# EDGAR Filing Document

**Accession Number:** 0001618627
**File Stem:** 0001999371-26-010491
**Filing Date:** 2026-5
**Character Count:** 644709
**Document Hash:** 3a7f5982ad1f3e84c65518f3b147dd22
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-010491.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0001999371-26-010491

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 28

**FILED AS OF DATE**: 20260511

**DATE AS OF CHANGE**: 20260511

**EFFECTIVENESS DATE**: 20260512

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23011
- **FILM NUMBER:** 26964602

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

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

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

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

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-200168
- **FILM NUMBER:** 26964601

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

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

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

## Series and Classes Contracts Data

### Equity Partners ETF (Series ID: S000101983)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000272400 | Equity Partners ETF | LTEQ            |

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

Filed with the Securities and Exchange Commission on May 11, 2026

1933 Act Registration File No. 333-200168

1940 Act Registration File No. 811-23011

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549**

**FORM N-1A**

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ☒ <br> Pre-Effective Amendment No.   ☐ <br> Post-Effective Amendment No. <u>94</u> ☒

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 ☒ <br> Amendment No. <u>97</u> ☒ <br>

(Check Appropriate Box or Boxes)

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

(Exact Name of Registrant as Specified in Charter)

---

| |
|:---|
| **615 East Michigan Street** |
| **Milwaukee, Wisconsin 53202** |

---

(Address of Principal Executive Offices, including Zip Code)

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

Copies to:

---

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

---

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

☐ immediately upon filing pursuant to paragraph (b)

☒ on May 12, 2026 pursuant to paragraph (b)

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

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

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

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

If appropriate, check the following box:

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

**PROSPECTUS**

**Equity Partners ETF** 

**(NYSE: LTEQ)**

**May 12, 2026**

**of The RBB Fund Trust**

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

**Table of Contents**

---

| | |
|:---|:---|
| [Equity PARTNERS ETF - SUMMARY SECTION](#rbbtrust485aposa001) | 3 |
| [ADDITIONAL INFORMATION ABOUT THE FUND](#rbbtrust485aposa002) | 14 |
| [MANAGEMENT OF THE FUND](#rbbtrust485aposa003) | 25 |
| [HOW TO BUY AND SELL SHARES](#rbbtrust485aposa004) | 27 |
| [DIVIDENDS, DISTRIBUTIONS, AND TAXES](#rbbtrust485aposa005) | 29 |
| [DISTRIBUTION](#rbbtrust485aposa006) | 34 |
| [ADDITIONAL CONSIDERATIONS](#rbbtrust485aposa007) | 34 |
| [FINANCIAL HIGHLIGHTS](#rbbtrust485aposa008) | 37 |

---

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

 **Equity Partners ETF SUMMARY SECTION**

**Investment Objective**

The investment objective of the Equity Partners ETF (the "Fund") is to seek long-term capital appreciation.

**Fees and Expenses** 

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

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

---

| | |
|:---|:---|
| Management Fees<sup>(1)</sup> | 0.65% |
| Distribution (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.05% |
| Acquired Fund Fees and Expenses <sup>(3)</sup> | 0.01% |
| Total Annual Fund Operating Expenses | 0.71% |
| Fee Waivers and/or Expense Reimbursement<sup>(4)</sup> | (0.10)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement | 0.61% |

---

<sup>(1)</sup> Seven Post Investment Office LP (the "Adviser") has contractually agreed to limit the management fees charged to the Fund to 0.55% of the Fund's average daily net assets until December 31, 2027. This contractual limitation may not be terminated prior to that date without the approval of the Board of Trustees (the "Board") of The RBB Fund Trust (the "Trust").

<sup>(2)</sup> "Other Expenses" are estimated for the current fiscal year.

<sup>(3)</sup> "Acquired Fund Fees and Expenses" are estimated for the current fiscal year and are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, including money market funds and exchange-traded funds.

<sup>(4)</sup> The Adviser has contractually agreed to waive and/or reimburse certain fees and expenses so that the total annual fund operating expenses (excluding Acquired Fund Fees and Expenses ("AFFE"), brokerage commissions, extraordinary items, interest or taxes) ("annual operating expenses") is limited to 0.75% of the Fund's average daily net assets until December 31, 2027. This contractual limitation may not be terminated prior to that date without the approval of the Board of the Trust.

*Example*

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund's operating expenses remain the same (taking into account the contractual expense limitation and management fee waiver being in effect for the period through December 31, 2027). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $62 | $217 |

---

*Portfolio Turnover*

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. No portfolio turnover rate is provided for the Fund because the Fund had not commenced operations prior to the date of this Prospectus.

**Principal Investment Strategies**

The Fund is an actively managed exchange-traded fund ("ETF") whose investment objective is long-term capital appreciation. The Fund invests in a broad range of equity and equity-related securities including common and preferred stocks, depositary receipts, ordinary foreign shares, real estate investment trusts (REITs), master limited partnerships (MLPs), and shares of other investment companies. The Fund may invest in issuers of any market capitalization. Under normal conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity and equity-related securities issued by U.S. and non-U.S. issuers.

The Fund incorporates both "top-down" and "bottom-up" security selection processes that utilize qualitative and quantitative methods. As a result, the Fund will have holdings that are the result of multiple investment approaches.

The Adviser uses the top-down approach to manage the Fund's overall portfolio risk. This approach incorporates assessments of regional, country, and industry dynamics such as country risk, valuation and macroeconomic conditions. Consideration is also given to individual security concentration within the Fund (as an overall percentage of Fund assets). Allocation decisions across regions, sectors, and individual securities are based on the Adviser's assessment. The Adviser may selectively integrate factor indices into the analytical process, to gain efficient exposure to targeted factors such as value, quality, momentum, low volatility or other strategies. These factor-based positions may provide alternative weighting strategies (relative to market capitalization weighting) and are designed to maintain broad, balanced factor representation while enhancing overall portfolio diversification.

The bottom-up approach focuses on the analysis of individual securities, including fundamental operating performance of the underlying business, and relative value of the security compared to the Fund's overall opportunity set. Accordingly, the Adviser seeks to identify and invest in companies with sustainable competitive advantages, strong balance sheets, and attractive valuations relative to their operating fundamentals. The bottom-up research approach for equity positions may be augmented by the integration of third-party indices and model portfolios. Third-party indices and model portfolios may be used in its entirety or partially for a portion of the portfolio.

The Fund's investment philosophy emphasizes diversification and long-term compounding. The Fund may invest in securities of issuers located in any country, sector or industry. The Fund seeks to invest at least 70% of its net assets in U.S. domiciled securities. The Fund's non-U.S. investments may include securities of companies that are established or operate in developed or emerging market countries (which the Adviser defines as countries included in the MSCI Emerging Markets Index).

The Adviser has retained Exchange Traded Concepts, LLC ("ETC" or the "Sub-Adviser"), which is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing of the Fund.

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

**Principal Investment Risks**

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

● **Asian Investments Risk.** The Fund invests in Asian securities. Investments in securities of issuers in Asia-Pacific countries involve risks that are specific to the Asia-Pacific region, including certain legal, regulatory, political and economic risks. Certain Asia-Pacific countries have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. Some economies in this region are dependent on a range of commodities, and are strongly affected by international commodity prices and particularly vulnerable to price changes for these products.

● **Currency Risk.** Investment in foreign securities also involves currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar and which may be affected by fluctuations in currency exchange rates. An increase in the strength of the U.S. dollar relative to a foreign currency may cause the U.S. dollar value of an investment in that country to decline. Foreign currencies also are subject to risks caused by possible imposition of exchange control regulations or currency restrictions that would prevent cash from being brought back to the United States; less public information with respect to issuers of securities or other investment products; less governmental supervision of stock exchanges, securities brokers, and issuers of securities; less developed or less efficient trading markets; different accounting, auditing and financial reporting standards; different settlement periods and trading practices; less liquidity and frequently greater price volatility in foreign markets than in the United States; imposition of foreign taxes; and sometimes less advantageous legal, operational and financial protections applicable to foreign custodial or sub-custodial arrangements. The laws of certain countries may limit the ability to recover such assets if a foreign bank or depository or their agents goes bankrupt and the assets of the Fund may be exposed to risk in circumstances where the custodian/sub-custodian will have no liability.

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

**●** **Depositary Receipt Risk.** Depositary receipts may be purchased through "sponsored" or "unsponsored" facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary, whereas a depositary may establish an unsponsored facility without participation by the issuer of the depositary security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities and the depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts of the deposited securities. In addition, investment in American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and European Depositary Receipts ("EDRs") may be less liquid than the underlying shares in their primary trading market.

● **Emerging Markets Risk *.*** Investment in emerging market securities involves greater risk than that associated with investment in securities of issuers in developed foreign countries. These risks include volatile currency exchange rates, periods of high inflation, increased risk of default, greater social, economic and political uncertainty and instability, less governmental supervision and regulation of securities markets, weaker auditing and financial reporting standards, lack of liquidity in the markets, and the significantly smaller market capitalizations of emerging market issuers. The information available of an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. In addition, investments in certain emerging markets are subject to an elevated risk of loss resulting from market manipulation and the imposition of exchange controls (including repatriation restrictions). The legal rights and remedies available for investors in emerging markets may be more limited than the rights and remedies available in the U.S., and the ability of U.S. authorities (e.g., SEC and the U.S. Department of Justice) to bring actions against bad actors in emerging markets may be limited.

● **Equity Securities Risk.** Equity securities represent ownership interests in a company and consist of common stocks, preferred stocks, warrants to acquire common stock, and securities convertible into common stock. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. Fluctuations in the value of equity securities in which the Fund invests will cause the NAV of the Fund and Underlying Funds to fluctuate. The value of an investment may decrease in response to overall stock market movements or the value of individual securities. The Fund purchases equity securities traded in the U.S. on registered exchanges or the over-the-counter market.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Shares May Trade at Prices Other Than NAV Risk.* As with all ETFs, Shares may be bought and
 sold in the secondary market at market prices. There is a risk that market prices for
 Fund Shares will vary significantly from the Fund's NAV.

To the extent the Fund invests in Underlying Funds, which are also ETFs, the Fund will be further exposed to the above ETF risks.

**●** **European Investments Risk.** The Fund invests in European securities. The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. Securities of issuers that are located in, or have significant operations in or exposure to, member states of the European Union (the "EU") are subject to economic and monetary controls that can adversely affect the Fund's investments. The European financial markets have experienced volatility, economic and financial difficulties, and other adverse trends in recent years. Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Political, social or economic disruptions in the region, even in countries in which the Fund is not invested, and adverse changes in the value and exchange rate of the euro and other currencies, may adversely affect the value of investments held by the Fund.

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

**●** **Foreign Securities Risk.** The Fund may invest in foreign investments, including ADRs, GDRs and EDRs. Foreign investments, which can be denominated in any applicable foreign currency, are susceptible to less politically, economically and socially stable environments, foreign currency and exchange rate changes, and adverse changes to government regulations. While depositary receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs, GDRs and EDRs continue to be subject to many of the risks associated with investing directly in foreign investments.

**●** **Inflation and Deflation Risk.** Inflation risk is the risk that the value of assets or income from the Fund's investments will be worth less in the future as inflation decreases the value of payments at future dates. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund's investments may not keep pace with inflation, which may result in losses to shareholders. As inflation increases, the real value of the Fund's Shares and distributions on those Shares can decline. In addition, during any periods of rising inflation, interest rates on any borrowings by the Fund would likely increase, which would tend to further reduce returns to the holders of Shares. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund's portfolio and the value of the Shares.

● **In-Kind Contribution Risk.** At its launch, the Fund expects to acquire a material amount of assets through one or more in-kind contributions that are intended to qualify as tax-deferred transactions governed by Section 351 of the Code. If one or more of the in-kind contributions fails to qualify for tax-deferred treatment or are made by a corporation who does not electe the special deemed-sale status for the contribution, then the Fund can face negative tax consequences and become liable for additional taxes than it otherwise would have.

● **Large Capitalization Companies Risk.** The Fund may invest in larger, more established companies, the securities of which may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. The Fund considers large companies to be companies with market capitalizations of $10 billion or greater.

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

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

● **Market Risk.** The NAV of the Fund will change with changes in the market value of its portfolio positions. Investors may lose money. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Although the Fund will invest in stocks the Adviser believes will produce less volatility, there is no guarantee that the stocks will perform as expected.

● **MLP Risk.** MLPs involve risks that differ from investments in common stocks, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and its general partner, cash flow risks, dilution risks and risks related to the general partner's limited call right. MLPs are subject to various risks related to the underlying operating companies they control, including dependence upon specialized management skills and the risk that such companies may lack or have limited operating histories. Some amounts received by the Fund with respect to its investments in MLPs may, if distributed by the Fund, be treated as a return of capital to Fund shareholders for federal income tax purposes. In addition, there is the risk that a MLP could be, contrary to its intention, taxed as a corporation, resulting in decreased returns from the MLP. Most MLPs do not pay U.S. federal income tax at the partnership level, but an adverse change in tax laws could result in MLPs being treated as corporations for federal income tax purposes which could either reduce or eliminate distributions paid by the MLPs to the Fund.

● **New Adviser Risk.** Seven Post has not had an extensive history of serving as an adviser or sub-adviser to a registered investment company. As a result, there is no long-term track record against which an investor may judge the Adviser and it is possible the Adviser may not achieve the Fund's intended investment objective.

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

● **Operational Risk.** The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties, or other third parties, failed or inadequate processes and technology or systems failures. The Fund and its Adviser and Sub-Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.

**●** **Preferred Stock Risk.** Preferred stocks are subject to the risks of equity securities generally and also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stock generally pays dividends only after the company makes required payments to creditors. As a result, the value of a company's preferred stock will react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects.

● **Quantitative Investing Risk.** To implement its investment strategy, the Adviser may require access to large amounts of financial data and other data supplied by various data providers. The inability to access large amounts of financial and other data from data providers could adversely affect the Adviser's ability to use quantitative methods to select investments. The Adviser uses quantitative methods as part of its investment selection process for the Fund. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, changing sources of market returns, changes from the factors' historical trends, and technical issues in the construction and implementation of the models (including, for example, data problems and/or software issues), among others. Any errors or imperfections in quantitative databases, historical financial databases, and historical databases with other information, analyses or models, or in the data on which they are based, could adversely affect the ability of the Adviser to use such analyses or models effectively, which in turn could adversely affect the Fund's performance. There can be no assurance that these methodologies will help the Fund to achieve its investment objective.

● **REIT Risk.** REITs are subject to the risks associated with investing in the securities of real property companies. In particular, REITs may be affected by changes in the values of the underlying properties that they own or operate. The value of securities issued by REITs is affected by tax and regulatory requirements and by perceptions of management skill. They also may be affected by general economic conditions and are subject to heavy cash flow dependency, defaults by borrowers or tenants, and self-liquidation at an economically disadvantageous time. Further, REITs are dependent upon specialized management skills, and their investments may be concentrated in relatively few properties, or in a small geographic area or a single property type. REITs are also subject to heavy cash flow dependency and, as a result, are particularly reliant on the proper functioning of capital markets. A variety of economic and other factors may adversely affect a lessee's ability to meet its obligations to a REIT. In the event of a default by a lessee, the REIT may experience delays in enforcing its rights as a lessor and may incur substantial costs associated in protecting its investments. In addition, a REIT could fail to qualify for favorable regulatory treatment.

