# EDGAR Filing Document

**Accession Number:** 0001618627
**File Stem:** 0001398344-25-012654
**Filing Date:** 2025-7
**Character Count:** 576826
**Document Hash:** 31da055d4d05ac3c176b2c484a079c81
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-012654.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001398344-25-012654

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 32

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23011
- **FILM NUMBER:** 251102461

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

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

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

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

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-200168
- **FILM NUMBER:** 251102460

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

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

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

## Series and Classes Contracts Data

### MUFG Japan Small Cap Active ETF (Series ID: S000093543)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000261884 | MUFG Japan Small Cap Active ETF | MJSC            |

?xml version='1.0' encoding='ASCII'?

Filed with the Securities and Exchange Commission on July 2, 2025

1933 Act Registration File No. 333-200168

1940 Act Registration File No. 811-23011

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X] <br> Pre-Effective Amendment No.   [ ] <br> Post-Effective Amendment No. <u>64</u> [X]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X] <br> Amendment No. <u>67</u> [X]

(Check Appropriate Box or Boxes)

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

(Exact Name of Registrant as Specified in Charter)

**615 East Michigan Street**

**Milwaukee, Wisconsin 53202**

(Address of Principal Executive Offices, including Zip Code)

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

Copies to:

---

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

---

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

[X] immediately upon filing pursuant to paragraph (b)

[ ] on (date) 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.

If appropriate, check the following box:

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

**Prospectus**

**MUFG Japan Small Cap Active ETF**

**(NYSE Arca – MJSC)**

**of The RBB Fund Trust**

**July 2, 2025**

**The Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Summary Section | 1 |
| Additional Information about the Fund | 9 |
| Management of the Fund | 17 |
| How to Buy and Sell Shares | 19 |
| Dividends, Distributions, and Taxes | 21 |
| Distribution | 25 |
| Additional Considerations | 25 |
| Financial Highlights | 28 |

---

No securities dealer, sales representative, or any other person has been authorized to give any information or to make any representations, other than those contained in this Prospectus or in approved sales literature in connection with the offer contained herein, and if given or made, such other information or representations must not be relied upon as having been authorized by the MUFG Japan Small Cap Active ETF or The RBB Fund Trust (the "Trust"). This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered hereby in any jurisdiction or to any person to whom it is unlawful to make such offer.

**MUFG Japan Small Cap Active ETF**

**SUMMARY SECTION**

**Investment Objective**

The investment objective of the MUFG Japan Small Cap Active ETF (the "Fund") is to seek long-term capital appreciation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund ("Shares"). **This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.**

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):**

---

| | |
|:---|:---|
| Management Fees | 0.75% |
| Distribution (12b-1) Fees | &nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| Other Expenses<sup>(1)</sup> | 0.10% |
| Total Annual Fund Operating Expenses | 0.85% |

---

<sup>(1)</sup> "Other Expenses" are estimated for the current fiscal year. "Other Expenses" include acquired fund fees and expenses ("AFFE") of 0.01%, which are indirect fees and expenses that the Fund incurs from holding the shares of other mutual funds, including money market funds and exchange traded funds. AFFE is estimated for the current fiscal year.

*Example*

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $87 | $271 |

---

 

*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 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. No portfolio turnover rate is provided for the Fund because the Fund had not commenced operations prior to the date of this Prospectus.

**Principal Investment Strategies** 

The Fund is an actively-managed exchange-traded fund ("ETF") and under normal conditions seeks to achieve its investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in equity securities of small capitalization companies that are domiciled in or exercise the predominant part of their economic activity in Japan (the "80% Policy"). As of the date of this prospectus, small capitalization companies are those with market capitalizations at the time of investment between $300 million and $10 billion. The Fund is not required to sell equity securities whose market values appreciate or depreciate outside this market capitalization range.

Clearbrook Investment Consulting, LLC (the "Adviser") has engaged Mitsubishi UFJ Trust and Banking Corporation (the "Sub-Adviser") to provide investment advice to the Adviser related to the composition of the assets of the Fund. The Sub-Adviser employs a thematic approach to identify attractive small capitalization companies. The Sub-Adviser uses a quantitative screen focused on market capitalization and credit risk, and then uses proprietary research to identify key structural and cyclical themes with the potential for superior long-term growth, which include companies demonstrating (a) pioneering business models, (b) strength of position in industry value chain, (c) strong management, and (d) attractive valuations.

In determining whether a company is domiciled in or exercises the predominant part of its economic activity in Japan, the Fund will consider any one of the following four factors when making its determination: (i) country of organization; (ii) primary securities trading market; (iii) location of assets with respect to at least half of the company's assets; or (iv) country where the company derives at least half of its revenue or profits.

The Fund may invest up to 20% of its net assets in securities of companies that are established or operating in countries outside of Japan, which may include less developed and emerging markets countries as well as other developed market countries.

Equity securities in which the Fund may invest include common stock, preferred stock, other investment companies, depositary receipts, real estate investment trusts ("REITs"), initial public offerings ("IPOs"), and ETFs.

From time to time, in pursuing its investment strategies, the Fund may hold a significant percentage of its investments in specific sectors of the economy, such as the industrials sector. However, as the sector composition of the Fund's portfolio changes over time, the Fund's exposure to the industrials sector may be lower at a future date, and the Fund's exposure to other market sectors may be higher.

The Fund may lend its portfolio securities to generate additional income. The Fund may lend its portfolio securities to brokers, dealers and other financial institutions desiring to borrow securities to complete transactions and for other purposes. In connection with such loans, the Fund receives liquid collateral equal to at least 102% of the value of the portfolio securities being lent. This collateral is marked to market on a daily basis. The Fund may lend its portfolio securities in an amount up to 33 1/3% of its total assets.

The Sub-Adviser may advise to sell a security or reduce its position if:

● growth prospects weaken; or

● stock price begins to reflect underlying value.

The Fund has elected to be and intends to qualify each year for treatment as a regulated investment company ("RIC") under Subchapter M of Subtitle A, Chapter 1 ("Subchapter M"), of the Internal Revenue Code of 1986, as amended (the "Code").

**Principal Investment Risks**

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

● **Active Management Risk .** The Fund is subject to management risk as an actively-managed investment portfolio. The Sub-Adviser's investment approach may fail to produce the intended result.

● **Common Stock Risk .** Investments in common stocks are subject to market, economic and business risks that will cause their price to fluctuate over time. Therefore, an investment in the Fund may be more suitable for long-term investors who can bear the risk of these fluctuations.

● **Currency Risk .** Currency risk results from changes in the rate of exchange between the currency of the country in which a foreign company is domiciled or keeps its books and the U.S. dollar. Whenever the Fund holds securities valued in a foreign currency or holds the currency itself in connection with its purchases and sales of foreign securities, changes in the exchange rate add to or subtract from the value of the investment in U.S. dollars. The Fund generally does not seek to hedge currency risk.

● **Cyber Security Risk .** Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The Fund, Adviser, Sub-Adviser, and Exchange Traded Concepts, LLC (the "Trading Adviser") have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund, Adviser, Sub-Adviser or Trading Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures.

● **Depositary Receipts Risk**. The Fund may purchase depositary receipts (American Depositary Receipts ("ADRs"), European Depositary receipts ("EDRs"), Global Depositary receipts ("GDRs"), and Non-Voting Depositary Receipts ("NVDRs")) to facilitate its investments in foreign securities. By investing in ADRs rather than investing directly in the securities of foreign issuers, the Fund can avoid currency risks during the settlement period for purchase and sales. However, ADRs do not eliminate all the risks inherent in investing in the securities of foreign issuers. Depositary receipts may be issued in a sponsored program, in which an issuer has made arrangements to have its securities traded in the form of depositary receipts, or in an unsponsored program, in which the issuer may not be directly involved. The holders of depositary receipts that are unsponsored generally bear various costs associated with the facilities, while a larger portion of the costs associated with sponsored depositary receipts are typically borne by the foreign issuers.

● **Emerging Market Countries Risk**. Investing in emerging market countries involves risks in addition to and greater than those generally associated with investing in more developed foreign markets. In many less developed markets, there is less governmental supervision and regulation of business and industry practices, stock exchanges, brokers, and listed companies than there is in more developed markets. The securities markets of certain countries in which the Fund may invest may also be smaller, less liquid, and subject to greater price volatility than those of more developed markets. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets.

**●** **Equity Markets Risk .** The equity securities held in the Fund's portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.

● **ETF Risk .** The Fund is an ETF, and, as a result of an ETF's structure, it is exposed to the following risks: "Authorized Participants, Market Makers and Liquidity Providers Concentration Risk," "Secondary Market Trading Risk," and "Shares May Trade at Prices Other Than NAV Risk."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.* Only an authorized
participant ("AP") may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number
of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers
and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount
to net asset value ("NAV") and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation
and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit
the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events,
among others, may lead to the Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy
Shares in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished
market for an ETF's shares substantially increases the risk that a shareholder may pay considerably more or receive significantly
less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity
providers may be less willing to transact in Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*o* *Secondary Market Trading Risk*. Although Shares are listed on a national securities exchange, NYSE Arca, Inc. (the "Exchange"), and may be traded on U.S. exchanges
 other than the Exchange, there can be no assurance that an active or liquid trading market
 for them will develop or be maintained. In addition, trading in Shares on the Exchange may
 be halted. Trading may be halted because of market conditions or for reasons that, in the
 view of the Exchange, make trading in the Fund inadvisable. These may include: (a) the extent
 to which trading is not occurring in the securities and/or the financial instruments composing
 the Fund's Portfolio; or (b) whether other unusual conditions or circumstances detrimental
 to the maintenance of a fair and orderly market are present. During periods of market
 stress, there may be times when the market price of Shares is more than the NAV intra-day
 (premium) or less than the NAV intra-day (discount). This risk is heightened in times of
 market volatility or periods of steep market declines.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Shares May Trade at Prices Other Than NAV Risk.* As with all ETFs, Shares may be bought and
sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's
NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount).
This risk is heightened in times of market volatility or periods of steep market declines.

**●** **Foreign Custody Risk .** The Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Fund's custodian (each a "Foreign Custodian"). Some Foreign Custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Fund's ability to recover its assets if a Foreign Custodian enters bankruptcy.

**●** **Foreign Investments Risk**. The Fund invests in the securities of foreign companies. Investing in securities of foreign companies involves risks generally not associated with investments in the securities of U.S. companies, including the risks associated with fluctuations in foreign currency exchange rates, more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its NAV. Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund's holdings may change on days when shareholders are not able to purchase or redeem the Fund's shares.

**●** **Inflation and Deflation Risk .** Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's shares and any distributions thereon may decline. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund's investments may not keep pace with inflation, which may result in losses to the Fund's shareholders. Deflation risk is the risk that the prices of goods and services in the U.S. and many foreign economies may decline over time. Deflation may have an adverse effect on stock prices and the creditworthiness of issuers and may make defaults on debt more likely. If a country's economy slips into a deflationary pattern, it could last for a prolonged period and be difficult to reverse.

**●** **Initial Public Offerings** **.** To the extent consistent with its investment policies and limitations, the Fund may purchase stock in an IPO. An IPO is a company's first offering of stock to the public. Risks associated with IPOs may include considerable fluctuation in the market value of IPO shares due to certain factors, such as the absence of a prior public market, unseasoned trading, a limited number of shares available for trading, lack of information about the issuer and limited operating history. The purchase of IPO shares may involve high transaction costs.

**●** **Japanese Securities Risk .** Because a significant portion of the assets of the Fund are invested in Japanese securities, the Fund's performance is expected to be closely tied to the political, social and economic conditions within Japan. The Japanese economy has at times in the past been negatively affected by government intervention and protectionism, a deflationary macroeconomic environment, a heavy reliance on international trade and natural disasters. These factors, as well as an aging population, increases in government debt and changes to fiscal, monetary, or trade policies, may affect Japanese markets and the Fund's performance. As such, the Fund's performance may be more volatile than the performance of funds that are more geographically diverse.

**●** **Large Shareholder Risk .** Certain large shareholders, including APs, may from time to time own a substantial amount of the Fund's shares. There is no requirement that these shareholders maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund's shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund's NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund's ability to implement its investment strategy.

● **Market Risk .** The NAV of the Fund will change with changes in the market value of its portfolio positions. Investors may lose money. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets.

● **New Fund Risk .** The Fund is a newly organized, management investment company with no operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Trustees of the Trust ("Board") may determine to liquidate the Fund.

● **Other Investment Company Risk**. To the extent the Fund holds shares of other investment companies, including ETFs, its performance will be affected by the performance of those other investment companies. Investments in other investment companies are subject to the risks of the other investment companies' investments, as well as to the other investment companies' expenses. As a result, shareholders of the Fund will indirectly be subject to the fees and expenses of the other investment companies in which the Fund invests, and these fees and expenses are in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund's own operations. An ETF may trade in the secondary market at a price below the value of its underlying portfolio and may not be liquid. An actively managed ETF's performance will reflect its adviser's ability to make investment decisions that are suited to achieving the ETF's investment objectives. A passively managed ETF may not replicate the performance of the index it intends to track.

● **Preferred Stock Risk .** Preferred stocks are equity securities that pay dividends at a specific rate or that have a preference over common stocks in dividend payments or the liquidation of assets. Preferred stocks often behave like debt securities, but have a lower payment priority than the issuer's bonds or other debt securities. Therefore, they may be subject to greater credit risk than those of debt securities. A preferred stock may decline in price, or fail to pay dividends when expected, because the issuer experiences a decline in its financial status.

● **REIT and Real Estate Risk .** The value of the Fund's investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. In connection with the Fund's investments in REITs, the Fund is also subject to risks associated with extended vacancies of properties or defaults by borrowers or tenants, particularly during periods of disruptions to business operations or an economic downturn.

● **Sector Risk .** To the extent the Fund emphasizes investments in particular sectors of the economy, the Fund will be subject to a greater degree of risks particular to those sectors. Market conditions, interest rates, and economic, regulatory, financial or geopolitical developments could significantly affect securities in particular sectors. Depending on the weightings of the Fund's investments in particular sectors, the Fund may have increased exposure to price movements of securities in those sectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Industrials Sector Risk.* Companies in the industrials sector could be affected by, among other
things, government regulation, world events and economic conditions, insurance costs, and labor relations issues.

● **Securities Lending Risk** **.** The Fund may lend portfolio securities to institutions, such as certain broker- dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund.

● **Small-Cap Companies Risk .** Securities of companies with small capitalizations tend to be riskier than securities of companies with large capitalizations. This is because small companies typically have smaller product lines and less access to liquidity than large cap companies, and are therefore more sensitive to economic downturns. In addition, growth prospects of small cap companies tend to be less certain than large cap companies, and the dividends paid on small cap stocks are frequently negligible. Moreover, small cap stocks have, on occasion, fluctuated in the opposite direction of large cap stocks or the general stock market. Consequently, securities of small cap companies tend to be more volatile than those of large cap companies. The market for small cap securities may be thinly traded and as a result, greater fluctuations in the price of and small cap securities may occur.

● **Valuation Risk** **.** The prices provided by the Fund's pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available.

**Performance** 

Performance information for the Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus. Performance information will be available once the Fund has at least one calendar year of performance. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results. Updated performance information will be available on the Fund's website at www.mufgetf.com.

**Management of the Fund**

Clearbrook Investment Consulting, LLC serves as the investment adviser.

Mitsubishi UFJ Trust and Banking Corporation serves as the investment sub-adviser.

Exchange Traded Concepts, LLC serves as the trading adviser.

<u>Portfolio Managers</u>

<u>*Name*</u> <u>*Title* </u> <u>*Tenure with the Fund*</u> <br> Yoshitaka Nagano, CMA Lead Portfolio Manager Since Inception <br> Yoshiro Mizukami, CMA Head of Japan Small Cap Equities Team Since Inception

**Purchase and Sale of Fund Shares**

Shares are listed on a national securities exchange, the Exchange, and investors can only buy and sell Shares through brokers or dealers at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (premium) or less than NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling shares in the secondary market (the "bid-ask spread"). The median bid-ask spread for the Fund's most recent fiscal year cannot be provided because the Fund did not have a trading history to report trading information and related costs prior to the date of this Prospectus. Once available, information on the Fund's NAV, market price, premiums and discounts, and bid-ask spreads will be provided at www.mufgetf.com.

The Fund issues and redeems Shares at NAV only in large blocks known as "Creation Units," which only APs (typically, broker-dealers) may purchase or redeem. Creation Units generally consist of at least 10,000 Shares, though this may change from time to time. The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities closely approximating the holdings of the Fund (the "Deposit Securities") and/or a designated amount of U.S. cash.

**Tax Information**

Fund distributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination), unless your investment is made through an individual retirement account ("IRA") or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

**Financial Intermediary Compensation**

If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), the Fund's investment adviser, or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

**ADDITIONAL INFORMATION ABOUT THE FUND**

**Investment Objective** 

The Fund's investment objective is to seek long-term capital appreciation. The Fund's investment objective is non-fundamental and may be changed by the Board without shareholder approval. Shareholders will, however, receive 60 days' prior written notice of any changes. Any such changes may result in the Fund having an investment objective different from the objective that the shareholder considered appropriate at the time of investment in the Fund.

The Fund's 80% Policy is non-fundamental and can be changed by the Board upon 60 days' prior notice to shareholders. The Fund must comply with its 80% Policy at the time the Fund invests its assets. Accordingly, when the Fund no longer meets the 80% requirement as a result of circumstances beyond its control, such as changes in the value of portfolio holdings, the Fund would not have to sell its holdings, but any new investments it makes would need to be consistent with its 80% Policy.

**Additional Information About the Fund's Principal Investments and Risks**

The value of the Fund's investments may decrease, which will cause the value of the Fund's Shares to decrease. As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is subject to one or more of the principal risks:

**Active Management Risk.** The Fund is subject to the risk that the investment techniques and risk analyses employed by the Sub-Adviser may not produce the desired results. This could cause the Fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives. Additionally, legislative, regulatory or tax developments may affect the investment techniques available to the Sub-Adviser in connection with managing the Fund and may also adversely affect the ability of the Fund to achieve its investment goal.

**Common Stock Risk.** Common stocks in which the Fund may invest are subject to market, economic and business risks that will cause their price to fluctuate over time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility. An investment in the Fund may be more suitable for long-term investors who can bear the risk of these fluctuations. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those who own common stock.

**Currency Risk.** Currency risk results from changes in the rate of exchange between the currency of the country in which a foreign company is domiciled or keeps its books and the U.S. dollar. Whenever the Fund holds securities valued in a foreign currency or holds the currency itself in connection with its purchases and sales of foreign securities, changes in the exchange rate add to or subtract from the value of the investment in U.S. dollars. The Fund generally does not seek to hedge currency risk.

**Cyber Security Risk.** With the increased use of technologies such as the internet to conduct business, the Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber security failures or breaches by the Fund's adviser and other service providers (including, but not limited to, the Fund's accountant, custodian, transfer agent and administrator), and the issuers of securities in which the Fund invests, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund's ability to calculate its NAV, impediments to trading, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Adviser, Sub-Adviser and Trading Adviser have established business continuity plans in the event of, and risk management systems to prevent, such cyber-attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cyber security plans and systems put in place by service providers to the Fund, and issuers in which the Fund invests. The Fund and its shareholders could be negatively impacted as a result.

**Depositary Receipts Risk**. The Fund may purchase depositary receipts such as ADRs, EDRs, GDRs, and NVDRs to facilitate its investments in foreign securities. By investing in ADRs rather than investing directly in the securities of foreign issuers, the Fund can avoid currency risks during the settlement period for purchase and sales. However, ADRs do not eliminate all the risks inherent in investing in the securities of foreign issuers. Depositary receipts may be issued in a sponsored program, in which an issuer has made arrangements to have its securities traded in the form of depositary receipts, or in an unsponsored program, in which the issuer may not be directly involved. The holders of depositary receipts that are unsponsored generally bear various costs associated with the facilities, while a larger portion of the costs associated with sponsored depositary receipts are typically borne by the foreign issuers.

**Emerging Market Countries Risk.** Investing in emerging market countries involves risks in addition to and greater than those generally associated with investing in more developed foreign markets. In many less developed markets, there is less governmental supervision and regulation of business and industry practices, stock exchanges, brokers, and listed companies than there is in more developed markets. The securities markets of certain countries in which the Fund may invest may also be smaller, less liquid, and subject to greater price volatility than those of more developed markets. In the event of a default on an investment in a foreign debt obligation, it may be more difficult for the Fund to obtain or to enforce a judgment against the issuer of that security. The Fund may also be subject to emerging markets risk to the extent that it invests in companies that are not domiciled in an emerging market but have customers, products, or transactions associated with emerging markets.

In addition, emerging markets countries may have more or less government regulation and generally do not impose as extensive and frequent accounting, auditing, financial and other reporting requirements as the securities markets of more developed countries. As a result, there could be less information available about issuers in emerging and frontier market countries, which could negatively affect the Sub-Adviser's ability to evaluate local companies or their potential impact on the Fund's performance. Further, investments in securities of issuers located in certain emerging countries involve the risk of loss resulting from problems in share registration, settlement or custody, substantial economic, political and social disruptions and the imposition of exchange controls (including repatriation restrictions). The legal remedies for investors in emerging and frontier markets may be more limited than the remedies available in the U.S., and the ability of U.S. authorities (e.g., SEC and the U.S. Department of Justice) to bring actions against bad actors may be limited.

**Equity Markets Risk.** The price of equity securities may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund or the securities market as a whole, such as changes in economic or political conditions. Equity securities are subject to "stock market risk" meaning that stock prices in general (or in particular, the types of securities in which the Fund invests) may decline over short or extended periods of time. When the value of the Fund's securities goes down, your investment in the Fund decreases in value. Common stocks are generally exposed to greater risk that other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor perceptions are based on various and unpredictable factors including: expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic, and banking crises.

**ETF Risk.** The Fund is an ETF, and, as a result of an ETF's structure, the Fund is exposed to the following risks:

<u>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</u> Only an AP may engage in creation or redemption transactions directly with the Fund. The Fund may have a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF's shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares.

<u>Secondary Market Trading Risk.</u> Although the Fund's Shares are listed for trading on the Exchange and may be listed or traded on U.S. and non-U.S. stock exchanges other than the Exchange, there can be no assurance that an active trading market for Shares will develop or be maintained. Trading in the Fund's Shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to Exchange "circuit breaker" rules, which temporarily halt trading on the Exchange. Additional rules applicable to the Exchange may halt trading in Shares when extraordinary 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. In stressed market conditions, the liquidity of the Fund's Shares may begin to mirror the liquidity of the Fund's underlying holdings, which can be significantly less liquid than the Fund's Shares. In addition, during periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.

<u>Shares May Trade at Prices Other Than NAV Risk.</u> As with all ETFs, Shares of the Fund may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility or periods of steep market declines. The market price of Shares during the trading day, like the price of any exchange-traded security, includes a "bid/ask" spread charged by the exchange specialist, market makers or other participants that trade Shares. In times of severe market disruption, the bid/ask spread can increase significantly. At those times, Shares are most likely to be traded at a discount to NAV, and the discount is likely to be greatest when the price of Shares is falling fastest, which may be the time that you most want to sell your Shares. The Adviser believes that, under normal market conditions, large market price discounts or premiums to NAV will not be sustained because of arbitrage opportunities.

**Foreign Custody Risk.** The Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Fund's custodian. Some Foreign Custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Fund's ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

**Foreign Investments Risk.** The Fund invests in the securities of foreign companies, including companies located in both developed and emerging market countries. A significant portion of the Fund's investments in foreign companies may be made through the purchase of depositary receipts that represent indirect interests in the securities of foreign companies. Investing in securities of foreign companies involves risks generally not associated with investments in the securities of U.S. companies. These risks may relate to those associated with fluctuations in foreign currency exchange rates, more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. Securities of foreign issuers generally trade and thus may be purchased and sold by the Fund in foreign markets. The principal risks generally associated with foreign investing include the following: Country risk arises from political, social, economic, and other conditions that are unique to a particular country or region. These conditions may relate to the existence of less publicly available information, inferior regulatory oversight (for example, less demanding accounting, auditing, corporate governance, investor relations, and financial reporting standards), the possibility of government-imposed restrictions, and even the nationalization of assets. The liquidity of foreign investments may be more limited than for comparable U.S. investments. Therefore, at times, it may be difficult to sell foreign securities at favorable prices. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its NAV. Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund's holdings may change on days when shareholders are not able to purchase or redeem the Fund's shares.

**Inflation and Deflation Risk.** Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's shares and any distributions thereon may decline. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund's investments may not keep pace with inflation, which may result in losses to the Fund's shareholders. While inflation and/or a more normalized interest rate environment relative to the past decade may create more opportunities for a value focused investment strategy, there can be no guarantee or certainty that any such opportunities will be captured or will be realized. Deflation risk is the risk that the prices of goods and services in the U.S. and many foreign economies may decline over time. Deflation may have an adverse effect on stock prices and the creditworthiness of issuers and may make defaults on debt more likely. If a country's economy slips into a deflationary pattern, it could last for a prolonged period and be difficult to reverse.

**Initial Public Offerings.** To the extent consistent with its investment policies and limitations, the Fund may purchase stock in an IPO. An IPO is a company's first offering of stock to the public. Risks associated with IPOs may include considerable fluctuation in the market value of IPO shares due to certain factors, such as the absence of a prior public market, unseasoned trading, a limited number of shares available for trading, lack of information about the issuer and limited operating history. The purchase of IPO shares may involve high transaction costs. When the Fund's asset base is small, a significant portion of the Fund's performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund's assets grow, the effect of the Fund's investments in IPOs on the Fund's performance probably will decline, which could reduce the Fund's performance. Because of the price volatility of IPO shares, the Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Fund's portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. In addition, the Fund cannot guarantee continued access to IPOs.

**Japanese Securities Risk.** Because a significant portion of the assets of the Fund are invested in Japanese securities, the Fund's performance is expected to be closely tied to the political, social and economic conditions within Japan. The Japanese economy has at times in the past been negatively affected by government intervention and protectionism, a deflationary macroeconomic environment, a heavy reliance on international trade and natural disasters. These factors, as well as an aging population, increases in government debt and changes to fiscal, monetary, or trade policies, may affect Japanese markets and the Fund's performance. As such, the Fund's performance may be more volatile than the performance of funds that are more geographically diverse. Japan also has a growing economic relationship with China and other Southeast Asian countries, and thus Japan's economy may be affected by economic, political and social instability in those countries. Japan's political tensions with its neighbors are also strained, and should political tensions increase, it could adversely affect the Japanese economy, particularly in times of crisis.

**Large Shareholder Risk.** Certain large shareholders, including APs, may from time to time own a substantial amount of the Fund's shares. There is no requirement that these shareholders maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund's shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund's NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund's ability to implement its investment strategy. The Fund's ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

**Market Risk.** The NAV of the Fund will change with changes in the market value of its portfolio positions. Investors may lose money. Although the Fund will invest in companies that the Adviser believes will produce less volatility, there is no guarantee that the companies will perform as expected. The prices of securities held by the Fund may decline in response to conditions affecting the general economy, overall market changes, local, regional or global political, social or economic instability, and currency, interest rate and commodity price fluctuations.

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

Recently, the United States has enacted or proposed to enact significant new tariffs, and various federal agencies have been directed to further evaluate key aspects of U.S. trade policy, which could potentially lead to significant changes to current policies, treaties, and tariffs. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global trade, in particular, trade between the impacted nations and the U.S.; global financial markets' stability; and global economic conditions. These events could, in turn, adversely affect the Fund's performance.

The outbreak of COVID-19 and its variants resulted in closing international borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general public concern and uncertainty. This outbreak negatively affected the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. On May 5, 2023, the World Health Organization declared the end of the global emergency status for COVID-19. The United States subsequently ended the federal COVID-19 public health emergency declaration effective May 11, 2023. Although vaccines for COVID-19 are widely available, it is unknown how long certain circumstances related to the pandemic will persist, whether they will reoccur in the future, and what additional implications may follow from the pandemic. The impact of these events and other epidemics or pandemics in the future could adversely affect Fund performance.

The continuing spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets and may adversely affect the Fund's investments and operations. The outbreak was first detected in December 2019 and subsequently spread globally. The transmission of COVID-19 and efforts to contain its spread have resulted in international and domestic travel restrictions and disruptions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event and service cancellations or interruptions, disruptions to business operations (including staff reductions), supply chains and consumer activity, as well as general concern and uncertainty that has negatively affected the economic environment. These disruptions have led to instability in the marketplace, including stock and credit market losses and overall volatility. The impact of COVID-19, and other infectious illness outbreaks, epidemics or pandemics that may arise in the future, could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of the markets generally in potentially significant and unforeseen ways. Health crises caused by the recent outbreak may heighten other pre-existing political, social and economic risks in a country or region. In the event of a pandemic or an outbreak, there can be no assurance that the Funds and their service providers will be able to maintain normal business operations for an extended period of time or will not lose the services of key personnel on a temporary or long-term basis due to illness or other reasons. Although vaccines for COVID-19 are available, the full impacts of a pandemic or disease outbreaks are unknown and the pace of recovery may vary from market to market, resulting in a high degree of uncertainty for potentially extended periods of time.

**New Fund Risk.** There can be no assurance that a newly organized Fund with no operating history will grow to, or maintain, an economically viable size, in which case the Board may determine to liquidate the Fund. Liquidation can be initiated without shareholder approval by the Board if it determines it is in the best interest of shareholders. As a result, the timing of any liquidation may not be favorable to certain individual shareholders. Like other new funds, large inflows and outflows may impact the Fund's market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. If the Fund fails to attract a large amount of assets, shareholders of the Fund may incur higher expenses as the Fund's fixed costs would be allocated over a smaller number of shareholders.

**Other Investment Company Risk**. To the extent the Fund holds shares of other investment companies, including ETFs, its performance will be affected by the performance of those other investment companies. Investments in other investment companies are subject to the risks of the other investment companies' investments, as well as to the other investment companies' expenses. As a result, shareholders of the Fund will indirectly be subject to the fees and expenses of the other investment companies in which the Fund invests, and these fees and expenses are in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund's own operations. An ETF may trade in the secondary market at a price below the value of its underlying portfolio and may not be liquid. An actively managed ETF's performance will reflect its adviser's ability to make investment decisions that are suited to achieving the ETF's investment objectives. A passively managed ETF may not replicate the performance of the index it intends to track.

**Preferred Stock Risk.** Preferred stocks are equity securities that pay dividends at a specific rate or that have a preference over common stocks in dividend payments or the liquidation of assets. Preferred stocks often behave like debt securities, but have a lower payment priority than the issuer's bonds or other debt securities. Therefore, they may be subject to greater credit risk than those of debt securities. A preferred stock may decline in price, or fail to pay dividends when expected, because the issuer experiences a decline in its financial status. In addition to this credit risk, investment in preferred stocks involves certain other risks, including skipping or deferring distributions, and redemption in the event of certain legal or tax changes or at the issuer's call. Preferred stocks are also subordinated to bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than those debt instruments. Preferred stocks may be significantly less liquid than many other securities, such as U.S. government obligations, corporate debt or common stock.

**REIT and Real Estate Risk.** The value of the Fund's investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. In connection with the Fund's investments in REITs, the Fund is also subject to risks associated with extended vacancies of properties or defaults by borrowers or tenants, particularly during periods of disruptions to business operations or an economic downturn. The Fund will bear a proportionate share of the REIT's on-going operating fees and expenses, which may include management, operating and administrative expenses in addition to the expenses of the Fund.

**Sector Risk.** To the extent the Fund emphasizes investments in particular sectors of the economy, the Fund will be subject to a greater degree of risks particular to those sectors. Market conditions, interest rates, and economic, regulatory, financial or geopolitical developments could significantly affect securities in particular sectors. Depending on the weightings of the Fund's investments in particular sectors, the Fund may have increased exposure to price movements of securities in those sectors.

● *Industrials Sector Risk.* The industrials sector includes companies engaged in the construction, engineering, machinery, energy services, transportation, professional services, and aerospace and defense industries. Companies in the industrials sector may be adversely affected by changes in government regulation, world events and economic conditions. In addition, companies in the industrials sector may be adversely affected by environmental damage, product and environmental liability claims, changes in commodity prices and exchange rates, changes in the supply and demand for their products and services, and product obsolescence, among other factors.

**Securities Lending Risk.** The Fund may seek to increase its income by lending portfolio securities to institutions, such as certain broker-dealers. Portfolio securities loans are secured continuously by collateral maintained on a current basis at an amount at least equal to the market value of the securities loaned. The value of the securities loaned by the Fund will not exceed 33 1⁄3% of the value of the Fund's total assets. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. Lending the Fund's portfolio securities involves the risk of delay in receiving additional collateral if the value of the securities goes up while they are on loan. The Fund may lose money from securities lending if, for example, it is delayed in or prevented from selling the collateral or from recovering the securities loaned or if it incurs losses on the reinvestment of cash collateral.

**Small-Cap Companies Risk.** Securities of companies with small size capitalizations tend to be riskier than securities of companies with large capitalizations. This is because small cap companies typically have smaller product lines and less access to liquidity than large cap companies, and are therefore more sensitive to economic downturns. In addition, growth prospects of small cap companies tend to be less certain than large cap companies, and the dividends paid on small cap stocks are frequently negligible. Moreover, small cap stocks have, on occasion, fluctuated in the opposite direction of large cap stocks or the general stock market. Consequently, securities of small cap companies tend to be more volatile than those of large cap companies. The market for small cap securities may be thinly traded and as a result, greater fluctuations in the price of and small-cap securities may occur.

**Valuation Risk.** The prices provided by the Fund's pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available.

**Additional Information About Non-Principal Risks of the Fund**

This section provides additional information regarding certain non-principal risks of investing in the Fund. The risk listed below could have a negative impact on the Fund's performance and trading prices.

**Costs of Buying or Selling Shares Risk.** Investors buying or selling Shares in the secondary market will pay brokerage commissions or other charges imposed by brokers, as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of the Fund's Shares. In addition, secondary market investors will also incur the cost of the difference between the price at which an investor is willing to buy Shares (the "bid" price) and the price at which an investor is willing to sell Shares (the "ask" price). This difference in bid and ask prices is often referred to as the "spread" or "bid/ask spread." The bid/ask spread varies over time for Shares based on trading volume and market liquidity, and is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Further, a relatively small investor base in the Fund, asset swings in the Fund and/or increased market volatility may cause increased bid/ask spreads. Due to the costs of buying or selling Shares, including bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

**Illiquid Investments Risk.** The Fund invests primarily in publicly traded securities and do not generally purchase securities that have legal or contractual restrictions on resale or that are illiquid. However, liquid securities purchased by the Fund may become illiquid because of issuer-specific events or changes in market conditions. Illiquid investments are subject to the risk that the Fund will not be able to sell the investments when desired or at favorable prices. The Fund will not purchase an illiquid investment if, as a result, more than 15% of the value of the Fund's net assets would be so invested.

**Legal and Regulatory Change Risks.** The regulatory environment for investment companies is evolving, and changes in regulation may adversely affect the value of the Fund's investments and its ability to pursue its trading strategy. In addition, the securities markets are subject to comprehensive statutes and regulations. The SEC and other regulators and self-regulatory organizations and exchanges are authorized to take extraordinary actions in the event of market emergencies. The effect of any future regulatory change on the Fund could be substantial and adverse.

**RIC Compliance Risk.** The Fund has elected to be, and intends to qualify each year for treatment as, a RIC under Subchapter M, of the Code. To continue to qualify for federal income tax treatment as a RIC, the Fund must meet certain source-of-income, asset diversification and annual distribution requirements. If for any taxable year the Fund fails to qualify for the special federal income tax treatment afforded to RICs, all of the Fund's taxable income will be subject to federal income tax at regular corporate rates (without any deduction for distributions to its shareholders) and its income available for distribution will be reduced. Under certain circumstances, the Fund could cure a failure to qualify as a RIC, but in order to do so, the Fund could incur significant Fund-level taxes and could be forced to dispose of certain assets.

**Temporary Investments.** The Fund may depart from its principal investment strategy in response to adverse market, economic, political or other conditions by taking a temporary defensive position (up to 100% of its assets) in all types of money market and short-term debt securities. If the Fund were to take a temporary defensive position, it may be unable for a time to achieve its investment objective.

**MANAGEMENT OF THE FUND**

The Board of the Trust, of which the Fund is a series, is responsible for supervising the operations and affairs of the Fund. The Adviser is responsible for the daily management and administration of the Fund's operations.

**Investment Adviser**

Clearbrook Investment Consulting LLC, a Delaware limited liability company, serves as the investment adviser to the Fund. The Adviser's principal place of business is located at 21 West 46<sup>th</sup> Street, Suite 1507, New York, New York 10036. As of March 12, 2025, the Adviser provides advisory services to more than $13 billion in assets under management. The Adviser is registered as an investment adviser with the SEC.

Subject to the overall supervision of the Board, the Adviser manages the overall investment operations of the Fund in accordance with the Fund's investment objective and policies and formulates a continuing investment and marketing strategy for the Fund pursuant to the terms of investment advisory agreement between the Trust and the Adviser (the "Advisory Agreement"). The Fund compensates the Adviser for its services at an annual rate of 0.75% (75 basis points) of the Fund's average daily net assets (the "Uniform Advisory Fee"), payable monthly in arrears. The full amount of the Uniform Advisory Fee is paid by the Fund to the Adviser. The Adviser, in turn, compensates the Sub-Adviser pursuant to the terms of the Sub-Advisory Agreement. No information regarding the advisory fees paid by the Fund is currently available, as the Fund has not commenced operations prior to the date of this Prospectus.

The Adviser also has the ultimate responsibility to oversee the Sub-Adviser and Trading Adviser, and to recommend their hiring, termination, and replacement, subject to approval by the Board. The Adviser is responsible for overseeing the Sub-Adviser's investment decisions to ensure adherence to the Fund's stated investment policies and regulatory requirements. In addition, the Adviser regularly evaluates the Sub-Adviser's performance and compliance with fiduciary obligations under the Investment Advisory Agreement.

**Investment Sub-Adviser**

The Trust and the Adviser intend to submit an application with the SEC for an exemptive order with respect to the Fund that would permit the Adviser to engage or terminate a sub-adviser or trading adviser, and to enter into and materially amend an existing sub-advisory or trading advisory agreement, upon the approval of the Board, without obtaining shareholder approval. This requested exemptive relief has been approved by the Board and the Fund's initial shareholder. Consequently, if approved by the SEC, under the exemptive order, the Adviser would have the right to hire, terminate and replace sub-advisers and trading advisers when the Board and the Adviser feel that a change would benefit the Fund. The exemptive order is expected to enable the Fund to operate with greater efficiency and without incurring the expense and delays associated with obtaining shareholder approval of sub-advisory and trading advisory agreements. There is no guarantee that the SEC will grant the requested exemptive order.

Mitsubishi UFJ Trust and Banking Corporation, a corporation organized under the laws of Japan, serves as the investment sub-adviser to the Fund. The Sub-Adviser's principal place of business is located at 1-4-5, Marunouchi, Chiyoda-ku, Tokyo, Japan 100-8212. As of March 31, 2025, the Sub-Adviser had approximately $360 billion in assets under management. The Sub-Adviser is registered as an investment adviser with the SEC.

The Sub-Adviser provides investment advisory services to the Fund's portfolio. The Adviser has entered into a sub-advisory agreement with the Sub-Adviser to manage the Fund, subject to supervision of the Adviser and the Board, and in accordance with the investment goal and restrictions of the Fund. For its services, the Sub-Adviser is entitled to receive a fee based upon a percentage of the Fund's average daily net assets, which will be paid by the Adviser. The Sub-Adviser has discretion to select portfolio securities and provides investment advice for the Fund, but must select those securities according to the Fund's investment objectives and restrictions.

**Investment Trading Adviser**

Exchange Traded Concepts, LLC, an Oklahoma limited liability company located at 10900 Hefner Pointe Drive, Suite 400, Oklahoma City, Oklahoma 73120, serves as the investment trading adviser to the Fund. The Trading Adviser is an SEC-registered investment adviser formed in 2018 and is majority owned by Cottonwood ETF Holdings LLC. As of April 30, 2025, the Trading Adviser had approximately $10.1 billion in assets under management.

The Trading Adviser is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing of the Fund, subject to the supervision of the Adviser and the Board. For its services, the Trading Adviser is entitled to a fee by the Adviser.

A discussion regarding the Board's initial approval of the Fund's Advisory Agreement, Sub-Advisory Agreement and Trading Advisory and the factors the Board considered with respect to its approval will be available in the Fund's first semi-annual or annual report.

**Portfolio Managers**

Yoshitaka Nagano, CMA, Lead Portfolio Manager, joined Mitsubishi Trust and Banking Corporation\* in 1996 and has experience as a financial consultant, economist, and equity analyst. He has served as a portfolio manager/analyst for both Japanese large-cap and small-cap equities. Since 2018, he has been fully dedicated to the Japanese small-cap equity strategy as a portfolio manager/analyst. He holds a bachelor's degree in Business Administration from Ritsumeikan University.

Yoshiro Mizukami, CMA, Head of Japan Small Cap Equities Team, joined Mitsubishi Trust and Banking Corporation\* in 1990 and has experience in administration, system construction, and quantitative research. Since 1997, he has been involved in the research and investment of Japanese small-cap equities, and established the Japan Small Cap Equities Team in 2002. He holds a bachelor's degree in Science and Engineering from Waseda University.

\* Mitsubishi Trust and Banking Corporation merged with UFJ Trust Bank in 2005 to form Mitsubishi UFJ Trust and Banking Corporation.

The SAI provides additional information about the compensation of the Portfolio Managers, other accounts managed, and ownership of Shares of the Fund.

