup>th</sup> Floor, New York, New York 10019, and the Adviser compensates the Sub-Adviser out of the advisory fees it receives from the Fund. The Sub-Adviser is an SEC-registered investment advisory firm formed in 2011. As of October 31, 2022, the Sub-Adviser had assets under management of approximately $3.4 billion.

The Sub-Adviser manages the investments of the Fund in accordance with the Fund's investment objective, policies and limitations and any investment guidelines established by the Adviser and the Board. The Sub-Adviser is responsible, subject to the oversight of the Adviser and the Board, for the purchase, retention and sale of securities in the Fund's investment portfolio.

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A discussion regarding the basis for the Board's approval of the Sub-Advisory agreement is available in the Fund's annual report to shareholders for the fiscal year ended September 30, 2022.

**Portfolio Managers**

Roberta Goss, Senior Portfolio Manager, has been the Fund's portfolio manager since September 2019. Christina O'Hearn, Portfolio Manager, has been the Fund's portfolio manager since January 2023. Eduardo Cortes, Portfolio Manager, has been the Fund's portfolio manager since January 2023.

Ms. Goss is a Senior Portfolio Manager for the Fund, and Head of the Bank Loan and CLO Platform at Pretium, where she is responsible for building and leading the Firm's Crown Point CLO business, as well as managing investments across the Firm's other corporate credit portfolios. Ms. Goss joined Pretium in 2019 and has over thirty years-experience managing high yield, leveraged loan and CLO investments. She joined Pretium from DFG Investment Advisers where she ran their $4 billion CLO platform. Ms. Goss spent 14 years at Goldman Sachs, most recently as the co-head of the high yield and bank loan business for Goldman Sachs Asset Management. Earlier in her career she worked on a proprietary desk in London managing high yield and leveraged loan investments for Saudi International Bank (an affiliate of JP Morgan). Ms. Goss is a member of Pretium's Executive Committee. She received a BComm from Mount Allison University.

Ms. O'Hearn is a Portfolio Manager working on the Fund and is a member of Pretium Credit Management's Investment Committee. Prior to joining Pretium, Ms. O'Hearn was a Director on the Leverage Finance Sales Desk at RBC Capital Markets where she spent four years. She was responsible for covering over 70 clients including top tier CLO managers, institutional investors, hedge funds and family offices. Her client list included many of the desk's top counterparties. Before joining RBC, Ms. O'Hearn worked at Octagon Credit Investors for over 12 years as a Principal on their investment team. During her time at Octagon, she covered the retail, consumer products, food and beverage, and leisure and entertainment industries. She also served on the Board of Directors for one of her credits in the retail industry. Ms. O'Hearn received her BSBA in Accounting from Bucknell University where she graduated Cum Laude. She received her CFA Charter in 2012.

Mr. Cortes is the Chief Investment Officer of Fixed Income of Ziegler Capital Management, LLC and is the Chief Executive Officer and Chief Investment Officer of GIA Partners, LLC ("GIA"), a majority minority-owned fixed income firm where Ziegler Capital Management retains a significant ownership interest. Prior to the establishment of GIA, Mr. Cortes was the Chief Investment Officer of Global Investment Advisors, a division of Reich & Tang Asset Management, LLC, for over ten years. From 1985 to 1998, Mr. Cortes worked at JPM and JPMIM where he was a portfolio manager in the fixed income group. At JPMIM he was responsible for dollar and non-dollar fixed income portfolios. During that time, he created and led the Emerging Market Debt portfolio team whose funds grew to more than $4 billion in assets. He was also a member of the Cross-Sector Strategy Team and the Emerging Market Equity/Debt Allocation Team. Prior to joining JPMIM, Mr. Cortes worked on debt restructuring for Latin American sovereigns at Citibank. Mr. Cortes received a BA from Stanford University and an MBA from the University of California at Los Angeles (UCLA).

The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers and their ownership of securities in the Fund.

**SHAREHOLDER INFORMATION**

**Pricing of Fund Shares**

Shares of the Fund are sold at NAV per share, plus any applicable sales charge per share, which is calculated as of the close of regular trading (generally, 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange ("NYSE") is open for unrestricted business. However, the Fund's NAV may be calculated earlier if trading on the NYSE is restricted or as permitted by the SEC. The NYSE is closed on weekends and most national holidays, including New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday/Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The NAV will not be calculated on days when the NYSE is closed for trading.

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Purchase and redemption requests are priced based on the next NAV per share calculated after receipt of such requests plus any applicable sales charge per share. The NAV is the value of the Fund's securities, cash and other assets, minus all expenses and liabilities (assets – liabilities = NAV). NAV per share is determined by dividing NAV by the number of shares outstanding (NAV/ # of shares = NAV per share). The NAV takes into account the expenses and fees of the Fund, including management and administration fees, which are accrued daily.

When determining NAV, the value of the Fund's portfolio investments is based on readily available market quotations, which generally means a reliable valuation obtained from an exchange or other market, or fair value as determined by an independent pricing service and evaluated by the Adviser. If a market quotation is not readily available or does not otherwise accurately reflect the value of an investment, an investment will be valued by another method that the Adviser believes reflects fair value in accordance with the Trust's valuation policies and the Adviser's related procedures. Fair value pricing represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accordingly, the Fund's NAV may reflect certain portfolio investments' fair values rather than their market prices.

Fair value pricing involves subjective judgments, and it is possible that a fair value determination for an investment will materially differ from the value that could be realized upon the sale of the investment.

**How to Buy Shares**

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| | | | |
|:---|:---|:---|:---|
| | **Class A** | **Class C** | **Institutional Class** |
| **Regular Accounts** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum Initial Investment  | $1000 | $1000 | $1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum Subsequent Investment  | $100 | $100 | No Minimum |
| **Individual Retirement Accounts** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum Initial Investment  | $250 | $250 | $1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum Subsequent Investment  | $100 | $100 | No Minimum |

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The Fund's minimum investment requirements may be waived from time to time by the Adviser, and for the following types of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• current and retired employees, directors/trustees and officers of the Trust, the Adviser and its affiliates and certain family members of each of them (*i.e.*, spouse, domestic partner, child, parent, sibling, grandchild and grandparent, in each case including in-law, step and adoptive relationships);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any trust, pension, profit sharing or other benefit plan for current and retired employees, directors/trustees and officers of the Adviser and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• current employees of U.S. Bancorp Fund Services, LLC (doing business as U.S. Bank Global Fund Services) (the "Transfer Agent"), broker-dealers who act as selling agents for the Fund, intermediaries that have marketing agreements in place with the Adviser and the immediate family members of any of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• existing clients of the Adviser, their employees and immediate family members of such employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• registered investment advisers who buy through a broker-dealer or service agent who has entered into an agreement with Quasar Distributors, LLC ("Quasar" or the "Distributor"), the Fund's distributor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• qualified broker-dealers who have entered into an agreement with the Fund's Distributor.

You may purchase shares of the Fund by check, by wire transfer, via electronic funds transfer through the Automated Clearing House ("ACH") network through an authorized bank or through one or more brokers authorized by the Fund to receive purchase orders. If you have any questions or need further information about how to purchase shares of the Fund, you may call a customer service representative of the Fund toll-free at 833-777-1533. The Fund reserves the right to reject any purchase order. For example, a purchase order may be refused if, in the Adviser's opinion, it is so large that it would disrupt the management of the Fund. Orders may also be rejected from persons believed by the Fund to be "market timers." In such rare occasions that the Fund

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were to reject a purchase order, notification would likely occur no later than the next business day after receipt of the transaction.

All checks must be in U.S. dollars drawn on a domestic U.S. bank. The Fund will not accept payment in cash or money orders. The Fund does not accept postdated 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.

To buy shares of the Fund, complete an account application and send it together with your check for the amount you wish to invest in the Fund to the address below. To make additional investments once you have opened your account, write your account number on the check and send it together with the Invest by Mail form from your most recent confirmation statement received from the Transfer Agent. If you do not have the Invest by Mail form, include the Fund name, your name, address, and account number on a separate piece of paper along with your check. If your payment is returned for any reason, your purchase will be canceled and a $25 fee will be assessed against your account by the Transfer Agent. You may also be responsible for any loss sustained by the Fund.

All purchase requests must be received in "good order" which generally means that your purchase request includes the name of the Fund and share class; the dollar amount of shares to be purchased; your account application or investment stub; and a check payable to the Fund.

In compliance with the USA PATRIOT Act of 2001, please note that the Transfer Agent will verify certain information on your account application as part of the Trust's Anti-Money Laundering Program. As requested on the account application, you must supply your full name, date of birth, social security number and permanent street address. 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. Mailing addresses containing only a P. O. Box will not be accepted. Please contact the Transfer Agent at 833-777-1533 if you need additional assistance when completing your account application.

If the Transfer Agent does not have a reasonable belief of the identity of an investor, the account application will be rejected or the investor will not be allowed to perform a transaction on the account until such information is received. In the rare event that the Transfer Agent is unable to verify your identity, the Fund reserves the right to redeem your account at the current day's net asset value.

Shares of the Fund have not been registered for sale outside of the United States. The Adviser generally does not sell shares to investors residing outside of 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 Fund reserves the right to refuse purchases from shareholders who must file a Form W-8.

**Choosing a Class of Shares to Buy**

Individual investors can generally invest in Class A and Class C shares. Retirement Plan and Institutional Investors and Clients of Eligible Financial Intermediaries should refer to "Retirement and Institutional Investors – Eligible Investors" below for a description of the classes available to them. Each class has different sales charges and expenses, allowing you to choose a class that may be appropriate for you.

When choosing which class of shares to buy, you should consider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• How much you plan to invest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• How long you expect to own the shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The expenses paid by each class detailed in the fee table and example at the front of this Prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether you qualify for any reduction or waiver of sales charges

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Availability of share classes

When choosing between Class A and Class C shares, you should be aware that, generally speaking, the larger the size of your investment and the longer your investment horizon, the more likely it will be that Class C shares will not be as advantageous as Class A shares. The annual distribution and service fees on Class C shares may cost

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you more over the longer term than the front-end sales charge and service fees you would have paid for larger purchases of Class A shares. If you are eligible to purchase Institutional Class shares, you should be aware that Institutional Class shares are not subject to a front-end sales charge and generally have lower annual expenses than Class A or Class C shares.

Each class of shares is authorized to pay fees for recordkeeping services to Financial Intermediaries (as defined below). As a result, operating expenses of classes that incur new or additional recordkeeping fees may increase over time.

You may buy shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Through banks, brokers, dealers, insurance companies, investment advisers, financial consultants or advisers, mutual fund supermarkets and other financial intermediaries that have entered into an agreement with the Distributor to sell shares of the Fund (each called a "Financial Intermediary")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Directly from the Fund

Your Financial Intermediary may provide shareholder services that differ from the services provided by other Financial Intermediaries. Services provided by your Financial Intermediary may vary by class. You should ask your Financial Intermediary to explain the shareholder services it provides for each class and the compensation it receives in connection with each class. Remember that your Financial Intermediary may receive different compensation depending on the share class in which you invest. Your Financial Intermediary may not offer all classes of shares. You should contact your Financial Intermediary for further information.

More information about the Fund's classes of shares is available in the Fund's SAI. You will find detailed information about sales charges and ways you can qualify for reduced or waived sales charges, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The front-end sales charges that apply to the purchase of Class A shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The contingent deferred sales charges that may apply to the redemption of Class A and Class C shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Who qualifies for lower sales charges on Class A shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Who qualifies for a sales load waiver

**Comparing the Fund's Share Classes** 

The following table compares key features of the Fund's share classes. You should review the fee table and example at the front of this Prospectus carefully before choosing your share class. Your Financial Intermediary can help you choose a share class that may be appropriate for you. Your Financial Intermediary may receive different compensation depending upon which share class you choose.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Key features** | **Initial sales charge** | **Contingent deferred <br>sales charge** | **Annual<br>distribution<br>and<br> service fees** |
| **Class A** | • Initial sales charge<br>• You may qualify for reduction or waiver of initial sales charge<br>• Generally lower annual expenses than Class C | Up to 4.25%; reduced for purchases of at least $100,000 and certain investors. No charge for purchases of $1 million or more | 1.00% on purchases of $1 million or more if you redeem within 18 months of purchase; waived for certain investors | 0.25% of average daily net assets |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Key features** | **Initial sales charge** | **Contingent deferred <br>sales charge** | **Annual<br>distribution<br>and<br> service fees** |
| **Class C** | • No initial sales charge<br>• Contingent deferred sales charge for only 1 year<br>• Does not convert to Class A<br>• Generally higher annual expenses than Class A<br>• Purchases of $1,000,000 or more will be rejected |  | 1.00% if you redeem within 1 year of purchase; waived for certain investors | 1.00% |

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| | |
|:---|:---|
| **Institutional Class** | • No initial or contingent deferred sales charge<br>• Only offered to institutional and other eligible investors<br>• Generally lower annual expenses than all classes  |

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**Sales Charges**

You can find information about sales loads and breakpoints below, on the Fund's website at www.zieglercapfunds.com and in the SAI, which is also available on the website free of charge.

**Class A Shares**

If you purchase Class A shares of the Fund, you will pay the offering price, which is the NAV next determined after your order is received plus a front-end sales charge (shown in percentages below), depending on the amount of your investment. Because of rounding in the calculation of the "offering price", the actual sales charge you pay may be more or less than that calculated using the percentages shown below. You pay a lower rate as the size of your investment increases to certain levels called breakpoints. You do not pay a sales charge on the Fund's distributions or dividends that you reinvest in additional Class A shares.

The table below shows the rate of sales charge you pay, depending on the amount of your investment. It also shows the amount of broker/dealer compensation that will be paid out of the sales charge if you buy Class A shares from a Financial Intermediary. Such Financial Intermediaries will receive the sales charge imposed on purchases of Class A shares and will retain the full amount of such sales charge. Financial Intermediaries will receive a Rule 12b-1 distribution and service fee payable on Class A shares at an annual rate of up to 0.25% of the

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average daily net assets represented by the Class A shares serviced by them. These fees are an ongoing expense and, over time, will increase the cost of your investment and may cost you more than other types of sales charges.

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| | | | |
|:---|:---|:---|:---|
| **Amount of investment** | **Sales charge as a % of offering price** | **Sales charge as a % of net amount invested** | **Broker/dealer commission as a % of offering price** |
| Less than $100,000 | 4.25 | 4.44 | 4.25 |
| $100,000 but less than $250,000 | 3.50 | 3.63 | 3.50 |
| $250,000 but less than $500,000 | 2.50 | 2.56 | 2.50 |
| $500,000 but less than $750,000 | 2.00 | 2.04 | 2.00 |
| $750,000 but less than $1 million | 1.50 | 1.52 | 1.50 |
| $1 million but less than $5 million<sup>1</sup> | 0 | 0 | 1.00 |
| $5 million but less than $15 million<sup>1</sup> | 0 | 0 | 0.50 |
| $15 million or more<sup>1</sup> | 0 | 0 | 0.25 |
| <sup>1</sup> A Financial Intermediary may be paid a commission of up to 1.00% on Fund purchases of $1 million or more. Starting in the thirteenth month after purchase, the annual 12b-1 distribution and service fee of up to 0.25% will be paid to the Financial Intermediary. The Financial Intermediary will start receiving the annual 12b-1 distribution and service fee immediately if no commission is paid at purchase. Please contact your Financial Intermediary for more information. | <sup>1</sup> A Financial Intermediary may be paid a commission of up to 1.00% on Fund purchases of $1 million or more. Starting in the thirteenth month after purchase, the annual 12b-1 distribution and service fee of up to 0.25% will be paid to the Financial Intermediary. The Financial Intermediary will start receiving the annual 12b-1 distribution and service fee immediately if no commission is paid at purchase. Please contact your Financial Intermediary for more information. | <sup>1</sup> A Financial Intermediary may be paid a commission of up to 1.00% on Fund purchases of $1 million or more. Starting in the thirteenth month after purchase, the annual 12b-1 distribution and service fee of up to 0.25% will be paid to the Financial Intermediary. The Financial Intermediary will start receiving the annual 12b-1 distribution and service fee immediately if no commission is paid at purchase. Please contact your Financial Intermediary for more information. | <sup>1</sup> A Financial Intermediary may be paid a commission of up to 1.00% on Fund purchases of $1 million or more. Starting in the thirteenth month after purchase, the annual 12b-1 distribution and service fee of up to 0.25% will be paid to the Financial Intermediary. The Financial Intermediary will start receiving the annual 12b-1 distribution and service fee immediately if no commission is paid at purchase. Please contact your Financial Intermediary for more information. |

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**Investments of $1,000,000 or More** 

You do not pay a front-end sales charge when make a purchase of $1,000,000 or more of Class A shares. However, if you redeem these Class A shares within 18 months of purchase, you will pay a Contingent Deferred Sales Charge ("CDSC") of up to 1.00%. Any CDSC is based on the original cost of the shares or the current market value, whichever is less.

**Qualifying for a Reduced Class A Sales Charge** 

There are several ways you can combine multiple purchases of Class A shares of the Fund to take advantage of the reductions in sales charges that may be available to you when you purchase Fund shares. You must inform your Financial Intermediary or the Fund if you are eligible for a letter of intent or a right of accumulation and if you own shares that are eligible to be aggregated with your purchases. Certain records, such as account statements, may be necessary in order to verify your eligibility for a reduced sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* **Rights of Accumulation ("ROA")** – You may combine your new purchase of Class A shares with Class A shares you currently own for the purpose of qualifying for the lower initial sales charge rates that apply to larger purchases. The applicable sales charge for the new purchase is based on the total of your current purchase and the current value, calculated using the current day public offering price of all other shares you own. You may also combine the account value of your spouse and children under the age of 21. Only the shares held at the intermediary or the transfer agent at which you are making the current purchase can be used for the purposes of a lower sales charge based on Rights of Accumulation.

If you hold Fund shares in accounts at two or more Financial Intermediaries, please contact your Financial Intermediaries to determine which shares may be combined.

Certain trustees and other fiduciaries may be entitled to combine accounts in determining their sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Letter of Intent ("LOI")** – By signing an LOI you can reduce your Class A sales charge. Your individual purchases will be made at the applicable sales charge based on the amount you intend to invest over a 13-month period. The LOI will apply to all purchases of Class A shares. *Any shares purchased within 90 days of the date you sign the letter of intent may be used as credit toward completion, but the reduced sales charge will only apply to new purchases made on or after that date.* Purchases resulting from the reinvestment of dividends and capital gains do not apply toward fulfillment of the LOI. Shares equal to 4.25% of the amount of the LOI will be held in escrow during the 13-month period. If, at the end of that time the total amount of purchases made is less than the amount intended, you will be required to

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pay the difference between the reduced sales charge and the sales charge applicable to the individual purchases had the LOI not been in effect. This amount will be obtained from redemption of the escrow shares. Any remaining escrow shares will be released to you.

If you establish an LOI with the Fund you can aggregate your accounts as well as the accounts of your spouse and children under age 21**. You will need to provide written instruction with respect to the other accounts whose purchases should be considered in fulfillment of the LOI. Only the accounts held at the financial intermediary or the Transfer Agent at which you are making the purchase can be used toward fulfillment of the LOI.**

**Reinstatement Privileges** 

If you sell (redeem) Class A shares of the Fund and withdraw your money from the Fund, you may reinstate into the same account, within 60 days of the date of your redemption, without paying a front-end sales charge *if you paid a front-end sales charge when you originally purchased your shares*. For purposes of a CDSC, if you paid a CDSC when you sold your shares, you would be credited with the amount of the CDSC proportional to the amount reinvested. Reinstated shares will continue to age, as applicable, from the date that you bought your original shares. Contact your financial intermediary, or for direct shareholders, call the Transfer Agent at 833-777-1533, for additional information. You must identify and provide information to the Fund or your financial intermediary, as applicable, regarding your historical purchases and holdings, and you should also retain any records necessary to substantiate historical transactions and costs because the Fund, its Transfer Agent, and financial intermediaries will not be responsible for providing this information.

**Waivers for Certain Class A Investors** 

Class A initial sales charges are waived for certain types of investors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Current employees of Financial Intermediaries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Those who qualify for the Reinstatement Privilege as discussed above

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Directors and officers of any fund sponsored by the Adviser

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Current employees of the Adviser and its subsidiaries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Current and retired Board members

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investors investing through eligible Retirement Plans as defined under "Retirement and Institutional Investors – Eligible Investors", "Retirement Plans" section below

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investors who rollover fund shares from a qualified retirement plan into an individual retirement account administered on the same retirement plan platform

If you qualify for a waiver of the Class A initial sales charge, you must notify your Financial Intermediary or the Fund at the time of purchase and provide sufficient information at the time of purchase to permit verification that the purchase qualifies for the initial sales charge waiver. If you want to learn about additional waivers of Class A initial sales charges, contact your Financial Intermediary or consult the SAI.

**Advisory Fee Programs for Class A shares** 

Class A shares acquired by an investor in connection with a comprehensive fee or other advisory fee arrangement between the investor and a registered broker-dealer or investment advisor, trust company or bank (referred to as the "Sponsor") in which the investor pays that Sponsor a fee for investment advisory services and the Sponsor or a broker-dealer through whom the shares are acquired has an agreement with Distributors authorizing the sale of Fund shares, qualify for a waiver of the Class A initial sales charge and do not require a minimum initial investment.

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**Class C Shares** 

Class C shares may be purchased only through Financial Intermediaries. You buy Class C shares at net asset value with no front-end sales charge. However, if you redeem your Class C shares within one year of purchase, you will pay a contingent deferred sales charge of 1.00%.

Financial Intermediaries selling Class C shares are paid a commission of up to 1.00% of the purchase price of the Class C shares they sell. Financial Intermediaries will receive Rule 12b-1 distribution and service fee payments on Class C shares at an annual rate of up to 1.00% of the average daily net assets represented by the Class C shares serviced by them following the first year of purchase. These fees are an ongoing expense and, over time, will increase the cost of your investment and may cost you more than other types of sales charges.

Purchases of $1 million or more of Class C shares will be rejected. Your financial intermediary is responsible for placing individual purchases of $1 million or more into Class I or Class A shares of the Fund.

**Reinstatement Privileges**

If you sell (redeem) Class C shares of the Fund and withdraw your money from the Fund, you may reinstate into the same account, within 60 days of the date of your redemption. If you paid a CDSC when you sold your shares, you will be credited with the amount of the CDSC proportional to the amount reinvested. Reinstated shares will continue to age, as applicable, from the date that you bought your original shares. Contact your financial intermediary, or for direct shareholders, call the Transfer Agent at 833-777-1533, for additional information. You must identify and provide information to the Fund or your financial intermediary, as applicable, regarding your historical purchases and holdings, and you should also retain any records necessary to substantiate historical transactions and costs because the Fund, its Transfer Agent, and financial intermediaries will not be responsible for providing this information.

**Institutional Class Shares** 

You buy Institutional Class shares at net asset value with no initial sales charge and no contingent deferred sales charge when redeemed. Institutional Class shares are not subject to any distribution and service fees.

**More about Contingent Deferred Sales Charges** 

The contingent deferred sales charge is based on the net asset value at the time of purchase or redemption, whichever is less, and therefore you do not pay a sales charge on amounts representing appreciation or depreciation.

In addition, you do not pay a contingent deferred sales charge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On shares representing reinvested distributions and dividends

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On shares no longer subject to the contingent deferred sales charge

Each time you place a request to redeem shares, the Fund will first redeem any shares in your account that are not subject to a contingent deferred sales charge and then redeem the shares in your account that have been held the longest.

If you redeem shares of the Fund and pay a contingent deferred sales charge, you may, under certain circumstances, reinvest all or part of the redemption proceeds within 60 days and receive pro rata credit for any contingent deferred sales charge imposed on the prior redemption. Please see "Reinstatement Privileges" section above.

The Adviser receives contingent deferred sales charges as partial compensation for its expenses in selling shares, including the payment of compensation to your Service Agent.

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**Contingent Deferred Sales Charge Waivers** 

The contingent deferred sales charge for each share class will generally be waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On payments made through certain systematic withdrawal plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On certain distributions from eligible Retirement Plans as defined under "Retirement and Institutional Investors – Eligible Investors", "Retirement Plans" section below

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For Retirement Plans with omnibus accounts held on the books of the Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For involuntary redemptions of small account balances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For 12 months following the death or disability of a shareholder

If you want to learn more about additional waivers of contingent deferred sales charges, contact your Service Agent or consult the SAI.

**Retirement and Institutional Investors — Eligible Investors** 

**Retirement Plans** 

"Retirement Plans" include 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit-sharing plans, non-qualified deferred compensation plans and other similar employer-sponsored retirement plans. Retirement Plans do not include individual retirement vehicles, such as traditional and Roth individual retirement accounts, Coverdell education savings accounts, individual 403(b)(7) custodial accounts, Keogh plans, SEPs, SARSEPs, SIMPLE IRAs or similar accounts.

Retirement Plans with omnibus accounts held on the books of the Fund can generally invest in Class A, Class C and Institutional Class shares.

Investors who rollover Fund shares from a Retirement Plan into an individual retirement account administered on the same retirement plan platform may hold and purchase shares of the Fund to the same extent as the applicable Retirement Plan.

Although Retirement Plans with omnibus accounts held on the books of the Fund are not subject to minimum initial investment requirements for any of these share classes, certain investment minimums may be imposed by a financial intermediary. The financial intermediary may impose certain additional requirements. Please contact your Service Agent for more information.

**Other Retirement Plans** 

"Other Retirement Plans" include Retirement Plans investing through brokerage accounts and also include certain Retirement Plans with direct relationships to the Fund that are neither Institutional Investors nor investing through omnibus accounts. Other Retirement Plans and individual retirement vehicles, such as IRAs, are treated like individual investors for purposes of determining sales charges and any applicable sales charge reductions or waivers.

"Other Retirement Plans" do not include arrangements whereby an investor would rollover Fund shares from a Retirement Plan into an individual retirement account administered on the same retirement plan platform. Such arrangements are deemed to be "Retirement Plans" and are subject to the rights and privileges described under "Retirement and Institutional Investors — eligible investors — Retirement Plans."

Other Retirement Plan investors can generally invest in Class A, Class C and Institutional Class shares. Individual retirement vehicles may also choose between these share classes.

**Clients of Eligible Financial Intermediaries** 

"Clients of Eligible Financial Intermediaries" are investors who invest in the Fund through financial intermediaries that (1) charge such investors an ongoing fee for advisory, investment, consulting or similar services, or (2) have entered into an agreement with the Fund to offer Class A or Institutional Class shares through a no-load network or platform ("Eligible Investment Programs"). Such investors may include pension and profit

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sharing plans, other employee benefit trusts, endowments, foundations and corporations. Eligible Investment Programs may also include college savings vehicles such as Section 529 plans and direct retail investment platforms through mutual fund "supermarkets," where the sponsor links its client's account (including IRA accounts on such platforms) to a master account in the sponsor's name. The financial intermediary may impose separate investment minimums.

Clients of Eligible Financial Intermediaries may generally invest in Class A or Institutional Class shares. Class A and Class C shares of the Fund may convert to Institutional Class shares by participants in the Eligible Investment Programs.

**Institutional Investors** 

"Institutional Investors" may include corporations, banks, trust companies, insurance companies, investment companies, foundations, endowments, defined benefit plans and other similar entities. The financial intermediary may impose additional eligibility requirements or criteria to determine if an investor, including the types of investors listed above, qualifies as an Institutional Investor.

Institutional Investors may invest in Institutional Class shares if they meet the $1,000,000 minimum initial investment requirement. Institutional Investors may also invest in Class A and Class C shares, which have different investment minimums, fees and expenses.

**Purchasing Shares by Mail**

Please complete the account application and mail it with your check, payable to the Ziegler Senior Floating Rate Fund to the Transfer Agent at the following address:

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| |
|:---|
| **<u>Regular Mail</u>** |
| Ziegler Senior Floating Rate Fund |
| c/o U.S. Bank Global Fund Services |
| P.O. Box 701 |
| Milwaukee, Wisconsin 53201-0701 |

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You may not send an account application via overnight delivery to a United States Postal Service post office box. If you wish to use an overnight delivery service, send your account application and check to the Transfer Agent at the following address:

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| |
|:---|
| **<u>Overnight Express Mail</u>** |
| Ziegler Senior Floating Rate Fund |
| c/o U.S. Bank Global Fund Services |
| 615 East Michigan Street, 3<sup>rd</sup> Floor |
| Milwaukee, Wisconsin 53202 |

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**NOTE:&nbsp;&nbsp;&nbsp;&nbsp;**The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, a deposit in the mail or with such services, or receipt at U.S. Bancorp Fund Services, LLC's post office box, of purchase orders or redemption requests does not constitute receipt by the Transfer Agent. Receipt of purchase orders or redemption requests is based on when the order is received on the Transfer Agent's premises.

**Purchasing Shares by Telephone**

If you accepted telephone options on your account application or by subsequent arrangement in writing with the Fund and your account has been open for at least seven business days, you may purchase additional shares by calling the Fund toll-free at 833-777-1533. You may not make your initial purchase of the Fund shares by telephone. Telephone orders will be accepted via electronic funds transfer from your pre-designated bank account through the Automated Clearing House ("ACH") network. You must have banking information established on your account prior to making a telephone purchase. Only bank accounts held at domestic institutions that are ACH members may be used for telephone transactions. If your order is received prior to 4:00 p.m., Eastern Time, shares

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will be purchased at the appropriate share price next calculated. For security reasons, requests by telephone may be recorded. 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).

**Purchasing Shares by Wire**

If you are making your initial investment in the Fund, before wiring funds, the Transfer Agent must have a completed account application. You can mail or overnight deliver your account application to the Transfer Agent at the above address. Upon receipt of your completed account application, your account will be established and a service representative will contact you to provide your new account number and wiring instructions. If you do not receive this information within one business day, contact the Transfer Agent. You may then instruct your bank to send the wire. Prior to sending the wire, please call the Fund at 833-777-1533 to advise them of the wire and to ensure proper credit upon receipt. Your bank must include the name of the Fund, your name and your account number so that monies can be correctly applied. Your bank should transmit immediately available funds by wire to:

U.S. Bank National Association

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202

ABA No. 075000022

Credit: U.S. Bancorp Fund Services, LLC

Account No. 112-952-137

Further Credit: Ziegler Senior Floating Rate Fund

Shareholder Registration

Shareholder Account Number

If you are making a subsequent purchase, your bank should wire funds as indicated above. Before each wire purchase, you should be sure to notify the Transfer Agent. *It is essential that your bank include complete information about your account in all wire transactions.* If you have questions about how to invest by wire, you may call the Transfer Agent at 833-777-1533. Your bank may charge you a fee for sending a wire payment to the Fund.

Wired funds must be received prior to 4:00 p.m. Eastern Time to be eligible for same day pricing. Neither the Fund nor U.S. Bank N.A. are responsible for the consequences of delays resulting from the banking or Federal Reserve wire system or from incomplete wiring instructions.

**Automatic Investment Plan**

Once your account has been opened with the initial minimum investment, you may make additional purchases of Class A and Class C shares at regular intervals through the Automatic Investment Plan ("AIP"). AIP is not available for Institutional Class shares. The AIP provides a convenient method to have monies deducted from your bank account, for investment into the Fund, on a monthly basis. In order to participate in the AIP, each purchase must be in the amount of $100 or more and your financial institution must be a member of the ACH network. If your bank rejects your payment, the Transfer Agent will charge a $25 fee to your account. To begin participating in the AIP, please complete the Automatic Investment Plan section on the account application or call the Transfer Agent at 833-777-1533 if you have questions about the Plan. Any request to change or terminate your AIP should be submitted to the Transfer Agent at least five calendar days prior to the automatic investment date.

**Retirement Accounts**

The Fund offers prototype documents for a variety of retirement accounts for individuals and small businesses. Please call 833-777-1533 for information on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Individual Retirement Plans, including Traditional IRAs and Roth IRAs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Small Business Retirement Plans, including Simple IRAs and SEP IRAs.

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There may be special distribution requirements for a retirement account, such as required distributions or mandatory federal income tax withholdings. For more information, call the number listed above. Direct shareholder accounts may be charged a $15 annual account maintenance fee for each retirement account up to a maximum of $30 annually and a $25 fee for transferring assets to another custodian or for closing a retirement account. Fees charged by other institutions may vary.

**Purchasing and Selling Shares through a Broker**

You may buy and sell shares of the Fund through certain brokers and financial intermediaries (and their agents) (collectively, the "Broker") that have made arrangements with the Fund to sell its shares. When you place your order with a Broker, your order is treated as if you had placed it directly with the Transfer Agent, and you will pay or receive the next applicable price calculated by the Fund, plus any applicable sales charge per share. The Fund will be deemed to have received a purchase or redemption order when an authorized broker, or, if applicable, a broker's designee receives the order. The Broker holds your shares in an omnibus account in the Broker's name, and the Broker maintains your individual ownership records. The Adviser may pay the Broker for maintaining these records as well as providing other shareholder services. The Broker may charge you a fee for handling your order. The Broker is responsible for processing your order correctly and promptly, keeping you advised regarding the status of your individual account, confirming your transactions and ensuring that you receive copies of the Fund's Prospectus.

**How to Sell Shares**

You may sell (redeem) your Fund shares on any day the Fund and the NYSE are open for business either directly to the Fund or through your financial intermediary.

**In Writing**

You may redeem your shares by simply sending a written request to the Transfer Agent. You should provide your account number and state whether you want all or some of your shares redeemed. The letter should be signed by all of the shareholders whose names appear on the account registration and include a signature guarantee(s), if necessary. If you have an IRA or other retirement plan, you must indicate on your written redemption request whether or not to withhold federal income tax. Redemption requests failing to indicate an election to have tax withheld will be subject to 10% withholding. You should send your redemption request to:

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| | |
|:---|:---|
| **<u>Regular Mail</u>** | **<u>Overnight Express Mail</u>** |
| Ziegler Senior Floating Rate Fund | Ziegler Senior Floating Rate Fund |
| c/o U.S. Bank Global Fund Services | c/o U.S. Bank Global Fund Services |
| P.O. Box 701 | 615 East Michigan Street, 3<sup>rd</sup> Floor |
| Milwaukee, Wisconsin 53201-0701 | Milwaukee, Wisconsin 53202 |

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**NOTE:&nbsp;&nbsp;&nbsp;&nbsp;**The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, a deposit in the mail or with such services, or receipt at U.S. Bancorp Fund Services, LLC's post office box, of purchase orders or redemption requests does not constitute receipt by the Transfer Agent. Receipt of purchase orders or redemption requests is based on when the order is received on the Transfer Agent's premises.

**By Telephone**

If you accepted telephone options on your account application, you may redeem all or some of your shares, up to $50,000 by calling the Transfer Agent at 833-777-1533 before the close of trading on the NYSE. This is normally 4:00 p.m., Eastern Time. The Fund typically expects to send 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. Redemption proceeds will be sent to the address that appears on the Transfer Agent's records or via ACH to a previously established bank account. If you request, redemption proceeds will be wired on the next business day to your designated bank account. A wire fee of $15 will be deducted from your redemption proceeds for complete redemptions and any redemption to redeem a specific number of shares. In the case of a partial

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redemption, the fee will be deducted from the remaining account balance. Telephone redemptions cannot be made if you notified the Transfer Agent of a change of address within 15 calendar days before the redemption request. You may request telephone redemption privileges after your account is opened by calling the Transfer Agent at 833-777-1533 for instructions.

Shares held in IRA or other retirement accounts may be redeemed by telephone at 833-777-1533. Investors will be asked whether or not to withhold taxes from any distribution.

You may encounter higher than usual call wait times during periods of high market activity. Please allow sufficient time to ensure that you will be able to complete your telephone transaction prior to market close. If you are unable to contact the Fund by telephone, you may mail your redemption request in writing to the address noted above. Once a telephone transaction has been accepted, it may not be canceled or modified after the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time).

**Payment of Redemption Proceeds**

The Fund typically expects to send 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 ACH transfer. While not expected, payment of redemption proceeds may take up to seven days. If you did not purchase your shares with a wire payment, before selling recently purchased shares, please note that if the Transfer Agent has not yet collected payment for the shares you are selling, it may delay sending the proceeds until the payment is collected, which may take up to 15 calendar days from the purchase date. Class A shares and Class C shares redemption proceeds are net of any CDSC fees.

Under normal circumstances, the Fund expects to meet redemption requests through the sale of investments held in cash or cash equivalents. In situations in which investment holdings in cash or cash equivalents are not sufficient to meet redemption requests, the Fund will typically borrow money through the Fund's bank line-of-credit. 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.

**Systematic Withdrawal Plan ("SWP")**

You may be permitted to schedule pre-determined redemptions of a portion of your Class A and Class C shares. SWP is not available for Institutional Class shares. To qualify, you must own shares with a value of at least $100,000 and each automatic redemption must be at least $500. Redemptions may be made monthly, quarterly or annually. If you elect this method of redemption, the Fund will send a check directly to your address of record, or will send the payments directly to a pre-authorized bank account by electronic funds transfer via the ACH network. For payment through the ACH network, your bank must be an ACH member and your bank account information must be maintained on your Fund account.

The SWP may be terminated or modified by you or the Fund at any time without charge or penalty. Termination and modification of your SWP should be provided to the Transfer Agent five calendar days prior to the next withdrawal. A withdrawal under the SWP involves a redemption of shares of the Fund, and may result in a gain or loss for federal income tax purposes. In addition, if the amount withdrawn exceeds the dividends credited to your account, the account ultimately may be depleted.

**Signature Guarantees**

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. *A notary public is not an acceptable signature guarantor.*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If ownership is changed on your account

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When a redemption is received by the Transfer Agent and the account address has changed within the last 15 calendar days

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For all redemptions in excess of $50,000 from any shareholder account, including IRAs

The Fund or the Adviser may waive any of the above requirements in certain instances. In addition to the situations described above, the Fund, the Adviser, and/or the Transfer Agent 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.

**Other Information about Redemptions**

The Fund may redeem the shares in your account if the value of your account is less than $500 as a result of redemptions you have made. This does not apply to retirement plan or Uniform Gifts or Transfers to Minors Act accounts. You will be notified that the value of your account is less than $500 before the Fund makes an involuntary redemption. You will then have 30 calendar days in which to make an additional investment to bring the value of your account to at least $500 before the Fund takes any action.

**DIVIDENDS AND DISTRIBUTIONS**

The Fund will generally make distributions of dividends from any net investment income daily and capital gains annually. The Fund may make an additional payment of dividends or distributions of capital gains if it deems it necessary for federal income tax purposes or otherwise desirable at any other time of the year.

All distributions will be reinvested in Fund shares unless you choose one of the following options: (1) receive dividends in cash while reinvesting capital gain distributions in additional Fund shares; (2) reinvest dividends in additional Fund shares and receive capital gains in cash; or (3) receive all distributions in cash.

If you elect to receive distributions in cash and the U.S. Postal Service cannot deliver the check, or if a check remains outstanding for six months, the Fund reserves the right to reinvest the distribution check in your account, at the Fund's current NAV per share, and to reinvest all subsequent distributions. If you wish to change your distribution option, notify the Transfer Agent in writing or by telephone at least 5 days prior to the payment date for the distribution.

**TOOLS TO COMBAT FREQUENT TRANSACTIONS**

The Board has adopted policies and procedures to prevent frequent transactions in the Fund. The Fund discourages excessive, short-term trading and other abusive trading practices that may disrupt portfolio management strategies and harm the Fund's performance. Shareholders in the Fund will be restricted to no more than four "round trips" during any 12-month period. A round trip is an exchange or redemption out of the Fund followed by an exchange or purchase back into the same Fund. The Fund takes steps to reduce the frequency and effect of these activities in the Fund. These steps include imposing a redemption fee, monitoring trading practices and using fair value pricing. Although these efforts are designed to discourage abusive trading practices, these tools cannot eliminate the possibility that such activity may occur. Further, while the Fund makes efforts to identify and restrict frequent trading, the Fund receives purchase and sale orders through financial intermediaries and cannot always know or detect frequent trading that may be facilitated by the use of intermediaries or the use of group or omnibus accounts by those intermediaries. The Fund seeks to exercise its judgment in implementing these tools to the best of its abilities in a manner that the Fund believes is consistent with shareholder interests.

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**Monitoring Trading Practices**

The Fund monitors selected trades in an effort to detect excessive short-term trading activities. If, as a result of this monitoring, the Fund believes that a shareholder has engaged in excessive short-term trading, it may, in its discretion, ask the shareholder to stop such activities or refuse to process purchases in the shareholder's accounts. In making such judgments, the Fund seeks to act in a manner that it believes is consistent with the best interests of shareholders. Due to the complexity and subjectivity involved in identifying abusive trading activity and the volume of shareholder transactions the Fund handles, there can be no assurance that the Fund's efforts will identify all trades or trading practices that may be considered abusive. In addition, the Fund's ability to monitor trades that are placed by individual shareholders within group or omnibus accounts maintained by financial intermediaries is limited because the Fund does not have simultaneous access to the underlying shareholder account information.

In compliance with Rule 22c-2 under the Investment Company Act of 1940, the Fund's Distributor, on behalf of the Fund, has entered into written agreements with each of the Fund's financial intermediaries, under which the intermediary must, upon request, provide the Fund with certain shareholder and identity trading information so that the Fund can enforce its market timing policies.

The Fund employs fair value pricing selectively, as discussed above under Pricing of Fund Shares, to ensure greater accuracy in its daily NAV and to prevent dilution by frequent traders or market timers who seek to take advantage of temporary market anomalies.

**Redemption Fees**

The Fund charges a 1.00% redemption fee on the redemption of Class A shares held for 60 days or less. This fee (which is paid into the Fund) is imposed in order to help offset the transaction costs and administrative expenses associated with the activities of short-term "market timers" that engage in the frequent purchase and sale of Fund shares. The "first in, first out" ("FIFO") method is used to determine the holding period; this means that if you bought shares on different days, the shares purchased first will be redeemed first for the purpose of determining whether the redemption fee applies. The redemption fee is deducted from your proceeds and is retained by the Fund for the benefit of its long-term shareholders. Redemption fees will not apply to shares acquired through the reinvestment of dividends. Although the Fund has the goal of applying the redemption fee to most redemptions, the redemption fee may not be assessed in certain circumstances where it is not currently practicable for the Fund to impose the fee, such as redemptions of shares held in certain omnibus accounts or retirement plans.

**TAX CONSEQUENCES**

Below are some important tax issues that affect the Fund and its shareholders. The summary is based on current tax law, which may be changed by legislative, judicial or administrative action.

The Fund has elected and intends to qualify each year for treatment as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986 (the "Code"). If it meets certain minimum distribution requirements, a RIC is not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, the Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in income available for distribution to shareholders.

The Fund will generally make any distributions of dividends from any net investment income daily and capital gains annually. Dividends of net investment income and distributions from the Fund's net short-term capital gains are taxable to you as ordinary income or, in some cases, as qualified dividend income. Distributions from the Fund's net capital gain (the excess of its net long-term capital gains over its net short-term capital losses) are generally taxable to non-corporate shareholders at rates of up to 20%, regardless of how long the shareholders held their respective shares in the Fund. You will be taxed in the same manner whether you receive your dividends and capital gain distributions in cash or reinvest them in additional Fund shares.

Distributions that the Fund reports as "qualified dividend income" may be eligible to be taxed to non-corporate shareholders at rates of up to 20% if requirements, including holding period requirements, are satisfied. In

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general, the Fund may report its dividends as qualified dividend income to the extent derived from dividends paid to the Fund 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. A portion of the dividends received from the Fund (but none of its capital gain distributions) may qualify for the dividends received deduction for corporations. Because the Fund's income is derived primarily from interest rather than dividends, it is generally not expected that its distributions will be eligible for the corporate dividends received deduction or as qualified dividend income (eligible for reduced tax rates).

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in the Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by the Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the Internal Revenue Service ("IRS").

A tax of 3.8% applies to all or a portion of net investment income of U.S. individuals with income exceeding specified thresholds, and to all or a portion of undistributed net investment income of certain estates and trusts. Net investment income generally includes for this purpose dividends and capital gain distributions paid by the Fund and gain on the redemption of Fund shares.

Any dividend or capital gain distribution paid by the Fund has the effect of reducing the NAV per share on the ex-dividend date by the amount of the dividend or capital gain distribution. You should note that a dividend or capital gain distribution paid on shares purchased shortly before that dividend or capital gain distribution was declared will be subject to income taxes even though the dividend or capital gain distribution represents, in substance, a partial return of capital to you. This is known as "buying a dividend" and should be avoided by taxable investors.

Although distributions are generally taxable when received, certain distributions declared in October, November, or December to shareholders of record on a specified date in such a month but paid the following January are taxable as if received in December of the year in which the dividend is declared.

The Fund will send you a report annually summarizing the amount and tax aspects of your distributions. The Fund is required to report to the IRS all distributions of taxable income and capital gains as well as gross proceeds from the redemption of Fund shares, except in the case of exempt shareholders, which includes most corporations. The Fund is required to report tax basis information for such shares and indicate whether these shares had a short-term or long-term holding period. If a shareholder has a different basis for different shares of the Fund in the same account (*e.g.*, if a shareholder purchased shares in the same account at different times for different prices), the Fund calculates the basis of the shares sold using its default method unless the shareholder has properly elected to use a different method. The Fund's default method for calculating basis is first-in, first-out ("FIFO"). A shareholder may elect, on an account-by-account basis, to use a method other than FIFO by following procedures established by the Fund or its administrative agent. If such an election is made on or prior to the date of the first exchange or redemption of shares in the account and on or prior to the date that is one year after the shareholder receives notice of the Fund's default method, the new election will generally apply as if the FIFO method had never been in effect for such account. Shareholders should consult their tax advisers concerning the tax consequences of the Fund's default method or electing another method of basis calculation. Shareholders also

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should carefully review any cost basis information provided to them and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

If you are not a citizen or permanent resident of the United States, the Fund's ordinary income dividends will generally be subject to a 30% U.S. withholding tax, unless a lower treaty rate applies or unless such income is effectively connected with a U.S. trade or business. The 30% withholding tax generally will not apply to distributions of net capital gain. The Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Short-term capital gain dividends received by a nonresident alien individual who is present in the U.S. for a period or periods aggregating 183 days or more during the taxable year are not exempt from this 30% withholding tax. Different tax consequences may result if you are a foreign shareholder engaged in a trade or business within the United States or if you are a foreign shareholder entitled to claim the benefits of a tax treaty.

By law, the Fund must withhold as backup withholding a percentage of your taxable distributions and redemption proceeds if you (1) have provided the Fund either an incorrect tax identification number or no number at all, (2) are subject to backup withholding by the IRS for failure to properly report payments of interest or dividends, (3) have failed to certify to the Fund that you are not subject to backup withholding, or (4) have not certified to the Fund that you are a U.S. person (including a U.S. resident alien). The backup withholding rate is 24%. Backup withholding will not, however, be applied to payments that have been subject to the 30% withholding tax applicable to shareholders who are neither citizens nor residents of the United States.

Each sale of shares of the Fund may be a taxable event. A sale may result in a capital gain or loss to you. Assuming you hold Fund shares as a capital asset, the gain or loss generally will be treated as short-term if you held the shares 12 months or less, or long term if you held the shares for longer. An exchange of shares of one class directly for shares of another class of the same Fund generally should not be taxable for federal income tax purposes. You should talk to your tax advisor before making an exchange.

If you redeem your Fund shares, it is considered a taxable event for you. Depending on the purchase price and the redemption price of the shares you redeem, you may have a gain or a loss on the transaction. The Code limits the deductibility of capital losses in certain circumstances. You are responsible for any tax liabilities generated by your transaction.

To the extent the Fund invests in foreign securities, it may be subject to foreign withholding taxes with respect to dividends or interest the Fund received from sources in foreign countries. If more than 50% of the total assets of the Fund consists of foreign securities, the Fund will be eligible to elect to treat some of those taxes as a distribution to shareholders, which would allow shareholders to offset some of their U.S. federal income tax. The Fund (or its administrative agent) will notify you if it makes such an election and provide you with the information necessary to reflect foreign taxes paid on your income tax return.

Additional information concerning taxation of the Fund and its shareholders is contained in the SAI. Tax consequences are not the primary consideration of the Fund in making its investment decisions. If you have a tax-advantaged retirement account, you will generally not be subject to federal taxation on any dividends and capital gain distributions until you begin receiving your distributions from your retirement account. **You should consult your own tax adviser concerning federal, state and local tax considerations of an investment in the Fund.** 

**SHARE CLASS INFORMATION AND DISTRIBUTION ARRANGEMENTS**

**Description of Classes** 

The Trust has adopted a multiple class plan that allows the Fund to offer one or more classes of shares of the Fund. The Fund currently offers three classes of shares – Class A, Class C and Institutional Class. The different classes of shares represent investments in the same portfolio of securities, but the classes are subject to different expenses and may have different share prices as outlined below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Class A** shares are charged a front-end sales charge of 4.25%, a CDSC of 1.00% and a redemption fee of 1.00%. Class A shares are also charged a 0.25% Rule 12b-1 distribution and service fee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Class C** shares are charged a CDSC of 1.00%. Class C shares are also charged a 1.00% Rule 12b-1 distribution and service fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Institutional Class** shares are not charged a front-end sales load, are not charged a CDSC and have no Rule 12b-1 distribution and service fee. The Institutional Class shares have a higher minimum initial investment than Class A shares and Class C shares.

**Rule 12b-1 Plan**

The Trust has adopted a plan pursuant to Rule 12b-1 for the Fund's Class A shares and Class C shares that allows the Fund to pay fees for the sale, distribution and servicing of the Class A shares and Class C shares. The plan provides for a distribution and servicing fee of up to 0.25% of the Class A shares average daily net assets and of up to 1.00% of the Class C shares average daily net assets. Because these fees are paid out over the life of the Fund's Class A shares and Class C shares, over time, these fees (to the extent they are accrued and paid) will increase the cost of your investment and may cost you more than paying other types of sales charges.

The Fund has policies and procedures in place for the monitoring of payments to broker-dealers and other financial intermediaries for distribution-related activities and the following non-distribution activities: sub-transfer agent, administrative, and other shareholder servicing services.

**Additional Payments to Dealers**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may 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.

**Distributor**

Quasar Distributors, LLC, a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, is located at 111 E. Kilbourn Avenue, Suite 2200, Milwaukee, Wisconsin 53202, and is the distributor for the shares of the Fund. Quasar is a registered broker-dealer and a member of the Financial Industry Regulatory Authority. Shares of the Fund are offered on a continuous basis.

**Service Fees – Other Payments to Third Parties**

In addition to Rule 12b-1 fees, the Adviser, out of its own resources, and without additional cost to the Fund or its shareholders, may provide cash payments or non-cash compensation to financial intermediaries who sell shares of the Fund. Such payments and compensation would be in addition to Rule 12b-1 and service fees paid by the Fund. These additional cash payments are generally made to intermediaries that provide shareholder servicing, marketing support and/or access to sales meetings, sales representatives and management representatives of the intermediary. Cash compensation may also be paid to intermediaries for inclusion of the Fund on a sales list, in other sales programs or as an expense reimbursement in cases where the intermediary provides shareholder services to the Fund's shareholders. The Adviser may also pay cash compensation in the form of finder's fees that vary depending on the Fund and the dollar amount of the shares sold.

**ADDITIONAL INFORMATION**

**Inactive Accounts**

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 shareholder's last known address of record determines which state has jurisdiction. Your mutual fund account may be transferred to the state government of your state of residence if no activity occurs within your account during the "inactivity period" specified in your state's abandoned property laws.

It is important that the Fund maintains a correct address for each shareholder. An incorrect address may cause a shareholder'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 shareholder or rightful owner of the account. If the Fund is unable to locate the shareholder, then it will determine whether the shareholder's account can legally be considered abandoned.

**Fund Mailings**

Statements and reports that the Fund sends to you include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Confirmation statements (after every transaction that affects your account balance or your account registration);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual and semi-annual shareholder reports ("shareholder reports") (every six months); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly account statements.

As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Fund's shareholder reports are no longer sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports are made available on the Fund's website, www.zieglercapfunds.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary, such as a broker-dealer or bank, or, if you are a direct investor, by calling the Fund toll-free at 833-777-1533.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call the Fund toll-free at 833-777-1533 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary.

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 they will determine whether the investor's account can legally be considered abandoned.

**Householding**

In an effort to decrease costs, the Fund intends to reduce the number of duplicate prospectuses, proxy statements and other similar documents you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders 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 833-777-1533 to request individual copies of these documents. Once the Transfer Agent receives notice to stop householding, the Transfer Agent will begin sending individual copies thirty days after receiving your request. This policy does not apply to account statements.

**General Policies**

Some of the following policies are mentioned above. In general, the Fund reserves the right to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Refuse, change, discontinue, or temporarily suspend account services, including purchase, or telephone redemption privileges, for any reason;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reject any purchase request for any reason. Generally, the Fund will do this if the purchase is disruptive to the efficient management of the Fund (due to the timing of the investment or an investor's history of excessive trading);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Redeem all shares in your account if your balance falls below $500 due to redemption activity. If, within 30 days of the Fund's written request, you have not increased your account balance, you may be required to redeem your shares. The Fund will not require you to redeem shares if the value of your account drops below the investment minimum due to fluctuations of NAV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delay paying redemption proceeds for more than seven calendar days after receiving a request under the circumstances described below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reject any purchase or redemption request that does not contain all required documentation and is not in good order.

If you did not purchase your shares with a wire payment, before selling recently purchased shares, please note that if the Transfer Agent has not yet collected payment for the shares you are selling, it may delay sending the proceeds until the payment is collected, which may take up to 15 calendar days from the purchase date. Furthermore, there are certain times when you may be unable to redeem the Fund's shares or receive proceeds. Specifically, the Fund may suspend the right to redeem shares or postpone the date of payment upon redemption for more than seven calendar days for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.any period during which the NYSE is closed (other than customary weekend or holiday closings) or trading on the NYSE is restricted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.any period during which an emergency exists as a result of which disposal by the Fund of securities it owns is not reasonably practicable or it is not reasonably practicable for the Fund fairly to determine the value of its net assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.such other periods as the SEC may permit for the protection of the Fund's shareholders.

If you accepted telephone privileges on the account application or in a letter to the Fund, you may be responsible for any fraudulent telephone orders as long as the Fund has taken reasonable precautions to verify your identity. 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. In addition, once you place a telephone transaction request, it cannot be canceled or modified after the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time).

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**FINANCIAL HIGHLIGHTS**

The financial highlights tables are intended to help you understand the Fund's financial performance for the past five years. Certain information reflects financial results for a single share. The total returns in each table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). The information has been audited by BBD, LLP, whose report, along with the Fund's financial statements, are included in the Fund's annual report, which is available upon request.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Class A Shares** | | | | | | | |
| Per Share Data for a Share Outstanding Throughout Each Year End Presented. | Per Share Data for a Share Outstanding Throughout Each Year End Presented. | Per Share Data for a Share Outstanding Throughout Each Year End Presented. | Per Share Data for a Share Outstanding Throughout Each Year End Presented. | Per Share Data for a Share Outstanding Throughout Each Year End Presented. |  |  |  |
|  | **September 30, <br>2022** |  | **September 30, <br>2021** | **September 30, <br>2020** | **September 30, <br>2019** |  | **September 30, <br>2018** |
| **Net Asset Value, Beginning of Year** | $**24.92** |  | $**24.34** | $**25.18** | $**26.01** |  | $**25.87** |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |  |
| Net investment income <sup>(1)</sup> | 0.96 |  | 0.84 | 1.05 | 1.35 |  | 1.22 |
| Net realized and unrealized gain (loss) on investments | (1.93) |  | 0.58 | (0.83) | (0.78) |  | 0.14 |
| **Total Gain (Loss) from Investment Operations** | **(0.97)** |  | **1.42** | **0.22** | **0.57** |  | **1.36** |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |  |
| From net investment income | (0.96) |  | (0.84) | (1.05) | (1.35) |  | (1.14) |
| From net realized gain on investments |  |  |  | (0.01) | (0.05) |  | (0.08) |
| From return of capital |  | <sup>(2)</sup> |  |  |  |  |  |
| **Total Distributions** | **(0.96)** |  | **(0.84)** | **(1.06)** | **(1.40)** |  | **(1.22)** |
| Redemption fee proceeds <sup>(1)</sup> |  |  |  |  |  | <sup>(2)</sup> |  |
| **Net Asset Value, End of Year** | $**22.99** |  | $**24.92** | $**24.34** | $**25.18** |  | $**26.01** |
| **Total Return** <sup>(3)</sup> | (3.97)% |  | 5.90% | 0.97% | 2.27% |  | 5.37% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |  |
| Net assets, end of year (in thousands) | $4565 |  | $4734 | $4746 | $5638 |  | $8563 |
| Ratio of expenses to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Before fees waived / reimbursed by the Adviser | 1.50% |  | 1.45% | 1.43% | 1.31% |  | 1.35% |
| &nbsp;&nbsp;After fees waived / reimbursed by the Adviser | 0.99% |  | 0.99% | 0.99% | 0.99% |  | 0.99% |
| Ratio of net investment income to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;After fees waived / reimbursed by the Adviser | 3.97% |  | 3.38% | 4.36% | 5.28% |  | 4.69% |
| Portfolio turnover rate <sup>(4)</sup> | 26% |  | 40% | 41% | 61% |  | 35% |

---

<sup>(1)</sup> Computed using average shares method.

<sup>(2)</sup> Amount represents less than $0.01 per share.

<sup>(3)</sup> Performance reported does not reflect sales charges.

<sup>(4)</sup> Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C Shares** | | | | | | |
| Per Share Data for a Share Outstanding Throughout Each Year Presented. | Per Share Data for a Share Outstanding Throughout Each Year Presented. | Per Share Data for a Share Outstanding Throughout Each Year Presented. | Per Share Data for a Share Outstanding Throughout Each Year Presented. | Per Share Data for a Share Outstanding Throughout Each Year Presented. | Per Share Data for a Share Outstanding Throughout Each Year Presented. | Per Share Data for a Share Outstanding Throughout Each Year Presented. |
|  | **September 30, <br>2022** |  | **September 30, <br>2021** | **September 30, <br>2020** | **September 30, <br>2019** | **September 30, <br>2018** |
| **Net Asset Value, Beginning of Year** | $**24.78** |  | $**24.20** | $**25.12** | $**25.96** | $**25.83** |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.75 |  | 0.65 | 0.87 | 1.16 | 1.01 |
| Net realized and unrealized gain (loss) on investments | (1.91) |  | 0.58 | (0.92) | (0.78) | 0.16 |
| **Total Gain (Loss) from Investment Operations** | **(1.16)** |  | **1.23** | **(0.05)** | **0.38** | **1.17** |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.77) |  | (0.65) | (0.86) | (1.17) | (0.96) |
| From net realized gain on investments |  |  |  | (0.01) | (0.05) | (0.08) |
| From return of capital |  | <sup>(2)</sup> |  |  |  |  |
| **Total Distributions** | **(0.77)** |  | **(0.65)** | **(0.87)** | **(1.22)** | **(1.04)** |
| **Net Asset Value, End of Year** | $**22.85** |  | $**24.78** | $**24.20** | $**25.12** | $**25.96** |
| **Total Return** <sup>(3)</sup> | (4.74)% |  | 5.12% | (0.12)% | 1.52% | 4.56% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of year (in thousands) | $2410 |  | $4247 | $8049 | $9894 | $2665 |
| Ratio of expenses to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;Before fees waived / reimbursed by the Adviser | 2.25% |  | 2.19% | 2.18% | 2.07% | 2.12% |
| &nbsp;&nbsp;After fees waived / reimbursed by the Adviser | 1.74% |  | 1.74% | 1.74% | 1.74% | 1.74% |
| Ratio of net investment income to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;After fees waived / reimbursed by the Adviser | 3.11% |  | 2.63% | 3.60% | 4.56% | 3.88% |
| Portfolio turnover rate <sup>(4)</sup> | 26% |  | 40% | 41% | 61% | 35% |

---

<sup>(1)</sup> Computed using average shares method.

<sup>(2)</sup> Amount represents less than $0.01 per share.

<sup>(3)</sup> Performance reported does not reflect sales charges.

<sup>(4)</sup> Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Class Shares** | | | | | | |
| Per Share Data for a Share Outstanding Throughout Each Year Presented. | Per Share Data for a Share Outstanding Throughout Each Year Presented. | Per Share Data for a Share Outstanding Throughout Each Year Presented. | Per Share Data for a Share Outstanding Throughout Each Year Presented. | Per Share Data for a Share Outstanding Throughout Each Year Presented. | Per Share Data for a Share Outstanding Throughout Each Year Presented. | Per Share Data for a Share Outstanding Throughout Each Year Presented. |
|  | **September 30, <br>2022** |  | **September 30, <br>2021** | **September 30, <br>2020** | **September 30, <br>2019** | **September 30, <br>2018** |
| **Net Asset Value, Beginning of Year** | $**24.86** |  | $**24.28** | $**25.19** | $**26.02** | $**25.88** |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income <sup>(1)</sup> | 1.01 |  | 0.90 | 1.10 | 1.41 | 1.25 |
| Net realized and unrealized gain (loss) on investments | (1.92) |  | 0.58 | (0.90) | (0.77) | 0.17 |
| **Total Gain from Investment Operations** | **(0.91)** |  | **1.48** | **0.20** | **0.64** | **1.42** |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (1.02) |  | (0.90) | (1.10) | (1.42) | (1.20) |
| From net realized gain on investments |  |  |  | (0.01) | (0.05) | (0.08) |
| From return of capital |  | <sup>(2)</sup> |  |  |  |  |
| **Total Distributions** | **(1.02)** |  | **(0.90)** | **(1.11)** | **(1.47)** | **(1.28)** |
| **Net Asset Value, End of Year** | $**22.93** |  | $**24.86** | $**24.28** | $**25.19** | $**26.02** |
| **Total Return** | (3.75)% |  | 6.17% | 0.93% | 2.56% | 5.62% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of year (in thousands) | $55212 |  | $61093 | $56001 | $65542 | $80262 |
| Ratio of expenses to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;Before fees waived / reimbursed by the Adviser | 1.26% |  | 1.20% | 1.19% | 1.08% | 1.17% |
| &nbsp;&nbsp;After fees waived / reimbursed by the Adviser | 0.74% |  | 0.74% | 0.74% | 0.74% | 0.74% |
| Ratio of net investment income to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;After fees waived / reimbursed by the Adviser | 4.18% |  | 3.63% | 4.57% | 5.52% | 4.79% |
| Portfolio turnover rate <sup>(3)</sup> | 26% |  | 40% | 41% | 61% | 35% |

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<sup>(1)</sup> Computed using average shares method.

<sup>(2)</sup> Amount represents less than $0.01 per share. 

<sup>(3)</sup> Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

------

**PRIVACY NOTICE**

The Fund collects non-public information about you from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information we receive about you on applications or other forms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information you give us orally; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information about your transactions with us or others

We do not disclose any non-public personal information about our customers or former customers without the customer's authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated and unaffiliated third parties with whom we have contracts for servicing the Fund. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities. We maintain physical, electronic and procedural safeguards to guard your personal information and require third parties to treat your personal information with the same high degree of confidentiality.

In the event that you hold shares of the Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared with unaffiliated third parties.

------

**Investment Adviser**

Ziegler Capital Management, LLC

30 S. Wacker Drive, Suite 2800

Chicago, Illinois 60606

**Investment Sub-Adviser**

Pretium Credit Management, LLC

c/o Pretium Partners, LLC

810 Seventh Avenue, Suite 2400

New York, New York 10019

**Distributor**

Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 2200

Milwaukee, Wisconsin 53202

**Custodian**

U.S. Bank National Association

Custody Operations

1555 North Rivercenter Drive, Suite 302

Milwaukee, Wisconsin 53212

**Transfer Agent**

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

**Independent Registered Public Accounting Firm**

BBD, LLP

1835 Market Street, 3<sup>rd</sup> Floor

Philadelphia, Pennsylvania 19103

**Legal Counsel**

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue NW

Washington, D.C. 20004

------

**Ziegler Senior Floating Rate Fund**

You can find more information about the Fund in the following documents:

**Statement of Additional Information**

The SAI provides additional details about the investments and techniques of the Fund and certain other additional information. A current SAI is on file with the SEC and is incorporated into this Prospectus by reference. This means that the SAI is legally considered a part of this Prospectus even though it is not physically within this Prospectus.

**Annual and Semi-Annual Reports**

The Fund's annual and semi-annual reports (collectively, the "Shareholder Reports") provide the most recent financial reports and portfolio listings. The annual report will contain a discussion of the market conditions and investment strategies that affected the Fund's performance during the Fund's last fiscal year.

The SAI and the Shareholder Reports are available free of charge on the Fund's website at www.zieglercapfunds.com. You can obtain a free copy of the SAI and Shareholder Reports, request other information, or make general inquiries about the Fund by calling the Fund at 833-777-1533 or by writing to:

Ziegler Senior Floating Rate Fund

c/o U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

Reports and other information about the Fund are available:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free of charge from the SEC's EDGAR database on the SEC's website at http://www.sec.gov; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

(The Trust's SEC Investment Company Act file number is 811-21422.)

------

![ck0001261788-20220930_g1.jpg](ck0001261788-20220930_g1.jpg)

**January 31, 2023**

**STATEMENT OF ADDITIONAL INFORMATION**

**Ziegler Senior Floating Rate Fund**

---

| | |
|:---|:---|
| **Class A** | **ZFLAX** |
| **Class C** | **ZFLCX** |
| **Institutional Class** | **ZFLIX** |

---

A series of

Trust for Advised Portfolios

c/o U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

Toll Free: 833-777-1533

This Statement of Additional Information (the "SAI") is not a prospectus and it should be read in conjunction with the Prospectus dated January 31, 2023, as may be revised, for the Ziegler Senior Floating Rate Fund (the "Fund"), a series of Trust for Advised Portfolios (the "Trust"). Ziegler Capital Management, LLC (the "Adviser") serves as the Fund's investment adviser. Pretium Credit Management, LLC (the "Sub-Adviser") serves as the Fund's investment sub-adviser. The Fund's financial statements for the fiscal year ended September 30, 2022 are incorporated into this SAI by reference to the <u>[Fund's annual report](http://www.sec.gov/Archives/edgar/data/1261788/000089418922008812/0000894189-22-008812-index.htm)</u>. A copy of the Prospectus and annual report may be obtained without charge on the Fund's website, www.zieglercapfunds.com, or by calling or writing the Fund as shown above.