● **Research Provider Risks.** Research providers may be engaged by the Adviser to provide asset class or security level recommendations. Research providers are not fiduciaries to the Adviser or the Fund. Most research providers also manage separate accounts or comingled investment structures where they serve as fiduciaries to their clients. Investment trades are conducted first by research provider firms on their separately managed accounts or other investment vehicles. The Adviser will receive portfolio recommendations after research provider accounts have already purchased or sold recommended securities. Research provider recommendations and implementation may result in lower or higher returns compared to the research provider's fiduciary accounts. This delay can be influenced by various factors, including contractual agreements, liquidity constraints, and compliance or operational processes. Additionally, stock market volatility can further amplify this risk, as rapid price movements may cause significant deviations from the original recommendations made by the research provider.

● **Sector Risk.** To the extent the Fund invests more heavily in particular sectors of the economy its performance will be especially sensitive to developments that significantly affect those sectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ *Information Technology Sector Risk*. In addition to market or economic factors, companies in the information technology sector and companies that rely heavily on technology are particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition.

● **Small and Medium Capitalization Companies Risk.** The Fund may invest in small and medium-size companies, the securities of which can be more volatile in price than those of larger companies. Positions in smaller companies, especially when the Fund is a large holder of a small company's securities, also may be more difficult or expensive to trade. The Fund considers small companies to be companies with market capitalizations of less than $1 billion and medium-size companies to have market capitalizations of less than $10 billion but greater than or equal to $1 billion.

● **Underlying Funds Risk.** To the extent the Fund invests in other investment companies, including money market funds and ETFs (collectively, "Underlying Funds"), its performance will be affected by the performance of those Underlying Funds. Investments in Underlying Funds are subject to the risks of the Underlying Funds' investments, as well as to the Underlying Funds' expenses. The Fund may incur brokerage fees in connection with its purchase of ETF shares. An ETF may trade in the secondary market at a price below the value of its underlying portfolio and may not be liquid. An actively managed ETF's performance will reflect its adviser's ability to make investment decisions that are suited to achieving the ETF's investment objectives. A passively managed ETF may not replicate the performance of the index it intends to track.

● **Value Investment Strategy Risk.** An investment made at a perceived "margin of safety" or "discount to intrinsic or fundamental value" can trade at prices substantially lower than when an investment is made, so that any perceived "margin of safety" or "discount to value" is no guarantee against loss. "Value" investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more "growth" oriented. In such an event, the Fund's investment returns would be expected to lag relative to returns associated with more growth-oriented investment strategies. Investing in or having exposure to "value" securities presents the risk that such securities may never reach what the Adviser believes are their full market values.

**Performance**

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

**Management**

*Investment Adviser and Sub-Adviser* 

Seven Post Investment Office LP serves as investment adviser to the Fund. Investment decisions are made through an Executive Investment Committee which operates collaboratively and is comprised of Ali Bastani, Bruce W. Bligh and Eldridge F. Gray.

Exchange Traded Concepts, LLC serves as the investment sub-adviser to the Fund and is responsible for certain activities, including the trading of portfolio securities.

*Portfolio Managers*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Title with Adviser** | &nbsp;&nbsp;**Tenure with the Fund** |
| &nbsp;&nbsp;Ali Bastani | &nbsp;&nbsp;Managing Director, Executive Investment Committee Member | &nbsp;&nbsp;Since Inception in 2026 |
| &nbsp;&nbsp;Bruce W. Bligh | &nbsp;&nbsp;Managing Director, Executive Investment Committee Member | &nbsp;&nbsp;Since Inception in 2026 |
| &nbsp;&nbsp;Eldridge F. Gray | &nbsp;&nbsp;Managing Director, Executive Investment Committee Member | &nbsp;&nbsp;Since Inception in 2026 |

---

**Purchase and Sale of Shares** 

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

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

**Tax Information** 

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

**Financial Intermediary Compensation** 

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

**ADDITIONAL INFORMATION ABOUT THE FUND**

**Investment Objectives**

The investment objective of the Equity Partners ETF (the "Fund") is to seek long-term capital appreciation.

The Fund's investment objective and 80% investment policy (discussed below) has been adopted as a non-fundamental investment policy and may be changed without shareholder approval upon 60 days' written notice to shareholders.

**Policy Regarding Fund Name** 

The Fund has adopted a policy such that under normal conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity and equity-related securities issued by U.S. and non-U.S. issuers.

The term "net assets" means the Fund's net assets, including any borrowings for investment purposes, consistent with SEC requirements. Investments and certain derivative instruments that provide exposure to the type of securities suggested by the Fund's name may be used to satisfy the Fund's 80% investment policy. Investments in another investment company, including an ETF, will be considered to "provide exposure to" the type of securities suggested by the Fund's name for purposes of this policy if the investment company has a policy of investing at least 80% of its assets in the type of securities suggested by the Fund's name, or investments that provide exposure to the type of securities suggested by the Fund's name.

**Additional Principal Risk Information**

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

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

**●** **Asian Investments Risk.** The Fund invests in Asian securities. Investments in securities of issuers in Asia-Pacific countries involve risks that are specific to the Asia-Pacific region, including certain legal, regulatory, political and economic risks. Certain Asia-Pacific countries have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. Some economies in this region are dependent on a range of commodities, and are strongly affected by international commodity prices and particularly vulnerable to price changes for these products. Another risk common to most such countries is that the economy is heavily export oriented and, accordingly, is dependent upon international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks in certain countries, as do environmental problems. In addition, many Asia-Pacific countries are subject to social and labor risks associated with demands for improved political, economic and social conditions.

● **Currency Risk.** Currency risk results from changes in the rate of exchange between the currency of the country in which a foreign company is domiciled or keeps its books and the U.S. dollar. Whenever the Fund holds securities valued in a foreign currency or holds the currency itself in connection with its purchases and sales of foreign securities, changes in the exchange rate add to or subtract from the value of the investment in U.S. dollars. The Fund generally does not seek to hedge currency risk, and although the Adviser considers currency risks as part of its investment process, its judgments in this regard may not always be correct.

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

**●** **Depositary Receipt Risk.** Depositary receipts may be purchased through "sponsored" or "unsponsored" facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary, whereas a depositary may establish an unsponsored facility without participation by the issuer of the depositary security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities and the depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts of the deposited securities. In addition, investments in ADRs, EDRs and GDRs may be less liquid than the underlying shares in their primary trading market.

**●** **Emerging Markets Risk *.*** Investment in emerging market securities involves greater risk than that associated with investment in securities of issuers in developed foreign countries. These risks include volatile currency exchange rates, periods of high inflation, increased risk of default, greater social, economic and political uncertainty and instability, less governmental supervision and regulation of securities markets, weaker auditing and financial reporting standards, lack of liquidity in the markets, and the significantly smaller market capitalizations of emerging market issuers. The information available of an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. In addition, investments in certain emerging markets are subject to an elevated risk of loss resulting from market manipulation and the imposition of exchange controls (including repatriation restrictions). The legal rights and remedies available for investors in emerging markets may be more limited than the rights and remedies available in the U.S., and the ability of U.S. authorities (e.g., SEC and the U.S. Department of Justice) to bring actions against bad actors in emerging markets may be limited.

**●** **Equity Securities Risk.** Equity securities represent ownership interests in a company and consist of common stocks, preferred stocks, warrants to acquire common stock, and securities convertible into common stock. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. Fluctuations in the value of equity securities in which the Fund invests will cause the NAV of the Fund and Underlying Funds to fluctuate. The value of an investment may decrease in response to overall stock market movements or the value of individual securities. The Fund purchases equity securities traded in the U.S. on registered exchanges or the over-the-counter market.

**● &nbsp;&nbsp;&nbsp;&nbsp;ETF Structure Risks*.*** The Fund is an ETF, and, as a result of an ETF's structure, the Fund is exposed to the following risks:

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

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

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

● **European Investments Risk.** The Fund invests in European securities. The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. Securities of issuers that are located in, or have significant operations in or exposure to, member states of the European Union (the "EU") are subject to economic and monetary controls that can adversely affect the Fund's investments. The European financial markets have experienced volatility, economic and financial difficulties, and other adverse trends in recent years. Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Political, social or economic disruptions in the region, even in countries in which the Fund is not invested, and adverse changes in the value and exchange rate of the euro and other currencies, may adversely affect the value of investments held by the Fund.

If one or more other countries were to withdraw from the EU, or if any country were to abandon the euro, those actions would likely cause additional market disruption globally and introduce new legal and regulatory uncertainties. The impact of these actions, especially if they occur in a disorderly fashion, could be significant and far-reaching. To the extent that the Fund has exposure to European markets or to transactions tied to the value of the euro, these events could negatively affect the value and liquidity of the Fund's investments.

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

**●** **Foreign Securities Risk.** International investing may be subject to special risks, including, but not limited to, currency exchange rate volatility, political, social or economic instability, less publicly available information, less stringent investor protections, and differences in taxation, auditing and other financial practices. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its NAV. Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund's holdings may change on days when shareholders are not able to purchase or redeem the Fund's shares.

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

**●** **In-Kind Contribution Risk.** At its launch, the Fund expects to acquire a material amount of assets through one or more in-kind contributions that are intended to qualify as tax-deferred transactions governed by Section 351 of the Code. If one or more of the in-kind contributions were to fail to qualify for tax-deferred treatment, then the Fund would not take a carryover tax basis in the applicable contributed assets and would not benefit from a tacked holding period in those assets. This could cause the Fund to incorrectly calculate and report to shareholders the amount of gain or loss recognized and/or the character of gain or loss (e.g., as long-term or short-term) on the subsequent disposition of such assets. Similarly, if any of the contributors in an in-kind contribution are corporations (or are partnerships or trusts with corporate beneficial owners) and a special deemed-sale election is not made in connection with the contribution, then the Fund could become liable for an entity-level corporate tax if it disposes of the contributed assets within five years. Distributions of gain recognized on the disposition of those assets would be taxable to shareholders, in addition to this entity-level corporate tax. At the time this prospectus is being prepared, Fund management is not aware of any corporate transferors participating in any in-kind contribution.

**●** **Large Capitalization Companies Risk *.*** The Fund may invest in larger, more established companies, the securities of which may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. The Fund considers large companies to be companies with market capitalizations of $10 billion or greater.

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

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

● **Market Risk *.*** The trading prices of securities and other instruments fluctuate in response to a variety of factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. The Fund's NAV and market prices are based upon the market's perception of value and are not necessarily an objective measure of an investment's value. There is no assurance that the Fund will realize its investment objective, and an investment in the Fund is not, by itself, a complete or balanced investment program. You could lose money on your investment in the Fund, or the Fund could underperform other investments.

Periods of unusually high financial market volatility and restrictive credit conditions, at times limited to a particular sector or geographic area, have occurred in the past and may be expected to recur in the future. Some countries, including the United States, have adopted or have signaled protectionist trade measures, relaxation of the financial industry regulations that followed the financial crisis, and/or reductions to corporate taxes. The current presidential administration has called for and is seeking to quickly enact significant changes to U.S. fiscal, tax, trade, healthcare, immigration, foreign, and government regulatory policy. Significant uncertainty exists with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. Recent events have created a climate of heightened uncertainty and introduced new and difficult-to-quantify macroeconomic and political risks with potentially far-reaching implications. There has been a corresponding meaningful increase in the uncertainty surrounding interest rates, inflation, foreign exchange rates, trade volumes and fiscal and monetary policy. To the extent the U.S. Congress or the current presidential administration implements changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation and other areas. Although the Fund cannot predict the impact, if any, of these changes to the Fund's business, they could adversely affect the Fund's business, financial condition, operating results and cash flows. Until the Fund knows what policy changes are made and how those changes impact the Fund's business and the business of the Fund's competitors over the long term, the Fund will not know if, overall, the Fund will benefit from them or be negatively affected by them.

● **MLP Risk *.*** An investment in MLP units involves certain risks which differ from an investment in the securities of a corporation. Holders of MLP units have limited control and voting rights on matters affecting the partnership. In addition, there are certain tax risks associated with an investment in MLP units and conflicts of interest exist between common unit holders and the general partner, including those arising from incentive distribution payments. As a partnership, an MLP has no tax liability at the entity level. If, as a result of a change in current law or a change in an MLP's business, an MLP were treated as a corporation for federal income tax purposes, such MLP would be obligated to pay federal income tax on its income at the corporate tax rate. If the Fund retains an MLP investment until the basis is reduced to zero, subsequent distributions from the MLP may be taxable to the Fund at ordinary income rates. If an MLP in which the Fund invests amends its partnership tax return, shareholders may receive a corrected Form 1099 from the Fund which could, in turn, require shareholders to amend their own federal, state or local tax returns. If an MLP were classified as a corporation for federal income tax purposes, the amount of cash available for distribution by the MLP would be reduced and distributions received by investors would be taxed under federal income tax laws applicable to corporate dividends (as dividend income, return of capital, or capital gain). Therefore, treatment of an MLP as a corporation for federal income tax purposes would result in a reduction in the after-tax return to investors, likely causing a reduction in the value of Fund shares.

MLPs are also subject to risks that are specific to the industry they serve. MLPs that provide crude oil, refined product, natural gas liquids and natural gas services are subject to supply and demand fluctuations in the markets they serve which will be impacted by a wide range of factors, including fluctuating commodity prices, weather, increased conservation or use of alternative fuel sources, increased governmental or environmental regulation, depletion, rising interest rates, declines in domestic or foreign production, accidents or catastrophic events, and economic conditions, among others.

● **New Adviser Risk *.*** The Adviser has not had an extensive history serving as an adviser or sub-adviser to a registered investment company. As a result, there is no long-term track record against which an investor may judge the Adviser and it is possible the Adviser may not achieve the Fund's intended investment objective.

● **New Fund Risk *.*** The Fund is a newly organized, management investment companies with no operating history. As a result, prospective investors have a limited track record on which to base their investment decision. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of the Trust may determine to liquidate the Fund. Like other new funds, large inflows and outflows may impact the Fund's market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. If the Fund fails to attract a large amount of assets, shareholders of the Fund may incur higher expenses as the Fund's fixed costs would be allocated over a smaller number of shareholders.

● **Operational Risk *.*** The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties, or other third parties, failed or inadequate processes and technology or systems failures. The Fund and its Adviser and Sub-Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.

**●** **Preferred Stock Risk.** The Fund may invest in preferred stocks. Like common stock, preferred stock represents equity ownership interests in a company and participates in a company's earnings. However, unlike common stocks, preferred stocks are entitled to stated dividends. These dividends are sometimes "cumulative," which means that if previous stated dividends have not been paid, the dividends payable on the preferred stock will have a priority over distributions to holders of common stock and a preference on the distribution of a company's assets in the event of the company's dissolution. Preferred stock may also be "participating," which means that its holders are entitled to dividends in excess of stated dividends in certain cases. The Adviser considers a company's liquidity and credit condition as well as the position of the security in the company's capital structure in assessing preferred stock it considers for the Fund. The risks of preferred stock are similar to the risks associated with common stock.

● **Quantitative Investing Risk.** The Adviser may use quantitative models, algorithms, methods or other similar techniques ("Quantitative Tools") in managing the Fund, including to generate investment ideas, identify investment opportunities or as a component of its overall portfolio construction processes and investment selection or screening criteria. Quantitative Tools may also be used in connection with risk management and hedging processes. The value of securities selected using Quantitative Tools can react differently to issuer, political, market and economic developments than the market as a whole or securities selected using only fundamental or other similar means of analysis. The factors used in Quantitative Tools and the weight placed on those factors may not be predictive of a security's value or a successful weighting. In addition, factors that affect a security's value can change over time and these changes may not be reflected in the Quantitative Tools. Thus, the Fund is subject to the risk that any Quantitative Tools used will not be successful in, among other things, forecasting movements in industries, sectors or companies and/or in determining the size, direction and/or weighting of investment positions.