**HOW TO BUY AND SELL SHARES**

The Fund issues and redeems its Shares at NAV only in Creation Units. Only APs may acquire Shares directly from the Fund, and only APs may tender their Shares for redemption directly to the Fund, at NAV. APs must be (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation, a clearing agency that is registered with the SEC; or (ii) a Depository Trust Company ("DTC") participant (as discussed below). In addition, each AP must execute a Participant Agreement that has been agreed to by the Distributor, and that has been accepted by the Transfer Agent, with respect to purchases and redemptions of Creation Units. Once created, Shares trade in the secondary market in quantities less than a Creation Unit.

Investors can only buy and sell Shares in secondary market transactions through brokers. Shares are listed for trading on the secondary market on the Exchange and can be bought and sold throughout the trading day like other publicly traded securities.

When buying or selling the Fund's Shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offer price in the secondary market on each leg of a round trip (purchase and sale) transaction. In addition, because secondary market transactions occur at market prices, you may pay more than NAV when you buy Shares, and receive less than NAV when you sell those Shares.

**Book Entry**

Shares are held in book-entry form, which means that no stock certificates are issued. The DTC or its nominee is the record owner of all outstanding Shares.

Investors owning the Fund's Shares are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for all Shares. DTC's participants include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of Shares, you are not entitled to receive physical delivery of stock certificates or to have Shares registered in your name, and you are not considered a registered owner of Shares. Therefore, to exercise any right as an owner of Shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other securities that you hold in book entry or "street name" through your brokerage account.

**Share Trading Prices on the Exchange**

Trading prices of the Fund's Shares on the Exchange may differ from the Fund's daily NAV. Market forces of supply and demand, economic conditions and other factors may affect the trading prices of Shares. To provide additional information regarding the indicative value of Shares, the Exchange or a market data vendor disseminates information every 15 seconds through the facilities of the Consolidated Tape Association, or other widely disseminated means, an updated "intraday indicative value" ("IIV") for Shares as calculated by an information provider or market data vendor. The Fund is neither involved in nor responsible for any aspect of the calculation or dissemination of the IIVs and make no representation or warranty as to the accuracy of the IIVs. If the calculation of the IIV is based on the basket of Deposit Securities, such IIV may not represent the best possible valuation of the Fund's portfolio because the basket of Deposit Securities does not necessarily reflect the precise composition of the current Fund portfolio at a particular point in time. The IIV should not be viewed as a "real-time" update of the Fund's NAV because the IIV may not be calculated in the same manner as the NAV, which is computed only once a day, typically at the end of the business day. The IIV is generally determined by using both current market quotations and/or price quotations obtained from broker-dealers that may trade in the Deposit Securities.

**Frequent Purchases and Redemptions of Shares**

The Fund imposes no restrictions on the frequency of purchases and redemptions of Shares. In determining not to approve a written, established policy, the Board evaluated the risks of market timing activities by Fund shareholders. Purchases and redemptions by APs, who are the only parties that may purchase or redeem Shares directly with the Fund, are an essential part of the ETF process and help keep share trading prices in line with NAV. As such, the Fund accommodate frequent purchases and redemptions by APs. However, the Board has also determined that frequent purchases and redemptions for cash may increase tracking error and portfolio transaction costs and may lead to the realization of capital gains or losses. To minimize these potential consequences of frequent purchases and redemptions, the Fund employs fair value pricing and impose transaction fees on purchases and redemptions of Creation Units to cover the custodial and other costs incurred by the Fund in effecting trades. In addition, the Fund reserves the right to reject any purchase order at any time.

**Determination of Net Asset Value**

The Fund's NAV is calculated as of the scheduled close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time, each day the NYSE is open for business. The NAV for the Fund is calculated by dividing the Fund's net assets by its Shares outstanding.

In calculating its NAV, the Fund generally values its assets on the basis of market quotations, last sale prices, or estimates of value furnished by a pricing service or brokers who make markets in such instruments. If such information is not available for a security held by the Fund or is determined to be unreliable, the security will be valued at fair value estimates by the Fund's Valuation Designee (defined below) under guidelines established by the Board.

**Fair Value Pricing**

If market quotations are unavailable or deemed unreliable, securities will be fair valued by the Adviser, as the Fund's Valuation Designee (the "Valuation Designee"), in accordance with procedures adopted by the Board and under the Board's ultimate supervision. Relying on prices supplied by pricing services or dealers or using fair valuation involves the risk that the values used by the Fund to price its investments may be higher or lower than the values used by other investment companies and investors to price the same investments. The Board has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee in calculating the Fund's NAV. Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the "1940 Act"), the Fund has designated the Adviser as its "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers, or independent pricing services are unreliable.

**DIVIDENDS, DISTRIBUTIONS, AND TAXES**

**Dividends and Distributions**

The Fund intends to pay out dividends, if any, annually, and distribute any net realized capital gains to its shareholders annually.

**Dividend Reinvestment Service**

Brokers may make the DTC book-entry dividend reinvestment service available to their customers who own Shares. If this service is available and used, dividend distributions of both income and capital gains will automatically be reinvested in additional whole Shares of the Fund purchased on the secondary market. Without this service, investors would receive their distributions in cash. To achieve the maximum total return on their investments, investors are encouraged to use the dividend reinvestment service. To determine whether the dividend reinvestment service is available and whether there is a commission or other charge for using this service, consult your broker. Brokers may require the Fund's shareholders to adhere to specific procedures and timetables.

**Taxes**

The Fund intends to elect to be, and intends to qualify each year for treatment as, a RIC under Subchapter M of Subtitle A, Chapter 1, of the Code.

As with any investment, you should consider how your investment in shares of the Fund will be taxed. The tax information in this Prospectus is provided as general information about certain U.S. tax considerations relevant under current law, which may be subject to change in the future. Such tax information does not represent a detailed description of the U.S. federal income tax consequences to you in light of your particular circumstances, including if you are subject to special tax treatment. Except where otherwise indicated, the discussion relates to investors who are individual "United States persons" (within the meaning of the Code) holding Shares as capital assets for U.S. federal income tax purposes (generally, for investment). You should consult your own tax professional about the tax consequences of an investment in Shares of the Fund.

Unless your investment in Shares of the Fund is made through a tax-exempt entity or tax-advantaged account, such as an IRA plan, you need to be aware of the possible tax consequences when: (i) the Fund makes distributions; (ii) you sell your Shares listed on the Exchange; and (iii) you purchase or redeem Creation Units.

**Taxes on Distributions** 

The Fund intends to distribute, at least annually, substantially all its net investment income, and at least annually net capital gains income. For federal income tax purposes, distributions of investment income are generally taxable as ordinary income or qualified dividend income (as discussed below). Taxes on distributions of capital gains (if any) are determined by how long the Fund owned the investments that generated them, rather than how long a shareholder has owned his or her shares of the Fund. Sales of assets held by the Fund for more than one year generally result in long-term capital gains and losses, and sales of assets held by the Fund for one year or less generally result in short-term capital gains and losses. Distributions of the Fund's net capital gain (the excess of net long-term capital gains over net short-term capital losses) that are reported by the Fund as capital gain dividends ("Capital Gain Dividends") will be taxable as long-term capital gains, which for non-corporate shareholders are subject to tax at reduced rates. Distributions of short-term capital gain will generally be taxable as ordinary income. Dividends and distributions are generally taxable to you whether you receive them in cash or reinvest them in additional Shares.

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

If the Fund were to retain any net capital gain, the Fund may designate the retained amount as undistributed capital gains in a notice to shareholders who, if subject to U.S. federal income tax on long-term capital gains, (i) will be required to include in income as long-term capital gain, their proportionate share of such undistributed amount, and (ii) will be entitled to credit their proportionate share of the U.S. federal income tax paid by the Fund on the undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds to the extent the credit exceeds such liabilities. If such an event occurs, the tax basis of Shares owned by a shareholder of the Fund will, for U.S. federal income tax purposes, generally be increased by the difference between the amount of undistributed net capital gain included in the shareholder's gross income and the tax deemed paid by the shareholder.

The Fund may make distributions that are treated as a return of capital. Such distributions are generally not taxable but will reduce the basis of your Shares. To the extent that the amount of any such distribution exceeds the basis of your Shares, however, the excess will be treated as gain from a sale of the Shares.

Shortly after the close of each calendar year, you will be informed of the character of any distributions received from the Fund.

U.S. individuals with income exceeding specified thresholds are subject to a 3.8% Medicare contribution tax on all or a portion of their "net investment income," which includes interest, dividends, and certain capital gains (including capital gains distributions and capital gains realized on the sale of Shares of the Fund). 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.

In general, your distributions are subject to federal income tax for the year in which they are paid. Certain distributions paid in January, however, may be treated as paid on December 31 of the prior year. Distributions are generally taxable even if they are paid from income or gains earned by the Fund before your investment (and thus were included in the shares' NAV when you purchased your Shares of the Fund). Income from U.S. treasury securities are generally exempt from state and local taxes. Distributions paid from any interest income and from any short-term or long-term capital gains will be taxable whether you reinvest those distributions or receive them in cash. Distributions paid from the Fund's net long-term capital gains, if any, are taxable to you as long-term capital gains, regardless of how long you have held your Shares.

You may wish to avoid investing in the Fund shortly before a dividend or other distribution, because such a distribution will generally be taxable to you even though it may economically represent a return of a portion of your investment. This adverse tax result is known as "buying into a dividend."

**Taxes When Shares are Sold on the Exchange**

For federal income tax purposes, any capital gain or loss realized upon a sale of Shares of the Fund generally is treated as a capital gain or loss and as a long-term capital gain or loss if those Shares have been held for more than 12 months and as a short-term capital gain or loss if those Shares have been held for 12 months or less. However, any capital loss on a sale of Shares held for six months or less is treated as long-term capital loss to the extent of Capital Gain Dividends paid with respect to such Shares of the Fund. Any loss realized on a sale will be disallowed to the extent shares of the Fund are acquired (or the shareholder enters into a contract or option to acquire Shares of the Fund), including through reinvestment of dividends, within a 61-day period beginning 30 days before and ending 30 days after the sale of Shares. If disallowed, the loss will be reflected in an upward adjustment to the basis of the Shares acquired.

**IRAs and Other Tax-Qualified Plans**

The one major exception to the preceding tax principles is that distributions on and sales of Shares of the Fund held in an IRA (or other tax-qualified plan) will not be currently taxable unless it borrowed to acquire the shares.

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

If you are neither a resident nor a citizen of the United States or if you are a foreign entity, distributions (other than Capital Gain Dividends) paid to you by the Fund will generally be subject to a U.S. withholding tax at the rate of 30%, unless a lower treaty rate applies. 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.

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

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

The Fund is generally required to withhold 30% on certain payments to shareholders that are foreign entities and that fail to meet prescribed information reporting or certification requirements.

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

**Backup Withholding**

The Fund (or a financial intermediary, such as a broker, through which a shareholder owns shares of the Fund) generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and sale or redemption proceeds paid to any shareholder who fails to properly furnish a correct taxpayer identification number, who has underreported dividend or interest income, or who fails to certify that he, she or it is not subject to such backup withholding. A foreign investor can generally avoid such backup withholding by certifying his or her foreign status under penalties of perjury. The current backup withholding rate is 24%.

**Taxes on Purchases and Redemptions of Creation Units** 

An AP who exchanges securities for Creation Units generally recognizes a capital gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time of the exchange and the sum of the AP's aggregate basis in the securities surrendered plus the amount of cash paid, if any, for such Creation Units. The Internal Revenue Service, however, may assert that a loss realized upon an exchange of securities for Creation Units cannot be deducted currently under the rules governing "wash sales," or on the basis that there has been no significant change in economic position. Any gain or loss realized by an AP upon a creation of Creation Units will be treated as capital gain or loss if the AP holds the securities exchanged therefor as capital assets, and otherwise will be ordinary income or loss. Any capital gain or loss realized upon the creation of Creation Units will generally be treated as long-term capital gain or loss if the securities exchanged for such Creation Units have been held by the AP for more than 12 months, and otherwise will be short-term capital gain or loss.

The Trust on behalf of the Fund has the right to reject an order for a purchase of Creation Units if the AP (or a group of APs) would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding shares of the Fund and if, pursuant to Section 351 of the Code, the Fund would have a basis in the securities different from the market value of such securities on the date of deposit. The Trust also has the right to require information necessary to determine beneficial share ownership for purposes of the 80% determination. If the Fund does issue Creation Units to an AP (or group of APs) that would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding shares of the Fund, the AP (or group of APs) may not recognize gain or loss upon the exchange of securities for Creation Units.

An AP who redeems Creation Units will generally recognize a gain or loss equal to the difference between the sum of the aggregate market value of any securities received plus the amount of any cash received for such Creation Units and the AP's basis in the Creation Units. Any gain or loss realized by an AP upon a redemption of Creation Units will be treated as capital gain or loss if the AP holds the Shares comprising the Creation Units as capital assets, and otherwise will be ordinary income or loss. Any capital gain or loss realized upon the redemption of Creation Units will generally be treated as long-term capital gain or loss if the Shares comprising the Creation Units have been held by the AP for more than 12 months, and otherwise will generally be short-term capital gain or loss. Any capital loss realized upon a redemption of Creation Units held for six months or less will be treated as a long-term capital loss to the extent of any amounts treated as distributions to the applicable AP of long-term capital gains with respect to the Creation Units (including any amounts credited to the AP as undistributed capital gains). However, any loss realized upon a redemption of Creation Units will be disallowed to the extent Shares of the Fund are acquired (or the AP enters into a contract or option to acquire Shares of the Fund), including through reinvestment of dividends, within a 61-day period beginning 30 days before and ending 30 days after the redemption. If disallowed, the loss will be reflected in an increase to the basis of the Shares acquired.

The Fund may include a payment of cash in addition to, or in place of, the delivery of a basket of securities upon the redemption of Creation Units. The Fund may sell portfolio securities to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind, which would generally not give rise to a taxable gain or loss for the Fund. As a result, the Fund may be less tax efficient if it includes such a cash payment in the proceeds paid upon the redemption of Creation Units.

Persons purchasing or redeeming Creation Units should consult their own tax advisers with respect to the tax treatment of any creation or redemption transaction.

*The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Fund. It is not a substitute for personal tax advice. You also may be subject to state and local tax on Fund distributions and sales of shares of the Fund. Consult your personal tax advisor about the potential tax consequences of an investment in Shares of the Fund under all applicable tax laws. For more information, please see the section entitled "DIVIDENDS, DISTRIBUTIONS, AND TAXES" in the SAI.*

 

**DISTRIBUTION**

The Distributor, Quasar Distributors, LLC, a wholly-owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), is a broker-dealer registered with the SEC. The Distributor distributes Creation Units for the Fund on an agency basis and does not maintain a secondary market in Shares. The Distributor has no role in determining the policies of the Fund or the securities that are purchased or sold by the Fund. The Distributor's principal address is Three Canal Plaza, Suite 100, Portland, Maine 04101.

**ADDITIONAL CONSIDERATIONS**

**Payments to Financial Intermediaries**

The Adviser and Sub-Adviser, out of their own resources and without additional cost to the Fund or its shareholders, may pay intermediaries, including affiliates of the Adviser and Sub-Adviser, for the sale of Fund Shares and related services, including participation in activities that are designed to make intermediaries more knowledgeable about exchange traded products. Payments are generally made to intermediaries that provide shareholder servicing, marketing and related sales support, educational training or support, or access to sales meetings, sales representatives and management representatives of the intermediary. Payments may also be made to intermediaries for making Shares of the Fund available to their customers generally and in investment programs. The Adviser and Sub-Adviser may also reimburse expenses or make payments from their own resources to intermediaries in consideration of services or other activities the Adviser and Sub-Adviser believe may facilitate investment in the Fund.

The possibility of receiving, or the receipt of, the payments described above may provide intermediaries or their salespersons with an incentive to favor sales of Shares of the Fund, and other funds whose affiliates make similar compensation available, over other investments that do not make such payments. Investors may wish to take such payment arrangements into account when considering and evaluating any recommendations relating to the Fund and other ETFs.

**Premium/Discount Information**

The Fund is new and therefore does not have any information regarding how often Shares are traded on the Exchange at a price above (*i.e.*, at a premium) or below (*i.e.*, at a discount) the NAV of the Fund. Once available, this information will be presented, free of charge, on the Fund's website at www.mufgetf.com.

**Continuous Offering**

The method by which Creation Units are purchased and traded may raise certain issues under applicable securities laws. Because new Creation Units are issued and sold by the Fund on an ongoing basis, at any point a "distribution," as such term is used in the Securities Act of 1933, as amended (the "Securities Act"), may occur. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the Prospectus delivery and liability provisions of the Securities Act.

For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks them down into individual Shares, and sells such Shares directly to customers, or if it chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary market demand for Shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to categorization as an underwriter.

Broker-dealer firms should also note that dealers who are not "underwriters" but are affecting transactions in Shares, whether participating in the distribution of Shares, are generally required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(a)(3) of the Securities Act is not available with respect to such transactions because of Section 24(d) of the 1940 Act. As a result, broker dealer-firms should note that dealers who are not underwriters but are participating in a distribution (as contrasted with ordinary secondary market transactions) and thus dealing with Shares that are part of an over-allotment within the meaning of Section 4(a)(3)(a) of the Securities Act would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act. Firms that incur a prospectus delivery obligation with respect to Shares of the Fund are reminded that under Rule 153 of the Securities Act, a prospectus delivery obligation under Section 5(b)(2) of the Securities Act owed to an exchange member in connection with a sale on the Exchange is satisfied by the fact that the Fund's Prospectus is available on the SEC's electronic filing system. The prospectus delivery mechanism provided in Rule 153 of the Securities Act is only available with respect to transactions on an exchange.

**Disclosure of Portfolio Holdings**

The Fund discloses its full portfolio holdings, as of the close of business the prior day, each day before the opening of trading on the Exchange at www.mufgetf.com. Once available, additional information, including information regarding the Fund's NAV, market price, premiums and discounts, and bid/ask spreads, will be available at www.mufgetf.com. A description of the Fund's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund's SAI.

**Additional Information**

The Fund enters into contractual arrangements with various parties, including, among others, the Fund's investment adviser, who provides services to the Fund. Shareholders are not parties to, or intended (or "third party") beneficiaries of, those contractual arrangements.

The Prospectus and the SAI provide information concerning the Fund that you should consider in determining whether to purchase Shares of the Fund. The Fund may make changes to this information from time to time. Neither this Prospectus nor the SAI is intended to give rise to any contract rights or other rights in any shareholder, other than any rights conferred explicitly by federal or state securities laws that may not be waived.

**Shareholder Rights**

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

**Duties of Trustees**

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

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

**FINANCIAL HIGHLIGHTS**

Financial highlights are not yet available for the Fund as it had not commenced operations prior to the date of this Prospectus.

**INVESTMENT ADVISER**

**Clearbrook Investment Consulting LLC**

21 West 46th Street, Suite 1507

New York, New York 10036

**INVESTMENT SUB-ADVISER**

**Mitsubishi UFJ Trust and Banking Corporation**

1-4-5, Marunouchi, Chiyoda-ku

Tokyo, Japan 100-8212

**INVESTMENT TRADING ADVISER**

**Exchange Traded Concepts, LLC**

10900 Hefner Pointe Drive, Suite 400

Oklahoma City, Oklahoma 73120

**ADMINISTRATOR AND TRANSFER AGENT**

**U.S. Bank Global Fund Services** 

615 East Michigan Street

Milwaukee, Wisconsin 53201

**CUSTODIAN**

**U.S. Bank, N.A.**

1555 North River Center Drive, Suite 302

Milwaukee, Wisconsin 53212

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**PricewaterhouseCoopers LLP**

Two Commerce Square, Suite 1800

2001 Market Street

Philadelphia, Pennsylvania 19103

**UNDERWRITER**

**Quasar Distributors, LLC**

Three Canal Plaza, Suite 100

Portland, Maine 04101

**COUNSEL**

**Faegre Drinker Biddle & Reath LLP** 

One Logan Square, Suite 2000

Philadelphia, Pennsylvania 19103

**FOR MORE INFORMATION**

For more information about the Fund, the following documents are available free upon request:

**Annual/Semi-Annual Reports**

Once available, additional information about the Fund's investments will be included in the Fund's annual and semi-annual reports to shareholders. The annual report will contain a concise summary of the relevant market conditions and investment strategies that materially affected the Fund's performance during its most recently completed fiscal year. The Fund's annual and semi-annual reports to shareholders will be available at the Fund's website at www.mufgetf.com. or by calling 1-800-617-0004.

**Statement of Additional Information**

The Fund's SAI, dated July 2, 2025 has been filed with the SEC. The SAI, which includes additional information about the Fund, may be obtained free of charge at the Fund's website or by calling 800-617-0004. The SAI, as supplemented from time to time, is incorporated by reference into this Prospectus and is legally considered a part of this Prospectus.

**TO OBTAIN INFORMATION**

The SAI is available, without charge, upon request along with the semi-annual and annual reports (when available). To obtain a free copy of the SAI, semi-annual or annual reports or if you have questions about the Fund:

**By Internet**

Go to www.mufgetf.com.

**By Telephone**

Call 1-800-617-0004 or your securities dealer.

**From the SEC**

Information about the Fund (including the SAI) and other information about the Fund are available on the EDGAR Database on the SEC's Internet site at www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by sending an electronic request to publicinfo@sec.gov.

Investment Company Act File Number 811-23011

**MUFG Japan Small Cap Active ETF**

**(NYSE Arca – MJSC)**

**of The RBB Fund Trust**

**Statement of Additional Information**

**Dated July 2, 2025**

The MUFG Japan Small Cap Active ETF (the "Fund") is a diversified series of The RBB Fund Trust (the "Trust"), an open-end management investment company organized as a Delaware statutory trust on August 29, 2014.

Clearbrook Investment Consulting, LLC (the "Adviser") serves as the investment adviser to the Fund, Mitsubishi UFJ Trust and Banking Corporation (the "Sub-Adviser") serves as the investment sub-adviser to the Fund, and Exchange Traded Concepts, LLC ("Trading Adviser") serves as the trading adviser to the Fund.

Information about the Fund is set forth in the prospectus dated July 2, 2025 (the "Prospectus"), and provides the basic information you should know before investing. To obtain a copy of the Prospectus and/or the Fund's Annual and Semi-Annual Reports, once available, please visit www.mufgetf.com or call 1-800-617-0004. This Statement of Additional Information ("SAI") is not a prospectus but contains information in addition to and more detailed than that set forth in the Prospectus. It is incorporated by reference in its entirety into the Prospectus. This SAI is intended to provide you with additional information regarding the activities and operations of the Fund and the Trust, and it should be read in conjunction with the Prospectus. Capitalized terms not otherwise defined herein have the same meaning set forth in the Prospectus.

**Table of Contents**

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| | |
|:---|:---|
| Fund History | 1 |
| Investment Policies and Practices | 1 |
| Investment Restrictions | 17 |
| Exchange Listing and Trading | 19 |
| Management of the Trust | 20 |
| Code of Ethics | 28 |
| Principal Holders | 28 |
| Investment Advisory Agreement | 28 |
| Portfolio Managers | 30 |
| Underwriter | 32 |
| Purchase and Redemption of Creation Units | 32 |
| Portfolio Holdings Information | 38 |
| Determination of Net Asset Value | 38 |
| Dividends, Distributions, and Taxes | 39 |
| Portfolio Transactions and Brokerage | 41 |
| Securities Lending | 42 |
| Proxy Voting Procedures | 42 |
| Payments To Financial Intermediaries | 43 |
| General Information | 43 |
| Financial Statements | 44 |
| Appendix A | A-1 |
| Appendix B | B-1 |

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**FUND HISTORY**

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

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

The investment objective of the Fund is long-term capital appreciation.

The Fund offers and issues shares at its net asset value per share ("NAV") only in aggregations of a specified number of shares (each a "Creation Unit"). The Fund also generally offers and issues shares in exchange for a basket of securities ("Deposit Securities") together with the deposit of a specified cash payment ("Cash Component"). The Trust reserves the right to permit or require the substitution of a "cash in lieu" amount ("Deposit Cash") to be added to the Cash Component to replace any Deposit Security. The shares of the Fund are listed on NYSE Arca, Inc. (the "Exchange") and trade on the Exchange at market prices. These prices may differ from the share's NAV. The shares are also redeemable only in Creation Unit aggregations, and generally in exchange for portfolio securities and a specified cash payment. A Creation Unit of the Fund generally consists of at least 10,000 Shares.

Shares of the Fund may be issued in advance of receipt of Deposit Securities subject to various conditions including a requirement to maintain on deposit with the Trust cash at least equal to a specified percentage of the market value of the missing Deposit Securities as set forth in the Participant Agreement (as defined below). The Trust may impose a transaction fee for each creation or redemption (the "Transaction Fee"). In all cases, such fees will be limited in accordance with the requirements of the Securities and Exchange Commission (the "SEC") applicable to management investment companies offering redeemable securities. The Fund may charge, either in lieu or in addition to the fixed creation or redemption Transaction Fee, a variable fee for creations and redemptions in order to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from such transaction, up to a maximum of 2.00% of the NAV per Creation Unit, inclusive of any Transaction Fees charged (if applicable).

The Fund is an actively-managed exchange-traded fund ("ETF").

**INVESTMENT POLICIES AND PRACTICES**

The Fund's investment objective and principal investment strategies are described in the Prospectus. The sections below describe some of the different types of investments that may be made by the Fund as part of its principal and non-principal investment strategies. The following information supplements, and should be read in conjunction with, the Prospectus.

With respect to the Fund's investments, unless otherwise noted, if a percentage limitation on investment is adhered to at the time of investment or contract, a subsequent increase or decrease as a result of market movement or redemption will not result in a violation of such investment limitation. To the extent an investment with respect to the Fund is discussed in this SAI but not in the Prospectus, such policy is not a principal investment of the Fund.

There can be no guarantee that the Fund will achieve its investment objective. The Fund may not necessarily invest in all of the instruments or use all of the investment techniques permitted by the Prospectus and this SAI, or invest in such instruments or engage in such techniques to the full extent permitted by the Fund's investment policies and limitations.

**Principal Investment Policies and Risks**

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

**Emerging Countries Risk.** The Fund may invest in securities of issuers located in emerging countries. The securities markets of emerging countries are less liquid and subject to greater price volatility, and have a smaller market capitalization, than the U.S. securities markets. In certain countries, there may be fewer publicly traded securities and the market may be dominated by a few issues or sectors. Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations as are issuers and securities markets in the U.S. In particular, the assets and profits appearing on the financial statements of emerging country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers. Substantially less information may be publicly available about emerging country issuers than is available about issuers in the United States.

Emerging country securities markets are typically marked by a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of ownership of such securities by a limited number of investors. The markets for securities in certain emerging countries are in the earliest stages of their development. Even the markets for relatively widely traded securities in emerging countries may not be able to absorb, without price disruptions, a significant increase in trading volume or trades of a size customarily undertaken by institutional investors in the securities markets of developed countries. The limited size of many of these securities markets can cause prices to be erratic for reasons apart from factors that affect the soundness and competitiveness of the securities issuers. For example, prices may be unduly influenced by traders who control large positions in these markets. Additionally, market making and arbitrage activities are generally less extensive in such markets, which may contribute to increased volatility and reduced liquidity of such markets. The limited liquidity of emerging country securities may also affect the Fund's ability to accurately value its portfolio securities or to acquire or dispose of securities at the price and time it wishes to do so or in order to meet redemption requests.

With respect to investments in certain emerging market countries, antiquated legal systems may have an adverse impact on the Fund. For example, while the potential liability of a shareholder in a U.S. corporation with respect to acts of the corporation is generally limited to the amount of the shareholder's investment, the notion of limited liability is less clear in certain emerging market countries. Similarly, the rights of investors in emerging market companies may be more limited than those of shareholders in U.S. corporations, the legal remedies for investors in emerging markets may be more limited than the remedies available in the U.S. and the ability of U.S. authorities (e.g., SEC and the U.S. Department of Justice) to bring actions against bad actors may be limited.

Transaction costs, including brokerage commissions or dealer mark-ups, in emerging countries may be higher than in the United States and other developed securities markets. In addition, existing laws and regulations are often inconsistently applied. As legal systems in emerging countries develop, foreign investors may be adversely affected by new or amended laws and regulations. In circumstances where adequate laws exist, it may not be possible to obtain swift and equitable enforcement of the law.

Foreign investment in the securities markets of certain emerging countries is restricted or controlled to varying degrees. These restrictions may limit the Fund's investment in certain emerging countries and may increase the expenses of the Fund. Certain emerging countries require governmental approval prior to investments by foreign persons or limit investment by foreign persons to only a specified percentage of an issuer's outstanding securities or a specific class of securities which may have less advantageous terms (including price) than securities of the company available for purchase by nationals. In addition, the repatriation of both investment income and capital from emerging countries may be subject to restrictions which require governmental consents or prohibit repatriation entirely for a period of time. Even where there is no outright restriction on repatriation of capital, the mechanics of repatriation may affect certain aspects of the operation of the Fund. The Fund may be required to establish special custodial or other arrangements before investing in certain emerging countries.

Emerging countries may be subject to a substantially greater degree of economic, political and social instability and disruption than is the case in the United States, Japan and most Western European countries. This instability may result from, among other things, the following: (i) authoritarian governments or military involvement in political and economic decision making, including changes or attempted changes in governments through extra-constitutional means; (ii) popular unrest associated with demands for improved political, economic or social conditions; (iii) internal insurgencies; (iv) hostile relations with neighboring countries; (v) ethnic, religious and racial disaffection or conflict; and (vi) the absence of developed legal structures governing foreign private investments and private property. Such economic, political and social instability could disrupt the principal financial markets in which the Fund may invest and adversely affect the value of the Fund's assets. The Fund's investments can also be adversely affected by any increase in taxes or by political, economic or diplomatic developments.

The economies of emerging countries may differ unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, capital reinvestment, resources, self-sufficiency and balance of payments. Many emerging countries have experienced in the past, and continue to experience, high rates of inflation. In certain countries inflation has at times accelerated rapidly to hyperinflationary levels, creating a negative interest rate environment and sharply eroding the value of outstanding financial assets in those countries. Other emerging countries, on the other hand, have experienced deflationary pressures and are in economic recessions. The economies of many emerging countries are heavily dependent upon international trade and are accordingly affected by protective trade barriers and the economic conditions of their trading partners. In addition, the economies of some emerging countries are vulnerable to weakness in world prices for their commodity exports. The Fund's income and, in some cases, capital gains from foreign stocks and securities will be subject to applicable taxation in certain of the countries in which it invests, and treaties between the U.S. and such countries may not be available in some cases to reduce the otherwise applicable tax rates.

**Equity Securities.** Equity securities represent ownership interests in a company and consist of common stocks, preferred stocks, warrants to acquire common stock, and securities convertible into common stock. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests will cause the NAV of the Fund to fluctuate. The Fund purchases equity securities traded in the U.S. and abroad on registered exchanges or the over-the-counter market. Equity securities are described in more detail below:

*<u>Common Stock</u>.* Common stock represents an equity or ownership interest in an issuer. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those who own common stock.

*<u>Preferred Stock</u>.* Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

*<u>Convertible Securities</u>*. 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 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.

*<u>Small Capitalization Companies.</u>* Investing in equity securities of small capitalization companies often involves greater risk than is customarily associated with investments in larger capitalization companies. This increased risk may be due to the greater business risks of smaller size, limited markets and financial resources, narrow product lines and frequent lack of depth of management. The securities of smaller companies are often traded in the over-the-counter market and even if listed on a national securities exchange may not be traded in volumes typical for that exchange. Consequently, the securities of smaller companies are less likely to be liquid, may have limited market stability, and may be subject to more abrupt or erratic market movements than securities of larger, more established companies or the market averages in general.

**Exchange-Traded Funds.** The Fund may hold shares of other open-end investment companies whose shares are listed for trading on a national securities exchange. ETF shares typically trade like shares of common stock and provide investment results that generally correspond to the price and yield performance of the component stocks of a widely recognized index. There can be no assurance, however, that this can be accomplished, as it may not be possible for an ETF to replicate the composition and relative weightings of the securities of its corresponding index. Additionally, some ETFs are actively-managed by an investment adviser and/or sub-advisers and do not seek to provide investment results that correspond to an index.

ETFs are subject to risks of an investment in a broadly based portfolio of common stocks, including the risk that the general level of stock prices may decline, thereby adversely affecting the value of such investment. An actively-managed ETF may not perform as well as its investment adviser and/or sub-advisers expect, and/or the actively-managed ETF's portfolio management practices might not work to achieve the desired result. Individual shares of an ETF are generally not redeemable at their NAV, but trade on an exchange during the day at prices that are normally close to, but not the same as, their NAV. There is no assurance that an active trading market will be maintained for the shares of an ETF or that market prices of the shares of an ETF will be close to their NAVs. The existence of extreme market volatility or potential lack of an active trading market for an ETF's shares could result in such shares trading at a significant premium or discount to their NAV. In addition, the purchase of shares of ETFs may result in duplication of expenses, including advisory fees, in addition to a mutual fund's or ETF's own expenses.

Investments in securities of ETFs beyond the limitations set forth in Section 12(d)(1)(A) of the 1940 Act are subject to certain terms and conditions described below. Section 12(d)(1)(A) states that a mutual fund may not acquire shares of other investment companies, such as ETFs, in excess of: 3% of the total outstanding voting stock of the investment company; 5% of its total assets invested in the investment company; or more than 10% of the fund's total assets were to be invested in the aggregate in all investment companies. The purchase of shares of ETFs may result in duplication of expenses, including advisory fees, in addition to a mutual fund's own expenses. Rule 12d1-4 under the 1940 Act ("Rule 12d1-4") allows funds to invest in other investment companies in excess of some of the limitations discussed above, subject to certain limitations and conditions. An acquiring fund relying on Rule 12d-4 must enter into a fund of funds investment agreement with the acquired fund. Rule 12d1-4 outlines the requirements for fund of funds agreements and specifies certain reporting responsibilities of the acquiring fund's adviser. The Fund expects to rely on Rule 12d1-4 to the extent the Adviser deems such reliance necessary or appropriate.

**Foreign Custody Risk.** The Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Fund's custodian (each a "Foreign Custodian"). Some Foreign Custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Fund's ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

**Foreign Securities Risk.** The Fund may invest in securities of foreign issuers either directly or through American Depositary Receipts ("ADRs") Global Depositary Receipts ("GDRs"), European Depositary Receipts ("EDRs") or International Depositary Receipts ("IDRs"). ADRs are securities, typically issued by a U.S. financial institution (a "depositary"), that evidence ownership interests in a security or pool of securities issued by a foreign issuer and deposited with the depositary. ADRs may be listed on a national securities exchange or may trade in the over-the-counter market. ADR prices are denominated in U.S. dollars; the underlying security may be denominated in a foreign currency. GDRs, EDRs and IDRs are securities that represent ownership interests in a security or pool of securities issued by a non-U.S. or U.S. corporation. Depositary receipts may be available through "sponsored" or "unsponsored" facilities. A sponsored facility is established jointly by the issuer of the security underlying the receipt and the depositary, whereas an unsponsored facility is established by the depositary without participation by the issuer of the underlying security. Holders of unsponsored depositary receipts generally bear all of the costs of the unsponsored facility. The depositary of an unsponsored facility is frequently under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through, to the holders of the receipts, voting rights with respect to the deposited securities. The depositary of unsponsored depositary receipts may provide less information to receipt holders. Investments in depositary receipts do not eliminate the risks in investing in foreign issuers. The underlying security may be subject to foreign government taxes, which would reduce the yield on such securities.

Investments in foreign securities involve higher costs than investments in U.S. securities, including higher transaction costs as well as the imposition of additional taxes by foreign governments. In addition, foreign investments may include additional risks associated with more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. Volume and liquidity in most foreign bond markets are less than in the United States and, at times, volatility or price can be greater than in the United States. Future political and economic information, the possible imposition of withholding taxes on interest income, the possible seizure or nationalization of foreign holdings, the possible establishment of exchange controls, or the adoption of other governmental restrictions, might adversely affect the payment of principal and interest on foreign obligations. Inability to dispose of Fund securities due to settlement problems could result either in losses to the Fund due to subsequent declines in value of the securities, or, if the Fund has entered into a contract to sell the securities, could result in possible liability to the purchaser. Individual foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth or gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position.

Fixed commissions on foreign securities exchanges are generally higher than negotiated commissions on U.S. exchanges, although the Fund endeavors to achieve the most favorable net results on their portfolio transactions. There is generally less government supervision and regulation of securities exchanges, brokers, dealers and listed companies than in the United States.

Settlement mechanics (e.g., mail service between the United States and foreign countries) may be slower or less reliable than within the United States, thus increasing the risk of delayed settlements of portfolio transactions or loss of certificates for portfolio securities. Foreign markets also have different clearance and settlement procedures, and in certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. Such delays in settlement could result in temporary periods when a portion of the assets of the Fund is uninvested and no return is earned thereon. The inability of the Fund to make intended security purchases due to settlement problems could cause the Fund to miss attractive investment opportunities.

Although the Fund may invest in securities denominated in foreign currencies, the Fund values its securities and other assets in U.S. dollars. As a result, the NAV of the Fund's shares may fluctuate with U.S. dollar exchange rates as well as the price changes of the Fund's securities in the various local markets and currencies. Thus, an increase in the value of the U.S. dollar compared to the currencies in which the Fund makes its investments could reduce the effect of increases and magnify the effect of decreases in the price of the Fund's securities in their local markets. Conversely, a decrease in the value of the U.S. dollar may have the opposite effect of magnifying the effect of increases and reducing the effect of decreases in the prices of the Fund's securities in its foreign markets. In addition to favorable and unfavorable currency exchange rate developments, the Fund is subject to the possible imposition of exchange control regulations or freezes on convertibility of currency.

The Fund may invest in obligations of foreign branches of U.S. banks (Eurodollars) and U.S. branches of foreign banks (Yankee dollars) as well as foreign branches of foreign banks. These investments involve risks that are different from investments in securities of U.S. banks, including potential unfavorable political and economic developments, different tax provisions, seizure of foreign deposits, currency controls, interest limitations or other governmental restrictions which might affect payment of principal or interest. The Fund may also invest in Yankee bonds, which are issued by foreign governments and their agencies and foreign corporations, but pay interest in U.S. dollars and are typically issued in the United States.

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

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

**Initial Public Offerings.** The Fund may purchase stock in an initial public offering ("IPO"). An IPO is a company's first offering of stock to the public. Risks associated with IPOs may include considerable fluctuation in the market value of IPO shares due to certain factors, such as the absence of a prior public market, unseasoned trading, a limited number of shares available for trading, lack of information about the issuer and limited operating history. The purchase of IPO shares may involve high transaction costs. When the Fund's asset base is small, a significant portion of the Fund's performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund's assets grow, the effect of the Fund's investments in IPOs on the Fund's performance probably will decline, which could reduce the Fund's performance. Because of the price volatility of IPO shares, the Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Fund's portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. In addition, the Adviser cannot guarantee continued access to IPOs.

**Investment Company Shares.** The Fund may invest in shares of other investment companies to the extent permitted by applicable law and subject to certain restrictions. These investment companies typically incur fees that are separate from those fees incurred directly by the Fund. The Fund's purchase of such investment company securities results in the layering of expenses, such that shareholders would indirectly bear a proportionate share of the operating expenses of such investment companies, including advisory fees, in addition to paying the Fund's expenses. Unless an exception is available, Section 12(d)(1)(A) of the 1940 Act prohibits a fund from (i) acquiring more than 3% of the voting shares of any one investment company, (ii) investing more than 5% of its total assets in any one investment company, and (iii) investing more than 10% of its total assets in all investment companies combined. These limits will not apply to the investment of uninvested cash balances in shares of registered or unregistered money market funds whether affiliated or unaffiliated. The foregoing exemption, however, only applies to an unregistered money market fund that (i) limits its investments to those in which a money market fund may invest under Rule 2a-7 of the 1940 Act, and (ii) undertakes to comply with all the other provisions of Rule 2a-7.

For hedging or other purposes, the Fund may invest in investment companies that seek to track the composition and/or performance of specific indexes or portions of specific indexes. Certain of these investment companies, known as ETFs, are traded on a securities exchange. The market prices of index-based investments will fluctuate in accordance with changes in the underlying portfolio securities of the investment company and also due to supply and demand of the investment company's shares on the exchange upon which the shares are traded. Index-based investments may not replicate or otherwise match the composition or performance of their specified index due to transaction costs, among other things.

Investments by the Fund in other investment companies, including ETFs, will be subject to the limitations of the 1940 Act. Pursuant to Rule 12d1-4 and procedures approved by the Board, the Fund may invest in other investment companies beyond the limits contained in the 1940 Act, subject to certain conditions imposed by Rule 12d1-4 including limits on control and voting of acquired funds' shares, evaluations and findings by investment advisers, fund investment agreements and limits on most three-tier fund structures.

Certain investment companies whose securities are purchased by the Fund may not be obligated to redeem such securities in an amount exceeding 1% of the investment company's total outstanding securities during any period of less than 30 days. Therefore, such securities that exceed this amount may be illiquid.

If required by the 1940 Act, the Fund expects to vote the shares of other investment companies that are held by it in the same proportion as the vote of all other holders of such securities.

**Japanese Securities Risk.** Because a significant portion of the assets of the Fund are invested in Japanese securities, the Fund's performance is expected to be closely tied to the political, social and economic conditions within Japan. The Japanese economy has at times in the past been negatively affected by government intervention and protectionism, a deflationary macroeconomic environment, a heavy reliance on international trade and natural disasters. These factors, as well as an aging population, increases in government debt and changes to fiscal, monetary, or trade policies, may affect Japanese markets and the Fund's performance. As such, the Fund's performance may be more volatile than the performance of funds that are more geographically diverse. Japan also has a growing economic relationship with China and other Southeast Asian countries, and thus Japan's economy may be affected by economic, political and social instability in those countries. Japan's political tensions with its neighbors are also strained, and should political tensions increase, it could adversely affect the Japanese economy, particularly in times of crisis. Japan has experienced natural disasters of varying degrees of severity, and the risks of such phenomena, and damage resulting therefrom, continue to exist. The Japanese yen has also fluctuated widely during recent periods and may be affected by currency volatility elsewhere in Asia, especially Southeast Asia.

