# EDGAR Filing Document

**Accession Number:** 0001437249
**File Stem:** 0001580642-26-001283
**Filing Date:** 2026-2
**Character Count:** 475902
**Document Hash:** 333624f6412acd94b4397db17ad14897
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001283.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001580642-26-001283

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 33

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VALUED ADVISERS TRUST
- **CENTRAL INDEX KEY:** 0001437249

**ORGANIZATION NAME:**
- **EIN:** 262762915

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22208
- **FILM NUMBER:** 26696769

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DR.
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3400

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DR.
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VALUED ADVISERS TRUST
- **CENTRAL INDEX KEY:** 0001437249

**ORGANIZATION NAME:**
- **EIN:** 262762915

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-151672
- **FILM NUMBER:** 26696768

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DR.
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3400

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DR.
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### Kovitz Core Equity ETF (Series ID: S000077457)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000237915 | Kovitz Core Equity ETF | EQTY            |

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

Securities Act File No. 333-151672

Investment Company Act File No. 811-22208

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM N-1A**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

Pre-Effective Amendment No. ___ □ <br> Post-Effective Amendment No. 417 ⌧

and/or

**REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940**

Amendment No. 418 ⌧

**<u>VALUED ADVISERS TRUST</u>**

(Exact Name of Registrant as Specified in Charter)

<u>225 Pictoria Dr., Suite 450, Cincinnati, Ohio 45246</u>

(Address of Principal Executive Offices, Zip Code)

Registrant's Telephone Number, including Area Code: <u>(513) 587-3400</u>

Capitol Services, Inc.

<u>108 Lakeland Ave., Dover, Delaware 19901</u>

(Name and Address of Agent for Service)

**<u>With Copies to</u>:**

Terry Davis and Tanya Boyle

DLA Piper LLP

One Atlantic Center

1201 West Peachtree Street, Suite 2900

Atlanta, GA 30309

It is proposed that this filing will become effective:

⌧ immediately
upon filing pursuant to paragraph (b);

□ on (date) pursuant to paragraph (b);

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

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

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

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

If appropriate, check the following box:

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

**PROSPECTUS**

***March 1, 2026***

**Kovitz Core Equity ETF**

**EQTY**

**Primary Listing Exchange for the Fund: NYSE Arca**

*Focus Partners Wealth, LLC* 

*190 Carondelet Plaza, Suite 600, St. Louis, MO 63105 (312) 334-7300*

*The Securities and Exchange Commission has not approved or disapproved these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.*

*The Prospectus gives you important information about the fund that you should know before you invest. Please read this Prospectus carefully before investing and use it for future reference.*

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| SUMMARY SECTION | 1 |
| ADDITIONAL INFORMATION ABOUT THE FUND'S PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS | 8 |
| HOW TO BUY AND SELL SHARES | 12 |
| DETERMINATION OF NET ASSET VALUE | 14 |
| DIVIDENDS, DISTRIBUTIONS AND TAXES | 14 |
| MANAGEMENT OF THE FUND | 16 |
| FINANCIAL HIGHLIGHTS | 17 |
| DISCLAIMERS | 19 |
| FOR MORE INFORMATION | 20 |

---

i

**SUMMARY SECTION**

**Investment Objective**

The investment objective of the Kovitz Core Equity ETF (the "Fund") is long- term capital appreciation.

**Fees and Expenses of the Fund**

The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. Investors may pay brokerage commissions and incur other charges on their purchases and sales of exchange-traded fund shares, which are not reflected in the Expense Example below.

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 | 0.00% |
| Other Expenses | 0.00% |
| Total Annual Fund Operating Expenses | 0.99% |

---

Expense Example:

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

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell 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. This example does not include brokerage commissions that you may pay to buy and sell shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;$101 | &nbsp;&nbsp;$315 | &nbsp;&nbsp;$547 | &nbsp;&nbsp;$1213 |

---

**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 operating expenses or in the example above, affect the Fund's performance. During the fiscal year ended October 31, 2025, the Fund's portfolio turnover rate was 36% of the average value of its portfolio.

**Principal Investment Strategies**

The Kovitz Core Equity ETF invests primarily in equity securities of U.S. and foreign companies. Focus Partners Wealth, LLC (the "Adviser") generally selects equity securities of high-quality companies believed by the Adviser to be undervalued. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities.

Equity securities in which the Fund may invest include common stocks and common stock equivalents (such as rights or warrants, which give the Fund the ability to purchase the common stock, and convertible securities, which are securities that are convertible into the common stock). The Fund also may invest in foreign companies, either directly or through depositary receipts, which are receipts issued by U.S. banks for shares of a foreign corporation that entitle the holder to dividends and capital gains on the underlying security. The Fund may invest in companies of any market capitalization, including small- and mid-capitalization companies. The Adviser's starting universe is the constituents of the S&P 500 Index and the non-U.S.- based companies in the S&P Global 100 Index. Additionally, the Adviser will consider companies in the top quartile in terms of market cap (generally, $5 billion and up) of the S&P Midcap 400 Index. The Adviser culls this initial universe into an "investable" universe using a combination of qualitative and quantitative analysis. The Adviser begins with a qualitative screen to reduce the number of companies eligible for investment by the Fund. The Adviser emphasizes companies that are market leaders, offer stable products, have low capital requirements and have experienced and competent management with ownership stakes. The Adviser then uses a quantitative analysis to further reduce the universe of companies in which the Fund may invest. The Adviser emphasizes companies with high returns on capital, high correlation between earnings and cash flow, low financial risk and valuations based on discounted cash flow models.

Our approach to investing in equities is based on the methodology pioneered by Benjamin Graham, and as further developed and modified by Warren Buffett and Charlie Munger of Berkshire Hathaway. Mr. Graham distilled the secret of sound investment in three words – "Margin of Safety". This simple concept has become the cornerstone of our investment philosophy. While we strive to maximize return, we believe that the primary and overriding investment criterion should be safety of principal with a focus on minimizing permanent loss of capital. This mindset directs us to stocks selling at a significant discount to our estimate of underlying intrinsic value. This enables us to generate substantial gains when our analysis proves correct, while minimizing downside risk if a particular investment thesis is flawed. Adhering to these principles often results in an investment policy that runs counter to the general market psychology, and facilitates reducing the process of purchasing and selling securities to a discipline rather than an art. This approach is focused on maximizing long-term net worth and not necessarily on generating short-term performance.

We consider investments in common stocks as units of ownership in a business. We don't, therefore, regard ourselves as just traders of pieces of paper, but rather as part-owners of tangible businesses. As such, we seek to allocate investment capital on the basis of justifiable premises, valid logic and hard evidence – not popularity or emotion. This owner mentality necessarily requires us to draw a distinction between investing and speculating. As investors, our primary interest lies in acquiring and holding securities of exceptional businesses at suitable prices. Market movements are important to us only in a practical sense, as they alternately create low price levels at which we can buy and high price levels at which we can sell.

We look for companies with superior, sustainable, competitive positions in their market niche, historically high returns on invested capital, strong free cash flow, little or no reliance on debt financing, and an experienced management team with significant ownership stakes. Our stringent research gives us confidence to establish concentrated portfolios (30 to 40 companies) where our best ideas can have a meaningful impact on performance. While we guard against market risk through asset allocation and industry diversification, we believe investment risk is most importantly handled by detailed knowledge about companies in which we invest and by being acutely price conscious.

We believe that to effectively value a business we must first understand the dynamics of the industry (barriers to entry, threat of substitutes, competitive landscape, power of buyers and suppliers) and what factors impact the company's margins and its returns on invested capital. As part of the valuation process, we estimate the future cash flows that can be generated by the business, always keeping our estimates conservative. Because of the uncertainties inherent in this process, we tend to favor businesses in industries unlikely to experience major change and where surprises are not likely to prove devastating to the long-term value of the franchise. Fast changing industries may produce some huge winners, but it precludes the certainty we desire. We would rather be reasonably certain of a good result than hopeful for a great one.

In determining the intrinsic value of a company, our Research Team focuses primarily on fundamental principles of balance sheet and cash flow analysis, with a secondary emphasis on the income statement. Our bottom-up research includes review of the annual and quarterly reports (10-Ks & 10-Qs), financial statements, and industry publications. We rely primarily on our own independent thinking and in-house research, and not on guidance from perpetually optimistic Company management or potentially biased Wall Street analysts.

Securities that have reached their intrinsic value or securities with deteriorating fundamentals that cannot support the current valuation of the security or that no longer support the thesis upon which their purchase was based are candidates for sale. The Adviser may also sell securities of the Fund when it identifies opportunities that are more attractive for the Fund than the prospects of a particular current holding.

**Principal Risks**

The principal risks of investing in the Fund are summarized below. There may be circumstances that could prevent the Fund from achieving its investment goal and you may lose money by investing in the Fund. You should carefully consider the Fund's investment risks before deciding whether to invest in the Fund. The order of the below risk factors does not indicate the significance of any particular risk factor and the relative significance of each risk below may change over time.

***Stock Market Risk.*** Overall stock market risks may affect the value of the Fund. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, pandemics, natural disasters, and political events affect the securities markets. Movements in the stock market may affect adversely the specific securities held by the Fund on a daily basis, and, as a result, such movements may negatively affect the Fund's net asset value per share ("NAV"). When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

***Sanctions Risk.*** As a result of certain political tensions and armed conflicts outside of the United States, the extent and ultimate result of which are unknown at this time, the United States and the European Union, along with the regulatory bodies of a number of countries, have imposed economic sanctions on certain countries, corporate entities and individuals. The imposition of such sanctions and other similar measures could cause, among other things, a decline in the value and/or liquidity of securities issued, downgrades in the credit ratings of securities, and increased market volatility affecting not only the party but throughout the world. Sanctions could also result in a party taking counter measures or retaliatory actions which may further impair the value and liquidity of some securities.

***Risks of Investing in Common Stocks.*** Overall stock market risks may affect the value of the Fund. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

***Risks of Small and Medium Capitalization Companies.*** The Fund may invest in the stocks of small and medium capitalization companies, which may subject the Fund to additional risks. The earnings and prospects of these companies may be more volatile than larger companies. Small and medium capitalization companies may have limited product lines and markets and may experience higher failure rates than do larger companies.

***Risks of Foreign Securities.*** Foreign securities (including ADRs) are subject to additional risks not typically associated with investments in domestic securities. These risks may include, among others: country related risks, including political, diplomatic, regional conflicts, terrorism, war, social and economic instability, currency devaluations, and policies restricting the movement of assets; different trading practices; less government supervision; less publicly available information; limited trading markets; and greater volatility.

***Risks of Value Investing.*** Undervalued securities are, by definition, out of favor with investors, and there is no way to predict when, if ever, the securities may return to favor. Under certain market conditions, value investing may not perform as well as other investment styles.

***Risks of Warrants and Rights.*** A warrant or a right may become worthless unless exercised or sold before expiration. For example, if the market price of the common stock does not exceed the exercise price during the life of the warrant or right, the warrant or right will expire worthless. Warrants and rights have no voting rights, pay no dividends and have no rights with respect to the assets of the corporation issuing them. The percentage increase or decrease in the value of a warrant or right may be greater than the percentage increase or decrease in the value of the underlying common stock.

***Risks of Convertible Securities.*** The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the company issuing the convertible security and other factors also may have an effect on the convertible security's investment value.

***Sector Risk*.** To the extent that the Fund focuses in one or more sectors, factors affecting those sectors could affect Fund performance.

***Market Trading Risk.*** Although shares of the Fund are listed for trading on one or more stock exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained. There are no obligations of market makers to make a market in the Fund's shares or of an authorized participant to submit purchase or redemption orders for Creation Units. Decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying value of the Fund's portfolio securities and the Fund's market price. This reduced effectiveness could result in Fund shares trading at a premium or discount to its NAV and also greater than normal intraday bid/ask spreads. Additionally, in stressed market conditions, the market for the Fund's shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's portfolio holdings, which may cause a significant variance in the market price of the Fund's shares and its underlying value.

There can be no assurance that the shares will continue to trade on a stock exchange or in any market or that the Fund's shares will continue to meet the requirements for listing or trading on any exchange or in any market, or that such requirements will remain unchanged. Secondary market trading in Fund shares may be halted by a stock exchange because of market conditions or other reasons. In addition, trading in Fund shares on a stock exchange or in any market may be subject to trading halts caused by extraordinary market volatility pursuant to "circuit breaker" rules on the stock exchange or market.

During a "flash crash," the market prices of the Fund's shares may decline suddenly and significantly. Such a decline may not reflect the performance of the portfolio securities held by the Fund. Flash crashes may cause authorized participants and other market makers to limit or cease trading in the Fund's shares for temporary or longer periods. Shareholders could suffer significant losses to the extent that they sell shares at these temporarily low market prices. Shares of the Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of increased volatility associated with short selling.

***Premium/Discount Risk***. Shares of the Fund may trade at prices other than NAV. Shares of the Fund trade on stock exchanges at prices at, above or below its most recent NAV. The NAV of the Fund is calculated at the end of each business day and fluctuates with changes in the market value of the Fund's holdings since the most recent calculation. The trading prices of the Fund's shares fluctuate continuously throughout trading hours based on market supply and demand rather than NAV. As a result, the trading prices of the Fund's shares may deviate significantly from NAV during periods of market volatility. In addition, the securities held by the Fund may be traded in markets that close at a different time than the exchange on which the Fund's shares trade. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads and resulting premium or discount to the shares' NAV is likely to widen.

Any of these factors, among others, may lead to the Fund's shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than NAV when you buy shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market. The Adviser cannot predict whether shares will trade above (premium), below (discount) or at NAV. However, because shares can be created and redeemed in Creation Units at NAV, the Adviser believes that large discounts or premiums to the NAV of the Fund are not likely to be sustained over the long-term. While the creation/redemption feature is designed to make it likely that the Fund's shares normally will trade on stock exchanges at prices close to the Fund's next calculated NAV, exchange prices are not expected to correlate exactly with the Fund's NAV due to timing reasons as well as market supply and demand factors. In addition, disruptions to creations and redemptions or extreme market volatility may result in trading prices for shares of the Fund that differ significantly from its NAV.

***Cybersecurity Risk.*** The Fund and its service providers may be subject to operational and information security risks resulting from breaches in cybersecurity that may cause the Fund to lose or compromise confidential information, suffer data corruption or lose operational capacity. Similar types of cybersecurity risks are also present for issuers of securities in which the Fund may invest, which may cause the Fund's investments in such companies to lose value. There is no guarantee the Fund will be successful in protecting against cybersecurity breaches.

***Changes in Trade Negotiations Risk***. In recent years, the U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries, and has made proposals and taken actions related thereto. Tariffs on imported goods could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies and adversely affect the revenues and profitability of portfolio companies whose businesses rely on goods imported from such impacted jurisdictions.

***Highly Volatile Markets Risk***. The prices of instruments in which the Fund may invest are influenced by numerous factors, including interest rates, currency rates, default rates, governmental policies and political and economic events (both domestic and global). Moreover, political or economic crises, or other events may occur that can be highly disruptive to the markets in which the Fund may invest. In addition, governments from time to time intervene (directly and by regulation), which intervention may adversely affect the performance of the Fund and its investment activities. The Fund is also subject to the risk of a temporary or permanent failure of the exchanges and other markets on which its investments may trade. Sustained market turmoil and periods of heightened market volatility make it more difficult to produce positive trading results, and there can be no assurance that the Fund's strategies will be successful in such markets.

***Legislation and Regulatory Risk***. New or amended regulations may be imposed by the Commodity Futures Trading Commission (the "CFTC"), the SEC, the Federal Reserve, the European Union (the "EU") or other financial regulators, other governmental or intergovernmental regulatory authorities or self-regulatory organizations that supervise the financial markets, and could adversely affect the Fund. In particular, the CFTC and the SEC are empowered to promulgate a variety of new rules pursuant to recently enacted financial reform legislation in the United States. The Fund also may be adversely affected by changes in the enforcement or interpretation of statutes and rules by these regulatory authorities or self-regulatory organizations.

***Market Disruptions Risk***. The Fund may incur major losses in the event of market disruptions and other extraordinary events in which historical pricing relationships become materially distorted. The risk of loss from pricing distortions is compounded by the fact that in disrupted markets many positions become illiquid, making it difficult or impossible to close out positions against which the markets are moving. Market disruptions caused by unexpected political, military and terrorist events may from time to time cause dramatic losses for the Fund and such events can result in otherwise historically low-risk strategies performing with unprecedented volatility and risk.

***U.S. Debt Ceiling and Budget Deficit Risks***. U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns, or a recession in the United States. Although U.S. lawmakers have historically passed legislation to raise the federal debt ceiling on multiple occasions, ratings agencies have lowered or threatened to lower the long-term sovereign credit rating on the United States. In August 2023, Fitch Ratings Inc., downgraded the U.S. credit rating to AA+ from AAA, citing fiscal deterioration over the next three years and close encounters with default due to ongoing political dysfunction. The impact of a U.S. default on its obligations or any further downgrades to the U.S. government's sovereign credit rating or its perceived creditworthiness could adversely affect the U.S. and global financial markets and economic conditions. In addition, disagreement over the federal budget has caused the U.S. federal government to shut down for periods of time. Continued adverse political and economic conditions could have a material adverse effect on the Fund's business, financial condition and results of operations.

***An investment in the Fund is not a deposit at a bank and is not insured or guaranteed by any government agency.***

**Performance**

The returns presented below for the Fund reflect the performance of the Green Owl Intrinsic Value Fund (the "Predecessor Fund") for periods prior to December 9, 2022. The Fund has adopted the performance of the Predecessor Fund as the result of a reorganization consummated after the close of business on December 9, 2022, in which the Fund acquired all or substantially all of the assets and all of the stated liabilities included in the financial statements of the Predecessor Fund (the "Reorganization"). Prior to the Reorganization, the Fund was a "shell" fund with no assets and had not commenced operations.

The Predecessor Fund was managed by the same investment adviser and the same portfolio managers as the Fund. The performance information below is intended to serve as an illustration of the variability of the Fund's returns since the Fund is a continuation of the Predecessor Fund and has the same investment objective and substantially similar strategies as the Predecessor Fund. While the Fund's investment strategies are substantially similar to the Predecessor Fund and theoretically would have invested in a similar portfolio of securities, the Fund's performance during the same time period may have been different than the performance of the Predecessor Fund due to, among other things, differences in strategies, fees and expenses.

The bar chart below shows how the Fund's and the Predecessor Fund's investment results have varied from year to year. The table below shows how the Fund's and the Predecessor Fund's average annual total returns compare over time to those of a broad-based securities market index. This information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) of the Fund or the Predecessor Fund is not necessarily an indication of how the Fund will perform in the future.

**Annual Total Return** (years ended December 31st)

![(BAR GRAPH)](img_001.jpg)

Highest/Lowest quarterly results during this time period were:

Best Quarter: 2<sup>nd</sup> Quarter, 2020, 20.80%

Worst Quarter: 1<sup>st</sup> Quarter, 2020, (29.22)%

**Average Annual Total Returns for the periods ending December 31, 2025:**

---

| | | | |
|:---|:---|:---|:---|
| | **One Year** | **Five Years** | **Ten Years** |
| **The Fund** | | | |
| Before Taxes | 13.49% | 11.61% | 12.09% |
| After Taxes on Distributions | 13.48% | 10.18% | 10.82% |
| After Taxes on Distributions and Sale of Fund Shares | 7.99% | 8.90% | 9.67% |
| **S&P 500 Index**<br> (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 14.82% |

---

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect 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. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

*Current performance of the Fund may be lower or higher than the performance quoted above. Performance data current to the most recent month end may be obtained by calling (877) 714-2327. Performance data current to the most recent quarter end may be obtained at www.kovitzetf.com.*

**Portfolio Management**

***Investment Adviser*** – Focus Partners Wealth, LLC

***Portfolio Management Team***

● Matthew W. Hayner, MBA, CFA, Portfolio Manager of the Fund and Portfolio Manager of the Adviser; Portfolio Manager of the Fund since May 2024.

**Purchase and Sale of Fund Shares**

The Fund will issue and redeem shares at NAV only in large blocks of shares (each block of shares is called a "Creation Unit") and only to Authorized Participants that have entered into agreements with the Fund's distributor (the "Distributor"). Creation Units are issued and redeemed for cash and/or in-kind for securities. Except when aggregated in Creation Units, the shares are not redeemable securities of the Fund.

Shares of the Fund are listed for trading on NYSE Arca and trade at market prices rather than NAV. Shares of the Fund may trade at a price that is greater than, at, or less than NAV. Individual shares may only be purchased and sold in secondary market transactions through brokers.

Information about the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads, will be available on the Fund's web site at www.kovitzetf.com.

**Tax Information**

The Fund's distributions are taxable and will be taxed as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-advantaged account, such as a 401(k) plan, individual retirement account (IRA) or 529 college savings plan. Distributions from a tax-advantaged account may be subject to taxation at ordinary income tax rates when withdrawn from such an account.

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

If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank or trust company), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create conflicts 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 THE FUND'S PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS**

**Investment Objective**

The investment objective of the Fund is long- term capital appreciation. The Fund's investment objective is not fundamental and may be changed without shareholder approval. The Fund will provide 60 days' advance notice of any change in its investment objective.

**Principal Investment Strategies**

The Kovitz Core Equity ETF invests primarily in equity securities of U.S. and foreign companies. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities. This investment policy may not be changed without at least 60 days prior written notice to shareholders. Focus Partners Wealth, LLC (the "Adviser") generally selects equity securities of high-quality companies believed by the Adviser to be undervalued.

Equity securities in which the Fund may invest include common stocks and common stock equivalents (such as rights or warrants, which give the Fund the ability to purchase the common stock, and convertible securities, which are securities that are convertible into the common stock). The Fund also may invest in foreign companies, either directly or through depositary receipts, which are receipts issued by U.S. banks for shares of a foreign corporation that entitle the holder to dividends and capital gains on the underlying security. The Fund may invest in companies of any market capitalization, including small- and mid-capitalization companies The Adviser's starting universe is the constituents of the S&P 500 Index and the non-U.S.- based companies in the S&P Global 100 Index. Additionally, the Adviser will consider companies in the top quartile in terms of market cap (generally, $5 billion and up) of the S&P Midcap 400 Index. The Adviser culls this initial universe into an "investable" universe using a combination of qualitative and quantitative analysis. The Adviser begins with a qualitative screen to reduce the number of companies eligible for investment by the Fund. The Adviser emphasizes companies that are market leaders, offer stable products, have low capital requirements and have experienced and competent management with ownership stakes. The Adviser then uses a quantitative analysis to further reduce the universe of companies in which the Fund may invest. The Adviser emphasizes companies with high returns on capital, high correlation between earnings and cash flow, low financial risk and valuations based on discounted cash flow models.

Our approach to investing in equities is based on the methodology pioneered by Benjamin Graham, and as further developed and modified by Warren Buffett and Charlie Munger of Berkshire Hathaway. Mr. Graham distilled the secret of sound investment in three words – "Margin of Safety". This simple concept has become the cornerstone of our investment philosophy. While we strive to maximize return, we believe that the primary and overriding investment criterion should be safety of principal with a focus on minimizing permanent loss of capital. This mindset directs us to stocks selling at a significant discount to our estimate of underlying intrinsic value. This enables us to generate substantial gains when our analysis proves correct, while minimizing downside risk if a particular investment thesis is flawed. Adhering to these principles often results in an investment policy that runs counter to the general market psychology, and facilitates reducing the process of purchasing and selling securities to a discipline rather than an art. This approach is focused on maximizing long-term net worth and not necessarily on generating short-term performance.

We consider investments in common stocks as units of ownership in a business. We don't, therefore, regard ourselves as just traders of pieces of paper, but rather as part-owners of tangible businesses. As such, we seek to allocate investment capital on the basis of justifiable premises, valid logic and hard evidence – not popularity or emotion. This owner mentality necessarily requires us to draw a distinction between investing and speculating. As investors, our primary interest lies in acquiring and holding securities of exceptional businesses at suitable prices. Market movements are important to us only in a practical sense, as they alternately create low price levels at which we can buy and high price levels at which we can sell.

We look for companies with superior, sustainable, competitive positions in their market niche, historically high returns on invested capital, strong free cash flow, little or no reliance on debt financing, and an experienced management team with significant ownership stakes. Our stringent research gives us confidence to establish concentrated portfolios (30 to 40 companies) where our best ideas can have a meaningful impact on performance. While we guard against market risk through asset allocation and industry diversification, we believe investment risk is most importantly handled by detailed knowledge about companies in which we invest and by being acutely price conscious.

We believe that to effectively value a business we must first understand the dynamics of the industry (barriers to entry, threat of substitutes, competitive landscape, power of buyers and suppliers) and what factors impact the company's margins and its returns on invested capital. As part of the valuation process, we estimate the future cash flows that can be generated by the business, always keeping our estimates conservative. Because of the uncertainties inherent in this process, we tend to favor businesses in industries unlikely to experience major change and where surprises are not likely to prove devastating to the long-term value of the franchise.

Fast changing industries may produce some huge winners, but it precludes the certainty we desire. We would rather be reasonably certain of a good result than hopeful for a great one.

In determining the intrinsic value of a company, our Research Team focuses primarily on fundamental principles of balance sheet and cash flow analysis, with a secondary emphasis on the income statement. Our bottom-up research includes review of the annual and quarterly reports (10-Ks & 10-Qs), financial statements, and industry publications. We rely primarily on our own independent thinking and in-house research, and not on guidance from perpetually optimistic Company management or potentially biased Wall Street analysts.

Securities that have reached their intrinsic value or securities with deteriorating fundamentals that cannot support the current valuation of the security or that no longer support the thesis upon which their purchase was based are candidates for sale. The Adviser may also sell securities of the Fund when it identifies opportunities that are more attractive for the Fund than the prospects of a particular current holding.

**Principal Risks of Investing in the Fund**

The principal risks of investing in the Fund are summarized below. There may be circumstances that could prevent the Fund from achieving its investment goal and you may lose money by investing in the Fund. You should carefully consider the Fund's investment risks before deciding whether to invest in the Fund. The order of the below risk factors does not indicate the significance of any particular risk factor and the relative significance of each risk below may change over time.

***Changes in Trade Negotiations Risk***. In recent years, the U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries, and has made proposals and taken actions related thereto. Tariffs on imported goods could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies and adversely affect the revenues and profitability of portfolio companies whose businesses rely on goods imported from such impacted jurisdictions.

***Common Stock Risk.*** The Fund invests in common stocks, which subjects the Fund and its shareholders to the risks associated with common stock investing. These risks include the financial risk of selecting individual companies that do not perform as anticipated, the risk that the stock markets in which the Fund invests may experience periods of turbulence and instability, and the general risk that domestic and global economies may go through periods of decline and cyclical change. Many factors affect the performance of each company that the Fund invests in, including the strength of the company's management or the demand for its products or services. You should be aware that a company's share price may decline as a result of poor decisions made by management or lower demand for the company's products or services. In addition, a company's share price may also decline if its earnings or revenues fall short of expectations.

***Convertible Securities Risk.*** The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the company issuing the convertible security and other factors also may have an effect on the convertible security's investment value.

***Cybersecurity Risk.*** The Fund and its service providers may be subject to operational and information security risks resulting from breaches in cybersecurity. A breach in cybersecurity refers to both intentional and unintentional events that may cause the Fund to lose or compromise confidential information, suffer data corruption or lose operational capacity. Breaches in cybersecurity include, among other things, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other operational disruptions. Successful cybersecurity breaches of the Fund and/or the Fund's investment adviser, distributor, custodian, the transfer agent or other third party service providers may adversely impact the Fund and its shareholders. For instance, a successful cybersecurity breach may interfere with the processing of shareholder transactions, cause the release of private personal shareholder information, impede trading, subject the Fund to regulatory fines or financial losses, and/or cause reputational damage. The Fund relies on third-party service providers for many of the day-to-day operations, and is therefore subject to the risk that the protections and protocols implemented by those service providers will be ineffective in protecting the Fund from cybersecurity breaches. Similar types of cybersecurity risks are also present for issuers of securities in which the Fund may invest, which could result in material adverse consequences for such issuers and may cause the Fund's investments in such companies to lose value. There is no guarantee the Fund will be successful in protecting against cybersecurity breaches.

***Highly Volatile Markets Risk***. The prices of instruments in which the Fund may invest are influenced by numerous factors, including interest rates, currency rates, default rates, governmental policies and political and economic events (both domestic and global). Moreover, political or economic crises, or other events may occur that can be highly disruptive to the markets in which the Fund may invest. In addition, governments from time to time intervene (directly and by regulation), which intervention may adversely affect

the performance of the Fund and its investment activities. The Fund is also subject to the risk of a temporary or permanent failure of the exchanges and other markets on which its investments may trade. Sustained market turmoil and periods of heightened market volatility make it more difficult to produce positive trading results, and there can be no assurance that the Fund's strategies will be successful in such markets.

***Legislation and Regulatory Risk***. New or amended regulations may be imposed by the Commodity Futures Trading Commission (the "CFTC"), the SEC, the Federal Reserve, the European Union (the "EU") or other financial regulators, other governmental or intergovernmental regulatory authorities or self-regulatory organizations that supervise the financial markets, and could adversely affect the Fund. In particular, the CFTC and the SEC are empowered to promulgate a variety of new rules pursuant to recently enacted financial reform legislation in the United States. The Fund also may be adversely affected by changes in the enforcement or interpretation of statutes and rules by these regulatory authorities or self-regulatory organizations.

***Market Disruptions Risk***. The Fund may incur major losses in the event of market disruptions and other extraordinary events in which historical pricing relationships become materially distorted. The risk of loss from pricing distortions is compounded by the fact that in disrupted markets many positions become illiquid, making it difficult or impossible to close out positions against which the markets are moving. Market disruptions caused by unexpected political, military and terrorist events may from time to time cause dramatic losses for the Fund and such events can result in otherwise historically low-risk strategies performing with unprecedented volatility and risk.

***Market Trading Risk.*** Although shares of the Fund are listed for trading on one or more stock exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained. There are no obligations of market makers to make a market in the Fund's shares or of an authorized participant to submit purchase or redemption orders for Creation Units. Decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying value of the Fund's portfolio securities and the Fund's market price. This reduced effectiveness could result in Fund shares trading at a premium or discount to its NAV and also greater than normal intraday bid/ask spreads. Additionally, in stressed market conditions, the market for the Fund's shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's portfolio holdings, which may cause a significant variance in the market price of the Fund's shares and its underlying value.

There can be no assurance that the shares will continue to trade on a stock exchange or in any market or that the Fund's shares will continue to meet the requirements for listing or trading on any exchange or in any market, or that such requirements will remain unchanged. Secondary market trading in Fund shares may be halted by a stock exchange because of market conditions or other reasons. In addition, trading in Fund shares on a stock exchange or in any market may be subject to trading halts caused by extraordinary market volatility pursuant to "circuit breaker" rules on the stock exchange or market.

During a "flash crash," the market prices of the Fund's shares may decline suddenly and significantly. Such a decline may not reflect the performance of the portfolio securities held by the Fund. Flash crashes may cause authorized participants and other market makers to limit or cease trading in the Fund's shares for temporary or longer periods. Shareholders could suffer significant losses to the extent that they sell shares at these temporarily low market prices. Shares of the Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of increased volatility associated with short selling.

***Premium/Discount Risk***. Shares of the Fund may trade at prices other than NAV. Shares of the Fund trade on stock exchanges at prices at, above or below its most recent NAV. The NAV of the Fund is calculated at the end of each business day and fluctuates with changes in the market value of the Fund's holdings since the most recent calculation. The trading prices of the Fund's shares fluctuate continuously throughout trading hours based on market supply and demand rather than NAV. As a result, the trading prices of the Fund's shares may deviate significantly from NAV during periods of market volatility. In addition, the securities held by the Fund may be traded in markets that close at a different time than the exchange on which the Fund's shares trade. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads and the resulting premium or discount to the shares' NAV is likely to widen.

Any of these factors, among others, may lead to the Fund's shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than NAV when you buy shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market. The Adviser cannot predict whether shares will trade above (premium), below (discount) or at NAV. However, because shares can be created and redeemed in Creation Units at NAV, the Adviser believes that large discounts or premiums to the NAV of the Fund are not likely to be sustained over the long-term. While the creation/redemption feature is designed to make it likely that the Fund's shares normally will trade on stock exchanges at prices close to the Fund's next calculated NAV, exchange prices are not expected to correlate exactly with the Fund's NAV due to timing reasons as well as market supply and demand factors. In addition, disruptions to creations and redemptions or extreme market volatility may result in trading prices for shares of the Fund that differ significantly from its NAV.

***Risks of Foreign Securities.*** To the extent the Fund invests in foreign securities (including ADRs) the Fund may be subject to risks not usually associated with owning securities of U.S. issuers. These risks can include the risks associated with higher transaction costs, delayed settlements, lack of liquidity, currency controls and adverse economic developments. This also includes the risk that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. Adverse changes in exchange rates may erode or reverse any gains produced by foreign currency denominated investments and widen any losses. Exchange rate volatility also may affect the ability of an issuer to repay U.S. dollar denominated obligations, thereby increasing credit risk. In addition, the costs of foreign investing, including withholding taxes, brokerage commissions, and custodial costs, generally are higher than for U.S. investments. In addition, foreign issuers, brokers, and securities markets may be subject to less government supervision than in the U.S.

***Risks of Small and Medium Capitalization Companies.*** To the extent the Fund invests in small and medium cap companies, the Fund will be subject to additional risks. The earnings and prospects of these companies are more volatile than larger companies, and small and medium capitalization companies may experience higher failure rates than do larger companies. The trading volume of securities of small and medium capitalization companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make prices fall more in response to selling pressure than is the case with larger companies. Small and medium capitalization companies may also have limited markets, product lines, or financial resources, and may lack management experience.

***Risks of Value Investing.*** Undervalued securities are, by definition, out of favor with investors, and there is no way to predict when, if ever, the securities may return to favor. Under certain market conditions, value investing may not perform as well as other investment styles.

***Risk of Warrants and Rights.*** A warrant or right gives the Fund the ability to purchase common stock at a specific price (usually at a premium above the market value of the underlying common stock at time of issuance) during a specified period of time. A warrant or right may become worthless unless it is exercised or sold before expiration. For example, if the market price of the common stock does not exceed the warrant's or right's exercise price during the life of the warrant or right, the warrant or right will expire worthless. Warrants and rights have no voting rights, pay no dividends and have no rights with respect to the assets of the corporation issuing them. The percentage increase or decrease in the value of a warrant or right may be greater than the percentage increase or decrease in the value of the underlying common stock.

***Sanctions Risk***. As a result of certain political tensions and armed conflicts outside of the United States, the extent and ultimate result of which are unknown at this time, the United States and the European Union, along with the regulatory bodies of a number of countries, have imposed economic sanctions on certain countries, corporate entities and individuals. The imposition of such sanctions and other similar measures could cause, among other things, a decline in the value and/or liquidity of securities issued, downgrades in the credit ratings of securities, and increased market volatility affecting not only the party but throughout the world. Sanctions could also result in a party taking counter measures or retaliatory actions which may further impair the value and liquidity of some securities.

***Sector Risk*.** To the extent that the Fund focuses in one or more sectors, factors affecting those sectors could affect Fund performance.

***Stock Market Risk.*** The Fund invests in common stocks, which subjects the Fund and its shareholders to the risks associated with common stock investing. These risks include the financial risk of selecting individual companies that do not perform as anticipated, the risk that the stock markets in which the Fund invests may experience periods of turbulence and instability, and the general risk that domestic and global economies may go through periods of decline and cyclical change. Many factors affect the performance of each company that the Fund invests in, including the strength of the company's management or the demand for its products or services. You should be aware that a company's share price may decline as a result of poor decisions made by management or lower demand for the company's products or services. In addition, a company's share price may also decline as a result of national and global events such as recession, war, epidemics or pandemics, terrorism, natural disasters and other events which may have a significant impact on markets generally.

***U.S. Debt Ceiling and Budget Deficit Risks***. U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns, or a recession in the United States. Although U.S. lawmakers have historically passed legislation to raise the federal debt ceiling on multiple occasions, ratings agencies have lowered or threatened to lower the long-term sovereign credit rating on the United States. In August 2023, Fitch Ratings Inc., downgraded the U.S. credit rating to AA+ from AAA, citing fiscal deterioration over the next three years and close encounters with default due to ongoing political dysfunction. The impact of a U.S. default on its obligations or any further downgrades to the U.S. government's sovereign credit rating or its perceived creditworthiness could adversely affect the U.S. and global financial markets and economic conditions. In addition, disagreement over the federal budget has caused the U.S. federal government to shut down for periods of time. Continued adverse political and economic conditions could have a material adverse effect on the Fund's business, financial condition and results of operations.

***An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by any government agency.***

***As with any investment, the Fund's returns will vary and you could lose money.***

**Temporary Defensive Positions**

From time to time, the Fund may take temporary defensive positions that are inconsistent with its principal investment strategies, in attempting to respond to adverse market, economic, political or other conditions. In such instances, the Fund may hold up to 100% of its assets in cash; short-term U.S. government securities and government agency securities; investment grade money market instruments; investment grade fixed income securities; repurchase agreements; commercial paper and cash equivalents. The Fund may invest in the securities described above at any time to maintain liquidity, pending selection of investments by the Adviser, or if the Adviser believes that sufficient investment opportunities that meet the Fund's investment criteria are not available. By keeping cash on hand, the Fund may be able to meet shareholder redemptions without selling securities and realizing gains and losses. As a result of engaging in these temporary measures, the Fund may not achieve its investment objective(s).

**Is the Fund right for you?**

The Fund may be suitable for:

● long-term investors seeking a fund with an investment objective of long-term capital appreciation

● investors willing to accept price fluctuations in their investment

The Fund's portfolio holdings are disclosed on its website daily after the close of trading on the stock exchange and prior to the opening of trading on the Exchange the following day. Information about the Fund's policies and procedures with respect to disclosure of the Fund's portfolio holdings is included in the Statement of Additional Information ("SAI").

**HOW TO BUY AND SELL SHARES**

Only certain financial institutions such as registered broker-dealers and banks that have entered into agreements with the Fund's Distributor ("Authorized Participants") may acquire shares directly from the Fund and tender their shares for redemption directly to the Fund. Such purchases and redemptions are made at NAV per share and only in large blocks, or Creation Units, of shares. Purchases and redemptions directly with the Fund must follow the Fund's procedures, which are described in the SAI.

A creation transaction, which is subject to acceptance by the Fund's Distributor and the Fund, generally takes place when an Authorized Participant deposits into the Fund a designated portfolio of securities ("Deposit Securities") (including any portion of such securities for which cash may be substituted) and a specified amount of cash approximating the holdings of the Fund ("Cash Component") in exchange for a specified number of Creation Units. The composition of such portfolio generally corresponds pro rata to the holdings of the Fund. However, the Fund may, in certain circumstances, offer Creation Units partially or solely for cash. Similarly, shares can be redeemed only in Creation Units, generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) held by the Fund and a specified amount of cash. Except when aggregated in Creation Units, shares are not redeemable. The prices at which creations and redemptions occur are based on the next calculation of NAV after a creation or redemption order is received in an acceptable form under the Authorized Participant agreement.

The Fund charges Authorized Participants standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. The standard creation and redemption transaction fees are set forth in the table below. The standard creation transaction fee is charged to the Authorized Participant on the day such Authorized Participant creates a Creation Unit, and is the same regardless of the number of Creation Units purchased by the Authorized Participant on the applicable business day. Similarly, the standard redemption transaction fee is charged to the Authorized Participant on the day such Authorized Participant redeems a Creation Unit, and is the same regardless of the number of Creation Units redeemed by the Authorized Participant on the applicable business day. Creations and redemptions for cash (when cash creations and redemptions (in whole or in part) are available or specified) are also subject to an additional charge (up to the maximum amounts shown in the table below). This charge is intended to compensate for brokerage, tax, foreign exchange, execution, price movement and other costs and expenses related to cash transactions (which may, in certain instances, be based on a good faith estimate of transaction costs).

The Transaction Fees for the Fund are listed in the table below.

---

| | |
|:---|:---|
| **Fee for In-Kind and<br> Cash Purchases** | **Maximum Additional Variable<br> Charge for Cash Purchases\*** |
| $300 | 200 basis points (2%) |

---

\* As a percentage of the amount invested.

The Fund reserves the right to make redemptions of shares for cash.

Shares of the Fund will be listed for trading on NYSE Arca under the symbol EQTY. Share prices are reported in dollars and cents per share. Shares can be bought and sold on the secondary market throughout the trading day like other publicly traded shares and shares typically trade in blocks of less than a Creation Unit. There is no minimum investment. Shares may only be purchased and sold on the secondary market when the Exchange is open for trading. The Exchange is open for trading Monday through Friday and is closed on weekends and the following holidays, as observed: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

When buying or selling shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offered price in the secondary market on each leg of a round trip (purchase and sale) transaction.

The Fund may liquidate and terminate at any time without shareholder approval.

**Book Entry**

Shares are held in book entry form, which means that no stock certificates are issued. The Depository Trust Company ("DTC") or its nominee is the record owner of all outstanding shares of the Fund and is recognized as the owner of all shares for all purposes.

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

**Share Trading Prices**

The trading prices of Shares on the Exchange may differ from the Fund's daily NAV. Market forces of supply and demand, economic conditions and other factors may affect the trading prices of Shares.

**Frequent Purchases And Redemptions Of Fund Shares**

The Fund's shares can only be purchased and redeemed directly from the Fund in Creation Units by Authorized Participants, and the vast majority of trading in the Fund's shares occurs on the secondary market. Because the secondary market trades do not directly involve the Fund, it is unlikely those trades would cause the harmful effects of market timing, including dilution, disruption of portfolio management, increases in the Fund's trading costs and the realization of capital gains. With regard to the purchase or redemption of Creation Units directly with the Fund, to the extent effected in-kind (*i.e.*, for securities), those trades do not cause the harmful effects that may result from frequent cash trades. To the extent trades are effected in whole or in part in cash, those trades could result in dilution to the Fund and increased transaction costs, which could negatively impact the Fund's ability to achieve its investment objective. However, direct trading by Authorized Participants is critical to ensuring that the Fund's shares trade at or close to NAV. The Fund also employs fair valuation pricing to minimize potential dilution from market timing. In addition, the Fund imposes transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades. These fees increase if an investor substitutes cash in part or in whole for securities, reflecting the fact that the Fund's trading costs increase in those circumstances. Given this structure, the Trust has determined that it is not necessary to adopt policies and procedures to detect and deter market timing of the Fund's shares.