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [THE TRUST](#i9345da11f0e545ffbea225b9f55aa9eb_7) | [1](#i9345da11f0e545ffbea225b9f55aa9eb_7) |
| [INVESTMENT POLICIES](#i9345da11f0e545ffbea225b9f55aa9eb_10) | [1](#i9345da11f0e545ffbea225b9f55aa9eb_10) |
| [INVESTMENT RESTRICTIONS](#i9345da11f0e545ffbea225b9f55aa9eb_13) | [8](#i9345da11f0e545ffbea225b9f55aa9eb_13) |
| [PORTFOLIO TURNOVER](#i9345da11f0e545ffbea225b9f55aa9eb_16) | [11](#i9345da11f0e545ffbea225b9f55aa9eb_16) |
| [PORTFOLIO HOLDINGS POLICY](#i9345da11f0e545ffbea225b9f55aa9eb_19) | [12](#i9345da11f0e545ffbea225b9f55aa9eb_19) |
| [MANAGEMENT](#i9345da11f0e545ffbea225b9f55aa9eb_22) | [13](#i9345da11f0e545ffbea225b9f55aa9eb_22) |
| [CODES OF ETHICS](#i9345da11f0e545ffbea225b9f55aa9eb_25) | [17](#i9345da11f0e545ffbea225b9f55aa9eb_25) |
| [PROXY VOTING POLICIES AND PROCEDURES](#i9345da11f0e545ffbea225b9f55aa9eb_28) | [17](#i9345da11f0e545ffbea225b9f55aa9eb_28) |
| [CONTROL PERSONS, PRINCIPAL SHAREHOLDERS, AND MANAGEMENT OWNERSHIP](#i9345da11f0e545ffbea225b9f55aa9eb_31) | [17](#i9345da11f0e545ffbea225b9f55aa9eb_31) |
| [THE FUND'S INVESTMENT ADVISER](#i9345da11f0e545ffbea225b9f55aa9eb_34) | [19](#i9345da11f0e545ffbea225b9f55aa9eb_34) |
| [THE FUND'S INVESTMENT SUB-ADVISER](#i9345da11f0e545ffbea225b9f55aa9eb_37) | [20](#i9345da11f0e545ffbea225b9f55aa9eb_37) |
| [PORTFOLIO MANAGERS](#i9345da11f0e545ffbea225b9f55aa9eb_40) | [21](#i9345da11f0e545ffbea225b9f55aa9eb_40) |
| [OTHER SERVICE PROVIDERS](#i9345da11f0e545ffbea225b9f55aa9eb_43) | [22](#i9345da11f0e545ffbea225b9f55aa9eb_43) |
| [EXECUTION OF PORTFOLIO TRANSACTIONS](#i9345da11f0e545ffbea225b9f55aa9eb_46) | [24](#i9345da11f0e545ffbea225b9f55aa9eb_46) |
| [GENERAL INFORMATION](#i9345da11f0e545ffbea225b9f55aa9eb_49) | [25](#i9345da11f0e545ffbea225b9f55aa9eb_49) |
| [ADDITIONAL PURCHASE AND REDEMPTION INFORMATION](#i9345da11f0e545ffbea225b9f55aa9eb_52) | [26](#i9345da11f0e545ffbea225b9f55aa9eb_52) |
| [DETERMINATION OF SHARE PRICE](#i9345da11f0e545ffbea225b9f55aa9eb_55) | [30](#i9345da11f0e545ffbea225b9f55aa9eb_55) |
| [DISTRIBUTIONS AND TAX INFORMATION](#i9345da11f0e545ffbea225b9f55aa9eb_58) | [31](#i9345da11f0e545ffbea225b9f55aa9eb_58) |
| [RULE 12b-1 DISTRIBUTION AND SERVICE PLAN](#i9345da11f0e545ffbea225b9f55aa9eb_61) | [38](#i9345da11f0e545ffbea225b9f55aa9eb_61) |
| [MARKETING AND SUPPORT PAYMENTS](#i9345da11f0e545ffbea225b9f55aa9eb_64) | [39](#i9345da11f0e545ffbea225b9f55aa9eb_64) |
| [ANTI-MONEY LAUNDERING PROGRAM](#i9345da11f0e545ffbea225b9f55aa9eb_67) | [39](#i9345da11f0e545ffbea225b9f55aa9eb_67) |
| [FINANCIAL STATEMENTS](#i9345da11f0e545ffbea225b9f55aa9eb_70) | [40](#i9345da11f0e545ffbea225b9f55aa9eb_70) |
| APPENDIX A - DESCRIPTION OF SECURITIES RATINGS | A-[1](#i9345da11f0e545ffbea225b9f55aa9eb_73) |
| APPENDIX B - PROXY VOTING POLICIES | B-[1](#i9345da11f0e545ffbea225b9f55aa9eb_76) |

---

No person has been authorized to give any information or to make any representations other than those contained in this SAI and the Prospectus dated January 31, 2023, if given or made, such information or representations may not be relied upon as having been authorized by *Ziegler Senior Floating Rate Fund*.

This SAI does not constitute an offer to sell securities.

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**THE TRUST**

The Trust is a Delaware statutory trust organized under the laws of the State of Delaware on August 28, 2003, and is registered with the U.S. Securities and Exchange Commission (the "SEC") as an open-end management investment company. Between August 28, 2003 and May 31, 2005 the Trust was named "Lotsoff Capital Management Equity Trust." Between June 1, 2005 and November 30, 2011 the Trust was named "Lotsoff Capital Management Investment Trust." Between December 1, 2011 and January 30, 2013 the Trust was named "Ziegler Lotsoff Capital Management Investment Trust." Between January 31, 2013 and January 29, 2014 the Trust was named "Ziegler Capital Management Investment Trust."

The Trust's Agreement and Declaration of Trust (the "Declaration of Trust") permits the Trust's Board of Trustees (the "Board" or the "Trustees") to issue an unlimited number of full and fractional shares of beneficial interest, of no par value per share, which may be issued in any number of series. The Trust consists of various series that represent separate investment portfolios. The Board may from time to time issue other series, the assets and liabilities of which will be separate and distinct from any other series. This SAI relates only to the Fund.

Registration with the SEC does not involve supervision of the management or policies of the Fund. The Prospectus, SAI, shareholder reports and other information about the Fund are available free of charge on the EDGAR database on the SEC website at www.sec.gov. Copies of such information may be obtained from the SEC upon payment of the prescribed fee by electronic request at the following e-mail address: publicinfo@sec.gov.

**INVESTMENT POLICIES**

The discussion below supplements information contained in the Fund's Prospectus as to the permitted investments, investment policies and risks of the Fund.

**Diversification**

The Fund is diversified under applicable federal securities laws. This means that as to 75% of its total assets (1) no more than 5% may be invested in the securities of a single issuer, and (2) it may not hold more than 10% of the outstanding voting securities of a single issuer. However, the diversification of a mutual fund's holdings is measured at the time the fund purchases a security and if the Fund purchases a security and holds it for a period of time, the security may become a larger percentage of the Fund's total assets due to movements in the financial markets. If the market affects several securities held by the Fund, the Fund may have a greater percentage of its assets invested in securities of fewer issuers. Accordingly, the Fund is subject to the risk that its performance may be hurt disproportionately by the poor performance of relatively few securities despite qualifying as a diversified fund.

**Percentage Limitations**

Whenever an investment policy or limitation states a maximum percentage of the Fund's assets that may be invested in any security or other asset, or sets forth a policy regarding quality standards, such standard or percentage limitation will be determined immediately after and as a result of the Fund's acquisition or sale of such security or other asset. Accordingly, except with respect to borrowing and illiquid securities, any subsequent change in values, net assets or other circumstances will not be considered in determining whether an investment complies with the Fund's investment policies and limitations. In addition, if a bankruptcy or other extraordinary event occurs concerning a particular investment by the Fund, the Fund may receive stock, real estate or other investments that the Fund would not, or could not buy. If this happens the Fund would sell such investments as soon as practicable while trying to maximize the return to its shareholders.

**Derivatives**

Rule 18f-4 under the 1940 Act (the "Derivatives Rule") provides a comprehensive framework for the Fund's use of derivatives. The Derivatives Rule requires registered investment companies that enter into derivatives transactions and certain other transactions that create future payment or delivery obligations to, among other things, (i) comply with a value-at-risk ("VaR") leverage limit, and (ii) adopt and implement a comprehensive written derivatives risk management program. These and other requirements apply unless the Fund qualifies as a

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"limited derivatives user," which the Derivatives Rule defines as a fund that limits its derivatives exposure to 10% of its net assets. Complying with the Derivatives Rule may increase the cost of the Fund's investments and cost of doing business, which could adversely affect investors. The Derivatives Rule may not be effective to limit the Fund's risk of loss. In particular, measurements of VaR rely on historical data and may not accurately measure the degree of risk reflected in the Fund's derivatives or other investments. Other potentially adverse regulatory obligations can develop suddenly and without notice.

Generally, derivatives can be characterized as financial instruments whose value is derived, at least in part, from the value of an underlying asset or assets. Types of derivatives include options, futures contracts, options on futures, and forward contracts. Derivative instruments may be used for a variety of reasons, including enhancing returns, hedging against certain market risks, or providing a substitute for purchasing or selling particular securities. Derivatives may provide a cheaper, quicker, or more specifically focused way for the Fund to invest than "traditional" securities would.

Derivatives can be volatile and involve various types and degrees of risk, depending upon the characteristics of the particular derivative and the portfolio as a whole. Derivatives permit the Fund to increase or decrease the level of risk, or change the character of the risk, to which its portfolio is exposed in much the same way as the Fund can increase or decrease the level of risk, or change the character of the risk, of its portfolio by making investments in specific securities.

Derivatives may be purchased on established exchanges or through privately negotiated transactions referred to as over-the-counter derivatives. Exchange-traded derivatives generally are guaranteed by the clearing agency, which is the issuer or counterparty to such derivatives. This guarantee usually is supported by a daily payment system (*i.e.*, margin requirements) operated by the clearing agency in order to reduce overall credit risk. As a result, unless the clearing agency defaults, there is relatively little counterparty credit risk associated with derivatives purchased on an exchange. By contrast, no clearing agency guarantees over-the-counter derivatives. Therefore, each party to an over-the-counter derivative bears the risk that the counterparty will default. Accordingly, the Adviser will consider the creditworthiness of counterparties to over-the-counter derivatives in the same manner as they would review the credit quality of a security to be purchased by the Fund. Over-the-counter derivatives are less liquid than exchange-traded derivatives since the other party to the transaction may be the only investor with sufficient understanding of the derivative to be interested in bidding for it.

The Fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of risks, such as liquidity risk, interest rate risk, market risk, credit risk and management risk. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund by investing in a derivative instrument could lose more than the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial.

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The Fund may also utilize certain financial instruments and investment techniques for risk management or hedging purposes. There is no assurance that such risk management and hedging strategies will be successful, as such success will depend on, among other factors, the Adviser's ability to predict the future correlation, if any, between the performance of the instruments utilized for hedging purposes and the performance of the investments being hedged.

The Fund may invest in derivative instruments including swap contracts. The Fund can use swap contracts, including interest rate swaps, to hedge or adjust its exposure to interest rates. The Fund can also use swap contracts, including credit default swaps, to gain or reduce exposure to an asset class or a particular issuer. The Fund may invest in credit linked notes. Credit linked notes are securities structured and issued by an issuer, which may be a bank, banker or special purpose vehicle. The Fund can use credit linked notes to gain or reduce exposure to an asset class or a particular issuer.

Other types of obligations and securities may include unsecured loans, fixed rate high yield bonds, investment grade corporate bonds, and short-term government and commercial debt obligations.

**Leverage**

There can be no assurance that the Fund's leveraging strategy will be successful. Although leverage will increase investment return if the Fund earns a greater return on the investments purchased with borrowed funds than it pays for the use of those funds, the use of leverage will decrease investment return if the Fund fails to earn as much on investments purchased with borrowed funds as it pays for the use of those funds. The use of leverage will therefore magnify the extent of the changes in the value of the Fund.

**Equity Securities**

In connection with its purchase or holding of interests in senior secured floating rate loans made by banks and other lending institutions and in senior secured floating rate debt instruments, and in derivatives and other instruments that have economic characteristics similar to such securities, in the event an in court or out of court restructuring, the Fund may acquire (and subsequently sell) equity securities or exercise warrants that it receives.

**Convertible Securities** 

Convertible securities are bonds, debentures, notes, preferred stocks or other securities that may be converted or exchanged (by the holder or by the issuer) into shares of the underlying common stock (or cash or securities of equivalent value) at a stated exchange ratio. A convertible security may also be called for redemption or conversion by the issuer after a particular date and under certain circumstances (including a specified price) established upon issue. If a convertible security held by the Fund is called for redemption or conversion, the Fund could be required to tender it for redemption, convert it into the underlying common stock, or sell it to a third party.

Convertible securities generally have less potential for gain or loss than common stocks. Convertible securities generally provide yields higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher yield, convertible securities generally sell at a price above their "conversion value," which is the current market value of the stock to be received upon conversion. The difference between this conversion value and the price of convertible securities will vary over time depending on changes in the value of the underlying common stocks and interest rates. When the underlying common stocks decline in value, convertible securities will tend not to decline to the same extent because of the interest or dividend payments and the repayment of principal at maturity for certain types of convertible securities. However, securities that are convertible other than at the option of the holder generally do not limit the potential for loss to the same extent as securities convertible at the option of the holder. When the underlying common stocks rise in value, the value of convertible securities may also be expected to increase. At the same time, however, the difference between the market value of convertible securities and their conversion value will narrow, which means that the value of convertible securities will generally not increase to the same extent as the value of the underlying common stocks. Because convertible securities may also be interest-rate sensitive, their value may

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increase as interest rates fall and decrease as interest rates rise. Convertible securities are also subject to credit risk, and are often lower-quality securities.

**Fixed Income Securities**

The Fund may invest a portion of its capital in bonds or other fixed income securities, including, without limitation, bonds, notes and debentures issued by corporations, debt securities issued or guaranteed by the U.S. government or one of its agencies or instrumentalities, commercial paper, and "higher yielding" (and, therefore, higher risk) debt securities of the former categories. These securities may pay fixed, variable or floating rates of interest, and may include zero coupon obligations. Fixed income securities are subject to the risk of the issuer's inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (i.e., market risk).

**Illiquid Investments and Restricted Securities**

The Fund may not acquire an illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If illiquid investments exceed 15% of the Fund's net assets, certain remedial actions will be taken as required by Rule 22e-4 under the 1940 Act and the Fund's policies and procedures.

Restricted securities are securities subject to legal or contractual restrictions on their resale, such as private placements. Such restrictions might prevent the sale of restricted securities at a time when the sale would otherwise be desirable. Under SEC regulations, certain restricted securities acquired through private placements can be traded freely among qualified purchasers. While restricted securities are generally classified as illiquid, the SEC has stated that an investment company's board of directors, or its investment adviser acting under authority delegated by the board, may determine that a security eligible for trading under this rule is "liquid." The Fund intends to rely on this rule, to the extent appropriate, to deem specific securities acquired through private placement as "liquid." The Board has delegated to the Adviser, pursuant to guidelines established by the Board, the responsibility for determining whether a particular security eligible for trading under this rule is "liquid." Investing in these restricted securities could have the effect of increasing the Fund's illiquidity if qualified purchasers become, for a time, uninterested in buying these securities.

Restricted securities may be sold only (1) pursuant to SEC Rule 144A or another exemption, (2) in privately negotiated transactions or (3) in public offerings with respect to which a registration statement is in effect under the Securities Act of 1933, as amended (the "1933" Act). Rule 144A securities, although not registered in the U.S., may be sold to qualified institutional buyers in accordance with Rule 144A under the 1933 Act. As noted above, the Adviser, acting pursuant to guidelines established by the Board, may determine that some Rule 144A securities are liquid. Where registration is required, the Fund may be obligated to pay all or part of the registration expenses and a considerable period may elapse between the time of the decision to sell and the time the Fund may be permitted to sell a restricted security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the Fund might obtain a less favorable price than prevailed when it decided to sell.

Illiquid investments may be difficult to value, and the Fund may have difficulty disposing of such investments promptly. The Fund does not consider non-U.S. securities to be restricted if they can be freely sold in the principal markets in which they are traded, even if they are not registered for sale in the U.S.

**Interest Rates and Portfolio Maturity**

Interest rates on loans in which the Fund invests adjust periodically. The interest rates are adjusted based on a base rate plus a premium or spread over the base rate. The base rate typically is Secured Overnight Financing Rate ("SOFR"), the federal funds rate, the prime rate, or other base lending rates used by commercial lenders. The SOFR has been selected by a committee established by the Board of Governors of the Federal Reserve System

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and the Federal Reserve Bank of New York to replace London Inter-bank Offered Rate ("LIBOR") as a reference or benchmark rate in the United States.

SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities and has been published by the Federal Reserve Bank of New York since April 2018. SOFR is published by the Federal Reserve Bank of New York based on data that it receives from various sources. The composition and characteristics of SOFR is fundamentally different from LIBOR as SOFR is a secured rate, while LIBOR is an unsecured rate, and SOFR is an overnight rate, while LIBOR is a forward-looking rate. As a result, there can be no assurance that SOFR will perform in the same way as LIBOR including, for example, as a result of changes in interest and yield rates in the market, market volatility, or global or regional economic, financial, political, regulatory, judicial or other events.

The floating rate loans in which the Fund invests typically have multiple reset periods during the year with each reset period applicable to a designated portion of the loan. The Fund may find it possible and appropriate to use interest rate swaps and other investment practices to shorten the effective interest rate adjustment period of loans. If the Fund does so, it will consider the shortened period to be the adjustment period of the loan. As short-term interest rates rise, interest payable to the Fund should increase. As short-term interest rates decline, interest payable to the Fund should decrease. The amount of time that will pass before the Fund experiences the effects of changing short-term interest rates will depend on the dollar-weighted average time until the next interest rate adjustment on the Fund's portfolio of loans.

Loans usually have mandatory and optional prepayment provisions. Because of prepayments, the actual remaining maturity of a loan may be considerably less than its stated maturity. If a loan is prepaid, the Fund will have to reinvest the proceeds in other loans or securities, which may have a lower fixed spread over its base rate. In such a case, the amount of interest paid to the Fund would likely decrease.

In the event of a change in the base interest rate on a loan, the rate payable to lenders under the loan will, in turn, change at the next scheduled reset date. If the base rate goes up, the Fund as lender would earn interest at a higher rate, but only on and after the reset date. If the base rate goes down, the Fund as lender would earn interest at a lower rate, but only on and after the reset date.

During normal market conditions, changes in market interest rates will affect the Fund in certain ways. The principal effect will be that the yield on the Fund's shares will tend to rise or fall as market interest rates rise and fall. This is because almost all of the assets in which the Fund invests pay interest at rates which float in response to changes in market rates. However, because the interest rates on the Fund's assets reset over time, there will be an imperfect correlation between changes in market rates and changes to rates on the portfolio as a whole. This means that changes to the rate of interest paid on the portfolio as a whole, will tend to lag behind changes in market rates.

Market interest rate changes may also cause the Fund's net asset value ("NAV") to experience volatility. This is because the value of a loan asset in the Fund is partially a function of whether it is paying what the market perceives to be a market rate of interest for the particular loan given its individual credit and other characteristics. If market interest rates change, a loan's value could be affected to the extent the interest rate paid on that loan does not reset at the same time. As discussed above, the rates of interest paid on the loans in which the Fund invests have a weighted average reset period that typically is less than 90 days. Therefore, the impact of the lag between a change in market interest rates and the change in the overall rate on the portfolio is expected to be minimal.

Finally, to the extent that changes in market rates of interest are reflected, not in a change to a base rate such as SOFR, but in a change in the spread over the base rate which is payable on loans of the type and quality in which the Fund invests, the Fund's NAV could be adversely affected. Again, this is because the value of a loan asset in the Fund is partially a function of whether it is paying what the market perceives to be a market rate of interest for the particular loan given its individual credit and other characteristics. However, unlike changes in market rates of interest for which there is only a temporary lag before the portfolio reflects those changes, changes in a loan's value based on changes in the market spread on loans in the Fund's portfolio may be of longer duration.

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**Investment in Other Investment Companies**

The Fund may invest in securities of other investment companies, including ETFs, to the extent permitted under the 1940 Act. Unlike shares of typical mutual funds, shares of ETFs are traded on an exchange throughout a trading day and bought and sold based on market values and not at net asset value. For this reason, shares could trade at either a premium or discount to net asset value. The spread between ask and bid prices quoted during the course of the day could be considered a premium or discount for the ETF at closing, which could affect the investment. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund will indirectly bear its pro rata share of the fees and expenses incurred by an investment company in which it invests, including advisory fees. As a result, with respect to the Fund's investment in other investment companies, shareholders will be subject to two layers of fees and expenses in connection with their investment in the Fund. These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations. Investing in securities issued by investment companies and ETFs involves risks similar to those of investing directly in the securities and other assets held by the investment company or ETF.

**Loan Participation and Assignments** 

The Fund's investment in loan participations typically will result in the Fund having a contractual relationship only with the lender and not with the borrower. The Fund will have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing participation, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any right of set-off against the borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund may be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

When the Fund purchases a loan assignment from lenders, it will acquire direct rights against the borrowers on the loan. However, because assignments are arranged through private negotiations between potential assignees and potential assignors, the rights and obligations acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. Because there is no liquid market for such securities, the Fund anticipates that such securities could be sold only to a limited number of institutional investors. The lack of a liquid secondary market may have an adverse impact on the value of such securities and the Fund's ability to dispose of particular assignments or participation when necessary to meet redemption of Fund shares, to meet the Fund's liquidity needs or, when necessary in response to a specific economic event such as deterioration in the creditworthiness of the borrower. The lack of a liquid secondary market for assignments and participation also may make it more difficult for the Fund to value these securities for purposes of calculating its NAV.

Up to 5% of the Fund's net assets may be invested in subordinated loans or "second lien" loans. The Fund may invest in loans, bonds and notes that have the same characteristics as first lien loans except that such loans are second in lien priority rather than first. Such second lien loans and securities typically have adjustable floating rate interest payments. Accordingly, the risks associated with such securities are higher than the risks of loans with first priority over the collateral. In the event of default on a second lien loan, the first priority lien holder has first claim to the underlying collateral of the loan. It is possible, that no collateral value would remain for the second priority lien holder and therefore result in a loss of investment to a Fund.

**Bankruptcies and Other Reorganizations**

Certain of the issuers of securities may be involved in bankruptcy or other reorganization proceedings. Although such investments may result in significant returns to the Fund, they involve a substantial degree of risk. Many of the events within a bankruptcy case are adversarial and often beyond the control of the creditors. Accordingly, a

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bankruptcy court may approve actions that are contrary to the interests of the Fund. Such investments can result in a total loss of principal.

**Swap Transactions**

The Fund may enter into swap agreements with respect to securities, indexes of securities and other assets or other measures of risk or return. Swap agreements are typically two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to many years. In a standard "swap" transaction, two parties agree to exchange the returns (or the differential in rates of return) earned or realized on particular predetermined investments, instruments, or indices. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount". Whether the Fund's use of swap agreements will be successful will depend on the Adviser's ability to select appropriate transactions for the Fund. Swap transactions may be highly illiquid. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or insolvency of its counterparty. Many swap markets are relatively new and still developing. It is possible that developments in the swap markets, including potential government regulation, could adversely affect the Fund's ability to terminate swap transactions or to realize amounts to be received under such transactions. Swaps and certain other custom instruments are subject to the risk of non-performance by the swap counterparty, including risks relating to the creditworthiness of the swap counterparty.

Total return swaps are another form of swap transaction that the Fund may utilize in its investment program. A total return swap allows the total return receiver to receive the change in market value of an asset (whether a security, interest rate, form of debt, currency or other asset) from the total return payer in return for paying a floating or fixed interest-rate on a predetermined amount. The total return payer is synthetically short and the total return receiver is synthetically long. Thus, total return swap agreements may effectively add leverage to the Fund's portfolio because, in addition, to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap agreement.

Swap agreements involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement.

The Fund may invest in so-called "synthetic convertible securities," which are composed of two or more different securities whose investment characteristics, taken together, resemble those of convertible securities. The synthetic convertible security differs from the true convertible security in several respects. Unlike a true convertible security, which is a single security having a unitary market value, a synthetic convertible security comprises two or more separate securities, each with its own market value. Therefore, the "market value" of a synthetic convertible security is the sum of the values of its debt component and its convertible component. For this reason, the values of a synthetic convertible security and a true convertible security may respond differently to market fluctuations.

**Foreign Securities**

The Fund may invest in securities of non-U.S. issuers. The Fund's investments in securities and instruments in foreign markets involve substantial risks not typically associated with investments in U.S. securities. Foreign securities investments may be affected by changes in currency rates or exchange control regulations, changes in governmental administration or economic or monetary policy (in the United States and abroad) or changed circumstances in dealings between nations. Changes in foreign currency exchange rates relative to the U.S. dollar will affect the U.S. dollar value of the Fund's assets denominated in that currency and thereby impact the Fund's total return on such assets. The Fund may utilize options and forward contracts to hedge against currency fluctuations, but there can be no assurance that such hedging transactions will be effective.

Investments in foreign securities will also occasion risks relating to political and economic developments abroad, including the possibility of expropriations or confiscatory taxation, limitations on the use or transfer of Fund assets and any effects of foreign social, economic or political instability. Foreign companies are not subject to the regulatory requirements of U.S. companies and, as such, there may be less publicly available information about

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such companies. Moreover, foreign companies are not subject to uniform accounting, auditing and financial reporting standards and requirements comparable to those applicable to U.S. companies. Finally, in the event of a default of any foreign debt obligations, it may be more difficult for the Fund to obtain or enforce a judgment against the issuers of such securities.

Securities of foreign issuers may be less liquid than comparable securities of U.S. issuers and, as such, their price changes may be more volatile. Furthermore, foreign exchanges and broker-dealers are generally subject to less government and exchange scrutiny and regulation than their American counterparts. Brokerage commissions, dealer concessions and other transaction costs may be higher in foreign markets than in the U.S. In addition, differences in clearance and settlement procedures in foreign markets may occasion delays in settlements of the Fund's trades affected in such markets. The brokers (including those acting as sub-custodians) and custodian banks are subject to various laws and regulations in the relevant jurisdictions that are designed to protect their customers in the event of their insolvency.

To the extent the Fund invests in one or more countries, regions, sectors or industries, or in a limited number of issuers, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries or issuers. Local events, such as political upheaval, financial troubles, or natural disasters may disrupt a country's or region's securities markets.

**Cyber Security Risk** 

Investment companies, such as the Fund, and their service providers may be subject to operational and information security risks resulting from cyber-attacks. Cyber-attacks 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 security breaches. Cyber-attacks affecting the Fund or the Adviser, custodian, transfer agent, intermediaries and other third-party service providers may adversely impact the Fund. For instance, cyber-attacks may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its net asset value, cause the release of private shareholder information or confidential company information, impede trading, subject the Fund to regulatory fines or financial losses, and 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 invests, which could result in material adverse consequences for such issuers, and may cause the Fund's investment in such portfolio companies to lose value.

**INVESTMENT RESTRICTIONS**

**Fundamental Investment Policies**

The Trust (on behalf of the Fund) has adopted the following restrictions as fundamental policies, which may not be changed without the affirmative vote of the holders of a "majority of a Fund's outstanding voting securities" as defined in the 1940 Act. Under the 1940 Act, the "vote of the holders of a majority of the outstanding voting securities" means the vote of the holders of the lesser of (i) 67% of the shares of a Fund represented at a meeting at which the holders of more than 50% of its outstanding shares are represented or (ii) more than 50% of the outstanding shares of a Fund.

The Fund's fundamental policies are as follows:

1)The Fund is a "diversified company" as defined by the 1940 Act.

2)The Fund may not borrow money except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.

3)The Fund may not engage in the business of underwriting the securities of other issuers except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.

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4)The Fund may lend money or other assets to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.

5)The Fund may not issue senior securities except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.

6)The Fund may not purchase or sell real estate except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.

7)The Fund may purchase or sell commodities or contracts related to commodities to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.

8)The Fund may not invest more than 25% of the market value of its total assets in the securities of companies engaged in any one industry. (Does not apply to investments in the securities of other investment companies or securities of the U.S. Government, its agencies or instrumentalities.)

**Additional Information about Fundamental Investment Policies**

The following provides additional information about the Fund's fundamental investment policies. This information does not form part of the Fund's fundamental investment policies.

With respect to the fundamental policy relating to diversification set forth in (1) above, under the 1940 Act a diversified fund to may not purchase securities of an issuer (other than obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities and securities of other investment companies) if, with respect to 75% of its total assets, (a) more than 5% of the fund's total assets would be invested in securities of that issuer or (b) the fund would hold more than 10% of the outstanding voting securities of that issuer. With respect to the remaining 25% of its total assets, the fund can invest more than 5% of its assets in one issuer.

With respect to the fundamental policy relating to borrowing money set forth in (2) above, the 1940 Act permits a fund to borrow money in amounts of up to one-third of the fund's total assets from banks for any purpose, and to borrow up to 5% of the fund's total assets from banks or other lenders for temporary purposes. To limit the risks attendant to borrowing, the 1940 Act requires a fund to maintain at all times an "asset coverage" of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Borrowing money to increase a fund's investment portfolio is known as "leveraging." Borrowing, especially when used for leverage, may cause the value of a fund's shares to be more volatile than if the fund did not borrow. This is because borrowing tends to magnify the effect of any increase or decrease in the value of a fund's portfolio holdings. Borrowed money thus creates an opportunity for greater gains, but also greater losses. To repay borrowings, a fund may have to sell securities at a time and at a price that is unfavorable to the fund. There also are costs associated with borrowing money, and these costs would offset and could eliminate a fund's net investment income in any given period. The policy in (2) above will be interpreted to permit the Fund to engage in trading practices and investments that may be considered to be borrowing to the extent permitted by the 1940 Act. Reverse repurchase agreements may be considered to be a type of borrowing. Short-term credits necessary for the settlement of securities transactions and arrangements with respect to securities lending will not be considered to be borrowings under the policy. Practices and investments that may involve leverage but are not considered to be borrowings are not subject to the policy. Such trading practices may include futures, options on futures, forward contracts and other derivative investments.

With respect to the fundamental policy relating to underwriting set forth in (3) above, the 1940 Act does not prohibit a fund from engaging in the underwriting business or from underwriting the securities of other issuers. A fund engaging in transactions involving the acquisition or disposition of portfolio securities may be considered to

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be an underwriter under the Securities Act of 1933, as amended (the "1933 Act"). Under the 1933 Act, an underwriter may be liable for material omissions or misstatements in an issuer's registration statement or prospectus. Securities purchased from an issuer and not registered for sale under the 1933 Act are considered restricted securities. There may be a limited market for these securities. If these securities are registered under the 1933 Act, they may then be eligible for sale but participating in the sale may subject the seller to underwriter liability. These risks could apply to a fund investing in restricted securities. Although it is not believed that the application of the 1933 Act provisions described above would cause a fund to be engaged in the business of underwriting, the policy in (3) above will be interpreted not to prevent the Fund from engaging in transactions involving the acquisition or disposition of portfolio securities, regardless of whether the Fund may be considered to be an underwriter under the 1933 Act.

With respect to the fundamental policy relating to lending set forth in (4) above, the 1940 Act does not prohibit a fund from making loans; however, SEC staff interpretations currently prohibit funds from lending more than one-third of their total assets, except through the purchase of debt obligations or the use of repurchase agreements. (A repurchase agreement is an agreement to purchase a security, coupled with an agreement to sell that security back to the original seller on an agreed-upon date at a price that reflects current interest rates. The SEC frequently treats repurchase agreements as loans.) While lending securities may be a source of income to a fund, as with other extensions of credit, there are risks of delay in recovery or even loss of rights in the underlying securities should the borrower fail financially. However, loans would be made only when the Adviser believes the income justifies the attendant risks. In addition, collateral arrangements with respect to options, forward currency and futures transactions and other derivative instruments, as well as delays in the settlement of securities transactions, will not be considered loans.

With respect to the fundamental policy relating to issuing senior securities set forth in (5) above, "senior securities" are defined as fund obligations that have a priority over the fund's shares with respect to the payment of dividends or the distribution of fund assets. The 1940 Act prohibits a fund from issuing senior securities except that the fund may borrow money in amounts of up to one-third of the fund's total assets from banks for any purpose. A fund also may borrow up to 5% of the fund's total assets from banks or other lenders for temporary purposes, and these borrowings are not considered senior securities. The issuance of senior securities by a fund can increase the speculative character of the fund's outstanding shares through leveraging. Leveraging of a fund's portfolio through the issuance of senior securities magnifies the potential for gain or loss on monies, because even though the fund's net assets remain the same, the total risk to investors is increased. Certain widely used investment practices that involve a commitment by a fund to deliver money or securities in the future are not considered by the SEC to be senior securities, provided that a fund segregates cash or liquid securities in an amount necessary to pay the obligation or the fund holds an offsetting commitment from another party. These investment practices include repurchase and reverse repurchase agreements, swaps, dollar rolls, options, futures and forward contracts. The policy in (5) above will be interpreted not to prevent collateral arrangements with respect to swaps, options, forward or futures contracts or other derivatives, or the posting of initial or variation margin.

With respect to the fundamental policy relating to real estate set forth in (6) above, the 1940 Act does not prohibit a fund from owning real estate. Investing in real estate may involve risks, including that real estate is generally considered illiquid and may be difficult to value and sell. Owners of real estate may be subject to various liabilities, including environmental liabilities. The policy in (6) above will be interpreted not to prevent the Fund from investing in real estate-related companies, companies whose businesses consist in whole or in part of investing in real estate, instruments (like mortgages) that are secured by real estate or interests therein, or real estate investment trust securities.

With respect to the fundamental policy relating to commodities set forth in (7) above, the 1940 Act does not prohibit a fund from owning commodities, whether physical commodities and contracts related to physical commodities (such as oil or grains and related futures contracts), or financial commodities and contracts related to financial commodities (such as currencies and, possibly, currency futures). If a fund were to invest in a physical commodity or a physical commodity-related instrument, the fund would be subject to the additional risks of the particular physical commodity and its related market. The value of commodities and commodity-related

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instruments may be extremely volatile and may be affected either directly or indirectly by a variety of factors. There also may be storage charges and risks of loss associated with physical commodities. The policy in (7) above will be interpreted to permit investments in exchange traded funds that invest in physical and/or financial commodities.

With respect to the fundamental policy relating to concentration set forth in (8) above, the 1940 Act does not define what constitutes "concentration" in an industry. The SEC staff has taken the position that investment of more than 25% of a fund's total assets in one or more issuers conducting their principal activities in the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration could change in the future. A fund that invests a significant percentage of its total assets in a single industry may be particularly susceptible to adverse events affecting that industry and may be more risky than a fund that does not concentrate in an industry. The policy in (8) above will be interpreted to refer to concentration as that term may be interpreted from time to time. The policy also will be interpreted to permit investment without limit in the following: securities of the U.S. Government and its agencies or instrumentalities; and repurchase agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be considered to be members of any industry. The policy also will be interpreted to give broad authority to the Fund as to how to classify issuers within or among industries. When identifying industries for purposes of its concentration policy, the Fund may rely upon available industry classifications. The Fund will consider both the borrower and the institution selling a loan participation as an issuer for purposes of the Fund's concentration policy.

The Fund's fundamental policies are written and will be interpreted broadly. For example, the policies will be interpreted to refer to the 1940 Act and the related rules as they are in effect from time to time, and to interpretations and modifications of or relating to the 1940 Act by the SEC and others as they are given from time to time. When a policy provides that an investment practice may be conducted as permitted by the 1940 Act, the policy will be interpreted to mean either that the 1940 Act expressly permits the practice or that the 1940 Act does not prohibit the practice.

**Non-Fundamental Investment Policy**

The Fund observes the following policy, which is not deemed fundamental and may be changed without shareholder approval. The Fund may not change its policy of investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in senior secured floating rate loans and other senior secured floating rate debt instruments, and in other instruments that have economic characteristics similar to such instruments without first providing its shareholders with at least 60 days' prior notice.

**PORTFOLIO TURNOVER**

Although the Fund generally will not invest for short-term trading purposes, portfolio securities may be sold without regard to the length of time they have been held when, in the opinion of the Adviser or Sub-Adviser, investment considerations warrant such action. Portfolio turnover rate is calculated by dividing (1) the lesser of purchases or sales of portfolio securities for the fiscal year by (2) the monthly average of the value of portfolio securities owned during the fiscal year. A 100% turnover rate would occur if all the securities in the Fund's portfolio, with the exception of securities whose maturities at the time of acquisition were one year or less, were sold and either repurchased or replaced within one year. A high rate of portfolio turnover (100% or more) generally leads to higher transaction costs and generally reflects a greater number of taxable transactions. High portfolio turnover may result in larger amounts of short-term capital gains which, when distributed to shareholders, are generally taxed at ordinary income tax rates.

Following are the portfolio turnover rates for the fiscal years indicated below:

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| | |
|:---|:---|
| **Fiscal year ended September 30, 2022** | **Fiscal year ended September 30, 2021** |
| 26% | 40% |

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**PORTFOLIO HOLDINGS POLICY**

The Fund maintains portfolio holdings disclosure policies that govern the timing and circumstances of disclosure to shareholders and third parties of information regarding the portfolio investments held by the Fund. These portfolio holdings disclosure policies have been approved by the Board. Disclosure of the Fund's complete holdings is required to be made quarterly within 60 days of the end of each fiscal quarter in the annual report and semi-annual report to Fund shareholders and as an exhibit to its reports on Form N-PORT. These reports are available, free of charge, on the EDGAR database on the SEC's website at www.sec.gov.

Pursuant to the Trust's portfolio holdings disclosure policies, non-public information about the Fund's portfolio holdings generally is not distributed to any person, unless by explicit agreement or by virtue of their respective duties to the Fund, such persons are subject to a duty to maintain the confidentiality of the information disclosed, including a duty not to trade on non-public information. Examples of disclosure by the Trust include instances in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The disclosure is required pursuant to a regulatory request, court order or is legally required in the context of other legal proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The disclosure is made to a mutual fund rating and/or ranking organization, or person performing similar functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The disclosure is made to internal parties involved in the investment process, administration, operation or custody of the Fund, including, but not limited to the Fund's administrator, U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services and the Trust's Board, attorneys, auditors or independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The disclosure is made: (a) in connection with a quarterly, semi-annual or annual report that is available to the public; or (b) relates to information that is otherwise available to the public; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The disclosure is made with the prior written approval of either the Trust's Chief Compliance Officer or his or her designee.

Certain of the persons listed above receive information about the Fund's portfolio holdings on an ongoing basis without lag as part of the normal investment activities of the Fund. The Fund believes that these third parties have legitimate objectives in requesting such portfolio holdings information and operate in the best interest of the Fund's shareholders. These persons include internal parties involved in the investment process, administration, operation or custody of the Fund, specifically: U.S. Bank Global Fund Services; the Trust's Board; and the Trust's attorneys and independent registered public accounting firm, all of which typically receive such information after it is generated. In no event shall the Adviser, its affiliates or employees, the Fund, or any other party receive any direct or indirect compensation in connection with the disclosure of information about the Fund's holdings.

Portfolio holdings information posted on the Fund's website may be separately provided to any person, after it is first published on the Fund's website. Shareholders can access the Fund's website at www.zieglercapfunds.com for additional information about the Fund, including, without limitation, the periodic disclosure of its portfolio holdings.

Any disclosures to additional parties not described above is made with the prior written approval of either the Trust's Chief Compliance Officer or his or her designee, pursuant to the Trust's Policy on Disclosure of Portfolio Holdings.

The Chief Compliance Officer or designated officer of the Trust will approve the furnishing of non-public portfolio holdings to a third party only if they consider the furnishing of such information to be in the best interest of the Fund and its shareholders and if no material conflict of interest exists regarding such disclosure between shareholders interest and those of the Adviser, Quasar Distributors, LLC (the "Distributor") or any affiliated person of the Fund. No consideration may be received by the Fund, the Adviser, any affiliate of the Adviser or their employees in connection with the disclosure of portfolio holdings information. The Board receives and reviews annually a list of the persons who receive non-public portfolio holdings information and the purpose for which it is furnished.

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**MANAGEMENT**

The overall management of the Trust's business and affairs is invested with its Board. The Board approves all significant agreements between the Trust and persons or companies furnishing services to it, including the agreements with the Adviser, Sub-Adviser, administrator, custodian and transfer agent, each as discussed below. The day-to-day operations of the Trust are delegated to its officers, subject to the Fund's investment objective, strategies and policies and to the general supervision of the Board. The Trustees and officers of the Trust, their ages, birth dates, and positions with the Trust, terms of office with the Trust and length of time served, their business addresses and principal occupations during the past five years and other directorships held are set forth in the table below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address <br>and Age** | **Position(s) Held with Trust** | **Term of Office**<sup>(1)</sup> **and Length of Time Served** | **Principal Occupation(s) <br>During Past 5 Years** | **Number of Portfolios in Fund Complex**<sup>(2)</sup> **Overseen by Trustee** | **Other** <br>**Directorships**<sup>(3)</sup>**Held During Past 5 Years** <br>**by Trustee** |
| **Independent Trustees**<sup>(4)</sup> | **Independent Trustees**<sup>(4)</sup> | | | | |
| Harry E. Resis<br>615 E. Michigan Street<br>Milwaukee, WI 53202<br>Year of birth: 1945 | Trustee | Since 2012 | Private investor. Previously served as Director of US Fixed Income for Henderson Global Investors | 2 |  |
| Brian S. Ferrie<br>615 E. Michigan Street<br>Milwaukee, WI 53202<br>Year of birth: 1958 | Trustee | Since 2020 | Chief Compliance Officer, Treasurer, The Jensen Quality Growth Fund (2004 to 2020); Treasurer, Jensen Investment Management (2003 to 2020) | 2 |  |
| Wan-Chong Kung<br>615 E. Michigan Street<br>Milwaukee, WI 53202<br>Year of birth: 1960 | Trustee | Since 2020 | Senior Fund Manager, Nuveen Asset Management (FAF Advisors/First American Funds) (2011 to 2019) | 2 | Federal Home Loan Bank of Des Moines (February 2022 to present); Trustee, Securian Funds Trust (12 portfolios) (October 2022 to present) |
| **Interested Trustee**<sup>(5)</sup> |  |  |  |  |  |
| Christopher E. Kashmerick <br>615 E. Michigan Street<br>Milwaukee, WI 53202<br>Year of birth: 1974 | Trustee | Since 2018;  | Senior Vice President, U.S. Bancorp Fund Services, LLC (2011 to present) | 2 |  |

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and Age** | **Position(s) Held<br>with Trust** | **Term of Office** <sup>(1)</sup><br>**and Length of**<br>**Time Served** | **Principal Occupation(s)<br>During Past 5 Years** |
| **Officers** | | | |
| Russell B. Simon<br>615 E. Michigan Street<br>Milwaukee, WI 53202<br>Year of birth: 1980 | President | Since 2022 | Vice President, U.S. Bancorp Fund Services, LLC (2011 to present) |
| Diane K. Miller<br>615 E. Michigan Street <br>Milwaukee, WI 53202 Year of birth: 1972 | Chief Compliance Officer and AML Officer | Since January 2023 | Vice President, U.S. Bancorp Fund Services, LLC (since January 2023); Chief Compliance Officer, Christian Brothers Investment Services (2017 - 2022) |
| Eric T. McCormick<br>615 E. Michigan Street <br>Milwaukee, WI 53202 Year of birth: 1971 | Treasurer and Principal Financial Officer | Since 2022 | Vice President, U.S. Bancorp Fund Services, LLC (2005 to present) |
| Scott A. Resnick<br>615 E. Michigan Street<br>Milwaukee, WI 53202<br>Year of birth: 1983 | Secretary | Since 2019 | Assistant Vice President, U.S. Bancorp Fund Services, LLC (2018 to present); Associate, Legal & Compliance, PIMCO (2012 to 2018) |

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<sup>(1)</sup> Each Trustee serves an indefinite term; however, under the terms of the Board's retirement policy, a Trustee shall retire at the end of the calendar year in which he or she reaches the age of 75 (this policy does not apply to any Trustee serving at the time the policy was adopted). Each officer serves an indefinite term until the election of a successor.

<sup>(2)</sup> The Trust is comprised of numerous series managed by unaffiliated investment advisers. The term "Fund Complex" applies to the Ziegler Senior Floating Rate Fund and the Ziegler FAMCO Hedged Equity Fund (offered in a separate prospectus and SAI) (together, the "ZCM Funds"). The ZCM Funds do not hold themselves out as related to any other series within the Trust for purposes of investment and investor services, nor do they share the same investment adviser with any other series of the Trust.

<sup>(3)</sup> "Other Directorships Held" includes only directorships of companies required to register or file reports with the SEC under the Securities Exchange Act of 1934 (that is, "public companies") or other investment companies registered under the 1940 Act.

<sup>(4)</sup> The Trustees of the Trust who are not "interested persons" of the Trust as defined under the 1940 Act ("Independent Trustees").

<sup>(5)</sup> Mr. Kashmerick is an "interested person" of the Trust as defined by the 1940 Act. Mr. Kashmerick is an interested Trustee of the Trust by virtue of the fact that he is an interested person of U.S. Bancorp Fund Services, LLC, the Fund's administrator, fund accountant, and transfer agent.

**Additional Information Concerning Our Board of Trustees**

**Board Leadership Structure**

The Board has general oversight responsibility with respect to the operation of the Trust and the Fund. The Board has engaged the Adviser to manage the Fund and is responsible for overseeing the Adviser and other service providers to the Trust and the Fund in accordance with the provisions of the 1940 Act and other applicable laws. The Board has established an Audit Committee to assist the Board in performing its oversight responsibilities.

The Trust does not have a lead independent trustee. The Chairman of the Board is an "interested person" of the Trust as defined by the 1940 Act. The Trust has determined that its leadership structure is appropriate in light of, among other factors, the asset size and nature of the Trust, the arrangements for the conduct of the Trust's operations, the number of Trustees, and the responsibilities of the Board.

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**Board Oversight of Risk**

Through its direct oversight role, and indirectly through the Audit Committee, and officers of the Fund and service providers, the Board performs a risk oversight function for the Fund. To effectively perform its risk oversight function, the Board, among other things, performs the following activities: receives and reviews reports related to the performance and operations of the Fund; reviews and approves, as applicable, the compliance policies and procedures of the Fund; approves the Fund's principal investment policies; adopts policies and procedures designed to deter market timing; meets with representatives of various service providers, including the Adviser, to review and discuss the activities of the Fund and to provide direction with respect thereto; and appoints a chief compliance officer of the Fund who oversees the implementation and testing of the Fund's compliance program and reports to the Board regarding compliance matters for the Fund and its service providers.

The Trust has an Audit Committee, which plays a significant role in the risk oversight of the Fund as it meets periodically with the auditors of the Fund. The Board also meets quarterly with the Fund's chief compliance officer.

Not all risks that may affect the Fund can be identified nor can controls be developed to eliminate or mitigate their occurrence or effects. It may not be practical or cost effective to eliminate or mitigate certain risks, the processes and controls employed to address certain risks may be limited in their effectiveness, and some risks are simply beyond the reasonable control of the Adviser, the Sub-Adviser, or other service providers. Moreover, it is necessary to bear certain risks (such as investment-related risks) to achieve the Fund's goals. As a result of the foregoing and other factors, the Fund's ability to manage risk is subject to substantial limitations.

*Trust Committees.* The Trust has two standing committees: the Audit Committee, which also serves as the Qualified Legal Compliance Committee ("QLCC") and the Governance and Nominating Committee (the "Nominating Committee").

The Audit Committee, comprised entirely of the Independent Trustees, is chaired by Mr. Ferrie. The primary functions of the Audit Committee are to select the independent registered public accounting firm to be retained to perform the annual audit of the Fund, to review the results of the audit, to review the Fund's internal controls, to approve in advance all permissible non-audit services performed by the independent auditors and to review certain other matters relating to the Fund's independent registered public accounting firm and financial records. In its role as the QLCC, its function is to receive reports from an attorney retained by the Trust of evidence of a material violation by the Trust or by any officer, director, employee or agent of the Trust. During the fiscal year ended September 30, 2022, the Audit Committee met two times in regard to the Fund.

The Nominating Committee, comprised entirely of the Independent Trustees, is responsible for seeking and reviewing candidates for consideration as nominees for Trustees and meets only as necessary. The Nominating Committee will consider nominees nominated by shareholders. Recommendations by shareholders for consideration by the Nominating Committee should be sent to the President of the Trust in writing together with the appropriate biographical information concerning each such proposed Nominee, and such recommendation must comply with the notice provisions set forth in the Trust By-Laws. In general, to comply with such procedures, such nominations, together with all required biographical information, must be delivered to and received by the President of the Trust at the principal executive offices of the Trust not later than 120 days and no more than 150 days prior to the shareholder meeting at which any such nominee would be voted on. During the fiscal year ended September 30, 2022, the Nominating Committee did not meet in regard to the Fund.

The Board has designated the Adviser to perform fair value determinations (the "Valuation Designee"). The Valuation Designee is subject to Board oversight and certain reporting and other requirements designed to facilitate the Board's ability to effectively oversee the Valuation Designee's fair value determinations.

*Board Oversight of Risk Management.* As part of its oversight function, the Board receives and reviews various risk management reports and assessments and discusses these matters with appropriate management and other personnel. Because risk management is a broad concept comprised of many elements (such as, for example, investment risk, issuer and counterparty risk, compliance risk, operational risks, business continuity risks, etc.) the oversight of different types of risks is handled in different ways.

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*Information about Each Trustee's Qualification, Experience, Attributes or Skills*. In addition to the information provided in the table above, below is certain additional information concerning each particular Trustee and certain of their Trustee Attributes. The information provided below, and in the table above, is not all-inclusive. Many Trustee attributes involve intangible elements, such as intelligence, integrity, work ethic, the ability to work together, the ability to communicate effectively, the ability to exercise judgment, the ability to ask incisive questions, and commitment to shareholder interests. In conducting its annual self-assessment, the Board has determined that the Trustees have the appropriate attributes and experience to continue to serve effectively as Trustees of the Trust.

Harry E. Resis' background in fixed income securities analysis, with an emphasis on high yield securities, provides him with a practical knowledge of the underlying markets and strategies used by series in the Trust that will be useful to the Board in their analysis and oversight of the series.

Brian S. Ferrie's experience in finance and compliance in the mutual fund industry gives him a strong understanding of the regulatory requirements of operating a mutual fund. He also understands the complex nature of the financial requirements, both from a regulatory and operational perspective, of managing a mutual fund. Mr. Ferrie's background and experience provide a unique perspective to the Board.

Wan-Chong Kung's experience managing fixed income mutual funds, with specific experience in commodities provides a diverse point-of-view for the Board. Ms. Kung also has unique experience in education as she advises student-managed bond and equity funds.

Christopher E. Kashmerick has substantial mutual fund operations and shareholder servicing experience through his position as Senior Vice President of U.S. Bank Global Fund Services, and he brings more than 18 years of mutual fund and investment management experience, which makes him a valuable resource to the Board as they contemplate various fund and shareholder servicing needs.

Each of the Trustees takes a conservative and thoughtful approach to addressing issues facing the Fund. The combination of skills and attributes discussed above led to the conclusion that each of Messrs. Resis, Ferrie, Kashmerick, and Ms. Kung should serve as a trustee.

**Trustee Ownership of Fund Shares and Other Interests**

As of December 31, 2022, no Trustee owned shares of the Fund.

As of December 31, 2022, neither the Independent Trustees nor members of their immediate family, own securities beneficially or of record in the Adviser, the Distributor, or an affiliate of the Adviser or Distributor. Accordingly, neither the Independent Trustees nor members of their immediate family, have direct or indirect interest, the value of which exceeds $120,000, in the Adviser, the Distributor or any of their affiliates. In addition, during the two most recently completed calendar years, neither the Independent Trustees nor members of their immediate families have conducted any transactions (or series of transactions) in which the amount involved exceeds $120,000 and to which the Adviser, the Distributor or any affiliate thereof was a party.

**Compensation**

Set forth below is the compensation received by the Independent Trustees from the Fund for the fiscal year ended September 30, 2022. The Independent Trustees receive an annual retainer of $56,000 per year and a per meeting fee of $1,000 for each regular and special meeting of the Board attended, allocated among each of the various portfolios comprising the Trust. The Trustees also receive reimbursement from the Trust for expenses incurred in connection with attendance at meetings. The Trust has no pension or retirement plan. No other entity affiliated with the Trust pays any compensation to the Trustees.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Aggregate<br>Compensation <br>from the <br>Fund** | **Pension or<br>Retirement<br>Benefits<br>Accrued as<br>Part of Fund<br>Expenses** | **Annual<br>Benefits<br>Upon<br>Retirement** | **Total**<br>**Compensation**<br>**from Fund**<br>**Complex Paid**<br>**to Trustees** <sup>(1)</sup> |
| **Name of Independent Trustee** | | | | |
| John C. Chrystal <sup>(2)</sup> | $3919 |  |  | $7838 |
| Harry E. Resis | $3890 |  |  | $7780 |
| Brian S. Ferrie | $3947 |  |  | $7894 |
| Wan-Chong Kung | $3935 |  |  | $7870 |
| **Name of Interested Trustee** |  |  |  |  |
| Christopher E. Kashmerick | $0 |  |  | $0 |

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<sup>(1)</sup> There are currently multiple portfolios comprising the Trust. The term "Fund Complex" applies only to the ZCM Funds. For the fiscal year ended September 30, 2022, aggregate Independent Trustees' fees paid by the Trust were in the amount of $246,000.

<sup>(2)</sup> John C. Chrystal retired from the Board of Trustees as of the close of business on August 26, 2022.

**CODES OF ETHICS**

The Trust, the Adviser, and the Sub-Adviser have each adopted separate Codes of Ethics under Rule 17j-1 of the 1940 Act. These Codes of Ethics permit, subject to certain conditions, access persons of the Adviser to invest in securities that may be purchased or held by the Fund.

**PROXY VOTING POLICIES AND PROCEDURES**

The Board has adopted Proxy Voting Policies and Procedures (the "Policies") on behalf of the Trust which delegates the responsibility for voting proxies to the Sub-Adviser, subject to the Board's continuing oversight. The Policies require that the Sub-Adviser vote proxies received in a manner consistent with the best interests of the Fund and its shareholders. The Policies also require the Sub-Adviser to present to the Board, at least annually, the Sub-Adviser's Policies and a record of each proxy voted by the Sub-Adviser on behalf of the Fund, including a report on the resolution of all proxies identified by the Sub-Adviser as involving a conflict of interest.

A copy of the Sub-Adviser's policies and procedures used to determine how to vote proxies related to portfolio securities can be found in Appendix B.

The Trust is required to file a Form N-PX, with the Fund's complete proxy voting record for the 12 months ended June 30, no later than August 31 of each year. The Fund's proxy voting record will be available without charge, upon request, by calling toll-free 833-777-1533 and on the SEC's website at www.sec.gov.

**CONTROL PERSONS, PRINCIPAL SHAREHOLDERS, AND MANAGEMENT OWNERSHIP**

A principal shareholder is any person who owns of record or beneficially 5% or more of any class of the outstanding shares of the Fund. A control person is one who owns beneficially or through controlled companies more than 25% of the voting securities of a company or acknowledges the existence of control. Shareholders with a controlling interest could affect the outcome of voting or the direction of management of the Fund.

As of January 2, 2023, the following shareholders were considered to be either a control person or principal shareholder of the Fund.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class A <br>Name and Address** | **Parent<br>Company** | **Jurisdiction** | **% of<br>Ownership** | **Type of<br>Ownership** |
| Stifel Nicolaus & Co. Inc. <br>501 North Broadway<br>St. Louis, MO 63102-2137 | N/A | N/A | 43% | Record |
| Stifel Nicolaus & Co. Inc. <br>A/C B. Ravnaas<br>501 North Broadway<br>St. Louis, MO 63102-2137 | N/A | N/A | 43% | Record |
| Ordella M. Gilbertson Trust<br>c/o Ziegler Capital Management, LLC<br>30 S. Wacker Drive, Suite 2800 <br>Chicago, Illinois 60606 | N/A | N/A | 5% | Beneficial |
| Ruth A Herendeen IRA<br>c/o Ziegler Capital Management, LLC<br>30 S. Wacker Drive, Suite 2800 <br>Chicago, Illinois 60606 | N/A | N/A | 5% | Beneficial |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class C <br>Name and Address** | **Parent<br>Company** | **Jurisdiction** | **% of<br>Ownership** | **Type of<br>Ownership** |
| Stifel Nicolaus & Co. Inc. <br>50 North Broadway<br>St. Louis, MO 63102-2137 | N/A | N/A | 84% | Record |
| American Endowment Foundation<br>FBO Cercy Family Advisory Donor Fund<br>c/o Ziegler Capital Management, LLC<br>30 S. Wacker Drive, Suite 2800 <br>Chicago, Illinois 60606 | N/A | N/A | 6% | Record |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Class <br>Name and Address** | **Parent<br>Company** | **Jurisdiction** | **% of<br>Ownership** | **Type of<br>Ownership** |
| Capinco <br>c/o US Bank NA <br>PO Box 1787 <br>Milwaukee, WI 53201-1787 | N/A | N/A | 48% | Record |
| SEI Private Trust Co<br>c/o Bankers Trust SWP<br>1 Freedom Valley Dr<br>Oaks, PA 19456-9989 | N/A | N/A | 26% | Record |
| National Financial Services LLC<br>For exclusive benefit of our customers<br>499 Washington Blvd<br>Jersey City, NJ 07310-2010 | N/A | N/A | 11% | Record |

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As of December 31, 2022, the Trustees and officers of the Trust as a group beneficially owned less than 1% of the outstanding shares of any class of the Fund.

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**THE FUND'S INVESTMENT ADVISER**

Ziegler Capital Management, LLC, 30 S. Wacker Drive, Suite 2800, Chicago, Illinois 60606, serves as investment adviser to the Fund pursuant to an investment advisory agreement (the "Advisory Agreement") with the Trust. The Adviser is a Delaware limited liability company and a registered investment adviser. 1251 Asset Management Platform, LLC is a control person of the Adviser. The name and principal occupation of the principal executive officers of the Adviser are listed below (the address of each is c/o Ziegler Capital Management, LLC, 30 S. Wacker Drive, Suite 2800, Chicago, Illinois 60606):

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| | |
|:---|:---|
| **<u>Name and Office</u>** | **<u>Office</u>** |
| William Fitzgerald, Chief Executive Officer | Chief Executive Officer of the Adviser |
| Evans Papanikolaou, Chief Administrative Officer | Chief Administrative Officer of the Adviser |
| Renée M. Ansbro, Chief Financial Officer | Chief Financial Officer of the Adviser |
| Matthew Kowieski, Director of Operations | Director of Operations of the Adviser |
| Greg Glidden, Chief Equity Strategist | Chief Equity Strategist of the Adviser |
| Devansh Patel, Managing Director | Managing Director of the Adviser |
| Wiley Angell, Chief Investment Officer - FAMCO Group | Chief Investment Officer - FAMCO Group |
| Eduardo Cortes, Chief Investment Officer - Fixed Income | Chief Investment Officer - Fixed Income |

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In consideration of the services to be provided by the Adviser pursuant to the Advisory Agreement, the Adviser is entitled to receive from the Fund an investment advisory fee computed daily and payable monthly, based on an annual rate equal to 0.65% of the Fund's average daily net assets.

After its initial two year term, the Advisory Agreement continues in effect for successive annual periods so long as such continuation is specifically approved at least annually by the vote of (1) the Board (or a majority of the outstanding shares of the Fund), and (2) a majority of the Trustees who are not interested persons of any party to the Advisory Agreement, in each case, cast in person at a meeting called for the purpose of voting on such approval. The Advisory Agreement may be terminated at any time, without penalty, by either party to the Advisory Agreement upon a 60-day written notice and is automatically terminated in the event of its "assignment," as defined in the 1940 Act.

In addition to the management fees payable to the Adviser, the Fund is responsible for its own operating expenses, including: fees and expenses incurred in connection with the issuance, registration and transfer of its shares; brokerage and commission expenses; all expenses of transfer, receipt, safekeeping, servicing and accounting for the cash, securities and other property of the Trust for the benefit of the Fund including all fees and expenses of its custodian and accounting services agent; interest charges on any borrowings; costs and expenses of pricing and calculating its daily NAV per share and of maintaining its books of account required under the 1940 Act; taxes, if any; a pro rata portion of expenditures in connection with meetings of the Fund's shareholders and the Trust's Board that are properly payable by the Fund; salaries and expenses of officers and fees and expenses of members of the Board or members of any advisory board or committee who are not members of, affiliated with or interested persons of the Adviser or administrator; insurance premiums on property or personnel of the Fund which inure to their benefit, including liability and fidelity bond insurance; the cost of preparing and printing reports, proxy statements, prospectuses and the statement of additional information of the Fund or other communications for distribution to existing shareholders; legal counsel, auditing and accounting fees; trade association membership dues (including membership dues in the Investment Company Institute allocable to the Fund); fees and expenses (including legal fees) of registering and maintaining registration of its shares for sale under federal and applicable state and foreign securities laws; all expenses of maintaining shareholder accounts, including all charges for transfer, shareholder recordkeeping, dividend disbursing, redemption, and other agents for the benefit of the Fund, if any; and all other charges and costs of its operation plus any extraordinary and non-recurring expenses, except as otherwise prescribed in the Advisory Agreement.

Though the Fund is responsible for its own operating expenses, the Adviser has contractually agreed to waive a portion or all of the management fees payable to it by the Fund and/or to pay Fund operating expenses to the

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extent necessary to limit the Fund's aggregate annual operating expenses (excluding acquired fund fees and expenses, taxes, interest expense, dividends on securities sold short, and extraordinary expenses) to the limits set forth in the Annual Fund Operating Expenses table of the Prospectus. Any such waivers made by the Adviser in its management fees or payment of expenses which are the Fund's obligation are subject to recoupment by the Adviser from the Fund, if so requested by the Adviser, in subsequent fiscal years if the aggregate amount actually paid by the Fund toward the operating expenses for such fiscal year (taking into account the recoupment) does not exceed the applicable limitation on Fund expenses. The Adviser is permitted to recoup only for management fee waivers and expense payments made in the previous three fiscal years. Any such recoupment is also contingent upon the Board's subsequent review and ratification of the recouped amounts. Such recoupment may not be paid prior to the Fund's payment of current ordinary operating expenses.

The following table describes the advisory fees paid to the Adviser by the Fund during the fiscal years indicated.

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| | | | |
|:---|:---|:---|:---|
| | **Advisory Fees<br>Accrued** | **Fee Waiver<br>and Expense<br>Reimbursement** | **Net<br>Advisory Fees Paid** |
| Fiscal year ended September 30, 2022 | $436871 | $(351432) | $85439 |
| Fiscal year ended September 30, 2021 | $461592 | $(328719) | $132873 |
| Fiscal year ended September 30, 2020 | $494337 | $(341145) | $153192 |

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**THE FUND'S INVESTMENT SUB-ADVISER**

Pretium Credit Management, LLC, c/o Pretium Partners, LLC, 810 Seventh Avenue, Suite 2400, New York, New York 10019, acts as investment sub-adviser to the Fund pursuant to an Investment Sub-Advisory Agreement (the "Sub-Advisory Agreement") with the Adviser. Under the Sub-Advisory Agreement, the Adviser compensates the Sub-Adviser out of the advisory fees it receives from the Fund. The Sub-Adviser is an SEC-registered investment advisory firm formed in 2011.

The Sub-Adviser manages the investments of the Fund in accordance with the Fund's investment objective, policies and limitations and any investment guidelines established by the Adviser and the Board. The Sub-Adviser is responsible, subject to the oversight of the Adviser and the Board, for the purchase, retention and sale of securities in the Fund's investment portfolio.

For sub-advisory services provided to the Fund, the Sub-Advisory Agreement provides that the Sub-Adviser receives a fee from the Adviser at an annual rate of 0.225% of Fund assets for the period from, and including, February 23, 2022 through August 31, 2022, and thereafter, 0.15% of Fund assets up to $100 million, plus 0.20% of Fund assets over $100 million 0% up to $100 million, plus 0.20% of assets over $100 million.

The following table describes the sub-advisory fees paid to the Sub-Adviser by the Adviser during the fiscal period/year indicated.

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| | |
|:---|:---|
| | **Sub-Advisory Fees Paid** |
| Fiscal year ended September 30, 2022 | $82591 |
| Fiscal year ended September 30, 2021 | $0 |

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**PORTFOLIO MANAGERS**

Roberta Goss, Christina O'Hearn, and Eduardo Cortes are the portfolio managers principally responsible for the day-to-day management of the Fund's portfolio. The following table shows the number of other accounts managed by each portfolio manager and the total assets in the accounts managed within various categories as of the dates indicated.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Roberta Goss as of September 30, 2022** | **Roberta Goss as of September 30, 2022** | | | |
| **Type of Accounts** | **Number of <br>Accounts** | **Total Assets<br>(in millions)** | **Number of <br>Accounts with <br>Advisory Fee <br>based on <br>Performance** | **Total Assets<br>(in millions)** |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investments | 9 | $2849 | 9 | $2849 |
| Other Accounts | 0 | $0 | 0 | $0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Christina O'Hearn as of January 1, 2023** | **Christina O'Hearn as of January 1, 2023** | | | |
| **Type of Accounts** | **Number of <br>Accounts** | **Total Assets<br>(in millions)** | **Number of <br>Accounts with <br>Advisory Fee <br>based on <br>Performance** | **Total Assets<br>(in millions)** |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investments | 9 | $2849 | 9 | $2849 |
| Other Accounts | 0 | $0 | 0 | $0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Eduardo Cortes as of January 1, 2023** | **Eduardo Cortes as of January 1, 2023** | | | |
| **Type of Accounts** | **Number of <br>Accounts** | **Total Assets<br>(in millions)** | **Number of <br>Accounts with <br>Advisory Fee <br>based on <br>Performance** | **Total Assets<br>(in millions)** |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investments | 0 | $0 | 0 | $0 |
| Other Accounts | 17 | $341 | 3 | $895 |

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**Material Conflicts of Interest.** The portfolio managers of the Adviser and Sub-Adviser are often responsible for managing other accounts. The Adviser typically assigns accounts with similar investment strategies to a portfolio manager to mitigate the potentially conflicting investment strategies of accounts. Other than potential conflicts between investment strategies, the side-by-side management of both the Fund and other accounts may raise potential conflicts of interest due to the interest held by the Adviser, Sub-Adviser or one of its respective affiliates in an account and certain trading practices used by the portfolio manager (for example, cross trades between the Fund and another account and allocation of aggregated trades). The Adviser and Sub-Adviser have developed policies and procedures reasonably designed to mitigate those conflicts. In particular, the Adviser has adopted policies limiting the ability of a portfolio manager to cross securities (pursuant to these policies, if the Adviser is to act as agent for both the buyer and seller with respect to transactions in investments, the portfolio manager will first: (a) obtain approval from the Adviser's Chief Compliance Officer and (b) inform the customer of the capacity in which the Adviser is acting; and no dual agency transaction can be undertaken for any ERISA customer unless an applicable prohibited transaction exemption applies) and policies designed to ensure the fair allocation of securities purchased on an aggregated basis (pursuant to these policies all allocations must be fair between clients and, to be reasonable in the interests of clients, will generally be made in proportion to the size of the original orders placed).