**Large Shareholder Purchase and Redemption Risk.** The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. Similarly, large share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

**Real Estate Investment Trust Securities.** The Fund may invest in real estate investment trusts ("REITs"). A REIT is a pooled investment vehicle that purchases primarily income-producing real estate, real estate-related loans or other real estate-related interests. The pooled vehicle then issues shares whose value and investment performance are dependent upon the investment performance of the underlying real estate-related investments. Individual REITs may own a limited number of properties and may concentrate in a particular region or property type. A REIT is a corporation, or a business trust that would otherwise be taxed as a corporation, which meets the definitional requirements of the Internal Revenue Code of 1986, as amended (the "Code"). The Code permits a qualifying REIT to deduct dividends paid, thereby effectively eliminating corporate level Federal income tax and making the REIT a pass-through vehicle for Federal income tax purposes. To meet the definitional requirements of the Code, a REIT must, among other things, invest substantially all of its assets in interests in real estate (including mortgages and other REITs) or cash and government securities, derive most of its income from rents from real property or interest on loans secured by mortgages on real property, and distribute to shareholders annually a substantial portion of its otherwise taxable income.

Generally, REITs can be classified as equity REITs, mortgage REITs and hybrid REITs. Equity REITs invest the majority of their assets directly in real property and derive their income primarily from rents and capital gains from appreciation realized through property sales. Mortgage REITs invest the majority of their assets in real estate mortgages and derive their income primarily from interest payments. Hybrid REITs combine the characteristics of both equity and mortgage REITs. The values of securities issued by REITs are affected by tax and regulatory requirements and by perceptions of management skill. They also are subject to heavy cash flow dependency, defaults by borrowers or tenants, self-liquidation and the possibility of failing to qualify for tax-free status under the Code or to maintain exemption from the 1940 Act. Unexpected high rates of default on the mortgages held by a mortgage pool may adversely affect the value of a mortgage-backed security and could result in losses to a mortgage REIT. The risk of such defaults is generally higher in the case of mortgage pools that include subprime mortgages. To the extent that a mortgage REIT's portfolio is exposed to lower-rated, unsecured or subordinated instruments, the risk of loss may increase, which may have a negative impact on the Fund.

The REITs in which the Fund may invest may be affected by economic forces and other factors related to the real estate industry. REITs are sensitive to factors such as changes in real estate values, property taxes, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations affecting zoning, land use and rents, and management skill and creditworthiness of the issuer. Companies in the real estate industry may also be subject to liabilities under environmental and hazardous waste laws. REITS whose underlying assets include long-term health care properties; such as nursing, retirement and assisted living homes, may be impacted by federal regulations concerning the health care industry. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund. The Fund is also subject to the risk that the REITs in which it invests will fail to qualify for tax-free pass-through of income under the Code, and/or fail to qualify for an exemption from registration as an investment company under the 1940 Act. Mortgage REITs may be affected by the quality of the credit extended. A REIT's return may be adversely affected when interest rates are high or rising.

Investing in REITs may involve risks similar to those associated with investing in small capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume and may be subject to more abrupt or erratic price movements than larger company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the larger capitalization stocks included in the S&P 500<sup>®</sup>.

The REIT investments of the Fund may not provide complete tax information to the Fund until after the calendar year-end. Consequently, because of the delay, it may be necessary for the Fund to request permission to extend the deadline for issuance of Forms 1099-DIV beyond January 31. Also, under current provisions of the Code, distributions attributable to operating income of REITs in which the Fund invests are not eligible for favorable tax treatment as long-term capital gains and will be taxable to you as ordinary income. Through 2025, the Fund, however, may designate such distributions as "section 199A dividends" to the extent of the excess of the ordinary REIT dividends, other than capital gain dividends and portions of REIT dividends designated as qualified dividend income, that the Fund receives from a REIT for a taxable year over the Fund's expenses allocable to such dividends. Section 199A dividends may be taxed to individuals and other non-corporate shareholders at a reduced effective federal income tax rate, provided you have satisfied a holding period requirement for the Fund's shares and satisfied certain other conditions. Section 199A is currently set to expire after 2025.

**Restricted Securities.** The Fund may purchase securities which are not registered under the 1933 Act but which may be sold to "qualified institutional buyers" in accordance with Rule 144A under the 1933 Act ("Restricted Securities"). These securities will not be considered illiquid so long as it is determined by the Adviser in accordance with the advice provided by the Sub-Adviser that an adequate trading market exists for the securities. This investment practice could have the effect of increasing the level of illiquidity in an underlying investment company during any period that qualified institutional buyers become uninterested in purchasing restricted securities. In reaching liquidity decisions, the Sub-Adviser may consider, among others, the following factors: (1) the unregistered nature of the security; (2) the frequency of trades and quotes for the security; (3) the number of dealers wishing to purchase or sell the security and the number of other potential purchasers; (4) dealer undertakings to make a market in the security; and (5) the nature of the security and the nature of the marketplace trades (e.g., the time needed to dispose of the security, the method of soliciting offers and the mechanics of the transfer).

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

As consistent with the Fund's respective investment objective, the Fund may also invest in Section 4(2) commercial paper. Section 4(2) commercial paper is issued in reliance on an exemption from registration under Section 4(2) of the 1933 Act and is generally sold to institutional investors who purchase for investment. Any resale of such commercial paper must be in an exempt transaction, usually to an institutional investor through the issuer or investment dealers who make a market in such commercial paper. The Trust believes that Section 4(2) commercial paper is liquid to the extent it meets the criteria established by the Board. The Trust intends to treat such commercial paper as liquid and not subject to the investment limitations applicable to illiquid securities or restricted securities.

**Rights Offerings and Purchase Warrants.** Rights offerings and purchase warrants are privileges issued by a corporation which enable the owner to subscribe to and purchase a specified number of shares of the corporation at a specified price during a specified period of time. Subscription rights normally have a short lifespan to expiration. The purchase of rights or warrants involves the risk that the Fund could lose the purchase value of a right or warrant if the right to subscribe to additional shares is not executed prior to the right's or warrant's expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price paid for the right and/or warrant added to the subscription price of the related security may exceed the value of the subscribed security's market price such as when there is no movement in the level of the underlying security.

**Securities Lending.** The Fund may lend its portfolio securities to financial institutions. Such loans would involve risks of delay in receiving additional collateral in the event the value of the collateral decreases below the value of the securities loaned or of delay in recovering the securities loaned or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers which the Adviser deems to be of good standing and only when, in the Adviser's judgment, the income to be earned from the loans justifies the attendant risks. The Fund may not make loans in excess of 33<sup>1/3</sup>% of the value of its total assets. The Fund may pay a part of the interest earned from the investment of collateral, or other fee, to an unaffiliated or, to the extent consistent with the 1940 Act or the rules and SEC interpretations thereunder, affiliated third party for acting as the Fund's securities lending agent.

By lending its securities, the Fund may increase its income by receiving payments from the borrower that reflect the amount of any interest or any dividends payable on the loaned securities as well as by either investing cash collateral received from the borrower in short-term instruments or obtaining a fee from the borrower when U.S. government securities or letters of credit are used as collateral. The Fund does not have the right to vote loaned securities. The Fund may attempt to call loaned securities back to permit the exercise of voting rights if time and jurisdictional restrictions permit. There is no guarantee that all loans can be recalled.

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

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

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

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

**U.S. Government Securities.** The Fund may invest in U.S. government securities. Securities issued or guaranteed by the U.S. government or its agencies or instrumentalities include U.S. Treasury securities, which are backed by the full faith and credit of the U.S. Treasury and which differ only in their interest rates, maturities, and times of issuance. U.S. Treasury bills have initial maturities of one-year or less; U.S. Treasury notes have initial maturities of one to ten years; and U.S. Treasury bonds generally have initial maturities of greater than ten years. Certain U.S. government securities are issued or guaranteed by agencies or instrumentalities of the U.S. government including, but not limited to, obligations of U.S. government agencies or instrumentalities such as Federal National Mortgage Association ("Fannie Mae"), Federal Home Loan Mortgage Corporation ("Freddie Mac"), Government National Mortgage Association ("Ginnie Mae"), the Small Business Administration, the Federal Farm Credit Administration, the Federal Home Loan Banks, Banks for Cooperatives (including the Central Bank for Cooperatives), the Federal Land Banks, the Federal Intermediate Credit Banks, the Tennessee Valley Authority, the Export-Import Bank of the United States, the Commodity Credit Corporation, the Federal Financing Bank, the Student Loan Marketing Association, the National Credit Union Administration and the Federal Agricultural Mortgage Corporation ("Farmer Mac").

Some obligations issued or guaranteed by U.S. government agencies and instrumentalities, including, for example, Ginnie Mae pass-through certificates, are supported by the full faith and credit of the U.S. Treasury. Other obligations issued by or guaranteed by federal agencies, such as those securities issued by Fannie Mae, are supported by the discretionary authority of the U.S. government to purchase certain obligations of the federal agency, while other obligations issued by or guaranteed by federal agencies, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Treasury, while the U.S. government provides financial support to such U.S. government-sponsored federal agencies, no assurance can be given that the U.S. government will always do so, since the U.S. government is not so obligated by law. U.S. Treasury notes and bonds typically pay coupon interest semi-annually and repay the principal at maturity.

Fannie Mae and Freddie Mac have been operating under conservatorship, with the Federal Housing Finance Administration ("FHFA") acting as their conservator, since September 2008. The entities are dependent upon the continue support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. These factors, among others, could affect the future status and role of Fannie Mae and Freddie Mac and the values of their securities and the securities which they guarantee.

There is risk that the U.S. government will not provide financial support to its agencies, authorities, instrumentalities or sponsored enterprises. The Fund may purchase U.S. government securities that are not backed by the full faith and credit of the United States, such as those issued by Fannie Mae and Freddie Mac. The maximum potential liability of the issuers of some U.S. government securities held by the Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. It is possible that these issuers will not have the funds to meet their payment obligations in the future.

*<u>U.S. Treasury Obligations.</u>* U.S. Treasury obligations consist of bills, notes and bonds issued by the U.S. Treasury and separately traded interest and principal component parts of such obligations that are transferable through the federal book-entry system known as Separately Traded Registered Interest and Principal Securities ("STRIPS") and Treasury Receipts ("TRs").

*<u>U.S. Government Zero Coupon Securities.</u>* STRIPS and receipts are sold as zero coupon securities, that is, fixed income securities that have been stripped of their unmatured interest coupons. Zero coupon securities are sold at a (usually substantial) discount and redeemed at face value at their maturity date without interim cash payments of interest or principal. The amount of this discount is accreted over the life of the security, and the accretion constitutes the income earned on the security for both accounting and tax purposes. Because of these features, the market prices of zero coupon securities are generally more volatile than the market prices of securities that have similar maturity but that pay interest periodically. Zero coupon securities are likely to respond to a greater degree to interest rate changes than are non-zero coupon securities with similar maturity and credit qualities.

*<u>U.S. Government Agencies.</u>* Some obligations issued or guaranteed by agencies of the U.S. government are supported by the full faith and credit of the U.S. Treasury, others are supported by the right of the issuer to borrow from the Treasury, while still others are supported only by the credit of the instrumentality. Guarantees of principal by agencies or instrumentalities of the U.S. government may be a guarantee of payment at the maturity of the obligation so that in the event of a default prior to maturity there might not be a market and thus no means of realizing on the obligation prior to maturity. Guarantees as to the timely payment of principal and interest do not extend to the value or yield of these securities nor to the value of the Fund's shares.

*<u>Inflation-Protected Securities.</u>* The Fund may invest in inflation-protected securities issued by the U.S. Treasury, known as "TIPs" or "Treasury Inflation-Protected Securities," which are debt securities whose principal and interest payments are adjusted for inflation and interest is paid on the adjusted amount. The inflation adjustment, which is typically applied monthly to the principal of the bond, follows a designated inflation index, such as the consumer price index. A fixed coupon rate is applied to the inflation-adjusted principal so that as inflation rises, both the principal value and the interest payments increase. This can provide investors with a hedge against inflation, as it helps preserve the purchasing power of the investment. Inflation-protected securities normally will decline in price when real interest rates rise. (A real interest rate is calculated by subtracting the inflation rate from a nominal interest rate. For example, if a 10-year Treasury note is yielding 5% and inflation is 2%, the real interest rate is 3%.) If inflation is negative, the principal and income of an inflation-protected security will decline and could result in losses for the Fund.

Any increase in principal for an inflation-protected security resulting from inflation adjustments is considered by Internal Revenue Service regulations to be taxable income in the year it occurs. For direct holders of an inflation-protected security, this means that taxes must be paid on principal adjustments even though these amounts are not received until the bond matures. By contrast, the Fund holding these securities distributes both interest income and the income attributable to principal adjustments in the form of cash or reinvested shares, which are taxable to shareholders.

**Non-Principal Investment Policies and Risks**

**Derivatives Risk.** The Fund may invest in derivative products to, among other things, obtain exposure to specific asset class sectors and seek to hedge against possible adverse impact of changes in stock market prices, currency exchange rates or interest rates in the market value of its securities or securities to be purchased. Rule 18f-4 under the 1940 Act provides for the regulation of a registered investment company's use of derivatives and related instruments. Rule 18f-4 prescribes specific value-at-risk leverage limits for certain derivatives users and requires certain derivatives users to adopt and implement a derivatives risk management program (including the appointment of a derivatives risk manager and the implementation of certain testing requirements), and prescribes reporting requirements in respect of derivatives. Subject to certain conditions, if a fund qualifies as a "limited derivatives user," as defined in Rule 18f-4, it is not subject to the full requirements of Rule 18f-4. As of the date of this SAI, the Fund is relying on the limited derivatives user exception.

With respect to reverse repurchase agreements or other similar financing transactions in particular, including certain tender option bonds, Rule 18f-4 permits a fund to enter into such transactions if the fund either (i) complies with the asset coverage requirements of Section 18 of the 1940 Act, and combines the aggregate amount of indebtedness associated with all reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the relevant asset coverage ratio, or (ii) treats all reverse repurchase agreements or similar financing transactions as derivatives transactions for all purposes under Rule 18f-4. The Fund has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4. Limits or restrictions applicable to the counterparties or issuers, as applicable, with which the Fund may engage in derivative transactions could also limit or prevent the Fund from using certain instruments. The use of derivatives is also subject to operational and legal risks. Operational risks generally refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks generally refer to risks of loss resulting from insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.

*<u>Currency Exchange Transactions</u>.* The Fund may engage in a currency exchange transaction through a forward currency exchange contract (or other cash management position). A currency exchange transaction may be conducted either on a spot (i.e., cash) basis at the spot rate for purchasing or selling currency prevailing in the foreign exchange market or through a forward currency exchange contract ("Forward Contract") (or other cash management position). A Forward Contract is an agreement to purchase or sell a specified currency at a specified future date (or within a specified time period) at a price set at the time of the contract. Forward Contracts are usually entered into with banks and broker-dealers, are not exchange traded and are usually for less than one year.

Currency exchange transactions may involve currencies of the different countries in which the Fund may invest, and may serve as hedges against possible variations in the exchange rates between these currencies and the U.S. dollar. The Fund's currency transactions may include transaction hedging and portfolio hedging involving either specific transactions or portfolio positions. Transaction hedging is the purchase or sale of a Forward Contract (or other cash management position) with respect to specific payables or receivables of the Fund in connection with the purchase or sale of portfolio securities. Portfolio hedging is the use of a Forward Contract (or other cash management position) with respect to one or more portfolio security positions denominated or quoted in a particular currency. The Fund may engage in portfolio hedging with respect to the currency of a particular country in amounts approximating actual or anticipated positions in securities denominated in that currency. In addition to hedging transactions, the Fund's currency transactions may include those intended to profit from anticipated currency exchange fluctuations, even if not related to any particular Fund transaction or portfolio position, which can result in losses if such fluctuations do not occur as anticipated. At the maturity of a Forward Contract to deliver a particular currency, the Fund may either sell the portfolio security related to such contract and make delivery of the currency, or it may retain the security and either acquire the currency on the spot market or terminate its contractual obligation to deliver the currency by purchasing an offsetting contract with the same currency trader obligating it to purchase on the same maturity date the same amount of the currency.

It is impossible to forecast with absolute precision the market value of portfolio securities at the expiration of a Forward Contract. Accordingly, it may be necessary for the Fund to purchase additional currency on the spot market (and bear the expense of such purchase) if the market value of the security is less than the amount of currency the Fund is obligated to deliver, and if a decision is made to sell the security and make delivery of the currency. Conversely, it may be necessary to sell on the spot market some of the currency received upon the sale of the portfolio security if its market value exceeds the amount of currency the Fund is obligated to deliver. If the Fund retains the portfolio security and engages in an offsetting transaction, the Fund will incur a gain or a loss to the extent that there has been movement in Forward Contract prices. If the Fund engages in an offsetting transaction, it may subsequently enter into a new Forward Contract to sell the currency. Should forward prices decline during the period between the date the Fund enters into a Forward Contract for the sale of a currency and the date it enters into an offsetting contract for the purchase of the currency, the Fund will realize a gain to the extent the price of the currency it has agreed to sell exceeds the price of the currency it has agreed to purchase. Should forward prices increase, the Fund will suffer a loss to the extent the price of the currency it has agreed to purchase exceeds the price of the currency it has agreed to sell. A default on the contract would deprive the Fund of unrealized profits or force the Fund to cover its commitments for purchase or sale of currency, if any, at the current market price.

Hedging against a decline in the value of a currency does not eliminate fluctuations in the prices of portfolio securities or prevent losses if the prices of such securities decline. Such transactions also preclude the opportunity for gain if the value of the hedged currency should rise. Moreover, it may not be possible for the Fund to hedge against a devaluation that is so generally anticipated that the Fund is not able to contract to sell the currency at a price above the devaluation level it anticipates. The cost to the Fund of engaging in currency exchange transactions varies with such factors as the currency involved, the length of the contract period and prevailing market conditions. Since currency exchange transactions are usually conducted on a principal basis, no fees or commissions are involved.

*<u>Options On Securities</u>.* The Fund may purchase and write (*i.e.,* sell) put and call options. Such options may relate to particular securities or 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.

Index options are put options and call options on various indices. In most respects, they are identical to listed options on other securities ("non-index options"). The primary difference between non-index options and index options occurs when index options are exercised. In the case of non-index options, the underlying security 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 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 index and the exercise price of the option expressed in dollars times a specified multiple.

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 incurred a loss in 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, 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 is 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.

*<u>Certain Risks Regarding Options</u>.* 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 indices will be subject to the ability of the Trading 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 indices, depends on the degree to which price movements in the underlying index correlate with 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 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 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 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 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 were 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.

*<u>Futures and Options on Futures</u>.* Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific security at a specified future time and at a specified price. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. The Fund may reduce the risk that it will be unable to close out a futures contract by only entering into futures contracts that are traded on a national futures exchange regulated by the Commodities Futures Trading Commission ("CFTC"). The Fund may use futures contracts and related options for: bona fide hedging; attempting to offset changes in the value of securities held or expected to be acquired or be disposed of; attempting to minimize fluctuations in foreign currencies; attempting to gain exposure to a particular market, index or instrument; or other risk management purposes. To the extent futures and/or options on futures are employed by the Fund, the Fund will limit such investments in commodity futures, commodity options contracts and swaps to below the de minimis thresholds adopted by the CFTC in its recent amendments to Rule 4.5 (see below for a description of these thresholds). For this reason, the Trading Adviser is not required to register as a "commodity pool operator" ("CPO") under the Commodity Exchange Act at this time.

With respect to investments in swap transactions, commodity futures, commodity options or certain other derivatives used for purposes other than *bona fide* hedging purposes, an investment company must meet one of the following tests under the amended regulations in order to claim an exemption from being considered a "commodity pool" or a CPO. First, the aggregate initial margin and premiums required to establish an investment company's positions in such investments may not exceed five percent (5%) of the liquidation value of the investment company's portfolio (after accounting for unrealized profits and unrealized losses on any such investments). Alternatively, the aggregate net notional value of such instruments, determined at the time of the most recent position established, may not exceed one hundred percent (100%) of the liquidation value of the investment company's portfolio (after accounting for unrealized profits and unrealized losses on any such positions). In addition to meeting one of the foregoing trading limitations, the investment company may not market itself as a commodity pool or otherwise as a vehicle for trading in the commodity futures, commodity options or swaps and derivatives markets. In the event that the Adviser were required to register as a CPO with respect to the Fund, the disclosure and operations of the Fund would need to comply with all applicable CFTC regulations.

An index futures contract is a bilateral agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to a specified dollar amount times the difference between the index value at the close of trading of the contract and the price at which the futures contract is originally struck. No physical delivery of the securities comprising the index is made; generally, contracts are closed out prior to the expiration date of the contract.

The Fund is required to comply with Rule 18f-4 under the 1940 Act.

There are significant risks associated with the Fund's use of futures contracts and related options, including the following: (1) the success of a hedging strategy may depend on the Adviser's investment adviser's ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; (2) there may be an imperfect or no correlation between the changes in market value of the securities held by the Fund and the prices of futures and options on futures; (3) there may not be a liquid secondary market for a futures contract or option; (4) trading restrictions or limitations may be imposed by an exchange; and (5) government regulations may restrict trading in futures contracts and options on futures. In addition, some strategies reduce the Fund's exposure to price fluctuations, while others tend to increase its market exposure.

*<u>Certain Investment Techniques and Derivatives Risks</u>.* When the Trading Adviser uses investment techniques such as margin, leverage and short sales, and forms of financial derivatives, such as options and futures, an investment in the Fund may be more volatile than investments in other mutual funds. Although the intention is to use such investment techniques and derivatives to minimize risk to the Fund, as well as for speculative purposes, there is the possibility that improper implementation of such techniques and derivative strategies or unusual market conditions could result in significant losses to the Fund. Derivatives are used to limit risk in the Fund or to enhance investment return and have a return tied to a formula based upon an interest rate, index, price of a security, or other measurement. Derivatives involve special risks, including: (1) the risk that interest rates, securities prices and currency markets will not move in the direction that a portfolio manager anticipates; (2) imperfect correlation between the price of derivative instruments and movements in the prices of the securities, interest rates or currencies being hedged; (3) the fact that skills needed to use these strategies are different than those needed to select portfolio securities; (4) the possible absence of a liquid secondary market for any particular instrument and possible exchange imposed price fluctuation limits, either of which may make it difficult or impossible to close out a position when desired; (5) the risk that adverse price movements in an instrument can result in a loss substantially greater than the Fund's initial investment in that instrument (in some cases, the potential loss in unlimited); (6) particularly in the case of privately-negotiated instruments, the risk that the counterparty will not perform its obligations, or that penalties could be incurred for positions held less than the required minimum holding period, which could leave the Fund worse off than if it had not entered into the position; and (7) the inability to close out certain hedged positions to avoid adverse tax consequences. In addition, the use of derivatives for non-hedging purposes (that is, to seek to increase total return) is considered a speculative practice and may present an even greater risk of loss than when used for hedging purposes.

**Illiquid Investments.** Pursuant to Rule 22e-4 ("Rule 22e-4" or the "Liquidity Rule") under the 1940 Act, the Fund may invest up to 15% of its net assets in illiquid investments. An illiquid investment as defined in Rule 22e-4 is an investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions within seven calendar days or less without the sale or disposition significantly changing the market value of the investment. These investments may include restricted securities and repurchase agreements maturing in more than seven days. Restricted securities are securities that may not be sold to the public without an effective registration statement under the Securities Act of 1933, as amended (the "1933 Act"), and thus may be sold only in privately negotiated transactions or pursuant to an exemption from registration. Subject to the adoption of guidelines by the Board, certain restricted securities that may be sold to institutional investors pursuant to Rule 144A under the 1933 Act and non-exempt commercial paper may be determined to be liquid by the Adviser. Illiquid investments involve the risk that the investments will not be able to be sold at the time the Adviser desires or at prices approximating the value at which the Fund is carrying the investments. To the extent an investment held by the Fund is deemed to be an illiquid investment or a less liquid investment, the Fund will be exposed to greater liquidity risk.

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

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

**Temporary Defensive Positions.** In anticipation of or in response to adverse market, economic, political or other conditions, the Fund may take temporary defensive positions (up to 100% of its assets) in cash, cash equivalents and all types of money market and short-term debt securities. If the Fund were to take a temporary defensive position, it may be unable to achieve its investment objective for a period of time.

**INVESTMENT RESTRICTIONS**

The Trust has adopted the following investment restrictions as fundamental policies with respect to the Fund. These restrictions cannot be changed with respect to the Fund without the approval of the holders of a majority of the Fund's outstanding voting securities. For the purposes of the 1940 Act, a "majority of outstanding shares" means the vote of the lesser of: (1) 67% or more of the voting securities of the Fund present at the meeting if the holders of more than 50% of the Fund's outstanding voting securities are present or represented by proxy; or (2) more than 50% of the outstanding voting securities of the Fund. Notwithstanding the fundamental and non-fundamental investment restrictions provided below, the Fund's investments and operations will be limited by the terms and conditions of its exemptive order.

Except with the approval of a majority of the outstanding voting securities, the Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Borrow money or issue senior securities, except that the Fund may borrow from banks and enter into reverse
repurchase agreements provided that there is at least 300% asset coverage for the borrowings of the Fund. The Fund may not mortgage, pledge
or hypothecate any assets, except in connection with any such borrowing and then in amounts not in excess of one-third of the value of
the Fund's total assets at the time of such borrowing. However, the amount shall not be in excess of lesser of the dollar amounts
borrowed or 33<sup>1/3</sup>% of the value of the Fund's total assets at the time of such borrowing, provided that: (a) short
sales and related borrowings of securities are not subject to this restriction; and (b) for the purposes of this restriction, collateral
arrangements with respect to options, short sales, futures contracts, options on futures contracts, collateral arrangements with respect
to initial and variation margin and collateral arrangements with respect to derivatives instruments are not deemed to be a pledge or other
encumbrance of assets. Securities held in escrow or separate accounts in connection with the Fund's investment practices are not
considered to be borrowings or deemed to be pledged for purposes of this limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Act as an underwriter of securities within the meaning of the 1933 Act, except insofar as it might be
deemed to be an underwriter upon disposition of certain portfolio securities acquired within the limitation on purchases of restricted
securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Purchase or sell real estate (including real estate limited partnership interests), provided that the
Fund may invest: (a) in securities secured by real estate or interests therein or issued by companies that invest in real estate
or interests therein; or (b) in real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Purchase or sell commodities or commodity contracts, except as permitted by the 1940 Act, as amended,
and as interpreted or modified by the regulatory authority having jurisdiction from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Make loans, except through loans of portfolio securities and repurchase agreements, provided that for
purposes of this restriction the acquisition of bonds, debentures or other debt instruments or interests therein and investment in government
obligations, loan participations and assignments, short-term commercial paper, certificates of deposit and bankers' acceptances
shall not be deemed to be the making of a loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Purchase securities of one or more issuers
 conducting their principal business activity in the same industry or group of industries,
 if immediately after such purchase the value of its investments in such industry would exceed
 25% or more of its total assets provided that this restriction shall not apply to securities
 issued or guaranteed as to principal and interest by the U.S. government, its agencies or
 instrumentalities; provided, however, that the Fund may invest all or part of its investable
 assets in an open-end investment company with substantially the same investment objective,
 policies and restrictions as the Fund;\* or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Purchase the securities of any one issuer, other than securities issued or guaranteed by the U.S. government
or its agencies or instrumentalities, if immediately after and as a result of such purchase, more than 5% of the value of the Fund's
total assets would be invested in the securities of such issuer, or more than 10% of the outstanding voting securities of such issuer
would be owned by the Fund, except that up to 25% of the value of the Fund's total assets may be invested without regard to such
limitations.

\* For purposes of Investment Restriction Number 6, the Fund will look through to the underlying investments of an acquired open-end investment company for purposes of complying with its concentration policy.

In addition to the fundamental investment limitations specified above, the Fund is subject to the following non-fundamental limitations, which may be changed without shareholder approval, in compliance with applicable law and regulatory policy. The Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Acquire any illiquid asset if, immediately after the acquisition, the Fund would have invested more than
15% of its net assets in illiquid assets. An illiquid asset is any asset which may not be sold or disposed of in the ordinary course of
business within seven days at approximately the value at which the Fund has valued the investment.

The Fund may invest in securities issued by other investment companies within the limits prescribed by the 1940 Act. As a shareholder of another investment company, the Fund would bear, along with other shareholders, its pro rata portion of the other investment company's expenses, including advisory fees. These expenses would be in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations.

Securities held by the Fund generally may not be purchased from, sold or loaned to the Adviser or its affiliates or any of their directors, officers or employees, acting as principal, unless pursuant to a rule or exemptive order under the 1940 Act.

If a percentage restriction under one of the Fund's investment policies or limitations or the use of assets is adhered to at the time a transaction is effected, later changes in percentages resulting from changing values will not be considered a violation (except with respect to any restrictions that may apply to borrowings or senior securities issued by the Fund).

**EXCHANGE LISTING AND TRADING**

Shares are listed for trading and trade throughout the day on the Exchange.

There can be no assurance that the Fund will continue to meet the requirements of the Exchange necessary to maintain the listing of the Fund's shares. The Exchange may, but is not required to, remove the shares of the Fund from listing if, among other things (i) following the initial 12-month period beginning upon the commencement of trading of the fund, there are fewer than 50 beneficial owners of the Fund's shares; (ii) the Fund's portfolio holdings are not made available to all market participants at the same time; (iii) the Fund has failed to file any filings required by the SEC or the Exchange is aware that the Fund is not in compliance with the conditions of any exemptive order or no-action relief granted by the SEC or its staff under the 1940 Act with respect to the Fund; (iv) the Exchange's ongoing listing requirements are not continuously maintained; (v) any of the continuous listing representations for the issue of the Fund's shares are not continuously met; or (vi) such other event shall occur or condition exists that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. The Exchange will remove the Fund's shares from listing and trading upon termination of the Fund. The Exchange will remove the Fund's shares from listing and trading upon termination of the Fund.

The Trust reserves the right to adjust the price levels of its shares in the future to help maintain convenient trading ranges for investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of the Fund.

As in the case of other stocks traded on the Exchange, broker's commissions on transactions will be based on negotiated commission rates at customary levels.

**MANAGEMENT OF THE TRUST**

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

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

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

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

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

**Trustees and Executive Officers**

The Trustees and executive officers of the Trust, their ages, business addresses and principal occupations during the past five years are set forth in this section. **<sup>(1)</sup>**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s)**<br> **Held with**<br> **Trust** | **Term of Office**<br> **and**<br> **Length of**<br> **Time Served<sup>(1)</sup>** | **Principal**<br> **Occupation(s)**<br> **During Past 5 Years** | **Number of <br> Portfolios in Fund** <br> **Complex Overseen <br> by Trustee\*** | **Other Directorships <br> Held by Trustee During <br> Past 5 Years** |
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
| Gregory P. Chandler<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 58 | Trustee | June 2021 to present | Since 2020, Chief Financial Officer, HC Parent Corp. d/b/a Herspiegel Consulting LLC (life sciences consulting services); 2020, Chief Financial Officer, Avocado Systems Inc. (cyber security software provider); from 2009-2020, Chief Financial Officer, Emtec, Inc. (information technology consulting/services). | 86 | FS Energy and Power Fund (business development company); Wilmington Funds (12 portfolios) (registered investment company); Emtec, Inc. (until December 2019); FS Investments Corporation (business development company) (until December 2018). |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Brian T. Shea<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 64 | Trustee | June 2021 to present | From 2014-2017, Chief Executive Officer, BNY Mellon Investment Services (fund services, global custodian and securities clearing firm); from 1983-2014, Chief Executive Officer and various positions, Pershing LLC (broker dealer, clearing and custody firm). | 86 | Barclays PLC, Barclays Bank PLC and Barclays Execution Services Limited (financial services companies); Fidelity National Information Services, Inc. (financial services technology company) (until 2024); Ameriprise Financial, Inc. (financial services company); WisdomTree Investments, Inc. (asset management company) (until March 2019). |
| **OFFICERS** | **OFFICERS** | **OFFICERS** | **OFFICERS** | **OFFICERS** | **OFFICERS** |
| Steven Plump<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 66 | President | August 2022 to present | From 2011 to 2021, Executive Vice President, PIMCO LLC. | N/A | N/A |
| Salvatore Faia, JD,<br> CPA, CFE<br> Vigilant Compliance, LLC<br> Gateway Corporate<br> Center, Suite 216<br> 223 Wilmington West<br> Chester Pike<br> Chadds Ford, PA 19317<br> Age: 62 | Chief Compliance Officer | June 2021 to present | Since 2004, President, Vigilant Compliance, LLC (investment management services company); since 2005, Independent Trustee of EIP Investment Trust (registered investment company); since 2021, Chief Compliance Officer of The RBB Fund Trust; President of The RBB Fund Trust from 2021 to 2022; President of The RBB Fund, Inc. from 2009 to 2022. | N/A | N/A |
| James G. Shaw<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 64 | Chief Financial Officer and Secretary<br>Chief Operating Officer | June 2021 to present<br>August 2022 to present | Since 2022, Chief Operating Officer of The RBB Fund Trust and The RBB Fund Inc.; since 2021, Chief Financial Officer and Secretary of The RBB Fund Trust; since 2016, Chief Financial Officer and Secretary of The RBB Fund Inc. | N/A | N/A |

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

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\* Each Trustee oversees 86 portfolios of the fund complex, consisting of the series in the Trust (14 portfolios) and in The RBB Fund, Inc. (72 portfolios).

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

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

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

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

**Standing Committees** 

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

*Audit Committee.* The Board has an Audit Committee comprised of three Independent Trustees. The current members of the Audit Committee are Ms. Tirinnanzi and Messrs. Chandler and Giordano. The Audit Committee, among other things, reviews results of the annual audit and approves the firm(s) to serve as independent auditors. The Audit Committee convened four times during the fiscal year ended August 31, 2024.

*Contract Committee.* The Board has a Contract Committee comprised of an Interested Trustee and two Independent Trustees. The current members of the Contract Committee are Mses. Dolly and Tirinnanzi and Mr. Sablowsky. The Contract Committee reviews and makes recommendations to the Board regarding the approval and continuation of agreements and plans of the Trust. The Contract Committee convened five times during the fiscal year ended August 31, 2024.

*Executive Committee.* The Board has an Executive Committee comprised of an Interested Trustee and three Independent Trustees. The current members of the Executive Committee are Messrs. Chandler, Giordano, Reichman and Sablowsky. The Executive Committee may generally carry on and manage the business of the Trust when the Board is not in session. The Executive Committee did not meet during the fiscal year ended August 31, 2024.

*Nominating and Governance Committee.* The Board has a Nominating and Governance Committee comprised of three Independent Trustees. The current members of the Nominating and Governance Committee are Messrs. Chandler, Giordano and Reichman. The Nominating and Governance Committee recommends to the Board all persons to be nominated as Trustees of the Trust. The Nominating and Governance Committee will consider nominees recommended by shareholders. Recommendations should be submitted to the Committee care of the Trust's Secretary. The Nominating and Governance Committee convened four times during the fiscal year ended August 31, 2024.

*Product Development Committee.* The Board has a Product Development Committee comprised of the Interested Trustees and two Independent Trustees. The current members of the Product Development Committee are Messrs. Chandler, Reichman, Sablowsky and Shea. The Product Development Committee oversees the process regarding the addition of new investment advisers and investment products to the Trust. The Product Development Committee met seven times during the fiscal year ended August 31, 2024.

*Regulatory Oversight Committee.* The Board has a Regulatory Oversight Committee comprised of the Interested Trustees and two Independent Trustees. The current members of the Regulatory Oversight Committee are Ms. Dolly and Messrs. Reichman, Sablowsky, and Shea. The Regulatory Oversight Committee monitors regulatory developments in the mutual fund industry and focuses on various regulatory aspects of the operation of the Trust. The Regulatory Oversight Committee met four times during the fiscal year ended August 31, 2024.

*Valuation Committee.* The Board has a Valuation Committee comprised of the Interested Trustees and two officers of the Trust. The members of the Valuation Committee are Messrs. Faia, Sablowsky, Shea and Shaw. The Valuation Committee is responsible for reviewing fair value determinations. The Valuation Committee met five times during the fiscal year ended August 31, 2024.

**Risk Oversight**

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

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

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

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

**Trustee Ownership of Shares of the Trust**

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

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

---

<sup>(1)</sup> The Fund had not commenced operations prior to the date of this SAI.

**Trustees' and Officers' Compensation**

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

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

From January 1, 2023 through December 31, 2023, the Trust and The RBB Fund, Inc., based on an allocation formula, paid each Trustee a retainer at the rate of $150,000 annually, $13,500 for each regular meeting of the Board, $5,000 for each Regulatory Oversight Committee meeting attended in-person, $4,000 for each other committee (excluding the Regulatory Oversight Committee) meeting attended in-person, and $2,000 for each committee meeting attended telephonically or special meeting of the Board attended in-person or telephonically. The Chair of the Audit Committee and Chair of the Regulatory Oversight Committee each received an additional fee of $20,000 for his services. The Chair of the Contract Committee and the Chair of the Nominating and Governance Committee each received an additional fee of $10,000 per year for his services. The Vice Chair of the Board received an additional fee of $35,000 per year for his services in this capacity and the Chair of the Board received an additional fee of $75,000 per year for his services in this capacity.

Trustees are reimbursed for any reasonable out-of-pocket expenses incurred in attending meetings of the Board or any committee thereof. An employee of Vigilant Compliance, LLC serves as CCO of the Trust. Vigilant Compliance, LLC is compensated for the services provided to the Trust, and such compensation is determined by the Board. For the fiscal year ended August 31, 2024, Vigilant Compliance, LLC received $875,000 in the aggregate from all series of the Trust and The RBB Fund, Inc. (together, "Fund Complex") for its services. For the fiscal year ended August 31, 2024, Vigilant Compliance, LLC did not receive any fees from the Fund because the Fund had not commenced operations prior to the date of this SAI. Employees of the Trust serve as President, Chief Financial Officer, Chief Operating Officer, Secretary and Director of Marketing & Business Development, and are compensated for services provided. For the fiscal year ended August 31, 2024, each of the following members of the Board and the President, Chief Financial Officer, Chief Operating Officer, Secretary and Director of Marketing & Business Development received compensation from the Fund and the Fund Complex in the following amounts:

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| | | | |
|:---|:---|:---|:---|
| **Name of Trustee/Officer** | **Aggregate <br> Compensation** <br> **from the Fund<sup>(1)</sup>** | **Pension or <br> Retirement** <br> **Benefits Accrued as Part of Fund Expenses** | &nbsp;&nbsp;**Total<br> Compensation<br> From <br> Fund Complex<br> Paid to**<br> **Trustees**<br> **or Officers** |
| **Independent Trustees:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Julian A. Brodsky, Trustee<sup>(2)</sup> | $0 | N/A | $137250 |
| &nbsp;&nbsp;&nbsp;Gregory P. Chandler, Trustee | $0 | N/A | $311000 |
| &nbsp;&nbsp;&nbsp;Lisa A. Dolly, Trustee | $0 | N/A | $296000 |
| &nbsp;&nbsp;&nbsp;Nicholas A. Giordano, Trustee | $0 | N/A | $291000 |
| &nbsp;&nbsp;&nbsp;Arnold M. Reichman, Trustee and Chair | $0 | N/A | $397500 |
| &nbsp;&nbsp;&nbsp;Robert A. Straniere, Trustee<sup>(3)</sup> | $0 | N/A | $274750 |
| &nbsp;&nbsp;&nbsp;Martha A. Tirinnanzi, Trustee<sup>(4)</sup> | $0 | N/A | $177250 |
| **Interested Trustees:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Robert Sablowsky, Trustee and Vice Chair | $0 | N/A | $370250 |
| &nbsp;&nbsp;&nbsp;Brian T. Shea, Trustee | $0 | N/A | $300500 |
| **Officers:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Steven Plump, President | $0 | N/A | $308667 |
| &nbsp;&nbsp;&nbsp;James G. Shaw, Chief Financial Officer, Chief Operating Officer and Secretary | $0 | N/A | $381883 |
| &nbsp;&nbsp;&nbsp;Craig Urciuoli, Director of Marketing & Business Development | $0 | N/A | $319178 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund had not commenced operations prior to the date of this
SAI.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Mr. Brodsky retired from his role as a Trustee effective February
2024. &nbsp;&nbsp;&nbsp;&nbsp;(3) Mr. Straniere retired from his role as a Trustee effective January
2025. &nbsp;&nbsp;&nbsp;&nbsp;(4) Ms. Tirinnanzi began
 serving as a Trustee effective January 1, 2024.

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

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

**Trustee Emeritus Program**

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

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

A Trustee Emeritus will be permitted to serve in such capacity from year to year at the pleasure of the Committee and the Board for up to three years. Effective February 2024, Julian Brodsky serves as a Trustee Emeritus of the Trust. Effective January 2025, Robert Straniere serves as a Trustee Emeritus of the Trust.

For the fiscal year ended August 31, 2024, Mr. Brodsky received compensation for his role as a Trustee Emeritus in the following amounts:

---

| | | | |
|:---|:---|:---|:---|
| **Aggregate Compensation from the Fund<sup>(1)</sup>** | **Pension or Retirement Benefits Accrued as Part of Fund Expenses** | **Estimated Annual Benefits Upon Retirement** | **Total Compensation From Fund Complex** |
| $0 | N/A | N/A | $43750 |

---

<sup>(1)</sup> The Fund had not commenced operations prior to the date of this SAI.