● **REIT Risk.** REITs are subject to the risks associated with investing in the securities of real property companies. In particular, REITs may be affected by changes in the values of the underlying properties that they own or operate. Further, REITs are dependent upon specialized management skills, and their investments may be concentrated in relatively few properties, or in a small geographic area or a single property type. REITs are also subject to heavy cash flow dependency and, as a result, are particularly reliant on the proper functioning of capital markets. A variety of economic and other factors may adversely affect a lessee's ability to meet its obligations to a REIT. In the event of a default by a lessee, the REIT may experience delays in enforcing its rights as a lessor and may incur substantial costs associated in protecting its investments. In addition, a REIT could fail to qualify for favorable regulatory treatment.

● **Research Provider Risks.** Research providers may be engaged by the Adviser to provide asset class or security level recommendations. Research providers are not fiduciaries to the Adviser or the Fund. Most research providers also manage separate accounts or comingled investment structures where they serve as fiduciaries to their clients. Investment trades are conducted first by research provider firms on their separately managed accounts or other investment vehicles. The Adviser will receive portfolio recommendations after research provider accounts have already purchased or sold recommended securities. Research provider recommendations and implementation may result in lower or higher returns compared to the research provider's fiduciary accounts. This delay can be influenced by various factors, including contractual agreements, liquidity constraints, and compliance or operational processes. Additionally, stock market volatility can further amplify this risk, as rapid price movements may cause significant deviations from the original recommendations made by the research provider.

● **Sector Risk.** To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. The Fund may concentrate its portfolio investments in the following sector, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**○ Information Technology Sector Risk*.*** Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund's investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.

**●** **Small and Medium Capitalization Companies Risk *.*** The Fund may invest in small and medium-size companies, the securities of which can be more volatile in price than those of larger companies. Positions in smaller companies, especially when the Fund is a large holder of a small company's securities, also may be more difficult or expensive to trade. The Fund considers small companies to be companies with market capitalizations of less than $1 billion and medium-size companies to have market capitalizations of less than $10 billion but greater than or equal to $1 billion.

● **Underlying Funds Risk *.*** Investing in Underlying Funds may result in duplication of expenses, including advisory fees, in addition to the Fund's own expenses. The risk of owning an Underlying Fund generally reflects the risks of owning the underlying investments the Underlying Fund holds. Each Fund may incur brokerage fees in connection with its purchase of ETF shares. When the Fund invests in an Underlying Fund, the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities comprising the Underlying Fund or index on which the ETF is based and the value of the Fund's investments will fluctuate in response to the performance and risks of the underlying investments or index. In addition to the brokerage costs associated with the Underlying Fund's purchase and sale of the underlying securities, ETFs incur fees that are separate from those of the Fund. As a result, the Fund's shareholders will indirectly bear a proportionate share of the operating expenses of the ETFs, in addition to Fund expenses. The Investment Company Act of 1940, as amended (the "1940 Act") and the related rules and regulations adopted thereunder impose conditions on investment companies that invest in other investment companies. Section 12(d)(1)(A) of the 1940 Act prohibits a fund from (i) acquiring more than 3% of the voting shares of any one investment company, (ii) investing more than 5% of its total assets in any one investment company, and (iii) investing more than 10% of its total assets in all investment companies combined. Rule 12d1-4 under the 1940 Act permits registered investment companies to acquire securities of another investment company in excess of these amounts subject to certain conditions, including limits on control and voting of acquired funds' shares, evaluations and findings by investment advisers, fund investment agreements, and limits on most three-tier fund structures.

● **Value Investment Strategy Risk.** An investment made at a perceived "margin of safety" or "discount to intrinsic or fundamental value" can trade at prices substantially lower than when an investment is made, so that any perceived "margin of safety" or "discount to value" is no guarantee against loss. "Value" investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more "growth" oriented. In such an event, the Fund's investment returns would be expected to lag relative to returns associated with more growth-oriented investment strategies. Investing in or having exposure to "value" securities presents the risk that such securities may never reach what the Adviser believes are their full market values, either because the market fails to recognize what the Adviser considers to be the security's true value or because the Adviser misjudged that value.

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

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

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

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

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

● **Valuation Risk.** Some portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including "fair valued" securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. Technological issues or other service disruption issues involving third-party service providers may cause the Fund to value its investments incorrectly. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.

● **RIC Compliance Risk.** The Fund intends to elect to be, and intends to qualify each year for treatment as, a RIC under Subchapter M of Subtitle A, Chapter 1, of the Code. To qualify for federal income tax treatment as a RIC, the Fund must meet certain source-of-income, asset diversification and annual distribution requirements. If for any taxable year the Fund fails to qualify for the special federal income tax treatment afforded to RICs, all of the Fund's taxable income will be subject to federal income tax at regular corporate rates (without any deduction for distributions to its shareholders) and its income available for distribution will be reduced. Under certain circumstances, the Fund could cure a failure to qualify as a RIC, but in order to do so, the Fund could incur significant Fund-level taxes and could be forced to dispose of certain assets.

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

**Disclosure of Portfolio Holdings**

The Fund's entire portfolio holdings are publicly disseminated each day the Fund is open for business through the Fund's website located at www.EquityPartnerFunds.com and may be made available through financial reporting and news services or any other medium, including publicly available web sites. Additional information regarding the Fund's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund's Statement of Additional Information ("SAI").

**MANAGEMENT OF THE FUND**

The Board is responsible for supervising the operations and affairs of the Fund.

**Investment Adviser**

Seven Post Investment Office LP is a registered investment adviser that serves as the investment adviser to the Fund subject to the supervision of the Board of the Trust. The Adviser has been registered as an investment adviser since 2011 and is located at One Montgomery Street, Suite 3150, San Francisco, CA 94104. As of December 31, 2025, the Adviser had approximately $9.6 billion under management.

Subject to the overall supervision of the Board, the Adviser manages the overall investment operations of the Fund in accordance with the Fund's investment objective and policies and formulates a continuing investment strategy for the Fund pursuant to the terms of the investment advisory agreement between the Trust and the Adviser (the "Advisory Agreement"). Under the terms of the Advisory Agreement, the Adviser is paid a management fee of 0.65% (as a percentage of each Fund's average daily net assets) that is computed and paid monthly out of the Fund's assets, subject to a contractual fee cap of 0.55% through December 31, 2027. The Fund is responsible for its own operating expenses. No information regarding the advisory fees paid by the Fund is currently available, as the Fund had not commenced operations prior to the date of this Prospectus.

The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit Total Annual Fund Operating Expenses (excluding certain items discussed below) to 0.75% of the Fund's average daily net assets. In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause the Fund's net Total Annual Fund Operating Expenses to exceed 0.75%, as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. The Adviser has also contractually agreed to waive 0.10% of its management fee resulting in a net management fee of 0.55%. This contractual limitation and management fee waiver are in effect until December 31, 2027, and may not be terminated prior to that date without the approval of the Board of the Trust.

**Investment Sub-Adviser**

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

Exchange Traded Concepts, LLC, an Oklahoma limited liability company located at 10900 Hefner Pointe Drive, Suite 400, Oklahoma City, Oklahoma 73120, serves as the investment sub-adviser to the Fund. The Sub-Adviser is an SEC-registered investment adviser formed in 2018 and is majority owned by Cottonwood ETF Holdings LLC. As of January 31, 2026, the Sub-Adviser had approximately $23 billion in assets under management.

The Sub-Adviser is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing of the Fund, subject to the supervision of the Adviser and the Board. For its services, the Sub-Adviser is entitled to a fee paid by the Adviser (and not the Fund).

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

**Portfolio Managers**

The Fund is managed by the investment team of Seven Post, with investment decisions made through an Executive Investment Committee comprising of Ali Bastani, Bruce W. Bligh, and Eldridge F. Gray, who are jointly and primarily responsible for the day-to-day management of the Fund.

Ali Bastani is a Managing Director of Seven Post. Mr. Bastani has worked in the investment industry since 1992 and with the Adviser since 2011. He is a member of the Executive Investment Committee and advises institutional and private clients about a broad range of investment issues. He is a member of the CFA Institute. Mr. Bastani received an M.B.A. from Georgetown University and a B.A. from Boston College.

Bruce W. Bligh is a Managing Director of Seven Post. Mr. Bligh has worked in the investment industry since 1992 and with the Adviser since 2011. He is a member of the Executive Investment Committee with expertise in portfolio management, estate planning and concentrated asset diversification. Mr. Bligh manages global multi-asset class portfolios for families, foundations and sovereign nations. Mr. Bligh received a B.A. in International Relations from Tufts University.

Eldridge F. Gray, is a Managing Director of Seven Post. Mr. Gray has worked in the investment industry since 1984 and the Adviser since 2011. He is a member of the Executive Investment Committee and advises clients regarding broad asset allocation strategy, risk management, alternative investments and asset/liability planning. Mr. Gray received an M.B.A. from The Wharton School and a B.A. from Columbia University.

The SAI provides additional information about the compensation of each Portfolio Manager, other accounts managed by them, and their ownership of Shares of the Fund.

**HOW TO BUY AND SELL SHARES**

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

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

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

**Book Entry**

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

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

**Share Trading Prices on the Exchange**

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

**Frequent Purchases and Redemptions of Shares**

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

**Determination of Net Asset Value**

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

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

**Fair Value Pricing**

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

**DIVIDENDS, DISTRIBUTIONS, AND TAXES**

**Dividends and Distributions**

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

**Dividend Reinvestment Service**

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

**Taxes**

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

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

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

**Taxes on Distributions** 

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

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

Income from U.S. treasury securities are generally exempt from state and local taxes. Distributions paid from any interest income and from any short-term or long-term capital gains will be taxable whether you reinvest those distributions or receive them in cash. Distributions paid from each Fund's net long-term capital gains, if any, are taxable to you as long-term capital gains, regardless of how long you have held your Shares.

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

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

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

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

In general, your distributions are subject to federal income tax for the year in which they are paid. Certain distributions paid in January, however, may be treated as paid on December 31 of the prior year. Distributions are generally taxable even if they are paid from income or gains earned by the Fund before your investment (and thus were included in the Shares' NAV when you purchased your Shares of the Fund).

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

**Taxes When Shares are Sold**

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

**IRAs and Other Tax-Qualified Plans**

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

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

If you are neither a resident nor a citizen of the United States or if you are a foreign entity, distributions (other than Capital Gain Dividends or returns of capital) paid to you by the Fund will generally be subject to a U.S. withholding tax at the rate of 30%, unless a lower treaty rate applies. The Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. For these purposes, interest-related dividends and short-term capital gain dividends generally represent distributions of interest or short-term capital gains that would not have been subject to U.S. federal withholding tax at the source if received directly by a foreign shareholder, and that satisfy certain other requirements.

Properly reported distributions by the Fund that are received by foreign shareholders are generally exempt from U.S. federal withholding tax when they (a) are paid by the Fund in respect of the Fund's "qualified net interest income" (i.e., the Fund's U.S. source interest income, subject to certain exceptions, reduced by expenses that are allocable to such income), or (b) are paid by the Fund in connection with the Fund's "qualified short-term gains" (generally, the excess of the Fund's net short-term capital gains over the Fund's long-term capital losses for such tax year). However, depending on the circumstances, the Fund may report all, some or none of the Fund's potentially eligible distributions as derived from such qualified net interest income or from such qualified short-term gains, and a portion of such distributions (e.g., distributions attributable to interest from non-U.S. sources or any foreign currency gains) would be ineligible for this potential exemption from withholding.

If the Fund were to retain any net capital gain and designate the retained amount as undistributed capital gains in a notice to shareholders, foreign shareholders would be required to file a U.S. federal income tax return in order to claim refunds of their portion of the tax paid by the Fund on deemed capital gain distributions.

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

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

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

The tax consequences to a foreign shareholder entitled to claim the benefits of an applicable tax treaty may differ from those described herein. All foreign investors should consult their own tax advisors regarding the tax consequences to them, including in their country of residence, of an investment in the Fund.

**Backup Withholding**

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

**Code Section 351 Tax Risk**

The Fund's initial investment portfolio will be acquired through one or more in-kind contributions that are intended to qualify as tax-deferred transactions governed by Section 351 of the Code. The carryover tax basis in such securities could be less than current fair market value and the Fund could, upon a taxable sale of such securities, recognize more capital gain or less capital loss than would have been the case if the Fund originally acquired such securities by purchase or through the issuance of Creation Units.

If one or more of the in-kind contributions were to be determined later to fail to qualify for tax-deferred treatment under Section 351 of the Code, then the Fund would not take a carryover tax basis in the applicable contributed assets and would not benefit from a tacked holding period in those assets. This could cause the Fund to incorrectly calculate and report to shareholders the amount of gain or loss recognized and/or the character of gain or loss (e.g., as long-term or short-term) on the subsequent disposition of such assets.

The failure of a contribution to satisfy the requirements of Section 351 of the Code would cause the contribution to be treated as a taxable event for the contributing shareholder at the time of contribution and to incorrectly calculate and report gain or loss on its disposition of its Fund shares.

Future changes in the Code or regulations or future interpretations of Section 351 of the Code by the Internal Revenue Service could impact the tax treatment of such contributions. Such changes may be retroactive and, in some circumstances, may require reporting by contributing shareholders. The Trust reserves the right to take any action with regard to the Fund as it deems appropriate in response to any such changes or guidance without notification to current or former investors in the Fund. Investors considering making in-kind contributions to the Fund are urged to consult their own tax advisors.

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

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

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

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

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

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

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

**DISTRIBUTION**

The Distributor, Quasar Distributors, LLC, is a broker-dealer registered with the SEC. The Distributor distributes Creation Units for the Fund on an agency basis and does not maintain a secondary market in Shares. The Distributor has no role in determining the policies of the Fund or the securities that are purchased or sold by the Fund. The Distributor's principal address is 190 Middle Street, Suite 301, Portland, Maine 04101.

**Distribution and Service Plan**

The Trust has adopted a Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act that allows the Fund to pay distribution and other fees for the sale and distribution of its shares. Because these fees would be paid out of the Fund's assets on an on-going basis, over time these fees would increase the cost of your investment and may cost you more than paying other types of sales charges. Payments to financial intermediaries under the Plan are tied directly to their own out-of-pocket expenses. As of this date, the Plan has not been implemented with respect to the Fund. The Plan may not be implemented without further Board approval. The maximum distribution fee is 0.25% of the Fund's average net assets under the Plan. The Fund does not expect to pay any 12b-1 fees during the current and next fiscal years.

**ADDITIONAL CONSIDERATIONS**

**Payments to Financial Intermediaries**

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

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

**Premium/Discount Information**

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

**Continuous Offering**

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

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

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

**Additional Information**

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

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

**Shareholder Rights**

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

**Duties of Trustees**

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

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

**FINANCIAL HIGHLIGHTS**

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

**INVESTMENT ADVISER**

Seven Post Investment Office LP

One Montgomery Street, Suite 3150

San Francisco, California 94104

**INVESTMENT SUB-ADVISER**

Exchange Traded Concepts, LLC

10900 Hefner Pointe Drive, Suite 400,

Oklahoma City, Oklahoma 73120

**ADMINISTRATOR AND**

 **TRANSFER AGENT**

U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, Wisconsin 53202

**CUSTODIAN**

U.S. Bank, N.A.