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**Compensation.** The portfolio managers are compensated in various forms. The portfolio managers' salary is determined on an annual basis and is a fixed amount throughout the year. It is not based on the performance of the Fund or on the value of the assets held in the Fund's portfolio. Additionally, the portfolio managers receive a discretionary bonus that is based on the revenue of the products managed by the portfolio management team. There is no difference between the method used to determine the portfolio managers' compensation with respect to the Fund and other accounts.

**Ownership of Fund securities**. The Fund is required to show the dollar range of the portfolio managers' "beneficial ownership" of Fund shares as of the end of the most recently completed fiscal year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the 1934 Act. The following table lists the dollar range of the portfolio managers' beneficial ownership of Fund shares as of the dates indicated.

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| |
|:---|
| None, $1-$10,000, $10,001-$50,000, $50,001-$100,000, $100,001 - $500,000,<br>$500,001- $1,000,000, Over $1,000,000 |
| Roberta Goss as of September 30, 2022 |
| Christina O'Hearn as of January 1, 2023 |
| Eduardo Cortes as of January 1, 2023 |

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**OTHER SERVICE PROVIDERS**

**Fund Administrator, Transfer Agent and Fund Accountant**

Pursuant to an administration agreement (the "Administration Agreement"), U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Global Fund Services"), 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as the administrator and fund accountant to the Fund. Global Fund Services provides certain services to the Fund including, among other responsibilities, coordinating the negotiation of contracts and fees with, and the monitoring of performance and billing of, the Fund's independent contractors and agents; 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, excluding those of the securities laws of various states; arranging for the computation of performance data, including NAV per share 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, Global Fund Services does not have any responsibility or authority for the management of the Fund, the determination of investment policy, or for any matter pertaining to the distribution of Fund shares.

Pursuant to the Administration Agreement, as compensation for its fund administration and portfolio compliance services, Global Fund Services receives from the Fund a fee based on the Fund's current average daily net assets. Global Fund Services also is entitled to certain out-of-pocket expenses.

The Fund paid the following amount to Global Fund Services pursuant to its Administration Agreement during the fiscal years indicated.

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| | |
|:---|:---|
| | **Administration Fee** |
| Fiscal year ended September 30, 2022 | $146738 |
| Fiscal year ended September 30, 2021 | $144237 |
| Fiscal year ended September 30, 2020 | $134662 |

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Pursuant to the Administration Agreement, Global Fund Services will receive a portion of fees from the Fund as part of a bundled-fee agreement for services performed as administrator and fund accountant and separately as the transfer agent and dividend disbursing agent (the "Transfer Agent"). Additionally, Global Fund Services provides Chief Compliance Officer services to the Trust under a separate agreement. The cost for the Chief Compliance Officer's services is charged to the Fund and approved by the Board annually.

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**Custodian**

Pursuant to a custody agreement between the Trust and U.S. Bank National Association, located at 1555 North Rivercenter Drive, Suite 302, Milwaukee, Wisconsin 53212 (the "Custodian"), the Custodian serves as the custodian of the Fund's assets, holds the Fund's portfolio securities in safekeeping, and keeps all necessary records and documents relating to its duties. The Custodian is compensated with an asset-based fee plus transaction fees and is reimbursed for out-of-pocket expenses.

The Custodian and Global Fund Services do not participate in decisions relating to the purchase and sale of securities by the Fund. Global Fund Services, the Custodian, and the Transfer Agent are affiliated entities under the common control of U.S. Bancorp. The Custodian and its affiliates may participate in revenue sharing arrangements with the service providers of mutual funds in which the Fund may invest.

**Sub-Accounting Service Fees**

In addition to the fees that the Fund may pay to its Transfer Agent, the Board has authorized the Fund to pay service fees, at the annual rate of up to 0.15% of applicable average net assets or $20 per account, to intermediaries such as banks, broker-dealers, financial advisers or other financial institutions for sub-administration, sub-transfer agency, recordkeeping (collectively, "sub-accounting services") and other shareholder services associated with shareholders whose shares are held of record in omnibus, networked, or other group accounts or accounts traded through registered securities clearing agents. Unless the Fund has adopted a shareholder servicing plan that authorizes a specific services fee, any sub-accounting fee paid by the Fund is included in the total amount of "Other Expenses" listed in the Fund's Fees and Expenses table in the Prospectus.

**Distributor**

The Trust has entered into a distribution agreement (the "Distribution Agreement") with Quasar Distributors, LLC, a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, located at 111 E. Kilbourn, Suite 2200, Milwaukee, Wisconsin 53202, pursuant to which the Distributor acts as the Fund's distributor, provides certain administration services and promotes and arranges for the sale of Fund shares. The offering of the Fund's shares is continuous. The Distributor is a registered broker-dealer and member of FINRA.

The Distribution Agreement has an initial term of up to two years and will continue in effect only if such continuance is specifically approved at least annually by the Board or by vote of a majority of the Fund's outstanding voting securities and, in either case, by a majority of the Trustees who are not parties to the distribution agreement or "interested persons" (as defined in the 1940 Act) of any such party. The Distribution Agreement is terminable without penalty by the Trust on behalf of the Fund on 60 days' written notice when authorized either by a majority vote of the Fund's shareholders or by vote of a majority of the Board, including a majority of the Trustees who are not "interested persons" (as defined in the 1940 Act) of the Trust, or by the Distributor on 60 days' written notice, and will automatically terminate in the event of its "assignment" (as defined in the 1940 Act).

**Sales Charges** 

The aggregate dollar amounts of sales charges received on Class A and Class C shares and retained by the Distributor were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal year ended<br>September 30, 2022** | **Fiscal year ended<br>September 30, 2021** | **Fiscal year ended<br>September 30, 2020** |
| **Class A** | | | |
| Initial Sales Charge |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Commissions | $15493 | $13853 | $11880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts Retained by Distributor | $0 | $0 | $0 |

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| | | | |
|:---|:---|:---|:---|
| | **Fiscal year ended<br>September 30, 2022** | **Fiscal year ended<br>September 30, 2021** | **Fiscal year ended<br>September 30, 2020** |
| Contingent Deferred Sales Charge |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Commissions | $0 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts Retained by Distributor | $0 | $0 | $0 |
| **Class C** |  |  |  |
| Contingent Deferred Sales Charge |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Commissions | $96 | $458 | $2875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts Retained by Distributor | $0 | $0 | $0 |

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**Independent Registered Public Accounting Firm** 

BBD, LLP, 1835 Market Street, 3<sup>rd</sup> Floor, Philadelphia, Pennsylvania 19103, serves as the independent registered public accounting firm for the Fund, whose services include auditing the Fund's financial statements and the performance of related tax services.

**Legal Counsel**

Morgan, Lewis & Bockius LLP, 1111 Pennsylvania Avenue NW, Washington, DC 20004, serves as legal counsel to the Trust.

**EXECUTION OF PORTFOLIO TRANSACTIONS**

Pursuant to the Advisory Agreement and Sub-Advisory Agreement, the Adviser and Sub-Adviser determines which securities are to be purchased and sold by the Fund and which broker-dealers are eligible to execute the Fund's portfolio transactions. Purchases and sales of securities will be executed on U.S. Exchanges.

In placing portfolio transactions, the Adviser and Sub-Adviser will seek best execution. The full range and quality of services available will be considered in making these determinations, such as the size of the order, the difficulty of execution, the operational facilities of the firm involved, the firm's risk in positioning a block of securities and other factors. In those instances where it is reasonably determined that more than one broker-dealer can offer the services needed to obtain the most favorable price and execution available, consideration may be given to those broker-dealers which furnish or supply research and statistical information to the Adviser that it may lawfully and appropriately use in its investment advisory capacities, as well as provide other services in addition to execution services. The Adviser and Sub-Adviser consider such information, which is in addition to and not in lieu of the services required to be performed by it under the Advisory Agreement and Sub-Advisory Agreement, respectively, to be useful in varying degrees, but of indeterminable value. Portfolio transactions may be placed with broker-dealers who sell shares of the Fund subject to rules adopted by the Financial Industry Regulatory Authority, Inc. ("FINRA") and the SEC.

While it is the Fund's general policy to first seek to obtain the most favorable price and execution available in selecting a broker-dealer to execute portfolio transactions for the Fund, in accordance with Section 28(e) under the Securities and Exchange Act of 1934, when it is determined that more than one broker can deliver best execution, weight is also given to the ability of a broker-dealer to furnish brokerage and research services to the Fund or to the Adviser or Sub-Adviser, even if the specific services are not directly useful to the Fund and may be useful to the Adviser or Sub-Adviser in advising other clients. In negotiating commissions with a broker or evaluating the spread to be paid to a dealer, the Fund may therefore pay a higher commission or spread than would be the case if no weight were given to the furnishing of these supplemental services, provided that the amount of such commission or spread has been determined in good faith by the Adviser or Sub-Adviser to be reasonable in relation to the value of the brokerage and/or research services provided by such broker-dealer.

Investment decisions for the Fund are made independently from those of other client accounts or mutual funds managed or advised by the Adviser and Sub-Adviser. Nevertheless, it is possible that at times identical securities

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will be acceptable for both the Fund and one or more of such client accounts or mutual funds. In such event, the position of the Fund and such client account(s) or mutual funds in the same issuer may vary and the length of time that each may choose to hold its investment in the same issuer may likewise vary. However, to the extent any of these client accounts or mutual funds seek to acquire the same security as the Fund at the same time, the Fund may not be able to acquire as large a portion of such security as it desires, or it may have to pay a higher price or obtain a lower yield for such security. Similarly, the Fund may not be able to obtain as high a price for, or as large an execution of, an order to sell any particular security at the same time. If one or more of such client accounts or mutual funds simultaneously purchases or sells the same security that the Fund is purchasing or selling, each day's transactions in such security will be allocated between the Fund and all such client accounts or mutual funds in a manner deemed equitable by the Adviser and Sub-Adviser, taking into account the respective sizes of the accounts and the amount of cash available for investment, the investment objective of the account, and the ease with which a client's appropriate amount can be bought, as well as the liquidity and volatility of the account and the urgency involved in making an investment decision for the client. It is recognized that in some cases this system could have a detrimental effect on the price or value of the security insofar as the Fund is concerned. In other cases, however, it is believed that the ability of the Fund to participate in volume transactions may produce better executions for the Fund.

The following table describes the brokerage commissions paid by the Fund during the fiscal years indicated.

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| | |
|:---|:---|
| | **Brokerage Commissions** |
| Fiscal year ended September 30, 2022 | $1016 |
| Fiscal year ended September 30, 2021 | $1718 |
| Fiscal year ended September 30, 2020 | $0 |

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As of the fiscal year ended September 30, 2022, the Fund did not own equity securities of its regular broker/dealers or their parent companies.

For the fiscal year ended September 30, 2022 the Fund did not pay any commissions on brokerage transactions directed to brokers pursuant to an agreement or understanding whereby the broker provides research or other brokerage services to the Adviser or the Sub-Adviser; and, the Fund has not paid brokerage commissions to any registered broker-dealer affiliates of the Fund, the Adviser, the Sub-Adviser, or the Distributor.

**GENERAL INFORMATION**

The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest and to divide or combine the shares into a greater or lesser number of shares without thereby changing the proportionate beneficial interest in the Fund. Each share represents an interest in the Fund proportionately equal to the interest of each other share. Upon the Fund's liquidation, all shareholders would share pro rata in the net assets of the Fund available for distribution to shareholders.

With respect to the Fund, the Trust may offer more than one class of shares. The Trust reserves the right to create and issue additional series or classes. Each share of a series or class represents an equal proportionate interest in that series or class with each other share of that series or class. Currently, the Fund offers three share class – Class A shares, Class C shares and Institutional Class shares.

The Trust is not required to hold annual meetings of shareholders but will hold special meetings of shareholders of a series or class when, in the judgment of the Trustees, it is necessary or desirable to submit matters for a shareholder vote. Shareholders have, under certain circumstances, the right to communicate with other shareholders in connection with requesting a meeting of shareholders for the purpose of removing one or more Trustees. Shareholders also have, in certain circumstances, the right to remove one or more Trustees without a meeting. No material amendment may be made to the Declaration of Trust without the affirmative vote of the holders of a majority of the outstanding shares of each portfolio affected by the amendment. The Declaration of Trust provides that, at any meeting of shareholders of the Trust or of any series or class, a Shareholder Servicing Agent may vote any shares as to which such Shareholder Servicing Agent is the agent of record and which are not represented in person or by proxy at the meeting, proportionately in accordance with the votes cast by holders of

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all shares of that portfolio otherwise represented at the meeting in person or by proxy as to which such Shareholder Servicing Agent is the agent of record. Any shares so voted by a Shareholder Servicing Agent will be deemed represented at the meeting for purposes of quorum requirements. Any series or class may be terminated (i) upon the merger or consolidation with, or the sale or disposition of all or substantially all of its assets to, another entity, if approved by the vote of the holders of two thirds of its outstanding shares, except that if the Board recommends such merger, consolidation or sale or disposition of assets, the approval by vote of the holders of a majority of the series' or class' outstanding shares will be sufficient, or (ii) by the vote of the holders of a majority of its outstanding shares, or (iii) by the Board by written notice to the series' or class' shareholders. Unless each series and class is so terminated, the Trust will continue indefinitely.

The Declaration of Trust also provides that the Trust shall maintain appropriate insurance (for example, fidelity bonding and errors and omissions insurance) for the protection of the Trust, its shareholders, Trustees, officers, employees and agents covering possible tort and other liabilities. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which both inadequate insurance existed and the Trust itself was unable to meet its obligations.

The Declaration of Trust does not require the issuance of stock certificates. If stock certificates are issued, they must be returned by the registered owners prior to the transfer or redemption of shares represented by such certificates.

Rule 18f-2 under the 1940 Act provides that as to any investment company which has two or more series outstanding and as to any matter required to be submitted to shareholder vote, such matter is not deemed to have been effectively acted upon unless approved by the holders of a "majority" (as defined in the Rule) of the voting securities of each series affected by the matter. Such separate voting requirements do not apply to the election of Trustees or the ratification of the selection of accountants. The Rule contains special provisions for cases in which an advisory contract is approved by one or more, but not all, series. A change in investment policy may go into effect as to one or more series whose holders so approve the change even though the required vote is not obtained as to the holders of other affected series.

**ADDITIONAL PURCHASE AND REDEMPTION INFORMATION**

The information provided below supplements the information contained in the Prospectus regarding the purchase and redemption of Fund shares.

**How to Buy Shares**

You may purchase shares of the Fund from securities brokers, dealers or financial intermediaries (collectively, "Financial Intermediaries"). Investors should contact their Financial Intermediary directly for appropriate instructions, as well as information pertaining to accounts and any service or transaction fees that may be charged. The Fund may enter into arrangements with certain Financial Intermediaries whereby such Financial Intermediaries are authorized to accept your order on behalf of the Fund. If you transmit your order to these Financial Intermediaries before the close of regular trading (generally 4:00 p.m., Eastern Time) on a day that the New York Stock Exchange (the "NYSE") is open for business, shares will be purchased at the appropriate per share price next computed after it is received by the Financial Intermediary. Investors should check with their Financial Intermediary to determine if it participates in these arrangements.

The public offering price of Class C and Institutional Class shares is the NAV per share. Shares are purchased at the public offering price next determined after the Transfer Agent receives your order in good order (*i.e.*, the purchase request includes the name of the Fund, the dollar amount of shares to be purchased, your account application or investment stub, and a check payable to the Fund). Class A shares are purchased at the offering price, which is the net asset value per share next determined after your order is received, plus a sales charge. In most cases, in order to receive that day's public offering price, the Transfer Agent must receive your order in good order before the close of regular trading on the NYSE, normally 4:00 p.m., Eastern Time.

The Trust reserves the right in its sole discretion (i) to suspend the continued offering of a Fund's shares and (ii) to reject purchase orders in whole or in part when in the judgment of the Adviser or the Distributor such

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rejection is in the best interest of the Fund. The Adviser has the right to reduce or waive the minimum for initial and subsequent investments for certain fiduciary accounts or under circumstances where certain economies can be achieved in sales of the Fund's shares.

**Sales Charge Waivers and Reductions** 

Initial Sales Charge Waivers. Purchases of Class A shares may be made at NAV without an initial sales charge in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales to (1) current and retired Board Members, (2) current employees of Adviser and its subsidiaries, (3) the "immediate families" of such persons ("immediate families" are such person's spouse, including the surviving spouse of a deceased Board Member, and children under the age of 21) and (4) a pension, profit-sharing or other benefit plan for the benefit of such persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales to any employees of Financial Intermediaries having dealer, service or other selling agreements with the Fund's Distributor or otherwise having an arrangement with any such Financial Intermediary with respect to sales of Fund shares, and by the immediate families of such persons or by a pension, profit-sharing or other benefit plan for the benefit of such persons (providing the purchase is made for investment purposes and such securities will not be resold except through redemption or repurchase);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offers of Class A shares to any other investment company to effect the combination of such company with the Fund by merger, acquisition of assets or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases by shareholders who have redeemed Class A shares in the Fund (or Class A shares of another Fund sold by the Adviser that is offered with a sales charge) and who wish to reinvest their redemption proceeds in the Fund as described in "Qualifying for a reduced Class A sales charge," "Reinstatement Privileges" section of the Prospectus, provided the reinvestment is made within 60 calendar days of the redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases by investors participating in "wrap fee" or asset allocation programs or other fee-based arrangements sponsored by broker/dealers and other financial institutions that have entered into agreements with Ziegler Capital Management, LLC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases by direct retail investment platforms through mutual fund "supermarkets," where the sponsor links its client's account (including IRA accounts on such platforms) to a master account in the sponsor's name

In order to obtain such discounts, the purchaser must provide sufficient information at the time of purchase to permit verification that the purchase qualifies for the elimination of the sales charge.

**Advisory Fee Programs for Class A shares.** Class A shares acquired by an investor in connection with a comprehensive fee or other advisory fee arrangement between the investor and a registered broker-dealer or investment advisor, trust company or bank (referred to as the "Sponsor") in which the investor pays that Sponsor a fee for investment advisory services and the Sponsor or a broker-dealer through whom the shares are acquired has an agreement with Distributors authorizing the sale of Fund shares, qualify for a waiver of the Class A initial sales charge and do not require a minimum initial investment.

**Accumulation Privilege, Rights of Accumulation ("ROA").** You may combine your new purchase of Class A shares with Class A shares you currently own for the purpose of qualifying for the lower initial sales charge rates that apply to larger purchases. The applicable sales charge for the new purchase is based on the total of your current purchase and the current value, calculated using the current day public offering price of all other shares you own. You may also combine the account value of your spouse and children under the age of 21. Only the shares held at the intermediary or the transfer agent at which you are making the current purchase can be used for the purposes of a lower sales charge based on Rights of Accumulation.

**Letter of Intent ("LOI").** An LOI helps you take advantage of breakpoints in Class A sales charges. You may purchase Class A shares of the Fund managed by the Adviser over a 13-month period and pay the same sales

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charge, if any, as if all shares had been purchased at once. You have a choice of five Asset Level Goal amounts, as follows:

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| | |
|:---|:---|
| **Asset Level Goal** | **Asset Level Goal** |
| (1) | $100000 |
| (2) | $250000 |
| (3) | $500000 |
| (4) | $750000 |
| (5) | $1000000 |

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By signing an LOI you can reduce your Class A sales charge. Your individual purchases will be made at the applicable sales charge based on the amount you intend to invest over a 13-month period. The LOI will apply to all purchases of the Fund's Class A shares. Any shares purchased within 90 days of the date you sign the letter of intent may be used as credit toward completion, but the reduced sales charge will only apply to new purchases made on or after that date. Purchases resulting from the reinvestment of dividends and capital gains do not apply toward fulfillment of the LOI. Shares equal to 4.25% of the amount of the LOI will be held in escrow during the 13-month period. If, at the end of that time the total amount of purchases made is less than the amount intended, you will be required to pay the difference between the reduced sales charge and the sales charge applicable to the individual purchases had the LOI not been in effect. This amount will be obtained from redemption of the escrow shares. Any remaining escrow shares will be released to you.

If you establish an LOI with the Fund you can aggregate your accounts as well as the accounts of your spouse and children under age 21. **You will need to provide written instruction with respect to the other accounts whose purchases should be considered in fulfillment of the LOI. Only the accounts held at the financial intermediary or the transfer agent at which you are making the purchase can be used toward fulfillment of the LOI.** 

**Increasing the Amount of the LOI.** You may at any time increase your Asset Level Goal. You must, however, contact your Financial Intermediary, or if you purchase your shares directly through the transfer agent, contact the transfer agent, prior to making any purchases in an amount in excess of your current Asset Level Goal. The reduced sales charge will only apply to new purchases made on or after that date.

**Sales.** Shares acquired pursuant to a Letter of Intent, other than Escrowed Shares as defined below, may be redeemed at any time, although any shares that are redeemed prior to meeting your Asset Level Goal will no longer count towards meeting your Asset Level Goal. However, complete liquidation of purchases made under a Letter of Intent prior to meeting the Asset Level Goal will result in the cancellation of the Letter. See "Failure to Meet Asset Level Goal" below.

**Cancellation of Letter of Intent.** You may cancel a Letter of Intent by notifying your Financial Intermediary in writing, or if you purchase your shares directly through the transfer agent, by notifying the transfer agent in writing. The Letter will be automatically cancelled if all shares are sold or redeemed as set forth above. See "Failure to Meet Asset Level Goal" below.

**Escrowed Shares.** Shares equal in value to 4.25% of your Asset Level Goal as of the date your Letter of Intent (or the date of any increase in the amount of the Letter) is accepted will be held in escrow during the term of your Letter. The Escrowed Shares will be included in the total shares owned as reflected in your account statement and any dividends and capital gains distributions applicable to the Escrowed Shares will be credited to your account and counted towards your Asset Level Goal or paid in cash upon request. The Escrowed Shares will be released from escrow if all the terms of your Letter are met.

**Failure to Meet Asset Level Goal.** If the total assets under your Letter of Intent within its 13-month term are less than your Asset Level Goal whether because you made insufficient Eligible Fund Purchases, redeemed all of your holdings or cancelled the Letter before reaching your Asset Level Goal, you will be liable for the difference between: (a) the sales charge actually paid and (b) the sales charge that would have applied if you had not entered into the Letter. You may, however, be entitled to any breakpoints that would have been available to you under the

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accumulation privilege. An appropriate number of shares in your account will be redeemed to realize the amount due. For these purposes, by entering into a Letter of Intent, you irrevocably appoint your Financial Intermediary, or if you purchase your shares directly through the transfer agent, the transfer agent, as your attorney-in-fact for the purposes of holding the Escrowed Shares and surrendering shares in your account for redemption. If there are insufficient assets in your account, you will be liable for the difference. Any Escrowed Shares remaining after such redemption will be released to your account.

**Contingent Deferred Sales Charge Provisions** 

Contingent deferred sales charge shares are: (a) Class A shares that were purchased without an initial sales charge but are subject to a contingent deferred sales charge and (b) Class C shares. A contingent deferred sales charge may be imposed on certain redemptions of these shares.

Any applicable contingent deferred sales charge will be assessed on the NAV at the time of purchase or redemption, whichever is less.

Class A shares that are contingent deferred sales charge shares are subject to a 1.00% contingent deferred sales charge if redeemed within 18 months of purchase. Class C shares that are contingent deferred sales charge shares are subject to a 1.00% contingent deferred sales charge if redeemed within 12 months of purchase.

In determining the applicability of any contingent deferred sales charge, it will be assumed that a redemption is made first of shares representing capital appreciation, next of shares representing the reinvestment of dividends and capital gain distributions, next of shares that are not subject to the contingent deferred sales charge and finally of other shares held by the shareholder for the longest period of time. For federal income tax purposes, the amount of the contingent deferred sales charge will reduce the gain or increase the loss, as the case may be, on the amount realized on redemption. The Distributor receives contingent deferred sales charges in partial consideration for its expenses in selling shares.

**Waivers of Contingent Deferred Sales Charge** 

The contingent deferred sales charge will be waived on: (a) redemptions of shares within 12 months following the death or disability (as defined in the Internal Revenue of 1986 (the "Code")) of the shareholder; (b) mandatory post-retirement distributions from retirement plans or IRAs commencing on or after attainment of required minimum distribution age; (c) involuntary redemptions; (d) redemptions of shares to effect a combination of the Fund with any investment company by merger, acquisition of assets or otherwise; (e) tax-free returns of an excess contribution to any retirement plan; and (f) certain redemptions of shares of the Fund in connection with lump-sum or other distributions made by eligible retirement plans or redemption of shares by participants in certain "wrap fee" or asset allocation programs sponsored by broker/dealers and other financial institutions that have entered into agreements with the Distributor or the manager.

The contingent deferred sales charge is waived on Class C shares purchased by retirement plan omnibus accounts held on the books of the Fund.

**How to Sell Shares and Delivery of Redemption Proceeds**

You can sell your Fund shares any day the NYSE is open for regular trading, either directly to the Fund or through your Financial Intermediary.

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 ACH transfer. If you did not purchase your shares with a wire payment, before selling recently purchased shares, please note that if the Transfer Agent has not yet collected payment for the shares you are selling, it may delay sending the proceeds until the payment is collected, which may take up to 15 calendar days from the purchase date. Under unusual circumstances, the Fund may suspend redemptions or postpone payment for more than seven days, as permitted by federal securities law. The value of shares on redemption or repurchase may be more or less than the investor's cost, depending upon the market value of the Fund's portfolio securities at the time of redemption or repurchase. Class A shares and Class C shares redemption proceeds are net of any CDSC fees.

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**Telephone Redemptions**

Shareholders with telephone transaction privileges established on their account may redeem Fund shares by telephone. Upon receipt of any instructions or inquiries by telephone from the shareholder, the Fund or its authorized agents may carry out the instructions and/or respond to the inquiry consistent with the shareholder's previously established account service options. For joint accounts, instructions or inquiries from either party will be carried out without prior notice to the other account owners. In acting upon telephone instructions, the Fund and its agents use procedures that are reasonably designed to ensure that such instructions are genuine. These include recording all telephone calls, requiring pertinent information about the account and sending written confirmation of each transaction to the registered owner.

The Transfer Agent will employ reasonable procedures to confirm that instructions communicated by telephone are genuine. If the Transfer Agent fails to employ reasonable procedures, the Fund and the Transfer Agent may be liable for any losses due to unauthorized or fraudulent instructions. If these procedures are followed, however, to the extent permitted by applicable law, neither the Fund nor its agents will be liable for any loss, liability, cost or expense arising out of any redemption request, including any fraudulent or unauthorized request. For additional information, contact the Transfer Agent.

**DETERMINATION OF SHARE PRICE**

The NAV of the Fund is determined as of the close of regular trading on the NYSE (generally 4:00 p.m., Eastern Time), each day the NYSE is open for trading. The NYSE annually announces the days on which it will not be open for trading. However, a Fund's NAV may be calculated earlier if trading on the NYSE is restricted or as permitted by the SEC. It is expected that the NYSE will not be open for trading on the following holidays: New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday/Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

NAV per Fund share is computed by dividing the value of the net assets of the Fund (i.e., the value of its total assets less total liabilities) by the total number of Fund shares outstanding, rounded to the nearest cent. Expenses and fees, including the management fees, are accrued daily and taken into account for purposes of determining net asset value. The NAV of the Fund is calculated by the Custodian and determined at the close of the regular trading session on the New York Stock Exchange (the "NYSE") (ordinarily 4:00 p.m. Eastern time) on each day that such exchange is open, provided that fixed-income assets may be valued as of the announced closing time for trading in fixed-income instruments on any day that the Securities Industry and Financial Markets Association ("SIFMA") announces an early closing time.

In calculating the Fund's NAV per Fund share, the Fund's investments are valued using readily available market quotations, which generally means a reliable valuation obtained from an exchange or other market, or fair value as determined by an independent pricing service and evaluated by the Adviser. In the case of shares of other funds that are not traded on an exchange, a market valuation means such fund's published NAV per share. The Adviser may use various pricing services when necessary, or discontinue the use of any pricing service, as approved by the Board, from time to time. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.

Equity investments in securities traded on a national securities exchange are valued at the last reported sales price on the exchange on which the security is principally traded. Securities traded on the NASDAQ exchanges are valued at the NASDAQ Official Closing Price ("NOCP"). Exchange-traded securities for which no sale was reported and NASDAQ securities for which there is no NOCP are valued at the mean of the most recent quoted bid and ask prices. Unlisted securities held by the Funds are valued at the last sale price in the over-the-counter ("OTC") market. If there is no trading on a particular day, the mean between the last quoted bid and ask price is used.

Fixed income securities are valued using prices provided by an independent pricing service approved by the Board. Pricing services may use various valuation methodologies, including matrix pricing and other analytical models as well as market transactions and dealer quotations. The fair value of bank loans is generally valued using recently executed transactions, market price quotations (where observable) and market observable credit

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default swap levels. Fair value is based on the average of one or more broker quotes received. When quotations are unobservable, proprietary valuation models and default recovery analysis methods are employed.

Options are valued using composite pricing via the National Best Bid and Offer quotes. Composite pricing looks at the last trade on the exchange where the option is traded. If there are no trades for an option on a given business day, as of closing, the Fund will value the option at the mean of the highest bid price and lowest ask price across the exchanges where the option is traded.

When reliable market quotations are not readily available or a pricing service does not provide a valuation (or provides a valuation that in the judgment of the Adviser does not represent the security's fair value) or when, in the judgment of the Adviser, events have rendered the market value unreliable, a security is fair valued in good faith by the Adviser under procedures approved by the Board.

**Sales Charges and Dealer Reallowance**

**Class A** shares are charged a front-end sales charge of 4.25%, a contingent deferred sales charge ("CDSC") of 1.00% (for purchases over $1,000,000) and a redemption fee of 1.00%. Class A shares are also charged a 0.25% Rule 12b-1 distribution and service fee.

**Class C** shares are charged a CDSC of 1.00%. Class C shares are also charged a 1.00% Rule 12b-1 distribution and service fee.

**Institutional Class** shares are not charged a front-end sales load, are not charged a CDSC and have no Rule 12b-1 distribution and service fee. The Institutional Class shares have a higher minimum initial investment than Class A shares and Class C shares.

**DISTRIBUTIONS AND TAX INFORMATION**

**Distributions**

Dividends from net investment income are generally made daily. Also, the Fund typically distributes any net short-term capital gain and net capital gain (i.e., the excess of the Fund's net long-term capital gains over its short-term capital losses) realized by the Fund on an annual basis. Any net capital gains realized through the period ended October 31 of each year will also be distributed by December 31 of each year.

Each distribution by the Fund is accompanied by a brief explanation of the form and character of the distribution. In January of each year, the Fund will issue to each shareholder a statement of the federal income tax status of all distributions.

**Tax Information**

The following is only a summary of certain additional U.S. federal income tax considerations generally affecting the Fund and its shareholders that is intended to supplement the discussion contained in the Fund's Prospectus. No attempt is made to present a detailed explanation of the tax treatment of the Fund or its shareholders, and the discussion here and in the Fund's Prospectus is not intended as a substitute for careful tax planning. Shareholders are urged to consult their tax advisors with specific reference to their own tax situations, including their state, local, and foreign tax liabilities.

The following general discussion of certain federal income tax consequences is based on the Code and the regulations issued thereunder as in effect on the date of this SAI. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

**Qualification as a Regulated Investment Company.** The Fund has elected, and intends to qualify each year, to be treated as a regulated investment company ("RIC") under Subchapter M of the Code. To qualify as a RIC, the Fund must, among other things: (a) derive at least 90% of its gross income in each taxable year from dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock or securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities or currencies, and net income derived from interests in "qualified publicly traded partnerships" (*i.e.*, partnerships that are traded on an

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established securities market or tradable on a secondary market, other than partnerships that derive 90% of their income from interest, dividends, capital gains, and other traditionally permitted mutual fund income); and (b) diversify its holdings so that, at the end of each quarter of the Fund's taxable year, (i) at least 50% of the total value of the Fund's assets is represented by cash and cash items, securities of other RICs, U.S. government securities and other securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the Fund's total assets and not greater than 10% of the outstanding voting securities of such issuer, including the equity securities of a "qualified publicly traded partnership" and (ii) not more than 25% of the value of its total assets is invested, including through corporations in which the Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government securities or securities of other RICs) of any one issuer, or in the securities (other than the securities of other RICs) of any two or more issuers that the Fund controls and that are determined to be engaged in the same or similar trades or businesses or related trades or businesses, or in the securities of one or more "qualified publicly traded partnerships."

As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its taxable investment income and capital gains that it timely distributes to its shareholders, provided that it satisfies a minimum distribution requirement. To satisfy the minimum distribution requirement, the Fund must distribute to its shareholders at least the sum of (i) 90% of its "investment company taxable income" (*i.e.*, generally, its taxable income other than its net capital gain, computed without regard to the dividends paid deduction, plus or minus certain other adjustments), and (ii) 90% of its net tax-exempt income for the taxable year. The Fund will be subject to income tax at the regular corporate tax rate on any taxable income or gains that it does not distribute to its shareholders. The Fund's policy is to distribute to its shareholders all of its investment company taxable income (computed without regard to the dividends paid deduction) and any net realized long-term capital gains for each fiscal year in a manner that complies with the distribution requirements of the Code, so that the Fund will not be subject to any federal income or excise taxes. However, the Fund can give no assurances that distributions will be sufficient to eliminate all taxes.

If, for any taxable year, the Fund were to fail to qualify as a RIC under the Code or were to fail to meet the distribution requirement, it would be taxed in the same manner as an ordinary corporation at the corporate tax rate and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. In addition, in the event of a failure to qualify, the Fund's distributions, to the extent derived from the Fund's current and accumulated earnings and profits, including any distributions of net long-term capital gains, would be taxable to shareholders as ordinary dividend income for federal income tax purposes. However, such dividends would be eligible, subject to any generally applicable limitations, (i) to be treated as qualified dividend income in the case of shareholders taxed as individuals and (ii) for the dividends received deduction in the case of corporate shareholders. Moreover, if the Fund were to fail to qualify as a RIC in any year, it would be required to pay out its earnings and profits accumulated in that year in order to qualify again as a RIC. Under certain circumstances, the Fund may cure a failure to qualify as a RIC, but in order to do so the Fund may incur significant Fund-level taxes and may be forced to dispose of certain assets. If the Fund failed to qualify as a RIC for a period greater than two taxable years, the Fund would generally be required to recognize, and would generally be subject to a corporate level tax with respect to, any net built-in gains with respect to certain of its assets upon a disposition of such assets within five years of qualifying as a RIC in a subsequent year.

The Fund will be subject to a nondeductible 4% federal excise tax to the extent it fails to distribute by the end of the calendar year at least 98% of its ordinary income and 98.2% of its capital gain net income (the excess of short- and long-term capital gains over short- and long-term capital losses) for the one-year period ending on October 31 of such year (including any retained amount from the prior calendar year on which the Fund paid no federal income tax. The Fund intends to make sufficient distributions to avoid liability for federal excise tax, but can make no assurances that such tax will be completely eliminated. The Fund may in certain circumstances be required to liquidate Fund investments in order to make sufficient distributions to avoid federal excise tax liability at a time when the investment adviser might not otherwise have chosen to do so, and liquidation of investments in such circumstances may affect the ability of the Fund to satisfy the requirement for qualification as a RIC.

The Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Fund's taxable income, net capital gain, net short-term capital gain, and earnings

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and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year. A "qualified late year loss" generally includes net capital loss, net long-term capital loss, or net short-term capital loss incurred after October 31 of the current taxable year (commonly referred to as "post-October losses") and certain other late-year losses.

If the Fund has a "net capital loss" (that is, capital losses in excess of capital gains) for a taxable year the excess of the Fund's net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of the Fund's next taxable year, and the excess (if any) of the Fund's net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Fund's next taxable year. Those net capital losses can be carried forward indefinitely to offset capital gains, if any, in years following the year of the loss. The carryover of capital losses may be limited under the general loss limitation rules if the Fund experiences an ownership change as defined in the Code.

At September 30, 2022, the Fund had capital loss carryforwards as listed below:

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| | | |
|:---|:---|:---|
| **Not Subject to Expiration** | **Not Subject to Expiration** | **Not Subject to Expiration** |
| **Short-Term** | **Long-Term** | **Total** |
| $802028 | $2441236 | $3243264 |

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**Distributions to Shareholders.** The Fund receives income generally in the form of dividends and interest on investments. This income, plus net short-term capital gains, if any, less expenses incurred in the operation of the Fund, constitutes the Fund's net investment income from which dividends may be paid to you. Net realized capital gains for a fiscal period are computed by taking into account any capital loss carryforward of the Fund. Taxable dividends and distributions are subject to tax whether you receive them in cash or in additional shares.

Distributions of net investment income, including distributions of net short-term capital gains, are taxable to shareholders as ordinary income or, for non-corporate shareholders, as qualified dividend income. Distributions from the Fund's net capital gain (*i.e.*, the excess of the Fund's net long-term capital gains over its net short-term capital losses) are taxable to shareholders as long-term capital gains regardless of the length of time Fund shares have been held.

In general, to the extent that the Fund receives qualified dividend income, the Fund may report a portion of the dividends it pays as qualified dividend income, which for non-corporate shareholders is subject to U.S. federal income tax rates of up to 20%. Qualified dividend income is, in general, dividend income from taxable domestic corporations and certain foreign corporations (*i.e.*, foreign corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States, and foreign corporations if the stock with respect to which the dividend was paid is readily tradable on an established securities market in the United States). A dividend will not be treated as qualified dividend income to the extent that (i) the shareholder has not held the shares on which the dividend was paid for more than 60 days during the 121-day period that begins on the date that is 60 days before the date on which the shares become "ex-dividend" with respect to such dividend, (ii) the shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to substantially similar or related property, or (iii) the shareholder elects to treat such dividend as investment income under section 163(d)(4)(B) of the Code. In order for a dividend on certain preferred stock to be treated as qualified dividend income, the shareholder must have a holding period of at least 91 days during the 181-day period beginning on the date that is 90 days before the date on which the stock becomes ex-dividend as to that dividend. The holding period requirements described in this paragraph apply to shareholders' investments in the Fund and to the Fund's investments in underlying dividend-paying stocks. Distributions received by the Fund from another RIC or from a REIT will be treated as qualified dividend income only to the extent so reported by such other RIC or REIT. Because the Fund's income is primarily derived from interest rather than dividends, it is generally not anticipated that the Fund would report a significant amount, if any, of its distributions as qualified dividend income to individual shareholders or as distributions eligible for the dividends received deduction for corporate shareholders of the Fund.

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A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in the Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by the Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the Internal Revenue Service ("IRS").

To the extent that the Fund makes a distribution of income received by the Fund in lieu of dividends (a "substitute payment") with respect to securities on loan pursuant to a securities lending transaction, such income will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends received deduction for corporate shareholders.

There is no requirement that the Fund take into consideration any tax implications when implementing its investment strategy. If the Fund's distributions exceed its earnings and profits, all or a portion of the distributions may be treated as a return of capital to shareholders. A return of capital distribution generally will not be taxable but will reduce each shareholder's tax basis, resulting in a higher capital gain or lower capital loss when the shares on which the distribution was received are sold. After a shareholder's tax basis in the shares has been reduced to zero, distributions in excess of earnings and profits will be treated as gain from the sale of the shareholder's shares.

Each shareholder who receives taxable distributions in the form of additional shares will be treated for U.S. federal income tax purposes as if receiving a distribution in an amount equal to the amount of money that the shareholder would have received if he or she had instead elected to receive cash distributions. The shareholder's aggregate tax basis in shares of the Fund will be increased by such amount.

A dividend or distribution received shortly after the purchase of shares reduces the net asset value of the shares by the amount of the dividend or distribution and, although in effect a return of capital, will be taxable to the shareholder. If the net asset value of shares were reduced below the shareholder's cost by dividends or distributions representing gains realized on sales of securities, such dividends or distributions would be a return of investment though taxable to the shareholder in the same manner as other dividends or distributions. This is known as "buying a dividend" and should be avoided by taxable investors.

A dividend or other distribution by the Fund is generally treated under the Code as received by the shareholders at the time the dividend or distribution is made. However, distributions declared in October, November or December to shareholders of record on a date in such a month and paid the following January are taxable as if received on December 31. Under this rule, therefore, a shareholder may be taxed in one year on dividends or distributions actually received in January of the following year. Shareholders should note that the Fund may make taxable distributions of income and capital gains even when share values have declined.

The Fund (or its administrative agent) will inform you of the amount of your ordinary income dividends, qualified dividend income and capital gain distributions, if any, and will advise you of their tax status for federal income tax purposes shortly after the close of each calendar year. If you have not held your shares for a full year, the Fund may designate and distribute to you, as ordinary income, qualified dividend income or capital gain, a percentage of income that is not equal to the actual amount of such income earned during the period of your investment in the Fund.

**Sales, Exchanges or Redemptions.** Any gain or loss recognized on a sale, exchange, or redemption of Fund shares by a shareholder who holds Fund shares as a capital asset will generally, for individual shareholders, be

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treated as a long-term capital gain or loss if the shares have been held for more than twelve months and otherwise will be treated as a short-term capital gain or loss. A shareholder may recognize a taxable gain or loss on a redemption of Fund shares. Any loss realized upon redemption of shares within six months from the date of their purchase will be treated as a long-term capital loss to the extent any amounts treated as distributions of long-term capital gains during such six month period. Any loss realized upon a redemption may be disallowed under certain wash sale rules to the extent shares of the Fund are purchased (through reinvestment of distributions or otherwise) within 30 days before or after the redemption.

A 3.8% tax generally applies to all or a portion of the net investment income of a shareholder who is an individual and not a nonresident alien for federal income tax purposes and who has adjusted gross income (subject to certain adjustments) that exceeds a threshold amount ($250,000 if married filing jointly or if considered a "surviving spouse" for federal income tax purposes, $125,000 if married filing separately, and $200,000 in other cases). This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts. For these purposes, dividends, interest and certain capital gains (among other categories of income) are generally taken into account in computing a shareholder's net investment income.

Under the Code, the Fund will be required to report to the IRS all distributions of taxable income and capital gains as well as gross proceeds from the redemption of Fund shares, except in the case of exempt recipient shareholders, which includes most corporations. The Fund will also be required to report tax basis information for such shares and indicate whether these shares had a short-term or long-term holding period. If a shareholder has a different basis for different shares of the Fund in the same account (*e.g.*, if a shareholder purchased shares in the same account at different times for different prices), the Fund calculates the basis of the shares sold using its default method unless the shareholder has properly elected to use a different method. The Fund's default method for calculating basis is first-in, first-out ("FIFO"). A shareholder may elect, on an account-by-account basis, to use a method other than FIFO by following procedures established by the Fund or its administrative agent. If such an election is made on or prior to the date of the first exchange or redemption of shares in the account and on or prior to the date that is one year after the shareholder receives notice of the Fund's default method, the new election will generally apply as if the FIFO method had never been in effect for such account. Shareholders should consult their tax advisers concerning the tax consequences of applying the Fund's default method or electing another method of basis calculation. Shareholders also should carefully review any cost basis information provided to them and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

**Tax Treatment of Complex Securities.** The Fund may invest in complex securities and these investments may be subject to numerous special and complex tax rules. These rules could affect the Fund's ability to qualify as a RIC, affect whether gains and losses recognized by the Fund are treated as ordinary income or capital gain, accelerate the recognition of income to the Fund and/or defer the Fund's ability to recognize losses, and, in limited cases, subject the Fund to U.S. federal income tax on income from certain of its foreign securities. In turn, these rules may affect the amount, timing or character of the income distributed to you by the Fund.

With respect to investments in STRIPS, Treasury Receipts, and other zero coupon securities which are sold at original issue discount and thus do not make periodic cash interest payments, the Fund will be required to include as part of its current income the imputed interest on such obligations even though the Fund has not received any interest payments on such obligations during that period. Because the Fund intends to distribute all of its net investment income to its shareholders, the Fund may have to sell Fund securities to distribute such imputed income which may occur at a time when the Adviser would not have chosen to sell such securities and which may result in taxable gain or loss.

Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a bond acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original issue discount. Absent an election by the Fund to include the market discount in income as it accrues, gain on the Fund's disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of the accrued market discount.

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The Fund may invest in, or hold, debt obligations that are in the lowest rating categories or that are unrated, including debt obligations of issuers not currently paying interest or that are in default. Investments in debt obligations that are at risk of or are in default present special tax issues for the Fund. Federal income tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless securities, how payments received on obligations in default should be allocated between principal and interest and whether certain exchanges of debt obligations in a workout context are taxable. These and other issues will be addressed by the Fund, in the event it invests in or holds such securities, in order to seek to ensure that it distributes sufficient income to preserve its status as a RIC and does not become subject to U.S. federal income or excise tax.

**Foreign Taxes.** Dividends and interest received by the Fund may be subject to income, withholding or other taxes imposed by foreign countries and U.S. possessions that would reduce the yield on the Fund's stock or securities. Tax conventions between certain countries and the U.S. may reduce or eliminate these taxes. Foreign countries generally do not impose taxes on capital gains with respect to investments by foreign investors.

**Tax Shelter Reporting Regulations.** Under Treasury regulations, if a shareholder recognizes a loss with respect to the Fund's shares of $2 million or more for an individual shareholder, or $10 million or more for a corporate shareholder, in any single year (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. A shareholder who fails to make the required disclosure to the IRS may be subject to adverse tax consequences, including substantial penalties. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

**Backup Withholding.** Pursuant to the backup withholding provisions of the Code, distributions of any taxable income and capital gains and proceeds from the redemption of Fund shares may be subject to withholding of federal income tax at the current rate of 24% in the case of non-exempt shareholders who: (i) has provided the Fund either an incorrect tax identification number or no number at all; (ii) is subject to backup withholding by the IRS for failure to properly report payments of interest or dividends; (iii) has failed to certify to the Fund that such shareholder is not subject to backup withholding; or (iv) has failed to certify to the Fund that the shareholder is a U.S. person (including a resident alien). If the withholding provisions are applicable, any such distributions and proceeds, whether taken in cash or reinvested in additional shares, will be reduced by the amounts required to be withheld. Corporate and other exempt shareholders should provide the Fund with their taxpayer identification numbers or certify their exempt status in order to avoid possible erroneous application of backup withholding. Backup withholding is not an additional tax and any amounts withheld may be credited against a shareholder's ultimate federal income tax liability if proper documentation is provided. The Fund reserves the right to refuse to open an account for any person failing to provide a certified taxpayer identification number.

**The foregoing discussion of U.S. federal income tax law relates solely to the application of that law to U.S. citizens or residents and U.S. domestic corporations, partnerships, trusts and estates.**

**Non-U.S. Investors.** Any non-U.S. investors in the Fund may be subject to U.S. withholding and estate tax and are encouraged to consult their tax advisors prior to investing in the Fund. Each shareholder who is not a U.S. person should consider the U.S. and foreign tax consequences of ownership of shares of the Fund, including the possibility that such a shareholder may be subject to a U.S. withholding tax at a rate of 30% (or at a lower rate under an applicable income tax treaty) on distributions derived from taxable ordinary income. The Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Short-term capital gain dividends received by a nonresident alien individual who is present in the U.S. for a period or periods aggregating 183 days or more during the taxable year are not exempt from this 30% withholding tax. Gains realized by foreign shareholders from the sale or other disposition of shares of the Fund generally are not subject to U.S. taxation, unless the recipient is an individual who is physically

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present in the U.S. for 183 days or more per year. Foreign shareholders who fail to provide an applicable IRS form may be subject to backup withholding on certain payments from the Fund. Backup withholding will not be applied to payments that are subject to the 30% (or lower applicable treaty rate) withholding tax described in this paragraph. Different tax consequences may result if the foreign shareholder is engaged in a trade or business within the United States. In addition, the tax consequences to a foreign shareholder entitled to claim the benefits of a tax treaty may be different than those described above.

Under legislation generally known as "FATCA" (the Foreign Account Tax Compliance Act), the Fund is required to withhold 30% of certain ordinary dividends it pays to shareholders that fail to meet prescribed information reporting or certification requirements. In general, no such withholding will be required with respect to a U.S. person or non-U.S. person that timely provides the certifications required by the Fund or its agent on a valid IRS Form W-9 or applicable series of IRS Form W-8, respectively. Shareholders potentially subject to withholding include foreign financial institutions ("FFIs"), such as non-U.S. investment funds, and non-financial foreign entities ("NFFEs"). To avoid withholding under FATCA, an FFI generally must enter into an information sharing agreement with the IRS in which it agrees to report certain identifying information (including name, address, and taxpayer identification number) with respect to its U.S. account holders (which, in the case of an entity shareholder, may include its direct and indirect U.S. owners), and an NFFE generally must identify and provide other required information to the Fund or other withholding agent regarding its U.S. owners, if any. Such non-U.S. shareholders also may fall into certain exempt, excepted or deemed compliant categories as established by regulations and other guidance. A non-U.S. shareholder resident or doing business in a country that has entered into an intergovernmental agreement with the U.S. to implement FATCA will be exempt from FATCA withholding provided that the shareholder and the applicable foreign government comply with the terms of the agreement. The Fund will not pay any additional amounts in respect to any amounts withheld.

A non-U.S. entity that invests in the Fund will need to provide the Fund with documentation properly certifying the entity's status under FATCA in order to avoid FATCA withholding. Non-U.S. investors in the Fund should consult their tax advisors in this regard.

The Fund's shares held in a tax-qualified retirement account will generally not be subject to federal taxation on income and capital gains distributions from the Fund until a shareholder begins receiving payments from their retirement account. Because each shareholder's tax situation is different, shareholders should consult their tax advisors with specific reference to their own tax situations, including their state, local, and foreign tax liabilities.

**State Taxes**. Depending upon state and local law, distributions by the Fund to its shareholders and the ownership of such shares may be subject to state and local taxes. Rules of state and local taxation of dividend and capital gains distributions from RICs often differ from the rules for federal income taxation described above. It is expected that the Fund will not be liable for any corporate excise, income or franchise tax in Delaware if it qualifies as a RIC for federal income tax purposes.

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Many states grant tax-free status to dividends paid to you from interest earned on direct obligations of the U.S. government, subject in some states to minimum investment requirements that must be met by the Fund. Investment in Ginnie Mae or Fannie Mae securities, banker's acceptances, commercial paper, and repurchase agreements collateralized by U.S. government securities do not generally qualify for such tax-free treatment. The rules on exclusion of this income are different for corporate shareholders. Shareholders are urged to consult their tax advisors regarding state and local taxes applicable to an investment in the Fund.

This discussion and the related discussion in the Prospectus have been prepared by Fund management. The information above is only a summary of some of the federal income tax considerations generally affecting the Fund and its shareholders. No attempt has been made to discuss individual tax consequences and this discussion should not be construed as applicable to all shareholders' tax situations. **Investors should consult their own tax advisors to determine the suitability of the Fund and the applicability of any federal, state, local or foreign taxation.** 

**RULE 12b-1 DISTRIBUTION AND SERVICE PLAN**

The Fund has adopted a Distribution Plan (the "12b-1 Plan") pursuant to Rule 12b-1 under the 1940 Act. The 12b-1 Plan authorizes payments which are accrued daily and paid quarterly at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class A shares and up to 1.00% of the Fund's Class C shares.

Amounts paid under the 12b-1 Plan by the Fund may be spent by the Fund on any activities or expenses primarily intended to result in the sale of shares, including but not limited to, advertising, compensation for sales and marketing activities of financial institutions and others such as dealers and distributors, shareholder account servicing, the printing and mailing of prospectuses to other than current shareholders and the printing and mailing of sales literature. Such fees are paid each year only to the extent of such costs and expenses of the Fund under the 12b-1 Plan actually incurred in that year. To the extent any activity is one which the Fund may finance without a plan pursuant to Rule 12b-1, the Fund may also make payments to finance such activity outside of the 12b-1 Plan and not subject to its limitations.

Under the 12b-1 Plan, the Trustees will be furnished quarterly with information detailing the amount of expenses paid under the 12b-1 Plan and the purposes for which payments were made. The 12b-1Plan may be terminated at any time by vote of a majority of the Trustees of the Trust who are not interested persons. Continuation of the 12b-1 Plan is considered by such Trustees no less frequently than annually. With the exception of the Distributor and the Adviser, in their capacities as the Fund's principal underwriter and distribution coordinator, respectively, no interested person has or had a direct or indirect financial interest in the 12b-1 Plan or any related agreement.

While there is no assurance that the expenditures of the Fund's assets to finance distribution of shares will have the anticipated results, the Board believes there is a reasonable likelihood that one or more of such benefits will result, and because the Board is in a position to monitor the distribution expenses, it is able to determine the benefit of such expenditures in deciding whether to continue the 12b-1 Plan.

Any material amendment to the 12b-1 Plan must be approved by the Board, including a majority of the Independent Trustees, or by a vote of a "majority" (as defined in the 1940 Act) of the outstanding voting securities of the applicable class or classes. The 12b-1 Plan may be terminated, with respect to a class or classes of the Fund, without penalty at any time: (1) by vote of a majority of the Board, including a majority of the Independent Trustees; or (2) by a vote of a "majority" (as defined in the 1940 Act) of the outstanding voting securities of the applicable class or classes.

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The following table describes the allocation of Rule 12b-1 fees for Class A and Class C shares during the fiscal year ended September 30, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | | | | | | |
| Advertising | Printing /Mailing | Compensation to Distributor | Compensation to Dealers | Compensation to Sales Personnel | Interest, carrying, other financing | Total |
| $0 | $0 | $0 | $11584 | $0 | $0 | $11584 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | | | | | | |
| Advertising | Printing /Mailing | Compensation to Distributor | Compensation to Dealers | Compensation to Sales Personnel | Interest, carrying, other financing | Total |
| $11446 | $0 | $0 | $17432 | $0 | $0 | $28878 |

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**MARKETING AND SUPPORT PAYMENTS**

The Adviser, out of its own resources and without additional cost to the Fund or its shareholders, may provide additional cash payments or other compensation to certain financial intermediaries who sell shares of the Fund. Such payments may be divided into categories as follows:

**Support Payments.** Payments may be made by the Adviser to certain financial intermediaries in connection with the eligibility of the Fund to be offered in certain programs and/or in connection with meetings between the Fund's representatives and financial intermediaries and its sales representatives. Such meetings may be held for various purposes, including providing education and training about the Fund and other general financial topics to assist financial intermediaries' sales representatives in making informed recommendations to, and decisions on behalf of, their clients.

**Entertainment, Conferences and Events.** The Adviser also may pay cash or non-cash compensation to sales representatives of financial intermediaries in the form of (i) occasional gifts; (ii) occasional meals, tickets or other entertainments; and/or (iii) sponsorship support for the financial intermediary's client seminars and cooperative advertising. In addition, the Adviser pays for exhibit space or sponsorships at regional or national events of financial intermediaries.

The prospect of receiving, or the receipt of additional payments or other compensation as described above by financial intermediaries may provide such intermediaries and/or their salespersons with an incentive to favor sales of shares of the Fund, and other mutual funds whose affiliates make similar compensation available, over sale of shares of mutual funds (or non-mutual fund investments) not making such payments. You may wish to take such payment arrangements into account when considering and evaluating any recommendations relating to the Fund shares.

**ANTI-MONEY LAUNDERING PROGRAM**

The Trust has established an Anti-Money Laundering Program (the "Program") as required by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act"). In order to ensure compliance with this law, the Trust's Program provides for the development of internal practices, procedures and controls, designation of anti-money laundering compliance officers, an ongoing training program and an independent audit function to determine the effectiveness of the Program.

Procedures to implement the Program include, but are not limited to, determining that the Fund's Distributor and Transfer Agent have established proper anti-money laundering procedures, reporting suspicious and/or fraudulent activity, checking shareholder names against designated government lists, including Office of Foreign Asset Control ("OFAC"), and a complete and thorough review of all new opening account applications. The Trust will

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not transact business with any person or legal entity whose identity and beneficial owners, if applicable, cannot be adequately verified under the provisions of the USA PATRIOT Act.

**FINANCIAL STATEMENTS**

The Fund's <u>[annual report to shareholders](http://www.sec.gov/Archives/edgar/data/1261788/000089418922008812/0000894189-22-008812-index.htm)</u> for the fiscal year ended September 30, 2022 is a separate document, and the financial statements, accompanying notes and report of the independent registered public accounting firm appearing therein are incorporated by reference into this SAI. You can obtain the Fund's annual report without charge on the Funds' website, www.zieglercapfunds.com, upon written request to the Fund, request by telephone at 833-777-1533, or on the SEC's website at www.sec.gov.

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**Appendix A**

**DESCRIPTION OF SECURITIES RATINGS**

**<u>Short-Term Credit Ratings</u>**

A ***Standard & Poor's*** short-term issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation having an original maturity of no more than 365 days. The following summarizes the rating categories used by Standard & Poor's for short-term issues:

"A-1" – A short-term obligation rated "A-1" is rated in the highest category and indicates that the obligor's capacity to meet its financial commitment 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 commitment 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 lead to a weakened capacity of the obligor to meet its financial commitment 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 which 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 commitment 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 Standard & Poor's 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. An obligation's rating is lowered to "D" if it is subject to a distressed exchange offer.

Local Currency and Foreign Currency Risks – Standard & Poor's issuer credit ratings make a distinction between foreign currency ratings and local currency ratings. An issuer's foreign currency rating will differ from its local currency rating when the obligor has a different capacity to meet its obligations denominated in its local currency, vs. obligations denominated in a foreign currency.

***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 the likelihood of a default on contractually promised payments. Ratings may be assigned to issuers, short-term programs or to individual short-term debt instruments.

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

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

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

"P-3" – Issuers (or supporting institutions) rated Prime-3 have 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.

***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 or security stream and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term ratings are assigned to obligations whose initial maturity is viewed as "short-term" based on market convention. 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.

"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.

The ***DBRS® Ratings Limited ("DBRS")*** short-term debt rating scale provides an opinion on the risk that an issuer will not meet its short-term financial obligations in a timely manner. Ratings are based on quantitative and qualitative considerations relevant to the issuer and the relative ranking of claims. The R-1 and R-2 rating categories are further denoted by the sub-categories "(high)", "(middle)", and "(low)".

The following summarizes the ratings used by DBRS 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.

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"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" – Short-term debt rated "D" is assigned 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, a downgrade to "D" may occur. DBRS 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 Credit Ratings</u>**

The following summarizes the ratings used by ***Standard & Poor's*** for long-term issues:

"AAA" – An obligation rated "AAA" has the highest rating assigned by Standard & Poor's. The obligor's capacity to meet its financial commitment 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 commitment 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 commitment 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 lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

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"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 exposures 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 which could lead to the obligor's inadequate capacity to meet its financial commitment 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 commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitment 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 commitment 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 commitment 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 Standard & Poor's 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 to 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 Standard & Poor's believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 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. An obligation's rating is lowered to "D" if it is subject to a distressed exchange offer.

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

"NR" – This indicates that no rating has been requested, or that there is insufficient information on which to base a rating, or that Standard & Poor's does not rate a particular obligation as a matter of policy.

Local Currency and Foreign Currency Risks - Standard & Poor's issuer credit ratings make a distinction between foreign currency ratings and local currency ratings. An issuer's foreign currency rating will differ from its local currency rating when the obligor has a different capacity to meet its obligations denominated in its local currency, vs. 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 one year or more. Such ratings reflect both the likelihood of default on contractually promised payments and the expected financial loss suffered in the event of default. 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.

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"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.

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 indicate that there is 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.

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"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 "B" to "C" rating categories, depending upon 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".

The ***DBRS*** long-term rating scale provides an opinion on the risk of default. That is, the risk that an issuer will fail to satisfy its financial obligations in accordance with the terms under which an obligation has been issued. Ratings are based on quantitative and qualitative considerations relevant to the issuer, and the relative ranking of claims. All rating categories other than AAA and D also 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 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 security rated "D" is assigned 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, a downgrade to "D" may occur. DBRS 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>**

A ***Standard & Poor's*** U.S. municipal note rating reflects Standard & Poor's 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

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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, Standard & Poor's 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.

***Moody's*** uses the Municipal Investment Grade ("MIG") scale to rate U.S. municipal bond anticipation notes of up to three years maturity. Municipal notes rated on the MIG scale may be secured by either pledged revenues or proceeds of a take-out financing received prior to note maturity. MIG ratings expire at the maturity of the obligation, and the issuer's long-term rating is only one consideration in assigning the MIG rating. MIG ratings are divided into three levels – "MIG-1" through "MIG-3" while speculative grade short-term obligations are designated "SG". The following summarizes the ratings used by Moody's for short-term municipal obligations:

"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.

In the case of variable rate demand obligations ("VRDOs"), a two-component rating is assigned: a long or short-term debt rating and a demand obligation rating. The first element represents Moody's evaluation of risk associated with scheduled principal and interest payments. The second element represents Moody's evaluation of risk associated with the ability to receive purchase price upon demand ("demand feature"). The second element uses a rating from a variation of the MIG rating scale called the Variable Municipal Investment Grade or "VMIG" scale. The rating transitions on the VMIG scale differ from those on the Prime scale to reflect the risk that external liquidity support generally will terminate if the issuer's long-term rating drops below investment grade.

VMIG rating expirations are a function of each issue's specific structural or credit features.

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"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 that ensure the timely payment of purchase price upon demand.

"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 that ensure the timely payment of purchase price upon demand.

"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 that ensure the timely payment of purchase price upon demand.

"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 an investment grade short-term rating or may lack the structural and/or legal protections necessary to ensure the timely payment of purchase price upon demand.

"NR" – Is assigned to an unrated obligation.

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

A ***Standard & Poor's*** 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 Standard & Poor's view of the obligor's capacity and willingness to meet its financial commitments as they come due, and may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

***Moody's*** credit ratings must be construed solely as statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities.

***Fitch's*** credit ratings provide an opinion on the relative ability of an entity to meet financial commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterparty obligations. Fitch credit ratings are used by investors as indications of the likelihood of receiving the money owed to them in accordance with the terms on which they invested. Fitch's credit ratings cover the global spectrum of corporate, sovereign (including supranational and sub-national), financial, bank, insurance, municipal and other public finance entities and the securities or other obligations they issue, as well as structured finance securities backed by receivables or other financial assets.

***DBRS*** credit ratings are opinions based on the quantitative and qualitative analysis of information sourced and received by DBRS, which information is not audited or verified by DBRS. Ratings are not buy, hold or sell recommendations and they do not address the market price of a security. Ratings may be upgraded, downgraded, placed under review, confirmed and discontinued.

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**Appendix B**

**Proxy Voting Policy**

Information on how the Fund voted proxies relating to its portfolio securities during the most recent twelve-month period ended June 30 is available without charge by calling 833-777-1533 or by accessing the website of the Securities and Exchange Commission at http://www.sec.gov.

**Pretium Credit Management, LLC ("PCM")** 

**Proxy Voting Procedures**

**November 1, 2021**

As a fiduciary, an investment adviser with proxy voting authority has a duty to monitor corporate events and to vote proxies in the best interest of its authority. Because PCM has discretionary authority over the securities held by its Clients, PCM is viewed as having proxy voting authority. Accordingly, PCM is subject to the Proxy Voting Rule. To meet our obligations under this rule, PCM has adopted written Proxy Voting Policies and Procedures, which reasonably designed to ensure that PCM votes proxies in the best interest of its Clients and addresses how PCM will resolve any conflict of interest that may arise when voting proxies.

**Specific Procedures**

In order to facilitate the proxy voting process, PCM has engaged an independent third-party proxy voting services (the " Proxy Service") to assemble and vote proxies for the Funds on PCM's behalf (which will itself necessarily involve procedures other than those described below). The Proxy Service assembles the proxies for which PCM's Clients have voting rights and provides PCM with proxy analysis and voting recommendations, vote execution according to PCM's guidelines set forth herein, and quarterly reports indicating how individual votes have been cast. It is ultimately the responsibility of the respective portfolio manager for each Client (i.e., the senior personnel responsible for making investment decisions on behalf of such Client) to, directly or indirectly, inform the Proxy Service in a timely manner how to vote (or not to vote, as appropriate) all of the proxies relating to the securities held on behalf of such Client. PCM is not responsible for ensuring that votes are cast with respect to proxies that are not forwarded in a timely manner nor, as a general matter, does it control the setting of the record date, shareholder meeting dates or the timing of distribution of proxy materials and ballots relating to shareholder votes.

The Proxy Service will provide written notice of all required information and its corresponding due date, and when a vote deadline is imminent and they have not yet heard from the relevant portfolio manager, the Proxy Service will remind the relevant portfolio manager of the impending deadline and any outstanding signoffs owed. The portfolio managers are authorized to consider voting recommendations and other information and analysis provided by the Proxy Service. It is the Proxy Service's responsibility to cast the votes as instructed by the relevant portfolio manager. In the event that the relevant portfolio manager does not inform the Proxy Service how to vote (or not vote, as the case may be) by the voting cut-off date, the Proxy Service shall cast the vote in accordance with its prior recommendation.

