# EDGAR Filing Document

**Accession Number:** 0000795264
**File Stem:** 0001104659-26-035949
**Filing Date:** 2026-3
**Character Count:** 490984
**Document Hash:** e569b1c4a59b1d75a8227190c4696bac
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-035949.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0001104659-26-035949

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 52

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**EFFECTIVENESS DATE**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THOMPSON IM FUNDS INC
- **CENTRAL INDEX KEY:** 0000795264

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04946
- **FILM NUMBER:** 26804693

**BUSINESS ADDRESS:**
- **STREET 1:** 1255 FOURIER DRIVE
- **STREET 2:** SUITE 200
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53717
- **BUSINESS PHONE:** 608-827-5700

**MAIL ADDRESS:**
- **STREET 1:** 1255 FOURIER DRIVE
- **STREET 2:** SUITE 200
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53717

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** THOMPSON PLUMB FUNDS INC
- **DATE OF NAME CHANGE:** 19970401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** THOMPSON UNGER & PLUMB FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MADISON TOTAL RETURN FUND INC
- **DATE OF NAME CHANGE:** 19861222
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THOMPSON IM FUNDS INC
- **CENTRAL INDEX KEY:** 0000795264

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-06418
- **FILM NUMBER:** 26804692

**BUSINESS ADDRESS:**
- **STREET 1:** 1255 FOURIER DRIVE
- **STREET 2:** SUITE 200
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53717
- **BUSINESS PHONE:** 608-827-5700

**MAIL ADDRESS:**
- **STREET 1:** 1255 FOURIER DRIVE
- **STREET 2:** SUITE 200
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53717

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** THOMPSON PLUMB FUNDS INC
- **DATE OF NAME CHANGE:** 19970401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** THOMPSON UNGER & PLUMB FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MADISON TOTAL RETURN FUND INC
- **DATE OF NAME CHANGE:** 19861222

## Series and Classes Contracts Data

### Thompson LargeCap Fund (Series ID: S000002451)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000006581 | Thompson LargeCap Fund | thpgx           |

### Thompson Bond Fund (Series ID: S000002452)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000006582 | Thompson Bond Fund | thopx           |

### Thompson MidCap Fund (Series ID: S000021538)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000061640 | Thompson MidCap Fund | thpmx           |

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

As filed with the Securities and Exchange Commission on March 27, 2026

Registration No. 33-6418

1940 Act File No. 811-4946

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-1A**

---

| | |
|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | ☒ |
| Pre-Effective Amendment No. <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> | ☐ |
| Post-Effective Amendment No. <u>56</u> | ☒ |
| and/or |  |
| REGISTRATION STATEMENT UNDER THE |  |
| INVESTMENT COMPANY ACT OF 1940 | ☒ |
| Amendment No. <u>58</u> | ☒ |

---

(Check Appropriate box or boxes)

Thompson IM Funds, Inc.

(Exact Name of Registrant as Specified in Charter)

1255 Fourier Drive

Suite 200

Madison, Wisconsin 53717

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: (608) 827-5700

Jason L. Stephens

1255 Fourier Drive

Suite 200

Madison, Wisconsin 53717

(Name and Address of Agent for Service)

Copy to:

Matthew C. Vogel, Esq.

Quarles & Brady LLP

411 East Wisconsin Avenue

Milwaukee, Wisconsin 53202

Approximate Date of Proposed Public Offering: As soon as practicable after the effective date of this registration statement.

It is proposed that this filing will become effective (check appropriate box):

☐ immediately upon filing pursuant to paragraph (b)

☒ on March 31, 2026 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.

**THOMPSON IM FUNDS, INC.** **Prospectus**

**MARCH 31, 2026**

![](tm265508d1_prospimg001.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **THOMPSON**<br> **LargeCap**<br> **FUND<sup>®</sup>**<br> THPGX | &nbsp;&nbsp; **THOMPSON**<br> **MIDCAP**<br> **FUND<sup>®</sup>**<br> THPMX | &nbsp;&nbsp; **THOMPSON**<br> **BOND**<br> **FUND<sup>®</sup>**<br> THOPX |

---

**The Securities and Exchange Commission has not approved or disapproved these securities or determined if this Prospectus is truthful or complete. Anyone who tells you otherwise is committing a crime. Money you invest in the Funds is not a deposit of a bank. Your investment is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other governmental agency.**

**Table of contents**

<u>Page</u>

---

| | |
|:---|:---|
| [SUMMARY INFORMATION](#pros_001) | [3](#pros_001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thompson LargeCap Fund](#pros_002) | [3](#pros_002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thompson MidCap Fund](#pros_003) | [8](#pros_003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Thompson Bond Fund](#pros_004) | [13](#pros_004) |
| [Summary of Other Important Information Regarding Shares of the Funds](#pros_005) | [18](#pros_005) |
| [ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVES, STRATEGIES AND RISKS](#pros_006) | [19](#pros_006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[LargeCap Fund Objective and Principal Strategies](#pros_007) | [19](#pros_007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MidCap Fund Objective and Principal Strategies](#pros_008) | [19](#pros_008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Other Strategies of the LargeCap Fund and MidCap Fund](#pros_009) | [20](#pros_009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Bond Fund Objective and Strategies](#pros_010) | [21](#pros_010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Principal and Other Risks](#pros_011) | [22](#pros_011) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Principal Risks Common to Each Fund](#pros_012) | [22](#pros_012) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Principal Risks of the LargeCap Fund](#pros_013) | [24](#pros_013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Principal Risks of the MidCap Fund](#pros_014) | [24](#pros_014) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Principal Risks of the Bond Fund](#pros_015) | [25](#pros_015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Other Risks](#pros_016) | [29](#pros_016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Other Information](#pros_017) | [30](#pros_017) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fund Holdings Information](#pros_018) | [31](#pros_018) |
| [MANAGEMENT](#pros_019) | [32](#pros_019) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Investment Advisor](#pros_020) | [32](#pros_020) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Managers](#pros_021) | [32](#pros_021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Information About Portfolio Managers](#pros_022) | [33](#pros_022) |
| [HOW TO BUY, EXCHANGE, AND SELL SHARES](#pros_023) | [34](#pros_023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[General](#pros_024) | [34](#pros_024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Purchasing of Fund Shares](#pros_025) | [36](#pros_025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Other Information about Purchasing Fund Shares](#pros_026) | [37](#pros_026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Exchange and Redemption of Fund Shares](#pros_027) | [39](#pros_027) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Other Information about Redeeming and Exchanging Fund Shares](#pros_028) | [40](#pros_028) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Receiving Redemption Proceeds](#pros_029) | [41](#pros_029) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Other Redemption Information](#pros_030) | [42](#pros_030) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Shareholder Statements and Reports](#pros_031) | [43](#pros_031) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Availability of Money Market Fund](#pros_032) | [43](#pros_032) |
| [OTHER INFORMATION](#pros_033) | [43](#pros_033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Determination of Net Asset Value](#pros_034) | [43](#pros_034) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Excessive Account Activity](#pros_035) | [44](#pros_035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Inactive Accounts](#pros_036) | [46](#pros_036) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Lost Shareholder](#pros_037) | [46](#pros_037) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Authorized Broker-Dealers](#pros_038) | [46](#pros_038) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Dividends and Distributions](#pros_039) | [47](#pros_039) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Taxes](#pros_040) | [47](#pros_040) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Cost Basis Reporting](#pros_041) | [48](#pros_041) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Retirement Accounts and Plans](#pros_042) | [48](#pros_042) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Privacy Notice to Our Shareholders](#pros_043) | [49](#pros_043) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Access to and Correction of Information](#pros_044) | [50](#pros_044) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Delivery of Documents to Shareholders](#pros_045) | [50](#pros_045) |
| [FINANCIAL HIGHLIGHTS](#pros_046) | [51](#pros_046) |

---

**SUMMARY INFORMATION**

**Thompson LargeCap Fund**

<u>Investment Objective</u>

The Thompson LargeCap Fund (the "LargeCap Fund") seeks a high level of long-term capital appreciation.

<u>Fees and Expenses of the LargeCap Fund</u>

This table describes the fees and expenses that you may pay if you buy and hold shares of the LargeCap Fund.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
| Maximum Sales Charge (Load) Imposed on Purchases |  |
| Maximum Deferred Sales Charge (Load) |  |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends |  |
| Redemption Fee |  |
| Exchange Fee |  |
| Outgoing Wire Transfer Fee | $15.00 &nbsp;&nbsp;&nbsp;&nbsp;each |

---

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

---

| | |
|:---|:---|
| Management Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% |
| Distribution (12b-1) Fees |  |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% |
| Total Annual Fund Operating Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% |
| Fee Waivers and/or Expense Reimbursements<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15%) |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% |

---

<sup>(1)</sup> The Advisor has contractually agreed to waive management fees and/or reimburse expenses incurred by the LargeCap Fund through March 31, 2027, so that the annual operating expenses of the Fund do not exceed 0.99% of its average daily net assets. This waiver/reimbursement may only be terminated by the Advisor with the consent of the Board of Directors of the Funds.

<u>Example</u>

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

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

---

| | | | |
|:---|:---|:---|:---|
| **1 year** | **3 years** | **5 years** | **10 years** |
| $101 | $347 | $613 | $1373 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 15% of the average value of its portfolio.

**Investments, Risks, and Performance**

<u>Principal Investment Strategies of the Fund</u>

The LargeCap Fund normally invests at least 80% of its net assets plus any borrowing for investment purposes in a diversified portfolio of equity securities of large-capitalization companies that at the time of purchase fall within the capitalization ranges of companies in the S&P 500 Index, the Fund's benchmark. Although market capitalizations are constantly changing, as of December 31, 2025, the smallest company in the S&P 500 Index had a market capitalization of $5.5 billion. The Fund's equity investments included within this 80% may include common stocks, American Depositary Receipts (ADRs), and real estate investment trusts (REITs). Although current income is not its primary objective, the LargeCap Fund anticipates that capital growth will be accompanied by growth through dividend income.

We invest in equity securities that possess most of the following characteristics:

● Leading market positions

● High barriers to entry and other competitive or technological advantages

● High returns on equity and assets

● Good growth prospects

● Strong management

● Relatively low debt burdens

We also generally seek to identify investment opportunities in equity securities of companies that we believe have above-average potential for earnings and dividend growth.

To achieve a better risk-adjusted return on its equity investments, the LargeCap Fund invests in a diversified portfolio of companies, including companies from a blend of industries and style classes. We believe that holding a diverse group of stocks will provide competitive returns under different market environments relative to more narrow investment styles. Our flexible approach to equity investing enables us to adapt to changing market trends and conditions and to invest wherever we believe opportunity exists.

<u>Principal Risks of Investing in the Fund</u>

Like all investments, an investment in the LargeCap Fund is subject to risks, and you could lose money investing in the Fund. The Fund could fail to achieve its investment objective. The LargeCap Fund is suitable if you are looking for capital appreciation by investing in a diverse group of large-sized companies and have a long-term perspective.

An investment in the LargeCap Fund typically is subject to the following principal risks:

*Market Risk.* The value of equity securities in the Fund's portfolio may decline, resulting in a decline in the Fund's share price and total return. The equity securities held by the LargeCap Fund fluctuate in value due to changes in the securities markets, general economic conditions and factors that particularly affect the issuers of these stocks and their industries.

*Large Cap Risk.* Companies having large capitalizations tend to be more mature than smaller-capitalization stocks. As a result, these types of companies may have fewer opportunities to grow relative to the economy as a whole.

*Active Management Risk*. Our selection of securities for the LargeCap Fund may not perform as well as expected when those securities were purchased or as well as the securities markets generally. The selection of securities for the LargeCap Fund may be more or less heavily allocated to some sectors or types of securities than the Fund's benchmark, which may cause the Fund's performance and/or risk profile to differ significantly from its benchmark.

*Style Risk.* From time to time we may prefer a certain investment style, such as a growth style or value style, that may underperform and/or be more volatile than other investment styles or the stock markets generally during these periods.

*Smaller Cap Risk*. Companies having medium and smaller capitalizations are subject to greater price volatility than stocks of large companies and may have lower trading volume and less market liquidity than larger, more-established companies. These companies tend to have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or services markets, fewer financial resources and less competitive strength than larger companies.

*Depositary Receipts Risk*. American Depositary Receipts ("ADRs") are subject to some extent to the risks associated with directly investing in securities of foreign issuers, including the risk of changes in currency exchange rates, expropriation or nationalization of assets, and the impact of political, diplomatic, or social events. Additionally, some foreign issuers are subject to less stringent and less uniform regulatory, financial reporting, and accounting standards and practices than U.S. issuers.

*Real Estate Investment Trusts*. Real Estate Investment Trusts ("REITs") are subject to the risks associated with owning real estate, depend on specialized management skills and may have limited diversification and smaller market capitalizations.

**Please see page 22 of the Prospectus for detailed information about the risks described above.**

<u>Past Performance</u>

The bar chart and table below provide some indication of the risks of investing in the LargeCap Fund by showing how the Fund's total returns before taxes have varied from year to year and how the Fund's average annual total returns (both before and after taxes) for one, five and ten years compare to a broad measure of market performance. As with all mutual funds, the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

**LargeCap Fund Calendar Year Total Returns**

![](tm265508d1_prospimg002.jpg)

The Fund's highest/lowest quarterly results during this period were:

---

| | | |
|:---|:---|:---|
| Highest: | 24.54% | (quarter ended 6/30/20) |
| Lowest: | -29.91% | (quarter ended 3/31/20) |

---

**LargeCap Fund Average Annual Total Returns (for the periods ended December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Return Before Taxes | 27.10% | 14.34% | 13.94% |
| Return After Taxes on Distributions | 25.50% | 12.52% | 12.87% |
| Return After Taxes on Distributions and Sale of Fund Shares | 17.19% | 11.16% | 11.49% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |

---

After-tax returns are calculated using the highest individual federal marginal income tax rate for 2025 and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by Thompson Investment Management, Inc. S&P® and S&P 500® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"). The Thompson IM Funds are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates, and none of S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates makes any representation regarding the advisability of investing in such products.

**Management**

<u>Investment Advisor</u>

Thompson Investment Management, Inc. serves as the LargeCap Fund's investment advisor.

<u>Portfolio Managers</u>

The following individuals serve as Co-Portfolio Managers for the LargeCap Fund:

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Length of Service** |
| James T. Evans | Portfolio Manager | since 2009 |
| Jason L. Stephens | Portfolio Manager | since 2009 |

---

**For important information about the purchase and sale of Fund shares, tax information, and financial intermediary compensation, please see "Summary of Other Important Information Regarding Shares of the Funds" on page 18 of this Prospectus.**

**SUMMARY INFORMATION**

**Thompson MidCap Fund**

<u>Investment Objective</u>

The Thompson MidCap Fund (the "MidCap Fund") seeks a high level of long-term capital appreciation by investing in securities of medium-sized companies.

<u>Fees and Expenses of the MidCap Fund</u>

This table describes the fees and expenses that you may pay if you buy and hold shares of the MidCap Fund.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
| Maximum Sales Charge (Load) Imposed on Purchases |  |
| Maximum Deferred Sales Charge (Load) |  |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends |  |
| Redemption Fee |  |
| Exchange Fee |  |
| Outgoing Wire Transfer Fee | $15.00 each |

---

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

---

| | |
|:---|:---|
| Management Fees | 0.99% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.42% |
| Total Annual Fund Operating Expenses | 1.41% |
| Fee Waivers and/or Expense Reimbursements<sup>(1)</sup> | (0.26%) |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.15% |

---

<sup>(1)</sup> The Advisor has contractually agreed to waive management fees and/or reimburse expenses incurred by the MidCap Fund through March 31, 2027, so that the annual operating expenses of the Fund do not exceed 1.15% of its average daily net assets. This waiver/reimbursement may only be terminated by the Advisor with the consent of the Board of Directors of the Funds.

<u>Example</u>

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

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

---

| | | | |
|:---|:---|:---|:---|
| **1 year** | **3 years** | **5 years** | **10 years** |
| &nbsp;&nbsp;$117 | &nbsp;&nbsp;$421 | &nbsp;&nbsp;$746 | &nbsp;&nbsp;$1668 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 23% of the average value of its portfolio.

**Investments, Risks, and Performance**

<u>Principal Investment Strategies of the Fund</u>

The MidCap Fund normally invests at least 80% of its net assets plus any borrowing for investment purposes in a diversified portfolio of equity securities of medium-sized companies that at the time of purchase fall within the 12-month average of the capitalization ranges of stocks in the Russell Midcap Index, the Fund's benchmark. Although market capitalizations are constantly changing, as of December 31, 2025, the Russell Midcap Index included companies with market capitalizations between $122 million and $84 billion. The Fund's equity investments included within this 80% may include common stocks, American Depositary Receipts (ADRs), and real estate investment trusts (REITs).

We invest in equity securities that possess most of the following characteristics:

● Strong market positions

● High barriers to entry and other competitive or technological advantages

● High returns on equity and assets

● Good growth prospects

● Strong management

● Relatively low debt burdens

We also generally seek to identify investment opportunities in equity securities of companies that we believe have above-average potential for earnings and dividend growth.

To achieve a better risk-adjusted return on its equity investments, the MidCap Fund invests in a diversified portfolio of companies, including companies from a blend of industries and style classes. We believe that holding a diverse group of stocks will provide competitive returns under different market environments relative to more narrow investment styles. Our flexible approach to equity investing enables us to adapt to changing market trends and conditions and to invest wherever we believe opportunity exists.

<u>Principal Risks of Investing in the Fund</u>

Like all investments, an investment in the MidCap Fund is subject to risks, and you could lose money investing in the Fund. The Fund could fail to achieve its investment objective. The MidCap Fund is suitable if you are looking for capital appreciation by investing in a diverse group of medium-sized companies and have a long-term perspective.

An investment in the MidCap Fund typically is subject to the following principal risks:

*Market Risk.* The value of equity securities in the Fund's portfolio may decline, resulting in a decline in the Fund's share price and total return. The equity securities held by the MidCap Fund fluctuate in value due to changes in the securities markets, general economic conditions and factors that particularly affect the issuers of these securities and their industries.

*Mid Cap Risk*. The medium-sized companies in which the MidCap Fund invests often have greater price volatility, lower trading volume and less liquidity than larger, more-established companies. As a class, medium-sized companies tend to have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or services markets, fewer financial resources and less competitive strength than larger companies.

*Active Management Risk*. Our selection of securities for the MidCap Fund may not perform as well as expected when those securities were purchased or as well as the securities markets generally. The selection of securities for the MidCap Fund may be more or less heavily allocated to some sectors or types of securities than the Fund's benchmark, which may cause the Fund's performance and/or risk profile to differ significantly from its benchmark.

*Style Risk.* From time to time, we may prefer a certain investment style, such as a growth style or value style, that may underperform and/or be more volatile than other investment styles or than the stock markets generally during these periods.

*Depositary Receipts Risk*. American Depositary Receipts ("ADRs") are subject to some extent to the risks associated with directly investing in securities of foreign issuers, including the risk of changes in currency exchange rates, expropriation or nationalization of assets, and the impact of political, diplomatic, or social events. Additionally, some foreign issuers are subject to less stringent and less uniform regulatory, financial reporting, and accounting standards and practices than U.S. issuers.

*Real Estate Investment Trusts*. Real Estate Investment Trusts ("REITs") are subject to the risks associated with owning real estate, depend on specialized management skills and may have limited diversification and smaller market capitalizations.

**Please see page 22 of the Prospectus for detailed information about the risks described above.**

<u>Past Performance</u>

The bar chart and table below provide some indication of the risks of investing in the MidCap Fund by showing how the Fund's total returns before taxes have varied from year to year and how the Fund's average annual total returns (both before and after taxes) for one, five and ten years compare to a broad measure of market performance. As with all mutual funds, the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

**MidCap Fund Calendar Year Total Returns**

![](tm265508d1_prospimg003.jpg)

The Fund's highest/lowest quarterly results during this period were:

---

| | | |
|:---|:---|:---|
| Highest: | 29.88% | (quarter ended 6/30/20) |
| Lowest: | -37.76% | (quarter ended 3/31/20) |

---

**MidCap Fund Average Annual Total Returns (for the periods ended December 31, 2025)**

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Return Before Taxes | 20.10% | 10.77% | 10.54% |
| Return After Taxes on Distributions | 17.64% | 8.50% | 8.84% |
| Return After Taxes on Distributions and Sale of Fund Shares | 13.68% | 8.20% | 8.29% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |
| Russell Midcap Index (reflects no deduction for fees, expenses, or taxes) | 10.60% | 8.67% | 11.01% |

---

After-tax returns are calculated using the highest individual federal marginal income tax rate for 2025 and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by Thompson Investment Management, Inc. S&P® and S&P 500® are registered trademarks of S&P. The Thompson IM Funds are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates, and none of S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates makes any representation regarding the advisability of investing in such products.

FTSE Russell is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. "FTSE®" and "Russell®" are trademarks of the London Stock Exchange Group.

**Management**

<u>Investment Advisor</u>

Thompson Investment Management, Inc. serves as the MidCap Fund's investment advisor.

<u>Portfolio Managers</u>

The following individuals serve as Co-Portfolio Managers for the MidCap Fund:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Title** | &nbsp;&nbsp;**Length of Service** |
| &nbsp;&nbsp;James T. Evans | &nbsp;&nbsp;Portfolio Manager | &nbsp;&nbsp;since 2008 |
| &nbsp;&nbsp;Jason L. Stephens | &nbsp;&nbsp;Portfolio Manager | &nbsp;&nbsp;since 2008 |

---

**For important information about the purchase and sale of Fund shares, tax information, and financial intermediary compensation, please see "Summary of Other Important Information Regarding Shares of the Funds" on page 18 of this Prospectus.**

**SUMMARY INFORMATION**

**Thompson Bond Fund**

<u>Investment Objective</u>

The Thompson Bond Fund (the "Bond Fund") seeks a higher level of current income while preserving capital.

<u>Fees and Expenses of the Bond Fund</u>

This table describes the fees and expenses that you may pay if you buy and hold shares of the Bond Fund.

**Shareholder Fees** (fees paid directly from your investment)

---

| | |
|:---|:---|
| Maximum Sales Charge (Load) Imposed on Purchases |  |
| Maximum Deferred Sales Charge (Load) |  |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends |  |
| Redemption Fee |  |
| Exchange Fee |  |
| Outgoing Wire Transfer Fee | $15.00 each |

---

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

---

| | |
|:---|:---|
| Management Fees | 0.60% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.13% |
| Total Annual Fund Operating Expenses | 0.73% |

---

<u>Example</u>

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

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

---

| | | | |
|:---|:---|:---|:---|
| **1 year** | **3 years** | **5 years** | **10 years** |
| &nbsp;&nbsp;$75 | &nbsp;&nbsp;$233 | &nbsp;&nbsp;$406 | &nbsp;&nbsp;$906 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 26% of the average value of its portfolio.

**Investments, Risks, and Performance**

<u>Principal Investment Strategies of the Fund</u>

The Bond Fund normally invests at least 80% of its net assets plus any borrowing for investment purposes in a diversified portfolio of bonds, including corporate bonds of domestic issuers and of foreign issuers payable in U.S. dollars, short-term debt instruments, mortgage- and asset-backed securities, bonds of foreign government issuers (including their agencies and instrumentalities) payable in U.S. dollars, and U.S. Treasury securities and other debt securities issued or guaranteed by the U.S. Government (including its agencies and instrumentalities). Although the Bond Fund invests primarily in debt securities rated investment grade by one or more nationally recognized rating agency, it may invest up to 10% of its net assets in securities rated below investment grade (commonly referred to as "junk" or "high-yield" securities). From time to time, the Bond Fund's assets represented by debt securities rated below investment grade may exceed 10% due to changes in the value of those securities and/or the Fund as a whole and downgrades that occur after such securities were acquired. However, the Bond Fund will not acquire any debt securities rated below investment grade while its net assets that are represented by such securities exceed this limit. The Bond Fund may invest up to 20% of its net assets in other non-debt securities, which include convertible bonds, common stocks and variable-rate demand notes. The dollar-weighted average portfolio maturity of the Bond Fund will normally not exceed 10 years. The Bond Fund does not purchase securities with a view to rapid turnover.

<u>Principal Risks of Investing in the Fund</u>

Like all investments, an investment in the Bond Fund is subject to risks, and you could lose money investing in the Fund. The Fund could fail to achieve its investment objective. The Bond Fund is suitable if you are looking for current income through investment-grade debt securities.

An investment in the Bond Fund typically is subject to the following principal risks:

*Market Risk.* The share price, total return and yield of the Bond Fund will fluctuate depending on changes in the fair market value and yields of the bonds in the Fund's portfolio. Drastic reductions in or volatile trading activity may make it difficult for the Bond Fund to properly value its investments.

*Credit Risk.* The Bond Fund is subject to credit risk, which is the risk that the issuers of the bonds in which the Fund invests may default on interest and/or principal payments. The creditworthiness of an issuer could deteriorate because of developments affecting the issuer uniquely, industry developments or general

economic conditions. Such deterioration increases the risk of default and would likely cause a decline in the bond's value, particularly if the rating of the bond is downgraded.

*Interest-Rate Risk*. The value of bonds is affected primarily by changes in interest rates, average maturities and the investment and credit quality of the securities. A bond's fair market value increases or decreases in order to adjust its yield to current interest rate levels. A bond's yield reflects the bond's fixed annual interest as a percentage of its current price. Therefore, bond prices generally move in the opposite direction of interest rates and movements in interest rates typically have a greater effect on prices of longer-term bonds than on those with shorter maturities. Changes in prevailing interest rates will also affect the yield on shares of the Bond Fund. Interest-rate fluctuations, however, will not affect the income received by the Bond Fund from its existing portfolio of fixed-income securities (other than from variable-rate securities).

*Active Management Risk.* The selection of securities for the Bond Fund may not perform as well as expected when those securities were purchased or as well as the bond markets generally. The selection of securities for the Fund may be more or less heavily allocated to some sectors or types of securities, such as corporate bonds, agency bonds, Treasury bonds, or to securities with different credit ratings, than the Fund's benchmark, which may cause the Fund's performance and/or risk profile to differ significantly from its benchmark.

*Low- and Below-Investment-Grade (High-Yield/Junk) Securities Risk*. The Bond Fund can invest in securities with the lowest investment-grade rating without limitation and, for up to 10% of its net assets, securities rated below investment grade (commonly referred to as "junk" or "high-yield" securities). Such securities are subject to a greater risk of issuer default or bankruptcy, lack of liquidity, and sensitivity to adverse economic events or developments specific to the issuer than are higher-rated securities. High-yield securities are considered speculative with regard to the issuer's capacity to pay interest and repay principal.

*Liquidity Risk.* There may be no willing buyer of certain of the securities held by the Bond Fund at a time when the Advisor wishes to sell those securities, and the Fund may have to sell those securities at a lower price (or may not be able to sell those securities at all).

*Mortgage- and Asset-Backed Securities Risk.* Mortgage-backed and asset-backed securities are subject to interest-rate risk, credit risk, prepayment and extension risk, risks associated with inadequate collateral, and, the risk of unexpectedly high rates of defaults.

*Prepayment and Extension Risk.* Certain of the securities held by the Bond Fund may be prepaid prior to their scheduled maturity dates. Prepayment is likely during periods of falling interest rates. Risk of prepayment generally affects the price and yield of a security and its volatility because prepayment shortens the life of the security and thus the expected interest payments from that security. Prepayment will also require the Bond Fund to reinvest the proceeds in other securities, usually at lower rates and yields. Conversely, during periods of rising interest rates, the likelihood of prepayment decreases, which could lengthen the expected maturity of certain of the securities held by the Bond Fund, reduce their market value, and make them more susceptible to interest-rate risk.

*Foreign Issuer Risk.* Some foreign issuers are subject to less stringent and less uniform regulatory, financial reporting, and accounting standards and practices than U.S. issuers. Bonds of foreign issuers are generally less liquid than those of U.S. issuers, and evidence of the Fund's ownership of bonds may be uncertain in many foreign countries. Bonds of foreign issuers in some countries may be subject to expropriation or confiscatory taxation or affected by political or social instability, war, terrorism, nationalization, or limitations on the removal of funds or other assets.

*Convertible Debt Risk.* Convertible debt securities will typically be classified as subordinated debt and, therefore, are more risky than unsubordinated debt. Subordinated debt holders are lower in the hierarchy as far as principal repayment during times of distress for the issuer. Holders of convertible debt receive substantially lower yields to maturity in comparison to the non-convertible equivalent.

*Common Stock Risk.* Common stocks fluctuate in value for various reasons, including changes in the equities markets, general economic or political changes, interest-rate changes and factors particularly affecting the issues of stocks and their industries.

**Please see page 22 of the Prospectus for detailed information about the risks described above.**

<u>Past Performance</u>

The bar chart and table below provide some indication of the risks of investing in the Bond Fund by showing how the Fund's total returns before taxes have varied from year to year and how the Fund's average annual total returns (both before and after taxes) for one, five and ten years compare to the Fund's benchmark index and two supplementary indices. As with all mutual funds, the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

**Bond Fund Calendar Year Total Returns**

![](tm265508d1_prospimg004.jpg)

The Fund's highest/lowest quarterly results during this period were:

---

| | | |
|:---|:---|:---|
| Highest: | 5.32% | (quarter ended 6/30/16) |
| Lowest: | -9.50% | (quarter ended 3/31/20) |

---

**Bond Fund Average Annual Total Returns (for the periods ended December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| Return Before Taxes | 7.98% | 4.79% | 4.44% |
| Return After Taxes on Distributions | 5.85% | 2.83% | 2.66% |
| Return After Taxes on Distributions and Sale of Fund Shares | 4.70% | 2.82% | 2.64% |
| Bloomberg U.S. Aggregate Bond Index (reflects no deductions for fees, expenses or taxes) | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Govt./Credit 1-5 year Index (reflects no deductions for fees, expenses or taxes) | 6.11% | 1.56% | 2.17% |
| Bloomberg U.S. Credit 1-5 year Index (reflects no deductions for fees, expenses or taxes) | 6.74% | 2.15% | 2.84% |

---

After-tax returns are calculated using the highest individual federal marginal income tax rate for 2025 and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Bloomberg® is a trademark and service mark of Bloomberg Finance L.P.

The Bond Fund's annualized yield for the 30 days ended December 31, 2025 was 4.70%. For current yield information, please call 1-800-999-0887 or visit our website at www.thompsonim.com.

**Management**

<u>Investment Advisor</u>

Thompson Investment Management, Inc. serves as the Bond Fund's investment advisor.

<u>Portfolio Managers</u>

The following individuals serve as Co-Portfolio Managers for the Bond Fund:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Title** | &nbsp;&nbsp;**Length of Service** |
| &nbsp;&nbsp;James T. Evans | &nbsp;&nbsp;Portfolio Manager | &nbsp;&nbsp;since 2009 |
| &nbsp;&nbsp;Jason L. Stephens | &nbsp;&nbsp;Portfolio Manager | &nbsp;&nbsp;since 2009 |

---

**For important information about the purchase and sale of Fund shares, tax information, and financial intermediary compensation, please see "Summary of Other Important Information Regarding Shares of the Funds" on page 18 of this Prospectus.**

**Summary of Other Important Information Regarding Shares of the Funds**

**Purchase and Sale of Fund Shares**

<u>Minimum Investment</u>

The initial and subsequent investment minimums for purchases of shares of each Fund are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To open an account: | $250 per Fund |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To add to an account: | $50 |

---

The initial and subsequent investment minimums are not imposed on retirement plan accounts (such as 401(k), SIMPLE and SEP plans). In addition, we may waive the initial and subsequent investment minimum in other circumstances we believe appropriate.

<u>Sale of Fund Shares</u>

You may redeem (sell back to the Fund) all or some shares of a Fund at any time by sending a written request to the Funds, or by telephone unless you indicate otherwise on your account application. Individuals may redeem shares via the internet. You may also redeem Fund shares through broker-dealers, institutions and other service providers, who may charge a commission or other transaction fee for processing the redemption for you.

**Tax Information**

Each Fund intends to make distributions that may be taxable as ordinary income or capital gains.

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

If you purchase a Fund through a broker-dealer or other financial intermediary (such as a bank), Thompson Investment Management, Inc., the Fund's Advisor, may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVES, STRATEGIES AND RISKS**

**LargeCap Fund Objective and Principal Strategies**

The LargeCap Fund seeks a high level of long-term capital appreciation.

The LargeCap Fund normally invests at least 80% of its net assets plus any borrowing for investment purposes in a diversified portfolio of equity securities of large-capitalization companies that at the time of purchase fall within the capitalization ranges of companies in the S&P 500 Index, the Fund's benchmark. Although market capitalizations are constantly changing, as of December 31, 2025, the smallest company in the S&P 500 Index had a market capitalization of $5.5 billion. The Fund's equity investments included within this 80% may include common stocks, American Depositary Receipts (ADRs), and real estate investment trusts (REITs). Although current income is not its primary objective, the LargeCap Fund anticipates that capital growth will be accompanied by growth through dividend income.

We invest in equity securities that possess most of the following characteristics:

● Leading market positions

● High barriers to entry and other competitive or technological advantages

● High returns on equity and assets

● Good growth prospects

● Strong management

● Relatively low debt burdens

We also generally seek to identify investment opportunities in equity securities of companies that we believe have above-average potential for earnings and dividend growth.

To achieve a better risk-adjusted return on its equity investments, the LargeCap Fund invests in a diversified portfolio of companies, including companies from a blend of industries and style classes. We believe that holding a diverse group of stocks will provide competitive returns under different market environments relative to more narrow investment styles. Our flexible approach to equity investing enables us to adapt to changing market trends and conditions and to invest wherever we believe opportunity exists.

**MidCap Fund Objective and Principal Strategies**

The MidCap Fund seeks a high level of long-term capital appreciation by investing in securities of medium-sized companies.

The MidCap Fund normally invests at least 80% of its net assets plus any borrowing for investment purposes in a diversified portfolio of equity securities of medium-sized companies that at the time of purchase fall within the 12-month average of the capitalization ranges of stocks in the Russell Midcap Index, the Fund's benchmark. Although market capitalizations are constantly changing, as of December 31, 2025, the Russell Midcap Index included companies with market capitalizations between $122 million and $84 billion. The Fund's equity investments included within this 80% may include common stocks, American Depositary Receipts (ADRs), and real estate investment trusts (REITs).

We invest in equity securities that possess most of the following characteristics:

● Strong market positions

● High barriers to entry and other competitive or technological advantages

● High returns on equity and assets

● Good growth prospects

● Strong management

● Relatively low debt burdens

We also generally seek to identify investment opportunities in equity securities of companies that we believe have above-average potential for earnings and dividend growth.

To achieve a better risk-adjusted return on its equity investments, the MidCap Fund invests in a diversified portfolio of companies, including companies from a blend of industries and style classes. We believe that holding a diverse group of stocks will provide competitive returns under different market environments relative to more narrow investment styles. Our flexible approach to equity investing enables us to adapt to changing market trends and conditions and to invest wherever we believe opportunity exists.

**Other Strategies of the LargeCap Fund and MidCap Fund**

Generally, the LargeCap Fund and MidCap Fund do not purchase securities for short-term trading. However, when appropriate, either Fund will sell securities without regard to length of time held. A high portfolio-turnover rate may increase transaction costs, which would adversely affect the Fund's performance and result in increased taxable gains and income to an investor.

In addition to common stocks, ADRs, and REITs, the LargeCap Fund and the MidCap Fund may invest in preferred stocks, convertible preferred stocks, securities offered in private placements, options and futures, and convertible fixed-income securities and other corporate debt securities. We generally limit either Fund's purchase of preferred stocks, convertible preferred stocks, and convertible fixed-income securities in each case to 10% or less of that Fund's net assets. We generally limit either Fund's purchase of private placements of securities to 5% or less of that Fund's net assets. Although the LargeCap Fund and MidCap Fund, to the extent they purchase securities having a rating, generally purchase securities that are rated investment grade by a nationally recognized rating agency, we may invest up to 5% of the net assets of either Fund in fixed-income securities that are rated below investment grade (commonly referred to as "junk" or "high-yield" securities). We generally limit either Fund's purchase of options or futures such that the aggregate initial margin and premiums required to establish such positions are 5% or less of that Fund's net assets. The LargeCap Fund and MidCap Fund may also invest in income-producing, short-term debt instruments as a reserve for future purchases of securities.

**Bond Fund Objective and Strategies**

<u>Objective and Principal Strategies</u>

The Bond Fund seeks a higher level of current income, while at the same time preserving investment capital. The Bond Fund invests primarily in a diversified portfolio of investment-grade bonds. Such securities generally include the following types:

● Debt securities of domestic issuers, and of foreign issuers payable in U.S. dollars (corporate debt securities), rated at the time of purchase as investment grade by a nationally recognized rating agency (without regard to concentration in any particular one of these categories);

● Securities backed by the full faith and credit of the U.S. Government, such as U.S. Treasury notes, bills, and bonds and GNMA certificates;

● Debt securities issued by foreign governments (including their agencies and instrumentalities) payable in U.S. dollars, rated at the time of purchase as investment grade by a nationally recognized rating agency;

● Securities issued or guaranteed by an agency or instrumentality of the U.S. Government: that are secured by the right of the agency to borrow from the U.S. Treasury, such as securities issued by the Federal Home Loan Banks; that are supported by the discretionary authority of the U.S. Treasury to purchase certain obligations of the agency, instrumentality, or government-sponsored enterprise, such as securities issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"); or that are supported only by the credit of the instrumentality or government-sponsored enterprise itself, such as securities issued by the Federal National Mortgage Corporation ("Fannie Mae");

● Mortgage- and asset-backed securities issued or guaranteed by private issuers and guarantors rated at the time of purchase as investment grade by a nationally recognized rating agency;

● Commercial paper rated within the two highest categories for commercial paper or short-term debt securities by a nationally recognized rating agency at the time of purchase;

● Obligations of banks and thrifts whose deposits are insured by the FDIC; and

● Short-term corporate obligations, including variable-rate demand notes, if the issuer has commercial paper or short-term debt securities rated within the two highest categories by a nationally recognized rating agency at the time of purchase.

Although there are no restrictions on the maturity of securities in which the Bond Fund may invest, it is anticipated that during normal market conditions, the dollar-weighted average portfolio maturity of the Fund will not normally exceed 10 years. In calculating average maturity, the stated final maturity date of a security is generally used, unless it is probable that the maturity of the security will be shortened, in which case the "effective maturity"—the date on which it is probable that the security will be called or prepaid—is used. The Advisor actively manages the portfolio maturity of the debt securities in the Bond Fund's portfolio, consistent with the Fund's investment objective, according to the Advisor's assessment of the interest-rate outlook. During periods of rising interest rates, the Advisor will likely attempt to shorten the average maturity of

the portfolio to cushion the effect of falling bond prices on the Fund's share price. When interest rates are falling and bond prices are increasing, on the other hand, the Advisor will likely seek to lengthen the average maturity.

Notwithstanding the foregoing, the Bond Fund may invest up to 10% of its net assets in debt securities (including convertible securities) that are rated below investment grade (commonly referred to as "junk" or "high-yield" securities), i.e., not rated as investment grade by any nationally recognized rating agency. Such securities are considered speculative with regard to the issuer's capacity to pay interest and repay principal.

<u>Other Strategies</u>

The Bond Fund may invest in trust preferred securities and municipal bonds, including taxable municipal bonds. In addition, at certain times, up to 5% of the Bond Fund's net assets may be invested in common and preferred (including convertible preferred) stock due to the Fund obtaining such stock through a conversion, reorganization or other actions that do not involve the direct investment of the Fund in that stock. This limitation does not pertain to the Fund's acquisition of hybrid securities that bear characteristics of both debt and preferred stock.

**Principal and Other Risks**

Certain risks are considered principal risks of each Fund, and are listed in the succeeding section. Risks considered principal risks of one Fund but which are not applicable to the other Funds, or which are applicable but not considered principal risks of the other Funds, are listed in the subsequent Fund-specific sections. A summary of certain other risks applicable to some or all of the Funds is also provided following the Fund-specific sections.

**Principal Risks Common to Each Fund**

*Market Risk*. **Each Fund's** share price and total return may decline as a result of a decline in the value of its portfolio of securities. The securities held by a Fund fluctuate in value due to changes in the securities markets, general economic conditions, and factors that particularly affect the issuers of these securities and their industries. Drastic reductions in or volatile trading activity may make it difficult for a Fund to properly value its investments.

*Active Management Risk*. Our selection of securities for each Fund may not perform as well as expected when those securities were purchased or as well as the securities markets generally. **Each Fund** is subject to active management or security-selection risk, which is the risk that a portfolio manager's decision to acquire stocks or securities of particular companies or organizations may prove to be unwise because of factors that were not adequately foreseen by the portfolio manager when making the investment. This risk is exacerbated when an investment is significant relative to a Fund's net assets. The selection of securities for a Fund may be more or less heavily allocated to some sectors or types of securities, or to securities with different credit ratings (in the case of the **Bond Fund**), than the Fund's benchmark, which may cause the Fund's performance and/or risk profile to differ significantly from its benchmark.

*Real Estate Investment Trusts*. **Each Fund** may invest in real estate investment trusts (REITs), though the risks associated with investing in REITs are not considered principal risks of the **Bond Fund**. Equity REITs invest directly in real property, while mortgage REITs invest in mortgages on real property. REITs may be subject to certain risks associated with the direct ownership of real estate, including declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, fluctuations in interest rates and variations in rental income. In addition, the failure of a REIT to qualify as such for tax purposes would have an adverse impact on the value of a Fund's investment in that REIT. To qualify as a REIT, a company is, among other things, required to pay at least 90% of its taxable income to its shareholders every year. Some REITs have relatively small market capitalizations, which could increase their market volatility. REITs tend to be dependent on specialized management skills and may have limited diversification, causing them to be subject to risks inherent in operating and financing a limited number of properties.

*Common Stocks*. The **LargeCap Fund** and **MidCap Fund** invest in common stocks, and, to the extent the **Bond Fund** holds common stocks through a conversion, reorganization or other actions, the Bond Fund will also be subject to risks associated with investing in common stocks. Common stocks fluctuate in value for various reasons, including changes in the equities markets, general economic or political changes, interest-rate changes and factors particularly affecting the issues of stocks and their industries. Common stocks also tend to have additional risks depending on the capitalization — large, mid, or small — of the companies issuing the common stock.

*Large Cap Risk.* Companies having large capitalizations tend to be more mature than smaller-capitalization stocks. As a result, these types of companies may have fewer opportunities to grow relative to the economy as a whole. These risks are considered principal risks of the **LargeCap Fund**.

*Mid Cap Risk.* Stocks of medium-sized companies often have greater price volatility, lower trading volume and less liquidity than larger, more-established companies. As a class, medium-sized companies tend to have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or services markets, fewer financial resources and less competitive strength than larger companies. In addition, some stocks of companies with medium and small market capitalizations may be traded only in the over-the-counter market. These risks are considered principal risks of the **MidCap Fund**.

*Smaller Cap Risk.* Stocks of smaller companies are subject to greater price volatility than stocks of large companies and may have less market liquidity. In addition, as a class smaller-sized companies tend to have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or services markets, fewer financial resources and less competitive strength than large- and medium-sized companies. As with medium-sized companies, the stock of smaller-sized companies may be traded only in the over-the-counter market. These risks are considered principal risks of the **LargeCap Fund**.

**Principal Risks of the LargeCap Fund**

*Style Risk*. The **LargeCap Fund** is subject to "style" risk, which is the risk that its investment style may perform differently from funds with other investment styles or the equities markets generally from time to time due to market and economic conditions as well as issuer and industry developments.

The LargeCap Fund has a blended investment style that is generally characterized as "growth at a reasonable price." The LargeCap Fund may at any given time favor either growth stocks or value stocks, depending on the Advisor's assessment of market conditions and other factors. Growth stocks are those of companies perceived to have good growth prospects, and are often characterized by increasing revenues or earnings. They typically have higher price/earning ratios and as a result tend to be sensitive to changes in their earnings and corporate developments and are more volatile than other types of stocks. Value stocks are those of companies whose stock prices are believed to be undervalued relative to their intrinsic value. They are often overlooked or out of favor with investors. To the extent that the LargeCap Fund emphasizes growth stocks or value stocks during a particular period, it may be subject to the risk that such stocks will underperform and/or be more volatile than the market or other types of securities.

*Depositary Receipts Risk*. Depositary receipts are securities that evidence ownership interests in a security or a pool of securities that have been deposited with a "depositary." The **LargeCap Fund** may invest in American Depositary Receipts ("ADRs"), for which the depositary is typically a U.S. financial institution and the underlying securities are issued by foreign issuers. ADRs may be listed on a national securities exchange or may trade on an over-the-counter market. ADR prices are denominated in United States dollars, although the underlying security may be denominated in a foreign currency. Although generally tempered to some extent, ADRs do not eliminate all of the risks associated with directly investing in the securities of foreign issuers, including the risk of changes in currency exchange rates, expropriation or nationalization of assets, and the impact of political, diplomatic, or social events.

**Principal Risks of the MidCap Fund**

*Style Risk*. The **MidCap Fund** is subject to "style" risk, which is the risk that its investment style may perform differently from funds with other investment styles or the equities markets generally from time to time due to market and economic conditions as well as issuer and industry developments.