**Investments by Other Investment Companies**

Section 12(d)(1) of the Investment Company Act restricts investments by investment companies in the securities of other investment companies. Registered investment companies are permitted to invest in the Fund beyond the limits set forth in Section 12(d)(1), subject to certain terms and conditions set forth in SEC rules. In order for a registered investment company to invest in shares of the Fund beyond the limitations of Section 12(d)(1), the registered investment company must enter into an agreement with the Trust.

**DETERMINATION OF NET ASSET VALUE**

The price you pay for your shares is based on the Fund's NAV per share ("NAV"). The Fund's NAV is calculated at the close of trading (normally 4:00 p.m. Eastern time) on each day the New York Stock Exchange ("NYSE") is open for business (the NYSE is closed on weekends, most federal holidays and Good Friday). The Fund's NAV is calculated by dividing the value of the Fund's total assets (including interest and dividends accrued but not yet received) minus liabilities (including accrued expenses) by the total number of shares outstanding. Requests to purchase and sell shares are processed at the NAV next calculated after the Fund receives your order in proper form. In the event the Fund holds portfolio securities that trade in foreign markets or that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares, the NAV of the Fund's shares may change on days when shareholders will not be able to purchase or redeem the Fund's shares.

Securities that do not have a readily available current market value are valued in good faith by the Adviser as "valuation designee" under the oversight of the Board. The Adviser has adopted policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. On a quarterly basis, the Adviser's fair valuation determinations will be reviewed by the Board. The Adviser's policy is intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing. However, fair values determined pursuant to the Adviser's procedures may not accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of the NYSE, that materially affect the values of the Fund's securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, an exchange or market on which a security trades does not open for trading for the entire day and no other market prices are available. The Adviser as valuation designee will monitor for significant events that may materially affect the values of the Fund's securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events.

**Premium/Discount Information**

Most investors will buy and sell shares of the Fund in secondary market transactions through brokers at market prices and the Fund's shares will trade at market prices. The market price of shares of the Fund may be greater than, equal to, or less than NAV. Market forces of supply and demand, economic conditions and other factors may affect the trading prices of shares of the Fund.

Information regarding how often the shares of the Fund traded at a price above (at a premium to) or below (at a discount to) the NAV of the Fund during the past four calendar quarters, when available, can be found at www.kovitzetf.com.

**DIVIDENDS, DISTRIBUTIONS AND TAXES**

**Dividends and Distributions.** The Fund typically distributes to its shareholders as dividends all or substantially all of its net investment income and any realized net capital gains. The Fund expects that its distributions will consist primarily of income and net realized capital gains. The Fund declares and pays dividends at least annually. Net investment income distributed by the Fund generally will consist of interest income, if any, and dividends received on investments, less expenses. The dividends you receive, whether or not reinvested, will be taxed as ordinary income except as described below (including if reinvested in additional shares).

Distributions in cash may be reinvested automatically in additional whole shares only if the broker through whom you purchased shares makes such option available.

**Taxes.** As with any investment, you should consider how your investment in shares will be taxed. The tax information in this prospectus is provided as general information. You should consult your own tax professional about the tax consequences of an investment in shares.

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

Unless your investment in shares is made through a tax-exempt entity or tax-deferred retirement account, such as an individual retirement account, you need to be aware of the possible tax consequences when:

● the Fund makes distributions,

● you sell your shares listed on the Exchange, and

● you purchase or redeem Creation Units.

**Taxes on Distributions***.* As stated above, dividends from net investment income, if any, ordinarily are declared and paid annually by the Fund. The Fund may also pay a special distribution at the end of a calendar year to comply with federal tax requirements. If you are a taxable investor, Fund distributions are taxable to you as ordinary income, capital gains, or some combination of both. This is true whether you reinvest your distributions in additional Fund shares or receive them in cash.

For federal income tax purposes, Fund distributions of short-term capital gain are taxable to you at ordinary income rates. Fund distributions of long-term capital gains are taxable to you at long-term capital gain rates. A portion of income dividends reported by the Fund as qualified dividend income may be eligible for taxation by individual shareholders at long-term capital gain rates provided certain holding period requirements are met. Qualified dividend income generally is income derived from dividends paid by U.S. corporations or certain foreign corporations that are either incorporated in a U.S. possession or eligible for tax benefits under certain U.S. income tax treaties. In addition, dividends that the Fund receives in respect of certain foreign corporations may be qualified dividend income if that stock is readily tradeable on an established U.S. securities market.

In general, your distributions are subject to federal income tax when they are paid, whether you take them in cash or reinvest them in the Fund (if that option is available). Distributions reinvested in additional shares of the Fund through the means of a dividend reinvestment service, if available, will be taxable to shareholders acquiring the additional shares to the same extent as if such distributions had been received in cash. Distributions of net long-term capital gains, if any, in excess of net short-term capital losses are taxable as long-term capital gains, regardless of how long you have held the shares.

Distributions in excess of the Fund's current and accumulated earnings and profits are treated as a tax-free return of capital to the extent of your basis in the shares and as capital gain thereafter. A distribution will reduce the Fund's NAV per share and may be taxable to you as ordinary income or capital gain (as described above) even though, from an investment standpoint, the distribution may constitute a return of capital.

You may wish to avoid investing in the Fund shortly before a dividend or other distribution, because such a distribution will generally be taxable even though it may economically represent a return of a portion of your investment.

Although distributions are generally treated as taxable to you in the year they are paid, distributions declared in October, November, or December but paid in January are taxable as if they were paid in December.

**Taxes on Exchange-Listed Share Sales**. Any capital gain or loss realized upon a sale of shares is generally treated as long-term capital gain or loss if the shares have been held for more than one year and as short-term capital gain or loss if the shares have been held for one year or less. However, any loss incurred on the sale or exchange of the Fund's shares, held for six months or less, will be treated as a long-term capital loss to the extent of capital gain dividends received with respect to such shares. The ability to deduct capital losses from sales of shares may be limited.

**Taxes on Purchase and Redemption of Creation Units**. An Authorized Participant who exchanges securities for Creation Units generally will recognize a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time of the exchange and the sum of the exchanger's aggregate basis in the securities surrendered plus any Cash Component it pays. An Authorized Participant who exchanges Creation Units for securities will generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the sum of the aggregate market value of the securities received plus any cash. The Internal Revenue Service ("Service"), however, may assert that a loss realized upon an exchange of securities for Creation Units cannot be deducted currently under the rules governing "wash sales", on the basis that there has been no significant change in economic position. Persons exchanging securities should consult their own tax advisor with respect to whether wash sale rules apply and when a loss might be deductible.

Any capital gain or loss realized upon redemption of Creation Units is generally treated as long-term capital gain or loss if the shares have been held for more than one year and as short-term capital gain or loss if the shares have been held for one year or less, assuming such Creation Units are held as a capital asset.

**Medicare Tax**. An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or

"adjusted gross income" (in the case of an estate or trust) exceeds a threshold amount. This Medicare tax, if applicable, is reported by you on, and paid with, your federal income tax return.

**Backup Withholding**. By law, if you do not provide the Fund with your proper taxpayer identification number and certain required certifications, you may be subject to backup withholding on any distributions of income, capital gains or proceeds from the sale of your shares. The Fund must withhold if the Service instructs us to do so. When withholding is required, the amount will be 24% of any distributions or proceeds paid.

**State and Local Taxes**. Fund distributions and gains from the sale or exchange or your shares generally are subject to state and local taxes.

**Non-U.S. Investors**. Non-U.S. investors may be subject to U.S. withholding tax, at either the 30% statutory rate or a lower rate if you are a resident of a country that has a tax treaty with the U.S. and are subject to special U.S. tax certification requirements to avoid backup withholding and claim any treaty benefits. Exemptions from U.S. withholding tax are provided for certain capital gain dividends paid by the Fund from net long-term capital gains, if any, interest-related dividends paid by the Fund from its qualified net interest income from U.S. sources and short-term capital gain dividends, if such amounts are reported by the Fund. However, notwithstanding such exemptions from U.S. withholding at the source, any such dividends and distributions of income and capital gains will be subject to backup withholding at a rate of 24% if you fail to properly certify that you are not a U.S. person. Non-U.S. investors also may be subject to U.S. estate tax.

Under the Foreign Account Tax Compliance Act ("FATCA"), the Fund is required to withhold 30% of certain ordinary dividends it pays to shareholders that are foreign entities and that fail to meet prescribed information reporting or certification requirements. In December 2018, the Service and Treasury Department released proposed Treasury Regulations that would eliminate FATCA withholding on Fund distributions of net capital gain and the gross proceeds from a sale or redemption of Fund shares. Although taxpayers are entitled to rely on those proposed Treasury Regulations until final Treasury Regulations are issued, these proposed Treasury Regulations have not been finalized, may not be finalized in their proposed form, and are potentially subject to change. This FATCA withholding tax could also affect the Fund's return on its investments in foreign securities or affect a shareholder's return if the shareholder holds its Fund shares through a foreign intermediary.

**Possible Tax Law Changes**. At the time that this prospectus is being prepared, various administrative and legislative changes to the federal tax laws are under consideration. However, it is not possible at this time to determine whether any of these changes will be made or what the changes might entail.

The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Fund. It is not a substitute for personal tax advice. Consult your personal tax advisor about the potential tax consequences of an investment in the shares under all applicable tax laws. See "Tax Status" in the SAI for more information.

**MANAGEMENT OF THE FUND**

**Adviser.** Focus Partners Wealth, LLC, 190 Carondelet Plaza, Suite 600, St. Louis, MO 63105, serves as investment adviser to the Fund (the "Adviser"). Prior to a reorganization transaction with an affiliate on January 1, 2026, the investment adviser to the Fund was Kovitz Investment Group Partners, LLC ("Kovitz"). The Adviser has overall supervisory management responsibility for the general management and investment of the Fund's portfolio. The Adviser has been registered with the SEC since December 7, 2011 and provides wealth advisory services to individuals, families, qualified retirement plans, institutions, and businesses. The Adviser is an indirect wholly-owned subsidiary of Focus Financial Partners, LLC ("Focus"), a Delaware limited liability company that is a strategic and financial investor in independently-managed wealth management firms. Focus Financial Partners Inc., 190 Carondelet Plaza, Suite 600, St. Louis, Missouri 63105, is the sole managing member of Focus. Ultimate governance of Focus is conducted through the board of directors at Ferdinand FFP Ultimate Holdings, LP. Focus is majority owned, indirectly and collectively, by investment vehicles affiliated with Clayton, Dubilier & Rice, LLC. As of November 30, 2025, the Adviser had assets under management of approximately $140 billion.

The closing of the Transaction resulted in the termination of the investment advisory agreement between the Trust and Kovitz (the "Kovitz Agreement"). Effective January 1, 2026, the Adviser serves as investment adviser to the Fund pursuant to an Interim Investment Advisory Agreement (the "Interim Agreement"). The Interim Agreement has an identical advisory fee rate and identical terms and provisions as the Kovitz Agreement, except for the effective and termination dates, certain escrow provisions, and other immaterial changes. The Interim Agreement will be in effect for no longer than 150 days following the termination of the Kovitz Agreement. The Interim Agreement has an identical advisory fee rate and identical terms and provisions as the Kovitz Agreement, except for the effective and termination dates, certain escrow provisions, and other immaterial changes. The Interim Agreement may be terminated prior to the completion of its 150-day term, and will terminate in the event that shareholders of the Fund approve a new Investment Advisory Agreement with the Adviser (the "New Agreement"). Under the Interim Agreement, the Adviser is responsible

for substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for the fee payments to the Adviser under the Interim Agreement, interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses (if any), litigation expenses and other extraordinary expenses, and compensation paid to the Independent Board Members (also known as a "unitary advisory fee"). The Fund pays the Adviser a unitary advisory fee at an annual rate equal to 0.99% of the Fund's average daily net assets. The compensation earned by the Adviser under the Interim Agreement will be held in escrow, pending shareholder approval of the New Agreement.

At a special meeting of shareholders to be held on March 31, 2026, shareholders of the Fund will be asked to consider the approval of the New Agreement. The New Agreement will have identical advisory fees and substantially similar terms and conditions as the Kovitz Agreement. Under the New Agreement there will not be any changes to the Fund's portfolio management team, investment objective, policies, or principal investment strategies.

During the fiscal year ended October 31, 2025, the Fund paid Kovitz a management fee equal to 0.99% of the Fund's average daily net assets. A discussion of the factors that the Board considered in approving the Kovitz Agreement is contained in the Fund's annual report to shareholders for the fiscal year ended October 31, 2025. A discussion of the factors that the Board considered in approve the Interim Agreement and the New Agreement will be contained in the Fund's semi-annual report to shareholder for the fiscal period ended April 30, 2026.

**Portfolio Manager.** Matthew Hayner serves as the sole portfolio manager of the Fund and is solely responsible for the day-to-day management of the Fund, with the support of a Core Equity Team comprised of Mr. Keshav Merchant and Mr. Jason Petitte.

<u>Matthew W. Hayner, MBA, CFA</u> – Portfolio Manager of the Fund and a Lead Portfolio Manager of the Adviser. Mr. Hayner has been a portfolio manager of the Fund since May 2024. Mr. Hayner joined Kovitz in 2022 as a Portfolio Manager. Previously, he was a Portfolio Manager at Madison Investment Advisors, Inc. from 2002 to 2022. Mr. Hayner graduated from Eastern Illinois University with a Bachelor of Science in Chemistry. He later received his Masters of Business Administration from the University of St. Thomas.

The Fund's SAI provides additional information about the Fund's portfolio manager, including his compensation structure, other accounts managed, and ownership of shares of the Fund.

**FINANCIAL HIGHLIGHTS**

The financial highlights table below will help you understand the financial performance of the Fund or the Predecessor Fund for the periods shown. Certain information reflects the financial performance of 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 Fund, assuming all dividends and distributions were reinvested. The information for the years shown has been audited by Cohen & Company, Ltd., the Fund's Independent Registered Public Accounting Firm, whose report is included in the Fund's [annual financial statements for the fiscal year ended October 31, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1437249/000158064226000038/vat_ncsr.htm), which are incorporated by reference in the SAI. The Fund's annual financial statements and the SAI are available free of charge upon request.

**Kovitz Core Equity ETF**

**Financial Highlights**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data** |  |  |  |  |  |
| Net asset value, beginning of year | $23.28 | $17.46 | $17.74 | $26.41 | $17.94 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.02 | 0.08 | 0.06 | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.77 | 5.79 | 1.47 | (4.44) | 9.10 |
| Total from investment operations | 2.79 | 5.87 | 1.53 | (4.48) | 9.06 |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.08) | (0.05) | (0.01) |  | — <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  | (1.80) | (4.19) | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of Capital | (0.01) |  |  |  |  |
| Total distributions | (0.09) | (0.05) | (1.81) | (4.19) | (0.59) |
| Net asset value, end of year | $25.98 | $23.28 | $17.46 | $17.74 | $26.41 |
| Market price, end of year | $26.00 | $23.25 | $17.48 | $— | $— |
| **Total Return<sup>(b)</sup>** | 11.96% | 33.68% | 9.47% | (20.01)% | 51.56% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (000 omitted) | $1274360 | $1159467 | $832169 | $76576 | $99367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after expense waiver | 0.99% | 0.99% | 0.99% | 1.10% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before expense waiver | 0.99% | 0.99% | 1.00% | 1.30% | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets after expense waiver | 0.07% | 0.39% | 0.26% | (0.18)% | (0.17)% |
| Portfolio turnover rate<sup>(c)</sup> | 36% | 25% | 20% | 26% | 20% |

---

(a) Rounds
 to less than $0.005 per share.

(b) Total
 return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last
 day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset
 value per share on their respective payment dates.

(c) Portfolio
 turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

**DISCLAIMERS**

Shares of the Fund are not sponsored, endorsed, or promoted by NYSE Arca. NYSE Arca makes no representation or warranty, express or implied, to the owners of the shares of the Fund. NYSE Arca is not responsible for, nor has it participated in, the determination of the timing of, prices of, or quantities of the shares of the Fund to be issued, or in the determination or calculation of the equation by which the shares are redeemable. NYSE Arca has no obligation or liability to owners of the shares of the Fund in connection with the administration, marketing, or trading of the shares of the Fund. Without limiting any of the foregoing, in no event shall NYSE Arca have any liability for any lost profits or indirect, punitive, special, or consequential damages even if notified of the possibility thereof.

**FOR MORE INFORMATION**

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

**<u>[Annual](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001437249/000158064226000038/vat_ncsr.htm)</u>** **<u>and [Semi-Annual Reports](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001437249/000158064225004120/vat_ncsrs.htm)</u>:** While this Prospectus describes the Fund's potential investments, information about the Fund's actual investments is available in the Fund's Annual and Semi-Annual Reports to shareholders and in the annual and semi-annual financial statements in Form N-CSR. The Annual Report to shareholders includes a discussion by Fund management of recent market conditions, economic trends, and investment strategies that significantly affected Fund performance during its last fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements. You may request that the Annual Report, Semi-Annual Report, and financial statements be sent to you, free of charge by contacting your financial intermediary or by calling the Fund toll-free at (877) 714-2327.

**<u>Statement of Additional Information</u>:** The SAI supplements the Prospectus and contains detailed information about the Fund and its investment restrictions, risks, policies, and operations, including the Fund's policies and procedures relating to the disclosure of portfolio holdings by the Fund's affiliates. A current SAI for the Fund is on file with the SEC and is incorporated into this Prospectus by reference, which means it is considered part of this Prospectus.

**<u>How to Obtain Copies of Other Fund Documents</u>**

You can obtain free copies of the current SAI, the Fund's Annual and Semi-Annual Reports to shareholders, and the Fund's annual and semi-annual financial statements, and request other information about the Fund or make shareholder inquiries, in any of the following ways:

By contacting the Fund at (877) 714-2327. The requested documents will be sent within three business days of receipt of the request.

The Fund's SAI and annual and semi-annual reports are available on the Fund's website at www.kovitzetf.com.

You may also obtain reports and other information about the Fund on the EDGAR Database on the SEC's Internet site at http://www.sec.gov.

Investment Company Act #811-22208

**Kovitz Core Equity ETF**

**EQTY**

**Primary Listing Exchange for the Fund: NYSE Arca**

**A Series of Valued Advisers Trust** 

**Statement of Additional Information** 

**March 1, 2026**

Focus Partners Wealth, LLC

*190 Carondelet Plaza, Suite 600, St. Louis, MO 63105 (312) 334-7300*

This Statement of Additional Information ("SAI") is not a prospectus. It should be read in conjunction with the Prospectus (the "Prospectus") of the Kovitz Core Equity ETF (the "Fund") dated March 1, 2026. This SAI incorporates by reference the Fund's Annual Report to Shareholders for the fiscal year ended October 31, 2025. A free copy of the Prospectus, Annual Report, or Semi-Annual Report can be obtained without charge, upon request, by calling toll-free (877) 714-2327 or by visiting the Fund's website at www.kovitzetf.com.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| DESCRIPTION OF THE TRUST AND THE FUND | 1 |
| ADDITIONAL INFORMATION ABOUT FUND INVESTMENTS AND RISK CONSIDERATIONS | 2 |
| PORTFOLIO TURNOVER | 8 |
| INVESTMENT LIMITATIONS | 9 |
| INVESTMENT ADVISER | 10 |
| TRUSTEES AND OFFICERS | 13 |
| CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES | 19 |
| PORTFOLIO TRANSACTIONS AND BROKERAGE | 20 |
| DISCLOSURE OF PORTFOLIO HOLDINGS | 21 |
| PROXY VOTING POLICY | 23 |
| DETERMINATION OF NET ASSET VALUE | 23 |
| HOW TO BUY AND SELL SHARES | 24 |
| STATUS AND TAXATION OF THE FUND | 32 |
| THE DISTRIBUTOR | 43 |
| OTHER SERVICE PROVIDERS | 44 |
| FINANCIAL STATEMENTS | 45 |
| DISCLAIMERS | 45 |
| EXHIBIT A – TRUST PROXY VOTING POLICIES AND PROCEDURES | 46 |
| EXHIBIT B – ADVISER PROXY VOTING POLICIES AND PROCEDURES | 48 |
| EXHIBIT C – GOVERNANCE AND NOMINATING COMMITTEE CHARTER | 55 |

---

i

**DESCRIPTION OF THE TRUST AND THE FUND**

The Kovitz Core Equity ETF (the "Fund") is an open-end diversified series of Valued Advisers Trust (the "Trust"). The Trust is a management investment company established under the laws of Delaware by an Agreement and Declaration of Trust dated June 13, 2008 (the "Trust Agreement"). The Trust Agreement permits the Trustees to issue an unlimited number of shares of beneficial interest of separate series without par value. The Fund is one of a series of funds authorized by the Trustees. The Fund's investment adviser is Focus Partners Wealth, LLC (the "Adviser").

The Fund is the successor in interest to the Green Owl Intrinsic Value Fund (the "Predecessor Fund") The Predecessor Fund was previously organized as a series of the Trust, and advised by Kovitz Investment Group Partners, LLC ("Kovitz"). On June 1-2, 2022, the Board of Trustees of the Trust (the "Board") approved the reorganization of the Predecessor Fund with and into the Fund, a "shell" series of the Trust, and effective as of the close of business on December 9, 2022, the Fund acquired all or substantially all of the assets and all of the stated liabilities included in the financial statements of the Predecessor Fund (the "Reorganization"). The Fund succeeded to the accounting and performance histories of the Predecessor Fund. Any such historical information provided in this SAI for the Fund that relates to periods prior to December 9, 2022, is therefore that of the Predecessor Fund. The Predecessor Fund had the same investment objectives and substantially similar investment strategies to the Fund, and was managed by the same portfolio managers as the Fund. The Predecessor Fund commenced operations in 2011.

On June 1-2, 2022, the Board also approved the reorganization of The Marathon Value Portfolio, a series of Northern Lights Fund Trust III (the "Marathon Fund"), with and into the Fund, and effective as of the close of business on December 9, 2022 the assets and liabilities of the Marathon Fund were transferred to the Fund in exchange for shares of the Fund. The Marathon Fund had similar investment objectives and policies as the Fund and was managed by the same portfolio managers. The Advisor also managed the assets of multiple separately managed accounts (the "SMAs") that were transferred to the Fund.

The Fund issues and redeems shares solely to certain financial institutions such as registered broker-dealers and banks that have entered into agreements with the Fund's distributor ("Authorized Participants") on a continuous basis at net asset value per share ("NAV") in aggregations of a specified number of shares called "Creation Units." Creation Units generally are issued in exchange for a basket of securities ("Deposit Securities"), together with the deposit of a specified cash payment ("Cash Component"). Shares are not individually redeemable, but are redeemable only in Creation Unit aggregations, and generally in exchange for portfolio securities and a specified cash payment. A Creation Unit of the Fund consists of a block of shares.

Shares are listed and traded on NYSE Arca. ("NYSE Arca" or the "Exchange"). Shares trade in the secondary market at market prices that may differ from the shares' NAV. Other than Authorized Participants, investors will not be able to purchase or redeem shares directly with or from the Fund. Instead, most investors will buy and sell shares in the secondary market through a broker.

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. Each share has the same voting and other rights and preferences as any other shares of any series of the Trust with respect

to matters that affect the Trust as a whole. The shares do not have cumulative voting rights or any preemptive or conversion rights, and the Board has the authority from time to time to divide or combine the shares of any series into a greater or lesser number of shares of that series so long as the proportionate beneficial interest in the assets belonging to that series and the rights of shares of any other series are in no way affected. The Fund currently offers only one class of shares. In case of any liquidation of a series, the holders of shares of the series being liquidated will be entitled to receive as a class a distribution out of the assets, net of the liabilities, belonging to that series. Expenses attributable to any series are borne by that series. Any general expenses of the Trust not readily identifiable as belonging to a particular series are allocated by or under the direction of the Board in such manner as the Board determines to be fair and equitable. No shareholder is liable to further calls or to assessment by the Trust without his or her express consent.

Any Trustee of the Trust may be removed by vote of the shareholders holding not less than two-thirds of the outstanding shares of the Trust. The Trust does not hold an annual meeting of shareholders. When matters are submitted to shareholders for a vote, each shareholder is entitled to one vote for each whole share he or she owns and fractional votes for fractional shares he or she owns. All shares of the Fund have equal voting rights and liquidation rights. The Trust Agreement can be amended by the Trustees, except that certain amendments that adversely affect the rights of shareholders must be approved by the shareholders affected. All shares of the Fund are subject to involuntary redemption if the Trustees determine to liquidate the Fund. An involuntary redemption will create a capital gain or a capital loss, which may have tax consequences about which you should consult your tax advisor.

For information concerning the purchase and sale of shares of the Fund, see "How to Buy and Sell Shares" in the Fund's Prospectus and in this SAI. For a description of the methods used to determine the share price and value of the Fund's assets, see "Determination of Net Asset Value" in the Fund's Prospectus and in this SAI.

The performance of the Fund may be compared in publications to the performance of various indices and investments for which reliable performance data is available. The performance of the Fund may be compared in publications to averages, performance rankings, or other information prepared by recognized mutual fund statistical services. The Annual Report contains additional performance information and will be made available to investors upon request and without charge.

**ADDITIONAL INFORMATION ABOUT FUND INVESTMENTS**

**AND RISK CONSIDERATIONS**

This section contains additional information about the investments the Fund may make and some of the techniques it may use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. <u>Equity Securities</u>.** Equity securities include common stock and common stock equivalents (such as rights and warrants, and convertible securities). Warrants are options to purchase equity securities at a specified price valid for a specific time period. Rights are similar to warrants, but normally have a short duration and are distributed by the issuer to its shareholders. Warrants are instruments that entitle the holder to buy underlying equity securities at a specific price for a specific period of time. A warrant tends to be more volatile than its underlying securities and ceases to have value if it is not exercised prior to its expiration date. In addition, changes in the value of a warrant do not necessarily correspond to changes in the value of its underlying securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. <u>Depositary Receipts</u>.** The Fund may invest in foreign securities either directly or by purchasing depositary receipts, including American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and other similar instruments. Generally, ADRs, in registered form, are denominated in U.S. dollars and are designed for use in the U.S. securities markets, while GDRs, in bearer form, may be denominated in other currencies and are designed for use in multiple foreign securities markets. ADRs are receipts typically issued by a U.S. bank or trust company evidencing ownership of the underlying securities. GDRs are foreign receipts evidencing a similar arrangement. For purposes of the Fund's investment policies, ADRs and GDRs are deemed to have the same classification as the underlying securities they represent, except that ADRs and GDRs shall be treated as indirect foreign investments. For example, an ADR or GDR representing ownership of common stock will be treated as common stock.

ADRs are denominated in U.S. dollars and represent an interest in the right to receive securities of foreign issuers deposited in a U.S. Bank or correspondent bank. ADRs do not eliminate all the risk inherent in investing in the securities of foreign issuers. However, by investing in ADRs rather than directly in equity securities of foreign issuers, the Fund will avoid currency risks during the settlement period for either purchases or sales. GDRs are not necessarily denominated in the same currency as the underlying securities which they represent.

Depositary receipt facilities may be established as either "unsponsored" or "sponsored". While depositary receipts issued under these two types of facilities are in some respects similar, there are distinctions between them relating to the rights and obligations of depositary receipt holders and the practices of market participants.

A depository may establish an unsponsored facility without participation by (or even necessarily the permission of) the issuer of the deposited securities, although typically the depository requests a letter of non-objection from such issuer prior to the establishment of the facility. Holders of unsponsored depositary receipts generally bear all the costs of such facility. The depository usually charges fees upon the deposit and withdrawal of the deposited securities, the conversion of dividends into U.S. dollars, the disposition of non-cash distributions, and the performance of other services. The depository of an unsponsored facility frequently is under no obligation to pass through voting rights to depositary receipt holders in respect of the deposited securities. In addition, an unsponsored facility is generally not obligated to distribute communications received from the issuer of the deposited securities or to disclose material information about such issuer in the U.S. and there may not be a correlation between such information and the market value of the depositary receipts.

Sponsored depositary receipt facilities are created in generally the same manner as unsponsored facilities, except that the issuer of the deposited securities enters into a deposit agreement with the depository. The deposit agreement sets out the rights and responsibilities of the issuer, the depository, and the depositary receipt holders. With sponsored facilities, the issuer of the deposited securities generally will bear some of the costs relating to the facility (such as dividend payment fees of the depository), although depositary receipt holders continue to bear certain other costs (such as deposit and withdrawal fees). Under the terms of most sponsored arrangements, depositories agree to distribute notices of shareholder meetings and voting instructions, and to provide shareholder communications and other information to the depositary receipt holders at the request of the issuer of the deposited securities. Risks associated with direct investments in foreign securities, rather than through depositary receipts, are described below under "Foreign Securities."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. <u>Foreign Securities</u>.** The Fund may invest in foreign securities directly or through despositary receipts (as described above). Investing in securities of foreign companies and countries involves certain considerations and risks that are not typically associated with investing in U.S. government securities and securities of domestic companies. There may be less publicly available information about a foreign issuer than a domestic one, and foreign companies are not generally subject to uniform accounting, auditing and financial standards and requirements comparable to those applicable to U.S. companies. There may also be less government supervision and regulation of foreign securities exchanges, brokers and listed companies than exists in the United States. Interest and dividends paid by foreign issuers may be subject to withholding and other foreign taxes, which may decrease the net return on such investments as compared to dividends and interest paid to the Fund by domestic companies or the U.S. government. There may be the possibility of expropriations, seizure or nationalization of foreign deposits, confiscatory taxation, political, economic or social instability or diplomatic developments that could affect assets of the Fund held in foreign countries. The establishment of exchange controls or other foreign governmental laws or restrictions could adversely affect the payment of obligations. In addition, investing in foreign securities will generally result in higher commissions than investing in similar domestic securities.

Decreases in the value of currencies of the foreign countries in which portfolio securities are organized or operate relative to the U.S. dollar will result in a corresponding decrease in the U.S. dollar value of the Fund's assets denominated in those currencies (and possibly a corresponding increase in the amount of securities required to be liquidated to meet distribution requirements). Conversely, increases in the value of currencies of the foreign countries in which the Fund invests relative to the U.S. dollar will result in a corresponding increase in the U.S. dollar value of the Fund's assets (and possibly a corresponding decrease in the amount of securities required to be liquidated to meet distribution requirements).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. <u>Convertible Securities</u>**. The Fund may invest in convertible securities, which are preferred stocks or bonds that pay a fixed dividend or interest payment and are convertible into common stock or other equity interests at a specified price or conversion ratio. Although convertible bonds, convertible preferred stocks, and other securities convertible into equity securities may have some attributes of income securities or debt securities, the Fund generally treats such securities as equity securities. By investing in convertible securities, the Fund may seek income, and may also seek the opportunity, through the conversion feature, to participate in the capital appreciation of the common stock or other interests into which the securities are convertible, while potentially earning a higher fixed rate of return than is ordinarily available in common stocks. While the value of convertible securities depends in part on interest rate changes and the credit quality of the issuers, the value of these securities will also change based on changes in the value of the underlying stock. Income paid by a convertible security may provide a limited cushion against a decline in the price of the security. However, convertible securities generally have less potential for gain than common stocks. Also, convertible bonds generally pay less income than non-convertible bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. <u>Derivative Instruments</u>**. The Fund may invest in option instruments as described below:

**Writing Covered Call Options –** The Fund may write covered call options on equity securities or futures contracts that the Fund is eligible to purchase to extend a holding period to obtain long-term capital gain treatment, to earn premium income, to assure a definite price for a security it has considered selling, or to close out options previously purchased. The Fund may write covered call

options if, immediately thereafter, not more than 30% of its net assets would be committed to such transactions. A call option gives the holder (buyer) the right to purchase a security or futures contract at a specified price (the exercise price) at any time until a certain date (the expiration date). A call option is "covered" if the Fund owns the underlying security subject to the call option at all times during the option period. When the Fund writes a covered call option, it maintains a segregated account with its Custodian or as otherwise required by the rules of the exchange the underlying security, cash or liquid portfolio securities in an amount not less than the exercise price at all times while the option is outstanding.

The Fund will receive a premium from writing a call option, which increases the Fund's return in the event the option expires unexercised or is closed out at a profit. The amount of the premium will reflect, among other things, the relationship of the market price of the underlying security to the exercise price of the option and the remaining term of the option. However, there is no assurance that a closing transaction can be effected at a favorable price. During the option period, the covered call writer has, in return for the premium received, given up the opportunity for capital appreciation above the exercise price should the market price of the underlying security increase, but has retained the risk of loss should the price of the underlying security decline.

**Writing Put Options –** The Fund may write put options on equity securities and futures contracts that the Fund is eligible to purchase to earn premium income or to assure a definite price for a security if it is considering acquiring the security at a lower price than the current market price or to close out options previously purchased. The Fund may not write a put option if, immediately thereafter, more than 25% of its net assets would be committed to such transactions. A put option gives the holder of the option the right to sell, and the writer has the obligation to buy, the underlying security at the exercise price at any time during the option period. The operation of put options in other respects is substantially identical to that of call options. When the Fund writes a put option, it maintains in a segregated account with its Custodian cash or liquid portfolio securities in an amount not less than the exercise price at all times while the put option is outstanding.

The Fund will receive a premium from writing a put option, which increases the Fund's return in the event the option expires unexercised or is closed out at a profit. The amount of the premium will reflect, among other things, the relationship of the market price of the underlying security to the exercise price of the option and the remaining term of the option. The risks involved in writing put options include the risk that a closing transaction cannot be effected at a favorable price and the possibility that the price of the underlying security may fall below the exercise price, in which case the Fund may be required to purchase the underlying security at a higher price than the market price of the security at the time the option is exercised, resulting in a potential capital loss unless the security subsequently appreciates in value.

The Fund may also write straddles (combinations of puts and calls on the same underlying security.)

**Purchasing Put Options –** The Fund may purchase put options. As the holder of a put option, the Fund has the right to sell the underlying security at the exercise price at any time during the option period. The Fund may enter into closing sale transactions with respect to such options, exercise them or permit them to expire.

The Fund may purchase a put option on an underlying security (a "protective put") owned as a defensive technique to protect against an anticipated decline in the value of the security. Such hedge protection is provided only during the life of the put option when the Fund, as the holder of the put option, is able to sell the underlying security at the put exercise price regardless of any decline in the underlying security's market price. For example, a put option may be purchased to protect unrealized appreciation of a security where the Adviser deems it desirable to continue to hold the security because of tax considerations. The premium paid for the put option and any transaction costs would reduce any capital gain otherwise available for distribution when the security is eventually sold.

The Fund may also purchase put options at a time when it does not own the underlying security. By purchasing put options on a security it does not own, the Fund seeks to benefit from a decline in the market price of the underlying security. If the put option is not sold when it has remaining value, and if the market price of the underlying security remains equal to or greater than the exercise price during the life of the put option, the Fund will lose its entire investment in the put option. For the purchase of a put option to be profitable, the market price of the underlying security must decline sufficiently below the exercise price to cover the premium and transaction costs, unless the put option is sold in a closing sale transaction.

A put option will be recorded as an asset in the Fund's statement of assets and liabilities, with its initial value set as the premium paid by the Fund when purchasing it. This asset will be adjusted daily to the option's current market value, which will be the latest sale price at the time at which the Fund's NAV per share is computed (close of trading on the New York Stock Exchange), or, in the absence of such sale, the latest bid price. The asset will be extinguished upon expiration of the option, the selling (writing) of an identical option in a closing transaction, or the delivery of the underlying security upon the exercise of the option. The purchaser of a put option risks a total loss of the premium paid for the option if the price of the underlying security does not increase or decrease sufficiently to justify exercise.

**Purchasing Call Options –** The Fund may purchase call options. As the holder of a call option, the Fund has the right to purchase the underlying security at the exercise price at any time during the option period. The Fund may enter into closing sale transactions with respect to such options, exercise them or permit them to expire. The Fund may also purchase call options on relevant stock indexes. Call options may also be purchased by the Fund for the purpose of acquiring the underlying securities for its portfolio. Utilized in this fashion, the purchase of call options enables the Fund to acquire the securities at the exercise price of the call option plus the premium paid. At times the net cost of acquiring securities in this manner may be less than the cost of acquiring the securities directly. This technique may also be useful to the Fund in purchasing a large block of securities that would be more difficult to acquire by direct market purchases. So long as it holds such a call option rather than the underlying security itself, the Fund is partially protected from any unexpected decline in the market price of the underlying security and in such event could allow the call option to expire, incurring a loss only to the extent of the premium paid for the option.

The Fund may also purchase call options on underlying securities it owns to protect unrealized gains on call options previously written by it. A call option would be purchased for this purpose where tax considerations make it inadvisable to realize such gains through a closing purchase transaction. Call options may also be purchased at times to avoid realizing losses that would result in a reduction of the Fund's current return. For example, where the Fund has written a call option on an underlying security having a current market value below the price at which such security was

purchased by the Fund, an increase in the market price could result in the exercise of the call option written by the Fund and the realization of a loss on the underlying security with the same exercise price and expiration date as the option previously written.

A call option will be recorded as an asset in the Fund's statement of assets and liabilities, with its initial value set as the premium paid by the Fund when purchasing it. This asset will be adjusted daily to the option's current market value, which will be the latest sale price at the time at which the Fund's NAV per share is computed (close of trading on the New York Stock Exchange), or, in the absence of such sale, the latest bid price. The asset will be extinguished upon expiration of the option, the selling (writing) of an identical option in a closing transaction, or the delivery of the underlying security upon the exercise of the option.

**Options Transactions Generally –** Option transactions in which the Fund may engage involve the specific risks described above as well as the following risks: the writer of an option may be required to exercise at any time during the option period; disruptions in the markets for underlying instruments could result in losses for options investors; imperfect or no correlation between the option and the securities being hedged; the insolvency of a broker could present risks for the broker's customers; and market imposed restrictions may prohibit the exercise of certain options. In addition, the option activities of the Fund may affect its portfolio turnover rate and the amount of brokerage commissions paid by the Fund. The success of the Fund in using the option strategies described above depends, among other things, on an adviser's ability to predict the direction and volatility of price movements in the options, futures contracts and securities markets and its ability to select the proper time, type and duration of the options.

The Fund may purchase either exchange-traded or over-the-counter options on securities. With certain exceptions, over-the-counter options, and any assets used to cover them, are considered illiquid securities. The Fund's ability to terminate options positions established in the over-the-counter market may be more limited than in the case of exchange-traded options and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. <u>Illiquid Investments</u>**. The Fund may invest in illiquid securities. An illiquid investment is any investment that may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the conversion to cash significantly changing the market value of the investment. However, the Fund will not acquire any illiquid investment ties if, immediately after the acquisition, the Fund would have invested more than 15% of the value of the Fund's net assets in illiquid investments.

Illiquid securities will be priced at fair value as determined in good faith under procedures adopted by the Board. If, through the appreciation of illiquid securities or the depreciation of liquid securities, the Fund should be in a position where more than 15% of the value of its net assets are invested in illiquid securities, the Fund will take steps in accordance with the Trust's Liquidity Risk Management Program to protect liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. <u>Restricted Securities</u>.** The Fund may invest in restricted securities (securities the disposition of which is restricted under the federal securities laws), including securities that may only be resold pursuant to Rule 144A under the Securities Act of 1933 (the "1933 Act"). Restricted securities may be sold only in privately negotiated transactions or in a public offering with respect to

which a registration statement is in effect under the 1933 Act. Where registration is required, the Fund may be obligated to pay all or part of the registration expenses and a considerable period may elapse between the time of the decision to sell and the time the Fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the Fund might obtain a less favorable price than that which prevailed when it decided to sell.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H. <u>Borrowing.</u>** The Fund may borrow for investment purposes and for other purposes permitted by the Investment Company Act of 1940 ("1940 Act"). Under the 1940 Act, the Fund is required to maintain continuous asset coverage of 300% with respect to permitted borrowings and to sell (within three days) sufficient portfolio holdings to restore such coverage if it should decline to less than 300% due to market fluctuations or otherwise, even if such liquidation of the Fund's holdings may be disadvantageous from an investment standpoint. Borrowing creates leverage, which will exaggerate the effect or any increase or decrease in the market price of securities in the Fund's portfolio on the Fund's NAV and, therefore, may increase the volatility of the Fund. Money borrowed will be subject to interest and other costs (that may include commitment fees). Increased operating costs, including the financing cost associated with any leverage, may reduce the Fund's total return. Unless the income and capital appreciation, if any, exceed the cost of borrowing, the use of leverage will diminish the investment performance of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. <u>Temporary Investments</u>.** To maintain cash for redemptions and distributions and for temporary defensive purposes, the Fund may invest in money market mutual funds and in investment grade short-term fixed income securities including short-term U.S. government securities, negotiable certificates of deposit, commercial paper, banker's acceptances and repurchase agreements. The Fund may also invest in futures, options, shorts and foreign currency hedging as a defensive measure. To the extent that the Fund engages in a temporary, defensive strategy, the Fund may not achieve its investment objective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J. <u>Stock Market Risk</u>.** The Fund may lose money due to fluctuations within the stock market which may be unrelated to individual issuers and could not have been predicted. The price of the securities which the Fund holds may change unpredictably and due to local, regional, international, or global events. These events may include economic downturns such as recessions or depressions; natural occurrences such as natural disasters, epidemics or pandemics; acts of violence such as terrorism or war; and political and social unrest. Due to the prominence of globalization and global trade, the securities held by the Fund may be affected by international and global events. In the case of a general market downturn, multiple asset classes, or the entire market, may be negatively affected for an extended and unknown amount of time. Although all securities are subject to these risk, different securities will be affected in different manners depending on the event.