**CODE OF ETHICS**

The Trust, Adviser, Sub-Adviser, and Trading Adviser have each adopted a code of ethics ("Code of Ethics") pursuant to Rule 17j-1 under the 1940 Act, which governs personal securities trading by their respective personnel. Each Code of Ethics permits such individuals to purchase and sell securities, including securities that are purchased, sold, or held by the Fund, but only subject to certain conditions designed to ensure that purchases and sales by such individuals do not adversely affect the Fund's investment activities.

**PRINCIPAL HOLDERS**

Any person owning, directly or indirectly, more than 25% of the outstanding shares of the Fund is presumed to control the Fund. Principal holders are persons who own 5% or more of the outstanding shares of the Fund. No principal shareholder information is provided for the Fund because the Fund had not commenced operations prior to the date of this SAI.

Because the Fund had not commenced operations prior to the date of this SAI, the Trustees and officers of the Trust as a group owned none of the outstanding shares of the Fund.

**INVESTMENT ADVISORY AGREEMENT** 

**Investment Advisory Agreement**

Clearbrook Investment Consulting LLC, a Delaware limited liability company, serves as the investment adviser to the Fund. The Adviser's principal place of business is located at 21 West 46<sup>th</sup> Street, Suite 1507, New York, New York 10036. The Adviser is registered as an investment adviser with the SEC. The Adviser is controlled by Clearbrook LLC and its affiliates.

The Adviser provides investment advisory services to the Fund pursuant to the terms of an Investment Advisory Agreement (the "Advisory Agreement") between the Trust and the Adviser. After the initial two year-term, the Advisory Agreement may be continued in effect from year to year with the approval of (1) the Board or (2) vote of a majority (as defined by the 1940 Act) of the outstanding voting securities of the Fund, provided that in either event the continuance must also be approved by a majority of the Independent Trustees by vote cast in person at a meeting called for the purpose of voting on such approval. The Advisory Agreement terminates automatically in the event of its assignment, as defined in the 1940 Act and the rules thereunder.

Subject to the supervision of the Board, the Adviser will provide for the overall management of the Fund including (i) the provision of a continuous investment program for the Fund, including investment research and management with respect to all securities, investments, cash and cash equivalents, (ii) the determination from time to time of what securities and other investments will be purchased, retained, or sold by the Fund, and (iii) the placement from time to time of orders for all purchases and sales made for the Fund. The Adviser will provide the services rendered by it in accordance with the Fund's investment objective, restrictions and policies as stated in the Prospectus and in this SAI.

Under the terms of the Advisory Agreement, the Fund compensates the Adviser for its services at the at the annual rate of 0.75% (75 basis points) of its average daily net assets, payable monthly in arrears.

No advisory fee information is provided since the Fund had not commenced operations prior to the date of this SAI.

**Investment Sub-Advisory Agreement**

The Trust and the Adviser intend to submit an application with the SEC for an exemptive order with respect to the Fund that would permit the Adviser to engage or terminate a sub-adviser or trading adviser, and to enter into and materially amend an existing sub-advisory or trading advisory agreement, upon the approval of the Board, without obtaining shareholder approval. This requested exemptive relief has been approved by the Board and the Fund's initial shareholder. Consequently, if approved by the SEC, under the exemptive order, the Adviser would have the right to hire, terminate and replace sub-advisers and trading advisers when the Board and the Adviser feel that a change would benefit the Fund. The exemptive order is expected to enable the Fund to operate with greater efficiency and without incurring the expense and delays associated with obtaining shareholder approval of sub-advisory and trading advisory agreements. There is no guarantee that the SEC will grant the requested exemptive order.

Mitsubishi UFJ Trust and Banking Corporation, a corporation organized under the laws of Japan, serves as the investment sub-adviser to the Fund. The Sub-Adviser's principal place of business is located at 1-4-5, Marunouchi, Chiyoda-ku, Tokyo, Japan 100-8212. The Sub-Adviser is registered as an investment adviser with the SEC. The Sub-Adviser is a 100% owned subsidiary of Mitsubishi UFJ Financial Group, Inc., a Japanese financial services firm.

The investment sub-advisory agreement between the Adviser and the Sub-Adviser (the "Sub-Advisory Agreement") provides that the Sub-Adviser will advise the Adviser concerning the coordination of the investment and reinvestment of the Fund's portfolio in accordance with the Fund's objective, policies and restrictions and any investment guidelines established by the Adviser. The Sub-Adviser will, subject to the supervision of the Adviser, provide advice related to the composition of the assets of the Fund.The Sub-Adviser is required to furnish at its own expense all investment facilities necessary to perform its obligations under the Sub-Advisory Agreement.

Generally, the Sub-Advisory Agreement may be terminated without penalty by vote of the Board or by vote of a majority of the outstanding voting securities of the Fund, upon 60 days' written notice, or by the Adviser or Sub-Adviser on 60 days' prior written notice to the Trust and other party. The Sub-Advisory Agreement terminates automatically in the event of an assignment (as defined in the 1940 Act), or upon termination of the Advisory Agreement. The Sub-Advisory Agreement will also terminate upon written notice to the other party that the other party is in material breach of this Agreement.

For its services, the Sub-Adviser is entitled to a fee from the Adviser.

No sub-advisory fee information is provided since the Fund had not commenced operations prior to the date of this SAI.

The Sub-Advisory Agreement provides that the Sub-Adviser shall not be protected against any liability to the Trust by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of its respective duties. The Adviser and the Sub-Adviser each agree to indemnify the other against any claim against, loss or liability to such other party (including reasonable attorneys' fees) arising out of any action on the part of the indemnifying party which constitutes willful misfeasance, bad faith, or gross negligence in the performance of duties under the Sub-Advisory Agreement, or reckless disregard of the obligations and duties under the Sub-Advisory Agreement.

**Trading Advisory Agreement**

Exchange Traded Concepts, LLC, an Oklahoma limited liability company located at 10900 Hefner Pointe Drive, Suite 400, Oklahoma City, Oklahoma 73120, serves as the trading adviser to the Fund. The Trading Adviser is an SEC-registered investment adviser formed in 2018 and is majority owned by Cottonwood ETF Holdings LLC ("Cottonwood"), a holding vehicle with no other business activity. Cottonwood is majority owned by Richard Hogan and trusts controlled by Richard Hogan or for which Richard Hogan and family are the beneficiaries.

Subject to the general oversight of the Board and the Adviser, the Trading Adviser is responsible for trading portfolio securities for the Fund, including the purchase, retention and disposition of the securities and other assets of the Fund entrusted to it under the Trading Advisory Agreement (the "Trading Advisory Agreement"), in accordance with the Fund's investment objectives, policies and restrictions as stated in the Fund's Prospectus, this SAI, and the terms of the Trading Advisory Agreement. After the initial two year-term, the Trading Advisory Agreement may be continued in effect from year to year with the (1) annual approval of the Trust's board of trustees or (2) vote of a majority (as defined by the 1940 Act) of the outstanding voting securities of the Fund, provided that in either event the continuance must also be approved by a majority of the Independent Trustees by vote at a meeting called for the purpose of voting on such approval. The Trading Advisory Agreement terminates automatically in the event of its assignment, as defined in the 1940 Act and the rules thereunder.

For its services, the Trading Adviser is entitled to a fee from the Adviser.

No trading advisory fee information is provided since the Fund had not commenced operations prior to the date of this SAI.

The Trading Advisory Agreement provides that the Trading Adviser shall not be protected against any liability to the Trust or its shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of its respective duties. The Adviser and the Trading Adviser each agree to indemnify the other against any claim against, loss or liability to such other party (including reasonable attorneys' fees) arising out of any action on the part of the indemnifying party which constitutes willful misfeasance, bad faith, or gross negligence in the performance of duties under the Trading Advisory Agreement, or reckless disregard of the obligations and duties under the Trading Advisory Agreement.

**PORTFOLIO MANAGERS**

This section includes information about the Fund's portfolio managers, including information about other accounts managed, the dollar range of Fund shares owned, and how the portfolio managers are compensated.

<u>The Sub-Adviser</u>

*Compensation.* The Sub-Advisor implemented its Active Fund Manager System in April 2021 to better align portfolio manager evaluations and remuneration with long-term investment returns. This system aims to reflect the achievement of high returns over the long term in the evaluation and compensation process. The base salary is reviewed annually based on both Business impact and Qualitative criteria. Business impact includes the assets under management (AUM) and revenue generated by the team or fund, as well as contributions from the aspects of business plan, such as acquiring key investors through quality investment management. Qualitative criteria encompass contributions to product promotion, generating ideas for new products, human resource development, and compliance.

Bonuses are paid twice a year and are determined based on both quantitative and qualitative criteria. Quantitative criteria include portfolio returns over one year, three years, and/or five years. Qualitative criteria include the performance of each team's evaluation items. The weight of two criteria varies depending on the portfolio manager's job rank. Higher-ranked portfolio managers are evaluated more based on the long-term performance.

*Other Accounts.* In addition to the Fund, the portfolio managers are responsible for the day-to-day management of certain other accounts, as listed below. The information below is provided as of March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Manager;**<br> **Other Accounts** | **Total Accounts** | **Total Accounts** | **Accounts With** <br> **Performance-Based Fees** | **Accounts With** <br> **Performance-Based Fees** |
| **Portfolio Manager;**<br> **Other Accounts** | **Number** | **Assets** | **Number** | **Assets** |
| Yoshiro Mizukami |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 2 | $149 million | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 3 | $673 million | 0 | $0 |
| Yoshitaka Nagano |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 2 | $99 million | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 1 | $151 million | 0 | $0 |

---

 

*Conflict of Interest.* The Sub-Adviser has the responsibility to make sure the interests of clients are placed ahead of its or any portfolio manager's own investment interests. The Sub-Adviser conducts business in an honest, ethical, and fair manner. Full disclosure of all material facts and potential conflicts of interest is provided to clients prior to any services being conducted. A conflict of interest occurs when a portfolio manager's private interest or the interest of the Sub-Adviser interferes with the interests of the Sub-Adviser's clients. The Sub-Adviser has the responsibility to avoid all circumstances that might negatively affect or appear to affect its duty of complete loyalty to its clients. The Sub-Adviser will not engage in any conduct or act, directly or indirectly or through any other person that would be unlawful under the provisions of any rules and regulations.

*Securities Ownership.* The portfolio managers did not own any shares of the Fund as no shares of the Fund were outstanding prior to the date of this SAI.

**UNDERWRITER**

The Trust has entered into a distribution agreement (the "Distribution Agreement") with Quasar Distributors, LLC (the "Distributor"), a wholly-owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), Three Canal Plaza, Suite 100, Portland, Maine 04101, pursuant to which the Distributor acts as the Fund's principal underwriter and distributes shares. Shares are continuously offered for sale by the Distributor only in Creation Units. Each Creation Unit is generally made up of at least 10,000 shares. The Distributor will not distribute Shares in amounts less than a Creation Unit.

Under the Distribution Agreement, the Distributor, as agent for the Trust, will receive orders for the purchase and redemption of Creation Units, provided that any subscriptions and orders will not be binding on the Trust until accepted by the Trust. The Distributor will deliver prospectuses and, upon request, Statements of Additional Information to persons purchasing Creation Units and will maintain records of orders placed with it. The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and a member of the Financial Industry Regulatory Authority ("FINRA").

The Distributor may also enter into agreements with securities dealers ("Soliciting Dealers") who will solicit purchases of Creation Units of shares. Such Soliciting Dealers may also be Authorized Participants (as discussed in "Procedures for Creation of Creation Units" below) or DTC Participants.

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 Independent Trustees. 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 Independent Trustees 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.

**PURCHASE AND REDEMPTION OF CREATION UNITS**

**Purchase and Issuance of Creation Units**

The Trust issues and sells shares of the Fund only: (i) in Creation Units on a continuous basis through the Distributor, without a sales load (but subject to transaction fees), at their NAV next determined after receipt of an order, on any Business Day, in proper form pursuant to the terms of the Authorized Participant Agreement ("Participant Agreement"); or (ii) pursuant to the Dividend Reinvestment Service (defined below). The NAV of the Fund's shares is calculated each business day as of the close of regular trading on the Exchange, generally 4:00 p.m., Eastern Time. The Fund will not issue fractional Creation Units. A Business Day is any day on which the Exchange is open for business.

FUND DEPOSIT. The consideration for purchase of a Creation Unit of the Fund generally consists of the in-kind deposit of a designated portfolio of securities (the "Deposit Securities") per each Creation Unit, plus the Cash Component (defined below), computed as described below. Notwithstanding the foregoing, the Trust reserves the right to permit or require the substitution of a "cash in lieu" amount ("Deposit Cash") to be added to the Cash Component to replace any Deposit Security. When accepting purchases of Creation Units for all or a portion of Deposit Cash, the Fund may incur additional costs associated with the acquisition of Deposit Securities that would otherwise be provided by an in-kind purchaser. These additional costs associated with the acquisition of Deposit Securities ("Non-Standard Charges") may be recoverable from the purchaser of creation units.

Together, the Deposit Securities or Deposit Cash, as applicable, and the Cash Component constitute the "Fund Deposit," which represents the minimum initial and subsequent investment amount for a Creation Unit of the Fund. The "Cash Component" is an amount equal to the difference between the NAV of the Fund's shares (per Creation Unit) and the market value of the Deposit Securities or Deposit Cash, as applicable. If the Cash Component is a positive number (*i.e.*, the NAV per Creation Unit exceeds the market value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component will be such positive amount. If the Cash Component is a negative number (*i.e.*, the NAV per Creation Unit is less than the market value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component shall be such negative amount and the creator will be entitled to receive cash in an amount equal to the Cash Component. The Cash Component serves the function of compensating for any differences between the NAV per Creation Unit and the market value of the Deposit Securities or Deposit Cash, as applicable. Computation of the Cash Component excludes any stamp duty or other similar fees and expenses payable upon transfer of beneficial ownership of the Deposit Securities, if applicable, which will be the sole responsibility of the Authorized Participant (as defined below).

The Fund, through National Securities Clearing Corporation ("NSCC"), makes available on each Business Day, immediately prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern time), the list of the names and the required number of shares of each Deposit Security or the required amount of Deposit Cash, as applicable, to be included in the current Fund Deposit (based on information at the end of the previous Business Day) for the Fund. Such Fund Deposit is subject to any applicable adjustments as described below, in order to effect purchases of Creation Units of the Fund until such time as the next-announced composition of the Deposit Securities or the required amount of Deposit Cash, as applicable, is made available.

The identity and number of shares of the Deposit Securities or the amount of Deposit Cash, as applicable, required for the Fund Deposit for the Fund changes from time to time as rebalancing adjustments and corporate action events are reflected by the Adviser. The composition of the Deposit Securities will change in response to adjustments to the weighting or composition of the securities constituting the Fund's portfolio.

The Trust reserves the right to permit or require the substitution of an amount of cash (*i.e.,* a "cash in lieu" amount) to replace any Deposit Security, which will be added to the Deposit Cash, if applicable, and the Cash Component, including, without limitation, in situations where the Deposit Security: (i) may not be available in sufficient quantity for delivery; (ii) may not be eligible for transfer through the systems of DTC for corporate securities and municipal securities; (iii) may not be eligible for trading by an Authorized Participant (as defined below) or the investor for which it is acting; (iv) would be restricted under the securities laws or where the delivery of the Deposit Security to the Authorized Participant would result in the disposition of the Deposit Security by the Authorized Participant becoming restricted under the securities laws; or (v) in certain other situations (collectively, "custom orders").

CASH PURCHASE METHOD. The Trust may at its discretion permit full or partial cash purchases of Creation Units of the Fund in instances permitted by the exemptive relief the Adviser is relying on in offering the Fund. When full or partial cash purchases of Creation Units are available or specified for the Fund, they will be effected in essentially the same manner as in-kind purchases thereof. In the case of a full or partial cash purchase, the Authorized Participant must pay the cash equivalent of the Deposit Securities it would otherwise be required to provide through an in-kind purchase, plus the same Cash Component required to be paid by an in-kind purchaser together with a Creation Transaction Fee and Non-Standard Charges, as may be applicable.

PROCEDURES FOR PURCHASE OF CREATION UNITS. To be eligible to place orders with the Distributor to purchase a Creation Unit of the Fund, an entity must be (i) a "Participating Party", *i.e.*, a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the NSCC (the "Clearing Process"), a clearing agency that is registered with the SEC; or (ii) a DTC Participant. In addition, each Participating Party or DTC Participant (each, an "Authorized Participant" or "AP") must execute a Participant Agreement that has been agreed to by the Distributor, and that has been accepted by U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Transfer Agent" or "Fund Services") and the Trust, with respect to purchases and redemptions of Creation Units. Each AP will agree, pursuant to the terms of a Participant Agreement, on behalf of itself or any investor on whose behalf it will act, to certain conditions, including that it will pay to the Trust an amount of cash sufficient to pay the Cash Component together with the Creation Transaction Fee (defined below) and any other applicable fees and taxes. The Adviser may retain all or a portion of the Transaction Fee to the extent the Adviser bears the expenses that otherwise would be borne by the Trust in connection with the purchase of a Creation Unit, which the Transaction Fee is designed to cover.

All orders to purchase shares directly from the Fund must be placed for one or more Creation Units in the manner set forth in the Participant Agreement (the "Cut-Off Time"). The date on which an order to purchase Creation Units (or an order to redeem Creation Units, as set forth below) is received and accepted is referred to as the "Order Placement Date."

An AP may require an investor to make certain representations or enter into agreements with respect to the order (e.g., to provide for payments of cash, when required). Investors should be aware that their particular broker may not have executed a Participant Agreement and that, therefore, orders to purchase shares directly from the Fund in Creation Units have to be placed by the investor's broker through an AP that has executed a Participant Agreement. In such cases there may be additional charges to such investor. At any given time, there may be only a limited number of broker-dealers that have executed a Participant Agreement and only a small number of such APs may have international capabilities.

On days when the Exchange closes earlier than normal, the Fund may require orders to create Creation Units to be placed earlier in the day. In addition, if a market or markets on which the Fund's investments are primarily traded is closed on any day, the Fund will not accept orders on such day. Orders must be transmitted by an AP by telephone or other transmission method acceptable to the Distributor pursuant to procedures set forth in the Participant Agreement and in accordance with the AP Handbook. With respect to the Fund, the Distributor will notify the Custodian of such order. The Custodian will then provide such information to the appropriate local sub-custodian(s). Those placing orders through an AP should allow sufficient time to permit proper submission of the purchase order to the Distributor by the Cut-Off Time on the Business Day on which the order is placed. Economic or market disruptions or changes, or telephone or other communication failure may impede the ability to reach the Distributor or an AP.

Fund Deposits must be delivered by an AP through the Federal Reserve System (for cash) or through DTC (for corporate securities), through a subcustody agent (for foreign securities) and/or through such other arrangements allowed by the Trust or its agents. With respect to foreign Deposit Securities, the Custodian will cause the subcustodian of such Fund to maintain an account into which the AP will deliver, on behalf of itself or the party on whose behalf it is acting, such Deposit Securities (or Deposit Cash for all or a part of such securities, as permitted or required), with any appropriate adjustments as advised by the Trust. Foreign Deposit Securities must be delivered to an account maintained at the applicable local subcustodian. The Fund Deposit transfer must be ordered by the AP in a timely fashion so as to ensure the delivery of the requisite number of Deposit Securities or Deposit Cash, as applicable, to the account of the Fund or its agents by no later than the settlement date. All questions as to the number of Deposit Securities or Deposit Cash to be delivered, as applicable, and the validity, form and eligibility (including time of receipt) for the deposit of any tendered securities or cash, as applicable, will be determined by the Trust, whose determination will be final and binding. The amount of cash represented by the Cash Component must be transferred directly to the Custodian through the Federal Reserve Bank wire transfer system in a timely manner so as to be received by the Custodian no later than the settlement date. If the Cash Component and the Deposit Securities or Deposit Cash, as applicable, are not received in a timely manner by the settlement date, the creation order may be cancelled. Upon written notice to the Distributor, such canceled order may be resubmitted the following Business Day using the Fund Deposit as newly constituted to reflect the then current NAV of the Fund.

The order will be deemed to be received on the Business Day on which the order is placed provided that the order is placed in proper form prior to the Cut-Off Time and the federal funds in the appropriate amount are deposited by 2:00 p.m., Eastern time, with the Custodian on the settlement date. If the order is not placed in proper form as required, or federal funds in the appropriate amount are not received by 2:00 p.m., Eastern time on the settlement date, then the order may be deemed to be rejected and the AP will be liable to the Fund for losses, if any, resulting therefrom. A creation request is considered to be in "proper form" if all procedures set forth in the Participant Agreement, AP Handbook and this SAI are properly followed.

ISSUANCE OF A CREATION UNIT. Except as provided herein, Creation Units will not be issued until the transfer of good title to the Trust of the Deposit Securities or payment of Deposit Cash, as applicable, and the payment of the Cash Component have been completed. When the subcustodian has confirmed to the Custodian that the required Deposit Securities (or the cash value thereof) have been delivered to the account of the relevant subcustodian or subcustodians, the Distributor and the Adviser will be notified of such delivery, and the Trust will issue and cause the delivery of the Creation Units. The delivery of Creation Units so created generally will occur no later than the third Business Day following the day on which the purchase order is deemed received by the Distributor. However, the Fund reserves the right to settle Creation Unit transactions on a basis other than the third Business Day following the day on which the purchase order is deemed received by the Distributor in order to accommodate foreign market holiday schedules, to account for different treatment among foreign and U.S. markets of dividend record dates and ex-dividend dates (that is the last day the holder of a security can sell the security and still receive dividends payable on the security), and in certain other circumstances. The AP will be liable to the Fund for losses, if any, resulting from unsettled orders.

Creation Units may be purchased in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities as described below. In these circumstances, the initial deposit will have a value greater than the NAV of the shares on the date the order is placed in proper form since in addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (i) the Cash Component, plus (ii) an additional amount of cash equal to a percentage of the market value as set forth in the Participant Agreement, of the undelivered Deposit Securities (the "Additional Cash Deposit"), which will be maintained in a separate non-interest bearing collateral account. An additional amount of cash will be required to be deposited with the Trust, pending delivery of the missing Deposit Securities to the extent necessary to maintain the Additional Cash Deposit with the Trust in an amount at least equal to the applicable percentage, as set forth in the Participant Agreement, of the daily marked to market value of the missing Deposit Securities. The Participant Agreement will permit the Trust to buy the missing Deposit Securities at any time. APs will be liable to the Trust for the costs incurred by the Trust in connection with any such purchases. These costs will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the market value of such Deposit Securities on the day the purchase order was deemed received by the Distributor plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust. In addition, a Transaction Fee as set forth below under "Creation Transaction Fee" will be charged in all cases, unless otherwise advised by the Fund, and Non- Standard Charges may also apply. The delivery of Creation Units so created generally will occur no later than the settlement date.

ACCEPTANCE OF ORDERS OF CREATION UNITS. The Trust reserves the right to reject an order for Creation Units transmitted to it by the Distributor in respect of the Fund including, without limitation, if (a) the order is not in proper form; (b) the Deposit Securities or Deposit Cash, as applicable, delivered by the Participant are not as disseminated through the facilities of the NSCC for that date by the Custodian; (c) the investor(s), upon obtaining the shares ordered, would own 80% or more of the currently outstanding shares of the Fund; (d) the acceptance of the Fund Deposit would, in the opinion of counsel, be unlawful; or (e) the acceptance or receipt of the order for a Creation Unit would, in the opinion of counsel to the Trust, be unlawful.

CREATION TRANSACTION FEE. A purchase (*i.e.*, creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units, and investors will be required to pay a Creation Transaction Fee regardless of the number of Creation Units created in the transaction. The Fund may adjust the creation transaction fee from time to time based upon actual experience. In addition, the Fund may impose a Non-Standard Charge of up to 2% of the value of the creation transactions for cash creations, non- standard orders, or partial cash purchases for the Fund. The Fund may adjust the Non-Standard Charge from time to time based upon actual experience. Investors who use the services of an AP, broker or other such intermediary may be charged a fee for such services, which may include an amount for the Creation Transaction Fee and Non-Standard Charges. Investors are responsible for the costs of transferring the securities constituting the Deposit Securities to the account of the Trust. The Adviser may retain all or a portion of the Transaction Fee to the extent the Adviser bears the expenses that otherwise would be borne by the Trust in connection with the purchase of a Creation Unit, which the Transaction Fee is designed to cover. The standard Creation Transaction Fee for the Fund is $750.

RISKS OF PURCHASING CREATION UNITS. There are certain legal risks unique to investors purchasing Creation Units directly from the Fund. Because the Fund's shares may be issued on an ongoing basis, a "distribution" of shares could be occurring at any time. Certain activities that a shareholder performs as a dealer could, depending on the circumstances, result in the shareholder being deemed a participant in the distribution in a manner that could render the shareholder a statutory underwriter and subject to the prospectus delivery and liability provisions of the Securities Act. For example, a shareholder could be deemed a statutory underwriter if it purchases Creation Units from the Fund, breaks them down into the constituent shares, and sells those shares directly to customers, or if a shareholder chooses to couple the creation of a supply of new shares with an active selling effort involving solicitation of secondary-market demand for shares. Whether a person is an underwriter depends upon all of the facts and circumstances pertaining to that person's activities, and the examples mentioned here should not be considered a complete description of all the activities that could cause a shareholder to be deemed an underwriter.

Dealers who are not "underwriters" but are participating in a distribution (as opposed to engaging in ordinary secondary-market transactions), and thus dealing with the Fund's shares as part of an "unsold allotment" within the meaning of Section 4(a)(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3)(C) of the Securities Act.

**Redemption of Creation Units**

Shares may be redeemed only in Creation Units at their NAV next determined after receipt of a redemption request in proper form by the Fund through the Transfer Agent and only on a Business Day. EXCEPT UPON LIQUIDATION OF THE FUND, THE TRUST WILL NOT REDEEM SHARES IN AMOUNTS LESS THAN CREATION UNITS. Investors must accumulate enough shares in the secondary market to constitute a Creation Unit in order to have such shares redeemed by the Trust. There can be no assurance, however, that there will be sufficient liquidity in the public trading market at any time to permit assembly of a Creation Unit. Investors should expect to incur brokerage and other costs in connection with assembling a sufficient number of shares to constitute a redeemable Creation Unit.

With respect to the Fund, the Custodian, through the NSCC, makes available immediately prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern time) on each Business Day, the list of the names and share quantities of the Fund's portfolio securities that will be applicable (subject to possible amendment or correction) to redemption requests received in proper form (as defined below) on that day ("Fund Securities"). Fund Securities received on redemption may not be identical to Deposit Securities.

Redemption proceeds for a Creation Unit are paid either in-kind or in cash, or combination thereof, as determined by the Trust. With respect to in-kind redemptions of the Fund, redemption proceeds for a Creation Unit will consist of Fund Securities as announced by the Custodian on the Business Day of the request for redemption received in proper form plus cash in an amount equal to the difference between the NAV of the shares being redeemed, as next determined after a receipt of a request in proper form, and the value of the Fund Securities (the "Cash Redemption Amount"), less any fixed redemption transaction fee as set forth below and any Non-Standard Charges. If the Fund Securities have a value greater than the NAV of the shares, a compensating cash payment equal to the differential is required to be made by or through an AP by the redeeming shareholder. Notwithstanding the foregoing, at the Trust's discretion, an AP may receive the corresponding cash value of the securities in lieu of the in-kind securities value representing one or more Fund Securities.

CASH REDEMPTION METHOD. Although the Trust does not ordinarily permit full or partial cash redemptions of Creation Units of the Fund, when full or partial cash redemptions of Creation Units are available or specified for the Fund, they will be effected in essentially the same manner as in-kind redemptions thereof. In the case of full or partial cash redemptions, the AP will receive the cash equivalent of the Fund Securities it would otherwise receive through an in-kind redemption, plus the same Cash Amount to be paid to an in-kind redeemer. The Fund may incur costs such as brokerage costs or taxable gains or losses that the Fund might not have incurred if the redemption had been made in-kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis.

REDEMPTION TRANSACTION FEES. A redemption transaction fee may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units, and APs will be required to pay a Redemption Transaction Fee regardless of the number of Creation Units created in the transaction. The redemption transaction fee is the same no matter how many Creation Units are being redeemed pursuant to any one redemption request. The Fund may adjust the redemption transaction fee from time to time based upon actual experience. In addition, the Fund may impose a Non-Standard Charge of up to 2% of the value of a redemption transaction for cash redemptions, non-standard orders, or partial cash redemptions for the Fund. Investors who use the services of an AP, broker or other such intermediary may be charged a fee for such services which may include an amount for the Redemption Transaction Fees and Non-Standard Charges. Investors are responsible for the costs of transferring the securities constituting the Fund Securities to the account of the Trust. The Non-Standard Charges are payable to the Fund as it incurs costs in connection with the redemption of Creation Units, the receipt of Fund Securities and the Cash Redemption Amount and other transactions costs. The standard Redemption Transaction Fee for the Fund is $750.

PROCEDURES FOR REDEMPTION OF CREATION UNITS. Orders to redeem Creation Units must be submitted in proper form to the Transfer Agent prior to the time as set forth in the Participant Agreement. A redemption request is considered to be in "proper form" if (i) an AP has transferred or caused to be transferred to the Trust's Transfer Agent the Creation Unit(s) being redeemed through the book- entry system of DTC so as to be effective by the time as set forth in the Participant Agreement and (ii) a request in form satisfactory to the Trust is received by the Transfer Agent from the AP on behalf of itself or another redeeming investor within the time periods specified in the Participant Agreement. If the Transfer Agent does not receive the investor's shares through DTC's facilities by the times and pursuant to the other terms and conditions set forth in the Participant Agreement, the redemption request will be rejected.

The AP must transmit the request for redemption, in the form required by the Trust, to the Transfer Agent in accordance with procedures set forth in the Authorized Participant Agreement. Investors should be aware that their particular broker may not have executed an Authorized Participant Agreement, and that, therefore, requests to redeem Creation Units may have to be placed by the investor's broker through an AP which has executed an Authorized Participant Agreement. Investors making a redemption request should be aware that such request must be in the form specified by such AP. Investors making a request to redeem Creation Units should allow sufficient time to permit proper submission of the request by an AP and transfer of the shares to the Trust's Transfer Agent; such investors should allow for the additional time that may be required to effect redemptions through their banks, brokers or other financial intermediaries if such intermediaries are not APs.

In connection with taking delivery of shares of Fund Securities upon redemption of Creation Units, a redeeming shareholder or AP acting on behalf of such Shareholder must maintain appropriate custody arrangements with a qualified broker-dealer, bank or other custody providers in each jurisdiction in which any of the Fund Securities are customarily traded, to which account such Fund Securities will be delivered. Deliveries of redemption proceeds generally will be made within three business days of the trade date.

ADDITIONAL REDEMPTION PROCEDURES. In connection with taking delivery of shares of Fund Securities upon redemption of Creation Units, the AP must maintain appropriate custody arrangements with a qualified broker-dealer, bank or other custody providers in each jurisdiction in which any of the Fund Securities are customarily traded, to which account such Fund Securities will be delivered. Deliveries of redemption proceeds generally will be made within three Business Days of the trade date. However, due to the schedule of holidays in certain countries, the different treatment among foreign and U.S. markets of dividend record dates and dividend ex-dates (that is the last date the holder of a security can sell the security and still receive dividends payable on the security sold), and in certain other circumstances, the delivery of in-kind redemption proceeds may take longer than three Business Days after the day on which the redemption request is received in proper form. If neither the redeeming Shareholder nor the AP acting on behalf of such redeeming Shareholder has appropriate arrangements to take delivery of the Fund Securities in the applicable foreign jurisdiction and it is not possible to make other such arrangements, or if it is not possible to effect deliveries of the Fund Securities in such jurisdiction, the Trust may, in its discretion, exercise its option to redeem such shares in cash, and the redeeming shareholder will be required to receive its redemption proceeds in cash.

If it is not possible to make other such arrangements, or it is not possible to effect deliveries of the Fund Securities, the Trust may in its discretion exercise its option to redeem such shares in cash, and the redeeming investor will be required to receive its redemption proceeds in cash. In addition, an investor may request a redemption in cash that the Fund may, in its sole discretion, permit. In either case, the investor will receive a cash payment equal to the NAV of its shares based on the NAV of shares of the relevant Fund next determined after the redemption request is received in proper form (minus a redemption transaction fee and additional charge for requested cash redemptions specified above, to offset the Trust's brokerage and other transaction costs associated with the disposition of Fund Securities). The Fund may also, in their sole discretion, upon request of a shareholder, provide such redeemer a portfolio of securities that differs from the exact composition of the Fund Securities but does not differ in NAV.

Redemptions of shares for Fund Securities will be subject to compliance with applicable federal and state securities laws and the Fund (whether or not it otherwise permits cash redemptions) reserves the right to redeem Creation Units for cash to the extent that the Trust could not lawfully deliver specific Fund Securities upon redemptions or could not do so without first registering the Fund Securities under such laws. An AP or an investor for which it is acting subject to a legal restriction with respect to a particular security included in the Fund Securities applicable to the redemption of Creation Units may be paid an equivalent amount of cash. The AP may request the redeeming investor of the shares to complete an order form or to enter into agreements with respect to such matters as compensating cash payment. Further, an AP that is not a "qualified institutional buyer," ("QIB") as such term is defined under Rule 144A of the Securities Act, will not be able to receive Fund Securities that are restricted securities eligible for resale under Rule 144A. An AP may be required by the Trust to provide a written confirmation with respect to QIB status in order to receive Fund Securities.

Because the portfolio securities of the Fund may trade on the relevant exchange(s) on days that the Exchange is closed or are otherwise not Business Days for such Fund, shareholders may not be able to redeem their shares of the Fund, or to purchase or sell shares of such Fund on the Exchange, on days when the NAV of such Fund could be significantly affecting by events in the relevant foreign markets.

The right of redemption may be suspended or the date of payment postponed with respect to the Fund (1) for any period during which the Exchange is closed (other than customary weekend and holiday closings); (2) for any period during which trading on the Exchange is suspended or restricted; (3) for any period during which an emergency exists as a result of which disposal of the shares of the Fund or determination of the NAV of the shares is not reasonably practicable; or (4) in such other circumstance as is permitted by the SEC.

**PORTFOLIO HOLDINGS INFORMATION**

The Fund discloses its full portfolio holdings, as of the close of business the prior day, each day before the opening of trading on the Exchange at www.mufgetf.com.

**DETERMINATION OF NET ASSET VALUE**

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

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

The Board has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (defined below) in calculating the Fund's NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated the Adviser as its "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable. Prices are generally determined using readily available market prices. Subject to the approval of the Board, the Fund may employ outside organizations, which may use a matrix or formula method that takes into consideration market indices, matrices, yield curves and other specific adjustments in determining the approximate market value of portfolio investments. This may result in the investments being valued at a price that differs from the price that would have been determined had the matrix or formula method not been used. All cash, receivables, and current payables are carried on the Fund's books at their face value. Other assets, if any, are valued at fair value as determined in good faith by the Valuation Designee under the direction of the Board.

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

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

**DIVIDENDS, DISTRIBUTIONS, AND TAXES** 

The following information supplements and should be read in conjunction with the section in the Fund's Prospectus titled "DIVIDENDS, DISTRIBUTIONS, AND TAXES." In addition, the following is only a summary of certain U.S. federal income tax considerations that generally affect the Fund and their shareholders. No attempt is made to present a comprehensive explanation of the tax treatment of the Fund or its shareholders, and the discussion here and in the 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.

It is the policy of the Trust each fiscal year to distribute substantially all of the Fund's net investment income (*i.e.,* generally, the income that it earns from dividends and interest on its investments, and any short-term capital gains, net of Fund expenses) and net capital gains (i.e., the excess of the Fund's net long-term capital gains over its net short-term capital losses), if any, to its shareholders.

**Dividend Reinvestment Service** 

The Fund will not make the DTC book-entry dividend reinvestment service available for use by beneficial owners for reinvestment of their cash proceeds, but certain individual broker-dealers may make available the DTC book-entry Dividend Reinvestment Service for use by beneficial owners of the Fund through DTC Participants for reinvestment of their dividend distributions. Investors should contact their brokers to ascertain the availability and description of these services. Beneficial owners should be aware that each broker may require investors to adhere to specific procedures and timetables in order to participate in the dividend reinvestment service and investors should ascertain from their brokers such necessary details. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole shares issued by the Fund at NAV. Distributions reinvested in additional shares of the Fund will nevertheless be taxable to beneficial owners acquiring such additional shares to the same extent as if such distributions had been received in cash.

**Taxes – General** 

The discussions of the federal tax consequences in the Prospectus and this SAI are based on the Code, the regulations issued under it, and court decisions and administrative interpretations, each as in effect on the date of the Prospectus and this SAI, respectively. Future legislative or administrative changes or court decisions may significantly alter the statements included therein and herein, and any such changes or decisions may be retroactive. The Fund intends to elect to be, and intends to qualify each year for treatment as, a regulated investment company under Subchapter M of Subtitle A, Chapter 1, of the Code. As such, the Fund generally will be exempt from federal income tax on its net investment income and realized capital gains that it distributes to shareholders. To qualify for treatment as a regulated investment company, the Fund must meet three important tests each year.

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

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

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

The Fund intends to comply with these requirements. If the Fund were to fail to make sufficient distributions, it could be liable for corporate income tax (which may include interest or penalties) and for excise tax (as discussed below) in respect of the shortfall or, if the shortfall is large enough and the Fund does not satisfy the 90% distribution requirement above, the Fund could be disqualified as a regulated investment company. If for any taxable year the Fund were not to qualify as a regulated investment company, all its taxable income would be subject to tax at regular corporate rates without any deduction for distributions to shareholders. In that event, taxable shareholders would recognize dividend income on distributions (including distributions of capital gains) to the extent of the Fund's current and accumulated earnings and profits, and corporate shareholders could be eligible for the dividends-received deduction.

The Code imposes a nondeductible 4% excise tax on regulated investment companies that fail to distribute each year an amount equal to specified percentages of their ordinary taxable income and capital gain net income (excess of capital gains over capital losses). The Fund intends to make sufficient distributions or deemed distributions each year to avoid liability for this excise tax.

The Fund may elect to retain its net capital gain or a portion thereof for investment and be taxed at corporate rates on the amount retained. In such case, the Fund may designate the retained amount as undistributed capital gains in a written notice to its shareholders, who will be treated as if each received a distribution of its pro rata share of such gain, with the result that each shareholder will (i) be required to report its pro rata share of such gain on its tax return as long-term capital gain, (ii) receive a refundable tax credit for its pro rata share of tax paid by the Fund on the gain and (iii) increase the tax basis for its shares by an amount equal to the deemed distribution less the tax credit.

Certain of the Fund's hedging and derivatives transactions are subject to special and complex U.S. federal income tax provisions that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (ii) convert lower-taxed long-term capital gain into higher-taxed short-term capital gain or ordinary income, (iii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited), (iv) cause the Fund to recognize income or gain without a corresponding receipt of cash, (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (vi) adversely alter the intended characterization of certain complex financial transactions and (vii) produce income that will not be treated as qualifying income for purposes of the 90% gross income test described above. These rules could therefore affect the character, amount and timing of distributions to shareholders and the Fund's status as a regulated investment company. The Fund will monitor its transactions and may make certain tax elections in order to mitigate the effect of these provisions.

The Fund's investment in non-U.S. securities may be subject to non-U.S. withholding taxes. In that case, the Fund's yield on those securities would be decreased. Shareholders will generally not be entitled to claim a credit or deduction with respect to any non-U.S. taxes paid by the Fund.

**Loss Carryforwards**

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

**Exchange of Stocks and Securities for Shares** 

Certain initial investors in the Fund may be permitted to contribute a diversified portfolio of stocks and securities to the Fund in exchange for shares of the Fund, in a transaction that is expected to qualify as a tax-deferred contribution under Section 351 of the Code. If the foregoing transaction does not meet the requirements of Section 351 of the Code, contributing shareholders would recognize gain or loss based on the difference between the value of the Fund shares that they receive and their basis in the stocks and securities that they exchange for Fund shares.

**State and Local Taxes**

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

**PORTFOLIO TRANSACTIONS AND BROKERAGE**

Subject to the general supervision of the Board and the Adviser, the Sub-Adviser is responsible for providing advice to buy and sell securities for the Fund. The Adviser has engaged the Trading Adviser to perform certain responsibilities with respect to portfolio transactions and brokerage, as described below. On a daily basis, the Trading Adviser may trade portfolio securities on behalf of the Fund, and may select broker-dealers to execute purchase and sale transactions. Purchases and sales of securities on a stock exchange are effected through brokers who charge a commission for their services. In the OTC market, securities are generally traded on a "net" basis, with dealers acting as principal for their own accounts without a stated commission, although the price of the security usually includes a profit to the dealer. In underwritten offerings, securities are purchased at a fixed price, which includes an amount of compensation to the underwriter, generally referred to as the underwriter's concession or discount. Certain money market instruments may be purchased directly from an issuer, in which case no commission or discounts are paid.