The MidCap Fund has a blended investment style that is generally characterized as "growth at a reasonable price." The MidCap Fund may at any given time favor either growth stocks or value stocks, depending on the Advisor's assessment of market conditions and other factors. Growth stocks are those of companies perceived to have good growth prospects, and are often characterized by increasing revenues or earnings. They typically have higher price/earning ratios and as a result tend to be sensitive to changes in their earnings and corporate developments and are more volatile than other types of stocks. Value stocks are those of companies whose stock prices are believed to be undervalued relative to their intrinsic value. They are often overlooked or out of favor with investors. To the extent that the MidCap Fund emphasizes growth stocks or value stocks during a particular period, it may be subject to the risk that such stocks will underperform and/or be more volatile than the market or other types of securities.

*Depositary Receipts Risk*. Depositary receipts are securities that evidence ownership interests in a security or a pool of securities that have been deposited with a "depositary." The **MidCap Fund** may invest in American Depositary Receipts ("ADRs"), for which the depositary is typically a U.S. financial institution and the underlying securities are issued by foreign issuers. ADRs may be listed on a national securities exchange or may trade on an over-the-counter market. ADR prices are denominated in United States dollars, although the underlying security may be denominated in a foreign currency. Although generally tempered to some extent, ADRs do not eliminate all of the risks associated with directly investing in the securities of foreign issuers, including the risk of changes in currency exchange rates, expropriation or nationalization of assets, and the impact of political, diplomatic, or social events.

**Principal Risks of the Bond Fund**

*Interest-Rate Risk*. The value of bonds is affected primarily by changes in interest rates, average maturities and the investment and credit quality of the securities. A bond's fair market value increases or decreases in order to adjust its yield to current interest rate levels. A bond's yield reflects the bond's fixed annual interest as a percentage of its current price. Therefore, bond prices generally move in the opposite direction of interest rates and movements in interest rates typically have a greater effect on prices of longer-term bonds than on the prices of those with shorter maturities. Interest rates in the United States and in certain foreign markets have increased after a period of historical lows, which tends to increase the Fund's exposure to risks associated with rising interest rates. Changes in prevailing interest rates will also affect the yield on shares of the **Bond Fund**. Interest-rate fluctuations, however, will not affect the income received by the Bond Fund from its existing portfolio of fixed-income securities (other than from variable-rate securities). Variable and floating-rate securities held by the Bond Fund are generally less sensitive to changes in interest rates, but changes in the interest rates of these securities may lag changes in market rates. Variable and floating-rate securities may also decline in value if their interest rates do not rise to the same degree or as fast as interest rates in general.

*Credit Risk*. The **Bond Fund** is subject to credit risk, which is the risk that the issuers of the bonds in which the Fund invests may default on interest and/or principal payments. The creditworthiness of an issuer could deteriorate because of developments affecting the issuer uniquely, industry developments or general economic conditions. Such deterioration increases the risk of default and would likely cause a decline in the bond's value, particularly if the rating of the bond is downgraded. Certain debt securities may be subject to few or no financial maintenance covenants or restrictions. Investments in these "covenant-lite" instruments may increase exposure to credit risk because such covenants and restrictions could otherwise allow for earlier intervention and proactive mitigation of credit risk.

*Low- and Below-Investment-Grade (High-Yield/Junk) Securities Risk*. The **Bond Fund** can invest in securities with the lowest investment-grade rating without limitation, and, for up to 10% of its net assets, securities rated below investment grade (commonly referred to as "junk" or "high-yield" securities). Such securities are subject to a greater risk of issuer default or bankruptcy, lack of liquidity, and sensitivity to adverse economic events or developments specific to the issuer than are higher-rated securities. High-yield securities are considered speculative with regard to the issuer's capacity to

pay interest and repay principal. The risks associated with investments with the lowest investment-grade rating may be amplified by the dramatic increase in recent years in the amount of outstanding securities carrying that lowest investment-grade rating.

*Liquidity Risk.* There may be no willing buyer of certain of the securities held by the **Bond Fund** at a time when the Advisor wishes to sell those securities, and the Bond Fund may have to sell those securities at a lower price (or may not be able to sell those securities at all). This risk may be greater during periods of widespread selling in the fixed-income market. If the Bond Fund were to experience a period of significant redemptions, it may have to sell securities at a price that the Advisor believes is lower than the intrinsic value of those securities. Over recent years, there has been a significant decline in the ability of dealers to make markets, which can further constrain liquidity and increase the volatility of portfolio valuations.

*Mortgage- and Asset-Backed Securities Risk.* The **Bond Fund** may invest in mortgage-backed securities and other asset-backed securities. To the extent the Bond Fund invests in non-government, mortgage-backed securities or other asset-backed securities, the Bond Fund is subject to the risk that, if the issuer fails to pay interest or repay principal or otherwise defaults on the underlying loans, the asset backing of these securities may not be sufficient to support payments on the securities. There is also the possibility that the issuer may receive little or no collateral protection from the underlying assets or that recoveries on repossessed collateral may not, in some cases, be available to support payments on the securities. An unexpectedly high rate of defaults on mortgages may adversely affect the value of these securities and could result in losses to the Bond Fund. In addition, changes in interest rates affect the value of mortgage-backed and asset-backed securities. Certain mortgage-backed and asset-backed securities in which the Bond Fund invests represent only the right to receive payments of interest on the underlying obligations. Interest only instruments (IOs) generally increase in value in a rising interest rate environment when fewer of the underlying obligations are prepaid but could lose their entire value in a declining interest rate environment if the underlying obligations are prepaid. Some non-government, mortgage-backed securities may be structured in ways that make them particularly sensitive to changes in interest rates. Mortgage and asset-backed securities are subject to prepayment and extension risk. The commercial mortgage-backed securities in which the Bond Fund invests, which are securities that reflect an interest in, and are secured by, mortgage loans on commercial real property, present risks similar to those presented when investing in the real estate securing the underlying mortgage loans. Commercial mortgage-backed securities may be less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed securities. Risks associated with mortgage- and asset-backed securities may be higher during periods of unexpected market stress or accelerating delinquency rates.

*Prepayment and Extension Risk.* Certain of the securities held by the **Bond Fund** may be prepaid prior to their scheduled maturity dates. Prepayment is likely during periods of falling interest rates. Risk of prepayment generally affects the price and yield of a security and its volatility because prepayment shortens the life of the security and thus the expected interest payments from that security. Prepayment will also require the Bond Fund to reinvest the proceeds in other securities, usually at lower rates and yields. Conversely, during periods of rising interest rates, the likelihood of prepayment decreases, which could lengthen the expected maturity of certain of the securities held by the Bond Fund, reduce their market value, and make them more susceptible to interest-rate risk.

*Foreign Issuer Risk.* The **Bond Fund** is subject to some risk associated with investing in bonds of foreign issuers. Some foreign issuers are subject to less stringent and less uniform regulatory, financial reporting, and accounting standards and practices than U.S. issuers. Bonds of foreign issuers are generally less liquid than those of U.S. issuers, and evidence of the Fund's ownership of bonds may be uncertain in many foreign countries. Bonds of foreign issuers in some countries may be subject to expropriation or confiscatory taxation or affected by political or social instability, war, terrorism, nationalization, or limitations on the removal of funds or other assets. Foreign issuers at times are expected to be affected by the imposition of sanctions, exchange controls (including repatriation restrictions), trade restrictions (including tariffs), and other government restrictions by the United States and other governments. These and other similar measures could cause a decline in the value or liquidity of securities issued by companies located in or economically tied to the sanctioned country, downgrades in the credit ratings of companies located in or economically tied to the sanctioned country, devaluation of the sanctioned country's currency, and increased market volatility and disruption in the sanctioned country and throughout the world.

*Fixed-Income Securities*. The **Bond Fund** and, to a lesser extent, the **LargeCap Fund** and **MidCap Fund**, may invest in bonds and other fixed-income securities, including convertible securities, mortgage-backed securities, and asset-backed securities. The total return realized by a Fund on the fixed-income portion of its portfolio consists of the change in the value of the fixed-income securities held by the Fund and the income generated by those securities. The value of fixed-income securities is affected primarily by changes in interest rates, average maturities, the securities' investment quality and the creditworthiness of the issuer.

A bond's yield reflects the bond's fixed annual interest as a percentage of its current price. The price (the bond's fair market value) will increase or decrease in order to adjust the bond's yield to current interest rate levels. Therefore, bond prices generally move in the opposite direction of interest rates. As a result, interest-rate fluctuations will affect the net asset value of a Fund that invests in bonds, but will not affect the interest income received by the Fund from its existing portfolio of fixed-income securities. However, changes in prevailing interest rates will affect the yield on shares subsequently issued by the Fund. Movements in interest rates also typically have a greater effect on the prices of longer-term bonds than on those with shorter maturities.

The fixed-income securities in which the Funds invest are generally rated investment grade, by one or more nationally recognized rating agency. However, the **LargeCap Fund** and **MidCap Fund** may invest up to 5% of their net assets in fixed-income securities rated below investment grade, and the **Bond Fund** may invest up to 10% of its net assets in fixed-income securities rated below investment-grade. At times, the percentage of net assets represented by non-investment-grade debt securities may exceed these limits due to market appreciation and/or downgrading of securities. Non-investment-grade securities, commonly referred to as "high-yield/high-risk" or "junk" securities, are considered speculative with regard to the issuer's capacity to pay interest and repay principal. They are subject to special risks, including possible issuer default or bankruptcy, lack of liquidity and sensitivity to adverse economic events or developments specific to the issuer.

Although U.S. Treasury securities are backed by the full faith and credit of the United States Treasury, not all of the securities issued by U.S. Government agencies, instrumentalities, and government-sponsored enterprises in which the **Bond Fund** may invest are issued or guaranteed by the U.S. Treasury. Such securities vary in terms of the

degree of support afforded by the U.S. Government. Some agency securities are supported by the agency's right to borrow from the U.S. Treasury, such as those issued by the Federal Home Loan Banks. Others, including those issued by government-sponsored enterprises, are supported only by the discretionary authority of the U.S. Treasury to purchase the agency's obligations, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), or by the credit of the agency or instrumentality that issued them, such as those issued by the Federal National Mortgage Association ("Fannie Mae"). Because there is no guarantee that the U.S. Government will provide support to such agencies, such securities involve risk of loss of principal and interest. In contrast, mortgage-backed securities issued by other U.S. Government-sponsored entities, such as the Government National Mortgage Association ("Ginnie Mae"), are guaranteed by the full faith and credit of the U.S. Government. However, a security backed by the U.S. Treasury or the full faith and credit of the U.S. Government only means that the timely payment of interest and principal of such security is guaranteed. The U.S. Government does not guarantee market prices or yields for such securities. The Bond Fund may invest in mortgage-backed securities issued by the U.S. Government and its agencies and instrumentalities, and by other government-sponsored enterprises (including those issued by Freddie Mac, Fannie Mae, or Ginnie Mae), without limitation as to the amount of investment in such securities.

Although the makeup of the Bond Fund's portfolio is constantly changing, as of December 31, 2025, 64.65% of the Fund's portfolio was invested in corporate bonds. Due to prevailing market conditions, the percentage of corporate bonds held in the Fund's portfolio over the past 5 years has generally equaled or exceeded the percentage of corporate bonds held in the Fund's portfolio as of that date. In addition, as of that date 40.80% of the Fund's portfolio was invested in securities rated BBB by Standard & Poor's, while an additional 5.55% of the Fund's portfolio was rated below investment grade and 31.91% of the Fund's portfolio was not rated by Standard & Poor's. For portfolio information current as of the most recent quarter-end and additional information regarding the ratings of securities held in the Fund's portfolio, including information pertaining to securities that have not been rated by Standard & Poor's but have been rated by another Nationally Recognized Statistical Credit Rating Organization, please call 1-800-999-0887 or visit our website at www.thompsonim.com. Compared to a portfolio that is more evenly allocated between government and corporate bonds, a portfolio that is heavily allocated to corporate bonds may provide higher returns, but is also subject to greater levels of credit and liquidity risk and to greater price fluctuations. A portfolio that is significantly allocated to bonds having lower and below-investment-grade ratings may also be subject to greater levels of credit and liquidity risk and experience greater price fluctuations than a portfolio comprised of higher-rated investment-grade bonds.

*Convertible Debt Risk*. **Each Fund** may invest in convertible debt, and risks associated with convertible debt are considered principal risks of the **Bond Fund**. A convertible debt security is a fixed-income security that can be converted into shares of stock in the issuing company, usually at some pre-announced ratio. The option component of this security, which allows for the holder to convert debt into equity, results in the holder receiving lower yields as compared to non-convertible securities, but a higher yield than is generally obtainable on the equity shares into which it converts. Although it typically has a low coupon rate, the holder is compensated through the ability to convert the debt to common stock, usually at a substantial premium to the stock's fair market value.

Typically, convertible debt securities will be classified as subordinated debt and, therefore, are more risky than unsubordinated debt. Subordinated debt holders are lower in the hierarchy as far as principal repayment during times of distress for the issuer.

Convertible debt securities are a less-risky investment than common stock but can provide higher, equity-like returns relative to non-convertible debt securities. They are less volatile than stocks and their value typically can only fall to a price where the yield would be equal to that of a non-convertible debt security of the same terms. They offer strong downside protection in a bear market, but also allow the investor to take part in the profits as a stock moves higher.

However, these securities can be disadvantageous in the sense that the holder will be receiving substantially lower yield to maturity in comparison to the non-convertible equivalent. This is generally a concern when the issuer's equity does not achieve the upward price projections that would make taking the lower yield speculation worthwhile.

**Other Risks**

*Illiquid Investments*. **Each Fund** may invest up to 15% of the value of its net assets in securities which are illiquid. Illiquid securities are any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. While these holdings may offer more potential for growth, they may also present a higher degree of business and financial risk, which can result in substantial losses. The Funds may have difficulty valuing these holdings and may be unable to sell these holdings at the time or price desired. Certain restricted securities, such as Rule 144A securities and securities issued under Regulation S, are generally eligible for resale solely to qualified institutional buyers under the Securities Act of 1933, as amended, and are not considered illiquid solely based on their status as restricted securities.

*Volatility Risk*. The **LargeCap Fund** and **MidCap Fund** are subject to volatility risk, which is the risk that certain types of securities shift in and out of favor depending on market and economic conditions as well as investor sentiment.

*Risks Relating to Current Market Conditions and Geopolitical Risk.* National and global markets and economies have become increasingly interconnected. War, natural disasters, terrorism, public health emergencies such as pandemics and epidemics, trade disputes with key trading partners and associated tariffs, and similar events can create very high levels of volatility and generally stressed conditions in markets around the world. These types of events can also result in a wide range of social and economic disruptions and challenge businesses and their revenues across most sectors. For example, the COVID-19 coronavirus pandemic resulted in closed borders, voluntary or compelled quarantines of large populations, stressed healthcare systems, reduced or prohibited domestic or international travel, and supply chain disruptions throughout much of the United States and many other countries. Similarly, conflict, loss of life, and disaster connected to ongoing armed conflict, including between Ukraine and Russia as well as in the Middle East, could have broad-ranging market effects, such as boycotts, changes in consumer or purchaser preferences, possible cyberattacks on governments, companies or individuals as well as significant negative impacts on and increased volatility in the financial markets for certain securities and commodities, such as oil and natural gas. Emerging technologies such as those related to artificial intelligence are likely to have ongoing and significant effects on a wide range of industries and labor markets and on economies generally. The effects of these events and the resultant effects on the Funds cannot be predicted with certainty. This uncertainty is likely to amplify other risks that apply to the Funds.

*Preferred Stock*. The **LargeCap Fund** and **MidCap Fund** may invest in preferred stocks. Preferred stocks represent an equity or ownership interest in an issuer. Preferred stocks normally pay dividends at a specified rate and have precedence over common stock in the event the issuer is liquidated or declares bankruptcy. However, in the event an issuer is liquidated or declares bankruptcy, the claims of owners of the issuer's debt take precedence over the claims of those who own preferred and common stock. Preferred stock dividends may be cumulative or non-cumulative, participating, or auction rate.

"Cumulative" dividend provisions require all or a portion of prior unpaid dividends to be paid before dividends can be paid on an issuer's common stock. "Participating" preferred stock may be entitled to a dividend exceeding the stated dividend in certain cases. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of such stocks to decline. Preferred stock may have mandatory sinking fund provisions, as well as provisions allowing the stock to be called or redeemed, which can limit the benefit of a decline in interest rates. Preferred stock is subject to many of the risks to which common stock and debt securities are subject. To the extent the **Bond Fund** holds preferred stocks through a conversion, reorganization or other actions or holds hybrid securities (which bear characteristics of preferred stock in addition to those of debt), the Bond Fund will also be subject to these risks.

*Convertible Preferred Stock*. The **LargeCap Fund** and **MidCap Fund** may invest in convertible preferred stock. Convertible preferred stock is preferred stock that may be exchanged for or converted into the common stock of the same (or a different) issuer at the option of the holder during a specified period of time. In exchange for the conversion feature, however, dividends on a convertible preferred stock are generally less than would be the case if the stock was issued in non-convertible form.

The value of a convertible preferred stock tends to increase as the price of the underlying common stock goes up and to decrease as the price of the underlying common stock goes down. In addition, convertible preferred stocks tend to increase in value when interest rates fall and decrease in value when interest rates rise. Because both stock market movements and interest rates can influence its value, a convertible preferred stock is not as sensitive to interest-rate changes as a non-convertible debt security, nor is it as sensitive to changes in the share price of its underlying common stock.

Convertible preferred stocks are senior securities and, therefore, generally have a claim against the assets of the issuing company that is superior to the claims of holders of the company's common stock upon liquidation of the company. However, a convertible preferred stockholder's claim against the assets of the issuing company is subordinate to the claims of holders of the issuer's debt securities upon liquidation of the company. To the extent the **Bond Fund** holds convertible preferred stock through a conversion, reorganization or other actions, the Bond Fund will also be subject to these risks.

**Other Information**

<u>Change in Investment Objective</u>

Each Fund's investment objective may be changed by the Board of Directors without shareholder approval. However, the Board has no present plans to change any Fund's objective.

The policy of the **LargeCap Fund** is to invest, under normal circumstances, at least 80% of its net assets plus any borrowing for investment purposes in a diversified portfolio of equity securities of large-capitalization companies that at the time of purchase fall within the capitalization ranges of companies in the S&P 500 Index, the Fund's benchmark. This policy may be changed by the Board upon at least 60 days' prior written notice to the shareholders, which notice will comply with the requirements of Rule 35d-1 under the 1940 Act.

The policy of the **MidCap Fund** is to invest, under normal circumstances, at least 80% of its net assets plus any borrowing for investment purposes in a diversified portfolio of equity securities of medium-sized companies that at the time of purchase fall within the 12-month average of the capitalization ranges of stocks in the Russell Midcap Index, the Fund's benchmark. This policy may be changed by the Board upon at least 60 days' prior written notice to the shareholders, which notice will comply with the requirements of Rule 35d-1 under the 1940 Act.

The policy of the **Bond Fund** is to invest, under normal circumstances, at least 80% of its net assets plus any borrowing for investment purposes in bonds. This policy may be changed by the Board upon at least 60 days' prior written notice to the shareholders, which notice will comply with the requirements of Rule 35d-1 under the 1940 Act.

<u>Temporary Defensive Positions</u>

**Each Fund** may from time to time invest, without limitation, in short-term instruments for defensive purposes in response to adverse market, economic and other conditions that could expose the Fund to a decline in value. Short-term instruments include commercial paper, certificates of deposit, U.S. Treasury bills, variable-rate demand notes, repurchase agreements and money market funds. These temporary defensive positions are inconsistent with each Fund's principal investment strategies and make it harder for a Fund that takes such a temporary defensive position to achieve its investment objective.

**Fund Holdings Information**

The Funds understand that portfolio holdings information is material, non-public information and that selective disclosure of such information may be prohibited. Accordingly, the Funds have adopted a policy regarding the disclosure of portfolio holdings information, which is described in the Statement of Additional Information and is available on the Funds' website at www.thompsonim.com.

Complete schedules of the Funds' portfolio holdings as of the end of each calendar quarter are made available on the Funds' website at www.thompsonim.com. These schedules are generally posted on the website within thirty (30) days of the end of each quarter.

**MANAGEMENT**

**Investment Advisor**

Thompson Investment Management, Inc. ("TIM" or the "Advisor"), 1255 Fourier Drive, Suite 200, Madison, Wisconsin 53717, serves as investment advisor for the Thompson IM Funds, Inc. (the "Funds"). TIM also provides investment advice to individuals and institutional clients. As of January 1, 2026, TIM had approximately $2.8 billion of assets under management. TIM also acts as administrator to the Funds. In such capacity, TIM provides the Funds with administrative and accounting services. TIM is controlled by each of James T. Evans, Penny M. Hubbard, and Jason L. Stephens by virtue of their respective ownership of its voting securities.

During the fiscal year ended November 30, 2025, the LargeCap Fund paid management fees to TIM of 0.93% of the Fund's average daily net assets; during that time, TIM waived and/or reimbursed operating fees of 0.15% so that the net operating expenses of the LargeCap Fund equaled 0.99%. During the fiscal year ended November 30, 2025, the MidCap Fund paid management fees to TIM of 0.99% of the Fund's average daily net assets; during that time, TIM waived and/or reimbursed operating fees of 0.26% so that the net annual operating expenses of the MidCap Fund equaled 1.15%. During the fiscal year ended November 30, 2025, the Bond Fund paid management fees to TIM of 0.60% of the Fund's average daily net assets.

A discussion regarding the basis for the Board of Directors approving the investment advisory contract of the Funds is available in Thompson IM Funds' Form N-CSR filed with the Securities and Exchange Commission and on our website at **www.thompsonim.com** for the period ended November 30, 2025.

**Portfolio Managers**

The Portfolio Managers for each of the Funds are identified below. The Co-Portfolio Managers of each Fund work together. Portfolio management at TIM is a collaborative process.

With respect to each of the Funds, each of the Co-Portfolio Managers shares equal responsibility for day-to-day management of the Fund, and they generally work together in developing investment strategies and selecting securities. In certain cases, a Co-Portfolio Manager may act independently in selecting securities, but may do so only with prior approval from the other Co-Portfolio Manager. The Co-Portfolio Managers are assisted by other employees of TIM.

<u>LargeCap Fund</u>

James T. Evans and Jason L. Stephens serve as Co-Portfolio Managers for the LargeCap Fund. James T. Evans has been actively involved in the management of the MidCap Fund since its March 31, 2008 inception and in the management of the LargeCap Fund and the Bond Fund since February 2009. Mr. Evans has served as a Director of Thompson IM Funds, Inc. since 2023 and as Vice President since 2009. Mr. Evans is the Chief Investment Officer, Principal, and a Portfolio Manager at TIM. Previously, he was a Managing Director for Nakoma Capital Management in Madison, Wisconsin. Mr. Evans graduated summa cum laude from Macalester College with a Bachelor of Arts degree in

Economics and Computer Science. He also earned a M.B.A. in Finance and Accounting and a M.S. in Finance from the University of Wisconsin-Madison. Mr. Evans completed the Applied Security Analysis Program at the University of Wisconsin-Madison Business School. He is a CFA charterholder.

Jason L. Stephens, has been actively involved in the management of the MidCap Fund since its inception and in the management of the LargeCap Fund and the Bond Fund since February 2009. Mr. Stephens has served as a Director of Thompson IM Funds, Inc. since 2011, as its Chief Executive Officer since 2015 and President since 2020. Mr. Stephens is Chief Executive Officer, President, Principal, and a Portfolio Manager at TIM. Mr. Stephens received a B.S. in English and Communication Arts, a M.A. in Arts Administration and a M.S. in Finance, each from the University of Wisconsin-Madison. He is a CFA charterholder.

<u>MidCap Fund</u>. James T. Evans and Jason L. Stephens serve as Co-Portfolio Managers for the MidCap Fund. Messrs. Evans and Stephens have been actively involved in the management of the MidCap Fund since its inception. Information about Messrs. Evans and Stephens is set forth under "LargeCap Fund" above.

<u>Bond Fund</u>. James T. Evans and Jason L. Stephens serve as Co-Portfolio Managers for the Bond Fund. Messrs. Evans and Stephens have been actively involved in the management of the Bond Fund since February of 2009. Information about Messrs. Evans and Stephens is set forth under "LargeCap Fund" above.

**Additional Information About Portfolio Managers**

The Statement of Additional Information for the Funds provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of shares of the Funds.

**HOW TO BUY, EXCHANGE, AND SELL SHARES**

**General**

You may buy shares of any of the Funds without a sales charge. The price you pay for the shares will be the net asset value per share next determined after your purchase order is received by the Funds through U.S. Bank Global Fund Services, the Funds' transfer agent ("Transfer Agent") or a clearing agency registered with the Securities and Exchange Commission (e.g., NSCC's Fund/SERV system), or received by Quasar Distributors, LLC, the principal underwriter and distributor of shares of the Funds ("Distributor"), or other broker-dealer or designated intermediary authorized by the Funds. That determination is made as of the close of trading on the New York Stock Exchange (generally 4:00 p.m. Eastern Time) every day on which the Exchange is open. You need to complete the Account Application and submit it to the Funds in order to purchase Fund shares. The Funds reserve the right to reject any purchase order for any reason. The Funds generally do not sell shares to investors residing outside the United States, even if they are United States citizens or lawful permanent residents, except to investors with United States military APO or FPO addresses. The Funds reserve the right to decline investments from shareholders who must supply or file a form W-8. Please note that your application will be returned if any information is missing. The Funds do not issue share certificates.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Citizenship/Residency** | &nbsp;&nbsp;**Yes/No** |
| &nbsp;&nbsp;U.S. Citizen with U.S. Residency (U.S. Tax ID required) | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;U.S. Citizen Living Abroad – U.S. Citizen with Foreign Residency | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Resident Alien – Foreign Citizen with U.S. Residency (U.S. Tax ID required) | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Non-Resident Alien – Foreign Citizen with Foreign Residency | &nbsp;&nbsp;No |

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Please call us at **1-800-999-0887** or visit our website at **www.thompsonim.com** if you have any questions about purchasing shares of the Funds or require additional assistance in completing your Account Application.

The initial and subsequent investment minimums for purchases of shares of a Fund are as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To open an account: | $250 per Fund |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To add to an account: | $50 |

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The initial and subsequent investment minimums are not imposed on retirement plan accounts (such as 401(k), SIMPLE and SEP plans). In addition, we may waive the initial and subsequent investment minimum in other appropriate circumstances.

The Funds have established an Anti-Money Laundering Program as required by the USA PATRIOT Act and an identity-theft prevention program. In order to ensure compliance with this law and these programs, the Funds are required to obtain the following information for all registered owners and all authorized individuals:

● Full Name

● Date of Birth

● Social Security Number

● Permanent Street Address (P.O. Box alone is not acceptable)

● *Corporate accounts require additional documentation* 

● If you are opening the account in the name of a legal entity (e.g., partnership, limited liability company, business trust, corporation, etc.), you must also supply the identity of that entity's beneficial owners.

The Funds will use such information to verify your identity and will not transact business with any person or entity whose identity cannot be adequately verified under the provisions of the USA PATRIOT Act. In the rare event that the Transfer Agent is unable to verify your identity, the Fund reserves the right to redeem your account at the current day's net asset value.

The Funds have not adopted a "Rule 12b-1" distribution plan and, thus, do not make any payments out of their assets for activities that are primarily intended to result in the sale of Fund shares. All sales, marketing and other distribution-related costs are borne by the Advisor, including the costs of advertising and sales literature, the fees and expenses of the Distributor, the costs of printing and mailing prospectuses, and compensation to broker-dealers and other intermediaries. In addition, the Advisor may offer additional non-cash compensation or sales incentives to certain broker-dealers and other intermediaries.

The Funds reimburse the Advisor for a portion of amounts paid by the Advisor out of the Advisor's own resources under various shareholder, account maintenance, networking and other services provided to the Funds by broker-dealers and other intermediaries. The amount reimbursed by the Funds is equal to (1) for those accounts maintained through a shareholder servicing arrangement, an annual rate of no more than 0.10% of the average daily net assets of the omnibus accounts in the Funds for which all broker-dealers and other intermediaries, in the aggregate, are responsible, and (2) for those accounts maintained through a networking arrangement, no more than $6 per year per account in the Funds for which the broker-dealers and other intermediaries are responsible; provided however, in all cases only one of these fees shall be applicable to the assets in an account. This amount has been determined by the Board of Directors of the Funds to approximate (or not to exceed) the transfer agency fees that would otherwise have been payable by the Funds if such broker-dealers and intermediaries did not maintain these accounts. For the fiscal year ended November 30, 2025, the amounts reimbursed by the Funds to the Advisor were $18,317, $3,525 and $447,485 for the LargeCap Fund, MidCap Fund and Bond Fund, respectively.

**The Advisor also makes payments from its own resources to selected broker-dealers or financial institutions that perform various shareholder servicing, recordkeeping or other services with respect to the Funds. The payments that the Advisor makes to these broker-dealers are usually, but need not be, based on the aggregate value of accounts in the Funds for which these broker-dealers are responsible, or may include a flat fee, and the amounts can vary from firm to firm. The minimum aggregate size required for eligibility for such payments, as well as the factors in selecting the broker-dealer firms and institutions to which they will be made, are determined by the Advisor from time to time. These payments may create incentives for these broker-dealers or their representatives to recommend or offer shares of the Funds to you.**

**Purchasing of Fund Shares**

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**To Open An Account** | &nbsp;&nbsp;**To Add to an Existing Account** |
| &nbsp;&nbsp;**Minimum Investment** | &nbsp;&nbsp;$250 per Fund | &nbsp;&nbsp;$50 |
| &nbsp;&nbsp;**By Mail:**<br> Regular Mail:<br> Thompson IM Funds, Inc.<br> c/o U.S. Bank Global Fund Services<br> P.O. Box 219252<br> Kansas City, MO 64121-9252<br>Express Delivery Address:<br> Thompson IM Funds, Inc.<br> c/o U.S. Bank Global Fund Services<br> 801 Pennsylvania Ave, Suite 219252<br> Kansas City, MO 64105-1307<br>| &nbsp;&nbsp;Complete and sign the Account Application.<br>Call 1-800-999-0887 or visit the Funds' website at www.thompsonim.com to obtain the appropriate forms.<br>Make your check payable to *Thompson IM Funds*.<br>| &nbsp;&nbsp;Send your check along with the completed Additional Investment form included with your account statement (or write a note with the Fund name, your name, address, and account number).<br>Make your check payable to<br> *Thompson IM Funds* with your account number in the memo field.<br>|
| &nbsp;&nbsp;**By Internet:**<br> **www.thompsonim.com**<br>| &nbsp;&nbsp;You may not make an initial purchase of Fund shares via the internet. | &nbsp;&nbsp;Visit www.thompsonim.com and click on LOG IN to purchase additional fund shares.<br>The Fund must have bank instructions on file to purchase fund shares this way. You must provide a voided check or savings deposit slip with which to establish your bank account instructions*.*<br>You may set up a user ID and password by logging onto www.thompsonim.com. This will enable you to purchase shares by having the purchase amount deducted from your bank account by electronic funds transfer via the Automated Clearing House (ACH) network. Please make sure that your account is set up with bank instructions and that your bank is an ACH member.<br>|

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**To Open An Account** | &nbsp;&nbsp;**To Add to an Existing Account** |
| &nbsp;&nbsp; **By Telephone:**<br> **1-800-999-0887**<br> The Fund must have bank instructions on file to purchase fund shares this way. | &nbsp;&nbsp;You may not make an initial purchase of Fund shares via telephone. | &nbsp;&nbsp; If you submitted a voided check or savings deposit slip with your application, your account has been open for at least 7 business days, and you did not decline the telephone purchase option, you may purchase additional shares during business hours (8:00 A.M. to 7:00 P.M. Central Time).<br>|
| &nbsp;&nbsp; **By Telephone:**<br> **1-800-999-0887**<br> The Fund must have bank instructions on file to purchase fund shares this way. | &nbsp;&nbsp;Telephone trades must be received by or prior to market close. During periods of high market activity, shareholders may encounter higher than usual call waits. Please allow sufficient time to place your telephone transaction. | &nbsp;&nbsp;Telephone trades must be received by or prior to market close. During periods of high market activity, shareholders may encounter higher than usual call waits. Please allow sufficient time to place your telephone transaction. |
| &nbsp;&nbsp; **By Wire:**<br> U.S. Bank, N.A.<br> ABA 075000022<br> c/o U.S. Bank Global Fund Services<br> Account 112-952-137<br> (Name of Specific Thompson IM Fund being Purchased)<br> (Your Name)<br> (Account Number) | &nbsp;&nbsp; Complete and send in an Account Application. The completed application must be received in advance of the wire.<br>|  |
| &nbsp;&nbsp; **By Wire:**<br> U.S. Bank, N.A.<br> ABA 075000022<br> c/o U.S. Bank Global Fund Services<br> Account 112-952-137<br> (Name of Specific Thompson IM Fund being Purchased)<br> (Your Name)<br> (Account Number) | &nbsp;&nbsp;Before sending your wire, please contact us at 1-800-999-0887 to advise us of your intent to wire funds and receive your assigned account number. This will ensure prompt and accurate credit upon receipt of your wire. | &nbsp;&nbsp;Before sending your wire, please contact us at 1-800-999-0887 to advise us of your intent to wire funds and receive your assigned account number. This will ensure prompt and accurate credit upon receipt of your wire. |
| &nbsp;&nbsp; **Automatic Investment Plan:**<br> The Fund must have bank instructions on file to purchase fund shares this way. | &nbsp;&nbsp;Not applicable. | &nbsp;&nbsp; Call us at 1-800-999-0887 or visit our website at www.thompsonim.com to obtain an Account Options Form.<br>Visit www.thompsonim.com and click on LOG IN to purchase additional funds shares through automatic investments.<br>|
| &nbsp;&nbsp;**By Broker:** | &nbsp;&nbsp; Each Fund may also be available through your existing brokerage account. Check with your financial advisor.<br>|  |

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**Other Information about Purchasing Fund Shares**

All purchases by check must be made in U.S. dollars, drawn on a domestic financial institution. No third-party checks, credit cards, credit card checks, cashier's checks, Treasury Checks, traveler's checks, starter checks, cash or money orders will be accepted. The Funds are unable to accept post-dated checks or any conditional order or payment. The Funds may refuse to accept other forms of payment at their discretion*.* The Transfer Agent will charge a $25 fee against your account if any payment check is returned to the Transfer Agent. The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services, or receipt at the post office box of U.S. Bank Global Fund Services, of purchase orders or redemption requests does not constitute receipt by the Transfer Agent. Receipt of purchase orders or redemption requests is based on when the order is received at the Transfer Agent's offices.

To have your Fund shares purchased at the net asset value determined at the close of regular trading on a given date, the Transfer Agent must receive your purchase order before the close of regular trading on that date. Amounts sent by wire must be received before 3:00 p.m. Central Time in order to buy shares that day. Neither the Funds nor U.S. Bank, N.A. is responsible for the consequences of delays resulting from the banking or Federal Reserve wire system, or from incomplete wiring instructions. Also, you are responsible for any charges that your bank may impose for effecting the wire or electronic funds transfer.

The Fund may alter, modify or terminate the internet purchase option at any time. If an account has more than one owner or authorized person, the Fund will accept internet or telephone instructions from any one of those owners or authorized persons. By accepting the internet or telephone purchase option, you authorize us to act upon the instruction of any person by internet or telephone to purchase additional shares for your account, and you assume some risk for unauthorized transactions. We have procedures designated to reasonably assure that the internet or telephone instructions are genuine, including requesting personal information and providing written confirmation of transactions. In addition, for internet transactions, we request your user identification number and password, which can be established on the website, and for telephone transactions, we record telephone conversations. We will be liable to you if you suffer a loss from our failure to abide by these procedures.

Telephone orders will be accepted via electronic funds transfer from your bank account through the Automated Clearing House (ACH) network, provided that your bank is a member and your account has been open for at least 7 business days. Your shares will be purchased at the net asset value calculated on the day of your purchase order. A $25 charge will be assessed, in addition to any loss sustained by the Fund, for any such transfer that cannot be completed.

The Automatic Investment Plan section on the Regular Account Application or Account Options Form must be completed to authorize the transfer of funds from your bank account. Your financial institution must be a member of the Automated Clearing House (ACH) network. Indicate the amount of the automatic investments (must be at least $50 per investment) and how often (monthly, bimonthly, quarterly or yearly) you wish to make automatic investments. Your bank will deduct the automatic investment amount you have selected from your checking or savings account on the business day of your choosing, and apply that amount to the purchase of fund shares. You will be charged $25 for any automatic investments that do not clear. You may change or terminate your participation in an automatic investment plan at any time; however, a request to change or terminate must be made to the Transfer Agent at least five days prior to the effective date of the next transaction.

You may purchase shares of any Fund through a broker-dealer, institution or other service provider, who may charge a commission or other transaction fee. Shares of any Fund, which are available in a single class of "clean shares" (i.e., shares without any front-end load, deferred sales charge, or other asset-based fee for sales or distribution), may also be available through certain brokerage platforms that have agreements with the Funds' distributor to offer shares acting as an agent for the investor. When transacting in Fund shares an investor may be required to pay a commission to a broker. Certain account features of a Fund may not be available or may be modified in connection with the program offered by your service provider. The service provider, rather than you, may be the shareholder of record of Fund shares and may be responsible for delivering Fund reports and other communications about the Fund to you.

**Exchange and Redemption of Fund Shares**

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| | |
|:---|:---|
| &nbsp;&nbsp;**By Mail** **:**<br> Regular Mail:<br> Thompson IM Funds, Inc.<br> c/o U.S. Bank Global Fund Services<br> P.O. Box 219252<br> Kansas City, MO 64121-9252<br>Express Delivery Address:<br> Thompson IM Funds, Inc.<br> c/o U.S. Bank Global Fund Services<br> 801 Pennsylvania Ave, Suite 219252<br> Kansas City, MO 64105-1307<br>| &nbsp;&nbsp;A written request for exchange or redemption (or the Redemption Request form) must be signed exactly as the account is registered and include the name of the Fund, account number and the amount to be redeemed or exchanged.<br>Signatures may need to be guaranteed. See "Signature Guarantees."<br>Call 1-800-999-0887 or visit the Funds' website at www.thompsonim.com to obtain the appropriate forms.<br>|
| &nbsp;&nbsp;**By Internet** **:**<br> **www.thompsonim.com**<br> The Fund must have bank instructions on file to redeem fund shares this way. | &nbsp;&nbsp;All accounts (except retirement plans, corporate, and certain institutional accounts).<br>Visit www.thompsonim.com and click on LOG IN and follow the instructions to redeem or exchange shares to another Thompson IM Fund.<br>If you do not already have online account access established, you will need to create a user name and password after clicking LOG IN.<br>|
| &nbsp;&nbsp;**By Telephone** **:**<br> **1-800-999-0887**<br>| &nbsp;&nbsp;We will accept telephone exchanges or redemptions during business hours (8:00 A.M. to 7:00 P.M. Central Time) unless you indicate otherwise on your account application.<br>Call us and provide your account number and the amount to be redeemed.<br>Telephone trades must be received by or prior to market close. During periods of high market activity, shareholders may encounter higher-than-usual call waits. Please allow sufficient time to place your telephone transaction.<br>|
| &nbsp;&nbsp;**By Wire** **:**<br> **1-800-999-0887**<br>| &nbsp;&nbsp;Call us to request wire redemptions. |
| &nbsp;&nbsp;**Automatic Exchange Plan:**<br>| &nbsp;&nbsp;You may also make regular monthly exchanges from one Fund to another through our Automatic Exchange Plan. You may participate by completing the Automatic Exchange Plan section of the account application, which may be obtained from the Funds. You must establish an account for each Fund with at least $250 before you can make automatic exchanges. You must determine the amount that will be automatically exchanged (must be at least $50) and the day of each month the exchange will be made.<br>|

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| | |
|:---|:---|
| &nbsp;&nbsp;**Systematic Withdrawal Plan:** | &nbsp;&nbsp; You can elect to participate in our Systematic Withdrawal Plan by completing the Systematic Withdrawal Plan section on the Regular Account Application. This plan allows you to arrange for automatic withdrawals from your Fund account. Payments may be sent via check to your address of record or to a pre-authorized bank account through the Automatic Clearing House (ACH) network, if your bank is a member. You select the schedule for systematic withdrawals, which may be on a monthly basis or in certain designated months. You also select the amount of each systematic withdrawal, subject to a $25 minimum. To begin systematic withdrawals, you must have a Fund account valued at $10,000 or more. The Systematic Withdrawal Plan may be terminated or modified at any time by writing or by telephone at least 5 days prior to the effective date.<br>|
| &nbsp;&nbsp;**By Broker** **:** | &nbsp;&nbsp; You may redeem Fund shares through broker-dealers, institutions and other service providers, who may charge a commission or other transaction fee for processing the redemption for you.<br>|

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**Other Information about Redeeming and Exchanging Fund Shares**

You may exchange shares of a Fund for shares in an identically registered account of another Fund without a fee or sales charge. Shares being exchanged must have a net asset value of at least $250 (except for the Automatic Exchange Plan). Immediately following the exchange, the value of your account in the Fund for which shares are exchanged must be at least $250. We reserve the right to limit the number of times you may exchange Fund shares. The exchange privilege may be modified or terminated at any time.

An exchange of shares from one Fund to another Fund is treated as a sale of the shares being exchanged and any gain on the transaction may be subject to income tax.

If your account has multiple owners such as a joint account, only one owner or joint tenant's authorization is required for a telephone or internet exchange or redemption. In making telephone or internet exchanges, you assume the risk for unauthorized transactions. However, we have procedures designed to reasonably assure that the telephone or internet instructions are genuine, including requesting personal information and providing written confirmation of transactions. In addition, for internet transactions, we request your user identification number and password, which can be established on the website, and for telephone transactions we record telephone conversations. We will be liable to you if you suffer a loss from our failure to abide by these procedures. Once a telephone or internet transaction has been placed, it cannot be cancelled or modified after the close of regular trading on the New York Stock Exchange (generally, 4:00 p.m., Eastern Time).

You may redeem (sell back to the Fund) all or some shares of any Fund at any time. The price you receive for the shares will be the net asset value per share next determined after the redemption request is received in "good order" by the Funds (through the Transfer Agent), by a clearing agency registered with the Securities and Exchange Commission (e.g., NSCC's Fund/SERV system), or by the Distributor or other broker-dealer or designated intermediary authorized by the Funds. The net asset value per share is determined as of the close of trading on the New York Stock Exchange (generally 4:00 p.m. Eastern Time) on each day in which the Exchange is open.

A redemption request will be deemed in "good order" if it includes:

● The shareholder's name;

● The name of the Fund;

● The account number;

● The share or dollar amount to be redeemed; and

● Signatures of all shareholders on the account (for written redemption requests, with signature(s) guaranteed if applicable).

**Receiving Redemption Proceeds**

You may request to receive your redemption proceeds by mail or by wire or electronic funds transfer. No redemption will be effective until all necessary documents have been received in proper form by the Funds (through the Transfer Agent). Redemption proceeds will be sent within seven days after we receive the redemption request; however, we will delay sending redemption proceeds for 12 calendar days from their purchase date or until all payments for the shares being redeemed have cleared, whichever occurs first. This delay will not apply if you purchased your shares via wire payment. The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services, or receipt at the post office box of U.S. Bank Global Fund Services, of purchase orders or redemption requests does not constitute receipt by the Transfer Agent. Receipt of purchase orders or redemption requests is based on when the order is received at the Transfer Agent's offices.

The Funds typically expect in the normal course of business to use holdings of cash or cash equivalents, lines of credit, and sales of portfolio assets to meet redemption requests.

**By Mail:**

We mail checks for redemption proceeds after we receive the request and all necessary documents. The check will be mailed to the address on your account (unless you request that it be sent to a different address, which requires a signature guarantee). There is no charge for mailing out redemption checks. Your redemption checks will be mailed unless you expressly request that it be sent by wire or electronic fund transfer.

**By Wire/Electronic Funds Transfer:**

At your written request, we will send you your redemption proceeds by wire or electronic funds transfer through the Automated Clearing House (ACH) to your designated bank account. Electronic funds transfers are generally completed within 2 to 3 days. In order to arrange for automated wire or electronic funds transfer, you must have elected the option on the account application and have provided bank information. If you do not have predetermined bank account information on your account, a signature guarantee on your redemption request will be required. You will be charged a fee (currently $15) for each wire transfer. There is no charge for electronic fund transfers, but your bank must be a member in order for you to use the system. You will be responsible for any charges that your bank may impose for receiving wire or electronic fund transfers.

**Other Redemption Information**

<u>Signature Guarantees</u>

For your protection, your signature on a request must be guaranteed by an institution (either a Medallion program member or a non-Medallion program member) eligible to provide them under federal or state law (such as a bank, savings and loan, or securities broker-dealer) under any of the following circumstances:

● If ownership is being transferred on your account;

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

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

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

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

In addition to the situations described above, the Funds and/or the Transfer Agent may require a signature guarantee in other instances based on the circumstances relative to the particular situation. The Funds reserve the right to waive any signature requirement at their discretion.

<u>Small Accounts</u>

Because of the disproportionately high cost of servicing accounts with low balances, we reserve the right to terminate your account in any Fund if, as a result of any transfer, exchange or redemption of shares in the account, the aggregate net asset value per share of the remaining shares in the account falls below $250. We will notify you at least 30 days in advance of our intention to terminate the account to allow you an opportunity to restore the account balance to at least $250. Upon any such termination, we will send you a check for the proceeds of redemption.

<u>Suspension of Redemptions</u>

Your right to redeem shares in any Fund and the date of payment by the Fund may be suspended when: (1) the New York Stock Exchange is closed or the Securities and Exchange Commission determines that trading on the Exchange is restricted; (2) an emergency makes it impracticable for the Fund to sell its portfolio securities or to determine the fair value of its net assets; or (3) the Securities and Exchange Commission orders or permits the suspension for your protection.