**PORTFOLIO TURNOVER**

Although the Fund generally will not invest for short-term trading purposes, portfolio securities may be sold without regard to the length of time they have been held when, in the opinion of the Adviser, investment considerations warrant such action. The Fund's portfolio turnover rate is a measure of the Fund's portfolio activity, and is calculated by dividing the lesser of purchases or sales of securities by the average value of the portfolio securities held during the period. A high rate of portfolio turnover (100% or more) generally leads to higher transaction costs and may result in a greater number of taxable transactions. During the fiscals years ended October 31, the Fund's portfolio turnover rates were as follows:

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| | |
|:---|:---|
| **2025** | **2024** |
| 36% | 25% |

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**INVESTMENT LIMITATIONS**

<u>Fundamental</u>. The investment limitations described below have been adopted by the Trust with respect to the Fund and are fundamental ("Fundamental"), <u>i.e</u>., they may not be changed without the affirmative vote of a majority of the outstanding shares of the Fund. As used in the Prospectus and this SAI, the term "majority of the outstanding shares of the Fund" means the lesser of: (1) 67% or more of the outstanding shares of the Fund present at a meeting, if the holders of more than 50% of the outstanding shares of the Fund are present or represented at such meeting; or (2) more than 50% of the outstanding shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Borrowing Money</u>. The Fund will not borrow money, except from: (a) a bank, provided that immediately after such borrowing there is an
 asset coverage of 300% for all borrowings of the Fund; or (b) a bank or other persons for temporary purposes only, provided that
 such temporary borrowings are in an amount not exceeding 5% of the Fund's total assets at the time when the borrowing is made. This
 limitation does not preclude the Fund from entering into reverse repurchase transactions, provided that the Fund has an asset coverage
 of 300% for all borrowings and repurchase commitments of the Fund pursuant to reverse repurchase transactions.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Diversification</u>.
 The Fund may not, with respect to 75% of its total assets, invest more than 5% of the value of its total assets in the securities of any
 one issuer or purchase more than 10% of the outstanding voting securities of any class of securities of any one issuer (except that securities
 of the U.S. government, its agencies, and instrumentalities and securities of other investment companies are not subject to this limitation).

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Senior Securities</u>. The Fund will not issue senior securities, except as permitted by the 1940 Act and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Underwriting</u>.
 The Fund will not act as underwriter of securities issued by other persons. This limitation is not applicable to the extent that, in connection
 with the disposition of portfolio securities (including restricted securities), the Fund may be deemed an underwriter under certain federal
 securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Real Estate</u>. The Fund will not purchase or sell real estate. This limitation is not applicable to investments in marketable securities
 that are secured by or represent interests in real estate. This limitation does not preclude the Fund from investing in mortgage-related
 securities or investing in companies engaged in the real estate business or that have a significant portion of their assets in real estate
 (including real estate investment trusts).

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Commodities</u>.
 The Fund will not purchase or sell commodities unless acquired as a result of ownership of securities or other investments. This limitation
 does not preclude the Fund

from purchasing or selling options or futures contracts, from investing in securities or other instruments backed by commodities or from investing in companies that are engaged in a commodities business or have a significant portion of their assets in commodities.

&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Loans</u>.
 The Fund will not make loans to other persons, except: (a) by loaning portfolio securities; (b) by engaging in repurchase agreements;
 or (c) by purchasing non-publicly offered debt securities. For purposes of this limitation, the term "loans" shall not
 include the purchase of a portion of an issue of publicly distributed bonds, debentures or other securities.

&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Concentration</u>.
 The Fund will not invest more than 25% of its total assets in any one particular industry. This limitation is not applicable to investments
 in obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities or repurchase agreements with respect thereto.

<u>Non-Fundamental</u>. The investment limitation described below has been adopted by the Trust with respect to the Fund and is non-fundamental ("Non-Fundamental"). A Non-Fundamental policy may be changed by the Board without the approval of shareholders to the extent permitted by applicable law, regulation or regulatory policy. Additionally, the Fund's investment objective of long-term capital appreciation is non-fundamental.

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Name Rule</u>. Under normal circumstances, the Fund will invest at least 80% of its net assets (including borrowings for investment purposes,
 if any) in equity securities. This investment policy may not be changed without at least 60 days prior written notice in plain English
 to the Fund's shareholders.

With respect to the percentages adopted by the Trust as maximum limitations on its investment policies and limitations, an excess above the fixed percentage will not be a violation of the policy or limitation unless the excess results immediately and directly from the acquisition of any security or the action taken. This paragraph does not apply to the borrowing policy set forth in paragraph 1 above; nor does it apply to the 15% of net assets limitation on illiquid investments.

Notwithstanding any of the foregoing limitations, any investment company, whether organized as a trust, association or corporation, or a personal holding company, may be merged or consolidated with or acquired by the Trust, provided that if such merger, consolidation or acquisition results in an investment in the securities of any issuer prohibited by said paragraphs, the Trust shall, within ninety days after the consummation of such merger, consolidation or acquisition, dispose of all of the securities of such issuer so acquired or such portion thereof as shall bring the total investment therein within the limitations imposed by said paragraphs above as of the date of consummation.

**INVESTMENT ADVISER**

Focus Partners Wealth, LLC, 190 Carondelet Plaza, Suite 600, St. Louis, MO 63105, serves as investment adviser to the Fund (the "Adviser"). Prior to a reorganization transaction with an affiliate on January 1, 2026 (the "Transaction"), the investment adviser to the Fund was Kovitz Investment Group Partners, LLC ("Kovitz"). The Adviser has overall supervisory management responsibility for the general management and investment of the Fund's portfolio. The Adviser has been registered with the SEC since December 7, 2011 and provides wealth advisory services to individuals, families, qualified retirement plans, institutions, and businesses. The Adviser is an indirect wholly-owned

subsidiary of Focus Financial Partners, LLC ("Focus"), a Delaware limited liability company that is a strategic and financial investor in independently-managed wealth management firms. Focus Financial Partners Inc., 190 Carondelet Plaza, Suite 600, St. Louis, Missouri 63105, is the sole managing member of Focus. Ultimate governance of Focus is conducted through the board of directors at Ferdinand FFP Ultimate Holdings, LP. Focus is majority owned, indirectly and collectively, by investment vehicles affiliated with Clayton, Dubilier & Rice, LLC. As of November 30, 2025, the Adviser had assets under management of approximately $140 billion.

The closing of the Transaction resulted in the termination of the investment advisory agreement between the Trust and Kovitz (the "Kovitz Agreement"). Effective January 1, 2026, the Adviser serves as investment adviser to the Fund pursuant to an Interim Investment Advisory Agreement (the "Interim Agreement"). The Interim Agreement has an identical advisory fee rate and identical terms and provisions as the Kovitz Agreement, except for the effective and termination dates, certain escrow provisions, and other immaterial changes. The Interim Agreement will be in effect for no longer than 150 days following the termination of the Kovitz Agreement. The Interim Agreement has an identical advisory fee rate and identical terms and provisions as the Kovitz Agreement, except for the effective and termination dates, certain escrow provisions, and other immaterial changes. The Interim Agreement may be terminated prior to the completion of its 150-day term, and will terminate in the event that shareholders of the Fund approve a new Investment Advisory Agreement with the Adviser (the "New Agreement"). Under the Interim Agreement, the Adviser is responsible for substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for the fee payments to the Adviser under the Interim Agreement, interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses (if any), litigation expenses and other extraordinary expenses, and compensation paid to the Independent Board Members (also known as a "unitary advisory fee"). The Fund pays the Adviser a unitary advisory fee at an annual rate equal to 0.99% of the Fund's average daily net assets. The compensation earned by the Adviser under the Interim Agreement will be held in escrow, pending shareholder approval of the New Agreement.

At a special meeting of shareholders to be held on March 31, 2026, shareholders of the Fund will be asked to consider the approval of the New Agreement. The New Agreement will have identical advisory fees and substantially similar terms and conditions as the Kovitz Agreement. Under the New Agreement there will not be any changes to the Fund's portfolio management team, investment objective, policies, or principal investment strategies.

The Fund was created as part of the reorganization of the Predecessor Fund and the Marathon Fund into the Fund. Prior to the Reorganization, the Predecessor Fund was managed by Kovitz. The following table describes the advisory fees earned by Kovitz, amounts waived and/or reimbursed and net amounts paid to Kovitz by the Predecessor Fund or the Fund for the periods shown.

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| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Advisory<br> Fees Accrued** | **Fee Waiver/<br>Expense<br>Reimbursement** | **Net Advisory<br> Fees** |
| October 31, 2023 | $7153612 | $(35053) | $7118559 |
| October 31, 2024 | $10273760 | $0 | $10273760 |
| October 31, 2025 | $12071014 | $0 | $12071014 |

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**About the Portfolio Manager** 

Matthew Hayner serves as the portfolio manager of the Fund and is solely responsible for the day-to-day management of the Fund (the "Portfolio Manager"). In this role, Mr. Hayner is supported by a Core Equity Team comprised of Mr. Keshav Merchant and Mr. Jason Petitte. As of October 31, 2025, the Portfolio Manager was responsible for managing the following types of accounts, in addition to the Fund:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Total<br> Accounts<br> By Type** | **Total<br> Assets By<br> Account Type** | **Number of<br> Accounts by<br> Type Subject to a<br> Performance Fee** | **Total Assets<br> By Account<br> Type Subject to a<br> Performance Fee** |
| Matthew W. Hayner | Investment Companies: 0<br>Pooled Investment Vehicles: 0<br>Other Accounts: 4,982 | Investment Companies: $0<br>Pooled Investment Vehicles: $0<br>Other Accounts: $2,908,819,721.98 | Investment Companies: 0<br>Pooled Investment Vehicles: 0<br>Other Accounts: 0 | Investment Companies: $0<br>Pooled Investment Vehicles: $0<br>Other Accounts: $0 |

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<u>Compensation</u>: Mr. Hayner receives an annual base salary and discretionary and performance bonuses from the Adviser.

<u>Certain Potential Conflicts of Interest</u>: Potential conflicts of interest may arise because the Portfolio Manager uses the same proprietary investment methodology for the Fund as he uses for other clients and because the Adviser manages assets for other clients. This means that the Portfolio Manager will make the investment strategies used to manage the Fund available to other clients. As a result, there may be circumstances under which the Fund and other clients of the Adviser may compete in purchasing available investments and, to the extent that the demand exceeds the supply, may result in driving the prices of such investments up, resulting in higher costs to the Fund. There also may be circumstances under which the Portfolio Manager recommends the purchase or sale of various investments to other clients and does not purchase or sell the same investments for the Fund, or purchases or sells an investment for the Fund and does not include such investment in recommendations provided to other clients. This is because the Adviser's portfolio recommendations among clients differ based on each client's investment policy guidelines and/or prevailing market conditions at the time such recommendation is made. The Portfolio Manager carries on investment activities for other clients and may also carry on investment activities for his own account(s) and/or the accounts of family members, and therefore will not be devoting all of his efforts to the management of the Fund. As a result of these activities, the Portfolio Manager is engaged in substantial activities other than on behalf of the Fund, and may have differing economic interests in respect of such activities.

<u>Ownership of Fund Shares</u>:

As of October 31, 2025, the Portfolio Manager owned shares of the Fund in the following ranges:

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Equity<br> Securities in the Fund** |
| Matthew W. Hayner | $50001 - $100000 |

---

The Portfolio Manager is invested in a separate account strategy that mirrors the Fund. The range of ownership across all vehicles that are managed according to this investment strategy are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Range of Investments in Core Equity** | **Range of Investments in Core Equity** | **Range of Investments in Core Equity** | **Range of Investments in Core Equity** |
| | **<$500k** | **$500k - $1M** | **$1M - $5M** | **$5M+** |
| Matthew W. Hayner |  |  | X |  |

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**TRUSTEES AND OFFICERS**

The Board supervises the business activities of the Trust and is responsible for protecting the interests of shareholders. The Chairperson of the Board is Andrea N. Mullins, who is not an "interested person" of the Trust, as that term is defined under the 1940 Act ("Independent Trustee"). The Board has considered the overall leadership structure of the Trust and has established committees designed to facilitate the governance of the Trust by the Trustees generally and the Board's role with respect to risk oversight specifically. The Trust's committees are responsible for certain aspects of risk oversight relating to financial statements and compliance matters. The Board also has frequent interaction with the service providers and Chief Compliance Officer (the "CCO") of the Trust with respect to risk oversight matters. The Trust's CCO reports directly to the Board generally with respect to the CCO's role in managing the compliance risks of the Trust. The CCO may also report directly to a particular committee of the Board depending on the subject matter. The Trust's principal financial officer reports to the Audit Committee of the Board on all financial matters affecting the Trust, including risks associated with financial reporting. Through the committee structure, the Trustees also interact with other officers and service providers of the Trust to monitor risks related to the Trust's operations. The Trust has determined that its leadership structure is appropriate based on the size of the Trust, the Board's current responsibilities, each Trustee's ability to participate in the oversight of the Trust and committee transparency.

The Trustees are experienced businesspersons who meet throughout the year to oversee the Trust's activities, review contractual arrangements with companies that provide services to the Fund and review performance. Each Trustee serves as a trustee until termination of the Trust unless the Trustee dies, resigns, retires or is removed.

The following table provides information regarding each of the Trustees, all of whom are Independent Trustees.

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| | | |
|:---|:---|:---|
| **Name, Address\*,<br> Year of Birth,<br> Position with Trust\*\*,<br> Term of Position with Trust** | **Principal Occupation<br> During Past 5 Years** | **Other Directorships** |
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
| **Martin A. Burns**<br> Born 1957<br> Independent Trustee<br> Since June 2024 | **Current:** Principal, Owner, and Sole Member, ActioCon LLC (asset management consulting) (since November 2021).<br>**Previous:** Chief Industry Operations Officer, Investment Company Institute (2015 to 2022). | Trustee, CRM Mutual Fund Trust (since January 2025) (5 portfolios). |
| **Ira P. Cohen**<br> Born 1959<br> Independent Trustee<br> Since June 2010 | **Current:** Independent financial services consultant (since February 2005); Executive Vice President of Asset Management Services, Recognos Financial (since August 2015). | Trustee and Audit Committee Chairman, Apollo Diversified Real Estate Fund (since 2014); Trustee, Chairman and Nominating and Governance Committee Chairman, Angel Oak Funds Trust (since October 2014) (7 portfolios); Trustee, Chairman, and Nominating and Governance Committee Chairman, Angel Oak Strategic Credit Fund (since December 2017); Trustee, Chairman, and Nominating and Governance Committee Chairman, Angel Oak Financial Strategies Income Term Trust (since May 2019); Trustee, Chairman, and Nominating and Governance Committee Chairman, Angel Oak Credit Opportunities Term Trust (since January 2021); Trustee and Nominating and Governance Committee Chairman, U.S. Fixed Income Trust (since March 2019). Trustee, CRM Mutual Fund Trust (since January 2025) (5 portfolios). Formerly, Trustee, Angel Oak Dynamic Financial Strategies Income Term Trust, 2019 – 2022; Trustee, Apollo Diversified Credit Fund, 2017 – 2022. |

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| | | |
|:---|:---|:---|
| **Name, Address\*,<br> Year of Birth,<br> Position with Trust\*\*,<br> Term of Position with Trust** | **Principal Occupation<br> During Past 5 Years** | **Other Directorships** |
| **Andrea N. Mullins**<br> Born 1967<br> Independent Trustee<br> Since December 2013<br> Chairperson Since March 2017 | **Current:** Private investor; Independent Contractor, SWM Advisors (since April 2014). | Trustee, Angel Oak Funds Trust (since February 2019) (7 portfolios); Trustee, Angel Oak Strategic Credit Fund (since February 2019); Trustee, Angel Oak Financial Strategies Income Term Trust (since May 2019); Trustee, Angel Oak Credit Opportunities Term Trust (since January 2021); Trustee and Audit Committee Chair, NXG NextGen Infrastructure Income Fund (since November 2021); Trustee and Audit Committee Chair, NXG Cushing Midstream Energy Fund (since November 2021); Trustee, CRM Mutual Fund Trust (since January 2025) (5 portfolios). |
| **Susan J. Templeton**<br> Born 1956<br> Independent Trustee<br> Since June 2024 | **Current:** Advisory Board Member, Morningstar, Inc. (since 2023); Independent Director, Claridges Trust Co. (since 2015); Advisory Board Member, Seyen Venture Capital (since 2017).<br>**Previous:** Vice-Chair, Sebold Capital Management (2019 to 2023). | Trustee, CRM Mutual Fund Trust (since January 2025) (5 portfolios). |

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\* The address for each trustee is 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246. <br> \*\* As of the date of this SAI, the Trust consists of 13 series.

The Trust's committees are responsible for certain aspects of risk oversight relating to financial statements, and compliance and governance matters. The Board currently has established two standing committees: the Audit Committee and the Governance and Nominating Committee.

The Trust's Audit Committee consists of the Independent Trustees. The Audit Committee is responsible for overseeing each Fund's accounting and financial reporting policies and practices, its internal controls and, as appropriate, the internal controls of certain service providers; overseeing the quality and objectivity of the Fund's financial statements and the independent audit of the financial statements; and acting as a liaison between the Fund's independent auditors and the full Board. During the 2025 calendar year, the Audit Committee met five times.

The Governance and Nominating Committee consists of the Independent Trustees and oversees general Trust governance-related matters. The Governance and Nominating Committee's purposes, duties and powers are set forth in its written charter, which is included in Exhibit C – the charter also describes the process by which shareholders of the Trust may make nominations. During the 2025 calendar year, the Governance and Nominating Committee met one time.

**Trustee Qualifications**

Generally, no one factor was decisive in the original selection of an individual to join the Board. Among the factors the Board considered when concluding that an individual should serve on the Board were the following: (1) the individual's business and professional experience and accomplishments; (2) the individual's ability to work effectively with the other members of the Board; (3) how the individual's skills, experience and attributes would contribute to an appropriate mix of relevant skills and experience on the Board; and (4) how the individual would enhance the diversity of the Board. In respect of each Trustee, the individual's substantial professional accomplishments and prior experience, including, in some cases, in fields related to the operations of the Trust, were a significant factor in the determination that the individual should serve as a Trustee of the Trust. In addition to the information provided above, below is a summary of the specific experience, qualifications, attributes or skills of each Trustee and the reason why he or she was selected to serve as Trustee:

**Martin A. Burns** – Mr. Burns has over 41 years of financial services expertise in consumer and commercial banking and the domestic and global pooled investment industries. His experiences include executive operations management, valuation and distribution practices, regulatory implementation and compliance, cybersecurity, and industry advocacy for registered investment companies. Mr. Burns was selected to serve as a Trustee based primarily on his considerable knowledge of the mutual fund industry, including the regulatory framework under which the Trust must operate.

**Ira P. Cohen** – Mr. Cohen has over 45 years of experience in the financial services industry, including in an executive management role. He was selected to serve as Trustee of the Trust based primarily on his comprehensive understanding of the Trust's operations and investments.

**Andrea N. Mullins** – Ms. Mullins has over 31 years of experience in the mutual fund industry, including experience in management, accounting and financial reporting.

**Susan J. Templeton** – Ms. Templeton has over 41 years of experience in the financial services industry, including extensive experience in executive management roles relating to the operations of mutual funds and similar products. She was selected to serve as a Trustee of the Trust based primarily on her broad knowledge of various types of investments and of mutual fund operations.

The following table provides information regarding the Officers of the Trust.

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| | |
|:---|:---|
| **Matthew J. Miller**<br> Born 1976<br> Principal Executive Officer and President Since March 2022<br>Vice President From December 2011 to March 2022 | **Current:** Vice President, Relationship Management, Ultimus Fund Solutions, LLC (since December 2015). |
| **Carol J. Highsmith**<br> Born 1964<br> Vice President Since August 2008<br>Secretary Since March 2014 | **Current:** Vice President, Ultimus Fund Solutions, LLC (since December 2015).<br>|
| **Jared D. Lahman**<br> Born 1986<br> AML Officer since March 2023 | **Current:** Assistant Vice President, Compliance Officer, Northern Lights Compliance Services, LLC (since September 2023).<br>**Previous:** Senior Compliance Analyst, Northern Lights Compliance Services, LLC (January 2019 to September 2023). |
| **Zachary P. Richmond**<br> Born 1980<br> Principal Financial Officer and Treasurer Since September 2021 | **Current:** Vice President, Financial Administration, Ultimus Fund Solutions, LLC (since February 2019). |
| **Michael Wittke**<br> Born 1971<br> Chief Compliance Officer Since July 2024 | **Current**: Vice President, Senior Compliance Officer, Northern Lights Compliance Services, LLC (since June 2024).<br>**Previous**: Chief Compliance Officer, Southeastern Asset Management, Inc. (March 2002 – May 2024). |

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\* The address for each officer is 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246. <br> \*\* As of the date of this SAI, the Trust consists of 13 series.

The table below shows for each Trustee, the amount of Fund equity securities beneficially owned by each Trustee, and the aggregate value of all investments in equity securities of the Funds of the Trust, as of December 31, 2025 and stated as one of the following ranges: A = None; B = $1-$10,000; C = $10,001-$50,000; D = $50,001-$100,000; and E = over $100,000.

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity<br> Securities in the Fund** | **Aggregate Dollar Range of Equity<br> Securities in all Registered Investment<br> Companies Overseen by the Trustees in<br> Family of Investment Companies** |
| Non-Interested Trustees | Non-Interested Trustees | Non-Interested Trustees |
| Martin A. Burns | A | A |
| Ira P. Cohen | A | A |
| Andrea N. Mullins | A | A |
| Susan J. Templeton | A | A |

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<u>Compensation</u>. Each Independent Trustee receives annual base compensation of $4,000 per series. Each Independent Trustee also receives additional compensation for serving as the chairperson of the Board and/or of one or more of the Trust's standing committees and for participating in special meetings of the Board. Prior to January 1, 2026, each Independent Trustee received annual base compensation of $3,800 per series. Each Independent Trustee also received additional compensation for serving as the chairperson of one or more of the Trust's standing committees and for participating in special meetings of the Board. For the fiscal year ended October 31, 2025, the Independent Trustees received the amounts set forth in the following table for services to the Fund:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Independent Trustees** | **Aggregate<br> Compensation**<br> **from the Fund** | **Pension or Retirement<br> Benefits Accrued As<br> Part of Fund Expenses** | **Estimated<br> Annual Benefits<br> Upon Retirement** | **Total<br> Compensation<br> from Trust\*** |
| Martin A. Burns | $3711 | $0 | $0 | $53850 |
| Ira P. Cohen | $3849 | $0 | $0 | $55850 |
| Andrea N. Mullins | $3926 | $0 | $0 | $56975 |
| Susan J. Templeton | $3711 | $0 | $0 | $53850 |

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\* As of the date of this SAI, the Trust consists of 13 series. Each series, including the Fund, pays a portion of the overall Independent Trustee compensation expenses, which is based on the total number of series in the Trust.

**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a) (9) of the 1940 Act. As a controlling shareholder, each of these persons could control the outcome of any proposal submitted to the shareholders for approval, including changes to the Fund's fundamental policies or the terms of the management agreement with the Adviser. As of January 31, 2025, Pershing may be deemed to control the Fund.

The Depository Trust Company ("DTC") or its nominee is the record owner of all outstanding shares and is recognized as the owner of all shares for all purposes. Investors owning shares are beneficial owners as shown on the records of DTC or its participants. Although the Trust and the Fund do not have information regarding the beneficial ownership of shares held in the names of DTC Participants, as of February 2, 2026, the name address and percentage ownership of each DTC participant that owned of record 5% or more of the outstanding shares of the Fund is set forth in the table below.

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| | | |
|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Type of Ownership** |
| Pershing<br> One Pershing Plaza<br> Jersey City, NJ 07399 | 73.82% | Record |
| Charles Schwab & Co., Inc.<br> 101 Montgomery St.<br> San Francisco, CA 94104 | 14.37% | Record |
| Bank of New York<br> 240 Greenwich St.<br> New York, NY 10286 | 6.53% | Record |

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As of February 2, 2026, the Trustees and officers of the Trust own beneficially none of the outstanding shares of the Fund.

**PORTFOLIO TRANSACTIONS AND BROKERAGE**

Subject to policies established by the Board, the Adviser is responsible for the Fund's portfolio decisions and the placing of the Fund's portfolio transactions. In placing portfolio transactions, the Adviser seeks the best qualitative execution for the Fund, taking into account such factors as price (including the applicable brokerage commission or dealer spread), the execution capability, financial responsibility and responsiveness of the broker or dealer and the brokerage and research services provided by the broker or dealer, among other things. The Adviser generally seeks favorable prices and commission rates that are reasonable in relation to the benefits received.

The Adviser is specifically authorized to select brokers or dealers who also provide brokerage and research services to the Fund and/or the other accounts over which the Adviser exercises investment discretion and to pay such brokers or dealers a commission in excess of the commission another broker or dealer would charge if the Adviser determines in good faith that the commission is reasonable in relation to the value of the brokerage and research services provided. The determination may be viewed in terms of a particular transaction or the Adviser's overall responsibilities with respect to the Fund and to other accounts over which it exercises investment discretion.

Research services include supplemental research, securities and economic analyses, statistical services and information with respect to the availability of securities or purchasers or sellers of securities and analyses of reports concerning performance of accounts. The research services and other information furnished by brokers through whom the Fund effects securities transactions may also be used by the Adviser in servicing all of its accounts. Similarly, research and information provided by brokers or dealers serving other clients may be useful to the Adviser in connection with its services to the Fund. Although research services and other information are useful to the Fund and the Adviser, it is not always possible to place a dollar value on the research and other information received.

Over-the-counter transactions will be placed either directly with principal market makers or with broker-dealers, if the same or a better price, including commissions and executions, is available. Fixed income securities are normally purchased directly from the issuer, an underwriter or a market

maker or holder (in the secondary market). Purchases include a concession paid by the issuer to the underwriter and the purchase price paid to a market maker may include the spread between the bid and asked prices. When the broker acts as agent, a commission will be charged on the transaction; when the broker acts as principal, the markup is included in the bond price.

When the Fund and another of the Adviser's clients seek to purchase or sell the same security at or about the same time, the Adviser may execute the transaction on a combined ("blocked") basis. Blocked transactions may produce better execution for the Fund because of the increased volume of the transaction. This may also result in a conflict of interest because the Adviser may have to choose among the Fund and its other clients with respect to the purchase or sale of the limited supply of the security to be purchased or sold. If the entire blocked order is not filled, the Fund may not be able to acquire as large a position in such security as it desires, or it may have to pay a higher price for the security. Similarly, the Fund may not be able to obtain as large an execution of an order to sell, or as high a price for any particular portfolio security, if the other client desires to sell the same portfolio security at the same time. In the event that the entire blocked order is not filled, the purchase or sale will normally be allocated on a pro rata basis.

The following table sets forth the brokerage commissions paid by the Predecessor Fund or the Fund on its portfolio brokerage transactions during the periods shown:

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| | |
|:---|:---|
| **Fiscal Year End** | **Brokerage**<br> **Commissions** |
| October 31, 2023 | $26718 |
| October 31, 2024 | $64644 |
| October 31, 2025 | $70235 |

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The Trust, the Fund's distributor, and the Adviser have each adopted a Code of Ethics (each a "Code" and collectively, the "Codes") pursuant to Rule 17j-1 of the 1940 Act, and the Adviser's Code of Ethics also conforms to Rule 204A-1 under 1940 Act. The personnel subject to the Codes are permitted to invest in securities, including securities that may be purchased or held by the Fund. You may obtain a copy of the Codes from the Fund, free of charge, by calling the Fund at (877) 714-2327. You may also obtain copies of the Trust's Code from documents filed with the SEC and available on the SEC's web site at <u>www.sec.gov</u>.

**DISCLOSURE OF PORTFOLIO HOLDINGS**

The Trust has adopted policies with respect to the disclosure of the Fund's portfolio holdings. These policies generally prohibit the disclosure of information about the Fund's portfolio to third-parties prior to the day after the information is posted to the Fund's website unless the information is publicly available on the SEC's EDGAR system. Because the Fund is an exchange-traded fund, it is required to publicly disclose its portfolio holdings daily, as described below. As further described below, the policies allow for disclosure of non-public portfolio information to third-parties only if there is a legitimate business purpose for the disclosure. In addition, the policies require that the party receiving the portfolio holdings information execute a non-disclosure agreement that includes a prohibition on trading based on the information, unless the party is already subject to a duty of confidentiality (as determined by the Trust's CCO). Any arrangement to disclose non-public information about the Fund's portfolio must be approved by the Trust's CCO. The Trust and the Adviser are prohibited from receiving compensation or other consideration in connection with disclosing information about the Fund's portfolio to third parties.

The Fund discloses on its website at www.kovitzetf.com the start of each day on which the New York Stock Exchange is open for business ("Business Day") the identities and quantities of the securities and other assets held by the Fund that will form the basis of the Fund's calculation of its NAV on that day. The portfolio holdings so disclosed will be based on information as of the close of business on the prior Business Day and/or trades that have been completed prior to the opening of business on that Business Day and that are expected to settle on that Business Day. The Fund may also concurrently disclose this portfolio holdings information directly to ratings agencies on a daily basis.

Under the Trust's policies, the Adviser is permitted to include Fund portfolio information that has already been made public through the Fund's website or SEC filing in marketing literature and other communications to shareholders or other parties, provided that, in the case of portfolio information made public solely through the Fund's website, the information is disclosed no earlier than the day after the date of posting to the website.

The Fund releases non-public portfolio holdings information to certain third-party service providers on a daily basis in order for those parties to perform their duties on behalf of the Fund. These service providers include the Fund's Adviser, Distributor, Transfer Agent, Fund Accounting Agent, Administrator and Custodian. The Fund also periodically discloses portfolio holdings information on a confidential basis to other parties that provide services to the Fund, such as the Fund's auditors, legal counsel, proxy voting services (if applicable), printers, brokers and pricing services. The lag between the date of the information and the date on which the information is disclosed will vary based on the nature of the services provided by the party to whom the information is disclosed. For example, the information may be provided to the Fund's auditors within days after the end of the Fund's fiscal year in connection with the Fund's annual audit, while the information may be given to legal counsel at any time. Fund service providers are required to keep this information confidential and are prohibited from trading based on the information or otherwise using the information except as necessary in providing services to the Fund.

Each business day, the Fund's portfolio holdings information will generally be provided for dissemination through the facilities of the National Securities Clearing Corporation ("NSCC") and/or other fee-based subscription services to NSCC members and/or subscribers to those other fee-based subscription services, including Authorized Participants, and to entities that publish and/or analyze such information in connection with the process of purchasing or redeeming Creation Units or trading shares of the Fund in the secondary market. This information typically reflects the Fund's anticipated holdings as of the next Business Day.

The Fund reserves the right to adopt a semi-transparency policy which would allow the Fund to disclose information to facilitate efficient trading of shares through substantial portfolio transparency and publication of informative metrics, while shielding the identity of the full portfolio contents of the Fund to protect the Fund's investment strategy. The Fund may adopt such a policy with approval of the Board and without shareholder approval.

**PROXY VOTING POLICY**

The Trust and the Adviser each have adopted proxy voting policies and procedures reasonably designed to ensure that proxies are voted in shareholders' best interests. As a brief summary, the Trust's policy delegates responsibility regarding proxy voting to the Adviser, subject to the Adviser's proxy voting policy and the supervision of the Board. The Adviser votes the Fund's proxies in accordance with its proxy voting policy, subject to the provisions of the Trust's policy regarding conflicts of interests. The Trust's Proxy Voting Policy and Procedure is attached as Exhibit A. The Adviser's Proxy Voting Policy and Procedure is attached as Exhibit B.

The Trust's policy provides that, if a conflict of interest between the Adviser or its affiliates and the Fund arises with respect to any proxy, the Adviser must fully disclose the conflict to the Board and vote the proxy in accordance with the Board's instructions. The Board shall make the proxy voting decision that in its judgment, after reviewing the recommendation of the Adviser, is most consistent with the Adviser's proxy voting policies and in the best interests of Fund shareholders.

You may also obtain a copy of the Adviser's proxy voting policies by calling the Adviser at (312) 334-7300. A copy of the policies will be mailed to you within three days of receipt of your request. You may obtain a copy of the Trust's or Adviser's policies from Fund documents filed with the SEC, which are available on the SEC's web site at www.sec.gov. A report of the votes cast by the Fund with respect to portfolio securities for each year ended June 30<sup>th</sup> will be filed by the Fund with the SEC on Form N-PX. The Fund's proxy voting record will be available to shareholders free of charge upon request by calling or writing the Fund as described above, from the SEC's web site, or on the Fund's website at www.kovitzetf.com.

**DETERMINATION OF NET ASSET VALUE**

The NAV of the shares of the Fund is determined as of the close of trading (normally 4:00 p.m. Eastern time) on each day the Trust, its custodian, and transfer agent are open for business and on any other day on which there is sufficient trading in the Fund's securities to materially affect the NAV. The Trust is open for business on every day on which the New York Stock Exchange ("NYSE") is open for trading. The NYSE is closed on Saturdays, Sundays and the following holidays: New Year's Day, Martin Luther King, Jr. Day, President's Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving and Christmas. For a description of the methods used to determine the NAV (share price), see "Determination of Net Asset Value" in the Prospectus.

Equity securities generally are valued by using market quotations furnished by a pricing service. Securities that are traded on any stock exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange-traded security is generally valued by the pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price. The Board annually approves the pricing services used by the fund accounting agent.

Securities that do not have a readily available current market value are valued in good faith by the Advisor as "valuation designee" under the oversight of the Board. The Adviser has adopted policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. On a quarterly basis, the Adviser's fair valuation

determinations will be reviewed by the Board. The Adviser's policy is intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing. However, fair values determined pursuant to the Adviser's procedures may not accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of the NYSE, that materially affect the values of the Fund's securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, an exchange or market on which a security trades does not open for trading for the entire day and no other market prices are available. The Adviser as valuation designee will monitor for significant events that may materially affect the values of the Fund's securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events.

The Fund's NAV per share is computed by dividing the value of the securities held by the Fund plus any cash or other assets (including interest and dividends accrued but not yet received) minus all liabilities (including accrued expenses) by the total number of shares in the Fund outstanding at such time, as shown below:

<u>Net Assets</u> = NAV Per Share <br> Shares Outstanding

**HOW TO BUY AND SELL SHARES**

**Creation Units**

The Fund will issue and redeem shares at NAV only in aggregations of large blocks of shares or Creation Units and only to Authorized Participants. In order to be an Authorized Participant the firm must be either a broker-dealer or other participant ("Participating Party") in the Continuous Settlement System ("Clearing Process") of the National Securities Clearing Corporation ("NSCC") or a participant in DTC with access to the DTC system ("DTC Participant"), and the firm must execute an agreement ("Participant Agreement") with Northern Lights Distributors, LLC, the Fund's distributor (the "Distributor") that governs transactions in the Fund's Creation Units.

The Fund sells and redeems Creation Units on a continuous basis through the Distributor, without a sales load, at the NAV next determined after receipt of an order in proper form on any day on which the New York Stock Exchange is open for business. The New York Stock Exchange is closed on Saturdays, Sundays and the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving and Christmas.

The Fund will issue and redeem Creation Units principally in exchange for an in-kind deposit of Deposit Securities, together with the deposit of the Cash Component, plus a transaction fee. The Fund is expected to be approved for listing, subject to notice of issuance, on NYSE Arca. Shares will trade on the Exchange at market prices that may be below, at, or above NAV. In the event of the liquidation of the Fund, a share split, reverse split or the like, the Trust may revise the number of shares in a Creation Unit.

The Fund reserves the right to offer creations and redemptions of shares for cash.

**Exchange Listing and Trading**

Shares of the Fund are available to the public on NYSE Arca and trade at market prices rather than NAV. Shares of the Fund may trade at a price that is greater than, at, or less than NAV. There can be no assurance that the requirements of NYSE Arca necessary to maintain the listing of shares of the Fund will continue to be met. NYSE Arca may, but is not required to, remove the shares of the Fund from listing if, among other things: (i) following the initial 12-month period beginning upon the commencement of trading of Fund shares, there are fewer than 50 record and/or beneficial owners of shares of the Fund for 30 or more consecutive trading days, or (ii) any other event shall occur or condition shall exist that, in the opinion of NYSE Arca, makes further dealings on NYSE Arca inadvisable. NYSE Arca will also remove shares of the Fund from listing and trading upon termination of the Fund.

As in the case of other publicly-traded securities, when you buy or sell shares of the Fund through a broker, you may incur a brokerage commission determined by that broker, as well as other charges.

**Transaction Fees**

A fixed fee payable to the Custodian is imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Fixed Fee"). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu (as defined below) are required to pay an additional variable charge to compensate the Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions ("Variable Charge," and together with the Fixed Fee, the "Transaction Fees"). With the approval of the Board, the Adviser may waive or adjust the Transaction Fees, including the Fixed Fee and/or Variable Charge (shown in the table below), from time to time. In such cases, the Authorized Participant will reimburse the Fund for, among other things, any difference between the market value at which the securities and/or financial instruments were purchased by the Fund and the cash-in-lieu amount, applicable registration fees, brokerage commissions and certain taxes. In addition, purchasers of Creation Units are responsible for the costs of transferring the Deposit Securities to the account of the Fund.

Investors who use the services of a broker, or other such intermediary may be charged a fee for such services. The Transaction Fees for the Fund are listed in the table below.

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| | |
|:---|:---|
| **Fee for In-Kind and<br> Cash Transactions** | **Maximum Additional Variable<br> Charge for Cash Transactions\*** |
| $300 | 200 basis points (2%) |

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\* As a percentage of the amount invested.

**The Clearing Process**

Transactions by an Authorized Participant that is a Participating Party using the NSCC system are referred to as transactions "through the Clearing Process." Transactions by an Authorized Participant that is a DTC Participant using the DTC system are referred to as transactions "outside the

Clearing Process." The Clearing Process is an enhanced clearing process that is available only for certain securities and only to DTC participants that are also participants in the Continuous Net Settlement System of the NSCC. In-kind (portions of) purchase orders not subject to the Clearing Process will go through a manual clearing process run by DTC. Portfolio Deposits that include government securities must be delivered through the Federal Reserve Bank wire transfer system ("Federal Reserve System"). Portfolio Deposits that include cash may be delivered through the Clearing Process or the Federal Reserve System. In-kind deposits of securities for orders outside the Clearing Process must be delivered through the Federal Reserve System (for government securities) or through DTC (for corporate securities).

**Purchasing Creation Units**

Portfolio Deposit

The consideration for a Creation Unit generally consists of the Deposit Securities and a Cash Component. Together, the Deposit Securities and the Cash Component constitute the "Portfolio Deposit." The Cash Component serves the function of compensating for any differences between the net asset value per Creation Unit and the Deposit Securities. Thus, the Cash Component is equal to the difference between (x) the net asset value per Creation Unit of the Fund and (y) the market value of the Deposit Securities. If (x) is more than (y), the Authorized Participant will pay the Cash Component to the Fund. If (x) is less than (y), the Authorized Participant will receive the Cash Component from the Fund.

On each Business Day, prior to the opening of business on NYSE Arca (currently 9:30 a.m., Eastern Time), the Adviser through the Custodian makes available through NSCC the name and amount of each Deposit Security in the current Portfolio Deposit (based on information at the end of the previous Business Day) for the Fund and the (estimated) Cash Component, effective through and including the previous Business Day, per Creation Unit. The Deposit Securities announced are applicable to purchases of Creation Units until the next announcement of Deposit Securities.

Payment of any stamp duty or the like shall be the sole responsibility of the Authorized Participant purchasing a Creation Unit. The Authorized Participant must ensure that all Deposit Securities properly denote change in beneficial ownership.

Custom Orders and Cash-in-lieu

The Fund may, in its sole discretion, permit or require the substitution of an amount of cash ("cash-in-lieu") to be added to the Cash Component to replace any Deposit Security. The Fund may permit or require cash-in-lieu when, for example, a Deposit Security may not be available in sufficient quantity for delivery or may not be eligible for transfer through the systems of DTC or the Clearing Process. Similarly, the Fund may permit or require cash in lieu of Deposit Securities when, for example, the Authorized Participant or its underlying investor is restricted under U.S. or local securities laws or policies from transacting in one or more Deposit Securities. The Fund will comply with the federal securities laws in accepting Deposit Securities including that the Deposit Securities are sold in transactions that would be exempt from registration under the Securities Act. All orders involving cash-in-lieu are considered to be "Custom Orders."

Purchase Orders

An Authorized Participant must submit an irrevocable purchase order in proper form to the Distributor or its agent no later than the earlier of (i) 4:00 p.m. Eastern Time or (ii) the closing time of the bond markets and/or the trading session on the Exchange, on any Business Day in order to receive that Business Day's NAV ("Cut-off Time"). The Cut-off Time for Custom Orders is generally two hours earlier. The Business Day the order is deemed received by the Distributor is referred to as the "Transmittal Date." An order to create Creation Units is deemed received on a Business Day if (i) such order is received by the Distributor by the Cut-off Time on such day and (ii) all other procedures set forth in the Participant Agreement are properly followed. Persons placing or effectuating custom orders and/or orders involving cash should be mindful of time deadlines imposed by intermediaries, such as DTC and/or the Federal Reserve Bank wire system, which may impact the successful processing of such orders to ensure that cash and securities are transferred by the "Settlement Date," which is generally the Business Day immediately following the Transmittal Date ("T+1") for cash and the third Business Day following the Transmittal Date for securities ("T+3").

Orders Using the Clearing Process

If available, (portions of) orders may be settled through the Clearing Process. In connection with such orders, the Distributor transmits, on behalf of the Authorized Participant, such trade instructions as are necessary to effect the creation order. Pursuant to such trade instructions, the Authorized Participant agrees to deliver the requisite Portfolio Deposit to the Fund, together with such additional information as may be required by the Distributor. Cash Components will be delivered using either the Clearing Process or the Federal Reserve System.