1555 North Rivercenter Drive, Suite 302

Milwaukee, Wisconsin 53212

**INDEPENDENT REGISTERED**

 **PUBLIC ACCOUNTING FIRM**

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, Ohio 44115

**UNDERWRITER**

Quasar Distributors, LLC

190 Middle Street, Suite 301

Portland, Maine 04101

**COUNSEL**

Faegre Drinker Biddle & Reath LLP

One Logan Square, Suite 2000

Philadelphia, Pennsylvania 19103-6996

**FOR MORE INFORMATION**

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

**Annual/Semiannual Reports**

Once available, additional information about the Fund's investments will be included in the Fund's annual and semiannual reports to shareholders. The annual report will contain a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during its most recently completed fiscal year. The Fund's annual and semi-annual reports to shareholders will be available at www.EquityPartnerFunds.com or by calling 415-341-9300.

**Statement of Additional Information**

The Fund's SAI dated May 12, 2026, has been filed with the SEC. The SAI, which includes additional information about the Fund, may be obtained free of charge at the Fund's website or by calling 415-341-9300. The SAI as supplemented from time to time, is incorporated by reference into this Prospectus and is legally considered a part of this Prospectus.

**TO OBTAIN INFORMATION**

The SAI is available, without charge, upon request along with the semiannual and annual reports and financial statements and other information. To obtain a free copy of the SAI, semiannual or annual reports or financial statements and other information or if you have questions about the Fund:

**By Internet**

Go to the Fund's website at www.EquityPartnerFunds.com.

**By Telephone**

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

**From the SEC**

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

Investment Company Act File Number 811-23011

**Equity Partners ETF** 

**(Exchange: NYSE; Ticker: LTEQ)**

**Statement of**

 **Additional Information**

**Dated May 12, 2026**

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

Seven Post Investment Office LP (the "Adviser" or "Seven Post") serves as the investment adviser to the Funds, and Exchange Traded Concepts, LLC (the "Sub-Adviser") serves as the investment sub-adviser to the Funds.

Information about the Fund is set forth in the Prospectus dated May 12, 2026 (the "Prospectus") and provides the basic information you should know before investing. To obtain a copy of the Prospectus and/or the Fund's Annual and Semi-Annual Reports, once available, please call 1-800-617-0004. This Statement of Additional Information ("SAI") is not a prospectus but contains information in addition to and more detailed than that set forth in the Prospectus. It is incorporated by reference in its entirety into the Prospectus. This SAI is intended to provide you with additional information regarding the activities and operations of the Fund and the Trust, and it should be read in conjunction with the Prospectus.

**Table of Contents**

---

| | |
|:---|:---|
| [Fund History](#rbbtrust485aposb001) | 1 |
| [Investment Policies and Practices](#rbbtrust485aposb002) | 1 |
| [Investment Restrictions](#rbbtrust485aposb003) | 22 |
| [Exchange Listing and Trading](#rbbtrust485aposb004) | 24 |
| [Management of the Trust](#rbbtrust485aposb005) | 24 |
| [Code of Ethics](#rbbtrust485aposb006) | 32 |
| [Principal Holders](#rbbtrust485aposb007) | 33 |
| [Investment Advisory and Sub-Advisory Agreements](#rbbtrust485aposb008) | 33 |
| [Portfolio Managers](#rbbtrust485aposb009) | 35 |
| [Underwriter](#rbbtrust485aposb010) | 36 |
| [Purchase and Redemption of Creation Units](#rbbtrust485aposb011) | 36 |
| [Portfolio Holdings Information](#rbbtrust485aposb012) | 42 |
| [Determination of Net Asset Value](#rbbtrust485aposb013) | 42 |
| [Dividends, Distributions, and Taxes](#rbbtrust485aposb014) | 43 |
| [Portfolio Transactions and Brokerage](#rbbtrust485aposb015) | 45 |
| [Proxy Voting Procedures](#rbbtrust485aposb016) | 46 |
| [Payments to Financial Intermediaries](#rbbtrust485aposb017) | 47 |
| [General Information](#rbbtrust485aposb018) | 47 |
| [Financial Statements](#rbbtrust485aposb019) | 48 |

---

i

**Fund History**

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

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

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

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

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

**Investment Policies and Practices**

The Fund's investment objective and principal investment strategies are described in the Prospectus. The sections below describe some of the different types of investments that may be made by the Fund. The following information supplements, and should be read in conjunction with, the Prospectus. To the extent an investment with respect to the Fund is discussed in this SAI but not in the Prospectus, such policy is not a principal investment of the Fund.

With respect to the Fund's investments, unless otherwise noted, if a percentage limitation on investment is adhered to at the time of investment or contract, a subsequent increase or decrease as a result of market movement or redemption will not result in a violation of such investment limitation.

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

**Principal Investment Policies and Risks**

**Asian Investments Risk.** The Fund invests in Asian securities. Investments in securities of issuers in Asia-Pacific countries involve risks that are specific to the Asia-Pacific region, including certain legal, regulatory, political and economic risks. Certain Asia-Pacific countries have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. Some economies in this region are dependent on a range of commodities, and are strongly affected by international commodity prices and particularly vulnerable to price changes for these products.

**Currency Risk.** Changes in currency exchange rates affect the value of investments denominated in a foreign currency, and therefore the value of such investments in the Fund's portfolio. The Fund's NAV could decline if a currency to which the Fund has exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning.

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

**Depositary Receipt Risk.** Depositary receipts may be purchased through "sponsored" or "unsponsored" facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary, whereas a depositary may establish an unsponsored facility without participation by the issuer of the depositary security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities and the depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts of the deposited securities. ADRs, which are U.S. dollar-denominated receipts representing shares of foreign-based corporations, are issued by U.S. banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. GDRs, which are similar to ADRs, are shares of foreign-based corporations generally issued by international banks in one or more markets around the world. In addition, EDRs, similar to GDRs, are shares of foreign-based corporations generally issued by European banks that trade on exchanges outside of the bank's home country. Investments in ADRs, GDRs and EDRs may be less liquid than the underlying shares in their primary trading market and GDRs, many of which are issued by companies in emerging markets, may be more volatile.

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

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

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

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

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

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

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

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

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

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

● **Warrants**. Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Changes in the value of a warrant do not necessarily correspond to changes in the value of its underlying security. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. Warrants do not entitle a holder to dividends or voting rights with respect to the underlying security and do not represent any rights in the assets of the issuing company. A warrant ceases to have value if it is not exercised prior to its expiration date. These factors can make warrants more speculative than other types of investments.

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

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

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

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

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

**European Investments Risk.** The Fund invests in European securities. The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. Securities of issuers that are located in, or have significant operations in or exposure to, member states of the European Union (the "EU") are subject to economic and monetary controls that can adversely affect the Fund's investments. The European financial markets have experienced volatility, economic and financial difficulties, and other adverse trends in recent years. Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Political, social or economic disruptions in the region, even in countries in which the Fund is not invested, and adverse changes in the value and exchange rate of the euro and other currencies, may adversely affect the value of investments held by the Fund.

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

**Foreign Securities Risk.** The Fund may invest in equity and fixed-income securities of foreign companies, including companies located in both developed and emerging-market countries. Investment in foreign securities may include the purchase of American Depositary Receipts ("ADRs") and other depositary receipts (European Depositary Receipts, Global Depositary Receipts and Non-Voting Depositary Receipts) that represent indirect interests in securities of foreign issuers. A significant portion of the Fund's exposure to foreign investments may be composed of such investments. Investments in foreign securities are affected by risk factors generally not associated with investments in the securities of U.S. companies in the U.S. With respect to such securities, there may be more limited information publicly available concerning the issuer than would be the case with respect to domestic securities, foreign issuers may use different accounting standards, and foreign trading markets may not be as liquid as are U.S. markets*.* Foreign securities also involve such risks as currency risks, possible imposition of withholding or confiscatory taxes, possible currency transfer restrictions, expropriation or other adverse political or economic developments, and the difficulty of enforcing obligations in other countries. These risks may be greater in emerging-market countries and in less developed countries.

The purchase of securities denominated in foreign currencies will subject the value of the Fund's investments in those securities to fluctuations caused by changes in foreign exchange rates. To hedge against the effects of changes in foreign exchange rates, the Fund may enter into forward foreign currency exchange contracts ("forward contracts"). These contracts represent agreements to exchange an amount of currency at an agreed-upon future date and rate. The Fund will generally use forward contracts only to "lock in" the price in U.S. dollars of a foreign security that the Fund plans to purchase or to sell, but in certain limited cases, they may use such contracts to hedge against an anticipated substantial decline in the price of a foreign currency against the U.S. dollar that would adversely affect the U.S. dollar value of foreign securities held by the Fund. Forward contracts will not be used in all cases and, in any event, cannot completely protect the Fund against all changes in the values of foreign securities resulting from fluctuations in foreign exchange rates. The Fund will not enter into a forward contract if, as a result, forward contracts would represent more than 20% of the Funds' total assets. For hedging purposes, the Funds may also use options on foreign currencies, which expose the Funds to certain risks. The Fund may also elect to not hedge against the effects of changes in foreign exchange rates.

Some foreign securities are traded in the U.S. in the form of ADRs. ADRs are receipts typically issued by a U.S. bank or trust company evidencing ownership of the underlying securities of foreign issuers. European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs") are receipts typically issued by foreign banks or trust companies, evidencing ownership of underlying securities issued by either a foreign or U.S. issuer. Non-Voting Depositary Receipts ("NVDRs") are listed securities through which investors receive the same financial benefits as those who invest directly in a company's ordinary shares; however, unlike ordinary shareholders, NVDR holders cannot be involved in proxy voting if the company solicits votes from shareholders. Investments in NVDRs involve certain risks unique to foreign investments. Generally, depositary receipts in registered form are designed for use in the U.S. and depositary receipts in bearer form are designed for use in securities markets outside the U.S. Depositary receipts may not necessarily have the same currency denomination as the underlying securities into which they may be converted. Depositary receipts generally involve the same risks as do other investments in foreign securities. However, holders of ADRs and other depositary receipts may not have all the legal rights of shareholders and may experience difficulty in receiving shareholder communications.

European countries can be significantly affected by the tight fiscal and monetary controls that the European Economic and Monetary Union ("EMU") imposes for membership. Europe's economies are diverse, its governments are decentralized, and its cultures vary widely. Several European Union ("EU") countries have faced budget issues, some of which may have negative long-term effects for the economies of those countries and other EU countries. There is continued concern about national-level support for the euro and the accompanying coordination of fiscal and wage policy among EMU member countries. Member countries are required to maintain tight control over inflation, public debt, and budget deficit to qualify for membership in the EMU. These requirements can severely limit the ability of EMU member countries to implement monetary policy to address regional economic conditions.

In June 2016, the United Kingdom (the "UK") approved a referendum to leave the EU. The withdrawal, known colloquially as "Brexit", was agreed to and ratified by the UK Parliament, and the UK left the EU on January 31, 2020. It began an 11-month transition period in which to negotiate a new trading relationship for goods and services that ended on December 31, 2020. The UK and the EU signed the Trade and Cooperation Agreement ("TCA") on December 30, 2020, which was applied provisionally as of January 1, 2021 and entered into force on May 1, 2021. The TCA is an agreement on the terms governing certain aspects of the relationship between the EU and the UK following the end of the transition period. Further discussions are to be held between the UK and the EU in relation to matters not covered by the trade agreement, such as financial services. Brexit may have significant political and financial consequences for the Eurozone markets, including greater volatility in the global stock markets and illiquidity, fluctuations in currency and exchange rates, and an increased likelihood of a recession in the UK. At this time, the impact of Brexit cannot be predicted, however, market disruption in the EU and globally may have a negative effect on the value of the Funds' investments. Additionally, the risks related to Brexit could be more pronounced if one or more additional EU member states seek to leave the EU.

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

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

The Fund may invest a portion of its total assets in securities of companies that may be involved in special corporate situations, the occurrence of which would favorably affect the values of the companies' equity securities. Such situations could include, among other developments, a change in management or management policies; the acquisition of a significant equity position in the company by an investor or investor group; a merger, a reorganization, or the sale of a division; the spinoff of a subsidiary, division, or other substantial assets; or a third-party or issuer tender offer. The primary risk of this type of investing is that if the contemplated event does not occur or if a proposed transaction is abandoned, revised, or delayed or becomes subject to unanticipated uncertainties, the market price of the securities may decline below the purchase price the Fund paid.

In general, securities that are the subject of a special corporate situation sell at a premium to their market prices immediately following the announcement of the situation. However, the increased market price of these securities may nonetheless represent a discount from what the stated or appraised value of the security would be if the contemplated transaction were approved or consummated. These investments may be advantageous when the following occur: (1) the discount significantly overstates the risk of the contingencies involved; (2) the discount significantly undervalues the securities, assets, or cash to be received by shareholders of the prospective portfolio company as a result of the contemplated transactions; or (3) the discount fails adequately to recognize the possibility that the offer or proposal may be replaced or superseded by an offer or proposal of greater value. The evaluation of these contingencies requires unusually broad knowledge and experience on the part of the Adviser, which must appraise not only the value of the issuer and its component businesses as well as the assets or securities to be received as a result of the contemplated transaction, but also the financial resources and business motivation of the offer or, as well as the dynamics of the business climate when the offer or proposal is in progress.

The Fund's special corporate situation investments may tend to increase its portfolio turnover ratio and thereby increase brokerage commissions and other transaction expenses. However, the Adviser attempts to select investments of the type described that, in its view, also have a reasonable prospect of significant capital appreciation over the long term.

**Inflation and Deflation Risk.** Inflation risk is the risk that the value of assets or income from the Fund's investments will be worth less in the future as inflation decreases the value of payments at future dates. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund's investments may not keep pace with inflation, which may result in losses to shareholders. As inflation increases, the real value of the Fund's Shares and distributions on those Shares can decline. In addition, during any periods of rising inflation, interest rates on any borrowings by the Fund would likely increase, which would tend to further reduce returns to the holders of Shares. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund's portfolio and the value of the Shares.

**In-Kind Contribution Risk**. At its launch, the Fund expects to acquire a material amount of assets through one or more in-kind contributions that are intended to qualify as tax-deferred transactions governed by Section 351 of the Internal Revenue Code of 1986, as amended (the "Code"). The Fund's basis in such assets may be significantly lower than if the Fund had purchased such assets. If one or more of the in-kind contributions were to fail to qualify for tax-deferred treatment, then contributing shareholders would recognize gain, and the Fund would not take a carryover tax basis in the applicable contributed assets and would not benefit from a tacked holding period in those assets. This could cause the Fund to incorrectly calculate and report to shareholders the amount of gain or loss recognized and/or the character of gain or loss (e.g., as long-term or short-term) on the subsequent disposition of such assets. Similarly, if any of the contributors in an in-kind contribution are corporations (or are partnerships or trusts with corporate beneficial owners) and a special deemed-sale election is not made in connection with the contribution, then the Fund could become liable for an entity-level corporate tax if it disposes of the contributed assets within five years. Distributions of gain recognized on the disposition of those assets would be taxable to shareholders, in addition to this entity-level corporate tax. At the time this prospectus is being prepared, Fund management is not aware of any corporate transferors participating in the in-kind contribution.