**Shareholder Statements and Reports**

To keep you informed about your investments, the Funds send you various account statements and reports, including:

● Confirmation statements that verify your purchases or sales of Fund shares (except in the case of automatic purchases from bank accounts and systematic withdrawals)

● Quarterly and annual shareholder account statements

● Shareholder tax forms

**Availability of Money Market Fund**

You may withdraw some or all of your investment in a Thompson IM Fund and reinvest the proceeds the same day in an available money market fund, provided that you have an existing account with this money market fund or you submit a completed money market application to the Transfer Agent. You may also move that investment back into any of the Thompson IM Funds. There is no charge for this privilege. Although the money market fund is not affiliated with the Advisor or the Funds, this exchange privilege is a convenient way for you to purchase shares in a money market fund in order to respond to changes in your investment goals or market conditions. Your use of this privilege is subject to the exchange minimums and other requirements applicable to the money market fund. Before exchanging into the money market fund, you should read its prospectus. To obtain an application for the money market fund or for additional information on the money market fund, including a prospectus, please call 1-800-999-0887 or visit www.thompsonim.com.

Please note that when exchanging from a Thompson IM Fund to the money market fund, you will begin accruing income from the money market fund the day following the exchange. When exchanging less than all of the balance from the money market fund to your Thompson IM Fund, your exchange proceeds will exclude accrued and unpaid income from the money market fund through the date of exchange. An exchange is considered to be a sale of shares for federal income tax purposes on which you may realize a taxable gain or loss.

This privilege may be modified or terminated at any time.

This exchange privilege does not constitute an offering or recommendation on the part of the Thompson IM Funds or the Advisor of an investment in the money market fund.

**OTHER INFORMATION**

**Determination of Net Asset Value**

Each Fund calculates its share price, also called net asset value, for both purchases and sales of shares, as of the close of trading on the New York Stock Exchange (generally, 4:00 p.m. Eastern Time), every day the Exchange is open. We determine a Fund's net asset value per share by adding up the total value of the Fund's investments and other assets and subtracting its liabilities, and then dividing that amount by the number of outstanding shares of the Fund. The Funds' Board of Directors (the "Funds' Board") has adopted

methods for valuing securities set forth in the Funds' Pricing Policies and Procedures, including circumstances in which market quotes are not readily available or deemed to be unreliable, and has delegated authority to the Advisor, as the Board appointed valuation designee, to apply those methods in making fair value determinations, in accordance with procedures approved by the Funds' Board. The valuation designee has established a valuation committee that, along with other Advisor employees, administers, implements, and oversees the fair valuation process and makes fair value decisions. The valuation committee regularly reviews its own fair value decisions, as well as valuations, valuation techniques and services furnished by pricing services; considers circumstances in the markets which may require it to make or adjust valuation determinations; and reviews previous valuation determinations. The valuation committee reports on its activities and any changes to the fair valuation guidelines to the Funds' Board.

Each Fund's equity securities, including common stocks, ADRs, REITs and rights, are valued at their market prices (generally the last reported sales price on the exchange where the securities are primarily traded or, for Nasdaq-listed securities, at their Nasdaq Official Closing Prices). If no sales are reported on a particular day, the mean between the highest bid and lowest asked quotations at the close of the exchanges will generally be used. Investments in money market mutual funds are generally priced at the ending net asset value provided by the service agent of the funds.

Fixed-income securities such as corporate bonds, convertible bonds, asset-backed securities, mortgage-backed securities, U.S. government and agency securities, sovereign bonds, municipal bonds, and commercial paper are typically valued based on valuations published by an independent pricing service, which uses various valuation methodologies such as matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. Factors considered by pricing services include market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads and fundamental analytical data relating to the issuer. Short-term investments in fixed-income securities (those with remaining maturities of 60 days or less) are generally valued on an amortized cost basis.

Where market quotations are not readily available or are unreliable, a value is determined in good faith pursuant to procedures established by the Funds' Board. When determining the value of a security, consideration is given to the facts and circumstances relevant to the particular situation, which includes factors such as fundamental analytical data relating to the investment, which may include consideration of yields or prices of securities of comparable quality, coupon rate, maturity and type of issue, nature and duration of any restrictions on disposition of the security and an evaluation of forces that influence the market in which the securities are purchased or sold. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security.

**Excessive Account Activity**

An excessive number of purchases and redemptions by a shareholder (market timing) in and out of a Fund may be disadvantageous to the Fund and its shareholders. Frequent transactions present risks to Fund shareholders such as dilution in the value of Fund shares held by long-term holders, interference with the efficient management of the Fund's portfolio, increased brokerage and administrative costs, adverse tax consequences

and negative impact on Fund performance. The Funds' Board of Directors has adopted policies to discourage frequent purchases and redemptions of Fund shares. The Funds monitor and enforce these policies through:

● Providing regular reports to the Funds' Board of Directors by the Funds' Chief Compliance Officer regarding any instances of suspected market timing;

● Periodic monitoring of trade activity for evidence of market timing or other disruptive activity based on the size of the transactions, the frequency of the activity and other relevant factors; and

● Restricting and prohibiting purchases and/or exchanges by persons believed to engage in frequent trading activity.

In addition, if market timing or disruptive activity is detected in an omnibus account held by a financial intermediary, the Funds may request that the intermediary restrict or prohibit further purchases or exchanges of Fund shares by any shareholder that has been identified as having violated the Funds' policies. The Funds may also request that the intermediary provide additional information regarding the shareholder and/or his or her transactions in the Funds in order to review any unusual patterns of trading activity discovered in the omnibus account.

While the Funds seek to take action that will detect and deter market timing and other disruptive activity, the risks of such activity cannot be completely eliminated. For example, when purchases and sales are made through omnibus accounts maintained by broker-dealers and other intermediaries, we may not be able to effectively identify and restrict persons who engage in such activity. More specifically, unless the financial intermediaries have the ability to detect and deter market timing transactions themselves, the Funds may not be able to determine whether the purchase or sale is connected with a market timing transaction. Additionally, there can be no assurance that the systems and procedures of the Funds and its service providers will be able to monitor all trading activity in a manner that would detect market timing or disruptive activity. However, the Funds, the Advisor, the Distributor and the Transfer Agent will attempt to detect and deter market timing and disruptive activity in transactions by all shareholders, whether the transactions are made directly through the Transfer Agent or are made through financial intermediaries.

If market timing or other disruptive activity is detected, among other things, the Funds reserve the right to revise or terminate the exchange privilege, limit the amount of an exchange or a purchase order, or reject a purchase or an exchange, at any time, for any reason, without notice; and reserve the right to refuse to open a new account or reserve the right to close an existing account of a person who has a known history of market timing and other disruptive transaction activity without notice. In determining what action to take with respect to suspected market timing or other disruptive activity, the Funds will act in a manner that is consistent with the best interests of the Funds and its shareholders by making independent assessments of instances or patterns of potentially improper conduct in a manner consistent with the Funds' policies. The methods used by the Funds to deter and detect market timing and other disruptive activity involve judgments that are inherently subjective and the Funds' response to potentially disruptive trading activity may not be uniform.

The following types of activities are presumed under the Funds' policies not to be the sort of trading activity discouraged by those policies: automatic investment or exchange plan transactions, systematic withdrawals, scheduled retirement plan contributions, required distributions from IRAs, transactions in pension or other retirement plans and redemptions from charitable organizations or endowments, IRA transfers of assets, Roth IRA conversions or IRA recharacterizations, and systematic model portfolio rebalancing and other similar transactions approved by the Funds' Chief Compliance Officer.

**Inactive Accounts**

Under certain circumstances, if no activity occurs in an account within a time period specified by state law, your shares in a Fund as well as Fund dividends and distributions may be transferred (escheated) to that state under its unclaimed or abandoned property laws.

State laws vary considerably, and your state's unclaimed or abandoned property department website may be able to provide more specific information about the laws applicable to your account(s). However, there are a number of steps you can generally take to demonstrate activity in your account(s) that may help avoid having your account be deemed inactive. For example, accessing your account on at least an annual basis via the Funds' secure website at www.thompsonim.com could prevent your account from being deemed abandoned. In addition, in some states, speaking with a representative of the Funds by calling 1-800-999-0887 may satisfy their activity requirement. Please also notify the Funds of any name and address changes immediately and cash any dividend and redemption checks from your account(s) promptly. Please note that the reinvestment of dividends or other distributions in your account will not necessarily constitute a sufficient amount of activity to avoid escheatment to your state of your account or of those dividends or other distributions.

**Lost Shareholder**

It is important that the Funds maintain a correct address for each investor. An incorrect address may cause an investor's account statements and other mailings to be returned to the Funds. Based upon statutory requirements for returned mail, the Funds will attempt to locate the investor or rightful owner of the account. If the Funds are unable to locate the investor, then they will determine whether the investor's account can legally be considered abandoned. The Funds are legally obligated to escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator in accordance with statutory requirements. The investor's last known address of record determines which state has jurisdiction. Investors with a state of residence in Texas have the ability to designate a representative to receive legislatively required unclaimed property due diligence notifications. Please contact the Texas Comptroller of Public Accounts for further information.

**Authorized Broker-Dealers**

The Funds have authorized one or more broker-dealers to receive purchase and redemption orders on behalf of the Funds. These broker-dealers may designate other intermediaries to receive such orders. These authorized broker-dealers may charge customers a fee for their services and may receive compensation from the Advisor for providing these services. The Funds will be deemed to have received a customer order when an authorized broker-dealer or its designated intermediary receives the order.

Such customer orders will be priced at the relevant Fund's net asset value per share next determined after the orders are received by an authorized broker-dealer or its designated intermediary.

**Dividends and Distributions**

The LargeCap Fund and MidCap Fund annually (generally within 60 days following their November 30 fiscal year-end) distribute substantially all of their net investment income and any net realized capital gains. The Bond Fund distributes its net investment income quarterly (generally within 60 days following the end of each fiscal quarter) and net realized capital gains annually (generally within 60 days following its November 30 fiscal year-end). All income, dividends and capital gains distributions are automatically reinvested in shares of the relevant Fund at net asset value, without a sales charge, on the payment date, unless you request payment in cash. You may change your dividend and capital gains distribution option in writing or by telephone at least 5 days prior to the distribution.

Amounts distributed by each Fund generally depend on the amount of income and dividends received from the Fund's investments. The amount of cash available for distribution by a Fund and the Fund's distribution rate will typically vary from period to period and may decline.

If you elect to receive distributions and/or dividends by check and the post office cannot deliver the check, or if the check remains uncashed for six months, we reserve the right to reinvest the distribution check in your account at the relevant Fund's then current net asset value per share and to reinvest all subsequent distributions in shares of the Fund until an updated address is received.

**Taxes**

Each of the Funds intends to make distributions that may be taxable as ordinary income, qualifying dividends or capital gains (which may be taxable at different rates depending on the length of time the Fund holds its assets). Distributions of income and capital gains are generally taxable when they are paid, whether they are reinvested in additional Fund shares or received in cash, unless you are exempt from taxation or hold the Funds through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The maximum federal rate on certain long-term capital gains and qualifying dividends received by individuals, estates and trusts is currently equal to 23.8%. Short-term capital gains distributions will be taxed as ordinary income (at a maximum rate of 40.8%). Qualifying dividends include dividends received from domestic corporations (including mutual funds) on shares of stock that have been held for more than 60 days during the 121-day period beginning 60 days before the ex-dividend date. Additional requirements and limitations are imposed for purposes of determining the amount of dividends received from mutual funds that may qualify for the reduced tax rate. Non-qualifying dividends, including dividends of income on debt securities, will be taxed at ordinary income rates. You will receive information annually on the federal tax status of the Fund's dividends and capital gains distributions.

We expect that most of the LargeCap Fund's and MidCap Fund's distributions will be capital gains, and most of the Bond Fund's distributions will be ordinary income, in light of their respective investment objectives and policies.

Redemptions of shares of a Fund, including sales and exchanges to another Fund, may also give rise to capital gains or losses. The amount of any capital gain or loss will be equal to the difference, if any, between the adjusted cost basis of your shares and the proceeds you receive when you sell or exchange them.

In the Account Application, you are asked to certify that your taxpayer identification or social security number is correct and that you are not subject to backup withholding. If you fail to do so, the Funds are required to withhold 24% of your taxable distributions and redemption proceeds.

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and to take all other action required so that no federal income tax will be payable by such Fund itself. In order to qualify as a regulated investment company, each Fund must satisfy a number of requirements. If a Fund were to fail to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended, it would be treated as a regular corporation whose net taxable income (including taxable dividends and net capital gains) would be subject to income tax at the corporate level, and distributions to shareholders would be subject to a second tax at the shareholder level.

The foregoing tax discussion is general. You should consult your own tax advisor for more information and specific advice.

**Cost Basis Reporting**

The Funds are required to report to you and to the IRS the cost basis of your Fund shares acquired on or after January 1, 2012 ("covered shares") when those shares are subsequently redeemed. Unless you elect a different permissible cost basis method in writing or via the internet, the Funds will determine the cost basis of your covered shares using the average cost method. Please see the Statement of Additional Information for more information regarding cost basis reporting, including information about the average cost method.

You are encouraged to consult your tax advisor regarding the application of these cost basis reporting rules and, in particular, which cost basis calculation method you should elect. Representatives of the Funds are not licensed tax advisors and are unable to give tax advice.

**Retirement Accounts and Plans**

<u>Individual Retirement Accounts</u>

The Funds sponsor Individual Retirement Accounts (IRAs) through which you may invest annual IRA contributions and roll-over IRA contributions in shares of any of the Funds. The IRAs available through the Funds include Traditional IRAs, Roth IRAs and Coverdell Education Savings Accounts. U.S. Bank, N.A. will serve as custodian for all these types of IRA accounts sponsored by the Funds. U.S. Bank will charge a $15 annual maintenance fee for each Traditional IRA, Roth IRA or Coverdell Education Savings Account. Shareholders with two or more IRAs using the same tax ID number will be charged a total of $30 annually. Please refer to the IRA Disclosure Statement for a detailed listing of other fees. The Individual Retirement Account Custodial Agreement, the IRA Disclosure Statement and the Custodial Account Application are available from the Funds.

Purchases and redemptions of shares of any Fund by IRAs and retirement plans are treated in the same manner as they would be with any other account. IRAs must meet a minimum initial investment requirement of $250 and a minimum subsequent investment requirement of $50. Shareholders who hold their shares through an IRA or other retirement plan must indicate on their written redemption request whether or not to withhold federal income tax. Shareholders who fail to make an election on their redemption request will generally be subject to 10% withholding. Shares held in IRA and other retirement accounts may be redeemed by telephone at 1-800-999-0887. Investors will be asked whether or not to withhold taxes from any distribution.

<u>Retirement Plan Accounts</u>

Purchases may also be made by SEP plans (Simplified Employee Pension Plan), SIMPLE plans (Savings Incentive Match Plan for Employees of Small Employers), 401(k) plans and other retirement plans. Applications for investment in the Funds for SEP and SIMPLE plans are available from the Funds. The initial and subsequent investment minimums are not imposed on retirement plan accounts.

Because a retirement program involves commitments covering future years, it is important that the investment objectives of the Funds be consistent with the participant's retirement objectives. Premature withdrawals from a retirement plan may result in adverse tax consequences. Please consult with your own tax or financial advisor.

**Privacy Notice to Our Shareholders**

Thompson IM Funds, Inc. strongly believes in protecting the confidentiality and security of information we collect about you. This notice describes our privacy policy and how we treat the information we receive about you.

We do not sell your information to anyone.

<u>Why We Collect and How We Use Information</u>

When we evaluate your request for our services, provide investment advice to you and process transactions for your account, or when you receive other services from Thompson IM Funds, Inc., you typically provide us with certain personal information necessary for us to provide advice and process transactions. We may also use that information to offer you other services we provide which may meet your needs.

<u>What Information We Collect</u>

The personal information we collect may include: name, address, email address, social security or taxpayer identification number, driver's license copy, investments, other assets, income, account balance, investment objectives, historical transactions, and accounts at other institutions.

We collect personal information through our website only when you voluntarily provide it to us.

<u>How We Use and Protect Personal Non-Public Information</u>

We treat information about current and former shareholders and their accounts in a confidential manner. Our employees may access information and provide it to third parties only when completing a transaction or providing other services to you. We may share information with companies that perform services on our behalf, such as the companies that print and distribute our mailings or companies that we hire to perform transaction clearance, marketing or administrative services. We may disclose, with your consent, information to attorneys, accountants, securities professionals, retirement plan professionals and others to assist us, or them, in providing services to you. We may make additional disclosures as required or permitted by law. Companies we may hire to provide support services are not allowed to use your personal information for their own purposes.

We maintain policies and procedures to safeguard your non-public personal information. Access is restricted to employees who we determine need the information in order to perform their job duties. To guard your non-public personal information we maintain physical, electronic and other safeguards.

If you own shares of the Thompson IM Funds through a financial intermediary including, but not limited to, your broker-dealer, bank or trust company, you should review each financial intermediary's privacy policy to learn about its policies on selling or sharing your non-public information with non-affiliated third parties.

**Access to and Correction of Information**

Generally, upon your written request, we will make information available for your review. Information collected in connection with, or in anticipation of, any claim or legal proceeding will not be made available. If your personal information with us becomes inaccurate, or if you need to make a change to that information, please contact us at 1-800-999-0887 so we can update our records.

**Delivery of Documents to Shareholders**

To control mailing and printing costs, we will deliver a single prospectus or other shareholder information ("shareholder documents") to persons who have a common address and who have effectively consented to such delivery. This form of delivery is referred to as "householding."

You may revoke your consent to householding at any time by calling Thompson IM Funds at 1-800-999-0887 or by writing to us at the address provided above. If you choose to revoke your consent, the Funds will begin to send separate copies to you within 30 days after we receive your revocation. If your shares are held through a financial institution please contact that institution directly.

You may elect to receive all future shareholder reports electronically free of charge. If you are a direct investor with the Funds, you may inform the Funds that you wish to receive your shareholder reports electronically by contacting us at 1-800-999-0887. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to receive your shareholder reports electronically. Your election to receive reports electronically will apply to all Funds that you hold (for direct investors) or all Funds that you hold in your account with your financial intermediary.

**FINANCIAL HIGHLIGHTS**

The financial highlights tables are intended to help you understand the Funds' financial performance for the past five fiscal years (which end on November 30). Certain information reflects financial results for a single Fund share. The total returns in the tables represent the rate that an investor would have earned or lost on an investment in the Funds (assuming reinvestment of all dividends and distributions). Information has been audited by Cohen & Company, Ltd., the Funds' independent registered public accounting firm, whose report, along with the Funds' financial statements, are included in the Annual Report to Shareholders, which is available upon request.

The following tables present information relating to a share of capital stock outstanding for the entire period.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **LARGECAP FUND** |  |  |  |  |  |
| **Per share operating performance** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $116.40 | $96.24 | $94.19 | $105.38 | $83.93 |
| **<u>Income from Investment Operations</u>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.74 | 0.70 | 0.80 | 0.76 | 0.76 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments (a) | 17.81 | 27.46 | 5.55 | (6.70) | 21.47 |
| &nbsp;&nbsp;&nbsp;**Total from Investment Operations** | 18.55 | 28.16 | 6.35 | (5.94) | 22.23 |
| **<u>Less Distributions</u>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.71) | (0.79) | (0.76) | (0.76) | (0.78) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (11.24) | (7.21) | (3.54) | (4.49) | -- |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (11.95) | (8.00) | (4.30) | (5.25) | (0.78) |
| **Net Asset Value, End of Period** | $123.00 | $116.40 | $96.24 | $94.19 | $105.38 |
| **Total Return** | 18.22% | 31.13% | 7.38% | (6.13%) | 26.71% |
| **<u>Ratios/Supplemental Data</u>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (millions) | $199.0 | $190.3 | $158.7 | $157.4 | $165.4 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net expenses | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses without reimbursement | 1.14% | 1.13% | 1.17% | 1.16% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income | 0.67% | 0.66% | 0.82% | 0.79% | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income without reimbursement | 0.52% | 0.52% | 0.64% | 0.62% | 0.56% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 15% | 21% | 30% | 22% | 12% |

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(a) Net realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may or may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **MIDCAP FUND** |  |  |  |  |  |
| **Per share operating performance** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $15.26 | $12.99 | $14.64 | $17.07 | $13.20 |
| **<u>Income from Investment Operations</u>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.08 | 0.08 | 0.11 | 0.10 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments (a) | 1.36 | 3.21 | (0.27) | (0.93) | 3.87 |
| &nbsp;&nbsp;&nbsp;**Total from Investment Operations** | 1.44 | 3.29 | (0.16) | (0.83) | 3.92 |
| **<u>Less Distributions</u>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.08) | (0.11) | (0.10) | (0.04) | (0.05) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (1.00) | (0.91) | (1.39) | (1.56) | -- |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (1.08) | (1.02) | (1.49) | (1.60) | (0.05) |
| **Net Asset Value, End of Period** | $15.62 | $15.26 | $12.99 | $14.64 | $17.07 |
| **Total Return** | 10.56% | 26.47% | (0.47%) | (5.71%) | 29.75% |
| **<u>Ratios/Supplemental Data</u>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (millions) | $55.6 | $59.2 | $50.5 | $54.9 | $60.9 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net expenses | 1.15% | 1.15% | 1.15% | 1.14% | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses without reimbursement | 1.41% | 1.38% | 1.41% | 1.38% | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income | 0.55% | 0.60% | 0.82% | 0.68% | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income without reimbursement | 0.29% | 0.37% | 0.56% | 0.44% | 0.01% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 23% | 27% | 36% | 23% | 19% |

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(a) Net realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may or may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **BOND FUND** |  |  |  |  |  |
| **Per share operating performance** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $10.50 | $9.73 | $9.90 | $11.04 | $10.73 |
| **<u>Income from Investment Operations</u>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.54 | 0.56 | 0.57 | 0.37 | 0.42 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments (a) | 0.27 | 0.78 | (0.19) | (1.15) | 0.36 |
| &nbsp;&nbsp;&nbsp;**Total from Investment Operations** | 0.81 | 1.34 | 0.38 | (0.78) | 0.78 |
| **<u>Less Distributions</u>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income | (0.53) | (0.57) | (0.55) | (0.36) | (0.47) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | -- | -- | -- | -- | -- |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (0.53) | (0.57) | (0.55) | (0.36) | (0.47) |
| **Net Asset Value, End of Period** | $10.78 | $10.50 | $9.73 | $9.90 | $11.04 |
| **Total Return** | 7.95% | 14.11% | 4.02% | (7.17%) | 7.43% |
| **<u>Ratios/Supplemental Data</u>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (millions) | $1860.6 | $1602.4 | $1223.3 | $1704.0 | $2582.0 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net expenses | 0.73% | 0.74% | 0.75% | 0.73% | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income | 5.09% | 5.53% | 5.57% | 3.36% | 3.75% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 26% | 21% | 5% | 6% | 34% |

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(a) Net realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may or may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

**THOMPSON IM FUNDS, INC.**

**1-800-999-0887**

**www.thompsonim.com**

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For More Information**<br>The Statement of Additional Information (SAI) contains additional information about the Thompson IM Funds, Inc. The SAI is on file with the Securities and Exchange Commission (SEC) and is legally part of this Prospectus.<br>Additional information about the Funds' investments is available in the Funds' annual and semi-annual reports to shareholders and in Form N-CSR. The Funds' annual report contains a discussion of the market conditions and investment strategies that significantly affected the Funds' performance during its last fiscal year. In Form N-CSR, you will find the Funds' annual and semi-annual financial statements.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> To obtain a free copy of the SAI, the Funds' annual and semi-annual reports, or the Funds' financial statements, or to request other information or ask questions about the Funds, please contact the Thompson IM Funds at 1-800-999-0887 or by writing to:<br>Thompson IM Funds, Inc.<br> c/o U.S. Bank Global Fund Services<br> P.O. Box 219252<br> Kansas City, MO 64121-9252<br>The Funds' prospectus, SAI, annual and semi-annual reports, and other information such as the Funds' financial statements are also available, free of charge, on the Funds' website at www.thompsonim.com.<br>You can also view these documents on the EDGAR database on the SEC's website at http://www.sec.gov. Copies of such information and reports may be obtained, after paying a duplicating fee, by sending an e-mail request to <u>publicinfo@sec.gov</u>.<br>|

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**STATEMENT OF ADDITIONAL INFORMATION**

**March 31, 2026**

**THOMPSON IM FUNDS, INC.**

**1255 Fourier Drive, Suite 200**

**Madison, Wisconsin 53717**

**Telephone: 1-800-999-0887**

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| |
|:---|
| &nbsp;&nbsp;**THOMPSON LARGECAP FUND<sup>®</sup>** |
| &nbsp;&nbsp;(THPGX) &nbsp;&nbsp;(THPMX) |
| &nbsp;&nbsp;**THOMPSON BOND FUND<sup>®</sup>** <br> (THOPX) |

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![](tm265508d1_saiimg001.jpg)

This Statement of Additional Information ("SAI") contains detailed information about the Thompson LargeCap Fund (the "LargeCap Fund"), Thompson MidCap Fund (the "MidCap Fund") and Thompson Bond Fund (the "Bond Fund"). Collectively, the LargeCap Fund, MidCap Fund and Bond Fund are referred to herein as the "Funds" and individually as a "Fund." This SAI is not a prospectus and should be read in conjunction with the Thompson IM Funds, Inc. Prospectus (the "Prospectus") dated March 31, 2026. The audited financial statements of the Funds as of, and for the year ended, November 30, 2025 and the report of the independent registered public accounting firm thereon, are incorporated by reference into this SAI from the Thompson IM Funds Form N-CSR. The Prospectus and Form N-CSR are filed with the Securities and Exchange Commission ("SEC") and available, without charge, upon request by contacting Thompson IM Funds, Inc. at the address or telephone number listed above, on the Funds' website at <u>www.thompsonim.com</u>.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [FUND HISTORY](#sai_001) | [3](#sai_001) |
| [DESCRIPTION OF CERTAIN INVESTMENT STRATEGIES AND RISKS](#sai_002) | [3](#sai_002) |
| [INVESTMENT RESTRICTIONS](#sai_003) | [20](#sai_003) |
| [DETERMINATION OF NET ASSET VALUE AND PRICING CONSIDERATIONS](#sai_004) | [22](#sai_004) |
| [MANAGEMENT](#sai_005) | [23](#sai_005) |
| [ADVISORY, ADMINISTRATIVE AND OTHER SERVICES](#sai_006) | [32](#sai_006) |
| [DISTRIBUTION](#sai_007) | [36](#sai_007) |
| [PORTFOLIO TRANSACTIONS AND BROKERAGE](#sai_008) | [38](#sai_008) |
| [TAXES](#sai_009) | [40](#sai_009) |
| [CAPITAL STOCK AND OTHER SECURITIES](#sai_010) | [42](#sai_010) |
| [FINANCIAL STATEMENTS](#sai_011) | [45](#sai_011) |
| [EXHIBIT A - PROXY VOTING POLICIES AND PROCEDURES](#sai_012) | [A-1](#sai_012) |
| [EXHIBIT B - SELECTIVE DISCLOSURE OF PORTFOLIO HOLDINGS](#sai_013) | [B-1](#sai_013) |

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**FUND HISTORY**

Thompson IM Funds, Inc. (the "Investment Company") is a Wisconsin corporation incorporated in 1986 and registered as an open-end, diversified management investment company under the Investment Company Act of 1940 (the "1940 Act"). The LargeCap Fund, MidCap Fund and Bond Fund are separate series of the Investment Company. The LargeCap Fund and Bond Fund each commenced operations on February 10, 1992. The MidCap Fund commenced operations on March 31, 2008. The investment advisor and administrator of the Funds is Thompson Investment Management, Inc. ("TIM" or the "Advisor"). The principal underwriter and distributor of shares of the Funds is Quasar Distributors, LLC (the "Distributor").

**DESCRIPTION OF CERTAIN INVESTMENT STRATEGIES AND RISKS**

The following investment strategies and policies supplement each Fund's investment strategies and policies set forth in the Prospectus. Some of the investment strategies and policies described in this Statement of Additional Information and in the Prospectus set forth percentage limitations on a Fund's investment in, or holdings of, certain securities or other assets. Except where otherwise required by law, compliance with these strategies and policies will be determined immediately after the acquisition of such securities or assets by the Fund, and any subsequent changes in values, net assets, or other circumstances will not be considered when determining whether the investment complies with the Fund's investment strategies and policies.

**Lending Portfolio Securities**

Each Fund may lend its portfolio securities to broker-dealers and financial institutions such as banks and trust companies, up to a maximum of one-third of its net assets, as a means of enhancing its return. The Advisor will monitor the creditworthiness of firms to which the Fund lends its securities. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. The Fund would continue to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned, and would also receive an additional return on the collateral. The Fund would have the right to call the loan and obtain the securities loaned at any time. The Fund would not have the right to vote the securities during the existence of the loan, but would call the loan to permit voting of securities during the existence of the loan if, in the Advisor's judgment, a material event requiring a shareholder vote would otherwise occur before the loan was repaid. In the event of bankruptcy or other default of the borrower, the Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period and (c) expenses associated with enforcing its rights.

**Repurchase Agreements**

Each Fund may from time to time enter into repurchase agreements. Repurchase agreements involve the sale of securities to a Fund with the concurrent agreement of the seller (a bank or securities dealer) to repurchase the securities at the same price plus an amount equal to an agreed-upon interest rate within a specified time, usually less than one week, but on occasion for a longer period. The Funds may enter into repurchase agreements with broker-dealers who are recognized

by the Federal Reserve Bank of New York as primary dealers in U.S. Government securities, and with banks. When a Fund enters into a repurchase agreement, the value of the underlying security, including accrued interest, will be equal to or will exceed the value of the repurchase agreement and, in the case of repurchase agreements exceeding one day, the seller will agree that the value of the underlying security, including accrued interest, will at all times be equal to or will exceed the value of the repurchase agreement. If the seller of the repurchase agreement enters a bankruptcy or insolvency proceeding, or if the seller fails to repurchase the underlying security as agreed, a Fund could experience losses that include (a) possible decline in the value of the underlying security during the period that the Fund seeks to enforce its rights with respect thereto, and possible delay in the enforcement of such rights, (b) possible loss of all or a part of the income or proceeds of the repurchase, (c) additional expenses to the Fund in connection with enforcing those rights, and (d) possible delay in the disposition of the underlying security pending court action or possible loss of rights in such securities. The Advisor intends to cause the Funds to invest in repurchase agreements only when the Advisor determines that the Funds should invest in short-term money market instruments and that the rates available on repurchase agreements are favorable as compared to the rates available on other short-term money market instruments or money market mutual funds, circumstances that the Advisor does not anticipate will occur in the near future. The Advisor does not currently intend to invest the assets of any Fund in repurchase agreements if, after doing so, more than 5% of the Fund's net assets would be invested in repurchase agreements.

**Variable and Floating-Rate Securities**

Each Fund may invest in variable and floating-rate securities. Variable-rate securities provide for a periodic adjustment to the interest rate paid on the obligations. These interest-rate adjustments are based upon an adjustment index that is provided for in the respective obligations. Adjustment intervals may occur at regularly scheduled intervals, ranging from daily to annually, or may be based upon the occurrence of events such as a change in the prime rate.

The interest rate on a floating-rate security is a variable rate that is tied to another interest rate, such as a money-market index or U.S. Treasury bill rate. The interest rate on a floating-rate security resets periodically, typically every six months. Its floating or variable rate may be determined by reference to a known lending rate, such as a bank's prime rate or to the Secured Overnight Financing Rate (SOFR). SOFR measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities.

Variable and floating-rate securities generally are less sensitive to changes in interest rates, but changes in the interest rates of these securities may lag changes in market rates. Variable and floating-rate securities may also decline in value if their interest rates do not rise to the same degree or as fast as interest rates in general. The interest rate on an inverse floating-rate debt security resets in the opposite direction from the market rate of interest to which the security is indexed. An inverse floating-rate security may exhibit greater price volatility than a fixed-rate obligation of similar credit quality.

**When-Issued and Delayed-Delivery Transactions**

Each Fund may purchase or sell portfolio securities in when-issued and delayed-delivery transactions. In such transactions, instruments are bought or sold with payment and delivery taking place in the future in order to secure what is considered to be an advantageous yield or price to the

Fund at the time of entering into the transactions. In such transactions, the payment obligations and the interest rate are fixed at the time the buyer enters into the commitment, although no interest accrues to the buyer prior to settlement of the transaction.

Consistent with the requirements of the 1940 Act, securities purchased on a when-issued and delayed-delivery basis are recorded as an asset (with the purchase price being recorded as a liability) and are subject to changes in value based upon changes in the general level of interest rates.

At the time of delivery of the security, the value may be more or less than the transaction price. To the extent a Fund remains substantially fully invested at the same time that it has entered into such transactions, which the Fund would normally expect to do, there will be greater fluctuations in the market value of the Fund's assets than if the Fund set aside cash to satisfy the purchase commitment. However, each Fund will maintain designated liquid assets with a market value, determined daily, that are at least equal to the amount of commitments for when-issued and delayed-delivery securities, and such assets will be earmarked specifically for the settlement of such commitments.

Each Fund will only make commitments to purchase portfolio securities on a when-issued or delayed-delivery basis with the intention of actually acquiring the securities, and not for the purpose of investment leverage, but the Funds reserve the right to sell the securities before the settlement date if doing so is deemed advisable. The Funds do not currently intend to purchase securities in when-issued or delayed-delivery transactions if, after such purchase, more than 20% of their respective net assets would consist of when-issued and delayed-delivery securities.

**Illiquid Securities**

No Fund will invest more than 15% of the value of its net assets in securities which are illiquid. Illiquid securities are any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

While these holdings may offer more potential for growth, they may also present a higher degree of business and financial risk, which can result in substantial losses. The Funds may have difficulty valuing these holdings and may be unable to sell these holdings at the time or price desired. Unusual market conditions or unusually high levels of redemption requests may make it difficult for a Fund to sell investments in sufficient time to allow it to meet redemptions. Redemption requests could require a Fund to sell illiquid investments at reduced prices or under unfavorable conditions, which would have a negative impact on a Fund's performance. An investment may become illiquid if the Fund and its affiliates receive material non-public information about the issuer or the investment. Rule 144A securities and securities issued under Regulation S, which are restricted securities that are generally eligible for resale solely to qualified institutional buyers under the Securities Act of 1933, as amended, are not treated as illiquid securities solely based on their status as restricted securities. See "Rule 144A and Regulation S Securities" below.

**Rule 144A and Regulation S Securities**

The Funds may invest in Rule 144A and Regulation S securities. Rule 144A securities are restricted securities eligible for resale under certain circumstances to certain institutional buyers

pursuant to Rule 144A under the Securities Act of 1933, as amended. Regulation S securities are securities sold outside the United States that are not registered for sale in the United States but that may be purchased by qualified institutional buyers such as the Funds in the United States upon meeting certain conditions. Rule 144A and Regulation S securities frequently trade in an active secondary market and are generally treated as liquid under procedures approved by the Board of Directors. However, Rule 144A investments are subject to certain additional risks compared to publicly traded securities. If there are not enough qualified buyers interested in purchasing Rule 144A securities when a Fund wishes to sell such securities, the Fund may be unable to dispose of such securities promptly or at reasonable prices. For this reason, a Fund's holdings in Rule 144A securities may adversely affect the Fund's overall liquidity if qualified buyers become uninterested in buying them at a particular time. Issuers of Rule 144A securities are required to furnish information to potential investors upon request. However, the required disclosure is much less extensive than that required of public companies and is not publicly available. Further, issuers of Rule 144A securities can require recipients of the information (such as the Fund) to agree contractually to keep the information confidential, which could also adversely affect a Fund's ability to dispose of a security.

**Variable-Rate Demand Notes**

Each Fund may purchase variable-rate demand notes, which are unsecured instruments that permit the indebtedness thereunder to vary and provide for periodic adjustments in the interest rate. Although the notes are not normally traded and there may be no secondary market in the notes, the notes allow the Funds to demand payment of principal and accrued interest at any time. The investment policy of each Fund is to purchase variable-rate demand notes only if, at the time of purchase, the issuer has unsecured debt securities outstanding that are rated within the two highest rating categories by a nationally recognized rating agency.

**Mortgage-Backed Securities**

Each Fund may invest in mortgage-backed securities, which include securities that represent interests in pools of mortgage loans made by lenders such as savings and loan institutions, mortgage bankers, commercial banks and others, as well as dollar roll transactions.

Pools of mortgage loans are combined for sale to investors (such as the Funds) by various governmental and government-related entities, as well as by commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other private issuers. These pools generally provide for a "pass-through" of monthly payments made by individual borrowers on their residential mortgage loans, net of any fees paid to the issuer or guarantor of the securities.

The Government National Mortgage Association ("GNMA") is the principal government guarantor of mortgage-backed securities. GNMA is authorized to guarantee, with the full faith and credit of the U.S. Government, timely payment of principal and interest on securities it approves that are backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. GNMA securities are described as "modified pass-through" in that they provide a monthly payment of interest and principal payments owed on the mortgage pool, net of certain fees, regardless of whether the mortgagor actually makes the payment. Other government-related guarantors of mortgage-backed securities include the Federal National Mortgage Association ("FNMA") and the Federal Home Loan Mortgage Corporation

("FHLMC"). FNMA and FHLMC securities are guaranteed as to payment of principal and interest by those agencies, instrumentalities, or government-sponsored enterprises, but are not backed by the full faith and credit of the U.S. Government. With respect to private mortgage-backed securities, timely payment of principal and interest of these pools is supported by various forms of insurance or guarantees, including individual loan, title, pool and hazard insurance. There can be no assurance that private insurers or guarantors can meet their obligations under such policies.

Certain mortgage-backed securities purchased by the Funds provide for a prepayment privilege and for amortized payments of both interest and principal over the term of the security. The yield on the original investment in such securities applies only to the unpaid principal balance, as the Fund must reinvest the periodic payments of principal at prevailing market interest rates, which may be higher or lower than the rate on the original security. In addition, the prepayment privilege may require the Fund to reinvest at lower yields than were received from the original investment. If these instruments are purchased at a premium in the market, and if prepayment occurs, such prepayments will be at par or stated value, which will result in reduced return on such transactions.

During periods of declining interest rates, prepayment of mortgages from underlying mortgage-backed securities can be expected to accelerate. Accordingly, the Funds' ability to maintain positions in high-yielding mortgage-backed securities will be affected by reductions in the principal amount of such securities resulting from such prepayments, and its ability to reinvest the returns of principal at comparable yields will depend on prevailing interest rates at that time. The rate of prepayments is likely to affect the price and volatility of a mortgage-backed security. Government actions, including legislative changes, could affect the manner in which the mortgage-backed securities market functions, which could increase the likelihood that a Fund would realize losses on its investment in mortgage-backed securities.

FNMA and FHLMC instituted a common securitization platform for the issuance of uniform mortgage-backed securities beginning in June 2019. While the impact of this initiative on the market for mortgage-backed securities has thus far been minimal, it is uncertain what its longer-term impact will be.

The mortgages underlying privately issued mortgage-backed securities are not subject to the same underwriting standards as mortgage-backed securities comprised of a pool of mortgages underwritten with a guaranty of a government or government-sponsored entity; they therefore often carry greater credit risk and weaker underwriting standards and have less favorable collateral than mortgage-backed securities backed with such a government or government-sponsored entity guaranty. This creates a higher risk of defaults.

Collateralized mortgage obligations are debt obligations collateralized by mortgages and divided into classes, or "tranches," that each bear different stated maturities and are entitled to different schedules for payments of principal and interest, including prepayments. Collateralized mortgage obligations may be less liquid and may experience greater price volatility than other kinds of mortgage-backed securities.

In a mortgage dollar roll transaction, the Bond Fund sells mortgage securities and simultaneously agrees to repurchase substantially similar securities—securities that, among other characteristics, are collateralized by the same types of underlying mortgages, have identical net coupon rates and have similar original stated maturities—at a later date and at an agreed-upon price. The Bond Fund may enter into dollar roll transactions with respect to securities issued or to be issued by

GNMA, FNMA and FHLMC. During the period between the sale and repurchase, the Fund forgoes principal and interest paid on the mortgage securities sold. The Fund is compensated by the interest earned on the cash proceeds of the initial sale and from negotiated fees paid by brokers offered as an inducement to the Fund to "roll over" its purchase commitments.

Dollar roll transactions may result in higher transaction costs or higher taxes for the Bond Fund. Dollar rolls will not be used for the purpose of leveraging the Bond Fund's assets or with the intention of changing its risk profile.

**Stripped Mortgage Securities**

Each Fund may invest in stripped mortgage securities. Stripped mortgage securities are derivative multi-class mortgage securities. They may be issued by agencies or instrumentalities of the U.S. government or private issuers, including savings and loan associations, mortgage banks, commercial banks, investment banks, and special purpose subsidiaries of any of these types of entities. Stripped mortgage securities typically exhibit greater volatility than other types of mortgage securities in which the Funds may invest. Although stripped mortgage securities are purchased and sold by institutional investors through several investment banking firms acting as brokers or dealers, the market for such securities has not yet been fully developed and the securities may therefore have limited liquidity.

Stripped mortgage securities are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of stripped mortgage security entitles one class to some of the interest and most of the principal from the mortgage assets while the other class receives most of the interest and the remainder of the principal. In certain cases, one class will receive all of the interest (commonly referred to as the interest-only or "IO" class), while the other class receives all of the principal (commonly referred to as the principal-only or "PO" class). The yield to maturity on an IO class is extremely sensitive to changes in prevailing interest rates and in the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a Fund's yield to maturity. If the underlying mortgage assets experience greater-than-anticipated prepayments of principal, the investor may fail to fully recoup its initial investment in these securities, even if the securities are rated highly. In contrast with other types of fixed-income securities, as interest rates rise and fall, the value of IOs tend to move in the same direction as interest rates.

Under the Internal Revenue Code of 1986, as amended, POs may generate taxable income from the current accrual of original issue discount, without a corresponding distribution of cash to a Fund.

**Asset-Backed Securities**

Each Fund may invest in asset-backed securities. Asset-backed securities have structural characteristics similar to mortgage-backed securities but have underlying assets that are not mortgage loans or interests in mortgage loans. These securities represent fractional interests in, or are secured by and payable from, pools of assets such as motor vehicle installment sales contracts, installment loan contracts, equipment leases (including rolling stock and aircraft), whole-business securitizations, leases of various types of real and personal property, and receivables from revolving credit (for example, credit card) agreements. Assets are securitized through the use of

trusts and special purpose corporations that issue securities that are often backed by a pool of assets representing the obligations of a number of different parties. Repayments relating to the assets underlying the asset-backed securities largely depend on the cash flows generated by such assets. The credit quality of most asset-backed securities depends primarily on the credit quality of the assets underlying such securities, how well the entity issuing the security is insulated from the credit risk of the originator or any other affiliated entities, and the amount and quality of any credit enhancements associated with the securities. Payments or distributions of principal and interest on asset-backed securities may be supported by credit enhancements including letters of credit, an insurance guarantee, reserve funds and overcollateralization. Asset-backed securities have structures and characteristics similar to those of mortgage-backed securities; as a result, they are subject to many of the same risks as mortgage-backed securities, though often, to a greater extent.

The asset-backed securities in which each Fund may invest include collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs"), other collateralized debt obligations ("CDOs"), and other similarly structured securities. These securities are trusts backed by assets that represent the obligations of various parties. CBOs are often backed by a pool of high-risk below-investment-grade fixed-income securities, including high-yield (junk) debt and residential and commercial privately issued mortgage-backed securities. CLOs are typically collateralized by a pool of loans, which may be secured or unsecured and which may include loans that are rated below investment grade or that are of equivalent quality but are unrated. CBOs, CLOs, and other CDOs are divided into multiple portions, or "tranches," of seniority that vary in their risk and yield profiles. The "equity" tranche protects the other more senior tranches from default in most circumstances by bearing the bulk of defaults from the bonds or loans in the trust. More senior tranches typically carry higher ratings and lower yields than their underlying securities, and are sometimes rated investment grade. However, even the more senior tranches can experience substantial losses.

The degree of risk of an investment in a CBO, CLO or other CDO is largely driven by the class of the instrument in which a Fund invests as well as the type of the collateral securities. CBOs, CLOs, and other CDOs are typically restricted securities under the securities laws, though they may be Rule 144A securities and thus not considered illiquid. In addition to risks normally associated with fixed-income securities, they carry additional risks, including but not limited to deteriorating collateral quality and the possibility that distributions from collateral securities will be inadequate to make interest or other payments.

**Zero-Coupon Bonds**

Each Fund may invest in debt securities such as zero-coupon bonds that do not make regular cash interest payments, but that are instead issued at a discount to their principal or maturity value. While these securities do not pay current cash income, federal income tax law requires the holders of zero-coupon securities to include the portion of the original issue discount and other non-cash income on such securities accrued during that year in the holder's income each year. The Funds, as the holder, intend to pass along such interest as a component of the Funds' distributions of net investment income.

**High-Yield Debt Securities**

The LargeCap Fund and MidCap Fund may invest up to 5% of their net assets in debt securities (including convertible securities) that are rated below investment grade, i.e., not rated investment

grade by any nationally recognized rating agency, and the Bond Fund may invest up to 10% of its net assets in debt securities rated below investment grade. Such securities are commonly referred to as "junk bonds" or "high-yield/high-risk" securities. Non-investment-grade securities are considered to be speculative with regard to the issuer's capacity to pay interest and repay principal. Such securities involve a significantly higher risk of issuer default or bankruptcy and are more sensitive to economic conditions than higher-rated securities.