The Proxy Service is also responsible to record the way in which they voted on PCM's behalf on every issue presented by the relevant company. PCM's Operations Team and the LCD, in consultation with the portfolio manager of the relevant Fund, will periodically conduct a review to ensure that proxies are indeed being voted by the Proxy Service in accordance with the terms of their engagement with PCM.

**Conflicts of Interest**

Though unlikely, it is possible for potential and actual conflicts of interest to arise between the interests of PCM or its affiliates, on the one hand, and PCM's Clients, on the other hand, in the context of PCM's proxy voting. If PCM determines that it has an actual conflict of interest when voting a proxy on behalf of a Client, PCM will address matters involving such conflicts of interest as follows:

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• by adopting the recommendations of the independent Proxy Service and instructing them to cast PCM's vote accordingly; or

• if PCM believes it is in the best interest of the Funds to depart from the Proxy Service's recommendation in a specific instance, PCM may vote such proxy as it determines to be in the best interest of the investing Funds with the intent of maximizing the value of the Client's portfolio.

In any such instance, a member of the LCD, once notified of the conflict, would be involved in the process to help manage and mitigate (to the extent possible) any such conflict of interest. PCM will memorialize the rationale for any such vote in writing and maintain any documentation that underlies the decision reached.

**Record of Proxy Voting**

PCM shall maintain, or have available, the following records related to proxy voting:

• copies of this Policy, as it is from time to time revised or supplemented;

• copies of each proxy statement that PCM receives regarding securities owned by its Clients;

• the voting decision with regard to each such proxy;

• each written Client request for information on how PCM voted proxies on behalf of the Client and PCM's response to any such request; and

• Client communications that relate to conflicts of interest with respect to proxy votes.

PCM will maintain such records for a period of not less than five years from the end of PCM's fiscal year during which the last entry was made on the record.

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| | |
|:---|:---|
| ![ck0001261788-20220930_g1.jpg](ck0001261788-20220930_g1.jpg) | **P R O S P E C T U S**<br>**January 31, 2023** |

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**Ziegler FAMCO Hedged Equity Fund** 

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| | |
|:---|:---|
| **Institutional Class** | **SHLDX** |
| **Investor Class\*** | **SHLIX** |

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The Ziegler FAMCO Hedged Equity Fund (the "Fund") seeks growth of capital and income.

\*As of the date of this Prospectus, Investor Class shares are not available for purchase.

Please read this Prospectus and keep it for future reference. It contains important information, including information on how the Fund invests and the services it offers to shareholders.

**The U.S. Securities and Exchange Commission 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.**

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| | | |
|:---|:---|:---|
| | **TABLE OF CONTENTS** | |
| **Ziegler FAMCO Hedged Equity Fund**<br>P.O. Box 701 Milwaukee, WI 53201-0701<br>Toll Free: 833-777-1533  | **[SUMMARY SECTION](#i42b6ea3094b640b9b392005363ae860e_10)** | **[1](#i42b6ea3094b640b9b392005363ae860e_10)** |
| **Ziegler FAMCO Hedged Equity Fund**<br>P.O. Box 701 Milwaukee, WI 53201-0701<br>Toll Free: 833-777-1533  | **[INVESTMENT OBJECTIVE, INVESTMENT STRATEGIES AND PRINCIPAL RISKS](#i42b6ea3094b640b9b392005363ae860e_16)** | **[6](#i42b6ea3094b640b9b392005363ae860e_16)** |
| **Ziegler FAMCO Hedged Equity Fund**<br>P.O. Box 701 Milwaukee, WI 53201-0701<br>Toll Free: 833-777-1533  | **[DISCLOSURE OF PORTFOLIO HOLDINGS](#i42b6ea3094b640b9b392005363ae860e_19)** | **[12](#i42b6ea3094b640b9b392005363ae860e_19)** |
| **Ziegler FAMCO Hedged Equity Fund**<br>P.O. Box 701 Milwaukee, WI 53201-0701<br>Toll Free: 833-777-1533  | **[MANAGEMENT OF THE FUND](#i42b6ea3094b640b9b392005363ae860e_22)** | **[12](#i42b6ea3094b640b9b392005363ae860e_22)** |
| **Ziegler FAMCO Hedged Equity Fund**<br>P.O. Box 701 Milwaukee, WI 53201-0701<br>Toll Free: 833-777-1533  | **[SHAREHOLDER INFORMATION](#i42b6ea3094b640b9b392005363ae860e_25)** | **[14](#i42b6ea3094b640b9b392005363ae860e_25)** |
| **Ziegler FAMCO Hedged Equity Fund**<br>P.O. Box 701 Milwaukee, WI 53201-0701<br>Toll Free: 833-777-1533  | **[DIVIDENDS AND DISTRIBUTIONS](#i42b6ea3094b640b9b392005363ae860e_28)** | **[22](#i42b6ea3094b640b9b392005363ae860e_28)** |
| **Ziegler FAMCO Hedged Equity Fund**<br>P.O. Box 701 Milwaukee, WI 53201-0701<br>Toll Free: 833-777-1533  | **[TOOLS TO COMBAT FREQUENT TRANSACTIONS](#i42b6ea3094b640b9b392005363ae860e_31)** | **[22](#i42b6ea3094b640b9b392005363ae860e_31)** |
| **Ziegler FAMCO Hedged Equity Fund**<br>P.O. Box 701 Milwaukee, WI 53201-0701<br>Toll Free: 833-777-1533  | **[TAX CONSEQUENCES](#i42b6ea3094b640b9b392005363ae860e_34)** | **[23](#i42b6ea3094b640b9b392005363ae860e_34)** |
| **Ziegler FAMCO Hedged Equity Fund**<br>P.O. Box 701 Milwaukee, WI 53201-0701<br>Toll Free: 833-777-1533  | **[SHARE CLASS INFORMATION AND DISTRIBUTION ARRANGEMENTS](#i42b6ea3094b640b9b392005363ae860e_37)** | **[25](#i42b6ea3094b640b9b392005363ae860e_37)** |
| **Ziegler FAMCO Hedged Equity Fund**<br>P.O. Box 701 Milwaukee, WI 53201-0701<br>Toll Free: 833-777-1533  | **[ADDITIONAL INFORMATION](#i42b6ea3094b640b9b392005363ae860e_40)** | **[26](#i42b6ea3094b640b9b392005363ae860e_40)** |
| **Ziegler FAMCO Hedged Equity Fund**<br>P.O. Box 701 Milwaukee, WI 53201-0701<br>Toll Free: 833-777-1533  | **[FINANCIAL HIGHLIGHTS](#i42b6ea3094b640b9b392005363ae860e_43)** | **[28](#i42b6ea3094b640b9b392005363ae860e_43)** |
| **Ziegler FAMCO Hedged Equity Fund**<br>P.O. Box 701 Milwaukee, WI 53201-0701<br>Toll Free: 833-777-1533  | **[PRIVACY NOTICE](#i42b6ea3094b640b9b392005363ae860e_46)** | **PN-[1](#i42b6ea3094b640b9b392005363ae860e_46)** |

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**SUMMARY SECTION** 

**Investment Objective**

The Ziegler FAMCO Hedged Equity Fund (the "Fund") seeks growth of capital and income.

**Fees and Expenses of the Fund**

The following 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 table and the Example below.**

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| | | |
|:---|:---|:---|
| **ANNUAL FUND OPERATING EXPENSES** <br>*(expenses that you pay each year as a percentage of the value of your investment)* | **ANNUAL FUND OPERATING EXPENSES** <br>*(expenses that you pay each year as a percentage of the value of your investment)* | **ANNUAL FUND OPERATING EXPENSES** <br>*(expenses that you pay each year as a percentage of the value of your investment)* |
| | **Institutional<br>Class** | **Investor<br>Class** |
| Management Fees | 0.60% | 0.60% |
| Distribution and Service (Rule 12b-1) Fees |  | 0.25% |
| Other Expenses  | 0.73% | 0.73%⁽¹⁾ |
| Total Annual Fund Operating Expenses | 1.33% | 1.58% |
| &nbsp;&nbsp;&nbsp;Less: Fee Waiver and/or Expense Reimbursement <sup>(2)</sup> | -0.63% | -0.63% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 0.70% | 0.95% |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;Estimated for the current fiscal year.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to a contractual fee waiver and reimbursement agreement, Ziegler Capital Management, LLC (the "Adviser") has contractually agreed to waive a portion or all of its management fees and pay Fund expenses (excluding acquired fund fees and expenses, taxes, interest expense, dividends on securities sold short, and extraordinary expenses) in order to limit the total annual fund operating expenses to 0.70% of average daily net assets of the Institutional Class shares and 0.95% of the average daily net assets of the Investor Class shares (the "Expense Caps"). The Expense Caps will remain in effect through at least January 31, 2024 and may be terminated only by the Trust for Advised Portfolios (the "Trust") Board of Trustees (the "Board"). The Adviser may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date they were waived or paid, provided that such recoupment does not cause the Fund's expense ratio (after the recoupment is taken into account) to exceed the lower of (1) the Expense Caps in place at the time such amounts were waived or paid and (2) the Fund's Expense Caps at the time of recoupment.

*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 either 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 Expense Caps for the first year). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Institutional Class** (with or without redemption at end of period**)** | $72 | $359 | $668 | $1546 |
| **Investor Class** (with or without redemption at end of period) | $97 | $437 | $801 | $1825 |

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*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. These costs, which are not reflected in annual fund operating

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expenses or in the Example, affect the Fund's performance. For the fiscal year ended September 30, 2022, the Fund's portfolio turnover rate was 77% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund seeks to achieve its investment objective by investing primarily in common stocks of large-cap companies and secondarily in exchange-traded funds ("ETFs") that invest primarily in large-cap common stocks. The Fund defines large-cap as companies with market capitalizations in excess of $5 billion. The Fund sells (writes) call options on a majority of the notional value of these stocks and ETFs, or on a representative index, such as the S&P 500, in seeking to shield the Fund from some of the risk associated with these investments and to generate additional returns to the extent of the call option premium received. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities and derivatives and other investments that have economic characteristics similar to equity securities.

The Fund also purchases and sells exchange traded put options, employing an option overlay known as a "Put/Spread" strategy in order to provide additional downside protection and risk-reduction. The options may be based on the S&P 500 Index or on ETFs that replicate the S&P 500 Index. A Put/Spread strategy is used to protect the value of an equity portfolio or profit from a decrease in the value of the equity portfolio. In a Put/Spread strategy, the Fund purchases a put on a security, ETF, or representative index and sells a put on the same security, ETF, or representative index. The purchased put benefits if the value of the underlying security, ETF or representative index decreases. The sold put generates income and limits the downside protection of the purchased put. The total option overlay strategy is designed to be near cost neutral. The combination of the diversified portfolio of equity securities, the downside protection from the put spread and the income from the call options is intended to provide the Fund with a portion of the returns associated with equity market investments while exposing investors to less risk than traditional long-only equity strategies (strategies that do not employ call or put option hedges).

In creating the stock rankings, the Sub-Adviser considers the following: (i) dividend payments, (ii) dividend increases, (iii) payout ratios, (iv) debt coverage ratios, (v) debt levels, (vi) earnings history, (vii) revenue growth, (viii) earnings growth, (ix) stock buybacks, (x) price-to-earnings (P/E) ratios, (xi) forward-looking P/E ratios, (xii) price-to-book value ratios, (xiii) price-to-sales ratios, (xiv) price-to-cash flow ratios, (xv) Altman Z scores (a bankruptcy predictor), (xvi) P/E-to-growth (PEG) ratios, and (xvii) betas (a measure of relative volatility of a security compared to the market as a whole). Each criterion listed above provides insight into the Sub-Adviser's assessment of security valuation and outlook. The Fund may use ETFs as a substitute for groups of stocks. The Fund sells stocks and ETFs when it believes they no longer meet the criteria mentioned above and will contemporaneously rebalance into new stocks. As the stock portfolio is designed to closely track the S&P 500 Index, options are not adjusted for stock rebalancing. Instead, the options in the strategy are rebalanced near expiration.

To enhance the potential returns of the Fund, as well as to hedge (by writing calls) against losses should portfolio securities decline, the Fund sells call options against the Fund's portfolio of stocks and ETFs either individually or on a representative index such as the S&P 500 Index. This part of the Fund's strategy is commonly referred to as a "covered call" strategy because the Fund owns the underlying security at the time it sells the option. The Fund selects call and put options with various exercise prices and maturities, reflecting the portfolio managers' views about the capital appreciation potential of each underlying stock and ETF or a representative index, as well as its view about the U.S. equity market as a whole.

When the portfolio managers determine that investment opportunities in large cap common stocks are overvalued or that prospects for the U.S. stock market are waning, the Sub-Adviser may also recommend a portion of the Fund's assets to money market funds and other cash equivalents.

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**Principal Investment Risks**

Investors in the Fund may lose money. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. There are risks associated with the types of securities in which the Fund invests. Each risk summarized below is considered a principal risk of investing in the Fund, regardless of the order in which it appears.

These risks include:

**Equity Risk.** The net asset value of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

**Options Risk.** Purchasing and writing put and call options are specialized transactions with higher risk than ordinary investments. The Fund may not fully benefit from or may lose money on an option if changes in its value do not correlate as expected to changes in the value of the underlying securities. If the Fund is not able to sell or close an option in its portfolio, it would have to exercise the option to realize any profit and would incur transaction costs on the purchase or sale of the underlying securities. Transactions in options also involve the payment of premiums, which may adversely affect the Fund's performance.

**Written Call Options Risk.** As the seller (writer) of a covered call option, the Fund assumes the risk of a decline in the market price of the underlying security below the purchase price of the underlying security less the premium received, and gives up the opportunity for gain on the underlying security above the exercise price of the option. Option premiums are treated as short-term capital gains and when distributed to shareholders, are usually taxable as ordinary income, which may have a higher tax rate than long-term capital gains for shareholders holding Fund shares in a taxable account. The use of call options to shield the Fund may result in higher transaction costs. This shielding may not be successful and investors could still lose money through investing in the Fund.

**Written Index Put Options Risk.** The purchaser (writer) of put option has the right to receive a cash payment equal to any depreciation in the value of the index below the strike price of the put option as of the valuation date of the option. Because their exercise is settled in cash, sellers of index put options such as the Fund cannot cover their potential settlement obligations by selling short the underlying securities. As the writer of index put options, the Fund will be responsible, during the option's life, for any decreases in the value of the index below the strike price of the put option.

**ETF and Mutual Fund Risk.** ETFs and mutual funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. You will indirectly bear fees and expenses charged by the other mutual funds and ETFs in addition to the Fund's direct fees and expenses. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in other mutual funds and ETFs and may be higher than other mutual funds that invest directly in stocks. Each ETF and mutual fund is subject to specific risks, depending on the nature of the fund. ETFs are subject to specific risks, depending on the nature of the ETF, including:

**Authorized Participant Concentration Risk.** Only an Authorized Participant may engage in creation or redemption transactions directly with ETFs. ETFs have a limited number of institutions that act as Authorized Participants. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders with respect to ETFs in which the Fund invests and no other Authorized Participant is able to step forward to create or redeem Creation Units, shares of those ETFs may trade at a discount to net asset value ("NAV") and possibly face trading halts and/or delisting.

**Distressed Market Risk.** If the market for securities in which an ETF will invest becomes distressed, the market for the shares of that ETF may become less liquid in response to the deteriorating liquidity in the market for the underlying portfolio holdings of that ETF. This adverse effect on liquidity for shares of that ETF could lead to differences between the market price of the ETF's shares and the underlying value of those shares.

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**Market Trading Risk.** ETFs face numerous market trading risks, including disruptions to the creation and redemption processes of the ETF, losses from trading in secondary markets, and the existence of extreme market volatility or potential lack of an active trading market for shares, which may result in shares trading at a significant premium or discount to NAV. If the Fund purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the Fund may sustain losses.

**Large Cap Company Risk.** Larger, more established companies may be unable to attain the high growth rates of successful, smaller companies during periods of economic expansion.

**Management Risk.** The Fund is an actively managed portfolio. The Sub-Adviser's practices and investment strategies may not work to produce the desired result if the portfolio managers' judgment about the attractiveness or value of a particular security or about market movements is incorrect, or if there are imperfections, errors or limitations in the models and data used by the portfolio managers which could have an adverse effect on the value or performance of the Fund.

**Market Risk.** Overall securities market risks will affect the value of individual instruments in which the Fund invests. Factors such as economic growth and market conditions, interest rate levels, and political events affect the U.S. securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

In the past several years, financial markets, such as those in the United States, Europe, Asia and elsewhere, have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. Governmental and non-governmental issuers have defaulted on, or been forced to restructure, their debts. These conditions may continue, recur, worsen or spread.

Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Fund's investments may be negatively affected.

Periods of market volatility may occur in response to pandemics, acts of war, or events affecting global markets. These types of events could adversely affect the Fund's performance. For example, since December 2019, a novel strain of coronavirus (COVID-19) has spread globally, which has resulted in the temporary closure of many corporate offices, retail stores, manufacturing facilities and factories, and other businesses across the world.

In addition, Russia's military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies.

**Tax Risk.** The writing of call options by the Fund may significantly reduce or eliminate its ability to make distributions eligible to be treated as qualified dividend income. Covered call options may also be subject to the federal tax rules applicable to straddles under the Internal Revenue Code of 1986 (the "Code"). If positions held by the Fund were treated as "straddles" for federal income tax purposes, or the Fund's risk of loss with respect to a position was otherwise diminished as set forth in Treasury regulations, dividends on stocks that are a part of such positions would not constitute qualified dividend income subject to such favorable income tax treatment. In addition, generally, straddles are subject to certain rules that may affect the amount, character and timing of the Fund's gains and losses with respect to straddle positions.

**Performance**

The following performance information indicates some of the risks of investing in the Fund. The Fund commenced operation as of the close of business on December 18, 2020 as a result of a reorganization in which the Fund acquired all of the assets and liabilities of the USCA Premium Buy Write Fund (the "Predecessor Fund"), a former series of USCA Fund Trust. The Fund adopted the historical performance of the Predecessor Fund, which had the same investment objective and substantially similar investment strategies as the Fund;

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therefore, performance prior to the close of business on December 18, 2020 shown below is that of the Predecessor Fund.

The bar chart shows the Fund's Institutional Class performance from year to year. The table illustrates how the Fund's average annual returns for the period indicated compare with those of a broad measure of market performance. The Fund's past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is posted on the Fund's website www.zieglercapfunds.com or by calling the Fund toll-free at 833-777-1533.

**Calendar year ended December 31,**

![ck0001261788-20220930_g3.jpg](ck0001261788-20220930_g3.jpg)

During the period of time shown in the bar chart, the Fund's highest quarterly return was 8.90% for the quarter ended June 30, 2020, and the lowest quarterly return was -16.26% for the quarter ended March 31, 2020.

**Average Annual Total Returns**

**For the Periods Ended December 31, 2022**

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| | | | |
|:---|:---|:---|:---|
| **Institutional Class** | **1 Year** | **5 Years** | **Since Inception November 29, 2016** |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | -10.62% | 2.24% | 2.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | -11.20% | 1.81% | 2.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | -5.87% | 1.70% | 2.13% |
| &nbsp;&nbsp;&nbsp;**S&P 500 Index** <br>(reflects no deduction for fees, expenses, or taxes) | -18.11% | 9.42% | 11.54% |
| &nbsp;&nbsp;&nbsp;**CBOE BuyWrite Index** <br>(reflects no deduction for fees, expenses, or taxes) | -11.37% | 2.73% | 4.31% |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts ("IRAs"). After-tax returns are shown only for Institutional; after-tax returns for Class A and Class C will vary to the extent they have different expenses.

In certain cases, the figure representing "Return after Taxes on Distributions and Sale of Fund Shares" may be higher than other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.

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**Management**

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| | | |
|:---|:---|:---|
| **Investment Adviser** | **Portfolio Manager** | **Years Managing the Fund** |
| Ziegler Capital Management, LLC | Wiley Angell | Since December 2020 |
|  | Sean Hughes, CFA | Since August 1, 2021 |
| **Sub-Adviser** | **Portfolio Manager** | **Years Managing the Fund** |
| USCA Asset Management LLC | Davis Rushing | Since November 2016 Inception of the Predecessor Fund |
|  | Kelly Rushing | Since November 2016 Inception of the Predecessor Fund |

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Each portfolio manager is jointly and primarily responsible for the day-to-day management of the Fund's portfolio.

**Purchase and Sale of Fund Shares**

You may purchase or redeem Fund shares on any business day by written request via mail to Ziegler FAMCO Hedged Equity Fund c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701, by telephone at 833-777-1533, by wire transfer, or through a financial intermediary. Investors who wish to purchase or redeem Fund shares through a financial intermediary should contact the financial intermediary directly. The minimum initial and subsequent investment amounts are shown below.

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| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | | **Investor Class** |
| **Regular Accounts** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum Initial Investment  | $10000 | <sup>1</sup> | $1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum Subsequent Investment  | NA |  | $100 |
| **Individual Retirement Accounts** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum Initial Investment  | $10000 |  | $1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum Subsequent Investment  | $100 |  | $100 |

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<sup>1</sup> Waived for Retirement Plans, Employees of the Adviser and Sub-Adviser and Clients of Eligible Financial Intermediaries.

**Tax Information**

The Fund's distributions are taxable, and will be taxed as ordinary income, qualified dividend income or capital gains, unless you invest though a tax-advantaged arrangement, such as a 401(k) plan or an IRA. Distributions on investments made through 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 the Fund through a broker-dealer or other financial intermediary, the Fund and/or the Adviser may pay the intermediary for the sale of Fund shares and related services. These payments may 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.

**INVESTMENT OBJECTIVE, INVESTMENT STRATEGIES AND PRINCIPAL RISKS**

**Investment Objective**

The Fund seeks growth of capital and income.

The investment objective of the Fund may be changed by the Board upon 60 days' prior notice to shareholders.

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**Principal Investment Strategies** 

The Fund seeks to achieve its investment objective by investing primarily in common stocks of large-cap companies and secondarily in exchange-traded funds ("ETFs") that invest primarily in large-cap common stocks. The Fund defines large-cap as companies with market capitalizations in excess of $5 billion. The Fund sells (writes) call options on a majority of the notional value of these stocks and ETFs, or on a representative index, such as the S&P 500 Index, in seeking to shield the Fund from some of the risk associated with these investments and to generate additional returns to the extent of the call option premium received. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities and derivatives and other investments that have economic characteristics similar to equity securities. The Fund will provide shareholders at least 60 days prior notice of a change to this 80% investment policy. Derivatives will be valued on a mark-to-market basis, using the current market price of the derivative, or, for over-the-counter derivatives, their fair market value.

The Fund also purchases and sells exchange traded put options, employing an option overlay known as a "Put/Spread" strategy in order to provide additional downside protection and risk-reduction. The options may be based on the S&P 500 Index or on ETFs that replicate the S&P 500 Index. A Put/Spread strategy is used to protect the value of an equity portfolio or profit from a decrease in the value of the equity portfolio. In a Put/Spread strategy, the Fund purchases a put on a security, ETF, or representative index and sells a put on the same security, ETF, or representative index. The purchased put benefits if the value of the underlying security, ETF or representative index decreases. The sold put generates income and limits the downside protection of the purchased put. The total option overlay strategy is designed to be near cost neutral. The combination of the diversified portfolio of equity securities, the downside protection from the put spread and the income from the call options is intended to provide the Fund with a portion of the returns associated with equity market investments while exposing investors to less risk than traditional long-only equity strategies (strategies that do not employ call or put option hedges).

<u>Stock Selection Methodology</u>

In creating the stock rankings, the Sub-Adviser uses a series of valuation filters and screens to identify stocks of companies that it believes present relative value at reasonable prices with the objective of creating a fundamental stock ranking process. This ranking system is then included in a quantitative process designed to build a portfolio that limits overall stock tracking error relative to the Index. In general, the Sub-Adviser identifies potential investment candidates by comparing various financial measures to those of a peer group of similarly situated issuers or the market as a whole. Generally, stock rankings from the Sub-Adviser have one or more of the following above average relative-to-peer-group investment characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dividend payments - many equities pay dividends, and dividends provide insight into the financial security, earnings consistency and volatility of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dividend increases - dividend increases and the consistency with which a company increases its dividend provide insight into the company ability to continue to grow earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payout ratios - a company with a high payout ratio is less attractive than a company with a low payout ratio; a company with a low payout ratio retains the ability to grow its dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• debt coverage ratios - companies with large debt service relative to their earnings are less attractive than companies with earnings that far surpass their debt interest payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• debt levels - the less debt the better;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• earnings history - the Sub-Adviser views a company's earnings history to help understand if a company is able to generate consistent earnings or if it is more cyclical in nature;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• revenue growth - some companies are able to consistently generate earnings through means other than growing revenue, which is an attractive means to generate earnings growth,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• earnings growth - growth of earnings and revenue are necessary for a company to be a viable investment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• stock buybacks - companies who buy back their shares are lowering the share count and increasing earnings for existing shareholders; the various ratios:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ price-to-earnings (P/E) ratios,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ forward-looking P/E ratios,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ price-to-book value ratios,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ price-to-sales ratios,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ price-to-cash flow ratios,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Altman Z scores (a bankruptcy predictor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• P/E-to-growth (PEG) ratios - the ratios are all used to assess valuation of securities (other than the Altman Z score which is used to measure a company's odds of going bankrupt); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Betas - used to assess how volatile a security is relative to its benchmark. The portfolio is constructed in such a way that it seeks to closely follow the total returns of the S&P 500 Index, but companies that are judged unfavorably based on the evaluation criteria described above will tend to have lower weightings than their weighting in the S&P 500 Index or may not be owned at all. Companies that have favorable evaluations based on these criteria will tend to have higher weightings than their weighting in the S&P 500.

<u>ETF Selection Methodology</u>

The Fund can use ETFs as a substitute for groups of stocks. The Fund selects ETFs that it believes are highly liquid and that have ample call option volume and liquidity. The Fund selects only non-leveraged ETFs.

When the portfolio managers determine that investment opportunities in large cap common stocks are overvalued or that prospects for the U.S. stock market are waning, the portfolio managers may also allocate a portion of the Fund's assets to money market funds and other cash equivalents.

<u>Covered Call and Put Methodology</u>

The Fund's option-overlay hedging strategy seeks to be near cost neutral. To enhance the potential risk-adjusted returns of the Fund, as well as to hedge against losses should portfolio securities decline, the Fund sells call options against its portfolio of stocks and ETFs either individually or on a representative index such as the S&P 500 Index. This part of the Fund's strategy is commonly referred to as a "covered call" strategy. A call option gives the purchaser of the option the right to buy, and a writer has the obligation to sell, the underlying security at the exercise price prior to or at the expiration of the contract, regardless of the market price of the underlying security during the option period. The Fund sells call options up to the full notional value of the long underlying stock or ETF positions. The premium paid to the Fund as writer of call options is consideration for undertaking the obligations of the option contract. The Fund, as writer of a covered call option, forgoes all or a portion of the potential profit from an increase in the market price of the underlying security above the exercise price in exchange for the benefit of receiving the option premium and some protection against the loss of capital if the underlying security declines in price. When a call option is exercised, the Fund is required to deliver to the buyer the agreed amount of the underlying security.

The Fund sells stocks and ETFs when it believes they no longer meet the criteria mentioned above and will contemporaneously rebalance related written call options. The Fund also covers the call options when it believes writing a new call option with a different maturity and/or strike price will produce better risk-adjusted returns. The covered call strategy is used to provide income that, over time, can lower the volatility of the underlying equity portfolio with the risk being a limited upside, while having unlimited downside. When the Fund sells a call, it receives a call premium (a payment) that is used to offset a portion of the cost of buying put protection. A "Put/

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Spread" strategy is used to protect a portion of the value of an equity portfolio from a decline in the market. The long put protection is closer to the current market price and therefore should protect from initial market declines. The sold put is farther below the current market price (deep out-of-the-money), creating equity market exposure below this level.

When the portfolio managers determine that investment opportunities in large cap common stocks are overvalued or that prospects for the U.S. stock market are waning, the Fund may also allocate a portion of its assets to money market funds and other cash equivalents.

<u>Temporary Investments</u> 

To respond to adverse market, economic, political or other conditions, the Fund may invest 100% of its total assets, without limitation, in cash, high-quality short-term debt securities and money market instruments. These short-term debt securities and money market instruments include shares of money market funds, commercial paper, certificates of deposit, bankers' acceptances, U.S. government securities and repurchase agreements. While the Fund is in a defensive position, the opportunity to achieve its investment objective will be limited. Furthermore, to the extent that the Fund invests in money market funds for cash positions, there will be some duplication of expenses because the Fund pays its pro-rata portion of such money market funds' advisory fees and operational fees. The Fund may also invest a substantial portion of its assets in such instruments at any time to maintain liquidity or pending selection of investments in accordance with its policies.

**Principal Investment Risks**

Investors in the Fund may lose money. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. There are risks associated with the types of securities in which the Fund invests. Each risk summarized below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. These risks include:

**Equity Risk**. The net asset value of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The equity securities held by the Fund may experience sudden, unpredictable drops in value or long periods of decline in value in response to developments affecting a specific company or industry, or to changing economic, political or market conditions. This may occur because of factors affecting securities markets generally, the equity securities of a particular sector, or a particular company.

**Options Risk.** Options are derivatives and may be subject to greater fluctuations in value than an investment in the underlying securities. A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the writer of the option the obligation to buy, the underlying security, index, currency or other instrument at a specified exercise price. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the seller the obligation to sell, the underlying instrument at a specified exercise price. Purchasing and writing put and call options are specialized transactions wither higher risk than ordinary investments. The Fund may not fully benefit from or may lose money on an option if changes in its value do not correlate as expected to changes in the value of the underlying securities. If the Fund is not able to sell or close an option in its portfolio, it would have to exercise the option to realize any profit and would incur transaction costs on the purchase or sale of the underlying securities. Transactions in options also involve the payment of premiums, which may adversely affect the Fund's performance.

**Written Call Options Risk***.* As the seller (writer) of a covered call option, the Fund assumes the risk of a decline in the market price of the underlying security below the purchase price of the underlying security less the premium received, and gives up the opportunity for gain on the underlying security above the exercise price of the option. The Fund continues to bear the risk of a decline in the value of its underlying stocks. Option premiums are treated as short-term capital gains and when distributed to shareholders, are usually taxable as ordinary income, which may have a higher tax rate than long-term capital gains for shareholders holding Fund shares in a taxable account. Call options involve risks different from the risks associated with investing directly in the underlying securities. These risks include risk of mispricing or improper valuation and the risk that changes in the value of the call option may not correlate perfectly with the underlying security. As the seller (writer) of a call option, the

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Fund will tend to lose money if the value of the reference index or security rises above the strike price. The use of call options to shield the Fund may result in higher transaction costs. This shielding may not be successful and investors could still lose money through investing in the Fund.

**Written Index Put Options Risk.** The purchaser (writer) of put option has the right to receive a cash payment equal to any depreciation in the value of the index below the strike price of the put option as of the valuation date of the option. Because their exercise is settled in cash, sellers of index put options such as the Fund cannot cover their potential settlement obligations by selling short the underlying securities. As the writer of index put options, the Fund will be responsible, during the option's life, for any decreases in the value of the index below the strike price of the put option. When an index put option is exercised, the Fund will be required to deliver an amount of cash determined by the excess of the strike price of the option over the value of the index at contract termination. While the risk of selling put options may be mitigated by the Fund's purchase of put options at a lower strike price (thereby capping the maximum loss potential), there can be no assurance that options with the same strike price and maturity will be available to allow the Fund to close out (buy back) its written options. Accordingly, the potential losses from writing index put options can be substantial. Similarly, when the Fund purchases put options, there can be no assurance that options with the same strike price and maturity will be available to allow the Fund to close out (sell out of) its purchased options, which may prevent the Fund from locking in a gain on the purchased option by exiting the position.

**ETF and Mutual Fund Risk.** Your cost of investing in the Fund will be higher than the cost of investing directly in other mutual funds and ETFs and may be higher than other mutual funds that invest directly in stocks. You will indirectly bear fees and expenses charged by the other mutual funds and ETFs in addition to the Fund's direct fees and expenses. Each ETF and mutual fund is subject to specific risks, depending on the nature of the fund. Investment in the Fund should be made with the understanding that the ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. In addition, the ETFs in which the Fund invests will incur expenses not incurred by their applicable indices. The market value of ETF shares may differ from their net asset value. This difference in price may be due to the fact that the supply and demand in the market for ETF shares at any point in time is not always identical to the supply and demand in the market for the underlying basket of securities. Accordingly, there may be times when shares trade at a premium or discount to net asset value.

**Authorized Participant Concentration Risk.** Only an Authorized Participant may engage in creation or redemption transactions directly with ETFs. ETFs have a limited number of institutions that act as Authorized Participants. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders with respect to ETFs in which the Fund invests and no other Authorized Participant is able to step forward to create or redeem Creation Units, shares of those ETFs may trade at a discount to net asset value ("NAV") and possibly face trading halts and/or delisting.

**Distressed Market Risk**. If the market for securities in which an ETF invests becomes distressed, the market for the shares of that ETF may become less liquid in response to the deteriorating liquidity in the market for the underlying portfolio holdings of that ETF. This adverse effect on liquidity for shares of that ETF could lead to differences between the market price of the ETF's shares and the underlying value of those shares.

**Market Trading Risk**. ETFs face numerous market trading risks, including disruptions to the creation and redemption processes of the ETF, losses from trading in secondary markets, and the existence of extreme market volatility or potential lack of an active trading market for shares, which may result in shares trading at a significant premium or discount to NAV. Trading may be halted due to market conditions or for reasons that, in the view of the applicable listing exchange, make trading inadvisable. In addition, trading on the applicable listing exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange "circuit breaker" rules, which temporarily halt trading on an exchange when a decline in the S&P 500 Index during a single day reaches certain thresholds (e.g., 7%, 13%, and 20%). Additional rules applicable to the exchange may halt trading when extraordinary

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volatility causes sudden, significant swings in the market price of shares. There can be no assurance that shares will trade with any volume, or at all, on any stock exchange. If the Fund purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the Fund may sustain losses.

**Large Cap Company Risk**. The stocks of larger companies may underperform relative to those of small and mid-sized companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Many larger, more established companies may be unable to attain the high growth rates of successful, smaller companies during periods of economic expansion.

**Management Risk.** The Fund is an actively managed portfolio. The value of your investment is subject to the effectiveness of the Sub-Adviser's research, analysis, asset allocation among portfolio securities and ability to identify a stock's appreciation potential. The Sub-Adviser's practices and investment strategies may not work to produce the desired result if the portfolio managers' judgment about the attractiveness or value of a particular security or about market movements is incorrect, or if there are imperfections, errors or limitations in the models and data used by the portfolio managers which could have an adverse effect on the value or performance of the Fund.

**Market Risk*.*** The Fund is subject to market risk, which is the risk that the markets on which the Fund's investments trade will increase or decrease in value. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. If there is a general decline in the securities and other markets, your investment in the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. If there is a general decline in the securities and other markets, your investment in the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.

In the past several years, financial markets, such as those in the United States, Europe, Asia and elsewhere, have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. Governmental and non-governmental issuers have defaulted on, or been forced to restructure, their debts. These conditions may continue, recur, worsen or spread. The U.S. Government and the Federal Reserve, as well as certain foreign governments and central banks, took steps to support financial markets, including by keeping interest rates at historically low levels for an extended period. The Federal Reserve recently concluded its market support activities and began to raise interest rates. Such actions, including additional interest rate increases, could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.

Policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and may in some instances contribute to decreased liquidity and increased volatility in the financial markets. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time.

Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Fund's investments may be negatively affected.

Periods of market volatility may occur in response to pandemics, acts of war, or events affecting global markets. These types of events could adversely affect the Fund's performance. For example, since December 2019, a novel strain of coronavirus (COVID-19) has spread globally, which has resulted in the temporary closure of many corporate offices, retail stores, manufacturing facilities and factories, and other businesses across the world. The

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extent to which COVID-19 may negatively affect the Fund's performance or the duration of any potential business disruption is uncertain. Any potential impact on performance will depend to a large extent on future developments and new information that may emerge regarding the duration and severity of COVID-19 and the actions taken by authorities and other entities to contain COVID-19 or treat its impact. Russia's military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad-ranging economic sanctions on Russia, certain Russian individuals, banking entities and corporations, and Belarus as a response to Russia's invasion of Ukraine, and may impose sanctions on other countries that provide military or economic support to Russia. The extent and duration of Russia's military actions and the repercussions of such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions, including cyber attacks) are impossible to predict, but could result in significant market disruptions, including in certain industries or sectors, such as the oil and natural gas markets, and may negatively affect global supply chains, inflation and global growth. These and any related events could significantly impact the Fund's performance and the value of an investment in the Fund, even if the Fund does not have direct exposure to Russian issuers or issuers in other countries affected by the invasion.

**Tax Risk.** The writing of call options by the Fund may significantly reduce or eliminate its ability to make distributions eligible to be treated as qualified dividend income. Covered call options may also be subject to the federal tax rules applicable to straddles under the Code. If positions held by the Fund were treated as "straddles" for federal income tax purposes, or the Fund's risk of loss with respect to a position was otherwise diminished as set forth in Treasury regulations, dividends on stocks that are a part of such positions would not constitute qualified dividend income subject to such favorable income tax treatment. In addition, generally, straddles are subject to certain rules that may affect the amount, character and timing of the Fund's gains and losses with respect to straddle positions by requiring, among other things, that: (1) any loss realized on disposition of one position of a straddle may not be recognized to the extent that the Fund has unrealized gains with respect to the other position in such straddle; (2) the Fund's holding period in straddle positions be suspended while the straddle exists (possibly resulting in a gain being treated as short-term capital gain rather than long-term capital gain); (3) the losses recognized with respect to certain straddle positions that are part of a mixed straddle and that are not subject to Code Section 1256 be treated as 60% long-term and 40% short-term capital loss; (4) losses recognized with respect to certain straddle positions that would otherwise constitute short-term capital losses be treated as long-term capital losses; and (5) the deduction of interest and carrying charges attributable to certain straddle positions may be deferred.

**DISCLOSURE OF PORTFOLIO HOLDINGS**

A complete description of the Fund's policies and procedures with respect to the disclosure of the Fund's portfolio holdings is available in the Fund's statement of additional information (the "SAI") and on the Fund's website at www.zieglercapfunds.com.

**MANAGEMENT OF THE FUND**

**Investment Adviser**

The Fund's investment adviser, Ziegler Capital Management, LLC, headquarters are located at 30 S. Wacker Drive, Suite 2800, Chicago, Illinois 60606, and has additional offices in Milwaukee, Wisconsin, and Saint Louis, Missouri. The Adviser is an SEC-registered investment advisory firm founded in 1991. As of October 31, 2022, the Adviser had assets under management or advisement of approximately $7.85 billion.

The Adviser is responsible for the day-to-day management of the Fund in accordance with the Fund's investment objective and policies. The Adviser also furnishes the Fund with office space and certain administrative services and provides most of the personnel needed to fulfill its obligations under its advisory agreement. For its services, the Fund pays the Adviser a monthly management fee that is calculated at the annual rate of 0.60% of the Fund's average daily net assets. Prior to September 1, 2021, the Fund paid the Adviser a monthly management fee

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calculated at the annual rate of 0.78% of the Fund's average daily net assets. For the fiscal year ended September 30, 2022, the Adviser received an aggregate fee of 0% of average net assets, after fee waivers.

Pursuant to a contractual fee waiver and reimbursement agreement, effective September 1, 2021, the Adviser has contractually agreed to waive a portion or all of its management fees and pay Fund expenses (excluding acquired fund fees and expenses, taxes, interest expense, dividends on securities sold short, and extraordinary expenses) in order to limit the total annual fund operating expenses to 0.70% of average daily net assets of the Institutional Class shares and 0.95% of average daily net assets of the Investor Class shares (the "Expense Caps"). The Expense Caps will remain in effect through at least January 31, 2024 and may be terminated only by the Board. Previously, the Expense Caps were 1.15% of average daily net assets of the Institutional Class shares and 1.40% of the average daily net assets of the Investor Class shares. The Adviser may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date they were waived or paid, provided that such recoupment does not cause the Fund's expense ratio (after the recoupment is taken into account) to exceed the lower of (1) the Expense Caps in place at the time such amounts were waived or paid and (2) the Fund's Expense Caps at the time of recoupment.

A discussion regarding the basis of the Trust's Board approval of the investment advisory agreement is available in the Fund's annual report to shareholders for the fiscal year ended September 30, 2022.

**Sub-Adviser**

The Adviser has entered into a sub-advisory agreement with USCA Asset Management LLC, located at 4444 Westheimer Road, Suite G500, Houston, Texas 77027, and the Adviser compensates the Sub-Adviser out of the advisory fees it receives from the Fund. The Sub-Adviser is an SEC-registered investment advisory firm and a wholly-owned subsidiary of U.S. Capital Advisers, which was founded in 2003. As of October 31, 2022, U.S. Capital Advisers had assets under management of approximately $250 million.

The Sub-Adviser manages the investments of the Fund in accordance with the Fund's investment objective, policies and limitations and any investment guidelines established by the Adviser and the Board. The Sub-Adviser is responsible, subject to the oversight of the Adviser and the Board, for the purchase, retention and sale of securities in the Fund's investment portfolio.

A discussion regarding the basis for the Board's approval of the Sub-Adviser's investment sub-advisory agreement is available in the Fund's annual report to shareholders for the fiscal year ended September 30, 2022.

**Portfolio Managers**

The Fund is managed by Wiley Angell, Davis Rushing, Kelly Rushing, and Sean Hughes, CFA. The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and each portfolio manager's ownership in the Fund.

Wiley Angell is the Chief Investment Officer and Senior Portfolio Manager for the FAMCO Group at the Adviser. Prior to joining the firm in 2015, Mr. Angell was Chief Executive Officer and Chief Investment Officer – Equities and Fixed Income for Fiduciary Asset Management ("FAMCO") since the firm's inception in 1994. Prior to that, Mr. Angell served as Portfolio Manager for General Dynamics. He was also Treasurer of Franklin Savings Association where he managed a multi-billion dollar mortgage portfolio and was responsible for the firm's hedging strategies and balance sheet risk control. He has managed institutional portfolios for over 25 years, specializing in equity, covered call, fixed income and liability driven investing. Mr. Angell received his B.A. in Business and Economics from Ottawa University and has served on boards of university endowments and charitable organizations.

Davis Rushing has been a registered representative of the Sub-Adviser since 2016 and has served as a Managing Director of the Sub-Adviser's parent, U.S. Capital Advisors LLC (USCA) since 2015. In addition to his role as a registered representative of the Sub-Adviser, Mr. Rushing is also a registered representative of USCA affiliates, U.S. Capital Wealth Advisors, LLC, an SEC registered investment advisers, USCA Securities LLC, an SEC registered broker-dealer. In these capacities, Mr. Rushing provides investment advice on a discretionary and non-discretionary basis to clients, which advice includes covered call strategies similar to those employed by the Fund.

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Prior to joining the Sub-Adviser, Mr. Rushing worked in financial services for nine years, most recently as a Vice President – Wealth Management and Portfolio Manager at UBS, from 2011 to 2015, where he employed a strategy similar to that of the Fund.

Kelly Rushing has been a registered representative of the Sub-Adviser since 2016 and has served as a Managing Director of the Sub-Adviser's parent, U.S. Capital Advisors LLC (USCA) since 2015. In addition to his role as a registered representative of the Sub-Adviser, Mr. Rushing is also a registered representative of USCA affiliates, U.S. Capital Wealth Advisors, LLC, an SEC registered investment advisers, USCA Securities LLC, an SEC registered broker-dealer. In these capacities, Mr. Rushing provides investment advice on a discretionary and non-discretionary basis to clients, which advice includes covered call strategies similar to those employed by the Fund. Prior to joining the Sub-Adviser, from 2006 to 2015, Mr. Rushing served as a portfolio manager in UBS' "Portfolio Management Program," where he employed a strategy similar to that of the Fund. Mr. Rushing's experience with the strategy dates back to his days at the University of Texas where he authored a paper on the subject as part of his graduate work and began managing his first account (his own) utilizing the strategy in 1999.

Sean Hughes, CFA, is a Senior Portfolio Manager for the FAMCO Group at the Adviser. Prior to joining the firm in May 2015, he was a Portfolio Manager for Fiduciary Asset Management ("FAMCO") since 2010. He joined FAMCO in 2005 as a Research Analyst. Mr. Hughes received his M.B.A. from the Olin School of Business at Washington University in St. Louis. He is a graduate of the Tuck School of Business Bridge Program and holds a B.A. from Oberlin College. He is a CFA® charterholder and a member of CFA Institute, the St. Louis Society of Financial Analysts, and the National Association for Business Economics.

**SHAREHOLDER INFORMATION**

**Pricing of Fund Shares**

Shares of the Fund are sold at NAV per share, plus any applicable sales charge per share, which is calculated as of the close of regular trading (generally, 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange ("NYSE") is open for unrestricted business. However, the Fund's NAV may be calculated earlier if trading on the NYSE is restricted or as permitted by the SEC. The NYSE is closed on weekends and most national holidays, including New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday/Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The NAV will not be calculated on days when the NYSE is closed for trading.

Purchase and redemption requests are priced based on the next NAV per share calculated after receipt of such requests. The NAV is the value of the Fund's securities, cash and other assets, minus all expenses and liabilities (assets – liabilities = NAV). NAV per share is determined by dividing NAV by the number of shares outstanding (NAV/ # of shares = NAV per share). The NAV takes into account the expenses and fees of the Fund, including management and administration fees, which are accrued daily.

When determining NAV, the value of the Fund's portfolio investments is based on readily available market quotations, which generally means a reliable valuation obtained from an exchange or other market, or fair value as determined by an independent pricing service and evaluated by the Adviser. If a market quotation is not readily available or does not otherwise accurately reflect the value of an investment, an investment will be valued by another method that the Adviser believes reflects fair value in accordance with the Trust's valuation policies and the Adviser's related procedures. Fair value pricing represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accordingly, the Fund's NAV may reflect certain portfolio investments' fair values rather than their market prices.

Fair value pricing involves subjective judgments, and it is possible that a fair value determination for an investment will materially differ from the value that could be realized upon the sale of the investment.

If the Fund has portfolio securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares, 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.

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**How to Buy Shares**

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| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | | **Investor Class** |
| **Regular Accounts** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum Initial Investment | $10000 | <sup>1</sup> | $1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum Subsequent Investment | NA |  | $100 |
| **Individual Retirement Accounts** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum Initial Investment | $10000 |  | $1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum Subsequent Investment | $100 |  | $100 |

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<sup>1</sup> Waived for Retirement Plans, Employees of the Adviser and Sub-Adviser and Clients of Eligible Financial Intermediaries.

The Fund's minimum investment requirements may be waived from time to time by the Adviser, and for the following types of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any trust, pension, profit sharing or other benefit plan for current and retired employees, directors/trustees and officers of the Adviser and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• current employees of U.S. Bancorp Fund Services, LLC (doing business as U.S. Bank Global Fund Services) (the "Transfer Agent"), broker-dealers who act as selling agents for the Fund, intermediaries that have marketing agreements in place with the Adviser and the immediate family members of any of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• existing clients of the Adviser, their employees and immediate family members of such employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• registered investment advisers who buy through a broker-dealer or service agent who has entered into an agreement with Quasar Distributors, LLC ("Quasar" or the "Distributor"), the Fund's distributor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• qualified broker-dealers who have entered into an agreement with the Fund's Distributor.

The Fund's minimum initial investment requirements are automatically waived for Fund shares purchased by current and retired employees, directors/trustees and officers of the Trust, the Adviser and its affiliates and certain family members of each of them (*i.e.*, spouse, domestic partner, child, parent, sibling, grandchild and grandparent, in each case including in-law, step and adoptive relationships).

You may purchase shares of the Fund by check, by wire transfer, via electronic funds transfer through the Automated Clearing House ("ACH") network through an authorized bank or through one or more brokers authorized by the Fund to receive purchase orders. If you have any questions or need further information about how to purchase shares of the Fund, you may call a customer service representative of the Fund toll-free at 833-777-1533. The Fund reserves the right to reject any purchase order. For example, a purchase order may be refused if, in the Adviser's opinion, it is so large that it would disrupt the management of the Fund. Orders may also be rejected from persons believed by the Fund to be "market timers." In such rare occasions that the Fund were to reject a purchase order, notification would likely occur no later than the next business day after receipt of the transaction.

All checks must be in U.S. dollars drawn on a domestic U.S. bank. The Fund will not accept payment in cash or money orders. The Fund does not accept postdated 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.

To buy shares of the Fund, complete an account application and send it together with your check for the amount you wish to invest in the Fund to the address below. To make additional investments once you have opened your account, write your account number on the check and send it together with the Invest by Mail form from your most recent confirmation statement received from the Transfer Agent. If you do not have the Invest by Mail form, include the Fund name, your name, address, and account number on a separate piece of paper along with your

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check. If your payment is returned for any reason, your purchase will be canceled and a $25 fee will be assessed against your account by the Transfer Agent. You may also be responsible for any loss sustained by the Fund.

All purchase requests must be received in "good order" which generally means that your purchase request includes the name of the Fund and share class; the dollar amount of shares to be purchased; your account application or investment stub; and a check payable to the Fund.

In compliance with the USA PATRIOT Act of 2001, please note that the Transfer Agent will verify certain information on your account application as part of the Trust's Anti-Money Laundering Program. As requested on the account application, you must supply your full name, date of birth, social security number and permanent street address. 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. Mailing addresses containing only a P. O. Box will not be accepted. Please contact the Transfer Agent at 833-777-1533 if you need additional assistance when completing your account application.

If the Transfer Agent does not have a reasonable belief of the identity of an investor, the account application will be rejected or the investor will not be allowed to perform a transaction on the account until such information is received. In the rare event that the Transfer Agent is unable to verify your identity, the Fund reserves the right to redeem your account at the current day's net asset value.

Shares of the Fund have not been registered for sale outside of the United States. The Adviser generally does not sell shares to investors residing outside of 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 Fund reserves the right to refuse purchases from shareholders who must file a Form W-8.

**Choosing a Class of Shares to Buy**

Individual investors can generally invest in Investor Class shares. Retirement Plan and Institutional Investors and Clients of Eligible Financial Intermediaries should refer to "Retirement and Institutional Investors – Eligible Investors" below for a description of the classes available to them. Each class has different sales charges and expenses, allowing you to choose a class that may be appropriate for you.

When choosing which class of shares to buy, you should consider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• How much you plan to invest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• How long you expect to own the shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The expenses paid by each class detailed in the fee table and example at the front of this Prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether you qualify for any reduction or waiver of sales charges

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Availability of share classes

If you are eligible to purchase Institutional Class shares, you should be aware that Institutional Class shares are not subject to a Rule 12b-1 Distribution fee and generally have lower annual expenses than Investor Class shares.

Each class of shares is authorized to pay fees for recordkeeping services to Financial Intermediaries (as defined below). As a result, operating expenses of classes that incur new or additional recordkeeping fees may increase over time.

You may buy shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Through banks, brokers, dealers, insurance companies, investment advisers, financial consultants or advisers, mutual fund supermarkets and other financial intermediaries that have entered into an agreement with the Distributor to sell shares of the Fund (each called a "Financial Intermediary").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Directly from the Fund

Your Financial Intermediary may provide shareholder services that differ from the services provided by other Financial Intermediaries. Services provided by your Financial Intermediary may vary by class. You should ask

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your Financial Intermediary to explain the shareholder services it provides for each class and the compensation it receives in connection with each class. Remember that your Financial Intermediary may receive different compensation depending on the share class in which you invest. Your Financial Intermediary may not offer all classes of shares. You should contact your Financial Intermediary for further information.

**Advisory Fee Programs for Investor Class shares**

Investor Class shares acquired by an investor in connection with a comprehensive fee or other advisory fee arrangement between the investor and a registered broker-dealer or investment advisor, trust company or bank (referred to as the "Sponsor") in which the investor pays that Sponsor a fee for investment advisory services and the Sponsor or a broker-dealer through whom the shares are acquired has an agreement with Distributors authorizing the sale of Fund shares do not require a minimum initial investment.

**Institutional Class Shares**

Institutional Class shares are not subject to any distribution and service fees.

**Retirement and Institutional Investors — Eligible Investors** 

**Retirement Plans** 

"Retirement Plans" include 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit-sharing plans, non-qualified deferred compensation plans and other similar employer-sponsored retirement plans. Retirement Plans do not include individual retirement vehicles, such as traditional and Roth individual retirement accounts, Coverdell education savings accounts, individual 403(b)(7) custodial accounts, Keogh plans, SEPs, SARSEPs, SIMPLE IRAs or similar accounts.

Retirement Plans with omnibus accounts held on the books of the Fund can generally invest in Investor Class and Institutional Class shares.

Investors who rollover Fund shares from a Retirement Plan into an individual retirement account administered on the same retirement plan platform may hold and purchase shares of the Fund to the same extent as the applicable Retirement Plan.

Although Retirement Plans with omnibus accounts held on the books of the Fund are not subject to minimum initial investment requirements for any of these share classes, certain investment minimums may be imposed by a financial intermediary. The financial intermediary may impose certain additional requirements. Please contact your Service Agent for more information.

**Other Retirement Plans** 

"Other Retirement Plans" include Retirement Plans investing through brokerage accounts and also include certain Retirement Plans with direct relationships to the Fund that are neither Institutional Investors nor investing through omnibus accounts. Other Retirement Plans and individual retirement vehicles, such as IRAs, are treated like individual investors for purposes of determining sales charges and any applicable sales charge reductions or waivers.

"Other Retirement Plans" do not include arrangements whereby an investor would rollover Fund shares from a Retirement Plan into an individual retirement account administered on the same retirement plan platform. Such arrangements are deemed to be "Retirement Plans" and are subject to the rights and privileges described under "Retirement and Institutional Investors — eligible investors — Retirement Plans."

Other Retirement Plan investors can generally invest in Investor Class and Institutional Class shares. Individual retirement vehicles may also choose between these share classes.

**Clients of Eligible Financial Intermediaries** 

"Clients of Eligible Financial Intermediaries" are investors who invest in the Fund through financial intermediaries that (1) charge such investors an ongoing fee for advisory, investment, consulting or similar services, or (2) have entered into an agreement with the Fund to offer Investor Class or Institutional Class shares

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through a no-load network or platform ("Eligible Investment Programs"). Such investors may include pension and profit sharing plans, other employee benefit trusts, endowments, foundations and corporations. Eligible Investment Programs may also include college savings vehicles such as Section 529 plans and direct retail investment platforms through mutual fund "supermarkets," where the sponsor links its client's account (including IRA accounts on such platforms) to a master account in the sponsor's name. The financial intermediary may impose separate investment minimums.

Clients of Eligible Financial Intermediaries may generally invest Investor Class or Institutional Class shares. Investor Class shares of the Fund may convert to Institutional Class shares by participants in the Eligible Investment Programs.

**Institutional Investors** 

"Institutional Investors" may include corporations, banks, trust companies, insurance companies, investment companies, foundations, endowments, defined benefit plans and other similar entities. The financial intermediary may impose additional eligibility requirements or criteria to determine if an investor, including the types of investors listed above, qualifies as an Institutional Investor.

Institutional Investors may invest in Institutional Class shares if they meet the $100,000 minimum initial investment requirement. Institutional Investors may also invest in Investor Class which have different investment minimums, fees and expenses.

**Purchasing Shares by Mail**

Please complete the account application and mail it with your check, payable to the Ziegler FAMCO Hedged Equity Fund to the Transfer Agent at the following address:

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| |
|:---|
| **<u>Regular Mail</u>** |
| Ziegler FAMCO Hedged Equity Fund |
| c/o U.S. Bank Global Fund Services |
| P.O. Box 701 |
| Milwaukee, Wisconsin 53201-0701 |

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You may not send an account application via overnight delivery to a United States Postal Service post office box. If you wish to use an overnight delivery service, send your account application and check to the Transfer Agent at the following address:

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| |
|:---|
| **<u>Overnight Express Mail</u>** |
| Ziegler FAMCO Hedged Equity Fund |
| c/o U.S. Bank Global Fund Services |
| 615 East Michigan Street, 3<sup>rd</sup> Floor |
| Milwaukee, Wisconsin 53202 |

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**NOTE:&nbsp;&nbsp;&nbsp;&nbsp;**The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, a deposit in the mail or with such services, or receipt at U.S. Bancorp Fund Services, LLC's post office box, of purchase orders or redemption requests does not constitute receipt by the Transfer Agent. Receipt of purchase orders or redemption requests is based on when the order is received on the Transfer Agent's premises.

**Purchasing Shares by Telephone**

If you accepted telephone options on your account application or by subsequent arrangement in writing with the Fund and your account has been open for at least seven business days, you may purchase additional shares by calling the Fund toll-free at 833-777-1533. You may not make your initial purchase of the Fund shares by telephone. Telephone orders will be accepted via electronic funds transfer from your pre-designated bank account through the Automated Clearing House ("ACH") network. You must have banking information established on

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your account prior to making a telephone purchase. Only bank accounts held at domestic institutions that are ACH members may be used for telephone transactions. If your order is received prior to 4:00 p.m., Eastern Time, shares will be purchased at the appropriate share price next calculated. For security reasons, requests by telephone may be recorded. 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).

**Purchasing Shares by Wire**

If you are making your initial investment in the Fund, before wiring funds, the Transfer Agent must have a completed account application. You can mail or overnight deliver your account application to the Transfer Agent at the above address. Upon receipt of your completed account application, your account will be established and a service representative will contact you to provide your new account number and wiring instructions. If you do not receive this information within one business day, contact the Transfer Agent. You may then instruct your bank to send the wire. Prior to sending the wire, please call the Fund at 833-777-1533 to advise them of the wire and to ensure proper credit upon receipt. Your bank must include the name of the Fund, your name and your account number so that monies can be correctly applied. Your bank should transmit immediately available funds by wire to:

U.S. Bank National Association

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202

ABA No. 075000022

Credit: U.S. Bancorp Fund Services, LLC

Account No. 112-952-137

Further Credit: Ziegler FAMCO Hedged Equity Fund

Shareholder Registration

Shareholder Account Number

If you are making a subsequent purchase, your bank should wire funds as indicated above. Before each wire purchase, you should be sure to notify the Transfer Agent. *It is essential that your bank include complete information about your account in all wire transactions.* If you have questions about how to invest by wire, you may call the Transfer Agent at 833-777-1533. Your bank may charge you a fee for sending a wire payment to the Fund.

Wired funds must be received prior to 4:00 p.m. Eastern Time to be eligible for same day pricing. Neither the Fund nor U.S. Bank N.A. are responsible for the consequences of delays resulting from the banking or Federal Reserve wire system or from incomplete wiring instructions.

**Automatic Investment Plan**

Once your account has been opened with the initial minimum investment, you may make additional purchases of Investor Class shares at regular intervals through the Automatic Investment Plan ("AIP"). AIP is not available for Institutional Class shares. The AIP provides a convenient method to have monies deducted from your bank account, for investment into the Fund, on a monthly basis. In order to participate in the AIP, each purchase must be in the amount of $100 or more and your financial institution must be a member of the ACH network. If your bank rejects your payment, the Transfer Agent will charge a $25 fee to your account. To begin participating in the AIP, please complete the Automatic Investment Plan section on the account application or call the Transfer Agent at 833-777-1533 if you have questions about the Plan. Any request to change or terminate your AIP should be submitted to the Transfer Agent at least five calendar days prior to the automatic investment date.

**Retirement Accounts**

The Fund offers prototype documents for a variety of retirement accounts for individuals and small businesses. Please call 833-777-1533 for information on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Individual Retirement Plans, including Traditional IRAs and Roth IRAs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Small Business Retirement Plans, including Simple IRAs and SEP IRAs.

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There may be special distribution requirements for a retirement account, such as required distributions or mandatory federal income tax withholdings. For more information, call the number listed above. Direct shareholder accounts may be charged a $15 annual account maintenance fee for each retirement account up to a maximum of $30 annually and a $25 fee for transferring assets to another custodian or for closing a retirement account. Fees charged by other institutions may vary.

**Purchasing and Selling Shares through a Broker**

You may buy and sell shares of the Fund through certain brokers and financial intermediaries (and their agents) (collectively, the "Broker") that have made arrangements with the Fund to sell its shares. When you place your order with a Broker, your order is treated as if you had placed it directly with the Transfer Agent, and you will pay or receive the next applicable price calculated by the Fund. The Fund will be deemed to have received a purchase or redemption order when an authorized broker, or, if applicable, a broker's designee receives the order. The Broker holds your shares in an omnibus account in the Broker's name, and the Broker maintains your individual ownership records. The Adviser may pay the Broker for maintaining these records as well as providing other shareholder services. The Broker may charge you a fee for handling your order. The Broker is responsible for processing your order correctly and promptly, keeping you advised regarding the status of your individual account, confirming your transactions and ensuring that you receive copies of the Fund's Prospectus.

**How to Sell Shares**

You may sell (redeem) your Fund shares on any day the Fund and the NYSE are open for business either directly to the Fund or through your financial intermediary.

**In Writing**

You may redeem your shares by simply sending a written request to the Transfer Agent. You should provide your account number and state whether you want all or some of your shares redeemed. The letter should be signed by all of the shareholders whose names appear on the account registration and include a signature guarantee(s), if necessary. If you have an IRA or other retirement plan, you must indicate on your written redemption request whether or not to withhold federal income tax. Redemption requests failing to indicate an election to have tax withheld will be subject to 10% withholding. You should send your redemption request to:

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| | |
|:---|:---|
| **<u>Regular Mail</u>** | **<u>Overnight Express Mail</u>** |
| Ziegler FAMCO Hedged Equity Fund | Ziegler FAMCO Hedged Equity Fund |
| c/o U.S. Bank Global Fund Services | c/o U.S. Bank Global Fund Services |
| P.O. Box 701 | 615 East Michigan Street, 3<sup>rd</sup> Floor |
| Milwaukee, Wisconsin 53201-0701 | Milwaukee, Wisconsin 53202 |

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**NOTE:&nbsp;&nbsp;&nbsp;&nbsp;**The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, a deposit in the mail or with such services, or receipt at U.S. Bancorp Fund Services, LLC's post office box, of purchase orders or redemption requests does not constitute receipt by the Transfer Agent. Receipt of purchase orders or redemption requests is based on when the order is received on the Transfer Agent's premises.

**By Telephone**

If you accepted telephone options on your account application, you may redeem all or some of your shares, up to $50,000 by calling the Transfer Agent at 833-777-1533 before the close of trading on the NYSE. This is normally 4:00 p.m., Eastern Time. The Fund typically expects to send 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. Redemption proceeds will be sent to the address that appears on the Transfer Agent's records or via ACH to a previously established bank account. If you request, redemption proceeds will be wired on the next business day to your designated bank account. A wire fee of $15 will be deducted from your redemption proceeds for complete redemptions and any redemption to redeem a specific number of shares. In the case of a partial redemption, the fee will be deducted from the remaining account balance. Telephone redemptions cannot be made

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if you notified the Transfer Agent of a change of address within 15 calendar days before the redemption request. You may request telephone redemption privileges after your account is opened by calling the Transfer Agent at 833-777-1533 for instructions.

Shares held in IRA or other retirement accounts may be redeemed by telephone at 833-777-1533. Investors will be asked whether or not to withhold taxes from any distribution.

You may encounter higher than usual call wait times during periods of high market activity. Please allow sufficient time to ensure that you will be able to complete your telephone transaction prior to market close. If you are unable to contact the Fund by telephone, you may mail your redemption request in writing to the address noted above. Once a telephone transaction has been accepted, it may not be canceled or modified after the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time).

**Payment of Redemption Proceeds**

The Fund typically expects to send 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 ACH transfer. While not expected, payment of redemption proceeds may take up to seven days. If you did not purchase your shares with a wire payment, before selling recently purchased shares, please note that if the Transfer Agent has not yet collected payment for the shares you are selling, it may delay sending the proceeds until the payment is collected, which may take up to 15 calendar days from the purchase date.

The Fund typically expects to meet redemption requests by paying out proceeds from cash or cash equivalent portfolio holdings, or by selling portfolio holdings. In stressed market conditions, redemption methods may include paying redemption proceeds to you in whole or in part by a distribution of securities from the Fund's portfolio (a "redemption in-kind"). It is not expected that the Fund would do so except during unusual market conditions. The redemption in-kind would be a pro-rata distribution of portfolio assets. If the Fund pays your redemption proceeds by a distribution of securities, you could incur brokerage or other charges in converting the securities to cash and will bear any market risks associated with such securities until they are converted into cash. A redemption in-kind is treated as a taxable transaction and a sale of the redeemed shares, generally resulting in capital gain or loss to you, subject to certain loss limitation rules. If the Fund held illiquid securities, such distribution may contain a pro-rata portion of such illiquid securities or the Fund may determine, based on a materiality assessment, not to include illiquid securities in the in-kind redemption. If such securities are included in the distribution, shareholders may not be able to liquidate such securities and may be required to hold such securities indefinitely.

**Systematic Withdrawal Plan ("SWP")**

You may be permitted to schedule pre-determined redemptions of a portion of your Investor Class shares. SWP is not available for Institutional Class shares. To qualify, you must own shares with a value of at least $100,000 and each automatic redemption must be at least $500. Redemptions may be made monthly, quarterly or annually. If you elect this method of redemption, the Fund will send a check directly to your address of record, or will send the payments directly to a pre-authorized bank account by electronic funds transfer via the ACH network. For payment through the ACH network, your bank must be an ACH member and your bank account information must be maintained on your Fund account.

The SWP may be terminated or modified by you or the Fund at any time without charge or penalty. Termination and modification of your SWP should be provided to the Transfer Agent five calendar days prior to the next withdrawal. A withdrawal under the SWP involves a redemption of shares of the Fund, and may result in a gain or loss for federal income tax purposes. In addition, if the amount withdrawn exceeds the dividends credited to your account, the account ultimately may be depleted.