**Large Capitalization Companies Risk.** The Fund may invest in larger, more established companies, the securities of which may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. The Fund considers large companies to be companies with market capitalizations of $10 billion or greater.

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

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

**Market Risk.** Overall market risks may also affect the value of the Fund. The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. Factors such as economic growth and market conditions, interest rate levels, exchange rates and political events affect the securities markets. Changes in market conditions and interest rates generally do not have the same impact on all types of securities and instruments. Unexpected local, regional or global events and their aftermath, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues; recessions and depressions; or other tragedies, catastrophes and events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV, which may impair market liquidity, thereby increasing liquidity risk. Such events can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected.

**Master Limited Partnership (MLP) Risk.** An investment in MLP units involves certain risks which differ from an investment in the securities of a corporation. Holders of MLP units have limited control and voting rights on matters affecting the partnership. In addition, there are certain tax risks associated with an investment in MLP units and conflicts of interest exist between common unit holders and the general partner, including those arising from incentive distribution payments. As a partnership, an MLP has no tax liability at the entity level. If, as a result of a change in current law or a change in an MLP's business, an MLP were treated as a corporation for federal income tax purposes, such MLP would be obligated to pay federal income tax on its income at the corporate tax rate. If the Fund retains an MLP investment until the basis is reduced to zero, subsequent distributions from the MLP will be taxable to the Fund at ordinary income rates. If an MLP in which the Fund invests amends its partnership tax return, shareholders may receive a corrected Form 1099 from the Fund. If an MLP were classified as a corporation for federal income tax purposes, the amount of cash available for distribution by the MLP would be reduced and distributions received by investors would be taxed under federal income tax laws applicable to corporate dividends (as dividend income, return of capital, or capital gain). Therefore, treatment of an MLP as a corporation for federal income tax purposes would result in a reduction in the after-tax return to investors, likely causing a reduction in the value of Fund shares.

MLPs are also subject to risks that are specific to the industry they serve. MLPs that provide crude oil, refined product, natural gas liquids and natural gas services are subject to supply and demand fluctuations in the markets they serve which will be impacted by a wide range of factors, including fluctuating commodity prices, weather, increased conservation or use of alternative fuel sources, increased governmental or environmental regulation, depletion, rising interest rates, declines in domestic or foreign production, accidents or catastrophic events, and economic conditions, among others.

**New Adviser Risk**. The Adviser has only recently begun serving as an investment adviser to ETFs. As a result, investors do not have a long-term track record of managing an ETF from which to judge the Adviser, and the Adviser may not achieve the intended result in managing the Fund.

**New Fund Risk.** Because the Fund is new, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.

**Operational Risk.** The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties, or other third parties, failed or inadequate processes and technology or systems failures. The Fund and its Adviser and Sub-Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.

**Preferred Stock Risk.** The Fund may invest in preferred stocks. Like common stock, preferred stock represents equity ownership interests in a company and participates in a company's earnings. However, unlike common stocks, preferred stocks are entitled to stated dividends. These dividends are sometimes "cumulative," which means that if previous stated dividends have not been paid, the dividends payable on the preferred stock will have a priority over distributions to holders of common stock and a preference on the distribution of a company's assets in the event of the company's dissolution. Preferred stock may also be "participating," which means that its holders are entitled to dividends in excess of stated dividends in certain cases. The Adviser considers a company's liquidity and credit condition as well as the position of the security in the company's capital structure in assessing preferred stock it considers for the Fund. The risks of preferred stock are similar to the risks associated with common stock.

**Quantitative Investing Risk.** To implement its investment strategy, the Adviser may require access to large amounts of financial data and other data supplied by various data providers. The inability to access large amounts of financial and other data from data providers could adversely affect the Adviser's ability to use quantitative methods to select investments. The Adviser uses quantitative methods as part of its investment selection process for the Fund. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, changing sources of market returns, changes from the factors' historical trends, and technical issues in the construction and implementation of the models (including, for example, data problems and/or software issues), among others. Any errors or imperfections in quantitative databases, historical financial databases, and historical databases with other information, analyses or models, or in the data on which they are based, could adversely affect the ability of the Adviser to use such analyses or models effectively, which in turn could adversely affect the Fund's performance. There can be no assurance that these methodologies will help the Fund to achieve its investment objective.

**Real Estate Investment Trusts (REITs) Risk.** REITs are subject to the risks associated with investing in the securities of real property companies. The value of securities issued by REITs is affected by tax and regulatory requirements and by perceptions of management skill. They also may be affected by general economic conditions and are subject to heavy cash flow dependency, defaults by borrowers or tenants, and self-liquidation at an economically disadvantageous time. In particular, REITs may be affected by changes in the values of the underlying properties that they own or operate. Further, REITs are dependent upon specialized management skills, and their investments may be concentrated in relatively few properties, or in a small geographic area or a single property type. REITs are also subject to heavy cash flow dependency and, as a result, are particularly reliant on the proper functioning of capital markets. A variety of economic and other factors may adversely affect a lessee's ability to meet its obligations to a REIT. In the event of a default by a lessee, the REIT may experience delays in enforcing its rights as a lessor and may incur substantial costs associated in protecting its investments. In addition, a REIT could fail to qualify for favorable regulatory or tax treatment, which could impact the Fund's return on such an investment.

**Research Provider Risks.** Research providers may be engaged by the Adviser to provide asset class or security level recommendations. Research providers are not fiduciaries to the Adviser or the Fund. Most research providers also manage separate accounts or comingled investment structures where they serve as fiduciaries to their clients. Investment trades are conducted first by research provider firms on their separately managed accounts or other investment vehicles. The Adviser will receive portfolio recommendations after research provider accounts have already purchased or sold recommended securities. Research provider recommendations and implementation may result in lower or higher returns compared to the research provider's fiduciary accounts. This delay can be influenced by various factors, including contractual agreements, liquidity constraints, and compliance or operational processes. Additionally, stock market volatility can further amplify this risk, as rapid price movements may cause significant deviations from the original recommendations made by the research provider.

**Sector Risk**. To the extent the Fund invests more heavily in particular sectors of the economy its performance will be especially sensitive to developments that significantly affect those sectors.

*Information Technology Sector Risk.* In addition to market or economic factors, companies in the information technology sector and companies that rely heavily on technology are particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition.

**Small and Medium Capitalization Companies Risk.** The Fund may invest in small and medium-size companies, the securities of which can be more volatile in price than those of larger companies. Positions in smaller companies, especially when the Fund is a large holder of a small company's securities, also may be more difficult or expensive to trade. The Fund considers small companies to be companies with market capitalizations of less than $1 billion and medium-size companies to have market capitalizations of less than $10 billion but greater than or equal to $1 billion.

**Underlying Funds Risk.** Investing in Underlying Funds may result in duplication of expenses, including advisory fees, in addition to the Fund's own expenses. The risk of owning an Underlying Fund generally reflects the risks of owning the underlying investments the Underlying Fund holds. The Fund may incur brokerage fees in connection with its purchase of ETF shares. When the Fund invests in an Underlying Fund, the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities comprising the Underlying Fund or index on which the ETF is based and the value of the Fund's investments will fluctuate in response to the performance and risks of the underlying investments or index. In addition to the brokerage costs associated with the Underlying Fund's purchase and sale of the underlying securities, ETFs incur fees that are separate from those of the Fund. As a result, the Fund's shareholders will indirectly bear a proportionate share of the operating expenses of the ETFs, in addition to Fund expenses. The Investment Company Act of 1940, as amended (the "1940 Act") and the related rules and regulations adopted thereunder impose conditions on investment companies that invest in other investment companies. Section 12(d)(1)(A) of the 1940 Act prohibits a fund from (i) acquiring more than 3% of the voting shares of any one investment company, (ii) investing more than 5% of its total assets in any one investment company, and (iii) investing more than 10% of its total assets in all investment companies combined. Rule 12d1-4 under the 1940 Act permits registered investment companies to acquire securities of another investment company in excess of these amounts subject to certain conditions, including limits on control and voting of acquired funds' shares, evaluations and findings by investment advisers, fund investment agreements, and limits on most three-tier fund structures.

**Value Investment Strategy Risk.** An investment strategy that employs a "value" approach may pose a risk to the Fund that such investment strategy may not be successfully achieved. In any Fund, an investment made at a perceived "margin of safety" or "discount to intrinsic or fundamental value" can trade at prices substantially lower than when an investment is made, so that any perceived "margin of safety" or "discount to value" is no guarantee against loss. "Value" investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more "growth" oriented. In such an event, the Fund's investment returns would be expected to lag relative to returns associated with more growth-oriented investment strategies. Investing in or having exposure to "value" securities presents the risk that such securities may never reach what the Adviser believes are their full market values, either because the market fails to recognize what the Adviser considers to be the security's true value or because the Adviser misjudged that value.

**Non-Principal Investment Policies and Risks**

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

**Cash Position Risk.** The Fund may hold any portion of its assets in cash, cash equivalents, or other short-term investments at any time or for an extended time. The Adviser will determine the amount of the Fund's assets to be held in cash or cash equivalents at its sole discretion, based on such factors as it may consider appropriate under the circumstances. To the extent that the Fund holds assets in cash or is otherwise uninvested, the Fund's ability to meet its objective may be limited.

**Commercial Paper.** Commercial paper is the term used to designate unsecured short-term promissory notes issued by corporations and other entities. Maturities on these issues vary from a few to 270 days.

**Corporate Obligations.** The Fund may invest in debt obligations, such as bonds and debentures, issued by corporations and other business organizations without limit on credit quality or maturity. See Appendix "A" to this SAI for a description of corporate debt ratings. An issuer of debt obligations may default on its obligation to pay interest and repay principal. Also, changes in the financial strength of an issuer or changes in the credit rating of a security may affect its value.

**Counterparty Risk**. Some of the derivatives entered into by the Fund will not be traded on an exchange and instead will be privately negotiated in the over-the-counter market. This means that these instruments are traded between counterparties based on contractual relationships. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. A counterparty defaulting on its payment obligations to the Fund will cause the value of an investment in the Fund to decrease. If the Fund deals with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties. The Fund is neither restricted from dealing with any particular counterparty nor from concentrating any or all of its transactions with one counterparty. The ability of the Fund to transact business with any one or number of counterparties and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Fund. When the Fund is required to post margin or other collateral with a counterparty, including with a futures commission merchant or a clearing organization for futures or other derivative contracts, the counterparty may fail to segregate the collateral or may commingle the collateral with the counterparty's own assets. In the event of the counterparty's bankruptcy or insolvency, the Fund's collateral may be subject to the conflicting claims of the counterparty's creditors and the Fund may be exposed to the risk of being treated as a general unsecured creditor of the counterparty, rather than as the owner of the collateral.

**Credit Risk*.*** Credit risk is the risk that fixed income securities in the Fund's portfolio will decline in price or that the issuer of a debt security (i.e., the borrower) will fail to make principal or interest payments when due or otherwise honor their obligations because the issuer of the security experiences a decline in its financial condition. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Fund's investment in that issuer.

**Depositary Receipts Risk.** ADRs are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition, the underlying issuers of certain ADRs, particularly unsponsored ADRs, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. ADRs that are not sponsored by the issuer may be less liquid and there may be less readily available public information about the issuer. Sponsored ADRs are established jointly by a depositary and the underlying issuer, whereas unsponsored ADRs may be established by a depositary without participation by the underlying issuer. Holders of an unsponsored ADRs generally bear all the costs associated with establishing the unsponsored ADRs. In addition, the issuers of the securities underlying unsponsored ADRs are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding those issuers and there may not be a correlation between that information and the market value of the ADR.

**Derivatives Risk.** The Fund may invest in derivative instruments that give exposure to equities, such as futures contracts, including futures contracts of U.S. indices. Rule 18f-4 under the 1940 Act provides for the regulation of a registered investment company's use of derivatives and related instruments. Rule 18f-4 prescribes specific value-at-risk leverage limits for certain derivatives users and requires certain derivatives users to adopt and implement a derivatives risk management program (including the appointment of a derivatives risk manager and the implementation of certain testing requirements), and prescribes reporting requirements in respect of derivatives. Subject to certain conditions, if a fund qualifies as a "limited derivatives user," as defined in Rule 18f-4, it is not subject to the full requirements of Rule 18f-4. As of the date of this Statement of Additional Information, the Fund is relying on the limited derivatives user exception.

With respect to reverse repurchase agreements or other similar financing transactions in particular, including certain tender option bonds, Rule 18f-4 permits a fund to enter into such transactions if the fund either (i) complies with the asset coverage requirements of Section 18 of the 1940 Act, and combines the aggregate amount of indebtedness associated with all reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the relevant asset coverage ratio, or (ii) treats all reverse repurchase agreements or similar financing transactions as derivatives transactions for all purposes under Rule 18f-4. Each Underlying Fund has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4. Limits or restrictions applicable to the counterparties or issuers, as applicable, with which an Underlying Fund may engage in derivative transactions could limit or prevent the Underlying Fund from using certain instruments.

The use of derivatives is also subject to operational and legal risks. Operational risks generally refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks generally refer to risks of loss resulting from insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.

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

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

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

**Economic, Markets, and Geopolitical Risk.** Periods of unusually high financial market volatility and restrictive credit conditions, at times limited to a particular sector or geographic area, have occurred in the past and may be expected to recur in the future. Some countries, including the United States, have adopted or have signaled protectionist trade measures, relaxation of the financial industry regulations that followed the financial crisis, and/or reductions to corporate taxes. The current presidential administration has called for and is seeking to quickly enact significant changes to U.S. fiscal, tax, trade, healthcare, immigration, foreign, and government regulatory policy. Significant uncertainty exists with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. Recent events have created a climate of heightened uncertainty and introduced new and difficult-to-quantify macroeconomic and political risks with potentially far-reaching implications. There has been a corresponding meaningful increase in the uncertainty surrounding interest rates, inflation, foreign exchange rates, trade volumes and fiscal and monetary policy. To the extent the U.S. Congress or the current presidential administration implements changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation and other areas. Although the Fund cannot predict the impact, if any, of these changes to the Fund's business, they could adversely affect the Fund's business, financial condition, operating results and cash flows. Until the Fund knows what policy changes are made and how those changes impact the Fund's business and the business of the Fund's competitors over the long term, the Fund will not know if, overall, the Fund will benefit from them or be negatively affected by them.

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

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

**Fixed Income Securities Risk**. Fixed-income securities are subject to the risk of the issuer's inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate sensitivity, market perception of the creditworthiness of the issuer, willingness of broker-dealers and other market participants to make markets in the applicable securities, and general market liquidity (i.e., market risk). Lower rated fixed-income securities have greater volatility because there is less certainty that principal and interest payments will be made as scheduled. There is a risk that a lack of liquidity or other adverse credit market conditions may hamper the Fund's ability to sell the debt securities in which it invests.

**Floating Rate Securities Risk**. Floating rate securities are structured so that the security's coupon rate fluctuates based upon the level of a reference rate. In a falling interest rate environment, the coupon on floating rate securities will generally decline, causing a reduction in the Fund's income. A floating rate security's coupon rate resets periodically according to the terms of the security. In a rising interest rate environment, floating rate securities with coupon rates that reset infrequently may lag behind the changes in market interest rates. Floating rate securities may also contain terms that impose a maximum coupon rate the issuer will pay decreasing the value of the security.