The price of lower-rated debt securities may be more volatile than higher-rated securities. This volatility may increase during periods of economic uncertainty or change. The price of lower-rated debt securities may be affected more than higher-rated debt securities by the market's perception of their credit quality, especially during times of adverse publicity. In the past, both economic downturns and increases in interest rates have, at times, caused higher rates of defaults by issuers of lower-rated debt securities and may do so again in the future. Economic downturns and increases in interest rates typically have an even greater effect on issuers of these securities when the issuers are highly leveraged.

In addition, the secondary market for such securities may not be as liquid as the market for higher-rated securities. From time to time, each Fund's assets represented by debt securities rated below investment grade may exceed the limits noted above due to changes in the value of those securities and/or the Fund as a whole and downgrades that occur after such securities were acquired. No Fund will acquire any debt securities rated below investment grade while its net assets that are represented by such securities exceed these limits.

As the market for fixed-income instruments has grown significantly over the past several decades, dealer inventories of certain categories of fixed-income instruments and the ability of dealers to make markets in those instruments are at or near historic lows relative to market size. Because dealers acting as market makers facilitate market stability, smaller dealer inventories could lead to decreased liquidity and increased volatility in the fixed-income markets. These issues may be particularly pronounced during periods of economic uncertainty or market volatility.

**Distressed and Defaulted Debt Obligations**

Each Fund may hold debt obligations from time to time that are distressed or in full or partial default. Distressed and defaulted debt obligations are considered speculative and are subject to greater risk of loss of income and principal than higher-rated securities. These investments are subject to greater credit and liquidity risks than other types of debt obligations. Their repayment is subject to significant uncertainties and may require the Fund to incur additional expenditures when seeking repayment, even where no repayment is ultimately received. A bankruptcy or liquidation proceeding or other court proceeding could delay or limit the ability of a Fund to collect some or all of the principal and interest payments on these debt obligations or adversely affect its rights in collateral relating to a loan. Distressed and defaulted debt obligations may be significantly more challenging to value than securities that are not in distress or default.

**Inflation-Linked Bonds**

Each Fund may invest in fixed-income securities whose returns are intended to track the rate of inflation, as that rate is reflected by the Consumer Price Index ("CPI"). The Funds may invest in U.S. Treasury Inflation-Protected Securities ("TIPS"), as well as in other inflation-indexed bonds that are issued or guaranteed by the U.S. Government or its agencies or instrumentalities or that

are issued by corporations. The periodic adjustment of TIPS bonds is tied to the CPI, an index that is calculated monthly by the U.S. Bureau of Labor Statistics and that measures changes in the cost of living based on components such as food, housing, transportation, and energy.

Like conventional bonds, inflation-indexed bonds generally pay interest at fixed intervals and return the principal at maturity; however, unlike conventional bonds, the principal or interest on an inflation-indexed bond is adjusted periodically to reflect changes in a specified inflation index. Inflation-indexed bonds are designed to preserve purchasing power over the life of the bond while paying a return over and above the rate of inflation. These bonds typically are issued at a fixed interest rate that is lower than that of conventional bonds of comparable maturity and quality, but the bonds generally retain their value against inflation over time. Interest on a TIPS bond is paid twice a year. While the interest rate is fixed, the amount of each interest payment varies because the principal is adjusted for inflation.

The current market value of inflation-indexed securities is not guaranteed and will fluctuate. If the CPI falls, the principal value of inflation-indexed securities (including TIPS bonds) will be adjusted downward, and because of this downward adjustment, the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. However, with respect to TIPS instruments, the U.S. Treasury guarantees repayment of the original bond principal upon maturity (as adjusted for inflation), even during a period of deflation.

Inflation-indexed securities are subject to interest-rate risk. As a result, the total return on these securities may not actually track the return on the inflation indices to which the inflation-indexed bonds held by the Fund are linked during every year. Market values of inflation-indexed bonds can be affected by changes in the market's expectations with respect to inflation and by changes in real rates of interest. Furthermore, the CPI may not accurately reflect the true rate of inflation. If the market believes that the inflation indices to which the inflation-indexed bonds are linked do not accurately reflect the actual rate of inflation, the market value of those bonds could be adversely affected.

Inflation-indexed securities other than TIPS instruments may or may not provide a similar principal-protection guarantee that TIPS instruments do. If a guarantee of repayment of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

While inflation-indexed securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation—for example, due to changes in currency exchange rates— investors in these securities may not be protected to the extent that the bond's measure of inflation does not reflect these increases.

**Hybrid Instruments**

A hybrid instrument, or hybrid, is an interest in an issuer that combines the characteristics of an equity security and a debt security. A hybrid may have characteristics that in many respects resemble a bond, stock, or other traditional investment, while also having prominent features that are normally associated with a different type of investment. In addition, hybrid instruments may be treated as a particular type of investment for one purpose, such as taxation, and as a different type of investment for a different purpose, such as securities regulation. Determining that a hybrid

should be classified as being more like one type of instrument, such as debt, rather than another type of instrument, such as preferred stock, entails significant judgment.

Hybrids can be used as an efficient means of pursuing a variety of investment goals, including increased total return, duration management, and currency hedging. Because hybrids combine features of two or more traditional investments, and may involve the use of innovative structures, hybrids present risks that may be similar to but greater than those associated with traditional investments having similar characteristics.

Examples of hybrid instruments include, without limitation, convertible securities; perpetual bonds, which are structured like fixed-income securities, have no maturity date, and may be characterized as debt or equity for certain regulatory purposes; contingent capital securities, which are fixed-income securities that are converted into stock if the issuer's capital ratio falls below a predetermined level; and trust-preferred securities.

Some hybrid securities have interest rates that are initially fixed but that at some point prior to maturity change to a floating interest rate. (See "Variable and Floating-Rate Securities"). Because many of these securities are issued with a call feature that allows the issuer to redeem the securities prior to maturity, the transition to the floating rate may make these securities particularly susceptible to being called. Such a redemption would require a Fund to identify alternative investment opportunities that may only be available on less desirable terms than the securities being called. Hybrid securities also may carry customized features in order to meet the particular needs of an issuer, and therefore be less liquid than more traditional securities without these customized features.

**Convertible Securities**

The LargeCap Fund and MidCap Fund may invest in convertible securities, including any bonds, debentures, notes, preferred stocks or other securities which may be converted into or exchanged for a specified amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula. The only convertible securities in which the Bond Fund may invest are convertible debt securities, although the Bond Fund may hold other convertible securities due to the Fund obtaining such securities through a conversion, reorganization or other actions that do not involve the direct investment of the Fund in those securities. Convertible securities are hybrid securities that have characteristics of both bonds and stocks. Like bonds, convertible securities typically pay interest. Convertible securities also offer an investor the right to benefit from the capital appreciation potential of the underlying common stock upon exercise of the conversion feature.

The value of a convertible security is a function of its "investment value," which is determined by its yield in comparison with the yields of other securities of comparable quality and maturity that do not have the conversion privilege, and its "conversion value," which is the security's worth if converted into the underlying common stock. Investment value is typically influenced by interest rates and the credit standing of the issuer. If interest rates go up, the investment value of the convertible security will generally go down, and vice versa. Conversion value is determined by the market price of the underlying common stock and generally decreases as the convertible security approaches maturity. As the market price of the underlying common stock goes down, the conversion value will tend to go down as well since the convertible security presents less opportunity for capital appreciation upon conversion.

Convertible securities are generally more secure than common stock but less secure than non-convertible debt securities such as bonds. Convertible securities are usually subordinate to bonds in terms of payment priority.

The LargeCap Fund and the MidCap Fund will only invest in preferred stock that is rated investment grade by a nationally recognized rating agency.

**Trust-Preferred Securities**

Each Fund may invest in trust preferred securities. Trust preferred securities are hybrid securities that have characteristics of both subordinated debt and preferred stock. Generally, trust preferred securities are issued by a trust that is wholly owned by a financial institution or other corporate entity, typically a bank holding company. The financial institution creates the trust and owns all of the trust's common securities. The trust uses the sale proceeds of its common and preferred securities to purchase subordinated debt issued by the financial institution. The financial institution uses the proceeds from the subordinated debt sale to increase its capital while the trust receives periodic interest payments from the financial institution for holding the subordinated debt. The trust uses the funds received to make dividend payments to the holders of the trust preferred securities. The primary advantage of this structure to the financial institution is that the trust preferred securities are treated by the financial institution as debt securities for tax purposes and as equity for the calculation of capital requirements.

Trust preferred securities typically bear interest at rates that are comparable to interest rates available on debt of a similarly rated issuer. Typical characteristics include long-term maturities, possible early redemption by the issuer, periodic fixed or variable interest payments, and maturities at face value. Holders of trust preferred securities have limited voting rights to control the activities of the trust and no voting rights with respect to the financial institution. The market value of trust preferred securities may be more volatile than those of conventional debt securities. Trust preferred securities may constitute restricted securities under the Securities Act of 1933 and therefore be less liquid because they may only be resold under Rule 144A or another exemption from registration. There can be no assurance as to the liquidity of trust preferred securities and the ability of holders, such as a Fund, to sell their holdings. In identifying the risks of trust preferred securities, the Advisor will look to the condition of the financial institution as the trust typically has no business operations other than to issue the trust preferred securities. If the financial institution defaults on interest payments to the trust, the trust will not be able to make dividend payments to holders of its securities, such as a Fund.

**Foreign Securities, including Sovereign Debt Obligations**

Each Fund may invest in U.S. dollar-denominated debt obligations of foreign corporations and governments. Such securities may be subject to greater fluctuations in price than securities of domestic corporations. In addition, there may be less publicly available information about a foreign company than about a domestic company. Foreign companies generally are not subject to uniform accounting, auditing and financial reporting standards comparable to those applicable to domestic companies. With respect to certain foreign countries, particularly in emerging markets, there is a possibility of expropriation or confiscatory taxation, onerous government regulation, internal or external conflicts, diplomatic developments, or the imposition of sanctions, any of which could negatively affect investment in those countries.

Sovereign debt obligations are issued or guaranteed by foreign governments or their agencies. Sovereign debt may be in the form of conventional securities or other types of debt instruments such as loans or loan participations. Investing in sovereign debt presents a risk of default, and the level of risk, including the risk of default, is particularly high with respect to the sovereign debt of developing countries. Governments rely on taxes and other revenue sources to pay interest and principal on their debt obligations. Governmental entities responsible for repayment of the debt may be unable or unwilling to repay principal and pay interest when due and may require renegotiation or rescheduling of debt payments. The payment of principal and interest on these obligations may be adversely affected by a variety of factors, including economic results, changes in interest and exchange rates, changes in debt ratings, a limited tax base or limited revenue sources, natural disasters, or other economic or credit problems. In addition, prospects for repayment and payment of interest may depend on political as well as economic factors. Defaults in sovereign debt obligations, or the perceived risk of default, also may impair the market for other securities and debt instruments, including securities issued by banks and other entities holding such sovereign debt.

**Municipal Securities**

Each Fund may invest in municipal securities, including taxable municipal securities. Municipal securities are issued by the states, territories and possessions of the United States, their political subdivisions (such as cities, counties and towns) and various authorities (such as public housing or redevelopment authorities), instrumentalities, public corporations and special districts (such as water, sewer or sanitary districts) of the states, territories, and possessions of the United States or their political subdivisions. In addition, municipal securities include securities issued by or on behalf of public authorities to finance various privately operated facilities, such as industrial development bonds, that are backed only by the assets and revenues of the non-governmental user (such as hospitals and airports).

Municipal securities are issued to obtain funds for a variety of public purposes, including general financing for state and local governments, or financing for specific projects or public facilities. Municipal securities are classified as general obligation or revenue bonds or notes. General obligation securities are secured by the issuer's pledge of its full faith, credit and taxing power for the payment of principal and interest. Revenue securities are payable from revenue derived from a particular facility, class of facilities, or the proceeds of a special excise tax or other specific revenue source, but not from the issuer's general taxing power. Private activity bonds and industrial revenue bonds do not carry the pledge of the credit of the issuing municipality, but generally are guaranteed by the corporate entity on whose behalf they are issued.

Municipal leases are entered into by state and local governments and authorities to acquire equipment and facilities such as fire and sanitation vehicles, telecommunications equipment, and other assets. Municipal leases (which normally provide for title to the leased assets to pass eventually to the government issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. The debt-issuance limitations of many state constitutions and statutes are deemed to be inapplicable because of the inclusion in many leases or contracts of "non- appropriation" clauses that provide that the governmental issuer has no obligation to make future payments under the lease or contract unless money is appropriated for such purpose by the appropriate legislative body on a yearly or other periodic basis.

Each Fund may invest in Build America Bonds, which are taxable municipal bonds for which an issuer receives federal subsidies for a portion of the issuer's borrowing costs. Build America Bonds were issued through the Build America Bond program, which was created as part of the American Recovery and Reinvestment Act of 2009. Unlike most other municipal bonds, interest received on Build America Bonds is subject to federal income tax and may be subject to state tax—interest the Fund receives from its investments in Build America Bonds will be included in a Fund's taxable income and distributed to shareholders as taxable ordinary income.

Although most municipal securities have high credit ratings, they still are subject to many of the risks of other fixed-income securities, including a risk of default. In addition, many municipal securities carry call provisions that allow the issuer to redeem the bond prior to its stated maturity, and such a redemption would require a Fund to identify alternative investment opportunities that may only be available on less desirable terms than the securities being called. Like all fixed-income securities, municipal securities are susceptible to fluctuations in interest rates.

The municipal securities of issuers in territories and possessions of the United States (including issuers in Puerto Rico, many of which have at times faced significant financial difficulties) may be subject to constitutional limits on tax increases and significant uncertainty regarding their ability to restructure debts in an organized manner, such as through the federal bankruptcy process.

**Short Sales**

Each Fund may effect short sales of securities. To effect a short sale, a Fund sells a security it does not own and simultaneously borrows the security, usually from a brokerage firm, to make delivery to the buyer. The Fund then is obligated to replace the borrowed security by purchasing it at the market price at some future date. Until the security is replaced, the Fund is required to pay the lender any accrued interest or dividends and may be required to pay a premium. Each Fund may also make short sales "against the box", i.e., short sales made when the Fund owns securities identical to those sold short.

A Fund will realize a gain if the security declines in price between the date of the short sale and the date on which the Fund replaces the borrowed security. A Fund will incur a loss if the price of the security increases between those dates. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium or interest the Fund may be required to pay in connection with a short sale. A short position may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged.

No Fund will effect a short sale if, as a result, the aggregate value of all of the Fund's open short positions will exceed 5% of the value of the Fund's net assets. To secure a Fund's obligation to replace any borrowed security, the Fund either will place in a segregated account, or U.S. Bank, N.A., the custodian for the Funds (the "Custodian"), will segregate on its books and records, an amount of cash or liquid securities at such a level that (i) the amount so segregated plus the amount deposited with the broker as collateral will equal the current value of the security sold short, and (ii) the amount so segregated plus the amount deposited with the broker as collateral will not be less than the market value of the security at the time it was sold short; or otherwise cover its short position in accordance with positions taken by the SEC.

Each Fund may only engage in short-sale transactions in securities listed on one or more national securities exchange (including the Nasdaq Stock Market).

A Fund will use short sales to limit its exposure to possible declines in the market value of its portfolio securities and to attempt to realize a gain.

**Options and Futures**

Each Fund may engage in transactions in options and futures contracts, which are types of derivative securities. Some options and futures strategies, including selling futures, buying put options and writing (selling) call options, tend to hedge a Fund's investments against price fluctuations. Other strategies, including buying futures, writing (selling) puts and buying calls, tend to increase market exposure. Each Fund is limited to 5% of its liquidation value for initial margin and premium amounts, or to an aggregate net notional value of commodity interests that does not exceed 100% of the liquidation value of its portfolio, in each case after taking into account unrealized profits and losses on futures, options, or swap positions considered non-bona fide hedging under regulations of the Commodities Futures Trading Commission.

The LargeCap Fund and MidCap Fund may purchase or write (sell) listed call options on stocks and stock indices. A call option on a stock gives the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying stock at a stated price if the option is exercised before a specific date. The premium paid to the writer is the consideration for undertaking the obligations under the option contract. A call option written (sold) by a Fund exposes the Fund during the term of the option to possible loss of an opportunity to realize appreciation in the market price of the underlying stock, or to possible continued holding of a stock which might otherwise have been sold to protect against depreciation in the market price of the stock.

The LargeCap Fund and MidCap Fund may purchase or write (sell) listed put options on stocks and stock indices. A put option on a stock gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying stock at a stated price if the option is exercised before a specific date.

An option on an index functions in the same way as a stock option, except that the option is only settled in cash.

Whenever a Fund does not own securities underlying an open option position in an amount sufficient to cover the position, or whenever a Fund has written (sold) a put, the Fund will maintain cash or cash equivalents in a segregated account with its Custodian sufficient to cover the exercise price or, with respect to index options, the market value, of the open position. The Fund may ultimately sell the option in a closing sale transaction, exercise it or permit it to expire.

Each Fund may purchase and sell exchange-traded futures contracts on stock indices. A futures contract on an index is an agreement by which one party agrees to accept delivery of, and the other party agrees to make delivery of, an amount of cash equal to the difference between the value of the underlying index at the close of the last trading day of the futures contract and the price at which the contract originally was written. Although the value of an index might be a function of the value of certain specified securities, no physical delivery of those securities is made.

When a purchase or sale of a futures contract is made by a Fund, the Fund is required to deposit with its Custodian (or broker, if legally permitted) a specified amount of cash or U.S. Government securities (an "initial margin"). The margin required for a futures contract is set by the exchange on which the contract is traded and may be modified during the term of the contract. The initial margin is akin to a performance bond or good-faith deposit on the futures contract and is returned to the Fund upon termination of the contract, assuming all contractual obligations have been satisfied. Each Fund expects to earn interest income on its initial margin deposits. A futures contract held by a Fund is valued daily at the official settlement price of the exchange on which it is traded. Each day a Fund pays or receives cash, called "variation margin," equal to the daily change in value of the futures contract. This process is known as "marking to market." Variation margin does not represent a borrowing or loan by a Fund, but is instead a settlement between the Fund and the broker of the amount one of the parties would owe the other if the futures contract had expired. In computing daily net asset value, each of the Funds will mark to market all of its open futures positions.

While a Fund maintains an open futures position, the Fund must maintain with its Custodian, in a segregated account, assets with a market value sufficient to cover the Fund's exposure on the position (less the amount of the margin deposit associated with the position). A Fund's exposure on a futures contract is equal to the amount paid for the contract by the Fund.

Index futures contracts in which a Fund may invest are closed out prior to delivery by offsetting purchases or sales of matching futures contracts (contracts that are made on the same exchange and that have the same underlying index and delivery month), or in cash. If an offsetting purchase price is less than the original sale price, the Fund would realize a capital gain, or if it is greater, a Fund would realize a capital loss. Conversely, if an offsetting sale price is greater than the original purchase price, the Fund would realize a capital gain, or if it is less, the Fund would realize a capital loss. The transaction costs must also be included in these calculations in order to determine whether the Fund would realize such a capital gain or loss.

Options and futures contracts can be highly volatile investments. Successful options and futures strategies require the ability to predict future movements in securities prices, interest rates and other economic factors. There may be an imperfect correlation between movements in prices of options and futures contracts and movements in the value of the stock or index that the investment is designed to simulate. Options and futures contracts also involve a high degree of leverage, and a relatively small price movement in an option or futures contract can result in immediate and substantial gain or loss to a Fund. There can be no assurance that a liquid securities market will exist for an option or futures contract at any particular time. On volatile trading days where a price fluctuation limit is reached or a trading halt or suspension is imposed, it may be very difficult for a Fund to close out positions or enter into new positions and to value the option or futures contract. If the secondary market is not liquid, it could prevent prompt liquidation of unfavorable positions and potentially require a Fund to continue to hold the position until delivery or expiration. The Advisor operates the Funds in compliance with the requirements of Rule 4.5 under the Commodity Exchange Act (the "CEA"). The Funds have claimed an exclusion from the definition of "commodity pool operator" under the Commodity Exchange Act and therefore are not subject to registration or regulation as a commodity pool operator under that Act.

**Investments in Exchange-Traded Funds and Exchange-Traded Limited Partnerships**

The LargeCap Fund and MidCap Fund may invest in securities of exchange-traded funds ("ETFs") and exchange-traded limited partnerships ("ETLPs"). ETFs and ETLPs are similar to traditional mutual funds and limited partnerships, respectively, except that their securities trade throughout the trading day in the secondary brokerage market, much like stocks of public companies.

ETFs and ETLPs have their own operating expenses that are deducted from their assets and thus are borne by their shareholders. Accordingly, a Fund will bear its share of the operating expenses of any ETFs and ETLPs in which it invests. As a result, shareholders of the Fund will bear two layers of operating expenses to the extent the Fund invests in these securities. An investment in an ETF generally presents the same primary risks as an investment in a traditional mutual fund, and an investment in an ETLP generally presents the same primary risks as an investment in a limited partnership, such as the risk that the prices of the securities owned by that entity will decline.

In addition to the risks described above, an investment in an ETF or ETLP is also subject to the following risks that do not apply to an investment in a traditional mutual fund or limited partnership: (1) the market price of securities may trade at a discount to their net asset value; (2) an active trading market for an ETF's or ETLP's securities may not develop or be maintained; and (3) trading of an ETF's or ETLP's securities may be halted if the listing exchange's officials deem such action appropriate, the shares or interests are de-listed from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halt trading in general.

Each Fund's investments in an ETF or ETLP are subject to the investment restrictions of the Fund. In particular, because most ETFs are investment companies, the Fund's purchase of ETF shares are subject to the limitations on the Fund's investment in other investment companies. See "Investment Restrictions" in this Statement of Additional Information.

**Investments in Exchange-Traded Notes**

The LargeCap Fund and MidCap Fund may invest in securities of Exchange-Traded Notes ("ETNs"). ETNs are senior, unsecured, unsubordinated debt securities that are typically issued by an underwriting financial institution. ETNs are linked to the return of a benchmark index and are designed to provide investors with a way to access the returns of market benchmarks or strategies. Like ETFs and ETLPs, ETNs are listed on an exchange and traded in the secondary market. However, an ETN also can be redeemed at any time or can be held until maturity.

Whereas ETF shares represent an interest in a portfolio of securities, ETNs are structured products that are an obligation of the issuing financial institution, whereby the financial institution agrees to pay a return based on the target index less any fees. Unlike fixed-income bonds, ETNs do not make periodic interest payments, and the principal investment is not protected.

ETNs are subject to credit risk, including the risk that the issuer of the ETN may default on its obligations. The value of an ETN may vary and may be influenced by, among other things, the time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, changes in the issuer's credit rating, and economic, legal, political, or geographic events that affect the particular index. The value of

the ETN may drop due to a downgrade in the issuer's credit rating, despite the underlying index remaining unchanged.

**Investments in Other Investment Companies**

An investment by a Fund in another investment company may cause the Fund to incur higher administration and distribution expenses. See "Investment Restrictions" in this Statement of Additional Information. A Fund investing in another investment company would also be exposed to the risks associated with the underlying investment company's investments.

**Cybersecurity Risk**

With the increased use of the internet and other technology to conduct business, the Investment Company 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 incidents affecting the Investment Company or its service providers have the ability to cause disruptions and affect business operations, potentially resulting in financial losses, interference with the Investment Company's ability to calculate each Fund's net asset value, 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. Similar adverse consequences could result from cyber incidents affecting issuers of securities in which the Funds are invested, counterparties with which the Investment Company engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions (including financial intermediaries and service providers for fund shareholders) and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Investment Company's service providers have established business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Investment Company cannot control the cyber security plans and systems put in place by its service providers or any other third parties whose operations may affect the Funds or their shareholders.

**Artificial Intelligence Risk**

The use by various third-party service providers, vendors, counterparties, and technology platforms of artificial intelligence, machine learning, and similar technologies (collectively, "AI") used by the Funds is rapidly evolving and poses operational- and technology-related risks to the Funds. The Funds do not control the development, operation, security, or reliability of third-party AI systems and each Fund is therefore subject to risks associated with such third-party use. These risks could result in investment losses for the Funds and their shareholders or significantly disrupt the operations of the Funds' business.

Furthermore, as AI and its applications continue to develop, it is likely to cause significant disruptions to many sectors of the economy and categories of employment. These disruptions could have a material adverse effect on some Fund holdings as well as on some markets generally.

**Temporary Defensive Positions**

Each Fund may invest, without limitation, in short-term investments for temporary defensive purposes in response to adverse market, economic, political or other conditions. Short-term investments include U.S. Treasury bills, certificates of deposit, money market funds, commercial paper, variable-rate demand notes and repurchase agreements.

**Portfolio Turnover**

The portfolio turnover rates for the fiscal years ended November 30, 2025 and 2024 were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **2025** | **2024** |
| LargeCap Fund | 15% | 21% |
| MidCap Fund | 23% | 27% |
| Bond Fund | 26% | 21% |

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**INVESTMENT RESTRICTIONS**

Each Fund has adopted the following investment restrictions, none of which (except as otherwise noted) may be changed without the approval of the holders of a majority of the outstanding shares (as defined in the 1940 Act) of the Fund. A Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Purchase the securities of issuers conducting their principal business activity in the same industry if immediately after such purchase the value of the Fund's investments in such industry would exceed 25% of the value of its total assets, provided that there is no limitation with respect to or arising out of investments in obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Purchase a security if, as a result, with respect to 75% of the value of the Fund's total assets, more than 5% of its total assets would be invested in the securities of any one issuer, other than obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Make loans, except through the purchase of debt obligations in accordance with the Fund's investment objective and policies and through repurchase agreements with banks, brokers, dealers and other financial institutions, and except for securities lending activity as permitted by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Issue senior securities in violation of the 1940 Act or borrow money, except (a) as a temporary measure, and then only in amounts not exceeding 5% of the value of the Fund's total assets or (b) from banks, provided that immediately after any such borrowing all borrowings of the Fund do not exceed one-third of the Fund's net assets. The exceptions to this restriction are not for investment leverage purposes but are solely for extraordinary or emergency purposes and to facilitate management of each Fund's portfolio by enabling the Fund to meet redemption

requests when the liquidation of portfolio instruments is deemed to be disadvantageous or not possible. While a Fund has borrowings in excess of 5% of the value of the Fund's total assets outstanding, it will not make any purchases of portfolio instruments. If due to market fluctuations or other reasons the net assets of a Fund fall below 300% of its borrowings, the Fund will promptly reduce its borrowings in accordance with the 1940 Act. To do this, the Fund may have to sell a portion of its investments at a time when it may be disadvantageous to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Mortgage or pledge any assets except to secure permitted borrowings, and then only in an amount up to 15% of the value of the Fund's net assets, taken at cost at the time of such borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Purchase or sell real estate or commodities, except that a Fund may purchase and sell (a) securities issued by real estate investment trusts or other companies which invest in or own real estate, and (b) securities secured by interests in real estate, provided in each case that such securities are marketable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Purchase securities of other investment companies, except to the extent permitted by the 1940 Act. Subject to certain exceptions, the 1940 Act currently prohibits a Fund from investing more than 5% of its total assets in securities of another investment company, investing more than 10% of its total assets in securities of such investment company and all other investment companies, or purchasing more than 3% of the total outstanding voting stock of another investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Purchase more than 10% of the outstanding voting securities of any one issuer or invest in companies for the purpose of exercising control or management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Act as an underwriter of securities issued by others, except in instances where the Fund has acquired portfolio securities which it may not be free to sell publicly without registration under the Securities Act of 1933 (if the Fund sells such securities, it may technically be deemed an "underwriter" for purposes of such Act).

In addition to the foregoing restrictions, the Investment Company's Board of Directors has adopted the following restrictions, which may be changed without shareholder approval. A Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Purchase securities on margin, but a Fund may obtain such short-term credits as may be necessary for the clearance of purchase and sales of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Participate on a joint or joint-and-several basis in any securities trading account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Invest more than 15% of its net assets in illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Effect any short sale of securities that the Fund does not own if, as a result thereof, the aggregate value of all of the Fund's open short positions would exceed 5% of the Fund's net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Purchase an option or futures contract if, as a result, the aggregate initial margin and premiums required to establish such positions would exceed 5% of its liquidation value for initial margin and premium amounts, or to an aggregate net notional value of commodity interests that would exceed 100% of the liquidation value of its portfolio, in each case after taking into

account unrealized profits and losses on futures, options, or swap positions considered non-bona fide hedging under regulations of the Commodities Futures Trading Commission.

The restrictions described above that involve a maximum percentage generally apply when an investment is made and will not be violated as a result of subsequent changes in the values of securities held by the Fund. For purposes of investment restriction (1) above, each Fund takes the position that privately issued mortgage-backed securities do not represent interests in any particular industry or group of industries.

**DETERMINATION OF NET ASSET VALUE AND PRICING CONSIDERATIONS**

Fund shares are offered and sold without a sales charge at the net asset value per share next determined after the purchase order has been received by U.S. Bank Global Fund Services, the Fund's transfer agent (the "Transfer Agent"). The net asset value per share of each Fund is calculated as of the close of trading on the New York Stock Exchange (generally 4:00 P.M. Eastern Time). Net asset value per share is calculated by adding the total fair market value of all securities and other assets of the particular Fund, subtracting the liabilities of the Fund, and dividing the remainder by the number of outstanding shares of the Fund.

Each Fund's net asset value is determined only on the days on which the New York Stock Exchange is open for trading. The Exchange is regularly closed on Saturdays and Sundays and on New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. If one of those holidays falls on a Saturday or Sunday, the Exchange will typically be closed on the preceding Friday or the following Monday, respectively.

The Funds' Board of Directors (the "Funds' Board") has adopted methods for valuing securities set forth in the Funds' Pricing Policies and Procedures, including circumstances in which market quotes are not readily available or deemed to be unreliable, and has delegated authority to the Advisor, as the Board appointed valuation designee, to apply those methods in making fair value determinations in accordance with procedures approved by the Funds' Board. The Advisor as valuation designee has established a valuation committee that, along with other Advisor employees, administers, implements, and oversees the fair valuation process and makes fair value decisions. The valuation committee regularly reviews its own fair value decisions, as well as valuations, valuation techniques and services furnished by pricing services; considers circumstances in the markets which may require it to make or adjust valuation determinations; and reviews previous valuation determinations. The valuation committee reports on its activities and any changes to the fair valuation guidelines to the Funds' Board.

Each Fund's equity securities, including common stocks, ADRs, REITs, and rights, are valued at their market prices (generally the last reported sales price on the exchange where the securities are primarily traded or, for Nasdaq-listed securities, at their Nasdaq Official Closing Prices). If no sales are reported on a particular day, the mean between the highest bid and lowest asked quotations at the close of the exchanges will generally be used. Investments in money market mutual funds are generally priced at the ending net asset value provided by the service agent of the funds.

Fixed-income securities such as corporate bonds, convertible bonds, asset-backed securities, mortgage-backed securities, U.S. government and agency securities, sovereign bonds, municipal

bonds, and commercial paper are typically valued based on valuations published by an independent pricing service, which uses various valuation methodologies such as matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. Factors considered by pricing services include market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads and fundamental analytical data relating to the issuer. Short-term investments in fixed-income securities (those with remaining maturities of 60 days or less) are generally valued on an amortized cost basis.

Where market quotations are not readily available or are unreliable, a value is determined in good faith pursuant to procedures established by the Funds' Board. When determining the value of a security, consideration is given to the facts and circumstances relevant to the particular situation, which includes factors such as fundamental analytical data relating to the investment, which may include consideration of yields or prices of securities of comparable quality, coupon rate, maturity and type of issue, nature and duration of any restrictions on disposition of the security and an evaluation of forces that influence the market in which the securities are purchased or sold. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security.

The Funds intend to pay all redemptions in cash. Redemption proceeds ordinarily will be sent within seven days after receipt of the redemption request and all necessary documents. Each Fund reserves the right to suspend or postpone redemptions during any period when: (a) trading on the New York Stock Exchange is restricted, as determined by the Securities and Exchange Commission, or the Exchange is closed for other than customary weekend and holiday closing; (b) the Securities and Exchange Commission has by order permitted such suspension; or (c) an emergency, as determined by the Securities and Exchange Commission, exists, making disposal of portfolio securities or valuation of net assets of the Funds not reasonably practicable.

**MANAGEMENT**

Under applicable law, all corporate powers are exercised by or under the authority of, and the business and affairs of all of the Investment Company are managed under the direction of, the Board of Directors of the Investment Company. The Advisor is delegated responsibility for the Funds' investment management, and the officers of the Investment Company are delegated responsibility for the Funds' operations. The Board of Directors meets regularly to review the Funds' performance and expenses and other operational matters. The Board elects the officers of the Investment Company and hires the Funds' service providers. The Board annually reviews and, except as otherwise permitted by the 1940 Act, considers approval of the continuation of the investment advisory agreement with the Advisor and the distribution agreement with the Distributor. The Board also establishes and reviews numerous policies and procedures governing the conduct of the Investment Company's business. The policy of the Investment Company is that at least a majority of the directors, or such higher percentage as required by the 1940 Act, must not be "interested persons" of the Investment Company (within the meaning of the 1940 Act).

Information pertaining to the directors and officers of the Investment Company is set forth below. The address of each officer and director is 1255 Fourier Drive, Madison, WI 53717.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and Age** | &nbsp;&nbsp;**Position(s) Held<br> with Thompson<br> IM Funds, Inc.** <sup>(1)</sup> | &nbsp;&nbsp;**Principal Occupation(s) During**<br> **Past Five Years** | &nbsp;&nbsp;**Number of<br> Thompson IM<br> Funds Overseen<br> by Director** | &nbsp;&nbsp;**Other<br> Directorships<br> Held<br> by Director** |
| &nbsp;&nbsp;**Independent Directors:** | &nbsp;&nbsp;**Independent Directors:** | &nbsp;&nbsp;**Independent Directors:** | &nbsp;&nbsp;**Independent Directors:** | &nbsp;&nbsp;**Independent Directors:** |
| &nbsp;&nbsp;George E. Austin<br> Birth date: 9/15/52 | &nbsp;&nbsp;Chairman since 2021<br> Director since 2011 | &nbsp;&nbsp;&nbsp;&nbsp;● President of AVA Civic Enterprises Inc. (consulting firm), since 2011<br> ● Director of W. Jerome Frautschi Foundation Inc. (private foundation), since 2012; President from 1998 to 2012<br> ● Director of the Home Savings Bank from 1998 to 2022<br> ● Director of Overture Development Corporation (support organization for Overture Center Foundation), since 2001; President from 2001 to 2009<br>| &nbsp;&nbsp;3 |  |
| &nbsp;&nbsp;Joyce Minor<br> Birth date: 5/1/66 | &nbsp;&nbsp;Director since 2019 | &nbsp;&nbsp;&nbsp;&nbsp;● Professor of Economics, Macalester College, since 2008<br> ● Senior Vice President, Equity Research, Lehman Brothers (investment bank), 1996-2004<br> ● Vice President, Equity Research, Duff & Phelps (financial advisory and consultancy firm), 1994-1996<br>| &nbsp;&nbsp;3 |  |
| &nbsp;&nbsp;Aaron D. Olver<br> Birth date: 3/24/74 | &nbsp;&nbsp;Director since 2025 | &nbsp;&nbsp;● Managing Director, University Research Park, Inc. (non-profit real estate development organization), since 2014<br> ● Director, Kikkoman Foods, Inc. (food manufacturer), since 2025  | &nbsp;&nbsp;3 |  |
| **Interested Directors and Officers:** | **Interested Directors and Officers:** | **Interested Directors and Officers:** | **Interested Directors and Officers:** | **Interested Directors and Officers:** |
| &nbsp;&nbsp;James T. Evans<sup>(2)</sup><br> Birth date: 6/6/75 | &nbsp;&nbsp;Director since 2023<br> Vice President since 2009<br>| &nbsp;&nbsp;● Chief Investment Officer of Thompson Investment Management, Inc. ("TIM") since 2009<br> ● Portfolio Manager of TIM since 2008<br> ● A Chartered Financial Analyst | &nbsp;&nbsp;3 |  |
| &nbsp;&nbsp;Jason L. Stephens<sup>(2)</sup><br> Birth date: 10/15/74 | &nbsp;&nbsp;Director since 2011<br> Chief Executive Officer since 2015<br> President since 2020<br>| &nbsp;&nbsp;● Chief Executive Officer of TIM since 2015<br> ● President of TIM since 2020<br> ● Portfolio Manager of TIM since 2007<br> ● A Chartered Financial Analyst<br>| &nbsp;&nbsp;3 |  |
| &nbsp;&nbsp;Penny M. Hubbard<br> Birth date: 6/2/61 | &nbsp;&nbsp;Vice President since 2022<br> Chief Financial Officer and Treasurer from 2005 to 2022 and 2025 to present | &nbsp;&nbsp;● Vice President of TIM since 2004<br> ● Corporate Secretary of TIM since 2020<br>| &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Colleen Donnelly<br> Birth date: 7/26/65 | &nbsp;&nbsp;Chief Compliance Officer since 2022 | &nbsp;&nbsp;● Chief Compliance Officer of TIM since 2022<br> ● Chief Financial Officer of TIM since 2004 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and Age** | &nbsp;&nbsp;**Position(s) Held<br> with Thompson<br> IM Funds, Inc.** <sup>(1)</sup> | &nbsp;&nbsp; **Principal Occupation(s) During**<br> **Past Five Years** | &nbsp;&nbsp;**Number of<br> Thompson IM<br> Funds Overseen<br> by Director** | &nbsp;&nbsp;**Other<br> Directorships<br> Held<br> by Director** |
| &nbsp;&nbsp;Lesley T. Bailey<br> Birth date: 9/30/78 | &nbsp;&nbsp; Vice President since 2021<br> Secretary since 2010 | &nbsp;&nbsp; ● Senior Manager – Fund Operations since 2021<br> ● Fund Accounting and Administration at TIM since 2004 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Patsy J. Endres<br> Birth date: 3/4/62 | &nbsp;&nbsp; Vice President since 2025<br> Assistant Vice President from 2021 to 2025<br>| &nbsp;&nbsp; ● Fund Operations Specialist since 2021<br> ● Fund Accounting and Administration at TIM since 2019 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Noah Fleury<br> Birth date: 7/2/99 | &nbsp;&nbsp;Assistant Vice President since 2025 | &nbsp;&nbsp; ● Fund Accounting and Administration at TIM since 2023<br> ● Implementation specialist at Epic Systems from 2022 to 2023 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

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<sup>(1)</sup> Officers of the Investment Company serve one-year terms, subject to annual reappointment by the Board of Directors. Directors of the Investment Company serve a term of indefinite length until their resignation or removal, and stand for re-election by shareholders as and when required under the 1940 Act.

<sup>(2)</sup> Each of Jason L. Stephens and James T. Evans is an "interested person" of the Investment Company by virtue of his position with the Investment Company and TIM.

**Board Leadership and Risk Oversight**

George Austin, who is not an "interested person" of the Investment Company, serves as Chairman of the Board of the Investment Company. The Board of Directors of the Investment Company oversees the management of the Investment Company regarding the administration and operation of the Investment Company and the Funds, including various risks relating to its administration and operation. The Board performs this risk-management oversight both directly and through the audit committee of the Investment Company. Actual day-to-day management of the risks relating to the administration and operation of the Investment Company and the Funds is the responsibility of the Investment Company's officers, including its Chief Compliance Officer. While the Board, in conjunction with the officers of the Investment Company, attempts to identify all material risks of the Investment Company and of each Fund and to adopt and oversee the implementation of policies and controls to minimize the impact of these risks, it recognizes that it is not possible to identify all of the risks that may affect the Investment Company or a Fund or to develop policies or controls that eliminate all of the Investment Company's or a Fund's exposure to risks.

The Board receives reports, presentations and other information from the Advisor in connection with the Board's consideration of the renewal of each of the Fund's investment advisory agreements with the Advisor.

The Board has adopted, and it periodically reviews, policies and procedures designed to address risks to the Investment Company and the Funds. In addition, under the general oversight of the Board, the Advisor and service providers to the Funds have adopted a variety of policies, procedures and controls designed to address particular risks to the Funds.

The Board of Directors and audit committee regularly receive reports, presentations and other information from officers of the Investment Company, including the Chief Compliance Officer, as well as from the Funds' portfolio managers and other investment personnel and from various

service providers to the Investment Company, regarding a variety of risk-oversight-related matters. For the Board of Directors, these matters include valuation and other operational matters, liquidity, internal accounting, investments, securities trading and other portfolio-management aspects of the Funds, the voting of proxies with respect to companies whose securities are held in the Funds' portfolio, and a report from the Investment Company's Chief Compliance Officer regarding the effectiveness of the Investment Company's compliance program. For the audit committee, these matters include information regarding internal controls and accounting, financial reporting policies and practices, and compliance matters. The audit committee also receives regular reports from the Investment Company's independent registered public accounting firm regarding internal control and financial reporting matters.

**Board Committees**

The Board of Directors of the Investment Company has an audit committee and a nominating committee. The audit committee selects and consults with the independent auditors for the Investment Company on matters pertaining to their audits of the Investment Company's annual financial statements, and approves all audit and non-audit services to be provided by the independent auditors. The audit committee has adopted a written charter, which is available upon request and on the Investment Company's website at www.thompsonim.com. The audit committee consists of Joyce Minor (chair), George E. Austin, and Aaron D. Olver, none of whom is an "interested person" of the Investment Company. Ms. Minor has been determined by the Board to be an "audit committee financial expert." The audit committee met four times during the fiscal year ended November 30, 2025.

The nominating committee considers and recommends nominees for directors to the Board to fill vacancies and for election and re-election as and when required. All nominations of directors who are not "interested persons" of the Investment Company must be made and approved by the nominating committee. The nominating committee has not established any specific minimum qualifications or standards for director nominees. The nominating committee will consider nominees recommended by shareholders so long as they are nominated within one year prior to the appointment or election of a director. Shareholders can recommend potential nominees by providing their names and background information to the Secretary of the Funds c/o Thompson IM Funds, Inc., 1255 Fourier Drive, Madison, WI 53717. The nominating committee has adopted a written charter, which is available upon request and on the Investment Company's website at www.thompsonim.com. The nominating committee consists of Joyce Minor (chair), George E. Austin, and Aaron D. Olver. The nominating committee met four times during the fiscal year ended November 30, 2025.

**Director Qualifications and Relevant Experience**

A brief summary of each director's specific experience, qualifications, attributes, and skills that led the nominating committee to conclude that such person should serve as a director for the Funds is set forth below.

*George E. Austin* has significant experience leading and advising complex organizations. From 1998 to 2012, he served as President of the W. Jerome Frautschi Foundation Inc., a private support organization of the Overture Center for the Arts based in Madison, Wisconsin. In that role, he led all aspects of the business planning, design, financing and construction of the $210 million Overture Center for the Arts project. Mr. Austin remains a Director of the Foundation.

Other major public-private civic projects which he has led include the $67.1 million Monona Terrace Community and Convention Center (1990-1997), as well as development of the $210 million Wisconsin Institutes for Discovery, a public-private biomedical research institute, from 2005-2011. Mr. Austin served as Director of the City of Madison Department of Planning and Development, and as Executive Director of the Community Development Authority of the City of Madison, from 1983 until 1998. In those roles, he was responsible for management of both entities, including administration of Federal grants, overseeing the response to independent financial and management audits, and developing a tax-exempt housing and redevelopment bonding program designed to revitalize neighborhoods and provide affordable housing units. Mr. Austin gained other financial experience serving on the board of Home Savings Bank, a mutual savings institution, from 1998 to 2022. While serving in that role, he chaired that bank's audit committee as well as served as a member of its loan committee. Additionally, he served on the Advisory Committee for the Johnson Bank Community Development Corporation from 2003 to 2014. In addition to his years of management and financial experience, Mr. Austin holds a Bachelor of Business Administration degree, majoring in finance, from the University of Wisconsin-Madison, as well as a Master of Science degree in Business and Master of Arts degree in Public Policy and Administration from the University of Wisconsin-Madison.

*Joyce Minor* serves as Karl Egge Professor of Economics at Macalester College. A graduate of Harvard Business School and Macalester College, she assumed her current role at Macalester after serving as an equity research analyst for firms such as Lehman Brothers and Duff & Phelps for over a decade. At Macalester, she has taught courses on securities analysis, investment banking, and applied economics. She has extensive experience relating to financial statement analysis, capital structure considerations, and equity valuations. She also serves as a member of the Investment Committee of the Macalester College Board of Trustees, in which role she helps to oversee endowment assets of over $896 million.

*Aaron Olver* has extensive experience in executive leadership, financial oversight, and board governance across public, private, and nonprofit sectors. Since 2014, he has served as Managing Director of University Research Park, Inc., where he leads the University of Wisconsin- Madison's technology-focused real estate company. In this role, he reports directly to a board of trustees and serves as lead staff for that board's Audit, Investment, Nominating & Governance, and Risk Management Committees. Beyond this executive role, Mr. Olver brings substantial board experience, including serving as an independent director of Kikkoman Foods, Inc., as a trustee of the William F. Vilas Trust, and as a director of the Greater Madison Chamber of Commerce, where he served on the executive committee and as board chair and had responsibilities overseeing executive compensation, audit, nominations, and board governance. Additionally, he has served on a number of other non-profit boards, where he has worked directly on audit, investment management, financial reporting, and collaborated with external auditors and investment advisors. Mr. Olver is the former Secretary of Commerce of the State of Wisconsin. Mr. Olver holds a Bachelor of Arts degree in Economics (with Honors and Mathematical Emphasis) from the University of Wisconsin-Madison as well as a Master of Arts degree and a Bachelor of Arts degree in Philosophy, Politics, & Economics from Oxford University, where he studied as a Rhodes Scholar.