**Signature Guarantees**

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

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participants in the New York Stock Exchange Medallion Signature Program and the Securities Transfer Agents Medallion Program. *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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If ownership is changed on your account;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When a redemption is received by the Transfer Agent and the account address has changed within the last 15 calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For all redemptions in excess of $50,000 from any shareholder account, including IRAs.

The Fund or the Adviser may waive any of the above requirements in certain instances. In addition to the situations described above, the Fund, the Adviser, and/or the Transfer Agent 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.

**Other Information about Redemptions**

The Fund may redeem the shares in your account if the value of your account is less than $500 as a result of redemptions you have made. This does not apply to retirement plan or Uniform Gifts or Transfers to Minors Act accounts. You will be notified that the value of your account is less than $500 before the Fund makes an involuntary redemption. You will then have 30 calendar days in which to make an additional investment to bring the value of your account to at least $500 before the Fund takes any action.

**DIVIDENDS AND DISTRIBUTIONS**

The Fund will generally make distributions of dividends from any net investment income annually and capital gains annually. The Fund may make an additional payment of dividends or distributions of capital gains if it deems it necessary for federal income tax purposes or otherwise desirable at any other time of the year.

All distributions will be reinvested in Fund shares unless you choose one of the following options: (1) receive dividends in cash while reinvesting capital gain distributions in additional Fund shares; (2) reinvest dividends in additional Fund shares and receive capital gains in cash; or (3) receive all distributions in cash.

If you elect to receive distributions in cash and the U.S. Postal Service cannot deliver the check, or if a check remains outstanding for six months, the Fund reserves the right to reinvest the distribution check in your account, at the Fund's current NAV per share, and to reinvest all subsequent distributions. If you wish to change your distribution option, notify the Transfer Agent in writing or by telephone at least 5 days prior to the payment date for the distribution.

**TOOLS TO COMBAT FREQUENT TRANSACTIONS**

The Board has adopted policies and procedures to prevent frequent transactions in the Fund. The Fund discourages excessive, short-term trading and other abusive trading practices that may disrupt portfolio management strategies and harm the Fund's performance. Shareholders in the Fund will be restricted to no more than four "round trips" during any 12 month period. A round trip is an exchange or redemption out of the Fund followed by an exchange or purchase back into the same Fund. The Fund takes steps to reduce the frequency and effect of these activities in the Fund. These steps include monitoring trading practices and using fair value pricing. Although these efforts are designed to discourage abusive trading practices, these tools cannot eliminate the possibility that such activity may occur. Further, while the Fund makes efforts to identify and restrict frequent trading, the Fund receives purchase and sale orders through financial intermediaries and cannot always know or detect frequent trading that may be facilitated by the use of intermediaries or the use of group or omnibus

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accounts by those intermediaries. The Fund seeks to exercise its judgment in implementing these tools to the best of its abilities in a manner that the Fund believes is consistent with shareholder interests.

**Monitoring Trading Practices**

The Fund monitors selected trades in an effort to detect excessive short-term trading activities. If, as a result of this monitoring, the Fund believes that a shareholder has engaged in excessive short-term trading, it may, in its discretion, ask the shareholder to stop such activities or refuse to process purchases in the shareholder's accounts. In making such judgments, the Fund seeks to act in a manner that it believes is consistent with the best interests of shareholders. Due to the complexity and subjectivity involved in identifying abusive trading activity and the volume of shareholder transactions the Fund handles, there can be no assurance that the Fund's efforts will identify all trades or trading practices that may be considered abusive. In addition, the Fund's ability to monitor trades that are placed by individual shareholders within group or omnibus accounts maintained by financial intermediaries is limited because the Fund does not have simultaneous access to the underlying shareholder account information.

In compliance with Rule 22c-2 under the Investment Company Act of 1940, the Fund's Distributor, on behalf of the Fund, has entered into written agreements with each of the Fund's financial intermediaries, under which the intermediary must, upon request, provide the Fund with certain shareholder and identity trading information so that the Fund can enforce its market timing policies.

The Fund employs fair value pricing selectively, as discussed above under Pricing of Fund Shares, to ensure greater accuracy in its daily NAV and to prevent dilution by frequent traders or market timers who seek to take advantage of temporary market anomalies.

**TAX CONSEQUENCES**

Below are some important U.S. federal income tax issues that affect the Fund and its shareholders. The summary is based on current tax law, which may be changed by legislative, judicial or administrative action. Please consult your tax advisor about the tax consequences of an investment in Fund shares, including the possible application of foreign, state, and local tax laws.

The Fund has elected and intends to qualify each year for treatment as a regulated investment company ("RIC") under Subchapter M of the Code. If it meets certain minimum distribution requirements, a RIC is not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, the Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in income available for distribution to shareholders.

The Fund will generally make any distributions of dividends and capital gains annually. Dividends of net investment income and distributions from the Fund's net short-term capital gains are taxable to you as ordinary income or, in some cases, as qualified dividend income. Distributions from the Fund's net capital gain (the excess of its net long-term capital gains over its net short-term capital losses) are generally taxable to non-corporate shareholders at rates of up to 20%, regardless of how long the shareholders held their respective shares in the Fund. You will be taxed in the same manner whether you receive your dividends and capital gain distributions in cash or reinvest them in additional Fund shares.

Distributions that the Fund reports as "qualified dividend income" may be eligible to be taxed to non-corporate shareholders at rates of up to 20% if requirements, including holding period requirements, are satisfied. In general, the Fund may report its dividends as qualified dividend income to the extent derived from dividends paid to the Fund 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. A portion of the dividends received from the Fund (but none of its capital gain distributions) may qualify for the dividends received deduction for corporations. Shareholders should be aware that the Fund's hedging investment strategy, including the use of options, may prevent the Fund's

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income from being eligible for treatment as qualified dividend income in the hands of non-corporate shareholders or eligible for the dividends received deduction for corporate shareholders.

A tax of 3.8% applies to all or a portion of net investment income of U.S. individuals with income exceeding specified thresholds, and to all or a portion of undistributed net investment income of certain estates and trusts. Net investment income generally includes for this purpose dividends and capital gain distributions paid by the Fund and gain on the redemption of Fund shares. This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts.

Any dividend or capital gain distribution paid by the Fund has the effect of reducing the NAV per share on the ex-dividend date by the amount of the dividend or capital gain distribution. You should note that a dividend or capital gain distribution paid on shares purchased shortly before that dividend or capital gain distribution was declared will be subject to income taxes even though the dividend or capital gain distribution represents, in substance, a partial return of capital to you. This is known as "buying a dividend" and should be avoided by taxable investors.

Although distributions are generally taxable when received, certain distributions declared in October, November, or December to shareholders of record on a specified date in such a month but paid the following January are taxable as if received in December of the year in which the dividend is declared.

The Fund will send you a report annually summarizing the amount and tax aspects of your distributions. The Fund is required to report to the Internal Revenue Service ("IRS") all distributions of taxable income and capital gains as well as gross proceeds from the redemption of Fund shares, except in the case of exempt shareholders, which includes most corporations. The Fund is also required to report tax basis information for such shares and indicate whether these shares had a short-term or long-term holding period. If a shareholder has a different basis for different shares of the Fund in the same account (*e.g.*, if a shareholder purchased shares in the same account at different times for different prices), the Fund calculates the basis of the shares sold using its default method unless the shareholder has properly elected to use a different method. The Fund's default method for calculating basis is first-in, first-out ("FIFO"). A shareholder may elect, on an account-by-account basis, to use a method other than FIFO by following procedures established by the Fund or its administrative agent. If such an election is made on or prior to the date of the first exchange or redemption of shares in the account and on or prior to the date that is one year after the shareholder receives notice of the Fund's default method, the new election will generally apply as if the FIFO method had never been in effect for such account. Shareholders should consult their tax advisers concerning the tax consequences of the Fund's default method or electing another method of basis calculation. Shareholders also should carefully review any cost basis information provided to them and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

By law, the Fund must withhold as backup withholding a percentage of your taxable distributions and redemption proceeds if you (1) have provided the Fund either an incorrect tax identification number or no number at all, (2) are subject to backup withholding by the IRS for failure to properly report payments of interest or dividends, (3) have failed to certify to the Fund that you are not subject to backup withholding, or (4) have not certified to the Fund that you are a U.S. person (including a U.S. resident alien). The backup withholding rate is 24%. Backup withholding will not, however, be applied to payments that have been subject to the 30% withholding tax applicable to shareholders who are neither citizens nor residents of the United States.

Each sale, exchange or redemption of shares of the Fund may be a taxable event. A sale, exchange or redemption may result in a capital gain or loss to you. Assuming you hold Fund shares as capital assets, the gain or loss generally will be treated as short-term if you held the shares 12 months or less, or long term if you held the shares for longer. An exchange of shares of one class directly for shares of another class of the same Fund generally should not be taxable for federal income tax purposes. The Code limits the deductibility of capital losses in certain circumstances. You should consult your tax advisor before making an exchange.

To the extent the Fund invests in foreign securities, it may be subject to foreign withholding taxes with respect to dividends or interest the Fund received from sources in foreign countries. If more than 50% of the total assets of the Fund consists of foreign securities, the Fund will be eligible to elect to treat some of those taxes as a

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distribution to shareholders, which would allow shareholders to offset some of their U.S. federal income tax. The Fund (or its administrative agent) will notify you if it makes such an election and provide you with the information necessary to reflect foreign taxes paid on your income tax return.

Additional information concerning taxation of the Fund and its shareholders is contained in the SAI. Tax consequences are not the primary consideration of the Fund in making its investment decisions. If you have a tax-advantaged retirement account, you will generally not be subject to federal taxation on any dividends and capital gain distributions until you begin receiving your distributions from your retirement account. **You should consult your own tax adviser concerning federal, state and local tax considerations of an investment in the Fund.** 

**SHARE CLASS INFORMATION AND DISTRIBUTION ARRANGEMENTS**

**Description of Classes** 

The Trust has adopted a multiple class plan that allows the Fund to offer one or more classes of shares of the Fund. The different classes of shares represent investments in the same portfolio of securities, but the classes are subject to different expenses and may have different share prices as outlined below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Investor Class** shares are charged a 0.25% Rule 12b-1 distribution and service fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Institutional Class** shares are not charged a Rule 12b-1 distribution and service fee. The Institutional Class shares have a higher minimum initial investment than Investor Class shares.

**Rule 12b-1 Plan**

The Trust has adopted a plan pursuant to Rule 12b-1 for the Fund's Investor Class shares that allows the Fund to pay fees for the sale, distribution and servicing of the Investor Class shares. The plan provides for a distribution and servicing fee of up to 0.25% of the Investor Class shares average daily net assets. Because these fees are paid out over the life of the Fund's Investor Class shares, over time, these fees (to the extent they are accrued and paid) will increase the cost of your investment and may cost you more than paying other types of sales charges.

The Fund has policies and procedures in place for the monitoring of payments to broker-dealers and other financial intermediaries for distribution-related activities and the following non-distribution activities: sub-transfer agent, administrative, and other shareholder servicing services.

**Additional Payments to Dealers**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may 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.

**Distributor**

Quasar Distributors, LLC, a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC is located at 111 E. Kilbourn Avenue, Suite 2200, Milwaukee, Wisconsin 53202, and is the distributor for the shares of the Fund. Quasar is a registered broker-dealer and a member of the Financial Industry Regulatory Authority. Shares of the Fund are offered on a continuous basis.

**Service Fees – Other Payments to Third Parties**

In addition to Rule 12b-1 fees, the Adviser, out of its own resources, and without additional cost to the Fund or its shareholders, may provide cash payments or non-cash compensation to financial intermediaries who sell shares of the Fund. Such payments and compensation would be in addition to Rule 12b-1 and service fees paid by the Fund. These additional cash payments are generally made to intermediaries that provide shareholder servicing, marketing support and/or access to sales meetings, sales representatives and management representatives of the intermediary. Cash compensation may also be paid to intermediaries for inclusion of the Fund on a sales list, in other sales programs or as an expense reimbursement in cases where the intermediary provides shareholder

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services to the Fund's shareholders. The Adviser may also pay cash compensation in the form of finder's fees that vary depending on the Fund and the dollar amount of the shares sold.

**ADDITIONAL INFORMATION**

**Inactive Accounts**

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 shareholder's last known address of record determines which state has jurisdiction. Your mutual fund account may be transferred to the state government of your state of residence if no activity occurs within your account during the "inactivity period" specified in your state's abandoned property laws.

It is important that the Fund maintains a correct address for each shareholder. An incorrect address may cause a shareholder'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 shareholder or rightful owner of the account. If the Fund is unable to locate the shareholder, then it will determine whether the shareholder's account can legally be considered abandoned.

**Fund Mailings**

Statements and reports that the Fund sends to you include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Confirmation statements (after every transaction that affects your account balance or your account registration);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual and semi-annual shareholder reports ("shareholder reports") (every six months); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly account statements.

As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Fund's shareholder reports are no longer sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports are made available on the Fund's website, www.zieglercapfunds.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary, such as a broker-dealer or bank, or, if you are a direct investor, by calling the Fund toll-free at 833-777-1533.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call the Fund toll-free at 833-777-1533 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary.

**Householding**

In an effort to decrease costs, the Fund intends to reduce the number of duplicate prospectuses, proxy statements and other similar documents you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders 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 833-777-1533 to request individual copies of these documents. Once the Transfer Agent receives notice to stop householding, the Transfer Agent will begin sending individual copies thirty days after receiving your request. This policy does not apply to account statements.

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**General Policies**

Some of the following policies are mentioned above. In general, the Fund reserves the right to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Refuse, change, discontinue, or temporarily suspend account services, including purchase, or telephone redemption privileges, for any reason;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reject any purchase request for any reason. Generally, the Fund will do this if the purchase is disruptive to the efficient management of the Fund (due to the timing of the investment or an investor's history of excessive trading);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Redeem all shares in your account if your balance falls below $500 due to redemption activity. If, within 30 days of the Fund's written request, you have not increased your account balance, you may be required to redeem your shares. The Fund will not require you to redeem shares if the value of your account drops below the investment minimum due to fluctuations of NAV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delay paying redemption proceeds for more than seven calendar days after receiving a request under the circumstances described below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reject any purchase or redemption request that does not contain all required documentation and is not in good order.

If you did not purchase your shares with a wire payment, before redeeming recently purchased shares, please note that if the Transfer Agent has not yet collected payment for the shares you are redeeming, it may delay sending the proceeds until the payment is collected, which may take up to 15 calendar days from the purchase date. Furthermore, there are certain times when you may be unable to redeem the Fund's shares or receive proceeds. Specifically, the Fund may suspend the right to redeem shares or postpone the date of payment upon redemption for more than seven calendar days for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.any period during which the NYSE is closed (other than customary weekend or holiday closings) or trading on the NYSE is restricted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.any period during which an emergency exists as a result of which disposal by the Fund of securities it owns is not reasonably practicable or it is not reasonably practicable for the Fund fairly to determine the value of its net assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.such other periods as the SEC may permit for the protection of the Fund's shareholders.

If you accepted telephone privileges on the account application or in a letter to the Fund, you may be responsible for any fraudulent telephone orders as long as the Fund has taken reasonable precautions to verify your identity. 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. In addition, once you place a telephone transaction request, it cannot be canceled or modified after the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time).

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**FINANCIAL HIGHLIGHTS**

The financial highlights table below is intended to help you understand the Fund's financial performance for the past five fiscal years. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). As of the close of business on December 18, 2020, pursuant to a reorganization, the Fund acquired all assets and assumed all liabilities of the Predecessor Fund. Upon completion of the reorganization, the Fund's shares assumed the performance, financial, and other historical information of those of the Predecessor Fund.

The information for the fiscal year ended September 30, 2022, has been audited by BBD, LLP, whose report, along with the Fund's financial statements, are included in the Fund's annual report, which is available upon request. The information for prior years was audited by the independent registered public accounting firm for the Predecessor Fund, whose report, along with the Predecessor Fund's financial statements, are included in the Predecessor Fund's annual report, which is available upon request.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Class - Per Share Data for a Share Outstanding for Each Year End or Period Presented.** | **Institutional Class - Per Share Data for a Share Outstanding for Each Year End or Period Presented.** | **Institutional Class - Per Share Data for a Share Outstanding for Each Year End or Period Presented.** | **Institutional Class - Per Share Data for a Share Outstanding for Each Year End or Period Presented.** | **Institutional Class - Per Share Data for a Share Outstanding for Each Year End or Period Presented.** | **Institutional Class - Per Share Data for a Share Outstanding for Each Year End or Period Presented.** | **Institutional Class - Per Share Data for a Share Outstanding for Each Year End or Period Presented.** |
| | **September 30, 2022** | **September 30, 2021** | **September 30, 2021** | **September 30, 2020** | **September 30, 2019** | **September 30, 2018** |
| **Net Asset Value, Beginning of Year** | $**10.94** | $**9.71** |  | $**10.16** | $**10.58** | $**10.47** |
| **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |  |  |
| Net investment income <sup>(1)</sup> | 0.08 | 0.05 |  | 0.10 | 0.15 | 0.13 |
| Net realized and unrealized gain (loss) on investments | (1.15) | 1.21 |  | (0.17) | 0.07 | 0.35 |
| **Total Gain (Loss) from Investment Operations** | **(1.07)** | **1.26** |  | **(0.07)** | **0.22** | **0.48** |
| **LESS DISTRIBUTIONS** |  |  |  |  |  |  |
| From net investment income | (0.04) | (0.03) |  | (0.10) | (0.20) | (0.13) |
| From net realized gain on investments |  |  |  |  | (0.11) | (0.24) |
| From return of capital |  |  |  | (0.28) | (0.33) |  |
| **Total Distributions** | **(0.04)** | **(0.03)** |  | **(0.38)** | **(0.64)** | **(0.37)** |
| **Net Asset Value, End of Year** | $**9.83** | $**10.94** |  | $**9.71** | $**10.16** | $**10.58** |
| **Total Return** | (9.81)% | 13.01% |  | (0.54)% | 2.43% | 4.74% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |  |
| Net assets, end of year in thousands) | $34198 | $41091 |  | $24090 | $25917 | $21810 |
| Ratio of expenses to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;Before fees waived/reimbursed by the Adviser | 1.33% | 1.49% |  | 1.73% | 1.63% | 2.02% |
| &nbsp;&nbsp;After fees waived/reimbursed by the Adviser | 0.70% | 1.11% | <sup>(2)</sup> | 1.15% | 1.15% | 1.15% |
| Ratio of net investment income to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;After fees waived/reimbursed by the Adviser | 0.75% | 0.49% | <sup>(2)</sup> | 1.13% | 1.53% | 1.30% |
| Portfolio turnover rate | 77% | 82% |  | 90% | 96% | 74% |

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<sup>(1)</sup> Computed using average shares method

<sup>(2)</sup> Effective ratio for the period. Expense Cap lowered on 9/1/2021 from 1.15% to 0.70%.

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**PRIVACY NOTICE**

The Fund collects non-public information about you from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information we receive about you on applications or other forms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information you give us orally; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information about your transactions with us or others

We do not disclose any non-public personal information about our customers or former customers without the customer's authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated and unaffiliated third parties with whom we have contracts for servicing the Fund. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities. We maintain physical, electronic and procedural safeguards to guard your personal information and require third parties to treat your personal information with the same high degree of confidentiality.

In the event that you hold shares of the Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared with unaffiliated third parties.

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**Investment Adviser**

Ziegler Capital Management, LLC

30 S. Wacker Drive, Suite 2800

Chicago, Illinois 60606

**Sub-Adviser**

USCA Asset Management LLC

4444 Westheimer Road, Suite G500

Houston, Texas 77027

**Distributor**

Quasar Distributors, LLC

111 E. Kilbourn Avenue, Suite 2200

Milwaukee, Wisconsin 53202

**Custodian**

U.S. Bank National Association

Custody Operations

1555 North Rivercenter Drive, Suite 302

Milwaukee, Wisconsin 53212

**Transfer Agent**

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

**Independent Registered Public Accounting Firm**

BBD, LLP

1835 Market Street, 3rd Floor

Philadelphia, Pennsylvania 19103

**Legal Counsel**

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue NW

Washington, D.C. 20004

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**Ziegler FAMCO Hedged Equity Fund**

You can find more information about the Fund in the following documents:

**Statement of Additional Information**

The SAI provides additional details about the investments and techniques of the Fund and certain other additional information. A current SAI is on file with the SEC and is incorporated into this Prospectus by reference. This means that the SAI is legally considered a part of this Prospectus even though it is not physically within this Prospectus.

**Annual and Semi-Annual Reports**

The Fund's annual and semi-annual reports (collectively, the "Shareholder Reports") provide the most recent financial reports and portfolio listings. The annual report will contain a discussion of the market conditions and investment strategies that affected the Fund's performance during the Fund's last fiscal year.

The SAI and the Shareholder Reports will be available free of charge on the Fund's website at www.zieglercapfunds.com. You can obtain a free copy of the SAI and Shareholder Reports, request other information, or make general inquiries about the Fund by calling the Fund at 833-777-1533 or by writing to:

Ziegler FAMCO Hedged Equity Fund

c/o U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

Reports and other information about the Fund are available:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free of charge from the SEC's EDGAR database on the SEC's website at http://www.sec.gov; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

(The Trust's SEC Investment Company Act file number is 811-21422.)

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![ck0001261788-20220930_g4.jpg](ck0001261788-20220930_g4.jpg)

**January 31, 2023**

**STATEMENT OF ADDITIONAL INFORMATION**

**Ziegler FAMCO Hedged Equity Fund**

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| | |
|:---|:---|
| **Institutional Class** | **SHLDX** |

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| | |
|:---|:---|
| **Investor Class\*** | **SHLIX** |

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\*As of the date of this Statement of Information, Investor Class shares are not available for purchase.

A series of

Trust for Advised Portfolios

c/o U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

Toll Free: 833-777-1533

This Statement of Additional Information (the "SAI") is not a prospectus and it should be read in conjunction with the Prospectus dated January 31, 2023, as may be revised, for the Ziegler FAMCO Hedged Equity Fund (the "Fund"), a series of Trust for Advised Portfolios (the "Trust"). Ziegler Capital Management, LLC (the "Adviser") serves as the Fund's investment adviser. USCA Asset Management LLC (the "Sub-Adviser") serves as the Fund's investment sub-adviser. The Fund's financial statements for the fiscal year ended September 30, 2022, are incorporated into this SAI by reference to the <u>[Fund's annual report](http://www.sec.gov/Archives/edgar/data/1261788/000089418922008812/0000894189-22-008812-index.htm)</u>. A copy of the Prospectus and annual report may be obtained without charge on the Fund's website, www.zieglercapfunds.com, or by calling or writing the Fund as shown above.

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| THE TRUST | <u>[1](#idc0779d53a1348d882f921464bad30c1_10)</u> |
| INVESTMENT POLICIES AND PERMITTED INVESTMENTS | <u>[1](#idc0779d53a1348d882f921464bad30c1_13)</u> |
| INVESTMENT RESTRICTIONS | <u>[15](#idc0779d53a1348d882f921464bad30c1_16)</u> |
| PORTFOLIO TURNOVER | <u>[18](#idc0779d53a1348d882f921464bad30c1_19)</u> |
| PORTFOLIO HOLDINGS POLICY | <u>[18](#idc0779d53a1348d882f921464bad30c1_22)</u> |
| MANAGEMENT | <u>[19](#idc0779d53a1348d882f921464bad30c1_25)</u> |
| CODES OF ETHICS | <u>[23](#idc0779d53a1348d882f921464bad30c1_28)</u> |
| PROXY VOTING POLICIES AND PROCEDURES | <u>[23](#idc0779d53a1348d882f921464bad30c1_31)</u> |
| CONTROL PERSONS, PRINCIPAL SHAREHOLDERS, AND MANAGEMENT OWNERSHIP | <u>[24](#idc0779d53a1348d882f921464bad30c1_34)</u> |
| THE FUND'S INVESTMENT ADVISER | <u>[24](#idc0779d53a1348d882f921464bad30c1_37)</u> |
| THE FUND'S INVESTMENT SUB-ADVISER | <u>24</u> |
| PORTFOLIO MANAGERS | <u>[26](#idc0779d53a1348d882f921464bad30c1_40)</u> |
| OTHER SERVICE PROVIDERS | <u>[28](#idc0779d53a1348d882f921464bad30c1_43)</u> |
| EXECUTION OF PORTFOLIO TRANSACTIONS | <u>[29](#idc0779d53a1348d882f921464bad30c1_46)</u> |
| GENERAL INFORMATION | <u>[31](#idc0779d53a1348d882f921464bad30c1_49)</u> |
| ADDITIONAL PURCHASE AND REDEMPTION INFORMATION | <u>[32](#idc0779d53a1348d882f921464bad30c1_52)</u> |
| DETERMINATION OF SHARE PRICE | <u>[33](#idc0779d53a1348d882f921464bad30c1_55)</u> |
| DISTRIBUTIONS AND TAX INFORMATION | <u>[34](#idc0779d53a1348d882f921464bad30c1_58)</u> |
| RULE 12b-1 DISTRIBUTION AND SERVICE PLAN | <u>[41](#idc0779d53a1348d882f921464bad30c1_61)</u> |
| MARKETING AND SUPPORT PAYMENTS | <u>[41](#idc0779d53a1348d882f921464bad30c1_64)</u> |
| ANTI-MONEY LAUNDERING PROGRAM | <u>[42](#idc0779d53a1348d882f921464bad30c1_67)</u> |
| FINANCIAL STATEMENTS | <u>[42](#idc0779d53a1348d882f921464bad30c1_70)</u> |

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No person has been authorized to give any information or to make any representations other than those contained in this SAI and the Prospectus dated January 31, 2023, if given or made, such information or representations may not be relied upon as having been authorized by *Ziegler FAMCO Hedged Equity Fund*.

This SAI does not constitute an offer to sell securities.

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**THE TRUST**

The Trust is a Delaware statutory trust organized under the laws of the State of Delaware on August 28, 2003, and is registered with the U.S. Securities and Exchange Commission (the "SEC") as an open-end management investment company. Between August 28, 2003 and May 31, 2005 the Trust was named "Lotsoff Capital Management Equity Trust." Between June 1, 2005 and November 30, 2011 the Trust was named "Lotsoff Capital Management Investment Trust." Between December 1, 2011 and January 30, 2013 the Trust was named "Ziegler Lotsoff Capital Management Investment Trust." Between January 31, 2013 and January 29, 2014 the Trust was named "Ziegler Capital Management Investment Trust."

The Trust's Agreement and Declaration of Trust (the "Declaration of Trust") permits the Trust's Board of Trustees (the "Board" or the "Trustees") to issue an unlimited number of full and fractional shares of beneficial interest, of no par value per share, which may be issued in any number of series. The Trust consists of various series that represent separate investment portfolios. The Board may from time to time issue other series, the assets and liabilities of which will be separate and distinct from any other series.

This SAI relates only to the Ziegler FAMCO Hedged Equity Fund. The Fund is the successor in interest to the USCA Premium Buy-Write Fund (the "Predecessor Fund"), a fund having an identical investment objective and substantially similar principal investment strategies. The Predecessor Fund was a series of another registered investment company, USCA Fund Trust, and shareholders of the Predecessor Fund approved the reorganization of the Predecessor Fund with and into the Fund, and effective as of the close of business on December 18, 2020, the assets and liabilities of the Predecessor Fund were transferred to the Trust in exchange for shares of the Fund. The Fund succeeded the performance, financial, and other historical information of the Predecessor Fund. Any historical information provided for the Fund that relates to the periods prior to the close of business on December 18, 2020 is that of the Predecessor Fund.

Registration with the SEC does not involve supervision of the management or policies of the Fund. The Prospectus, SAI, shareholder reports and other information about the Fund are available free of charge on the EDGAR database on the SEC website at www.sec.gov. Copies of such information may be obtained from the SEC upon payment of the prescribed fee by electronic request at the following e-mail address: publicinfo@sec.gov.

**INVESTMENT POLICIES AND PERMITTED INVESTMENTS**

The discussion below supplements information contained in the Fund's Prospectus as to the investment policies, permitted investments, and related risks of the Fund.

**Diversification**

The Fund is diversified under applicable federal securities laws. This means that as to 75% of its total assets (1) no more than 5% may be invested in the securities of a single issuer, and (2) it may not hold more than 10% of the outstanding voting securities of a single issuer. However, the diversification of a mutual fund's holdings is measured at the time the fund purchases a security and if the Fund purchases a security and holds it for a period of time, the security may become a larger percentage of the Fund's total assets due to movements in the financial markets. If the market affects several securities held by the Fund, the Fund may have a greater percentage of its assets invested in securities of fewer issuers. Accordingly, the Fund is subject to the risk that its performance may be hurt disproportionately by the poor performance of relatively few securities despite qualifying as a diversified fund.

**Percentage Limitations**

Whenever an investment policy or limitation states a maximum percentage of the Fund's assets that may be invested in any security or other asset, or sets forth a policy regarding quality standards, such standard or percentage limitation will be determined immediately after and as a result of the Fund's acquisition or sale of such security or other asset. Accordingly, except with respect to borrowing and illiquid investments, any subsequent change in values, net assets or other circumstances will not be considered in determining whether an investment complies with the Fund's investment policies and limitations. In addition, if a bankruptcy or other extraordinary

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event occurs concerning a particular investment by the Fund, the Fund may receive stock, real estate or other investments that the Fund would not, or could not buy. If this happens the Fund would sell such investments as soon as practicable while trying to maximize the return to its shareholders.

**Derivatives**

Rule 18f-4 under the 1940 Act (the "Derivatives Rule") provides a comprehensive framework for the Fund's use of derivatives. The Derivatives Rule requires registered investment companies that enter into derivatives transactions and certain other transactions that create future payment or delivery obligations to, among other things, (i) comply with a value-at-risk ("VaR") leverage limit, and (ii) adopt and implement a comprehensive written derivatives risk management program. These and other requirements apply unless the Fund qualifies as a "limited derivatives user," which the Derivatives Rule defines as a fund that limits its derivatives exposure to 10% of its net assets. Complying with the Derivatives Rule may increase the cost of the Fund's investments and cost of doing business, which could adversely affect investors. The Derivatives Rule may not be effective to limit the Fund's risk of loss. In particular, measurements of VaR rely on historical data and may not accurately measure the degree of risk reflected in the Fund's derivatives or other investments. Other potentially adverse regulatory obligations can develop suddenly and without notice.

Generally, derivatives can be characterized as financial instruments whose value is derived, at least in part, from the value of an underlying asset or assets. Types of derivatives include options, futures contracts, options on futures, and forward contracts. Derivative instruments may be used for a variety of reasons, including enhancing returns, hedging against certain market risks, or providing a substitute for purchasing or selling particular securities. Derivatives may provide a cheaper, quicker, or more specifically focused way for the Fund to invest than "traditional" securities would.

Derivatives can be volatile and involve various types and degrees of risk, depending upon the characteristics of the particular derivative and the portfolio as a whole. Derivatives permit the Fund to increase or decrease the level of risk, or change the character of the risk, to which its portfolio is exposed in much the same way as the Fund can increase or decrease the level of risk, or change the character of the risk, of its portfolio by making investments in specific securities.

Derivatives may be purchased on established exchanges or through privately negotiated transactions referred to as over-the-counter derivatives. Exchange-traded derivatives generally are guaranteed by the clearing agency, which is the issuer or counterparty to such derivatives. This guarantee usually is supported by a daily payment system (i.e., margin requirements) operated by the clearing agency in order to reduce overall credit risk. As a result, unless the clearing agency defaults, there is relatively little counterparty credit risk associated with derivatives purchased on an exchange. By contrast, no clearing agency guarantees over-the-counter derivatives. Therefore, each party to an over-the-counter derivative bears the risk that the counterparty will default. Accordingly, the Adviser or Sub-Adviser will consider the creditworthiness of counterparties to over-the-counter derivatives in the same manner as they would review the credit quality of a security to be purchased by the Fund. Over-the-counter derivatives are less liquid than exchange-traded derivatives since the other party to the transaction may be the only investor with sufficient understanding of the derivative to be interested in bidding for it.

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The Fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of risks, such as liquidity risk, interest rate risk, market risk, credit risk and management risk. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund by investing in a derivative instrument could lose more than the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial.

The Fund may also utilize certain financial instruments and investment techniques for risk management or hedging purposes. There is no assurance that such risk management and hedging strategies will be successful, as such success will depend on, among other factors, the Adviser or Sub-Adviser's ability to predict the future correlation, if any, between the performance of the instruments utilized for hedging purposes and the performance of the investments being hedged.

The Fund may invest in derivative instruments including swap contracts. The Fund can use swap contracts, including interest rate swaps, to hedge or adjust its exposure to interest rates. The Fund can also use swap contracts, including credit default swaps, to gain or reduce exposure to an asset class or a particular issuer. The Fund may invest in credit linked notes. Credit linked notes are securities structured and issued by an issuer, which may be a bank, banker or special purpose vehicle. The Fund can use credit linked notes to gain or reduce exposure to an asset class or a particular issuer.

Other types of obligations and securities may include unsecured loans, fixed rate high yield bonds, investment grade corporate bonds, and short-term government and commercial debt obligations.

*Securities Options*

The Fund may purchase and write (i.e., sell) put and call options. Such options may relate to particular securities or stock indices, and may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves.

A call option for a particular security gives the purchaser of the option the right to buy, and the writer (seller) the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligation under the option contract. A put option for a particular security gives the purchaser the right to sell the security at the stated exercise price at any time prior to the expiration date of the option, regardless of the market price of the security.

Stock index options are put options and call options on various stock indices. In most respects, they are identical to listed options on common stocks. The primary difference between stock options and index options occurs when index options are exercised. In the case of stock options, the underlying security, common stock, is delivered. However, upon the exercise of an index option, settlement does not occur by delivery of the securities comprising the index. The option holder who exercises the index option receives an amount of cash if the closing level of the stock index upon which the option is based is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. This amount of cash is equal to the difference between the closing price of the stock index and the exercise price of the option expressed in dollars times a specified multiple. A stock index fluctuates with changes in the market value of the stocks included in the index. For example, some stock index options are based on a broad market index, such as the Standard & Poor's 500® Index or the Value Line Composite Index or a narrower market index, such as the Standard & Poor's 100®. Indices may also be based on an industry or market segment, such as the NYSE Arca Oil and Gas Index or the Computer and Business Equipment Index. Options on stock indices are currently traded on the Chicago Board Options Exchange, the New York Stock Exchange and the NASDAQ PHLX.

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The Fund's obligation to sell an instrument subject to a call option written by it, or to purchase an instrument subject to a put option written by it, may be terminated prior to the expiration date of the option by the Fund's execution of a closing purchase transaction, which is effected by purchasing on an exchange an option of the same series (i.e., same underlying instrument, exercise price and expiration date) as the option previously written. A closing purchase transaction will ordinarily be effected to realize a profit on an outstanding option, to prevent an underlying instrument from being called, to permit the sale of the underlying instrument or to permit the writing of a new option containing different terms on such underlying instrument. The cost of such a liquidation purchase plus transactions costs may be greater than the premium received upon the original option, in which event the Fund will have suffered a loss on the transaction. There is no assurance that a liquid secondary market will exist for any particular option. An option writer unable to effect a closing purchase transaction will not be able to sell the underlying instrument or liquidate the assets held in a segregated account, as described below, until the option expires or the optioned instrument is delivered upon exercise. In such circumstances, the writer will be subject to the risk of market decline or appreciation in the instrument during such period.

If an option purchased by the Fund expires unexercised, the Fund realizes a loss equal to the premium paid. If the Fund enters into a closing sale transaction on an option purchased by it, the Fund will realize a gain if the premium received by the Fund on the closing transaction is more than the premium paid to purchase the option, or a loss if it is less. If an option written by the Fund expires on the stipulated expiration date or if the Fund enters into a closing purchase transaction, it will realize a gain (or loss if the cost of a closing purchase transaction exceeds the net premium received when the option was originally sold). If an option written by the Fund is exercised, the proceeds of the sale will be increased by the net premium originally received and the Fund will realize a gain or loss.

The writing of call options by the Fund may significantly reduce or eliminate its ability to make distributions eligible to be treated as qualified dividend income. Covered call options may also be subject to the federal tax rules applicable to straddles under the Internal Revenue Code of 1986 (the "Code"). If positions held by the Fund were treated as "straddles" for federal income tax purposes, or the Fund's risk of loss with respect to a position was otherwise diminished as set forth in Treasury regulations, dividends on stocks that are a part of such positions would not constitute qualified dividend income subject to such favorable income tax treatment. In addition, generally, straddles are subject to certain rules that may affect the amount, character and timing of the Fund's gains and losses with respect to straddle positions.

*Certain Risks Regarding Options*

There are several risks associated with transactions in options. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid secondary market for particular options, whether traded over-the-counter or on an exchange, may be absent for reasons which include the following: there may be insufficient trading interest in certain options; restrictions may be imposed by an exchange on opening transactions or closing transactions or both; trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of options or underlying securities or currencies; unusual or unforeseen circumstances may interrupt normal operations on an exchange; the facilities of an exchange or the Options Clearing Corporation may not at all times be adequate to handle current trading value; or one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series of options), in which event the secondary market on that exchange (or in that class or series of options) would cease to exist, although outstanding options that had been issued by the Options Clearing Corporation as a result of trades on that exchange would continue to be exercisable in accordance with their terms.

Successful use by the Fund of options on stock indices will be subject to the ability of the Adviser to correctly predict movements in the directions of the stock market. This requires different skills and techniques than predicting changes in the prices of individual securities. In addition, the Fund's ability to effectively hedge all or a portion of the securities in its portfolio, in anticipation of or during a market decline, through transactions in put options on stock indices, depends on the degree to which price movements in the underlying index correlate with

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the price movements of the securities held by the Fund. Inasmuch as the Fund's securities will not duplicate the components of an index, the correlation will not be perfect. Consequently, the Fund bears the risk that the prices of its securities being hedged will not move in the same amount as the prices of its put options on the stock indices. It is also possible that there may be a negative correlation between the index and the Fund's securities that would result in a loss on both such securities and the options on stock indices acquired by the Fund.

The hours of trading for options may not conform to the hours during which the underlying securities are traded. To the extent that the options markets close before the markets for the underlying securities, significant price and rate movements can take place in the underlying markets that cannot be reflected in the options markets. The purchase of options is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The purchase of stock index options involves the risk that the premium and transaction costs paid by the Fund in purchasing an option will be lost as a result of unanticipated movements in prices of the securities comprising the stock index on which the option is based.

There is no assurance that a liquid secondary market on an options exchange will exist for any particular option, or at any particular time, and for some options no secondary market on an exchange or elsewhere may exist. If the Fund is unable to close out a call option on securities that it has written before the option is exercised, the Fund may be required to purchase the optioned securities in order to satisfy its obligation under the option to deliver such securities. If the Fund is unable to effect a closing sale transaction with respect to options on securities that it has purchased, it would have to exercise the option in order to realize any profit and would incur transaction costs upon the purchase and sale of the underlying securities.

*Cover for Options Positions*

Transactions using options (other than options that the Fund has purchased) expose the Fund to an obligation to another party. The Fund will not enter into any such transactions unless it owns either (i) an offsetting ("covered") position in securities or other options or (ii) cash or liquid securities with a value sufficient at all times to cover its potential obligations not covered as provided in (i) above. The Fund will comply with SEC guidelines regarding cover for these instruments and, if the guidelines so require, set aside cash or liquid securities in a segregated account with the Fund's custodian in the prescribed amount. Under current SEC guidelines, the Fund will segregate assets to cover transactions in which the Fund writes or sells options.

Assets used as cover or held in a segregated account cannot be sold while the position in the corresponding option is open, unless they are replaced with similar assets. As a result, the commitment of a large portion of the Fund's assets to cover or segregated accounts could impede portfolio management or the Fund's ability to meet redemption requests or other current obligations.

*Options on Futures Contracts* 

The Fund may purchase and sell options on the same types of futures in which it may invest. Options on futures are similar to options on underlying instruments except that options on futures give the purchaser the right, in return for the premium paid, to assume a position in a futures contract (a long position if the option is a call and a short position if the option is a put), rather than to purchase or sell the futures contract, at a specified exercise price at any time during the period of the option. Upon exercise of the option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by the delivery of the accumulated balance in the writer's futures margin account which represents the amount by which the market price of the futures contract, at exercise, exceeds (in the case of a call) or is less than (in the case of a put) the exercise price of the option on the futures contract. Purchasers of options who fail to exercise their options prior to the exercise date suffer a loss of the premium paid.

*Dealer Options*

The Fund may engage in transactions involving dealer options as well as exchange-traded options. Certain additional risks are specific to dealer options. While the Fund might look to a clearing corporation to exercise exchange-traded options, if the Fund were to purchase a dealer option it would need to rely on the dealer from

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which it purchased the option to perform if the option were exercised. Failure by the dealer to do so would result in the loss of the premium paid by the Fund as well as loss of the expected benefit of the transaction.

Exchange-traded options generally have a continuous liquid market while dealer options may not. Consequently, the Fund may generally be able to realize the value of a dealer option it has purchased only by exercising or reselling the option to the dealer who issued it. Similarly, when the Fund writes a dealer option, it may generally be able to close out the option prior to its expiration only by entering into a closing purchase transaction with the dealer to whom the Fund originally wrote the option. While the Fund will seek to enter into dealer options only with dealers who will agree to and which are expected to be capable of entering into closing transactions with the Fund, there can be no assurance that the Fund will at any time be able to liquidate a dealer option at a favorable price at any time prior to expiration. Unless the Fund, as a covered dealer call option writer, is able to effect a closing purchase transaction, it will not be able to liquidate securities (or other assets) used as cover until the option expires or is exercised. In the event of insolvency of the other party, the Fund may be unable to liquidate a dealer option. With respect to options written by the Fund, the inability to enter into a closing transaction may result in material losses to the Fund. For example, because the Fund must maintain a secured position with respect to any call option on a security it writes, the Fund may not sell the assets, which it has segregated to secure the position while it is obligated under the option. This requirement may impair the Fund's ability to sell portfolio securities at a time when such sale might be advantageous.

The Staff of the SEC has taken the position that purchased dealer options are illiquid securities. The Fund may treat the cover used for written dealer options as liquid if the dealer agrees that the Fund may repurchase the dealer option it has written for a maximum price to be calculated by a predetermined formula. In such cases, the dealer option would be considered illiquid only to the extent the maximum purchase price under the formula exceeds the intrinsic value of the option. Accordingly, the Fund will treat dealer options as subject to the Fund's limitation on illiquid securities. If the SEC changes its position on the liquidity of dealer options, the Fund will change its treatment of such instruments accordingly.

*Spread Transactions*

The Fund may purchase covered spread options from securities dealers. These covered spread options are not presently exchange-listed or exchange-traded. The purchase of a spread option gives the Fund the right to put securities that it owns at a fixed dollar spread or fixed yield spread in relationship to another security that the Fund does not own, but which is used as a benchmark. The risk to the Fund, in addition to the risks of dealer options described above, is the cost of the premium paid as well as any transaction costs. The purchase of spread options will be used to protect the Fund against adverse changes in prevailing credit quality spreads, i.e., the yield spread between high quality and lower quality securities. This protection is provided only during the life of the spread options.

*Trading in Futures Contracts*

A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument (e.g., units of a stock index) for a specified price, date, time and place designated at the time the contract is made. Brokerage fees are paid when a futures contract is bought or sold and margin deposits must be maintained. Entering into a contract to buy is commonly referred to as buying or purchasing a contract or holding a long position. Entering into a contract to sell is commonly referred to as selling a contract or holding a short position.

Unlike when the Fund purchases or sells a security, no price would be paid or received by the Fund upon the purchase or sale of a futures contract. Upon entering into a futures contract, and to maintain the Fund's open positions in futures contracts, the Fund would be required to deposit with its custodian or futures broker in a segregated account in the name of the futures broker an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as "initial margin." The margin required for a particular futures contract is set by the exchange on which the contract is traded, and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range upward from less than 5% of the value of the contract being traded.

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If the price of an open futures contract changes (by increase in underlying instrument or index in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to the Fund.

These subsequent payments, called "variation margin," to and from the futures broker, are made on a daily basis as the price of the underlying assets fluctuate, making the long and short positions in the futures contract more or less valuable, a process known as "marking to the market." The Fund expects to earn interest income on margin deposits.

Although certain futures contracts, by their terms, require actual future delivery of and payment for the underlying instruments, in practice most futures contracts are usually closed out before the delivery date. Closing out an open futures contract purchase or sale is effected by entering into an offsetting futures contract sale or purchase, respectively, for the same aggregate amount of the identical underlying instrument or index and the same delivery date. If the offsetting purchase price is less than the original sale price, the Fund realizes a gain; if it is more, the Fund realizes a loss. Conversely, if the offsetting sale price is more than the original purchase price, the Fund realizes a gain; if it is less, the Fund realizes a loss. The transaction costs must also be included in these calculations. There can be no assurance, however, that the Fund will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time. If the Fund is not able to enter into an offsetting transaction, the Fund will continue to be required to maintain the margin deposits on the futures contract.

For example, one contract in the Financial Times Stock Exchange 100 Index future is a contract to buy 25 pounds sterling multiplied by the level of the UK Financial Times 100 Share Index on a given future date. Settlement of a stock index futures contract may or may not be in the underlying instrument or index. If not in the underlying instrument or index, then settlement will be made in cash, equivalent over time to the difference between the contract price and the actual price of the underlying asset at the time the stock index futures contract expires.

*Swap Transactions*

The Fund may enter into swap agreements with respect to securities, indexes of securities and other assets or other measures of risk or return. Swap agreements are typically two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to many years. In a standard "swap" transaction, two parties agree to exchange the returns (or the differential in rates of return) earned or realized on particular predetermined investments, instruments, or indices. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount". Whether the Fund's use of swap agreements will be successful will depend on the Adviser's ability to select appropriate transactions for the Fund. Swap transactions may be highly illiquid. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or insolvency of its counterparty. Many swap markets are relatively new and still developing. It is possible that developments in the swap markets, including potential government regulation, could adversely affect the Fund's ability to terminate swap transactions or to realize amounts to be received under such transactions. Swaps and certain other custom instruments are subject to the risk of non-performance by the swap counterparty, including risks relating to the creditworthiness of the swap counterparty.

Total return swaps are another form of swap transaction that the Fund may utilize in its investment program. A total return swap allows the total return receiver to receive the change in market value of an asset (whether a security, interest rate, form of debt, currency or other asset) from the total return payer in return for paying a floating or fixed interest-rate on a predetermined amount. The total return payer is synthetically short and the total return receiver is synthetically long. Thus, total return swap agreements may effectively add leverage to the Fund's portfolio because, in addition, to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap agreement.

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Swap agreements involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement.

The Fund may invest in so-called "synthetic convertible securities," which are composed of two or more different securities whose investment characteristics, taken together, resemble those of convertible securities. The synthetic convertible security differs from the true convertible security in several respects. Unlike a true convertible security, which is a single security having a unitary market value, a synthetic convertible security comprises two or more separate securities, each with its own market value. Therefore, the "market value" of a synthetic convertible security is the sum of the values of its debt component and its convertible component. For this reason, the values of a synthetic convertible security and a true convertible security may respond differently to market fluctuations.

**Repurchase Agreements**

The Fund may enter into repurchase agreements. In a repurchase agreement, an investor (such as the Fund) purchases a security (known as the "underlying security") from a securities dealer or bank. Any such dealer or bank must be deemed creditworthy by the Adviser or Sub-Adviser. At that time, the bank or securities dealer agrees to repurchase the underlying security at a mutually agreed upon price on a designated future date. The repurchase price may be higher than the purchase price, the difference being income to the Fund, or the purchase and repurchase prices may be the same, with interest at an agreed upon rate due to the Fund on repurchase. In either case, the income to the Fund generally will be unrelated to the interest rate on the underlying securities. Repurchase agreements must be "fully collateralized," in that the market value of the underlying securities (including accrued interest) must at all times be equal to or greater than the repurchase price. Therefore, a repurchase agreement can be considered a loan collateralized by the underlying securities.

Repurchase agreements are generally for a short period of time, often less than a week, and will generally be used by the Fund to invest excess cash or as part of a temporary defensive strategy. Repurchase agreements that do not provide for payment within seven days will be treated as illiquid securities. In the event of a bankruptcy or other default by the seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying security and losses. These losses could result from: (a) possible decline in the value of the underlying security while the Fund is seeking to enforce its rights under the repurchase agreement; (b) possible reduced levels of income or lack of access to income during this period; and (c) expenses of enforcing its rights.

**When-Issued, Forward Commitments and Delayed Settlements**

The Fund may purchase and sell securities on a when-issued, forward commitment or delayed settlement basis. In this event, the Custodian (as defined under the section entitled "Custodian") will segregate liquid assets equal to the amount of the commitment in a separate account. Normally, the Custodian will set aside portfolio securities to satisfy a purchase commitment. In such a case, the Fund may be required subsequently to segregate additional assets in order to assure that the value of the account remains equal to the amount of the Fund's commitment. It may be expected that the Fund's net assets will fluctuate to a greater degree when it sets aside portfolio securities to cover such purchase commitments than when it sets aside cash.

The Fund does not intend to engage in these transactions for speculative purposes but only in furtherance of its investment objectives. Because the Fund will segregate liquid assets to satisfy purchase commitments in the manner described, the Fund's liquidity and the ability of the Adviser or Sub-Adviser to manage them may be affected in the event the Fund's forward commitments, commitments to purchase when-issued securities and delayed settlements ever exceeded 15% of the value of its net assets.

The Fund will purchase securities on a when-issued, forward commitment or delayed settlement basis only with the intention of completing the transaction. If deemed advisable as a matter of investment strategy, however, the Fund may dispose of or renegotiate a commitment after it is entered into, and may sell securities it has committed to purchase before those securities are delivered to the Fund on the settlement date. In these cases the Fund may realize a taxable capital gain or loss. When the Fund engages in when-issued, forward commitment and delayed

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settlement transactions, it relies on the other party to consummate the trade. Failure of such party to do so may result in the Fund incurring a loss or missing an opportunity to obtain a price credited to be advantageous.

The market value of the securities underlying a when-issued purchase, forward commitment to purchase securities, or a delayed settlement and any subsequent fluctuations in their market value is taken into account when determining the market value of the Fund starting on the day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities it has committed to purchase until it has paid for and delivered on the settlement date.

**Illiquid Investments and Restricted Securities**

The Fund may not acquire an illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If illiquid investments exceed 15% of the Fund's net assets, certain remedial actions will be taken as required by Rule 22e-4 under the 1940 Act and the Fund's policies and procedures.

Restricted securities are securities subject to legal or contractual restrictions on their resale, such as private placements. Such restrictions might prevent the sale of restricted securities at a time when the sale would otherwise be desirable. Under SEC regulations, certain restricted securities acquired through private placements can be traded freely among qualified purchasers. While restricted securities are generally classified as illiquid, the SEC has stated that an investment company's board of directors, or its investment adviser acting under authority delegated by the board, may determine that a security eligible for trading under this rule is "liquid." The Fund intends to rely on this rule, to the extent appropriate, to deem specific securities acquired through private placement as "liquid." The Board has delegated to the Adviser, pursuant to guidelines established by the Board, the responsibility for determining whether a particular security eligible for trading under this rule is "liquid." Investing in these restricted securities could have the effect of increasing the Fund's illiquidity if qualified purchasers become, for a time, uninterested in buying these securities.

Restricted securities may be sold only (1) pursuant to SEC Rule 144A or another exemption, (2) in privately negotiated transactions or (3) in public offerings with respect to which a registration statement is in effect under the Securities Act of 1933, as amended (the "1933" Act). Rule 144A securities, although not registered in the U.S., may be sold to qualified institutional buyers in accordance with Rule 144A under the 1933 Act. As noted above, the Adviser, acting pursuant to guidelines established by the Board, may determine that some Rule 144A securities are liquid. Where registration is required, the Fund may be obligated to pay all or part of the registration expenses and a considerable period may elapse between the time of the decision to sell and the time the Fund may be permitted to sell a restricted security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the Fund might obtain a less favorable price than prevailed when it decided to sell.

Illiquid investments may be difficult to value, and the Fund may have difficulty disposing of such investments promptly. The Fund does not consider non-U.S. securities to be restricted if they can be freely sold in the principal markets in which they are traded, even if they are not registered for sale in the U.S.

**Lending Portfolio Securities**

For the purpose of achieving income, the Fund may lend its portfolio securities, provided (1) the loan is secured continuously by collateral consisting of U.S. Government securities or cash or cash equivalents (cash, U.S. Government securities, negotiable certificates of deposit, bankers' acceptances or letters of credit) maintained on a daily mark-to-market basis in an amount at least equal to the current market value of the securities loaned, (2) the Fund may at any time call the loan and obtain the return of securities loaned, (3) the Fund will receive any interest or dividends received on the loaned securities, and (4) the aggregate value of the securities loaned will not at any time exceed one-third of the total assets of the Fund.

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**Short Sales**

The Fund may sell securities short as an outright investment strategy and to offset potential declines in long positions in similar securities. A short sale is a transaction in which the Fund sells a security it does not own or have the right to acquire (or that it owns but does not wish to deliver) in anticipation that the market price of that security will decline.

When the Fund makes a short sale, the broker-dealer through which the short sale is made must borrow the security sold short and deliver it to the party purchasing the security. The Fund is required to make a margin deposit in connection with such short sales; the Fund may have to pay a fee to borrow particular securities and will often be obligated to pay over any dividends and accrued interest on borrowed securities.

If the price of the security sold short increases between the time of the short sale and the time the Fund covers its short position, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged.

To the extent the Fund sells securities short, it will provide collateral to the broker-dealer and (except in the case of short sales "against the box") will maintain additional asset coverage in the form of cash, U.S. government securities or other liquid securities with its custodian in a segregated account in an amount at least equal to the difference between the current market value of the securities sold short and any amounts required to be deposited as collateral with the selling broker. A short sale is "against the box" to the extent the Fund contemporaneously owns, or has the right to obtain at no added cost, securities identical to those sold short.

**Equity Securities**

In connection with its purchase or holding of interests in senior secured floating rate loans made by banks and other lending institutions and in senior secured floating rate debt instruments, and in derivatives and other instruments that have economic characteristics similar to such securities, in the event an in court or out of court restructuring, the Fund may acquire (and subsequently sell) equity securities or exercise warrants that it receives.

*Convertible Securities* 

Convertible securities are bonds, debentures, notes, preferred stocks or other securities that may be converted or exchanged (by the holder or by the issuer) into shares of the underlying common stock (or cash or securities of equivalent value) at a stated exchange ratio. A convertible security may also be called for redemption or conversion by the issuer after a particular date and under certain circumstances (including a specified price) established upon issue. If a convertible security held by the Fund is called for redemption or conversion, the Fund could be required to tender it for redemption, convert it into the underlying common stock, or sell it to a third party.

Convertible securities generally have less potential for gain or loss than common stocks. Convertible securities generally provide yields higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher yield, convertible securities generally sell at a price above their "conversion value," which is the current market value of the stock to be received upon conversion. The difference between this conversion value and the price of convertible securities will vary over time depending on changes in the value of the underlying common stocks and interest rates. When the underlying common stocks decline in value, convertible securities will tend not to decline to the same extent because of the interest or dividend payments and the repayment of principal at maturity for certain types of convertible securities. However, securities that are convertible other than at the option of the holder generally do not limit the potential for loss to the same extent as securities convertible at the option of the holder. When the underlying common stocks rise in value, the value of convertible securities may also be expected to increase. At the same time, however, the difference between the market value of convertible securities and their conversion value will narrow, which means that the value of convertible securities will generally not increase to the same extent as the value of the underlying common stocks. Because convertible securities may also be interest-rate sensitive, their value may

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increase as interest rates fall and decrease as interest rates rise. Convertible securities are also subject to credit risk, and are often lower-quality securities.

*Preferred Stock*

Preferred stock is a class of stock having a preference over common stock as to the payment of dividends and the recovery of investment should a company be liquidated, although preferred stock is usually junior to the debt securities of the issuer. Preferred stock typically does not possess voting rights and its market value may change based on changes in interest rates.

The fundamental risk of investing in common and preferred stock is the risk that the value of the stock might decrease. Stock values fluctuate in response to the activities of an individual company or in response to general market and/or economic conditions. Historically, common stocks have provided greater long-term returns and have entailed greater short-term risks than preferred stocks, fixed-income securities and money market investments. The market value of all securities, including common and preferred stocks, is based upon the market's perception of value and not necessarily the book value of an issuer or other objective measures of a company's worth.

*Real Estate Investment Trusts*

The Fund may invest in securities of real estate investment trusts ("REITs"). REITs are publicly traded corporations or trusts that specialize in acquiring, holding and managing residential, commercial or industrial real estate. A REIT is not taxed at the entity level on income distributed to its shareholders or unitholders if it distributes to shareholders or unitholders at least 95% of its taxable income for each taxable year and complies with regulatory requirements relating to its organization, ownership, assets and income.

REITs generally can be classified as "Equity REITs", "Mortgage REITs" and "Hybrid REITs." An Equity REIT invests the majority of its assets directly in real property and derives its income primarily from rents and from capital gains on real estate appreciation, which are realized through property sales. A Mortgage REIT invests the majority of its assets in real estate mortgage loans and services its income primarily from interest payments. A Hybrid REIT combines the characteristics of an Equity REIT and a Mortgage REIT.

Investments in the real estate industry involve particular risks. The real estate industry has been subject to substantial fluctuations and declines on a local, regional and national basis in the past and may continue to be in the future. Real property values and income from real property may decline due to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, regulatory limitations on rents, changes in neighborhoods and in demographics, increases in market interest rates, or other factors. Factors such as these may adversely affect companies that own and operate real estate directly, companies that lend to such companies, and companies that service the real estate industry.

Investments in REITs also involve risks. Equity REITs will be affected by changes in the values of and income from the properties they own, while Mortgage REITs may be affected by the credit quality of the mortgage loans they hold. In addition, REITs are dependent on specialized management skills and on their ability to generate cash flow for operating purposes and to make distributions to shareholders or unitholders. REITs may have limited diversification and are subject to risks associated with obtaining financing for real property, as well as to the risk of self-liquidation. U.S. REITs also can be adversely affected by their failure to qualify for tax-free, pass-through treatment of their income under the Code or their failure to maintain an exemption from registration under the 1940 Act. By investing in REITs indirectly through the Fund, a shareholder bears not only a proportionate share of the expenses of the Fund, but also may indirectly bear similar expenses of some of the REITs in which it invests.

*Warrants*

Warrants are options to purchase common stock at a specific price (usually at a premium above the market value of the optioned common stock at issuance) valid for a specific period of time. Warrants may have a life ranging from less than one year to twenty years, or they may be perpetual. However, most warrants have expiration dates

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after which they are worthless. In addition, a warrant is worthless if the market price of the common stock does not exceed the warrant's exercise price during the life of the warrant. Warrants have no voting rights, pay no dividends, and have no rights with respect to the assets of the corporation issuing them. The percentage increase or decrease in the market price of the warrant may tend to be greater than the percentage increase or decrease in the market price of the optioned common stock.

*Depositary Receipts*

Sponsored and unsponsored American Depositary Receipts ("ADRs") are receipts issued by an American bank or trust company evidencing ownership of underlying securities issued by a foreign issuer. ADRs, in registered form, are designed for use in U.S. securities markets. Unsponsored ADRs may be created without the participation of the foreign issuer. Holders of these ADRs generally bear all the costs of the ADR facility, whereas foreign issuers typically bear certain costs in a sponsored ADR. The bank or trust company depositary of an unsponsored ADR may be under no obligation to distribute shareholder communications received from the foreign issuer or to pass through voting rights. Many of the risks described below regarding foreign securities apply to investments in ADRs.

**Fixed Income Securities**

The Fund may invest a portion of its capital in bonds or other fixed income securities, including, without limitation, bonds, notes and debentures issued by corporations, debt securities issued or guaranteed by the U.S. government or one of its agencies or instrumentalities, commercial paper, and "higher yielding" (and, therefore, higher risk) debt securities of the former categories. These securities may pay fixed, variable or floating rates of interest, and may include zero coupon obligations. Fixed income securities are subject to the risk of the issuer's inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (i.e., market risk).

*Certificates of Deposit and Bankers' Acceptances*

Certificates of deposit are receipts issued by a depository institution in exchange for the deposit of funds. The issuer agrees to pay the amount deposited plus interest to the bearer of the receipt on the date specified on the certificate. The certificate usually can be traded in the secondary market prior to maturity. Bankers' acceptances typically arise from short-term credit arrangements designed to enable businesses to obtain funds to finance commercial transactions. Generally, an acceptance is a time draft drawn on a bank by an exporter or an importer to obtain a stated amount of funds to pay for specific merchandise. The draft is then "accepted" by a bank that, in effect, unconditionally guarantees to pay the face value of the instrument on its maturity date. The acceptance may then be held by the accepting bank as an earning asset or it may be sold in the secondary market at the going rate of discount for a specific maturity. Although maturities for acceptances can be as long as 270 days, most acceptances have maturities of six months or less.

*Commercial Paper*

Commercial paper consists of short-term (usually from 1 to 270 days) unsecured promissory notes issued by corporations in order to finance their current operations. It may be secured by letters of credit, a surety bond or other forms of collateral. Commercial paper is usually repaid at maturity by the issuer from the proceeds of the issuance of new commercial paper. As a result, investment in commercial paper is subject to the risk the issuer cannot issue enough new commercial paper to satisfy its outstanding commercial paper, also known as rollover risk. Commercial paper may become illiquid or may suffer from reduced liquidity in certain circumstances. Like all fixed income securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial paper prices will decline. The short-term nature of a commercial paper investment makes it less susceptible to interest rate risk than many other fixed income securities because interest rate risk typically increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate debt because securities with shorter maturities typically have lower effective yields than those with longer maturities. As with all fixed income securities, there is a chance that the issuer will default on its commercial paper obligation.

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*Information on Time Deposits and Variable Rate Notes*

Time deposits are issued by a depository institution in exchange for the deposit of funds. The issuer agrees to pay the amount deposited plus interest to the depositor on the date specified with respect to the deposit. Time deposits do not trade in the secondary market prior to maturity. However, some time deposits may be redeemable prior to maturity and may be subject to withdrawal penalties.

The commercial paper obligations are typically unsecured and may include variable rate notes. The nature and terms of a variable rate note (i.e., a "Master Note") permit the Fund to invest fluctuating amounts at varying rates of interest pursuant to a direct arrangement between the Fund and the issuer. It permits daily changes in the amounts invested. The Fund, typically, has the right at any time to increase, up to the full amount stated in the note agreement, or to decrease the amount outstanding under the note. The issuer may prepay at any time and without penalty any part of or the full amount of the note. The note may or may not be backed by one or more bank letters of credit. Because these notes are direct investment arrangements between the Fund and the issuer, it is not generally contemplated that they will be traded; moreover, there is currently no secondary market for them. Except as specifically provided in the Prospectus, there is no limitation on the type of issuer from whom these notes may be purchased; however, in connection with such purchase and on an ongoing basis, the Adviser or Sub-Adviser will consider the earning power, cash flow and other liquidity ratios of the issuer, and its ability to pay principal and interest on demand, including a situation in which all holders of such notes made demand simultaneously. Variable rate notes are subject to the Fund's investment restriction on illiquid securities unless such notes can be put back to the issuer (redeemed) on demand within seven days.

*Insured Bank Obligations*

The Federal Deposit Insurance Corporation ("FDIC") insures the deposits of federally insured banks and savings and loan associations (collectively referred to as "banks") up to $250,000. The Fund may elect to purchase bank obligations in small amounts so as to be fully insured as to principal by the FDIC. Currently, to remain fully insured as to principal, these investments must be limited to $250,000 per bank; if the principal amount and accrued interest together exceed $250,000, the excess principal and accrued interest will not be insured. Insured bank obligations may have limited marketability.

**Bankruptcies and Other Reorganizations**

Certain of the issuers of securities may be involved in bankruptcy or other reorganization proceedings. Although such investments may result in significant returns to the Fund, they involve a substantial degree of risk. Many of the events within a bankruptcy case are adversarial and often beyond the control of the creditors. Accordingly, a bankruptcy court may approve actions that are contrary to the interests of the Fund. Such investments can result in a total loss of principal.

**Foreign Securities**

The Fund may invest in securities of non-U.S. issuers. The Fund's investments in securities and instruments in foreign markets involve substantial risks not typically associated with investments in U.S. securities. Foreign securities investments may be affected by changes in currency rates or exchange control regulations, changes in governmental administration or economic or monetary policy (in the United States and abroad) or changed circumstances in dealings between nations. Changes in foreign currency exchange rates relative to the U.S. dollar will affect the U.S. dollar value of the Fund's assets denominated in that currency and thereby impact the Fund's total return on such assets. The Fund may utilize options and forward contracts to hedge against currency fluctuations, but there can be no assurance that such hedging transactions will be effective.

Investments in foreign securities will also occasion risks relating to political and economic developments abroad, including the possibility of expropriations or confiscatory taxation, limitations on the use or transfer of Fund assets and any effects of foreign social, economic or political instability. Foreign companies are not subject to the regulatory requirements of U.S. companies and, as such, there may be less publicly available information about such companies. Moreover, foreign companies are not subject to uniform accounting, auditing and financial reporting standards and requirements comparable to those applicable to U.S. companies. Finally, in the event of a

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default of any foreign debt obligations, it may be more difficult for the Fund to obtain or enforce a judgment against the issuers of such securities.

Securities of foreign issuers may be less liquid than comparable securities of U.S. issuers and, as such, their price changes may be more volatile. Furthermore, foreign exchanges and broker-dealers are generally subject to less government and exchange scrutiny and regulation than their American counterparts. Brokerage commissions, dealer concessions and other transaction costs may be higher in foreign markets than in the U.S. In addition, differences in clearance and settlement procedures in foreign markets may occasion delays in settlements of the Fund's trades affected in such markets. The brokers (including those acting as sub-custodians) and custodian banks are subject to various laws and regulations in the relevant jurisdictions that are designed to protect their customers in the event of their insolvency.

To the extent the Fund invests in one or more countries, regions, sectors or industries, or in a limited number of issuers, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries or issuers. Local events, such as political upheaval, financial troubles, or natural disasters may disrupt a country's or region's securities markets.