In addition, the Trading Adviser may place a combined order for two or more accounts they manage, including the Fund, engaged in the purchase or sale of the same security if, in its judgment, joint execution is in the best interest of each participant and will result in best price and execution. Transactions involving commingled orders are allocated by the Trading Adviser in a manner that it deems equitable to, and consistent with its fiduciary obligations to, each participant under the circumstances. In making such allocations, the main factors considered are the respective investment objectives, the relative size of portfolio holdings of the same or comparable securities, the availability of cash for investment, the size of investment commitments generally held, and the opinions of the persons responsible for managing the Fund and the other client accounts. This procedure may, under certain circumstances, have an adverse effect on the Fund because the joint execution of orders could adversely affect the price or volume of the security that the Fund may obtain. The policy of the Fund regarding purchases and sales of securities is that primary consideration will be given to obtaining the most favorable executions of transactions. Consistent with this policy, when securities transactions are effected on a stock exchange, the Fund's policy is to pay commissions that are considered fair and reasonable without necessarily determining that the lowest possible commissions are paid in all circumstances. The Adviser, Sub-Adviser and Trading Adviser believe that a requirement always to seek the lowest commission cost could impede effective management and preclude the Trading Adviser from obtaining high-quality brokerage and research services. In seeking to determine the reasonableness of brokerage commissions paid in any transaction, the Trading Adviser rely on their experience and knowledge regarding commissions generally charged by various brokers and on their judgment in evaluating the brokerage and research services received from the broker effecting the transaction.

In seeking to implement the Fund's policies, the Trading Adviser conducts trades on behalf of the Fund and effects transactions with brokers and dealers that it believes provide the most favorable prices and are capable of providing efficient executions. The Trading Adviser may face a potential conflict of interest if it were to use client trades to obtain brokerage or research services. This conflict exists because the Trading Adviser is able to use the brokerage or research services to manage client accounts without paying cash for such services, which reduces the Trading Adviser's expenses to the extent that the Trading Adviser would have purchased such products had they not been provided by brokers. Section 28(e) of the Exchange Act permits the Trading Adviser to use brokerage or research services for the benefit of any account it manages. Certain accounts managed by the Trading Adviser may generate soft dollars used to purchase brokerage or research services that ultimately benefit other accounts managed by the Trading Adviser, including the Fund, effectively cross subsidizing the other accounts managed by the Trading Adviser that benefit directly from the product. The Trading Adviser may not necessarily use all of the brokerage or research services in connection with managing a fund whose trades generated the soft dollars used to purchase such products. The Trading Adviser does not currently use Fund assets for, or participate in, third-party soft dollar arrangements or receive proprietary research from full service brokers. The Trading Adviser also does not "pay up" for the value of any such proprietary research. If, in the future, the Trading Adviser were to obtain brokerage and research services from broker-dealers, it would do so in arrangements that are consistent with Section 28(e) of the Exchange Act.

No brokerage commission information is provided since the Fund had not commenced operations prior to the date of this SAI.

**SECURITIES LENDING**

U.S. Bank, N.A. serves as securities lending agent for the Fund and in that role administers the Fund's securities lending program pursuant to the terms of a Master Securities Lending Agreement entered into between the Fund and U.S. Bank, N.A.

As securities lending agent, U.S. Bank, N.A. is responsible for marketing to approved borrowers available securities from the Fund's portfolio. U.S. Bank, N.A. is responsible for the administration and management of the Fund's securities lending program, including the preparation and execution of a participant agreement with each borrower governing the terms and conditions of any securities loan, ensuring that securities loans are properly coordinated and documented with the Fund's custodian, ensuring that loaned securities are daily valued and that the corresponding required cash collateral of at least 102% of the current market value of the loaned securities is delivered by the borrower(s), using best efforts to obtain additional collateral on the next business day if the value of the collateral falls below the required amount, and arranging for the investment of cash collateral received from borrowers in accordance with the Fund's investment guidelines.

U.S. Bank, N.A. receives as compensation for its services a portion of the amount earned by the Fund for lending securities.

No securities lending information is provided since the Fund had not commenced operations prior to the date of this SAI.

**PROXY VOTING PROCEDURES** 

The Board has delegated the responsibility of voting proxies with respect to the portfolio securities purchased and/or held by the Fund to the Adviser, subject to the Board's continuing oversight. In exercising its voting obligations, the Adviser is guided by its general fiduciary duty to act prudently and in the interest of the Fund. The Adviser will consider factors affecting the value of the Fund's investments and the rights of shareholders in its determination on voting portfolio securities.

The Adviser is responsible for voting all voting securities held by the Fund. To assist in doing so, the Adviser engages the services of a third party proxy processor, currently Institutional Shareholder Services Inc. ("ISS") to evaluate, recommend and vote shares consistent with those recommendations. The Adviser evaluates the summary of ISS voting policies annually in order to assure that they are consistent with the Adviser's views of the long-term interests of the Fund. ISS is provided with holdings information and votes all securities absent some identified conflict; for example, where ISS has a conflict in the vote due to equity ownership in the issuer, where the Fund has a conflict, or where the Adviser otherwise determines that it is important and in the interest of the Fund to vote directly. The ISS proxy policies and procedures are included in Appendix B to this SAI.

**More Information**

Each year, the Fund will make available the actual voting records relating to portfolio securities held by the Fund during the 12-month period ending June 30 without charge, upon request by calling 1-800-617-0004, or by accessing the SEC's website at www.sec.gov*.* In addition, a copy of the Adviser's proxy-voting policies and procedures is available by calling 1-800-617-0004 and will be sent within three business days of receipt of a request.

**PAYMENTS TO FINANCIAL INTERMEDIARIES**

The Adviser, Sub-Adviser and/or their affiliates, at their discretion, may make payments from their own resources and not from Fund assets to affiliated or unaffiliated brokers, dealers, banks (including bank trust departments), trust companies, registered investment advisers, financial planners, retirement plan administrators, insurance companies, and any other institution having a service, administration, or any similar arrangement with the Fund, their service providers or their respective affiliates, as incentives to help market and promote the Fund and/or in recognition of their distribution, marketing, administrative services, and/or processing support.

These additional payments may be made to financial intermediaries that sell Fund shares or provide services to the Fund, the Distributor or shareholders of the Fund through the financial intermediary's retail distribution channel and/or fund supermarkets. Payments may also be made through the financial intermediary's retirement, qualified tuition, fee-based advisory, wrap fee bank trust, or insurance (e.g., individual or group annuity) programs. These payments may include, but are not limited to, placing the Fund in a financial intermediary's retail distribution channel or on a preferred or recommended fund list; providing business or shareholder financial planning assistance; educating financial intermediary personnel about the Fund; providing access to sales and management representatives of the financial intermediary; promoting sales of Fund shares; providing marketing and educational support; maintaining share balances and/or for sub-accounting, administrative or shareholder transaction processing services. A financial intermediary may perform the services itself or may arrange with a third party to perform the services.

The Adviser, Sub-Adviser, and/or their affiliates may also make payments from their own resources to financial intermediaries for costs associated with the purchase of products or services used in connection with sales and marketing, participation in and/or presentation at conferences or seminars, sales or training programs, client and investor entertainment and other sponsored events. The costs and expenses associated with these efforts may include travel, lodging, sponsorship at educational seminars and conferences, entertainment and meals to the extent permitted by law.

Revenue sharing payments may be negotiated based on a variety of factors, including the level of sales, the amount of Fund assets attributable to investments in the Fund by financial intermediaries' customers, a flat fee or other measures as determined from time to time by the Adviser and/or its affiliates. A significant purpose of these payments is to increase the sales of Fund shares, which in turn may benefit the Adviser through increased fees as Fund assets grow.

**GENERAL INFORMATION**

**Anti-Money Laundering Program**

The Fund has established an Anti-Money Laundering Compliance 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"). To ensure compliance with this law, the Fund'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 certain of its service providers have established proper anti-money laundering procedures, reporting suspicious and/or fraudulent activity, and conducting a complete and thorough review of all new account applications. The Fund will not transact business with any person or legal entity and beneficial owner, if applicable, whose identity cannot be adequately verified under the provisions of the USA PATRIOT Act.

**Independent Registered Public Accounting Firm**

PricewaterhouseCoopers LLP, Two Commerce Square, Suite 1800, 2001 Market Street, Philadelphia, Pennsylvania 19103, is the independent registered public accounting firm of the Fund. The independent registered public accounting firm is responsible for conducting the annual audit of the Fund's financial statements. The selection of the independent registered public accounting firm is approved annually by the Board.

**Transfer Agent**

Fund Services, 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as the Fund's transfer agent and dividend disbursing agent.

**Custodian**

U.S. Bank, N.A, 1555 North RiverCenter Drive, Suite 302, Milwaukee, WI 53212, serves as custodian (the "Custodian") of the Fund's assets and is responsible for maintaining custody of the Fund's cash and investments and retaining sub-custodians, including in connection with the custody of foreign securities. Cash held by the Custodian, the amount of which may at times be substantial, is insured by the Federal Deposit Insurance Corporation up to the amount of available insurance coverage limits. The Custodian and Fund Services are affiliates.

**Administrator**

Fund Services, 615 East Michigan Street, Milwaukee, WI 53202**,** serves as the administrator (the "Administrator") and provides various administrative and accounting services necessary for the operations of the Fund. Services provided by the Administrator include facilitating general Fund management; monitoring Fund compliance with federal and state regulations; supervising the maintenance of the Fund's general ledger, the preparation of the Fund's financial statements, the determination of NAV, and the payment of dividends and other distributions to shareholders; and preparing specified financial, tax, and other reports. Fund Services and the Custodian are affiliates.

No administration fee information is provided since the Fund had not commenced operations prior to the date of this SAI.

**Counsel**

Faegre Drinker Biddle & Reath LLP, One Logan Square, Suite 2000, Philadelphia, Pennsylvania 19103-6996, serves as counsel to the Trust.

**Registration Statement**

This SAI and the Prospectus do not contain all of the information set forth in the Registration Statement the Trust has filed with the SEC. The complete Registration Statement may be obtained from the SEC upon payment of the fee prescribed by SEC rules and regulations. A text-only version of the Registration Statement is available on the SEC's website, www.sec.gov.

**FINANCIAL STATEMENTS** 

Because the Fund had not commenced operations prior to the date of this SAI, there are no financial statements available at this time. Shareholders of the Fund will be informed of the Fund's progress through periodic reports when those reports become available. Financial statements certified by the independent registered public accounting firm will be submitted to shareholders at least annually.

**<u>APPENDIX A</u>**

**DESCRIPTION OF SECURITIES RATINGS**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<sup>1</sup> A long-term rating can also be used to rate an issue with short maturity.

"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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Municipal Short-Term Note rating symbols are as follows:

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

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

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

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

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

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

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

MIG Scale

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**<u>APPENDIX B</u>**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **1.** | **Routine/Miscellaneous** | **4** |
|  | Approval of Financial Statements | 4 |
|  | Income Allocation | 4 |
|  | Election of Statutory Auditors | 4 |
|  | Audit Firm Appointments | 4 |
| **2.** | **Election of Directors** | **5** |
|  | Voting on Director Nominees in Uncontested Elections | 5 |
|  | ISS Independence criteria for Japan | 6 |
|  | Voting on Director Nominees in Contested Elections | 7 |
| **3.** | **Article Amendments** | **8** |
|  | Expansion of business activities | 8 |
|  | Adoption of a U.S.-style three committee board structure | 8 |
|  | Adoption of a board with audit committee structure | 8 |
|  | Allow Company to Conduct Virtual Only Shareholder Meetings | 8 |
|  | Increase in authorized capital | 8 |
|  | Creation/modification of preferred shares/class shares | 9 |
|  | Repurchase of shares at board's discretion | 9 |
|  | Allow company to make rules governing the exercise of shareholders' rights | 9 |
|  | Limit rights of odd shareholders | 9 |
|  | Lower quorum requirement | 9 |
|  | Amendments related to takeover defenses | 10 |
|  | Decrease in maximum board size | 10 |
|  | Supermajority vote requirement to remove a director | 10 |
|  | Reduce directors' term in office from two years to one year | 10 |
|  | Remove language preventing classification of board | 10 |
|  | Creation of Advisory Positions (Sodanyaku or Komon) | 10 |
|  | Limitations of liability for directors/statutory auditors | 10 |
|  | Limitations of liability for external auditors | 11 |
|  | Payment of dividends at the board's discretion | 11 |
|  | Management buyout related amendments | 11 |
| **4.** | **Compensation** | **12** |
|  | Annual Bonuses for Directors/Statutory Auditors | 12 |
|  | Retirement Bonuses | 12 |
|  | Special Payments in Connection with Abolition of Retirement Bonus System | 12 |
|  | Stock Option Plans/Deep-Discounted Stock Option Plans | 12 |
|  | &nbsp;&nbsp;&nbsp;Stock Option Plans | 12 |
|  | &nbsp;&nbsp;&nbsp;Deep-Discounted Stock Option Plans | 13 |
|  | Director Compensation Ceiling | 13 |
|  | Statutory Auditor Compensation Ceiling | 13 |
| **5.** | **Share Repurchase Plans** | **14** |

---

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---

| | | |
|:---|:---|:---|
| **6.** | **Takeover Defense Plans (Poison Pills)** | **15** |
| **7.** | **Mergers & Acquisitions, Third-Party Share Issuances (Private Placements)** | **16** |
| **8.** | **Shareholder Proposals** | **17** |
| **9.** | **Social and Environmental Issues** | **18** |
|  | General Approach | 18 |
|  | Say on Climate (SoC) Management Proposals | 18 |
|  | Say on Climate (SoC) Shareholder Proposals | 19 |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Routine/Miscellaneous

**Approval of Financial Statements**

**General Recommendation:** Generally vote for the approval of financial statements, unless:

● External auditor expressed no opinion, or raised concerns; or

● Statutory auditors/audit committee raised concerns; or

● There are concerns about the financial statements presented or audit procedures used.

**Income Allocation**

**General Recommendation:** Generally vote for approval of income allocation, unless:

● Payout ratio is consistently low without adequate justification; or

● Payout ratio is too high, potentially damaging financial health.

**Election of Statutory Auditors**

**General Recommendation:** Generally vote for the election of statutory auditors, unless:

● The outside statutory auditor nominee is regarded as non-independent based on <u>ISS independence criteria</u> for Japan; or

● The outside statutory nominee attended less than 75 percent of meetings of the board of directors or board of statutory auditors during the year under review; or

● The statutory auditor is judged to be responsible for clear mismanagement or shareholder-unfriendly behavior.

● Egregious actions related to a statutory auditor's service on other boards that raise substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company.

**Audit Firm Appointments**

**General Recommendation:** Generally vote for the appointment of audit firms, unless there are serious concerns related to changing auditors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Election of Directors

**Voting on Director Nominees in Uncontested Elections**

**General Recommendation:** ISS has three policies for director elections in Japan: one for companies with a statutory auditor board structure, one for companies with a U.S.-type three committee structure, and one for companies with a board with audit committee structure**<sup>1</sup>**.

1. **At companies with a statutory auditor structure**: vote for the
 election of directors, except:

● Top executive(s) **<sup>2</sup>** at a company that has underperformed in terms of capital efficiency (i.e., when the company has posted average return on equity (ROE) of less than five percent over the last five fiscal years) **<sup>3</sup>**, unless an improvement **<sup>4</sup>** is observed;

● Top executive(s) at a company that allocates a significant portion (20 percent or more) of its net assets to cross-shareholdings **<sup>5</sup>**;

● Top executive(s) if the board, after the shareholder meeting, will not include at least two outside directors, and at least one-third of the board members will not be outside directors;

● Top executive(s) if the board, after the shareholder meeting, will not include at least one female director;

● Top executive(s) at a company that has a controlling shareholder, unless the board, after the shareholder meeting, will include at least two independent directors and at least one-third of the board members will be independent directors based on ISS independence criteria for Japan;

● An outside director nominee who attended less than 75 percent of board meetings during the year under review **<sup>6</sup>**; or

● Top executive(s) who are responsible for not implementing a shareholder proposal which has received a majority **<sup>7</sup>** of votes cast, or not putting a similar proposal on the ballot as a management proposal the following year (with a management recommendation of for), when that proposal is deemed to be in the interest of independent shareholders.

2. **At companies with a U.S.-type three committee structure:** (In
 addition to the guidelines for companies with a statutory auditor structure) vote for the
 election of directors, except:

● Where an outside director nominee is regarded as non-independent based on ISS independence criteria for Japan, and the board, after the shareholder meeting, will not be majority independent; or

▪ Where
 the company has a controlling shareholder, a director nominee sits on the nomination committee
 and is an insider, or non-independent outsider, unless the board, after the shareholder meeting,
 will include at least two independent directors and at least one-third of the board
 members will be independent directors based on ISS independence criteria for Japan.

**<sup>1</sup>** The director election policy for companies with a board with audit committee structure will be applied to the election of executive directors (applying the policy for inside directors who are not audit committee members) and supervisory directors (applying the policy for outside directors who are audit committee members) at real estate investment trusts (REITs), to the extent that the information necessary to apply the policy is disclosed.

**<sup>2</sup>** In most cases, the top executive will be the "shacho" (president). However, there are companies where the decision-making authority also rests with the "kaicho" (chairman of the company) or "daihyo torishimariyaku" (representative director).

**<sup>3</sup>** Exceptions may be considered for cases such as where the top executive has newly joined the company in connection with a bailout or restructuring. This policy will not be applied to companies which have been public for less than five years.

**<sup>4</sup>** Improvement is defined as ROE of five percent or greater for the most recent fiscal year.

**<sup>5</sup>** Exceptions may be considered for cases such as where the top executive has newly joined the company in connection with a bailout or restructuring.

**<sup>6</sup>** The attendance of inside directors is not disclosed in Japan. For companies with a three-committee structure and companies with an audit committee structure, ISS will require attendance of 75 percent or more of audit committee meetings as well as 75 percent or more of board meetings.

**<sup>7</sup>** Many Japanese shareholder proposals are submitted as article amendments, which require supermajority support in order to pass.

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3. **At companies with a board with audit committee structure:** (In
 addition to the guidelines for companies with a statutory auditor structure) vote for the
 election of directors, except:

● Where an outside director nominee who is also nominated as an audit committee member **<sup>8</sup>** is regarded as non-independent based on ISS independence criteria for Japan.

Regardless of governance structure, under extraordinary circumstances, vote against individual directors, members of a committee, or the entire board, due to:

● Material failures of governance, stewardship, risk oversight (including, but not limited to, environmental, social, and climate change issues), or fiduciary responsibilities at the company;

● Failure to replace management as appropriate;

● Egregious actions related to a director's service on other boards that raise substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company; or

● Failure to take the minimum steps **<sup>9</sup>** needed to understand, assess, and mitigate risks related to climate change to the company and the larger economy, for companies that are significant greenhouse gas (GHG) emitters, through their operations or value chain **<sup>10</sup>**.

**ISS Independence criteria for Japan**

Those outside director candidates falling into any of the following categories should be regarded as non- independent:

● Individuals who work or worked at major shareholders of the company in question;

● Individuals who work or worked at main lenders/banks to the company in question;

● Individuals who work or worked at the lead underwriter(s) of the company in question;

● Individuals who work or worked at business partners of the company in question and the transaction value is material from the recipient's perspective or is not disclosed;

● Individuals who worked at the company's audit firm;

● Individuals who offer or offered professional services such as legal advice, financial advice, tax advice or consulting services to the company in question;

● Individuals who have a relative(s) working at the company in question;

● Individuals who worked at the company in question;

**<sup>8</sup>** Outside director nominees who are not nominated as audit committee members are not subject to this policy.

**<sup>9</sup>** The following two criteria will be both required to be in alignment with the policy:

● Detailed disclosure of climate-related risks, such as according to the framework established by the Task Force on Climate-related Financial Disclosures (TCFD), including:

● Board governance measures;

● Corporate strategy;

● Risk management analyses; and

● Metrics and targets.

● Appropriate GHG emissions reduction targets.

At this time, "appropriate GHG emissions reductions targets" will be medium-term GHG reduction targets or Net Zero-by-2050 GHG reduction targets for a company's operations (Scope 1) and electricity use (Scope 2). Targets should cover the vast majority of the company's direct emissions.

**<sup>10</sup>** Companies defined as "significant GHG emitters" will be those on the current Climate Action 100+ Focus Group list.

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● Individuals who work or worked at companies whose shares are held by the company in question as "cross- shareholdings **<sup>11</sup>** "; or

● Individuals who have served on the board for 12 years or more **<sup>12, 13</sup>**.

**Voting on Director Nominees in Contested Elections**

**General Recommendation:** Vote case-by-case on the election of management and shareholder nominees in contested elections, considering the following factors:

● Long-term financial performance of the target company relative to its industry;

● Management's track record;

● Background to the contentious situation;

● Nominee qualifications and any compensatory arrangements;

● Strategic plan of dissident(s) and quality of critique against management;

● Likelihood that the proposed goals and objectives can be achieved (both slates); and

● Stock ownership positions.

These factors will be considered whether the combined number of management and shareholder nominees exceeds the number of available board seats, or whether there are sufficient open seats that all management and shareholder nominees could be elected. In the latter case, the election will still be treated as "contested" if management opposes the election of the shareholder nominees.

**<sup>11</sup>** Traditionally, Japanese companies have often held shares of other companies for reasons other than pure investment purposes, for instance, in order to strengthen a business relationship. Cross-shareholdings here refer not only to mutual shareholdings but also unilateral holdings.

**<sup>12</sup>** For individuals who had served as statutory auditors until immediately before director appointment, their tenure as statutory auditors will be added in applying this criterion.

**<sup>13</sup>** One-year grace period will be applied, and this criterion will be effective as of Feb. 1st, 2026.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Article Amendments

Amendments are nearly always bundled together as a single voting resolution, and ISS' general approach is to oppose article amendments as a whole when they include changes ISS opposes. The following are some of the most common or significant types of changes to articles.

**Expansion of business activities**

**General Recommendation:** Generally vote for an expansion of business activities, unless a company has performed poorly for several years and seeks business expansion into a risky enterprise unrelated to its core business.

**Adoption of a U.S.-style three committee board structure**

**General Recommendation:** Generally vote for the adoption of a U.S. style, three-committee board structure.

**Adoption of a board with audit committee structure**

**General Recommendation:** Generally vote for an article amendment to adopt a <u>board with audit committee structure</u>. Vote case-by-case if the board currently has a three-committee structure.

**Allow Company to Conduct Virtual Only Shareholder Meetings**

**General Recommendation:** Generally vote against proposals allowing companies to conduct virtual only shareholder meetings. However, if the company specifies in the articles that it intends to hold virtual only meetings only in unusual situations such as the spread of an infectious disease or the occurrence of a natural disaster, vote for the article amendments.

**Increase in authorized capital**

**General Recommendation:** Generally vote case-by-case on this request if the company explicitly provides reasons for the increase.

If the company does not provide reasons for the increase, generally vote for proposals to increase authorized capital, unless:

● The increase in authorized capital exceeds 100 percent of the currently authorized capital; or

● The increase leaves the company with less than 30 percent of the proposed authorized capital outstanding; or

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● The increase is intended for a poison pill, which ISS opposes.

**Creation/modification of preferred shares/class shares**

**General Recommendation:** Generally vote case-by-case on this request.

**Repurchase of shares at board's discretion**

**General Recommendation:** Vote case-by-case on article amendments to give the board discretionary authority over share repurchases, taking into account the company's:

● Balance sheet conditions;

● Capital efficiency and return on equity;

● Past share buybacks and dividend payouts;

● Board composition;

● Shareholding structure; and

● Other relevant factors.

Generally vote against these amendments if shareholders will lose the ability to submit shareholder proposals on share repurchases.

**Allow company to make rules governing the exercise of shareholders' rights**

**General Recommendation:** Generally vote against this change.

**Limit rights of odd shareholders**

**General Recommendation:** Generally vote for this change.

**Lower quorum requirement**

**General Recommendation:** Generally vote against this proposal.

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**Amendments related to takeover defenses**

**General Recommendation:** Generally vote for this proposal, unless ISS opposes or has opposed the poison pill proposal by itself.

**Decrease in maximum board size**

**General Recommendation:** Generally vote for this proposal, unless the decrease eliminates all vacant seats, leaving no flexibility to add shareholder nominees or other outsiders to the board without removing an incumbent director.

**Supermajority vote requirement to remove a director**

**General Recommendation:** Generally vote against proposals seeking a supermajority requirement to remove a director.

**Reduce directors' term in office from two years to one year**

**General Recommendation:** Generally vote for proposals to reduce a director's term to one year.

**Remove language preventing classification of board**

**General Recommendation:** Generally vote against proposals seeking to remove language preventing classified boards.

**Creation of Advisory Positions (Sodanyaku or Komon)**

**General Recommendation:** Generally vote against amendments to articles of incorporation to create new advisory positions such as "sodanyaku" or "komon," unless the advisors will serve on the board of directors and thus be accountable to shareholders.

**Limitations of liability for directors/statutory auditors**

**General Recommendation:** Generally vote for this proposal.

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**Limitations of liability for external auditors**

**General Recommendation:** Generally vote against proposals limiting liability for external auditors.

**Payment of dividends at the board's discretion**

**General Recommendation:** Generally vote against proposals allowing the board to pay dividends at its discretion. However, if the company employs board with committee structure and the proposal would not eliminate shareholders' ability to submit shareholder proposals on income allocation, vote for the article amendments.

**Management buyout related amendments**

**General Recommendation:** Generally vote case-by-case on management related buyout amendments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Compensation

**Annual Bonuses for Directors/Statutory Auditors**

**General Recommendation:** Vote for approval of annual bonuses, unless recipients include those who are judged to be responsible for clear mismanagement or shareholder-unfriendly behavior.

**Retirement Bonuses**

**General Recommendation:** Generally vote for approval of retirement bonuses, unless:

● Recipients include outsiders **<sup>12</sup>**; or

● Neither the individual payments nor the aggregate amount of the payments is disclosed; or

● Recipients include those who are judged to be responsible for clear mismanagement or shareholder- unfriendly behavior.

**Special Payments in Connection with Abolition of Retirement Bonus System**

**General Recommendation:** Generally vote for approval of special payments in connection with abolition of retirement bonus system, unless:

● Recipients include outsiders **<sup>9</sup>**; or

● Neither the individual payments nor the aggregate amount of the payments is disclosed; or

● Recipients include those who are judged to be responsible for clear mismanagement or shareholder- unfriendly behavior.

**Stock Option Plans/Deep-Discounted Stock Option Plans**

**Stock Option Plans**

**General Recommendation:** Generally vote for approval of stock option plans, unless:

● Total dilution from proposed plan(s) and previous option plans exceeds 5 percent for mature companies, or 10 percent for growth companies; or;

● Recipients include individuals who are not in a position to affect the company's stock price, including employees of business partners or unspecified "collaborators;" or

● The maximum number of options that can be issued per year is not disclosed.

**<sup>12</sup>** However, in rare occasions, ISS may support payment to outsiders on a case-by-case basis, if the individual amount is disclosed and not excessive.

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**Deep-Discounted Stock Option Plans**

**General Recommendation:** Generally vote for approval of deep-discounted stock option plans**<sup>13</sup>**, unless:

● Total dilution from proposed plan(s) and previous option plans exceeds 5 percent for mature companies, or 10 percent for growth companies; or

● Recipients include individuals who are not in a position to affect the company's stock price, including employees of business partners or unspecified "collaborators;" or

● The maximum number of options that can be issued per year is not disclosed; or

● No specific performance hurdles are specified (However, if the vesting period before exercise lasts for at least three years, this policy may not apply).

**Director Compensation Ceiling**

**General Recommendation:** Generally vote for proposals seeking to increase director fees, if:

● The specific reason(s) for the increase are explained; or

● The company is introducing or increasing a ceiling for performance-based compensation.

Vote case-by-case on proposals seeking to increase director fees, taking into account the company's stock price performance and capital efficiency if:

● The proposals are intended to increase fixed cash compensation or do not specify whether it is fixed or performance-based compensation which will be increased.

Generally vote against proposals seeking to increase director fees if there are serious concerns about corporate malfeasance.

**Statutory Auditor Compensation Ceiling**

**General Recommendation:** Generally vote for proposals seeking to increase statutory auditor compensation ceiling, unless statutory auditors are judged to be responsible for clear mismanagement or shareholder-unfriendly behavior.

**<sup>13</sup>** The same policy will be applied for "trust type" equity compensation plans, restricted stock plans, performance share plans, and other types of equity compensation plans which have similar economic effect as deep-discounted stock option plans.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Share Repurchase Plans

**General Recommendation:** Vote for the share repurchase plans, unless:

● The proposed repurchase plan exceeds 10 percent of issued share capital without explanation; or

● There are serious concerns about a possible adverse impact on shareholder value.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Takeover Defense Plans (Poison Pills)

**General Recommendation:** Generally vote against the approval of takeover defense plans (poison pills), unless: (Necessary conditions)

● Independent directors who meet ISS guidelines on attendance comprise a majority of the board after the shareholder meeting;

● The number of independent directors who meet ISS guidelines on attendance is at least two after the shareholder meeting;

● The directors are subject to annual elections;

● The bid evaluation committee is composed entirely of independent directors, or independent statutory auditors, who meet ISS guidelines on attendance;

● The trigger threshold is set at no less than 20 percent of shares outstanding;

● The duration of the poison pill does not exceed three years;

● There are no other protective or entrenchment tools that can serve as takeover defenses, including blocking stakes held by management-friendly shareholders, or setting the maximum board size to the actual board size to eliminate vacant seats, or tightening of procedures for removing a director from office;

● The company posts its proxy circular on the stock exchange website at least four weeks prior to the meeting, to give shareholders sufficient time to study the details of the proposal and question management about them; and

● The pill's total duration **<sup>14</sup>** does not exceed three years.

(Second stage of analysis, to be applied only when all necessary conditions are met)

● The company has disclosed in its proxy circular specific, credible steps it is taking to address the vulnerability to a takeover by enhancing shareholder value, and explained how the temporary protection afforded by the pill will help accomplish this goal.

**<sup>14</sup>** The pill's total duration is defined as the sum of the number of years the company has had a pill in place and the number of years the proposed pill will be effective.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Mergers & Acquisitions, Third-Party Share Issuances (Private Placements)

For every M&A and Third-Party Placement analysis, ISS reviews publicly available information as of the date of the report and evaluates the merits and drawbacks of the proposed transaction, balancing various and sometimes countervailing factors including:

**General Recommendation:** Generally vote case-by-case on mergers, acquisitions, and third-party placements, taking into account the following:

● Valuation – Is the value to be received by the target shareholders (or paid by the acquirer) reasonable?

● Market reaction – How has the market responded to the proposed deal? A negative market reaction will cause ISS to scrutinize a deal more closely.

● Strategic rationale – Does the deal make sense strategically? From where is the value derived? Cost and revenue synergies should not be overly aggressive or optimistic, but reasonably achievable. Management should also have a favorable track record of successful integration of historical acquisitions.

● Conflicts of interest – Are insiders benefiting from the transaction disproportionately and inappropriately as compared to non-insider shareholders? ISS will consider whether any special interests may have influenced these directors and officers to support or recommend the merger.

● Governance – Will the combined company have a better or worse governance profile than the current governance profiles of the respective parties to the transaction? If the governance profile is to change for the worse, the burden is on the company to prove that other issues (such as valuation) outweigh any deterioration in governance.

<u>W W W . I S S G O V E R N A N C E . C O M</u> 16 of 20

![](fp0094102-1_02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Shareholder Proposals

**General Recommendation:** Vote all shareholder proposals on a case-by-case basis.

Generally vote for proposals that would improve the company's corporate governance or business profile at a reasonable cost.

Generally vote against proposals that limit the company's business activities or capabilities or result in significant costs being incurred with little or no benefit.

<u>W W W . I S S G O V E R N A N C E . C O M</u> 17 of 20

![](fp0094102-1_02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Social and Environmental Issues

**General Approach**

ISS applies a common approach globally to evaluating social and environmental proposals which cover a wide range of topics, including consumer and product safety, environment and energy, labor covered standards and human rights, workplace and board diversity, and corporate political issues. While a variety of factors goes into each analysis, the overall principle guiding all vote recommendations focuses on how the proposal may enhance or protect shareholder value in either the short term or long term.

**General Recommendation:** Generally vote case-by-case, examining primarily whether implementation of the proposal is likely to enhance or protect shareholder value. The following factors will be considered:

● If the issues presented in the proposal are being appropriately or effectively dealt with through legislation or government regulation;

● If the company has already responded in an appropriate and sufficient manner to the issue(s) raised in the proposal;

● Whether the proposal's request is unduly burdensome (scope or timeframe) or overly prescriptive;

● The company's approach compared with any industry standard practices for addressing the issue(s) raised by the proposal;

● Whether there are significant controversies, fines, penalties, or litigation associated with the company's practices related to the issue(s) raised in the proposal;

● If the proposal requests increased disclosure or greater transparency, whether reasonable and sufficient information is currently available to shareholders from the company or from other publicly available sources; and

● If the proposal requests increased disclosure or greater transparency, whether implementation would reveal proprietary or confidential information that could place the company at a competitive disadvantage.

**Say on Climate (SoC) Management Proposals**

**General Recommendation:** Vote case-by-case on management proposals that request shareholders to approve

the company's climate transition action plan**<sup>15</sup>**, taking into account the completeness and rigor of the plan. Information that will be considered where available includes the following:

● The extent to which the company's climate related disclosures are in line with TCFD recommendations and meet other market standards;

● Disclosure of its operational and supply chain GHG emissions (Scopes 1, 2, and 3);

● The completeness and rigor of company's short-, medium-, and long-term targets for reducing operational and supply chain GHG emissions (Scopes 1, 2, and 3 if relevant);

● Whether the company has sought and approved third-party approval that its targets are science-based;

● Whether the company has made a commitment to be "net zero" for operational and supply chain emissions (Scopes 1, 2, and 3) by 2050;

● Whether the company discloses a commitment to report on the implementation of its plan in subsequent years;

● Whether the company's climate data has received third-party assurance;

● Disclosure of how the company's lobbying activities and its capital expenditures align with company strategy;

● Whether there are specific industry decarbonization challenges; and

**<sup>15</sup>** Variations of this request also include climate transition related ambitions, or commitment to reporting on the implementation of a climate plan.

<u>W W W . I S S G O V E R N A N C E . C O M</u> 18 of 20

![](fp0094102-1_02.jpg)

● The company's related commitment, disclosure, and performance compared to its industry peers.

**Say on Climate (SoC) Shareholder Proposals**

**General Recommendation:** Vote case-by-case on shareholder proposals that request the company to disclose a report providing its GHG emissions levels and reduction targets and/or its upcoming/approved climate transition action plan and provide shareholders the opportunity to express approval or disapproval of its GHG emissions reduction plan, taking into account information such as the following:

● The completeness and rigor of the company's climate-related disclosure;

● The company's actual GHG emissions performance;

● Whether the company has been the subject of recent, significant violations, fines, litigation, or controversy related to its GHG emissions; and

● Whether the proposal's request is unduly burdensome (scope or timeframe) or overly prescriptive.

<u>W W W . I S S G O V E R N A N C E . C O M</u> 19 of 20

![](fp0094102-1_02.jpg)

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**GET STARTED WITH ISS SOLUTIONS** 

Email <u>sales@issgovernance.com</u> or visit <u>www.issgovernance.com</u> for more information.

Founded in 1985, Institutional Shareholder Services group of companies (ISS) empowers investors and companies to build for long-term and sustainable growth by providing high-quality data, analytics and insight. ISS, which is majority owned by Deutsche Bourse Group, along with Genstar Capital and ISS management, is a leading provider of corporate governance and responsible investment solutions, market intelligence, fund services, and events and editorial content for institutional investors and corporations, globally. ISS' 2,600 employees operate worldwide across 29 global locations in 15 countries. Its approximately 3,400 clients include many of the world's leading institutional investors who rely on ISS' objective and impartial offerings, as well as public companies focused on ESG and governance risk mitigation as a shareholder value enhancing measure. Clients rely on ISS' expertise to help them make informed investment decisions. This document and all of the information contained in it, including without limitation all text, data, graphs, and charts (collectively, the "Information") is the property of Institutional Shareholder Services Inc. (ISS), its subsidiaries, or, in some cases third party suppliers.

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<u>W W W . I S S G O V E R N A N C E . C O M</u> 20 of 20

**THE RBB FUND TRUST**

**PART C**

**OTHER INFORMATION**

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

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

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

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

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

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

(d) Investment Advisory Agreement Contracts

(1) [Investment Advisory Agreement *(Penn Capital Funds)* between the Registrant and Penn Capital Management Company, LLC](https://www.sec.gov/Archives/edgar/data/1618627/000139834425005619/fp0092682-1_ex9928d1.htm) <sup>(18)</sup>

(2) [Form of Expense Limitation Agreement *(Penn Capital Funds)* between the Registrant and Penn Capital Management Company, LLC](https://www.sec.gov/Archives/edgar/data/1618627/000139834425001544/fp0092139-1_ex9928d2.htm) <sup>(17)</sup>

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

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

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

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

(7) [Investment Advisory Agreement *(Longview Advantage ETF)* between the Registrant and Hill Investment Group Partners, LLC d/b/a Longview Research Partners](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928d7.htm) <sup>(15)</sup>

(8) [Form of Expense Limitation Agreement *(Longview Advantage ETF)* between the Registrant and Hill Investment Group Partners, LLC d/b/a Longview Research Partners](http://www.sec.gov/Archives/edgar/data/1618627/000139834424017858/fp0090153-1_ex9928d8.htm) <sup>(14)</sup>

(9) [Investment Advisory Agreement *(First Eagle ETFs)* between the Registrant and First Eagle Investment Management, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928d9.htm) <sup>(15)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [Investment Sub-Advisory Agreement *(First Eagle ETFs)* among Registrant, First Eagle Investment Management, LLC, and Exchange Traded Concepts, LLC<sup>(</sup>](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928d10.htm) <sup>15)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [Expense Limitation Agreement *(First Eagle ETFs)* between Registrant and First Eagle Investment Management, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928d11.htm) <sup>(15)</sup>

(12) [Investment Advisory Agreement *(Tweedy, Browne Insider + Value ETF)* between the Registrant and Tweedy, Browne Company LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023350/fp0091386-1_ex9928d12.htm) <sup>(16)</sup>

(13) [Investment Sub-Advisory Agreement *(Tweedy, Browne Insider + Value ETF)* among Registrant, Tweedy, Browne Company LLC, and Exchange Traded Concepts, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023350/fp0091386-1_ex9928d13.htm) <sup>(16)</sup>

(14) [Investment Advisory Agreement *(Advent Convertible Bond ETF)* between Registrant and Advent Capital Management, LLC](https://www.sec.gov/Archives/edgar/data/1618627/000139834425007030/fp0093001-1_ex9928d14.htm) <sup>(19)</sup>

(15) [Investment Advisory Agreement *(Twin Oak Enhanced Credit ETF)* between Registrant and Twin Oak ETF Company](https://www.sec.gov/Archives/edgar/data/1618627/000139834425010162/fp0093681-1_ex9928d15.htm) <sup>(20)</sup>

(16) [Investment Sub-Advisory Agreement *(Twin Oak Enhanced Credit ETF)* between Twin Oak ETF Company and Exchange Traded Concepts, LLC](https://www.sec.gov/Archives/edgar/data/1618627/000139834425011015/fp0093800-1_ex9928d16.htm) <sup>(21)</sup>

(17) [Expense Limitation Agreement (*Twin Oak Enhanced Credit ETF*) between Registrant and Twin Oak ETF Company](https://www.sec.gov/Archives/edgar/data/1618627/000139834425011015/fp0093800-1_ex9928d17.htm) <sup>(21)</sup>

(18) [Investment Advisory Agreement *(Twin Oak Active Opportunities II ETF, Twin Oak Active Opportunities III ETF and Twin Oak Endure ETF)* between Registrant and Twin Oak ETF Company](https://www.sec.gov/Archives/edgar/data/1618627/000139834425011015/fp0093800-1_ex9928d18.htm) <sup>(21)</sup>

(19) [Investment Sub-Advisory Agreement *(Twin Oak Active Opportunities II ETF, Twin Oak Active Opportunities III ETF and Twin Oak Endure ETF)* between Twin Oak ETF Company and Exchange Traded Concepts, LLC](https://www.sec.gov/Archives/edgar/data/1618627/000139834425011015/fp0093800-1_ex9928d19.htm) <sup>(21)</sup>

(20) [Expense Limitation Agreement (*Twin Oak Endure ETF*) between Registrant and Twin Oak ETF Company](https://www.sec.gov/Archives/edgar/data/1618627/000139834425011015/fp0093800-1_ex9928d20.htm) <sup>(21)</sup>

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

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

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

(e) (1) [Distribution Agreement *(Penn Capital Funds)* between the Registrant and Foreside Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000158281615000383/distributionagrmt.htm) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Distribution Agreement Novation *(Penn Capital Funds)* between the Registrant and Foreside Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000168035917000387/distributionagreement.htm) <sup>(3)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Amendment to Distribution Services Agreement *(Penn Capital Funds)* between the Registrant and Foreside Fund Services LLC dated June 24, 2021](http://www.sec.gov/Archives/edgar/data/1618627/000139834421020665/fp0069806_ex9928e3.htm) <sup>(5)</sup>

(4) [Novation Agreement *(Penn Capital Funds)* between Registrant and Foreside Funds Services, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834422015786/fp0078809_ex9928e4.htm) <sup>(6)</sup>

(5) [First Amendment to Distribution Agreement (*Penn Capital Funds*) between Registrant and Foreside Funds Services, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834423007841/fp0083288-1_ex9928e5.htm) <sup>(12)</sup>

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

(7) [First Amendment to Distribution Agreement between the Registrant and Quasar Distributors, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834423023276/fp0086228-1_ex9928e8.htm) <sup>(13)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [Second Amendment to Distribution Agreement between the Registrant and Quasar Distributors, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024435/fp0081116-1_ex9928e7.htm) <sup>(7)</sup>

(9) [Third Amendment to Distribution Agreement between the Registrant and Quasar Distributors, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834424017858/fp0090153-1_ex9928e9.htm) <sup>(14)</sup>

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

(11) [Amendment to ETF Distribution Agreement dated September 27, 2024](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928e11.htm) <sup>(15)</sup>

(12) [Amendment to ETF Distribution Agreement dated January 29, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425005619/fp0092682-1_ex9928e12.htm) <sup>(18)</sup>

(13) [Amendment to ETF Distribution Agreement dated May 15, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425011733/fp0093910-1_ex9928e13.htm) <sup>(22)</sup>

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

(f) Bonus or Profit Sharing Contracts – Not Applicable

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

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

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

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

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

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

(vii) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated October 22, 2024](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928g1vii.htm) <sup>(15)</sup>

---

| | |
|:---|:---|
|  | (viii) |
|  | (ix) |
|  | (x) |
|  | (xi) |
| (h) |  |
|  | (1) (i) [Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000158281615000383/adminsvcsagmt.htm)<sup>(2)</sup> |
|  | (ii) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated July 17, 2017](http://www.sec.gov/Archives/edgar/data/1618627/000089418917005729/amend-fundadmsvc_agmt.htm)<sup>(4)</sup> |
|  | (iii) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated June 24, 2021](http://www.sec.gov/Archives/edgar/data/1618627/000139834421020665/fp0069806_ex9928h1iii.htm)<sup>(5)</sup> |
|  | (iv) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated September 2, 2021](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024609/fp0081109-1_ex9928h1iv.htm)<sup>(8)</sup> |
|  | (v) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated July 1, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024609/fp0081109-1_ex9928h1v.htm)<sup>(8)</sup> |
|  | (vi) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated December 7, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024435/fp0081116-1_ex9928h1vi.htm)<sup>(7)</sup> |
|  | (vii) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated December 28, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422025303/fp0081157-1_ex9928h1vii.htm)<sup>(11)</sup> |
|  | (viii) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated October 22, 2024](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928h1viii.htm)<sup>(15)</sup> |
|  | (ix) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated February 21, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425005619/fp0092682-1_ex9928h1ix.htm)<sup>(18)</sup> |
|  | (x) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated May 16, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425011733/fp0093910-1_ex9928h1x.htm)<sup>(22)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated June 11, 2025 is filed herewith.](fp0094102-1_ex9928h1xi.htm)

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

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

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

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

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

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

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

(vii) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated October 22, 2024](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928h2vii.htm) <sup>(15)</sup>

(viii) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated February 21, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425005619/fp0092682-1_ex9928h2viii.htm) <sup>(18)</sup>

(ix) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated May 16, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425011733/fp0093910-1_ex9928h2ix.htm) <sup>(22)</sup>

(x) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated June 11, 2025 is filed herewith.](fp0094102-1_ex9928h2x.htm)

(x1) Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC will be filed by amendment.