Orders Outside the Clearing Process

If the Clearing Process is not available for (portions of) an order, Portfolio Deposits will be made outside the Clearing Process. Orders outside the Clearing Process must state that the DTC Participant is not using the Clearing Process and that the creation of Creation Units will be effected through DTC. The Portfolio Deposit transfer must be ordered by the DTC Participant on the Transmittal Date in a timely fashion so as to ensure the delivery of Deposit Securities (whether standard or custom) through DTC to the Fund account by 11:00 a.m., Eastern time, on T+1. The Cash Component, along with any cash-in-lieu and Transaction Fee, must be transferred directly to the Custodian through the Federal Reserve System in a timely manner so as to be received by the Custodian no later than 12:00 p.m., Eastern Time, on T+1. If the Custodian does not receive both the Deposit Securities and the cash by the appointed time, the order may be canceled. A canceled order may be resubmitted the following Business Day but must conform to that Business Day's Portfolio Deposit. Authorized Participants that submit a canceled order will be liable to the Fund for any losses incurred by the Fund in connection therewith.

Orders involving foreign Deposit Securities are expected to be settled outside the Clearing Process. Thus, upon receipt of an irrevocable purchase order, the Distributor will notify the Adviser and the Custodian of such order. The Custodian, who will have caused the appropriate local sub-custodian(s) of the Fund to maintain an account into which an Authorized Participant may deliver Deposit Securities (or cash-in-lieu), with adjustments determined by the Fund, will then provide information of the order to such local sub-custodian(s). The ordering Authorized Participant will then deliver the Deposit Securities (and any cash-in-lieu) to the Fund's account at the applicable local sub-custodian. The Authorized Participant must also make available on or before the contractual settlement date, by means satisfactory to the Fund, immediately available or same day funds in U.S. dollars estimated by the Fund to be sufficient to pay the Cash Component and Transaction Fee. When a relevant local market is closed due to local market holidays, the local market settlement process will not commence until the end of the local holiday period. Settlement must occur by 2:00 p.m., Eastern Time, on the contractual settlement date.

Acceptance of Purchase Order

All questions as to the number of shares of each security in the Deposit Securities and the validity, form, eligibility and acceptance for deposit of any securities to be delivered shall be determined by the Fund. The Fund's determination shall be final and binding.

The SEC has stated its position that an ETF generally may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the ETF's portfolio holdings are traded are closed for a limited period of time. The SEC has also stated that an ETF could not set transaction fees so high as to effectively suspend the issuance of Creation Units. The Fund reserves the right to reject or revoke acceptance of a purchase order transmitted to it by the Distributor under circumstances which include, but are not limited to, if (a) the order is not in proper form; (b) the investor(s), upon obtaining the shares ordered, would own 80% or more of the currently outstanding shares of the Fund; (c) the Deposit Securities delivered do not conform to the Deposit Securities for the applicable date; (d) the acceptance of the Portfolio Deposit would, in the opinion of counsel, be unlawful; or (e) in the event that circumstances outside the control of the Trust, the Distributor and the Adviser make it for all practical purposes impossible to process purchase orders. Examples of such circumstances include acts of God; public service or utility

problems resulting in telephone, telecopy or computer failures; fires, floods or extreme weather conditions; market conditions or activities causing trading halts; systems failures involving computer or other informational systems affecting the Trust, the Distributor, DTC, NSCC, the Adviser, the Fund's Custodian, a sub-custodian or any other participant in the creation process; and similar extraordinary events. The Distributor shall notify an Authorized Participant of its rejection of the order. The Fund, the Custodian, any sub-custodian and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Portfolio Deposits, and they shall not incur any liability for the failure to give any such notification.

Issuance of a Creation Unit

Once the Fund has accepted an order, upon next determination of the Fund's NAV, the Fund will confirm the issuance of a Creation Unit, against receipt of payment, at such NAV. The Distributor will transmit a confirmation of acceptance to the Authorized Participant that placed the order.

Except as provided below, a Creation Unit will not be issued until the Fund obtains good title to the Deposit Securities and the Cash Component, along with any cash-in-lieu and Transaction Fee. Except as otherwise provided, the delivery of Creation Units will generally occur no later than T+2.

In certain cases, Authorized Participants will create and redeem Creation Units on the same trade date. In these instances, the Trust reserves the right to settle these transactions on a net basis.

The Fund may issue a Creation Unit prior to receiving good title to the Deposit Securities, under the following circumstances. Pursuant to the applicable Participant Agreement, the Fund may issue a Creation Unit notwithstanding that (certain) Deposit Securities have not been delivered, in reliance on an undertaking by the relevant Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking is secured by such Authorized Participant's delivery to and maintenance with the Custodian of collateral having a value equal to at least 115% of the value of the missing Deposit Securities ("Collateral"), as adjusted from time to time by the Adviser. Such Collateral will have a value greater than the NAV of the Creation Unit on the date the order is placed. Such collateral must be delivered no later than 2:00 p.m., Eastern Time, on T+1. The only Collateral that is acceptable to the Fund is cash in U.S. Dollars.

While (certain) Deposit Securities remain undelivered, the Collateral shall at all times have a value equal to at least 115% (as adjusted by the Adviser) of the daily marked-to-market value of the missing Deposit Securities. At any time, the Fund may use the Collateral to purchase the missing securities, and the Authorized Participant will be liable to the Fund for any costs incurred thereby or losses resulting therefrom, whether or not they exceed the amount of the Collateral, including any Transaction Fee, any amount by which the purchase price of the missing Deposit Securities exceeds the market value of such securities on the Transmittal Date, brokerage and other transaction costs. The Trust will return any unused Collateral once all of the missing securities have been received by the Fund. More information regarding the Fund's current procedures for collateralization is available from the Distributor.

Cash Purchase Method

When cash purchases of Creation Units are available or specified for the Fund, they will be effected in essentially the same manner as in-kind purchases. In the case of a cash purchase, the investor must pay the cash equivalent of the Portfolio Deposit. In addition, cash purchases will be subject to Transaction Fees, as described above.

**Redeeming a Creation Unit**

Redemption Basket

The consideration received in connection with the redemption of a Creation Unit generally consists of an in-kind basket of designated securities ("Redemption Securities") and a Cash Component. Together, the Redemption Securities and the Cash Component constitute the "Redemption Basket."

There can be no assurance that there will be sufficient liquidity in Shares in the secondary market to permit assembly of a Creation Unit. In addition, investors may incur brokerage and other costs in connection with assembling a Creation Unit.

The Cash Component serves the function of compensating for any differences between the net asset value per Creation Unit and the Redemption Securities. Thus, the Cash Component is equal to the difference between (x) the net asset value per Creation Unit of the Fund and (y) the market value of the Redemption Securities. If (x) is more than (y), the Authorized Participant will receive the Cash Component from the Fund. If (x) is less than (y), the Authorized Participant will pay the Cash Component to the Fund.

If the Redemption Securities on a Business Day are different from the Deposit Securities, prior to the opening of business on NYSE Arca (currently 9:30 a.m., Eastern Time), the Adviser through the Custodian makes available through NSCC the name and amount of each Redemption Security in the current Redemption Basket (based on information at the end of the previous Business Day) for the Fund and the (estimated) Cash Component, effective through and including the previous Business Day, per Creation Unit. If the Redemption Securities on a Business Day are different from the Deposit Securities, all redemption requests that day will be processed outside the Clearing Process.

The right of redemption may be suspended or the date of payment postponed: (i) for any period during which NYSE Arca is closed (other than customary weekend and holiday closings); (ii) for any period during which trading on NYSE Arca is suspended or restricted; (iii) for any period during which an emergency exists as a result of which disposal of the Shares or determination of the Fund's NAV is not reasonably practicable; or (iv) in such other circumstances as permitted by the SEC, including as described below.

Custom Redemptions and Cash-in-lieu

The Fund may, in its sole discretion, permit or require the substitution of cash-in-lieu to be added to the Cash Component to replace any Redemption Security. The Fund may permit or require cash-in-lieu when, for example, a Redemption Security may not be available in sufficient quantity for delivery or may not be eligible for transfer through the systems of DTC or the Clearing Process. Similarly, the Fund may permit or require cash-in-lieu of Redemption Securities when, for example, the Authorized Participant or its underlying investor is restricted under U.S. or local securities law or policies from transacting in one or more Redemption Securities. The Fund will comply with the federal securities laws in satisfying redemptions with Redemption Securities, including that the Redemption Securities are sold in transactions that would be exempt from registration under the Securities Act. All redemption requests involving cash-in-lieu are considered to be "Custom Redemptions."

Redemption Requests

To redeem a Creation Unit, an Authorized Participant must submit an irrevocable redemption request to the Distributor.

An Authorized Participant submitting a redemption request is deemed to represent to the Fund that it has ascertained or has reasonable grounds to believe that as of the time of the contractual settlement date, that (i) it or its customer, as the case may be, owns, will own or have the authority and right to tender for redemption the Creation Unit to be redeemed and can receive the entire proceeds of the redemption, and (ii) all of the Shares that are in the Creation Unit to be redeemed have not been loaned or pledged to another party nor are they the subject of a repurchase agreement, securities lending agreement or such other arrangement that would preclude the delivery of such Shares to the Fund on the contractual settlement date. The Fund reserves the absolute right, in its sole discretion, to verify these representations, but will typically require verification in connection with higher levels of redemption activity and/or short interest in the Fund. If the Authorized Participant, upon receipt of a verification request, does not provide sufficient verification of the requested representations, the redemption request will not be considered to be in proper form and may be rejected by the Fund.

Timing of Submission of Redemption Requests

An Authorized Participant must submit an irrevocable redemption order no later than the Cut-off Time. The Cut-off Time for Custom Orders is generally two hours earlier. The Business Day the order is deemed received by the Distributor is referred to as the "Transmittal Date." A redemption request is deemed received if (i) such order is received by the Distributor by the Cut-off Time on such day and (ii) all other procedures set forth in the Participant Agreement are properly followed. Persons placing or effectuating Custom Redemptions and/or orders involving cash should be mindful of time deadlines imposed by intermediaries, such as DTC and/or the Federal Reserve System, which may impact the successful processing of such orders to ensure that cash and securities are transferred by the Settlement Date, as defined above.

Requests Using the Clearing Process

If available, (portions of) redemption requests may be settled through the Clearing Process. In connection with such orders, the Distributor transmits on behalf of the Authorized Participant, such trade instructions as are necessary to effect the redemption. Pursuant to such trade instructions, the Authorized Participant agrees to deliver the requisite Creation Unit(s) to the Fund, together with such additional information as may be required by the Distributor. Cash Components will be delivered using either the Clearing Process or the Federal Reserve System, as described above.

Requests Outside the Clearing Process

If the Clearing Process is not available for (portions of) an order, Redemption Baskets will be delivered outside the Clearing Process. Orders outside the Clearing Process must state that the DTC Participant is not using the Clearing Process and that the redemption will be effected through DTC. The Authorized Participant must transfer or cause to be transferred the Creation Unit(s) of shares being redeemed through the book-entry system of DTC so as to be delivered through DTC to the Custodian by 10:00 a.m., Eastern Time, on T+1. In addition, the Cash Component must be received by the Custodian by 12:00 p.m., Eastern Time, on T+1. If the Custodian does not receive the Creation Unit(s) and Cash Component by the appointed times on T+1, the redemption will be rejected, except in the circumstances described below. A rejected redemption request may be resubmitted the following Business Day.

Orders involving foreign Redemption Securities are expected to be settled outside the Clearing Process. Thus, upon receipt of an irrevocable redemption request, the Distributor will notify the Adviser and the Custodian. The Custodian will then provide information of the redemption to the Fund's local sub-custodian(s). The redeeming Authorized Participant, or the investor on whose behalf it is acting, will have established appropriate arrangements with a broker-dealer, bank or other custody provider in each jurisdiction in which the Redemption Securities are customarily traded and to which such Redemption Securities (and any cash-in-lieu) can be delivered from the Fund's accounts at the applicable local sub-custodian(s).

Acceptance of Redemption Requests

All questions as to the number of shares of each security in the Deposit Securities and the validity, form, eligibility and acceptance for deposit of any securities to be delivered shall be determined by the Trust. The Trust's determination shall be final and binding.

Delivery of Redemption Basket

Once the Fund has accepted a redemption request, upon next determination of the Fund's NAV, the Fund will confirm the issuance of a Redemption Basket, against receipt of the Creation Unit(s) at such NAV, any cash-in-lieu and Transaction Fee. A Creation Unit tendered for redemption and the payment of the Cash Component, any cash-in-lieu and Transaction Fee will be effected through DTC. The Authorized Participant, or the investor on whose behalf it is acting, will be recorded on the book-entry system of DTC.

The Redemption Basket will generally be delivered to the redeeming Authorized Participant within T+3. Except under the circumstances described below, however, a Redemption Basket generally will not be issued until the Creation Unit(s) are delivered to the Fund, along with the Cash Component, any cash-in-lieu and Transaction Fee.

In certain cases, Authorized Participants will create and redeem Creation Units on the same trade date. In these instances, the Trust reserves the right to settle these transactions on a net basis.

Cash Redemption Method

When cash redemptions of Creation Units are available or specified for the Fund, they will be effected in essentially the same manner as in-kind redemptions. In the case of a cash redemption, the investor will receive the cash equivalent of the Redemption Basket minus any Transaction Fees, as described above.

**STATUS AND TAXATION OF THE FUND**

The following discussion is a summary of certain U.S. federal income tax considerations affecting the Fund and its shareholders. The discussion reflects applicable federal income tax laws of the U.S. as of the date of this SAI. These tax laws may be changed or subject to new interpretations

by the courts or the Internal Revenue Service (the "IRS"), possibly with retroactive effect. No attempt is made to present a detailed explanation of all U.S. income, estate or gift tax, or foreign, state or local tax concerns affecting the Fund and its shareholders (including shareholders owning large positions in the Fund). The discussion set forth herein does not constitute tax advice. Investors are urged to consult their own tax advisers to determine the tax consequences to them of investing in the Fund.

In addition, no attempt is made to address tax concerns applicable to an investor with a special tax status such as a financial institution, REIT, insurance company, regulated investment company ("RIC"), individual retirement account, other tax-exempt entity, person holding Fund shares as part of a hedge, straddle or conversion transaction, dealer in securities or Non-U.S. Shareholder, except as specifically addressed below. Furthermore, this discussion does not reflect possible application of the alternative minimum tax to noncorporate shareholders. Unless otherwise noted, this discussion assumes shares of the Fund are held by U.S. shareholders and that such shares are held as capital assets.

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds the Fund's common stock, the U.S. federal income tax treatment of a partner in such partnership generally will depend upon the status of the partner and the activities of such partnership. A partner of a partnership holding the Fund's common stock should consult its own tax advisor regarding the U.S. federal income tax consequences to the partner of the acquisition, ownership and disposition of the Fund's common stock by the partnership.

A "U.S. shareholder" is a beneficial owner of shares of the Fund that is for U.S. federal income tax purposes:

● a citizen or individual resident of the United States (including certain former citizens and former long-term residents);

● a corporation or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or any state thereof or the District of Columbia;

● an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

● a trust with respect to which a court within the United States is able to exercise primary supervision over its administration and one or more U.S. shareholders have the authority to control all of its substantial decisions or the trust has made a valid election in effect under applicable Treasury regulations to be treated as a U.S. person.

A "Non-U.S. shareholder" is a beneficial owner of shares of the Fund that is an individual, corporation, trust or estate and is not a U.S. shareholder. If a partnership (including any entity treated as a partnership for U.S. federal income tax purposes) holds shares of the Fund, the tax treatment of a partner in the partnership generally depends upon the status of the partner and the activities of the partnership. A prospective shareholder who is a partner of a partnership holding Fund shares should consult its tax advisors with respect to the purchase, ownership and disposition of its Fund shares.

**Taxation as a RIC**

The Fund intends to qualify each year for treatment as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). There can be no assurance that it actually will so qualify. The Fund will qualify as a RIC if, among other things, it meets the source-of-income and the asset-diversification requirements. With respect to the source-of-income requirement, the Fund must derive in each taxable year at least 90% of its gross income (including tax-exempt interest) from (i) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gains from options, futures and forward contracts) derived with respect to its business of investing in such shares, securities or currencies, and (ii) net income derived from an interest in a "qualified publicly traded partnership." A "qualified publicly traded partnership" ("QPTP") is generally defined as a publicly traded partnership under Internal Revenue Code section 7704. However, for these purposes, a QPTP does not include a publicly traded partnership if 90% or more of its income is described in (i) above. Income derived from a partnership (other than a qualified publicly traded partnership) or trust is qualifying income to the extent such income is attributable to items of income of the partnership or trust which would be qualifying income if realized by the Fund in the same manner as realized by the partnership or trust.

If a RIC fails this 90% income test, as long as such failure is due to reasonable cause and not willful neglect, such RIC is required to disclose the failure to the IRS and pay a tax equal to the excess of the gross income which is not derived from the sources described in (i) and (ii) above over 1/9 of the gross income that is described above.

With respect to the asset-diversification requirement, the Fund must diversify its holdings so that, at the end of each quarter of its taxable year (i) at least 50% of the value of the Fund's total assets is represented by cash and cash items, U.S. government securities, the securities of other RICs and other securities, if such other securities of any one issuer do not represent more than 5% of the value of the Fund's total assets or more than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of the Fund's total assets is invested in the securities of (other than U.S. government securities or the securities of other RICs) (a) one issuer, (b) two or more issuers that are controlled by the Fund and that are engaged in the same, similar or related trades or businesses, or (c) one or more qualified publicly traded partnerships.

If a RIC fails this asset-diversification test, such RIC, in addition to other cure provisions, has a 6-month period to correct any failure without incurring a penalty if such failure is "de minimis."

However, if a RIC does not satisfy the "de minimis" cure provisions, it can still cure a failure if: (a) the RIC files with the Treasury Department a description of each asset that causes the RIC to fail the diversification tests; (b) the failure is due to reasonable cause and not willful neglect; and (c) the failure is cured within six months (or such other period specified by the Treasury). In such cases, a tax is imposed on the RIC equal to the greater of: (a) $50,000 or (b) an amount determined by multiplying the corporate tax rate by the amount of net income generated during the period of diversification test failure by the assets that caused the RIC to fail the diversification test.

If the Fund satisfies the income and asset-diversification tests above and distributes to its shareholders, for each taxable year, at least 90% of the sum of (i) its "investment company taxable income" as that term is defined in the Internal Revenue Code (which includes, among other things,

dividends, taxable interest, the excess of any net short-term capital gains over net long-term capital losses and certain net foreign exchange gains as reduced by certain deductible expenses) without regard to the deduction for dividends paid, and (ii) the excess of its gross tax-exempt interest, if any, over certain deductions attributable to such interest that are otherwise disallowed, then the Fund will be relieved of U.S. federal income tax on any income of the Fund, including long-term capital gains, distributed to shareholders. However, any ordinary income or capital gain retained by the Fund will be subject to U.S. federal income tax at the corporate income tax rate. The Fund intends to distribute at least annually substantially all of its investment company taxable income, net tax-exempt interest, and net capital gain.

The Fund will generally be subject to a nondeductible 4% federal excise tax on the portion of its undistributed ordinary income with respect to each calendar year and undistributed capital gains if it fails to meet certain distribution requirements with respect to the one-year period ending on October 31 in that calendar year. In order to avoid the 4% federal excise tax, the required minimum distribution is generally equal to the sum of (i) 98% of the Fund's ordinary income (computed on a calendar year basis), (ii) 98.2% of the Fund's capital gain net income (generally computed for the one-year period ending on October 31) and (iii) any prior year undistributed income realized, on which the Fund paid no federal income tax in preceding years. The Fund generally intends to make distributions in a timely manner in an amount at least equal to the required minimum distribution and therefore, under normal market conditions, does not expect to be subject to this excise tax.

To the extent that the Fund has capital loss carryforwards from prior tax years, those carryforwards will reduce the Fund's current net capital gains and thus reduce the amount of the Fund's distribution of capital gain dividends. Capital loss carryforwards are reduced to the extent they offset current-year net realized capital gains, whether the Fund retains or distributes such gains. A RIC is permitted to carry forward net capital losses indefinitely and may allow losses to retain their original character (as short or as long-term). These capital loss carryforwards may be utilized in future years to offset net realized capital gains of the Fund, if any, prior to distributing such gains to shareholders.

The Fund may be required to recognize taxable income in circumstances in which it does not receive cash. For example, if the Fund holds debt obligations that are treated under applicable tax rules as having original issue discount (such as debt instruments with payment in kind interest or, in certain cases, with increasing interest rates or that are issued with warrants), the Fund must include in income each year a portion of the original issue discount that accrues over the life of the obligation regardless of whether cash representing such income is received by the Fund in the same taxable year. Because any original issue discount accrued will be included in the Fund's "investment company taxable income" (discussed below) for the year of accrual, the Fund may be required to make a distribution to its shareholders to satisfy the distribution requirement, even though it will not have received an amount of cash that corresponds with the income earned.

Gain or loss realized by the Fund from the sale or exchange of warrants acquired by the Fund as well as any loss attributable to the lapse of such warrants generally will be treated as capital gain or loss. Such gain or loss generally will be long-term or short-term, depending on how long the Fund held a particular warrant. Upon the exercise of a warrant acquired by the Fund, the Fund's tax basis in the stock purchased under the warrant will equal the sum of the amount paid for the warrant plus the strike price paid on the exercise of the warrant. Except as set forth in "Failure to Qualify as a RIC," the remainder of this discussion assumes that the Fund will qualify as a RIC for each taxable year.

**Failure to Qualify as a RIC**

If the Fund is unable to satisfy the 90% distribution requirement or otherwise fails to qualify as a RIC in any year, it will be subject to corporate level income tax on all of its income and gain, regardless of whether or not such income was distributed. Distributions to the Fund's shareholders of such income and gain will not be deductible by the Fund in computing its taxable income. In such event, the Fund's distributions, to the extent derived from the Fund's current or accumulated earnings and profits, would constitute ordinary dividends, which would generally be eligible for the dividends-received deduction available to corporate shareholders, and non-corporate shareholders would generally be able to treat such distributions as "qualified dividend income" eligible for reduced rates of U.S. federal income, provided in each case that certain holding period and other requirements are satisfied.

Distributions in excess of the Fund's current and accumulated earnings and profits would be treated first as a return of capital to the extent of the shareholders' tax basis in their Fund shares, and any remaining distributions would be treated as a capital gain. To qualify as a RIC in a subsequent taxable year, the Fund would be required to satisfy the source-of-income, the asset diversification, and the annual distribution requirements for that year and dispose of any earnings and profits from any year in which the Fund failed to qualify for tax treatment as a RIC. Subject to a limited exception applicable to RICs that qualified as such under the Internal Revenue Code for at least one year prior to disqualification and that re-qualify as a RIC no later than the second year following the non-qualifying year, the Fund would be subject to tax on any unrealized built-in gains in the assets held by it during the period in which the Fund failed to qualify for tax treatment as a RIC that are recognized within the subsequent 10 years, unless the Fund made a special election to pay corporate-level tax on such built-in gain at the time of its re-qualification as a RIC.

**Taxation of U.S. Shareholders**

Distributions paid to U.S. shareholders by the Fund from its investment company taxable income (which is, generally, the Fund's ordinary income plus net realized short-term capital gains in excess of net realized long-term capital losses) are generally taxable to U.S. shareholders as ordinary income to the extent of the Fund's earnings and profits, whether paid in cash or reinvested in additional shares. Such distributions (if designated by the Fund) may qualify (i) for the dividends received deduction in the case of corporate shareholders under Section 243 of the Internal Revenue Code to the extent that the Fund's income consists of dividend income from U.S. corporations, excluding distributions from tax-exempt organizations, exempt farmers' cooperatives or REITs or (ii) in the case of individual shareholders, as qualified dividend income eligible to be taxed at reduced rates under Section 1(h)(11) if the Internal Revenue Code to the extent that the Fund receives qualified dividend income, and provided in each case certain holding period and other requirements are met.

Qualified dividend income is, in general, dividend income from taxable domestic corporations and qualified foreign corporations (<u>e.g</u>., generally, foreign corporations incorporated in a possession of the United States or in certain countries with a qualified comprehensive income tax treaty with the United States, or the stock with respect to which such dividend is paid is readily tradable on an established securities market in the United States). A qualified foreign corporation generally excludes any foreign corporation, which for the taxable year of the corporation in which the dividend was paid, or the preceding taxable year, is a passive foreign investment company.

Distributions made to a U.S. shareholder from an excess of net long-term capital gains over net short-term capital losses ("capital gain dividends"), including capital gain dividends credited to such shareholder but retained by the Fund, are taxable to such shareholder as long-term capital gain if they have been properly designated by the Fund, regardless of the length of time such shareholder owned the shares of the Fund. Long-term capital gain rates applicable to individuals are 0%, 15%, or 20% depending on the nature of the capital gain and the individual's taxable income.

Distributions in excess of the Fund's earnings and profits will be treated by the U.S. shareholder, first, as a tax-free return of capital, which is applied against and will reduce the adjusted tax basis of the U.S. shareholder's shares and, after such adjusted tax basis is reduced to zero, will constitute capital gain to the U.S. shareholder (assuming the shares are held as a capital asset).

Generally, not later than sixty days after the close of its taxable year, the Fund will provide the shareholders with a written notice designating the amount of any qualified dividend income or capital gain dividends and other distributions.

Under the 2017 Tax Cuts and Jobs Act, "qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income) are treated as eligible for a 20% deduction by noncorporate taxpayers. The Fund may pass through the special character of "qualified REIT dividends" to a shareholder, provided both the Fund and a shareholder meet certain holding period requirements with respect to their shares. The amount of a RIC's dividends eligible for the 20% deduction for a taxable year is limited to the excess of the RIC's qualified REIT dividends for the taxable year over allocable expenses. A noncorporate shareholder receiving such dividends would treat them as eligible for the 20% deduction, provided the shareholder meets certain holding period requirements for its shares in the RIC (i.e., generally, RIC shares must be held by the shareholder for more than 45 days during the 91-day period beginning on the date that is 45 days before the date on which the shares become ex-dividend with respect to such dividend).

For purposes of determining (i) whether the annual distribution requirement is satisfied for any year and (ii) the amount of capital gain dividends paid for that year, the Fund may, under certain circumstances, elect to treat a dividend that is paid during the following taxable year as if it had been paid during the taxable year in question. If the Fund makes such an election, the U.S. shareholder will still be treated as receiving the dividend in the taxable year in which the distribution is made. However, any dividend declared by the Fund in October, November or December of any calendar year, payable to shareholders of record on a specified date in such a month and actually paid during January of the following year, will be treated as if it had been received by the U.S. shareholders on December 31 of the year in which the dividend was declared.

If more than 50% of the value of the Fund's assets at the close of the taxable year consist of stock or securities in foreign corporations (including certain foreign ETFs or foreign index mutual funds) and certain other requirements are met, the Fund may elect to pass-through to its shareholders the amount of foreign income tax paid by the Fund instead of claiming it on its tax return. If such an election is made, each shareholder will include in gross income his proportional share of the foreign taxes paid by the Fund. Investors may either deduct their pro-rata amount of such taxes paid in computing their taxable income or use it as a foreign tax credit against federal income tax. If the Fund makes the election, it will furnish the shareholders with a written notice after the close of its taxable year.

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

Sales and other dispositions of the shares of the Fund generally are taxable events. U.S. shareholders should consult their own tax adviser with reference to their individual circumstances to determine whether any particular transaction in the shares of the Fund is properly treated as a sale or exchange for federal income tax purposes, as the following discussion assumes, and the tax treatment of any gains or losses recognized in such transactions. The sale or other disposition of shares of the Fund will generally result in capital gain or loss to the shareholder equal to the difference between the amount realized and his adjusted tax basis in the shares sold or exchanged, and will be long-term capital gain or loss if the shares have been held for more than one year at the time of sale. Any loss upon the sale or exchange of shares held for six months or less will be treated as long-term capital loss to the extent of any capital gain dividends received (including amounts credited as an undistributed capital gain dividend) by such shareholder with respect to such shares. A loss realized on a sale or exchange of shares of the Fund generally will be disallowed if other substantially identical shares are acquired within a 61-day period beginning 30 days before and ending 30 days after the date that the shares are disposed. In such case, the basis of the shares acquired will be adjusted to reflect the disallowed loss. Present law taxes both long-term and short-term capital gain of corporations at the rates applicable to ordinary income of corporations. For non-corporate taxpayers, short-term capital gain will currently be taxed at the rate applicable to ordinary income, while long-term capital gain generally will be taxed at a maximum rate of 20%. Capital losses are subject to certain limitations.

The Fund has chosen average cost as its standing (default) tax lot identification method for all shareholders. A tax lot identification method is the way the Fund will determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing net asset values, and the entire position is not sold at one time. The Fund's standing tax lot identification method is the method covered shares will be reported on your Consolidated Form 1099 if you do not select a specific tax lot identification method. You may choose a method different than the Fund's standing method and will be able to do so at the time of your purchase or upon the sale of covered shares. Please refer to the appropriate Internal Revenue Service regulations or consult your tax advisor with regard to your personal circumstances.

For those securities defined as "covered" under current Internal Revenue Service cost basis tax reporting regulations, the Fund is responsible for maintaining accurate cost basis and tax lot information for tax reporting purposes. The Fund is not responsible for the reliability or accuracy of the information for those securities that are not "covered." The Fund and its service providers do not provide tax advice. You should consult independent sources, which may include a tax professional, with respect to any decisions you may make with respect to choosing a tax lot identification method.

Certain U.S. shareholders, including individuals and estates and trusts, are subject to an additional 3.8% Medicare tax on all or a portion of their "net investment income," which should include dividends from the Fund and net gains from the disposition of shares of the Fund. U.S. shareholders are urged to consult their own tax advisors regarding the implications of the additional Medicare tax resulting from an investment in the Fund.

**Tax-Exempt Shareholders.** If a shareholder of the Fund is a tax-exempt organization, it is generally not subject to federal income tax on distributions from the Fund or on sales or exchanges of Fund shares. This general exemption from tax does not apply to the "unrelated business taxable income" or UBTI of an exempt organization. UBTI includes dividends, interest, and gains from sales and other dispositions of property held for investment to the extent that such items are attributable to "debt financed property." For example, UBTI could result if shares in the Fund constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of Internal Revenue Code Section 514(b). A deduction from one activity that produces UBTI cannot be used to offset income from a different activity that produces UBTI for the same taxable year. UBTI in excess of $1,000 in any year is taxable and will require a member to file a federal income tax return on Form 990-T. In addition, private foundations that are exempt from federal income tax may nonetheless be subject to excise tax on their net investment income and certain private colleges and universities that are exempt from federal income tax may be subject to an excise tax based on the investment income they earn. Shareholders should ask their own tax advisors for more information on their own tax situation.

At the time a private foundation or certain private colleges or universities purchase Fund shares, the Fund's net asset value may reflect undistributed income or undistributed capital gains. A subsequent distribution of such amounts, although constituting a return of investment, would be classified as a taxable distribution whether reinvested in additional shares or paid in cash. This is sometimes referred to as "buying a dividend." In addition, the Fund's net asset value may, at any time, reflect net unrealized appreciation, which may result in future taxable distributions. (Private colleges and universities with at least 500 students (more than 50% of which are located in the United States) and non-exempt use assets with a value at the close of the preceding year of at least $500,000 per full-time student may be subject to a 1.4% excise tax on their net investment income.)

Furthermore, a tax-exempt shareholder may recognize UBTI if the Fund recognizes "excess inclusion income" derived from direct or indirect investments in residual interests in Real Estate Mortgage Investment Conduits ("REMICs") or equity interests in Taxable Mortgage Pools ("TMPs") if the amount of such income recognized by the Fund exceeds the Fund's investment company taxable income (after taking into account deductions for dividends paid by the Fund). Special tax consequences also apply to charitable remainder trusts ("CRTs") that invest in regulated investment companies that invest directly or indirectly in residual interests in REMICs or equity interests in TMPs. Under legislation enacted in December 2006, a CRT (as defined in section 664 of the Internal Revenue Code) that realizes any UBTI for a taxable year, must pay an excise tax annually of an amount equal to such UBTI. Under IRS guidance issued in October 2006, a CRT will not recognize UBTI solely as a result of investing in the Fund that recognizes "excess inclusion income." Rather, if at any time during any taxable year a CRT (or one of certain other tax-exempt shareholders, such as the United States, a state or political subdivision, or an agency or instrumentality thereof, and certain energy

cooperatives) is a record holder of a share in the Fund that recognizes "excess inclusion income," then the regulated investment company will be subject to a tax on that portion of its "excess inclusion income" for the taxable year that is allocable to such shareholders, at the corporate income tax rate. The extent to which this IRS guidance remains applicable in light of the December 2006 legislation is unclear. To the extent permitted under the 1940 Act, the Fund may elect to specially allocate any such tax to the applicable CRT, or other shareholder, and thus reduce such shareholder's distributions for the year by the amount of the tax that relates to such shareholder's interest in the Fund. The Fund has not yet determined whether such an election will be made. CRTs and other tax-exempt investors are urged to consult their tax advisers concerning the consequences of investing in the Fund.

**Passive Foreign Investment Companies.** A passive foreign investment company ("PFIC") is any foreign corporation: (i) 75% or more of the gross income of which for the taxable year is passive income, or (ii) the average percentage of the assets of which (generally by value, but by adjusted tax basis in certain cases) that produce or are held for the production of passive income is at least 50%. Generally, passive income for this purpose means dividends, interest (including income equivalent to interest), royalties, rents, annuities, the excess of gains over losses from certain property transactions and commodities transactions, and foreign currency gains. Passive income for this purpose does not include rents and royalties received by the foreign corporation from an active business and certain income received from related persons.

Equity investments by the Fund in certain PFICs could potentially subject the Fund to a U.S. federal income tax or other charge (including interest charges) on the distributions received from the PFIC or on proceeds received from the disposition of shares in the PFIC. This tax cannot be eliminated by making distributions to Fund shareholders. However, the Fund may elect to avoid the imposition of that tax. For example, if the Fund is in a position to and elects to treat a PFIC as a "qualified electing fund" (<u>i.e</u>., make a "QEF election"), the Fund will be required to include its share of the PFIC's income and net capital gains annually, regardless of whether it receives any distribution from the PFIC. Alternatively, the Fund may make an election to mark the gains (and to a limited extent losses) in its PFIC holdings "to the market" as though it had sold and repurchased its holdings in those PFICs on the last day of the Fund's taxable year. Such gains and losses are treated as ordinary income and loss. The QEF and mark-to-market elections may accelerate the recognition of income (without the receipt of cash) and increase the amount required to be distributed by the Fund to avoid taxation. Making either of these elections therefore may require the Fund to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirement, which also may accelerate the recognition of gain and affect the Fund's total return. Dividends paid by PFICs will not be eligible to be treated as "qualified dividend income."

Because it is not always possible to identify a foreign corporation as a PFIC, the Fund may incur the tax and interest charges described above in some instances.

**Foreign Currency Transactions.** The Fund's transactions in foreign currencies, foreign currency-denominated debt obligations and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could require a larger dividend toward the end of the calendar year. Any such net losses will generally reduce and potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or gains earned in subsequent taxable years.

**Foreign Taxation.** Income received by the Fund from sources within foreign countries, including securities held by the RICs and ETFs in which the Fund invest, may be subject to withholding and other taxes imposed by such countries. Dividends and interest received by a RIC's holding of foreign securities may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. If the RIC in which the Fund invests is taxable as a RIC and meets certain other requirements, which include a requirement that more than 50% of the value of such RIC's total assets at the close of its respective taxable year consists of stocks or securities of foreign corporations, then the RIC should be eligible to file an election with the IRS that may enable its shareholders, including the Fund in effect, to receive either the benefit of a foreign tax credit, or a tax deduction, with respect to any foreign and U.S. possessions income taxes paid the by Fund, subject to certain limitations.

A "qualified fund of funds" is a RIC that has at least 50% of the value of its total interests invested in other RICs at the end of each quarter of the taxable year. If the Fund satisfied this requirement or if it meets certain other requirements, which include a requirement that more than 50% of the value of the Fund's total assets at the close of its taxable year consist of stocks or securities of foreign corporations, then the Fund should be eligible to file an election with the IRS that may enable its shareholders to receive either the benefit of a foreign tax credit, or a tax deduction, with respect to any foreign and U.S. possessions income taxes paid by the Fund, subject to certain limitations.

**Foreign Shareholders.** Absent specific statutory exemptions, as described below, dividends paid by the Fund to a shareholder that is not a "U.S. person" within the meaning of the Internal Revenue Code (such shareholder, a "foreign shareholder") are subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate). However, notwithstanding such exemptions from U.S. withholding at the source, any dividends and distributions of income and capital gains, including the proceeds from the sale of your Fund shares, will be subject to backup withholding at a rate of 24% if you fail to properly certify that you are not a U.S. person.

In general, capital gain dividends reported by the Fund to shareholders as paid from its net long-term capital gains, other than long-term capital gains realized on disposition of US real property interests (see the discussion below), are not subject to U.S. withholding tax unless you are a nonresident alien individual present in the U.S. for a period or periods aggregating 183 days or more during the calendar year.

Ordinary dividends paid by the Fund to foreign investors on the income earned on portfolio investments in (i) the stock of domestic and foreign corporations and (ii) the debt of foreign issuers are subject to U.S. withholding tax.

Generally, dividends reported by the Fund to shareholders as interest-related dividends and paid from its qualified net interest income from U.S. sources are not subject to U.S. withholding tax. "Qualified interest income" includes, in general, U.S. source (1) bank deposit interest, (2) short-term original discount, (3) interest (including original issue discount, market discount, or acquisition discount) on an obligation that is in registered form, unless it is earned on an obligation issued by a corporation or partnership in which the Fund is a 10-percent shareholder or is contingent interest, and (4) any interest-related dividend from another regulated investment company. Similarly, short-term

capital gain dividends reported by the Fund to shareholders as paid from its net short-term capital gains, other than short-term capital gains realized on disposition of U.S. real property interests (see the discussion below), are not subject to U.S. withholding tax unless you were a nonresident alien individual present in the U.S. for a period or periods aggregating 183 days or more during the calendar year. The Fund reserves the right to not report interest-related dividends or short-term capital gain dividends. Additionally, the Fund's reporting of interest-related dividends or short-term capital gain dividends may not be passed through to shareholders by intermediaries who have assumed tax reporting responsibilities for this income in managed or omnibus accounts due to systems limitations or operational constraints.

If the income from the Fund is effectively connected with a U.S. trade or business carried on by a foreign shareholder, then ordinary income dividends, capital gain dividends and any gains realized upon the sale or redemption of shares of the Fund will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or domestic corporations and require the filing of a nonresident U.S. income tax return.

Special U.S. tax certification requirements may apply to foreign shareholders both to avoid U.S. backup withholding imposed at a rate of 24% and to obtain the benefits of any treaty between the U.S. and the shareholder's country of residence. In general, if you are a foreign shareholder, you must provide a Form W-8-BEN (or other applicable Form W-8) to establish that you are not a U.S. person, to claim that you are the beneficial owner of the income and, if applicable, to claim a reduced rate of, or exemption from, withholding as a resident of a country with which the U.S. has an income tax treaty. A Form W-8-BEN provided without a U.S. taxpayer identification number will remain in effect for a period beginning on the date signed and ending on the last day of the third succeeding calendar year unless an earlier change of circumstances makes the information on the form incorrect. Certain payees and payments are exempt from backup withholding.

The tax consequences to a foreign shareholder entitled to claim the benefits of an applicable tax treaty may be different from those described herein. Foreign shareholders are urged to consult their own tax advisors with respect to the particular tax consequences to them of an investment in the Fund, including the applicability of foreign tax.

**Backup Withholding.** The Fund generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and redemption proceeds paid to any individual shareholder who fails to properly furnish the Fund with a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify to the Fund that he or she is not subject to such withholding. The backup withholding tax rate is 24%.

Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

**FATCA**. Income dividend payments made to a shareholder that is either a foreign financial institution ("FFI") or a non-financial foreign entity ("NFFE") within the meaning of the Foreign Account Tax Compliance Act ("FATCA") may be subject to a 30% withholding tax. After December 31, 2018, FATCA withholding also would have applied to certain capital gain distributions, return of capital distributions, and the proceeds arising from the sale of Fund shares; however, based on proposed regulations issued by the IRS, which can be relied on currently, such withholding is no longer

required unless final regulations provide otherwise (which is not expected). The FATCA withholding tax generally can be avoided: (a) by an FFI, subject to any applicable intergovernmental agreement or other exemption, if it enters into a valid agreement with the IRS to, among other requirements, report required information about certain direct and indirect ownership of foreign financial accounts held by U.S. persons with the FFI and (b) by an NFFE, if it: (i) certifies that it has no substantial U.S. persons as owners or (ii) if it does have such owners, reports information relating to them. The Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA. Withholding also may be required if a foreign entity that is a shareholder of the Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

**Tax Shelter Reporting Regulations.** Under U.S. Treasury regulations, if a shareholder recognizes a loss with respect to the Fund's shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a regulated investment company are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all regulated investment companies. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisers to determine the applicability of these regulations in light of their individual circumstances.

**Shareholder Reporting Obligations with Respect to Foreign Financial Assets. S**pecified individuals and specified domestic entities that have an interest in a "specified foreign financial asset" above a certain threshold amount must disclose annually their interests in such assets on IRS Form 8938, which is filed with their U.S. federal income tax return.

**Shares Purchased through Tax-Qualified Plans.** Special tax rules apply to investments through defined contribution plans and other tax-qualified plans. Shareholders should consult their tax advisers to determine the suitability of shares of the Fund as an investment through such plans, and the precise effect of an investment on their particular tax situation.

**Summary**

The foregoing is a general and abbreviated summary of the provisions of the Internal Revenue Code and the Treasury regulations in effect as they directly govern the taxation of the Fund and its shareholders, and should not be considered tax advice. These provisions are subject to change by legislative and administrative action, and any such change may be retroactive. Shareholders are urged to consult their tax advisers regarding specific questions as to U.S. federal income, estate or gift taxes, or foreign, state, local taxes or other taxes.

**THE DISTRIBUTOR**

Northern Lights Distributors, LLC (the "Distributor"), located at 4221 North 203<sup>rd</sup> Street, Suite 100, Elkhorn, Nebraska 68022, is the distributor of Creation Units for the Fund. The Distributor is a wholly-owned subsidiary of Ultimus (defined below). The Distributor is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. ("FINRA").

The Distributor is obligated to sell the shares of the Fund on a reasonable efforts basis only against purchase orders for the shares. Shares of the Fund are offered on a continuous basis.