*Jason L. Stephens* has been with Thompson Investment Management, Inc. in various capacities for more than 24 years. He has extensive experience conducting financial analysis of companies through examination of their various financial and legal disclosure statements, and he is intimately familiar with the Investment Company's methodologies and processes, having grown

with the Investment Company through its reorganization in December 2003 and eventually being appointed to the positions of Chief Executive Officer of both the Investment Company and TIM and portfolio manager to each of the Funds. He has also gained extensive compliance and risk management experience while with the Investment Company, having served at times as the Investment Company's Chief Compliance Officer and having participated as part of the team that developed compliance policies and procedures for the Investment Company in response to the promulgation of SEC Rule 38a-1. Prior to joining the Investment Company, Mr. Stephens obtained broad leadership and administrative experience as company manager and director of administration at two notable Madison-based opera companies, Opera for the Young and the Madison Opera. Mr. Stephens holds a Master of Science degree in Finance from the University of Wisconsin-Madison, as well as a Master's degree in Arts Administration and a Bachelor of Science degree in English and Communication Arts. He is a CFA charterholder.

*James T. Evans* has been actively involved in the management of the MidCap Fund since its March 31, 2008 inception and in the management of the LargeCap Fund and the Bond Fund since February 2009. Mr. Evans, a Vice President of the Company, is the Chief Investment Officer, Principal, and a Portfolio Manager at TIM. Previously, he was a Managing Director for Nakoma Capital Management in Madison, Wisconsin. Mr. Evans graduated summa cum laude from Macalester College with a Bachelor of Arts degree in Economics and Computer Science. He also earned a M.B.A. in Finance and Accounting and a M.S. in Finance from the University of Wisconsin-Madison. Mr. Evans completed the Applied Security Analysis Program at the University of Wisconsin-Madison Business School. He is a CFA charterholder.

**Director Compensation**

Directors and officers of the Investment Company who are officers, directors, employees or shareholders of the Advisor do not receive any remuneration from the Funds for serving as directors or officers. During the fiscal year ended November 30, 2025, those directors who are not so affiliated with the Advisor received the compensation as set forth in the table below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Director** | **Fund** | **Aggregate<br> Compensation** | **Pension or<br> Retirement<br> Benefits** | **Estimated Annual<br> Benefits Upon <br> Retirement** | **Total <br> Compensation <br> From Investment <br> Company Complex** |
| George E. Austin | LargeCap Fund | $12787 |  |  | $80500 |
|  | MidCap Fund | $8869 |  |  |  |
|  | Bond Fund | $58844 |  |  |  |
| Cornelia Boyle <sup>(1)</sup> | LargeCap Fund | $9043 |  |  | $57000 |
|  | MidCap Fund | $6266 |  |  |  |
|  | Bond Fund | $41691 |  |  |  |
| Joyce Minor | LargeCap Fund | $9355 |  |  | $59000 |
|  | MidCap Fund | $6477 |  |  |  |
|  | Bond Fund | $43168 |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Cornelia Boyle retired as a Director
 of the Investment Company effective December 2, 2025. Aaron Olver became a Director
 of the Investment Company effective December 1, 2025.

**Director Ownership of Fund Shares**

The table below states the dollar range of shares of the Investment Company beneficially owned by each director of the Investment Company as of December 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Director<sup>(1)</sup>** | &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Dollar Range of <br> Equity Securities** | &nbsp;&nbsp;**Aggregate Dollar Range of Equity Securities <br> in all Funds Overseen by Director in Family <br> of Investment Companies** |
| &nbsp;&nbsp;George E. Austin | &nbsp;&nbsp;LargeCap Fund |  | &nbsp;&nbsp;Over $100,000 |
|  | &nbsp;&nbsp;MidCap Fund | &nbsp;&nbsp;$50001-$100000 |  |
|  | &nbsp;&nbsp;Bond Fund | &nbsp;&nbsp;$10001-$50000 |  |
| &nbsp;&nbsp;Joyce Minor | &nbsp;&nbsp;LargeCap Fund | &nbsp;&nbsp;$1-$10000 | &nbsp;&nbsp;$50001-$100000 |
|  | &nbsp;&nbsp;MidCap Fund | &nbsp;&nbsp;$10001-$50000 |  |
|  | &nbsp;&nbsp;Bond Fund | &nbsp;&nbsp;$10001-$50000 |  |
| &nbsp;&nbsp;Aaron D. Olver | &nbsp;&nbsp;LargeCap Fund | &nbsp;&nbsp;$1-$10000 | &nbsp;&nbsp;$10001-$50000 |
|  | &nbsp;&nbsp;MidCap Fund | &nbsp;&nbsp;$1-$10000 |  |
|  | &nbsp;&nbsp;Bond Fund | &nbsp;&nbsp;$1-$10000 |  |
| &nbsp;&nbsp;James T. Evans | &nbsp;&nbsp;LargeCap Fund | &nbsp;&nbsp;Over $100,000 | &nbsp;&nbsp;Over $100,000 |
|  | &nbsp;&nbsp;MidCap Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;Bond Fund | &nbsp;&nbsp;Over $100,000 |  |
| &nbsp;&nbsp;Jason L. Stephens | &nbsp;&nbsp;LargeCap Fund | &nbsp;&nbsp;Over $100,000 | &nbsp;&nbsp;Over $100,000 |
|  | &nbsp;&nbsp;MidCap Fund | &nbsp;&nbsp;Over $100,000 |  |
|  | &nbsp;&nbsp;Bond Fund | &nbsp;&nbsp;Over $100,000 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Cornelia Boyle retired as a Director
 of the Investment Company effective December 2, 2025.

**Material Transactions with Independent Directors**

No director who is not an interested person of the Investment Company, or his or her immediate family members, owned beneficially or of record, as of December 31, 2025, any securities of the Advisor, the Distributor or any person directly or indirectly controlling, controlled by, or under common control with the Advisor or the Distributor.

No director who is not an interested person of the Investment Company, or an immediate family member of such director, has had, during the two most recently completed calendar years, a direct or indirect interest in the Advisor or the Distributor or in any person directly or indirectly controlling, controlled by or under common control with the Advisor or the Distributor, which exceeds $120,000. In addition, no director who is not an interested person of the Investment Company, or any immediate family member of such director, has had, during the two most recently completed calendar years, a direct or indirect material interest in any transaction or series of similar transactions in which the amount involved exceeds $120,000 and to which one of the parties was the Investment Company; an officer of the Investment Company; an investment company (or an entity that would be an investment company but for the exclusions provided by Section 3(c)(1) or 3(c)(7) of the 1940 Act) having the same investment advisor or principal underwriter as the Investment Company or having an investment advisor or principal underwriter that directly or indirectly controls, is controlled by, or is under common control with the Advisor or the Distributor; an officer of an investment company (or an entity that would be an investment company but for the exclusions provided by Section 3(c)(1) or 3(c)(7) of the 1940 Act) having the same investment advisor or principal underwriter as the Investment Company or having an investment advisor or principal underwriter that directly or indirectly controls, is controlled by, or is under common control with the Advisor or the Distributor; the Advisor or the Distributor; an officer of the Advisor or the Distributor; or a person directly or indirectly controlling, controlled by or under common control with the Advisor or the Distributor or an officer of any such "control" person. No director who is not an interested person of the Investment Company, or immediate family member of such a director, has had, in the two most recently completed calendar years, a direct or indirect relationship, in which the amount involved exceeds $120,000, with any of the persons described above in this paragraph and which include payments for property or services to or from any of those persons; provision of legal services to any person specified above in this paragraph; provision of investment banking services to any person specified above in this paragraph, other than as a participating underwriter in a syndicate; or any consulting or other relationship that is substantially similar in nature and scope to the relationships detailed herein.

**Code of Ethics for Personal Trading**

The Investment Company and the Advisor have adopted a code of ethics under Rule 17j-1 of the 1940 Act designed to ensure, among other things, that the interests of Fund shareholders take precedence over personal interests of their respective directors, officers and employees. Under the code of ethics, personal investment activities are subject to limitations designed to avoid both actual and perceived conflicts of interest with the investment activities of the Funds. The code permits personnel of the Investment Company and the Advisor to invest in securities, including securities that may be purchased or held by the Funds, subject to certain exceptions and pre-clearance procedures.

The Investment Company's principal underwriter and distributor, Quasar Distributors, LLC, has also adopted a similar code of ethics under Rule 17j-1 of the 1940 Act.

**Code of Ethics for Principal Executive, Financial and Accounting Officers**

The Investment Company has established a separate code of ethics that applies to its principal executive, financial and accounting officers. This written code sets forth standards that are reasonably designed to deter wrongdoing and to promote honest and ethical conduct, including the ethical handling of conflicts of interest; full, fair, accurate, timely and understandable disclosure in reports and documents the Investment Company files with the SEC and in other shareholder communications; compliance with applicable governmental laws, rules or registrations; the prompt internal reporting of violations of the code to an appropriate person; and accountability for adherence to the code.

**Proxy Voting Policies**

Proxy voting policies adopted by the Investment Company are attached to this Statement of Additional Information as <u>Exhibit A</u>. These proxy voting policies describe the procedures used by the Investment Company to determine how to vote proxies. Information regarding how the Investment Company voted proxies relating to portfolio securities held by the Funds during the most recent 12-month period ended June 30 are made available annually within sixty (60) days of June 30 (1) without charge, upon request, by calling 1-800-999-0887, and on the Investment Company's website at www.thompsonim.com, and (2) on the SEC's website at www.sec.gov.

**Policy Regarding Disclosure of Fund Holdings**

The Investment Company believes that portfolio holdings information constitutes material, non-public information. Accordingly, the Investment Company has adopted a policy limiting disclosure of its portfolio holdings. A complete list of each Fund's portfolio holdings as of the end of each calendar quarter will be posted on the Investment Company's website within thirty (30) days of the end of such quarter. Lists of each Fund's portfolio holdings are also disclosed to the extent required by law or to ratings agencies such as Morningstar or Lipper. Information about a Fund's portfolio holdings may also be disclosed, without lag and when necessary, to the Investment Company's Advisor, Distributor, Transfer Agent, Custodian, Independent Registered Public Accounting Firm, as defined below, legal counsel, and other service providers (including but not limited to those providing independent pricing services, proxy voting services, portfolio analytics, and financial printing, and subject in each case to the service provider's duty to maintain the confidentiality of such information) to the extent necessary to enable such providers to carry out their responsibilities to the Investment Company. Portfolio holdings information may be provided to broker-dealers in connection with the purchase or sale of securities or with requests for price quotations or bids on one or more securities. Portfolio holdings information may be disclosed in other instances if the recipient of such information is bound by a duty of confidentiality and the Board of Directors of the Investment Company (including a majority of the independent directors) determines that such disclosure is appropriate and is in the best interests of a Fund's shareholders. This policy does not prohibit disclosure to the media and others of particular stocks, industries or market segments that a Fund owns, likes or dislikes, so long as details that would constitute material, non-public information are not selectively disclosed. The Board of Directors receives quarterly reports on compliance with this policy. A copy of the Investment Company's policy regarding selective disclosure of portfolio holdings is attached hereto as <u>Exhibit B</u>.

As of the date of this SAI, the Investment Company files with the SEC a complete schedule of each Fund's portfolio holdings for the first and third quarters of the Funds' fiscal year as an exhibit to its reports on Form N-PORT and a complete schedule of each Fund's portfolio holdings for the second and fourth quarters of each fiscal year on Form N-CSR, and these forms are generally filed or made publicly available within 60 days following the end of the fiscal quarter. This information is available without charge on the Investment Company's website at www.thompsonim.com. These forms are also available on the SEC's website at www.sec.gov.

In accordance with the Investment Company's selective disclosure of portfolio holdings policy described above, the Investment Company has entered into ongoing arrangements to make public information about each Fund's portfolio holdings directly available to certain third-party entities. The Investment Company currently may disclose portfolio holdings information based on ongoing arrangements to the following pre-authorized parties:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Information Disclosed** | &nbsp;&nbsp;**Frequency\*** | &nbsp;&nbsp;**Lag Time** |
| &nbsp;&nbsp;Bloomberg | &nbsp;&nbsp;Full portfolio holdings | &nbsp;&nbsp;Quarterly basis | &nbsp;&nbsp;Approximately 5 days after calendar quarter end |
| &nbsp;&nbsp;Capital-Bridge | &nbsp;&nbsp;Full portfolio holdings | &nbsp;&nbsp;Quarterly basis | &nbsp;&nbsp;Approximately 5 days after calendar quarter end |
| &nbsp;&nbsp;FactSet | &nbsp;&nbsp;Full portfolio holdings | &nbsp;&nbsp;Quarterly basis | &nbsp;&nbsp;Approximately 5 days after calendar quarter end |
| &nbsp;&nbsp;Lipper Analytics | &nbsp;&nbsp;Full portfolio holdings | &nbsp;&nbsp;Quarterly basis | &nbsp;&nbsp;Approximately 5 days after calendar quarter end |
| &nbsp;&nbsp;Morningstar | &nbsp;&nbsp;Full portfolio holdings | &nbsp;&nbsp;Quarterly basis | &nbsp;&nbsp;Approximately 5 days after calendar quarter end |
| &nbsp;&nbsp;Standard & Poor's | &nbsp;&nbsp;Full portfolio holdings | &nbsp;&nbsp;Quarterly basis | &nbsp;&nbsp;Approximately 5 days after calendar quarter end |
| &nbsp;&nbsp;Thomson Financial | &nbsp;&nbsp;Full portfolio holdings | &nbsp;&nbsp;Quarterly basis | &nbsp;&nbsp;Approximately 5 days after calendar quarter end |
| &nbsp;&nbsp;Vickers | &nbsp;&nbsp;Full portfolio holdings | &nbsp;&nbsp;Quarterly basis | &nbsp;&nbsp;Approximately 5 days after calendar quarter end |

---

\* Dissemination of portfolio holdings information to the entities listed may occur less frequently than indicated (or not at all).

The Advisor provides investment advice to clients other than the Funds, and these clients may have investment objectives that are substantially similar to those of one or more of the Funds. These clients also may have portfolios consisting of holdings substantially similar to those of one or more of the Funds and generally have access to current portfolio holdings information for their accounts. These clients do not owe the Advisor or the Funds a duty of confidentiality with respect to disclosure of their portfolio holdings.

**ADVISORY, ADMINISTRATIVE AND OTHER SERVICES**

**Investment Advisor**

Thompson Investment Management, Inc. ("TIM") acts as the investment advisor for the LargeCap Fund, MidCap Fund and Bond Fund pursuant to an Investment Advisory Agreement. TIM is controlled by James T. Evans, Penny M. Hubbard, and Jason L. Stephens by virtue of their respective ownership of its outstanding voting securities. Subject to the general supervision of the Board of Directors of the Investment Company, TIM manages the investment operations of each of the Funds and the composition of their respective assets. In this regard, TIM provides supervision of the assets of each of the Funds, furnishes a continuous investment program for such

Funds, and determines from time to time what investments or securities will be purchased, retained or sold by such Funds and what portion of the assets will be invested or held uninvested in cash.

The Investment Advisory Agreement pursuant to which TIM is retained by the LargeCap Fund, MidCap Fund and Bond Fund provides for compensation to TIM (computed daily and paid monthly) at the following annual rates: for the LargeCap Fund and MidCap Fund - 1.00% of the first $50 million of average daily net assets, and 0.90% of average daily net assets in excess of $50 million; and for the Bond Fund - 0.65% of the first $50 million of average daily net assets, and 0.60% of average daily net assets in excess of $50 million.

The following table sets forth the aggregate fees paid to TIM under the Investment Advisory Agreement for the past three fiscal years:

**Fees for Investment Advisory Services**

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| | | | |
|:---|:---|:---|:---|
|  | **For the years ended November 30,** | **For the years ended November 30,** | **For the years ended November 30,** |
| **Fund** | **2025** | **2024** | **2023** |
| LargeCap Fund | $1646231 | $1625418 | $1476477 |
| MidCap Fund | $517161 | $542614 | $520019 |
| Bond Fund | $10292294 | $8041459 | $8532476 |

---

The current Investment Advisory Agreement provides that the Advisor may render similar services to others so long as its services under the Agreement are not impaired thereby. The Investment Advisory Agreement with the Funds permits the Advisor to receive research and related services and equipment from certain broker-dealers in exchange for allocating the Funds' securities transactions to them. The Investment Advisory Agreement also provides that a Fund will indemnify the Advisor against certain liabilities, including liabilities under the federal securities laws, or, in lieu thereof, contribute to resulting losses. The Investment Advisory Agreement further provides that the Advisor and its directors, officers, employees, and other corporate agents will not be liable for any error of judgment or mistake of law, for any other act or omission, or for any loss suffered by a Fund in connection with the matters to which the Agreement relates, except liability to a Fund or its shareholders to which the Advisor would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence, in the performance of its duties, or by reason of its reckless disregard of its obligations and duties under the Agreement, or to the extent specified in Section 36(b) of the 1940 Act.

**Information About Portfolio Managers**

James T. Evans and Jason L. Stephens are co-portfolio managers for the LargeCap, MidCap, and Bond Funds.

As of November 30, 2025, James T. Evans and Jason L. Stephens each received a fixed salary for managing the Funds, and also owned equity interests in the Advisor and received distributions from the Advisor from time to time.

The following table sets forth the portfolio managers' ownership of Fund shares as of November 30, 2025:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Dollar Range of<br> Equity Securities** |
| &nbsp;&nbsp;LargeCap Fund | &nbsp;&nbsp;James T. Evans | &nbsp;&nbsp;$500001-$1000000 |
|  | &nbsp;&nbsp;Jason L. Stephens | &nbsp;&nbsp;$500001-$1000000 |
| &nbsp;&nbsp;MidCap Fund | &nbsp;&nbsp;James T. Evans | &nbsp;&nbsp;Over $1,000,000 |
|  | &nbsp;&nbsp;Jason L. Stephens | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Bond Fund | &nbsp;&nbsp;James T. Evans | &nbsp;&nbsp;Over $1,000,000 |
|  | &nbsp;&nbsp;Jason L. Stephens | &nbsp;&nbsp;$50001-$100000 |

---

James T. Evans and Jason L. Stephens each also manage other accounts for individuals and institutional clients. They each receive a fixed salary for managing each of these accounts.

As of November 30, 2025, James T. Evans managed a total of 93 other accounts (none of which was a registered investment company or other pooled investment vehicle), in addition to the LargeCap Fund, MidCap Fund and Bond Fund, having total aggregate assets of $243 million. None of these accounts was charged a fee based on performance.

As of November 30, 2025, Jason L. Stephens managed a total of 317 other accounts (none of which was a registered investment company or other pooled investment vehicle), in addition to the LargeCap Fund, MidCap Fund and Bond Fund, having total aggregate assets of $397 million. None of these accounts was charged a fee based on performance.

Many, but not all, of the accounts managed by James T. Evans and Jason L. Stephens have investment strategies similar to those employed for the Funds. Possible material conflicts of interest arising from these portfolio managers' management of the investments of the Funds, on the one hand, and the investments of other accounts, on the other hand, include the portfolio managers' allocation of sufficient time, energy and resources to managing the investments of the Funds in light of their responsibilities with respect to numerous other accounts, particularly accounts that have different strategies from those of the Funds; the fact that the fees payable to TIM for managing a Fund may be less than the fees payable to TIM for managing other accounts, potentially motivating the portfolio managers to spend more time on managing the other accounts; the proper allocation of investment opportunities that are suitable for the Funds and other accounts; and the proper allocation of aggregated purchase and sale orders for the Funds and other accounts.

**Administrator**

Under an Administrative and Accounting Services Agreement with the Funds, TIM also provides administrative and accounting services to the Funds. The administrative obligations include: (a) providing supervision of all aspects of each Fund's non-investment operations, such as custody of the Fund's assets, shareholder servicing and legal and audit services (the parties giving due recognition to the fact that certain of such operations are performed by others pursuant to the Funds' agreements with their Custodian and shareholder servicing agent), (b) providing each Fund, to the extent not provided pursuant to such agreements or the agreement with the Funds' accounting services agent, with personnel to perform such executive, administrative and clerical services as are reasonably necessary to provide effective administration of the Fund, (c) arranging, to the extent not provided pursuant to such agreements, for the preparation of each Fund's tax returns, reports to existing shareholders, periodic updating of the Prospectus and this Statement of Additional Information, and reports filed with the SEC and other regulatory authorities, all at the expense of the Fund, (d) providing each Fund, to the extent not provided pursuant to such agreements, with adequate office space and certain related office equipment and services, and (e) maintaining all of the records of each Fund other than those maintained pursuant to such agreements. The accounting service obligations include maintaining and keeping current certain accounts and financial records of each Fund, preparing the financial statements of each Fund as required by the 1940 Act and calculating the net asset value per share of each Fund in the manner described in the Prospectus and this Statement of Additional Information.

The annual fees to be paid by each of the Funds to TIM under the Administrative and Accounting Services Agreement are calculated as follows: 0.15% of the first $30 million of the Fund's average daily net assets; 0.10% of the next $70 million of average daily net assets; and 0.03% of average daily net assets in excess of $100 million. The fee is subject to an annual minimum per Fund equal to the sum of the actual out-of-pocket costs to TIM attributable to all outsourced sub-fund accounting and sub-fund administrative services performed by U.S. Bank Global Fund Services.

The following table sets forth the aggregate fees paid to TIM for the past three fiscal years for administrative and accounting services provided to the Funds:

**Fees for Administrative and Accounting Services**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended November 30,** | **For the years ended November 30,** | **For the years ended November 30,** |
| **Fund** | **2025** | **2024** | **2023** |
| LargeCap Fund | $138208 | $137514 | $132549 |
| MidCap Fund | $67000 | $69735 | $67267 |
| Bond Fund | $598365 | $485823 | $510374 |

---

**Expenses**

The Funds are responsible for the payment of their own expenses. Such expenses include, without limitation: the fees payable to the Advisor and Administrator; the fees and expenses of the Funds' Custodian and Transfer and Dividend Disbursing Agent; association membership dues; any portfolio losses; filing fees for the registration or qualification of Fund shares under federal or state securities laws; expenses of the organization of the Funds; taxes and tax preparation; expenses relating to the pricing of securities in a Fund's portfolio; interest; costs of liability insurance, fidelity bonds, indemnification or contribution; any costs, expenses or losses arising out of any liability of, or claim for damages or other relief asserted against, the Funds for violation of any law; legal and auditing fees and expenses; expenses of preparing and setting in type prospectuses,

statements of additional information, proxy materials, reports and notices and the printing and distributing of the same to the Funds' existing shareholders and regulatory authorities; compensation and expenses of the Funds' Directors; and extraordinary expenses incurred by the Funds. The Advisor will bear the expense of printing and distributing prospectuses to prospective shareholders.

TIM has contractually agreed to waive management fees and/or reimburse expenses incurred by each Fund through March 31, 2027, so that the annual operating expenses of each Fund do not exceed a set percentage (0.99% for the LargeCap Fund, 1.15% for the MidCap Fund, and 0.80% for the Bond Fund) of such Fund's average daily net assets.

The following table sets forth the total expenses TIM reimbursed with respect to the Funds for the past three fiscal years:

**Reimbursed Expenses**

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| | | | |
|:---|:---|:---|:---|
|  | **For the years ended November 30,** | **For the years ended November 30,** | **For the years ended November 30,** |
| **Fund** | **2025** | **2024** | **2023** |
| LargeCap Fund | $262852 | $250002 | $286270 |
| MidCap Fund | $137450 | $126621 | $136055 |
| Bond Fund | $0 | $0 | $0 |

---

**Transfer and Dividend Disbursing Agent**

U.S. Bank Global Fund Services, 615 East Michigan Street, Milwaukee, Wisconsin 53202, is the transfer and dividend disbursing agent for the Funds.

**Custodian**

U.S. Bank, N.A., 1555 North RiverCenter Drive, Suite 302, Milwaukee, Wisconsin 53212, is the custodian of the Funds' portfolio securities and cash.

**Counsel and Independent Registered Public Accounting Firm**

Quarles & Brady LLP, 411 East Wisconsin Avenue, Milwaukee, Wisconsin 53202, serves as general counsel to the Funds.

Cohen & Company, Ltd., 1350 Euclid Avenue, Suite 800, Cleveland, Ohio 44115, provides audit services for the Funds. Cohen & Co Advisory, LLC, an affiliate of Cohen & Company, Ltd., provides tax services as requested.

**DISTRIBUTION**

The Distributor, Quasar Distributors, LLC, 190 Middle Street, Suite 301, Portland, Maine 04101, is principal underwriter and distributor of shares of the Funds. Shares of the Funds are offered to the public on a continuous basis. The Distributor sells the shares on a best efforts basis pursuant to a Distribution Agreement among the Investment Company, the Advisor and the Distributor. The Distribution Agreement was approved by the Board of Directors of the Investment Company, including a majority of directors who are not "interested persons" (as defined in the 1940 Act) of the Investment Company, the Advisor or the Distributor.

Under the Distribution Agreement, the Distributor is available to receive orders, make the Funds' shares available for sale and redemption through the NSCC's Fund/SERV system and to cooperate with the Investment Company on the development of advertisements and sales literature relating to the Funds. The Distributor, at its sole discretion, may repurchase shares offered for sale by Fund shareholders and enter into agreements with qualified broker-dealers who are interested in selling shares of the Funds. The Investment Company has agreed to indemnify the Distributor for claims, liabilities, losses, damages and expenses arising out of or based upon an untrue statement of a material fact contained in the Funds' registration statement, prospectus (including the statement of additional information), annual or interim report, advertisement or sales literature or an omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out of or based upon the Investment Company's failure to comply with the Distribution Agreement or applicable law. The Distributor has agreed to indemnify the Investment Company for claims, liabilities, losses, damages and expenses arising out of or based upon the Distributor's failure to comply with the terms of the Distribution Agreement or applicable law or the Distributor's willful or negligent acts or omissions.

Because the Investment Company has not adopted a distribution plan for the Funds, it cannot compensate the Distributor for the services it provides under the Distribution Agreement. Instead, the Advisor is responsible for paying the Distributor's fees under the Distribution Agreement. Such fees are payable monthly at an annual rate equal to 0.015% of the net asset value of the Funds from $250 million to $500 million, 0.0065% of the net asset value of the Funds on the next $500 million and 0.0025% on the balance, subject to a minimum annual fee of $35,000, as well as certain other fixed fees for compliance review services.

The Distribution Agreement continues for a period of two years from its effective date and thereafter will continue for successive one-year periods so long as such continuance is approved at least annually by the Investment Company Board of Directors, including a majority of directors who are not "interested persons" of the Investment Company, the Advisor or the Distributor. The Distribution Agreement may be terminated, upon at least 60 days written notice, by either the Investment Company or the Distributor, and will automatically terminate in the event of its assignment.

The Advisor pays, out of its own resources, amounts to broker-dealers and other intermediaries for various shareholder, account maintenance, networking and other services they provide to the Funds. Such services usually include maintaining aggregated or omnibus accounts through which the clients, plan participants and beneficial holders of such broker-dealers and intermediaries invest in the Funds; expedited processing of purchase, redemption or exchange transactions for clients, plan participants and beneficial holders of such broker-dealers and intermediaries; forwarding copies of Fund prospectuses, reports, proxy materials and other communications to

their clients, plan participants and other beneficial holders; and/or responding to questions about Fund purchases, redemptions, exchanges and the like. The payments made by the Advisor under the shareholder servicing arrangements are generally expressed as a percentage of the aggregate net assets of the accounts in the Funds for which such broker-dealers and intermediaries are responsible, and payments made by the Advisor under the networking arrangements are generally expressed in a per account, per period fee for accounts in the Funds for which such broker-dealer and intermediaries are responsible. The Funds reimburse the Advisor for a portion of the amounts paid by the Advisor under these arrangements. The amount reimbursed by the Funds is equal to (1) for those accounts maintained through a shareholder servicing arrangement, an annual rate of no more than 0.10% of the average daily net assets of the omnibus accounts in the Funds for which all broker-dealers and other intermediaries, in the aggregate, are responsible, and (2) for those accounts maintained through a networking arrangement, no more than $6 per year per account in the Funds for which the broker-dealers and other intermediaries are responsible; provided however, in all cases only one of these fees shall be applicable to the assets in an account. This amount has been determined by the Funds' Board to approximate (or not to exceed) the transfer agency fees that would otherwise have been payable by the Funds if such broker-dealers and intermediaries did not maintain these accounts. For the fiscal year ended November 30, 2025, the amounts reimbursed by the Funds to the Advisor were $18,317, $3,525, and $447,485 for the LargeCap Fund, MidCap Fund and Bond Fund, respectively.

**PORTFOLIO TRANSACTIONS AND BROKERAGE**

The Advisor is responsible for decisions to buy and sell securities for the Funds, the selection of brokers and dealers to effect the transactions and the negotiation of brokerage commissions, where applicable. Purchases and sales of securities on a national securities exchange are effected through brokers who charge a negotiated commission for their services. In the over-the-counter 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. On occasion, certain money market instruments may be purchased directly from an issuer, in which case no commissions or discounts are paid.

In placing purchase and sale orders for portfolio securities for the Funds, it is the policy of the Advisor to seek the best net price and the most favorable execution in light of the overall quality of brokerage and research services provided. In selecting brokers to effect portfolio transactions, the determination of what is expected to result in best net price and the most favorable execution involves a number of largely judgmental considerations. Among these are the Advisor's evaluation of the broker's efficiency in executing and clearing transactions and the broker's financial strength and stability. The best net price takes into account the brokerage commission or dealer spread involved in purchasing the securities. Transactions in the securities of small companies may involve specialized services on the part of the broker and thereby entail higher commissions or spreads than would be paid in transactions involving more widely traded securities.

In selecting brokers to effect portfolio transactions for the Funds, the Advisor also takes into consideration the research, analytical, statistical and other information and services provided by the broker, such as general economic reports and information, reports or analyses of particular companies or industry groups, market timing and technical information, access to computerized databases and the software for analyzing such databases in order to obtain information regarding performance of securities and the advisability of investing, and the availability of the brokerage firm's analysts for consultation. Where computer software serves functions other than assisting the Advisor in the investment decision-making process (e.g., recordkeeping), the Advisor makes a reasonable allocation of the cost of the software to such other functions and bears all costs related to such other functions itself. While the Advisor believes such information and services have substantial value, the Advisor considers them supplemental to its own efforts in the performance of its duties under the Investment Advisory Agreement. Other clients of the Advisor may benefit from the availability of these services to the Advisor, and the Funds may benefit from services available to the Advisor as a result of transactions for other clients. The Investment Advisory Agreement provides that the Advisor, in placing orders for portfolio securities, is entitled to rely upon Section 28(e) of the Securities Exchange Act of 1934. This Section generally permits the Advisor to cause the Funds to pay a broker or dealer who provides brokerage and research services to the Advisor an amount of commission for effecting a securities transaction that is in excess of the amount another broker or dealer would have charged for effecting the transaction, provided that in order to rely upon Section 28(e), the Advisor must determine in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research services provided by the executing broker or dealer viewed in terms of either the particular transaction or the Advisor's overall responsibilities with respect to the Funds and the other accounts as to which the Advisor exercises investment discretion.

The Advisor does not compensate broker-dealers for, or otherwise take into consideration, the efforts of a broker-dealer in marketing, offering or selling Fund shares in allocating brokerage, although pursuant to procedures adopted by the Funds, the Advisor may effect portfolio transactions through such broker-dealers.

On occasions when the Advisor deems the purchase or sale of a security to be in the best interest of a Fund as well as the Advisor's other customers (including any other fund or other investment company or advisory account for which the Advisor acts as investment advisor), the Investment Advisory Agreement provides that the Advisor, to the extent permitted by applicable laws and regulations, may aggregate the securities to be sold or purchased for the Fund with those to be sold or purchased for such other customers in order to obtain the best net price and most favorable execution. In such event, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Advisor in the manner it considers to be most equitable and consistent with its fiduciary obligations to the Fund and such other customers. In some instances, this procedure may adversely affect the size of the position obtainable for a Fund.

The following table sets forth the aggregate brokerage commissions paid by each Fund for the past three fiscal years:

**Brokerage Commissions Paid by the Funds**

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| | | | |
|:---|:---|:---|:---|
|  | **For the years ended November 30,** | **For the years ended November 30,** | **For the years ended November 30,** |
| **Fund** | **2025** | **2024** | **2023** |
| LargeCap Fund | $65061 | $84935 | $93351 |
| MidCap Fund | $39916 | $54804 | $66985 |
| Bond Fund | $0 | $0 | $0 |

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The Funds did not pay any brokerage commissions to any affiliated person of the Funds, the Advisor or the Distributor, or to any affiliates of such affiliated persons during the past three fiscal years.

The following table sets forth, for the fiscal year ended November 30, 2025, the aggregate dollar amount of portfolio securities transactions executed for the Funds by broker-dealers who provided research services to the Funds or with which the Funds had directed brokerage arrangements, and the commissions paid to such broker-dealers.

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| | | |
|:---|:---|:---|
| **Fund** | **Aggregate Directed**<br> **Portfolio Transactions** | **Brokerage Commissions** |
| LargeCap Fund | $70221265 | $65057 |
| MidCap Fund | $28313066 | $38434 |
| Bond Fund | $0 | $0 |

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As of November 30, 2025, no Fund owned any securities of its "regular broker-dealer" (as defined in Rule 10b-1 under the 1940 Act) or of their parents, except as set forth in the table below.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Issuer<br> (Regular Broker-Dealer)** | **Security** | **Value at <br> November 30, 2025** |
| LargeCap Fund | JPMorgan Chase | Equity | $2808328 |
| MidCap Fund |  |  |  |
| Bond Fund | Barclays Bank PLC | Bonds | $5002626 |
|  | Brean Asset Backed Securities Trust | Bonds | $25813945 |
|  | Goldman Sachs Group | Bonds | $5173578 |
|  | JPMorgan Chase | Bonds | $42408814 |
|  | Mizuho Bank, Ltd. | Bonds | $296665 |
|  | Toronto-Dominion Bank | Bonds | $7008277 |

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**TAXES**

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and to take all other action required so that no federal income tax will be payable by such Fund itself. In order to qualify as a regulated investment company, each Fund must satisfy a number of requirements. If a Fund were to fail to qualify as a regulated investment company under the Code, it would be treated as a regular corporation whose net taxable income (including taxable dividends and net capital gains) would

be subject to income tax at the corporate level, and distributions to shareholders would be subject to a second tax at the shareholder level.

The dividends received deduction available to a corporate shareholder with respect to certain ordinary income distributions from a Fund may be reduced below 50% if the shareholder has incurred any indebtedness directly attributable to its investment in Fund shares.

Any ordinary income or capital gain distribution will reduce the net asset value of Fund shares by the amount of the distribution. Although such a distribution thus resembles a return of capital if received shortly after the purchase of shares, it generally will be taxable to shareholders.

All or part of any loss that a shareholder realizes on a redemption of shares will be disallowed if the shareholder purchases other shares of the same Fund (including by the automatic reinvestment of Fund distributions in additional Fund shares) within 30 days before or after the redemption.

Each Fund will be subject to a nondeductible 4% excise tax if it fails to meet certain requirements with respect to distributions of ordinary income and capital gain net income. It is anticipated that this provision will not materially affect the Funds or their shareholders. Dividends declared in October, November or December to shareholders on a date in any such month and paid during January of the following year will be treated as received by the shareholders on December 31 of the year declared.

Dividends and other distributions paid to individuals and other non-exempt persons are subject to a 24% backup federal withholding tax if the Transfer Agent is not provided with the shareholder's correct taxpayer identification number or certification that the shareholder is not subject to such backup withholding or if a Fund is notified that the shareholder has under-reported income in the past. In addition, such backup withholding tax will apply to the proceeds of redemption or repurchase of shares from a shareholder account for which the correct taxpayer identification number has not been furnished. For most individual taxpayers, the taxpayer identification number is the taxpayer's social security number. A shareholder may furnish the Transfer Agent with such number and the required certifications by completing and sending the Transfer Agent either the account application form accompanying the Prospectus or an IRS Form W-9.

As of November 30, 2025, accumulated net realized capital loss carryovers, if any, were:

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| | | | |
|:---|:---|:---|:---|
|  | **LargeCap Fund** | **MidCap Fund** | **Bond Fund** |
| Net capital loss carryover |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | ($54097641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term | - | - | (304865023) |
| Total capital loss carryover | $- | $- | ($358962664) |

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To the extent that a Fund realizes future capital gains, taxable distributions will be reduced by any unused capital loss carryover as permitted by the Code. If a Fund incurs net capital losses in future taxable years, those losses will be carried forward to one or more subsequent taxable years without expiration, and the losses will retain their character as either short-term or long-term.

The foregoing discussion of tax consequences is only a general summary of some of the federal income tax considerations generally affecting each Fund and its shareholders and is based on

federal tax laws and regulations in effect on the date of this Statement of Additional Information, which are subject to change by legislative or administrative action, with possible retroactive effect. Shareholders should consult their own tax advisors regarding the state and local tax consequences of an investment in a Fund and the particular tax consequences to them of an investment in a Fund.

**Cost Basis Reporting**

The Funds are required to report to you and to the IRS the cost basis of your Fund shares acquired on or after January 1, 2012 ("covered shares") when those shares are subsequently redeemed. Unless you elect a different permissible cost basis method in writing, the cost basis of covered shares will be determined using the average cost method, described below. These reporting requirements do not apply to shares held by you through a tax-deferred arrangement such as a 401(k) or an individual retirement account. Shares acquired prior to January 1, 2012 ("non-covered shares") are treated as if they are held in an account separate from the covered shares for purposes of these reporting requirements. The Funds are not required to determine or report a shareholder's cost basis of non-covered shares and are not responsible for the accuracy and reliability of any information provided for non-covered shares. However, as a courtesy, the Funds will continue to provide you with the cost basis of non-covered shares using the average cost method when available.

The cost basis of a share is generally its purchase price adjusted for distributions, returns of capital, and other corporate actions. Cost basis is used to determine whether the redemption of a share results in a gain or loss. If you redeem covered shares during any year, the Funds will report the gain or loss, cost basis, and holding period of such covered shares to you and to the IRS on your Consolidated Form 1099.

A cost basis method is used by the Funds to determine which specific shares are deemed to be sold when a shareholder sells less than his or her entire position in a Fund and has made multiple purchases of Fund shares on different dates at differing net asset values. If a shareholder does not affirmatively elect a particular cost basis method, the Funds will use the average cost method, which averages the cost basis of all Fund shares purchased on or after January 1, 2012, in an account regardless of holding period, and deems shares sold or transferred first to be those with the longest holding period. Each shareholder may elect in writing or via the internet for an alternate permissible cost basis method to be used to calculate the cost basis of its covered shares. The cost basis reporting method cannot be changed for previously redeemed covered shares.

If you hold Fund shares through a financial intermediary, please contact that financial intermediary to discuss the reporting of cost basis and available elections for your account.

You are encouraged to consult your tax advisor regarding the application of these cost basis reporting rules and, in particular, which cost basis calculation method you should elect. Representatives of the Funds are not licensed tax advisors and are unable to give tax advice.

**CAPITAL STOCK AND OTHER SECURITIES**

**General**

The authorized capital stock of the Investment Company consists of an indefinite number of shares of Common Stock, $0.001 par value per share. The shares of Common Stock are presently divided into three series, each of which has an indefinite number of authorized shares: the LargeCap Fund, the MidCap Fund and the Bond Fund. The Board of Directors may authorize the issuance of additional series of Common Stock (funds). Each share of a series represents an equal proportionate interest in the assets and liabilities belonging to that series with each other share of that series, and is entitled to such dividends and distributions out of income belonging to the series as are declared by the Board of Directors.

Each share of Common Stock has one vote and, when issued and paid for in accordance with the terms of the Prospectus, will be fully paid and nonassessable. The Funds currently have no employees and do not intend to have employees in the future. Shares of Common Stock are redeemable at net asset value, at the option of the shareholder. Shares of Common Stock have no preemptive, subscription, conversion or cumulative voting rights and are freely transferable. Shares of Common Stock can be issued as full shares or fractions of shares.

Shareholders have the right to vote on the election of the directors of the Investment Company at each meeting of shareholders at which directors are to be elected, and on other matters as provided by law or by the Investment Company's Articles of Incorporation or Bylaws. Shareholders of each Fund vote together to elect a single Board of Directors of the Investment Company and on other matters affecting the entire Investment Company, with each share entitled to a single vote. On matters affecting only one Fund, only the shareholders of that Fund are entitled to vote. On matters relating to all Funds, but affecting individual Funds differently (such as a new investment advisory agreement), separate votes by shareholders of each Fund are required. The Investment Company's Articles of Incorporation do not require the holding of annual meetings of shareholders. However, special meetings of shareholders may be called (and, at the request of shareholders holding 10% or more of the Funds' outstanding shares, must be called) for purposes such as electing or removing directors, changing fundamental policies or approving investment advisory contracts.

**Control Persons and Principal Holders of Fund Shares**

The following table sets forth the names, addresses and percentage ownership of each person who owns of record, or is known to management to own beneficially, 5% or more of a Fund's outstanding shares as of March 1, 2026. Any person owning more than 25% of a Fund's shares may be considered a "controlling person" of that Fund. A controlling person's vote could have a more significant effect on matters presented to shareholders for approval than the vote of other Fund shareholders. Other than those named below, no person controls any Fund.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**TYPE OF<br> OWNERSHIP** | &nbsp;&nbsp;**PERCENTAGE<br> OWNERSHIP** |
| &nbsp;&nbsp;<br> **LARGECAP FUND:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab<br> 211 Main Street<br> San Francisco, CA 94105-1901<br>| &nbsp;&nbsp;Record | &nbsp;&nbsp;27.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Financial Services LLC<br> 499 Washington Blvd., 4<sup>th</sup> Floor<br> Jersey City, NJ 07310-1995<br>| &nbsp;&nbsp;Record | &nbsp;&nbsp;12.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All officers and directors of the<br> Investment Company as a group (10 persons)<br>|  | &nbsp;&nbsp;2.02% |
| &nbsp;&nbsp;<br> **MIDCAP FUND:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab<sup>(1)(3)</sup><br> 211 Main Street<br> San Francisco, CA 94105-1901<br>| &nbsp;&nbsp;Record | &nbsp;&nbsp;54.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empower Trust<sup>(2)</sup><br> 8515 East Orchard Road, 2T2<br> Greenwood Village, CO 80111-5002<br>| &nbsp;&nbsp;Record | &nbsp;&nbsp;12.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thompson Investment Management, Inc.<br> 401(k) Profit Sharing Plan<sup>(2)</sup><br> 1255 Fourier Drive, Suite 200<br> Madison, WI 53717<br>| &nbsp;&nbsp;Beneficial | &nbsp;&nbsp;12.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Newman Family Trust<sup>(3)</sup><br> c/o Charles Schwab<br> 211 Main Street<br> San Francisco, CA 94105-1901<br>| &nbsp;&nbsp;Beneficial | &nbsp;&nbsp;10.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Financial Services LLC<br> 499 Washington Blvd., 4<sup>th</sup> Floor<br> Jersey City, NJ 07310-1995<br>| &nbsp;&nbsp;Record | &nbsp;&nbsp;9.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John W. Thompson<sup>(1)</sup><br> 1255 Fourier Drive, Suite 200<br> Madison, WI 53717<br>| &nbsp;&nbsp;Beneficial | &nbsp;&nbsp;5.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<sup>(1)</sup><br> 4 Chase Metrotech Center<br> Brooklyn, NY 11245-0001<br>| &nbsp;&nbsp;Record | &nbsp;&nbsp;5.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All officers and directors of the<br> Investment Company as a group (10 persons)<br>|  | &nbsp;&nbsp;12.18% |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**NAME AND ADDRESS** | &nbsp;&nbsp;**TYPE OF<br> OWNERSHIP** | &nbsp;&nbsp;**PERCENTAGE<br> OWNERSHIP** |
| &nbsp;&nbsp;<br> **BOND FUND:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Financial Services LLC<br> 499 Washington Blvd., 4<sup>th</sup> Floor<br> Jersey City, NJ 07310-1995<br>| &nbsp;&nbsp;Record | &nbsp;&nbsp;43.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab<br> 211 Main Street<br> San Francisco, CA 94105-1901<br>| &nbsp;&nbsp;Record | &nbsp;&nbsp;28.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All officers and directors of the<br> Investment Company as a group (10 persons)<br>|  | &nbsp;&nbsp;0.15% |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The percentage beneficial ownership of John W. Thompson shown
 in the table with respect to the MidCap Fund is also included within the amount of the percentage
 record ownership shown for Charles Schwab and J P. Morgan Securities LLC.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The percentage beneficial ownership of Thompson Investment Management, Inc.
 401(k) Profit Sharing Plan shown in the table with respect to the MidCap Fund is also
 included within the amount of the percentage record ownership shown for Empower Trust.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The percentage beneficial ownership of the Philip Newman Family
 Trust shown in the table with respect to the MidCap Fund is also included within the amount
 of the percentage record ownership shown for Charles Schwab.