*Emerging Markets Securities*

Investing in emerging market securities imposes risks different from, or greater than, risks of investing in foreign developed countries. These risks include: smaller market capitalization of securities markets, which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible repatriation of investment income and capital. In addition, foreign investors may be required to register the proceeds of sales; and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization, or creation of government monopolies. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by the Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries.

Additional risks of emerging markets securities may include: greater social, economic and political uncertainty and instability; more substantial governmental involvement in the economy; less governmental supervision and regulation; unavailability of currency hedging techniques; companies that are newly organized and small; differences in auditing and financial reporting standards, which may result in unavailability of material information about issuers; and less developed legal systems. In addition, emerging securities markets may have different clearance and settlement procedures, which may be unable to keep pace with the volume of securities transactions or otherwise make it difficult to engage in such transactions. Settlement problems may cause the Fund to miss attractive investment opportunities, hold a portion of its assets in cash pending investment, or be delayed in disposing of a portfolio security. Such a delay could result in possible liability to a purchaser of the security.

**Cyber Security Risk** 

Investment companies, such as the Fund, and their service providers may be subject to operational and information security risks resulting from cyber-attacks. Cyber-attacks 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 security breaches. Cyber-attacks affecting the Fund or the Adviser or Sub-Adviser, custodian, transfer agent, intermediaries and other third-party service providers may adversely impact the Fund. For instance, cyber-attacks may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its net asset value, cause the release of private shareholder information or confidential company information, impede trading, subject the Fund to regulatory fines or financial losses, and 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 invests, which could result in material adverse consequences for such issuers, and may cause the Fund's investment in such portfolio companies to lose value.

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**INVESTMENT RESTRICTIONS**

**Fundamental Investment Policies** 

The Trust (on behalf of the Fund) has adopted the following restrictions as fundamental policies, which may not be changed without the affirmative vote of the holders of a "majority of a Fund's outstanding voting securities" as defined in the 1940 Act. Under the 1940 Act, the "vote of the holders of a majority of the outstanding voting securities" means the vote of the holders of the lesser of (i) 67% of the shares of a Fund represented at a meeting at which the holders of more than 50% of its outstanding shares are represented or (ii) more than 50% of the outstanding shares of a Fund.

The Fund's fundamental policies are as follows:

(1) The Fund is a "diversified company" as defined by the 1940 Act.

(2) The Fund may not borrow money except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.

(3) The Fund may not engage in the business of underwriting the securities of other issuers except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.

(4) The Fund may lend money or other assets to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.

(5) The Fund may not issue senior securities except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.

(6) The Fund may not purchase or sell real estate except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.

(7) The Fund may purchase or sell commodities or contracts related to commodities to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.

(8) The Fund may not invest more than 25% of the market value of its total assets in the securities of companies engaged in any one industry. (Does not apply to investments in other investment companies or securities of the U.S. Government, its agencies or instrumentalities. The Fund will consider the portfolio of underlying investment companies when determining compliance with its concentration policy.)

**Additional Information about Fundamental Investment Policies**

The following provides additional information about the Fund's fundamental investment policies. This information does not form part of the Fund's fundamental investment policies.

With respect to the fundamental policy relating to diversification set forth in (1) above, under the 1940 Act a diversified fund to may not purchase securities of an issuer (other than obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities and securities of other investment companies) if, with respect to 75% of its total assets, (a) more than 5% of the fund's total assets would be invested in securities of that issuer or (b) the fund would hold more than 10% of the outstanding voting securities of that issuer. With respect to the remaining 25% of its total assets, the fund can invest more than 5% of its assets in one issuer.

With respect to the fundamental policy relating to borrowing money set forth in (2) above, the 1940 Act permits a fund to borrow money in amounts of up to one-third of the fund's total assets from banks for any purpose, and to

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borrow up to 5% of the fund's total assets from banks or other lenders for temporary purposes. To limit the risks attendant to borrowing, the 1940 Act requires a fund to maintain at all times an "asset coverage" of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Borrowing money to increase a fund's investment portfolio is known as "leveraging." Borrowing, especially when used for leverage, may cause the value of a fund's shares to be more volatile than if the fund did not borrow. This is because borrowing tends to magnify the effect of any increase or decrease in the value of a fund's portfolio holdings. Borrowed money thus creates an opportunity for greater gains, but also greater losses. To repay borrowings, a fund may have to sell securities at a time and at a price that is unfavorable to the fund. There also are costs associated with borrowing money, and these costs would offset and could eliminate a fund's net investment income in any given period. The policy in (2) above will be interpreted to permit the Fund to engage in trading practices and investments that may be considered to be borrowing to the extent permitted by the 1940 Act or applicable SEC or SEC Staff positions. Reverse repurchase agreements may be considered to be a type of borrowing. Short-term credits necessary for the settlement of securities transactions and arrangements with respect to securities lending will not be considered to be borrowings under the policy. Certain investment practices and investments may not be considered "borrowings," however, they may still be considered senior securities unless they are covered in accordance with applicable SEC or SEC Staff guidance.

With respect to the fundamental policy relating to underwriting set forth in (3) above, the 1940 Act does not prohibit a fund from engaging in the underwriting business or from underwriting the securities of other issuers. A fund engaging in transactions involving the acquisition or disposition of portfolio securities may be considered to be an underwriter under the Securities Act of 1933 (the "1933 Act"). Under the 1933 Act, an underwriter may be liable for material omissions or misstatements in an issuer's registration statement or prospectus. Securities purchased from an issuer and not registered for sale under the 1933 Act are considered restricted securities. There may be a limited market for these securities. If these securities are registered under the 1933 Act, they may then be eligible for sale but participating in the sale may subject the seller to underwriter liability. These risks could apply to a fund investing in restricted securities. Although it is not believed that the application of the 1933 Act provisions described above would cause a fund to be engaged in the business of underwriting, the policy in (3) above will be interpreted not to prevent the Fund from engaging in transactions involving the acquisition or disposition of portfolio securities, regardless of whether the Fund may be considered to be an underwriter under the 1933 Act.

With respect to the fundamental policy relating to lending set forth in (4) above, the 1940 Act does not prohibit a fund from making loans; however, SEC staff interpretations currently prohibit funds from lending more than one-third of their total assets, except through the purchase of debt obligations or the use of repurchase agreements. (A repurchase agreement is an agreement to purchase a security, coupled with an agreement to sell that security back to the original seller on an agreed-upon date at a price that reflects current interest rates. The SEC frequently treats repurchase agreements as loans.) While lending securities may be a source of income to a fund, as with other extensions of credit, there are risks of delay in recovery or even loss of rights in the underlying securities should the borrower fail financially. However, loans would be made only when the Adviser or Sub-Adviser believes the income justifies the attendant risks. In addition, collateral arrangements with respect to options, forward currency and futures transactions and other derivative instruments, as well as delays in the settlement of securities transactions, will not be considered loans.

With respect to the fundamental policy relating to issuing senior securities set forth in (5) above, "senior securities" are defined as fund obligations that have a priority over the fund's shares with respect to the payment of dividends or the distribution of fund assets. The 1940 Act prohibits a fund from issuing senior securities except that the fund may borrow money in amounts of up to one-third of the fund's total assets from banks for any purpose. A fund also may borrow up to 5% of the fund's total assets from banks or other lenders for temporary purposes, and these borrowings are not considered senior securities. The issuance of senior securities by a fund can increase the speculative character of the fund's outstanding shares through leveraging. Leveraging of a fund's portfolio through the issuance of senior securities magnifies the potential for gain or loss on monies, because even though the fund's net assets remain the same, the total risk to investors is increased. Certain widely used

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investment practices that involve a commitment by a fund to deliver money or securities in the future are not considered by the SEC to be senior securities, provided that a fund segregates cash or liquid securities in an amount necessary to pay the obligation or the fund holds an offsetting commitment from another party. These investment practices include repurchase and reverse repurchase agreements, swaps, dollar rolls, options, futures and forward contracts. The policy in (5) above will be interpreted not to prevent collateral arrangements with respect to swaps, options, forward or futures contracts or other derivatives, or the posting of initial or variation margin.

With respect to the fundamental policy relating to real estate set forth in (6) above, the 1940 Act does not prohibit a fund from owning real estate. Investing in real estate may involve risks, including that real estate is generally considered illiquid and may be difficult to value and sell. Owners of real estate may be subject to various liabilities, including environmental liabilities. The policy in (6) above will be interpreted not to prevent the Fund from investing in real estate-related companies, companies whose businesses consist in whole or in part of investing in real estate, instruments (like mortgages) that are secured by real estate or interests therein, or real estate investment trust securities.

With respect to the fundamental policy relating to commodities set forth in (7) above, the 1940 Act does not prohibit a fund from owning commodities, whether physical commodities and contracts related to physical commodities (such as oil or grains and related futures contracts), or financial commodities and contracts related to financial commodities (such as currencies and, possibly, currency futures). If a fund were to invest in a physical commodity or a physical commodity-related instrument, the fund would be subject to the additional risks of the particular physical commodity and its related market. The value of commodities and commodity-related instruments may be extremely volatile and may be affected either directly or indirectly by a variety of factors. There also may be storage charges and risks of loss associated with physical commodities. The policy in (7) above will be interpreted to permit investments in exchange traded funds that invest in physical and/or financial commodities.

With respect to the fundamental policy relating to concentration set forth in (8) above, the 1940 Act does not define what constitutes "concentration" in an industry. The SEC staff has taken the position that investment of more than 25% of a fund's total assets in one or more issuers conducting their principal activities in the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration could change in the future. A fund that invests a significant percentage of its total assets in a single industry may be particularly susceptible to adverse events affecting that industry and may be more risky than a fund that does not concentrate in an industry. The policy in (8) above will be interpreted to refer to concentration as that term may be interpreted from time to time. The policy also will be interpreted to permit investment without limit in the following: securities of the U.S. Government and its agencies or instrumentalities; and repurchase agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be considered to be members of any industry. The policy also will be interpreted to give broad authority to the Fund as to how to classify issuers within or among industries. When identifying industries for purposes of its concentration policy, the Fund may rely upon available industry classifications. When determining compliance with its concentration policy, the Fund will consider the investments of underlying investment companies to the extent the Fund has sufficient information about the holdings of such underlying investment companies.

The Fund's fundamental policies are written and will be interpreted broadly. For example, the policies will be interpreted to refer to the 1940 Act and the related rules as they are in effect from time to time, and to interpretations and modifications of or relating to the 1940 Act by the SEC and others as they are given from time to time. When a policy provides that an investment practice may be conducted as permitted by the 1940 Act, the policy will be interpreted to mean either that the 1940 Act expressly permits the practice or that the 1940 Act does not prohibit the practice.

**Non-Fundamental Investment Policy**

The Fund observes the following policy, which is not deemed fundamental and may be changed without shareholder approval. The Fund may not make any change to its investment policy of investing at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities and derivatives and other

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investments that have economic characteristics similar to equity securities without first providing its shareholders with at least 60 days' prior notice.

**PORTFOLIO TURNOVER**

Portfolio securities may be sold without regard to the length of time they have been held when, in the opinion of the Adviser or Sub-Adviser, investment considerations warrant such action. Portfolio turnover rate is calculated by dividing (1) the lesser of purchases or sales of portfolio securities for the fiscal year by (2) the monthly average of the value of portfolio securities owned during the fiscal year. A 100% turnover rate would occur if all the securities in the Fund's portfolio, with the exception of securities whose maturities at the time of acquisition were one year or less, were sold and either repurchased or replaced within one year. A high rate of portfolio turnover (100% or more) generally leads to higher transaction costs and generally reflects a greater number of taxable transactions. High portfolio turnover may result in larger amounts of short-term capital gains which, when distributed to shareholders, are generally taxed at ordinary income tax rates.

Following are the portfolio turnover rates for the fiscal years indicated below:

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| | |
|:---|:---|
| **Fiscal year ended September 30, 2022** | **Fiscal year ended September 30, 2021\*** |
| 77% | 82% |

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\*Portfolio turnover rates shown for the period prior to the close of business on December 18, 2020 are those of the Predecessor Fund.

**PORTFOLIO HOLDINGS POLICY**

The Fund maintains portfolio holdings disclosure policies that govern the timing and circumstances of disclosure to shareholders and third parties of information regarding the portfolio investments held by the Fund. These portfolio holdings disclosure policies have been approved by the Board. Disclosure of the Fund's complete holdings is required to be made quarterly within 60 days of the end of each fiscal quarter in the annual report and semi-annual report to Fund shareholders and as an exhibit to its reports on Form N-PORT. These reports are available, free of charge, on the EDGAR database on the SEC's website at www.sec.gov.

Pursuant to the Trust's portfolio holdings disclosure policies, non-public information about the Fund's portfolio holdings generally is not distributed to any person, unless by explicit agreement or by virtue of their respective duties to the Fund, such persons are subject to a duty to maintain the confidentiality of the information disclosed and have a duty not to trade on non-public information. Examples of disclosure by the Trust include instances in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The disclosure is required pursuant to a regulatory request, court order or is legally required in the context of other legal proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The disclosure is made to a mutual fund rating and/or ranking organization, or person performing similar functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The disclosure is made to internal parties involved in the investment process, administration, operation or custody of the Fund, including, but not limited to the Fund's administrator, U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, and the Trust's Board, attorneys, auditors or independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The disclosure is made: (a) in connection with a quarterly, semi-annual or annual report that is available to the public; or (b) relates to information that is otherwise available to the public; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The disclosure is made with the prior written approval of either the Trust's Chief Compliance Officer or his or her designee.

Certain of the persons listed above may receive information about the Fund's portfolio holdings on an ongoing basis without lag as part of the normal investment activities of the Fund. The Fund believes that these third parties have legitimate objectives in requesting such portfolio holdings information and operate in the best interest of the Fund's shareholders. These persons include internal parties involved in the investment process, administration,

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operation or custody of the Fund, specifically: U.S. Bank Global Fund Services; the Trust's Board; the Trust's legal counsel, and auditors and independent registered public accounting firm, all of which typically receive such information after it is generated. In no event shall the Adviser, its affiliates or employees, the Fund, or any other party receive any direct or indirect compensation in connection with the disclosure of information about a Fund's holdings.

Any disclosures to additional parties not described above is made with the prior written approval of either the Trust's Chief Compliance Officer or his or her designee, pursuant to the Trust's Policy on Disclosure of Portfolio Holdings.

The Chief Compliance Officer or designated officer of the Trust will approve the furnishing of non-public portfolio holdings to a third party only if they consider the furnishing of such information to be in the best interest of the Fund and its shareholders and if no material conflict of interest exists regarding such disclosure between shareholders interest and those of the Adviser, Quasar Distributors, LLC (the "Distributor") or any affiliated person of the Fund. No consideration may be received by the Fund, the Adviser, any affiliate of the Adviser or their employees in connection with the disclosure of portfolio holdings information. The Board receives and reviews annually a list of the persons who receive non-public portfolio holdings information and the purpose for which it is furnished.

**MANAGEMENT**

The overall management of the Trust's business and affairs is invested with its Board. The Board approves all significant agreements between the Trust and persons or companies furnishing services to it, including the agreements with the Adviser, Sub-Adviser, Administrator, Custodian and Transfer Agent, each as defined below. The day-to-day operations of the Trust are delegated to its officers, subject to the Fund's investment objective, strategies and policies and to the general supervision of the Board. The Trustees and officers of the Trust, their ages, birth dates, and positions with the Trust, terms of office with the Trust and length of time served, their business addresses and principal occupations during the past five years and other directorships held are set forth in the table below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address <br>and Age** | **Position(s) <br>Held with <br>Trust** | **Term of** <br>**Office**<sup>(1)</sup> **and** <br>**Length of** <br>**Time** <br>**Served** | **Principal <br>Occupation(s) <br>During Past 5 <br>Years** | **Number of** <br>**Portfolios** <br>**in Fund** <br>**Complex**<sup>(2)</sup> <br>**Overseen** <br>**by Trustee** | **Other** <br>**Directorships**<sup>(3)</sup> <br>**Held During** <br>**Past 5 Years** <br>**by Trustee** |
| **Independent Trustees**<sup>(4)</sup> | **Independent Trustees**<sup>(4)</sup> | **Independent Trustees**<sup>(4)</sup> | **Independent Trustees**<sup>(4)</sup> | **Independent Trustees**<sup>(4)</sup> | **Independent Trustees**<sup>(4)</sup> |
| Harry E. Resis<br>615 E. Michigan Street<br>Milwaukee, WI 53202<br>Year of birth: 1945 | Trustee | Since 2012 | Private investor. Previously served as Director of US Fixed Income for Henderson Global Investors. | 2 |  |
| Brian S. Ferrie<br>615 E. Michigan Street<br>Milwaukee, WI 53202<br>Year of birth: 1958 | Trustee | Since 2020 | Chief Compliance Officer, Treasurer, The Jensen Quality Growth Fund (2004 to 2020); Treasurer, Jensen Investment Management (2003 to 2020) | 2 |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address <br>and Age** | **Position(s) <br>Held with <br>Trust** | **Term of** <br>**Office**<sup>(1)</sup> **and** <br>**Length of** <br>**Time** <br>**Served** | **Principal <br>Occupation(s) <br>During Past 5 <br>Years** | **Number of** <br>**Portfolios** <br>**in Fund** <br>**Complex**<sup>(2)</sup> <br>**Overseen** <br>**by Trustee** | **Other** <br>**Directorships**<sup>(3)</sup> <br>**Held During** <br>**Past 5 Years** <br>**by Trustee** |
| Wan-Chong Kung<br>615 E. Michigan Street<br>Milwaukee, WI 53202<br>Year of birth: 1960 | Trustee | Since 2020 | Senior Fund Manager, Nuveen Asset Management (FAF Advisors/First American Funds) (2011 to 2019) | 2 | Federal Home Loan Bank of Des Moines (February 2022 to present); Trustee, Securian Funds Trust (12 portfolios) (October 2022 to present) |
| **Interested Trustee**<sup>(5)</sup> | **Interested Trustee**<sup>(5)</sup> | **Interested Trustee**<sup>(5)</sup> | **Interested Trustee**<sup>(5)</sup> | **Interested Trustee**<sup>(5)</sup> | **Interested Trustee**<sup>(5)</sup> |
| Christopher E. Kashmerick <br>615 E. Michigan Street<br>Milwaukee, WI 53202 <br>Year of birth: 1974 | Trustee | Since 2018 | Senior Vice President, U.S. Bancorp Fund Services, LLC (2011 to present) | 2 |  |

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and Age** | **Position(s) <br>Held with <br>Trust** | **Term of** <br>**Office**<sup>(1)</sup> <br>**and Length of** <br>**Time Served** | **Principal Occupation(s) <br>During Past 5 Years** |
| **Officers** | | | |
| Russell B. Simon<br>615 E. Michigan Street<br>Milwaukee, WI 53202<br>Year of birth: 1980 | President | Since 2022 | Vice President, U.S. Bancorp Fund Services, LLC (2011 to present) |
| Diane K. Miller<br>615 E. Michigan Street<br>Milwaukee, WI 53202 Year of birth: 1972 | Chief Compliance Officer and AML Officer | Since January 2023 | Vice President, U.S. Bancorp Fund Services, LLC (since January 2023); Chief Compliance Officer, Christian Brothers Investment Services (2017 - 2022) |
| Eric T. McCormick<br>615 E. Michigan Street<br>Milwaukee, WI 53202 Year of birth: 1971 | Treasurer and Principal Financial Officer | Since 2022 | Vice President, U.S. Bancorp Fund Services, LLC (2005 to present) |
| Scott A. Resnick<br>615 E. Michigan Street<br>Milwaukee, WI 53202<br>Year of birth: 1983 | Secretary | Since 2019 | Assistant Vice President, U.S. Bancorp Fund Services, LLC (2018 to present); Associate, Legal & Compliance, PIMCO (2012 to 2018). |

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<sup>(1)</sup> Each Trustee serves an indefinite term; however, under the terms of the Board's retirement policy, a Trustee shall retire at the end of the calendar year in which he or she reaches the age of 75 (this policy does not apply to any Trustee serving at the time the policy was adopted). Each officer serves an indefinite term until the election of a successor.

<sup>(2)</sup> The Trust is comprised of numerous series managed by unaffiliated investment advisers. The term "Fund Complex" applies to the Ziegler Senior Floating Rate Fund (offered in a separate prospectus and SAI) and the Ziegler FAMCO Hedged Equity Fund (together, the "ZCM Funds"). The ZCM Funds do not hold themselves out as related to any other

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series within the Trust for purposes of investment and investor services, nor do they share the same investment adviser with any other series in the Trust.

<sup>(3)</sup> "Other Directorships Held" includes only directorships of companies required to register or file reports with the SEC under the Securities Exchange Act of 1934 (that is, "public companies") or other investment companies registered under the 1940 Act.

<sup>(4)</sup> The Trustees of the Trust who are not "interested persons" of the Trust as defined under the 1940 Act ("Independent Trustees").

<sup>(5)</sup> Mr. Kashmerick is an "interested person" of the Trust as defined by the 1940 Act. Mr. Kashmerick is an interested Trustee of the Trust by virtue of the fact that he is an interested person of U.S. Bancorp Fund Services, LLC, the Fund's administrator, fund accountant, and transfer agent.

**Additional Information Concerning Our Board of Trustees**

**Board Leadership Structure**

The Board has general oversight responsibility with respect to the operation of the Trust and the Fund. The Board has engaged the Adviser to manage the Fund and is responsible for overseeing the Adviser and other service providers to the Trust and the Fund in accordance with the provisions of the 1940 Act and other applicable laws. The Board has established an Audit Committee to assist the Board in performing its oversight responsibilities.

The Trust does not have a lead Independent Trustee. The Chairman of the Board is an "interested person" of the Trust as defined by the 1940 Act. The Trust has determined that its leadership structure is appropriate in light of, among other factors, the asset size and nature of the Trust, the arrangements for the conduct of the Trust's operations, the number of Trustees, and the responsibilities of the Board.

**Board Oversight of Risk**

Through its direct oversight role, and indirectly through the Audit Committee, and officers of the Fund and service providers, the Board performs a risk oversight function for the Fund. To effectively perform its risk oversight function, the Board, among other things, performs the following activities: receives and reviews reports related to the performance and operations of the Fund; reviews and approves, as applicable, the compliance policies and procedures of the Fund; approves the Fund's principal investment policies; adopts policies and procedures designed to deter market timing; meets with representatives of various service providers, including the Adviser, to review and discuss the activities of the Fund and to provide direction with respect thereto; and appoints a chief compliance officer of the Fund who oversees the implementation and testing of the Fund's compliance program and reports to the Board regarding compliance matters for the Fund and its service providers.

The Trust has an Audit Committee, which plays a significant role in the risk oversight of the Fund as it meets periodically with the auditors of the Fund. The Board also meets quarterly with the Fund's chief compliance officer.

Not all risks that may affect the Fund can be identified nor can controls be developed to eliminate or mitigate their occurrence or effects. It may not be practical or cost effective to eliminate or mitigate certain risks, the processes and controls employed to address certain risks may be limited in their effectiveness, and some risks are simply beyond the reasonable control of the Adviser or other service providers. Moreover, it is necessary to bear certain risks (such as investment-related risks) to achieve the Fund's goals. As a result of the foregoing and other factors, the Fund's ability to manage risk is subject to substantial limitations.

*Trust Committees.* The Trust has two standing committees: the Audit Committee, which also serves as the Qualified Legal Compliance Committee ("QLCC"), and the Governance and Nominating Committee (the "Nominating Committee").

The Audit Committee, comprised entirely of the Independent Trustees, is chaired by Mr. Ferrie. The primary functions of the Audit Committee are to select the independent registered public accounting firm to be retained to perform the annual audit of the Fund, to review the results of the audit, to review the Fund's internal controls, to approve in advance all permissible non-audit services performed by the independent auditors and to review certain other matters relating to the Fund's independent registered public accounting firm and financial records. In

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its role as the QLCC, its function is to receive reports from an attorney retained by the Trust of evidence of a material violation by the Trust or by any officer, director, employee or agent of the Trust. During the fiscal year ended September 30, 2022, the Audit Committee met two times in regard to the Fund.

The Nominating Committee, comprised entirely of the Independent Trustees, is responsible for seeking and reviewing candidates for consideration as nominees for Trustees and meets only as necessary. The Nominating Committee will consider nominees nominated by shareholders. Recommendations by shareholders for consideration by the Nominating Committee should be sent to the President of the Trust in writing together with the appropriate biographical information concerning each such proposed Nominee, and such recommendation must comply with the notice provisions set forth in the Trust By-Laws. In general, to comply with such procedures, such nominations, together with all required biographical information, must be delivered to and received by the President of the Trust at the principal executive offices of the Trust not later than 120 days and no more than 150 days prior to the shareholder meeting at which any such nominee would be voted on. During the fiscal year ended September 30, 2022, the Nominating Committee did not meet in regard to the Fund.

*Board Oversight of Risk Management.* As part of its oversight function, the Board receives and reviews various risk management reports and assessments and discusses these matters with appropriate management and other personnel. Because risk management is a broad concept comprised of many elements (such as, for example, investment risk, issuer and counterparty risk, compliance risk, operational risks, business continuity risks, etc.) the oversight of different types of risks is handled in different ways.

The Board has designated the Adviser to perform fair value determinations (the "Valuation Designee"). The Valuation Designee is subject to Board oversight and certain reporting and other requirements designed to facilitate the Board's ability to effectively oversee the Valuation Designee's fair value determinations.

**Information about Each Trustee's Qualification, Experience, Attributes or Skills**

In addition to the information provided in the table above, below is certain additional information concerning each particular Trustee and certain of their Trustee Attributes. The information provided below, and in the table above, is not all-inclusive. Many Trustee attributes involve intangible elements, such as intelligence, integrity, work ethic, the ability to work together, the ability to communicate effectively, the ability to exercise judgment, the ability to ask incisive questions, and commitment to shareholder interests. In conducting its annual self-assessment, the Board has determined that the Trustees have the appropriate attributes and experience to continue to serve effectively as Trustees of the Trust.

Harry E. Resis' background in fixed income securities analysis, with an emphasis on high yield securities, provides him with a practical knowledge of the underlying markets and strategies used by series in the Trust that will be useful to the Board in their analysis and oversight of the series.

Brian S. Ferrie's experience in finance and compliance in the mutual fund industry gives him a strong understanding of the regulatory requirements of operating a mutual fund. He also understands the complex nature of the financial requirements, both from a regulatory and operational perspective, of managing a mutual fund. Mr. Ferrie's background and experience provide a unique perspective to the Board.

Wan-Chong Kung's experience managing fixed income mutual funds, with specific experience in commodities provides a diverse point-of-view for the Board. Ms. Kung also has unique experience in education as she advises student-managed bond and equity funds.

Christopher E. Kashmerick has substantial mutual fund operations and shareholder servicing experience through his position as Senior Vice President of U.S. Bank Global Fund Services, and he brings more than 20 years of mutual fund and investment management experience, which makes him a valuable resource to the Board as they contemplate various fund and shareholder servicing needs.

Each of the Trustees takes a conservative and thoughtful approach to addressing issues facing the Fund. The combination of skills and attributes discussed above led to the conclusion that each of Messrs. Resis, Ferrie, Kashmerick, and Ms. Kung should serve as a trustee.

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**Trustee Ownership of Fund Shares and Other Interests**

As of December 31, 2022, no Trustee owned shares of the Fund.

As of December 31, 2022, neither the Independent Trustees nor members of their immediate family, own securities beneficially or of record in the Adviser, the Distributor, or an affiliate of the Adviser or Distributor. Accordingly, neither the Independent Trustees nor members of their immediate family, have direct or indirect interest, the value of which exceeds $120,000, in the Adviser, the Distributor or any of their affiliates. In addition, during the two most recently completed calendar years, neither the Independent Trustees nor members of their immediate families have conducted any transactions (or series of transactions) in which the amount involved exceeds $120,000 and to which the Adviser, the Distributor or any affiliate thereof was a party.

**Compensation**

Set forth below is the compensation received by the Independent Trustees from the Fund for the fiscal year ended September 30, 2022. The Independent Trustees receive an annual retainer of $56,000 per year and a per meeting fee of $1,000 for each regular and special meeting of the Board attended, allocated among each of the various portfolios comprising the Trust. The Trustees also receive reimbursement from the Trust for expenses incurred in connection with attendance at meetings. The Trust has no pension or retirement plan. No other entity affiliated with the Trust pays any compensation to the Trustees.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Aggregate<br>Compensation <br>from the <br>Fund** | **Pension or<br>Retirement<br>Benefits<br>Accrued as<br>Part of Fund<br>Expenses** | **Annual<br>Benefits<br>Upon<br>Retirement** | **Total**<br>**Compensation**<br>**from Fund**<br>**Complex Paid**<br>**to Trustees** <sup>(1)</sup> |
| **Name of Independent Trustee** | | | | |
| John C. Chrystal <sup>(2)</sup> | $3919 |  |  | $7838 |
| Harry E. Resis | $3890 |  |  | $7780 |
| Brian S. Ferrie | $3947 |  |  | $7894 |
| Wan-Chong Kung | $3935 |  |  | $7870 |
| **Name of Interested Trustee** |  |  |  |  |
| Christopher E. Kashmerick | $0 |  |  | $0 |

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<sup>(1)</sup> There are currently multiple portfolios comprising the Trust. The term "Fund Complex" applies only to the ZCM Funds. For the fiscal year ended September 30, 2022, aggregate Independent Trustees' fees paid by the Trust were in the amount of $246,000.

<sup>(2)</sup> John C. Chrystal retired from the Board of Trustees as of the close of business on August 26, 2022.

**CODES OF ETHICS**

The Trust, the Adviser, and the Sub-Adviser have each adopted separate Codes of Ethics under Rule 17j-1 of the 1940 Act. These Codes permit, subject to certain conditions, access persons of the Trust, the Adviser, and the Sub-Adviser to invest in securities that may be purchased or held by the Fund.

**PROXY VOTING POLICIES AND PROCEDURES**

The Board has adopted Proxy Voting Policies and Procedures (the "Policies") on behalf of the Trust which delegates the responsibility for voting proxies to the Adviser, subject to the Board's continuing oversight. The Policies require that the Adviser vote proxies received in a manner consistent with the best interests of the Fund and its shareholders. The Policies also require the Adviser to present to the Board, at least annually, the Adviser's Policies and a record of each proxy voted by the Adviser on behalf of the Fund, including a report on the resolution of all proxies identified by the Adviser as involving a conflict of interest.

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The Adviser utilizes Broadridge to manage proxy voting and Egan-Jones Ratings Co. to analyze corporate proxy materials and to make independent voting recommendations to the Adviser. Clients may reserve the right to vote their own proxies or contractually direct the Adviser to vote their proxies in a certain manner.

The Trust is required to file a Form N-PX, with the Fund's complete proxy voting record for the 12 months ended June 30, no later than August 31 of each year. The Fund's proxy voting record will be available without charge, upon request, by calling toll-free 833-777-1533 and on the SEC's website at www.sec.gov.

**CONTROL PERSONS, PRINCIPAL SHAREHOLDERS, AND MANAGEMENT OWNERSHIP**

A principal shareholder is any person who owns of record or beneficially 5% or more of the outstanding shares of the Fund. A control person is one who owns beneficially or through controlled companies more than 25% of the voting securities of a company or acknowledges the existence of control. Shareholders with a controlling interest could affect the outcome of voting or the direction of management of the Fund.

As of January 2, 2023, the following shareholders were considered to be either a control person or principal shareholder of the Fund.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Class<br>Name and Address** | **Parent<br>Company** | **Jurisdiction** | **% of<br>Ownership** | **Type of<br>Ownership** |
| National Financial Services LLC<br>499 Washington Blvd, Floor 4th<br>Jersey City, New Jersey 07310-1995 | N/A | N/A | 61% | Record |
| Charles Schwab and Co. Inc<br>Special Custody Account FBO Customers<br>Attn Mutual Funds<br>211 Main Street<br>San Francisco, California 94105-1905 | N/A | N/A | 34% | Record |

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As of December 31, 2022, the Trustees and officers of the Trust as a group beneficially owned less than 1% of the outstanding shares of any class of the Fund.

**THE FUND'S INVESTMENT ADVISER**

Ziegler Capital Management, LLC, 30 S. Wacker Drive, Suite 2800, Chicago, Illinois 60606, serves as investment adviser to the Fund pursuant to an investment advisory agreement (the "Advisory Agreement") with the Trust. The Adviser is a Delaware limited liability company and a registered investment adviser. 1251 Asset Management Platform, LLC is a control person of the Adviser. The name and principal occupation of the principal executive officers of the Adviser are listed below (the address of each is c/o Ziegler Capital Management, LLC, 30 S. Wacker Drive, Suite 2800, Chicago, Illinois 60606):

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| | |
|:---|:---|
| **<u>Name and Office</u>** | **<u>Office</u>** |
| William Fitzgerald, Chief Executive Officer | Chief Executive Officer of the Adviser |
| Evans Papanikolaou, Chief Administrative Officer | Chief Administrative Officer of the Adviser |
| Renée M. Ansbro, Chief Financial Officer | Chief Financial Officer of the Adviser |
| Matthew Kowieski, Director of Operations | Director of Operations of the Adviser |
| Greg Glidden, Chief Equity Strategist | Chief Equity Strategist of the Adviser |
| Devansh Patel, Managing Director | Managing Director of the Adviser |
| Wiley Angell, Chief Investment Officer - FAMCO Group | Chief Investment Officer - FAMCO Group |
| Eduardo Cortes - Fixed Income | Chief Investment Officer - Fixed Income |

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In consideration of the services to be provided by the Adviser pursuant to the Advisory Agreement, the Adviser is entitled to receive from the Fund an investment advisory fee computed daily and payable monthly, based on an annual rate equal to 0.60% of the Fund's average daily net assets. Prior to September 1, 2021, the Fund paid the Adviser a monthly management fee calculated at the annual rate of 0.78% of the Fund's average daily net assets.

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After its initial two year term, the Advisory Agreement continues in effect for successive annual periods so long as such continuation is specifically approved at least annually by the vote of (1) the Board (or a majority of the outstanding shares of the Fund), and (2) a majority of the Trustees who are not interested persons of any party to the Advisory Agreement, in each case, cast in person at a meeting called for the purpose of voting on such approval. The Advisory Agreement may be terminated at any time, without penalty, by either party to the Advisory Agreement upon a 60-day written notice and is automatically terminated in the event of its "assignment," as defined in the 1940 Act.

In addition to the management fees payable to the Adviser, the Fund is responsible for its own operating expenses, including: fees and expenses incurred in connection with the issuance, registration and transfer of its shares; brokerage and commission expenses; all expenses of transfer, receipt, safekeeping, servicing and accounting for the cash, securities and other property of the Trust for the benefit of the Fund including all fees and expenses of its custodian and accounting services agent; interest charges on any borrowings; costs and expenses of pricing and calculating its daily NAV per share and of maintaining its books of account required under the 1940 Act; taxes, if any; a pro rata portion of expenditures in connection with meetings of the Fund's shareholders and the Trust's Board that are properly payable by the Fund; salaries and expenses of officers and fees and expenses of members of the Board or members of any advisory board or committee who are not members of, affiliated with or interested persons of the Adviser or administrator; insurance premiums on property or personnel of the Fund which inure to their benefit, including liability and fidelity bond insurance; the cost of preparing and printing reports, proxy statements, prospectuses and the statement of additional information of the Fund or other communications for distribution to existing shareholders; legal counsel, auditing and accounting fees; trade association membership dues (including membership dues in the Investment Company Institute allocable to the Fund); fees and expenses (including legal fees) of registering and maintaining registration of its shares for sale under federal and applicable state and foreign securities laws; all expenses of maintaining shareholder accounts, including all charges for transfer, shareholder recordkeeping, dividend disbursing, redemption, and other agents for the benefit of the Fund, if any; and all other charges and costs of its operation plus any extraordinary and non-recurring expenses, except as otherwise prescribed in the Advisory Agreement.

Though the Fund is responsible for its own operating expenses, the Adviser has contractually agreed to waive a portion or all of the management fees payable to it by the Fund and/or to pay Fund operating expenses to the extent necessary to limit the Fund's aggregate annual operating expenses (excluding acquired fund fees and expenses, taxes, interest expense, dividends on securities sold short, and extraordinary expenses) to the limits set forth in the Annual Fund Operating Expenses table of the Prospectus. Any such waivers made by the Adviser in its management fees or payment of expenses which are the Fund's obligation may be subject to recoupment by the Adviser from the Fund, if so requested by the Adviser, if the aggregate amount actually paid by the Fund toward the operating expenses in a fiscal year (taking into account the recoupment) does not exceed the current applicable limitation on the Fund's expenses or, if lower, the limitation in effect at the time of the waiver and/or reimbursement. The Adviser is permitted to recoup only for management fee waivers and expense payments made in the previous three year period. Any such recoupment is also contingent upon the Board's subsequent review and ratification of the recouped amounts. Such recoupment may not be paid prior to the Fund's payment of current ordinary operating expenses.

The following table describes the advisory fees paid to the Adviser by the Fund during the fiscal years indicated.

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| | | | |
|:---|:---|:---|:---|
| | **Advisory Fees Accrued** | **Fee Waiver and Expense Reimbursement** | **Net <br>Advisory Fees Paid** |
| Fiscal year ended September 30, 2022 | $242384 | $(254801) | $0 |
| Fiscal year ended September 30, 2021 <sup>1</sup> | $270928 | $(137960) | $132968 |
| Fiscal year ended September 30, 2020 <sup>1</sup> | $190905 | $(143138) | $47767 |

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<sup>1</sup> Advisory fees paid prior to the close of business on December 18, 2020 were paid by the Predecessor Fund to USCA Asset Management LLC as its investment adviser.

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**THE FUND'S INVESTMENT SUB-ADVISER**

The Adviser has entered into an Investment Sub-Advisory Agreement (the "Sub-Advisory Agreement") with USCA Asset Management LLC, located at 4444 Westheimer Road, Suite G500, Houston, TX 77027, and the Adviser compensates the Sub-Adviser out of the advisory fees it receives from the Fund. The Sub-Adviser is an SEC-registered investment advisory firm formed in 2008 and is a wholly-owned subsidiary of U.S. Capital Advisers, LLC, a Texas limited liability company.

The Sub-Adviser manages the investments of the Fund in accordance with the Fund's investment objective, policies and limitations and any investment guidelines established by the Adviser and the Board. The Sub-Adviser is responsible, subject to the oversight of the Adviser and the Board, for the purchase, retention and sale of securities in the Fund's investment portfolio.

For its services, the Adviser pays the Sub-Adviser a monthly management fee that is calculated at the annual rate of 0% of the Fund's average daily net assets up to $25 million, plus 33% of 0.78% of assets over $25 million.

The following table describes the sub-advisory fees paid to the Sub-Adviser by the Adviser during the fiscal period/year indicated.

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| | |
|:---|:---|
| | **Sub-Advisory Fees Paid** |
| Fiscal year ended September 30, 2022 | $18638 |
| Fiscal period December 19, 2020 (commencement of operations) through September 30, 2021 | $0 |

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**PORTFOLIO MANAGERS**

Wiley Angell, Davis Rushing, Kelly Rushing, and Sean Hughes, CFA are the portfolio managers of the Fund and are principally responsible for the day-to-day management of the Fund's portfolio. The following table shows the number of other accounts managed by each portfolio manager and the total assets in the accounts managed within various categories as of September 30, 2022.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Wiley Angell** | | | | |
| **Type of Accounts** | **Number of <br>Accounts** | **Total Assets** | **Number of <br>Accounts with <br>Advisory Fee <br>based on <br>Performance** | **Total Assets** |
| Registered Investment Companies | 2 | $139038169 | 0 | $0 |
| Other Pooled Investments | 0 | $0 | 0 | $0 |
| Other Accounts | 111 | $1246691610 | 0 | $0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Davis Rushing** | | | | |
| **Type of Accounts** | **Number of <br>Accounts** | **Total Assets** | **Number of <br>Accounts with <br>Advisory Fee <br>based on <br>Performance** | **Total Assets** |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investments | 0 | $0 | 0 | $0 |
| Other Accounts | 486 | $200000000 | 450 | $175000000 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Kelly Rushing** | | | | |
| **Type of Accounts** | **Number of <br>Accounts** | **Total Assets** | **Number of <br>Accounts with <br>Advisory Fee <br>based on <br>Performance** | **Total Assets** |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investments | 0 | $0 | 0 | $0 |
| Other Accounts | 486 | $200000000 | 450 | $175000000 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Sean Hughes, CFA** | | | | |
| **Type of Accounts** | **Number of <br>Accounts** | **Total Assets** | **Number of <br>Accounts with <br>Advisory Fee <br>based on <br>Performance** | **Total Assets** |
| Registered Investment Companies | 2 | $139038169 | 0 | $0 |
| Other Pooled Investments | 0 | $0 | 0 | $0 |
| Other Accounts | 105 | $142874603 | 0 | $0 |

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**Material Conflicts of Interest.** The portfolio managers of the Adviser and Sub-Adviser are often responsible for managing other accounts. The Adviser typically assigns accounts with similar investment strategies to a portfolio manager to mitigate the potentially conflicting investment strategies of accounts. Other than potential conflicts between investment strategies, the side-by-side management of both the Fund and other accounts may raise potential conflicts of interest due to the interest held by the Adviser, Sub-Adviser or one of its respective affiliates in an account and certain trading practices used by the portfolio manager (for example, cross trades between the Fund and another account and allocation of aggregated trades). The Adviser and Sub-Adviser have developed policies and procedures reasonably designed to mitigate those conflicts. In particular, the Adviser has adopted policies limiting the ability of a portfolio manager to cross securities (pursuant to these policies, if the Adviser is to act as agent for both the buyer and seller with respect to transactions in investments, the portfolio manager will first: (a) obtain approval from the Adviser's Chief Compliance Officer and (b) inform the customer of the capacity in which the Adviser is acting; and no dual agency transaction can be undertaken for any ERISA customer unless an applicable prohibited transaction exemption applies) and policies designed to ensure the fair allocation of securities purchased on an aggregated basis (pursuant to these policies all allocations must be fair between clients and, to be reasonable in the interests of clients, will generally be made in proportion to the size of the original orders placed).

**Compensation.** The portfolio managers of the Adviser are compensated in various forms. The portfolio managers' salary is determined on an annual basis and is a fixed amount throughout the year. It is not based on the performance of the Fund or on the value of the assets held in the Fund's portfolio. Additionally, the portfolio managers receive a discretionary bonus that is based on the revenue of the products managed by the portfolio management team. There is no difference between the method used to determine the portfolio managers' compensation with respect to the Fund and other accounts.

The portfolio managers of the Sub-Adviser are compensated in various forms by the Sub-Adviser. The portfolio managers' salary is determined on an annual basis and the portfolio managers may receive a discretionary bonus.

**Ownership of Fund securities**. The Fund is required to show the dollar range of the portfolio managers' "beneficial ownership" of Fund shares as of the end of the most recently completed fiscal year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the 1934 Act. The following table lists the dollar range of the portfolio managers' beneficial ownership of Fund shares as of September 30, 2022.

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---

| | |
|:---|:---|
| None, $1-$10,000, $10,001-$50,000, $50,001-$100,000, $100,001 - $500,000,<br>$500,001- $1,000,000, Over $1,000,000 | None, $1-$10,000, $10,001-$50,000, $50,001-$100,000, $100,001 - $500,000,<br>$500,001- $1,000,000, Over $1,000,000 |
| Wiley Angell | $500001- $1000000 |
| Davis Rushing | $500001- $1000000 |
| Kelly Rushing | Over $1,000,000 |
| Sean Hughes, CFA |  |

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**OTHER SERVICE PROVIDERS**

**Fund Administrator, Transfer Agent and Fund Accountant**

Pursuant to an administration agreement (the "Administration Agreement"), U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Global Fund Services"), 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as the administrator and fund accountant to the Fund. Global Fund Services provides certain services to the Fund including, among other responsibilities, coordinating the negotiation of contracts and fees with, and the monitoring of performance and billing of, the Fund's independent contractors and agents; 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, excluding those of the securities laws of various states; arranging for the computation of performance data, including NAV per share 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, Global Fund Services does not have any responsibility or authority for the management of the Fund, the determination of investment policy, or for any matter pertaining to the distribution of Fund shares.

Pursuant to the Administration Agreement, as compensation for its fund administration and portfolio compliance services, Global Fund Services receives from the Fund a fee based on the Fund's current average daily net assets. Global Fund Services also is entitled to certain out-of-pocket expenses.

The Fund paid the following amount to Global Fund Services pursuant to its Administration Agreement during the fiscal years indicated in the table below.

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| | |
|:---|:---|
| | **Administration Fee** |
| Fiscal year ended September 30, 2022 | $92489 |
| Fiscal year ended September 30, 2021 <sup>1</sup> | $97295 |
| Fiscal year ended September 30, 2020 <sup>1</sup> | $85715 |

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<sup>1</sup> Administration fees paid prior to the close of business on December 18, 2020 were paid by the Predecessor Fund. Prior to the close of business on December 18, 2020, and pursuant to an administration agreement, Global Fund Services served as administrator for the Predecessor Fund.

Pursuant to the Administration Agreement, Global Fund Services receives a portion of fees from the Fund as part of a bundled-fee agreement for services performed as administrator and fund accountant and separately as the transfer agent and dividend disbursing agent (the "Transfer Agent"). Additionally, Global Fund Services provides Chief Compliance Officer services to the Trust under a separate agreement. The cost for the Chief Compliance Officer's services is charged to the Fund and approved by the Board annually.

**Custodian**

Pursuant to a custody agreement between the Trust and U.S. Bank National Association (the "Custodian"), located at 1555 North Rivercenter Drive, Suite 302, Milwaukee, Wisconsin 53212 , the Custodian serves as the custodian of the Fund's assets, holds the Fund's portfolio securities in safekeeping, and keeps all necessary records and documents relating to its duties. The Custodian is compensated with an asset-based fee plus transaction fees and is reimbursed for out-of-pocket expenses.

The Custodian and Global Fund Services do not participate in decisions relating to the purchase and sale of securities by the Fund. Global Fund Services, the Custodian, and the Transfer Agent are affiliated entities under

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the common control of U.S. Bancorp. The Custodian and its affiliates may participate in revenue sharing arrangements with the service providers of mutual funds in which the Fund may invest.

Prior to the close of business on December 18, 2020, and pursuant to a custody agreement, U.S. Bank National Association served as custodian for the Predecessor Fund.

**Sub-Accounting Service Fees**

In addition to the fees that the Fund may pay to its Transfer Agent, the Board has authorized the Fund to pay service fees, at the annual rate of up to 0.15% of applicable average net assets or $20 per account, to intermediaries such as banks, broker-dealers, financial advisers or other financial institutions for sub-administration, sub-transfer agency, recordkeeping (collectively, "sub-accounting services") and other shareholder services associated with shareholders whose shares are held of record in omnibus, networked, or other group accounts or accounts traded through registered securities clearing agents. Unless the Fund has adopted a shareholder servicing plan that authorizes a specific services fee, any sub-accounting fee paid by the Fund is included in the total amount of "Other Expenses" listed in the Fund's Fees and Expenses table in the Prospectus.

**Distributor**

The Trust has entered into a distribution agreement with Quasar Distributors, LLC, 111 E. Kilbourn Avenue, Suite 2200, Milwaukee, Wisconsin 53202, pursuant to which the Distributor serves as the Fund's distributor, provides certain administration services and promotes and arranges for the sale of Fund shares. The offering of the Fund's shares is continuous. The Distributor is a registered broker-dealer and member of FINRA.

The distribution agreement has an initial term of up to two years and will continue in effect only if such continuance is specifically approved at least annually by the Board or by vote of a majority of the Fund's outstanding voting securities and, in either case, by a majority of the Trustees who are not parties to the distribution agreement or "interested persons" (as defined in the 1940 Act) of any such party. The distribution agreement is terminable without penalty by the Trust on behalf of the Fund on 60 days' written notice when authorized either by a majority vote of the Fund's shareholders or by vote of a majority of the Board, including a majority of the Trustees who are not "interested persons" (as defined in the 1940 Act) of the Trust, or by the Distributor on 60 days' written notice, and will automatically terminate in the event of its "assignment" (as defined in the 1940 Act).

**Independent Registered Public Accounting Firm** 

BBD, LLP, located at 1835 Market Street, 3rd Floor, Philadelphia, Pennsylvania 19103, serves as the independent registered public accounting firm for the Fund.

**Legal Counsel**

Morgan, Lewis & Bockius LLP, 1111 Pennsylvania Avenue NW, Washington, DC 20004, serves as legal counsel to the Trust.

**EXECUTION OF PORTFOLIO TRANSACTIONS**

Pursuant to the Advisory Agreement, the Adviser determines which securities are to be purchased and sold by the Fund and which broker-dealers are eligible to execute the Fund's portfolio transactions. Purchases and sales of securities will be executed on U.S. Exchanges.

In placing portfolio transactions, the Adviser will seek best execution. The full range and quality of services available will be considered in making these determinations, such as the size of the order, the difficulty of execution, the operational facilities of the firm involved, the firm's risk in positioning a block of securities and other factors. In those instances where it is reasonably determined that more than one broker-dealer can offer the services needed to obtain the most favorable price and execution available, consideration may be given to those broker-dealers which furnish or supply research and statistical information to the Adviser that it may lawfully and appropriately use in its investment advisory capacities, as well as provide other services in addition to execution services. The Adviser considers such information, which is in addition to and not in lieu of the services required to be performed by it under its Agreement with the Fund, to be useful in varying degrees, but of indeterminable

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value. Portfolio transactions may be placed with broker-dealers who sell shares of the Fund subject to rules adopted by the Financial Industry Regulatory Authority, Inc. ("FINRA") and the SEC.

While it is the Fund's general policy to first seek to obtain the most favorable price and execution available in selecting a broker-dealer to execute portfolio transactions for the Fund, in accordance with Section 28(e) under the Securities and Exchange Act of 1934, when it is determined that more than one broker can deliver best execution, weight is also given to the ability of a broker-dealer to furnish brokerage and research services to the Fund or to the Adviser , even if the specific services are not directly useful to the Fund and may be useful to the Adviser in advising other clients. In negotiating commissions with a broker or evaluating the spread to be paid to a dealer, the Fund may therefore pay a higher commission or spread than would be the case if no weight were given to the furnishing of these supplemental services, provided that the amount of such commission or spread has been determined in good faith by the Adviser to be reasonable in relation to the value of the brokerage and/or research services provided by such broker-dealer.

Investment decisions for the Fund are made independently from those of other client accounts or mutual funds managed or advised by the Adviser. Nevertheless, it is possible that at times identical securities will be acceptable for both the Fund and one or more of such client accounts or mutual funds. In such event, the position of the Fund and such client account(s) or mutual funds in the same issuer may vary and the length of time that each may choose to hold its investment in the same issuer may likewise vary. However, to the extent any of these client accounts or mutual funds seek to acquire the same security as the Fund at the same time, the Fund may not be able to acquire as large a portion of such security as it desires, or it may have to pay a higher price or obtain a lower yield for such security. Similarly, the Fund may not be able to obtain as high a price for, or as large an execution of, an order to sell any particular security at the same time. If one or more of such client accounts or mutual funds simultaneously purchases or sells the same security that the Fund is purchasing or selling, each day's transactions in such security will be allocated between the Fund and all such client accounts or mutual funds in a manner deemed equitable by the Adviser, taking into account the respective sizes of the accounts and the amount of cash available for investment, the investment objective of the account, and the ease with which a client's appropriate amount can be bought, as well as the liquidity and volatility of the account and the urgency involved in making an investment decision for the client. It is recognized that in some cases this system could have a detrimental effect on the price or value of the security insofar as the Fund is concerned. In other cases, however, it is believed that the ability of the Fund to participate in volume transactions may produce better executions for the Fund.

The following table describes the brokerage commissions paid by the Fund during the fiscal years indicated, 100% of which were paid to USCA Securities LLC, an affiliated broker/dealer.

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| | |
|:---|:---|
| | **Brokerage Commissions** |
| Fiscal year ended September 30, 2022 | $39238 |
| Fiscal year ended September 30, 2021 <sup>1</sup> | $47861 |
| Fiscal year ended September 30, 2020 <sup>1</sup> | $63151 |

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<sup>1</sup> Brokerage commissions paid prior to December 18, 2020 were paid by the Predecessor Fund.

As of the fiscal year ended September 30, 2022, the Fund did not own equity securities of its regular broker/dealers or their parent companies.

For the fiscal year ended September 30, 2022, the Fund directed brokerage transactions to brokers that provided research services as follows:

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| | |
|:---|:---|
| **Amount of Transactions** | **Amount of Related Commissions** |
| $42483 | $24372 |

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**GENERAL INFORMATION**

The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest and to divide or combine the shares into a greater or lesser number of shares without thereby changing the proportionate beneficial interest in the Fund. Each share represents an interest in the Fund proportionately equal to the interest of each other share. Upon the Fund's liquidation, all shareholders would share pro rata in the net assets of the Fund available for distribution to shareholders.

With respect to the Fund, the Trust may offer more than one class of shares. The Trust reserves the right to create and issue additional series or classes. Each share of a series or class represents an equal proportionate interest in that series or class with each other share of that series or class.

The Trust is not required to hold annual meetings of shareholders but will hold special meetings of shareholders of a series or class when, in the judgment of the Trustees, it is necessary or desirable to submit matters for a shareholder vote. Shareholders have, under certain circumstances, the right to communicate with other shareholders in connection with requesting a meeting of shareholders for the purpose of removing one or more Trustees. Shareholders also have, in certain circumstances, the right to remove one or more Trustees without a meeting. No material amendment may be made to the Declaration of Trust without the affirmative vote of the holders of a majority of the outstanding shares of each portfolio affected by the amendment. The Declaration of Trust provides that, at any meeting of shareholders of the Trust or of any series or class, a Shareholder Servicing Agent may vote any shares as to which such Shareholder Servicing Agent is the agent of record and which are not represented in person or by proxy at the meeting, proportionately in accordance with the votes cast by holders of all shares of that portfolio otherwise represented at the meeting in person or by proxy as to which such Shareholder Servicing Agent is the agent of record. Any shares so voted by a Shareholder Servicing Agent will be deemed represented at the meeting for purposes of quorum requirements. Any series or class may be terminated (i) upon the merger or consolidation with, or the sale or disposition of all or substantially all of its assets to, another entity, if approved by the vote of the holders of two thirds of its outstanding shares, except that if the Board recommends such merger, consolidation or sale or disposition of assets, the approval by vote of the holders of a majority of the series' or class' outstanding shares will be sufficient, or (ii) by the vote of the holders of a majority of its outstanding shares, or (iii) by the Board by written notice to the series' or class' shareholders. Unless each series and class is so terminated, the Trust will continue indefinitely.

The Declaration of Trust also provides that the Trust shall maintain appropriate insurance (for example, fidelity bonding and errors and omissions insurance) for the protection of the Trust, its shareholders, Trustees, officers, employees and agents covering possible tort and other liabilities. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which both inadequate insurance existed and the Trust itself was unable to meet its obligations.

The Declaration of Trust does not require the issuance of stock certificates. If stock certificates are issued, they must be returned by the registered owners prior to the transfer or redemption of shares represented by such certificates.

Rule 18f-2 under the 1940 Act provides that as to any investment company which has two or more series outstanding and as to any matter required to be submitted to shareholder vote, such matter is not deemed to have been effectively acted upon unless approved by the holders of a "majority" (as defined in the Rule) of the voting securities of each series affected by the matter. Such separate voting requirements do not apply to the election of Trustees or the ratification of the selection of accountants. The Rule contains special provisions for cases in which an advisory contract is approved by one or more, but not all, series. A change in investment policy may go into effect as to one or more series whose holders so approve the change even though the required vote is not obtained as to the holders of other affected series.

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**ADDITIONAL PURCHASE AND REDEMPTION INFORMATION**

The information provided below supplements the information contained in the Prospectus regarding the purchase and redemption of Fund shares.

**How to Buy Shares**

You may purchase shares of the Fund from securities brokers, dealers or financial intermediaries (collectively, "Financial Intermediaries"). Investors should contact their Financial Intermediary directly for appropriate instructions, as well as information pertaining to accounts and any service or transaction fees that may be charged. The Fund may enter into arrangements with certain Financial Intermediaries whereby such Financial Intermediaries are authorized to accept your order on behalf of the Fund. If you transmit your order to these Financial Intermediaries before the close of regular trading (generally 4:00 p.m., Eastern Time) on a day that the New York Stock Exchange ("NYSE") is open for business, shares will be purchased at the appropriate per share price next computed after it is received by the Financial Intermediary. Investors should check with their Financial Intermediary to determine if it participates in these arrangements.

The public offering price is the NAV per share. Shares are purchased at the public offering price next determined after the Transfer Agent receives your order in good order (*i.e.*, the purchase request includes the name of the Fund, the dollar amount of shares to be purchased, your account application or investment stub, and a check payable to the Fund).In most cases, in order to receive that day's public offering price, the Transfer Agent must receive your order in good order before the close of regular trading on the NYSE, normally 4:00 p.m., Eastern Time.

The Trust reserves the right in its sole discretion (i) to suspend the continued offering of a Fund's shares and (ii) to reject purchase orders in whole or in part when in the judgment of the Adviser or the Distributor such rejection is in the best interest of the Fund. The Adviser has the right to reduce or waive the minimum for initial and subsequent investments for certain fiduciary accounts or under circumstances where certain economies can be achieved in sales of the Fund's shares.

**How to Sell Shares and Delivery of Redemption Proceeds**

You can sell your Fund shares any day the NYSE is open for regular trading, either directly to the Fund or through your Financial Intermediary.

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 ACH transfer. If you did not purchase your shares with a wire payment, before selling recently purchased shares, please note that if the Transfer Agent has not yet collected payment for the shares you are selling, it may delay sending the proceeds until the payment is collected, which may take up to 15 calendar days from the purchase date. Under unusual circumstances, the Fund may suspend redemptions or postpone payment for more than seven days, as permitted by federal securities law. The value of shares on redemption or repurchase may be more or less than the investor's cost, depending upon the market value of the Fund's portfolio securities at the time of redemption or repurchase.

**Telephone Redemptions**

Shareholders with telephone transaction privileges established on their account may redeem Fund shares by telephone. Upon receipt of any instructions or inquiries by telephone from the shareholder, the Fund or its authorized agents may carry out the instructions and/or respond to the inquiry consistent with the shareholder's previously established account service options. For joint accounts, instructions or inquiries from either party will be carried out without prior notice to the other account owners. In acting upon telephone instructions, the Fund and its agents use procedures that are reasonably designed to ensure that such instructions are genuine. These include recording all telephone calls, requiring pertinent information about the account and sending written confirmation of each transaction to the registered owner.

The Transfer Agent will employ reasonable procedures to confirm that instructions communicated by telephone are genuine. If the Transfer Agent fails to employ reasonable procedures, the Fund and the Transfer Agent may be

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liable for any losses due to unauthorized or fraudulent instructions. If these procedures are followed, however, to the extent permitted by applicable law, neither the Fund nor its agents will be liable for any loss, liability, cost or expense arising out of any redemption request, including any fraudulent or unauthorized request. For additional information, contact the Transfer Agent.

**DETERMINATION OF SHARE PRICE**

The NAV of the Fund is determined as of the close of regular trading on the NYSE (generally 4:00 p.m., Eastern Time), each day the NYSE is open for trading. The NYSE annually announces the days on which it will not be open for trading. However, a Fund's NAV may be calculated earlier if trading on the NYSE is restricted or as permitted by the SEC. It is expected that the NYSE will not be open for trading on the following holidays: New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday/Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

NAV per Fund share is computed by dividing the value of the net assets of the Fund (i.e., the value of its total assets less total liabilities) by the total number of Fund shares outstanding, rounded to the nearest cent. Expenses and fees, including the management fees, are accrued daily and taken into account for purposes of determining net asset value. The NAV of the Fund is calculated by the Custodian and determined at the close of the regular trading session on the NYSE on each day that such exchange is open, provided that fixed-income assets may be valued as of the announced closing time for trading in fixed-income instruments on any day that the Securities Industry and Financial Markets Association ("SIFMA") announces an early closing time.

In calculating the Fund's NAV per Fund share, the Fund's investments are valued using readily available market quotations, which generally means a reliable valuation obtained from an exchange or other market, or fair value as determined by an independent pricing service and evaluated by the Adviser. In the case of shares of other funds that are not traded on an exchange, a market valuation means such fund's published NAV per share. The Adviser may use various pricing services when necessary, or discontinue the use of any pricing service, as approved by the Board, from time to time. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.

Equity investments in securities traded on a national securities exchange are valued at the last reported sales price on the exchange on which the security is principally traded. Securities traded on the NASDAQ exchanges are valued at the NASDAQ Official Closing Price ("NOCP"). Exchange-traded securities for which no sale was reported and NASDAQ securities for which there is no NOCP are valued at the mean of the most recent quoted bid and ask prices. Unlisted securities held by the Funds are valued at the last sale price in the over-the-counter ("OTC") market. If there is no trading on a particular day, the mean between the last quoted bid and ask price is used.

Fixed income securities are valued using prices provided by an independent pricing service approved by the Board. Pricing services may use various valuation methodologies, including matrix pricing and other analytical models as well as market transactions and dealer quotations. The fair value of bank loans is generally valued using recently executed transactions, market price quotations (where observable) and market observable credit default swap levels. Fair value is based on the average of one or more broker quotes received. When quotations are unobservable, proprietary valuation models and default recovery analysis methods are employed.

Options are valued using composite pricing via the National Best Bid and Offer quotes. Composite pricing looks at the last trade on the exchange where the option is traded. If there are no trades for an option on a given business day, as of closing, the Fund will value the option at the mean of the highest bid price and lowest ask price across the exchanges where the option is traded.

When reliable market quotations are not readily available or a pricing service does not provide a valuation (or provides a valuation that in the judgment of the Adviser does not represent the security's fair value) or when, in the judgment of the Adviser, events have rendered the market value unreliable, a security is fair valued in good faith by the Adviser under procedures approved by the Board.

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**DISTRIBUTIONS AND TAX INFORMATION**

**Distributions**

Dividends from net investment income are generally made annually. Also, the Fund typically distributes any net short-term capital gain and net capital gain (i.e., the excess of the Fund's net long-term capital gains over its short-term capital losses) realized by the Fund on an annual basis. Any net capital gains realized through the period ended October 31 of each year will also be distributed by December 31 of each year.

Each distribution by the Fund is accompanied by a brief explanation of the form and character of the distribution. In January of each year, the Fund will issue to each shareholder a statement of the federal income tax status of all distributions.

**Tax Information**

The following is only a summary of certain additional U.S. federal income tax considerations generally affecting the Fund and its shareholders that is intended to supplement the discussion contained in the Fund's Prospectus. No attempt is made to present a detailed explanation of the tax treatment of the Fund or its shareholders, and the discussion here and in the Fund's Prospectus is not intended as a substitute for careful tax planning. Shareholders are urged to consult their tax advisors with specific reference to their own tax situations, including their state, local, and foreign tax liabilities.

The following general discussion of certain federal income tax consequences is based on the Code and the regulations issued thereunder as in effect on the date of this SAI. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

**Qualification as a Regulated Investment Company.** The Fund has elected and intends to qualify each year to be treated as a regulated investment company ("RIC") under Subchapter M of the Code. To qualify as a RIC, the Fund must, among other things: (a) derive at least 90% of its gross income in each taxable year from dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock or securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities or currencies, and net income derived from interests in "qualified publicly traded partnerships" (*i.e.*, partnerships that are traded on an established securities market or tradable on a secondary market, other than partnerships that derive 90% of their income from interest, dividends, capital gains, and other traditionally permitted mutual fund income); and (b) diversify its holdings so that, at the end of each quarter of the Fund's taxable year, (i) at least 50% of the total value of the Fund's assets is represented by cash and cash items, securities of other RICs, U.S. government securities and other securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the Fund's total assets and not greater than 10% of the outstanding voting securities of such issuer, including the equity securities of a "qualified publicly traded partnership" and (ii) not more than 25% of the value of its total assets is invested, including through corporations in which the Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government securities or securities of other RICs) of any one issuer, or in the securities (other than the securities of other RICs) of any two or more issuers that the Fund controls and that are determined to be engaged in the same or similar trades or businesses or related trades or businesses, or in the securities of one or more "qualified publicly traded partnerships."

As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its taxable investment income and capital gains that it timely distributes to its shareholders, provided that it satisfies a minimum distribution requirement. To satisfy the minimum distribution requirement, the Fund must distribute to its shareholders at least the sum of (i) 90% of its "investment company taxable income" (*i.e.*, generally, its taxable income other than its net capital gain, computed without regard to the dividends paid deduction, plus or minus certain other adjustments), and (ii) 90% of its net tax-exempt income for the taxable year. The Fund will be subject to income tax at the regular corporate tax rate on any taxable income or gains that it does not distribute to its shareholders. The Fund's policy is to distribute to its shareholders all of its investment company taxable income (computed without regard to the dividends paid deduction) and any net realized long-term capital gains for each

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fiscal year in a manner that complies with the distribution requirements of the Code, so that the Fund will not be subject to any federal income or excise taxes. However, the Fund can give no assurances that distributions will be sufficient to eliminate all taxes.

If, for any taxable year, the Fund were to fail to qualify as a RIC under the Code or were to fail to meet the distribution requirement, it would be taxed in the same manner as an ordinary corporation at the corporate tax rate (currently 21%) and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. In addition, in the event of a failure to qualify, the Fund's distributions, to the extent derived from the Fund's current and accumulated earnings and profits, including any distributions of net long-term capital gains, would be taxable to shareholders as ordinary dividend income for federal income tax purposes. However, such dividends would be eligible, subject to any generally applicable limitations, (i) to be treated as qualified dividend income in the case of non-corporate shareholders and (ii) for the dividends received deduction in the case of corporate shareholders. Moreover, if the Fund were to fail to qualify as a RIC in any year, it would be required to pay out its earnings and profits accumulated in that year in order to qualify again as a RIC. Under certain circumstances, the Fund may cure a failure to qualify as a RIC, but in order to do so the Fund may incur significant Fund-level taxes and may be forced to dispose of certain assets. If the Fund failed to qualify as a RIC for a period greater than two taxable years, the Fund would generally be required to recognize, and would generally be subject to a corporate level tax with respect to, any net built-in gains with respect to certain of its assets upon a disposition of such assets within five years of qualifying as a RIC in a subsequent year.