**OTHER SERVICE PROVIDERS**

**Administrator and Fund Accountant** 

Ultimus Fund Solutions, LLC ("Ultimus"), located at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, serves as the Administrator and fund accountant to the Fund, pursuant to a Master Services Agreement. Ultimus is the parent company of the Distributor. The officers of the Trust are members of management and/or employees of the Ultimus or NLCS (defined below).

Prior to the Reorganization, Ultimus served as the Transfer Agent for the Predecessor Fund. The following table provides information regarding administrative services fees paid by the Predecessor Fund during the periods shown. Following the Reorganization, the Adviser pays Ultimus for its services provided to the Fund.

---

| | |
|:---|:---|
| **Fiscal Year Ended** | **Fees Paid for<br> Administrative<br> Services** |
| October 31, 2023 | $5255 |

---

Northern Lights Compliance Services, LLC ("NLCS"), an affiliate of Ultimus, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Following the Reorganization, the Adviser pays NLCS for its services provided to the Fund.

**Custodian and Transfer Agent**

Brown Brothers Harriman & Co., located at 50 Post Office Square, Boston, Massachusetts, 02110, is Custodian of the Fund's investments. The Custodian acts as the Fund's depository, safekeeps portfolio securities, collects all income and other payments with respect thereto, disburses funds at the Fund's request and maintains records in connection with its duties. Brown Brothers Harriman & Co. also serves as the Fund's Transfer Agent.

**Independent Registered Public Accounting Firm**

Cohen & Company, Ltd., located at 1350 Euclid Ave., Suite 800, Cleveland OH 44115, has been selected as the independent registered public accounting firm for the Fund for the fiscal year ending October 31, 2026. Cohen & Company, Ltd. will perform an annual audit of the Fund's financial statements and provide financial services as requested. Cohen and Co Advisory, LLC, an affiliate of Cohen & Company, Ltd., will provide tax and accounting services as requested.

**Legal Counsel**

DLA Piper LLP (US), located at One Atlantic Center, 1201 West Peachtree Street, Suite 2900, Atlanta, GA 30309-3800, serves as legal counsel to the Trust and Fund.

**FINANCIAL STATEMENTS**

The [annual report to shareholders for the fiscal year ended October 31, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001437249/000158064226000038/vat_ncsr.htm) (the "Annual Report"), along with the audited financial statements of the Fund for the fiscal year ended October 31, 2025, including the financial highlights, are incorporated by reference and made a part of this document.

You can obtain a copy of the Annual Report to shareholders, or [annual](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001437249/000158064226000038/vat_ncsr.htm) or [semi-annual financial statements](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001437249/000158064225004120/vat_ncsrs.htm), by calling (877) 714-2327, or by visiting the Fund's website at <u>www.kovitzetf.com</u>.

**DISCLAIMERS**

Shares of the Fund are not sponsored, endorsed, or promoted by NYSE Arca. NYSE Arca makes no representation or warranty, express or implied, to the owners of the Shares of the Fund. NYSE Arca is not responsible for, nor has it participated in, the determination of the timing of, prices of, or quantities of the Shares of the Fund to be issued, or in the determination or calculation of the equation by which the Shares are redeemable. NYSE Arca has no obligation or liability to owners of the Shares of the Fund in connection with the administration, marketing, or trading of the Shares of the Fund. Without limiting any of the foregoing, in no event shall NYSE Arca have any liability for any lost profits or indirect, punitive, special, or consequential damages even if notified of the possibility thereof.

**EXHIBIT A**

VALUED ADVISERS TRUST

PROXY VOTING POLICY AND PROCEDURES

The Valued Advisers Trust (the "Trust") is registered as an open-end management investment company under the Investment Company Act of 1940, as amended ("1940 Act"). The Trust offers multiple series (each a "Fund" and, collectively, the "Funds"). Consistent with its fiduciary duties and pursuant to Rule 30b1-4 under the 1940 Act (the "Proxy Rule"), the Board of Trustees of the Valued Advisers Trust (the "Board") has adopted this proxy voting policy on behalf of the Trust (the "Policy") to reflect its commitment to ensure that proxies are voted in a manner consistent with the best interests of the Funds' shareholders.

Pursuant to rules established by the SEC under the 1940 Act, the Board has delegated authority to vote proxies to the investment adviser of each Fund (each, an "Adviser" and collectively, the "Advisers") and has approved formal, written guidelines for proxy voting as adopted by the Advisers to the Trust's Funds. The Board maintains oversight of the voting policies and procedures for each Fund.

Each Fund exercises its proxy voting rights with regard to the companies in the Fund's investment portfolio, with the goals of maximizing the value of the portfolio's investments, promoting accountability of a company's management and board of directors to its shareholders, aligning the interests of management with those of shareholders, and increasing transparency of a company's business and operations.

In general, the Board believes that the Fund Adviser, which selects the individual companies that are part of each Fund's portfolio, is the most knowledgeable and best suited to make decisions about proxy votes. Therefore, the Trust defers to and relies on the Funds' Adviser to make decisions on casting proxy votes.

An Adviser to a Fund may, but is not required to, further delegate the responsibility for voting proxies relating to portfolio securities held by the Fund to one or more of the sub-advisers retained to provide investment advisory services to such Fund, if any (each a "Sub-Adviser"). If such responsibility is delegated to a Sub-Adviser, then the Sub-Adviser shall assume the fiduciary duty and reporting responsibilities of the Adviser under these policy guidelines. As used in these Policies and Procedures, the term "Adviser" includes any and all Sub-Advisers.

Pursuant to Rule 12d1-4, a Fund must mirror vote proposals on proxies issued by underlying investment companies in the event that such Fund and its advisory group (as defined in Rule 12d1-4) own more than 25% of the shares of any one investment company. Mirror voting means that the Fund votes its shares in the same proportion that all shares of the underlying investment company are voted, or in accordance with instructions received from Fund shareholders.

Each Fund shall disclose in its Statement of Additional Information the policies and procedures that it uses to vote proxies relating to portfolio securities. In addition, each Fund shall make available to shareholders, either on its website or upon request, the record of how the Trust voted proxies relating to portfolio securities.

Each Fund shall disclose in its annual and semi-annual reports to shareholders and in its registration statement the methods by which shareholders may obtain information about the Fund's proxy voting policies and procedures and the Fund's proxy voting record.

If a Fund has a website, the Fund may post a copy of its Adviser's proxy voting policy and this Policy on such website. A copy of such policies and of each Fund's proxy voting record shall also be made available, without charge, upon request of any shareholder of the Fund, by calling the applicable Fund's toll-free telephone number as printed in the Fund's prospectus. The Trust's administrator shall reply to any Fund shareholder request within three business days of receipt of the request, by first-class mail or other means designed to ensure equally prompt delivery.

The Adviser shall provide quarterly certifications with respect to its adherence to its proxy voting and exemptive order policies and procedures.

**Responsible Party:** Adviser

**EXHIBIT B**

**<u>Focus Partners Wealth, LLC (the "Adviser")</u>**

**Proxy Voting Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Statement of Policy** 

The Advisers Act requires any adviser who votes proxies on behalf of Clients to have written policies and procedures.

The Adviser generally does not take authority to vote proxies on behalf of clients, but may offer assistance to proxy matters in limited scenarios specific to individual clients up to where Adviser may assume proxy voting responsibility. Exceptions to the general "no proxy" policies are outlined below.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Who is Responsible for implementing this Policy** 

The Compliance Department, and Chief Investment Officer ("CIO"), are responsible for implementing, updating, and monitoring this policy. The Compliance Department is responsible for ensuring that appropriate disclosure is given to Clients. The CIO is responsible for overseeing the voting of proxies, when an exception has been made.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Procedures to Implement this Policy** 

The Adviser has adopted procedures that it believes are reasonably designed to implement its proxy voting policy.

The Compliance Department should monitor, evaluate, and update the procedures, as appropriate, including:

● requiring any Supervised Person who assists clients with completing custodian forms to provide the client with guidance that the form should indicate the Client should be the recipient of proxies, unless an exception applies.

● require that Adviser's operations and wealth advisor teams have Client onboarding procedures in place whereby accounts are coded correctly as to the proxy voting responsibility where an aforementioned exception applies, that the arrangement is reflected in the Client's brokerage account application;

● require that voting responsibility between the Adviser and the Client is clearly established in the Client's advisory agreement or in some other writing;

● confirm that the software the Adviser uses to facilitate its proxy voting in those limited circumstances is serving the needs of the Adviser;

● confirm that the Adviser is voting proxies, where applicable, timely and in accordance with its guidelines; and

● review the procedures at least annually to assess their adequacy.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Specific Policies for Certain Exceptions to Not Voting Proxies** 

***Voting Proxies when a Supervised Person Serves as Trustee for a Client Trust Account***

In those instances where a Supervised Person serves as the trustee of a trust account managed by the Adviser, the following procedures should be followed to help assure that the Adviser is not acting contrary to its policy not to vote proxies:

● in cases where a trust Client has a trustee in addition to the Supervised Person, the proxies shall be sent to that outside trustee who will be responsible for voting proxies;

● in cases where a trust Client has only the Supervised Person as a trustee, the proxies shall be sent to the underlying beneficiary, who will retain proxy-voting authority;

● in a case where a trust Client has only the Supervised Person as a trustee and the beneficiary is not able to exercise his or her voting authority, the Supervised Person-Trustee will vote the proxies in the best interests of that Client in accordance with their fiduciary obligations in the capacity as a trustee; and

● the Adviser will maintain a record of all Client trust accounts for which a Supervised Person has responsibility to vote proxies in their capacity as trustee for such trust Client.

***Voting Proxies for Grandfathered Clients and/or when a Client has specifically designated the Adviser to Vote Proxies***

The following policies and procedures apply to the voting of proxies by the Adviser for Client accounts for which the Adviser and the Client have agreed that the Adviser has proxy voting responsibility.

The Adviser's objective is to ensure that its proxy voting activities on behalf of its Clients are conducted in a manner consistent with the best interests of the Clients. For most matters, however, the Adviser's policy is not to vote when it believes the outcome is not in doubt in order to avoid the unnecessary expenditure of time and the cost to review the proxy materials in detail and carry out the vote. In such circumstances, the Adviser believes that the Client is best served by the Adviser's devotion of its time to investment activities on the Client's behalf.

The Adviser is committed to voting proxies in a manner consistent with the best interests of its Clients. Where the Adviser has the responsibility to vote proxies, there may be some instances when it may choose not to take any action, such as (a) where a Client has informed the Adviser that it wishes to retain the right to vote a specific proxy, (b) where the proxy is received for a Client account that has been terminated, (c) where a proxy is received by the Adviser for a security that it no longer manages on behalf of a Client, or (d) when the Adviser believes the

outcome is not in doubt, in such circumstances, the Adviser believes that the Client is best served by the Adviser's devotion of its time to investment activities on the Client's behalf.

In those instances where the Adviser retains the responsibility to vote proxies, see (A) the Adviser Responsible for Voting Proxies below.

***Voting Proxies the SA Funds***

Solely with respect to the SA Worldwide Moderate Growth Fund ("SAWMX"), FPAS, as adviser to SAWMX, shall vote proxies in the same proportion as the vote of all other holders of SAWMX. For the remainder of the SA Funds, the SA Funds trustees have delegated its proxy voting directly to Dimensional Fund Advisors ("DFA") to be voted pursuant to the SA Funds' policies and procedures and the policies and procedures of DFA.

***Form N-PX***

Section 14A (a) and (b) of the Securities and Exchange Act of 1934 requires investment advisers that file Form 13F to also file a Form N-PX through the EDGAR system. Form N-PX must be filed annually not later than August 31 of each year and must report, for the most recent 12-month period ended June 30, certain information regarding the investment adviser's proxy voting record for each shareholder vote relating to (1) senior executive compensation, (2) frequency of executive compensation votes, and (3) golden parachute compensation (Sections 14A(a) and (b) of the Securities Exchange Act of 1934).

Note, even if an investment adviser does not accept proxy voting responsibility, it must still file a Form N-PX disclosing that the investment adviser has a clearly disclosed policy of not voting, and did not vote, on any proxy voting matters during the reporting period.

On or before August 31 of each year, the Compliance Department (including, if applicable, a third-party service provider) will make a Form N-PX filing to report, for the most recent 12-month period ended June 30, the Adviser's proxy voting record regarding votes on certain executive compensation matters pursuant to Sections 14A(a) and (b) of the Securities Exchange Act of 1934. The Adviser will monitor and retain the information that is required to be included in the Form N-PX filing.

***Client Disclosure***

The Advisers Act requires an adviser to disclose to Clients a summary of its policies. A summary of the Adviser's proxy voting policy is contained in the Adviser's Form ADV Part 2A.

**(A) the Adviser Responsible for Voting Proxies**

If/when the Adviser votes a proxy, the Adviser generally votes in accordance with the following general guidelines:

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| | |
|:---|:---|
| **Proxy Proposal Issue** | **Proxy Voting Policy** |
| Election of Directors | For |
| Fix Number of Directors | For |
| Election of Directors (Majority Voting) | For |
| Ratify Appointment of Independent Auditors | For |
| Eliminate Supermajority Requirements | For |
| Eliminate Supermajority Requirement to Amend Charter | For |
| Eliminate Supermajority Requirement to Approve **Business** Combination | For |
| Eliminate Supermajority Requirement to Declassify Board | For |
| Adopt Anti-Greenmail | For |
| Approve Company Name Change | For |
| Declassify Board | For |
| Eliminate Unequal Voting Rights | For |
| Adopt Confidential Voting | For |
| Director Removal Without Cause | For |
| Authorize Board to Fill Vacancies | For |
| Restore Right to Call a Special Meeting | For |
| Bundled Corporate Governance | For |
| Outside Director Stock Option | For |
| Approve Cash/Stock Bonus Plan | For |
| Amend Cash/Stock Bonus Plan | For |
| Merger Plan | For |
| Authorize Sale of Assets | For |
| Investment Advisory Agreement | For |
| Liquidation Plan | For |
| Dividends | For |
| Stock Repurchase Plan | For |
| Approve Par Value Change | For |
| Reverse Stock Split | For |
| Approve Stock Split | For |
| Shareholder Proposal | For |
| S/H Proposal Change Annual Meeting Date/Time/Place | For |
| S/H Proposal Adopt Confidential Voting | For |
| S/H Proposal Rotate Annual Meeting Location | For |
| S/H Proposal Rescind Anti | For |
| S/H Proposal Allow Shareholders to Select Auditors | For |

---

---

| | |
|:---|:---|
| **Proxy Proposal Issue** | **Proxy Voting Policy** |
| S/H Proposal Change Compensation Structure | For |
| S/H Proposal Adopt Cumulative Voting | For |
| S/H Proposal Create a Non | For |
| S/H Proposal Redeem Poison Pill | For |
| S/H Proposal to Ratify Poison Pill | For |
| S/H Proposal Repeal Supermajority Requirements | For |
| S/H Proposal Approve/Amend Terms of Existing Poison Pill | For |
| S/H Proposal Increase Disclosure of Executive Compensation | For |
| S/H Proposal Require Majority of Directors to Be Independent | For |
| S/H Proposal Require Minimum Stock Ownership for Directors | For |
| S/H Proposal Add Women & Minorities to Board | For |
| S/H Proposal Require Two Candidates for Each Board Seat | For |
| S/H Proposal Limit Composition of Committee(s) to Independent Directors | For |
| S/H Proposal Enhance Stock Value Via Merger/Sale | For |
| S/H Proposal Third World Issues | For |
| S/H Proposal Environmental | For |
| S/H Proposal Require Environmental Reporting | For |
| S/H Proposal Reduce Pollution Emissions | For |
| S/H Proposal Adopt Conservation Policy | For |
| S/H Proposal Adopt/Implement Ceres Principles | For |
| S/H Proposal Soviet Union | For |
| S/H Proposal Disclose Political Contributions | For |
| S/H Proposal Report on Charitable Donations | For |
| S/H Proposal Human Rights Related | For |
| S/H Proposal Animal Rights | For |
| S/H Proposal Tobacco | For |
| S/H Proposal Separate Chairman/Coe | For |
| S/H Proposal Establish Independent Chairman | For |
| S/H Proposal Executive Compensation | For |
| S/H Proposal Compensation Discussion and Analysis | For |
| Miscellaneous Shareholder Proposal | For |
| 14A Executive Compensation Vote Frequency | 1 Year |
| Allow Board to Set its Own Size | Against |
| Adopt Supermajority Requirement to Act by Written Consent | Against |
| Adopt Supermajority Requirement to Amend Charter | Against |
| Adopt Supermajority Requirement to Approve Business Combination | Against |
| Adopt Supermajority Requirement to Declassify Board | Against |
| Approve Limitation of Director Liability | Against |
| Eliminate Shareholder Right to Call Special Meeting | Against |
| Eliminate Shareholder Right to Act By Written Consent | Against |
| Adopt Unequal Voting Rights | Against |

---

---

| | |
|:---|:---|
| **Proxy Proposal Issue** | **Proxy Voting Policy** |
| Eliminate Cumulative Voting | Against |
| Approve Fair Price Provision | Against |
| Approve Director Removal Only for Cause | Against |
| S/H Proposal - Expensing of Stock Options | Against |
| S/H Proposal - Phase Out Nuclear Facilities | Against |

---

The following proxy proposal categories are fact-sensitive such that no general voting policy with respect to such issues may be established by the Adviser:

---

| | |
|:---|:---|
| Omnibus Stock Option Plan | Fact Sensitive |
| Employee Stock Ownership Plan | Fact Sensitive |
| Approve Restructuring | Fact Sensitive |
| Approve Restructuring | Fact Sensitive |
| Approve Spinoff | Fact Sensitive |
| Authorize Common Stock Increase | Fact Sensitive |
| S/H Proposal - Golden Parachutes to Vote | Fact Sensitive |
| S/H Proposal - Limit Compensation | Fact Sensitive |
| S/H Proposal - Military/Weapons | Fact Sensitive |

---

If the proxies are voted, the proxy proposals received by the Adviser and designated above in the Proxy Voting Polices as "for" or "against" will be voted by the Adviser in accordance with the Proxy Voting Polices. Proxy proposals received by the Adviser and designated above in the Proxy Voting Policies as "fact-sensitive" will be reviewed by the Adviser on a case-by-case basis. The basis for all "fact-sensitive" voting decisions shall be documented in writing. For proxy proposals received by the Adviser but not addressed in the Proxy Voting Policies, the Adviser takes the position to generally vote in line with the company's management team.

Notwithstanding the forgoing, the Adviser may vote a proxy contrary to these guidelines if the Adviser determines that such action is in the best interest of the Client. In the event that the Adviser acts contrary to these guidelines, the Adviser shall document the basis for such decision in writing.

***Material Conflict of Interest***

The Adviser occasionally may be subject to material conflicts of interest in the voting of proxies due to business or personal relationships it maintains with persons having an interest in the outcome of certain votes. The Adviser, its affiliates and/or its Supervised Person also occasionally may have business or personal relationships with the proponents of proxy proposals, participants in proxy contests, corporate directors and officers, or candidates for directorships.

If, at any time, the Adviser becomes aware of a material conflict of interest relating to a particular proxy proposal, the Adviser will handle the proposal as follows.

● If the proposal is designated in proxy voting policies above as "for" or "against," the proposal will be voted by the Adviser in accordance with the proxy voting policies, provided little discretion on the part of the Adviser is involved; or

● If the proposal is designated in the proxy voting policies above as "fact-sensitive" (or not addressed in the proxy voting policies), the Adviser will either (i) disclose to the Client such material conflict and vote the Client's shares in accordance with the Client's instructions or (ii) take such other action as is necessary to ensure that the Adviser's vote (including the decision whether to vote) is based on the Client's best interest and not affected by the Adviser's material conflict of interest.

● Additionally, as noted above, the 1934 Act requires certain advisers to file reports where it discloses how it voted on say-on-pay (executive compensation) shareholder votes.

***Maintaining Records***

In accordance with Rule 204-2, the Adviser will maintain the following records in connection with the Adviser's proxy voting policies and procedures.

Maintaining Records

The Adviser shall maintain the following records:

● Copies of advisory agreements

● Evidence of disclosure to Clients of the Adviser's proxy voting policy

● Record of Client trust accounts for which Supervised Persons serve as trustees

● Copy of the proxy voting policies and procedures

● Copy of all proxy statements received regarding Clients' securities

● Record of each vote the Adviser casts on behalf of a Client

● Written records of Client requests for proxy voting information, including a copy of each written Client request for information on how the Adviser voted proxies on behalf of the requesting Client and a copy of any written response by the Adviser to any (written or oral) Client request for information on how the Adviser voted proxies on behalf of the requesting Client

● Any documents prepared by the Adviser that were material to the decision on how to vote or that memorialized the basis for a voting decision

**EXHIBIT C**

**Governance and Nominating Committee Charter** 

**Valued Advisers Trust** 

**Governance and Nominating Committee Membership**

1. The
 Governance and Nominating Committee (the "Committee") of Valued Advisers Trust ("Trust") shall be composed entirely
 of Independent Trustees.

**Governance and Functions**

1. The
 Committee shall assist the Board in adopting fund governance practices and reviewing the Trust's fund governance standards.

2. To
 carry out this purpose, the Committee shall have the following duties and powers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. To
 periodically review workload, size, and composition of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. To
 periodically review the qualifications and independence of the members of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. To
 periodically review the compensation of the Independent Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. To
 monitor, as necessary, regulatory developments, rule changes and industry best practices in fund governance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. To
 periodically review the Trust's committee structure and consider if additional committees or changes to existing committees are
 needed or warranted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. To
 report its activities to the Board and to make such recommendations with respect to the above and other matters as the Committee may deem
 necessary or appropriate.

**Board Nominations and Functions**

1. The
 Committee shall make recommendations for nominations for Independent Trustees members on the Board of Trustees (the "Board")
 to the incumbent Independent Trustees members and to the full Board. The Committee also shall evaluate candidates' qualifications
 and make recommendations for "interested" members on the Board to the full Board. The Committee shall evaluate candidates'
 qualifications for Board membership and their independence from the investment advisers to the Trust's series portfolios and the
 Trust's other principal service providers. Persons selected as Independent Trustees must not be "interested person"
 as that term is defined in the Investment Company Act of 1940, as amended (the "1940 Act"), nor shall an Independent Trustee
 have any affiliations or associations that shall preclude them from voting as an Independent Trustee on matters involving approvals and
 continuations of Rule 12b-1 Plans, Investment Advisory Agreements and such other standards as the Committee shall deem appropriate.
 The Committee shall also consider the effect of any relationships beyond those delineated in the 1940 Act that might impair independence,
 e.g., business, financial or family relationships with investment advisers or service providers. See Appendix A for Procedures with Respect
 to Nominees to the Board.

2. The
 Committee shall periodically review Board governance procedures and shall recommend any appropriate changes to the full Board.

3. The
 Committee may adopt from time to time specific, minimum qualifications that the Committee believes a candidate must meet before being
 considered as a candidate for Board membership and shall comply with any rules adopted from time to time by the U.S. Securities and Exchange
 Commission (the "SEC") regarding investment company nominating committees and the nomination of persons to be considered as
 candidates for Board membership. The Committee shall periodically review Independent Trustee compensation and shall recommend any appropriate
 changes to the Independent Trustees as a group.

**Committee Nominations and Functions**

1. The
 Committee shall make recommendations to the full Board for nomination for membership on all committees of the Board and shall review committee
 assignments at least annually.

2. The
 Committee shall review, as necessary, the responsibilities of any committees of the Board, whether there is a continuing need for each
 committee, whether there is a need for additional committees of the Board, and whether committees should be combined or reorganized. The
 Committee shall make recommendations for any such action to the Board.

**Other Powers and Responsibilities**

1. The
 Committee shall meet as often as it deems appropriate.

2. The
 Committee shall have the resources and authority appropriate to discharge its responsibilities, including authority to retain special
 counsel and other experts or consultants at the expense of the Trust.

3. The
 Committee shall report its activities to the Board and make such recommendations as the Committee may deem necessary or appropriate.

4. A
 majority of the Committee's members will constitute a quorum. At any meeting of the Committee at which a quorum is present, the
 decision of a majority of the members present and voting will be determinatives as to any matter submitted to a vote. The Committee may
 meet in person or by telephone, and a majority of the members of the Committee may act by written consent to the extent not inconsistent
 with the Trust's by-laws. In the event of any inconsistency between this Charter and the Trust's organizational documents,
 the provisions of the Trust's organizational documents shall be given precedence.

5. The
 Committee shall review this Charter at least annually and recommend any changes to the Board.

**Adopted:&nbsp;&nbsp;&nbsp;&nbsp; April 23, 2010**

**Amended: June 8, 2016**

**Amended: June 7, 2018**

**APPENDIX A**

**VALUED ADVISERS TRUST**

**PROCEDURES WITH RESPECT TO NOMINEES TO THE BOARD**

I. *Identification of Candidates*. When a vacancy on the Board of Trustees exists or is anticipated, and such vacancy is to be filled by an Independent
 Trustee, the Governance and Nominating Committee shall identify candidates by obtaining referrals from such sources as it may deem appropriate,
 which may include current Trustees, management of the Trust, counsel and other advisors to the Trustees, and shareholders of the Trust
 who submit recommendations in accordance with these procedures.

II. *Shareholder Candidates.* The Governance and Nominating Committee shall, when identifying candidates for the position of Independent Trustee, consider
 any such candidate recommended by a shareholder if such recommendation contains: (i) sufficient background information concerning the
 candidate, including evidence the candidate is willing to serve as an Independent Trustee if selected for the position; and (ii) is received
 in a sufficiently timely manner as determined by the Governance and Nominating Committee in its discretion. Shareholders shall be directed
 to address any such recommendations in writing to the attention of the Governance and Nominating Committee, c/o the Secretary of the Trust.
 The Secretary shall retain copies of any shareholder recommendations which meet the foregoing requirements for a period of not more than
 12 months following receipt. The Secretary shall have no obligation to acknowledge receipt of any shareholder recommendations.

III. *Evaluation of Candidates*. In evaluating a candidate for a position on the Board of Trustees, including any candidate recommended by shareholders
 of the Trust, the Governance and Nominating Committee shall consider the following: (i) the candidate's knowledge in matters relating
 to the mutual fund industry; (ii) any experience possessed by the candidate as a director or senior officer of public companies; (iii)
 the candidate's educational background; (iv) the candidate's reputation for high ethical standards and professional integrity;
 (v) any specific financial, technical or other expertise possessed by the candidate, and the extent to which such expertise would complement
 the Board's existing mix of skills, core competencies and qualifications; (vi) the candidate's perceived ability to contribute
 to the ongoing functions of the Board, including the candidate's ability and commitment to attend meetings regularly and work collaboratively
 with other members of the Board; (vii) the candidate's ability to qualify as an Independent Trustee and any other actual or potential
 conflicts of interest involving the candidate and the Trust; and (viii) such other factors as the Governance and Nominating Committee
 determines to be relevant in light of the existing composition of the Board and any anticipated vacancies. Prior to making a final recommendation
 to the Board, the Governance and Nominating Committee shall conduct personal interviews with those candidates it concludes are the most
 qualified candidates.

**PART C**

**FORM N-1A**

**OTHER INFORMATION**

ITEM 28. <u>Exhibits</u>.

---

| | |
|:---|:---|
| (a)(1) | [Certificate of Trust - Incorporated by reference to Registrant's Registration Statement on Form N-1A filed June 16, 2008 (File](http://www.sec.gov/Archives/edgar/data/1437249/000103544908000302/vatcertoftrust.htm)[No.](http://www.sec.gov/Archives/edgar/data/1437249/000103544908000302/vatcertoftrust.htm) [811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000103544908000302/vatcertoftrust.htm) |
| (a)(2) | [Agreement and Declaration of Trust – Incorporated by reference to Registrant's Pre-Effective Amendment No. 1 filed October 6, 2008(File No. 811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000103544908000518/decloftrust.htm) |
| (a)(3) | [Amended Schedule A to the Agreement and Declaration of Trust – Incorporated by reference to Registrant's Post-Effective](https://www.sec.gov/Archives/edgar/data/1437249/000158064224007136/ex99_a3.htm) [Amendment No. 404 filed November 26, 2024 (File No. 811-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064224007136/ex99_a3.htm) |
| (b)(1) | [Bylaws – Incorporated by reference to Registrant's Pre-Effective Amendment No. 1 filed October 6, 2008 (File No. 811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000103544908000518/bylaws.htm) |
| (b)(2) | [Amendment, dated September 22, 2009, to Bylaws – Incorporated by reference to Registrant's Post-Effective Amendment No.](http://www.sec.gov/Archives/edgar/data/1437249/000103544910000181/bylaws.htm) [13](http://www.sec.gov/Archives/edgar/data/1437249/000103544910000181/bylaws.htm) [filed March 16, 2010 (File No. 811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000103544910000181/bylaws.htm) |
| (c) | [Certificates for shares are not issued. Provisions of the Agreement and Declaration of Trust define the rights of holders of share](http://www.sec.gov/Archives/edgar/data/1437249/000103544908000518/decloftrust.htm)s [of the](http://www.sec.gov/Archives/edgar/data/1437249/000103544908000518/decloftrust.htm) [Trust – Incorporated by reference to Registrant's Pre-Effective Amendment No. 1 filed October 6, 2008 (File No. 811](http://www.sec.gov/Archives/edgar/data/1437249/000103544908000518/decloftrust.htm)- [22208).](http://www.sec.gov/Archives/edgar/data/1437249/000103544908000518/decloftrust.htm) |
| (d)(1) | [Investment Advisory Agreement between the Trust and Summitry LLC – Incorporated by reference to Registrant's Post-Effective](https://www.sec.gov/Archives/edgar/data/1437249/000158064224007136/ex99_d1.htm) [Amendment No. 404 filed November 26, 2024 (File No. 811-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064224007136/ex99_d1.htm) |
| (d)(2) | [Investment Advisory Agreement between the Trust and Long Short Advisors, LLC – Incorporated by reference to Registrant's](http://www.sec.gov/Archives/edgar/data/1437249/000103544910000467/advisagrmt.htm)[Post-](http://www.sec.gov/Archives/edgar/data/1437249/000103544910000467/advisagrmt.htm)[Effective Amendment No. 19 filed June 29, 2010 (File No. 811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000103544910000467/advisagrmt.htm) |
| (d)(3) | [Interim Investment Subadvisory Agreement between Long Short Advisors, LLC and Gator Capital Management, LLC –](https://www.sec.gov/Archives/edgar/data/1437249/000158064226001270/ex99d3.htm) Incorporated by reference to Registrant's Post-Effective Amendment No. 416 filed February 27, 2026 (File No. 811-22208). |
| (d)(4) | [Investment Advisory Agreement between the Trust and SMI Advisory Services, LLC, with respect to the SMI Dynamic](http://www.sec.gov/Archives/edgar/data/1437249/000119312513067072/d486920dex99d15.htm) [Allocation](http://www.sec.gov/Archives/edgar/data/1437249/000119312513067072/d486920dex99d15.htm) [Fund – Incorporated by reference to Registrant's Post-Effective Amendment No. 100 filed February 20, 2013 (File](http://www.sec.gov/Archives/edgar/data/1437249/000119312513067072/d486920dex99d15.htm)[No. 811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000119312513067072/d486920dex99d15.htm) |
| (d)(5) | [Investment Advisory Agreement between the Trust and SMI Advisory Services, LLC, with respect to the Sound Mind Investing](http://www.sec.gov/Archives/edgar/data/1437249/000119312513070925/d482864dex99d16.htm) [Fund](http://www.sec.gov/Archives/edgar/data/1437249/000119312513070925/d482864dex99d16.htm) [– Incorporated by reference to Registrant's Post-Effective Amendment No. 101 filed February 22, 2013 (File No. 811](http://www.sec.gov/Archives/edgar/data/1437249/000119312513070925/d482864dex99d16.htm)- [22208).](http://www.sec.gov/Archives/edgar/data/1437249/000119312513070925/d482864dex99d16.htm)<br>|

---

C - 1

---

| | |
|:---|:---|
| (d)(6) | [Investment Advisory Agreement between the Trust and SMI Advisory Services, LLC, with respect to the SMI Multi-Strategy](http://www.sec.gov/Archives/edgar/data/1437249/000119312513070925/d482864dex99d17.htm) [Fund](http://www.sec.gov/Archives/edgar/data/1437249/000119312513070925/d482864dex99d17.htm)[(formerly known as the Sound Mind Investing Balanced Fund, the SMI Conservative Allocation Fund, and the SMI](http://www.sec.gov/Archives/edgar/data/1437249/000119312513070925/d482864dex99d17.htm) [50/40/10 Fund) –](http://www.sec.gov/Archives/edgar/data/1437249/000119312513070925/d482864dex99d17.htm) [Incorporated by reference to Registrant's Post-Effective Amendment No. 101 filed February 22, 2013 (File](http://www.sec.gov/Archives/edgar/data/1437249/000119312513070925/d482864dex99d17.htm)[No. 811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000119312513070925/d482864dex99d17.htm)<br>|
| (d)(7) | [Investment Advisory Agreement between the Trust and Bradley , Foster & Sargent, Inc. – Incorporated by reference to](https://www.sec.gov/Archives/edgar/data/1437249/000158064224005791/ex99_d11.htm) [Registrant's](https://www.sec.gov/Archives/edgar/data/1437249/000158064224005791/ex99_d11.htm) [Post-Effective Amendment No. 402 filed September 27, 2024 (File No. 811-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064224005791/ex99_d11.htm) |
| (d)(8) | [Investment Advisory Agreement between the Trust and Dana Investment Advisors, Inc. with respect to the Dana Large Cap](http://www.sec.gov/Archives/edgar/data/1437249/000119312513413370/d567204dex99d20.htm) [Equity](http://www.sec.gov/Archives/edgar/data/1437249/000119312513413370/d567204dex99d20.htm) [Fund – Incorporated by reference to Registrant's Post-Effective Amendment No. 132 filed October 28, 2013 (File No](http://www.sec.gov/Archives/edgar/data/1437249/000119312513413370/d567204dex99d20.htm). [811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000119312513413370/d567204dex99d20.htm) |
| (d)(9) | [Amendment to the Investment Advisory Agreement between the Trust and Dana Investment Advisors, Inc. with respect to the](http://www.sec.gov/Archives/edgar/data/1437249/000139834418013043/fp0035354_ex9928d11.htm)[Dana](http://www.sec.gov/Archives/edgar/data/1437249/000139834418013043/fp0035354_ex9928d11.htm) [Large Cap Equity Fund – Incorporated by reference to Registrant's Post-Effective Amendment No. 296 filed August 31,](http://www.sec.gov/Archives/edgar/data/1437249/000139834418013043/fp0035354_ex9928d11.htm) [2018 (File](http://www.sec.gov/Archives/edgar/data/1437249/000139834418013043/fp0035354_ex9928d11.htm) [No. 811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000139834418013043/fp0035354_ex9928d11.htm) |
| (d)(10) | [Investment Advisory Agreement between the Trust and Dana Investment Advisors, Inc. with respect to the Dana Epiphany](http://www.sec.gov/Archives/edgar/data/1437249/000119312515362323/d65824dex99d18.htm) [Small Cap](http://www.sec.gov/Archives/edgar/data/1437249/000119312515362323/d65824dex99d18.htm) [Equity Fund (formerly known as the Dana Small Cap Equity Fund) – Incorporated by reference to Registrant's](http://www.sec.gov/Archives/edgar/data/1437249/000119312515362323/d65824dex99d18.htm) [Post-Effective](http://www.sec.gov/Archives/edgar/data/1437249/000119312515362323/d65824dex99d18.htm) [Amendment No. 222 filed November 2, 2015 (File No. 811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000119312515362323/d65824dex99d18.htm) |
| (d)(11) | [Amendment to the Investment Advisory Agreement between the Trust and Dana Investment Advisors, Inc. with respect to the](http://www.sec.gov/Archives/edgar/data/1437249/000139834418013043/fp0035354_ex9928d14.htm)[Dana](http://www.sec.gov/Archives/edgar/data/1437249/000139834418013043/fp0035354_ex9928d14.htm) [Epiphany Small Cap Equity Fund (formerly known as the Dana Small Cap Equity Fund) – Incorporated by reference to](http://www.sec.gov/Archives/edgar/data/1437249/000139834418013043/fp0035354_ex9928d14.htm)[Registrant's](http://www.sec.gov/Archives/edgar/data/1437249/000139834418013043/fp0035354_ex9928d14.htm) [Post-Effective Amendment No. 296 filed August 31, 2018 (File No. 811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000139834418013043/fp0035354_ex9928d14.htm) |
| (d)(12) | [Investment Advisory Agreement between the Trust and Dana Investment Advisors, Inc. with respect to the Dana Epiphany](http://www.sec.gov/Archives/edgar/data/1437249/000139834419003492/fp0039982_ex9928d15.htm)[Equity](http://www.sec.gov/Archives/edgar/data/1437249/000139834419003492/fp0039982_ex9928d15.htm) [Fund (formerly known as the Dana Epiphany ESG Equity Fund) – Incorporated by reference to Registrant's Post-](http://www.sec.gov/Archives/edgar/data/1437249/000139834419003492/fp0039982_ex9928d15.htm) [Effective](http://www.sec.gov/Archives/edgar/data/1437249/000139834419003492/fp0039982_ex9928d15.htm) [Amendment No. 306 filed February 28, 2019 (File No. 811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000139834419003492/fp0039982_ex9928d15.htm) |
| (d)(13) | [Investment Advisory Agreement between the Trust and Channing Capital Management, LLC with respect to the Channing](http://www.sec.gov/Archives/edgar/data/1437249/000139834421010098/fp0065400_ex9928d17.htm) [Intrinsic](http://www.sec.gov/Archives/edgar/data/1437249/000139834421010098/fp0065400_ex9928d17.htm) [Value Small Cap Fund – Incorporated by reference to Registrant's Post-Effective Amendment No. 346 filed May 10,](http://www.sec.gov/Archives/edgar/data/1437249/000139834421010098/fp0065400_ex9928d17.htm) [2021 (File No.](http://www.sec.gov/Archives/edgar/data/1437249/000139834421010098/fp0065400_ex9928d17.htm) [811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000139834421010098/fp0065400_ex9928d17.htm) |
| (d)(14) | [Form of Interim Investment Advisory Agreement between the Trust and Focus Partners Wealth, LLC with respect to the Kovitz Core Equity ETF - filed herewith.](exh-d_14.htm) |
| (d)(15) | [Investment Advisory Agreement between the Trust and Regan Capital, LLC with respect to the Regan Floating Rate MBS](https://www.sec.gov/Archives/edgar/data/1437249/000158064224001057/ex99d21.htm) [ETF –](https://www.sec.gov/Archives/edgar/data/1437249/000158064224001057/ex99d21.htm) [Incorporated by reference to Registrant's Post Effective Amendment No. 389 filed February 21, 2024 (File No. 811](https://www.sec.gov/Archives/edgar/data/1437249/000158064224001057/ex99d21.htm)- [22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064224001057/ex99d21.htm) |
| (d)(16) | [Investment Advisory Agreement between the Trust and Slow Capital, Inc. with respect to the Slow Capital Growth Fund –](https://www.sec.gov/Archives/edgar/data/1437249/000158064224007136/ex99_d21.htm) [Incorporated by reference to Registrant's Post-Effective Amendment No. 404 filed November 26, 2024 (File No. 811-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064224007136/ex99_d21.htm) |
| (e)(1) | [Distribution Agreement among the Trust, Ultimus Fund Distributors, LLC, and SMI Advisory Services, LLC – Incorporated](http://www.sec.gov/Archives/edgar/data/1437249/000139834420004570/fp0050682_ex9928e2.htm) [by](http://www.sec.gov/Archives/edgar/data/1437249/000139834420004570/fp0050682_ex9928e2.htm) [reference to Registrant's Post-Effective Amendment No. 319 filed February 28, 2020 (File No. 811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000139834420004570/fp0050682_ex9928e2.htm)<br>|