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

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

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

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

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

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

(vii) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated October 22, 2024](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928h3vii.htm) <sup>(15)</sup>

(viii) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated February 21, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425005619/fp0092682-1_ex9928h3viii.htm) <sup>(18)</sup>

(ix) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated May 16, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425011733/fp0093910-1_ex9928h3ix.htm) <sup>(22)</sup>

(x) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated June 11, 2025 is filed herewith.](fp0094102-1_ex9928h3x.htm)

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

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

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

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

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

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

(5) [Opinion of Counsel relating to the Longview Advantage ETF](http://www.sec.gov/Archives/edgar/data/1618627/000139834424017858/fp0090153-1_ex9928i5.htm) <sup>(14)</sup>

(6) [Opinion of Counsel relating to the First Eagle ETFs](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928i6.htm) <sup>(15)</sup>

(7) [Opinion of Counsel relating to the Tweedy, Browne Insider + Value ETF](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023350/fp0091386-1_ex9928i7.htm) <sup>(16)</sup>

(8) [Opinion of Counsel relating to the Advent Convertible Bond ETF](https://www.sec.gov/Archives/edgar/data/1618627/000139834425007030/fp0093001-1_ex9928i8.htm) <sup>(19)</sup>

(9) [Opinion of Counsel relating to the Twin Oak Enhanced Credit ETF](https://www.sec.gov/Archives/edgar/data/1618627/000139834425010162/fp0093681-1_ex9928i9.htm) <sup>(20)</sup>

(10) [Opinion of Counsel relating to the Twin Oak Active Opportunities II ETF, the Twin Oak Active Opportunities III ETF and the Twin Oak Endure ETF](https://www.sec.gov/Archives/edgar/data/1618627/000139834425011015/fp0093800-1_ex9928i10.htm) <sup>(21)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [Opinion of Counsel relating to the MUFG Japan Small Cap Active ETF is filed herewith.](fp0094102-1_ex9928i11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [Consent of Counsel is filed herewith.](fp0094102-1_ex9928i12.htm)

(j) Not Applicable.

(k) Omitted Financial Statements – Not Applicable.

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

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

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

(4) [Initial Capital Agreement *(Longview Advantage ETF)*](https://www.sec.gov/Archives/edgar/data/1618627/000139834425005619/fp0092682-1_ex9928l4.htm) <sup>(18)</sup>

(5) [Initial Capital Agreement *(First Eagle ETFs)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928l5.htm) <sup>(15)</sup>

(6) [Initial Capital Agreement *(Tweedy, Browne Insider + Value ETF)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023350/fp0091386-1_ex9928l6.htm) <sup>(16)</sup>

(7) [Initial Capital Agreement *(Advent Convertible Bond ETF)*](https://www.sec.gov/Archives/edgar/data/1618627/000139834425007030/fp0093001-1_ex9928l7.htm) <sup>(19)</sup>

(8) [Initial Capital Agreement *(Twin Oak Enhanced Credit ETF)* is filed herewith.](fp0094102-1_ex9928l8.htm)

(9) [Initial Capital Agreement *(Twin Oak Endure ETF)*](https://www.sec.gov/Archives/edgar/data/1618627/000139834425011733/fp0093910-1_ex9928l9.htm) <sup>(22)</sup>

(10) [Form of Initial Capital Agreement *(Twin Oak Active Opportunities II ETF and the Twin Oak Active Opportunities III ETF)*](https://www.sec.gov/Archives/edgar/data/1618627/000139834425011015/fp0093800-1_ex9928l10.htm) <sup>(21)</sup>

(11) [Initial Capital Agreement *(MUFG Japan Small Cap Active ETF)* is filed herewith.](fp0094102-1_ex9928l11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(m) Rule 12b-1 Plans

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

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

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

(o) Reserved.

(p) Code of Ethics

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

(2) [Code of Ethics of Penn Capital Management Company, LLC](https://www.sec.gov/Archives/edgar/data/1618627/000139834425007030/fp0093001-1_ex9928p2.htm) <sup>(19)</sup>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Code of Ethics of P/E Global LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834424017858/fp0090153-1_ex9928p4.htm) <sup>(14)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Code of Ethics of Torray Investment Partners](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928p5.htm) <sup>(15)</sup>

(6) [Code of Ethics of Hill Investment Group Partners, LLC d/b/a Longview Research Partners](http://www.sec.gov/Archives/edgar/data/1618627/000139834424017858/fp0090153-1_ex9928p6.htm) <sup>(14)</sup>

(7) [Code of Ethics of First Eagle Investment Management, LLC](https://www.sec.gov/Archives/edgar/data/1618627/000139834425005619/fp0092682-1_ex9928p7.htm) <sup>(18)</sup>

(8) [Code of Ethics of Exchange Traded Concepts, LLC](https://www.sec.gov/Archives/edgar/data/1618627/000139834425005619/fp0092682-1_ex9928p8.htm) <sup>(18)</sup>

(9) [Code of Ethics of Tweedy, Browne Company LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023350/fp0091386-1_ex9928p9.htm) <sup>(16)</sup>

(10) [Code of Ethics of Advent Capital Management, LLC](https://www.sec.gov/Archives/edgar/data/1618627/000139834425007030/fp0093001-1_ex9928p10.htm) <sup>(19)</sup>

(11) [Code of Ethics of Twin Oak ETF Company](https://www.sec.gov/Archives/edgar/data/1618627/000139834425010162/fp0093681-1_ex9928p11.htm) <sup>(20)</sup>

(12) [Code of Ethics of Clearbrook Investment Consulting, LLC is filed herewith.](fp0094102-1_ex9928p12.htm)

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

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

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

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

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

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

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

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

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

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

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

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

<sup>(12)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 36 on Form N-1A as filed with the SEC via EDGAR on April 26, 2023.

<sup>(13)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 39 on Form N-1A as filed with the SEC via EDGAR on December 21, 2023.

<sup>(14)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 44 on Form N-1A as filed with the SEC via EDGAR on September 13, 2024.

<sup>(15)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 49 on Form N-1A as filed with the SEC via EDGAR on December 13, 2024.

<sup>(16)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 50 on Form N-1A as filed with the SEC via EDGAR on December 18, 2024.

<sup>(17)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 54 on Form N-1A as filed with the SEC via EDGAR on January 31, 2025.

<sup>(18)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 55 on Form N-1A as filed with the SEC via EDGAR on March 14, 2025.

<sup>(19)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 56 on Form N-1A as filed with the SEC via EDGAR on April 11, 2025.

<sup>(20)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 61 on Form N-1A as filed with the SEC via EDGAR on May 27, 2025.

<sup>(21)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 62 on Form N-1A as filed with the SEC via EDGAR on May 30, 2025.

<sup>(22)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 63 on Form N-1A as filed with the SEC via EDGAR on June 11, 2025.

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

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

**Item 30. Indemnification**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Item 32. Principal Underwriter.**

(a)(1) Quasar Distributors, LLC ("Quasar") serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:

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

2. Chase Growth Fund, Series of Advisors Series Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Edgar Lomax Value Fund, Series of Advisors Series Trust

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

21. Poplar Forest Cornerstone Fund, Series of Advisors Series Trust

22. Poplar Forest Partners Fund, Series of Advisors Series Trust

23. Pzena Emerging Markets Value Fund, Series of Advisors Series Trust

24. Pzena International Small Cap Value Fund, Series of Advisors Series Trust

25. Pzena International Value Fund, Series of Advisors Series Trust

26. Pzena Mid Cap Value Fund, Series of Advisors Series Trust

27. Pzena Small Cap Value Fund, Series of Advisors Series Trust

28. Reverb ETF, Series of Advisors Series Trust

29. Scharf Fund, Series of Advisors Series Trust

30. Scharf Global Opportunity Fund, Series of Advisors Series Trust

31. Scharf Multi-Asset Opportunity Fund, Series of Advisors Series Trust

32. Shenkman Capital Floating Rate High Income Fund, Series of Advisors Series Trust

33. Shenkman Capital Short Duration High Income Fund, Series of Advisors Series Trust

34. VegTech Plant-based Innovation & Climate ETF, Series of Advisors Series Trust

35. The Aegis Funds

36. Allied Asset Advisors Funds

37. Angel Oak Funds Trust

38. Angel Oak Strategic Credit Fund

39. Barrett Opportunity Fund, Inc.

40. Brookfield Investment Funds

41. Buffalo Funds

42. Cushing<sup>®</sup>Mutual Funds Trust

43. DoubleLine Funds Trust

44. EA Series Trust *(f/k/a Alpha Architect ETF Trust)* 

45. Ecofin Tax-Advantaged Social Impact Fund, Inc.

46. AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF, Series of ETF Series Solutions

47. AAM Low Duration Preferred and Income Securities ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48. AAM S&P 500 Emerging Markets High Dividend Value ETF, Series of ETF Series Solutions

49. AAM S&P 500 High Dividend Value ETF, Series of ETF Series Solutions

50. AAM S&P Developed Markets High Dividend Value ETF, Series of ETF Series Solutions

51. AAM Transformers ETF, Series of ETF Series Solutions

52. AlphaMark Actively Managed Small Cap ETF, Series of ETF Series Solutions

53. Aptus Collared Income Opportunity ETF, Series of ETF Series Solutions

54. Aptus Defined Risk ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55. Aptus Drawdown Managed Equity ETF, Series of ETF Series Solutions

56. Aptus Enhanced Yield ETF, Series of ETF Series Solutions

57. Aptus Large Cap Enhanced Yield ETF, Series of ETF Series Solutions

58. Bahl & Gaynor Income Growth ETF, Series of ETF Series Solutions

59. Blue Horizon BNE ETF, Series of ETF Series Solutions

60. BTD Capital Fund, Series of ETF Series Solutions

61. Carbon Strategy ETF, Series of ETF Series Solutions

62. Cboe Vest 10 Year Interest Rate Hedge ETF, Series of ETF Series Solutions

63. ClearShares OCIO ETF, Series of ETF Series Solutions

64. ClearShares Piton Intermediate Fixed Income Fund, Series of ETF Series Solutions

65. ClearShares Ultra-Short Maturity ETF, Series of ETF Series Solutions

66. Distillate International Fundamental Stability & Value ETF, Series of ETF Series Solutions

67. Distillate Small/Mid Cash Flow ETF, Series of ETF Series Solutions

68. Distillate U.S. Fundamental Stability & Value ETF, Series of ETF Series Solutions

69. ETFB Green SRI REITs ETF, Series of ETF Series Solutions

70. Hoya Capital High Dividend Yield ETF, Series of ETF Series Solutions

71. Hoya Capital Housing ETF, Series of ETF Series Solutions

72. iBET Sports Betting & Gaming ETF, Series of ETF Series Solutions

73. International Drawdown Managed Equity ETF, Series of ETF Series Solutions

74. LHA Market State Alpha Seeker ETF, Series of ETF Series Solutions

75. LHA Market State Tactical Beta ETF, Series of ETF Series Solutions

76. LHA Market State Tactical Q ETF, Series of ETF Series Solutions

77. LHA Risk-Managed Income ETF, Series of ETF Series Solutions

78. Loncar Cancer Immunotherapy ETF, Series of ETF Series Solutions

79. Loncar China BioPharma ETF, Series of ETF Series Solutions

80. McElhenny Sheffield Managed Risk ETF, Series of ETF Series Solutions

81. Nationwide Dow Jones<sup>®</sup>Risk-Managed Income ETF, Series of ETF Series Solutions

82. Nationwide Nasdaq-100 Risk-Managed Income ETF, Series of ETF Series Solutions

83. Nationwide Russell 2000<sup>®</sup>Risk-Managed Income ETF, Series of ETF Series Solutions

84. Nationwide S&P 500<sup>®</sup>Risk-Managed Income ETF, Series of ETF Series Solutions

85. NETLease Corporate Real Estate ETF, Series of ETF Series Solutions

86. Opus Small Cap Value ETF, Series of ETF Series Solutions

87. Roundhill Acquirers Deep Value ETF, Series of ETF Series Solutions

88. The Acquirers Fund, Series of ETF Series Solutions

89. U.S. Global GO GOLD and Precious Metal Miners ETF, Series of ETF Series Solutions

90. U.S. Global JETS ETF, Series of ETF Series Solutions

91. U.S. Global Sea to Sky Cargo ETF, Series of ETF Series Solutions

92. US Vegan Climate ETF, Series of ETF Series Solutions

93. First American Funds, Inc.

94. FundX Investment Trust

95. The Glenmede Fund, Inc.

96. The Glenmede Portfolios

97. The GoodHaven Funds Trust

98. Harding, Loevner Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106. Leuthold Funds, Inc.

107. Core Alternative ETF, Series of Listed Funds Trust

108. Wahed Dow Jones Islamic World ETF, Series of Listed Funds Trust

109. Wahed FTSE USA Shariah ETF, Series of Listed Funds Trust

110. LKCM Funds

111. LoCorr Investment Trust

112. MainGate Trust

113. ATAC Rotation Fund, Series of Managed Portfolio Series

114. Coho Relative Value Equity Fund, Series of Managed Portfolio Series

115. Coho Relative Value ESG Fund, Series of Managed Portfolio Series

116. Cove Street Capital Small Cap Value Fund, Series of Managed Portfolio Series

117. Ecofin Global Energy Transition Fund, Series of Managed Portfolio Series

118. Ecofin Global Renewables Infrastructure Fund, Series of Managed Portfolio Series

119. Ecofin Global Water ESG Fund, Series of Managed Portfolio Series

120. Ecofin Sustainable Water Fund, Series of Managed Portfolio Series

121. Jackson Square Large-Cap Growth Fund, Series of Managed Portfolio Series

122. Jackson Square SMID-Cap Growth Fund, Series of Managed Portfolio Series

123. Kensington Active Advantage Fund, Series of Managed Portfolio Series

124. Kensington Defender Fund, Series of Managed Portfolio Series

125. Kensington Dynamic Growth Fund, Series of Managed Portfolio Series

126. Kensington Managed Income Fund, Series of Managed Portfolio Series

127. LK Balanced Fund, Series of Managed Portfolio Series

128. Muhlenkamp Fund, Series of Managed Portfolio Series

129. Nuance Concentrated Value Fund, Series of Managed Portfolio Series

130. Nuance Concentrated Value Long Short Fund, Series of Managed Portfolio Series

131. Nuance Mid Cap Value Fund, Series of Managed Portfolio Series

132. Olstein All Cap Value Fund, Series of Managed Portfolio Series

133. Olstein Strategic Opportunities Fund, Series of Managed Portfolio Series

134. Port Street Quality Growth Fund, Series of Managed Portfolio Series

135. Principal Street High Income Municipal Fund, Series of Managed Portfolio Series

136. Principal Street Short Term Municipal Fund, Series of Managed Portfolio Series

137. Reinhart Genesis PMV Fund, Series of Managed Portfolio Series

138. Reinhart International PMV Fund, Series of Managed Portfolio Series

139. Reinhart Mid Cap PMV Fund, Series of Managed Portfolio Series

140. Tortoise Energy Infrastructure and Income Fund, Series of Managed Portfolio Series

141. Tortoise Energy Infrastructure Total Return Fund, Series of Managed Portfolio Series

142. Tortoise North American Pipeline Fund, Series of Managed Portfolio Series

143. V-Shares MSCI World ESG Materiality and Carbon Transition ETF, Series of Managed Portfolio Series

144. V-Shares US Leadership Diversity ETF, Series of Managed Portfolio Series

145. Greenspring Income Opportunities Fund, Series of Manager Directed Portfolios

146. Hood River International Opportunity Fund, Series of Manager Directed Portfolios

147. Hood River Small-Cap Growth Fund, Series of Manager Directed Portfolios

148. Mar Vista Strategic Growth Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149. Vert Global Sustainable Real Estate Fund, Series of Manager Directed Portfolios

150. Matrix Advisors Funds Trust

151. Matrix Advisors Value Fund, Inc.

152. Monetta Trust

153. Nicholas Equity Income Fund, Inc.

154. Nicholas Fund, Inc.

155. Nicholas II, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156. Nicholas Limited Edition, Inc.

157. Oaktree Diversified Income Fund Inc.

158. Permanent Portfolio Family of Funds

159. Perritt Funds, Inc.

160. Procure ETF Trust II

161. Professionally Managed Portfolios

162. Prospector Funds, Inc.

163. Provident Mutual Funds, Inc.

164. Abbey Capital Futures Strategy Fund, Series of The RBB Fund, Inc.

165. Abbey Capital Multi-Asset Fund, Series of The RBB Fund, Inc.

166. Adara Smaller Companies Fund, Series of The RBB Fund, Inc.

167. Aquarius International Fund, Series of The RBB Fund, Inc.

168. Boston Partners All Cap Value Fund, Series of The RBB Fund, Inc.

169. Boston Partners Emerging Markets Dynamic Equity Fund, Series of The RBB Fund, Inc.

170. Boston Partners Global Equity Fund, Series of The RBB Fund, Inc.

171. Boston Partners Global Sustainability Fund, Series of The RBB Fund, Inc.

172. Boston Partners Long/Short Equity Fund, Series of The RBB Fund, Inc.

173. Boston Partners Long/Short Research Fund, Series of The RBB Fund, Inc.

174. Boston Partners Small Cap Value Fund II, Series of The RBB Fund, Inc.

175. Campbell Systematic Macro Fund, Series of The RBB Fund, Inc.

176. F/m Opportunistic Income ETF, Series of The RBB Fund, Inc.

177. F/m 6-Month Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

178. F/m 9-18 Month Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

179. F/m 2-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

180. F/m 3-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

181. F/m 5-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

182. F/m 7-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

183. F/m 10-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

184. F/m 20-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

185. F/m 30-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

186. F/m 15+ Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

187. F/m Emerald Life Sciences Innovation ETF, Series of The RBB Fund, Inc.

188. F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF, Series of The RBB Fund, Inc.

189. F/m High Yield 100 ETF, Series of The RBB Fund, Inc.

190. Motley Fool 100 Index ETF, Series of The RBB Fund, Inc.

191. Motley Fool Capital Efficiency 100 Index ETF, Series of The RBB Fund, Inc.

192. Motley Fool Global Opportunities ETF, Series of The RBB Fund, Inc.

193. Motley Fool Mid-Cap Growth ETF, Series of The RBB Fund, Inc.

194. Motley Fool Next Index ETF, Series of The RBB Fund, Inc.

195. Motley Fool Small-Cap Growth ETF, Series of The RBB Fund, Inc.

196. Optima Strategic Credit Fund, Series of The RBB Fund, Inc.

197. SGI Enhanced Core ETF, Series of The RBB Fund, Inc.

198. SGI Enhanced Global Income ETF, Series of The RBB Fund, Inc.

199. SGI Enhanced Nasdaq-100 ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200. SGI Global Equity Fund, Series of The RBB Fund, Inc.

201. SGI Peak Growth Fund, Series of The RBB Fund, Inc.

202. SGI Prudent Growth Fund, Series of The RBB Fund, Inc.

203. SGI Small Cap Core Fund, Series of The RBB Fund, Inc.

204. SGI U.S. Large Cap Equity Fund, Series of The RBB Fund, Inc.

205. SGI U.S. Large Cap Core ETF, Series of The RBB Fund, Inc.

206. SGI Dynamic Tactical ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207. US Treasury 10 Year Note ETF, Series of The RBB Fund, Inc.

208. US Treasury 12 Month Bill ETF, Series of The RBB Fund, Inc.

209. US Treasury 2 Year Note ETF, Series of The RBB Fund, Inc.

210. US Treasury 20 Year Bond ETF, Series of The RBB Fund, Inc.

211. US Treasury 3 Month Bill ETF, Series of The RBB Fund, Inc.

212. US Treasury 3 Year Note ETF, Series of The RBB Fund, Inc.

213. US Treasury 30 Year Bond ETF, Series of The RBB Fund, Inc.

214. US Treasury 5 Year Note ETF, Series of The RBB Fund, Inc.

215. US Treasury 6 Month Bill ETF, Series of The RBB Fund, Inc.

216. US Treasury 7 Year Note ETF, Series of The RBB Fund, Inc.

217. WPG Partners Select Small Cap Value Fund, Series of The RBB Fund, Inc.

218. WPG Partners Small Cap Value Diversified Fund, Series of The RBB Fund, Inc.

219. WPG Partners Select Hedged Fund, Series of The RBB Fund, Inc.

220. P/E Global Enhanced International Fund, Series of The RBB Fund Trust

221. Torray Fund, Series of The RBB Fund Trust

222. Longview Advantage ETF, Series of The RBB Fund Trust

223. First Eagle Global Equity ETF, Series of The RBB Fund Trust

224. First Eagle Overseas Equity ETF, Series of The RBB Fund Trust

225. Tweedy, Browne Insider + Value ETF, Series of The RBB Fund Trust

226. Advent Convertible Bond ETF, Series of The RBB Fund Trust

227. Twin Oak Endure ETF, Series of The RBB Fund Trust

228. Twin Oak Enhanced Credit ETF, Series of The RBB Fund Trust

229. Twin Oak Active Opportunities II ETF, Series of The RBB Fund Trust

230. Twin Oak Active Opportunities III ETF, Series of The RBB Fund Trust

231. MUFG Japan Small Cap Active ETF, Series of The RBB Fund Trust

232. RBC Funds Trust

233. Series Portfolios Trust

234. Thompson IM Funds, Inc.

235. TrimTabs ETF Trust

236. Trust for Advised Portfolios

237. Barrett Growth Fund, Series of Trust for Professional Managers

238. Bright Rock Mid Cap Growth Fund, Series of Trust for Professional Managers

239. Bright Rock Quality Large Cap Fund, Series of Trust for Professional Managers

240. CrossingBridge Low Duration High Yield Fund, Series of Trust for Professional Managers

241. CrossingBridge Responsible Credit Fund, Series of Trust for Professional Managers

242. CrossingBridge Ultra-Short Duration Fund, Series of Trust for Professional Managers

243. RiverPark Strategic Income Fund, Series of Trust for Professional Managers

244. Dearborn Partners Rising Dividend Fund, Series of Trust for Professional Managers

245. Jensen Global Quality Growth Fund, Series of Trust for Professional Managers

246. Jensen Quality Value Fund, Series of Trust for Professional Managers

247. Rockefeller Climate Solutions Fund, Series of Trust for Professional Managers

248. Rockefeller US Small Cap Core Fund, Series of Trust for Professional Managers

249. Terra Firma US Concentrated Realty Fund, Series of Trust for Professional Managers

250. USQ Core Real Estate Fund

251. Wall Street EWM Funds Trust

(a)(2) Foreside Fund Services, LLC ("FFS") serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. AB Active ETFs, Inc.

2. ABS Long/Short Strategies Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. 6Absolute Shares Trust

4. ActivePassive Core Bond ETF, Series of Trust for Professional Managers

5. ActivePassive Intermediate Municipal Bond ETF, Series of Trust for Professional Managers

6. ActivePassive International Equity ETF, Series of Trust for Professional Managers

7. ActivePassive U.S. Equity ETF, Series of Trust for Professional Managers

8. Adaptive Core ETF, Series of Collaborative Investment Series Trust

9. AdvisorShares Trust

10. AFA Private Credit Fund

11. AGF Investments Trust

12. AIM ETF Products Trust

13. Alexis Practical Tactical ETF, Series of Listed Funds Trust

14. AlphaCentric Prime Meridian Income Fund

15. American Century ETF Trust

16. Amplify ETF Trust

17. Applied Finance Dividend Fund, Series of World Funds Trust

18. Applied Finance Explorer Fund, Series of World Funds Trust

19. Applied Finance Select Fund, Series of World Funds Trust

20. ARK ETF Trust

21. ARK Venture Fund

22. Bitwise Funds Trust

23. Bluestone Community Development Fund

24. BondBloxx ETF Trust

25. Bramshill Multi-Strategy Income Fund, Series of Investment Managers Series Trust

26. Bridgeway Funds, Inc.

27. Brinker Capital Destinations Trust

28. Brookfield Real Assets Income Fund Inc.

29. Build Funds Trust

30. Calamos Convertible and High Income Fund

31. Calamos Convertible Opportunities and Income Fund

32. Calamos Dynamic Convertible and Income Fund

33. Calamos ETF Trust

34. Calamos Global Dynamic Income Fund

35. Calamos Global Total Return Fund

36. Calamos Strategic Total Return Fund

37. Carlyle Tactical Private Credit Fund

38. Cascade Private Capital Fund

39. Center Coast Brookfield MLP & Energy Infrastructure Fund

40. Clifford Capital Focused Small Cap Value Fund, Series of World Funds Trust

41. Clifford Capital International Value Fund, Series of World Funds Trust

42. Clifford Capital Partners Fund, Series of World Funds Trust

43. Cliffwater Corporate Lending Fund

44. Cliffwater Enhanced Lending Fund

45. Cohen & Steers Infrastructure Fund, Inc.

46. Convergence Long/Short Equity ETF, Series of Trust for Professional Managers

47. CornerCap Small-Cap Value Fund, Series of Managed Portfolio Series

48. CrossingBridge Pre-Merger SPAC ETF, Series of Trust for Professional Managers

49. Curasset Capital Management Core Bond Fund, Series of World Funds Trust

50. Curasset Capital Management Limited Term Income Fund, Series of World Funds Trust

51. CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF, Series of ONEFUND Trust

52. Davis Fundamental ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53. Defiance Daily Short Digitizing the Economy ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54. Defiance Hotel, Airline, and Cruise ETF, Series of ETF Series Solutions

55. Defiance Next Gen Connectivity ETF, Series of ETF Series Solutions

56. Defiance Next Gen H2 ETF, Series of ETF Series Solutions

57. Defiance Quantum ETF, Series of ETF Series Solutions

58. Denali Structured Return Strategy Fund

59. Direxion Funds

60. Direxion Shares ETF Trust

61. Dividend Performers ETF, Series of Listed Funds Trust

62. Dodge & Cox Funds

63. DoubleLine ETF Trust

64. DoubleLine Income Solutions Fund

65. DoubleLine Opportunistic Credit Fund

66. DoubleLine Yield Opportunities Fund

67. DriveWealth ETF Trust

68. EIP Investment Trust

69. Ellington Income Opportunities Fund

70. ETF Opportunities Trust

71. Evanston Alternative Opportunities Fund

72. Exchange Listed Funds Trust

73. Exchange Place Advisors Trust

74. FlexShares Trust

75. Forum Funds

76. Forum Funds II

77. Forum Real Estate Income Fund

78. Goose Hollow Enhanced Equity ETF, Series of Collaborative Investment Series Trust

79. Goose Hollow Multi-Strategy Income ETF, Series of Collaborative Investment Series Trust

80. Goose Hollow Tactical Allocation ETF, Series of Collaborative Investment Series Trust

81. Gramercy Emerging Markets Debt Fund, Series of Investment Managers Series Trust

82. Grayscale Future of Finance ETF, Series of ETF Series Solutions

83. Guinness Atkinson Funds

84. Harbor ETF Trust

85. Horizon Kinetics Blockchain Development ETF, Series of Listed Funds Trust

86. Horizon Kinetics Energy and Remediation ETF, Series of Listed Funds Trust

87. Horizon Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

88. Horizon Kinetics Medical ETF, Series of Listed Funds Trust

89. Horizon Kinetics SPAC Active ETF, Series of Listed Funds Trust

90. IDX Funds

91. Innovator ETFs Trust

92. Ironwood Institutional Multi-Strategy Fund LLC

93. Ironwood Multi-Strategy Fund LLC

94. John Hancock Exchange-Traded Fund Trust

95. LDR Real Estate Value-Opportunity Fund, Series of World Funds Trust

96. Mairs & Power Balanced Fund, Series of Trust for Professional Managers

97. Mairs & Power Growth Fund, Series of Trust for Professional Managers

98. Mairs & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers

99. Mairs & Power Small Cap Fund, Series of Trust for Professional Managers

100. Manor Investment Funds

101. Milliman Variable Insurance Trust

102. Mindful Conservative ETF, Series of Collaborative Investment Series Trust

103. Moerus Worldwide Value Fund, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104. Mohr Growth ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105. Mohr Industry Nav ETF, Series of Collaborative Investment Series Trust

106. Mohr Sector Nav ETF, Series of Collaborative Investment Series Trust

107. Morgan Stanley ETF Trust

108. Morningstar Funds Trust

109. Mutual of America Investment Corporation

110. NEOS ETF Trust

111. Niagara Income Opportunities Fund

112. NXG Cushing® Midstream Energy Fund

113. OTG Latin American Fund, Series of World Funds Trust

114. Overlay Shares Core Bond ETF, Series of Listed Funds Trust

115. Overlay Shares Foreign Equity ETF, Series of Listed Funds Trust

116. Overlay Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust

117. Overlay Shares Large Cap Equity ETF, Series of Listed Funds Trust

118. Overlay Shares Municipal Bond ETF, Series of Listed Funds Trust

119. Overlay Shares Short Term Bond ETF, Series of Listed Funds Trust

120. Overlay Shares Small Cap Equity ETF, Series of Listed Funds Trust

121. Palmer Square Opportunistic Income Fund

122. Partners Group Private Income Opportunities, LLC

123. Performance Trust Mutual Funds, Series of Trust for Professional Managers

124. Performance Trust Short Term Bond ETF, Series of Trust for Professional Managers

125. Perkins Discovery Fund, Series of World Funds Trust

126. Philotimo Focused Growth and Income Fund, Series of World Funds Trust

127. Plan Investment Fund, Inc.

128. Point Bridge America First ETF, Series of ETF Series Solutions

129. Preferred-Plus ETF, Series of Listed Funds Trust

130. Putnam ETF Trust

131. Rareview Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust

132. Rareview Systematic Equity ETF, Series of Collaborative Investment Series Trust

133. Rareview Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust

134. Rareview Total Return Bond ETF, Series of Collaborative Investment Series Trust

135. Renaissance Capital Greenwich Funds

136. Reynolds Funds, Inc.

137. RiverNorth Enhanced Pre-Merger SPAC ETF, Series of Listed Funds Trust

138. RiverNorth Patriot ETF, Series of Listed Funds Trust

139. RMB Investors Trust

140. Robinson Opportunistic Income Fund, Series of Investment Managers Series Trust

141. Robinson Tax Advantaged Income Fund, Series of Investment Managers Series Trust

142. Roundhill Alerian LNG ETF, Series of Listed Funds Trust

143. Roundhill Ball Metaverse ETF, Series of Listed Funds Trust

144. Roundhill Cannabis ETF, Series of Listed Funds Trust

145. Roundhill ETF Trust

146. Roundhill Magnificent Seven ETF, Series of Listed Funds Trust

147. Roundhill S&P Global Luxury ETF, Series of Listed Funds Trust

148. Roundhill Sports Betting & iGaming ETF, Series of Listed Funds Trust

149. Roundhill Video Games ETF, Series of Listed Funds Trust

150. Rule One Fund, Series of World Funds Trust

151. Securian AM Real Asset Income Fund, Series of Investment Managers Series Trust

152. Six Circles Trust

153. Sound Shore Fund, Inc.

154. SP Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155. Sparrow Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156. Spear Alpha ETF, Series of Listed Funds Trust

157. STF Tactical Growth & Income ETF, Series of Listed Funds Trust

158. STF Tactical Growth ETF, Series of Listed Funds Trust

159. Strategic Trust

160. Strategy Shares

161. Swan Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

162. Syntax ETF Trust

163. Tekla World Healthcare Fund

164. Tema ETF Trust

165. Teucrium Agricultural Strategy No K-1 ETF, Series of Listed Funds Trust

166. Teucrium AiLA Long-Short Agriculture Strategy ETF, Series of Listed Funds Trust

167. The 2023 ETF Series Trust

168. The 2023 ETF Series Trust II

169. The Community Development Fund

170. The Finite Solar Finance Fund

171. The Private Shares Fund

172. The SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

173. Third Avenue Trust

174. Third Avenue Variable Series Trust

175. Tidal ETF Trust

176. Tidal Trust II

177. TIFF Investment Program

178. Timothy Plan High Dividend Stock Enhanced ETF, Series of The Timothy Plan

179. Timothy Plan High Dividend Stock ETF, Series of The Timothy Plan

180. Timothy Plan International ETF, Series of The Timothy Plan

181. Timothy Plan Market Neutral ETF, Series of The Timothy Plan

182. Timothy Plan US Large/Mid Cap Core ETF, Series of The Timothy Plan

183. Timothy Plan US Large/Mid Core Enhanced ETF, Series of The Timothy Plan

184. Timothy Plan US Small Cap Core ETF, Series of The Timothy Plan

185. Total Fund Solution

186. Touchstone ETF Trust

187. T-Rex 2X Inverse Spot Bitcoin Daily Target ETF, Series of World Funds Trust

188. T-Rex 2X Long Spot Bitcoin Daily Target ETF, Series of World Funds Trust

189. TrueShares Active Yield ETF, Series of Listed Funds Trust

190. TrueShares Eagle Global Renewable Energy Income ETF, Series of Listed Funds Trust

191. TrueShares Low Volatility Equity Income ETF, Series of Listed Funds Trust

192. TrueShares Structured Outcome (April) ETF, Series of Listed Funds Trust

193. TrueShares Structured Outcome (August) ETF, Series of Listed Funds Trust

194. TrueShares Structured Outcome (December) ETF, Series of Listed Funds Trust

195. TrueShares Structured Outcome (February) ETF, Series of Listed Funds Trust

196. TrueShares Structured Outcome (January) ETF, Series of Listed Funds Trust

197. TrueShares Structured Outcome (July) ETF, Series of Listed Funds Trust

198. TrueShares Structured Outcome (June) ETF, Series of Listed Funds Trust

199. TrueShares Structured Outcome (March) ETF, Series of Listed Funds Trust

200. TrueShares Structured Outcome (May) ETF, Listed Funds Trust

201. TrueShares Structured Outcome (November) ETF, Series of Listed Funds Trust

202. TrueShares Structured Outcome (October) ETF, Series of Listed Funds Trust

203. TrueShares Structured Outcome (September) ETF, Series of Listed Funds Trust

204. TrueShares Technology, AI & Deep Learning ETF, Series of Listed Funds Trust

205. U.S. Global Investors Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206. Union Street Partners Value Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207. Vest Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

208. Vest S&P 500® Dividend Aristocrats Target Income Fund, Series of World Funds Trust

209. Vest US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

210. Vest US Large Cap 10% Buffer Strategies VI Fund, Series of World Funds Trust

211. Vest US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust

212. Vest US Large Cap 20% Buffer Strategies VI Fund, Series of World Funds Trust

213. VictoryShares Core Intermediate Bond ETF, Series of Victory Portfolios II

214. VictoryShares Core Plus Intermediate Bond ETF, Series of Victory Portfolios II

215. VictoryShares Corporate Bond ETF, Series of Victory Portfolios II

216. VictoryShares Developed Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

217. VictoryShares Dividend Accelerator ETF, Series of Victory Portfolios II

218. VictoryShares Emerging Markets Value Momentum ETF, Series of Victory Portfolios II

219. VictoryShares Free Cash Flow ETF, Series of Victory Portfolios II

220. VictoryShares International High Div Volatility Wtd ETF, Series of Victory Portfolios II

221. VictoryShares International Value Momentum ETF, Series of Victory Portfolios II

222. VictoryShares International Volatility Wtd ETF, Series of Victory Portfolios II

223. VictoryShares NASDAQ Next 50 ETF, Series of Victory Portfolios II

224. VictoryShares Short-Term Bond ETF, Series of Victory Portfolios II

225. VictoryShares THB Mid Cap ESG ETF, Series of Victory Portfolios II

226. VictoryShares US 500 Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

227. VictoryShares US 500 Volatility Wtd ETF, Series of Victory Portfolios II

228. VictoryShares US Discovery Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

229. VictoryShares US EQ Income Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

230. VictoryShares US Large Cap High Div Volatility Wtd ETF, Series of Victory Portfolios II

231. VictoryShares US Multi-Factor Minimum Volatility ETF, Series of Victory Portfolios II

232. VictoryShares US Small Cap High Div Volatility Wtd ETF, Series of Victory Portfolios II

233. VictoryShares US Small Cap Volatility Wtd ETF, Series of Victory Portfolios II

234. VictoryShares US Small Mid Cap Value Momentum ETF, Series of Victory Portfolios II

235. VictoryShares US Value Momentum ETF, Series of Victory Portfolios II

236. VictoryShares WestEnd Economic Cycle Bond ETF, Series of Victory Portfolios II

237. VictoryShares WestEnd Global Equity ETF, Series of Victory Portfolios II

238. VictoryShares WestEnd US Sector ETF, Series of Victory Portfolios II

239. Volatility Shares Trust

240. West Loop Realty Fund, Series of Investment Managers Series Trust

241. Wilshire Mutual Funds, Inc.

242. Wilshire Variable Insurance Trust

243. WisdomTree Digital Trust

244. WisdomTree Trust

245. WST Investment Trust

246. XAI Octagon Floating Rate & Alternative Income Term Trust

247. Penn Capital Special Situations Small Cap Equity Fund, Series of The RBB Fund Trust

248. Penn Capital Short Duration High Income Fund, Series of The RBB Fund Trust

(b)(1) The following are the Officers and Manager of Quasar, the Registrant's underwriter. Quasar's main business address is Three Canal Plaza, Suite 100, Portland, ME 04101.

---

| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with Underwriter | Position with Registrant |
| Teresa Cowan | Three Canal Plaza, Suite 100, Portland, ME 04101 | President/Manager |  |
| Chris Lanza | Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President |  |
| Kate Macchia | Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President |  |
| Susan L. LaFond | Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President and Chief Compliance Officer and Treasurer |  |
| Jennifer A. Brunner | Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President and Chief Compliance Officer |  |
| Kelly B. Whetstone | Three Canal Plaza, Suite 100, Portland, ME 04101 | Secretary |  |

---

(b)(2) The following are the Officers and Manager of FFS, the Registrant's underwriter. FFS' main business address is Three Canal Plaza, Suite 100, Portland, Maine 04101.

---

| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with Underwriter | Position with Registrant |
| Teresa Cowan | Three Canal Plaza, Suite 100, Portland, ME 04101 | President/Manager |  |
| Chris Lanza | Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President |  |
| Kate Macchia | Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President |  |
| Nanette K. Chern | Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President and Chief Compliance Officer |  |
| Kelly B. Whetstone | Three Canal Plaza, Suite 100, Portland, ME 04101 | Secretary |  |
| Susan L. LaFond | Three Canal Plaza, Suite 100, Portland, ME 04101 | Treasurer |  |
| Weston Sommers | Three Canal Plaza, Suite 100, Portland, ME 04101 | Financial and Operations Principal and Chief Financial Officer |  |

---

(c) Not Applicable.