**FINANCIAL STATEMENTS**

The financial statements and related report of Cohen & Company, Ltd., independent registered public accounting firm, contained in the Funds' [Form N-CSR for the fiscal year ended November 30, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/795264/000120677426000056/timf4576061-ncsr.htm) are incorporated herein by reference. The Funds' Form N-CSR is filed with the SEC and may be obtained without charge at the Investment Company's website at www.thompsonim.com, by writing to Thompson IM Funds, Inc., c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252, or by calling 1-800-999-0887.

**<u>EXHIBIT A</u>**

**THOMPSON IM FUNDS, INC. PROXY VOTING POLICIES AND PROCEDURES**

**Introduction**

Thompson IM Funds, Inc. (the "Funds") has adopted these Proxy Voting Policies and Procedures pursuant to Investment Company Act Release IC-25922 ("Disclosure of Proxy Voting Policies and Proxy Voting Records by Registered Management Investment Companies"). The Release, among other things, amended Items 13 and 22 of Form N-1A. New Item 13(f) requires each mutual fund to describe or include in its statement of additional information the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities, including procedures that the fund uses when a vote presents a conflict between the interests of fund shareholders and those of the fund's investment adviser, principal underwriter or an affiliated person of the adviser or underwriter.

**General Policies and Procedures**

The Funds are managed with one goal in mind: to maximize shareholder value consistent with the Funds' investment objectives and policies. The Funds buy, hold and sell securities in pursuit of this goal. The Funds also exercise their rights as shareholders, including their voting rights, in the companies in which they invest in furtherance of this goal. The Funds take their voting rights seriously as they believe such rights are significant assets of the Funds. How the Funds vote on matters submitted to them in their capacity as shareholders of companies in their portfolio can have an impact on shareholder value.

The Funds typically invest in companies due, in part, to the strength, experience, quality and depth of their management. Management is entrusted with the day-to-day operations of a company, and a company's board of directors is responsible for long-range and other strategic planning decisions and corporate oversight. The Funds do not and cannot micromanage the companies in which they invest. While the Funds remain confident in the capabilities and motivations of a company's management (including its board of directors), the Funds will give considerable deference to the view of management with regard to matters submitted to a vote of shareholders. As a result, the Funds will frequently vote in a manner consistent with management's recommendations.

The Funds believe sound corporate governance adds value to shareholders of companies. The Funds will generally support matters which promote the corporate governance objectives: accountability of a company's management and board of directors to its shareholders; close alignment of the interests of management with those of shareholders; protection of shareholder rights, including voting rights; and accurate, understandable and timely disclosure of material information about a company's operations and financial performance.

**Specific Matters**

Specific matters of concern to the Funds include election of directors, equity-based compensation, corporate structure and shareholder rights, takeover deterrents and defense mechanisms, and social policy issues and shareholder proposals. Although the Funds do not have a policy of voting for or against any specific type of matter, the Funds will generally disfavor any matter that in its view is

not in the best interests of a company's shareholders, particularly their interest in the creation of value for their shares. The Funds will also not generally approve any matter that weakens the accountability of a company's management to shareholders, potentially skews the alignment of the interests of management with those of shareholders, abridges shareholder rights, deters legitimate change of control transactions or has potential adverse economic effect on a company. The Funds will also vote against management's nominees for election as directors and other management recommendations if the Funds believe that management, including the board of directors, are failing to serve the best interests of their companies' stockholders.

<u>Election of Directors</u>. The Funds support a board of directors consisting of a majority of independent directors. The Funds also support the annual election of the entire board of directors. The Funds will generally resist efforts to create a staggered or classified board. The Funds will consider supporting attempts to de-classify existing boards. The Funds also generally favor cumulative voting in the election of directors because it increases the shareholders' rights to effect change in the management of a company. However, other protections, such as a nominating committee comprised entirely of independent directors and a board consisting of a majority of independent directors, may make cumulative voting less important. The Funds also support the ability of shareholders to remove directors with or without cause and to fill vacancies on the board. In voting to elect or withhold support for a nominee to a company's board, the Funds will consider the experience and likely contribution of the nominee to the board and any committees of the board and his or her knowledge of the company and its industry.

<u>Ratification of Independent Accountants</u>. In considering whether to ratify the selection of independent accountants, the Funds will take into account the reputation of the accounting firm and the services it has or can provide to the company, and any other relationships it may have with the company, the company's board or its audit committee.

<u>Equity-Based Compensation</u>. The Funds believe that properly designed equity-based compensation plans, including restricted stock, option and purchase plans, effectively align the interests of shareholders with those of management and key employees. The Funds believe that equity-based compensation should be specifically tailored to achieve identifiable performance objectives. The Funds prefer restricted stock versus stock options because restricted stock better aligns shareholder interests with employee interests. The Funds are generally opposed to plans that substantially dilute their ownership interest in companies, provide participants with excessive awards or have other objectionable features and terms (such as de minimis exercise prices, automatic re-pricing features or the absence of vesting or holding period requirements).

The Funds also believe that management, particularly a company's executive officers, should be fairly compensated and provided appropriate incentives to create value for shareholders. However, the Funds will generally not support, without a valid justification, compensation or severance pay which is considered to be excessive, or bonuses and other incentives that are not tied to the creation of shareholder value.

<u>Corporate Structure and Shareholder Rights</u>. The Funds believe that shareholders generally should have voting power equal to their equity interest in a company and should be able to approve or reject matters by a simple majority vote. The Funds will generally support proposals to eliminate supermajority vote requirements and will generally vote against proposals to impose supermajority vote requirements. The Funds will also generally not support proposals for the creation of a separate class of common stock with greater or lesser voting rights. The Funds generally oppose proposals that eliminate or restrict the right of shareholders to call meetings or to take action by written consent in lieu of a meeting.

<u>Takeover Deterrents</u>. The Funds believe that the shareholders of a company should have the right to determine whether a change in control transaction is in their best interests. Although the Funds believe that in many change in control transactions a company's management plays an important role in increasing shareholder value, the Funds are skeptical of shareholder rights plans (i.e., poison pills) that would require management's involvement in the process. Some poison pills are subject to shareholder vote, mandatory periodic review by independent directors, short-term sunset provisions and qualified/permitted offer provisions, and may be acceptable to the Funds.

Proposals to increase the number of authorized shares of common stock or to create "blank check" preferred stock can also be used to deter takeover attempts that are not favored by management. However, additional authorized shares and blank check preferred stock are useful for legitimate financing needs. The Funds will therefore consider the likely uses and number of the additional authorized shares in determining how to vote on such proposals.

<u>Shareholder Proposals regarding Social Policy Issues, Transparency</u>. The Funds generally will not support shareholder proposals on social policy issues or that dictate a company's business practices, unless the Funds believe such proposals may have a beneficial effect on the company's stock price. Shareholder proposals typically relate to ordinary business matters which are more properly the responsibility of the company's management and its board of directors. However, the Funds generally will support shareholder proposals that are designed to increase the transparency of the business decision-making processes of a company (as opposed to dictating the outcome of those processes). Such proposals may include but are not limited to issues relating to executive compensation and political contributions. The Funds will not support any such transparency-enhancing proposals that are reasonably expected to result in a substantial risk of disclosure of a company's proprietary information, such as its trade secrets or non-public intellectual property.

**Delegation of Proxy Voting; Conflicts of Interest**

The Funds delegate their proxy voting decisions to Thompson Investment Management, Inc., their investment adviser (the "Adviser"). The portfolio manager(s) of the Funds (who are employees of the Adviser) decide on how votes should be cast by the Funds, given their knowledge of the companies in which the Funds are invested and practices common in the companies' relevant industries. The Adviser and portfolio manager(s) are required to cast votes on behalf of the Funds strictly in accordance with these Proxy Voting Policies and Procedures.

Proxies of the Funds may be solicited by a company at times in which the Adviser or one of its affiliates has, or is seeking, a business relationships with such company or in which some other conflict of interest may be present. For example, the Adviser or an affiliate of the Adviser may manage the assets of an executive officer or a pension plan of the subject company, administer the subject company's employee benefit plan, or provide brokerage, investment, trust, consulting or other services to the subject company. Personal relationships may also exist between a representative of the Adviser and a representative of the company. By the same token a conflict of interest may be present between the Adviser or one of its affiliates and other persons, whether or not associated with the subject company, who may have a stake in the outcome of the vote. Under these circumstances the Adviser may be inclined to vote in a certain way to avoid possible damage to the Adviser's (or affiliate's) relationship or potential relationship, which could be inconsistent with the Adviser's responsibility to the Funds and their shareholders.

The Adviser will maintain a list of companies that present a potential conflict of interest with regard to the voting of proxies for the Funds managed by the Adviser. The portfolio manager(s) of the Funds with authority to vote proxies for the Funds will refer to the list before voting proxies.

If a proxy relates to a company on the list, the matter shall be forwarded to the Adviser's Proxy Review Committee for further consideration. When the Adviser's Proxy Review Committee believes that a particular vote to be cast by the Adviser on behalf of the Funds presents a material conflict of interest, the Advisor should inform legal counsel to the Funds and explain the conflict. The Adviser will also be required to inform the Funds' Board of Directors of the conflict and seek guidance from the Board as to how the vote should be cast. The guidance provided by the Board of Directors, including a majority of the directors who are not "interested persons" of the Adviser, will be binding on the Adviser. Notwithstanding the above, the Board of Directors may establish a proxy voting committee, a majority of the members of which may not be "interested persons" of the Adviser, that will be authorized and directed to provide guidance to the Adviser on how to cast votes on behalf of the Fund if a material conflict of interest is present.

The Adviser has formed an internal Proxy Review Committee to identify non-routine matters and proposals with potential to create conflicts of interest, and to otherwise implement these Proxy Voting Policies and Procedures. The Proxy Review Committee will consist of officers and/or employees of the Adviser and will always include its Chief Compliance Officer.

**Miscellaneous**

These Proxy Voting Policies and Procedures are guidelines to be followed by the Adviser who is delegated the responsibility for voting proxies on behalf of the Funds. They are not hard and fast rules. Each matter on which the Funds are entitled to vote will be considered on a case-by-case basis and votes will be cast in a manner believed in good faith to be in the best interest of the Funds and its shareholders.

These Proxy Voting Policies and Procedures may be amended at any time by the Board of Directors of the Funds, including a majority of the directors who are not "interested persons" of the Adviser.

**<u>EXHIBIT B</u>**

**THOMPSON IM FUNDS, INC.**

**SELECTIVE DISCLOSURE OF PORTFOLIO HOLDINGS**

The Board of Directors of Thompson IM Funds, Inc. (the "Company") has adopted this Policy regarding the disclosure of information related to the portfolio holdings of the various mutual fund series (the "Funds") of the Company.

**General Policy**

Information about the portfolio holdings of the Funds is generally considered to be relevant and significant to persons in deciding to buy or sell shares of the Funds. For purposes of this Policy, "portfolio holdings" include information that identifies one or more investments currently held by the Company, including without limitation issuer name, identifier, and ticker symbol, even if the security type or position size is not disclosed. Such information should be safeguarded as material, non-public information until publicly disclosed. This means, at a minimum, that information about the portfolio holdings of any Fund should not be selectively disclosed to investors or potential investors (or their advisers, consultants or intermediaries) or to any other persons unless there are legitimate Company business purposes for doing so and such persons are subject to a duty of confidentiality and trading restrictions. None of the Company, the Advisor and Administrator and Accounting Agent, Distributor, or any agent or employee of any of these entities shall solicit or accept compensation or other consideration of any sort in connection with the disclosure of the Company's portfolio holdings information.

**Specific Authorized Public Disclosures**

The Company shall post on its website a complete schedule of the securities and investments owned by each Fund (the "Holdings Schedule") as of the end of each calendar quarter. This posting shall be made within thirty (30) days of the end of such quarter. The Holdings Schedule of each Fund shall at least identify each security or investment and its market value at the end of the quarter. In addition, the Company shall disclose the investments of the Funds as required by the Investment Company Act of 1940, as amended, and the rules and regulations adopted by the Securities and Exchange Commission thereunder (the "Investment Company Act"). The Funds file with the SEC a complete schedule of their portfolio holdings for each month in Form N-PORT and in the annual and semi-annual reports to shareholders on Form N-CSR. These forms make public the portfolio holdings information required to be filed with the SEC with respect to the end of each fiscal quarter approximately 60 days following the end of the relevant fiscal quarter. Portfolio holdings of the Funds shall also be disclosed to the extent required by applicable law, including without limitation the Securities Act of 1933 and the Securities Exchange Act of 1934, such as in filings on Schedules 13D or 13G or Form 13F.

The Company may refer persons who seek information on portfolio holdings to the Holdings Schedule posted on the website or the Company may deliver a copy of a Holdings Schedule to them at any time after the Holdings Schedule has been posted on the website.

**Prohibition Against Selective Disclosure**

Other than the postings of Holdings Schedules as described above, as described under "Permissible Disclosure" below, or as required by law, no person associated with the Company, Thompson Investment Management, Inc. (the "Advisor" and "Administrator and Accounting Agent") or any other service provider to the Funds shall disclose to any person any information regarding the portfolio holdings of any Fund. This prohibition includes a partial or complete list of the securities and other investments of any Fund as well as information about a particular security or investment purchased, sold or held (or proposed to be purchased or sold) by a Fund. The Company shall advise its service providers (including without limitation its Advisor and Administrator and Accounting Agent; distributor, Quasar Distributors, LLC (the "Distributor") transfer agent, U.S. Bank Global Fund Services (the "Transfer Agent"); custodian, U.S. Bank, National Association (the "Custodian"); counsel, Quarles & Brady LLP (the "Counsel"); and independent registered public accounting firm, Cohen & Company, Ltd. (the "Independent Registered Public Accounting Firm")) of this Policy and determine the ability of such service providers to comply with it.

**Permissible Disclosure**

Notwithstanding the prohibitions above, the Investment Team of the Advisor, after obtaining approval from the Chief Compliance Officer, may disclose a Fund's portfolio holdings (including a more current list of holdings than the quarterly Holdings Schedule) to a recognized rating agency such as Morningstar or Lipper for its use in developing a rating for the Fund or in evaluating the category in which the Fund should be placed. In addition, (i) the Investment Team of the Advisor (including the portfolio manager(s) of a Fund, after consultation with the Company's Chief Compliance Officer) may disclose to a newspaper, magazine, electronic publication, or television or radio program that a Fund owns a particular security or securities within a particular industry, sector or market capitalization, and (ii) representatives of the Fund's Advisor or Distributor may discuss the Company's assessment and interest in a particular company whose securities are held in the Fund's portfolio with shareholders and prospective investors, provided said security has been identified as a holding of the Fund in its most recently published list of securities holdings and provided the Chief Compliance Officer has authorized and approved the disclosure. No disclosure permitted by either clause (i) or clause (ii) of the foregoing shall include disclosure of the number of shares or principal amount of the subject securities held by the relevant Fund or the percentage that any such position represents in the Fund or in the issuer of such securities, nor shall it include disclosure regarding whether the Fund is considering the purchase or sale of any of the subject securities.

Information about a Fund's portfolio holdings may be disclosed, without lag and when necessary, to the Fund's Advisor and Administrator and Accounting Agent, Distributor, Transfer Agent, Custodian, Counsel, Independent Registered Public Accounting Firm and other service providers only to the extent required by law or, subject to imposing appropriate conditions on the confidentiality and safekeeping of such information, only to the extent necessary to enable such service providers to carry out their specific duties, responsibilities and obligations to the Fund. The Fund's Advisor, Distributor, Administrator and Accounting Agent, Transfer Agent, and Custodian generally have access to information about a Fund's portfolio holdings on a daily basis. The Fund's Counsel and Independent Registered Public Accounting Firm are generally provided

with information about a Fund's portfolio holdings on a monthly basis and semi-annual basis, respectively.

Additionally, the Funds may disclose, for the purpose of facilitating efficient trading, one or more of their securities when purchasing and selling their securities through broker-dealers and requesting bids on securities. The Funds also may disclose such information when obtaining price quotations on securities. The Company communicates its expectation of confidentiality as a condition of doing business with the Funds in advance of any such disclosure and would not continue to conduct business with any company that the Company believed was misusing the disclosed information, but has not entered into formal nondisclosure agreements in connection with these situations.

Information about a Fund's portfolio holdings may also be disclosed if, in advance of such disclosure, it is established to the satisfaction of the Board of Directors, including a majority of Directors who are not "interested persons" of the Company, upon the advice of legal counsel, that such disclosure does not violate applicable securities laws and is in the best interests of shareholders of that Fund and that the recipient of such information has agreed to maintain the confidentiality of such information and will not trade on such information.

**Reports to Board**

The Company shall report to the Board of Directors regarding the parties' compliance with this Policy on a quarterly basis.

**Oversight of Policy**

The Company's Chief Compliance Officer shall be responsible for overseeing this Policy and for ensuring that all appropriate parties acknowledge their understanding of this Policy. The Chief Compliance Officer shall periodically evaluate the effectiveness of this Policy and recommend to the Board of Directors modifications to this Policy.

**Disclosure of Policy**

The Prospectus for the Funds shall state that a description of this Policy is set forth in the Funds' Statement of Additional Information ("SAI") and the SAI shall describe this Policy.

**PART C Other Information**

**Item 28. Exhibits.**

See Exhibit Index following the signature page to this Registration Statement, which Exhibit Index is incorporated herein by this reference.

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

None.

**Item 30. Indemnification.**

Article VI, Section 4 of the Registrant's Bylaws provides for indemnification under certain circumstances of any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he is or was a director or officer of the Registrant. However, no person shall be indemnified by the Registrant against any liability to any of the Funds or its shareholders to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

Pursuant to Rule 484 under the Securities Act of 1933, as amended, (the "1933 Act"), the Registrant furnishes the following undertaking: "Insofar as indemnification for liability arising under the 1933 Act may be permitted to directors, 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 1933 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 director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, 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 1933 Act and will be governed by the final adjudication of such issue."

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

Thompson Investment Management, Inc. is the investment advisor to the LargeCap Fund, MidCap Fund and Bond Fund of the Registrant. The principal business address of the Registrant is 1255 Fourier Drive, Suite 200, Madison, Wisconsin 53717. Set forth below is a list of the directors and officers of Thompson Investment Management, Inc., together with information as to any other business, profession, vocation or employment of a substantial nature of those directors and officers during the past two fiscal years.

---

| | | |
|:---|:---|:---|
| **<u>Name</u>** | **Position with Thompson<br> <u>Investment Management, Inc.</u>** | **<u>Other Affiliations</u>** |
| Jason L. Stephens | Chief Executive Officer and President | Director of the Registrant since 2011; Chief Executive Officer of the Registrant since March 31, 2015; President of the Registrant since March 31, 2020. |
| James T. Evans | Chief Investment Officer | Director of the Registrant since 2023; Vice President of the Registrant since 2009. |
| Penny M. Hubbard | Vice President and Secretary | Vice President of the Registrant since 2022; Chief Financial Officer and Treasurer of the Registrant from 2005 to 2022 and since 2025. |
| Colleen Donnelly | Chief Financial Officer, Chief Compliance Officer and Treasurer | Chief Compliance Officer of the Registrant since 2022. |

---

**Item 32. Principal Underwriters.**

Quasar Distributors, LLC serves as the principal underwriter and distributor of shares of the Registrant's mutual fund series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Set forth below is the name of each investment company (other than the Registrant) for which Quasar Distributors, LLC acts as a principal underwriter, depositor or investment adviser:

Abacus FCF ETF Trust

Advisor Managed Portfolios

Antares Private Credit Fund

Capital Advisors Growth Fund, Series of Advisors Series Trust

Chase Growth Fund, Series of Advisors Series Trust

Davidson Multi-Cap Equity Fund, Series of Advisors Series Trust

Edgar Lomax Value Fund, Series of Advisors Series Trust

Huber Large Cap Value Fund, Series of Advisors Series Trust

Huber Mid Cap Value Fund, Series of Advisors Series Trust

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

Huber Small Cap Value Fund, Series of Advisors Series Trust

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

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

Medalist Partners Short Duration Fund, Series of Advisors Series Trust

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

PIA BBB Bond Fund, Series of Advisors Series Trust

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

PIA High Yield Fund, Series of Advisors Series Trust

PIA MBS Bond Fund, Series of Advisors Series Trust

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

Poplar Forest Cornerstone Fund, Series of Advisors Series Trust

Poplar Forest Partners Fund, Series of Advisors Series Trust

Pzena Emerging Markets Value Fund, Series of Advisors Series Trust

Pzena International Small Cap Value Fund, Series of Advisors Series Trust

Pzena International Value Fund, Series of Advisors Series Trust

Pzena Mid Cap Value Fund, Series of Advisors Series Trust

Pzena Small Cap Value Fund, Series of Advisors Series Trust

Reverb ETF, Series of Advisors Series Trust

Scharf ETF, Series of Advisors Series Trust

Scharf Global Opportunity ETF, Series of Advisors Series Trust

Scharf Multi-Asset Opportunity Fund, Series of Advisors Series Trust

Shenkman Capital Floating Rate High Income Fund, Series of Advisors Series Trust

Shenkman Capital Short Duration High Income Fund, Series of Advisors Series Trust

The Aegis Funds

Allied Asset Advisors Funds

Angel Oak Funds Trust

Angel Oak Strategic Credit Fund

Brookfield Infrastructure Income Fund Inc.

Brookfield Investment Funds

Buffalo Funds

RJ Eagle GCM Dividend Select Income ETF, Series of Carillon Series Trust

RJ Eagle Municipal Income ETF, Series of Carillon Series Trust

RJ Eagle Vertical Income ETF, Series of Carillon Series Trust

DoubleLine Funds Trust

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF, Series of ETF Series Solutions

AAM Brentview Dividend Growth ETF, Series of ETF Series Solutions

AAM Crescent CLO ETF, Series of ETF Series Solutions

AAM Low Duration Preferred and Income Securities ETF, Series of ETF Series Solutions

AAM S&P 500 High Dividend Value ETF, Series of ETF Series Solutions

AAM Sawgrass U.S. Large Cap Quality Growth ETF, Series of ETF Series Solutions

AAM Sawgrass U.S. Small Cap Quality Growth ETF, Series of ETF Series Solutions

AAM SLC Low Duration Income ETF, Series of ETF Series Solutions

AAM Todd International Intrinsic Value ETF, Series of ETF Series Solutions

AAM Transformers ETF, Series of ETF Series Solutions

Acquirers Small and Micro Deep Value ETF, Series of ETF Series Solutions

Aptus April Buffer, Series of ETF Series Solutions

Aptus Collared Investment Opportunity ETF, Series of ETF Series Solutions

Aptus Deferred Income ETF, Series of ETF Series Solutions

Aptus Defined Risk ETF, Series of ETF Series Solutions

Aptus Drawdown Managed Equity ETF, Series of ETF Series Solutions

Aptus Enhanced Yield ETF, Series of ETF Series Solutions

Aptus International Enhanced Yield ETF, Series of ETF Series Solutions

Aptus January Buffer ETF, Series of ETF Series Solutions

Aptus July Buffer ETF, Series of ETF Series Solutions

Aptus Large Cap Enhanced Yield ETF, Series of ETF Series Solutions

Aptus Large Cap Upside ETF, Series of ETF Series Solutions

Aptus October Buffer ETF, Series of ETF Series Solutions

Bahl & Gaynor Dividend ETF, Series of ETF Series Solutions

Bahl & Gaynor Income Growth ETF, Series of ETF Series Solutions

Bahl & Gaynor Small Cap Dividend ETF, Series of ETF Series Solutions

BTD Capital Fund, Series of ETF Series Solutions

Carbon Strategy ETF, Series of ETF Series Solutions

ClearShares OCIO ETF, Series of ETF Series Solutions

ClearShares Piton Intermediate Fixed Income Fund, Series of ETF Series Solutions

ClearShares Ultra-Short Maturity ETF, Series of ETF Series Solutions

Colterpoint Net Lease Real Estate ETF, Series of ETF Series Solutions

Distillate International Fundamental Stability & Value ETF, Series of ETF Series Solutions

Distillate Small/Mid Cash Flow ETF, Series of ETF Series Solutions

Distillate U.S. Fundamental Stability & Value ETF, Series of ETF Series Solutions

ETFB Green SRI REITs ETF, Series of ETF Series Solutions

Hoya Capital High Dividend Yield ETF, Series of ETF Series Solutions

Hoya Capital Housing ETF, Series of ETF Series Solutions

LHA Market State Tactical Beta ETF, Series of ETF Series Solutions

LHA Market State Tactical Q ETF, Series of ETF Series Solutions

LHA Risk-Managed Income ETF, Series of ETF Series Solutions

McElhenny Sheffield Managed Risk ETF, Series of ETF Series Solutions

Opus Small Cap Value ETF, Series of ETF Series Solutions

The Acquirers Fund, Series of ETF Series Solutions

The Brinsmere Fund - Conservative ETF, Series of ETF Series Solutions

The Brinsmere Fund - Growth ETF, Series of ETF Series Solutions

U.S. Global GO GOLD and Precious Metal Miners ETF, Series of ETF Series Solutions

U.S. Global JETS ETF, Series of ETF Series Solutions

U.S. Global Sea to Sky Cargo ETF, Series of ETF Series Solutions

U.S. Global Technology and Aerospace & Defense ETF, Series of ETF Series Solutions

US Vegan Climate ETF, Series of ETF Series Solutions

Vest 10 Year Interest Rate Hedge ETF, Series of ETF Series Solutions

Vest 2 Year Interest Rate Hedge ETF, Series of ETF Series Solutions

First American Funds Trust

FundX Investment Trust

The Glenmede Fund, Inc.

The GoodHaven Funds Trust

Harding, Loevner Funds, Inc.

Hennessy Funds Trust

Horizon Funds

Hotchkis & Wiley Funds

Intrepid Capital Management Funds Trust

Jacob Funds Inc.

The Jensen Quality Growth Fund Inc.

Kirr, Marbach Partners Funds, Inc.

Core Alternative ETF, Series of Listed Funds Trust

Optimized Equity Income ETF, Series of Listed Funds Trust

Wahed Dow Jones Islamic World ETF, Series of Listed Funds Trust

Wahed FTSE USA Shariah ETF, Series of Listed Funds Trust

LKCM Funds

LoCorr Investment Trust

MainGate Trust

ATAC Rotation Fund, Series of Managed Portfolio Series

Cove Street Capital Small Cap Value Fund, Series of Managed Portfolio Series

Kensington Active Advantage Fund, Series of Managed Portfolio Series

Kensington Defender Fund, Series of Managed Portfolio Series

Kensington Dynamic Allocation Fund, Series of Managed Portfolio Series

Kensington Hedged Premium Income ETF, Series of Managed Portfolio Series

Kensington Managed Income Fund, Series of Managed Portfolio Series

LK Balanced Fund, Series of Managed Portfolio Series

Leuthold Core ETF, Series of Managed Portfolio Series

Leuthold Core Investment Fund, Series of Managed Portfolio Series

Leuthold Global Fund, Series of Managed Portfolio Series

Leuthold Grizzly Short Fund, Series of Managed Portfolio Series

Leuthold Select Industries ETF, Series of Managed Portfolio Series

Muhlenkamp Fund, Series of Managed Portfolio Series

Nuance Concentrated Value Fund, Series of Managed Portfolio Series

Nuance Mid Cap Value Fund, Series of Managed Portfolio Series

Olstein All Cap Value Fund, Series of Managed Portfolio Series

Olstein Strategic Opportunities Fund, Series of Managed Portfolio Series

Port Street Quality Growth Fund, Series of Managed Portfolio Series

Reinhart Genesis PMV Fund, Series of Managed Portfolio Series

Reinhart International PMV Fund, Series of Managed Portfolio Series

Reinhart Mid Cap PMV Fund, Series of Managed Portfolio Series

Tremblant Global ETF, Series of Managed Portfolio Series

Greenspring Income Opportunities Fund, Series of Manager Directed Portfolios

Hood River Emerging Markets Fund, Series of Manager Directed Portfolios

Hood River International Opportunity Fund, Series of Manager Directed Portfolios

Hood River New Opportunities Fund, Series of Manager Directed Portfolios

Hood River Small-Cap Growth Fund, Series of Manager Directed Portfolios

SanJac Alpha Core Plus Bond ETF, Series of Manager Directed Portfolios

SanJac Alpha Low Duration ETF, Series of Manager Directed Portfolios

SWP Growth & Income ETF, Series of Manager Directed Portfolios

Vert Global Sustainable Real Estate ETF, Series of Manager Directed Portfolios

Mason Capital Fund Trust

Matrix Advisors Funds Trust

Monetta Trust

Nicholas Equity Income Fund, Inc.

Nicholas Fund, Inc.

Nicholas II, Inc.

Nicholas Limited Edition, Inc.

Oaktree Asset-Backed Income Fund Inc.

Oaktree Diversified Income Fund Inc.

Permanent Portfolio Family of Funds

Perritt Funds, Inc.

Procure ETF Trust II

Professionally Managed Portfolios

Provident Mutual Funds, Inc.

Abbey Capital Futures Strategy Fund, Series of The RBB Fund, Inc.

Abbey Capital Multi-Asset Fund, Series of The RBB Fund, Inc.

Adara Smaller Companies Fund, Series of The RBB Fund, Inc.

Aquarius International Fund, Series of The RBB Fund, Inc.

Boston Partners All Cap Value Fund, Series of The RBB Fund, Inc.

Boston Partners Global Equity Fund, Series of The RBB Fund, Inc.

Boston Partners Long/Short Equity Fund, Series of The RBB Fund, Inc.

Boston Partners Long/Short Research Fund, Series of The RBB Fund, Inc.

Boston Partners Small Cap Value Fund II, Series of The RBB Fund, Inc.

Campbell Systematic Macro Fund, Series of The RBB Fund, Inc.

F/m 10-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

F/m 2-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

F/m 3-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

F/m Callable Tax-Free Municipal ETF, Series of The RBB Fund, Inc.

F/m Compoundr High Yield Bond ETF, Series of The RBB Fund, Inc.

F/m Compoundr U.S. Aggregate Bond ETF, Series of The RBB Fund, Inc.

F/m Emerald Life Sciences Innovation ETF, Series of The RBB Fund, Inc.

F/m Emerald Special Situations ETF, Series of The RBB Fund, Inc.

F/m High Yield 100 ETF, Series of The RBB Fund, Inc.

F/m Investments Large Cap Focused Fund Series of The RBB Fund, Inc.

F/m Opportunistic Income ETF, Series of The RBB Fund, Inc.

F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF Series of The RBB Fund, Inc.

F/m US Treasury 10 Year Note ETF, Series of The RBB Fund, Inc.

F/m US Treasury 12 Month Bill ETF, Series of The RBB Fund, Inc.

F/m US Treasury 2 Year Note ETF, Series of The RBB Fund, Inc.

F/m US Treasury 20 Year Bond ETF, Series of The RBB Fund, Inc.

F/m US Treasury 3 Month Bill ETF, Series of The RBB Fund, Inc.

F/m US Treasury 3 Year Note ETF, Series of The RBB Fund, Inc.

F/m US Treasury 30 Year Bond ETF, Series of The RBB Fund, Inc.

F/m US Treasury 5 Year Note ETF, Series of The RBB Fund, Inc.

F/m US Treasury 6 Month Bill ETF, Series of The RBB Fund, Inc.

F/m US Treasury 7 Year Note ETF, Series of The RBB Fund, Inc.

Motley Fool 100 Index ETF, Series of The RBB Fund, Inc.

Motley Fool Capital Efficiency 100 Index ETF, Series of The RBB Fund, Inc.

Motley Fool Global Opportunities ETF, Series of The RBB Fund, Inc.

Motley Fool Innovative Growth Factor ETF, Series of The RBB Fund, Inc.

Motley Fool Mid-Cap Growth ETF, Series of The RBB Fund, Inc.

Motley Fool Momentum Factor ETF, Series of The RBB Fund, Inc.

Motley Fool Next Index ETF, Series of The RBB Fund, Inc.

Motley Fool Small-Cap Growth ETF, Series of The RBB Fund, Inc.

Motley Fool Value Factor ETF, Series of The RBB Fund, Inc.

MUFG Japan Small Cap Active ETF, Series of The RBB Fund, Inc.

Oakhurst Fixed Income Fund, Series of The RBB Fund, Inc.

SGI Dynamic Tactical ETF, Series of The RBB Fund, Inc.

SGI Enhanced Core ETF, Series of The RBB Fund, Inc.

SGI Enhanced Global Income ETF, Series of The RBB Fund, Inc.

SGI Enhanced Market Leaders ETF, Series of The RBB Fund, Inc.

SGI Global Equity Fund, Series of The RBB Fund, Inc.

SGI Peak Growth Fund, Series of The RBB Fund, Inc.

SGI Prudent Growth Fund, Series of The RBB Fund, Inc.

SGI Small Cap Core Fund, Series of The RBB Fund, Inc.

SGI U.S. Large Cap Core ETF, Series of The RBB Fund, Inc.

SGI U.S. Large Cap Equity Fund, Series of The RBB Fund, Inc.

WPG Partners Select Small Cap Value Fund, Series of The RBB Fund, Inc.

WPG Partners Small Cap Value Diversified Fund, Series of The RBB Fund, Inc.

The RBB Fund Trust

RBC Funds Trust

Rockefeller Municipal Opportunities Fund

SEG Partners Long/Short Equity Fund

Series Portfolios Trust

Tortoise Capital Series Trust

Bright Rock Mid Cap Growth Fund, Series of Trust for Professional Managers

Bright Rock Quality Large Cap Fund, Series of Trust for Professional Managers

CrossingBridge Low Duration High Income Fund, Series of Trust for Professional Managers

CrossingBridge Nordic High Income Bond Fund, Series of Trust for Professional Managers

CrossingBridge Responsible Credit Fund, Series of Trust for Professional Managers

CrossingBridge Ultra-Short Duration Fund, Series of Trust for Professional Managers

RiverPark Strategic Income Fund, Series of Trust for Professional Managers

Dearborn Partners Rising Dividend Fund, Series of Trust for Professional Managers

Jensen Global Quality Growth Fund, Series of Trust for Professional Managers

Jensen Quality MidCap Fund, Series of Trust for Professional Managers

Rockefeller Climate Solutions Fund, Series of Trust for Professional Managers

Rockefeller US Small Cap Core Fund, Series of Trust for Professional Managers

Wall Street EWM Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Set forth below is a list of each manager, officer, director and member of Quasar Distributors, LLC and their positions and officers with Quasar Distributors, LLC and the Registrant.

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| | | | |
|:---|:---|:---|:---|
| **<u>Name</u>** | **<u>Address</u>** | **<u>Position with Underwriter</u>** | **<u>Position with Registrant</u>** |
| Teresa Cowan | 190 Middle Street, Suite 301, Portland, ME 04101 | President/Manager |  |
| Chris Lanza | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President |  |
| Kate Macchia | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President |  |
| Susan L. LaFond | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President and Chief Compliance Officer and Treasurer |  |
| Gabriel E. Edelman | 190 Middle Street, Suite 301, Portland, ME 04101 | Secretary |  |
| Weston Sommers | 190 Middle Street, Suite 301, Portland, ME 04101 | Financial and Operations Principal and Chief Financial Officer |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Quasar Distributors, LLC does not receive any commissions or other compensation from the Registrant. Thompson Investment Management, Inc., the investment advisor to the Registrant's LargeCap, MidCap and Bond Funds, pays the compensation of Quasar Distributors, LLC with respect to the distribution of shares of those funds.

**Item 33. Location of Accounts and Records.**

The Amended and Restated Articles of Incorporation, Bylaws and minute book of the Registrant are in the physical possession of Quarles & Brady LLP, 411 East Wisconsin Avenue, Milwaukee, Wisconsin 53202. Accounts, books, records and other documents required to be maintained under Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder relating to the number of shares of the Registrant's common stock held by each shareholder of record are in the physical possession of U.S. Bank Global Fund Services, 615 East Michigan Street, Milwaukee, Wisconsin 53202. All other accounts, books and other documents required to be maintained under Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder are in the physical possession of Thompson Investment Management, Inc., 1255 Fourier Drive., Suite 200, Madison, Wisconsin 53717.

**Item 34. Management Services.**

Not applicable.

**Item 35. Undertakings.**

Not applicable.

**THOMPSON IM FUNDS, INC.**

**EXHIBIT INDEX**

**TO**

**REGISTRATION STATEMENT ON FORM N-1A**

---

| | | | |
|:---|:---|:---|:---|
| **Exhibit <u><br> Number</u>** | **<u>Description</u>** | **Incorporated<br> <u>Herein By Reference To</u>** | **Filed <u><br> Herewith</u>** |
| [(A)(1)](https://www.sec.gov/Archives/edgar/data/795264/000114420410004414/v172352_ex99-a.htm) | [Registrant's Second Amended and Restated Articles of Incorporation](https://www.sec.gov/Archives/edgar/data/795264/000114420410004414/v172352_ex99-a.htm) | [Post-Effective Amendment No. 29 to the Registration Statement](https://www.sec.gov/Archives/edgar/data/795264/000114420410004414/v172352_ex99-a.htm) |  |
| [(A)(2)](https://www.sec.gov/Archives/edgar/data/795264/000114420413018132/v339067_ex99-a2.htm) | [Articles of Amendment to Registrant's Second Amended and Restated Articles of Incorporation](https://www.sec.gov/Archives/edgar/data/795264/000114420413018132/v339067_ex99-a2.htm) | [Post-Effective Amendment No. 35 to the Registration Statement](https://www.sec.gov/Archives/edgar/data/795264/000114420413018132/v339067_ex99-a2.htm) |  |
| [(B)](https://www.sec.gov/Archives/edgar/data/795264/000114420417017028/v462480_ex99-b.htm) | [Registrant's Amended and Restated Bylaws](https://www.sec.gov/Archives/edgar/data/795264/000114420417017028/v462480_ex99-b.htm) | [Post-Effective Amendment No. 43 to the Registration Statement](https://www.sec.gov/Archives/edgar/data/795264/000114420417017028/v462480_ex99-b.htm) |  |
| (C) |  |  |  |
| [(D)](https://www.sec.gov/Archives/edgar/data/795264/000110465920040216/tm2013768-1_ex99d.htm) | [Investment Advisory Agreement between Registrant and Thompson Investment Management, Inc.](https://www.sec.gov/Archives/edgar/data/795264/000110465920040216/tm2013768-1_ex99d.htm) | [Post-Effective Amendment No. 49 to the Registration Statement](https://www.sec.gov/Archives/edgar/data/795264/000110465920040216/tm2013768-1_ex99d.htm) |  |
| [(E)(1)](https://www.sec.gov/Archives/edgar/data/795264/000114420416090696/v435055_ex99e1.htm) | [Distribution Agreement among Registrant, Thompson Investment Management, Inc. and Quasar Distributors, LLC dated August 19, 2015](https://www.sec.gov/Archives/edgar/data/795264/000114420416090696/v435055_ex99e1.htm) | [Post-Effective Amendment No. 41 to the Registration Statement](https://www.sec.gov/Archives/edgar/data/795264/000114420416090696/v435055_ex99e1.htm) |  |
| [(E)(2)](https://www.sec.gov/Archives/edgar/data/795264/000110465920040216/tm2013768-1_ex99e2.htm) | [Fourth Amendment to the Distribution Agreement dated August 19, 2015](https://www.sec.gov/Archives/edgar/data/795264/000110465920040216/tm2013768-1_ex99e2.htm) | [Post-Effective Amendment No. 49 to the Registration Statement](https://www.sec.gov/Archives/edgar/data/795264/000110465920040216/tm2013768-1_ex99e2.htm) |  |
| [(E)(3)](https://www.sec.gov/Archives/edgar/data/795264/000110465921043132/tm2110856d1_ex99e3.htm) | [Distribution Agreement among Registrant, Thompson Investment Management, Inc. and Quasar Distributors, LLC, dated March 31, 2020](https://www.sec.gov/Archives/edgar/data/795264/000110465921043132/tm2110856d1_ex99e3.htm) | [Post-Effective Amendment No. 51 to the Registration Statement](https://www.sec.gov/Archives/edgar/data/795264/000110465921043132/tm2110856d1_ex99e3.htm) |  |
| [(E)(4)](https://www.sec.gov/Archives/edgar/data/795264/000110465922040086/tm2210503d1_ex99e4.htm) | [Distribution Agreement among Registrant, Thompson Investment Management, Inc. and Quasar Distributors, LLC, dated August 18, 2021](https://www.sec.gov/Archives/edgar/data/795264/000110465922040086/tm2210503d1_ex99e4.htm) | [Post-Effective Amendment No. 52 to the Registration Statement](https://www.sec.gov/Archives/edgar/data/795264/000110465922040086/tm2210503d1_ex99e4.htm) |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Exhibit <u><br> Number</u>** | **<u>Description</u>** | **Incorporated<br> <u>Herein By Reference To</u>** | **Filed <u><br> Herewith</u>** |
| [(E)(5)](tm265508d1_ex99-xex5.htm) | [Form of Sales Agreement for use by Quasar Distributors, LLC with selected dealers](tm265508d1_ex99-xex5.htm) |  | [X](tm265508d1_ex99-xex5.htm) |
| [(E)(6)](tm265508d1_ex99-xex6.htm) | [Form of Dealer Agreement for use by Quasar Distributors, LLC with selected dealers](tm265508d1_ex99-xex6.htm) |  | [X](tm265508d1_ex99-xex6.htm) |
| (F) | Not applicable |  |  |
| [(G)(1)](https://www.sec.gov/Archives/edgar/data/795264/000110465925028641/tm259714d1_ex99-xgx1.htm) | [Amended and Restated Custody Agreement with U.S. Bank National Association](https://www.sec.gov/Archives/edgar/data/795264/000110465925028641/tm259714d1_ex99-xgx1.htm) | [Post-Effective Amendment No. 55 to the Registration Statement](https://www.sec.gov/Archives/edgar/data/795264/000110465925028641/tm259714d1_ex99-xgx1.htm) |  |
| [(H)(1)](https://www.sec.gov/Archives/edgar/data/795264/000110465922040086/tm2210503d1_ex99h1.htm) | [Amended and Restated Administrative and Accounting Services Agreement between Registrant and Thompson Investment Management, Inc.](https://www.sec.gov/Archives/edgar/data/795264/000110465922040086/tm2210503d1_ex99h1.htm) | [Post-Effective Amendment No. 52 to the Registration Statement](https://www.sec.gov/Archives/edgar/data/795264/000110465922040086/tm2210503d1_ex99h1.htm) |  |
| [(H)(2)](https://www.sec.gov/Archives/edgar/data/795264/000110465925028641/tm259714d1_ex99-xhx2.htm) | [Amended and Restated Transfer Agent Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC](https://www.sec.gov/Archives/edgar/data/795264/000110465925028641/tm259714d1_ex99-xhx2.htm) | [Post-Effective Amendment No. 55 to the Registration Statement](https://www.sec.gov/Archives/edgar/data/795264/000110465925028641/tm259714d1_ex99-xhx2.htm) |  |
| [(H)(3)](tm265508d1_ex99-xhx3.htm) | [Amendment to Transfer Agent Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC](tm265508d1_ex99-xhx3.htm) |  | [X](tm265508d1_ex99-xhx3.htm) |
| [(H)(4)](tm265508d1_ex99-xhx4.htm) | [Form of Shareholder Services Agreement used by U.S. Bancorp Fund Services, LLC with certain service providers](tm265508d1_ex99-xhx4.htm) |  | [X](tm265508d1_ex99-xhx4.htm) |
| [(H)(5)](https://www.sec.gov/Archives/edgar/data/795264/000114420418017815/tv489526_ex99h6.htm) | [Fund Services Agreement between U.S. Bancorp Asset Management, Inc., U.S. Bancorp Fund Services, LLC and Thompson Investment Management, Inc.](https://www.sec.gov/Archives/edgar/data/795264/000114420418017815/tv489526_ex99h6.htm) | [Post-Effective Amendment No. 45 to the Registration Statement](https://www.sec.gov/Archives/edgar/data/795264/000114420418017815/tv489526_ex99h6.htm) |  |
| [(H)(6)](https://www.sec.gov/Archives/edgar/data/795264/000110465921043132/tm2110856d1_ex99h7.htm) | [Amended and Restated Loan Agreement dated as of November 6, 2020 between Registrant (regarding the Thompson LargeCap Fund) and U.S. Bank, N.A.](https://www.sec.gov/Archives/edgar/data/795264/000110465921043132/tm2110856d1_ex99h7.htm) | [Post-Effective Amendment No. 51 to the Registration Statement](https://www.sec.gov/Archives/edgar/data/795264/000110465921043132/tm2110856d1_ex99h7.htm) |  |
| [(H)(7)](tm265508d1_ex99-xhx7.htm) | [Extension Letter to the Amended and Restated Loan Agreement (regarding the Thompson LargeCap Fund) with U.S. Bank, N.A.](tm265508d1_ex99-xhx7.htm) |  | [X](tm265508d1_ex99-xhx7.htm) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Exhibit <u><br> Number</u>** | **<u>Description</u>** | **Incorporated<br> <u>Herein By Reference To</u>** | **Filed <u><br> Herewith</u>** |
| [(H)(8)](https://www.sec.gov/Archives/edgar/data/795264/000110465921043132/tm2110856d1_ex99h8.htm) | [Amended and Restated Loan Agreement dated as of November 6, 2020 between Registrant (regarding the Thompson MidCap Fund) and U.S. Bank, N.A.](https://www.sec.gov/Archives/edgar/data/795264/000110465921043132/tm2110856d1_ex99h8.htm) | [Post-Effective Amendment No. 51 to the Registration Statement](https://www.sec.gov/Archives/edgar/data/795264/000110465921043132/tm2110856d1_ex99h8.htm) |  |
| [(H)(9)](tm265508d1_ex99-xhx9.htm) | [Extension Letter to the Amended and Restated Loan Agreement (regarding the Thompson MidCap Fund) with U.S. Bank, N.A.](tm265508d1_ex99-xhx9.htm) |  | [X](tm265508d1_ex99-xhx9.htm) |
| [(H)(10)](https://www.sec.gov/Archives/edgar/data/795264/000110465921043132/tm2110856d1_ex99h9.htm) | [Amended and Restated Loan Agreement dated as of November 6, 2020 between Registrant (regarding the Thompson Bond Fund) and U.S. Bank, N.A.](https://www.sec.gov/Archives/edgar/data/795264/000110465921043132/tm2110856d1_ex99h9.htm) | [Post-Effective Amendment No. 51 to the Registration Statement](https://www.sec.gov/Archives/edgar/data/795264/000110465921043132/tm2110856d1_ex99h9.htm) |  |
| [(H)(11)](tm265508d1_ex99-xhx11.htm) | [Fifth Amendment to the Amended and Restated Loan Agreement (regarding the Thompson Bond Fund) with U.S. Bank, N.A.](tm265508d1_ex99-xhx11.htm) |  | [X](tm265508d1_ex99-xhx11.htm) |
| [(H)(12)](https://www.sec.gov/Archives/edgar/data/795264/000110465920040216/tm2013768-1_ex99h15.htm) | [Reimbursement Agreement between Registrant and Thompson Investment Management, Inc.](https://www.sec.gov/Archives/edgar/data/795264/000110465920040216/tm2013768-1_ex99h15.htm) | [Post-Effective Amendment No. 49 to the Registration Statement](https://www.sec.gov/Archives/edgar/data/795264/000110465920040216/tm2013768-1_ex99h15.htm) |  |
| [(H)(13)](tm265508d1_ex99-xhx13.htm) | [Fee Waiver and Expense Reimbursement Commitment Letter from Thompson Investment Management, Inc. regarding expense ratio for the Bond Fund](tm265508d1_ex99-xhx13.htm) |  | [X](tm265508d1_ex99-xhx13.htm) |
| [(H)(14)](tm265508d1_ex99-xhx14.htm) | [Fee Waiver and Expense Reimbursement Commitment Letter from Thompson Investment Management, Inc. regarding expense ratio for the MidCap Fund](tm265508d1_ex99-xhx14.htm) |  | [X](tm265508d1_ex99-xhx14.htm) |
| [(H)(15)](tm265508d1_ex99-xhx15.htm) | [Fee Waiver and Expense Reimbursement Commitment Letter from Thompson Investment Management, Inc. regarding expense ratio for the LargeCap Fund](tm265508d1_ex99-xhx15.htm) |  | [X](tm265508d1_ex99-xhx15.htm) |
| [(I)](https://www.sec.gov/Archives/edgar/data/795264/000114420409016557/v144002_ex99-i.htm) | [Opinion of Counsel](https://www.sec.gov/Archives/edgar/data/795264/000114420409016557/v144002_ex99-i.htm) | [Post-Effective Amendment No. 28 to the Registration Statement](https://www.sec.gov/Archives/edgar/data/795264/000114420409016557/v144002_ex99-i.htm) |  |
| [(J)(1)](tm265508d1_ex99-xjx1.htm) | [Consent of Independent Registered Public Accounting Firm](tm265508d1_ex99-xjx1.htm) |  | [X](tm265508d1_ex99-xjx1.htm) |
| [(J)(2)](tm265508d1_ex99-xjx2.htm) | [Consent of Counsel](tm265508d1_ex99-xjx2.htm) |  | [X](tm265508d1_ex99-xjx2.htm) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Exhibit <u><br> Number</u>** | **<u>Description</u>** | **Incorporated<br> <u>Herein By Reference To</u>** | **Filed <u><br> Herewith</u>** |
| (K) | Not applicable |  |  |
| [(L)](https://www.sec.gov/Archives/edgar/data/795264/0000950124-99-000400-index.html) | [Subscription Agreement between Registrant and Thompson, Unger & Plumb, Inc. (f/k/a FMI Capital Management, Inc.)](https://www.sec.gov/Archives/edgar/data/795264/0000950124-99-000400-index.html) | [Post-Effective Amendment No. 14 to the Registration Statement](https://www.sec.gov/Archives/edgar/data/795264/0000950124-99-000400-index.html) |  |
| (M) | Not applicable |  |  |
| [(P)](tm265508d1_ex99-xp.htm) | [Code of Ethics](tm265508d1_ex99-xp.htm) |  | [X](tm265508d1_ex99-xp.htm) |
| [(Q)(1)](https://www.sec.gov/Archives/edgar/data/795264/000110465923039215/tm2310786d1_ex99q1.htm) | [Powers of Attorney for George E. Austin, Joyce Minor, and James Evans](https://www.sec.gov/Archives/edgar/data/795264/000110465923039215/tm2310786d1_ex99q1.htm) | [Post-Effective Amendment No. 53 to the Registration Statement](https://www.sec.gov/Archives/edgar/data/795264/000110465923039215/tm2310786d1_ex99q1.htm) |  |
| [(Q)(2)](tm265508d1_ex99-xqx2.htm) | [Power of Attorney for Aaron D. Olver](tm265508d1_ex99-xqx2.htm) |  | [X](tm265508d1_ex99-xqx2.htm) |
| EX-101 | Inline Interactive Data File - the instance document does not appear on the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |  |  |
| EX-101.INS | XBRL Taxonomy Instance Document |  |  |
| EX-101.SCH | XBRL Taxonomy Schema Document |  |  |
| EX-101.DEF | XBRL Taxonomy Definition Linkbase Document |  |  |
| EX-101.LAB | XBRL Taxonomy Label Linkbase Document |  |  |
| EX-101.PRE | XBRL Taxonomy Presentation Linkbase Document |  |  |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Act and the Investment Company Act, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act and has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Madison, and State of Wisconsin, on the 27th day of March, 2026.