---

C - 2

---

| | |
|:---|:---|
| (e)(2) | [Distribution Agreement among the Trust, Ultimus Fund Distributors, LLC, and Dana Investment Advisors, Inc. – Incorporated by reference to Registrant's Post-Effective Amendment No. 416 filed February 27, 2026 (File No. 811-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064226001270/ex99e2.htm)  |
| (e)(3) | [Distribution Agreement among the Trust, Ultimus Fund Distributors, LLC and Summitry LLC – Incorporated by reference to](https://www.sec.gov/Archives/edgar/data/1437249/000139834420004570/fp0050682_ex9928e5.htm) [Registrant's Post-Effective Amendment No. 319 filed February 28, 2020 (File No. 811-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000139834420004570/fp0050682_ex9928e5.htm)<br>|
| (e)(4) | [Amendment to the Distribution Agreement among the Trust, Ultimus Fund Distributors, LLC and Summitry LLC](http://www.sec.gov/Archives/edgar/data/1437249/000139834420011629/fp0054139_ex9928e6.htm) – [Incorporated by](http://www.sec.gov/Archives/edgar/data/1437249/000139834420011629/fp0054139_ex9928e6.htm) [reference to Registrant's Post-Effective Amendment No. 328 filed May 29, 2020 (File No. 811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000139834420011629/fp0054139_ex9928e6.htm)<br>|
| (e)(5) | [Distribution Agreement among the Trust, Ultimus Fund Distributors, LLC and Bradley , Foster & Sargent, Inc. – Incorporated](https://www.sec.gov/Archives/edgar/data/1437249/000158064225006272/ex99e5.htm) [by](https://www.sec.gov/Archives/edgar/data/1437249/000158064225006272/ex99e5.htm) [reference to Registrant's Post-Effective Amendment No. 413 filed September 29, 2025 (File No. 811-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064225006272/ex99e5.htm)<br>|
| (e)(6) | [Distribution Agreement between Ultimus Fund Distributors, LLC and Long Short Advisors, LLC – Incorporated by reference to](https://www.sec.gov/Archives/edgar/data/1437249/000158064225006278/ex99e6.htm) [Registrant's Post-Effective Amendment No. 414 filed September 29, 2025 (File No. 811-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064225006278/ex99e6.htm) |
| (e)(7) | [Distribution Agreement between the Trust and Ultimus Fund Distributors, LLC – Incorporated by reference to Registrant's](http://www.sec.gov/Archives/edgar/data/1437249/000139834421010098/fp0065400_ex9928e9.htm) [Post-](http://www.sec.gov/Archives/edgar/data/1437249/000139834421010098/fp0065400_ex9928e9.htm)[Effective Amendment No. 346 filed May 10, 2021 (File No. 811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000139834421010098/fp0065400_ex9928e9.htm) |
| (e)(8) | [Amended Schedule A to the Distribution Agreement between the Trust and Ultimus Fund Distributors, LLC – Incorporated by](https://www.sec.gov/Archives/edgar/data/1437249/000158064224007136/ex99_e9.htm) [reference to Registrant's Post-Effective Amendment No. 404 filed November 26, 2024 (File No. 811-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064224007136/ex99_e9.htm) |
| (e)(9) | [Distribution Agreement between the Trust and Northern Lights Distributors, LLC – filed herewith.](exh-e_9.htm) |
| (f) | Not applicable. |
| (g)(1) | [Custody Agreement between the Trust and Huntington National Bank – Incorporated by reference to Registrant's Pre-Effective](http://www.sec.gov/Archives/edgar/data/1437249/000103544908000518/custodyagrt.htm) [Amendment No. 1 filed October 6, 2008 (File No. 811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000103544908000518/custodyagrt.htm) |
| (g)(2) | [Amended Appendix B to the Custody Agreement between the Trust and Huntington National Bank – Incorporated by reference to](https://www.sec.gov/Archives/edgar/data/1437249/000158064225003346/ex99g2.htm) [Registrant's Post-Effective Amendment No. 409 filed May 30, 2025 (file No. 811-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064225003346/ex99g2.htm) |
| (g)(3) | [Amended Appendix D to the Custody Agreement between the Trust and Huntington National Bank – Incorporated by reference to](https://www.sec.gov/Archives/edgar/data/1437249/000103544910000467/custody.htm) [Registrant's Post-Effective Amendment No. 19 filed June 29, 2010 (File No. 811-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000103544910000467/custody.htm) |
| (g)(4) | [Custody Agreement between the Trust and US Bank, N.A. – Incorporated by reference to Registrant's Post-EffectiveAmendment No.](http://www.sec.gov/Archives/edgar/data/1437249/000119312516723303/d201105dex99g4.htm) [245 filed September 28, 2016 (File No. 811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000119312516723303/d201105dex99g4.htm) |
| (g)(5) | [Amendment No. 1 to the Custody Agreement between the Trust and US Bank, N.A. - Incorporated by reference to Registrant's](http://www.sec.gov/Archives/edgar/data/1437249/000119312518139286/d490243dex99g5.htm)[Post-](http://www.sec.gov/Archives/edgar/data/1437249/000119312518139286/d490243dex99g5.htm)[Effective Amendment No. 290 filed April 27, 2018 (File No. 811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000119312518139286/d490243dex99g5.htm) |
| (g)(6) | [Amendment No. 2 to the Custody Agreement between the Trust and US Bank, N.A. – Incorporated by reference to Registrant's [Effective Amendment No. 346 filed May 10, 2021 (File No. 811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000139834421010098/fp0065400_ex9928g6.htm)](http://www.sec.gov/Archives/edgar/data/1437249/000139834421010098/fp0065400_ex9928g6.htm) |
| (g)(7) | [Amendment No. 3 to the Custody Agreement between the Trust and US Bank, N.A. – Incorporated by reference to](http://www.sec.gov/Archives/edgar/data/1437249/000158064222001374/ex99g7.htm) [Registrant's Post-](http://www.sec.gov/Archives/edgar/data/1437249/000158064222001374/ex99g7.htm)[Effective Amendment No. 366 filed March 9, 2022 (File No. 811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000158064222001374/ex99g7.htm)<br>|

---

C - 3

---

| | |
|:---|:---|
| (g)(8) | [Amendment No. 4 to the Custody Agreement between the Trust and US Bank, N.A. – Incorporated by reference to Registrant's Post-](https://www.sec.gov/Archives/edgar/data/1437249/000158064224007136/ex99_g8.htm)[Effective Amendment No. 404 filed November 26, 2024 (File No. 811-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064224007136/ex99_g8.htm)<br>|
| (g)(9) | [Custodian and Transfer Agent Agreement between the Trust and Brown Brothers Harriman & Co. – Incorporated by reference](http://www.sec.gov/Archives/edgar/data/0001437249/000158064221005489/ex99g_7.htm) [to](http://www.sec.gov/Archives/edgar/data/0001437249/000158064221005489/ex99g_7.htm) [Registrant's Post-Effective Amendment No. 359 filed November 17, 2021 (File No. 811-22208).](http://www.sec.gov/Archives/edgar/data/0001437249/000158064221005489/ex99g_7.htm)<br>|
| (g)(10) | [First Amendment to the Custodian and Transfer Agent Agreement between the Trust and Brown Brothers Harriman & Co. –](https://www.sec.gov/Archives/edgar/data/1437249/000158064222005610/ex99g_9.htm) [Incorporate by reference to Registrant's Post-Effective Amendment No. 375 filed November 4, 2022 (File No. 811-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064222005610/ex99g_9.htm)<br>|
| (g)(11) | [Second Amendment to the Custodian and Transfer Agent Agreement between the Trust and Brown Brothers Harriman & Co –](https://www.sec.gov/Archives/edgar/data/1437249/000158064224001057/ex99g10.htm) [Incorporated by reference to Registrant's Post Effective Amendment No. 389 filed February 21, 2024 (File No. 811-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064224001057/ex99g10.htm)<br>|
| (h)(1) | [Master Services Agreement between the Trust and Ultimus Fund Solutions, LLC – Incorporated by reference to Registrant's](http://www.sec.gov/Archives/edgar/data/1437249/000119312518118757/d516307dex99h1.htm) [Post-](http://www.sec.gov/Archives/edgar/data/1437249/000119312518118757/d516307dex99h1.htm)[Effective Amendment No. 288 filed April 16, 2018 (File No. 811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000119312518118757/d516307dex99h1.htm)<br>|
| (h)(2) | [First Amendment to the Master Services Agreement between the Trust and Ultimus Fund Solutions, LLC – Incorporated by](http://www.sec.gov/Archives/edgar/data/1437249/000139834419009872/fp0042411_ex9928h2.htm) [reference](http://www.sec.gov/Archives/edgar/data/1437249/000139834419009872/fp0042411_ex9928h2.htm) [to Registrant's Post-Effective Amendment No. 311 filed May 31, 2019 (File No. 811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000139834419009872/fp0042411_ex9928h2.htm)<br>|
| (h)(3) | [Second Amendment to the Master Services Agreement between the Trust and Ultimus Fund Solutions, LLC – Incorporated by](http://www.sec.gov/Archives/edgar/data/1437249/000139834420004570/fp0050682_ex9928h3.htm) [reference to Registrant's Post-Effective Amendment No. 319 filed February 28, 2020 (File No. 811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000139834420004570/fp0050682_ex9928h3.htm)<br>|
| (h)(4) | [Amendment to the Fund Administration Addendum to the Master Services Agreement between the Trust and Ultimus Fund](http://www.sec.gov/Archives/edgar/data/1437249/000139834419009872/fp0042411_ex9928h3.htm) [Solutions,](http://www.sec.gov/Archives/edgar/data/1437249/000139834419009872/fp0042411_ex9928h3.htm) [LLC – Incorporated by reference to Registrant's Post-Effective Amendment No. 311 filed May 31, 2019 (File No](http://www.sec.gov/Archives/edgar/data/1437249/000139834419009872/fp0042411_ex9928h3.htm). [811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000139834419009872/fp0042411_ex9928h3.htm)<br>|
| (h)(5) | [Amended Schedule A to the Master Services Agreement between the Trust and Ultimus Fund Solutions, LLC – Incorporated by](https://www.sec.gov/Archives/edgar/data/1437249/000158064224007136/ex99_h5.htm) [reference to Registrant's Post-Effective Amendment No. 404 filed November 26, 2024 (File No. 811-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064224007136/ex99_h5.htm)<br>|
| (h)(6) | [ETF Master Services Agreement between the Trust and Ultimus Fund Solutions, LLC – Incorporated by reference to](http://www.sec.gov/Archives/edgar/data/0001437249/000158064221005489/ex99h_6.htm) [Registrant's](http://www.sec.gov/Archives/edgar/data/0001437249/000158064221005489/ex99h_6.htm) [Post-Effective Amendment No. 359 filed November 17, 2021 (File No. 811-22208).](http://www.sec.gov/Archives/edgar/data/0001437249/000158064221005489/ex99h_6.htm)<br>|
| (h)(7) | [Amendment No. 1 to the ETF Master Services Agreement between the Trust and Ultimus Fund Solutions, LLC –](https://www.sec.gov/Archives/edgar/data/1437249/000158064222005610/ex99h_7.htm) [Incorporated by](https://www.sec.gov/Archives/edgar/data/1437249/000158064222005610/ex99h_7.htm) [reference to Registrant's Post-Effective Amendment No. 375 filed November 4, 2022 (File No. 8-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064222005610/ex99h_7.htm)<br>|
| (h)(8) | [Amended Expense Limitation Agreement between the Trust and Long Short Advisors, LLC – Incorporated by reference to](https://www.sec.gov/Archives/edgar/data/1437249/000158064225006278/ex99h8.htm) [Registrant's Post-Effective Amendment No. 414 filed September 29, 2025 (File No. 811-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064225006278/ex99h8.htm)<br>|
| (h)(9) | [Amended and Restated Expense Limitation Agreement between the Trust and SMI Advisory Services, LLC with respect to the SMI](https://www.sec.gov/Archives/edgar/data/1437249/000158064225001249/ex99h10.htm) [Multi-Strategy Fund – Incorporated by reference to Registrant's Post-Effective Amendment No. 408 filed February 28, 2025 (File No.](https://www.sec.gov/Archives/edgar/data/1437249/000158064225001249/ex99h10.htm) [811-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064225001249/ex99h10.htm)<br>|
| (h)(10) | [Amended and Restated Expense Limitation Agreement between the Trust and Bradley , Foster & Sargent, Inc. –](https://www.sec.gov/Archives/edgar/data/1437249/000158064225006272/ex99h10.htm) [Incorporated by](https://www.sec.gov/Archives/edgar/data/1437249/000158064225006272/ex99h10.htm) [reference to Registrant's Post-Effective Amendment No. 413 filed September 29, 2025 (File No. 811](https://www.sec.gov/Archives/edgar/data/1437249/000158064225006272/ex99h10.htm)- [22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064224005791/ex99_h11.htm)<br>|

---

C - 4

---

| | |
|:---|:---|
| (h)(11) | [Amended and Restated Expense Limitation Agreement between the Trust and Dana Investment Advisors, Inc. with respect to the](https://www.sec.gov/Archives/edgar/data/1437249/000158064225001219/ex-h12.htm) [Dana Large Cap Equity Fund – Incorporated by reference to Registrant's Post-Effective Amendment No. 405 filed February 28, 2025](https://www.sec.gov/Archives/edgar/data/1437249/000158064225001219/ex-h12.htm)<br> [(File No. 811-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064225001219/ex-h12.htm)<br>|
| (h)(12) | [Amended and Restated Expense Limitation Agreement between the Trust and Dana Investment Advisors, Inc. with respect to the](https://www.sec.gov/Archives/edgar/data/1437249/000158064225001219/ex-h13.htm) [Dana Epiphany Small Cap Equity Fund – Incorporated by reference to Registrant's Post-Effective Amendment No. 405 filed February](https://www.sec.gov/Archives/edgar/data/1437249/000158064225001219/ex-h13.htm) [28, 2025 (File No. 811-22208)](https://www.sec.gov/Archives/edgar/data/1437249/000158064225001219/ex-h13.htm).<br>|
| (h)(13) | [Expense Limitation Agreement between the Trust and Summitry LLC with respect to the Summitry Equity Fund – Incorporated by](https://www.sec.gov/Archives/edgar/data/1437249/000158064225003367/ex99h13.htm) [reference to Registrant's Post-Effective Amendment No. 412 filed May 30, 2025 (File No. 811-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064225003367/ex99h13.htm)<br>|
| (h)(14) | [Amended and Restated Expense Limitation Agreement between the Trust and Dana Investment Advisors, Inc. with respect to the](https://www.sec.gov/Archives/edgar/data/1437249/000158064225001219/ex-h16.htm) [Dana Epiphany Equity Fund – Incorporated by reference to Registrant's Post-Effective Amendment No. 405 filed February 28, 2025](https://www.sec.gov/Archives/edgar/data/1437249/000158064225001219/ex-h16.htm)<br> [(File No. 811-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064225001219/ex-h16.htm)<br>|
| (h)(15) | [Amended Expense Limitation Agreement between the Trust and Channing Capital Management, LLC with respect to the Channing](https://www.sec.gov/Archives/edgar/data/1437249/000158064225003358/ex99h_16.htm) [Intrinsic Value Small Cap Fund – Incorporated by reference to Registrant's Post-Effective Amendment No. 410 filed May 30, 2025](https://www.sec.gov/Archives/edgar/data/1437249/000158064225003358/ex99h_16.htm)<br> [(File No. 811-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064225003358/ex99h_16.htm)<br>|
| (h)(16) | [Expense Limitation Agreement between the Trust and Slow Capital, Inc. with respect to the Slow Capital Growth Fund – Incorporated](https://www.sec.gov/Archives/edgar/data/1437249/000158064224007136/ex99_h18.htm) [by reference to Registrant's Post-Effective Amendment No. 404 filed November 26, 2024 (File No. 811-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064224007136/ex99_h18.htm)<br>|
| (i)(1) | [Opinion and Consent of DLA Piper LLP – Incorporated by reference to Registrant's Post-Effective Amendment No. 404 filed November 26, 2024 (File No. 811-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064224007136/ex99_i1.htm)<br>|
| (i)(2) | [Consent of DLA Piper LLP – filed herewith.](exh-i_2.htm) |
| (j)(1) | [Consent of Cohen & Company, Ltd., Independent Public Accountants, with respect to Kovitz Core Equity ETF – filed herewith.](exh-j_1.htm)<br>|
| (k) | Not applicable. |
| (l) | [Initial Capital Agreement – Incorporated by reference to Registrant's Pre-Effective Amendment No. 1 filed October 6, 2008 (File No.](http://www.sec.gov/Archives/edgar/data/1437249/000103544908000518/intialcapt.htm) [811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000103544908000518/intialcapt.htm) |
| (m)(1) | [Distribution Plan under Rule 12b-1 for Summitry Equity Fund – Incorporated by reference to Registrant's Post-Effectiv](http://www.sec.gov/Archives/edgar/data/1437249/000139834420011629/fp0054139_ex9928m1.htm)e [Amendment](http://www.sec.gov/Archives/edgar/data/1437249/000139834420011629/fp0054139_ex9928m1.htm) [No. 328 filed May 29, 2020 (File No. 811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000139834420011629/fp0054139_ex9928m1.htm)<br>|
| (n) | Not applicable. |
| (o) | Reserved. |

---

C - 5

---

| | |
|:---|:---|
| (p)(1) | [Code of Ethics for the Trust – Incorporated by reference to Registrant's Post-Effective Amendment No. 395 filed May 28, 2024 (File](https://www.sec.gov/Archives/edgar/data/1437249/000158064224002854/ex99p1.htm) [No. 811-2220).](https://www.sec.gov/Archives/edgar/data/1437249/000158064224002854/ex99p1.htm) |
| (p)(2) | [Code of Ethics for Summitry LLC – Incorporated by reference to Registrant's Post-Effective Amendment No. 328 filed May 29,](http://www.sec.gov/Archives/edgar/data/1437249/000139834420011629/fp0054139_ex9928p2.htm) [2020](http://www.sec.gov/Archives/edgar/data/1437249/000139834420011629/fp0054139_ex9928p2.htm)[(File No. 811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000139834420011629/fp0054139_ex9928p2.htm) |
| (p)(3) | [Code of Ethics for Long Short Advisors, LLC – Incorporated by reference to Registrant's Post-Effective Amendment No. 386](https://www.sec.gov/Archives/edgar/data/1437249/000158064223005193/ex99p3.htm)[filed](https://www.sec.gov/Archives/edgar/data/1437249/000158064223005193/ex99p3.htm) [September 28, 2023 (File No. 811-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064223005193/ex99p3.htm) |
| (p)(4) | [Code of Ethics for Ultimus Fund Distributors, LLC and Northern Lights Distributors, LLC – Incorporated by reference to](https://www.sec.gov/Archives/edgar/data/1437249/000158064223005193/ex99p4.htm) [Registrant's Post-Effective Amendment No. 386 filed September 28, 2023 (File No. 811-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064223005193/ex99p4.htm) |
| (p)(5) | [Code of Ethics for Focus Partners Wealth, LLC – filed herewith.](exh-p_5coe.htm) |
| (p)(6) | [Code of Ethics for SMI Advisory Services, LLC – Incorporated by reference to Registrant's Post-Effective Amendment No](http://www.sec.gov/Archives/edgar/data/1437249/000139834420019201/fp0057911_ex9928p7.htm). [332 filed](http://www.sec.gov/Archives/edgar/data/1437249/000139834420019201/fp0057911_ex9928p7.htm) [September 28, 2020 (File No. 811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000139834420019201/fp0057911_ex9928p7.htm) |
| (p)(7) | [Code of Ethics for Bradley , Foster & Sargent, Inc. – Incorporated by reference to Registrant's Post-Effective Amendment No](http://www.sec.gov/Archives/edgar/data/1437249/000139834420019201/fp0057911_ex9928p8.htm). [332](http://www.sec.gov/Archives/edgar/data/1437249/000139834420019201/fp0057911_ex9928p8.htm) [filed September 28, 2020 (File No. 811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000139834420019201/fp0057911_ex9928p8.htm) |
| (p)(8) | [Code of Ethics for Dana Investment Advisors, Inc. – Incorporated by reference to Registrant's Post-Effective Amendment No](http://www.sec.gov/Archives/edgar/data/1437249/000139834420019201/fp0057911_ex9928p9.htm). [332](http://www.sec.gov/Archives/edgar/data/1437249/000139834420019201/fp0057911_ex9928p9.htm) [filed September 28, 2020 (File No. 811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000139834420019201/fp0057911_ex9928p9.htm) |
| (p)(9) | [Code of Ethics for Channing Capital Management, LLC – Incorporated by reference to Registrant's Post-Effective Amendmen](http://www.sec.gov/Archives/edgar/data/1437249/000139834421010098/fp0065400_ex9928p12.htm)t [No.](http://www.sec.gov/Archives/edgar/data/1437249/000139834421010098/fp0065400_ex9928p12.htm) [346 filed May 10, 2021 (File No. 811-22208).](http://www.sec.gov/Archives/edgar/data/1437249/000139834421010098/fp0065400_ex9928p12.htm) |
| (p)(10) | [Code of Ethics for Regan Capital, LLC – Incorporated by reference to Registrant's Post Effective Amendment No. 389 filed](https://www.sec.gov/Archives/edgar/data/1437249/000158064224001057/ex99p14.htm)[February](https://www.sec.gov/Archives/edgar/data/1437249/000158064224001057/ex99p14.htm) [21, 2024 (File No. 811-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064224001057/ex99p14.htm) |
| (p)(11) | [Code of Ethics for Slow Capital, Inc. – Incorporated by reference to Registrant's Post-Effective Amendment No. 404 filed November](https://www.sec.gov/Archives/edgar/data/1437249/000158064224007136/ex99_p14.htm) [26, 2024 (File No. 811-22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064224007136/ex99_p14.htm) |
| (q)(1) | [Powers of Attorney – Incorporated by reference to Registrant's Post-Effective Amendment No. 367 filed May 31, 2022 (File No. 811-.](http://www.sec.gov/Archives/edgar/data/1437249/000158064222002877/ex99q.htm) |
| (q)(2) | [Powers of Attorney – Incorporated by reference to Registrant's Post-Effective Amendment No. 400 filed July 12, 2024 (File](https://www.sec.gov/Archives/edgar/data/1437249/000158064224003678/ex99q.htm)[No. 81-](https://www.sec.gov/Archives/edgar/data/1437249/000158064224003678/ex99q.htm)[22208).](https://www.sec.gov/Archives/edgar/data/1437249/000158064224003678/ex99q.htm)<br>|

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ITEM 29. <u>Persons Controlled by or Under Common Control with the Registrant</u>.

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

ITEM 30. <u>Indemnification</u>.

Reference is made to the Registrant's Declaration of Trust, which is filed herewith. The following is a summary of certain indemnification provisions therein.

A person who is or was a Trustee, officer, employee or agent of the Registrant, or is or was serving at the request of the Trustees as a director, trustee, partner, officer, employee or agent of a corporation, trust, partnership, joint venture or other enterprise shall be indemnified by the Trust to the fullest extent permitted by the Delaware Statutory Trust

C - 6

Act, as such may be amended from time to time, the Registrant's Bylaws and other applicable law. In case any shareholder or former shareholder of the Registrant shall be held to be personally liable solely by reason of his being or having been a shareholder of the Registrant or any series or class of the Registrant and not because of his acts or omissions or for some other reason, the shareholder or former shareholder (or his heirs, executors, administrators or other legal representatives, or, in the case of a corporation or other entity, its corporate or general successor) shall be entitled, out of the assets belonging to the applicable series (or allocable to the applicable class), to be held harmless from and indemnified against all loss and expense arising from such liability in accordance with the Registrant's Bylaws and applicable law.

Insofar as indemnification for liability arising under the Securities Act of 1933 (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 SEC such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event 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 defenses of any action, suite 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 counsel the matter has been settled by controlling precedent, submit to 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. <u>Business and Other Connections of the Investment Adviser</u>.

See the Trust's various prospectuses and the statements of additional information for the activities and affiliations of the officers and directors of the investment advisers of the Registrant (the "Advisers"). Except as so provided, to the knowledge of Registrant, none of the directors or executive officers of the Advisers is or has been at any time during the past two fiscal years engaged in any other business, profession, vocation or employment of a substantial nature. The Advisers currently serve as investment advisers to other institutional and individual clients.

ITEM 32. <u>Principal Underwriters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Ultimus Fund Distributors, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Ultimus Fund Distributors, LLC is the principal
underwriter for some series of the Trust. Ultimus Fund Distributors also serves as a principal underwriter for the following investment
companies: 83 Investment Group Income Fund, Axxes Private Markets Fund, Axxes Opportunistic Credit Fund, Beacon Pointe Multi-Alternative
Fund, Booster Income Opportunities Launch, Bruce Fund, Inc., CM Advisors Family of Funds, Caldwell & Orkin Funds, Inc., Cantor Fitzgerald
Infrastructure Fund, Cantor Select Portfolios Trust, Capitol Series Trust, CAZ Strategic Opportunities Fund, Centaur Mutual Funds Trust,
Chesapeake Investment Trust, Commonwealth International Series Trust, Conestoga Funds, Connors Funds, Cyber Hornet Trust, Dynamic Alternatives
Fund, Eubel Brady & Suttman Mutual Fund Trust, Exchange Place Advisors Trust, Fairway Private Equity & Venture Capital Opportunities
Fund, Fairway Private Markets Fund, Flat Rock Enhanced Income Fund, Flat Rock Core Income Fund, Flat Rock Opportunity Fund, HC Capital
Trust, Hussman Investment Trust, James Advantage Funds, Johnson Mutual Funds, Lind Capital Partners Municipal Credit Income Fund, MidBridge
Private Markets Fund, MSS Series Trust, New Age Alpha Funds Trust, New Age Alpha Variable Funds Trust, Oak Associates Funds, OneAscent
Capital Opportunities Fund, Papp Investment Trust, Peachtree Alternative Strategies Fund, PennantPark Enhanced Income Fund, Plumb Funds,
Private Debt & Income Fund, Prospect Enhanced Yield Fund, Sardis Credit Opportunities Fund, Schwartz Investment Trust, Segall Bryant
& Hamill Trust, The Cutler Trust, The Investment House Funds, Ultimus Managers Trust, Unified Series Trust, VELA Funds, Volumetric
Fund, Waycross Independent Trust, WesMark Funds, Williamsburg Investment Trust, XD Fund Trust, and Yorktown Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The officers of Ultimus Fund Distributors, LLC are as follows:

---

| | | |
|:---|:---|:---|
| **Name\*** | **Title** | **Position with Trust** |
| Kevin M. Guerette\* | President | None |
| Stephen L. Preston\* | Vice President, Chief Compliance Officer, Financial Operations Principal, and Anti-Money <br>Laundering Compliance Officer | None |
| Melvin Van Cleave\* | Chief Information Security Officer | None |
| Douglas K. Jones\* | Vice President | None |

---

\*&nbsp;&nbsp;&nbsp;&nbsp; The principal business address of these individuals is 225 Pictoria Dr., Suite 450, Cincinnati, OH 45246

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Northern L</u> ig <u>hts Distributors, LLC</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Northern Lights Distributors, LLC is the principal
underwriter for some series of the Trust. Northern Lights Distributors also serves as a principal underwriter for the following investment
companies registered under the Investment Company Act of 1940, as amended: Atlas U.S. Tactical Income Fund, Inc., Atlas U.S. Government
Money Market Fund, Inc., Boyar Value Fund Inc., Capitol Series Trust, CIM Real Assets & Credit Fund, Copeland Trust, DGI Investment
Trust, Grandeur Peak Global Trust, Miller Investment Trust, Mutual

C - 7

Fund and Variable Insurance Trust, Mutual Fund Series Trust, North Country Funds, Northern Lights Fund Trust, Northern Lights Fund Trust II, Northern Lights Fund Trust III, Northern Lights Fund Trust IV, Northern Lights Variable Trust, OCM Mutual Fund, Princeton Everest Fund, Rayliant Trust, The Saratoga Advantage Trust, Segal Bryant & Hamill Trust, Texas Capital Funds Trust, THOR Financial Technologies Trust, Tributary Funds, Inc., Two Roads Shared Trust, Ultimus Manager's Trust,

Unified Series Trust, US Treasury Fund, and Zacks Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The officers of Northern Lights Distributors, LLC are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Title** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Position with Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kevin M. Guerette\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bill Strait\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secretary and General Counsel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephen L. Preston\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer, Financial Operations Principal, Chief Compliance Officer, and Anti-Money Laundering Compliance Officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Melvin Van Cleave\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Information Security Officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None |

---

\* The principal business address of these individuals is 4221 North 203rd Street, Suite 100, Elkhorn, NE 68022-3474.

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

---

| | |
|:---|:---|
| ITEM 33. | <u>Location Of Accounts And Records</u>. |
| Information is included in the Registrant's most recent report on Form N-CEN. | Information is included in the Registrant's most recent report on Form N-CEN. |
| ITEM 34. | <u>Management Services.</u> |
| Not Applicable. |  |
| ITEM 35. | <u>Undertakings.</u> |
| Not Applicable. |  |

---

C - 8

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 ("Securities Act") and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 417 to the Registrant's Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Cincinnati, and State of Ohio on this 27th day of February 2026.

---

| | |
|:---|:---|
| VALUED ADVISERS TRUST | VALUED ADVISERS TRUST |
| By:\* |  |
|  | Matthew J. Miller, President and Principal Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities indicated as of February 27, 2026.

---

| | |
|:---|:---|
| \* | \* |
| Martin A. Burns, Trustee | Martin A. Burns, Trustee |
| \* | \* |
| Ira Cohen, Trustee | Ira Cohen, Trustee |
| \* | \* |
| Andrea N. Mullins, Trustee | Andrea N. Mullins, Trustee |
| \* | \* |
| Susan J. Templeton, Trustee | Susan J. Templeton, Trustee |
| \* | \* |
| Zachary P. Richmond, Treasurer and Principal<br> Financial Officer | Zachary P. Richmond, Treasurer and Principal<br> Financial Officer |
| \* | \* |
| By: | /s/ Carol J. Highsmith |
|  | Carol J. Highsmith, Vice President, Attorney in Fact |
| Date: February 27, 2026 | Date: February 27, 2026 |

---

C - 9

**INDEX TO EXHIBITS**

(FOR REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 AND THE INVESTMENT COMPANY ACT OF 1940)

---

| | |
|:---|:---|
| **EXHIBIT<br> NO. UNDER<br> PART C<br> OF FORM N-1A** | **NAME OF EXHIBIT** |
| (d)(14) | [Form of Interim Investment Advisory Agreement between the Trust and Focus Partners Wealth, LLC](exh-d_14.htm) |
| (e)(9) | [Distribution Agreement between the Trust and Northern Lights Distributors, LLC](exh-e_9.htm) |
| (i)(2) | [Consent of DLA Piper LLP](exh-i_2.htm) |
| (j)(1) | [Consent of Cohen & Co., Ltd.](exh-j_1.htm) |
| (p)(5) | [Code of Ethics for Focus Partners Wealth, LLC](exh-p_5coe.htm) |

---

C - 10

## Ex-99.D

**INTERIM INVESTMENT ADVISORY AGREEMENT**

INTERIM INVESTMENT ADVISORY AGREEMENT (the "Interim Agreement") made as of this [ ] day of [ ] 202[ ] by and between Valued Advisers Trust (the "Trust"), a Delaware statutory trust registered as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and Kovitz Investment Group Partners, LLC (the "Adviser"), a Delaware limited liability company with its principal place of business in Chicago, Illinois.

WITNESSETH

WHEREAS, the Board of Trustees (the "Board") of the Trust has selected the Adviser to act as investment adviser to the series portfolios of the Trust set forth on <u>Schedule A</u> to this Interim Agreement (each, a "Fund"), as such schedule may be amended from time to time upon mutual agreement of the parties, and to provide certain related services, as more fully set forth below, and to perform such services under the terms and conditions hereinafter set forth;

NOW, THEREFORE, in consideration of the mutual covenants and benefits set forth herein, the Trust and the Adviser do hereby agree as follows:

1. <u>The Adviser's Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Discretionary Investment Management Services</u>. The Adviser shall act
as investment adviser with respect to each Fund. In such capacity, the Adviser shall, subject to the supervision of the Board, regularly
provide each Fund with investment research, advice and supervision and shall furnish continuously an investment program for each Fund,
consistent with the respective investment objectives and policies of each Fund. The Adviser shall determine, from time to time, what securities
shall be purchased for each Fund, what securities shall be held or sold by each Fund and what portion of each Fund's assets shall
be held uninvested in cash, subject always to the provisions of the Trust's Agreement and Declaration of Trust ("Declaration
of Trust"), as amended and supplemented (the "Declaration of Trust"), Bylaws and its registration statement on Form
N-1A (the "Registration Statement") under the 1940 Act, and under the Securities Act of 1933, as amended (the "1933
Act"), as filed with the Securities and Exchange Commission (the "Commission"), and with the investment objectives,
policies and restrictions of each Fund, as each of the same shall be from time to time in effect. To carry out such obligations, and to
the extent not prohibited by any of the foregoing, the Adviser shall exercise full discretion and act for each Fund in the same manner
and with the same force and effect as each Fund itself might or could do with respect to purchases, sales or other transactions, as well
as with respect to all other such things necessary or incidental to the furtherance or conduct of such purchases, sales or other transactions.
No reference in this Interim Agreement to the Adviser having full discretionary authority over each Fund's investments shall in
any way limit the right of the Board, in its sole discretion, to establish or revise policies in connection with the management of a Fund's
assets or to otherwise exercise its right to control the overall management of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Compliance</u>. The Adviser agrees to comply with the requirements of
the 1940 Act, the Investment Advisers Act of 1940, as amended (the "Advisers Act"), the 1933 Act, the Securities Exchange
Act of 1934, as amended (the "1934 Act"), and the respective rules and regulations thereunder, as applicable, as well as with
all other applicable federal and state laws, rules and regulations that relate to the services and relationships described hereunder and
to the conduct of its business as a registered investment adviser. The Adviser

1 Investment Advisory Agreement

also agrees to comply with the objectives, policies and restrictions set forth in the Registration Statement, as amended or supplemented, of each Fund, and with any policies, guidelines, instructions and procedures approved by the Board and provided to the Adviser. In selecting each Fund's portfolio securities and performing the Adviser's obligations hereunder, the Adviser shall cause the Fund to comply with the diversification and source of income requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), for qualification as a regulated investment company. The Adviser shall maintain compliance procedures that it reasonably believes are adequate to ensure its compliance with the foregoing. No supervisory activity undertaken by the Board shall limit the Adviser's full responsibility for any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Recordkeeping</u>. The Adviser agrees to preserve any Trust records that
it creates or possesses that are required to be maintained under the 1940 Act and the rules thereunder ("Fund Books and Records")
for the periods prescribed by Rule 31a-2 under the 1940 Act. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the
Adviser agrees that all such records are the property of the Trust and will surrender promptly to the Trust any of such records upon the
Trust's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Holdings Information and Pricing</u>. The Adviser shall provide regular
reports regarding Fund holdings, and shall, on its own initiative, furnish the Trust and its Board from time to time with whatever information
the Adviser believes is appropriate for this purpose, and at the request of the Board, such information and reports requested by the Board.
The Adviser agrees to notify the Trust as soon as practicable if the Adviser reasonably believes that the value of any security held by
a Fund may not reflect fair value. The Adviser agrees to provide any pricing information of which the Adviser is aware to the Trust, its
Board and/or any Fund pricing agent to assist in the determination of the fair value of any Fund holdings for which market quotations
are not readily available or as otherwise required in accordance with the 1940 Act or the Trust's valuation procedures for the purpose
of calculating the Fund net asset value in accordance with procedures and methods established by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Cooperation with Agents of the Trust</u>. The Adviser agrees to cooperate
with and provide reasonable assistance to the Trust, any Trust custodian or foreign sub-custodians, any Trust pricing agents and all other
agents and representatives of the Trust with respect to such information regarding each Fund as such entities may reasonably request from
time to time in the performance of their obligations, provide prompt responses to reasonable requests made by such persons and use appropriate
interfaces established by such persons so as to promote the efficient exchange of information and compliance with applicable laws and
regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Delegation of Authority</u>. Any of the duties, responsibilities and
obligations of the Adviser specified in this Section 1 and throughout the remainder of this Interim Agreement with respect to one or more
Funds may be delegated by the Adviser, at the Adviser's expense, to an appropriate party (a "Sub-Adviser"), subject
to such approval by the Board and shareholders of the applicable Funds to the extent required by the 1940 Act. The Adviser shall oversee
the performance of delegated duties by any Sub-Adviser and shall furnish the Board with periodic reports concerning the performance of
delegated responsibilities by such Sub-Adviser. The retention of a Sub-Adviser by the Adviser pursuant to this Paragraph 1(f) shall in
no way reduce the responsibilities and obligations of the Adviser under this Interim Agreement and the Adviser shall be responsible to
the Trust for all acts or omissions of any Sub-Adviser to the same extent the Adviser would be liable hereunder.

2 Investment Advisory Agreement

Insofar as the provisions of this Interim Agreement impose any restrictions, conditions, limitations or requirements on the Adviser, the Adviser shall take measures through its contract with, or its oversight of, the Sub-Adviser that attempt to impose similar (insofar as the circumstances may require) restrictions, conditions, limitations or requirements on the Sub-Adviser.

2. <u>Code of Ethics</u>. The Adviser has adopted a written
code of ethics ("Adviser's Code of Ethics") that it reasonably believes complies with the requirements of Rule 17j-1
under the 1940 Act, which it has provided to the Trust. The Adviser has adopted procedures reasonably designed to ensure compliance with
the Adviser's Code of Ethics. Upon request, the Adviser shall provide the Trust with a (i) copy of the Adviser's Code of Ethics,
as in effect from time to time, and any proposed amendments thereto that the Chief Compliance Officer ("CCO") of the Trust
determines should be presented to the Board, and (ii) certification that it has adopted procedures reasonably necessary to prevent Access
Persons from engaging in any conduct prohibited by the Adviser's Code of Ethics. Annually, the Adviser shall furnish a written report
to the Board, which complies with the requirements of Rule 17j-1, concerning the Adviser's Code of Ethics. The Adviser shall respond
to requests for information from the Trust as to violations of the Adviser's Code of Ethics by Access Persons and the sanctions
imposed by the Adviser. The Adviser shall notify the Trust as soon as practicable after it becomes aware of any material violation of
the Adviser's Code of Ethics, whether or not such violation relates to a security held by any Fund.

3. <u>Information and Reporting</u>. The Adviser shall provide
the Trust and its respective officers with such periodic reports concerning the obligations the Adviser has assumed under this Interim
Agreement as the Trust may from time to time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notification of Breach / Compliance Reports</u>. The Adviser shall notify
the Trust's CCO promptly upon detection of (i) any material failure to manage any Fund in accordance with its investment objectives
and policies or any applicable law, or (ii) any material breach of any of each Fund's or the Adviser's policies, guidelines
or procedures with respect to the Fund. In addition, the Adviser shall respond to quarterly requests for information concerning the Fund's
compliance with its investment objectives and policies, applicable law, including, but not limited to the 1940 Act and Subchapter M of
the Code, and the Fund's policies, guidelines or procedures as applicable to the Adviser's obligations under this Interim
Agreement. The Adviser agrees to correct any such failure promptly and to take any action that the Board may reasonably request in connection
with any such breach. Upon request, the Adviser shall also provide the officers of the Trust with supporting certifications in connection
with such certifications of Fund financial statements and disclosure controls pursuant to the Sarbanes-Oxley Act. The Adviser will promptly
notify the Trust in the event (x) the Adviser is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation,
at law or in equity, before or by any court, public board, or body, involving the affairs of the Trust (excluding class action suits in
which a Fund is a member of the plaintiff class by reason of the Fund's ownership of shares in the defendant) or the compliance
by the Adviser with the federal or state securities laws, or (y) of an actual change in control of the Adviser resulting in an "assignment"
(as defined in Section 15) that has occurred or is otherwise proposed to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Board and Filings Information</u>. The Adviser will also provide the
Trust with any information reasonably requested regarding its management of each Fund required for any meeting of the Board, or for any
shareholder report on Form N-CSR, Form N-PORT, Form N-PX, Form N-CEN, Registration Statement or any amendment thereto, proxy statement,
prospectus supplement, or other form or document to be filed by the Trust with the

3 Investment Advisory Agreement

Commission. The Adviser will make its officers and employees available to meet with the Board from time to time on a reasonable basis on due notice to review its investment management services to each Fund in light of current and prospective economic and market conditions and shall furnish to the Board such information as may reasonably be necessary in order for the Board to evaluate this Interim Agreement or any proposed amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Transaction Information</u>. The Adviser shall furnish to the Trust such
information concerning portfolio transactions as may be necessary to enable the Trust or its designated agent to perform such compliance
testing on each Fund and the Adviser's services as the Trust may, in its sole discretion, determine to be appropriate. The provision
of such information by the Adviser to the Trust or its designated agent in no way relieves the Adviser of its own responsibilities under
this Interim Agreement.

4. <u>Brokerage</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Principal Transactions</u>. In connection with purchases or sales of
securities for the account of a Fund, neither the Adviser nor any of its directors, officers or employees will act as a principal or agent
or receive any commission except as permitted by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Placement of Orders</u>. The Adviser shall place all orders for the purchase
and sale of portfolio securities for each Fund's account with brokers or dealers selected by the Adviser. The Adviser will not execute
transactions with a broker dealer which is an "affiliated person" of the Trust except in accordance with procedures adopted
by the Board. The Adviser shall use its best efforts to seek to execute portfolio transactions at prices which are advantageous to each
Fund and at commission rates which are reasonable in relation to the benefits received. In selecting brokers or dealers qualified to execute
a particular transaction, brokers or dealers may be selected who also provide brokerage and research services (as those terms are defined
in Section 28(e) of the 1934 Act) to each Fund and/or the other accounts over which the Adviser or its affiliates exercise investment
discretion. The Adviser is authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing
a portfolio transaction for each Fund which is in excess of the amount of commission another broker or dealer would have charged for effecting
that transaction if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of the
brokerage and research services provided by such broker or dealer. This determination may be viewed in terms of either that particular
transaction or the overall responsibilities which the Adviser and its affiliates have with respect to accounts over which they exercise
investment discretion. The Board shall periodically review the commissions paid by each Fund to determine if the commissions paid over
representative periods of time were reasonable in relation to the benefits received by each Fund.

5. <u>Custody</u>. Nothing in this Interim Agreement shall
permit the Adviser to take or receive physical possession of cash, securities or other investments of a Fund.

6. <u>Allocation of Charges and Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Expenses to be Paid by Adviser</u>. The Adviser shall pay all operating expenses of the Fund, including
the compensation and expenses of any employees of the Fund and of any other persons rendering any services to the Fund; clerical and shareholder
service staff salaries; office space and other office expenses; fees and expenses incurred by the Fund in

4 Investment Advisory Agreement

connection with membership in investment company organizations; legal, auditing and accounting expenses; expenses of registering shares under federal and state securities laws, including expenses incurred by the Fund in connection with the organization and initial registration of shares of the Fund; insurance expenses; fees and expenses of the custodian, transfer agent, dividend disbursing agent, shareholder service agent, plan agent, Administrator, accounting and pricing services agent and underwriter of the Fund; expenses, including clerical expenses, of issue, sale, redemption or repurchase of shares of the Fund; the cost of preparing and distributing reports and notices to shareholders; the cost of printing or preparing prospectuses and statements of additional information for delivery to shareholders; the cost of printing or preparing stock certificates, if any, or any other documents, statements or reports to shareholders; expenses of shareholders' meetings and proxy solicitations; advertising, promotion and other expenses incurred directly or indirectly in connection with the sale or distribution of the Fund's shares, excluding expenses which the Fund is authorized to pay pursuant to Rule 12b-1 under Investment Company Act of 1940, as amended (the "Act"); and all other operating expenses not specifically assumed by the Fund.

In the event that the Adviser pays or assumes any expenses of the Trust not required to be paid or assumed by the Adviser under this Interim Agreement, the Adviser shall not be obligated hereby to pay or assume the same or any similar expense in the future; provided, that nothing herein contained shall be deemed to relieve the Adviser of any obligation to the Funds under any separate agreement or arrangement between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Expenses to be Paid by the Fund</u>. Each Fund shall pay: (a) all brokerage fees and commissions, indirect
costs of investing in other investment companies, taxes, borrowing costs (such as (i) interest and (ii) dividend expenses on securities
sold short); (b) fees and salaries payable to the Trust's Trustees and officers who are not officers or employees of the Adviser
or any underwriter of the Trust; (c) costs of any liability, uncollectible items of deposit and other insurance or fidelity bonds; and
(d) such extraordinary or non-recurring expenses as may arise, including litigation to which the Fund may be a party and indemnification
of the Trust's Trustees and officers with respect thereto. The Fund will also pay expenses that it is authorized to pay pursuant
to Rule 12b-1 under the Act.