**Item 33. Location of Accounts and Records.**

The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, are maintained at the following locations:

Records Relating to: Are located at: <br> Registrant The RBB Fund Trust 615 East Michigan Street Milwaukee, Wisconsin 53202

---

| | |
|:---|:---|
| Investment Adviser | Advent Capital Management, LLC<br> 888 Seventh Avenue, 31<sup>st</sup> Floor<br> New York, New York 10106 |
| Investment Adviser | First Eagle Investment Management, LLC<br> 1345 Avenue of the Americas<br> New York, New York 10105 |
| Investment Adviser | Hill Investment Group Partners, LLC d/b/a Longview Research Partners<br> 190 Carondelet Plaza, Suite 1475<br> St. Louis, Missouri 63105 |
| Investment Adviser | P/E Global LLC<br> 75 State Street, 31<sup>st</sup> Floor<br> Boston, Massachusetts 02109 |
| Investment Adviser | Penn Capital Management Company, LLC<br> Navy Yard Corporate Center<br> 1200 Intrepid Avenue, Suite 400<br> Philadelphia, Pennsylvania 19112 |
| Investment Adviser | Torray Investment Partners LLC<br> 7501 Wisconsin Avenue, Suite 750W<br> Bethesda, Maryland 20814 |
| Investment Adviser | Tweedy, Browne Company LLC<br> One Station Place<br> Stamford, Connecticut 06902 |
| Investment Adviser | Twin Oak ETF Company<br> 888 Worchester Street, Suite 200<br> Wellesley, Massachusetts 02482 |
| Registrant's Fund Administrator, Fund Accountant, Transfer Agent and Dividend Disbursing Agent | U.S. Bancorp Fund Services, LLC<br> 615 East Michigan Street<br> Milwaukee, Wisconsin 53202 |
| Registrant's Custodian | U.S. Bank National Association<br> 1555 North Rivercenter Drive, Suite 302<br> Milwaukee, Wisconsin 53212 |
| Underwriter | Foreside Fund Services, LLC<br> Three Canal Plaza, Suite 100<br> Portland, Maine 04101 |
| Underwriter | Quasar Distributors, LLC<br> Three Canal Plaza, Suite 100<br> Portland, ME 04101 |

---

**Item 34. Management Services**

Not applicable.

**Item 35. Undertakings**

None.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended (the "1933 Act"), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment to its Registration Statement under Rule 485(b) under the 1933 Act and has duly caused this Post-Effective Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Short Hills, and State of New Jersey on July 2, 2025.

---

| | |
|:---|:---|
| **THE RBB FUND TRUST** | **THE RBB FUND TRUST** |
| By: | /s/ Steven Plump |
|  | Steven Plump |
|  | President |

---

Pursuant to the requirements of the 1933 Act, this Amendment to Registrant's Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| **SIGNATURE** | **TITLE** | **DATE** |
| /s/ Steven Plump | President (Principal Executive Officer) | July 2, 2025 |
| Steven Plump | President (Principal Executive Officer) |  |
| /s/ James G. Shaw | Chief Financial Officer (Principal Financial and Accounting Officer) | July 2, 2025 |
| James G. Shaw | Chief Financial Officer (Principal Financial and Accounting Officer) |  |
| \*Gregory P. Chandler | Trustee | July 2, 2025 |
| Gregory P. Chandler |  |  |
| \*Lisa A. Dolly | Trustee | July 2, 2025 |
| Lisa A. Dolly |  |  |
| \*Nicholas A. Giordano | Trustee | July 2, 2025 |
| Nicholas A. Giordano |  |  |
| \*Arnold M. Reichman | Trustee | July 2, 2025 |
| Arnold M. Reichman |  |  |
| \*Robert Sablowsky | Trustee | July 2, 2025 |
| Robert Sablowsky |  |  |
| \*Brian T. Shea | Trustee | July 2, 2025 |
| Brian T. Shea |  |  |
| \*Martha A. Tirinnanzi | Trustee | July 2, 2025 |
| Martha A. Tirinnanzi |  |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ James G. Shaw |

---

James G. Shaw <br> Attorney-in-Fact

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

<u>POWER OF ATTORNEY</u>

Know All Men by These Presents, that the undersigned, Gregory P. Chandler, hereby constitutes and appoints Jillian L. Bosmann, Michael P. Malloy, Edward Paz, Steven Plump, and James G. Shaw his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: February 13, 2024 |
| /s/ Gregory P. Chandler |
| Gregory P. Chandler |

---

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

<u>POWER OF ATTORNEY</u>

Know All Men by These Presents, that the undersigned, Lisa A. Dolly, hereby constitutes and appoints Jillian L. Bosmann, Michael P. Malloy, Edward Paz, Steven Plump, and James G. Shaw her true and lawful attorneys, to execute in her name, place, and stead, in her capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in her name and on her behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as she might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: February 13, 2024 |
| /s/ Lisa A. Dolly |
| Lisa A. Dolly |

---

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

<u>POWER OF ATTORNEY</u>

Know All Men by These Presents, that the undersigned, Nicholas A. Giordano, hereby constitutes and appoints Jillian L. Bosmann, Michael P. Malloy, Edward Paz, Steven Plump, and James G. Shaw his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: February 13, 2024 |
| /s/ Nicholas A. Giordano |
| Nicholas A. Giordano |

---

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

<u>POWER OF ATTORNEY</u>

Know All Men by These Presents, that the undersigned, Arnold M. Reichman, hereby constitutes and appoints Jillian L. Bosmann, Michael P. Malloy, Edward Paz, Steven Plump, and James G. Shaw his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: February 13, 2024 |
| /s/ Arnold M. Reichman |
| Arnold M. Reichman |

---

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

<u>POWER OF ATTORNEY</u>

Know All Men by These Presents, that the undersigned, Robert Sablowsky, hereby constitutes and appoints Jillian L. Bosmann, Michael P. Malloy, Edward Paz, Steven Plump, and James G. Shaw his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: February 13, 2024 |
| /s/ Robert Sablowsky |
| Robert Sablowsky |

---

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

<u>POWER OF ATTORNEY</u>

Know All Men by These Presents, that the undersigned, Brian T. Shea, hereby constitutes and appoints Jillian L. Bosmann, Michael P. Malloy, Edward Paz, Steven Plump, and James G. Shaw his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: February 13, 2024 |
| /s/ Brian T. Shea |
| Brian T. Shea |

---

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

<u>POWER OF ATTORNEY</u>

Know All Men by These Presents, that the undersigned, Martha A. Tirinnanzi, hereby constitutes and appoints Jillian L. Bosmann, Michael P. Malloy, Edward Paz, Steven Plump, and James G. Shaw her true and lawful attorneys, to execute in her name, place, and stead, in her capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in her name and on her behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as she might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: February 13, 2024 |
| /s/ Martha A. Tirinnanzi |
| Martha A. Tirinnanzi |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Exhibit** |
| [(g)(1)(x)](fp0094102-1_ex9928g1x.htm) | [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated June 11, 2025](fp0094102-1_ex9928g1x.htm) |
| [(h)(1)(xi)](fp0094102-1_ex9928h1xi.htm) | [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated June 11, 2025](fp0094102-1_ex9928h1xi.htm) |
| [(h)(2)(x)](fp0094102-1_ex9928h2x.htm) | [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated June 11, 2025](fp0094102-1_ex9928h2x.htm) |
| [(h)(3)(x)](fp0094102-1_ex9928h3x.htm) | [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated June 11, 2025](fp0094102-1_ex9928h3x.htm) |
| [(i)(11)](fp0094102-1_ex9928i11.htm) | [Opinion of Counsel relating to the MUFG Japan Small Cap Active ETF](fp0094102-1_ex9928i11.htm) |
| [(i)(12)](fp0094102-1_ex9928i12.htm) | [Consent of Counsel](fp0094102-1_ex9928i12.htm) |
| [(l)(8)](fp0094102-1_ex9928l11.htm) | [Initial Capital Agreement *(Twin Oak Enhanced Credit ETF)*](fp0094102-1_ex9928l11.htm) |
| [(l)(11)](fp0094102-1_ex9928l11.htm) | [Initial Capital Agreement *(MUFG Japan Small Cap Active ETF)*](fp0094102-1_ex9928l11.htm) |
| [(p)(12)](fp0094102-1_ex9928p12.htm) | [Code of Ethics of Clearbrook Investment Consulting, LLC](fp0094102-1_ex9928p12.htm) |

---

## Exhibit 99.28

**ELEVENTH AMENDMENT TO THE**

**THE RBB FUND TRUST**

**CUSTODY AGREEMENT**

**THIS AMENDMENT**, effective as of the last date in the signature block, to the Custody Agreement, dated as of October 22, 2015, as amended (the "Agreement"), is entered into by and between **THE RBB FUND TRUST** (f/k/a PENN Capital Funds Trust)**,** a Delaware statutory trust (the "Trust") and **U.S. BANK NATIONAL ASSOCIATION,** a national banking association (the "Custodian").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS**, the parties desire to amend the Agreement to amend Exhibit B of the Agreement, the funds list of the Trust, to add the following fund:

● MUFG Japan Small Cap Active ETF

**WHEREAS,** Article XV, Section 15.02 of the Agreement provides that the Agreement may be amended by a written agreement executed by both parties.

**NOW, THEREFORE,** the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Exhibit B is hereby superseded and replaced with Amended Exhibit B attached hereto.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Except to the extent amended hereby, the Agreement shall remain in full force and effect.** 

SIGNATURES ON NEXT PAGE

**IN WITNESS WHEREOF**, the parties hereto have caused this Eleventh Amendment to be executed by a duly authorized officer on one or more counterparts as of the last date on the signature block.

---

| | | | |
|:---|:---|:---|:---|
| **THE RBB FUND TRUST** | **THE RBB FUND TRUST** | **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | /s/ James G. Shaw | By: | /s/ Gregory Farley |
| Name: | James G. Shaw | Name: | Gregory Farley |
| Title: | CFO/COO & Secretary | Title: | Senior Vice President |
| Date: | 6/9/2025 | Date: | 06/11/2025 |

---

**EXHIBIT B to the Custody Agreement**

Separate Series of The RBB Fund Trust

<u>Name of Series</u>

Penn Capital Short Duration High Income Fund

Penn Capital Special Situations Small Cap Equity Fund

P/E Global Enhanced International Fund

The Torray Fund

First Eagle Global Equity ETF

First Eagle Overseas Equity ETF

Tweedy, Browne Insider + Value ETF

Longview Advantage ETF

Advent Convertible Bond ETF

Twin Oak Enhanced Credit ETF

Twin Oak Endure ETF

Twin Oak Active Opportunities II ETF

Twin Oak Active Opportunities III ETF

MUFG Japan Small Cap Active ETF

## Exhibit 99.28

**TWELFTH AMENDMENT TO THE** 

**THE RBB FUND TRUST** 

**FUND ADMINISTRATION SERVICING AGREEMENT**

**THIS AMENDMENT**, effective as of the last date in the signature block, to the Fund Administration Servicing Agreement, dated as of October 22, 2015 as amended (the "Agreement"), is entered into by and between **THE RBB FUND TRUST** (f/k/a PENN Capital Funds Trust), a Delaware statutory trust (the "Trust") and **U.S. BANCORP FUND SERVICES, LLC d/b/a/U.S. Bank Global Fund Services,** a Wisconsin limited liability company ("Fund Services").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS**, the parties desire to amend the Agreement to amend Exhibit A of the Agreement, the funds list of the Trust, to add the following funds:

● MUFG Japan Small Cap Active ETF

**WHEREAS,** Section 11 of the Agreement provides that the Agreement may be amended by a written agreement executed by both parties.

**NOW, THEREFORE,** the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Exhibit A is hereby superseded and replaced with Amended Exhibit A attached hereto.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Except to the extent amended hereby, the Agreement shall remain in full force and effect.** 

**IN WITNESS WHEREOF**, the parties hereto have caused this Twelfth Amendment to be executed by a duly authorized officer on one or more counterparts as of the last date on the signature block.

---

| | | | |
|:---|:---|:---|:---|
| **THE RBB FUND TRUST** | **THE RBB FUND TRUST** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/ James G. Shaw | By: | /s/ Gregory Farley |
| Name: | James G. Shaw | Name: | Gregory Farley |
| Title: | CFO/COO & Secretary | Title: | Senior Vice President |
| Date: | 6/9/2025 | Date: | 06/11/2025 |

---

**EXHIBIT A to the Fund Administration Servicing Agreement**

Separate Series of The RBB Fund Trust

<u>Name of Series</u>

Penn Capital Short Duration High Income Fund

Penn Capital Special Situations Small Cap Equity Fund

P/E Global Enhanced International Fund

The Torray Fund

First Eagle Global Equity ETF

First Eagle Overseas Equity ETF

Tweedy, Browne Insider + Value ETF

Longview Advantage ETF

Advent Convertible Bond ETF

Twin Oak Enhanced Credit ETF

Twin Oak Endure ETF

Twin Oak Active Opportunities II ETF

Twin Oak Active Opportunities III ETF

MUFG Japan Small Cap Active ETF

## Exhibit 99.28

**TENTH AMENDMENT TO THE** 

**THE RBB FUND TRUST**

**TRANSFER AGENT SERVICING AGREEMENT**

**THIS AMENDMENT**, effective as of the last date in the signature block, to the Transfer Agent Servicing Agreement dated as of October 22, 2015, as amended (the "Agreement"), is entered into by and between **THE RBB FUND TRUST** (f/k/a PENN Capital Funds Trust), a Delaware statutory trust, (the "Trust") and **U.S. BANCORP FUND SERVICES, LLC,** a Wisconsin limited liability company ("USBFS").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS**, the parties desire to amend the Agreement to amend Exhibit A of the Agreement, the funds list of the Trust, to add the following funds:

● MUFG Japan Small Cap Active ETF

**WHEREAS,** Section 13 of the Agreement provides that the Agreement may be amended by a written agreement executed by all parties.

**NOW, THEREFORE,** the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Exhibit A is hereby superseded and replaced with Amended Exhibit A attached hereto.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Except to the extent amended hereby, the Agreement shall remain in full force and effect.** 

Signatures on next page

IN WITNESS WHEREOF, the parties hereto have caused this Tenth Amendment to be executed by a duly authorized officer on one or more counterparts as of the last date on the signature block.

---

| | | | |
|:---|:---|:---|:---|
| **THE RBB FUND TRUST** | **THE RBB FUND TRUST** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/ James G. Shaw | By: | /s/ Gregory Farley |
| Name: | James G. Shaw | Name: | Gregory Farley |
| Title: | CFO/COO & Secretary | Title: | Senior Vice President |
| Date: | 6/9/2025 | Date: | 06/11/2025 |

---

**Exhibit A** 

**to the Transfer Agent Servicing Agreement**

Separate Series of The RBB Fund Trust

<u>Name of Series</u>

Penn Capital Short Duration High Income Fund

Penn Capital Special Situations Small Cap Equity Fund

P/E Global Enhanced International Fund

The Torray Fund

First Eagle Global Equity ETF

First Eagle Overseas Equity ETF

Tweedy, Browne Insider + Value ETF

Longview Advantage ETF

Advent Convertible Bond ETF

Twin Oak Enhanced Credit ETF

Twin Oak Endure ETF

Twin Oak Active Opportunities II ETF

Twin Oak Active Opportunities III ETF

MUFG Japan Small Cap Active ETF

## Exhibit 99.28

**THIRTEETH AMENDMENT TO THE** 

**THE RBB FUND TRUST**

**FUND ACCOUNTING SERVICING AGREEMENT**

**THIS AMENDMENT**, effective as of the date of the last date in the signature block, to the Fund Accounting Servicing Agreement, dated as of October 22, 2015, as amended (the "Agreement"), is entered into by and between **THE RBB FUND TRUST** (f/k/a PENN Capital Funds Trust), a Delaware statutory trust (the "Trust") and **U.S. BANCORP FUND SERVICES, LLC d/b/a/U.S. Bank Global Fund Services,** a Wisconsin limited liability company ("Fund Services").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS**, the parties desire to amend the Agreement to amend Exhibit A of the Agreement, the funds list of the Trust, to add the following fund:

● MUFG Japan Small Cap Active ETF

**WHEREAS,** Section 15 of the Agreement provides that the Agreement may be amended by a written agreement executed by both parties.

**NOW, THEREFORE,** the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Exhibit A is hereby superseded and replaced with Amended Exhibit A attached hereto.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Except to the extent amended hereby, the Agreement shall remain in full force and effect.** 

SIGNATURES ON NEXT PAGE

**IN WITNESS WHEREOF**, the parties hereto have caused this Thirteenth Amendment to be executed by a duly authorized officer on one or more counterparts as of the last date on the signature block.

---

| | | | |
|:---|:---|:---|:---|
| **THE RBB FUND TRUST** | **THE RBB FUND TRUST** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/ James G. Shaw | By: | /s/ Gregory Farley |
| Name: | James G. Shaw | Name: | Gregory Farley |
| Title: | CFO/COO & Secretary | Title: | Senior Vice President |
| Date: | 6/9/2025 | Date: | 06/11/2025 |

---

**EXHIBIT A to the Fund Accounting Servicing Agreement**

Separate Series of The RBB Fund Trust

<u>Name of Series</u>

Penn Capital Short Duration High Income Fund

Penn Capital Special Situations Small Cap Equity Fund

P/E Global Enhanced International Fund

The Torray Fund

First Eagle Global Equity ETF

First Eagle Overseas Equity ETF

Tweedy, Browne Insider + Value ETF

Longview Advantage ETF

Advent Convertible Bond ETF

Twin Oak Enhanced Credit ETF

Twin Oak Endure ETF

Twin Oak Active Opportunities II ETF

Twin Oak Active Opportunities III ETF

MUFG Japan Small Cap Active ETF

## Exhibit 99.28

Faegre Drinker Biddle & Reath LLP

1500 K Street NW

Suite 1100

Washington, D.C. 20005

Telephone: (202) 842-8800

www.faegredrinker.com

July 2, 2025

The RBB Fund Trust

615 East Michigan Street

Milwaukee, WI 53202

Re: Shares Registered by Post-Effective Amendment No. 64 to

<u>Registration Statement on Form N-1A (File No. 333-200168)</u>

Ladies and Gentlemen:

We have acted as counsel to The RBB Fund Trust, a Delaware statutory trust (the "Trust"), in connection with the preparation and filing with the Securities and Exchange Commission of Post-Effective Amendment No. 64 (the "Amendment") to the Trust's Registration Statement on Form N-1A under the Securities Act of 1933, as amended, to register shares of beneficial interest (the "Shares") in the MUFG Japan Small Cap Active ETF (the "Fund"), a new series of the Trust. The Board of Trustees of the Trust has authorized the issuance and sale by the Trust of an unlimited number of Shares of the Fund.

We have reviewed the Trust's Amended and Restated Agreement and Declaration of Trust, By-Laws, as amended, resolutions of its Board of Trustees, and such other legal and factual matters as we have deemed appropriate. This opinion is based exclusively on the Delaware Statutory Trust Act and the federal law of the United States of America.

Based upon and subject to the foregoing, it is our opinion that the Shares, when issued for payment as described in the Trust's Prospectus offering the Shares and in accordance with the Trust's Amended and Restated Agreement and Declaration of Trust, will be legally issued, fully paid and non-assessable by the Trust.

We consent to the filing of this opinion as an exhibit to the Amendment to the Trust's Registration Statement.

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|:---|
| Very truly yours, |
| /s/ Faegre Drinker Biddle & Reath LLP |
| Faegre Drinker Biddle & Reath LLP |

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## Exhibit 99.28

CONSENT OF COUNSEL

We hereby consent to the use of our name and to the references to our Firm under the caption "Counsel" in the Statement of Additional Information included in Post-Effective Amendment Nos. 64/67 to the Registration Statement (File Nos. 333-200168 and 811-23011) on Form N-1A of The RBB Fund Trust, under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, respectively. In giving such consent, however, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

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|:---|
| /s/ Faegre Drinker Biddle & Reath LLP |
| Faegre Drinker Biddle & Reath LLP |

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Washington, D.C.

July 2, 2025

## Exhibit 99.28

<u>PURCHASE AGREEMENT</u>

The RBB Fund Trust (the "Trust"), a Delaware statutory trust, and Twin Oak ETF Company ("Twin Oak"), intending to be legally bound, hereby agree with each other 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;1. The Trust hereby offers Twin Oak and Twin Oak hereby purchases one (1) share (the "Share") of the Twin Oak Enhanced Credit ETF (the "Fund") at price per Share equivalent to the net asset value per Share of the Fund as determined on May 27, 2025.

&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. The Trust hereby acknowledges receipt from Twin Oak of funds in the amount of $50 in full payment for the Share.

&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. Twin Oak represents and warrants to the Trust that the Share is being acquired for investment purposes and not with a view to the distribution thereof.

&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. This Agreement may be executed in counterparts, and all such counterparts taken together shall be deemed to constitute one and the same instrument.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of May 27, 2025.

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| | |
|:---|:---|
| The RBB Fund Trust | The RBB Fund Trust |
| By: | /s/ James G. Shaw |
| Name: | James G. Shaw |
| Title | Chief Financial Officer, Chief Operating Officer, and Secretary |
| Twin Oak ETF Company | Twin Oak ETF Company |
| By: | /s/ Zachary Wainwright |
| Name: | Zachary Wainwright |
| Title: | CEO |

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## Exhibit 99.28

<u>PURCHASE AGREEMENT</u>

The RBB Fund Trust (the "Trust"), a Delaware statutory trust, and Clearbrook Investment Consulting, LLC ("Clearbrook"), intending to be legally bound, hereby agree with each other 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;1. The Trust hereby offers Clearbrook and Clearbrook hereby purchases one (1) share (the "Share") of the MUFG Japan Small Cap Active ETF (the "Fund") at price per Share equivalent to the net asset value per Share of the Fund as determined on July 1, 2025.

&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. The Trust hereby acknowledges receipt from Clearbrook of funds in the amount of $18 in full payment for the Share.

&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. Clearbrook represents and warrants to the Trust that the Share is being acquired for investment purposes and not with a view to the distribution thereof.

&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. This Agreement may be executed in counterparts, and all such counterparts taken together shall be deemed to constitute one and the same instrument.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of July 1, 2025.

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| | |
|:---|:---|
| The RBB Fund Trust | The RBB Fund Trust |
| By: | /s/ James G. Shaw |
| Name: | James G. Shaw |
| Title | Chief Financial Officer, Chief Operating Officer and Secretary |
| Clearbrook Investment Consulting, LLC | Clearbrook Investment Consulting, LLC |
| By: | /s/ Elliott Wislar |
| Name: | Elliott Wislar |
| Title: | Chief Executive Officer, Clearbrook LLC |

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## Exhibit 99.28

Code of Ethics Policy

**Code of Ethics**

**January 2024**

**CLEARBROOK LLC**

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CLEARBROOK Code of Ethics Policy

**Table of Contents**

1. Introduction 3

2. Fiduciary Culture 5

3. Oversight of Code of Ethics 5

3.1. Acknowledgement of the Code 5

3.2. Reporting Violations 5

3.3. Ownership of the Code 5

3.4. Sanctions for Failure to Comply with the Code 5

4. Conflicts of Interest / Unlawful Actions 6

5. Whistleblower Policy 7

6. Gifts and Entertainment 8

6.1. Introduction 8

6.2. Gifts and Entertainment Policy 8

7. Improper Use of Client Relationships 9

8. Advancing the Firm's Interests 9

9. Insider Trading 9

9.1. Introduction 9

9.2. Definitions 10

9.3. Firm's Insider Trading Policy 11

9.4. Procedures Designed to Detect and Prevent Insider Trading 11

9.5. Compliance Responsibilities 12

9.6. Penalties for Insider Trading 12

10. Employee Trading and Investments 12

10.1. Definitions 12

10.2. Pre-Clearance of Trades 13

10.3. Front Running 13

10.4. Scalping 13

10.5. Block Trades and Black Out Periods 14

10.6. No Excessive Trading 14

10.7. The Restricted List 14

10.8. Reporting of Employee Holdings and Transactions 14

10.9. Exemption from Reporting on Certain Accounts or Transactions 15

10.10. Initial Public Offerings and Private Placements 16

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CLEARBROOK Code of Ethics Policy

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| 10.11. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specific Account Exemptions | 17 |
| 10.12. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Review and Retention of Reports | 17 |
| 11. | Confidentiality of Non-Public information | 17 |
| 11.1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Protection and Proper Use of Clearbrook Assets | 18 |
| 12. | Regulatory Inquiries, Investigations and Litigation | 18 |
| 12.1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Types of Inquiries | 18 |
| 12.2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Responding to Information Requests | 19 |
| 12.3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litigation | 19 |
| 13. | Political Contributions and Pay to Play | 19 |
| 13.1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearbrook's Pay to Play Policy | 19 |
| 13.2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restrictions and Preclearance of Political Contributions | 20 |
| 13.3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Employee Certification | 20 |
| 14. | Outside Business Activities | 20 |
| 15. | Ownership of this Code of Ethics | 21 |
| Appendix A: Employee Acknowledgement | Appendix A: Employee Acknowledgement | 22 |
| Appendix B: Political Contributions Pre-Clearance Form | Appendix B: Political Contributions Pre-Clearance Form | 23 |
| Appendix C: Employee Trade Pre-Clearance Request Form | Appendix C: Employee Trade Pre-Clearance Request Form | 25 |
| Appendix D: Initial/Annual Holdings Report | Appendix D: Initial/Annual Holdings Report | 26 |
| Appendix E: Quarterly Transaction Report | Appendix E: Quarterly Transaction Report | 27 |
| Appendix F: Quarterly Compliance Attestation | Appendix F: Quarterly Compliance Attestation | 28 |
| Appendix G: Outside Business Activity PreClearance Form | Appendix G: Outside Business Activity PreClearance Form | 29 |
| Appendix H: Insider Disclosure | Appendix H: Insider Disclosure | 30 |
| APPENDIX I: PRIVATE PLACEMENT APPROVAL FORM | APPENDIX I: PRIVATE PLACEMENT APPROVAL FORM | 31 |
| Appendix J: INITIAL PUBLIC OFFERING APPROVAL FORM | Appendix J: INITIAL PUBLIC OFFERING APPROVAL FORM | 32 |
| Appendix K: New Employee Political Contributions | Appendix K: New Employee Political Contributions | 33 |

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&nbsp;&nbsp;&nbsp;&nbsp;1. Introduction

This document describes the Code of Ethics ("Code" or "Policy") of Clearbrook Investment Consulting, LLC, Clearbrook Investment Solutions, LLC and CBF Advisors, (the "Firm", "Company" or "Clearbrook"). The primary goal of the Policy is to help ensure that the Firm complies with relevant statutes, regulations, and rules, as well as industry standards, regulatory guidance and ethical norms.

This Code summarizes the values, principles and business practices that guide our business conduct. The Code establishes a set of basic principles to guide all Clearbrook Employees (including Clearbrook management and consultants where applicable) regarding the minimum requirements which we are expected to meet. It is not, however, intended to provide an exhaustive list of all the detailed internal policies and procedures, regulations and legal requirements that may apply to each Employee. Employees should refer to the Compliance Manual for the Firm's policies covering various legal and regulatory requirements. All Clearbrook Employees are required to be read the Compliance Manual, understand its content as it relates to their job function and duty to clients, and to abide by the policies contained therein.

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CLEARBROOK Code of Ethics Policy

All individuals subject to the provisions of this Code must conduct themselves in a manner consistent with the requirements and procedures set forth herein. Adherence to the Code is a fundamental condition of service with the Firm.

Clearbrook is a registered investment adviser and acts as investment manager or adviser to registered investment companies, institutional investment clients, employee benefit trusts, high net worth individuals and other types of investment advisory clients. In this capacity, we serve as fiduciaries. The fiduciary relationship mandates adherence to the highest standards of conduct and integrity.

Employees acting in a fiduciary capacity must carry out their duties for the exclusive benefit of our clients. Consistent with this fiduciary duty, the interests of clients take priority over the personal investment objectives and other personal interests of Clearbrook Employees.

Accordingly:

● Employees must work to mitigate or eliminate any conflict, or appearance of conflict, between the self-interest of any individual covered under the Code and his or her responsibility to our clients, or to Clearbrook.

● Employees must never improperly use their position with Clearbrook for personal gain to themselves, their family or any other person.

The Code is intended to comply with the provisions of the (U.S.) Investment Advisers Act of 1940 (the "Advisers Act"), including Rule 204A-1, which requires registered investment advisers to adopt and enforce codes of ethics applicable to their supervised persons.

The Code is designed to cover a variety of circumstances and conduct. However, no policy or procedure can anticipate every possible situation. Consequently, Employees of Clearbrook are expected not only to abide by the letter of the Code, but also to its spirit, by upholding the fundamental ideals of Clearbrook which include integrity, honesty and trust.

Clearbrook may modify any or all of the policies and procedures set forth in the Code. Should revisions be made, Employees will receive written notification from the Chief Compliance Officer (the "CCO"). For purposes of supervision, the CCO is responsible for the performance of any review or pre-approval function required under this Code.

The Code should be kept by each Employee for future reference and its guidelines should be made an active part of the Employee's normal course of business. If an Employee has any questions regarding his or her responsibilities under the Code, he or she must contact the CCO.

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CLEARBROOK Code of Ethics Policy

&nbsp;&nbsp;&nbsp;&nbsp;2. Fiduciary Culture

Clearbrook requires that all dealings with, and on behalf of existing and prospective clients be handled with honesty, integrity and high ethical standards, and that such dealings adhere to the letter and the spirit of applicable laws, regulations and contractual guidelines. As a general matter, Clearbrook is a fiduciary that owes its clients a duty of undivided loyalty, and each Employee has a responsibility to act in a manner consistent with this duty. When dealing with or on behalf of a client, every Employee must act solely in the best interests of that client. In addition, various comprehensive statutory and regulatory structures such as the Advisers Act all impose specific responsibilities governing the behavior of personnel in carrying out their responsibilities. Clearbrook and its Employees must comply fully with these rules and regulations.

All Employees are expected to adhere to the high standards associated with our fiduciary duty, including care and loyalty to clients, competency, diligence and thoroughness, and trust and accountability. Further, all Employees must actively work to avoid the possibility that the advice or services we provide to clients is, or gives the appearance of being, based on the self-interests of Clearbrook or its Employees and not the clients' best interests.

The fiduciary responsibilities apply to a broad range of investment and related activities, including sales and marketing, portfolio management, securities trading, allocation of investment opportunities, client service, operations support, performance measurement and reporting, new product development as well as Employee personal investing activities. These obligations include the duty to avoid material conflicts of interest (and, if this is not possible, to provide full and fair disclosure to clients in communications), to keep accurate books and records, and to supervise personnel appropriately.

&nbsp;&nbsp;&nbsp;&nbsp;3. Oversight of Code of Ethics

3.1. Acknowledgement of the Code

Each Employee must execute and return to the CCO the "Employee Acknowledgement" form (Appendix A), upon hire and annually thereafter, certifying that he or she has read and understands the Code's contents.

3.2. Reporting Violations

All Employees must promptly report any violations of the Code and federal securities laws to the CCO.

3.3. Ownership of the Code

The CCO is responsible for developing and updating the Code and is responsible for enforcing the Code. Any questions should be directed to the CCO.

3.4. Sanctions for Failure to Comply with the Code

If it is determined that an Employee has committed a violation of the Code, the CCO and Clearbrook management may impose sanctions and/or take other action as deemed appropriate. These actions may include, among other things, disgorgement of profits, criminal or civil penalties, a letter of caution or warning, suspension or termination of employment, and/or notification to the SEC of the violations.

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CLEARBROOK Code of Ethics Policy

&nbsp;&nbsp;&nbsp;&nbsp;4. Conflicts of Interest / Unlawful Actions

A "conflict of interest" exists when a person's private interests may be contrary to the interests of Clearbrook's clients

A conflict situation can arise when a Clearbrook Employee takes actions or has interests (business, financial or otherwise) that may make it difficult to perform his or her work objectively and effectively. Conflicts of interest may arise, for example, when an Clearbrook Employee, or a member of his or her family<sup>1</sup> receives improper personal benefits (including personal loans, services, or payment for services that the Clearbrook Employee performs in the course of Clearbrook business) as a result of his or her position at Clearbrook, or gains personal enrichment or benefits through access to confidential information. Conflicts may also arise when a Clearbrook Employee, or a member of his or her family, holds a significant financial interest in a company that does an important amount of business with Clearbrook or has outside business interests that may result in divided loyalties or compromise independent judgment. Moreover, conflicts may arise when making securities investments for personal accounts or when determining how to allocate trading opportunities.

Conflicts of interest can arise in many common situations, despite one's best efforts to avoid them. This Code does not attempt to identify all possible conflicts of interest. Literal compliance with each of the specific procedures will not shield each Employee from liability for personal trading or other conduct that violates your fiduciary duties to our clients. Clearbrook Employees are encouraged to seek clarification of, and discuss questions about, potential conflicts of interest. If you have questions about a particular situation or become aware of a conflict or potential conflict, you should bring it to the attention of the Chief Compliance Officer.

In addition to the specific prohibitions contained in the Code, Employees are subject to a general requirement not to engage in any act or practice that would defraud our clients. This general prohibition (which also applies specifically in connection with the purchase and sale of a Security held or to be acquired or sold, as this phrase is defined in the Appendix) includes:

● Making any untrue statement of a material fact or employing any device, scheme or artifice to defraud a client;

● Omitting to state (or failing to provide any information necessary to properly clarify any statements made, in light of the circumstances) a material fact, thereby creating a materially misleading impression;

● Making investment decisions, changes in research ratings and trading decisions other than exclusively for the benefit of, and in the best interest of, our clients;

<sup>1</sup> For purposes of this section of the Code, unless otherwise specifically provided, (i) "family" means your spouse/domestic partner, parents, children, siblings, in-laws by marriage (i.e., mother, father, son and/or daughter-in- law) and anyone who shares your home; and (ii) "relative" means your immediate family members and your first cousins.

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CLEARBROOK Code of Ethics Policy

● Using information about investment or trading decisions or changes in research ratings (whether considered, proposed or made) to benefit or avoid economic injury to you or anyone other than our clients;

● Taking, delaying or omitting to take any action with respect to any research recommendation, report or rating or any investment or trading decision for a client in order to avoid economic injury to you or anyone other than our clients;

● Purchasing or selling a security based on the knowledge of a possible trade by or for a client with the intent of personally profiting from personal holdings in the same or related securities ("front-running" or "scalping");

● Revealing to any other person (except in the normal course of your duties on behalf of a client) any information regarding securities transactions by any client or the consideration by any client of any such securities transactions; or

● Engaging in any act, practice or course of business that operates or would operate as a fraud or deceit on a client or engaging in any manipulative practice with respect to any client

&nbsp;&nbsp;&nbsp;&nbsp;5. Whistleblower Policy

It is the Firm's "Whistleblower Policy" to encourage Employees to report any concerns or wrongdoings (including, without limitation, any violations of this Code, the Manual or any federal or state securities laws) that may adversely impact the Firm, its clients or their investors without fear of reprisal or retaliation. All Employees are strongly encouraged to report concerns and potential infractions through the normal business channels which can include, for example, one's immediate supervisor, or any member of the Firm's senior management. However, if an Employee would be uncomfortable or otherwise reluctant to report concerns or potential infractions through the normal business channels, such Employees may report any relevant concerns or wrongdoings confidentially and/or anonymously to supervisory personnel.

5.1.1. **No Retaliation**

The Firm will not retaliate or tolerate retaliation, directly or indirectly, against any Employee who, in good faith, reports any concerns of wrongdoings pursuant to this Whistleblower Policy or to any governmental, regulatory or law enforcement agency with the appropriate jurisdiction to investigate the allegations (a "Whistleblower"). Whistleblowers will not suffer harassment, retaliation or adverse employment consequences as a result of reporting any concerns of wrongdoings pursuant to this Whistle Blower Policy. Adverse employment consequences include but are not limited to demotion, suspension, termination, transfer to a lesser position, punitive job assignments, denial of promotion, denial of benefits, threats, harassment, denial of compensation, or any manner of discrimination against a Whistleblower in the terms and conditions of their employment. Any Employee who retaliates against a Whistleblower shall be subject to disciplinary action up to and including termination of employment.

5.1.2. **Confidentiality**

Reports made pursuant to this Whistleblower Policy may be submitted on a confidential basis and may be submitted anonymously. In the case of confidential submissions, the Firm will make commercially reasonable efforts to protect the Whistleblower's identity and all reports will be kept confidential to the extent reasonably possible, consistent with the need to conduct a thorough and effective investigation, or as required by law.

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CLEARBROOK Code of Ethics Policy

5.1.3. **Requirement to Act in Good Faith**

Whistleblowers must act in good faith and must not make false accusations when reporting any concerns or wrongdoings. Any Employee who knowingly or recklessly makes false or misleading statements or disclosures that are not in good faith will not be protected by this Whistleblower Policy and may be subject to disciplinary actions up to and including termination.

5.1.4. **Post-Reporting Procedures**

Upon receipt of a report made pursuant to this Whistleblower Policy, the Firm will conduct an initial review and assessment in a timely manner and report the assessment to senior management. Upon completion of the initial assessment, the senior management will determine who else within the Firm needs to be made aware of the allegation(s) and to determine the investigation techniques, if any, to be employed. The Firm will make commercially reasonable efforts to provide the Whistleblower with updates both upon the completion of the initial assessment and upon the ultimate completion of any subsequent investigation. The Firm will retain records of all reports made pursuant to this Whistleblower Policy. If it is determined by the Firm after consulting with counsel that the Firm at any time has an obligation to self-report to any relevant regulatory authority, it will do so promptly after such determination is made.

&nbsp;&nbsp;&nbsp;&nbsp;6. Gifts and Entertainment

&nbsp;&nbsp;&nbsp;&nbsp;6.1. Introduction

It is the Firm's policy that all Employees act in good faith and in the best interests of the Firm. To this end, Employees must not put themselves or the Firm in a position that would create even the appearance of a conflict of interest. If you have any doubts or questions about the appropriateness of any gift or entertainment, you should not accept it, or discuss it with the CCO first.

&nbsp;&nbsp;&nbsp;&nbsp;6.2. Gifts and Entertainment Policy

The Firm's "Gifts and Entertainment Policy" distinguishes between a "Gift" and "Entertainment." Gifts are items (or services) of value that a third party provides to an Employee (or an Employee to a third party) where there is no business communication involved in the enjoyment of the gift. Entertainment, on the other hand, contemplates that the giver participates with the recipient in the enjoyment of the item. Entertainment is only appropriate when used to foster and promote business relationships for the Firm. Solicitation of Gifts and/or Entertainment is unprofessional and is strictly prohibited. The following are examples of conflicts associated with gifts:

● The gift is a cash gift;

● The gift or entertainment can be construed as a bribe or payoff;

● The gift or entertainment violates laws or regulations; and

● Disclosure of the gift or entertainment to fellow Employees would embarrass the recipient Employee or Clearbrook.

Gifts made to charitable or not for profit organizations are not subject to the gift policy. Therefore, the Firm and its Employees are free to donate or make contributions to organizations as long as the contribution has no Clearbrook related business purpose or objective.

6.2.1. **Value of Gifts and Entertainment**

Employees may not give or receive a Gift with a value in excess of $250 to or from anyone with whom the Firm has or is likely to have business dealings, unless pre-approved by the CCO prior to giving or approved the next business day after receiving. Employees may not give or accept an invitation that involves Entertainment that is excessive or not usual or customary. If an Employee is unable to judge the value of a Gift or believes that the Entertainment may be excessive, he or she should contact the CCO for guidance.

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CLEARBROOK Code of Ethics Policy

&nbsp;&nbsp;&nbsp;&nbsp;6.2.2. **Reporting of Gifts and Entertainment** 

Each Employee must notify the CCO for approval promptly upon receiving or prior to giving a Gift in excess of $250 or invitation for Entertainment in excess of $500. The CCO is responsible for recording the information on the Gift and Entertainment Log. Note that multiple gifts from the same person or Firm during a single calendar year that total over $250 need to be reported to the CCO, even if the individual gifts are under $250.00. Multiple invitations for entertainment from the same person or entity in a single calendar year that exceed $500 also need to be reported.

&nbsp;&nbsp;&nbsp;&nbsp;7. Improper Use of Client Relationships

As discussed previously, Clearbrook owes fiduciary duties to each of our clients. These require that our actions with respect to client assets or vendor relationships be based solely on the clients' best interests and avoid any appearance of being based on our own self-interest. Therefore, we must avoid using client assets or relationships to inappropriately benefit Clearbrook.

Briefly, Clearbrook regularly acquires services directly for itself, and indirectly on behalf of its clients (e.g., brokerage, investment research, custody, administration, accounting, printing and legal services). Using the existence of these relationships to obtain discounts or favorable pricing on items purchased directly for Clearbrook or for clients other than those paying for the services may create conflicts of interest. Accordingly, business relationships maintained on behalf of our clients may not be used to leverage pricing for Clearbrook when acting for its own account unless all pricing discounts and arrangements are shared ratably with those clients whose existing relationships were used to negotiate the arrangement and the arrangement is otherwise appropriate under relevant legal/regulatory guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;8. Advancing the Firm's Interests

Clearbrook Employees owe a duty to Clearbrook to advance the Firm's legitimate interests when the opportunity to do so arises and to use corporate resources exclusively for that purpose. Corporate opportunities and resources must not be taken or used for personal gain.

Clearbrook Employees are prohibited from:

● Finding corporate opportunities using company property, resources or your position and then taking them for yourself personally;

● Using company property, information, resources or their company position for personal gain; and

● Competing with Clearbrook directly or indirectly.

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CLEARBROOK Code of Ethics Policy

&nbsp;&nbsp;&nbsp;&nbsp;9. Insider Trading

&nbsp;&nbsp;&nbsp;&nbsp;9.1. Introduction

Insider trading is prohibited primarily by Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934 (the "Exchange Act"). In addition, Section 204A of the Advisers Act requires investment advisers to adopt, maintain, and enforce written policies and procedures reasonably designed to prevent the misuse of material non-public information by the Firm or any of its Employees or affiliates.

The term "insider trading" generally means one or more of the following activities:

● Trading while in possession of material non-public information, that has been obtained from an Insider (defined below) in breach of either a duty of trust or confidence;

● Trading while in possession of material non-public information received from a Temporary Insider (defined below) where the information (i) was disclosed in violation of the Temporary Insider's duty to keep the information confidential or (ii) was misappropriated by the Temporary Insider;

● Recommending the purchase or sale of securities while in possession of material non-public information; or

● Communicating material non-public information to others.