---

| | |
|:---|:---|
| **THOMPSON IM FUNDS, INC.** | **THOMPSON IM FUNDS, INC.** |
| *By:* | */s/ Jason L. Stephens* |
|  | **Jason L. Stephens** |
|  | *Director and Chief Executive Officer* |

---

Pursuant to the requirements of the Securities Act, this Amendment to the Registration Statement has been signed below on this 27th day of March, 2026 by the following persons in the capacities indicated.

---

| | |
|:---|:---|
| **/s/ Jason L. Stephens** | **/s/ George E. Austin\*** |
| **Jason L. Stephens** | **George E. Austin** |
| Director and Chief Executive Officer | Chairman |
| (Principal Executive Officer) |  |

---

---

| | |
|:---|:---|
| **/s/ Penny Hubbard** | **/s/ Aaron Olver\*** |
| **Penny Hubbard** | **Aaron Olver** |
| Chief Financial Officer | Director |
| (Principal Financial Officer) |  |

---

---

| |
|:---|
| */s/ Joyce Minor*\* |
| **Joyce Minor** |
| *Director* |

---

---

| |
|:---|
| **/s/ James Evans\*** |
| **James Evans** |
| **Director** |

---

---

| | |
|:---|:---|
| \*By: | /s/ Jason L. Stephens |
|  | **Jason L. Stephens** |

---

\* Pursuant to Power of Attorney

## Ex-99.(E)(5)

**Exhibit 99.(E)(5)**

**Quasar Distributors, LLC**

**Thompson IM Funds**

**SALES AGREEMENT**

From:

To: Quasar Distributors, LLC

Ladies and Gentlemen:

We desire to enter into an agreement with you for the sale and distribution of the shares of each open-end investment company (or class or series thereof having a separate portfolio) for which you act as principal underwriter. Each such investment company (or such a class or series) is hereafter referred to as a "Fund". A list of Funds at the present time is attached hereto as Appendix A. Upon acceptance of this Agreement by you, we understand that we may offer and sell shares of each of the Funds (whether or not listed in Appendix A), subject, however, to all of the terms and conditions hereof and to your right, without notice, to suspend and terminate the sale of the shares of any one or more of the Funds.

1. We understand that the shares of each Fund will be offered and sold at the current offering price in effect
at the time the order for such shares is confirmed and accepted by you. All purchase requests and applications submitted by us are subject
to acceptance or rejection in your sole discretion, and, if accepted, each purchase will be deemed to have been consummated at your office.

2. (a) We certify that (i) we are registered as a broker-dealer under the Securities Exchange Act
of 1934 (the "1934 Act") or are exempt from registration as a broker-dealer under the 1934 Act, (ii) we are qualified
as a broker-dealer in all states or other jurisdictions in which we sell Fund Shares or are exempt from registration as a broker-dealer
in all states or other jurisdictions in which we sell Fund Shares, and, (iii) if we sell shares in additional states or jurisdictions
in the future, we will become qualified to act as a dealer in each such state or jurisdiction prior to selling any Fund shares or will
confirm an exemption from registration as a broker-dealer in each such state or jurisdiction prior to selling any Fund shares. We further
agree to comply with all applicable state and federal laws and the rules and regulations of authorized regulatory agencies. We agree
that we will sell or offer for sale shares of each Fund in only those states or jurisdictions whose laws permit the sale in question,
whether or not such permission is dependent on registration or qualification of a Fund or its shares under such law. We shall maintain
any filings and licenses required by federal and state laws to conduct the business contemplated under this Agreement. We agree to notify
Quasar immediately in the event of any finding that we violated any applicable federal or state law, rule or regulation arising out
of our activities as a broker-dealer or in connection with this Agreement, or which may otherwise affect in any material way our ability
to act in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If we are a "bank," as such term is defined in Section 3(a)(6) of the 1934 Act, we further represent and warrant that we are a member of the Federal Deposit Insurance Corporation ("FDIC") in good standing and agree to notify Quasar immediately of any changes in our status with the FDIC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If we are registered as a broker-dealer under the 1934 Act, we represent and warrant that we are a member in good standing of the National Association of Securities Dealers, Inc. (the "NASD") and that we agree to abide by the Conduct Rules of the NASD. We agree to notify Quasar immediately in the event of our expulsion or suspension from the NASD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) If we are registered as a broker-dealer under the 1934 Act, we further represent and warrant that we are a member of the Securities Investor Protection Corporation ("SIPC") in good standing and agree to notify Quasar immediately of any changes in our status with SIPC.

3. We will offer and sell the shares of each Fund only in accordance with the terms and conditions set forth
in the then current Prospectus relating to the Fund (which term "Prospectus" used herein shall include any related statement
of additional information), and we will make no representations not included in said Prospectus or in any supplemental sales material
authorized and supplied by you. We will use our best efforts in the development and promotion of sales of shares of each Fund and agree
to be responsible for the proper instruction and training of all sales personnel employed by or associated with us, in order that such
shares will be offered in accordance with the terms and conditions of this Agreement and all applicable laws, rules and regulations.

We shall be permitted to accept orders for the purchase, exchange or redemption of Shares of the Funds on each business day that the New York Stock Exchange is open for business and a Fund's net asset value is determined ("Business Day"). We shall not be required to accept orders on any Business Day on which Dealer is not open for business. If orders are accepted by us prior to the latest time at which a Fund's net asset value is to be calculated as determined by its Board of Directors/Trustees, which is typically as of the close of the New York Stock Exchange on that Business Day ("Close of Trading"), such orders shall be treated as having been received on that Business Day. If such orders are received after Close of Trading on a Business Day, they shall not be treated as having been accepted by us on such Business Day.

All purchase orders shall be placed at, and in accordance with the applicable discount schedules set forth in the Fund's then current prospectus ("Breakpoints").

We agree to hold you and/or each Fund harmless and indemnify you and/or each Fund in the event that we, or any of our sales representatives should violate any law, rule or regulation, or any provisions of this Agreement, which violation may result in liability to you and/or any Funds; and in the event that you and/or any Fund determine to refund any amounts paid by any investor by reason of any such violation on our part, we shall return to you and/or that Fund any commission previously paid or discounts allowed by you to us with respect to the transaction for which the refund is made. All expenses which we incur in connection with our activities under this Agreement shall be borne by us.

4. We understand and agree that the sales charge and dealer commission relative to any sales of shares of
a Fund made by us will be in an amount as set forth in the then current Prospectus relating to the Fund or in separate written notice
to us.

5. Payment for purchases of shares of each Fund made by wire order from us shall be made to you or for your account and received by you
within three business days after the acceptance of our order or such shorter time as may be required by law. If such payment is not received
by you, we understand that you reserve the right, without notice, to cancel the sale, or, at your option, to sell the shares ordered by
us back to the applicable Fund, in which latter case we may be held responsible for any loss, including loss of profit, suffered by you
and/or the Fund, resulting from our failure to make the aforesaid payment. Where sales of the shares of the Fund are contingent upon the
receipt of payment therefor, we will forward promptly to you any purchase orders and/or payments received by us from investors.

6. We agree to purchase shares only from you or from our customers. If we purchase shares from you, we agree that all such purchases
shall be made only to cover orders received by us from our customers, or for our own bona fide investment. If we purchase shares from
our customers, we agree to pay such customers not less than the redemption price as established by the then applicable current Prospectus.

7. Unless at the time of transmitting an order we advise you to the contrary, you may consider the order to be the total holding of an
investor and assume that the investor is not entitled to any reduction in sales price beyond that accorded to the amount of the purchase
as determined by the

---

| | |
|:---|:---|
|  | schedule set forth in the then applicable current Prospectus. |
| 8. | We understand and agree that if any shares sold by us under the terms of this Agreement are redeemed by a Fund or are repurchased by you as agent for that Fund or are tendered to that Fund for redemption within seven business days after the confirmation to us of our purchase order for such shares, we will promptly refund to you the full amount of the commission allowed to us on the original sale. |

---

9. Your obligations to us under this Agreement are subject to all the provisions of any agreement entered into between you and the applicable
Fund (or investment company of which a Fund is a class or series). We understand and agree that in performing our services covered by
this Agreement we are acting as principal, and you are in no way responsible for the manner of our performance or for any of our acts
or omissions in connection therewith. Nothing in this Agreement shall be construed to constitute us or any of our agents, employees or
representatives as your agent, partner or employee, or the agent or employee of a Fund.

10. We may terminate this Agreement by notice in writing to you, which termination shall become effective thirty days after the date of
mailing to you. We agree that you have and reserve the right, in your sole discretion without notice, to suspend sales of shares of any
of the Funds, or to withdraw entirely the offering of shares of any of the Funds, or, in your sole discretion, to modify, amend or cancel
this Agreement upon written notice to us of such modification, amendment or cancellation, which shall be effective on the date stated
in such notice. Without limiting the foregoing, you may terminate this Agreement for cause on violation by us of any of the provisions
of this Agreement, said termination to become effective on the date of mailing notice to us of such termination. Without limiting the
foregoing, any provision hereof to the contrary notwithstanding, our expulsion from the NASD will automatically terminate this Agreement
without notice; our suspension from NASD or violation of applicable state or federal laws or rules or regulations of authorized regulatory
agencies will terminate this Agreement effective upon the date of your mailing notice to us of such termination. Your failure to terminate
for any cause shall not constitute a waiver of your right to terminate at a later date for any such cause. All notices hereunder shall
be to the respective parties at the address listed herein, unless changed by notice given in accordance with this Agreement.

11. This Agreement shall become effective as of the date it is executed and dated by you below. This Agreement may not be assigned or
transferred; provided, however, that you may assign or transfer this Agreement to any successor firm or distributor of any of the Funds.

12. Both parties hereto agree to preserve the confidentiality of any and all materials and information furnished
by either party in connection with this Agreement. The provisions of this Paragraph shall not apply to any information which is: (a) independently
developed by the receiving party, provided the receiving party can satisfactorily demonstrate such independent development with appropriate
documentation; (b) known to the receiving party prior to disclosure by the disclosing party; (c) lawfully disclosed to the receiving
party by a third party not under a separate duty of confidentiality with respect thereto to the disclosing party; or (d) otherwise
publicly available through no fault or breach by the receiving party.

In accordance with Regulation S-P, the parties hereto will not disclose any non-public personal information, as defined in Regulation S-P, regarding any Customer; provided, however, that either party hereto may disclose such information as necessary in the ordinary course of business to carry out the purposes for which such information was disclosed to such party, or as may be required by law. Both parties agree to use reasonable precautions to protect and prevent the unintentional disclosure of such non-public personal information.

13. We represent and warrant that we have adopted an anti-money
laundering program ("AML Program")

that complies with the Bank Secrecy Act, as amended by the USA PATRIOT Act, and any future amendments (the "PATRIOT Act," and together with the Bank Secrecy Act, the "Act"), the rules and regulations under the Act, and the rules, regulations and regulatory guidance of the SEC, the NASD or any other applicable self-regulatory organization (collectively, "AML Rules and Regulations"). We further represent that our AML Program, at a minimum, (1) designates a compliance officer to administer and oversee the AML Program, (2) provides ongoing employee training, (3) includes an independent audit function to test the effectiveness of the AML Program, (4) establishes internal policies, procedures, and controls that are tailored to its particular business, (5) will include a customer identification program consistent with the rules under section 326 of the Act, (6) provides for the filing of all necessary anti-money laundering reports including, but not limited to, currency transaction reports and suspicious activity reports, (7) provides for screening all new and existing customers against the Office of Foreign Asset Control ("OFAC") list and any other government list that is or becomes required under the Act, and (8) allows for appropriate regulators to examine our AML books and records.

14. To the extent that state law has not been preempted by the provisions of any law of the United States heretofore or hereafter enacted,
as the same may be amended from time to time, this Agreement shall be construed and enforced in accordance with the laws of the State
of Wisconsin.

15. We represent that we have and will maintain policies and procedures to detect and prevent any market timing transaction that contravenes
the restrictions or prohibitions on market timing, if any, as found in the then current Funds' prospectus and/or statement of additional
information. We acknowledge that we are responsible for the sales activities of our licensed representatives including, among other things,
improper trading activity in violation of the terms and conditions of the Fund's then current prospectus.

16. We agree, to the extent it maintains one or more omnibus accounts with the Fund's transfer agent, that it will apply and implement
any required redemption fee to shareholder accounts on the our recordkeeping system. We will immediately inform the Distributor if it
is unable to comply with any part of this redemption fee requirement.

Further, upon reasonable request by the Fund, We agree to share information concerning its customers that may include, but is not necessarily limited to: (i)Taxpayer Identification Numbers of all shareholders that purchased, redeemed, transferred, or exchanged shares of the Fund held through an account with us; (ii) the amount and dates of such shareholder purchases, redemptions, transfers and exchanges; and (iii) any other information the Fund or its agent reasonably requests concerning identification or transactions of Fund shareholders<u>.</u>

17. Further, We agree, upon request of the Fund or its agent, to execute instructions from the Fund to restrict or prohibit further purchases
or exchanges of Fund shares by a shareholder who has been identified by the Fund as having engaged in frequent trading transactions of
fund shares (directly or indirectly through our accounts) that may violate policies established by the Fund for the purpose of eliminating
or reducing any dilution of the value of the outstanding shares issued by the Fund.

---

| | |
|:---|:---|
| | Accepted: |
| Firm | **Quasar Distributors, LLC** |

---

Street Address Authorized Signature Date

<u>Teresa Cowan, Vice President</u>

City State Zip Code Name and Title

 <br> Authorized Signature Date

<br> Name and Title

**Return signed agreements to:**

**Quasar Distributors, LLC**

**Dealer Agreement Department**

**111 East Kilbourn Avenue, Suite 2200**

**Milwaukee, WI 53202**

**A fully executed original will be returned for your records.**

**BILATERAL NETWORKING AGREEMENT**

This Agreement is made March 26, 2026, by and between Quasar Distributors, LLC, a Delaware limited liability company, and ____________________, an entity that engages in the purchase and sale of shares of the Funds listed on Appendix A hereto (collectively, the "Funds").

The undersigned parties each agree to comply with the National Securities Clearing Corporation rules and procedures as stated in the Standard Networking Agreement issued in the ICI Memorandum dated April 23, 1993.

---

| | |
|:---|:---|
| **Quasar Distributors, LLC** | |
| By: | Date: |
| Teresa Cowan, Vice President |  |
| **Firm** |  |
| By: | Date: |
| Name: |  |
| Title: |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| NSCC <br> # | Alpha<br> Code | Mutual Fund | F/S | N/W<br> Level | Cusip # | NASDAQ Symbol |
|  |  | Thompson IM Funds |  |  |  |  |
| 5557 | A3 | Bond Fund | Yes | All | 884891201 | THOPX |
| 5557 | A3 | Large Cap Fund | Yes | All | 884891300 | THPGX |
| 5557 | A3 | Mid Cap Fund | Yes | All | 884891607 | THPMX |

---

## Ex-99.(E)(6)

**Exhibit 99.(E)(6)**

**Quasar Distributors, LLC**

**DEALER AGREEMENT**

This Agreement is made as of __________, 2022, by and among Quasar Distributors, LLC ("Quasar"), a Delaware limited liability company, _____________ ("Dealer"), a ______________ corporation, and Thompson Investment Management, Inc., a Delaware limited liability company (solely with respect to Section 5 hereto).

WHEREAS, Thompson IM Funds, Inc. is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company and currently offers for public sale shares of common stock ("Shares") in the separate series of the Fund Company listed on Schedule A, as may be amended from time to time (each, a "Fund");

WHEREAS, Quasar serves as principal underwriter in connection with the offering and sale of the Shares of each Fund pursuant to a Distribution Agreement, and

WHEREAS, Dealer desires to serve as a selected dealer for the Shares of the Funds.

NOW, THEREFORE, in consideration of the promises and the mutual covenants contained herein, Quasar and Dealer agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Selected Dealer</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dealer agrees to offer and sell Shares only at the public offering price currently in effect, in accordance with the terms of the then-current prospectus(es), including any supplements or amendments thereto, of each Fund ("Prospectus"). The Dealer agrees to act only as agent on behalf of its customers ("Customers") in such transactions and shall not have authority to act as agent for the Funds, for Quasar, or for any other dealer in any respect. All purchase orders are subject to acceptance by Quasar and the relevant Fund and become effective only upon confirmation by Quasar or an agent of the Fund. In its sole discretion, either the Fund or Quasar may reject any purchase order and may, provided notice is given to Dealer, suspend sales or withdraw the offering of Shares entirely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dealer agrees that, if requested by Quasar, it will undertake from time to time certain shareholder servicing activities ("shareholder services") as requested by Quasar, for Customers who have purchased Shares. Dealer may perform these duties itself or subcontract them to a third party of its choice. These shareholder services may include, but are not limited to, one or more of the following services as determined by Quasar: (i) maintaining accounts relating to Customers that invest in Shares; (ii) providing information periodically to Customers showing their positions in Shares; (iii) arranging for bank wires; (iv) responding to Customer inquiries relating to the services performed by Dealer; (v) responding to routine inquiries from Customers concerning their investments in Shares; (vi) forwarding shareholder communications from the Funds (such as proxies, shareholder reports, annual and semi-annual financial statements and dividend, distribution and tax notices) to Customers; (vii) processing purchase, exchange and redemption requests from Customers and placing such orders with the Funds' service providers;

(viii) assisting Customers in changing dividend options, account designations, and addresses; (ix) providing subaccounting with respect to Shares beneficially owned by Customers; (x) processing dividend payments from the Funds on behalf of Customers; and (xi) providing such other similar services as Quasar may reasonably request to the extent Dealer is permitted to do so under applicable laws or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Procedures for Purchases</u>**. The procedures relating to all orders and the handling of them shall be made in accordance with the procedures set forth in each Fund's Prospectus, and to the extent consistent with the Prospectus, written instructions forwarded to Dealer by Quasar from time to time.

Dealer shall be permitted to accept orders for the purchase, exchange or redemption of Shares of the Funds on each business day that the New York Stock Exchange is open for business and a Fund's net asset value is determined ("Business Day"). Dealer shall not be required to accept orders on any Business Day on which Dealer is not open for business. If orders are accepted by Dealer prior to the latest time at which a Fund's net asset value is to be calculated as determined by its Board of Directors/Trustees, which is typically as of the close of the New York Stock Exchange on that Business Day ("Close of Trading"), such orders shall be treated as having been received on that Business Day. If such orders are received after Close of Trading on a Business Day, they shall not be treated as having been accepted by Dealer on such Business Day.

All purchase orders shall be placed at, and in accordance with the applicable discount schedules set forth in the Fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Settlement and Delivery for Purchases</u>**. Transactions shall be settled by Dealer by payment in federal funds of the full purchase price to the Fund's transfer agent in accordance with applicable procedures. If payment for Shares is not received by the Fund's transfer agent within the time specified, the sale may be canceled forthwith without any responsibility or liability on Quasar's part or on the part of the Fund to Dealer or its Customers. In addition, Dealer will be responsible to the Fund and/or Quasar for any losses suffered on the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Procedures for Redemption, Repurchase and Exchange</u>**. Redemption or repurchases of Shares as well as exchange requests shall be made in accordance with the procedures set forth in each Fund's Prospectus, and to the extent consistent with the Prospectus, written instructions forwarded to Dealer by Quasar from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Compensation</u>**. For the services provided under the terms of this Agreement, Dealer shall be eligible to receive a fee of 0.___% of the average daily net assets of the Fund (computed on an annual basis) which are owned of record by Dealer as nominee for its Customers or which are owned by those Customers of Dealer whose records, as maintained by the Fund or its agent, designate Dealer as the Customer's dealer or service provider of record.

If any Shares sold by Dealer under the terms of this Agreement are redeemed by a Fund or tendered for redemption or repurchased by a Fund or by Quasar as agent within seven business days after the date Dealer purchased such Shares, Dealer shall notify Quasar in writing and shall

forfeit its right to any discount or commission received by or allowed to Dealer from the original sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Expenses</u>.** Dealer agrees that it will bear all expenses incurred in connection with its performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Dealer Registration</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dealer represents and warrants that (i) it is registered as a broker-dealer under the Securities Exchange Act of 1934 (the "1934 Act") or is exempt from registration as a broker-dealer under the 1934 Act, (ii) it is qualified as a broker-dealer in all states or other jurisdictions in which it sells Fund Shares or is exempt from registration as a broker-dealer in all states or other jurisdictions in which it sells Fund Shares, and, (iii) if it sells Shares in additional states or jurisdictions in the future, will become qualified to act as a dealer in each such state or jurisdiction prior to selling any Fund Shares or will confirm an exemption from registration as a broker-dealer in each such state or jurisdiction prior to selling any Fund Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dealer shall maintain any filings and licenses required by federal and state laws to conduct the business contemplated under this Agreement. Dealer agrees to notify Quasar immediately in the event of any finding that it violated any applicable federal or state law, rule or regulation arising out of its activities as a broker-dealer or in connection with this Agreement, or which may otherwise affect in any material way its ability to act in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If Dealer is a "bank," as such term is defined in Section 3(a)(6) of the 1934 Act, Dealer further represents and warrants that it is a member of the Federal Deposit Insurance Corporation ("FDIC") in good standing and agrees to notify Quasar immediately of any changes in Dealer's status with the FDIC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If Dealer is registered as a broker-dealer under the 1934 Act, Dealer represents and warrants that it is a member in good standing of the National Association of Securities Dealers, Inc. (the "NASD") and that it agrees to abide by the Conduct Rules of the NASD. Dealer agrees to notify Quasar immediately in the event of its expulsion or suspension from the NASD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If Dealer is registered as a broker-dealer under the 1934 Act, Dealer further represents and warrants that it is a member of the Securities Investor Protection Corporation ("SIPC") in good standing and agrees to notify Quasar immediately of any changes in Dealer's status with SIPC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Compliance With Federal and State Laws</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dealer will not sell any of the Shares except in compliance with all applicable federal and state securities laws. In connection with sales and offers to sell Shares, Dealer will furnish or cause to be furnished to each person to whom any such sale or offer is made, at or prior to the time of offering or sale, a copy of the Prospectus and, if requested, the related SAI. Quasar shall

be under no liability to Dealer except for lack of good faith and for obligations expressly assumed by Quasar herein. Nothing herein contained, however, shall be deemed to be a condition, stipulation or provision binding any persons acquiring any security to waive compliance with, or to relieve the parties hereto from any liability arising under, the federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Quasar shall, from time to time, inform Dealer as to the states and jurisdictions in which Quasar believes the Shares have been qualified for sale under, or are exempt from the requirements of, the respective securities laws of such states and jurisdictions. Dealer agrees that it will not knowingly offer or sell Shares in any state or jurisdiction in which such Shares are not qualified, unless any such offer or sale is made in a transaction that qualifies for an exemption from registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Quasar assumes no responsibility in connection with the registration of Dealer under the laws of the various states or under federal law or Dealer's qualification under any such law to offer or sell Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Unauthorized Representations</u>**. No person is authorized to make any representations concerning Shares of the Funds except those contained in the Prospectus, SAI and printed information issued by each Fund or by Quasar as information supplemental to each Prospectus. Quasar shall, upon request, supply Dealer with reasonable quantities of Prospectuses and SAIs. Dealer agrees not to use other advertising or sales material relating to the Funds unless approved by Quasar in advance of such use. Neither party shall use the name of the other party in any manner without the other party's written consent, except as required by any applicable federal or state law, rule or regulation, and except pursuant to any mutually agreed upon promotional programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Confirmations</u>**. Dealer agrees to send confirmations of orders to its Customers as required by Rule 10b-10 of the 1934 Act. In the event the Customers place orders directly with the Fund or any of its agents, confirmations will be sent to such Customers, as required, by the Fund's transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Records</u>.** Dealer agrees to maintain all records required by applicable state and federal laws and regulations relating to the offer and sale of Shares to its Customers, and upon the reasonable request of Quasar, or of the Funds, to make these records available to Quasar or the Fund's administrator as reasonably requested. On orders placed directly with the Fund or its agents, the Fund's transfer agent will maintain all records required by state and federal laws and regulations relating to the offer and sale of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Taxpayer Identification Numbers</u>**. Dealer agrees to obtain any taxpayer identification number certification from its Customers required under the Internal Revenue Code and any applicable Treasury regulations, and to provide Quasar or its designee with timely written notice of any failure to obtain such taxpayer identification number certification in order to enable the implementation of any required backup withholding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Indemnification</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dealer shall indemnify and hold harmless Quasar, each Fund, the transfer agent and administrator of the Funds, and their respective affiliates, officers, directors, agents, employees and controlling persons from all direct or indirect liabilities, losses or costs (including reasonable attorneys' fees) arising from, related to or otherwise connected with any breach by Dealer of any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Quasar shall indemnify and hold harmless Dealer and its affiliates, officers, directors, agents, employees and controlling persons from and against any and all direct or indirect liabilities, losses or costs (including reasonable attorneys' fees) arising from, related to or otherwise connected with any breach by Quasar of any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agreement of the parties in this Paragraph to indemnify each other is conditioned upon the party entitled to indemnification (the "Indemnified Party") notifying the other party (the "Indemnifying Party") promptly after the summons or other first legal process for any claim as to which indemnity may be sought is served on the Indemnified Party, unless failure to give such notice does not prejudice the Indemnifying Party. The Indemnified Party shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting from it, provided that counsel for the Indemnifying Party who shall conduct the defense of such claim or litigation shall be approved by the Indemnified Party (which approval shall not unreasonably be withheld), and that the Indemnified Party may participate in such defense at its expense. The failure of the Indemnified Party to give notice as provided in this subparagraph (c) shall not relieve the Indemnifying Party from any liability other than its indemnity obligation under this Paragraph. No Indemnifying Party, in the defense of any such claim or litigation, shall, without the written consent of the Indemnified Party, consent to entry of any judgment or enter into any settlement that does not include as an unconditional term the giving by the claimant or plaintiff to the Indemnified Party of a release from all liability in respect to such claim or litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **<u>No Agency Created</u>**. Nothing in this Agreement shall be deemed or construed to make Dealer an employee, agent, representative or partner of any of the Funds or of Quasar, and Dealer is not authorized to act for Quasar or for any Fund or to make any representations on Quasar's or the Funds' behalf. Dealer acknowledges that this Agreement is not exclusive and that Quasar may enter into similar arrangements with other broker-dealers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **<u>Term, Termination, Assignment and Amendment</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall commence on the date first set forth above and shall continue in effect with respect to a Fund for more than one year only so long as such continuance is specifically approved at least annually in conformity with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Either party to this Agreement may terminate this Agreement by giving ten days' written notice to the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement shall terminate automatically with respect to any Fund if (i) Dealer files a petition in bankruptcy, (ii) a trustee or receiver is appointed for Dealer or its assets under federal bankruptcy laws, (iii) Dealer's registration as a broker-dealer with the Securities and Exchange Commission is suspended or revoked, (iv) Dealer's NASD membership is suspended or revoked, (v) an application for a protective decree under the provisions of the Securities Investor Protection Act of 1970 is filed against Dealer, or (vi) the Distribution Agreement between Quasar and a Fund is terminated (including as a result of an assignment). This Agreement also shall terminate automatically in the event of its "assignment," within the meaning of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Termination of this Agreement by operation of this Paragraph 15 shall not affect any unpaid obligations under Paragraphs 3, 5 or 6 of this Agreement or the liability, legal and indemnity obligations set forth under Paragraphs 7, 8, 9 or 13 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement may be amended by Quasar upon written notice to Dealer, and Dealer shall be deemed to have consented to such amendment upon effecting any purchases of Shares for its own account or on behalf of any Customer's accounts following Dealer's receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **<u>Notices</u>.** Except as otherwise specifically provided in this Agreement, any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service or 3 days after sent by registered or certified mail, postage prepaid, return receipt requested or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to Quasar shall be sent to:

Quasar Distributors, LLC

Attn: Dealer Agreement Department

190 Middle Street, Suite 301

Portland, ME 04101

notice to Dealer shall be sent to:

____________________

____________________

____________________

notice to Thompson Invesment Management, INC.

Thompson Invesment Management, INC.

Attn:

P.O. Box 46520

Madison, WI 53744

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **<u>Miscellaneous</u>**. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **<u>Governing Law</u>**. This Agreement shall be construed in accordance with the laws (without regard, however, to conflicts of law principles) of the State of Wisconsin, provided that no provision shall be construed in a manner not consistent with the 1940 Act or any rule or regulation thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **<u>Arbitration</u>**. Any controversy or claim arising out of or relating to this Agreement, or any breach thereof, shall be settled by arbitration in acordance with the then existing NASD Code of Arbitration Procedure. Any arbitration shall be conducted in Milwaukee, Wisconsin, and each arbitrator shall be from the securities industry. Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **<u>Confidentiality</u>.** Quasar and Dealer agree to preserve the confidentiality of any and all materials and information furnished by either party in connection with this Agreement. The provisions of this Paragraph shall not apply to any information which is: (a) independently developed by the receiving party, provided the receiving party can satisfactorily demonstrate such independent development with appropriate documentation; (b) known to the receiving party prior to disclosure by the disclosing party; (c) lawfully disclosed to the receiving party by a third party not under a separate duty of confidentiality with respect thereto to the disclosing party; or (d) otherwise publicly available through no fault or breach by the receiving party.

In accordance with Regulation S-P, the parties hereto will not disclose any non-public personal information, as defined in Regulation S-P, regarding any Customer; provided, however, that Dealer or Quasar may disclose such information to any party as necessary in the ordinary course of business to carry out the purposes for which such information was disclosed to Dealer or Quasar, or as may be required by law. Both parties agrees to use reasonable precautions to protect and prevent the unintentional disclosure of such non-public personal information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **<u>Anti-Money Laundering Program</u>.** Dealer represents and warrants that it has adopted an anti-money laundering program ("AML Program") that complies with the Bank Secrecy Act, as amended by the USA PATRIOT Act, and any future amendments (together with the Bank Secrecy Act, the "Act"), the rules and regulations under the Act, and the rules, regulations and regulatory guidance of the SEC, the NASD or any other applicable self-regulatory organization. Dealer further represents that its AML Program, at a minimum, (1) designates a compliance officer to administer and oversee the AML Program, (2) provides ongoing employee training, (3) includes an independent audit function to test the effectiveness of the AML Program, (4) establishes internal policies, procedures, and controls that are tailored to its particular business, (5) will include a customer identification program consistent with the rules under section 326 of the Act, (6) provides

for the filing of all necessary anti-money laundering reports including, but not limited to, currency transaction reports and suspicious activity reports, (7) provides for screening all new and existing customers against the Office of Foreign Asset Control list and any other government list that is or becomes required under the Act, and (8) allows for appropriate regulators to examine Dealer's AML books and records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. **<u>Market Timing.</u>** Dealer represents that it has and will maintain policies and procedures to detect and prevent any market timing transaction that contravenes the restrictions or prohibitions on market timing, if any, as found in the then current Funds' prospectus and/or statement of additional information. Dealer acknowledges that it is responsible for the sales activities of its licensed representatives including, among other things, improper trading activity in violation of the terms and conditions of the Fund's then current prospectus.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated as of the day and year first written above.

**QUASAR DISTRIBUTORS, LLC**

By:   <br> Teresa Cowan, President

**DEALER**

By:

Type Name:  

**THOMPSON INVESTMENT MANAGEMENT, INC.**

(solely with respect to Section 5 hereto)

By:

Type Name:  

Schedule A

<u>Names of Funds</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| NSCC<br> # | Alpha<br> Code | Mutual Fund | F/S | N/W<br> Level | Cusip # | NASDAQ Symbol |
|  |  | Thompson IM Funds |  |  |  |  |
| 5557 | A3 | Bond Fund | Yes | All | 884891201 | THOPX |
| 5557 | A3 | Large Cap Fund | Yes | All | 884891300 | THPGX |
| 5557 | A3 | Mid Cap Fund | Yes | All | 884891607 | THPMX |

---

## Ex-99.(H)(3)

**Exhibit 99.(H)(3)**

**First Amendment to the** 

**Amended and Restated**

**Fund Servicing Agreement**

This First Amendment effective as of the last date on the signature block below (the "Effective Date"), to the Amended and Restated Fund Servicing Agreement dated as of September 1, 2024, (the "Agreement"), is entered into by and between **THOMPSON INVESTMENT MANAGEMENT, INC.**, a Delaware Corporation (the "Administrator"), on behalf of Thompson IM Funds, Inc., a Wisconsin corporation (the "Corporation") and **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES**, a Wisconsin limited liability company ("USBGFS").

WHEREAS, the parties hereto have entered into the Agreement;

WHEREAS, the parties desire to amend Exhibit B of the Agreement to clarify the services and duties of USBGFS;

WHEREAS, Section 14(f) of the Agreement permits its amendment by a written agreement executed by USBGFS and the Administrator, and authorized or approved by the Administrator's Board.

NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Exhibit B is hereby superseded and replaced in its entirety with Exhibit B attached hereto.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Except to the extent amended hereby, the Agreement shall continue in full force and effect in accordance with its terms.** 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

---

| | | | |
|:---|:---|:---|:---|
| **THOMPSON INVESTMENT MANAGEMENT, INC.** | **THOMPSON INVESTMENT MANAGEMENT, INC.** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/ Jason L. Stephens | By: | /s/ Gregory Farley |
| Name: | Jason L. Stephens | Name: | Gregory Farley |
| Title: | Chief Executive Officer | Title: | Senior Vice President |
| Date: | 8/27/2025 \| 9:46:08 AM CDT | Date: | 8/27/2025 |

---

**EXHIBIT B**

**<u>Services</u>**

**<u>CORE SERVICE LINES</u>**

**Accounting Services** 

A. Preparation of the financial statements of each Fund at the times and in the form as required by the 1940 Act, and at such other times
(not more frequently than monthly) and in such forms as the Administrator may reasonably request. In so preparing the financial statements,
each Fund shall have, at its own expense, the assistance of the Fund's independent public accountants.

B. USBGFS shall maintain and keep current all of the accounts, books and other documents of each Fund specified in paragraph (a) and
in paragraphs (b)(1) through (8) of Rule 31a-1 under the 1940 Act except for those normally maintained by the Fund's other service
providers.

C. USBGFS shall calculate the net asset value per share of each Fund at the times and in the manner described in the Fund's Prospectus
and Statement of Additional Information, as presently in effect, and as amended, supplemented and/or superseded from time to time. In
so calculating the net asset value per share of each Fund, USBGFS shall be responsible for determining the value of the portfolio securities
and other assets of each Fund in the manner described in the Fund's Prospectus and Statement of Additional Information. If an independent
pricing service is used by USBGFS to determine such values, the expense of such service shall be borne by the Administrator or the appropriate
Fund. USBGFS shall prepare and maintain price make-up sheets and such other records as are necessary to reflect the determination of the
net asset value per share for each Fund. USBGFS agrees that all books, accounts and other documents which it maintains for each Fund are
the property of the Fund and it will surrender promptly to the Fund any of such books, accounts and other documents upon the fund's
request. Such books, accounts and other documents shall be maintained by USBGFS in accordance with and for the time periods specified
by applicable rules and regulations, including Rule 31a-2 under the 1940 Act.

D. USBGFS shall maintain such staff and employ or retain such personnel and consult with such other persons as shall from time to time
be reasonably necessary to perform the Services. USBGFS shall provide such office space, facilities equipment and other assets and resources
as shall be reasonably necessary to perform the Services.

E. USBGFS, in the performance of its duties hereunder, shall act in conformity with the Corporation's Articles of Incorporation
and Bylaws, each Fund's Prospectus, Statement of Additional Information and Registration Statement, the codes, policies and procedures
maintained by the Corporation or the Administrator and applicable to the Services, and the instructions and directions of the Administrator
the Board of Directors of the Corporation, and shall comply with and conform to the requirements of the 1940 Act and all other applicable
federal and state laws, regulations and rulings.

**Transfer Agency and Investor Support Services**

A. USBGFS shall provide the following transfer agent and dividend disbursing agent services to each Fund:

B. Receive and process all orders for the purchase, exchange, and/or redemption of Fund shares in accordance with Rule 22c-1 under the
1940 Act, other applicable regulations, and as specified in the Funds' prospectus (the "Prospectus").

C. Process purchase orders with prompt delivery, where appropriate, of payment and supporting documentation to the shareholder based
on the shareholder's or the Corporation's custodian instructions, and record the appropriate number of shares being held in
the appropriate shareholder account.

D. Process redemption requests received in good order and, where relevant, deliver appropriate documentation to the Corporation's
custodian.

E. Pay proceeds upon receipt from the Corporation's custodian, where relevant, in accordance with the instructions of redeeming
shareholders.

F. Process transfers of shares in accordance with the shareholder's instructions, after receipt of appropriate documentation from
the shareholder as specified in the Prospectus.

G. Prepare and transmit payments, or apply reinvestments for income dividends and capital gains distributions declared by the Corporation
with respect to a Fund, after deducting any amount required to be withheld by any applicable laws, rules and regulations and in accordance
with shareholder instructions.

H. Serve as each Fund's agent in connection with systematic plans including, but not limited to, systematic withdrawal plans and
systematic exchange plans.

I. Make changes to shareholder records, including, but not limited to, address and plan changes (e.g., systematic investment and withdrawal,
dividend reinvestment).

J. Handle load and multi-class processing, including rights of accumulation and purchases by letters of intent in accordance with the
Prospectus.

K. Record the issuance of shares of each Fund and maintain, pursuant to Rule 17Ad-10(e) promulgated under the Securities Exchange Act
of 1934, as amended (the "Exchange Act"), a record of the total number of shares of each Fund which are authorized, issued
and outstanding.

L. Prepare ad-hoc reports as necessary at prevailing rates.

M. Mail shareholder reports and Prospectuses to current shareholders.

N. Prepare and file U.S. Treasury Department Forms 1099 and other appropriate information returns required with respect to dividends
and distributions for all shareholders.

O. Provide shareholder account information upon shareholder or Corporation requests and prepare and mail confirmations and statements
of account to shareholders for all purchases, redemptions and other confirmable transactions as agreed upon with the Corporation.

P. Mail and/or obtain shareholders' certifications under penalties of perjury and pay on a timely basis to the appropriate federal
authorities any taxes to be withheld on dividends and distributions paid by the Corporation, all as required by applicable federal and
state tax laws and regulations.

Q. Answer correspondence from shareholders, securities brokers and others relating to USBGFS's duties hereunder within required
time periods established by applicable regulation.

R. USBGFS will reimburse each Fund for any Net Material Loss (as defined herein) that may exist on the Fund's books and for which
USBGFS is responsible, at the end of each calendar month. "Net Material Loss" shall be defined as any remaining loss, after
netting losses against any gains, which impacts a Fund's net asset value per share by more than ½ cent. Gains and losses
will be reflected on the Fund's daily share sheet, and the Fund will be reimbursed for any Net Material Loss on a monthly basis.
USBGFS will reset the as-of ledger each calendar month so that any losses that do not exceed the materiality threshold of ½ cent
will not be carried forward to the next succeeding period. USBGFS will notify the adviser to the Fund on the daily share sheet of any
losses for which the adviser may be held accountable.

S. Calculate average assets held in shareholder accounts for purposes of paying Rule 12b-1 and/or shareholder servicing fees as directed
by a Fund.

T. Provide service and support to financial intermediaries including but not limited to trade placements, settlements and corrections.

**Additional Services to be Provided by USBGFS**

A. If the Corporation so elects, by including the service it wishes to receive in its fee schedule, USBGFS shall provide the following services that are further described and that may be subject to additional terms and conditions specified in their respective exhibits, as such may be amended from time to time:

Internet Access, Fan Web, Vision Mutual Fund Gateway **(<u>Exhibit C</u>)**

The Corporation hereby acknowledges that exhibits are an integral part of this Agreement and, to the extent services included in <u>Exhibit C</u> are selected by the Corporation, such services shall also be subject to the terms and conditions of this Agreement. To the extent the terms and conditions of this Agreement conflict with the terms and conditions included in <u>Exhibit C</u>, the exhibits shall control. The provisions of <u>Exhibit C</u>, as applicable, shall continue in effect for as long as this Agreement remains in effect, unless sooner terminated pursuant to Section 13 hereof.