The Adviser may obtain reimbursement from the Fund, at such time or times as it may determine in its sole discretion, for any of the expenses advanced by the Adviser, which the Fund is obligated to pay, and such reimbursement shall not be considered to be part of the Adviser's compensation pursuant to this Interim Agreement.

7. <u>Representations, Warranties and Covenants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Properly Registered</u>. The Adviser is registered with the Commission
as an investment adviser under the Advisers Act, and will remain so registered for the duration of this Interim Agreement. The Adviser
is not prohibited by the Advisers Act or the 1940 Act from performing the services contemplated by this Interim Agreement, and to the
best knowledge of the Adviser, there is no proceeding or investigation pending or threatened that is reasonably likely to result in the
Adviser being prohibited from performing the services contemplated by this Interim Agreement. The Adviser agrees to promptly notify the
Trust of the occurrence of any event that would disqualify the Adviser from serving as an investment adviser to an investment company.
The Adviser is in compliance in all material respects with all applicable federal and state law in connection with its investment management
operations.

5 Investment Advisory Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>ADV Disclosure</u>. The Adviser has provided the Board with a copy of
its Form ADV and will, promptly after amending its Form ADV, furnish a copy of such amendments to the Trust. The information contained
in the Adviser's Form ADV is accurate and complete in all material respects and does not omit to state any material fact necessary
in order to make the statements made, in light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Fund Disclosure Documents</u>. The Adviser has reviewed and will in the
future review the Registration Statement and any amendments or supplements thereto, the annual or semi-annual reports to shareholders,
other reports filed with the Commission and any marketing material of a Fund (collectively the "Disclosure Documents") and
represents and warrants that with respect to disclosure about the Adviser, the manner in which the Adviser manages the Fund or information
relating directly or indirectly to the Adviser, such Disclosure Documents contain or will contain, as of the date thereof, no untrue statement
of any material fact and do not and will not omit any statement of material fact which was required to be stated therein or necessary
to make the statements contained therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Use of the Name "Kovitz"</u>. The Adviser has the right to
use the names "Kovitz" or any derivation thereof in connection with its services to the Trust and, subject to the terms set
forth in Section 8 of this Interim Agreement, the Trust shall have the right to use the name "Kovitz" in connection with the
management and operation of each Fund. The Adviser is not aware of any actions, claims, litigation or proceedings existing or threatened
that would adversely affect or prejudice the rights of the Adviser or the Trust to use the name "Kovitz".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Insurance</u>. The Adviser maintains errors and omissions insurance coverage
in the amount disclosed to the Trust in connection with the Board's approval of the Interim Agreement and shall provide prior written
notice to the Trust (i) of any material changes in its insurance policies or insurance coverage, or (ii) if any material claims will be
made on its insurance policies. Furthermore, the Adviser shall, upon reasonable request, provide the Trust with any information it may
reasonably require concerning the amount of or scope of such insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Detrimental Agreement</u>. The Adviser represents and warrants that
it has no arrangement or understanding with any party, other than the Trust, that would influence the decision of the Adviser with respect
to its selection of securities for a Fund and its management of the assets of the Fund, and that all selections shall be done in accordance
with what is in the best interest of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Conflicts</u>. The Adviser shall act honestly, in good faith and in the
best interests of its clients and the Fund. The Adviser maintains a Code of Ethics which defines the standards by which the Adviser conducts
its operations consistent with its fiduciary duties and other obligations under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Representations</u>. The representations and warranties in this Section
7 shall be deemed to be made on the date this Interim Agreement is executed and at the time of delivery of the quarterly compliance report
required by Section 3(a), whether or not specifically referenced in such report.

8. <u>The Name "Kovitz"</u>. The Adviser grants
to the Trust a license to use the name "Kovitz" (the "Name") as part of the name of any Fund during the term of
this Interim Agreement. The foregoing authorization by the Adviser to the Trust to use the Name as part of the name of any Fund is not

6 Investment Advisory Agreement

exclusive of the right of the Adviser itself to use, or to authorize others to use, the Name; the Trust acknowledges and agrees that, as between the Trust and the Adviser, the Adviser has the right to use, or authorize others to use, the Name. The Trust shall: (i) only use the Name in a manner consistent with uses approved by the Adviser; (ii) use its best efforts to maintain the quality of the services offered using the Name; and (iii) adhere to such other specific quality control standards as the Adviser may from time to time promulgate. At the request of the Adviser, the Trust will (i) submit to the Adviser representative samples of any promotional materials using the Name, and (ii) change the name of any Fund within three months of its receipt of the Adviser's request, or such other shorter time period as may be required under the terms of a settlement agreement or court order, so as to eliminate all reference to the Name and will not thereafter transact any business using the Name in the name of any Fund. As soon as practicable following the termination of this Interim Agreement, but in no event longer than three months, the Trust shall cease the use of the Name and any related logos or any confusingly similar name and/or logo in connection with the marketing or operation of the Funds.

9. <u>Adviser's Compensation</u>. Each Fund shall pay
to the Adviser, as compensation for the Adviser's services hereunder, a fee, determined as described in <u>Schedule A</u> that is
attached hereto and made a part hereof. Such fee shall be computed daily and paid not less than monthly in arrears by each Fund. The method
for determining net assets of a Fund for purposes hereof shall be the same as the method for determining net assets for purposes of establishing
the offering and redemption prices of Fund shares as described in the Fund's Registration Statement. In the event of termination
of this Interim Agreement, the fee provided in this Section shall be computed on the basis of the period ending on the last business day
on which this Interim Agreement is in effect subject to a pro rata adjustment based on the number of days elapsed in the current month
as a percentage of the total number of days in such month.

10. <u>Independent Contractor</u>. In the performance of its
duties hereunder, the Adviser is and shall be an independent contractor and, unless otherwise expressly provided herein or otherwise authorized
in writing, shall have no authority to act for or represent the Trust or any Fund in any way or otherwise be deemed to be an agent of
the Trust or any Fund. If any occasion should arise in which the Adviser gives any advice to its clients concerning the shares of a Fund,
the Adviser will act solely as investment counsel for such clients and not in any way on behalf of the Fund.

11. <u>Assignment and Amendments</u>. This Interim Agreement
shall automatically terminate, without the payment of any penalty, in the event of its "assignment" (as defined in Section
15). This Interim Agreement may not be added to or changed orally and may not be modified or rescinded except by a writing signed by the
parties hereto and in accordance with the requirements of the 1940 Act, when applicable.

12. <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Interim Agreement shall become effective as of the date executed and
shall remain in full force and effect for a period of 150 days unless terminated automatically as set forth in Section 11 hereof or until
terminated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Either party hereto may, at any time on sixty (60) days' prior written notice to the other, terminate
this Interim Agreement, without payment of any penalty. With respect to a Fund, termination may be authorized by action of the Board or
by an "affirmative vote of a majority of the outstanding voting securities of the Fund" (as defined in Section 15).

7 Investment Advisory Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of termination of this Interim Agreement for any reason, the
Adviser shall, immediately upon notice of termination or on such later date as may be specified in such notice, cease all activity on
behalf of the Fund and with respect to any of its assets, except as otherwise required by any fiduciary duties of the Adviser under applicable
law. In addition, the Adviser shall deliver the Fund Books and Records to the Trust by such means and in accordance with such schedule
as the Trust shall direct and shall otherwise cooperate, as reasonably directed by the Trust, in the transition of portfolio asset management
to any successor of the Adviser.

13. <u>Notice</u>. Any notice or other communication required
by or permitted to be given in connection with this Interim Agreement shall be in writing, and shall be delivered in person or sent by
first-class mail, postage prepaid, to the respective parties at their last known address, or by e-mail or fax to a designated contact
of the other party. Oral instructions may be given if authorized by the Board and preceded by a certificate from the Trust's Secretary
so attesting. Notices to the Trust shall be directed to Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH, 46240,
Attention: President, Valued Advisers Trust; and notices to the Adviser shall be directed to Kovitz Investment Group Partners, LLC, 71
South Wacker Drive, Suite 1860, Chicago, IL 60606, Attention: Chief Compliance Officer.

14. <u>Confidentiality</u>. The Adviser agrees on behalf of
itself and its employees to treat confidentially all records and other information relative to the Trust and its shareholders received
by the Adviser in connection with this Interim Agreement, including any non-public personal information as defined in Regulation S-P,
and that it shall not use or disclose any such information except for the purpose of carrying out the terms of this Interim Agreement;
provided, however, that the Adviser may disclose such information as required by law or in connection with any requested disclosure to
a regulatory authority with appropriate jurisdiction after prior notification to the Trust.

15. <u>Certain Definitions</u>. For the purpose of this Interim
Agreement, the terms "affirmative vote of a majority of the outstanding voting securities of the Fund," "assignment"
and "interested person" shall have their respective meanings as defined in the 1940 Act and rules and regulations thereunder,
subject, however, to such exemptions as may be granted by the Commission under the 1940 Act or any interpretations of the Commission staff.

16. <u>Liability of the Adviser</u>. Neither the Adviser nor
its officers, directors, employees, agents, affiliated persons or controlling persons or assigns shall be liable for any error of judgment
or mistake of law or for any loss arising out of any investment or for any act or omission in the execution of securities transactions
of a Fund; provided that nothing in this Interim Agreement shall be deemed to protect the Adviser against any liability to a Fund or its
shareholders to which the Adviser would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance
of its duties or obligations hereunder or by reason of its reckless disregard of its duties or obligations hereunder.

17. <u>Relations with the Trust</u>. It is understood that
the Trustees, officers and shareholders of the Trust are or may be or become interested persons of the Adviser as directors, officers
or otherwise and that directors, officers and stockholders of the Adviser are or may be or become interested persons of the Fund, and
that the Adviser may be or become interested persons of the Fund as a shareholder or otherwise.

8 Investment Advisory Agreement

18. <u>Enforceability</u>. If any part, term or provision of
this Interim Agreement is held to be illegal, in conflict with any law or otherwise invalid, the remaining portion or portions shall be
considered severable and not be affected, and the rights and obligations of the parties shall be construed and enforced as if the Interim
Agreement did not contain the particular part, term or provision held to be illegal or invalid. This Interim Agreement shall be severable
as to each Fund.

19. <u>Limitation of Liability</u>. The Adviser is expressly
put on notice of the limitation of liability as set forth in the Declaration of Trust or other Trust organizational documents and agrees
that the obligations assumed by each Fund pursuant to this Interim Agreement shall be limited in all cases to each Fund and each Fund's
respective assets, and the Adviser shall not seek satisfaction of any such obligation from shareholders or any shareholder of each Fund.
In addition, the Adviser shall not seek satisfaction of any such obligations from the Trustees of the Trust or any individual Trustee.
The Adviser understands that the rights and obligations of any Fund under the Declaration of Trust or other organizational document are
separate and distinct from those of any of and all other Funds.

20. <u>Non-Exclusive Services</u>. The services of the Adviser
to the Trust are not deemed exclusive, and the Adviser shall be free to render similar services to others, to the extent that such service
does not affect the Adviser's ability to perform its duties and obligations hereunder.

21. <u>Governing Law</u>. This Interim Agreement shall be governed
by and construed to be in accordance with the laws of the State of Delaware, without preference to choice of law principles thereof, and
in accordance with the applicable provisions of the 1940 Act. To the extent that the applicable laws of the State of Delaware, or any
of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control. Any question of interpretation
of any term or provision of this Interim Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act
shall be resolved by reference to such term or provision of the 1940 Act and to any interpretations thereof, if any, by the United States
courts or in the absence of any controlling decision of any such court, by the Commission or its staff. In addition, where the effect
of a requirement of the 1940 Act, reflected in any provision of this Interim Agreement, is revised by rule, regulation, order or interpretation
of the Commission or its staff, such provision shall be deemed to incorporate the effect of such revised rule, regulation, order or interpretation.

22. <u>Paragraph Headings; Syntax</u>. All Section headings
contained in this Interim Agreement are for convenience of reference only, do not form a part of this Interim Agreement and will not affect
in any way the meaning or interpretation of this Interim Agreement. Words used herein, regardless of the number and gender specifically
used, will be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine, or neuter,
as the contract requires.

23. <u>Counterparts</u>. This Interim Agreement may be executed
in two or more counterparts, each of which, when so executed, shall be deemed to be an original, but such counterparts shall together
constitute but one and the same instrument.

9 Investment Advisory Agreement

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be signed on their behalf by their duly authorized officers as of the date first above written.

VALUED ADVISERS TRUST

_________________________________

Signature

By: _____________________________

Title: ____________________________

kovitz investment group partners, llc

_________________________________

Signature

By: _____________________________

Title: ____________________________

10 Investment Advisory Agreement

**Schedule A**

**Interim Investment Advisory Agreement**

**between**

**Valued Advisers Trust (the "Trust")**

**and**

**Kovitz Investment Group Partners, LLC (the "Adviser")**

**Dated as of [ ]**

The Trust will pay to the Adviser as compensation for the Adviser's services rendered, a fee, computed daily at an annual rate based on the average daily net assets of the respective Fund in accordance with the following fee schedule:

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Rate</u>** |
| Kovitz Core Equity ETF | 0.99% |

---

The compensation earned under this Interim Agreement will be held in an interest-bearing escrow account with the Trust's custodian or another bank deemed acceptable by the Trustees. If a majority of the Fund's outstanding voting securities approve a contract with the Adviser by the end of the term of this Interim Agreement, the amount in the escrow account (including interest earned) will be paid to the Adviser, and if a majority of the Fund's outstanding voting securities do not approve a contract with the Adviser by the end of the term of this Interim Agreement, the Adviser will be paid, out of the escrow account, the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any costs incurred in performing the Interim Agreement
(plus interest earned on that amount while in escrow); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the total amount in the escrow account (plus interest
earned).

A - 1 Investment Advisory Agreement

## Ex-99.E

**Certain information has been excluded from this exhibit because it (i) is not material and (ii) would be competitively harmful if publicly disclosed.**

**ETF DISTRIBUTION AGREEMENT**

This ETF Distribution Agreement (this "Agreement") is effective the 1st day of July, 2025, between Valued Advisers Trust, a Delaware statutory trust (the "Trust"), on behalf of itself and the fund(s) listed on **Schedule B**, as may be amended from time to time (each, a "Fund", and collectively, the "Funds"), and Northern Lights Distributors, LLC a Nebraska limited liability company (the "Distributor").

WHEREAS, the Trust is, registered as an open-end investment management company organized as a statutory trust and comprised of a number of series of securities, each series representing a portfolio of securities, having filed with the Securities and Exchange Commission (the "SEC") a registration statement on Form N-1A under the Securities Act of 1933, as amended (the "1933 Act"), and the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Trust intends to create and redeem shares (the "Shares") of each Fund on a continuous basis only in aggregations of Shares constituting a "Creation Unit" as such term is defined in the registration statement;

WHEREAS, the Shares of each Fund will be listed on one or more national securities exchanges (together, the "Listing Exchanges");

WHEREAS, the Trust desires to retain the Distributor to act as the distributor with respect to the distribution of Creation Units of each Fund;

WHEREAS, the Distributor is a registered broker-dealer under the Securities Exchange Act of 1934, as amended (the "1934 Act") and a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"); and

WHEREAS, the Distributor desires to provide the services described herein to the Trust and Funds.

NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained, intending to be legally bound, the Trust, on behalf of itself and the Fund, and the Distributor hereby agree as follows:

*1. <u>Sale of Creation Units; Services</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust grants to the Distributor the exclusive right to sell Creation Units of each Fund listed on **Schedule B** hereto, on the terms and during the term of this Agreement and subject to the registration requirements of the 1933 Act and the rules and regulations of the SEC, and the Distributor hereby accepts such appointment and agrees to act in such capacity hereunder. Without limiting the foregoing, the Distributor shall perform the distribution services and shall perform the marketing services set forth in **Schedule A**. The Trust acknowledges and agrees that Distributor is and may in the future distribute shares of other investment companies including investment companies having investment objectives similar to those of the Funds. The Trust further

understands that existing and future investors in a Fund may invest in shares of such other investment companies. The Trust agrees that the services that Distributor provides to such other investment companies shall not be deemed in conflict with its duties to the Fund under this Agreement.

(b) Duties of the Distributor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Distributor agrees that at the request of the Trust, the Distributor shall enter into certain agreements
("Participant Agreements") between and among DTC Participants or participants in the Continuous Net Settlement System of the
National Securities Clearing Corporation ("Authorized Participants"), the Distributor and the transfer agent (as applicable),
for the purchase of Creation Units of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Distributor shall consult with the Trust or its agent with respect to the production and printing
of prospectuses to be used in connection with creations by Authorized Participants of Creation Units. The Distributor will generally make
it known in the brokerage community that Funds' prospectuses and statements of additional information ("SAI") are available,
including by (i) advising the Listing Exchanges on behalf of its member firms of the same, (ii) making such disclosure in all marketing
and advertising materials prepared and/or filed by the Distributor with FINRA, and (iii) as may otherwise be required by the SEC. The
Distributor shall not bear any costs associated with printing prospectuses, SAIs and other such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Distributor shall review and approve all sales and marketing materials for compliance with applicable
laws and conditions of any applicable exemptive order, and file such materials with FINRA as necessary or appropriate. All such sales
and marketing materials must be approved, in writing, by the Distributor prior to use, such approval not to be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If the Trust, on behalf of any Fund, adopts a distribution and/or shareholder servicing plan(s) pursuant
to Rule 12b-1 under the 1940 Act (the "Plan"), the Distributor shall enter into selling and/or investor servicing agreements
or similar ("Sales and Investor Services Agreements"), consistent with applicable law and the registration statement and prospectus,
with various broker-dealers, to sell Shares and provide services to shareholders. The Distributor agrees that (i) it shall assist in the
administration of any Plan(s); (ii) it shall, at its own expense, set up and maintain a system of recording payments of fees and reimbursement
of expenses disseminated pursuant to this Agreement and other agreements related to any such Plan(s) and, pursuant to the 1940 Act, report
such payment activity to the Trust at least quarterly; (iii) it shall receive from the Trust all distribution and shareholder servicing
fees, as applicable, at the rate and to the extent payable under the terms and conditions set forth in any Plan(s) adopted by the Trust,
applicable to the appropriate class of Shares of each Fund or class of Shares thereof, as such Plan(s) may be amended from time to time,
and subject to any further limitations on such fees as the Board of Trustees of the Trust may impose; and (iv) it shall pay, from the
fees received from the Trust pursuant to any such Plan(s), all fees and make reimbursement of all expenses, pursuant to and in accordance
with such

Plan(s) and any and all Sales and Investor Services Agreements. In no event shall Distributor pay any fees pursuant to any such Plan(s) until it has received payment of such fees from the Trust or the adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Distributor has as of the date hereof, and shall at all times have and maintain, net capital of not
less than that required by Rule 15c3-1 under the 1934 Act, or any successor provision thereto. In the event that the net capital of the
Distributor shall fall below that required by Rule 15c3-1, or any successor provision thereto, the Distributor shall promptly provide
notice to the Trust and the adviser of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Distributor agrees to maintain and preserve such records as are required by Section 31 of the 1940
Act and the rules thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The Distributor agrees to maintain compliance policies and procedures (a "Compliance Program")
that are reasonably designed to prevent violations of the Federal Securities Laws (as defined in Rule 38a-1 of the 1940 Act) with respect
to the Distributor's services under this Agreement, and to provide any and all information with respect to the Compliance Program,
including without limitation, information and certifications with respect to material violations of the Compliance Program and any material
deficiencies or changes therein, as may be reasonably requested by the Trust's Chief Compliance Officer or Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Upon reasonable request by the Trust, the Distributor shall provide the Trust with information relating
to the services provided pursuant to this Agreement as necessary and applicable to enable the Trust to complete required regulatory filings.

*2. <u>Solicitation of Sales</u>*

 

In consideration of these rights granted to the Distributor, the Distributor agrees to use reasonable efforts in connection with the distribution of Creations Units of the Fund; provided, however, that the Distributor shall not be prevented from entering into like arrangements with other issuers. The Trust reserves the right to suspend sales upon due notice to Distributor if in the judgment of the Trust it is in the best interests of the Trust to do so.

*3. <u>Authorized Representations</u>*

The Distributor is not authorized by the Trust to give any information or to make any representations other than those contained in the current registration statements and prospectuses of the Trust filed with the SEC or contained in shareholder reports or other material that may be prepared by or on behalf of the Trust for the Distributor's use. The Distributor may prepare and distribute sales literature and other material as it may deem appropriate, provided that such literature and materials have been prepared in accordance with applicable rules and regulations and approved by the Fund's adviser.

4. *<u>Registration of Shares</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust and Fund agree that they will take all action necessary to register an unlimited number of Shares on Form N-1A. The Trust and Fund shall make available to the Distributor such number of copies of the currently effective prospectus and statement of additional information as the Distributor may reasonably request. The Fund shall furnish to the Distributor copies of all information, financial statements and other papers which the Distributor may reasonably request for use in connection with the distribution of Creation Units of the Fund. The Trust represents and warrants that it has or will have made as of the date on which Distributor begins distributing Creation Units, all applicable filings to exempt the Creation Units from registration under applicable rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust agrees to issue Creation Units of each Fund and to request DTC to record on its books the ownership of the Shares constituting such Creation Units, in accordance with the book-entry system procedures described in the prospectus, in such amounts as the Distributor has requested through the transfer agent in writing or other means of data transmission, as promptly as practicable after receipt by the Trust of the requisite deposit securities and cash component (together with any fees) and acceptance of such order, upon the terms described in the registration statement and Participant Agreement. The Trust may reject any order for Creation Units or stop all receipts of such orders at any time upon reasonable notice to the Distributor, in accordance with the provisions of the prospectus and statement of additional information.

*5. <u>Compensation</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration of Distributor's services hereunder, the Fund agrees to cause the Fund's adviser to pay to Distributor the fees and charges set forth on **Schedule B**, attached hereto. Fees will begin to accrue with respect to each Fund on the latter of the date of this Agreement or the date Distributor begins providing services to or on behalf of such Fund. The Distributor may receive compensation from the Fund's adviser related to its services hereunder or for additional services as may be agreed to between the adviser and Distributor in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund shall bear the cost and expenses of the registration of the Creation Units for sale under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything in this Agreement to the contrary, the Distributor and its affiliates may receive compensation or reimbursement from the Trust and the adviser with respect to any services not included under this Agreement, as may be agreed upon by the parties from time to time.

*6. <u>Indemnification of Distributor</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust agrees to indemnify and hold harmless the Distributor and each of its managers and officers and each person, if any, who controls the Distributor within the meaning of Section 15 of the 1933 Act against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages, or expense and reasonable counsel fees and disbursements incurred in connection therewith), arising by reason

of any person acquiring any Shares or Creation Units, based upon (i) the ground that the registration statement, prospectus, shareholder reports or other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated or necessary in order to make the statements made not misleading, (ii) the Trust's failure to maintain an effective registration statement and prospectus with respect to Shares of the Fund that are the subject of the claim or demand, (iii) the Trust's failure to properly register Fund Shares under applicable state laws, (iv) instructions given by the Trust, the Trust's failure to perform its duties hereunder or any inaccuracy of its representations, (v) any claim brought under Section 11 of the 1933 Act, or (vi) all actions taken by Distributor hereunder resulting from Distributor's reliance on instructions received from an officer, agent or approved service provider of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In no case (i) is the indemnity of the Trust to be deemed to protect the Distributor or any other person against any liability to which the Distributor or such person otherwise would be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of duties or by reason of reckless disregard of obligations and duties under this Agreement ("Disqualifying Conduct") by such party, or (ii) is the Trust to be liable to the Distributor under the indemnity agreement contained in this Section 6 with respect to any claim made against the Distributor or any person indemnified unless the Distributor or other person shall have notified the Trust in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the Distributor or such other person (or after the Distributor or the person shall have received notice of service on any designated agent). However, failure to notify the Trust of any claim shall not relieve the Trust from any liability which it may have to the Distributor or any person against whom such action is brought otherwise than on account of its indemnity agreement contained in this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce any claims subject to this indemnity provision. If the Trust elects to assume the defense of any such claim, the defense shall be conducted by counsel chosen by the Trust and satisfactory to the indemnified defendants in the suit whose approval shall not be unreasonably withheld. In the event that the Trust elects to assume the defense of any suit and retain counsel, the indemnified defendants shall bear the fees and expenses of any additional counsel retained by them. If the Trust does not elect to assume the defense of a suit, it will reimburse the indemnified defendants for the reasonable fees and expenses of any counsel retained by the indemnified defendants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust agrees to notify the Distributor promptly of the commencement of any litigation or proceedings against it or any of its officers or Trustees in connection with the issuance or sale of Shares or Creation Units.

*7. <u>Indemnification of Trust</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor covenants and agrees that it will indemnify and hold harmless the Trust and each of its Trustees and officers and each person, if any, who controls the Trust within the meaning of Section 15 of the 1933 Act, against any loss, liability, damages, claim or expense

(including the reasonable cost of investigating or defending any alleged loss, liability, damages, claim or expense and reasonable counsel fees and disbursements incurred in connection therewith) arising out of or based upon any Disqualifying Conduct by Distributor in connection with the offering and sale of any Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In no case (i) is the indemnity of the Distributor in favor of the Trust or any other person indemnified to be deemed to protect the Trust or any other person against any liability to which the Trust or such other person would otherwise be subject by reason of Disqualifying Conduct by such party, or (ii) is the Distributor to be liable under its indemnity agreement contained in this Section 7 with respect to any claim made against the Trust or any person indemnified unless the Trust or person, as the case may be, shall have notified the Distributor in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the Trust or upon any person (or after the Trust or such person shall have received notice of service on any designated agent). However, failure to notify the Distributor of any claim shall not relieve the Distributor from any liability which it may have to the Trust or any person against whom the action is brought otherwise than on account of its indemnity agreement contained in this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor shall be entitled to participate, at its own expense, in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim subject to this indemnity provision, but if the Distributor elects to assume the defense, the defense shall be conducted by counsel chosen by the Distributor and satisfactory to the indemnified defendants whose approval shall not be unreasonably withheld. In the event that the Distributor elects to assume the defense of any suit and retain counsel, the defendants in the suit shall bear the fees and expenses of any additional counsel retained by them. If the Distributor does not elect to assume the defense of any suit, it will reimburse the indemnified defendants in the suit for the reasonable fees and expenses of any counsel retained by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Distributor agrees to notify the Trust promptly of the commencement of any litigation or proceedings against it or any of its officers in connection with the sale of Shares or Creation Units.

*8. <u>Consequential Damages</u>*

In no event and under no circumstances shall either party to this Agreement be liable to anyone, including, without limitation, the other party, for consequential damages for any act or failure to act under any provision of this Agreement.

*9. <u>Effective Date</u>*

This Agreement shall be effective as of the date first above written, and, unless terminated as provided, shall continue in force through December 31, 2025, and thereafter from year to year, provided that such annual continuance is approved by (i) either the vote of a majority of the Trustees of the Trust, or the vote of a majority of the outstanding voting securities of the Trust, and (ii) the vote of a majority of those Trustees of the Trust who are not parties to this Agreement or the Trust's distribution plan or interested persons of any such party ("Qualified Trustees"), cast

in person at a meeting called for the purpose of voting on the approval. This Agreement shall automatically terminate in the event of its assignment. As used in this paragraph the terms "vote of a majority of the outstanding voting securities," "assignment" and "interested person" shall have the respective meanings specified in the 1940 Act. In addition, this Agreement may at any time be terminated without penalty by the Trust, by a vote of a majority of Qualified Trustees or by vote of a majority of the outstanding voting securities of the Trust upon sixty days prior written notice to the Distributor or by the Distributor upon sixty days prior written notice to the Trust.

*10. <u>Notices</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All notices and other communications hereunder shall be in writing and shall be deemed duly given (a) on the date of delivery if delivered personally, (b) on the fifth Business Day following the date of mailing, if mailed by registered or certified mail, return receipt requested, postage prepaid to the party to receive such notice, (c) if dispatched via a nationally recognized overnight courier service (delivery receipt requested) with charges paid by the dispatching party, on the later of (i) the first Business Day following the date of dispatch, or (ii) the scheduled date of delivery by such service, or (d) on the date sent by electronic mail if sent during normal business hours of the recipient during a Business Day, and otherwise on the next Business Day, if sent after normal business hours of the recipient, provided that in the case of electronic mail, each notice or other communication shall be confirmed within one Business Day by dispatch of a copy of such notice pursuant to one of the other methods described herein, at the following addresses, or such other address as a party may designate from time to time by notice in accordance with this Section.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **If to the Trust:**<br>Valued Advisers Trust<br> Attn: President<br> 225 Pictoria Dr., Suite 450<br> Cincinnati, OH 45246 | &nbsp;&nbsp; **If to Distributor:**<br>Northern Lights Distributors, LLC<br> Attn: Legal Department<br> 4221 North 203rd Street, Suite 100<br> Elkhorn, NE 68022<br> legal@ultimusfundsolutions.com |

---

*11*. *<u>Limitation of Liability</u>*

A copy of the Certificate of Trust is on file with the Secretary of State of the State of Delaware and the Trust's Trust Instrument is on file with the Trust. Notice is hereby given that this Agreement is executed on behalf of the Trustees of the Trust as Trustees and not individually and that the obligations of this instrument are not binding upon any of the Trustees, officers or shareholders of the Trust individually but binding only upon the assets and property of the applicable Fund or Trust, as relevant.

This Agreement is executed by or on behalf of the Trust with respect to each of the Funds. It is expressly acknowledged and agreed that the obligations hereunder are binding only upon the Fund to which such obligations pertain and the assets and property of such Fund. The Distributor understands that the rights and obligations of each series of shares of the Trust under the Trust Instrument are separate and distinct from those of any and all other series.

*12. <u>Dispute Resolution</u>*

Whenever either party desires to institute legal proceedings against the other concerning this Agreement, it shall provide written notice to that effect to such other party. The party providing such notice shall refrain from instituting said legal proceedings for a period of 60 days following the date of provision of such notice. During such period, the parties shall attempt in good faith to amicably resolve their dispute by negotiation among their executive officers.

*13. <u>Entire Agreement; Amendments</u>*

This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement, draft or proposal with respect to the subject matter hereof. This Agreement or any part hereof may be changed or waived only by an instrument in writing signed by the party against which enforcement of such change or waiver is sought.

*14. <u>Governing Law</u>*

This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without giving effect to any conflict of laws or choice of laws rules or principles thereof. To the extent that the applicable laws of the State of Nebraska, or any of the provisions of this Agreement, conflict with the applicable provisions of the 1933 Act or the 1940 Act, these acts shall control.

*15. <u>Counterparts</u>*

This Agreement may be executed in two or more counterparts, all of which shall constitute one and the same instrument. Each such counterpart shall be deemed an original, and it shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart. This Agreement shall be deemed executed by both parties when any one or more counterparts hereof or thereof, individually or taken together, bears the original or facsimile signatures of each of the parties.

*16. <u>Force Majeure</u>*

No breach of any obligation of a party to this Agreement (other than obligations to pay amounts owed) will constitute an event of default or breach to the extent it arises out of a cause, existing or future, that is beyond the control and without negligence of the party otherwise chargeable with breach or default, including without limitation: work action or strike; lockout or other labor dispute; flood; war; riot; theft; act of terrorism, earthquake or natural disaster. Either party desiring to rely upon any of the foregoing as an excuse for default or breach will, when the cause arises, give to the other party prompt notice of the facts which constitute such cause; and, when the cause ceases to exist, give prompt notice thereof to the other party.

*17. <u>Severability</u>*

Any provision of this Agreement that is determined to be invalid or unenforceable in any jurisdiction shall be ineffective to the extent of such invalidity or unenforceability in such jurisdiction, without rendering invalid or unenforceable the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. If a court of competent jurisdiction declares any provision of this Agreement to be invalid or unenforceable, the parties agree that the court making such determination shall have the power to reduce the scope, duration, or area of the provision, to delete specific words or phrases, or to replace the provision with a provision that is valid and enforceable and that comes closest to expressing the original intention of the parties, and this Agreement shall be enforceable as so modified.

*18*. *<u>Confidential Information</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor and the Trust (in such capacity, as applicable, the "Receiving Party") acknowledge and agree to maintain the confidentiality of Confidential Information (as hereinafter defined) provided by the Distributor and the Trust (in such capacity, as applicable, the "Disclosing Party") in connection with this Agreement. The Receiving Party shall not disclose or disseminate the Disclosing Party's Confidential Information to any Person other than (a) those employees, agents, contractors, subcontractors and licensees of the Receiving Party, or (b) those employees, agents, contractors, subcontractors and licensees of any agent or affiliate, who have a need to know it in order to assist the Receiving Party in performing its obligations, or to permit the Receiving Party to exercise its rights under this Agreement. In addition, the Receiving Party (a) shall take all reasonable steps to prevent unauthorized access to the Disclosing Party's Confidential Information, and (b) shall not use the Disclosing Party's Confidential Information, or authorize other Persons to use the Disclosing Party's Confidential Information, for any purposes other than in connection with performing its obligations or exercising its rights hereunder. As used herein, "reasonable steps" means steps that a party takes to protect its own, similarly confidential or proprietary information of a similar nature, which steps shall in no event be less than a reasonable standard of care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The term "Confidential Information," as used herein, shall mean all business strategies, plans and procedures, proprietary information, methodologies, data and trade secrets, client and customer information, and other confidential information and materials (including, without limitation, any non-public personal information as defined in Regulation S-P) of the Disclosing Party, its affiliates, their respective clients or suppliers, or other Persons with whom they do business, that may be obtained by the Receiving Party from any source or that may be developed as a result of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The provisions of this Section 18 respecting Confidential Information shall not apply to the extent, but only to the extent, that such Confidential Information: (a) is already known to the Receiving Party free of any restriction at the time it is obtained from the Disclosing Party, (b) is subsequently learned from an independent third party free of any restriction and without breach of this Agreement; (c) is or becomes publicly available through no wrongful act of the Receiving Party or any third party; (d) is independently developed by or for the Receiving Party

without reference to or use of any Confidential Information of the Disclosing Party; or (e) is required to be disclosed pursuant to an applicable law, rule, regulation, government requirement or court order, or the rules of any stock exchange (provided, however, that the Receiving Party shall advise the Disclosing Party of such required disclosure promptly upon learning thereof in order to afford the Disclosing Party a reasonable opportunity to contest, limit and/or assist the Receiving Party in crafting such disclosure).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Receiving Party shall advise its employees, agents, contractors, subcontractors and licensees, and shall require its agents to advise their employees, agents, contractors, subcontractors and licensees, of the Receiving Party's obligations of confidentiality and non-use under this Section 18, and shall be responsible for ensuring compliance by its employees, agents, contractors, subcontractors and licensees with such obligations. The Receiving Party shall promptly notify the Disclosing Party in writing upon learning of any unauthorized disclosure or use of the Disclosing Party's Confidential Information by such persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon the Disclosing Party's written request following the termination of this Agreement, the Receiving Party promptly shall return to the Disclosing Party, or destroy, all Confidential Information of the Disclosing Party provided under or in connection with this Agreement, including all copies, portions and summaries thereof. Notwithstanding the foregoing sentence, (a) the Receiving Party may retain copies of each item of the Disclosing Party's Confidential Information for purposes of identifying and establishing its rights and obligations under this Agreement, for archival or audit purposes and/or to the extent required by applicable law, and (b) the Distributor shall have no obligation to return or destroy Confidential Information of the Trust that resides on save tapes or other electronic forms; provided, however, that in either case identified above all such Confidential Information retained by the Receiving Party shall remain subject to the provisions of Section 18 for so long as it is so retained. If requested by the Disclosing Party, the Receiving Party shall certify in writing its compliance with the provisions of this paragraph.

*19. <u>Anti-Money Laundering</u>*

The Distributor represents that it has in place anti-money laundering procedures. The Distributor agrees to notify the Trust of any suspicious activity of which it becomes aware relating to transactions involving Shares. Upon reasonable request, the Distributor agrees to provide the Trust with documentation relating to its anti-money laundering policies and procedures.

*20. <u>Use of Name</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust shall not use the name of the Distributor in any prospectus or statement of additional information, sales literature, and other material relating to the Trust in any manner without the prior written consent of the Distributor (which shall not be unreasonably withheld); provided, however, that the Distributor hereby approves all lawful uses of the names of the Distributor in the prospectus and statement of additional information of the Trust and in all other materials which merely refer in accurate terms to their appointment hereunder or which are required by applicable law, regulations or otherwise by the SEC, FINRA, or any state securities authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor shall not use the name of the Trust in any publicly disseminated materials, including sales literature, in any manner without the prior written consent of the Trust (which shall not be unreasonably withheld); provided, however, that the Fund hereby approves all lawful uses of its name in any required regulatory filings of the Distributor which merely refer in accurate terms to the appointment of the Distributor hereunder, or which are required by applicable law, regulations or otherwise by the SEC, FINRA, or any state securities authority.

*21. <u>Insurance</u>*

The Distributor agrees to maintain liability insurance coverage for distribution activities provided to the Trust hereunder. The Distributor shall notify the Trust of any material claims against it, whether or not covered by insurance that may materially and adversely affect the Trust's rights hereunder.

*22. <u>Representations</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor represents and warrants that: (i) it is duly authorized and licensed under applicable law to carry out the services contemplated herein; (ii) the execution, delivery and performance of this Agreement are within its power and have been duly authorized by all necessary action; (iii) it is entering into this Agreement or providing the services contemplated hereby does not conflict with or constitute a default or require a consent under or breach of any provision of any agreement or document to which the Distributor is a party or by which it is bound; (iv) it is registered as a broker-dealer under the 1934 Act and a member of FINRA and will notify the Trust's Chief Compliance Officer and adviser immediately in the event of its expulsion or suspension by FINRA; and (v) it is not an "affiliated person" (as defined under the 1940 Act) of the Listing Exchange or any underlying index provider for any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust represents and warrants that: (i) it is duly organized as a Delaware statutory trust and is and at all times will remain duly authorized to carry out its obligations as contemplated herein; (ii) it is registered as an investment company under the 1940 Act; (iii) the execution, delivery and performance of this Agreement are within its power and have been duly authorized by all necessary action; (iv) its entering into this Agreement does not conflict with or constitute a default or require a consent under or breach of any provision of any agreement or document to which the Trust is a party or by which it is bound; (v) the registration statement and each Fund's prospectus, and sales literature and advertisements approved by the adviser or other materials prepared by or on behalf of the Trust for the Distributor's use ("Sales Literature and Advertisements") have been prepared, and shall be prepared, in all material respects, in conformity with the 1933 Act, the 1940 Act and the rules and regulations of the Commission (the "Rules and Regulations"); and (vi) the registration statement and each Fund's prospectus contain all material statements required to be stated therein in accordance with the 1933 Act, the 1940 Act and the Rules and Regulations; and (vii) all statements of fact contained therein, or in Sales Literature and Advertisements, are or will be true and correct in all material respects at the time indicated or the effective date, as the case may be, and any Fund's prospectus shall not include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, not misleading in light of the circumstances in which they are made. The

Trust shall not file any amendment to the registration statement or Fund's prospectus without giving the Distributor reasonable notice thereof in advance, provided that nothing in this Agreement shall in any way limit the Trust's right to file at any time such amendments to the registration statement or any Fund's prospectus as the Trust may deem advisable.

[*Signature Page Follows*]

IN WITNESS WHEREOF, the Trust and Distributor have each duly executed this Agreement, as of the day and year above written.

---

| | | | |
|:---|:---|:---|:---|
| **Valued Advisers Trust** | **Valued Advisers Trust** | **Northern Lights Distributors, LLC** | **Northern Lights Distributors, LLC** |
| By: | /s/ Matthew J. Miller | By: | /s/ Kevin Guerette |
| Name: | Matthew J. Miller | Name: | Kevin Guerette |
| Title: | President | Title: | President |

---

**Schedule A**

**List of Services**

*FINRA Review* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review and approve Fund marketing materials (including website) for compliance with SEC & FINRA advertising rules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conduct FINRA filing of materials (including website)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Respond to FINRA comments on marketing materials, as necessary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide the adviser with copy of its then-current documentation regarding SEC & FINRA marketing policies

*Contract Management* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Coordinate and execute sub-distribution agreements with broker/dealers and authorized participants on behalf of the Fund in accordance with the prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Coordinate and execute operational agreements related to the services contemplated by this Agreement (networking agreements, NSCC redemption agreements, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Coordinate and execute on behalf of the Fund shareholder service and similar agreements to the extent permitted by applicable law, as contemplated by the Trust's distribution and/or shareholder servicing plan and as may be agreed to by the Distributor and the Fund

Schedule A \| Page 1

**Schedule B-2**

**Fee Schedule**

This **Schedule B-2** is part of the ETF Distribution Agreement effective July 1, 2025 (the "Agreement") by and between the Valued Advisers Trust (the "Trust") and Northern Lights Distributors, LLC ("Distributor").

---

| |
|:---|
| &nbsp;&nbsp;**Fund(s)** |
| &nbsp;&nbsp;Kovitz Core Equity ETF |

---

Each of the above referenced funds a "Fund" and collectively, the "Funds".

Schedule B-2 \| Page 1

**Schedule B-3**

**Fee Schedule**

This **Schedule B-3** is part of the ETF Distribution Agreement effective July 1, 2025 (the "Agreement") by and between Valued Advisers Trust (the "Trust") and Northern Lights Distributors, LLC ("Distributor").

---

| |
|:---|
| &nbsp;&nbsp;**Fund(s)** |
| &nbsp;&nbsp;Regan Floating Rate MBS ETF |

---

Each of the above referenced funds a "Fund" and collectively, the "Funds".