**Forward Foreign Currency Contracts.** The Fund is authorized to enter into forward foreign currency contracts. These contracts represent agreements to exchange an amount of currency at an agreed-upon future date and rate. The rate can be higher or lower than the spot rate between the currencies that are the subject of the contract*.* A forward contract generally has no deposit requirement, and such transactions do not involve commissions. By entering into a forward contract for the purchase or sale of the amount of foreign currency invested in an equity or fixed-income security of a foreign issuer (a "foreign security"), the Fund can hedge against possible variations in the value of the dollar versus the subject currency either between the date the foreign security is purchased or sold and the date on which payment is made or received ("transaction hedging"), or during the time the Fund holds the foreign security ("position hedging"). Hedging against a decline in the value of a currency through the use of forward contracts does not eliminate fluctuations in the prices of securities or prevent losses if the prices of securities decline. Hedging transactions precludes the opportunity for gain if the value of the hedged currency should rise. The Fund will not speculate in forward currency contracts. If the Fund enters into a position-hedging transaction, which is the sale of forward non-U.S. currency with respect to a security held by it and denominated in such foreign currency, the Company's custodian will place cash or liquid securities in a separate account in an amount equal to the value of the Fund's total assets committed to the consummation of such forward contract. If the value of the securities placed in the account declines, additional cash or securities will be placed in the account so that the value of cash or securities in the account will equal the amount of the Fund's commitments with respect to such contracts. Forward contracts will not be used in all cases and, in any event, cannot completely protect the Fund against all changes in the values of foreign securities resulting from fluctuations in foreign exchange rates.

**High Portfolio Turnover Risk.** The Fund may actively and frequently trade all or a significant portion of the Fund's holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund's expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

**Illiquid Securities Risk.** Pursuant to Rule 22e-4 ("Rule 22e-4" or the "Liquidity Rule") under the 1940 Act, the Fund may invest up to 15% of its net assets in illiquid investments. An illiquid investment as defined in Rule 22e-4 is an investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions within 7 calendar days or less without the sale or disposition significantly changing the market value of the investment. These investments may include restricted securities and repurchase agreements maturing in more than 7 days. Restricted securities are securities that may not be sold to the public without an effective registration statement under the Securities Act of 1933, as amended (the "1933 Act"), and thus may be sold only in privately negotiated transactions or pursuant to an exemption from registration. Subject to the adoption of guidelines by the Board, certain restricted securities that may be sold to institutional investors pursuant to Rule 144A under the 1933 Act and non-exempt commercial paper may be determined to be liquid by the Adviser. Illiquid investments involve the risk that the investments will not be able to be sold at the time the Adviser desires or at prices approximating the value at which the Fund is carrying the investments. To the extent an investment held by the Fund is deemed to be an illiquid investment or a less liquid investment, the Fund will be exposed to greater liquidity risk.

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

**Income Risk.** The Fund's income may decline during periods of falling interest rates, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon a sale of a debt security. The Fund's income declines when interest rates fall because, as the Fund's higher-yielding debt securities mature, are prepaid or are sold, the Fund may have to re-invest the proceeds in debt securities that have lower interest rates. The amount and rate of distributions that the Fund's shareholders receive are affected by the income that the Fund receives from its portfolio holdings. If the income is reduced, distributions by the Fund to shareholders may be less.

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

**Interest Rate Risk.** Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. However, market factors, such as the demand for particular fixed income securities, may cause the price of certain fixed income securities to fall while the prices of other securities rise or remain unchanged. Interest rate changes have a greater effect on the price of fixed income securities with longer durations. Duration measures the price sensitivity of a fixed income security to changes in interest rates.

Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and increased redemptions, and may detract from the Fund's performance to the extent the Fund is exposed to such interest rates and/or volatility. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Funds. During periods when inflation rates are high or rising, the Funds may be subject to a greater risk of rising interest rates.

In a low or negative interest rate environment, debt securities may trade at, or be issued with, negative yields, which means the purchaser of the security may receive at maturity less than the total amount invested. In addition, in a negative interest rate environment, if a bank charges negative interest, instead of receiving interest on deposits, a depositor must pay the bank fees to keep money with the bank. To the extent the Fund holds a negatively yielding debt security or has a bank deposit with a negative interest rate, the Fund would generate a negative return on that investment. Cash positions may also subject the Fund to increased counterparty risk to the Fund's bank. Debt market conditions are highly unpredictable, and some parts of the market are subject to dislocations.

If low or negative interest rates become more prevalent in the market and/or if low or negative interest rates persist for a sustained period of time, some investors may seek to reallocate assets to other income-producing assets. This may cause the price of such higher yielding instruments to rise, could further reduce the value of instruments with a negative yield, and may limit the Fund's ability to locate fixed income instruments containing the desired risk/return profile. Changing interest rates, including rates that fall below zero, could have unpredictable effects on the markets and may expose fixed income markets to heightened volatility, increased redemptions, and potential illiquidity. In recent years, the Federal Reserve began implementing increases to the federal funds interest rate and there may be further rate increases. As the federal funds rate rises, interest rates across the financial system also may rise. To the extent interest rates increase substantially and/or rapidly, the Fund may be subject to significant losses.

**Loans Risk.** The Fund's ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Fund to receive scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of the Fund and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan.

**Money Market Securities.** During unusual economic or market conditions, or for temporary defensive or liquidity purposes, the Fund may invest up to 100% of its assets in money market instruments that would not ordinarily be consistent with the Fund's objective. For purposes of these policies, money market securities include (i) short-term U.S. government securities, including custodial receipts evidencing separately traded interest and principal components of securities issued by the U.S. Treasury; (ii) commercial paper rated in the highest short-term rating category by a nationally recognized statistical ratings organization ("NRSRO"), such as S&P Global Ratings ("S&P") or Moody's Investors Service ("Moody's"), or determined by the Adviser to be of comparable quality at the time of purchase; (iii) short-term bank obligations (certificates of deposit, time deposits and bankers' acceptances) of U.S. domestic banks, foreign banks and foreign branches of domestic banks, and commercial banks with assets of at least $1 billion as of the end of their most recent fiscal year; and (iv) repurchase agreements involving such securities. Each of these types of money market securities is discussed in more detail below. For a description of ratings, see Appendix A to this SAI.

**Mortgage-Backed and Asset-Backed Securities Risk.** Investments in mortgage- and asset-backed securities are subject to prepayment or call risk, which is the risk that payments from the borrower may be received earlier than expected due to changes in the rate at which the underlying loans are prepaid. Securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. In addition, the potential impact of prepayment features on the price of a debt security can be difficult to predict and result in greater volatility.

**Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.** The Fund or an Underlying Fund may invest in obligations issued by banks and other savings institutions. Investments in bank obligations include obligations of domestic branches of foreign banks and foreign branches of domestic banks. Such investments in domestic branches of foreign banks and foreign branches of domestic banks may involve risks that are different from investments in securities of domestic branches of U.S. banks. These risks may include future unfavorable political and economic developments, possible withholding taxes on interest income, seizure or nationalization of foreign deposits, currency controls, interest limitations, or other governmental restrictions which might affect the payment of principal or interest on the securities held by the Fund or an Underlying Fund. Additionally, these institutions may be subject to less stringent reserve requirements and to different accounting, auditing, reporting and recordkeeping requirements than those applicable to domestic branches of U.S. banks. In addition, investments in bank loans may not be deemed to be securities and may not have the protections of the federal securities laws. Bank obligations include the following:

● **Bankers' Acceptances.** Bankers' acceptances are bills of exchange or time drafts drawn on and accepted by a commercial bank. Corporations use bankers' acceptances to finance the shipment and storage of goods and to furnish dollar exchange. Maturities are generally six months or less.

● **Certificates of Deposit.** Certificates of deposit are interest-bearing instruments with a specific maturity. They are issued by banks and savings and loan institutions in exchange for the deposit of funds and normally can be traded in the secondary market prior to maturity. Certificates of deposit with penalties for early withdrawal will be considered illiquid.

● **Time Deposits.** Time deposits are non-negotiable receipts issued by a bank in exchange for the deposit of funds. Like a certificate of deposit, it earns a specified rate of interest over a definite period of time; however, it cannot be traded in the secondary market. Time deposits with a withdrawal penalty or that mature in more than seven days are considered to be illiquid securities.

**Operational Risk**. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund's ability to meet its investment objectives. Although the Fund and Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

**Options Risk.**

● *Buying or Purchasing Options Risk*. Buying options is a speculative activity and entails greater than ordinary investment risks. Many factors influence the price of an option, including the price of the reference asset, the time to expiration, the strike price, interest rates, and the dividend on the reference asset. As a result, the Fund's investment returns can be impacted by many variables outside the Adviser's direct control, and as those various factors fluctuate, the value of a purchased option can fluctuate by meaningful amounts. Additionally, in the event the reference price is not above the strike price for a call option or below the strike price for a put option at expiry, the option will expire worthless and the Fund will lose its invested premium. Furthermore, the value of the option may be lost if the Adviser fails to exercise such an option at or prior to its expiration. Although the potential for loss may be limited to the amount of premium paid, the value of your investment in the Fund could decline significantly without warning.

● *Selling or Writing Options Risk.* Writing option contracts can result in losses that exceed the seller's initial investment and may lead to additional turnover and higher tax liability. The Fund will incur a loss as a result of writing (selling) options (also known as a short option position) if the price of the written option instrument increases in value between the date the Fund writes the option and the date on which the Fund purchases an offsetting position or exits the option. The Fund's losses are potentially large in a written put transaction and potentially unlimited in a written call transaction **.** 

**Private Placement Risk and Other Restricted Securities.** Private placement securities are securities that have been privately placed and are not registered under the 1933 Act. They are generally eligible for sale only to certain eligible investors. Private placements often may offer attractive opportunities for investment not otherwise available on the open market. Private placement and other "restricted" securities often cannot be sold to the public without registration under the 1933 Act or the availability of an exemption from registration (such as Rules 144 or 144A), or they are "not readily marketable" because they are subject to other legal or contractual delays in or restrictions on resale. Asset-backed securities, common stock, convertible securities, corporate debt securities, foreign securities, high-yield securities, money market instruments, mortgage-backed securities, municipal securities, participation interests, preferred stock and other types of equity and debt instruments may be privately placed or restricted securities.

Private placements typically may be sold only to qualified institutional buyers or, in the case of the initial sale of certain securities, such as those issued in collateralized debt obligations or collateralized loan obligations, to accredited investors (as defined in Rule 501(a) under the 1933 Act), or in a privately negotiated transaction or to a limited number of qualified purchasers, or in limited quantities after they have been held for a specified period of time and other conditions are met pursuant to an exemption from registration.

**Repurchase Agreements.** The Fund may enter into repurchase agreements with financial institutions. A repurchase agreement is an agreement under which the Fund acquires a fixed income security (generally a security issued by the U.S. government or an agency thereof, a banker's acceptance, or a certificate of deposit) from a commercial bank, broker, or dealer, and simultaneously agrees to resell such security to the seller at an agreed upon price and date (normally, the next business day). Because the security purchased constitutes collateral for the repurchase obligation, a repurchase agreement may be considered a loan that is collateralized by the security purchased. The acquisition of a repurchase agreement may be deemed to be an acquisition of the underlying securities as long as the obligation of the seller to repurchase the securities is collateralized fully. The Fund follows certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with creditworthy financial institutions whose condition will be continually monitored by the Adviser. The repurchase agreements entered into by the Fund will provide that the underlying collateral at all times shall have a value at least equal to 102% of the resale price stated in the agreement and consist only of securities permissible under Section 101(47)(A)(i) of the Bankruptcy Code (the Adviser monitors compliance with this requirement). Under all repurchase agreements entered into by the Fund, the custodian or its agent must take possession of the underlying collateral. In the event of a default or bankruptcy by a selling financial institution, the Fund will seek to liquidate such collateral. However, the exercising of the Fund's right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss. It is the current policy of the Fund not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the Fund, amounts to more than 15% of the Fund's total assets. The investments of the Fund in repurchase agreements, at times, may be substantial when, in the view of the Adviser, liquidity or other considerations so warrant.

**Reverse Repurchase Agreements.** The Fund may enter into reverse repurchase agreements with respect to portfolio securities for temporary purposes (such as to obtain cash to meet redemption requests) when the liquidation of portfolio securities is deemed disadvantageous or inconvenient by the Adviser. Reverse repurchase agreements involve the sale of securities held by the Fund subject to the Fund's agreement to repurchase the securities at an agreed-upon price, date and rate of interest. Such agreements may be considered borrowings under the 1940 Act and may be entered into only for temporary or emergency purposes. Reverse repurchase agreements involve the risk that the market value of the securities sold by the Fund may decline below the price of the securities the Fund is obligated to repurchase and the interest received on the cash exchanged for the securities.

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

**Risk Considerations of Lower Rated Securities.**The Fund may invest in fixed income securities that are not investment grade but are rated as low as B by Moody's or B by S&P (or their equivalents). In the event that the rating on a security held in an Underlying Fund's portfolio is downgraded by a rating service, such action may be considered by the Underlying Fund's investment adviser in its evaluation of the overall investment merits of that security, but will not necessarily result in the sale of the security. The widespread expansion of government, consumer and corporate debt within the U.S. economy has made the corporate sector, especially cyclically sensitive industries, more vulnerable to economic downturns or increased interest rates. An economic downturn could severely disrupt the market for high yield fixed income securities and adversely affect the value of outstanding fixed income securities and the ability of the issuers to repay principal and interest.

The Fund may invest in high yield debt obligations, such as bonds and debentures, issued by corporations and other business organizations. High yield fixed income securities (commonly known as "junk bonds") are considered speculative investments while generally providing greater income than investments in higher rated securities, involve greater risk of loss of principal and income (including the possibility of default or bankruptcy of the issuers of such securities) and may involve greater volatility of price (especially during periods of economic uncertainty or change) than securities in the higher rating categories. Since yields vary over time, no specific level of income can ever be assured.

The prices of high yield fixed income securities have been found to be less sensitive to interest rate changes than higher-rated investments but more sensitive to adverse economic changes or individual corporate developments. Also, during an economic downturn or substantial period of rising interest rates, highly leveraged issuers may experience financial stress, which would adversely affect their ability to service their principal and interest payment obligations, to meet projected business goals and to obtain additional financing. If the issuer of a fixed income security owned by an Underlying Fund defaulted, the Underlying Fund could incur additional expenses in attempting to obtain a recovery. In addition, periods of economic uncertainty and changes can be expected to result in increased volatility of market prices of high yield fixed income securities and the Fund's NAV to the extent it holds such securities.

High yield fixed income securities also present risks based on payment expectations. For example, high yield fixed income securities may contain redemption or call provisions. If an issuer exercises these provisions in a declining interest rate market, an Underlying Fund may, to the extent it holds such fixed income securities, have to replace the securities with a lower yielding security, which may result in a decreased return for investors. Conversely, a high yield fixed income security's value will decrease in a rising interest rate market, as will the value of the Fund's assets, to the extent it holds such fixed income securities. In addition, to the extent that there is no established retail secondary market, there may be thin trading of high yield fixed income securities, and this may have an impact on the Fund's investment adviser's ability to accurately value such securities and on the Fund's ability to dispose of such securities. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of high yield fixed income securities, especially in a thinly traded market. New laws proposed or adopted from time to time may have an impact on the market for high yield securities.