The Fund will be subject to a nondeductible 4% federal excise tax to the extent it fails to distribute by the end of the calendar year at least 98% of its ordinary income and 98.2% of its capital gain net income (the excess of short- and long-term capital gains over short- and long-term capital losses) for the one-year period ending on October 31 of such year (including any retained amount from the prior calendar year on which a Fund paid no federal income tax. The Fund intends to make sufficient distributions to avoid liability for federal excise tax, but can make no assurances that such tax will be completely eliminated. The Fund may in certain circumstances be required to liquidate Fund investments in order to make sufficient distributions to avoid federal excise tax liability at a time when the investment adviser might not otherwise have chosen to do so, and liquidation of investments in such circumstances may affect the ability of the Fund to satisfy the requirement for qualification as a RIC.

The Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year. A "qualified late year loss" generally includes net capital loss, net long-term capital loss, or net short-term capital loss incurred after October 31 of the current taxable year (commonly referred to as "post-October losses") and certain other late-year losses.

If the Fund has a "net capital loss" (that is, capital losses in excess of capital gains) for a taxable year the excess of the Fund's net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of the Fund's next taxable year, and the excess (if any) of the Fund's net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Fund's next taxable year. Those net capital losses can be carried forward indefinitely to offset capital gains, if any, in years following the year of the loss. The carryover of capital losses may be limited under the general loss limitation rules if the Fund experiences an ownership change as defined in the Code.

At September 30, 2022, the Fund did not have capital loss carryforwards. Under certain circumstances, the Fund may elect to treat certain losses as though they were incurred on the first day of the taxable year following the taxable year in which they were actually incurred.

**Distributions to Shareholders.** The Fund receives income generally in the form of dividends and interest on investments. This income, plus net short-term capital gains, if any, less expenses incurred in the operation of the Fund, constitutes the Fund's net investment income from which dividends may be paid to you. Net realized capital gains for a fiscal period are computed by taking into account any capital loss carryforward of the Fund. Taxable dividends and distributions are subject to tax whether you receive them in cash or in additional shares.

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Distributions of net investment income, including distributions of net short-term capital gains, may be taxable to shareholders as ordinary income. Distributions from the Fund's net capital gain (*i.e.*, the excess of the Fund's net long-term capital gains over its net short-term capital losses) are taxable to shareholders as long-term capital gains regardless of the length of time Fund shares have been held.

In general, to the extent that the Fund receives qualified dividend income, the Fund may report a portion of the dividends it pays as qualified dividend income, which for non-corporate shareholders is subject to U.S. federal income tax rates of up to 20%. Qualified dividend income is, in general, dividend income from taxable domestic corporations and certain foreign corporations (*i.e.*, foreign corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States, and foreign corporations if the stock with respect to which the dividend was paid is readily tradable on an established securities market in the United States). A dividend will not be treated as qualified dividend income to the extent that (i) the shareholder has not held the shares on which the dividend was paid for more than 60 days during the 121-day period that begins on the date that is 60 days before the date on which the shares become "ex-dividend" with respect to such dividend, (ii) the shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to substantially similar or related property, or (iii) the shareholder elects to treat such dividend as investment income under section 163(d)(4)(B) of the Code. In order for a dividend on certain preferred stock to be treated as qualified dividend income, the shareholder must have a holding period of at least 91 days during the 181-day period beginning on the date that is 90 days before the date on which the stock becomes ex-dividend as to that dividend. The holding period requirements described in this paragraph apply to shareholders' investments in the Fund and to the Fund's investments in underlying dividend-paying stocks. Distributions received by the Fund from another RIC or from a REIT will be treated as qualified dividend income only to the extent so reported by such the other RIC or REIT. The Fund's hedging investment strategy, including the use of options, may prevent the Fund's income from being eligible for treatment as qualified dividend income in the hands of non-corporate shareholders.

Dividends paid by the Fund that are attributable to dividends received by the Fund from domestic corporations may qualify for the dividends received deduction for corporate shareholders of the Fund. The Fund's hedging investment strategy, including the use of options, may prevent the Fund's income from being eligible for the dividends received deduction for corporate shareholders.

To the extent that the Fund makes a distribution of income received by the Fund in lieu of dividends (a "substitute payment") with respect to securities on loan pursuant to a securities lending transaction, such income will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends received deduction for corporate shareholders.

There is no requirement that the Fund take into consideration any tax implications when implementing its investment strategy. If the Fund's distributions exceed its current and accumulated earnings and profits, all or a portion of the distributions may be treated as a return of capital to shareholders. A return of capital distribution generally will not be taxable but will reduce each shareholder's tax basis, resulting in a higher capital gain or lower capital loss when the shares on which the distribution was received are sold. After a shareholder's tax basis in the shares has been reduced to zero, distributions in excess of earnings and profits will be treated as gain from the sale of the shareholder's shares.

Each shareholder who receives taxable distributions in the form of additional shares will be treated for U.S. federal income tax purposes as if receiving a distribution in an amount equal to the amount of money that the shareholder would have received if he or she had instead elected to receive cash distributions. The shareholder's aggregate tax basis in shares of the Fund will be increased by such amount.

A dividend or distribution received shortly after the purchase of shares reduces the net asset value of the shares by the amount of the dividend or distribution and, although in effect a return of capital, will be taxable to the shareholder. If the net asset value of shares were reduced below the shareholder's cost by dividends or distributions representing gains realized on sales of securities, such dividends or distributions would be a return of investment though taxable to the shareholder in the same manner as other dividends or distributions. This is known as "buying a dividend" and should be avoided by taxable investors.

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A dividend or other distribution by the Fund is generally treated under the Code as received by the shareholders at the time the dividend or distribution is made. However, distributions declared in October, November or December to shareholders of record on a date in such a month and paid the following January are taxable as if received on December 31. Under this rule, therefore, a shareholder may be taxed in one year on dividends or distributions actually received in January of the following year. Shareholders should note that the Fund may make taxable distributions of income and capital gains even when share values have declined.

The Fund (or its administrative agent) will inform you of the amount of your ordinary income dividends, qualified dividend income and capital gain distributions, if any, and will advise you of their tax status for federal income tax purposes shortly after the close of each calendar year. If you have not held your shares for a full year, the Fund may designate and distribute to you, as ordinary income, qualified dividend income or capital gain, a percentage of income that is not equal to the actual amount of such income earned during the period of your investment in the Fund.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in the Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by the Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the Internal Revenue Service ("IRS").

**Sales, Exchanges or Redemptions.** Any gain or loss recognized on a sale, exchange, or redemption of shares of the Fund by a shareholder who holds Fund shares as a capital asset will generally, for individual shareholders, be treated as a long-term capital gain or loss if the shares have been held for more than twelve months and otherwise will be treated as a short-term capital gain or loss. However, if shares on which a shareholder has received a net capital gain distribution are subsequently sold, exchanged, or redeemed and such shares have been held for six months or less, any loss recognized will be treated as a long-term capital loss to the extent of the net capital gain distribution. In addition, any loss realized upon a sale or other disposition of shares may be disallowed under certain wash sale rules to the extent shares of the Fund are purchased (through reinvestment of distributions or otherwise) within 30 days before or after the redemption.

A 3.8% tax generally applies to all or a portion of the net investment income of a shareholder who is an individual and not a nonresident alien for federal income tax purposes and who has adjusted gross income (subject to certain adjustments) that exceeds a threshold amount ($250,000 if married filing jointly or if considered a "surviving spouse" for federal income tax purposes, $125,000 if married filing separately, and $200,000 in other cases). This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts. For these purposes, dividends, interest and certain capital gains (among other categories of income) are generally taken into account in computing a shareholder's net investment income.

Under the Code, the Fund will be required to report to the IRS all distributions of taxable income and capital gains as well as gross proceeds from the redemption of Fund shares, except in the case of exempt recipient shareholders, which includes most corporations. The Fund will also be required to report tax basis information for such shares and indicate whether these shares had a short-term or long-term holding period. If a shareholder has a different basis for different shares of the Fund in the same account (*e.g.*, if a shareholder purchased shares in the same account at different times for different prices), the Fund calculates the basis of the shares sold using its default method unless the shareholder has properly elected to use a different method. The Fund's default method for calculating basis is first-in, first-out ("FIFO"). A shareholder may elect, on an account-by-account basis, to use a

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method other than FIFO by following procedures established by the Fund or its administrative agent. If such an election is made on or prior to the date of the first exchange or redemption of shares in the account and on or prior to the date that is one year after the shareholder receives notice of the Fund's default method, the new election will generally apply as if the FIFO method had never been in effect for such account. If such an election is not made on or prior to such dates, the shares in the account at the time of the election will retain their averaged bases. Shareholders should consult their tax advisers concerning the tax consequences of applying the Fund's default method or electing another method of basis calculation. Shareholders also should carefully review any cost basis information provided to them and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

**Tax Treatment of Complex Securities.** The Fund may invest in complex securities and these investments may be subject to numerous special and complex tax rules. These rules could affect the Fund's ability to qualify as a RIC, affect whether gains and losses recognized by the Fund are treated as ordinary income or capital gain, accelerate the recognition of income to the Fund and/or defer the Fund's ability to recognize losses, and, in limited cases, subject the Fund to U.S. federal income tax on income from certain of its foreign securities. In turn, these rules may affect the amount, timing or character of the income distributed to you by the Fund.

The Fund is required for federal income tax purposes to mark-to-market and recognize as income for each taxable year its net unrealized gains and losses on certain futures and options contracts subject to section 1256 of the Code ("Section 1256 Contracts") as of the end of the year as well as those actually realized during the year. Gain or loss from Section 1256 Contracts on broad-based indexes required to be marked to market will be 60% long-term and 40% short-term capital gain or loss. Application of this rule may alter the timing and character of distributions to shareholders. The Fund may be required to defer the recognition of losses on Section 1256 Contracts to the extent of any unrecognized gains on offsetting positions held by the Fund. These provisions may also require the Fund to mark-to-market certain types of positions in its portfolio (i.e., treat them as if they were closed out), which may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the Distribution Requirement and for avoiding the excise tax discussed above. Accordingly, in order to avoid certain income and excise taxes, the Fund may be required to liquidate its investments at a time when the investment adviser might not otherwise have chosen to do so.

The trading strategies of the Fund may involve non-equity options on stock indices which may constitute "straddle" transactions. In general, straddles are subject to certain rules that may affect the amount, character, and timing of the Fund's gains and losses with respect to the straddle positions by requiring, among other things, that (1) any loss realized on disposition of one position of a straddle may not be recognized to the extent that the Fund has unrealized gains with respect to the other positions in the straddle, (2) the Fund's holding period in straddle positions be suspended while the straddle exists (possibly resulting in a gain being treated as short-term rather than long-term capital gain), (3) the losses recognized with respect to certain straddle positions that are part of a mixed straddle and are non-Section 1256 Contracts be treated as 60% long-term and 40% short-term capital loss, and (4) losses recognized with respect to certain straddle positions that would otherwise constitute short-term capital losses be treated as long-term capital losses.

The Fund may have available a number of elections under the Code concerning the treatment of straddles for tax purposes. Taxation of these transactions will vary according to the elections made by the Fund. These tax considerations may have an impact on investment decisions made by the Fund. In general, the straddle rules described above do not apply to any straddles held by the Fund if all of the offsetting positions consist of Section 1256 Contracts.

The straddle rules described above also do not apply if all the offsetting positions making up a straddle consist of one or more "qualified covered call options" and the stock to be purchased under the options and the straddle is not part of a larger straddle. A qualified covered call option is generally any option granted by the Fund to purchase stock it holds (or stock it acquires in connection with granting the option) if, among other things, (1) the option is traded on a national securities exchange that is registered with the SEC or other market the IRS determined has rules adequate to carry out the purposes of the applicable Code provision, (2) the option is granted more than 30 days before it expires, (3) the option is not a "deep-in-the-money option," (4) such option is not

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granted by an options dealer in connection with his activity of dealing in options, and (5) gain or loss with respect to the option is not ordinary income or loss.

To the extent the Fund writes options that are not Section 1256 Contracts, the amount of the premium received by the Fund for writing such options will be entirely short-term capital gain to the Fund. In addition, if such an option is closed by the Fund, any gain or loss realized by the Fund as a result of closing the transaction will also be short-term capital gain or loss. If the holder of a put option exercises the holder's right under the option, any gain or loss realized by the Fund upon the sale of the underlying security pursuant to such exercise will be short-term or long-term capital gain or loss to the Fund depending on the Fund's holding period for the underlying security.

**Foreign Taxes.** Dividends and interest received by the Fund may be subject to income, withholding or other taxes imposed by foreign countries and U.S. possessions that would reduce the yield on the Fund's stock or securities. Tax conventions between certain countries and the U.S. may reduce or eliminate these taxes. Foreign countries generally do not impose taxes on capital gains with respect to investments by foreign investors.

**Tax Shelter Reporting Regulations.** Under Treasury regulations, if a shareholder recognizes a loss with respect to the Fund's shares of $2 million or more for an individual shareholder, or $10 million or more for a corporate shareholder, in any single year (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. A shareholder who fails to make the required disclosure to the IRS may be subject to adverse tax consequences, including substantial penalties. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

**Backup Withholding.** Pursuant to the backup withholding provisions of the Code, distributions of any taxable income and capital gains and proceeds from the redemption of Fund shares may be subject to withholding of federal income tax at the rate of 24% in the case of non-exempt shareholders who: (i) has provided the Fund either an incorrect tax identification number or no number at all; (ii) is subject to backup withholding by the IRS for failure to properly report payments of interest or dividends; (iii) has failed to certify to the Fund that such shareholder is not subject to backup withholding; or (iv) has failed to certify to the Fund that the shareholder is a U.S. person (including a resident alien). If the withholding provisions are applicable, any such distributions and proceeds, whether taken in cash or reinvested in additional shares, will be reduced by the amounts required to be withheld. Corporate and other exempt shareholders should provide the Fund with their taxpayer identification numbers or certify their exempt status in order to avoid possible erroneous application of backup withholding. Backup withholding is not an additional tax and any amounts withheld may be credited against a shareholder's ultimate federal income tax liability if proper documentation is provided. The Fund reserves the right to refuse to open an account for any person failing to provide a certified taxpayer identification number.

**The foregoing discussion of U.S. federal income tax law relates solely to the application of that law to U.S. citizens or residents and U.S. domestic corporations, partnerships, trusts and estates.**

**Non-U.S. Investors.** Each shareholder who is not a U.S. person should consider the U.S. and foreign tax consequences of ownership of shares of the Fund, including the possibility that such a shareholder may be subject to a U.S. withholding tax at a rate of 30% (or at a lower rate under an applicable income tax treaty) on distributions derived from taxable ordinary income. The Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Short-term capital gain dividends received by a nonresident alien individual who is present in the U.S. for a period or periods aggregating 183 days or more during the taxable year are not exempt from this 30% withholding tax. Gains realized by foreign shareholders from the sale or other disposition of shares of the Fund generally are not subject to U.S. taxation, unless the recipient is an individual who is physically present in the U.S. for 183 days or more per year. Foreign shareholders who fail to provide an applicable IRS form may be subject to backup withholding on certain payments from the Fund. Backup withholding will not be applied to payments that are subject to the

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30% (or lower applicable treaty rate) withholding tax described in this paragraph. Different tax consequences may result if the foreign shareholder is engaged in a trade or business within the United States. In addition, the tax consequences to a foreign shareholder entitled to claim the benefits of a tax treaty may be different than those described above.

Under legislation generally known as "FATCA" (the Foreign Account Tax Compliance Act), the Fund is required to withhold 30% of certain ordinary dividends it pays to shareholders that fail to meet prescribed information reporting or certification requirements. In general, no such withholding will be required with respect to a U.S. person or non-U.S. person that timely provides the certifications required by the Fund or its agent on a valid IRS Form W-9 or applicable series of IRS Form W-8, respectively. Shareholders potentially subject to withholding include foreign financial institutions ("FFIs"), such as non-U.S. investment funds, and non-financial foreign entities ("NFFEs"). To avoid withholding under FATCA, an FFI generally must enter into an information sharing agreement with the IRS in which it agrees to report certain identifying information (including name, address, and taxpayer identification number) with respect to its U.S. account holders (which, in the case of an entity shareholder, may include its direct and indirect U.S. owners), and an NFFE generally must identify and provide other required information to the Fund or other withholding agent regarding its U.S. owners, if any. Such non-U.S. shareholders also may fall into certain exempt, excepted or deemed compliant categories as established by regulations and other guidance. A non-U.S. shareholder resident or doing business in a country that has entered into an intergovernmental agreement with the U.S. to implement FATCA will be exempt from FATCA withholding provided that the shareholder and the applicable foreign government comply with the terms of the agreement.

A non-U.S. entity that invests in the Fund will need to provide the Fund with documentation properly certifying the entity's status under FATCA in order to avoid FATCA withholding. Non-U.S. investors in the Fund should consult their tax advisors in this regard.

The Fund's shares held in a tax-qualified retirement account will generally not be subject to federal taxation on income and capital gains distributions from the Fund until a shareholder begins receiving payments from their retirement account. Because each shareholder's tax situation is different, shareholders should consult their tax advisors with specific reference to their own tax situations, including their state, local, and foreign tax liabilities.

**State Taxes**. Depending upon state and local law, distributions by the Fund to its shareholders and the ownership of such shares may be subject to state and local taxes. Rules of state and local taxation of dividend and capital gains distributions from RICs often differ from the rules for federal income taxation described above. It is expected that the Fund will not be liable for any corporate excise, income or franchise tax in Delaware if it qualifies as a RIC for federal income tax purposes.

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Many states grant tax-free status to dividends paid to you from interest earned on direct obligations of the U.S. government, subject in some states to minimum investment requirements that must be met by the Fund. Investment in Ginnie Mae or Fannie Mae securities, banker's acceptances, commercial paper, and repurchase agreements collateralized by U.S. government securities do not generally qualify for such tax-free treatment. The rules on exclusion of this income are different for corporate shareholders. Shareholders are urged to consult their tax advisors regarding state and local taxes applicable to an investment in the Fund. This discussion and the related discussion in the Prospectus have been prepared by Fund management. The information above is only a summary of some of the tax considerations generally affecting the Fund and its shareholders. No attempt has been made to discuss individual tax consequences and this discussion should not be construed as applicable to all shareholders' tax situations. **Investors should consult their own tax advisors to determine the suitability of the Fund and the applicability of any federal, state, local or foreign taxation.** 

**RULE 12b-1 DISTRIBUTION AND SERVICE PLAN**

The Fund has adopted a Distribution Plan (the "12b-1 Plan") pursuant to Rule 12b-1 under the 1940 Act. The 12b-1 Plan authorizes payments which are accrued daily and paid quarterly at an annual rate of up to 0.25% of the average daily net assets of the Fund's Investor Class shares.

Amounts paid under the 12b-1 Plan by the Fund may be spent by the Fund on any activities or expenses primarily intended to result in the sale of shares, including but not limited to, advertising, compensation for sales and marketing activities of financial institutions and others such as dealers and distributors, shareholder account servicing, the printing and mailing of prospectuses to other than current shareholders and the printing and mailing of sales literature. Such fees are paid each year only to the extent of such costs and expenses of the Fund under the 12b-1 Plan actually incurred in that year. To the extent any activity is one which the Fund may finance without a plan pursuant to Rule 12b-1, the Fund may also make payments to finance such activity outside of the 12b-1 Plan and not subject to its limitations.

Under the 12b-1 Plan, the Trustees will be furnished quarterly with information detailing the amount of expenses paid under the 12b-1 Plan and the purposes for which payments were made. The 12b-1Plan may be terminated at any time by vote of a majority of the Trustees of the Trust who are not interested persons. Continuation of the 12b-1 Plan is considered by such Trustees no less frequently than annually. With the exception of the Distributor and the Adviser, in their capacities as the Fund's principal underwriter and distribution coordinator, respectively, no interested person has or had a direct or indirect financial interest in the 12b-1 Plan or any related agreement.

While there is no assurance that the expenditures of the Fund's assets to finance distribution of shares will have the anticipated results, the Board believes there is a reasonable likelihood that one or more of such benefits will result, and because the Board is in a position to monitor the distribution expenses, it is able to determine the benefit of such expenditures in deciding whether to continue the 12b-1 Plan.

Any material amendment to the 12b-1 Plan must be approved by the Board, including a majority of the Independent Trustees, or by a vote of a "majority" (as defined in the 1940 Act) of the outstanding voting securities of the applicable class or classes. The 12b-1 Plan may be terminated, with respect to a class or classes of the Fund, without penalty at any time: (1) by vote of a majority of the Board, including a majority of the Independent Trustees; or (2) by a vote of a "majority" (as defined in the 1940 Act) of the outstanding voting securities of the applicable class or classes.

As Investor Class shares are not yet available for purchase, no 12b-1 fees were paid for the fiscal year ended September 30, 2022.

**MARKETING AND SUPPORT PAYMENTS**

The Adviser, out of its own resources and without additional cost to the Fund or its shareholders, may provide additional cash payments or other compensation to certain financial intermediaries who sell shares of the Fund. Such payments may be divided into categories as follows:

**Support Payments.** Payments may be made by the Adviser to certain financial intermediaries in connection with the eligibility of the Fund to be offered in certain programs and/or in connection with meetings between the

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Fund's representatives and financial intermediaries and its sales representatives. Such meetings may be held for various purposes, including providing education and training about the Fund and other general financial topics to assist financial intermediaries' sales representatives in making informed recommendations to, and decisions on behalf of, their clients.

**Entertainment, Conferences and Events.** The Adviser also may pay cash or non-cash compensation to sales representatives of financial intermediaries in the form of (i) occasional gifts; (ii) occasional meals, tickets or other entertainments; and/or (iii) sponsorship support for the financial intermediary's client seminars and cooperative advertising. In addition, the Adviser pays for exhibit space or sponsorships at regional or national events of financial intermediaries.

The prospect of receiving, or the receipt of additional payments or other compensation as described above by financial intermediaries may provide such intermediaries and/or their salespersons with an incentive to favor sales of shares of the Fund, and other mutual funds whose affiliates make similar compensation available, over sale of shares of mutual funds (or non-mutual fund investments) not making such payments. You may wish to take such payment arrangements into account when considering and evaluating any recommendations relating to the Fund shares.

**ANTI-MONEY LAUNDERING PROGRAM**

The Trust has established an Anti-Money Laundering Program (the "Program") as required by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act"). In order to ensure compliance with this law, the Trust's Program provides for the development of internal practices, procedures and controls, designation of anti-money laundering compliance officers, an ongoing training program and an independent audit function to determine the effectiveness of the Program.

Procedures to implement the Program include, but are not limited to, determining that the Fund's Distributor and Transfer Agent have established proper anti-money laundering procedures, reporting suspicious and/or fraudulent activity, checking shareholder names against designated government lists, including Office of Foreign Asset Control ("OFAC"), and a complete and thorough review of all new opening account applications. The Trust will not transact business with any person or legal entity whose identity and beneficial owners, if applicable, cannot be adequately verified under the provisions of the USA PATRIOT Act.

**FINANCIAL STATEMENTS**

The Fund's <u>[annual report to shareholders](http://www.sec.gov/Archives/edgar/data/1261788/000089418922008812/0000894189-22-008812-index.htm)</u> for the fiscal year ended September 30, 2022 is a separate document, and the financial statements, accompanying notes and report of the independent registered public accounting firm appearing therein are incorporated by reference into this SAI. You can obtain the Fund's annual report without charge on the Funds' website, www.zieglercapfunds.com, upon written request to the Fund, request by telephone at 833-777-1533, or on the SEC's website at www.sec.gov.

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**PART C** 

**OTHER INFORMATION**

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| | |
|:---|:---|
| **Item 28.** | **<u>Exhibits</u>** |

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| | | |
|:---|:---|:---|
| (a) | (1) | <u>[Certificate of Trust](http://www.sec.gov/Archives/edgar/data/1261788/000089706903000985/0000897069-03-000985-index.htm)</u> dated August 28, 2003 was previously filed with the Trust's Registration Statement on Form N-1A on August 29, 2003 and is incorporated herein by reference. |
|  | (2) | <u>[Certificate of Amendment to Certificate of Trust](http://www.sec.gov/Archives/edgar/data/1261788/000089706905001563/cmw1521b.htm)</u> dated June 1, 2005 was previously filed with the Trust's Registration Statement on Form N-1A on June 24, 2005 and is incorporated herein by reference. |
|  | (3) | <u>[Certificate of Amendment to Certificate of Trust](http://www.sec.gov/Archives/edgar/data/1261788/000114420413004835/v333043_ex99-a3.htm)</u> dated December 1, 2011 was previously filed with the Trust's Registration Statement on Form N-1A on January 30, 2013 and is incorporated herein by reference. |
|  | (4) | <u>[Certificate of Amendment to Certificate of Trust](http://www.sec.gov/Archives/edgar/data/1261788/000089418914005703/cert_trust.htm)</u> dated January 31, 2013 was previously filed with the Trust's Registration Statement on Form N-1A on November 26, 2014 and is incorporated herein by reference.  |
|  | (5) | <u>[Certificate of Amendment to Certificate of Trust](http://www.sec.gov/Archives/edgar/data/1261788/000089418915005028/cert_of-amend.htm)</u> dated January 13, 2014 was previously filed with the Trust's Registration Statement on Form N-1A on September 29, 2015 and is incorporated herein by reference. |
|  | (6) | <u>[Agreement and Declaration of Trust](http://www.sec.gov/Archives/edgar/data/1261788/000089706903000985/cmw135.txt)</u> dated August 26, 2003 was previously filed with the Trust's Registration Statement on Form N-1A on August 29, 2003 and is incorporated herein by reference.  |
|  | (7) | <u>[Agreement and Declaration of Trust as Amended and Restated](http://www.sec.gov/Archives/edgar/data/1261788/000089418922000612/exa7amendedrestateddecoftr.htm)</u> dated December 20, 2021 was previously filed with the Trust's Registration Statement on Form N-1A on January 27, 2022 and is incorporated herein by reference.  |
| (b) | <u>[Amended and Restated Bylaws](http://www.sec.gov/Archives/edgar/data/1261788/000089418920008609/btapbylawsasamendedand.htm)</u> dated August 14, 2020 as previously filed with the Trust's Registration Statement on Form N-1A on October 28, 2020 and is incorporated herein by reference.  | <u>[Amended and Restated Bylaws](http://www.sec.gov/Archives/edgar/data/1261788/000089418920008609/btapbylawsasamendedand.htm)</u> dated August 14, 2020 as previously filed with the Trust's Registration Statement on Form N-1A on October 28, 2020 and is incorporated herein by reference.  |
| (c) | Instruments Defining Rights of Security Holders are incorporated by reference into the <u>[Trust's Agreement and Declaration of Trust](http://www.sec.gov/Archives/edgar/data/1261788/000089418919002501/examendeddecoftrusta7.htm)</u> and <u>[Amended and Restated Bylaws](http://www.sec.gov/Archives/edgar/data/1261788/000089418915005028/bylaws.htm)</u>. | Instruments Defining Rights of Security Holders are incorporated by reference into the <u>[Trust's Agreement and Declaration of Trust](http://www.sec.gov/Archives/edgar/data/1261788/000089418919002501/examendeddecoftrusta7.htm)</u> and <u>[Amended and Restated Bylaws](http://www.sec.gov/Archives/edgar/data/1261788/000089418915005028/bylaws.htm)</u>. |
| (d) | <u>[Investment Advisory Agreement with Ziegler Capital Management, LLC](http://www.sec.gov/Archives/edgar/data/1261788/000089418920005506/exdzieglercapitalmgmtinvadv.htm)[dated July 16, 2020](http://www.sec.gov/Archives/edgar/data/1261788/000089418920005506/exdzieglercapitalmgmtinvadv.htm)[(Ziegler Senior Floating Rate Fund and Ziegler Piermont Small Cap Value Fund)](http://www.sec.gov/Archives/edgar/data/1261788/000089418920005506/exdzieglercapitalmgmtinvadv.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on July 30, 2020 and is incorporated herein by reference. | <u>[Investment Advisory Agreement with Ziegler Capital Management, LLC](http://www.sec.gov/Archives/edgar/data/1261788/000089418920005506/exdzieglercapitalmgmtinvadv.htm)[dated July 16, 2020](http://www.sec.gov/Archives/edgar/data/1261788/000089418920005506/exdzieglercapitalmgmtinvadv.htm)[(Ziegler Senior Floating Rate Fund and Ziegler Piermont Small Cap Value Fund)](http://www.sec.gov/Archives/edgar/data/1261788/000089418920005506/exdzieglercapitalmgmtinvadv.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on July 30, 2020 and is incorporated herein by reference. |
|  | (1) | <u>[Investment Advisory Agreement Amended Schedule A (Ziegler FAMCO Hedged Equity Fund)](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exd1invadvagmtamendschedul.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on December 21, 2020 and is incorporated herein by reference. |
|  | (2) | <u>[Investment Sub-Advisory Agreement with USCA Asset Management LLC](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exd2invsub-advuscaassetmgmt.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on December 21, 2020 and is incorporated herein by reference.  |
|  | (3) | <u>[Investment Sub-Advisory Agreement with Pretium Credit Management, LLC](exd3invsub-advpretiumfeb20.htm)</u> - **filed herewith**.  |
| (e) | <u>[Distribution Agreement](http://www.sec.gov/Archives/edgar/data/1261788/000089418914000440/dist_agmt.htm)</u> with Ziegler Capital Management, LLC dated January 1, 2014 was previously filed with the Trust's Registration Statement on Form N-1A on January 29, 2014 and is incorporated herein by reference. | <u>[Distribution Agreement](http://www.sec.gov/Archives/edgar/data/1261788/000089418914000440/dist_agmt.htm)</u> with Ziegler Capital Management, LLC dated January 1, 2014 was previously filed with the Trust's Registration Statement on Form N-1A on January 29, 2014 and is incorporated herein by reference. |
|  | (1) | <u>[Second Amendment to Distribution Agreement and Amended Exhibit A](http://www.sec.gov/Archives/edgar/data/1261788/000089418916008511/dist-agmt_e2.htm)</u> dated February 4, 2016 (Ziegler Senior Floating Rate Fund) was previously filed with the Registration Statement on Form N-1A on March 28, 2016 and is incorporated herein by reference. |
|  | (2) | <u>[Third Amendment to Distribution Agreement and Amended Exhibit A](http://www.sec.gov/Archives/edgar/data/1261788/000089418920005506/exe2zieglerpiermontdistrib.htm)</u> dated July 16, 2020 (Ziegler Piermont Small Cap Value Fund) was previously filed with the Trust's Registration Statement on Form N-1A on July 30, 2020 and is incorporated herein by reference. |
|  | (3) | <u>[Form of Novation Agreement to Distribution Agreement](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exe3zieglercapitalformofno.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on December 21, 2020 and is incorporated herein by reference.  |
|  | (4) | <u>[Fourth Amendment to Distribution Agreement and Amended Exhibit A](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exe4fourthamenddistributio.htm)</u> dated December 18, 2020 (Ziegler FAMCO Hedged Equity Fund) was previously filed with the Trust's Registration Statement on Form N-1A on December 21, 2020 and is incorporated herein by reference.  |
| (f) | Bonus or Profit Sharing Contracts - not applicable. | Bonus or Profit Sharing Contracts - not applicable. |
| (g) | <u>[Custody Agreement](http://www.sec.gov/Archives/edgar/data/1261788/000089418914000178/cust_agmt.htm)</u> dated January 1, 2014 was previously filed with the Trust's Registration Statement on Form N-1A on January 14, 2014 and is incorporated herein by reference. | <u>[Custody Agreement](http://www.sec.gov/Archives/edgar/data/1261788/000089418914000178/cust_agmt.htm)</u> dated January 1, 2014 was previously filed with the Trust's Registration Statement on Form N-1A on January 14, 2014 and is incorporated herein by reference. |

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| | | | |
|:---|:---|:---|:---|
| | (1) | <u>[Amendment to Custody Agreement and Amended Exhibit D](http://www.sec.gov/Archives/edgar/data/1261788/000089418916008511/cust-agmt_g3.htm)</u> dated February 23, 2016 (Ziegler Senior Floating Rate Fund) was previously filed with the Trust's Registration Statement on Form N-1A on March 28, 2016 and is incorporated herein by reference. | <u>[Amendment to Custody Agreement and Amended Exhibit D](http://www.sec.gov/Archives/edgar/data/1261788/000089418916008511/cust-agmt_g3.htm)</u> dated February 23, 2016 (Ziegler Senior Floating Rate Fund) was previously filed with the Trust's Registration Statement on Form N-1A on March 28, 2016 and is incorporated herein by reference. |
| | (2) | <u>[Amendment to Custody Agreement and Amended Exhibit D](http://www.sec.gov/Archives/edgar/data/1261788/000089418920005506/exg2zieglerpiermontamendcu.htm)</u> dated July 1, 2020 (Ziegler Piermont Small Cap Value Fund) was previously filed with the Trust's Registration Statement on Form N-1A on July 30, 2020 and is incorporated herein by reference. | <u>[Amendment to Custody Agreement and Amended Exhibit D](http://www.sec.gov/Archives/edgar/data/1261788/000089418920005506/exg2zieglerpiermontamendcu.htm)</u> dated July 1, 2020 (Ziegler Piermont Small Cap Value Fund) was previously filed with the Trust's Registration Statement on Form N-1A on July 30, 2020 and is incorporated herein by reference. |
| | (3) | <u>[A](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exg3amendcustodyzieglerfam.htm)[mendment to Custody Agreement and Amended Exhibit D](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exg3amendcustodyzieglerfam.htm)</u> dated October 22, 2020 (Ziegler FAMCO Hedged Equity Fund) was previously filed with the Trust's Registration Statement on Form N-1A on December 21, 2020 and is incorporated herein by reference.  | <u>[A](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exg3amendcustodyzieglerfam.htm)[mendment to Custody Agreement and Amended Exhibit D](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exg3amendcustodyzieglerfam.htm)</u> dated October 22, 2020 (Ziegler FAMCO Hedged Equity Fund) was previously filed with the Trust's Registration Statement on Form N-1A on December 21, 2020 and is incorporated herein by reference.  |
| (h) | Other Material Contracts | Other Material Contracts | Other Material Contracts |
|  | (1) | <u>[Fund Administration Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1261788/000089418914000178/fund_admin.htm)</u> dated January 1, 2014 was previously filed with the Trust's Registration Statement on Form N-1A on January 14, 2014 and is incorporated herein by reference. | <u>[Fund Administration Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1261788/000089418914000178/fund_admin.htm)</u> dated January 1, 2014 was previously filed with the Trust's Registration Statement on Form N-1A on January 14, 2014 and is incorporated herein by reference. |
|  |  | (i) | <u>[Amendment to Fund Administration Agreement and Amended Exhibit B](http://www.sec.gov/Archives/edgar/data/1261788/000089418916008511/fndadm-agmt_h1.htm)</u> dated February 23, 2016 (Ziegler Senior Floating Rate Fund) was previously filed with the Trust's Registration Statement on Form N-1A on March 28, 2016 and is incorporated herein by reference. |
|  |  | (ii) | <u>[Addendum to Fund Administration Servicing Agreement between the Trust and each series](http://www.sec.gov/Archives/edgar/data/1261788/000089418918004076/addend_fundadmin-agmt.htm)</u> dated June 20, 2018 was previously filed with the Trust's Registration Statement on Form N-1A on July 31, 2018 and is incorporated herein by reference. |
|  |  | (iii) | <u>[Amendment to Fund Administration Agreement and Amended Exhibit B](http://www.sec.gov/Archives/edgar/data/1261788/000089418920005506/exg2zieglerpiermontamendcu.htm)</u> dated July 1, 2020 (Ziegler Piermont Small Cap Value Fund) was previously filed with the Trust's Registration Statement on Form N-1A on July 30, 2020 and is incorporated herein by reference. |
|  |  | (iv) | <u>[A](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exh1ivamendfundadminziegle.htm)[mendment to Fund Administration Agreement and Amended Exhibit B](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exh1ivamendfundadminziegle.htm)</u> dated October 22, 2020 (Ziegler FAMCO Hedged Equity Fund) was previously filed with the Trust's Registration Statement on Form N-1A on December 21, 2020 and is incorporated herein by reference.  |
|  | (2) | <u>[Fund Accounting Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1261788/000089418914000178/fund_acctg.htm)</u>dated January 1, 2014 was previously filed with the Trust's Registration Statement on Form N-1A on January 14, 2014 and is incorporated herein by reference. | <u>[Fund Accounting Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1261788/000089418914000178/fund_acctg.htm)</u>dated January 1, 2014 was previously filed with the Trust's Registration Statement on Form N-1A on January 14, 2014 and is incorporated herein by reference. |
|  |  | (i) | <u>[Amendment to Fund Accounting Servicing Agreement and Amended Exhibit A](http://www.sec.gov/Archives/edgar/data/1261788/000089418916008511/fndacct-agmt_h2.htm)</u> dated February 23, 2016 (Ziegler Senior Floating Rate Fund) was previously filed with the Registration Statement on Form N-1A on March 28, 2016 and is incorporated herein by reference. |
|  |  | (ii) | <u>[Amendment to Fund Accounting Servicing Agreement and Amended Exhibit A](http://www.sec.gov/Archives/edgar/data/1261788/000089418920005506/exh2iizieglerpiermontamend.htm)</u> dated July 1, 2020 (Ziegler Piermont Small Cap Value Fund) was previously filed with the Trust's Registration Statement on Form N-1A on July 30, 2020 and is incorporated herein by reference. |
|  |  | (iii) | <u>[Amendment to Fund Accounting Servicing Agreement and Amended Exhibit A](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exh2iiiamendfundacctziegle.htm)</u> dated October 22, 2020 (Ziegler FAMCO Hedged Equity Fund) was previously filed with the Trust's Registration Statement on Form N-1A on December 21, 2020 and is incorporated herein by reference.  |
|  | (3) | <u>[Transfer Agent Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1261788/000089418914000178/ta_agmt.htm)</u> dated January 1, 2014 was previously filed with the Trust's Registration Statement on Form N-1A on January 14, 2014 and is incorporated herein by reference.  | <u>[Transfer Agent Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1261788/000089418914000178/ta_agmt.htm)</u> dated January 1, 2014 was previously filed with the Trust's Registration Statement on Form N-1A on January 14, 2014 and is incorporated herein by reference.  |
|  |  | (i) | <u>[Amendment to Transfer Agent Servicing Agreement and Amended Exhibit B](http://www.sec.gov/Archives/edgar/data/1261788/000089418916008511/ta-agmt_h3.htm)</u> dated February 23, 2016 (Ziegler Senior Floating Rate Fund)) was previously filed with the Trust's Registration Statement on Form N-1A on March 28, 2016 and is incorporated herein by reference. |
|  |  | (ii) | <u>[Amendment to Transfer Agent Servicing Agreement and Amended Exhibit B](http://www.sec.gov/Archives/edgar/data/1261788/000089418920005506/exh3iizieglerpiermontamend.htm)</u> dated July 1, 2020 (Ziegler Piermont Small Cap Value Fund) was previously filed with the Trust's Registration Statement on Form N-1A on July 30, 2020 and is incorporated herein by reference. |
|  |  | (iii) | <u>[Amendment to Transfer Agent Servicing Agreement and Amended Exhibit B](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exh3iiiamendtransferagentz.htm)</u> dated October 22, 2020 (Ziegler FAMCO Hedged Equity Fund) was previously filed with the Trust's Registration Statement on Form N-1A on December 21, 2020 and is incorporated herein by reference.  |
|  | (4) | <u>[Shareholder Servicing Plan](http://www.sec.gov/Archives/edgar/data/1261788/000114420413004835/v333043_ex99-h3.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on January 30, 2013.  | <u>[Shareholder Servicing Plan](http://www.sec.gov/Archives/edgar/data/1261788/000114420413004835/v333043_ex99-h3.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on January 30, 2013.  |

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| | | | |
|:---|:---|:---|:---|
| | (5) | <u>[Operating Expenses Limitation Agreement](http://www.sec.gov/Archives/edgar/data/1261788/000089418920005506/exh5iizieglerpiermontamend.htm)</u> dated March 27, 2020 (Ziegler Senior Floating Rate Fund and Ziegler Piermont Small Cap Value Fund) was previously filed with the Trust's Registration Statement on Form N-1A on July 20, 2020 and is incorporated herein by reference. | <u>[Operating Expenses Limitation Agreement](http://www.sec.gov/Archives/edgar/data/1261788/000089418920005506/exh5iizieglerpiermontamend.htm)</u> dated March 27, 2020 (Ziegler Senior Floating Rate Fund and Ziegler Piermont Small Cap Value Fund) was previously filed with the Trust's Registration Statement on Form N-1A on July 20, 2020 and is incorporated herein by reference. |
| | | (i) | <u>[Amended Schedule A to Operating Expenses Limitation Agreement](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exh5iamendscheduleaoelazie.htm)[(Ziegler FAMCO Hedged Equity Fund)](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exh5iamendscheduleaoelazie.htm)</u> dated December 21, 2020 was previously filed with the Trust's Registration Statement on Form N-1A on December 21, 2020 and is incorporated herein by reference.  |
| | | (ii) | <u>[Second Amendment to Operating Expenses Limitation Agreement](http://www.sec.gov/Archives/edgar/data/1261788/000089418922000721/exh5iisecondamendmenttozie.htm)[(Ziegler FAMCO Hedged Equity Fund)](http://www.sec.gov/Archives/edgar/data/1261788/000089418922000721/exh5iisecondamendmenttozie.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on January 28, 2022 and is incorporated herein by reference.  |
| | (6) | <u>[Power of Attorney](http://www.sec.gov/Archives/edgar/data/1261788/000089418922000612/exh5tappoa11162021.htm)</u> for John Chrystal, Harry E. Resis, Brian S. Ferrie, Wan-Chong Kung, and Christopher E. Kashmerick dated November 19, 2021 previously filed with the Trust's Registration Statement on Janaury 27, 2022 and is incorporated herein by reference. | <u>[Power of Attorney](http://www.sec.gov/Archives/edgar/data/1261788/000089418922000612/exh5tappoa11162021.htm)</u> for John Chrystal, Harry E. Resis, Brian S. Ferrie, Wan-Chong Kung, and Christopher E. Kashmerick dated November 19, 2021 previously filed with the Trust's Registration Statement on Janaury 27, 2022 and is incorporated herein by reference. |
| | (7) | <u>[Power of attorney](http://www.sec.gov/Archives/edgar/data/1261788/000089418922007615/exh6powerofattorneytapsept.htm)</u> for Harry E. Resis, Brian S. Ferrie, Wan-Chong Kung, and Christopher E. Kashmerick dated September 30, 2022 was previously filed with the Trust's Registration Statement on Form N-1A on October 18, 2022 and is incorporated herein by reference.  | <u>[Power of attorney](http://www.sec.gov/Archives/edgar/data/1261788/000089418922007615/exh6powerofattorneytapsept.htm)</u> for Harry E. Resis, Brian S. Ferrie, Wan-Chong Kung, and Christopher E. Kashmerick dated September 30, 2022 was previously filed with the Trust's Registration Statement on Form N-1A on October 18, 2022 and is incorporated herein by reference.  |
| (i) | (1) | <u>[Legal Opinion (](http://www.sec.gov/Archives/edgar/data/1261788/000089418916008511/legal_opinion.htm)[Ziegler Senior Floating Rate Fund](http://www.sec.gov/Archives/edgar/data/1261788/000089418916008511/legal_opinion.htm)[)](http://www.sec.gov/Archives/edgar/data/1261788/000089418916008511/legal_opinion.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on March 28, 2016 and is incorporated herein by reference.  | <u>[Legal Opinion (](http://www.sec.gov/Archives/edgar/data/1261788/000089418916008511/legal_opinion.htm)[Ziegler Senior Floating Rate Fund](http://www.sec.gov/Archives/edgar/data/1261788/000089418916008511/legal_opinion.htm)[)](http://www.sec.gov/Archives/edgar/data/1261788/000089418916008511/legal_opinion.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on March 28, 2016 and is incorporated herein by reference.  |
|  | (2) | <u>[Legal Opinion (Ziegler Piermont Small Cap Value Fund)](http://www.sec.gov/Archives/edgar/data/1261788/000089418920005506/exizieglerpiermontlegalopi.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on July 20, 2020 and is incorporated herein by reference.  | <u>[Legal Opinion (Ziegler Piermont Small Cap Value Fund)](http://www.sec.gov/Archives/edgar/data/1261788/000089418920005506/exizieglerpiermontlegalopi.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on July 20, 2020 and is incorporated herein by reference.  |
|  | (3) | <u>[Legal Opinion](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exi3zieglerfamcohedgedequi.htm)[(Ziegler FAMCO Hedged Equity Fund)](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exi3zieglerfamcohedgedequi.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on December 21, 2020 and is incorporated herein by reference.  | <u>[Legal Opinion](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exi3zieglerfamcohedgedequi.htm)[(Ziegler FAMCO Hedged Equity Fund)](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exi3zieglerfamcohedgedequi.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on December 21, 2020 and is incorporated herein by reference.  |
| (j) | <u>[Consent of Independent Registered Public Accounting Firm](exjzieglerseniorfamcohedge.htm)</u> - **filed herewith**. | <u>[Consent of Independent Registered Public Accounting Firm](exjzieglerseniorfamcohedge.htm)</u> - **filed herewith**. | <u>[Consent of Independent Registered Public Accounting Firm](exjzieglerseniorfamcohedge.htm)</u> - **filed herewith**. |
| (k) | Omitted Financial Statements - not applicable. | Omitted Financial Statements - not applicable. | Omitted Financial Statements - not applicable. |
| (l) | <u>[Form of Subscription Agreement](http://www.sec.gov/Archives/edgar/data/1261788/000089706903000985/0000897069-03-000985-index.htm)</u> was previously filed with the Trust's Registration Statement on August 29, 2003 and is incorporated herein by reference. | <u>[Form of Subscription Agreement](http://www.sec.gov/Archives/edgar/data/1261788/000089706903000985/0000897069-03-000985-index.htm)</u> was previously filed with the Trust's Registration Statement on August 29, 2003 and is incorporated herein by reference. | <u>[Form of Subscription Agreement](http://www.sec.gov/Archives/edgar/data/1261788/000089706903000985/0000897069-03-000985-index.htm)</u> was previously filed with the Trust's Registration Statement on August 29, 2003 and is incorporated herein by reference. |
| (m) | <u>[Rule 12b-1 Plan](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exmzieglerfunds12b-1.htm)</u> dated August 17, 2015 was previously filed with the Trust's Registration Statement on Form N-1A on December 21, 2020 and is incorporated herein by reference.  | <u>[Rule 12b-1 Plan](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exmzieglerfunds12b-1.htm)</u> dated August 17, 2015 was previously filed with the Trust's Registration Statement on Form N-1A on December 21, 2020 and is incorporated herein by reference.  | <u>[Rule 12b-1 Plan](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exmzieglerfunds12b-1.htm)</u> dated August 17, 2015 was previously filed with the Trust's Registration Statement on Form N-1A on December 21, 2020 and is incorporated herein by reference.  |
|  | (1) | <u>[Rule 12b-1 Plan Revised Schedule A](http://www.sec.gov/Archives/edgar/data/1261788/000089418916008511/rule12b1-plan_m2.htm)</u> (Ziegler Senior Floating Rate Fund) was previously filed with the Trust's Registration Statement on Form N-1A on March 28, 2016 and is incorporated herein by reference. | <u>[Rule 12b-1 Plan Revised Schedule A](http://www.sec.gov/Archives/edgar/data/1261788/000089418916008511/rule12b1-plan_m2.htm)</u> (Ziegler Senior Floating Rate Fund) was previously filed with the Trust's Registration Statement on Form N-1A on March 28, 2016 and is incorporated herein by reference. |
|  | (2) | <u>[Rule 12b-1 Plan Amend Schedule A (Ziegler Piermont Small Cap Value Fund)](http://www.sec.gov/Archives/edgar/data/1261788/000089418920005506/exm2zieglerpiermont12b1.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on July 30, 2020 and is incorporated herein by reference. | <u>[Rule 12b-1 Plan Amend Schedule A (Ziegler Piermont Small Cap Value Fund)](http://www.sec.gov/Archives/edgar/data/1261788/000089418920005506/exm2zieglerpiermont12b1.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on July 30, 2020 and is incorporated herein by reference. |
|  | (3) | <u>[Rule 12b-1 Plan Amend Schedule A (Ziegler FAMCO Hedged Equity Fund)](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exm312b-1amendscheduleazie.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on December 21, 2020 and is incorporated herein by reference.  | <u>[Rule 12b-1 Plan Amend Schedule A (Ziegler FAMCO Hedged Equity Fund)](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exm312b-1amendscheduleazie.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on December 21, 2020 and is incorporated herein by reference.  |
| (n) | <u>[Rule 18f-3 Plan](http://www.sec.gov/Archives/edgar/data/1261788/000089418916007144/multi-clspln_18f3.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on January 27, 2016 and is hereby incorporated by reference. | <u>[Rule 18f-3 Plan](http://www.sec.gov/Archives/edgar/data/1261788/000089418916007144/multi-clspln_18f3.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on January 27, 2016 and is hereby incorporated by reference. | <u>[Rule 18f-3 Plan](http://www.sec.gov/Archives/edgar/data/1261788/000089418916007144/multi-clspln_18f3.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on January 27, 2016 and is hereby incorporated by reference. |
|  | (1) | <u>[Rule 18f-3 Amended Schedule A (Ziegler Piermont Small Cap Value Fund)](http://www.sec.gov/Archives/edgar/data/1261788/000089418920005506/exn1zieglerpiermontrule18f3.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on July 30, 2020 and is incorporated herein by reference. | <u>[Rule 18f-3 Amended Schedule A (Ziegler Piermont Small Cap Value Fund)](http://www.sec.gov/Archives/edgar/data/1261788/000089418920005506/exn1zieglerpiermontrule18f3.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on July 30, 2020 and is incorporated herein by reference. |
|  | (2) | <u>[Rule 18f-3 Amended Schedule A](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exn2zieglerfunds18f-3plans.htm)[(Ziegler FAMCO Hedged Equity Fund](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exn2zieglerfunds18f-3plans.htm)[)](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exn2zieglerfunds18f-3plans.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on December 21, 2020 and is incorporated herein by reference.  | <u>[Rule 18f-3 Amended Schedule A](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exn2zieglerfunds18f-3plans.htm)[(Ziegler FAMCO Hedged Equity Fund](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exn2zieglerfunds18f-3plans.htm)[)](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exn2zieglerfunds18f-3plans.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on December 21, 2020 and is incorporated herein by reference.  |
| (o) | Reserved. | Reserved. | Reserved. |
| (p) | (1) | <u>[Code of Ethics for the Registrant](http://www.sec.gov/Archives/edgar/data/1261788/000089418917001438/coe.htm)</u> dated February 2014, as amended February 2017, was previously filed with the Trust's Registration Statement on Form N-1A on March 20, 2017 and is incorporated herein by reference. | <u>[Code of Ethics for the Registrant](http://www.sec.gov/Archives/edgar/data/1261788/000089418917001438/coe.htm)</u> dated February 2014, as amended February 2017, was previously filed with the Trust's Registration Statement on Form N-1A on March 20, 2017 and is incorporated herein by reference. |
|  | (2) | <u>[Code of Ethics for Ziegler Capital Management, LLC](zcmcodeofethicsnovember120.htm)</u> dated June 13, 2011, as amended November 1, 2021 - **filed herewith**.  | <u>[Code of Ethics for Ziegler Capital Management, LLC](zcmcodeofethicsnovember120.htm)</u> dated June 13, 2011, as amended November 1, 2021 - **filed herewith**.  |
|  | (3) | <u>[Code of Ethics for USCA Asset Management LLC](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exp3uscaassetmangementcode.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on December 21, 2020 and is incorporated herein by reference.  | <u>[Code of Ethics for USCA Asset Management LLC](http://www.sec.gov/Archives/edgar/data/1261788/000089418920009757/exp3uscaassetmangementcode.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on December 21, 2020 and is incorporated herein by reference.  |

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(4) <u>[Code of Ethics for Pretium Credit Management, LLC](http://www.sec.gov/Archives/edgar/data/1261788/000089418919000434/coe.htm)</u> was previously filed with the Trust's Registration Statement on Form N-1A on January 28, 2019 and is incorporated herein by reference.

(4) Code of Ethics for Access Persons of Quasar Distributors, LLC - not applicable under Rule 17j-1(c)(3).

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| | |
|:---|:---|
| **Item 29.** | **<u>Persons Controlled by or under Common Control with Registrant</u>** |

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

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| | |
|:---|:---|
| **Item 30.** | **<u>Indemnification</u>** |

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Reference is made to Article VI in the Registrant's Agreement and Declaration of Trust, which is incorporated by reference herein.

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 U.S. 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."

With respect to the Registrant, the general effect of these provisions is to indemnify any person (Trustee, director, officer, employee or agent, among others) who was or is a party to any proceeding by reason of their actions performed in their official or duly authorized capacity on behalf of the Trust. With respect to the distributor, the general effect of the relevant provisions is to indemnify those entities for claims arising out of any untrue statement or material fact contained in the Funds' Registration Statement, reports to shareholders or advertising and sales literature.

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| | |
|:---|:---|
| **Item 31.** | **<u>Business and Other Connections of Investment Adviser</u>** |

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With respect to the Adviser, the response to this Item is incorporated by reference to the Adviser's Uniform Application for Investment Adviser Registration (Form ADV) on file with the U.S. Securities and Exchange Commission ("SEC") (File No. 801-118813), dated June 1, 2022.

With respect to the Sub-Adviser, USCA Asset Management LLC, the response to this Item is incorporated by reference to the Sub-Adviser's Uniform Application for Investment Adviser Registration (Form ADV) on file with the SEC (File No. 801-64873), dated November 22, 2022.

With respect to the Sub-Adviser, Pretium Credit Management, LLC, the response to this Item is incorporated by reference to the Sub-Adviser's Uniform Application for Investment Adviser Registration (Form ADV) on file with the SEC (File No. 801-71699), dated September 15, 2022.

The Adviser and each Sub-Adviser's Form ADV may be obtained, free of charge, at the SEC's website at www.adviserinfo.sec.gov.

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| | |
|:---|:---|
| **Item 32.** | **<u>Principal Underwriters</u>** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(a)**&nbsp;&nbsp;&nbsp;&nbsp;Quasar Distributors, LLC, the Registrant's principal underwriter, acts as principal underwriter for the following investment companies:

1. American Trust Allegiance Fund, Series of Advisors Series Trust

2. Capital Advisors Growth Fund, Series of Advisors Series Trust

3. Chase Growth Fund, Series of Advisors Series Trust

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

20. Poplar Forest Cornerstone Fund, Series of Advisors Series Trust

21. Poplar Forest Partners Fund, Series of Advisors Series Trust

22. Pzena Emerging Markets Value Fund, Series of Advisors Series Trust

23. Pzena International Small Cap Value Fund, Series of Advisors Series Trust

24. Pzena International Value Fund, Series of Advisors Series Trust

25. Pzena Mid Cap Value Fund, Series of Advisors Series Trust

26. Pzena Small Cap Value Fund, Series of Advisors Series Trust

27. Reverb ETF, Series of Advisors Series Trust

28. Scharf Fund, Series of Advisors Series Trust

29. Scharf Global Opportunity Fund, Series of Advisors Series Trust

30. Scharf Multi-Asset Opportunity Fund, Series of Advisors Series Trust

31. Semper MBS Total Return Fund, Series of Advisors Series Trust

32. Semper Short Duration Fund, Series of Advisors Series Trust

33. Shenkman Capital Floating Rate High Income Fund, Series of Advisors Series Trust

34. Shenkman Capital Short Duration High Income Fund, Series of Advisors Series Trust

35. VegTech Plant-based Innovation & Climate ETF, Series of Advisors Series Trust

36. The Aegis Funds

37. Allied Asset Advisors Funds

38. Angel Oak Funds Trust

39. Angel Oak Strategic Credit Fund

40. Barrett Opportunity Fund, Inc.

41. Bridges Investment Fund, Inc.

42. Brookfield Investment Funds

43. Buffalo Funds

44. Cushing<sup>®</sup> Mutual Funds Trust

45. DoubleLine Funds Trust

46. EA Series Trust *(f/k/a Alpha Architect ETF Trust)*

47. Ecofin Tax-Advantaged Social Impact Fund, Inc. *(f/k/a Tortoise Tax-Advantaged Social Infrastructure Fund, Inc.)*

48. AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF, Series of ETF Series Solutions

49. AAM Low Duration Preferred and Income Securities ETF, Series of ETF Series Solutions

50. AAM S&P 500 Emerging Markets High Dividend Value ETF, Series of ETF Series Solutions

51. AAM S&P 500 High Dividend Value ETF, Series of ETF Series Solutions

52. AAM S&P Developed Markets High Dividend Value ETF, Series of ETF Series Solutions

53. AAM Transformers ETF, Series of ETF Series Solutions

54. AlphaClone Alternative Alpha ETF, Series of ETF Series Solutions

55. AlphaMark Actively Managed Small Cap ETF, Series of ETF Series Solutions

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56. Aptus Collared Income Opportunity ETF, Series of ETF Series Solutions

57. Aptus Defined Risk ETF, Series of ETF Series Solutions

58. Aptus Drawdown Managed Equity ETF, Series of ETF Series Solutions

59. Aptus Enhanced Yield ETF, Series of ETF Series Solutions

60. Blue Horizon BNE ETF, Series of ETF Series Solutions

61. Carbon Strategy ETF, Series of ETF Series Solutions

62. ClearShares OCIO ETF, Series of ETF Series Solutions

63. ClearShares Piton Intermediate Fixed Income Fund, Series of ETF Series Solutions

64. ClearShares Ultra-Short Maturity ETF, Series of ETF Series Solutions

65. Distillate International Fundamental Stability & Value ETF, Series of ETF Series Solutions

66. Distillate Small/Mid Cash Flow ETF, Series of ETF Series Solutions

67. Distillate U.S. Fundamental Stability & Value ETF, Series of ETF Series Solutions

68. ETFB Green SRI REITs ETF, Series of ETF Series Solutions

69. Hoya Capital High Dividend Yield ETF, Series of ETF Series Solutions

70. Hoya Capital Housing ETF, Series of ETF Series Solutions

71. iBET Sports Betting & Gaming ETF, Series of ETF Series Solutions

72. International Drawdown Managed Equity ETF, Series of ETF Series Solutions

73. LHA Market State Alpha Seeker ETF, Series of ETF Series Solutions

74. LHA Market State Tactical Beta ETF, Series of ETF Series Solutions

75. LHA Market State Tactical Q ETF, Series of ETF Series Solutions

76. Loncar Cancer Immunotherapy ETF, Series of ETF Series Solutions

77. Loncar China BioPharma ETF, Series of ETF Series Solutions

78. McElhenny Sheffield Managed Risk ETF, Series of ETF Series Solutions

79. Nationwide Dow Jones<sup>®</sup> Risk-Managed Income ETF, Series of ETF Series Solutions

80. Nationwide Nasdaq-100 Risk-Managed Income ETF, Series of ETF Series Solutions

81. Nationwide Russell 2000<sup>®</sup> Risk-Managed Income ETF, Series of ETF Series Solutions

82. Nationwide S&P 500<sup>®</sup> Risk-Managed Income ETF, Series of ETF Series Solutions

83. NETLease Corporate Real Estate ETF, Series of ETF Series Solutions

84. Opus Small Cap Value ETF, Series of ETF Series Solutions

85. PSYK ETF, Series of ETF Series Solutions

86. Roundhill Acquirers Deep Value ETF, Series of ETF Series Solutions

87. The Acquirers Fund, Series of ETF Series Solutions

88. U.S. Global GO GOLD and Precious Metal Miners ETF, Series of ETF Series Solutions

89. U.S. Global JETS ETF, Series of ETF Series Solutions

90. U.S. Global Sea to Sky Cargo ETF, Series of ETF Series Solutions

91. US Vegan Climate ETF, Series of ETF Series Solutions

92. First American Funds, Inc.

93. FundX Investment Trust

94. The Glenmede Fund, Inc.

95. The Glenmede Portfolios

96. The GoodHaven Funds Trust

97. Greenspring Fund, Incorporated

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. Core Alternative ETF, Series of Listed Funds Trust

107. Wahed Dow Jones Islamic World ETF, Series of Listed Funds Trust

108. Wahed FTSE USA Shariah ETF, Series of Listed Funds Trust

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109. LKCM Funds

110. LoCorr Investment Trust

111. Lord Asset Management Trust

112. MainGate Trust

113. ATAC Rotation Fund, Series of Managed Portfolio Series

114. Cove Street Capital Small Cap Value Fund, Series of Managed Portfolio Series

115. Ecofin Global Energy Transition Fund, Series of Managed Portfolio Series

116. Ecofin Global Renewables Infrastructure Fund, Series of Managed Portfolio Series

117. Ecofin Global Water ESG Fund, Series of Managed Portfolio Series

118. Ecofin Sustainable Water Fund, Series of Managed Portfolio Series

119. Great Lakes Disciplined Equity Fund, Series of Managed Portfolio Series

120. Great Lakes Large Cap Value Fund, Series of Managed Portfolio Series

121. Great Lakes Small Cap Opportunity Fund, Series of Managed Portfolio Series

122. Jackson Square Large-Cap Growth Fund, Series of Managed Portfolio Series

123. Jackson Square SMID-Cap Growth Fund, Series of Managed Portfolio Series

124. Kensington Active Advantage 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

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. Port Street Quality Growth Fund, Series of Managed Portfolio Series

133. Principal Street High Income Municipal Fund, Series of Managed Portfolio Series

134. Principal Street Short Term Municipal Fund, Series of Managed Portfolio Series

135. Reinhart Genesis PMV Fund, Series of Managed Portfolio Series

136. Reinhart International PMV Fund, Series of Managed Portfolio Series

137. Reinhart Mid Cap PMV Fund, Series of Managed Portfolio Series

138. Tortoise MLP & Energy Income Fund, Series of Managed Portfolio Series

139. Tortoise MLP & Pipeline Fund, Series of Managed Portfolio Series

140. Tortoise North American Pipeline Fund, Series of Managed Portfolio Series

141. V-Shares MSCI World ESG Materiality and Carbon Transition ETF, Series of Managed Portfolio Series

142. V-Shares US Leadership Diversity ETF, Series of Managed Portfolio Series

143. Greenspring Income Opportunities Fund, Series of Manager Directed Portfolios

144. Hood River International Opportunity Fund, Series of Manager Directed Portfolios

145. Hood River Small-Cap Growth Fund, Series of Manager Directed Portfolios

146. Mar Vista Strategic Growth Fund, Series of Manager Directed Portfolios

147. Vert Global Sustainable Real Estate Fund, Series of Manager Directed Portfolios

148. Matrix Advisors Funds Trust

149. Matrix Advisors Value Fund, Inc.

150. Monetta Trust

151. Nicholas Equity Income Fund, Inc.

152. Nicholas Fund, Inc.

153. Nicholas II, Inc.

154. Nicholas Limited Edition, Inc.

155. Permanent Portfolio Family of Funds

156. Perritt Funds, Inc.

157. Procure ETF Trust II

158. Professionally Managed Portfolios

159. Prospector Funds, Inc.

160. Provident Mutual Funds, Inc.

161. Abbey Capital Futures Strategy Fund, Series of The RBB Fund, Inc.

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162. Abbey Capital Multi-Asset Fund, Series of The RBB Fund, Inc.

163. Adara Smaller Companies Fund, Series of The RBB Fund, Inc.

164. Aquarius International Fund, Series of The RBB Fund, Inc.

165. Boston Partners All Cap Value Fund, Series of The RBB Fund, Inc.

166. Boston Partners Emerging Markets Dynamic Equity Fund, Series of The RBB Fund, Inc.

167. Boston Partners Emerging Markets Fund, Series of The RBB Fund, Inc.

168. Boston Partners Global Equity Fund, Series of The RBB Fund, Inc.

169. Boston Partners Global Long/Short Fund, Series of The RBB Fund, Inc.

170. Boston Partners Global Sustainability Fund, Series of The RBB Fund, Inc.

171. Boston Partners Long/Short Equity Fund, Series of The RBB Fund, Inc.

172. Boston Partners Long/Short Research Fund, Series of The RBB Fund, Inc.

173. Boston Partners Small Cap Value Fund II, Series of The RBB Fund, Inc.

174. Campbell Systematic Macro Fund, Series of The RBB Fund, Inc.

175. Motley Fool 100 Index ETF, Series of The RBB Fund, Inc.

176. Motley Fool Capital Efficiency 100 Index ETF, Series of The RBB Fund, Inc.

177. Motley Fool Global Opportunities ETF, Series of The RBB Fund, Inc.

178. Motley Fool Mid-Cap Growth ETF, Series of The RBB Fund, Inc.

179. Motley Fool Next Index ETF, Series of The RBB Fund, Inc.

180. Motley Fool Small-Cap Growth ETF, Series of The RBB Fund, Inc.

181. Optima Strategic Credit Fund, Series of The RBB Fund, Inc.

182. SGI Global Equity Fund, Series of The RBB Fund, Inc.

183. SGI Peak Growth Fund, Series of The RBB Fund, Inc.

184. SGI Prudent Growth Fund, Series of The RBB Fund, Inc.

185. SGI Small Cap Core Fund, Series of The RBB Fund, Inc.

186. SGI U.S. Large Cap Equity Fund, Series of The RBB Fund, Inc.

187. SGI U.S. Small Cap Equity Fund, Series of The RBB Fund, Inc.

188. US Treasury 10 Year Note ETF, Series of The RBB Fund, Inc.

189. US Treasury 2 Year Note ETF, Series of The RBB Fund, Inc.

190. US Treasury 3 Month Bill ETF, Series of The RBB Fund, Inc.

191. WPG Partners Select Small Cap Value Fund, Series of The RBB Fund, Inc.

192. WPG Partners Small/Micro Cap Value Fund, Series of The RBB Fund, Inc.

193. The RBB Fund Trust

194. RBC Funds Trust

195. Series Portfolios Trust

196. Thompson IM Funds, Inc.

197. TrimTabs ETF Trust

198. Trust for Advised Portfolios

199. Barrett Growth Fund, Series of Trust for Professional Managers

200. Bright Rock Mid Cap Growth Fund, Series of Trust for Professional Managers

201. Bright Rock Quality Large Cap Fund, Series of Trust for Professional Managers

202. CrossingBridge Low Duration High Yield Fund, Series of Trust for Professional Managers

203. CrossingBridge Responsible Credit Fund, Series of Trust for Professional Managers

204. CrossingBridge Ultra-Short Duration Fund, Series of Trust for Professional Managers

205. Dearborn Partners Rising Dividend Fund, Series of Trust for Professional Managers

206. Jensen Global Quality Growth Fund, Series of Trust for Professional Managers

207. Jensen Quality Value Fund, Series of Trust for Professional Managers

208. Rockefeller Climate Solutions Fund, Series of Trust for Professional Managers

209. Terra Firma US Concentrated Realty Fund, Series of Trust for Professional Managers

210. USQ Core Real Estate Fund

211. Wall Street EWM Funds Trust

212. Wisconsin Capital Funds, Inc.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is 111 E. Kilbourn Ave., Suite 2200, Milwaukee, WI 53202.