Schedule B-3 \| Page 1

## Ex-99.H

---

| | |
|:---|:---|
| ![](image_001.jpg) | **DLA Piper LLP (US)**<br> One Atlantic Center<br> 1201 West Peachtree Street<br> Suite 2900<br> Atlanta, Georgia 30309-3449<br> www.dlapiper.com<br>Tanya L. Boyle<br> tanya.boyle@us.dlapiper.com<br> T 404.736.7863<br> F 404.682.7863 |

---

February 27, 2026 <br>

Valued Advisers Trust

225 Pictoria Dr.

Suite 450<br> Cincinnati, OH 45246

Dear Board Members:

A legal opinion (the "Legal Opinion") that we prepared was filed with Post-Effective Amendment No. 404 to the Valued Advisers Trust Registration Statement (the "Registration Statement"). We hereby give you our consent to incorporate by reference the Legal Opinion into Post-Effective Amendment No. 418 to the Registration Statement (the "Amendment"). We also consent to all references to us in the Amendment.

Very truly yours,

<u>/s/ DLA Piper LLP (US)</u>

DLA Piper LLP (US)

## Ex-99.J

![](cohenlogo.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 December 24, 2025, relating to the financial statements and financial highlights of Kovitz Core Equity ETF, a series of Valued Advisers Trust, which are included in Form N-CSR for the year ended October 31, 2025, and to the references to our firm under the headings "Financial Highlights" in the Prospectus and "Independent Registered Public Accounting Firm" in the Statement of Additional Information.

/s/ Cohen & Company, Ltd.

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 27, 2026

![](cohenfooters.jpg)

## Ex-99.P

**Code of Ethics and Insider Trading Policy**

**<u>Part I - Code of Ethics</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Statement of Policy** 

Rule 204A-1 of the Investment Advisers Act of 1940 (the "Advisers Act") requires advisers to establish, maintain and enforce a written code of ethics. In addition, Rule 204A requires advisers to have written policies and procedures reasonably designed to prevent the misuse by an adviser and its associated persons of nonpublic information, in violation of the Advisers Act or the Securities Exchange Act of 1934 ("the "1934 Act"). As federally regulated investment advisers, Focus Partners Wealth, LLC ("FPW") and Focus Partners Advisor Solutions ("FPAS, and together with FPW the "Adviser") are subject to the requirements of the SEC and other regulatory bodies.<sup>1</sup> FPW and FPAS are affiliates and due to their shared services, shared staffing, and, in some cases, shared clients they have determined that a uniform Code of Ethics across both firms is the best way to ensure their commitments to both businesses in a manner designed to comply with all regulations to which each are subject. Additionally, due to FPAS's role as adviser to the SA Funds – Investment Trust (the "Trust"), the Trust has also adopted this Code pursuant to the requirements of Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). As fiduciaries, FPW and FPAS are further committed to fostering an environment where all **Supervised Persons** (as defined in this Code of Ethics and which, for purposes this Code of Ethics and the entire compliance policies and procedures, will include any and all Access Persons) are aware of their responsibilities and obligations, whether imposed by regulation or by both parties' internal guidelines, act with integrity and in an honest and open manner, and at all times act in the best interests and safeguard nonpublic information of the Adviser's Clients.

Adviser and Trust have adopted a Code of Ethics and Insider Trading Policy (the "Code") that they believe is reasonably designed to detect and prevent violations of both the rules of regulatory bodies to which the Adviser and the Trust are subject and internal guidelines established by the Adviser and the Trust. The Code is based upon the principle that the Adviser's and Trust's **Supervised Persons** owe a fiduciary duty to the Clients for which the Adviser acts as investment adviser or sub-adviser. Accordingly, each **Supervised Person** of the Adviser and Trust should conduct personal trading activities in a manner that does not interfere with a Client's portfolio transactions or take advantage of a relationship with any Client. All **Supervised Persons** of the Adviser must adhere to these general principles and are subject to the Code.

The fundamental position of the Adviser is that, in effecting personal securities

______________________

<sup>1</sup> "Adviser" as that term is used in this Code shall mean FPW or FPAS as the context requires, and the terms "Supervised Person" and "Access Person" shall mean the supervised persons and access persons of FPW, FPAS or the Trust as applicable.

1 - July 2025

transactions, **Supervised Persons** of the Adviser must place the interests of Clients and the Trust's shareholders ahead of their own pecuniary interests at all times. All personal securities transactions by **Supervised Persons** must be conducted in accordance with the Code and in a manner to avoid actual or potential conflict of interest. Further, these **Supervised Persons** should not take inappropriate advantage of their positions of trust and responsibility with or on behalf of a Client or a Trust shareholder.

Without limiting in any manner the fiduciary duty owed by **Supervised Persons** to Clients or the provisions of the Code, it should be noted that the Adviser and Trust consider it proper that purchases and sales may be made by its **Supervised Persons** in the marketplace of securities owned by Clients as well as the Trust; <u>provided</u>, <u>however</u>, that such securities transactions comply with the spirit of, and the specific restrictions and limitations set forth in, the Code. In making personal investment decisions with respect to any security, however, **Supervised Persons** must exercise care that they adhere to the requirements and to the spirit of the Code. It bears emphasis that technical compliance with the procedures, prohibitions and limitations of the Code will not automatically insulate from scrutiny personal securities transactions that show a pattern of abuse by a **Supervised Person** of their fiduciary duty.

Terms set forth in the Code **in bold** type are defined terms. The definitions for the bolded terms are set forth in Part III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Who is Responsible for Implementing this Policy?

The **Compliance and Legal Department** is responsible for implementing, updating and monitoring the Code, for obtaining the required **Supervised Person** acknowledgments, holdings reports and transaction reports, disseminating copies of and educating Supervised Persons as to the particulars of the Code, and for overseeing the review of transactions reports and compliance with other aspects of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Procedures to Implement this Policy

The key elements of the procedures for implementing the Code are summarized below:

**Applicability and Scope of the Code**

 ****

The Code applies to all **Supervised Persons** of the Adviser and the Trust. It is the responsibility of all **Supervised Persons** to become familiar with and thoroughly comply with the terms of the Code. Every **Supervised Person** at the time of employment, and annually thereafter, must review and acknowledge that they have read and understand the terms of the Code. Every **Supervised Person** who becomes aware of any violations of the Code by themselves or any other

2 - July 2025

person should immediately notify the **Compliance and Legal Department**. Such notifications will be treated anonymously upon the request of the **Supervised Person**. All **Supervised Persons** should be aware that they may risk serious sanctions if they violate the terms of the Code.

**Personal Trading and Transactions Pre-Clearance Requirements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· As a general rule, all **Supervised Persons** (and
any Beneficial Ownership Account) are required to conduct their personal trading through a broker listed on the **Approved Broker** list
attached as Appendix A to this Code of Ethics. **Approved Brokers** generally provide an electronic feed of **Supervised Persons'** personal trading activity (and that of their Beneficial Ownership Accounts) directly to the Adviser. Brokers that do not provide electronic
feeds pose risks to the Adviser and, for this reason, any exception to this requirement to maintain accounts at an Approved Broker must
be approved by a Chief Compliance Officer. Private placements are not required to be held at an Approved Broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Supervised Persons** must submit a pre-clearance
request in ACA and receive trade approval before undertaking any transactions in their personal accounts (including Beneficial Ownership
Account). This includes, but is not limited to, purchases and/or sales of securities including options, options exercises, and the gifting
of securities (including gifting to donor advised funds). Additional information about restricted actions can be found in Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trade approvals (including market orders approvals)
are valid only on the day the approval is received. Limit order approvals are valid for one week (7 days). All approvals must be clearly
requested in ACA (see below).

<u>Exception</u>: Trades that that **do not** require pre-clearance under this Section are the following: U.S. government securities including, but not limited to, U.S. agencies, treasuries, and agency securities. Additionally, preclearance is not required for open-ended mutual funds (except for the SA Funds) or exchange traded funds due to the specific nature of how they trade and prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Managed Accounts

**Supervised Persons**/**Beneficial Ownership Accounts** are <u>**not**</u> required to obtain pre-clearance approval with respect to transactions in a Managed Account provided that the manager, investment adviser, or trustee has full discretion and/or that you (or if applicable, your spouse, domestic partner, family member, or dependent child) do not exercise investment discretion or otherwise have direct or indirect influence or control over investment decisions.

3 - July 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Administration of the Code

The **Compliance and Legal Department** implements, monitors, and updates the Code, as appropriate, by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Providing a copy of the Code to all **Supervised Persons** of the Adviser and, with respect to the Trust's Chief Compliance Officer (the "Trust CCO"), each SA Fund
Independent Trustee and making the Code available on the Adviser's intranet SharePoint site or otherwise distributing to **Supervised Persons**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Advising **Supervised Persons** and **SA Fund Independent Trustees** regarding the contents of the Code and their responsibilities and obligations thereunder, and conducting training
as appropriate and in the discretion of the **Compliance and Legal Department**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Confirming that each **Supervised Person** executes
an annual Acknowledgment of the Code indicating their understanding of specific policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Monitoring material changes in the business and applicable
legal requirements, and updating the Code when appropriate on account of such changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consulting with outside legal counsel to stay current
with regulations affecting the Adviser's business as a regulated investment adviser, and updating the Code when appropriate on account
of such changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Recommending sanctions for material Code violations,
including warnings, fines, disgorgement of profits, suspensions, or termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reporting material violations of the Code or any
habitual non-material breaches by any **Supervised Person** to senior management or trustees of the Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· At periodic intervals established by the board of
the Trust, but no less frequently than annually, the Trust CCO shall provide a written report to the board of the Trust of all material
matters raised pursuant to the Code or related procedures during such period, including but not limited to, information about material
violations occurring during that period and any sanctions imposed in response to those material violations. Additionally, the Trust CCO
will provide to the board of the Trust a written certification, which certifies to the board of the Trust that the Trust and the Adviser
have adopted procedures reasonably necessary to prevent their **Supervised Persons** from violating the Code.

The **Compliance and Legal Department** tests for compliance with the Code, as appropriate, by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Confirming, that each **Supervised Person** submits
initial and annual holdings reports.

4 - July 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Confirming, that each **Supervised Person** submits quarterly reports no later than

**30 days** after the end of each quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Review of all **Supervised Persons'** holdings
reports and quarterly reports, and comparing the trading or holdings reflected in such reports against the trading activities conducted
on behalf of Clients. Such reviews must be appropriately documented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Comparing the trading in such reports against the **Supervised Person's** quarterly reports and annual holdings reports, or brokerage statements. Such reviews must be appropriately
documented.

**Client Disclosure**

 ****

Adviser is required to disclose to Clients a summary of its Code in its Form ADV Part 2A. In the event of a material change to the Code, its Form ADV Part 2A should be promptly amended.

**Maintaining Records**

 ****

Adviser maintains the following records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A copy of the Adviser's Code and all amendments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Supervised Person** Acknowledgments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Supervised Person** Initial and Annual Holdings Reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Supervised Person** quarterly transaction reports, records, or brokerage statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pre-clearance requests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Control Lists;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Restricted Lists; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Documentation relating to the review of holdings
reports, quarterly transaction reports, pre-clearance requests and violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Prohibited, Restricted, or Limited Activities, Control List & Restricted List, and Reporting Requirements

While the scope of actions that may violate the Statement of Policy set forth above cannot be exactly defined, the following actions would constitute prohibited activities. **All of the activities outlined in this section apply to**

5 - July 2025

**all Supervised Persons and their Beneficial Ownership Accounts**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Competing with Client Trades.** No **Supervised Person** may, directlyor indirectly, purchase or sell securities if the **Supervised Person** knows, or reasonably should know, that these securities transactions compete in the market with actual or considered securities transactions for a Client, or otherwise personally act to harm a Client's securities transactions. If the Adviser is purchasing or selling or considering for purchase or sale any security on behalf of a Adviser Client, no **Supervised Person,** with knowledge of the possible transaction, may effect a transaction in that security (in any Beneficial Ownership Account) prior to the Client purchase or sale being completed or until a decision has been made not to purchase or sell the security on behalf of the Client, except that (a) a transaction in a security held in an account of an **Supervised Person** under discretionary management with the Adviser may be aggregated with Client trades and (b) an **Supervised Person** that has received pre-approval for their self-directed trade may have such trade aggregated/blocked with the trade made by the Adviser in the same security, so long as the **Supervised Person** has no reason to believe that their trade will cause the block trade to incur less favorable market execution than would have been the case if their trade was not part of the block.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Personal Use of Client Trading Knowledge.** No **Supervised Person** may use the knowledge about securities purchased or sold by a Client or securities being considered for purchase or sale by a Client to profit personally, directly or indirectly, by the market effect of such 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Disclosure of Client Trading Knowledge.** No **Supervised Person** may, directly or indirectly, communicate to any person who is not a **Supervised Person** any non-public information relating to a Client including, without limitation, the purchase or sale or considered purchase or sale of a security on behalf of a Client, except to the extent necessary to effectuate securities transactions on behalf of a Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Initial Public Offerings.** No **Supervised Person** may, directly or indirectly, purchase any security sold in an **Initial Public Offering**, unless the **Compliance and Legal Department (a)** exempts and pre-approves the purchase because of special conditions associated with the purchase; (b) the **Supervised Person's** account is managed by an advisor where the investment decision is made solely by the advisor within a Managed Account, or (c) the Supervised Person's account is managed by the Adviser and their account is blocked with other Client accounts for purposes of trading in that IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Coin Offerings**. Participating in initial coin offerings is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Limited or Private Offerings.** No **Supervised Person** may, directly
or

6 - July 2025

indirectly purchase any security issued pursuant to a **Limited or Private Offering** without obtaining pre-approval from **Compliance**.<sup>2</sup> A **Supervised Person** who has received authorization to invest in a **Limited or Private Offering,** and does invest, must disclose their **Beneficial Ownership** of such security to Clients when they are involved in considering the purchase on behalf such Clients. Notwithstanding the foregoing, pre-approval is deemed to have been granted from **Compliance** for the Adviser's affiliated or managed **Limited or Private Offerings**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Options Trading.** No **Supervised Person** can write, buy, or sell options pertaining to securities that are on the Adviser's Restricted **List**. With respect to securities on the Adviser's **Control List**, the volitional exercise or selling of an option is permitted but only with pre-clearance in accordance with this policy. If the security is on the **Control List** at that time, then you are risking that a volitional exercise or sale may be denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Limit Orders**. A limit order pre-clearance is valid for a time period described in Section 4 above. If the termination day falls on a weekend or holiday, the **Supervised Person** may shift day seven (7) to the <u>first trading day</u> after the respective weekend or holiday. If the **Supervised Person** comes into possession of material non-public information (MNPI) and such limit order has not yet been filled, the **Supervised Person** is required to immediately remove/terminate such order. Such **Supervised Person** acknowledges that, by entering the limit order, they are entering such order without any knowledge of the Adviser's Investment Team's intention to transact in such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Equities, Affiliated Mutual Funds, Fixed Income.** 1) For a self-directed trade in an individual equity, or any share in the Trust and its SA Funds, **Supervised Persons** must obtain pre-approval from **Compliance**. (Except for the SA Funds, the Adviser does not require pre-approval for trades in open ended mutual funds or exchange traded funds). 2) Pre-approval is required for self-directed trades in individual fixed income securities, unless the fixed income security is a direct obligation of the United States Government. In both cases pre-approval is not required if trades are made pursuant to a Managed Account, as stated in Section 3 above, or undertaken by Adviser on behalf of the **Supervised Person**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Outside Employment.** No **Supervised Person** may accept outside employment without the <u>prior authorization</u> of the Adviser's **Compliance and Legal Department**. The **Compliance Department** will require that every **Supervised Person** attest to any outside employment on an annual basis. In the event an SA Fund Independent Trustee becomes a director on the board of

______________________

<sup>2</sup> An Access Person's interest(s) in Focus Financial Partners, LLC, CD&R, or their respective affiliates, by virtue of being a principal of FPW or FPAS, is presumed and thus, does not require disclosure or preclearance.

7 - July 2025

directors of a publicly traded company, such **Supervised Person** or **SA Fund Independent Trustee** shall inform the Trust CCO of such election/appointment. In the event that the Trust CCO, in consultation with outside counsel as necessary, should decide that the potential for conflicts of interest exists with respect to such person's obligations as a director of such publicly traded company and their role in the Trust, the Trust CCO may, acting upon the recommendations of outside counsel as necessary, place restrictions on the activities of, or information received by, such SA Fund Independent Trustee, including but not limited to, requiring them to step down from their position on the board of the directors of such publicly traded 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Participation on Boards, Panels, or Organizations.** No **Supervised Person** shall accept a position for membership in/on a board, panel, or organization without <u>the prior authorization</u> of the Adviser's Compliance and Legal Department.. Prior Authorization is NOT required for any membership or involvement with a board, panel, or organization that meets BOTH of the following: 1) it is unrelated to the financial services industry and 2) the position does not give the **Supervised Person** investment authority or money movement authority over the organization's account. The **Compliance and Legal Department** will require that every **Supervised Person** attest to any participation in/on boards, panels, or involvement in organizations on an annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Disclosure of Personal Interest.** No **Investment Decision Maker** may recommend any securities transaction to a Client without having previously disclosed to the Adviser any material conflict of interest it may have in these securities or the issuer thereof, including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) That **Investment Decision Maker's** Beneficial
Ownership or contemplated transaction of any securities of the issuer that would result in such Investment Decision Maker beneficially
owning in excess of 5% of the issuer's securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any present or proposed business relationship between
the issuer or its affiliates and that **Investment Decision Maker**.

**<u>Control List</u>**

**Supervised Persons** are prohibited from buying securities of companies on the Adviser's **Control List**. If, however, a **Supervised Person** owns such a security, or has a direct or indirect **Beneficial Ownership** interest in such a security at the time the individual becomes a **Supervised Person**, the **Compliance and Legal Department** may permit a **Supervised Person** to cause the security to be sold subject to a trading window. The identity of these companies will be contained on a **Control List**, a copy of which will be made available to all **Supervised Persons** by Compliance.

8 - July 2025

**<u>Restricted List</u>**

**Supervised Persons** are prohibited from buying or selling securities of companies on the Adviser's **Restricted List.** By its nature, a company's inclusion in the **Restricted List** should be temporary, and once the material information that the Adviser possesses about the company becomes public, and the **Compliance and Legal Department** removes the company from the **Restricted List**, **Supervised Persons** will be permitted to trade in the company's security subject to other requirements of this policy. The identity of these companies will be contained on a **Restricted List**, a copy of which will be made available to all **Supervised Persons** by Compliance.

**<u>Reporting Requirements</u>**

Every **Supervised Person** must submit to the **Compliance and Legal Department**, in software or on forms designated by the **Compliance and Legal Department**, the following information/reports as to (1) brokerage and/or other financial institution accounts that *can* hold **Reportable Securities** (even if an account does not currently hold **Reportable Securities**) that are Beneficial Ownership Accounts; and (2) all current **Reportable Securities** in which the **Supervised Person** has, or by reason of a transaction, acquires **Beneficial Ownership**, whether or not the **Supervised Person** had any direct or indirect control over the **Reportable Securities** or accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An SA Fund Independent Trustee is required to file
a Quarterly Transaction Report with the Trust CCO, which sets forth the information required pursuant to the below on quarterly transaction
reports, only if the SA Fund Independent Trustee, at the time of the transaction, knew or, in the ordinary course of fulfilling the SA
Fund Independent Trustee's official duties as a trustee of the Trust, should have known that during the 15-day period immediately
before or after the SA Fund Independent Trustee's transaction in a Security, a series of the Trust purchased or sold the **Reportable Security**, or the Adviser or the Trust's sub-adviser considered purchasing or selling the **Reportable Security** for any
series of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Initial and Annual Holdings Reports.* Not later than 10 days after an individual becomes a **Supervised Person**, the following information, as of a date within 30 days prior to becoming a **Supervised Person,** must be reported:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The title, number of shares and principal amount
of each **Reportable Security** (i) in which the **Supervised Person** had any direct or indirect **Beneficial Ownership** and
(ii) thatwas included in a **Beneficial Ownership Account** when the **Supervised Person** became a **Supervised Person**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The name of any custodian, broker, dealer, bank, private investment partnership,
or other financial institution with whom

9 - July 2025

the **Supervised Person** maintained (i) an account that holds or *could* hold **Reportable Securities** in which the **Supervised Person** had any direct or indirect **Beneficial Ownership** or (ii) a **Beneficial Ownership Account**, each as of the date the **Supervised Person** became an **Supervised Person**, including the date on which the account was established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The date the report is being submitted by the **Supervised Person**.

**Supervised Persons** must also report this information annually by January 30<sup>th</sup>, as of a date within 30 days of the reporting requirement<sup>3</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Quarterly Transaction Reports.* Not later than 30 days after the
end of each calendar quarter, the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>**Reportable Securities Transactions**</u> . With respect to any acquisition or disposition during the calendar quarter of a **Reportable Security** in which the **Supervised Person** had any direct or indirect **Beneficial Ownership** or that was included
in a **Beneficial Ownership Account**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The date of the acquisition or disposition, the
title, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each **Reportable Security**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The nature of the acquisition or disposition (i.e.,
purchase, sale, gift or any other type of acquisition or disposition)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The price of the **Reportable Security** at which
the acquisition or disposition was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The name of the custodian, broker, dealer, bank,
private investment partnership, or other financial institution with or through which the acquisition or disposition was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The
 date the report is submitted by the **Supervised Person** to **Compliance.** 

Every report concerning a **Reportable Security** transaction that would be prohibited by Section 5 above must describe the circumstances of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Reporting Mechanism*. Adviser uses a Code of Ethics ("COE") platform,

___________________

<sup>3</sup> Private investment reporting may be outside of the 30-day "as of" date.

10 - July 2025

currently ACA ComplianceAlpha, to administer its Code of Ethics program. The reporting requirements under this section are not applicable to securities held in or transactions for any account over which the **Supervised Person** or **SA Fund Independent Trustee** does not have influence or control.

**The Compliance and Legal Department** will review the information to be compiled under the Code in accordance with such review procedures as **Compliance** may from time to time determine to be appropriate in light of the purposes of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Initial and Annual Certification of Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each **Supervised Person**, within 10 days after becoming a **Supervised Person**, must certify, on a form designated by **Compliance**, that the **Supervised Person**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Has received, read and understands the Code and recognizes that they
are subject to the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Will comply with all the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Has reported:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All brokerage or other personal or other Beneficial
Ownership Accounts that *can* hold reportable securities, whether or not such accounts currently hold reportable securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Reportable securities that may be held outside of
a brokerage or other financial institution account, including but not limited to limited partnership (LP) interests, stock certificates,
securities held with a transfer agent, etc.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For such brokerage or other accounts, and for reportable
securities, all required information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each **Supervised Person** must certify the same information annually by <u>January 30<sup>th</sup></u> or by such other date specified by and on the form designated by **Compliance.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Standards for Review

The **Compliance and Legal Department** should consider at least the following when reviewing Holdings Reports, Quarterly Transaction Reports and requests for

11 - July 2025

preclearance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Could an individual be misappropriating an investment opportunity that
should first be offered to a Client?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Are the individual's holdings or transactions in compliance with
the Adviser's policies?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If trading in the same securities as a Client, is the individual receiving
favorable terms?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Confidentiality

All information obtained from any **Supervised Person** hereunder normally will be kept in strict confidence by the Adviser, except that reports of transactions and other information obtained hereunder may be made available to the Securities and Exchange Commission (SEC) or any other regulatory or self-regulatory organization or other civil or criminal authority to the extent required by law or regulation or to the extent considered appropriate by senior management of the Adviser in light of the circumstances. In addition, in the event of violations or apparent violations of the Code, this information may be disclosed to affected Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Sanctions

Any violation of the Code may result in the imposition of such sanctions as the **General Counsel** and **Compliance and Legal Department** may deem appropriate under the circumstances which may include, but are not limited to, a warning, disgorgement of profits obtained in connection with a violation, the imposition of fines, suspension, demotion, termination of employment or referral to civil or criminal authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Recordkeeping Requirements

Adviser will maintain and preserve the Code and any amendments thereto, records of violations and actions taken as a result of such violation, copies of reports submitted under the Code, and all pre-clearance of **Reportable Securities** requests in accordance with the Adviser's record keeping & retention policy and related books and records requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Whistleblower Protection

A **Supervised Person** that becomes aware of a violation of the Adviser's Code of Ethics by themselves or any other person should immediately notify the **Compliance and Legal Department**. A whistleblower shall be afforded protection from Adviser retaliation for reporting made in good faith. A **Supervised Person** also may be protected from retaliation by the SEC's whistleblower rule.

12 - July 2025

**<u>Part II - Statement Against Insider Trading</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Policy Statement Against Insider Trading.</u> 

It is a serious federal offense for any person to purchase or sell securities while in possession of material nonpublic information about the securities or the company that issued them. It is also unlawful to communicate inside information to others who may trade on the basis of that information. The Insider Trading and Security Fraud Enforcement Act of 1988 ("ITSFEA") gives federal authorities the power to prosecute any individual, employee and/or employer, who uses confidential Client information for his or her own benefit or who communicates confidential Client information to others. ITSFEA also provides for claims by those who were disadvantaged by the insider trading.

The term "insider trading" is not defined in the federal securities law, but generally is used to refer to the use of material nonpublic information to trade in securities (whether or not one is an "insider") or to communications of material nonpublic information to others.

While the law concerning insider trading is not static, it is generally understood that the law prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· trading by an insider, while in possession of material nonpublic information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· trading by a non-insider, while in possession of
material nonpublic information, where the information either was disclosed to the non-insider in violation of an insider's duty
to keep it confidential or was misappropriated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· communicating material nonpublic information to others in violation of law.

The elements of insider trading and the penalties for such unlawful conduct are discussed below. If, after reviewing this policy statement, you have any questions you should consult **Compliance.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>What Is Insider Trading</u>?

Insider trading consists of purchasing or selling a security while the purchaser or seller is in possession of material nonpublic information about the issuer of the security or the market for the security in violation of a duty of trust or confidence. In most cases, the securities that have been the subject of insider trading have been common stock of publicly traded corporations.

However, trading in options on common stock or, in certain circumstances, even convertible debt securities could violate the prohibition on insider trading. The classic example of insider trading occurs when an employee of a corporation buys or sells its common stock on the basis of information about the corporation learned in the course of the employee's duties. It is critical that every **Supervised Person** understand that trading on material nonpublic information may result in substantial fines, imprisonment and loss of employment.

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Insider information can relate to transactions involving stock of public companies in portfolios or accounts managed by the Adviser. The most obvious example is nonpublic information that a person or company is about to make a tender offer for the stock of a company held in an account or portfolio. It is clear that the insider trading rules prohibit purchasing that stock with knowledge of the proposed tender offer. Trading on "tips" can violate the prohibitions against insider trading and must be avoided.

Material information may consist of information about substantial buy and sell decisions for accounts managed by the Adviser. For example, if you know that the Adviser is directing the sale of a significant block of stock for one or more of its accounts, you have inside information as to that stock and should not sell any until after the Adviser's selling has been concluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>What Is Material Information</u>?

Information is "material" if there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decision. Information that is usually material includes, but is not limited to: dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, and extraordinary management developments.

Material information may also relate to the market for the security. For example, in Carpenter v. U.S., 108 U.S. 316 (1987), the Supreme Court considered information about the contents of a forthcoming newspaper column that was expected to affect the market price of a security to be "material". In that case, a Wall Street Journal reporter was found criminally liable for disclosing to others the dates that reports on various companies would appear in the Journal and whether those reports would be favorable or not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>What Is Nonpublic Information</u>?

Information is nonpublic until it has been effectively communicated to the marketplace. One must be able to point to some fact to show that the information is generally public. For example, information found in a report filed with the SEC, or appearing in Dow Jones, Reuters, The Wall Street Journal or other publications of general circulation would be considered public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Penalties for Insider Trading</u>.

Penalties for trading on or communicating material nonpublic information are severe, both for individuals involved in such unlawful conduct and their employers. A person can be subject to some or all of the penalties below even if he or she does not personally benefit from the violation. Penalties include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· civil injunctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· treble damages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· disgorgement of profits;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· jail sentences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· fines for the person who committed the violation whether or not the person
actually benefited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· fines for the employer or other controlling person.

In addition, any violation of this policy statement can be expected to result in serious sanctions by the Adviser, including dismissal of the persons involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>What If You Have a Question</u>?

Legal advice on these matters can always be arranged through **Compliance,** without charge, and should be requested whenever there is any question as to the propriety of any conduct. As a general rule, when in doubt, ask for help.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Procedures to Implement Adviser's Policy Against Insider Trading.</u> 

The following procedures have been established to aid the officers, managers and **Supervised Persons** of the Adviser in avoiding insider trading and to aid the Adviser in preventing, detecting and imposing sanctions against insider trading. Every officer, manager and **Supervised Person** of the Adviser must follow these procedures or risk serious sanctions, including dismissal, substantial personal liability and criminal penalties. If you have any questions about these procedures, you should consult with **Compliance.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Identifying Inside Information</u>.

Before trading for yourself or others in the securities of a company about which you may have potential inside information, ask yourself the following questions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Is the information potentially material? Is this
information that an investor would consider important in making his or her investment decisions? Is this information that would substantially
affect the market price of the securities if generally disclosed?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Is the information nonpublic? Is it confidential
corporate information? To whom has this information been provided? Has the information been effectively communicated to the marketplace
by being published in <u>Reuters</u>, <u>The Wall Street Journal</u> or other publications of general circulation?

If, after the consideration of the above, you believe that the information is potentially material and nonpublic, or if you have questions as to whether the information is material and nonpublic, you should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Report the matter immediately to the **Legal or Compliance Department.** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Do not purchase or sell the securities on behalf of yourself or others,
including portfolios managed by the Adviser .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Do not communicate the information inside or outside the Adviser ,
other than to the **Legal or Compliance Department.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) After the **Legal or Compliance Department** has
reviewed the issue, you will either be instructed to continue the prohibitions against trading and communication, or you will be allowed
to trade and communicate the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Restricting Access to Material Nonpublic Information</u>.

Information in your possession that you identify as material and nonpublic may not be communicated to anyone, including persons within the Adviser, except as provided in paragraph B.1 above. In addition, care should be taken so that such information is secure. For example, files containing material nonpublic information should be sealed and access to computer files containing material nonpublic information should be restricted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Resolving Issues Concerning Insider Trading</u>.

If, after consideration of the items set forth in paragraph B.1, doubt remains as to whether information is material or nonpublic, or if there is any unresolved question as to the applicability or interpretation of the foregoing procedures, or as to the propriety any action, it must be discussed with the **Legal or Compliance Department** before trading or communicating the information to anyone.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Working Together to Prevent Abuse</u>.

The prevention of insider trading violations requires constant attention. If you become aware of any situation that may possibly result in an insider trading violation, you should report the situation to the **Legal or Compliance Department** immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Supervisory Procedures.</u> 

The role of the **Compliance Department** is critical to the implementation and maintenance of the Adviser's policy and procedures against insider trading. Supervisory procedures can be divided into two classifications – prevention of insider trading and detection of insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Prevention of Insider Trading</u>.

To prevent insider trading, the **Compliance and Legal Department** should:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provide, on a regular basis, as needed, discussions
and meetings to familiarize officers, managers, and **Supervised Persons** with the Adviser 's
policy and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) answer questions regarding the Adviser 's policy and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) resolve issues of whether information received by an officer, manager or

**Supervised Person** of the Adviser is material and nonpublic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) review on a regular basis and update as necessary the Adviser's
policy and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) when it has been determined that an officer, manager or **Supervised Person** of the Adviser has material nonpublic information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) implement measures, as necessary, to prevent dissemination of such information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) implement a hard restriction in the Adviser's
trade order management systems to restrict the Adviser from trading in the security on a managed basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When the information has become public, the Adviser may
remove such hard restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Detection of Insider Trading</u>.

To detect insider trading, the **Compliance and Legal Department** shall review any trading activity and alerts generated by ACA's Market Abuse Surveillance software to determine whether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all **Supervised Persons** who should be filing such reports are actually
doing so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) reports are being filed on a timely basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the reports on file indicate any trades on the basis
of insider or confidential information; that is, whether there are any suspicious patterns other indications of possible misconduct evidenced
in such reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Special Reports</u>.

Promptly, upon learning of a potential violation of the Adviser's policy and procedures to detect and prevent insider trading, **the Compliance Department** should prepare a written report providing full details and recommendations for further action.

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**<u>Part III - Definitions</u>**

For purposes of the Code, the following definitions will apply:

**Access Person.** The term "**Access Person**" means, Supervised Persons of the Firm who have access to nonpublic information regarding clients' purchase or sale of securities or clients' portfolio holdings, or who is involved in making securities recommendations to clients, or who has access to such recommendations that are nonpublic. The Adviser deems all the Adviser's Supervised Persons to be Access Persons. Independent contractors and temporary employees are considered Access Persons subject to the requirements of the Manual if they have access to confidential information regarding the Adviser's clients.] For clarity, all employees of the Adviser are Access Persons.

**Acquisition.** The term "acquisition" or "acquire" includes the receipt of any gift of **Reportable Securities**.

**Advisory Person**. The term "**Advisory Person**" means, with respect to an Adviser,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Every **Supervised Person** or on-site independent
contractor of the Adviser who, in connection with his or her regular functions or duties, makes, participates in, or obtains information
regarding, the purchase or sale of **Reportable Securities** (as defined below) by a **Fund** or other Client, or whose functions
relate to the making of any recommendations concerning the purchase or sale of **Reportable Securities** by a **Fund** or other
Client; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Every natural person in a control relationship to
the Adviser who obtains information concerning recommendations made to a **Fund** concerning the purchase or sale of a **Reportable Security** and every other **Supervised Person** or on-site independent contractor of the Adviser designated as a **Supervised Person** by the **Compliance Department**.

**Approved Brokers.** See Approved Brokers list included at the end of this document.

**Beneficial Ownership.** The term "**Beneficial Ownership**" means a direct or indirect "pecuniary interest" (as defined in subparagraph (a)(2) of Rule 16a-1 under the 1934 Act that is held or shared by a person directly or indirectly (through any contract, as trustee of a trust, arrangement, understanding, relationship or otherwise) in a security. A direct pecuniary interest generally means the opportunity directly to profit or share in any profit derived from a transaction in a security. An indirect pecuniary interest in securities by a person generally means the opportunity to indirectly profit or share in any profit derived from a transaction in a security. For example, any of the below would be considered an indirect pecuniary interest and require to be reported by the Supervised Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ownership of securities by any of that Supervised
Person's immediate family members sharing the same household (including a child, stepchild, grandchild, parent, stepparent, grandparent,
spouse, sibling, mother- or father-in-law, sister- or brother-in-law, and son- or daughter-in-law);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any account that contains securities (including but not limited to **Reportable Securities**) (1) that a Supervised Person's immediate family member, <u>**not**</u> sharing the same household, maintains a Beneficial Ownership in, <u>**and**</u> , (2)
in which the Supervised Person can exercise direct or indirect, sole or shared, investment control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Supervised Person's partnership interest in the portfolio securities
held by a general or limited partnership which such person controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Supervised Person's right to receive dividends from a security
if this right is separate or separable from the underlying securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Supervised Person's interest in securities
held by a trust under certain circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Supervised Person's right to acquire securities
through the exercise or conversion of a "derivative security" (which term excludes (i) a broad-based index option or future,
(ii) a right with an exercise or conversion privilege at a price that is not fixed, and (iii) a security giving rise to the right to receive
another security only *pro-rata* and by virtue of a merger, consolidation or exchange offer involving the issuer of the first security).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i) If an **Supervised Person** is a trustee of the Trust and also
has a pecuniary interest in any holding or transaction in an issuer's securities that is also held by the Trust,(ii) if such **Supervised Person** is a trustee of the Trust and members of such Access Person's immediate family receive certain performance fees related
to the Trust, or (iii) a member of such Access Person's immediate family is a beneficiary to the Trust.

**Beneficial Ownership Account.** All accounts in which a Supervised Person has Beneficial Ownership in the account, or the securities or proceeds therein.

**Compliance Department.** The term "**Compliance Department**" means, with respect to FPAS, FPW, or the Trust as applicable, the officer(s), or their designee, designated to (a) receive and review reports of purchases and sales by **Access Persons**, (b) receive and review other reports that may be required from time to time and (c) take such other actions as specified under the Code of Ethics and Statement Against Insider Trading Policy. The term "**Compliance**" means, with respect to an Adviser or the Trust, the department of compliance designated by the Adviser or the Trust, as applicable, to perform the duties under the Code of the **Compliance Department**.

**Control.** The term "**Control**" has the same meaning as that set forth in Section 2(a)(9) of the Investment Company Act. Section 2(a)(9) provides that **Control** means the power to exercise a controlling influence over the management or policies of the Adviser unless such power is solely the result of an official position with the Adviser.

**Control List.** Public companies on the Adviser's **Control List** are companies where an Adviser client is an insider under Section 16(b) of the Securities Exchange Act of 1934. While

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the Adviser does not expect to be in actual possession of material, nonpublic information regarding these companies, the Adviser's **Supervised Persons** are at increased risk of receiving such information in the course of carrying out their job responsibilities.

**Disposition.** The term "disposition" or "dispose" includes the making of any personal or charitable gift of **Reportable Securities**.

**Fund.** The term "**Fund"** means any investment company registered under the **1940 Act**.

**General Counsel.** The term "**General Counsel**" means, with respect to an Adviser or the Trust, the chief legal officer of the Adviser or Trust as applicable.

**Initial Public Offering.** The term "**Initial Public Offering**" means an offering of securities registered under the Securities Act of 1933, as amended (the "1933 Act"), by an issuer, which immediately before registration, was not subject to reporting requirements of Section 13 or 15(d) of the 1934 Act.

**Investment Company 1940 Act.** The term "1940 Act" means the Investment Company Act of 1940 and the rules and regulations thereunder, both as amended from time to time, and any order or orders thereunder which may from time to time be applicable to any **Fund.**

**Investment Decision Maker.** The term "**Investment Decision Maker**" means any portfolio manager of Adviser and any other **Advisory Person** who assists a portfolio manager in making investment decisions for a **Fund** or other Client, including, but not limited to, all analysts of Adviser or of any company in a control relationship to Adviser.

**Limited or Private Offering.** The term "**Limited or Private Offering**" means an offering that is exempt from registration under Section 4(2) or 4(6) of the 1933 Act or Rules 504, 505 or 506 thereunder.

**Purchase.** The term "purchase" includes the writing of an option to purchase.

**Reportable Security<sup>4</sup>.** The term **"Reportable Security"** means a security as defined in Section 2(a)(36) of **the 1940 Act**, except that it does *not* include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Direct obligations of the government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Money market instruments, including bankers'
acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt instruments, and repurchase agreements;

__________________

<sup>4</sup> Cryptocurrency is not a security or otherwise characterized as a security (and therefore is not a Reportable Security), under current law (e.g., Bitcoin). Cryptocurrency means any virtual or digital representation of value, token or other asset in which encryption techniques are used to regulate the generation of such assets and to verify the transfer of assets. If the stance of the regulators change, we reserve the right to classify Cryptocurrency as a security (and Reportable Security), and, therefore, make cryptocurrency subject to the relevant sections of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Shares of money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Shares of open-end mutual funds, unless the
Adviser acts as the Adviser or sub-adviser to such fund. (Note that
shares of closed-end funds and exchange traded funds *are* considered **Reportable Securities** but are exempted from the pre-clearance
requirement **)**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Transactions in units of a Unit Investment Trust if invested exclusively
in unaffiliated **Funds.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Transactions effected pursuant to an automatic investment plan, unlessthe
transaction overrides the set schedule or allocations of the plan.

*<u>Note</u>: **Reportable Securities** include everything else, including but not limited to, stocks, ETFs, closed-end funds, non-US bonds, limited or private offerings (e.g., hedge funds and private equity), and other private investments. If you are unsure if an investment is deemed a **Reportable Security**, please check with **Compliance**.*

 

**Restricted List.** Public companies on the Adviser's **Restricted List** are companies where a **Supervised Person** of the Adviser is in *actual* possession of material, nonpublic information or the Adviser has determined for another reason that the security generally should not be traded in Client accounts. Trading in **Restricted List** securities is **prohibited** absent an exception documented by Compliance approving the trade and the reason the trade is permissible.

**SA Fund Independent Trustee**. The term shall mean any trustee of the Trust who is not an Interested Person (as defined in section 2(a)(19) of the Investment Company Act) of the Trust, and who would be required to make a report under this Code solely by reason of being atrustee of the Trust.

**Sale.** The term **"**sale**"** includes a short sale, the writing of an option to sell and the making of a gift.

**Security being Considered for Purchase or Sale.** A security is "**being considered for purchase or sale**" when a recommendation to purchase or sell a security has been made and communicated and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation.

**Security to be Held or Acquired.** The phrase "**security held or to be acquired**" means any **Reportable Security** which, within the most recent 15 days, is or has been held by a **Fund** or is being or has been considered by Adviser for purchase by a **Fund** or any option to purchase or sell and any security convertible into, or exchangeable for, such **Reportable Security**.

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**Supervised Persons. Supervised Persons** are defined under Rule 202(a)(25) of the Advisers Act as Adviser's partners, officers, directors (or other persons occupying a similar status or performing similar functions) and employees, as well as any other person who provides investment advice on behalf of Adviser and is subject to Adviser's supervision and control. For clarity, all Access Persons are also Supervised Persons. The Supervised Persons trading restrictions, limitations, etc. outlined in this Code apply to all Supervised Persons' Beneficial Ownership Accounts.

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**APPENDIX A**

**<u>Approved Brokers List</u>**

Ameriprise Financial Bessemer

Charles Schwab - Investments Chase - Investments

Citibank - Investments

DriveWealth

E\*TRADE

Edward Jones

Fidelity Investments

Fiduciary Trust

First Republic

Goldman Sachs Wealth Management

Impax Funds

Janney Montgomery

LPL Financial

Merrill Lynch - MyMerrill Investments

Morgan Stanley - ClientServ

Morgan Stanley Online

National Financial Services

Neuberger Berman (PAM)

Pershing

Raymond James

Robinhood

Royal Bank of Canada Wealth Management

Stifel Nicolaus

TD Ameritrade Inc.

UBS

Vanguard - Investments

Wells Fargo

Wells Fargo Advisors

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