B. USBGFS shall allow the Corporation access to various fund data, systems, industry information and processes as the parties may agree to from time to time, through Mutual Fund

eXchange ("MFx"), subject to the terms of this Agreement and the additional terms and conditions contained in the on-line MFx access agreement to be entered into upon accessing MFx for the first time. USBGFS shall enable the Corporation to access MFx services by supplying the Corporation with necessary software, training, information and connectivity support as mutually agreed upon, all of which shall constitute confidential knowledge and information of USBGFS and shall be used by the Corporation only as necessary to access MFx services pursuant to this Agreement. The Corporation shall use commercially reasonable efforts to provide for the security of all codes and system access mechanisms relating to MFx provided to it by USBGFS and to implement such security procedures and/or devices to ensure the integrity of MFx. The Corporation hereby understands that USBGFS will perform periodic maintenance to the MFx hardware and software being accessed, which may cause temporary service interruptions. USBGFS shall notify the Corporation of all planned outages and, to the extent possible, will perform any necessary maintenance during non-business hours.

The Corporation hereby acknowledges that all programs, software, manuals and other written information relating to MFx access provided by USBGFS pursuant to this Agreement shall remain the exclusive property of USBGFS at all times.

The Corporation acknowledges that it is responsible for determining the suitability and accuracy of the information obtained through its access to MFx. USBGFS MAKES NO WARRANTIES OR REPRESENTATIONS, EXPRESSED OR IMPLIED, WITH RESPECT TO THE SUITABILITY AND ACCURACY OF FUND DATA, SYSTEMS, INDUSTRY INFORMATION AND PROCESSES ACCESSED THROUGH MFx. However, USBGFS will assist the Corporation in verifying the accuracy of any of the information made available to the Corporation through MFx and covered by this Agreement.

In the event of termination of this Agreement, in addition to the requirements set forth in Section 14 hereof, the Corporation shall immediately end its access to MFx and return all codes, system access mechanisms, programs, manuals and other written information provided by USBGFS to USBGFS, and shall destroy or erase all such information on any diskettes or other storage medium, unless such access continues to be permitted pursuant to a separate agreement.

**<u>ADDITIONAL AND SUPPLEMENTAL SERVICES</u>**

Any additional or supplemental services not listed above may be provided from time to time upon mutual agreement of the parties, subject in all cases to the terms and conditions of this Agreement. Any such additional or supplemental services shall be provided at the fees specified on <u>Exhibit C</u> or at USBGFS' then current standard rates for such services if not specified.

## Ex-99.(H)(4)

**Exhibit 99.(H)(4)**

**SHAREHOLDER SERVICES AGREEMENT**

**This Shareholder Services Agreement (the "Agreement")** is made as of<u> </u>2019, by U.S. Bancorp Fund Services, LLC, a Wisconsin limited liability company ("Company") having an address at 615 East Michigan Street, Milwaukee, WI 53202, on behalf of<u> </u>Funds., ("Fund Company") and<u> </u> a<u> </u>company, having an address at<u> </u> ("Service Provider" and collectively, the "Parties").

**WHEREAS,** the Company is a Transfer Agent registered with the Securities and Exchange Commission (the "SEC") and provides services as transfer agent, dividend disbursing agent and shareholder servicing agent to the Fund Companies (each a "Fund") listed on **Schedule A** annexed hereto, as may be amended from time to time;

**WHEREAS,** the Fund Company is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company and currently offers for public sale shares of common stock ("Shares") in the separate series of the Fund Company listed on Schedule A, as may be amended from time to time;

**WHEREAS,** the Service Provider, directly or through its affiliates, subsidiary or designee (collectively, the "Service Provider") provides shareholder support services (the "Services"), that may include, but are not limited to, some or all of the Services contained in **Schedule B** annexed hereto for the underlying clients and/or defined contribution plan participants (the "Clients") of Service Provider's Institutional Customer which may include, banks, third party administrators, broker-dealers and registered investment advisors (the "Customers");

**WHEREAS,** Company desires to engage Service Provider to provide the Services to the Clients of the Customers, subject to the terms and conditions of this Agreement.

**NOW, THEREFORE**, in consideration of the mutual agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Parties, intending to be legally bound, agree as follows:

**<u>AGREEMENT</u>**

1. <u>Incorporation of the Rules of the NSCC.</u> The Rules & Procedures Manual of the NSCC, including the rules and procedures applicable to the utilization of the Defined Contribution Clearing and Settlement System, as amended from time to time (the "Procedures), are hereby made a part of this Agreement as if fully set forth herein and shall be a part of each trade cleared by Service Provider on behalf of or at the request of the Company. Notwithstanding the contrary provisions of Sections 4 and 5 hereof, the Procedures applicable to the transmission of information and instructions, and the settlement of transactions, shall be followed in all instances. Sections 4 and 5 shall apply as the operational procedures for this Agreement only in the event that the NSCC is unavailable for whatever reason.

2. <u>Term</u>. The term of this Agreement shall commence on the date hereof and shall continue until the earliest to occur of the following (the "Termination Date"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this Agreement is terminated by mutual written consent of the Parties (such consent shall not be unreasonably withheld or delayed by either Party);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) this Agreement is terminated upon the occurrence of the following: (i) the occurrence of a material breach by Company of any of its representations, warranties, covenants or agreements hereunder, and (ii) the failure to cure such breach by Company for 60 (Sixty) days following receipt of notice to Company of such breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this Agreement is terminated upon the occurrence of the following: (i) the occurrence of a material breach by Service Provider of any of its representations, warranties, covenants or agreements hereunder, and (ii) the failure to cure such breach by Service Provider for 60 (Sixty) days following receipt of notice to Service Provider of such breach; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the first anniversary of the date of this Agreement; <u>provided however that</u> this Agreement shall be automatically renewed for successive one (1) year terms unless (i) either Party notifies the other party in writing that the Agreement will not be renewed not less than 30 days prior to the expiration date of the initial term or any renewal term or (ii) the Agreement is otherwise terminated pursuant to (a), (b) or (c) above.

The termination of this Agreement shall not relieve either Party of any obligation hereunder that accrued prior to such termination.

3. <u>Services Provided by the Service Provider</u>. Service Provider agrees to provide various types of Services with respect to a Fund's Shares. Such Services may include those items that are enumerated in **Schedule B** attached hereto. Company hereby appoints Service Provider as its agent for the sole and limited purpose of accepting purchase, exchange or redemption orders for mutual fund shares (the "Shares") purchased, exchanged or redeemed by the Client ("Orders"). Service Provider hereby accepts its appointment on the terms and conditions set forth herein. Notwithstanding anything in this Agreement to the contrary, Service Provider shall not be acting as agent for Company in any manner whatsoever, except in accepting such Orders.

4. <u>Information Provided by the Company</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees to provide to the Service Provider on each business day that the New York Stock Exchange ("NYSE") is open for business (the "Business Day") with (i) net asset value information as determined at or about the close of trading (currently 4:00 P.M. Eastern Time ("ET") on the NYSE or at such other time at which the Fund's net asset value is calculated as specified in each Fund's current prospectus (the "Close of Trading"); (ii) dividend and capital gains distribution information as it becomes available; (iii) in the case of income Funds, the daily accrual for interest rate factor (mil rate); and (iv) any other information that the Service Provider needs to perform the Services listed in **Schedule B**. The Company will provide net asset value information, and income accrual, dividend payment and capital gains information to the Service Provider by 9:00 P.M. ET on each Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company will provide the Service Provider with (i) a confirmation with respect to each instruction as defined below, to the Service Provider under Section 5 herein no later than the start of trading of the NYSE on the Business Day following the date on which the instruction is deemed to be received by the Company; (ii) share positions for each Fund on each Business Day; (iii) quarterly statements detailing activity in each Account within fifteen Business Days after the end of each quarter; and (iv) such other reports as may be reasonably requested by the Service Provider.

5. <u>Instructions and Settlement.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Instructions to purchase and redeem Shares by the Company for Service Provider shall be effected as provided in this Section 5. The Service Provider shall transmit to the Company instructions to purchase or redeem Shares of the Funds for accounts that have been or will be opened with the Funds for the Clients (the "Instructions").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Service Provider will facilitate the clearing for the purchase and redemption of trades of various mutual fund shares (the "Trades") in accordance with the Rules of the NSCC. Purchases and redemptions for the Plans shall be made at the net asset value determined as of the Close of Trading on the Business Day that an Instruction to purchase or redeem shares is received by the Service Provider, <u>provided that</u> (i) Service Provider receives Instructions from Participants or Plan Representatives prior to the Close of Trading on that Business Day; and (ii) the Company receives the Instructions from the Service Provider

by 6:00 A.M. ET on the next following Business Day. Instructions received by the Service Provider from Participants or Plan Representatives after the Close of Trading on any given Business Day shall be treated as if received on the next following Business Day. The Service Provider has in place and at all times during the term of this Agreement will maintain, internal controls reasonably designed to prevent Participant and Plan orders received after the Close of Trading on a Business Day from being aggregated with orders properly received before that time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Payment for net purchases of Shares attributable to all Instructions executed for the Accounts on a given Business Day will be wired by the Service Provider no later than 3:00 P.M. ET on the next Business Day to a custodial account designated by the Company. The Company agrees that payment for redemptions of Shares attributable to all Instructions executed for the Accounts on a given Business Day will be wired by the Company on the next Business Day no later than 3:00 P.M. ET to an account designed by the Service Provider.

6. <u>Compensation to Service Provider.</u> The Service Provider will receive a fee as listed in **Schedule C** in consideration for the services provided pursuant to this Agreement.

7. <u>Representations, Warranties and Covenants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Parties represents and warrants to the other that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and is duly qualified to transact business in each other jurisdiction where it is required to be so qualified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it has duly authorized and executed this Agreement, which represents legal, valid, binding and enforceable obligations of such Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the execution, delivery and performance of the Agreement by such Party does not violate, conflict with or constitute a breach of any provision of any Federal, state or local law applicable to such Party, the organizational documents of such Party, or any material agreement, contract, consent decree, order or other instrument to which such Party is a Party or by which such Party is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) other than a consent previously obtained, no consent or other action of any third party is necessary for such Party to execute, deliver or perform under the Agreement;

&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) it is not affiliated with the other Party in any way, and neither will represent or imply in any way that it has any relationship with the other Party except as described in this Agreement, nor will it use the other Party's name in advertising or marketing material, or otherwise, without the other Party's prior written consent, except that it may use the name of the other Party as may be necessary in its regulatory filings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) at all times, it shall comply with all federal and state laws and regulations, including, but not limited to, the Investment Company Act of 1940, the Securities Act of 1933, the Securities and Exchange Act of 1934 and the Employee Retirement Income Security Act (all as amended).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company represents, warrants, and covenants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is an entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and is duly qualified to transact business in each other jurisdiction where it is required to be so qualified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Funds are series of investment companies registered under the '40 Act and Shares sold by the Funds are, and will be, registered under the '33 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) except as indicated on Schedule A, Shares of the Funds are properly registered with the U.S. Securities and Exchange Commission and all regulatory requirements necessary to permit Shares to be sold in accordance with the terms of this Agreement have been satisfied for all fifty states and the District of Columbia. The Company will notify the Service Provider immediately if there is any change in the registration or qualification for sale of any Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Service Provider is not responsible for any information contained in any prospectus, registration statement, annual report, proxy statement, or item of advertising, marketing material or any other document prepared by the Company or its affiliate that relates to any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Service Provider represents, warrants and covenants that, to the extent Service Provider engages one or more third parties (including any of its affiliates or designees) to act as subcontractor(s) or agent(s) ("Subcontractor") to perform the Services required by this Agreement, it has determined that each such Subcontractor is capable of performing the Services, and that Service Provider will take such measures as may be necessary to ensure that such Subcontractors perform the Services in accordance with the terms of this Agreement and applicable law. All references to Service Provider in this Agreement shall also cover Subcontractors to the extent that Services are provided by Subcontractors.

8. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company does hereby agree to indemnify, defend and hold harmless the Service Provider its affiliates, subsidiary, parent company, officers, managers, representatives, and employees (collectively, the "Service Provider Parties") from and against any claims, liabilities, costs, attorneys' fees and legal costs, expenses, indirect or direct losses, damages and penalties (collectively, "Costs") incurred by any such Service Provider Party arising from or relating to (i) any breach by the Company of any representation, warranty, agreement or other obligation contained in this Agreement; (ii) such Service Provider acting in accordance with any instructions given by or on behalf of the Company and/or Plan for the Funds; (iii) any untrue statement or alleged untrue statement of material fact contained in the Company registration statement, prospectus of the Funds, any sales literature of the Funds or any other document prepared by the Company Parties or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading; (iv) any error or omission by the Company and/or Plan in an Instruction that results in Costs; and (v) such Service Provider's Party's investigation, preparation or defense of any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Service Provider does hereby agree to indemnify, defend and hold harmless the Company its affiliates, parent company, officers, managers, representatives, and employees (collectively, the "Company Parties") from and against any Costs incurred by any such Company Party arising from or relating to (i) any breach by the Service Provider of any representation, warranty, agreement or other obligation contained in this Agreement; and (ii) such Company Party's investigation, preparation or defense of any of the foregoing.

The provisions of this Section 8 shall survive the termination of this Agreement.

9. <u>Non-Exclusivity</u>. Both Parties may enter into other similar Servicing Agreements with any other person or persons without the other's consent.

10. <u>Amendment and Waiver</u>. Any of the terms of this Agreement may be waived, amended or modified in whole or in part only by a writing signed by the Parties hereto. No failure of any Party to insist upon strict performance of any provision of this Agreement shall constitute a waiver.

11. <u>Entire Agreement</u>. This Agreement, together with its accompanying schedule(s), constitutes the entire Agreement between the Parties with respect to the subject matter herein and there are no agreements, representations or warranties between the Parties other than those set forth or provided for herein.

12. <u>Choice of Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Wisconsin without giving effect to the principles of conflicts of law thereof.

13. <u>Liability; Acts Beyond Control</u>. Notwithstanding anything herein to the contrary, Service Provider shall not be liable to the Company for any act or omission of Service Provider, <u>provided that</u> Service Provider acted in good faith, unless such conduct was found to constitute gross negligence or willful misconduct. Service Provider shall not be liable for undertaking any act on instructions from the Company or for failing to act in the absence of such Instructions. Service Provider shall be entitled to conclusively rely on the authenticity of any notice or other communication received from the Company so long as Service Provider reasonably believes the notice or other communication to be genuine. Under no circumstances shall Service Provider be liable to the Company for (a) any losses or unrealized gains resulting from Instructions not authorized on a timely basis, or (b) any indirect, incidental, special, consequential or punitive damages, including without limitation any damages claimed as a result of lost profits.

Service Provider shall not be responsible for losses caused directly or indirectly by conditions beyond its reasonable control, including but not limited to war, natural disaster, government or NSCC restrictions or changes, exchange, market or NSCC rulings, strikes, interruptions of communications or data processing services, or disruptions in orderly trading on any exchange or market. The Parties acknowledge that unforeseen circumstances may temporarily prohibit Service Provider from performing its services under the NSCC system.

The provisions of this Section 13 shall survive the termination of this Agreement.

14. <u>Arbitration.</u> Company, and its affiliates, officers, directors, representatives and employees (collectively, the "Company Parties") hereby agree to settle by arbitration any controversy between Company and Service Provider or any of its affiliates, officers, directors, representatives, and employees, (collectively, the "Service Provider Parties") which controversy arises out of this Agreement or any related agreement or the transactions contemplated hereby and thereby between Company and Service Provider. Such arbitration will be conducted in Milwaukee, Wisconsin, by, and according to the securities arbitration rules then in effect of, the FINRA/NASD Code of Arbitration Procedure. Arbitration may be initiated by serving or mailing a written notice.

The Parties acknowledge the following with respect to this arbitration clause, (a) arbitration is final and binding on the Parties; (b) the Parties are waiving their right to seek remedies in court, including the right to a jury trial; (c) pre-arbitration discovery is generally more limited than and different from court proceedings; (d) the arbitrators' award is not required to include factual findings or legal reasoning and any Party's right to appeal or to seek modification of rulings by the arbitrators is strictly limited; and (e) the panel of arbitrators will typically include arbitrators who were or are affiliated with the securities industry.

Any award the arbitrator makes will be final, and judgment on it may be entered in any court having jurisdiction. The prevailing Party shall be entitled to reasonable attorneys' fees together with any costs and expenses. This arbitration agreement shall be enforced and interpreted exclusively in accordance with applicable federal law, including the Federal Arbitration Act.

This arbitration provision shall survive (i) termination or changes in the Agreement; and (ii) the bankruptcy of any Party. If any portion of this arbitration provision is deemed invalid or unenforceable, the remaining portions shall nevertheless remain in force.

15. <u>Assignment by Service Provider</u>. Service Provider without the consent of the Company may assign its rights and obligations under this Agreement to any subsidiary, affiliate or successor by merger or consolidation upon written notice to Company. The Company may not assign its rights and obligations under this Agreement without the written consent of Service Provider.

16. <u>Attorneys' Fees</u>. In any arbitration, or other proceeding by which one Party either seeks to enforce its rights under this Agreement (whether in contract, tort or both) or seeks a declaration of any rights under this Agreement, the prevailing Party shall be awarded reasonable attorneys' fees, together with any costs and expenses, to resolve the dispute and enforce the final judgment.

17. <u>Notice</u>. Any notice, demand, consent, election, offer, approval, request or other communication (collectively, a "Notice") required or permitted under this Agreement must be in writing and either delivered personally, by a nationally recognized overnight courier, or sent by certified or registered mail, postage prepaid, return receipt requested. A Notice must be addressed to a Party as follows:

if to Service Provider, to

Attention:

if to Company, to

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

Attention: Broker Dealer Services

A Notice delivered personally will be deemed given only when acknowledged in writing by the party to whom it is delivered. A Notice delivered via a nationally recognized overnight courier shall be deemed given as of the next Business Day after it is sent. A Notice that is sent via mail will be deemed given three (3) Business Days after it is mailed. The address specified by a party above for notices to be sent may be changed by such party by written notice to the other party.

18. <u>Severability</u>. Should any provision of this Agreement be held invalid or unenforceable by any arbitrator, statute, rule or otherwise, the remaining provisions of this Agreement will continue in full force and effect. Upon such determination that provision is invalid or unenforceable, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

19. <u>Anti-Money Laundering Program</u>. Service Provider represents and warrants that it has adopted an anti-money laundering program ("AML Program") that complies with the Bank Secrecy Act, as amended by the USA PATRIOT Act, and any future amendments (together with the Bank Secrecy Act, the "Act"), the rules and regulations under the Act, and the rules, regulations and regulatory guidance of the SEC, the Financial Industry Regulatory Authority or any other applicable self-regulatory organization. Service Provider further represents that its AML Program, at a minimum, (1) designates a compliance officer to administer and oversee the AML Program, (2) provides ongoing employee training, (3) includes an independent audit function to test the effectiveness of the AML Program, (4) establishes internal policies, procedures, and controls that are tailored to its particular business, (5) will include a customer identification program for its institutional customers consistent with the rules under section 326 of the Act, (6) provides for the filing of all necessary anti-money laundering reports including, but not limited to, currency transaction reports and suspicious activity reports, (7) provides for screening all new and existing customers against the Office of Foreign Asset Control list and any other government list that is or becomes required under the Act, and (8) allows for appropriate regulators to examine Service Provider's AML books and records.

20. <u>Market Timing</u>. Service Provider represents that it has and will maintain policies and procedures to help assist the funds in identifying any market timing transaction that contravenes the restrictions or prohibitions on market timing, if any, as found in the then current Funds' prospectus and/or statement of additional information.

21. <u>Shareholder Information Agreement</u>. If the Service Provider is a "financial intermediary" other than a "indirect financial intermediary" each as defined in Rule 22c-2, Service Provider agrees to enter into the Rule 22c-2 Shareholder Information Agreement, substantially in the form attached hereto, with Company contemporaneously with the execution of this Agreement.

22. <u>Right to Audit</u> Upon the reasonable request of Fund or Company, Service Provider agrees to allow the on-site inspection of the services by which Intermediary performs pursuant to this Agreement, no more frequently than once per calendar year, with each party bearing its own costs incurred in connection with such an inspection.

Upon the reasonable request of Fund or Company ,Service Provider agrees to provide to the Fund, on an annual basis, the report of an independent public accountant or other qualified independent party containing its review of its internal controls established relative to its proper performance of the services under this Agreement (including any exhibits hereto).

IN WITNESS WHEREOF, the undersigned have duly executed this Agreement as of the date first written above.

---

| |
|:---|
| **Service Provider** |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| **U.S. Bancorp Fund Services, LLC** |
| By: |
| Name: |
| Title: |

---

**SCHEDULE A**

**THE FUNDS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| NSCC<br> # | Alpha<br> Code | Mutual Fund | F/S | N/W<br> Level | Cusip # | NASDAQ Symbol |
|  |  | Thompson IM Funds |  |  |  |  |
| 5557 | A3 | Bond Fund | Yes | All | 884891201 | THOPX |
| 5557 | A3 | Large Cap Fund | Yes | All | 884891300 | THPGX |
| 5557 | A3 | Mid Cap Fund | Yes | All | 884891607 | THPMX |

---

**SCHEDULE B**

**THE SERVICES**

Services provided may include, but are not limited to, some or all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) processing
dividend and distribution payments from the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) providing periodic statements showing their positions in the Shares or share equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) arranging for bank wires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) responding to routine inquiries from authorized representatives of the Customers relating to Services
performed by Service Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) providing sub-accounting with respect to the Shares or the information necessary for sub-accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) if required by law, forwarding shareholder communications from the Funds (such as proxies, shareholder
reports, annual and semi-annual financial statements and dividend, distribution and tax notices);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) forwarding proxy statements and proxies containing any proposals regarding this Agreement or the Customer
related hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) aggregating and processing purchase, exchange and redemption requests with the Funds and placing net purchase,
exchange and redemption orders with the Funds ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) providing a service that invests the assets of their accounts in the Shares pursuant to specific or pre-authorized
instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) establishing and maintaining accounts and records relating to transactions in the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(K) assisting the Company and/or the Funds in changing dividend or distribution options, account designations
and addresses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(L) other
similar services if requested by the Company.

**SCHEDULE C**

**COMPENSATION**

Capitalized terms used in this Schedule have the meanings given them in the Agreement to which this **Schedule C** is annexed.

Annual rate of up to 0.00 % of the average daily net asset value of Fund's shares held of record by you from time to time on behalf of Customers.

## Ex-99.(H)(7)

**Exhibit 99.(H)(7)**

**<u>EXTENSION REQUEST</u>**

October 10, 2025

TO: U.S. Bank National Association (the "<u>Bank</u>") under that certain Amended and Restated Loan Agreement dated as of November 6, 2020 (as amended, restated, supplemented and/or otherwise modified prior to the date hereof, the "<u>Agreement</u>") between **THOMPSON IM FUNDS, INC.** (the "<u>Borrower</u>"), on behalf of the **Thompson LargeCap Fund**, and the Bank.

Capitalized terms used herein shall have the meanings ascribed to such terms in the Agreement.

Ladies/Gentlemen:

Pursuant to <u>Section 8(i)</u> of the Agreement, the Borrower, hereby (i) confirms that each of the preconditions set forth in <u>Section 6(b)</u> of the Agreement continues to be satisfied, and (ii) requests that the Bank extend the Maturity Date as specified in <u>clause (b)</u> of the definition thereof (currently, <u>October 31, 2025</u>) for another 364 day period to <u>October 30, 2026</u>.

Please notify the Borrower as soon as possible of the Bank's determination in response to this request.

Very truly yours,

THOMPSON IM FUNDS, INC.

---

| | |
|:---|:---|
| By: | /s/ Jason L. Stephens |
| Name: | Jason L. Stephens |
| Title: | Chief Executive Officer and President |

---

## Ex-99.(H)(9)

**Exhibit 99.(H)(9)**

**<u>EXTENSION REQUEST</u>**

October 10, 2025

TO: U.S. Bank National Association (the "<u>Bank</u>") under that certain Amended and Restated Loan Agreement dated as of November 6, 2020 (as amended, restated, supplemented and/or otherwise modified prior to the date hereof, the "<u>Agreement</u>") between **THOMPSON IM FUNDS, INC.** (the "<u>Borrower</u>"), on behalf of the **Thompson MidCap Fund**, and the Bank.

Capitalized terms used herein shall have the meanings ascribed to such terms in the Agreement.

Ladies/Gentlemen:

Pursuant to <u>Section 8(i)</u> of the Agreement, the Borrower, hereby (i) confirms that each of the preconditions set forth in <u>Section 6(b)</u> of the Agreement continues to be satisfied, and (ii) requests that the Bank extend the Maturity Date as specified in <u>clause (b)</u> of the definition thereof (currently, <u>October 31, 2025</u>) for another 364 day period to <u>October 30, 2026</u>.

Please notify the Borrower as soon as possible of the Bank's determination in response to this request.

Very truly yours,

THOMPSON IM FUNDS, INC.

---

| | |
|:---|:---|
| By: | /s/ Jason L. Stephens |
| Name: | Jason L. Stephens |
| Title: | Chief Executive Officer and President |

---

## Ex-99.(H)(11)

**Exhibit 99.(H)(11)**

**FIFTH AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT**

**THIS FIFTH AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT** is made and entered into effective as of this 31<sup>st</sup> day of October, 2025 by and between **U.S. BANK NATIONAL ASSOCIATION**, with its address at 425 Walnut Street, Cincinnati, Ohio 45202 (the "<u>Bank</u>"), and **THOMPSON IM FUNDS, INC.**, a Wisconsin corporation, with its address at 1255 Fourier Drive, Suite 200, Madison, Wisconsin 53717 (the "<u>Borrower</u>"), on behalf of the Thompson Bond Fund.

**W I T N E S S E T H:**

**WHEREAS,** the Bank and the Borrower entered into an amended and restated loan agreement originally effective as of November 6, 2020 (as amended, the "<u>Loan Agreement</u>"); and

**WHEREAS,** the parties wish to amend the Loan Agreement to extend the maturity date and to modify certain provisions (this amendment herein sometimes called the "<u>Fifth Amendment</u>").

**NOW, THEREFORE,** the parties agree 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. **<u>Changes in Loan Facility</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The definition of "<u>Available Facility</u>" in <u>Section 1(a)</u> of the Loan Agreement shall be amended and restated to read as follows in the Loan Agreement and all of the Loan Documents:

"<u>Available Facility</u>" shall mean at any time, the lesser of (i) Eighty Million Dollars ($80,000,000), or (ii) 5% of the Fund's gross market value, (iii) 33.33% of the gross market value (as determined solely by the Bank using consistently-applied valuation methods disclosed to the Borrower) of the unencumbered assets of the Fund (A) which are recorded on the Borrower's books and records as belonging solely to the Fund and (B) which are not subject to segregation or any special purpose usage, and (C) as to which no third party has any pledge, security interest, lien or any other rights, and (D) which are held by the Bank as sole Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The definition of "<u>Maturity Date</u>" in <u>Section 1(a)</u> of the Loan Agreement shall be amended and restated to read as follows in the Loan Agreement and all of the Loan Documents:

"<u>Maturity Date</u>" shall mean, with respect to each Loan, if the Bank (at its sole discretion) approves such a Loan to the Borrower hereunder, <u>the earlier of</u> (a) the date that is forty-five (45) Business Days after the making of such Loan, <u>or</u> (b) in any case not later than October 30, 2026 (or the date of any extension of this Agreement or such Maturity Date in a writing signed by the Bank).

&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. **<u>Effectiveness</u>**. This Fifth Amendment shall be effective upon delivery to the Bank of an original Fifth Amendment duly executed by the Bank and the Borrower. Agreement

to extend the Maturity Date hereunder does not commit the Bank to make similar extensions in the future without similar specific written acceptance thereof by the Bank.

&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. **<u>Representations, Warranties and Covenants</u>**. The Borrower further represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) This Fifth Amendment has been duly executed and delivered by the Borrower, is authorized by all requisite corporate action of Borrower, and is the legal, valid, binding, and enforceable obligation of Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The execution and delivery of this Fifth Amendment by the Borrower will not constitute a violation of any applicable law or a breach of any provision contained in the certificate of incorporation or other governing documents of the Borrower, or contained in any order of any court or any other governmental agency or in any agreement, instrument, or document to which the Borrower is a party or by which Borrower or any of its assets or properties are bound; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Except as previously or agreed to be waived by the Bank in writing, or as noted in Schedule "A" attached hereto, there is outstanding no Event of Default or event which, with the giving of notice and/or the passage of time, would constitute an Event of Default under the Loan Agreement, as of the effective date of and after giving effect to this Fifth Amendment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Except as modified hereby or as noted in said Schedule "A", all representations, warranties, and covenants of the Borrower set forth in the Loan Agreement or in any of the other Loan Documents, as applicable, shall be deemed restated in all material respects as of the date hereof.

&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. **<u>Miscellaneous</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) As amended hereby, the Loan Agreement and the other Loan Documents shall remain in full force and effect, and all references in the Loan Agreement (or other Loan Documents issued pursuant to the Loan Agreement) shall mean such Loan Agreement and/or such other Loan Documents as amended hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Capitalized terms used but not defined herein shall have the same meanings herein as in the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The Borrower shall reimburse the Bank for all reasonable out-of-pocket costs and expenses, including, without limitation, reasonable attorneys' fees, incurred by it or for which it becomes obligated in connection with or arising out of this Fifth Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Except as amended hereby, the Loan Agreement and all other Loan Documents shall be deemed confirmed and on-going in accord with their respective terms. This Fifth Amendment is a Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) This Fifth Amendment may be executed in counterparts, all of which constitute one instrument hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) <u>Confession of Judgment</u>. The Borrower hereby irrevocably authorizes and empowers any attorney-at-law to appear for the Borrower in any action upon or in connection with

the Loan Agreement at any time after the Loan and/or other obligations of the Borrower hereunder become due, as herein provided, in any court in or of the State of Ohio or elsewhere, and waive the issuance and service of process with respect thereto, and irrevocably authorizes and empowers any such attorney-at-law to confess judgment in favor of the Bank against the Borrower in the amount due thereon or hereon, plus interest as herein provided, and all costs of collection, and waive and release all errors in any said proceedings and judgments and all rights of appeal from the judgment rendered. The Borrower agrees and consents that the attorney confessing judgment on behalf of the Borrower hereunder may also be counsel to the Bank and/or the Bank's affiliates, and the Borrower hereby further waives any conflicts of interest which might otherwise arise and consents to the Bank paying such confessing attorney a legal fee or allowing such attorneys' fees to be paid from proceeds of collection of the Loan Agreement.

[Signatures on the following page]

**IN WITNESS WHEREOF,** the parties have executed this Fifth Amendment by their respective duly authorized officers effective as of the date noted above.

---

| | |
|:---|:---|
| **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | /s/ Lissets Garica |
|  | Lissets Garcia |
|  | Vice President |

---

**WARNING--BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL. IF YOU DO NOT PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE BANK.**

---

| | |
|:---|:---|
| **THOMPSON IM FUNDS, INC.** | **THOMPSON IM FUNDS, INC.** |
| By: | /s/ Jason L. Stephens |
|  | Jason L. Stephens |
|  | Chief Executive Officer and President |

---

Schedule "A"

To Fifth Amendment to Loan Agreement

Nothing to disclose

## Ex-99.(H)(13)

**Exhibit 99.(H)(13)**

**Thompson Investment Management, Inc.**

**1255 Fourier Dr., Suite 200**

**Madison, Wisconsin 53717**

October 24, 2025

Thompson IM Funds, Inc.<br> 1255 Fourier Dr., Suite 200<br> Madison, Wisconsin 53717<br> Attn: Board of Directors

Re: **Expense Reimbursement and Fee Waiver Commitment**

This is to confirm the commitment of Thompson Investment Management, Inc., as investment adviser to the Thompson Bond Fund, to waive fees and/or reimburse expenses from March 31, 2026 through March 31, 2027 so that the annual operating expenses of the Bond Fund do not exceed 0.80% of average daily net assets.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **Thompson Investment Management, Inc.** | **Thompson Investment Management, Inc.** |
| By: | /s/ Jason L. Stephens |
| Name: | Jason L. Stephens |
| Title: | Chief Executive Officer |

---

## Ex-99.(H)(14)

**Exhibit 99.(H)(14)**

**Thompson Investment Management, Inc.**

**1255 Fourier Dr., Suite 200**

**Madison, Wisconsin 53717**

October 24, 2025

Thompson IM Funds, Inc.<br> 1255 Fourier Dr., Suite 200<br> Madison, Wisconsin 53717<br> Attn: Board of Directors

Re: **Expense Reimbursement and Fee Waiver Commitment**

This is to confirm the commitment of Thompson Investment Management, Inc., as investment adviser to the Thompson MidCap Fund, to waive fees and/or reimburse expenses from March 31, 2026 through March 31, 2027 so that the annual operating expenses of the MidCap Fund do not exceed 1.15% of average daily net assets.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **Thompson Investment Management, Inc.** | **Thompson Investment Management, Inc.** |
| By: | /s/ Jason L. Stephens |
| Name: | Jason L. Stephens |
| Title: | Chief Executive Officer |

---

## Ex-99.(H)(15)

**Exhibit 99.(H)(15)**

**Thompson Investment Management, Inc.**

**1255 Fourier Dr., Suite 200**

**Madison, Wisconsin 53717**

October 24, 2025

Thompson IM Funds, Inc.<br> 1255 Fourier Dr., Suite 200<br> Madison, Wisconsin 53717<br> Attn: Board of Directors

Re: **Expense Reimbursement and Fee Waiver Commitment**

This is to confirm the commitment of Thompson Investment Management, Inc., as investment adviser to the Thompson LargeCap Fund, to waive fees and/or reimburse expenses from March 31, 2026 through March 31, 2027 so that the annual operating expenses of the LargeCap Fund do not exceed 0.99% of average daily net assets.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **Thompson Investment Management, Inc.** | **Thompson Investment Management, Inc.** |
| By: | /s/ Jason L. Stephens |
| Name: | Jason L. Stephens |
| Title: | Chief Executive Officer |

---

## Ex-99.(J)(1)

**Exhibit 99.(J)(1)**

![](tm265508d1_ex99-xjx1img01.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated January 28, 2026, relating to the financial statements and financial highlights of Thompson IM Funds, Inc., comprising Thompson LargeCap Fund, Thompson MidCap Fund, and Thompson Bond Fund, which are included in Form N-CSR for the year ended November 30, 2025, and to the references to our firm under the headings "Financial Highlights" in the Prospectus, and "Advisory, Administrative and Other Services", "Financial Statements", and "Exhibit B - Selective Disclosure of Portfolio Holdings" in the Statement of Additional Information.

![](tm265508d1_ex99-xjx1img02.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

March 26, 2026

![](tm265508d1_ex99-xjx1img03.jpg)

## Ex-99.(J)(2)

**Exhibit 99.(J)(2)**

---

| | | |
|:---|:---|:---|
| ![](tm265508d1_ex99-xjx2img001.jpg) | 411 East Wisconsin Avenue | Attorneys at Law in |
| ![](tm265508d1_ex99-xjx2img001.jpg) | Suite 2400 | Chicago |
| ![](tm265508d1_ex99-xjx2img001.jpg) | Milwaukee, Wisconsin 53202-4428 | Denver |
| ![](tm265508d1_ex99-xjx2img001.jpg) | 414-277-5000 | Indianapolis |
| ![](tm265508d1_ex99-xjx2img001.jpg) | Fax 414-271-3552 | Madison |
| ![](tm265508d1_ex99-xjx2img001.jpg) | www.quarles.com | Milwaukee |
| ![](tm265508d1_ex99-xjx2img001.jpg) |  | Minneapolis |
| ![](tm265508d1_ex99-xjx2img001.jpg) |  | Naples |
| ![](tm265508d1_ex99-xjx2img001.jpg) |  | Phoenix |
| ![](tm265508d1_ex99-xjx2img001.jpg) |  | San Diego |
| ![](tm265508d1_ex99-xjx2img001.jpg) |  | St. Louis |
| ![](tm265508d1_ex99-xjx2img001.jpg) |  | Tampa |
| ![](tm265508d1_ex99-xjx2img001.jpg) |  | Tucson |
| ![](tm265508d1_ex99-xjx2img001.jpg) |  | Washington, D.C. |

---

March 27, 2026

Thompson IM Funds, Inc.

1255 Fourier Drive, Suite 200

Madison, Wisconsin 53717

Ladies and Gentlemen:

We hereby consent to the incorporation of our opinion regarding the legality of the shares of Thompson IM Funds, Inc. (f/k/a Thompson Plumb Funds, Inc.) into the Post-Effective Amendment to Thompson IM Funds' Registration Statement to which this consent letter is attached as an Exhibit. Our legal opinion appeared as an Exhibit to Post-Effective Amendment No. 28 to Thompson IM Funds' Registration Statement on Form N-1A (1933 Act Registration No. 33-6418), which was filed with the Securities and Exchange Commission on March 27, 2009. We hereby consent to the references to our firm in the Prospectus and Statement of Additional Information constituting parts of the Registration Statement.

Very truly yours,

*/s/ Quarles & Brady LLP*

**QUARLES & BRADY LLP**

## Ex-99.(P)

**Exhibit 99.(P)**

**THOMPSON IM FUNDS, INC.**

**CODE OF ETHICS**

**FOR PRINCIPAL EXECUTIVE, FINANCIAL AND ACCOUNTING OFFICERS**

**(Revised as of May 22, 2025)**

Thompson IM Funds, Inc. (the "Company") has adopted this Code of Ethics ("Code") with respect to its principal executive officer, principal financial officer, principal accounting officer or controller and persons performing similar functions ("Covered Persons"). This Code is separate from any code of ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940.

**Guiding Principles**

The success of our Company is based primarily on establishing our clients' trust and respect and in ensuring that their interests always come first. We earn trust by conducting ourselves in an honest, ethical and professional manner, complying with the law, avoiding conflicts of interest and appearances of impropriety, treating our clients with courtesy and respect, and providing information to them that is accurate, complete and understandable. Our success also depends on the quality and commitment of our people, the excellence of our products and service and maintenance of a positive work environment.

**Basic Objectives**

In furtherance of our guiding principles, the Company expects that each of the Covered Persons will adhere to the following objectives:

&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. Engage in and promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

&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. Ensure that the interests of clients, including shareholders of the mutual fund series of the Company, are paramount, and avoid conflicts and the appearance of conflicts between your interests and those of the Company or its clients and shareholders and between the Company's interests and those of its clients and shareholders; and promptly disclose to the Compliance Officer any material event or transaction that could reasonably give rise to a conflict of interest such as service on the board of any public company, the receipt of any non-nominal gifts or non-business related trips or entertainment from persons with whom the Company has current or prospective business dealings, any ownership interest in, or consulting or employment relationships with, any of the Company's service providers (other than the adviser or distributor), or a financial interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio transactions.

&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. Remember that our clients and shareholders always come first; handle their requests and needs promptly, fairly, professionally and in good faith; and treat them with dignity, courtesy and respect.

&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. Protect and use the Company's assets only in furtherance of valid Company purposes; maintain the confidentiality of any proprietary information and trade secrets of the Company; ensure the privacy of client and shareholder information; avoid usurping for personal gain opportunities that are available to the Company; not use your personal influence or personal relationship improperly to influence decisions by the Company in which you would benefit personally to the Company's detriment, and not cause the Company to take action or fail to take action for your personal benefit rather than for the benefit of the Company; make decisions for the Company based on merit and what you honestly believe are in the best interests of the Company and its shareholders; and refrain from taking any action that is opposed to the best interests of the Company and its clients and shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Exchange knowledge and information and maintain open channels of communication with all relevant Company personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Maintain a proper system of internal accounting controls; record transactions involving the Company in accordance with generally acceptable accounting standards and principles; cooperate with the Company's independent auditors; disclose and prepare financial statements and other financial reports and information fully and fairly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Be familiar with the disclosure requirements generally applicable to the Company and provide full, fair, accurate, timely and understandable disclosure in reports and documents that the Company files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Comply with applicable laws, rules and regulations of governmental and regulatory bodies; be knowledgeable about legal and regulatory matters applicable to the Company and its business; and not knowingly misrepresent or cause others to misrepresent facts about the Company to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Promptly report possible violations of this Code to the Company's Compliance Officer, and encourage others to do the same; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Be accountable for adherence to this Code and understand that disciplinary action that may be taken for violations of this Code.

**Administration of this Code**

<u>Compliance Officer</u>. A Compliance Officer for the administration of this Code will be appointed by the Company's Board of Directors. The Board has the right to replace the Compliance Officer at any time. The Board's decision to appoint or replace a Compliance Officer requires the approval of a majority of the Disinterested Directors.

The Compliance Officer will be responsible for administering this Code and for investigating, determining and reporting to the Company's Board of Directors on violations of this Code, and for making recommendations to the Board with respect to the consequences for violations of this Code or waivers from any provision of this Code or resolutions of violations of this Code.

Certain conflicts covered by this Code are also addressed elsewhere in the Company's policies and procedures. This Code does not replace those policies and procedures.

<u>Questions and Violations</u>. Any person who has a question about this Code or who believes there has been a violation of this Code is encouraged to contact the Compliance Officer. Inquiries and reports of potential Code violations will be kept confidential. Persons who have violated this Code are likewise encouraged to admit promptly to the violation. Upon receiving information about a potential violation of this Code, the Compliance Officer will investigate the matter and will prepare a written report to the Board of Directors providing relevant details and recommendations for further action and consequences. The Board will have ultimate responsibility for determining whether a violation occurred and what action is to be taken in response to such violation, including censures, financial penalties, suspensions, leaves of absence, reassignment, demotion and termination of employment.

The Compliance Officer and the Board of Directors may consult with legal counsel on all matters related to this Code.

<u>Delivery of Code to Covered Persons</u>. All Covered Persons will receive a copy of this Code and any amendment thereto promptly following its adoption and promptly following their becoming Covered Persons and annually thereafter. Covered Persons will be asked to acknowledge and agree in writing to the provisions of this Code or any amendment thereto when they first become subject to this Code or such amendment. Covered Persons will also annually confirm that they have complied with the requirements of this Code.

<u>Waivers</u>. A waiver of a provision of this Code must be requested whenever there is a reasonable likelihood that a contemplated action will violate this Code. Waivers may also be requested following a violation of this Code if such violation was not foreseen or anticipated. Requests for waivers must be in writing and submitted to the Compliance Officer for consideration and recommendation to the Board of Directors who will determine whether a waiver should be granted. Any waiver or implicit waiver from a provision of this Code must be disclosed in accordance with SEC Release IC-25914 (which requires a description of the nature of the waiver, the name of the person to whom the waiver was granted and the date of the waiver) and in the manner described under "Regulatory Filing and Reporting" below. As used herein, a "waiver" means any approval by the Board of Directors of a material departure from a provision of this Code, and an "implicit waiver" means the failure of the Compliance Officer or the Board of Directors to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to an executive officer of the Company.

<u>Amendments</u>. The Code may be amended at any time by the Company, subject to approval by the Board of Directors on any material amendments. Any amendment to this Code (other than technical, administrative and other non-substantive amendments) must be disclosed

in accordance with SEC Release IC-25914 (which requires a description of the amendment) and in the manner described under "Regulatory Filing and Reporting" below.

<u>Regulatory Filing and Reporting</u>. A copy of this Code will be filed with the SEC as an exhibit to the Company's certified shareholder report on Form N-CSR or posted on the Company's website (so long as the Company discloses that fact and its Internet address in its report on Form N-CSR). Descriptions of material waivers and amendments will be disclosed either in the Company's Form N-CSR or on the Company's website.

<u>Records</u>. The Company will retain copies of this Code and all other records relating to this Code in accordance with the Investment Company Act of 1940, as amended, and the rules and regulations thereunder.

This Code is intended solely for the internal use by the Company and does not constitute an admission, by or on behalf of the Company or any Covered Person, as to any fact, circumstance or legal conclusion.

## Ex-99.(Q)(2)

**Exhibit 99.(Q)(2)**

**Thompson IM Funds, Inc.**

**Power of Attorney**

KNOW ALL MEN BY THESE PRESENT, that Aaron D. Olver constitutes and appoints each of Jason L. Stephens and James T. Evans, each acting individually and not jointly, with full power of substitution, as his true and lawful attorney and agent, to execute from time to time in his name and on his behalf, in any and all capacities, any and all pre-effective and post-effective amendments to the Registration Statement on Form N-1A of Thompson IM Funds, Inc. (Registration No. 33-6418 under the Securities Act of 1933; File No. 811-4946 under the Investment Company Act of 1940) filed with the Securities and Exchange Commission under both the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, together with any and all other instruments which either Jason L. Stephens or James T. Evans deems necessary or advisable to enable Thompson IM Funds, Inc. to comply with such Acts and the rules, regulations and requirements of the Securities and Exchange Commission and the securities or Blue Sky laws of any state or other jurisdiction, and the undersigned hereby ratifies and confirms as his own act and deed any and all actions that either Jason L. Stephens or James T. Evans shall do or cause to be done by virtue hereof. Each of Jason L. Stephens or James T. Evans, each acting individually and not jointly, shall have, and may exercise, all of the powers conferred herein.

IN WITNESS WHEREOF, Aaron D. Olver, a director of Thompson IM Funds, Inc., effective immediately, has hereunto set his hand as of this 6th day of March, 2026.

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|:---|
| /s/ Aaron D Olver |
| Aaron D. Olver |

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