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| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with Underwriter | Position with Registrant |
| Teresa Cowan | 111 E. Kilbourn Ave, Suite 2200<br>Milwaukee, WI 53202 | President/Manager |  |
| Chris Lanza | Three Canal Plaza, Suite 100 <br>Portland, ME 04101 | Vice President |  |
| Kate Macchia | Three Canal Plaza, Suite 100 <br>Portland, ME 04101 | Vice President |  |
| Jennifer A. Brunner | 111 E. Kilbourn Ave, Suite 2200<br>Milwaukee, WI 53202 | Vice President and Chief Compliance Officer |  |
| Kelly B. Whetstone | Three Canal Plaza, Suite 100<br> Portland, ME 04101 | Secretary |  |
| Susan L. LaFond | 111 E. Kilbourn Ave, Suite 2200<br>Milwaukee, WI 53202 | Treasurer |  |

---

---

| | |
|:---|:---|
| **Item 33.** | **<u>Location of Accounts and Records</u>** |

---

The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended (the "1940 Act"), are maintained at the following locations:

---

| | |
|:---|:---|
| **Records Relating to:** | **Are located at:** |
| Registrant's Fund Administrator, <br>Fund Accountant and Transfer Agent  | U.S. Bancorp Fund Services, LLC<br>615 East Michigan Street, 3rd Floor<br>Milwaukee, WI 53202 |
| Registrant's Custodian | U.S. Bank National Association<br>Custody Operations<br>1555 North Rivercenter Drive, Suite 302<br>Milwaukee, WI 53212 |
| Registrant's Investment Adviser | Ziegler Capital Management, LLC<br>70 West Madison Street, Suite 2400<br>Chicago, IL 60602 |
| Registrant's Investment Sub-Adviser | Pretium Credit Management, LLC<br>c/o Pretium Partners, LLC <br>810 Seventh Avenue, 24th Floor <br>New York, New York 10019  |
| Registrant's Investment Sub-Adviser | USCA Asset Management LLC<br>4444 Westheimer Road, Suite G500<br>Houston, Texas 77027 |
| Registrant's Distributor | Quasar Distributors, LLC<br>111 E. Kilbourn Ave, Suite 2200<br>Milwaukee, WI 53202 |

---

---

| | |
|:---|:---|
| **Item 34.** | **<u>Management Services</u>** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 35.** | **<u>Undertakings</u>** |

---

Not applicable.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act and the 1940 Act, the Registrant certifies that this Post-Effective Amendment No. 261 to its Registration Statement meets all of the requirements for effectiveness under Rule 485(b) and has duly caused this Post-Effective Amendment No. 261 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Milwaukee and State of Wisconsin, on the 27th day of January 2023.

Trust for Advised Portfolios

By: <u>/s/ Russell B. Simon</u> 

Russell B. Simon

President and Principal Executive Officer

Pursuant to the requirements of the Securities Act, this Post-Effective Amendment No. 261 to its Registration Statement has been signed below by the following persons in the capacities and on the dates

---

| | | |
|:---|:---|:---|
| <u>Signature</u> | <u>Title</u> | <u>Date</u> |
| <u>Harry E. Resis\*</u> | Trustee | January 27, 2023 |
| Harry E. Resis |  |  |
| <u>Brian S. Ferrie\*</u> | Trustee | January 27, 2023 |
| Brian S. Ferrie |  |  |
| <u>Wan-Chong Kung\*</u> | Trustee | January 27, 2023 |
| Wan-Chong Kung |  |  |
| <u>Christopher E. Kashmerick\*</u> | Trustee | January 27, 2023 |
| Christopher E. Kashmerick |  |  |
| <u>/s/ Russell B. Simon</u> | President and Principal Executive Officer | January 27, 2023 |
| Russell B. Simon |  |  |
| <u>/s/ Eric T. McCormick</u> | Treasurer and Principal Financial Officer (principal accounting officer) | January 27, 2023 |
| Eric T. McCormick |  |  |
| \*By: <u>/s/ Russell B. Simon</u> |  | January 27, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russell B. Simon<br>Attorney-In Fact pursuant to <br>Power of Attorney |  |  |

---

## Ex-99.(D)(3)

**AMENDED AND RESTATED INVESTMENT SUB-ADVISORY AGREEMENT**

THIS AMENDED AND RESTATED INVESTMENT SUB-ADVISORY AGREEMENT

(the "<u>Agreement</u>") made this 23rd day of February 2022, by and between ZIEGLER CAPITAL MANAGEMENT, LLC (hereinafter referred to as the "<u>Investment Adviser</u>") and PRETIUM CREDIT MANAGEMENT, LLC (hereinafter referred to as the "<u>Subadviser</u>"), which Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one instrument.

WHEREAS, the Investment Adviser has been retained by the Trust for Advised Portfolios, a Delaware statutory trust (the "<u>Trust</u>"), a registered management investment company under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), to provide investment advisory services to the Trust with respect to certain series of the Trust set forth in Schedule A hereto as may be amended from time to time (hereinafter referred to as a "<u>Fund</u>" and, collectively, the "<u>Funds</u>" of the Trust);

WHEREAS, the Investment Adviser wishes to enter into a contract with the Subadviser to provide research, analysis, advice and recommendations with respect to the purchase and sale of securities and other investments, and make investment commitments with respect to such portion of the Funds' assets as shall be allocated to the Subadviser by the Investment Adviser from time to time ("<u>Allocated Assets</u>"), subject to oversight by the Trustees of the Trust and the supervision of the Investment Adviser;

WHEREAS, the Subadviser rendered advice and services to the Fund under an investment sub-advisory agreement that automatically terminated pursuant to its terms and the Investment Adviser desires to continue to retain the services of the Subadviser.

NOW THEREFORE, in consideration of the mutual agreements herein contained, and intending to be bound, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.In accordance with the Investment Advisory Agreement between the Trust and the Investment Adviser ("<u>Investment Advisory Agreement</u>") with respect to the Funds, the Investment Adviser hereby appoints the Subadviser to act as subadviser with respect to the Allocated Assets for the period and on the terms set forth in this Agreement. The Subadviser accepts such appointment and agrees to render the services set forth herein, for the compensation provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.For all of the services rendered with respect to a Fund as herein provided, the Investment Adviser shall pay to the Subadviser a fee (for the payment of which the Fund shall have no obligation or liability), based on the Current Net Assets of the Fund (as defined below), as set forth in Schedule A attached hereto and made a part hereof. Such fee shall be accrued daily and payable quarterly, as soon as practicable after the last day of each calendar quarter. In the case of termination of this Agreement with respect to a Fund during any calendar month, the fee with respect to such Fund accrued to, but excluding, the date of termination shall be paid promptly following such termination. For purposes of computing the amount of advisory fee accrued for any day, "Current Net Assets" shall mean the value of the Allocated Assets, as computed for purposes of calculating the Fund's net asset value.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.This Agreement shall become effective with respect to a Fund as of the date set forth opposite the Fund's name as set forth on Schedule A hereto, provided that it has been approved by the Trustees of the Trust in accordance with the provisions of the 1940 Act and the rules thereunder and, if so required by the 1940 Act and the rules thereunder, by the shareholders of the Fund in accordance with the requirements of the 1940 Act and the rules thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.This Agreement shall continue in effect for the initial term set forth in Schedule A. It shall be renewed automatically thereafter with respect to a Fund by the Investment Adviser and the Subadviser for successive periods not exceeding one year, if and only if such renewal and continuance is specifically approved at least annually by the Board of Trustees of the Trust or by a vote of the majority of the outstanding voting securities of the Fund as prescribed by the 1940 Act and provided further that such continuance is approved at least annually by a vote of a majority of the Trust's Trustees, who are not parties to such Agreement or interested persons of such a party, cast in person at a meeting called for the purpose of voting on such approval. This Agreement will terminate with respect to a Fund without the payment of any penalty (i) upon termination of the Investment Advisory Agreement relating to the Fund by either party thereto (accompanied by simultaneous notice to the Subadviser), (ii) by the Fund at any time upon written notice to the Subadviser that the Trustees of the Trust or the shareholders by vote of a majority of the outstanding voting securities of the Fund, as provided by the 1940 Act, have terminated this Agreement, or (iii) upon at least sixty days' written notice to the Subadviser by the Investment Adviser. This Agreement may also be terminated by the Subadviser with respect to a Fund without penalty upon ninety days' written notice to the Investment Adviser and the Trust.

This Agreement shall terminate automatically with respect to a Fund in the event of its assignment or, upon notice thereof to the Subadviser, the assignment of the Investment Advisory Agreement (in each case as the term "assignment" is defined in Section 2(a)(4) of the 1940 Act, subject to such exemptions as may be granted by the Securities and Exchange Commission ("<u>SEC</u>") by any rule, regulation, order or interpretive guidance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Subject to the oversight of the Board of Trustees of the Trust and the Investment Adviser, the Subadviser will provide an investment program for the Allocated Assets, including investment research and management with respect to securities and other investments, including cash and cash equivalents, and will determine from time to time what securities and other investments will be purchased, retained or sold. The Subadviser will provide the services under this Agreement in accordance with each Fund's investment objective, policies and restrictions as stated in the Fund's registration statement, as provided to the Subadviser by the Investment Adviser. The Subadviser further agrees that, in all matters relating to the performance of this Agreement, it:

&nbsp;&nbsp;&nbsp;&nbsp;&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)shall act in conformity with the Trust's Declaration of Trust, By-Laws and currently effective registration statements under the 1940 Act and the Securities Act of 1933 (the "<u>1933 Act</u>") and any amendments or supplements thereto (the "<u>Registration Statements</u>") and with the written policies, procedures and guidelines of each Fund, and written instructions and directions of the Trustees of the Trust and shall comply with the requirements of the 1940 Act and the Investment Advisers Act of 1940 (the "<u>Advisers Act</u>") and the rules thereunder, and all other applicable federal and state laws and regulations. The Investment Adviser agrees to provide Subadviser with copies of the Trust's Declaration of Trust, By-Laws, Registration Statements, written policies, procedures and guidelines, and written instructions and directions of the Trustees,

2

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and any amendments or supplements to any of them at, or, if practicable, before the time such materials, instructions or directives become effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)will maintain at all times during the term of this Agreement, in full force and effect, insurance, including without limitation errors and omissions insurance, with reputable insurance carriers, in such amounts, covering such risks and liabilities, and with such deductibles and self-insurance as are consistent with customary industry practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)will pay expenses incurred by it in connection with its activities under this Agreement other than the cost of securities and other investments (including brokerage commissions and other transaction changes, if any) purchased for each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)will place orders pursuant to its investment determinations for the Allocated Assets either directly with any broker or dealer, or with the issuer. In placing orders with brokers or dealers, the Subadviser will attempt to obtain the best overall price and the most favorable execution of its orders. Subject to policies established by the Trustees of the Trust and communicated to the Subadviser, it is understood that the Subadviser will not be deemed to have acted unlawfully, or to have breached a fiduciary duty to the Trust or in respect of a Fund, or be in breach of any obligation owing to the Investment Adviser or the Trust or in respect of a Fund under this Agreement, or otherwise, solely by reason of its having caused the Fund to pay a member of a securities exchange, a broker or a dealer a commission for effecting an investment transaction for the Fund in excess of the amount of commission another member of an exchange, broker or dealer would have charged if the Subadviser determines in good faith that the commission paid was reasonable in relation to the brokerage or research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934 and interpretive guidance issued by the SEC thereunder) provided by such member, broker or dealer, viewed in terms of that particular transaction or the Subadviser's overall responsibilities with respect to the accounts, including the Fund, as to which it exercises investment discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)will review the daily valuation of investments comprising the Allocated Assets of each Fund as obtained on a daily basis by the Fund or its agents, and will promptly notify the Trust and the Investment Adviser if the Subadviser believes that any such valuations may not properly reflect the market value of any investments owned by the Fund, <u>provided</u>, <u>however</u>, that the Subadviser is not required by this subparagraph to obtain valuations of any such investments from brokers or dealers or otherwise, or to otherwise independently verify valuations of any such securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)unless otherwise instructed, will be responsible for voting all proxies of the Allocated Assets in accordance with the Proxy Voting Policies and Guidelines of Subadviser (the "<u>Proxy Policy</u>"), provided that such Proxy Policy and any amendments thereto are furnished to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)will attend regular business and investment-related meetings with the Trust's Board of Trustees and the Investment Adviser if requested to do so by the Trust and/or the Investment Adviser, and at its expense, shall supply the Board, the officers of the Trust, and the Investment Adviser with all information and reports reasonably required by them and reasonably available to the Subadviser relating to the services provided by the Subadviser hereunder;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)will maintain books and records with respect to investment transactions for the Allocated Assets of each Fund and proxy voting record for the Allocated Assets of the Fund, furnish to the Investment Adviser and the Trust's Board of Trustees such periodic and special reports as they may request with respect to the Fund, and provide in advance to the Investment Adviser all of the Subadviser's reports to the Trust's Board of Trustees for examination and review within a reasonable time prior to the Trust's Board meetings; 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;&nbsp;&nbsp;&nbsp;&nbsp;(i)will pay expenses incurred by the Trust for any matters related to any transaction or event that is deemed to result in a change of control of the Subadviser or otherwise result in the assignment of the Agreement under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The Investment Adviser or its affiliates may, from time to time, engage other subadvisers to advise other series of the Trust (or portions thereof) or other registered investment companies (or series or portions thereof) that may be deemed to be under common control (each a "<u>Sub-Advised Fund</u>"). The Subadviser agrees that it will not consult with any other subadviser engaged by the Investment Adviser or its affiliates with respect to transactions in securities or other assets concerning a Fund or another Sub-Advised Fund, except to the extent permitted by the rules under the 1940 Act that permit certain transactions with a subadviser or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Subadviser agrees with respect to the services provided to each Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&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)it will promptly communicate to the Investment Adviser such information relating to Fund transactions as the Investment Adviser or officers or Trustees of the Trust may reasonably request and as communicated to the Subadviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)it will promptly notify the Investment Adviser in writing about: (i) any financial condition that is likely to impair the Subadviser's ability to fulfill its commitment under this Agreement; (ii) any contemplated change in control or management of the Subadviser;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) any change in the Subadviser's personnel materially involved in the management of the Allocated Assets; (iv) any failure by the Subadviser to remain registered as an investment adviser under the Advisers Act or under the laws of any jurisdiction in which the Subadviser is required to be registered; (v) the Subadviser being served or receiving notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, or government or regulatory agency in any way relating to a Fund or potentially affecting the Subadviser's services under this Agreement; and (v) any violation by the Subadviser of the federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)it will comply with Rule 206(4)-7 under the Advisers Act and provide an annual certification to the Investment Adviser and the Trust stating that the Subadviser has implemented a compliance program that is reasonably designed to prevent violations of the federal securities laws and will provide the Investment Adviser and the Trust access to information regarding the Subadviser's compliance program and assistance with the Trust's compliance with Rule 38a-1 under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)it will provide access to personnel, records, communications, systems, and all other relevant material as may be requested by the Investment Adviser or the Trust periodically, including but not limited to remote and on-site testing, due diligence reviews, and periodic compliance-related reports and certifications;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)it will treat confidentially and as proprietary information of the Trust all records and other information relative to each Fund and its prior, present or potential shareholders ("<u>Confidential Information</u>"), will comply at all times with all applicable laws and regulations relating to the confidentiality of "nonpublic personal information" including the Gramm-Leach- Bliley Act or other federal or state privacy laws and the regulations promulgated thereunder, and will not use such Confidential Information for any purpose other than the performance of its responsibilities and duties hereunder (except after prior notification to and approval in writing by the Trust, which approval may not be withheld where Subadviser is advised by counsel that the Subadviser may be exposed to civil or criminal contempt or other proceedings for failure to comply, when requested to divulge such information by duly constituted authorities, or when so requested by the Trust).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Each party represents and warrants to the other party that the execution, delivery and performance of this Agreement is within its powers and have been duly authorized by all necessary actions of its directors or members, and no action by, or in respect of, or filing with, any governmental body, agency or official is required on the part of either party for execution, delivery and performance of this Agreement, and the execution, delivery and performance by either party of this Agreement do not contravene or constitute a violation of, or a material default under, (i) any provision of applicable law, rule or regulation, (ii) such party's governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.In compliance with the requirements of Rule 31a-3 under the 1940 Act, Subadviser acknowledges that all records which it maintains for the Trust are the property of the Trust and agrees to surrender promptly to the Trust any of such records upon the Trust's request, <u>provided</u> that Subadviser may retain copies thereof at its own expense. Subadviser further agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records required to be maintained by Rule 31a-1 under the 1940 Act relating to transactions placed by Subadviser for the Fund. Subadviser further agrees to maintain each Fund's proxy voting record with respect to the Allocated Assets in a form mutually agreeable between the parties and which contains the information required by Form N-PX under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.It is expressly understood and agreed that the services to be rendered by the Subadviser to the Investment Adviser under the provisions of this Agreement are not to be deemed to be exclusive, and the Subadviser shall be free to provide similar or different services to others so long as its ability to provide the services provided for in this Agreement shall not be materially impaired thereby. In addition, but without limiting any separate agreement between the Subadviser and the Investment Adviser to the contrary, nothing in this Agreement shall limit or restrict the right of any director, officer, or employee of the Subadviser who may also be a Trustee, officer, or employee of the Trust, to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.The Investment Adviser agrees that it will furnish currently to the Subadviser all information with reference to each Fund and the Trust that is reasonably necessary to permit the Subadviser to carry out its responsibilities under this Agreement, and the parties agree that they will from time to time consult and make appropriate arrangements as to specific information that is required under this paragraph and the frequency and manner with which it shall be supplied. Without limiting the generality of the foregoing, Investment Adviser will furnish to Subadviser

5

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procedures consistent with the Trust's contract with each Fund's custodian from time to time (the "<u>Custodian</u>"), and reasonably satisfactory to Subadviser, for consummation of portfolio transactions for each Fund by payment to or delivery by the Custodian of all cash and/or securities or other investments due to or from the Fund, and Subadviser shall not have possession or custody thereof or any responsibility or liability with respect to such custody. Upon giving proper instructions to the Custodian, Subadviser shall have no responsibility or liability with respect to custodial arrangements or the acts, omissions or other conduct of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.The Subadviser shall comply with all applicable laws and regulations in the discharge of its duties under this Agreement; shall comply with the investment policies, guidelines and restrictions of the Fund; shall act at all times in the best interests of the Fund; and shall discharge its duties with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of a similar enterprise. The Subadviser shall be liable to the Fund for any loss (including brokerage charges) incurred by the Fund as a result of any investment made by the Subadviser in violation of this Section 12 hereof.

Except as provided in the foregoing paragraph, the Subadviser and its directors, officers, stockholders, employees and agents shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Investment Adviser or the Trust in connection with any matters to which this Agreement relates or for any other act or omission in the performance by the Subadviser of its duties under this Agreement except for any liability that is due to Subadviser's willful misfeasance, bad faith, or negligence in the performance of its duties or by reckless disregard of its obligations or duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.Each party shall indemnify and hold harmless the other party and its respective control persons (as described in Section 15 of the 1933 Act) and their respective directors, stockholders, members and employees (collectively, "<u>Indemnitees</u>") against any and all losses, claims, damages, liabilities or expenses (including reasonable legal and other expenses of investigating or defending any alleged loss, claim, damages or liabilities) to which any of the Indemnitees may become subject under the 1933 Act, the 1940 Act, or the Advisers Act, or under any other statute, at common law or otherwise, arising out of or based on (i) any willful misfeasance, bad faith, or gross negligence of the other party in the performance of, or reckless disregard of, any of its duties or obligations hereunder, or (ii) any material breach of this Agreement by the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of the Agreement shall not be affected thereby. Except to the extent governed by federal law including the 1940 Act, this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without applying the principles of conflicts of law thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.No provision of this Agreement may be changed, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, discharge or termination is sought. No amendment of this Agreement shall be effective with respect to the Trust until approved as required by applicable law.

6

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.Any notice to be given hereunder may be given by personal notification or by electronic or facsimile transmission, to the party specified at the address stated below:

To the Investment Adviser at:

Ziegler Capital Management, LLC 30 South Wacker Drive, 28<sup>th</sup> Floor Chicago, Illinois 60606

Attn: <u>William Fitzgerald</u> 

Email: <u>WFitzgerald@ZieglerCap.com</u>

To the Subadviser at:

Pretium Credit Management, LLC 810 Seventh Avenue, 24<sup>th</sup> Floor New York, New York 10019

Attn: <u>Credit Operations (creditops@pretium.com)</u> 

With a copy to:

Attn: General Counsel (legal@pretium.com) To a Fund or the Trust at:

Trust for Advised Portfolios

615 East Michigan Street Milwaukee, Wisconsin 53202

Attn: <u>Scott A. Resnick&nbsp;&nbsp;&nbsp;&nbsp;</u> Facsimile: <u>866-941-6727&nbsp;&nbsp;&nbsp;&nbsp;</u>

or addressed as such party may from time to time designate by notice to other parties in accordance herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.The Subadviser agrees that for any claim by it against a Fund in connection with this Agreement or the services rendered under this Agreement, it shall look only to assets of a Fund for satisfaction and that it shall have no claim against the assets of any other portfolios of the Trust.

**[The Remainder of Page Intentionally Left Blank]**

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed by their duly authorized officers as of the day and year first above written.

ZIEGLER CAPITAL MANAGEMENT, LLC

By: /s/ William M. Fitzgerald

Name: Willaim Fitzgerald

Title: Chief Executive Officer

PRETIUM CREDIT MANAGEMENT, LLC

By: /s/ Christopher Weidler

Name: Christopher Weidler

Title: Chief Financial Officer

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**<u>SCHEDULE</u> <u>A</u>**

Ziegler Floating Rate Fund

February 24,

2022

Until August 31,

2022; Annually Thereafter

**<u>Annual Fee Rate as a Percentage of</u> <u>Fund's Average Daily Net Assets</u>**

0.225% of Fund assets for the period from, and including, the date hereof through August 31, 2022, and thereafter, 0.15% of Fund assets up to

$100 million, plus 0.20% of Fund assets over $100 million.

ZIEGLER CAPITAL MANAGEMENT, LLC

By: /s/ William M. Fitzgerald

Name: Willaim Fitzgerald

Title: Chief Executive Officer

PRETIUM CREDIT MANAGEMENT, LLC

By: /s/ Christopher Weidler

Name: Christopher Weidler

Title: Chief Financial Officer

Approved by the Board of Trustees:February 23, 2022

## Ex-99.(J)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the references to our firm in the Registration Statement on Form N-1A of the Trust for Advised Portfolios and to the use of our report dated November 29, 2022 on the financial statements and financial highlights of Ziegler FAMCO Hedged Equity Fund and Ziegler Senior Floating Rate Fund, a series of shares of beneficial interest in Trust for Advised Portfolios. Such financial statements and financial highlights appear in the September 30, 2022 Annual Report to Shareholders which is incorporated by reference into the Statement of Additional Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ BBD, LLP</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBD, LLP

**Philadelphia, Pennsylvania**

**January 26, 2023**

## Ex-99.(P)(2)

![zieglerlogoa.jpg](zieglerlogoa.jpg)

**Code of Ethics & Personal Trading Policy**

![image_1.jpg](image_1.jpg)

Effective June 13, 2011

*Amended on November 1, 2021*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.TERMS AND DEFINITIONS**

For the purposes of this Code of Ethics ("Code"), the following terms have been defined.

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| | |
|:---|:---|
| &nbsp;&nbsp;<br>Access Person | &nbsp;&nbsp;Any supervised person, who has access to nonpublic information regarding Clients' purchase or sale of securities, is involved in making securities recommendations to Clients or who has access to such recommendations that are nonpublic. Please refer to the document entitled "List of Access Persons" maintained in the Compliance Department. |
| &nbsp;&nbsp;<br>Advisory Person | &nbsp;&nbsp;Each officer or employee who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of securities, or whose functions relate to making any recommendations with respect to such purchases or sales, for Clients. All Advisory Persons are also Access Persons and therefore must comply with all requirements applicable to Access Persons. |
| &nbsp;&nbsp;Affiliates of ZCM | &nbsp;&nbsp;Any affiliate referenced in the Form ADV or as maintained on the Affiliates List by the Compliance Department. |
| &nbsp;&nbsp;<br>Beneficial Interest | &nbsp;&nbsp;Ability to share, directly or indirectly, in any profit, loss, dividend or income, directly or indirectly, through any joint account, partnership, trust or other formal or informal relationship.<br>An Access Person is deemed to have a beneficial interest in accounts held by immediate family members with whom the Access Person shares a household. Beneficial interest shall be interpreted in accordance with Section 16 of the Securities Exchange Act of 1934 and rules and interpretations thereunder. |
| &nbsp;&nbsp;<br>Client | &nbsp;&nbsp;Any person or entity for which ZCM serves as investment adviser, renders investment advice, or makes investment decisions in exchange for compensation. |
| &nbsp;&nbsp;Exchange-Traded Fund ("ETF") | &nbsp;&nbsp;A security that tracks an index, sector, strategy, commodity or a basket of assets like an index fund, but trades like a stock on an exchange. |
| &nbsp;&nbsp;<br>Federal Securities Laws | &nbsp;&nbsp;The Securities Act of 1933 (the "1933 Act"), Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940 (the "1940 Act"), the Investment Advisers Act of 1940 (the "Advisers Act"), Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Securities and Exchange Commission (the "SEC") under any of these statutes, the Bank Secrecy Act, and any rules adopted by the SEC or the Department of the Treasury. |

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| | |
|:---|:---|
| &nbsp;&nbsp;First In, First Out ("FIFO") | &nbsp;&nbsp;Applicable to holding period trading stipulation. Evaluation of short-term trading violations will be conducted based on this method. |
| &nbsp;&nbsp;Fund | &nbsp;&nbsp;Each of the registered investment companies for which the Firm, or any of its Affiliates, serves as an adviser or sub-adviser. This list is maintained by the Compliance Department. |
| &nbsp;&nbsp;Initial Public Offering ("IPO") | &nbsp;&nbsp;An offering of a security registered under the 1933 Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934. |
| &nbsp;&nbsp;Managed Account Letter | &nbsp;&nbsp;A letter indicating an Access Person's grant of investment discretion in an account or accounts to a third-party, signed by the Access Person, the Access Person's financial advisor, and approved by CCO. Attached as **Appendix VI**. |
| &nbsp;&nbsp;Managed Account | &nbsp;&nbsp;An investment account over which ***bona fide legal investment discretion*** has been granted to an investment manager. The Access Person does not have any direct or indirect influence over the control of the account. |
| &nbsp;&nbsp;<br>Non-Reportable Security | &nbsp;&nbsp;Any of the following: (i) direct obligations of the U.S. Government; (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments (defined as any instrument that has a maturity at issuance of less than 366 days and that is rated in one of the two highest rating categories by a nationally recognized statistical rating organization), including repurchase agreements; (iii) shares issued by money market funds; (iv) shares issued by open-end funds registered under the 1940 Act, other than Reportable Funds; and (v) shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are Reportable Funds. |
| &nbsp;&nbsp;<br>Outside Business Activity | &nbsp;&nbsp;Includes any of the following on a compensated or non-compensated basis in a for-profit capacity or for a for-profit entity:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Being engaged in any other business outside the business of ZCM;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Being employed or compensated by any other person for business- related activities outside the business of ZCM;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serving as an Advisory Person of another organization;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serving on the board of directors (or in any similar capacity) of another company. Authorization for board service will rarely be granted and will normally require ZCM not hold or purchase any securities of the company on whose board the Advisory Person sit. |

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| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio Manager | &nbsp;&nbsp;Any person of the Firm who makes decisions as to the purchase or sale of portfolio holdings on behalf of Clients. |
| &nbsp;&nbsp;Private Placement | &nbsp;&nbsp;An offering and investment in any non-publicly traded security. |
| &nbsp;&nbsp;Private Securities Transaction | &nbsp;&nbsp;Includes investments in private placements (hedge funds or private equity funds), privately placed security, private investment partnerships, interests in oil and gas ventures, real estate syndications, participations in tax shelters and other investment vehicles and shares issued prior to a public distribution. |
| &nbsp;&nbsp;<br>Reportable Fund | &nbsp;&nbsp;The term "Reportable Fund" means (i) any fund for which the Firm serves as investment adviser or sub-adviser; or (ii) any fund whose investment adviser or principal underwriter controls the Firm, is controlled by the Firm, or is under common control with the Firm. As used in this definition, the term control has the same meaning as it does in Section 2(a)(9) of the Investment Company Act. A complete list of Reportable Funds is maintained by the Compliance Department. |
| &nbsp;&nbsp;Reportable Security | &nbsp;&nbsp;The term "Reportable Security" includes all Securities (including Index Securities) other than Non-Reportable Securities. This includes, for example, stocks, bonds, futures, ETFs |
| &nbsp;&nbsp;<br>Supervised Person | &nbsp;&nbsp;Any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of the Firm, or other person who provides investment advice on behalf of the Firm and is subject to the supervisions and control of the Firm. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.INTRODUCTION**

The investment management and financial services industries are highly regulated and are subject to a wide variety of laws and regulations designed to protect investors. Similarly, publicly traded companies are required to meet strict standards to protect the integrity of the markets in which their securities trade.

Ziegler Capital Management, LLC ("ZCM," or the "Firm") adopts this Code of Ethics (the "Code") in accordance with Rule 204A-1 under the Advisers Act, and in accordance with Rule 17j-1 under the 1940 Act. This Code sets forth standards of conduct expected of advisory personnel, and addresses conflicts that arise from personal trading by Access Persons to mitigate the possibility of securities transactions occurring that place, or appear to place, such persons in conflict with the interests of ZCM and any Client.

ZCM observes the highest standards of ethical conduct and requires the same of all its Advisory Persons. As a condition of employment, each Advisory Person has an obligation to act in the best interests of our Clients. The operations of the Firm must be conducted in compliance with the law with the highest ethical standards. Each Advisory Person must read this Code in its entirety and comply with the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Execute the Initial and Annual Receipt of this Code, see **Appendix II**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Certify annually that they have read, understand and are in compliance with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Retain a copy of the most current version of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Attend any required Code training.

*This Code should be read in conjunction with ZCM Policies and Procedures Manual.* This Code is intended to help each Advisory Person understand their obligations to comply with the highest ethical standards. The Code should be kept by each Advisory Person for future reference.

The Chief Compliance Officer ("CCO"), in consultation with the Firm's CEO, reserves the right to make exceptions, on a case-by-case basis, to any of the provisions of this Code upon a determination that the conduct at issue provides little opportunity for improper behavior or otherwise merits an exception.

Approval of all such exceptions must be documented in writing. Because ZCM policies, governmental regulations, and industry standards relating to personal trading and potential conflicts of interest can change over time, ZCM may modify any or all of the policies and procedures set forth in the Code.

Should ZCM revise the Code, each Advisory Person will receive written notification from the CCO or a designee, and will be required to certify that he or she has received, read, and understand the revised Code. It is the responsibility of each Advisory Person to become familiar with any modifications to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.STANDARDS OF CONDUCT**

ZCM is a fiduciary to its Clients and owes each Client an affirmative duty of good faith and full and fair disclosure of all material facts. This duty is particularly pertinent whenever the adviser is in a situation involving a conflict or potential conflict of interest. Advisory Persons must affirmatively exercise authority and responsibility for the benefit of Clients and may not participate in any activities that may conflict with the interests of Clients. In addition, Advisory Persons must avoid activities, interests and relationships that might interfere or appear to interfere with making decisions in the best interests of our Clients.

Accordingly, at all times, Advisory Persons must conduct Firm business with the following precepts in mind:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Place the interests of Clients first**. No Advisory Person may cause a Client to take action, or not to take action, for personal benefit rather than the benefit of the Client. For example, causing a

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Client to purchase a security owned by the Advisory Person for the purpose of increasing the price of that security would be a violation of this Code. Similarly, an Advisory Person investing in a security of limited availability that was appropriate for Clients without first considering that investment for Clients would violate this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Conduct all personal securities transactions in compliance with this Code**. This includes all pre-clearance and reporting requirements and procedures regarding personal trading and trade allocations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Keep information confidential**. Information concerning Client transactions or holdings is material, non-public information and we may not use knowledge of any such information to profit from the market effect of those transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.Comply with the Federal Securities Laws and all other laws and regulations applicable to the Firm's business.** Advisory Persons should make it their business to know what is required of ZCM as an investment adviser, and integrate compliance into the performance of all duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.Seek advice when in doubt about the propriety of any action or situation.** Any questions concerning this Code should be addressed to the CCO, or a designee who may consult with outside counsel, outside auditors, or other professionals, as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.Escalate client complaints.** Complaints conveyed by a Client or on behalf of a Client should be promptly reported to the Compliance Department. Advisory Persons may not make any payments or other account adjustments to Clients in order to resolve any type of complaint. All such matters will be handled by the CCO or a designee.

As a general rule, Advisory Persons are expected to abide not only by the letter of the Code, but also by the spirit of the Code. The policies and procedures in the following sections of this Code implement these general fiduciary principles in the context of specific situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.CONFIDENTIAL INFORMATION**

Advisory Persons are prohibited from revealing information relating to the holdings in Client accounts or relating to the identification of securities which are being purchased or sold in Client accounts except to persons whose responsibilities require knowledge of this information. Portfolio Managers shall maintain all information relating to the Client accounts being managed in a confidential and secure manner.

The Firm has also implemented an Insider Trading Policy to address the protection of material, non-public information. Unauthorized disclosures of material, non-public information to select individuals or groups could result in substantial liability to the Firm and its Advisory Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.PERSONAL TRADING POLICY**

Access Persons must pre-clear all purchases and sales of securities except those described in **Appendix I** of this Code. (This list is NOT intended to be all-inclusive. If there is a security type not listed here and you have a question, please call the Compliance Department.)

Once a pre-clearance request is approved, the Access Person has until market close that day to trade in that security. For market orders, the order must be placed *and* filled before the approval expires. For limit orders, the order must be placed before the approval expires. This may be extended into after-hours trading with approval of the Compliance Department.

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Access Person should be aware of these general considerations relating to specific types of trading activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Black Out Period.</u> An Access Person cannot purchase or sell, directly or indirectly, any Reportable Security within three (3) business days following a client transaction in the same (or a related) security. See **Appendix I** for exceptions to the black-out period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Holding Period.</u> To mitigate concerns over short-term trading, there is a 30-day holding period for most transactions (see **Appendix I**). Short-term trading by Access Persons in accounts for which they have any beneficial ownership is prohibited. Short-term trading is defined as purchases and sales of the same or equivalent Reportable Security within a 30-calendar day period. Short term trading will be evaluated on a LIFO 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;• <u>Initial Public Offerings.</u> No Access Person shall acquire Beneficial Interest in any security in an Initial Public Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Restricted List.</u> Securities are listed on the Firm's restricted list. It is at the discretion of the CCO whether to add or remove securities from this restricted list. The CCO will review the list on a periodic basis and shall consult with the CEO, as needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Reporting Requirements**

Each Access Person has various reporting obligations with respect to accounts in which they have a Beneficial Interest under the Code. Such accounts include those belonging to the Access Person, the Access Person's spouse and dependent children; and any other member of the Access Person's immediate family with whom they share a household. It also includes any accounts over which the Access Person controls or influences investment decisions or has the right or authority to exercise any degree of control or discretionary authority (non-Client accounts), as well as any account in which the Access Person has a beneficial interest. Beneficial interest includes direct or indirect power to make investment decisions.

The reporting obligations are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Initial Holdings Report</u>. Every Access Person must complete, sign, and submit to the Compliance Department, an Initial Holdings Report through MyComplianceOffice ("MCO"), no later than 10 calendar days after becoming an Access Person. Each Access Person is required to submit all accounts belonging to them as well as to any member of their immediate family with whom they share a household. A sample Initial Holdings Report is provided as **Appendix**

**V**. The information contained in the Initial Holdings Report must be current as of a date no more than 45 days prior to the date the person becomes an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Quarterly Transaction Report</u>. Every Access Person must complete and submit a Quarterly Transaction and Brokerage Account Report to the Compliance Department, via the Firm's electronic personal trading system, MCO. The report must include information about any transactions in Reportable Securities which were made during the specified calendar quarter. This is applicable for all Reportable Securities, regardless of whether pre-clearance approval was required. Please note transactions in Reportable Securities executed in Managed Accounts (i.e. no direct or indirect influence or control) are not required to be reported. The Quarterly Transaction and Brokerage Account Report must be submitted within 30 days ending each calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Annual Holdings Reports</u>. Every Access Person must complete and submit to the Compliance Department an Annual Holdings Report no later than 45 days following the end of the calendar

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year via the Firm's electronic personal trading system, MCO. The information contained in the Annual Holdings Report must be current as of December 31<sup>st</sup> of the preceding year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Disclosure of New Brokerage Accounts</u>. Each Access Person must add any new brokerage account to the Firm's electronic personal trading system prior to executing transactions any newly opened account for the direct or indirect benefit of such Access Person and any non- Client accounts over which the Access Person controls or influences investment decisions or has the right or authority to exercise any degree of control or discretionary authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Duplicate Trade Confirmations</u>. All Access Persons must provide the Compliance Department with their broker information. The Compliance Department will direct the broker to supply the Firm with duplicate copies of all trade confirmations or brokerage statements for all accounts holding Reportable Securities in either hard copy form or through an electronic data feed sent to the Firm's electronic personal trading system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Notification of Reporting Obligation</u>. All Access Persons will be informed of such duty by the Compliance Department and will be provided with a copy of this Code. Once informed of the duty to file a Quarterly Report and Initial and Annual Holdings Report, an Access Person has a continuing obligation to file such report, in a timely manner, whether or not the Access Person had any new information to report for the period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Annual Code Acknowledgement</u>. All Access Persons are required to certify, on an annual basis, their knowledge of the Code and the provisions noted therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Non-Volitional Investments**

Certain non-volitional and managed investments are not subject to the pre-clearance requirements in the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases that are part of an issuer's automatic dividend reinvestment plan or part of an automatic investment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases effected upon the exercise of rights issued by the issuer *pro rata* to all holders of a class of its Reportable Securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquisitions or dispositions of securities through stock splits, reverse stock splits, mergers, consolidations, spin-offs or similar corporate reorganizations or distributions generally applicable to all holders of the same class of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales upon the exercise of puts or calls written by the Access Person where the purchase or sale is effected based on the terms of the option without action by the Access Person or his or her agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Private Security Transactions**

ZCM's fiduciary duty to Clients dictates that we devote our professional attention to Clients' interests, above our own or those of other organizations. Any Advisory Person wishing to engage in private securities transactions must obtain prior written approval of the CCO. The form included as **Appendix IV** to this Code or a form accessible in MCO should be used to make such requests.

Prior to making the initial investment in private securities, the Advisory Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Arrange for the Compliance Department to review and obtain any private placement memoranda, subscription agreements or other documents pertaining to the investment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Arrange for the Compliance Department to obtain any duplicate confirmations and statements or their equivalents relating to the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When confirmations and statements or other like documents are not available from the issuer, the Advisory Person must promptly inform the Compliance Department of any changes in the investment and provide a written annual update.

An Access Person who has been permitted to acquire a security in a private placement must disclose that investment if he or she later participates in consideration of an investment in that issuer by a Client's account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.Exceptions to Trading Policy**

There are certain trading situations in which Advisory Persons may be have reduced reporting requirements. It is encouraged to review the specific situation with a member of the Compliance Department, if there are questions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Transactions effected in any 529 College Savings Plans**

Transactions in 529 College Savings Plans do not require trade pre-clearance, but must be reported pursuant to the requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Managed Accounts**

Accounts for which ***<u>bona fide legal investment discretion</u>*** has been granted to an outside entity do not require pre-clearance. In such instances, an Access Person must first do *all* of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Notify the Compliance Department of its existence at the commencement of employment at ZCM or at the time the account is opened; 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;&nbsp;&nbsp;&nbsp;&nbsp;2.Provide the Compliance Department with the Managed Account Letter which has been executed by the Access Person as well as the broker-dealer, bank, investment manager, financial adviser, trust company or trustee. A copy of the Managed Account Letter is provided as **Appendix VI**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Hardships**

Under unusual circumstances, such as personal financial emergencies, and when it is determined that no conflict of interest or other breach of duty is involved, application for an exemption to make a transaction may be made to the CCO, which application may be denied or granted. To request consideration, an Access Person must submit a written request containing details on the circumstances, reason or the exception, and exception requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Systematic Investment/Withdrawal Programs**

Purchases or sales of a Reportable Security, including Funds, pursuant to a systematic investment or withdrawal program do not require pre-clearance, provided the original setting up of the investment or withdrawal program was appropriately approved. This includes systematic investments made in Firm-sponsored 401k plans.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.Outside Business Activities**

Employees may, under certain circumstances, be granted permission to engage in outside business activities with public or private corporations, partnerships, not-for-profit institutions, and other entities. Employees may also be granted permission to participate in investment clubs. However, such activities can expose the participant to potentially Material Non-Public Information, and can create conflicts of interest.

Employees may be subject to compliance risks or conflicts of interest in connection with information or relationships associated with prior employment with other companies.

Employees may engage in outside business activities, serving on boards of directors, and participate in investment clubs with the prior written approval of Compliance. Approval will be granted on a case-by- case basis, subject to careful consideration of potential conflicts of interest, disclosure obligations, and any other relevant regulatory issues.

An Employee may not participate in any business opportunity that comes to his or her attention as a result of his or her association with ZCM and in which he or she knows that ZCM might be expected to participate or have an interest, without:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosing in writing all necessary facts to the CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Offering the particular opportunity to ZCM; 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;• Obtaining written authorization to participate from the CCO.

Any personal or family interest in any of ZCM's business activities or transactions must be immediately disclosed to the CCO. For example, if a transaction by ZCM may benefit that Employee or a family member, either directly or indirectly, then the Employee must immediately disclose this possibility to the CCO.

Before undertaking any Outside Business Activity, Advisory Persons must fill out the Request Form in the online compliance portal, MyComplianceOffice ("MCO"), and submit the Form to the Compliance Department.

In order to ensure that employees devote their time to their duties at the Firm and to ensure that employees do not take on activities that could present conflicts of interest, all outside activities conducted by an employee which either involve (i) a substantial time commitment or (ii) employment, teaching assignments, lectures, publication of articles, or radio or television appearances must be approved beforehand by the CCO. The CCO may require full details concerning the outside activity including the number of hours involved and the compensation to be received. Prior to accepting a position as an officer or director in any business, charitable organization, or non-profit organization, an employee must also obtain approval from the CCO.

No Employee may borrow from or become indebted to any person, business or company having business dealings or a relationship with ZCM, except with respect to customary personal loans (such as home mortgage loans, automobile loans, and lines of credit), unless the arrangement is disclosed in writing and receives prior approval from the CCO. No Employee may use ZCM's name, position in a particular market, or goodwill to receive any benefit on loan transactions without the prior express written consent of the CCO.

Employees are responsible for notifying Compliance prior to beginning a new activity, if the role within the previously disclosed activity changes, or when the Employee is no longer involved with that activity.

An Employee who is granted approval to engage in an outside business activity must not transmit Material Non-Public Information between ZCM and the outside entity. If participation in the outside business activity results in the Employee's receipt of Material Non-Public Information that could reasonably be viewed as relevant to ZCM's business activities, the Employee must discuss the scope and nature of the

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information flow with the CCO. Similarly, if an Employee receives approval to engage in an outside business activity and subsequently becomes aware of a material conflict of interest that was not disclosed when the approval was granted, the conflict must be promptly brought to the attention of the CCO.

**<u>Disclosure Reporting</u>**

Each outside business activity will be reviewed accordingly and disclosed on the Employee's Form ADV 2B, if applicable and necessary. Furthermore, any outside business activity of a Registered Representative will be communicated appropriately to the broker-dealer for necessary disclosure on the Form U-4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.Gifts and Entertainment**

Employees may generally give and receive gifts and entertainment, so long as such gifts and entertainment are not lavish or excessive, and do not give the appearance of being designed to improperly influence the recipient.

**<u>Guiding Principles</u>**

ZCM holds its Employees to high ethical standards and strictly prohibits any giving or receipt of things of value that are designed to improperly influence the recipient. Anti-bribery and anti-corruption statutes in the U.S. are broadly written, so Employees should consult with Compliance if there is even an appearance of impropriety associated with the giving or receipt of anything of value.

Please note an event which an Employee and the giver/recipient attend together is considered *entertainment*. An event to which tickets or other access is provided, but at which the giver is not present, is considered a *gift.*

**<u>Specific Policies and Procedures – Receipt of Gifts or Entertainment</u>**

**Employees' Receipt of Entertainment**

Employees may attend business meals, sporting events and other entertainment events at the expense of a giver, provided that the entertainment is not lavish or extravagant in nature. Employees must report their entertainment they receive to Compliance electronically via the designated compliance system.

**Employees' Receipt of Gifts**

Employees must report when they receive gifts from Clients, Investors, prospects, or third-party service providers electronically via the designated compliance system.

Employees may not accept gifts greater than $250 in the aggregate on an annual basis from any individual or organization.

ZCM expects that it will bear the costs of Employee travel and lodging associated with conferences, research trips, and other business-related travel. If these costs are borne by a person or entity other than ZCM they should be treated as a gift to the Employee for purposes of this policy.

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Gifts such as holiday baskets or lunches delivered to ZCM's offices, which are received on behalf of the Company, do not require reporting. Promotional items valued at less than $100 that clearly display the giver's company logo also need not be reported. Examples of promotional gifts include mugs, hats and umbrellas.

**<u>Specific Policies and Procedures – Giving of Gifts or Entertainment</u> ZCM's Gift Policy**

ZCM and its Employees are generally prohibited from giving gifts that may appear lavish or excessive, and must obtain approval from Compliance to give gifts in excess of $250 to any Client, Investor, prospect, or individual or entity that ZCM does, or is seeking to do, business with, including third-party vendors. Such request must be made to Compliance via the designated compliance system.

**ZCM's Entertainment Policy**

ZCM and its Employees are permitted to provide entertainment to any Client, Investor, prospect, or individual or entity that ZCM does, or is seeking to do, business with, including third-party vendors as long as it is for a bona fide business purpose and is not lavish or excessive.

**Gifts and Entertainment Given to Union Officials or ERISA Plan Fiduciaries**

ZCM and its Employees are generally prohibited from giving gifts or entertainment with an aggregate value exceeding $250 per year to any ERISA plan fiduciary or union official. Any reportable gifts or entertainment provided by ZCM to a labor union or a union official in excess of $250 per fiscal year must be reported on Department Labor Form LM-10 within 90 days following the end of ZCM's fiscal year. Consequently, all gifts and entertainment provided to labor unions, union officials, or ERISA plan fiduciaries must be reported to Compliance via the designated compliance system.

**Gifts and Entertainment Given to Political Officials**

Gifts and entertainment provided to political officials will be viewed as political contributions and are subject to the limitations provided under Rules 206(4)-5 and ZCM's Political & Charitable Contribution Activity and Public Positions Policy ("Political Contribution Policy"). Generally, ZCM and its Employees are prohibited from giving gifts or entertainment with an aggregate value exceeding $150 if an employee is not eligible to vote for the candidate and $350 if they are eligible to vote for the candidate. These limits are applicable in the aggregate for gifts, entertainment, and political contributions. For further details about contributions including pre-clearance requirements, of any sort including gifts and entertainment, please see the *Political and Charitable Contributions Policy* in this Compliance Manual.

**Gifts and Entertainment Given to Foreign Governments and "Government Instrumentalities"**

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The Foreign Corrupt Practices Act ("FCPA") prohibits the direct or indirect giving of, or a promise to give, "things of value" in order to corruptly obtain a business benefit from an officer, employee, or other "instrumentality" of a foreign government. Companies that are owned, even partly, by a foreign government may be considered an "instrumentality" of that government. In particular, government investments in foreign financial institutions may make the FCPA applicable to those institutions. Individuals acting in an official capacity on behalf of a foreign government or a foreign political party may also be "instrumentalities" of a foreign government.

The FCPA includes provisions that may permit the giving of gifts and entertainment under certain circumstances, including certain gifts and entertainment that are lawful under the written laws and regulations of the recipient's country, as well as bona-fide travel costs for certain legitimate business purposes. However the availability of these exceptions is limited and is dependent on the relevant facts and circumstances.

Civil and criminal penalties for violating the FCPA can be severe. ZCM and its Employees must comply with the spirit and the letter of the FCPA at all times. Employees must obtain written pre-clearance from the Chief Compliance Officer ("CCO") prior to giving anything of value that might be subject to the FCPA *except* food and beverages that are provided during a legitimate business meeting and that are clearly not lavish or excessive.

Employees must disclose to Compliance all gifts and entertainment that may be subject to the FCPA, irrespective of value and including food and beverages provided during a legitimate business meeting.

Employees must consult with Compliance if there is any question as to whether gifts or entertainment need to be pre-cleared and/or reported in connection with this policy.

**<u>Specific Policies and Procedures – Corporate Sponsorships and Charitable Giving</u>**

Corporate sponsorships and charitable contributions made by ZCM must be approved by the CEO and CCO. Payments for such events cannot be made directly to Clients or individuals, without prior approval of the CCO or her designee. Such sponsorships and contributions should not be so frequent as to raise the questions of their propriety. All such expenditures must be logged into the online compliance system.

**<u>Internal Controls</u>**

**Gifts and Entertainment Tracking**

Compliance will monitor Employees' provision and receipt of gifts and entertainment. The Chief Financial Officer ("CFO") will be responsible for reviewing any gifts and entertainment reported by the CCO.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.OTHER RESTRICTIONS AND POLICIES**

The Firm has adopted additional compliance policies and procedures to address each of these policies. Please consult those policies for additional details and guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Pay to play**

To avoid any real perceived conflict of interests, the Firm requires that employees' political contributions are subject to a pre-clearance requirement. The ZCM policy relative to political contributions is applicable to all Access Persons. The Compliance Department maintains this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Unethical Conduct – Whistleblower Policy**

ZCM is committed to the highest standards of ethical, moral, and legal business conduct. In accordance with this commitment, ZCM has established a whistleblower policy. The Compliance Department maintains this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.ENFORCEMENT**

The Compliance Department will review all reports made pursuant to this Code as well as materials relating to personal transactions in Reportable Securities by Access Persons. Compliance shall institute procedures necessary to monitor the adequacy of such reports and to otherwise prevent or detect violations of this Code. A violation of this Code shall be reported to management of the Firm as soon as possible upon discovery.

Violations of this Code may result in sanctions or such other steps as the Firm may deem appropriate, including, but not limited to, unwinding the transaction or disgorgement of any profit from the transaction, a letter of censure, reduction in salary, and suspension or termination of employment. Access Persons who incur repeated violations of elements of this Code will be subject to escalating disciplinary action subject to the discretion of senior management of the Firm. No officer of the Firm shall participate in a determination of whether there has been a violation of this Code or of the imposition of any sanction against them.

In addition, the Firm may report any violations to the appropriate regulatory authority, including the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.&nbsp;&nbsp;&nbsp;&nbsp;RECORD RETENTION**

ZCM shall maintain records in the manner and to the extent set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Retention of Copy of the Code</u>. A copy of this Code, and any versions that were in effect within the past five years shall be preserved in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Record of Violations</u>. A record of any violation of this Code and of any action taken as a result of such violation shall be preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Copy of Forms and Reports</u>. A copy of every form referenced herein prepared and filed by an Access Person shall be preserved for a period of not less than five years from the end of the fiscal year in which such report is made, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Written Acknowledgements</u>. A record of all written acknowledgments of receipt of this Code from each person who is, or within the past five years was, an Access Person or Supervised Person shall be preserved in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>List of Access Persons</u>. A list of all persons who are, or within the past five years of business were Access Persons, shall be maintained in an easily accessible place;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Record of Approvals</u>. A record of any decision, and the reasons supporting the decision, to approve the acquisition of Securities in a Private Placement, and any other purchases or sales of Reportable Securities by Access Persons shall be maintained in an easily accessible place for at least five years following the end of the fiscal year in which the approval is granted; 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;• <u>Location of Records</u>. All such records and/or documents required to be maintained pursuant to this Code shall be kept at ZCM's offices or some other location noted in the Firm's ADV.

See the Firm's Maintenance of Books and Records policy for more detail regarding books and records pertaining to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.AMENDMENTS**

Any material amendments to the Code subsequent to its initial approval must be approved by a Funds' board within six months of the amendment. Amendments to the Code shall be deemed to be effective immediately.

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**<u>APPENDIX I</u>**

**REPORTABLE AND NON-REPORTABLE SECURITIES**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Security Type** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pre- Clearance Required?** | &nbsp;&nbsp;&nbsp;**Subject to 3 day Blackout Period?** | &nbsp;&nbsp;**Subject to 30 day holding period?** | &nbsp;&nbsp;**Report on Quarterly Transaction Report?** | &nbsp;&nbsp;**Report on Initial & Annual Holdings Report?** |
| &nbsp;&nbsp;Equity Securities, Real Estate Investment Trusts ("REIT"), and option contracts ***if market capitalization of the underlying security is <u>below</u> $10 billion at the time of the trade*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Yes | <br>Yes |
| &nbsp;&nbsp;Equity Securities, Real Estate Investment Trusts ("REIT"), and option contracts ***if market capitalization of the underlying security is <u>above</u> $10 billion at the time of the trade*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Yes | <br>Yes |
| &nbsp;&nbsp;Fixed Income including Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| &nbsp;&nbsp;Municipal & General Obligation Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| &nbsp;&nbsp;Closed-End Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| &nbsp;&nbsp;Commodities including commodity futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| &nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| &nbsp;&nbsp;Securities offered as part of an Initial Public Offering ("IPO") | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROHIBITED FROM TRADING EQUITY IPOs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROHIBITED FROM TRADING EQUITY IPOs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROHIBITED FROM TRADING EQUITY IPOs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROHIBITED FROM TRADING EQUITY IPOs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROHIBITED FROM TRADING EQUITY IPOs |
| &nbsp;&nbsp;Private Placements or Limited Offerings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Any ETF or ETN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Direct obligations of the U.S. Government (i.e. Treasury Bonds) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;No |
| &nbsp;&nbsp;Money Market Instruments (e.g. bankers' acceptances, bank certificates of deposit, commercial paper, money market funds, etc.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>No | <br>No |

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Appendix I

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Security Type** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pre- Clearance Required?** | &nbsp;&nbsp;&nbsp;**Subject to 3 day Blackout Period?** | &nbsp;&nbsp;**Subject to 30 day holding period?** | &nbsp;&nbsp;**Report on Quarterly Transaction Report?** | &nbsp;&nbsp;**Report on Initial & Annual Holdings Report?** |
| &nbsp;&nbsp;Open-End Mutual Funds *other* than ZCM or any Affiliate's advised or sub advised Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>No |
| &nbsp;&nbsp;<br>ZCM or any Affiliate's advised or sub advised Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Yes | <br>Yes |

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Appendix I

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Security Type** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pre- Clearance Required?** | &nbsp;&nbsp;&nbsp;**Subject to 3 day Blackout Period?** | &nbsp;&nbsp;**Subject to 30 day holding period?** | &nbsp;&nbsp;**Report on Quarterly Transaction Report?** | &nbsp;&nbsp;**Report on Initial & Annual Holdings Report?** |
| &nbsp;&nbsp;UITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| &nbsp;&nbsp;Securities held in any 529 College Savings Plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | No |

---

Appendix I

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**<u>APPENDIX II</u>**

**INITIAL AND ANNUAL ACKNOWLEDGMENT OF THE CODE OF ETHICS**

I hereby acknowledge that I have received, read and understand the Ziegler Capital Management, LLC Personal Trading Policy and Code of Ethics, and represent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have read the Code of Ethics and understand it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.I certify that to the extent I did not understand a provision of the Code of Ethics, I asked and received proper guidance by the Chief Compliance Officer ("CCO") or a designee of the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.I understand that any violation of the Code of Ethics may subject me to disciplinary action, including dismissal from employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.I will abide by the Code of Ethics in all respects and any future amendments to the Code, including reporting to Compliance any violations of the Code of which I become aware, as long as I am employed by Ziegler Capital Management, LLC.

Access Person Name: <u>____________________________________________</u>

Access Person Signature: <u>____________________________________________</u>

Dated: <u>____________________________________________</u>

Appendix II

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**<u>APPENDIX III</u>**

 **OUTSIDE BUSINESS ACTIVITY**

Advisory Persons of ZCM must obtain written approval from the CCO before engaging in an outside business activity (which includes being an officer, director, limited or general partner, member of a limited liability company, Advisory Person or consultant of any non-ZCM entity or organization on a compensated or non-compensated basis). The CCO will consult with the designated supervisor of the Advisory Person if necessary.

**Preliminary Information**

Advisory Person Name: <u>____________________________________________</u>

Name of Organization: <u>____________________________________________</u>

Nature of Business: <u>____________________________________________</u>

Legal Status of Entity (corporation, limited partnership, Limited Liability Company): <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

<u>______________________________________________________________________________</u>

Business Address: <u>_________________________________________________________________</u>

<u>_____________________________________________________________________________________</u>

Principals: <u>__________________________________________________________________</u>

<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>Publicly Traded&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>Privately Placed&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>Non-Profit

To the best of your knowledge, does the organization or any of its affiliates conduct or plan to conduct business with ZCM?

<u>______</u>Yes&nbsp;&nbsp;&nbsp;&nbsp;<u>______</u>No

If yes, please explain:

![image_18.jpg](image_18.jpg)

![image_18.jpg](image_18.jpg)

Appendix III

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To the best of your knowledge, has the organization or anyone associated with the organization been the subject of a disciplinary proceeding issued by a securities regulatory authority, or been found guilty of a

criminal offense within the last ten years? <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>Yes&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>No

If yes, please explain: <u>__________________________________________________________________</u>

<u>__________________________________________________________________</u><u>___________________</u>

&nbsp;&nbsp;&nbsp;&nbsp;

Appendix III

------

**Description of Outside Business Activity**

What is the nature of the proposed activity?

Officer&nbsp;&nbsp;&nbsp;&nbsp;Investor

Director&nbsp;&nbsp;&nbsp;&nbsp;Promoter

Advisor&nbsp;&nbsp;&nbsp;&nbsp;Advisory Person Other

Please explain the exact nature of your activities, duties and responsibilities and please describe in detail any financial or investment Advisory or decision making role that you may have in the organization.

![image_18.jpg](image_18.jpg)

![image_18.jpg](image_18.jpg)

![image_18.jpg](image_18.jpg)

Number of Hours per Week <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Per Month <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>you intend to engage in this activity.

Will the proposed activity enable you to exert control over a publicly or privately held company, either

directly or indirectly?&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>Yes&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>No

If yes, please explain:

![image_18.jpg](image_18.jpg)

![image_18.jpg](image_18.jpg)

To the best of your knowledge, will your participation in the outside activity conflict with or compromise your ability to carry out your duties at ZCM or restrict or otherwise have any negative impact on the

activities of ZCM?

<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>Yes

<br><u>&nbsp;&nbsp;&nbsp;&nbsp;</u>No

If yes, please explain:

![image_18.jpg](image_18.jpg)

![image_18.jpg](image_18.jpg)

Will you be required to participate in the outside activity during normal ZCM business hours?

<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>Yes

<br><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>No

If yes, please explain:

![image_18.jpg](image_18.jpg)

Appendix III

------

Will you receive compensation from the outside activity including, but not limited to, selling commissions,

finder's fees, or salary? <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>Yes&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>No

If yes, please explain the nature of such compensation:

![image_18.jpg](image_18.jpg)

![image_18.jpg](image_18.jpg)

If you will serve as an officer or director, will the organization carry officer's/director's liability insurance

for you?

<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>Yes

<br><u>&nbsp;&nbsp;&nbsp;&nbsp;</u>No

Advisory Person Signature:

![image_18.jpg](image_18.jpg)

Print Name:<u>______________________________</u>&nbsp;&nbsp;&nbsp;&nbsp;Date: <u>______________________________</u>

**ACKNOWLEGMENT**

Compliance Signature: <u>____________________________________________________________________</u>

Date: <u>______________________________</u>

(The completed form should be submitted to the Compliance Department for filing.)

Appendix III

------

**<u>APPENDIX IV</u>**

**PRIVATE SECURITIES TRANSACTION REQUEST FORM**

Advisory Persons of ZCM must obtain written approval from t the CCO before entering into any private securities transaction (which includes investments in a private placement, private investment partnerships, interests in oil and gas ventures, real estate syndications, participation in tax shelters, and other investment vehicles and shares issued prior to a public distribution). Prior to making an initial investment in a private securities transaction, the CCO or a designee must review copies of any agreements, offering memoranda, or other documentation pertaining to the investment.

**Preliminary Information**

Advisory Person Name: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name of Organization: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Nature of Business: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Legal Status of Entity (corporation, limited partnership, Limited Liability Company):

![image_18.jpg](image_18.jpg)

Business Address:

![image_18.jpg](image_18.jpg)&nbsp;&nbsp;&nbsp;&nbsp;

Principals:

![image_18.jpg](image_18.jpg)

Publicly Traded&nbsp;&nbsp;&nbsp;&nbsp;______________&nbsp;&nbsp;&nbsp;&nbsp;Privately Placed&nbsp;&nbsp;&nbsp;&nbsp;______________ Non-Profit ______________

To the best of your knowledge, does the organization or any of its affiliates conduct or plan to conduct business with ZCM?

______________Yes ______________No

If yes, please explain:

![image_18.jpg](image_18.jpg)

![image_18.jpg](image_18.jpg)

To the best of your knowledge, has the organization or anyone associated with the organization been the subject of a disciplinary proceeding issued by a securities regulatory authority, or been found guilty of a

criminal offense within the last ten years? <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>Yes&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>No

If yes, please explain: _____________________________________________________________

**Description of Private Securities Transaction**

Description of the investments: ______________________________________________________

Appendix IV

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Type and amount of securities you are investing in: ___________________________________________

Indicate the total dollar amount of your investment: ___________________________________________

Do you own any other securities of the company or its affiliates? <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>Yes&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>No

If yes, please explain:

![image_18.jpg](image_18.jpg)

![image_18.jpg](image_18.jpg)

Estimate your total equity ownership interest in the Company:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>%

Through your investment do you have the right to participate in management, or the right to board

membership or board observation rights?

________Yes ________No

Appendix IV

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If yes, please explain:

![image_18.jpg](image_18.jpg)

Advisory Person Signature:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Print Name:_________________________________&nbsp;&nbsp;&nbsp;&nbsp;Date: _________________________________

**ACKNOWLEGMENT**

Compliance Signature:

![image_18.jpg](image_18.jpg)

Date:

![image_18.jpg](image_18.jpg)

(The completed form should be submitted to the Compliance Department for filing.)

Appendix IV

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**<u>APPENDIX V</u>**

**INTIAL HOLDINGS REPORT**

When an Access Person begins employment with ZCM, such person must make, within 10 calendar days, a disclosure of all investment or brokerage accounts and Reportable Securities in which he or she has a Beneficial Ownership interest. Access Persons may attach their brokerage or investment account statements to this form when submitting to Compliance. The account statements must be current as of a date no more than 45 days prior to the date the Access Person joined the Firm.

***Brokerage or Investment Accounts***

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Title of Account*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Name of broker/dealer*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Account Number*** |

---

***Securities Holdings***

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;***Name of Security*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Type of Security*** | &nbsp;&nbsp;&nbsp;&nbsp;***Ticker/CUSIP*** | &nbsp;&nbsp;&nbsp;&nbsp;***Number of Shares/ Principal Amount*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Account Name*** |

---

Appendix V

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Name ______________________________________

Signature

<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Date:

<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Appendix V

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**<u>APPENDIX VI</u> MANAGED ACCOUNT LETTER**

To:&nbsp;&nbsp;&nbsp;&nbsp;Compliance Department

From:

Date:

Re:&nbsp;&nbsp;&nbsp;&nbsp;Managed Account Letter

![image_39.jpg](image_39.jpg)

As an employee of Ziegler Capital Management, LLC ("Firm"), I, _________________________

("Employee") hereby certify to the following attestations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• My spouse, dependent children, and I do not have discretion or any influence over any of the below referenced accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I have granted ***bona-fide legal investment discretion*** to the below listed Financial Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I hereby understand that if I have designated a trustee or third-party manager discretionary investment authority over my personal account(s), I have already reported such arrangement to Compliance, I will not consult the trustee or third-party manager about a particular allocation of investments, make any suggestions, or direct purchases or sales of investments relating to my managed account(s); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event that the above statements are no longer accurate, I will immediately notify the Firm's Compliance Department.

As the Employee's Financial Adviser, I hereby certify that I have been granted ***bona-fide legal investment discretion*** by the Employee for all below listed accounts.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Account Number*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Name of Account*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Financial Adviser Name/Broker Dealer Name, Address, Phone Number*** |

---

Appendix VI

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Employee Signature __________________________________________&nbsp;&nbsp;&nbsp;&nbsp;

Date __________________________________________

Financial Adviser Signature ____________________________________

Date __________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

<br>