Finally, there are risks involved in applying credit or dividend ratings as a method for evaluating high yield securities. For example, ratings evaluate the safety of principal and interest or dividend payments, not market value risk of high yield securities. Also, since rating agencies may fail to timely change the credit ratings to reflect subsequent events, an Underlying Fund may need to monitor the issuers of high yield securities in its portfolio, if any, to determine if the issuers will have sufficient cash flow and profits to meet required principal and interest payments, and to assure the security's liquidity so an Underlying Fund can meet redemption requests.

**Risk Considerations of Medium Grade Securities.**Debt obligations in the lowest investment grade (i.e., BBB or Baa), referred to as "medium grade" obligations, have speculative characteristics, and changes in economic conditions and other factors are more likely to lead to weakened capacity to make interest payments and repay principal on these obligations than is the case for higher rated securities. In the event that a security purchased by the Fund is subsequently downgraded below investment grade, the Adviser will consider such event in its determination of whether the Fund should continue to hold the security.

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

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

**RIC Compliance Risk.** The Fund intends to elect to be, and intends to qualify each year for treatment as, a regulated investment company ("RIC") under Subchapter M of Subtitle A, Chapter 1, of the Code. To qualify for federal income tax treatment as a RIC, the Fund must meet certain source-of-income, asset diversification and annual distribution requirements. If for any taxable year the Fund fails to qualify for the special federal income tax treatment afforded to RICs, all of the Fund's taxable income will be subject to federal income tax at regular corporate rates (without any deduction for distributions to its shareholders) and its income available for distribution will be reduced. Under certain circumstances, the Fund could cure a failure to qualify as a RIC, but in order to do so, the Fund could incur significant Fund-level taxes and could be forced to dispose of certain assets.

**Special Situation Companies.** The Fund or an Underlying Fund may invest in "Special Situations." The term "Special Situation" shall be deemed to refer to a security of a company in which an unusual and possibly non-repetitive development is taking place which, in the opinion of the Adviser or the Underlying Fund's investment adviser, may cause the security to attain a higher market value independently, to a degree, of the trend in the securities market in general. The particular development (actual or prospective), which may qualify a security as a Special Situation, may be one of many different types.

Such developments may include, among others, a technological improvement or important discovery or acquisition which, if the expectation for it materialized, would effect a substantial change in the company's business; a reorganization; a recapitalization or other development involving a security exchange or conversion; a merger, liquidation or distribution of cash, securities or other assets; a breakup or workout of a holding company; litigation which, if resolved favorably, would improve the value of the company's stock; a new or changed management; or material changes in management policies. A Special Situation may often involve a comparatively small company, which is not well known, and which has not been closely watched by investors generally, but it may also involve a large company. The fact, if it exists, that an increase in the company's earnings, dividends or business is expected, or that a given security is considered to be undervalued, would not in itself be sufficient to qualify as a Special Situation. The Fund or an Underlying Fund may invest in securities (even if not Special Situations) which, in the opinion of its investment adviser, are appropriate investments for the Fund or Underlying Fund, including securities which the investment adviser believes are undervalued by the market. The Fund and Underlying Funds are not required to invest any minimum percentage of their aggregate portfolio in "Special Situations," nor are they required to invest any minimum percentage of their aggregate portfolio in securities other than "Special Situations."

**Swap Risk.** The Funds may use swaps to enhance returns and manage risk. The Fund's use of swaps involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include: (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss to the Fund. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The use of leveraged derivatives can magnify the Fund's potential for loss and, therefore, amplify the effects of market volatility on the Fund's share price.

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

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

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

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

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

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

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

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

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

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

**Underlying Fund Market Price Risk.** The shares of Underlying Funds may trade at a discount or premium to their NAV. Historically, shares of Underlying Funds have frequently traded at a discount to their NAV, which discounts have, on occasion, been substantial and lasted for sustained periods of time. This is a risk separate and distinct from the risk that an Underlying Fund's NAV could decrease as a result of investment activities. Whether the Fund will realize gains or losses upon the sale of its shares of an Underlying Fund will depend not on the Underlying Fund's NAV, but entirely upon whether the market price of the Underlying Fund's shares at the time of sale is above or below the Fund's initial purchase price of the Underlying Fund.

**Valuation Risk*.*** The sale price the Fund could receive for a security may differ from the Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. Because non-U.S. exchanges may be open on days when the Fund does not price its Shares, the value of the securities or assets in the Fund's portfolio may change on days when investors will not be able to purchase or sell the Fund's Shares. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues or otherwise.

**Investment Restrictions**

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

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

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

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

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

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

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

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

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

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

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

The Fund may invest in securities issued by other investment companies within the limits prescribed by the 1940 Act. As a shareholder of another investment company, the Fund would bear, along with other shareholders, its pro rata portion of the other investment company's expenses, including advisory fees. These expenses would be in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations. For purposes of Investment Restriction Number 6, the Fund will look through to the underlying investments of any acquired open-end investment company for purposes of complying with its policy.

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

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

**Exchange Listing and Trading**

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

There can be no assurance that the Fund will continue to meet the requirements of the Exchange necessary to maintain the listing of shares. The Exchange will consider the suspension of trading in, and will initiate delisting proceedings of, the shares of the Fund under any of the following circumstances: (i) if any of the requirements set forth in the Exchange rules are not continuously maintained; (ii) if the Exchange files separate proposals under Section 19(b) of the 1940 Act and any of the statements regarding (a) the description of the Fund; (b) limitations on the Fund's portfolio holdings or reference assets; (c) dissemination and availability of the intraday indicative values; or (d) the applicability of the Exchange listing rules specified in such proposals are not continuously maintained; (iii) if, following the initial 12-month period beginning at the commencement of trading of the Fund, there are fewer than 50 beneficial owners of shares of the Fund; (iv) if the intraday indicative value is no longer disseminated at least every 15 seconds during the Exchange's regular market session and the interruption to the dissemination persists past the trading day in which it occurred; or (v) such other event shall occur or condition shall exist that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. The Exchange will remove the shares from listing and trading upon termination of the Fund.

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

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

**Management of the Trust**

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

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

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

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

The Board has also established an Advisory Board whose members are not "interested persons" of the Trust (as defined in the 1940 Act) and who serve in a consultative capacity to the Board, providing non-binding advice to the Board regarding the oversight of the affairs of the Trust (each, an "Advisory Board Member"). An Advisory Board Member participates in Board discussions and reviews Board materials relating to the Funds, but is not a Trustee, has no power to vote on any matter presented to the Board, and has no power to act on behalf of or otherwise bind the Board, the Trustees or any committee of the Board. The Board appointed Eugene Podsiadlo as an Advisory Board Member effective October 1, 2025.

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

**Trustees, Advisory Board Members, and Executive Officers**

The Trustees, advisory board members, and executive officers of the Trust, their ages, business addresses and principal occupations during the past five years are set forth in this section.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address, and Year of Birth** | &nbsp;&nbsp;**Position(s) Held with Trust** | &nbsp;&nbsp;**Term of Office and Length of Time Served<sup>(1)</sup>** | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** | &nbsp;&nbsp;**Number of Portfolios in Fund Complex Overseen by Trustee\*** | &nbsp;&nbsp;**Other Directorships Held by Trustee** |
| &nbsp;&nbsp;**INDEPENDENT TRUSTEES** | &nbsp;&nbsp;**INDEPENDENT TRUSTEES** | &nbsp;&nbsp;**INDEPENDENT TRUSTEES** | &nbsp;&nbsp;**INDEPENDENT TRUSTEES** | &nbsp;&nbsp;**INDEPENDENT TRUSTEES** | &nbsp;&nbsp;**INDEPENDENT TRUSTEES** |
| &nbsp;&nbsp;Gregory P. Chandler <br> 615 East Michigan Street <br> Milwaukee, WI 53202 <br> Year of Birth: 1966<br>| &nbsp;&nbsp;Trustee | &nbsp;&nbsp;June 2021 to present | &nbsp;&nbsp;Since 2025, Financial Consultant; from 2020-2025, Chief Financial Officer, HC Parent Corp (life sciences consulting services). | &nbsp;&nbsp;136 | &nbsp;&nbsp;FS Specialty Lending Corp (previously Energy and Power Fund) (registered investment company); Wilmington Funds (10 portfolios) (registered investment company). |
| &nbsp;&nbsp;Lisa A. Dolly <br> 615 East Michigan Street <br> Milwaukee, WI, 53202 <br> Year of Birth: 1966  | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;October 2021 to present | &nbsp;&nbsp;Independent Director. | &nbsp;&nbsp;136 | &nbsp;&nbsp;Allfunds Group PLC (United Kingdom wealthtech and fund distribution provider); Securities Industry and Financial Markets Association (trade association for broker dealers, investment banks and asset managers); Hightower Advisors (wealth management firm); Cohen & Steers, Inc. (global investment manager). |
| &nbsp;&nbsp;Nicholas A. Giordano <br> 615 East Michigan Street <br> Milwaukee, WI 53202 <br> Year of Birth: 1943  | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;June 2021 to present | &nbsp;&nbsp;Since 1997, Consultant, financial services organizations. | &nbsp;&nbsp;136 | &nbsp;&nbsp;IntriCon Corporation (biomedical device manufacturer) (until 2022); Wilmington Funds (12 portfolios) (registered investment company) (until 2023); Independence Blue Cross (healthcare insurance) (until March 2021). |
| &nbsp;&nbsp;Arnold M. Reichman <br> 615 East Michigan Street <br> Milwaukee, WI 53202 <br> Year of Birth: 1948  | &nbsp;&nbsp;Chair and Trustee | &nbsp;&nbsp;June 2021 to present | &nbsp;&nbsp;Retired. | &nbsp;&nbsp;136 | &nbsp;&nbsp;EIP Investment Trust (registered investment company) (until August 2022). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Martha A. Tirinnanzi<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1960  | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;January 2024 to present | &nbsp;&nbsp;Since 2014, Instructor, The Institute for Financial Markets; from 2013-2023, President and Chief Executive Officer, Financial Standards, Inc. (consulting firm); from 2020-2022, Adjunct Professor of Finance and Accounting, The Catholic University of America's Busch School of Business. | &nbsp;&nbsp;136 | &nbsp;&nbsp;Intercontinental Exchange, Inc. ("ICE") (financial services company and operator of global exchanges and clearinghouses); ICE Mortgage Services, LLC (a subsidiary of ICE); ICE Mortgage Technology, Inc. (a subsidiary of ICE); Community Development Trust (real estate investment trust) (until May 2023). |
| &nbsp;&nbsp;**INTERESTED TRUSTEES<sup>(2)</sup>** | &nbsp;&nbsp;**INTERESTED TRUSTEES<sup>(2)</sup>** | &nbsp;&nbsp;**INTERESTED TRUSTEES<sup>(2)</sup>** | &nbsp;&nbsp;**INTERESTED TRUSTEES<sup>(2)</sup>** | &nbsp;&nbsp;**INTERESTED TRUSTEES<sup>(2)</sup>** | &nbsp;&nbsp;**INTERESTED TRUSTEES<sup>(2)</sup>** |
| &nbsp;&nbsp;Robert Sablowsky<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1938  | &nbsp;&nbsp;Vice Chair and Trustee | &nbsp;&nbsp;June 2021 to present | &nbsp;&nbsp;Since 2002, Senior Director – Investments and, prior thereto, Executive Vice President, of Oppenheimer & Co., Inc. (a registered broker-dealer). | &nbsp;&nbsp;136 | &nbsp;&nbsp;None. |
| &nbsp;&nbsp;Brian T. Shea<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1960 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;June 2021 to present | &nbsp;&nbsp;Independent Director. | &nbsp;&nbsp;136 | &nbsp;&nbsp;Ameriprise Financial (financial services companies); Barclays PLC, Barclays Bank PLC and Barclays Execution Services Limited (financial services companies); Fidelity National Information Services, Inc. (financial services technology company) (until 2024). |
| &nbsp;&nbsp;**DISINTERESTED ADVISORY BOARD MEMBERS<sup>(3)</sup>** | &nbsp;&nbsp;**DISINTERESTED ADVISORY BOARD MEMBERS<sup>(3)</sup>** | &nbsp;&nbsp;**DISINTERESTED ADVISORY BOARD MEMBERS<sup>(3)</sup>** | &nbsp;&nbsp;**DISINTERESTED ADVISORY BOARD MEMBERS<sup>(3)</sup>** | &nbsp;&nbsp;**DISINTERESTED ADVISORY BOARD MEMBERS<sup>(3)</sup>** | &nbsp;&nbsp;**DISINTERESTED ADVISORY BOARD MEMBERS<sup>(3)</sup>** |
| &nbsp;&nbsp;Eugene Podsiadlo<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1957 | &nbsp;&nbsp;Advisory Board Member | &nbsp;&nbsp;October 2025 to present | &nbsp;&nbsp;Since 2023, Senior Advisor and Limited Partner, AI Capital, LLC; since 2020, Senior Advisory and Industry Council Member, Cross Creek Advisors; from February-June 2023, Executive Vice President of Clearbrook, LLC; from 2020-2022, Registered Securities Principal and Representative, March Capital. | &nbsp;&nbsp;N/A | &nbsp;&nbsp;Alpha Healthcare Acquisition Corp III (2021-2023); Esotrica Thematic Trust (2020-2021). |
| &nbsp;&nbsp;**OFFICERS** | &nbsp;&nbsp;**OFFICERS** | &nbsp;&nbsp;**OFFICERS** | &nbsp;&nbsp;**OFFICERS** | &nbsp;&nbsp;**OFFICERS** | &nbsp;&nbsp;**OFFICERS** |
| &nbsp;&nbsp;Steven Plump<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1959  | &nbsp;&nbsp;President | &nbsp;&nbsp;August 2022 to present | &nbsp;&nbsp;From 2011 to 2021, Executive Vice President, PIMCO LLC. | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Salvatore Faia, JD,<br> CPA, CFE<br> Vigilant Compliance, LLC<br> Gateway Corporate<br> Center, Suite 216<br> 223 Wilmington West<br> Chester Pike<br> Chadds Ford, PA 19317<br> Year of Birth: 1962  | &nbsp;&nbsp;Chief Compliance Officer | &nbsp;&nbsp;June 2021 to present | &nbsp;&nbsp;Since 2004, President, Vigilant Compliance, LLC (investment management services company); since 2005, Independent Trustee of EIP Investment Trust (registered investment company); since 2004, Chief Compliance Officer of The RBB Fund, Inc.; from 2009 to 2022, President of The RBB Fund, Inc.; from 2021 to 2022, President of The RBB Fund Trust. | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;James G. Shaw<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1960  | &nbsp;&nbsp;Chief Financial Officer and Secretary<br>Chief Operating Officer<br>| &nbsp;&nbsp;June 2021 to present<br>August 2022 to present<br>| &nbsp;&nbsp;Since 2022, Chief Operating Officer of The RBB Fund Inc.; since 2016, Chief Financial Officer and Secretary of The RBB Fund Inc. | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Craig A. Urciuoli<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1974<br>| &nbsp;&nbsp;Director of Marketing & Business Development | &nbsp;&nbsp;June 2021 to present | &nbsp;&nbsp;Since 2019, Director of Marketing & Business Development of The RBB Fund, Inc.; from 2000 to 2019, Managing Director, Third Avenue Management LLC (investment advisory firm). | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Thomas M. Reynolds<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1960 | &nbsp;&nbsp;Assistant Treasurer<br> and Assistant<br> Secretary<br>| &nbsp;&nbsp;September<br> 2024 to present<br>| &nbsp;&nbsp;Since 2024, Assistant Treasurer & Assistant Secretary of the RBB Trust, Inc.; from 2023-2024, Vice President of Virtus Investment Partners; from 2020-2023, CFO of Stone Harbor Investment Partners LP. | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Jennifer Witt<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1982  | &nbsp;&nbsp;Assistant Treasurer | &nbsp;&nbsp;June 2021 to present | &nbsp;&nbsp;Since 2020, Vice President, U.S. Bank Global Fund Services (fund administrative services firm); from 2016 to 2020, Assistant Vice President, U.S. Bank Global Fund Services. | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Edward Paz<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1971  | &nbsp;&nbsp;Assistant Secretary | &nbsp;&nbsp;June 2021 to present | &nbsp;&nbsp;Since 2007, Vice President and Counsel, U.S. Bank Global Fund Services (fund administrative services firm). | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Joshua Solin<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1988  | &nbsp;&nbsp;Assistant Treasurer | &nbsp;&nbsp;January 2025 to<br> present<br>| &nbsp;&nbsp;Since 2023, Assistant Vice President, U.S. Bank Global Fund Services (fund administrative services firm); from 2021 to 2023, Officer, U.S. Bank Global Services. | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Jillian L. Bosmann<br> One Logan Square<br> Ste. 2000<br> Philadelphia, PA 19103<br> Year of Birth: 1979  | &nbsp;&nbsp;Assistant Secretary | &nbsp;&nbsp;June 2021 to present | &nbsp;&nbsp;Since 2017, Partner, Faegre Drinker Biddle & Reath LLP (law firm). | &nbsp;&nbsp;N/A |

---

\* Each Trustee oversees 136 portfolios of the fund complex, consisting of the series in the Trust (35 portfolios) and in The RBB Fund, Inc. (101 portfolios)

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

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

(3) A
Disinterested Advisory Board Member is an Advisory Board Member that is not an "interested person" of the Trust within
the meaning of Section 2(a)(19) of the 1940 Act.