&nbsp;&nbsp;&nbsp;&nbsp;9.2. Definitions

9.2.1. **Material Information**

Information is material if there is a substantial likelihood that a reasonable investor would consider the information important in making an investment decision. This may include earnings information, merger and acquisition information, significant changes in assets, and significant new products or discoveries.

9.2.2. **Nonpublic Information**

Information is considered nonpublic if it has not been broadly disseminated to investors in the marketplace. Direct evidence of dissemination is the best indication that information is "public," for example, if the information has been made available to the public through publications of general circulation (e.g., The Wall Street Journal) or in a public disclosure document filed with the SEC (e.g., a Form 8K).

Before it can be considered public, a sufficient period of time must elapse for the information to permeate the public channels. There is no set time period between the information's release and the time it is considered to be fully disseminated into the marketplace. The speed of dissemination depends on how the information was communicated.

9.2.3. **Insider and Temporary Insider**

The term "Insider" is construed by the courts to refer to an individual or entity that, by virtue of a fiduciary relationship with an issuer of securities, has knowledge of, or access to, material non- public information. This may include an officer, director or employee of a company, as well as any controlling shareholder. In addition, a person can be a "Temporary Insider" if he or she enters into a special confidential relationship in the conduct of a company's affairs and, as a result, is given access to information. Temporary insiders include, among others, the Firm's attorneys, accountants, consultants, financial advisors, and lending officers, and the employees of these organizations.

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CLEARBROOK Code of Ethics Policy

9.2.4. **Tipper / Tippee Liability**

An Employee who does not trade securities but learns of material non-public information from a corporate insider (or someone who has breached a duty of trust or confidence to the source of the information), and then shares the information with someone else (the "Tipper") who trades in securities, can be liable for the trading done by the person to whom the Employee passed the information (the "Tippee"). Thus, the Tipper is subject to liability for insider trading if the Tippee trades, even if the Tipper does not. It therefore is important never to pass on material non-public information to anyone else who may trade while aware of that information or who may pass it on to others that may trade. The Tippee may be subject to liability for insider trading if the Tippee knows or should have known that the Tipper breached a duty of trust or confidence.

&nbsp;&nbsp;&nbsp;&nbsp;9.3. Firm's Insider Trading Policy

The Firm's "Insider Trading Policy" applies to every Employee and extends to activities outside the scope of his or her duties at the Firm. The Firm forbids any Employee from engaging in any activities that would be considered illegal insider trading. Any questions regarding this Insider Trading Policy should be referred to the CCO.

The following Insider Trading Policy restrictions are established for every Employee that may have or was in possession of material non-public information. Such an Employee may not:

● Buy or sell any security (or related security) for his or her own or any related account or any account in which an Employee may have any direct or indirect interest or any Firm Client, or otherwise act upon any material non-public information in the Employee's possession obtained from any source.

● Buy or sell any security or related security for any account or otherwise act upon any material proprietary information that an Employee may have or obtain from any source.

● Recommend the purchase or sale of any security to any person based upon material non-public information.

● Share material, inside information with someone else (Tipping), even if you do not believe they will trade on the information.

&nbsp;&nbsp;&nbsp;&nbsp;9.4. Procedures Designed to Detect and Prevent Insider Trading

Before trading on their own behalf or for others, each Employee should ask himself or herself the following questions regarding information in his or her possession:

● Is the information material?

● Is the information nonpublic?

If, after consideration of the above, an Employee believes that the information is material and nonpublic, or if an Employee has questions as to whether the information is material and nonpublic, he or she should take the following steps:

● Report the information and proposed trade immediately to the CCO;

● Do not purchase or sell the securities either on behalf of himself or herself or on behalf of others; and

● Do not communicate the information inside or outside of the Firm, other than to the CCO.

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After the CCO has reviewed the issue, the Employee will be instructed either to continue the prohibitions against trading and communication because the CCO has determined that the information is material non-public information, or he or she will be allowed to trade the security and communicate the information if it is not material, non-public information.

Additionally, Employees are required to disclose the existence and location of all personal trading accounts and to arrange for copies of all brokerage statements to be sent from the outside financial institution to the Firm's CCO. Such statements will be reviewed by the CCO or by his/her designee to watch for any activities that might be considered insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;9.5. Compliance Responsibilities

The CCO will review the Firm's Insider Trading Policy during the annual compliance training meeting to ensure that all Employees are properly trained and aware of the required reporting procedures. Upon learning of a potential violation of the Insider Trading Policy, the CCO will promptly prepare a confidential written report to be discussed with the Firm's senior management. The report will describe who violated the policy, how it is believed to have been violated, and provide recommendations for further action.

&nbsp;&nbsp;&nbsp;&nbsp;9.6. Penalties for Insider Trading

Trading securities while in possession of material non-public information or improperly communicating that information to others may expose an Employee to stringent penalties including fines and jail terms. The SEC can also recover profits gained or losses avoided through insider trading, impose a penalty of up to three times the illicit windfall, and issue an order permanently barring the Employee from the securities business. An Employee can also be sued by investors seeking to recover damages for insider trading. In addition, any violation of the Code's Insider Trading Policy can be expected to result in serious sanctions by the Firm, including termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;10. Employee Trading and Investments

Clearbrook requires that all Employee investment transactions be carried out in a manner that will not create a perceived or actual conflict of interest between the Firm and its Clients. To this end, the Firm has adopted procedures to monitor employee trading on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;10.1. Definitions

10.1.1. **Reportable Security**

"Reportable Securities" include a wide variety of investments including: stocks, bonds, options, futures, exchange-traded funds ("ETFs"), currencies, warrants, commodities and other derivative products. A Reportable Security does not include:

● Transactions and holdings in direct obligations of the U.S. government;

● Money market instruments defined as bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high quality short- term debt instruments;

● Shares issued by money market funds;

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● Shares issued by open-end funds; provided that such funds are not advised by the Firm or an affiliate and such fund's advisor or principle underwriter is not controlled or under common control with the Firm; and

● Units of a unit investment trust if the unit investment trust is invested exclusively in one or more open-end funds; provided that such funds are not advised by the Firm or an affiliate and such fund's adviser or principle underwriter is not controlled or under common control with the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;10.1.2. **Covered Account** 

This policy applies to all "Covered Accounts" of Employees, including accounts maintained by or for:

● The Employee's spouse or domestic partner (except a spouse or partner with a valid separation/divorce decree) and minor children

● The Employee's immediate family members<sup>2</sup> sharing the same household;

● Any persons to whom the Employee provides primary financial support and either (i) whose financial affairs are managed by the Employee or (ii) for whom the Employee holds discretionary authority over financial accounts; and

● Any accounts for entities in which the Employee has a 25% or greater beneficial interest or exercises effective control.

It is the Employee's responsibility to ensure family members and persons to whom the Employee provides primary financial support are aware of this policy and adhere to it.

&nbsp;&nbsp;&nbsp;&nbsp;10.2. Pre-Clearance of Trades

All Employees are responsible for pre-clearing any and all transactions for securities on the Restricted List (See The Restricted List), any limited offering and any initial public offering ("IPO")<sup>3</sup> with the CCO (and the CCO must pre-clear with the CEO or COO) The pre-clearance requirement only applies to securities on the Restricted List and IPO's.

&nbsp;&nbsp;&nbsp;&nbsp;10.3. Front Running

The term "front-running" means knowingly trading before a contemplated transaction by a Client, whether or not the Employee's trade and the Client's trade take place in the same market, in order to take advantage of, or avoid changes in, market prices effected by Client transactions in a Reportable Security. An Employee is prohibited from front-running.

&nbsp;&nbsp;&nbsp;&nbsp;10.4. Scalping

An Employee is prohibited from purchasing (or selling short) a Reportable Security (or its economic equivalent) with the intention of recommending that the security be purchased (or sold) for a Client for the purpose of supporting or increasing (or protecting) the price of the security for the benefit of the Employee, rather than the benefit of the Client. This activity, referred to as "scalping" is prohibited whether or not an Employee realizes a profit from the subject transaction.

<sup>2</sup> Immediate family member means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in- law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law.

3 "Initial public offering" means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934.

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&nbsp;&nbsp;&nbsp;&nbsp;10.5. Block Trades and Black Out Periods

An Employee is prohibited from engaging in a transaction in a Reportable Security which such person knows or should have known at the time there to be pending, on behalf of any Client, a "buy" or "sell" order in the same or related security or instrument (front running) unless purchased in a block trade with the client. Both the client and Employee should receive the same price. If a trade is made for a client and the Employee wishes to trade the same Reportable Security, and a block trade is not done, the Employee must wait 24 hours (blackout period) before making any trades in the same Reportable Security.

&nbsp;&nbsp;&nbsp;&nbsp;10.6. No Excessive Trading

Clearbrook reserves the right to amend the Personal Trading Policy or otherwise restrict personal trading in Covered Accounts if an Employee's trading activities may create a continuing or recurring conflict between such Employee's interests or performance of his or her responsibilities, obligations and time commitments to Clearbrook or its clients. Clearbrook reserves the right to require an Employee to reverse, cancel or freeze, at such individual's expense, any transaction or position in a Covered Account that is inconsistent with the EIP. Clearbrook further reserves the right, in its discretion, to impose further restrictions from time to time on the trading activities of an Employee.

&nbsp;&nbsp;&nbsp;&nbsp;10.7. The Restricted List

The CCO may place certain securities on a "Restricted List." Employees are prohibited from personally, or on behalf of a Client, purchasing or selling securities that appear on the Restricted List, unless pre-cleared beforehand by the CCO.

A security may be placed on the Firm's Restricted List for a variety of reasons including, but not limited to:

● Clearbrook is in possession of material, nonpublic information ("material non-public information") about an issuer;

● A Clearbrook Employee is in a position, such as a member of an issuer's board of directors, that may be likely to cause the Firm or such Employee to receive material non-public information;

● Clearbrook has executed a non-disclosure agreement or other agreement with a specific issuer that restricts trading in that issuer's securities;

● An Employee trading in the security may present the appearance of a conflict of interest or an actual conflict of interest;

● An investor relationship that involves a senior officer or director of an issuer, a "Value-Added Investor", may present the appearance of a conflict of interest or an actual conflict of interest;

● Clearbrook is instructed to add the security to its Restricted List in accordance with its status as a sub-adviser to an investment adviser; and

● The CCO has determined it is necessary to do so.

The CCO is responsible for maintaining the Restricted List and securities will remain on the Restricted List until such time as the CCO deems their removal appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;10.8. Reporting of Employee Holdings and Transactions

Employees are required to periodically report their personal securities transactions and holdings to the CCO as outlined below.

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10.8.1. **Initial Holdings Report**

Each new Employee must provide the CCO with an "Initial Holdings Report" attached hereto as Appendix D for Covered Accounts and Non-Discretionary Managed Accounts, as well as any Limited Offerings. The Initial Holdings Report must be submitted within 10 days of his or her commencement of employment and the report must be current as of a date not more than 45 days prior to the individual being hired. The Initial Holdings Report must contain the following information, at a minimum, for all Reportable Securities:

● The title and type of security (and, as applicable, the exchange ticker symbol or CUSIP number), number of shares and principal amount of each security;

● The name of the broker, dealer or bank, account name, number and location; and

● The date that the Initial Holdings Report was submitted by the Employee.

An Employee may provide a recent brokerage statement(s) in place of the Holdings Report if it contains all the securities owned.

&nbsp;&nbsp;&nbsp;&nbsp;10.8.2. **Annual Holdings Report** 

Each Employee must provide the CCO with an Initial/Annual Holdings Report attached hereto as Appendix D for disclosing Covered Accounts and Non-Discretionary Managed Accounts, as well as any Limited Offerings, containing the same information required in the Initial Holdings Report as described above. The Annual Holdings Report must be submitted as of year-end and must be current as of not more than 45 days prior to the date the Annual Holdings Report is submitted. An Employee may provide a recent brokerage statement(s) in place of the Holdings Report if it contains all the securities owned.

&nbsp;&nbsp;&nbsp;&nbsp;10.8.3. **Quarterly Transaction Report and Brokerage Statements** 

Each Employee must report to the CCO all information contained on the "Quarterly Transaction Report" attached hereto as Appendix E for all Reportable Securities in Covered Accounts. The Quarterly Transaction Report must be submitted no more than 30 days after the end of each calendar quarter and must cover all transactions during the quarter and identify any newly opened Covered Accounts. Employees with no personal securities transactions during the quarter are required to submit a Quarterly Transaction Report confirming the absence of any transactions. Employees with personal securities transactions must also submit monthly or quarterly brokerage statements within 30 days after the end of the calendar quarter. The brokerage statement(s) may be used in place of the Holdings Report if it contains all the securities owned.

&nbsp;&nbsp;&nbsp;&nbsp;10.9. Exemption from Reporting on Certain Accounts or Transactions

An Employee is not required to submit an Initial or Annual Holdings Report or a Quarterly Transaction Report with respect to certain accounts or transactions:

&nbsp;&nbsp;&nbsp;&nbsp;10.9.1. **Non-Volitional Transactions** 

Reportable Securities that are acquired or disposed of without the Access Person's discretion as to time or amount including, for example,

● securities acquired through stock splits, reverse stock splits, mergers, consolidations, spin- offs and other similar corporate reorganizations generally involving all holders of the same class of securities,

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● an involuntary sale as the result of a company exercising a call provision on its outstanding debt, and

● assignments of options or exercises of options at expiration, and

● exercises of in-the-money options by the Access Person's brokerage firm on the day prior to expiration.

**10.9.2.** **Employee Stock Option Plans**

Transactions involving the exercise and/or purchase of securities pursuant to an employer stock option plan. Such plans may be applicable to persons subject to the Policy because the Employee has Beneficial Ownership of their account. The sale of securities received from such plans must be pre-cleared.

**10.9.3.** **Tender Offers for All Shares**

Transactions pursuant to a bona fide tender offer made for any and all outstanding securities held by holders of the same class of securities. However, tender offers for less than all outstanding securities of a class must be pre- cleared.

**10.9.4.** **Charitable Donations**

Transactions in Reportable Securities that are gifted to charitable organizations are exempt from all trading restrictions, subject to CCO approval.

**10.9.5.** **Automatic Investment Plans**

Transactions in automatic investment plans which automatically invest the same among every month (or other period) without any interactions from the Employee do not need to be reported.

**10.9.6.** **Balances in a 401(k) or 529 Plans**

In a 401(k) or 529 Plan account with limited mutual fund options available for allocating funds, where the Employee makes elections for the funds to be invested in, no reporting is required. However, if the 401(k) plan allows for investment in individual stocks or other investments covered under the Code, normal reporting is required.

&nbsp;&nbsp;&nbsp;&nbsp;10.10. Initial Public Offerings and Private Placements

Employees and their immediate family members must obtain written pre-approval from the CCO before investing in any private offerings or initial public offering (See Exhibits I and J). Limited Offerings include investments in private placements, private investment partnerships, interests in oil and gas ventures, real estate syndications, participations in tax shelters, and shares issued prior to a public distribution.

Prior to making the initial or any follow-on investment in a private placement, the Employee must arrange for the CCO to review and obtain any private placement memoranda, subscription agreements or other like documents pertaining to the investment. Where confirmations and statements or other like documents are not available from the issuer, the Employee must promptly inform the CCO of any changes in the investment and provide the CCO with a written yearly update.

Since these types of offerings are not generally available to the general public, Employees must not be taking advantage of an opportunity that should first be offered to eligible clients of the Firm. The Employee should also not be taking advantage of an investment opportunity made available because client or brokerage business has been directed to the sponsor or general partner of the entity offering the investment opportunity.

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&nbsp;&nbsp;&nbsp;&nbsp;10.11. Specific Account Exemptions

Any Employee who wishes to seek an exemption of a specific investment or brokerage account from coverage under the Code must contact the CCO for an exemption/waiver request.

&nbsp;&nbsp;&nbsp;&nbsp;10.12. Review and Retention of Reports

The CCO shall review the holdings reports, transaction reports, the preclearance forms and/or brokerage statements to determine whether any violations of the Firm's policies or of the applicable securities laws have occurred. If there are any discrepancies between holdings reports, transaction reports or preclearance forms, the CCO shall contact the responsible Employee to resolve the discrepancy. If the Firm determines that an Employee has violated the Code, such Employee may be subject to disciplinary action or restrictions on further trading.

**10.12.1.** **Escalation of Violations and Sanctions**

Upon discovering a violation of the procedures contained in this Code, the CCO will notify senior management and the Firm may impose sanctions as it deems appropriate.

**10.12.2.** **Confidentiality**

The CCO and any other designated compliance personnel receiving reports of an Employee's holdings and transactions under this Code will keep such reports confidential, except to the extent that the Firm is required to disclose the contents of such reports to regulators.

&nbsp;&nbsp;&nbsp;&nbsp;11. Confidentiality of Non-Public information

Clearbrook Employees must maintain the confidentiality of sensitive non-public and other confidential information entrusted to them by Clearbrook or its clients and vendors and must not disclose such information to any persons except when disclosure is authorized by Clearbrook or mandated by regulation or law. However, disclosure may be made to

● Other Clearbrook Employees who have a bona-fide "need to know" in connection with their duties;

● Persons outside Clearbrook (such as attorneys, accountants or other advisers) who need to know in connection with a specific mandate or engagement from Clearbrook or who otherwise have a valid business or legal reason for receiving it and have executed appropriate confidentiality agreements;

● Regulators pursuant to an appropriate written request.

Confidential information includes all non-public information that might be of use to competitors, or harmful to Clearbrook or our clients and vendors, if disclosed. The identity of certain clients may be confidential, as well. Intellectual property (such as confidential product information, trade secrets, patents, trademarks, and copyrights), business, marketing and service plans, databases, records, salary information, unpublished financial data and reports as well as information that joint venture partners, suppliers or customers have entrusted to us are also viewed as confidential information. Please note that the obligation to preserve confidential information continues even after employment with Clearbrook ends.

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To safeguard confidential information, Clearbrook Employees should observe at least the following procedures:

● Special confidentiality arrangements may be required for certain parties, including outside business associates and governmental agencies and trade associations, seeking access to confidential information;

● Papers relating to non-public matters should be appropriately safeguarded;

● Appropriate controls for the reception and oversight of visitors to sensitive areas should be implemented and maintained;

● Document control procedures, such as numbering counterparts and recording their distribution, should be used where appropriate;

● If a Clearbrook Employee is out of the office in connection with a material non-public transaction, staff members should use caution in disclosing the Clearbrook Employee's location;

● Sensitive business conversations, whether in person or on the telephone, should be avoided in public places and care should be taken when using portable computers and similar devices in public places; and

● E-mail messages and attachments containing material non-public information should be treated with similar discretion (including encryption, if appropriate) and recipients should be made aware of the need to exercise similar discretion.

&nbsp;&nbsp;&nbsp;&nbsp;11.1. Protection and Proper Use of Clearbrook Assets

Clearbrook Employees have a responsibility for safeguarding and making proper and efficient use of Clearbrook's property. Every Clearbrook Employee also has an obligation to protect Clearbrook's property from loss, fraud, damage, misuse, theft, embezzlement or destruction. Acts of fraud, theft, loss, misuse, carelessness and waste of assets may have a direct impact on Clearbrook's profitability. Any situations or incidents that could lead to the theft, loss, fraudulent or other misuse or waste of Clearbrook property should be reported to senior management or a representative of Compliance function as soon as they come to an Employee's attention.

&nbsp;&nbsp;&nbsp;&nbsp;12. Regulatory Inquiries, Investigations and Litigation

Governmental agencies and regulatory organizations may from time to time conduct surveys or make inquiries that request information about Clearbrook, its customers or others that generally would be considered confidential or proprietary. All regulatory inquiries concerning Clearbrook are to be handled by the CCO. Employees receiving such inquiries should refer such matters immediately to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;12.1. Types of Inquiries

Regulatory inquiries may be received by mail, e-mail, telephone or personal visit. In the case of a personal visit, demand may be made for the immediate production or inspection of documents. While any telephone or personal inquiry should be handled in a courteous manner, the caller or visitor should be informed that responses to such requests are the responsibility of Clearbrook's CCO Therefore, the visitor should be asked to wait briefly while a call is made to the CCO for guidance on how to proceed. In the case of a telephone inquiry, the caller should be referred to the CCO or informed that his/her call will be promptly returned. Letter or e-mail inquiries should be forwarded promptly to the CCO, who will provide an appropriate response.

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&nbsp;&nbsp;&nbsp;&nbsp;12.2. Responding to Information Requests

Under no circumstances should any documents or material be released without prior approval of the CCO. Likewise, no Employee should have substantive discussions with any regulatory personnel without prior consultation with the CCO. Note that this policy is standard industry practice and should not evoke adverse reaction from any experienced regulatory personnel. Even if an objection to such delay is made, the policy is fully within the law and no exceptions should be made. Any Employee that is notified that they are the subject of a regulatory investigation, whether in connection with his or her activities at Clearbrook or at a previous employer, must immediately notify the CCO or General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;12.3. Litigation

Any receipt of service or other notification of a pending or threatened action against the Firm should be brought to the immediate attention of the CCO who may refer the matter to General Counsel. These individuals also should be informed of any instance in which an Employee is sued in a matter involving his/her activities on behalf of Clearbrook. Notice also should be given to either of these individuals upon receipt of a subpoena for information from Clearbrook relating to any matter in litigation or receipt of a garnishment lien or judgment against the Firm or any of its clients or Employees. The General Counsel or CCO will determine the appropriate response.

&nbsp;&nbsp;&nbsp;&nbsp;13. Political Contributions and Pay to Play

Rule 206(4)-5 under the Advisers Act (the "Pay to Play Rule) restricts the Firm and its Employees from making US political contributions that may appear to be made for pay to play purposes, regardless of the contributor's intent. Pay to play refers to arrangements whereby investment advisors make political contributions or related payments to government officials in order to be awarded with or afforded the opportunity to complete for contracts to manage the assets of public pension plans or other government accounts.

The Pay to Play Rule generally creates (i)a two-year time out from receiving compensation for providing advisory services to certain state and local entities after political contributions have been made to certain government officials, (ii)a prohibition on soliciting or coordinating certain contributions and payment s, and (iii) a prohibition from paying certain third parties from soliciting state and local government entities.

&nbsp;&nbsp;&nbsp;&nbsp;13.1. Clearbrook's Pay to Play Policy

It is Clearbrook's policy that contributions to candidates for a public office, a political party or a political action committee ("PAC") by the Firm and its Employees are made in compliance with the Pay to Play Rule. Any contribution to candidates running for US state or local political office, or to political parties or PACs that may contribute to such campaigns (collectively a "Political Contribution") by the Firm or its Employees must be made in compliance with applicable law.

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Neither Clearbrook or its Employees will make Political Contributions or otherwise endorse or support political parties or candidates (including through intermediary organizations such as PACs or campaign funds) with the intent of directly or indirectly influencing any investment management relationship.

&nbsp;&nbsp;&nbsp;&nbsp;13.2. Restrictions and Preclearance of Political Contributions

Clearbrook requires all Employees to obtain pre-approval from the CCO by completing a Political Contributions Pre-Clearance Form (Appendix C). Under no circumstances may an Employee engage in any of the foregoing activities indirectly, such as by funneling payments through third parties including, for example, attorneys, family members, friends or companies affiliated with the Firm as a means of circumventing the Pay to Play Rule.

&nbsp;&nbsp;&nbsp;&nbsp;13.3. New Employee Certification

When an individual is employed by Clearbrook, the Firm must "look back" to that Employee's prior political contributions. If the Employee is involved in soliciting clients or investors for the Firm, then the Firm is required to look back at the Employee's political contributions for two years. If the Employee is not involved in soliciting clients or investors for the Firm, the Firm is only required to look back six months. The CCO will determine whether any such past political contribution will affect the Firm's business. Upon joining the Firm, each new Employee must complete the New Employee Political Contribution Form (Appendix J).

&nbsp;&nbsp;&nbsp;&nbsp;14. Outside Business Activities

Employees must also obtain written approval from the CCO before engaging in outside business activities. "Outside Business Activities" includes anything that i) involves a material time commitment, or provides compensation, ii) involves employment, teaching assignments, lectures, publication of articles, radio/television appearances, or iii) might pose any actual or potential conflicts of interest with the business of the Firm (whether or not on behalf of the Firm). It also includes any activity for which an Employee receives payment for services. Employees wishing to enter into or engage in such transactions and activities must obtain the required written approval using the Outside Business Activity PreClearance form (Appendix G). Employees must also attest quarterly to any such Outside Business Activity and that the Firm's policy regarding Outside Business Activities has not been violated. The Firm may, on a case by case basis, permit its Supervised Persons to hold outside positions including that of being an officer, partner, director, or employee of another company, business or charitable organization. Under no circumstances may an Employee present or suggest that his or her association with any outside business activity in any way reflects the approval or endorsement by the Firm of that organization, its securities, manner of doing business or any person connected with the organization or its activities.

No Supervised Person may serve as a member of the board of directors or trustees of any business organization or serve on a creditors' committee, other than a civic or charitable organization, without the prior written approval of the CCO. The determination of a Supervised Person's eligibility to serve in such a position shall be based on whether such service would be consistent with the interests of the Firm and its Clients, and no person employed by the Firm or any other member of the Firm shall be allowed to serve in such a position unless he or she has notified the Firm of any criteria with respect to such service and have obtained prior approval from the CCO.

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If such service is authorized by the CCO, certain safeguards may be implemented at the discretion of the CCO. This may include investment restrictions and/or restricting the flow of information from the Supervised Person serving to those making investment decisions through information barriers or other procedures as outlined in the Firm's policies and procedures. If the CCO believes that a potential conflict exists with a proposed outside business activity of an Employee. the CCO may prohibit such activities.

&nbsp;&nbsp;&nbsp;&nbsp;15. Ownership of this Code of Ethics

This Code of Ethics is owned and maintained by the Chief Compliance Officer ("CCO"). Annual testing of this policy and all related procedures and controls will also be conducted by the CCO.

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&nbsp;&nbsp;&nbsp;&nbsp;16. Appendix A: Employee Acknowledgement

All Employees are required to read this Code of Ethics and acknowledge having understood its contents by printing out this page, entering their name, signing and dating it and returning it to the CCO.

I do hereby acknowledge that I have received and read the Clearbrook's Code of Ethics January 2024. I understand its content and agree to the policies and procedures set forth therein. I have had the opportunity to ask the CCO questions and I have received adequate responses. I am aware of the penalties for violation of these policies and I agree to them.

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| Date: |

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&nbsp;&nbsp;&nbsp;&nbsp;17. Appendix B: Political Contributions Pre-Clearance Form

Name and Title of Employee:

Place of principal residence (city and state):

*Employees of Clearbrook (including an Employee's spouse, domestic partner, minor children and other immediate family members living in the Employee's household) are required to obtain preclearance from the Chief Compliance Officer for any direct or indirect Contribution<sup>4</sup> to be made by the Employee to a public official of a government entity or candidate for such office, including to any political party or any election committee for the person. Note that contributions to officials or candidates for state and local government positions are prohibited.*

 

The undersigned requests preclearance with respect to the following Contribution:

Name of candidate/political party/political action committee to whom Contribution will be made (for candidates, include name, title and any city/county/state or other political subdivision affiliation):

Expected date and form of Contribution (e.g., campaign contribution, gift, loan, fundraising activity, volunteer of time, etc.):

Office to which candidate seeks election:

Candidate's position at time of Contribution:

Contribution amount (or value of non-cash Contribution):

<sup>4</sup> "**Contribution**" is broadly defined and means the giving of anything of value in connection with any election for U.S. federal office (if the candidate running for U.S. federal office currently holds a U.S. state or local political office), U.S. state or local office, including Contributions to any candidate for political office, political party or political action committee. Reportable Contributions include any gift, subscription, loan, advance, deposit ofmoney, or anythingofvalue (regardless of to whom paid) made for the purposeofinfluencing any election, satisfying any debt incurred in connection with any such election, or paying the transition or inaugural expenses of a successful candidate, and any solicitation or coordination of the making of any of the foregoing contributions or payments to a political party (including fundraising activities). **Note that you must disclose contributions made by a spouse, domestic partner, minor children and other immediate family members living in your household.**

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To the best of your knowledge, does the position to which the candidate seeks election or the position currently held by the candidate: (a) involve direct or indirect responsibility for, or can he/she influence the outcome of, the hiring of an investment adviser by a government entity; or (b) involve authority to appoint any person who is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser by a government entity?

<u> </u> Yes<u> </u> No

Have you made any other Contributions to this candidate, or payments on behalf of this candidate's candidacy, during this election cycle?

<u> </u> Yes<u> </u> No

The undersigned hereby certifies that (i) all information provided herein is accurate and (ii) the Contribution for which the undersigned seeks preclearance as set forth above will not be made for the purpose of influencing the official conduct of any public official of a government entity or candidate for such office.

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| **Compliance Review**: | Approve | Disapprove |

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<u>Disposition of Preclearance Request</u>  

<u> </u> Request Approved\*\* (Approval valid for 30 days from date set forth below)

\*\* If request is approved, the Employee must complete the following section and return a copy of this form to the Chief Compliance Officer:

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<u> </u> Request Denied (please consult the CCO for details)

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| Proprietary & Confidential | Page \| **24** |

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CLEARBROOK Code of Ethics Policy

&nbsp;&nbsp;&nbsp;&nbsp;18. Appendix C: Employee Trade Pre-Clearance Request Form

Preclearance from the CCO is required for certain transactions as set forth in the Personal Trading Policy. The CCO will check the Firm's Restricted List prior to granting approval. Please complete this form and return it to the CCO.

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| |
|:---|
| Employee Name: |
| Account Holder(s): |
| Relationship to Employee: |
| Type of Security: |
| Name of Security: |

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Buy/Sell Quantity:   Current Price:   <br> Buy/Sell Quantity:   Current Price:   <br> Buy/Sell Quantity:   Current Price:  

I represent that:

● I am not in possession of material non-public information concerning or affecting the issuer(s);

● I am not aware of a pending research report involving or relating to the issuer(s);

● I am not aware of a material pending customer or proprietary trade involving these securities;

● These trades conform to the Personal Trading Policy; and

● If approved, I understand that the authorization is valid for only 48 hours from the date/time of approval.

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|:---|
| Name: |
| Signature: |
| Date: |

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|:---|:---|:---|
| **Compliance Review**: | Approve | Disapprove |

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<u>Signature:</u> <br><u>Date:</u>

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|:---|:---|
| Proprietary & Confidential | Page \| **25** |

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CLEARBROOK Code of Ethics Policy

&nbsp;&nbsp;&nbsp;&nbsp;19. Appendix D: Initial/Annual Holdings Report

Name of Employee:  

The following sets forth all Covered Accounts holding reportable securities and private investments as of<u> </u>.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Name on<br> Account | Relationship<br> to Employee | Title and<br> Type of Security | Tracker Symbol/CUSIP<br> Number | Number<br> of Shares | Principal<br> Amount | Broker, Dealer or<br> Bank Where Securities Held |

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<u> </u> I have no Covered Accounts.

<u> </u> Please see the attached brokerage statement(s) provided to the CCO which contains all information regarding reportable securities as requested above. For annual, I have been providing all my relevant statements on an ongoing basis.

The undersigned Employee certifies that he or she has not engaged in any transactions involving securities that would violate the Personal Trading Policy.

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|:---|
| Name: |
| Signature: |
| Date: |

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| | | |
|:---|:---|:---|
| **Compliance Review**: | Approve | Disapprove |

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<u>Signature:</u> <br><u>Date:</u>

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|:---|:---|
| Proprietary & Confidential | Page \| **26** |

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CLEARBROOK Code of Ethics Policy

&nbsp;&nbsp;&nbsp;&nbsp;20. Appendix E: Quarterly Transaction Report

Name of Employee:  

The following sets forth all of the transactions in reportable securities made in my Covered Account(s) for the quarter beginning on<u> </u>and ending on<u> </u>.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Date | Name on Account | Title and<br> Type of Security | Tracker<br> Symbol / CUSIP<br> Number | <br> Interest Rate/Maturity Date | Nature of<br> Transaction Bought/Sold | Price<br> Per Share | Broker, Dealer<br> or Bank<br> Effecting Transaction |

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or

<u> </u> I have no transactions in Covered Accounts for this calendar quarter.

or

<u> </u> Please see statement(s) provided to the CCO which contains all information as requested above. For annual, I have been providing all my relevant statements on an ongoing basis.

The undersigned Employee certifies that he or she has not engaged in any transactions involving securities that would violate the Personal Trading Policy.

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| |
|:---|
| Name |
| Signed |
| Date |

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| | | |
|:---|:---|:---|
| **Compliance Review**: | Approve | Disapprove |

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<u>Signature:</u> <br><u>Date:</u>

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|:---|:---|
| Proprietary & Confidential | Page \| **27** |

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CLEARBROOK Code of Ethics Policy

&nbsp;&nbsp;&nbsp;&nbsp;21. Appendix F: Quarterly Compliance Attestation

Name of Employee:  

The undersigned Employee certifies that, pursuant to Clearbrook's Compliance Manual and Supervisory Procedures ("**Manual**") and Clearbrook's Code of Ethics ("**Code**") that he or she:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Has not engaged in any activity or transactions that would violate the Firm's Manual, Code or Personal Trading Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Has requested preclearance from the CCO for all Outside Business Activities and has not otherwise violated the Firm's policies
regarding Outside Business Activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Has received pre-clearance from the CCO for all requisite personal account transactions, if any, which is in compliance with Clearbrook's
Personal Trading Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Has not made any political contributions without preclearance from the CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Continues to abide by the Firm's Social Media Policy as set forth in the Manual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Has reported any gifts and/or entertainment received and obtained pre- approval from the CCO prior to
giving any gifts that exceed $250 in value ($500 for entertainment); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Has reported any information to the CCO that could be construed as material non- public in accordance with Clearbrook's procedures
contained in the Firm's Code.

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|:---|
| Name: |
| Signature: |
| Date: |

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| | | |
|:---|:---|:---|
| **Compliance Review**: | Approve | Disapprove |

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<u>Signature:</u> <br><u>Date:</u>

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|:---|:---|
| Proprietary & Confidential | Page \| **28** |

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CLEARBROOK Code of Ethics Policy

&nbsp;&nbsp;&nbsp;&nbsp;22. Appendix G: Outside Business Activity PreClearance Form

Please respond to the following questions. If any of the information in this Form becomes inaccurate at any time, you must complete an updated Form prior to engaging in any new outside business activity, or promptly after terminating such outside business activity. **You must complete a separate Form for each outside business activity that you must disclose.**

&nbsp;&nbsp;&nbsp;&nbsp;1. Are you employed by and/or do you accept any compensation from this Firm?

[ ] Yes [ ] No

&nbsp;&nbsp;&nbsp;&nbsp;2. Do you serve as an officer, director, partner or in any other management capacity?

[ ] Yes<u> </u> (please specify) [ ] No

&nbsp;&nbsp;&nbsp;&nbsp;3. Are you aware of any conflicts of interest with Clearbrook clients as a result of this role?

[ ] Yes<u> </u> (please specify) [ ] No

&nbsp;&nbsp;&nbsp;&nbsp;4. Name and address of business:

&nbsp;&nbsp;&nbsp;&nbsp;5. Describe your role and the nature of the business:

&nbsp;&nbsp;&nbsp;&nbsp;6. Compensation to be received:

&nbsp;&nbsp;&nbsp;&nbsp;7. Do you have any ownership in the company? [ ] Yes [ ] No

&nbsp;&nbsp;&nbsp;&nbsp;8. Amount of time anticipated to be spent performing this role:

During business hours:<u> </u> After business hours:<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;9. Any additional information about this role:

The Firm prohibits Supervised Persons from engaging in any outside business activities unless first obtaining prior written approval from the Firm. By your signature below, you hereby confirm your acknowledgment of, and agreement and obligation to abide by, the Firm's outside employment policies and procedures. You further understand that your failure to comply with such policies and procedures is subject to disciplinary action including possible termination.

    <br> Employee Signature Date

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|:---|:---|:---|
| **Compliance Review**: | Approve | Disapprove |

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<u>Signature:</u> <br><u>Date:</u>

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|:---|:---|
| Proprietary & Confidential | Page \| **29** |

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CLEARBROOK Code of Ethics Policy

&nbsp;&nbsp;&nbsp;&nbsp;23. Appendix H: Insider Disclosure

Please indicate below whether you or any member of your immediate family is an executive officer, director or 5% or greater stockholder of a public company.

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| | |
|:---|:---|
| *Name of Family Member* | *Relationship* |
| *Name of Entity* | *Affiliation or Title* |
| *Name of Family Member* | *Relationship* |
| *Name of Entity* | *Affiliation or Title* |

---

 

<u> </u> I am not, and no member of my immediate family, is an executive officer, director or 5% or greater stockholder of a public company.

I certify and acknowledge that the above statements are true and correct to the best of my knowledge.

Name:   <br>Date:  

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|:---|:---|:---|
| **Compliance Review**: | Approve | Disapprove |

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| |
|:---|
| Signature: |
| Date: |

---

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|:---|:---|
| Proprietary & Confidential | Page \| **30** |

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CLEARBROOK Code of Ethics Policy

&nbsp;&nbsp;&nbsp;&nbsp;24. APPENDIX I: PRIVATE PLACEMENT APPROVAL FORM

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| |
|:---|
| **Requested by**: |
| **Date requested**: |
| **Name of Private Placement**: |

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**Type of investment**:

[ ] Hedge Fund [ ] Private Equity Fund [ ] Private Company [ ] Other

**Description of the Private Placement**:

**Amount to be invested**: $<u> </u>

**Date of investment**: <u> </u>

**Documents attached:**

[ ] Copy of the subscription document and offering memorandum attached

    <br> Employee Signature Date

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| | | |
|:---|:---|:---|
| **Compliance Review**: | Approve | Disapprove |

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<u>Signature:</u> <br><u>Date:</u>

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|:---|:---|
| Proprietary & Confidential | Page \| **31** |

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CLEARBROOK Code of Ethics Policy

&nbsp;&nbsp;&nbsp;&nbsp;25. Appendix J: INITIAL PUBLIC OFFERING APPROVAL FORM

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| |
|:---|
| **Requested by:** |
| **Date requested:** |
| **Name of Initial Public Offering**: |
| **Number of Shares:** |
| **Broker-Dealer:** |

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&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Are you or any of members of your family directors, officers or Supervised Persons of the Issuer, or have been within the past 12 months? [ ]** **Yes (Describe below) [ ] No** 

**Are you or any members of your family directors, officers or Supervised Persons of any of the dealers serving as underwriters for the IPO? [ ]** **Yes (Describe below) [ ] No**

**Does the Firm do any business with any dealers serving as underwriters for the IPO?**

**[ ]** **Yes (Describe below) [ ] No**

**Amount to be invested**: $<u> </u>

**Date of investment**: <u> </u>

**Other relevant facts**: <u> </u>

**Documents attached:**

Copy of the Offering Memorandum

    <br> Employee Signature Date

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| | | |
|:---|:---|:---|
| **Compliance Review**: | Approve | Disapprove |

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<u>Signature:</u> <br><u>Date:</u>

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|:---|:---|
| Proprietary & Confidential | Page \| **32** |

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CLEARBROOK Code of Ethics Policy

&nbsp;&nbsp;&nbsp;&nbsp;26. Appendix K: New Employee Political Contributions

Name and Title of Employee:

Place of principal residence (city and state):

*Employees of Clearbrook LLC (including an Employee's spouse, domestic partner, minor children and other immediate family members living in the Employee's household) are required to obtain preclearance from the Chief Compliance Officer for any direct or indirect Contribution<sup>5</sup> to be made by the Employee to a public official of a government entity or candidate for such office, including to any political party or any election committee for the person. Note that contributions to officials or candidates for state and local government positions are prohibited. New Employees are required to disclose previous political contributions.*

 

The undersigned has made the following political contributions in the previous two years:

Name of candidate/political party/political action committee to whom Contribution was made (for candidates, include name, title and any city/county/state or other political subdivision affiliation):

Date and form of Contribution (e.g., campaign contribution, gift, loan, fundraising activity, volunteer of time, etc.):

Office to which candidate seeks election:

Candidate's position at time of Contribution:

Contribution amount (or value of non-cash Contribution):

<sup>5</sup> "**Contribution**" is broadly defined and means the giving of anything of value in connection with any election for U.S. federal office (if the candidate running for U.S. federal office currently holds a U.S. state or local political office), U.S. state or local office, including Contributions to any candidate for political office, political party or political action committee. Reportable Contributions include any gift, subscription, loan, advance, deposit ofmoney, or anythingofvalue (regardless of to whom paid) made for the purposeofinfluencing any election, satisfying any debt incurred in connection with any such election, or paying the transition or inaugural expenses of a successful candidate, and any solicitation or coordination of the making of any of the foregoing contributions or payments to a political party (including fundraising activities). **Note that you must disclose contributions made by a spouse, domestic partner, minor children and other immediate family members living in your household.**

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|:---|:---|
| Proprietary & Confidential | Page \| **33** |

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Code of Ethics Policy

To the best of your knowledge, does the position to which the candidate seeks election or the position currently held by the candidate: (a) involve direct or indirect responsibility for, or can he/she influence the outcome of, the hiring of an investment adviser by a government entity; or (b) involve authority to appoint any person who is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser by a government entity?

<u> </u> Yes <u> </u> No

Have you made any other Contributions to this candidate, or payments on behalf of this candidate's candidacy, during this election cycle?

<u> </u> Yes <u> </u> No

The undersigned hereby certifies that (i) all information provided herein is accurate and (ii) the Contribution for which the undersigned discloses was not be made for the purpose of influencing the official conduct of any public official of a government entity or candidate for such office.

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| |
|:---|
| Name: |
| Signature: |
| Date: |

---

---

| | | |
|:---|:---|:---|
| **Compliance Review**: | Approve | Disapprove |

---

<u>Signature:</u> <br><u>Date:</u>

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|:---|:---|
| Proprietary & Confidential | Page \| **34** |

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