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

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

**Standing Committees**

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

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

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

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

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

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

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

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

**Risk Oversight**

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

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

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

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

**Trustee Ownership of Shares of the Trust**

The following table sets forth the dollar range of equity securities beneficially owned by each Trustee and Advisory Board Member in the Funds and in all of the portfolios of the Trust and The RBB Fund, Inc. (which for each Trustee comprise all registered investment companies within the Trust's family of investment companies overseen by him or her), as of December 31, 2025, including the amounts through the deferred compensation plan.

---

| | | |
|:---|:---|:---|
| | **Dollar Range of** <br> **Equity Securities in the Fund<sup>(1)</sup>**  | **Aggregate Dollar Range of** <br> **Equity Securities in All** <br> **Registered Investment Companies** <br> **Overseen by Trustee within the Family of Investment Companies**  |
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |  |
| Gregory P. Chandler |  | Over $100,000 |
| Lisa A. Dolly |  | $50001-$100000 |
| Nicholas A. Giordano |  | $50001-$100000 |
| Arnold M. Reichman |  | Over $100,000 |
| Martha A. Tirinnanzi |  | Over $100,000 |
| **INTERESTED TRUSTEES** | **INTERESTED TRUSTEES** |  |
| Robert Sablowsky |  | Over $100,000 |
| Brian T. Shea |  | $10001-$50000 |
| **DISINTERESTED ADVISORY BOARD MEMBERS** | **DISINTERESTED ADVISORY BOARD MEMBERS** | **DISINTERESTED ADVISORY BOARD MEMBERS** |
| Eugene Podsiadlo<sup>(2)</sup> |  | $10001-$50000 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) Mr.
 Podsiadlo is not a Trustee. He was appointed as an Advisory Board Member effective October
 1, 2025.

**Trustees' and Officers' Compensation**

Effective January 1, 2026, the Trust and The RBB Fund, Inc., based on an allocation formula, pay each Trustee and Advisory Board Member a retainer at the rate of $265,000 annually, $15,000 for each regular meeting of the Board attended in-person; $6,000 for each Regulatory Oversight Committee meeting attended in-person; $5,000 for each other committee (excluding the Regulatory Oversight Committee) meeting attended in-person; $9,000 and $6,500, respectively, for each special in-person or telephonic Board meeting that lasts longer than 30 minutes; $4,000 for each special committee meeting that lasts longer than 30 minutes; $3,000 for each special Board or committee meeting that lasts less than 30 minutes. The Chair of the Audit Committee and Chair of the Regulatory Oversight Committee each receives an additional fee of $50,000 for their services. The Chair of the Contract Committee and the Chair of the Nominating and Governance Committee each receives an additional fee of $40,000 per year for their services. The Vice Chair of the Regulatory Oversight Committee receives an additional fee of $25,000 for his services. The Chair of the Board receives an additional fee of $125,000 per year for his services in this capacity and the Vice Chair of the Board receives an additional fee of $50,000 per year for his services in this capacity.

From January 1, 2025 through December 31, 2025, the Trust and The RBB Fund, Inc., based on an allocation formula, paid each Trustee and Advisory Board Member a retainer at the rate of $225,000 annually, $15,000 for each regular meeting of the Board attended in-person; $6,000 for each Regulatory Oversight Committee meeting attended in-person; $5,000 for each other committee (excluding the Regulatory Oversight Committee) meeting attended in-person; $9,000 and $6,500, respectively, for each special in-person or telephonic Board meeting that lasts longer than 30 minutes; $4,000 for each special committee meeting that lasts longer than 30 minutes; $3,000 for each special Board or committee meeting that lasts less than 30 minutes. The Chair of the Audit Committee and Chair of the Regulatory Oversight Committee each received an additional fee of $50,000 for their services. The Chair of the Contract Committee and the Chair of the Nominating and Governance Committee each received an additional fee of $40,000 per year for their services. The Vice Chair of the Regulatory Oversight Committee received an additional fee of $25,000 for his services. The Chair of the Board received an additional fee of $125,000 per year for his services in this capacity and the Vice Chair of the Board receives an additional fee of $50,000 per year for his services in this capacity.

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

Trustees are reimbursed for any reasonable out-of-pocket expenses incurred in attending meetings of the Board or any committee thereof. An employee of Vigilant Compliance, LLC serves as CCO of the Trust. Vigilant Compliance, LLC is compensated for the services provided to the Trust, and such compensation is determined by the Board. For the fiscal year ended August 31, 2025, Vigilant Compliance, LLC received $1,060,000 in the aggregate from all series of the Trust and The RBB Fund, Inc. (together, "Fund Complex") for its services. For the fiscal year ended August 31, 2025, Vigilant Compliance, LLC did not receive any fees from the Fund because the Fund had not commenced operations prior to the date of this SAI. Employees of the Trust serve as President, Chief Financial Officer, Chief Operating Officer, Secretary, Director of Marketing & Business Development, Assistant Treasurer, and Assistant Secretary, and are compensated for services provided. For the fiscal year ended August 31, 2025, each of the following members of the Board and the President, Chief Financial Officer, Chief Operating Officer, Secretary, Director of Marketing & Business Development, Assistant Treasurer, and Assistant Secretary received compensation from the Fund and the Fund Complex in the following amounts:

---

| | | | |
|:---|:---|:---|:---|
| **Name of Trustee/Officer** | **Aggregate** <br> **Compensation** <br> **from the Fund<sup>(1)</sup>**  | **Pension or** <br> **Retirement** <br> **Benefits**<br> **Accrued as**<br> **Part of**<br> **Funds**<br> **Expenses**  | **Total** <br> **Compensation** <br> **From** <br> **Fund Complex** <br> **Paid to** <br> **Trustees** <br> **or Officers**  |
| **Independent Trustees:** |  |  |  |
| Gregory P. Chandler, Trustee |  | N/A | $406250 |
| Lisa A. Dolly, Trustee |  | N/A | $363750 |
| Nicholas A. Giordano, Trustee |  | N/A | $369250 |
| Arnold M. Reichman, Trustee and Chair |  | N/A | $476750 |
| Robert A. Straniere, Trustee <sup>(2)</sup> |  | N/A | $101250 |
| Martha A. Tirinnanzi, Trustee |  | N/A | $336000 |
| **Interested Trustees:** |  |  |  |
| Robert Sablowsky, Trustee and Vice Chair |  | N/A | $466750 |
| Brian T. Shea, Trustee |  | N/A | $380500 |
| **Disinterested Advisory Board Members:** |  |  |  |
| Eugene Podsiadlo<sup>(3)</sup> | N/A | N/A | $0 |
| **Officers:** |  |  |  |
| Steven Plump, President |  | N/A | $424750 |
| James G. Shaw, Chief Financial Officer, Chief Operating Officer and Secretary |  | N/A | $546000 |
| Craig Urciuoli, Director of Marketing & Business Development |  | N/A | $434750 |
| Thomas M. Reynolds, Assistant Treasurer and Assistant Secretary |  | N/A | $200000 |

---

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

(2) Mr. Straniere retired from his role as a Trustee effective
January 2025.

(3) Mr. Podsiadlo began serving as an Advisory Board Member
effective October 1, 2025.

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

As of December 31, 2025, the Independent Trustees and their respective immediate family members (spouse or dependent children) did not own beneficially or of record any securities of the Trust's investment advisers or distributor, or of any person directly or indirectly controlling, controlled by, or under common control with the investment advisers or distributor.

**Trustee Emeritus Program**

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

A Trustee Emeritus that has been approved as such receives an annual fee in an amount equal to up to 50% of the annual base compensation paid to a Trustee. Effective January 1, 2026, a Trustee Emeritus can receive an annual fee in an amount up to 50% of the annual base compensation paid to a Trustee in effect at the time such Trustee Emeritus was first appointed Trustee Emeritus. Compensation will be determined annually by the Committee and the Board with respect to each Trustee Emeritus. In addition, a Trustee Emeritus will be reimbursed for certain expenses incurred in connection with their service, including expenses of travel and lodging incurred in attendance at Board/Committee meetings. A Trustee Emeritus will continue to receive relevant materials concerning the Fund and will be available to consult with the Trustees at reasonable times as requested. However, a Trustee Emeritus does not have any voting rights at Board meetings and is not subject to election by shareholders of the Funds.

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

For the fiscal year ended August 31, 2025, Julian Brodsky and Robert Straniere received compensation for their roles as a Trustee Emeritus in the following amounts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Trustee Emeritus** | **Aggregate Compensation from the Fund**<sup>(1)</sup> | **Pension or Retirement Benefits Accrued as Part of Fund Expenses** | **Estimated Annual Benefits Upon Retirement** | **Total Compensation From Fund Complex** |
| Julian Brodsky |  | N/A | N/A | $106250 |
| Robert Straniere |  | N/A | N/A | $84375 |

---

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

**Code of Ethics**

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

**Principal Holders**

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

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

**Investment Advisory and Sub-Advisory Agreements**

**Investment Advisory Agreement**

Seven Post Investment Office LP acts as investment adviser to the Fund. The Adviser is a Delaware limited partnership and is located at One Montgomery Street, Suite 3150, San Francisco, CA 94104. The Adviser is registered with the SEC as an investment adviser.

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

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

Pursuant to the terms of the Advisory Agreement, in consideration of the services provided by the Adviser, the Fund will pay the Adviser and the Adviser will accept as full compensation a fee, computed daily and payable monthly out of the Fund's assets, at the annual rate of 0.65%, subject to a contractual fee cap of 0.55% through December 31, 2027. This contractual limitation may not be terminated prior to that date without the approval of the Board or the Trust.

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

*Expense Limitation Agreement*

The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit Total Annual Fund Operating Expenses (excluding certain items discussed below) to 0.75% of the Fund's average daily net assets. In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause the Fund's net Total Annual Fund Operating Expenses to exceed 0.75%, as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. The Adviser has also contractually agreed to waive 0.10% of its management fee resulting in a net management fee of 0.55%. This contractual limitation and management fee waiver are in effect until December 31, 2027, and may not be terminated prior to that date without the approval of the Board of the Trust.

No information about advisory fees paid by the Fund to the Adviser is provided because the Fund has not commenced operations prior to the date of this SAI.

**Investment Sub-Advisory Agreement**

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

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

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

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

**Portfolio Managers**

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

**The Adviser**

*Description of Compensation*. Each portfolio manager receives a fixed base pay, suite of employee benefits and profit participation.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts With** <br> **Performance-Based Fees**  | **Accounts With** <br> **Performance-Based Fees**  |
| **Portfolio Managers;** | **Number** | **Assets** | **Number** | **Assets** |
| Ali Bastani |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registered Investment Companies | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Accounts | 533 | $7884019942 | 0 | $0 |
| Bruce W. Bligh |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registered Investment Companies | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Accounts | 335 | $1179506245 | 0 | $0 |
| Eldridge F. Gray |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registered Investment Companies | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Accounts | 178 | $5644951775 | 0 | $0 |

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**Conflicts of Interest.** Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one fund or other accounts. More specifically, a portfolio manager who manages multiple funds or accounts is presented with the following potential conflicts:

The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. The management of multiple funds and accounts also may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his time and investment ideas across multiple funds and accounts.

Each portfolio manager also holds additional responsibilities at Seven Post, including client relationship management, business management, and participation in business development activities. These multiple roles may give rise to potential competing demands on their time and resources in the management of client accounts.

The Adviser may also manage other accounts that have the same investment objective as the Fund. In these instances, a potential conflict of interest may arise whereby a portfolio manager could favor one account over another.

● With respect to securities transactions for the Fund, the Sub-Adviser determines which broker to use to execute each order, consistent with the duty to seek best execution of the transaction. A portfolio manager of the Sub-Adviser may execute transactions for another fund or account that may adversely impact the value of securities held by the Fund. Securities selected for funds or accounts other than the Fund may outperform the securities selected for the Fund.

● The appearance of a conflict of interest may arise where the Adviser or Sub-Adviser has an incentive to treat accounts differently. For example, the Adviser or the Sub-Adviser may have an incentive to favor an account that pays the Adviser or the Sub-Adviser an investment management fee over other accounts. Additionally, the management of personal accounts may give rise to potential conflicts of interest; there is no assurance that the Fund's, the Adviser's or the Sub-Adviser's code of ethics will adequately address such conflicts. One of a portfolio manager's numerous responsibilities may be to assist in the sale of Fund shares. Because a portfolio manager's compensation is indirectly linked to the sale of Fund shares, he may have an incentive to devote time to marketing efforts designed to increase sales of Fund shares.

● The Fund has adopted a code of ethics that, among other things, permits personal trading by employees under conditions where it has been determined that such trades would not adversely impact client accounts. Nevertheless, the management of personal accounts may give rise to potential conflicts of interest, and there is no assurance that these codes of ethics will adequately address such conflicts.

The Adviser, the Sub-Adviser and the Fund have adopted certain compliance procedures that are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

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

**Underwriter**

The Trust has entered into a distribution agreement (the "Distribution Agreement") with Quasar Distributors, LLC (the "Distributor"), 190 Middle Street, Suite 301, Portland, Maine 04101, pursuant to which the Distributor acts as the Fund's principal underwriter with respect to the creation and redemption of Creation Units of the Fund. Shares are continuously offered for sale by the Distributor only in Creation Units. The Distributor will not distribute Shares in amounts less than a Creation Unit.

Under the Distribution Agreement, the Distributor will review all orders for the purchase and redemption of Creation Units by authorized participants who have executed an Authorized Participant Agreement with the Distributor and transfer agent/index receipt agent. The Distributor will also make available copies of the Prospectus to purchasers of Creation Units and, upon request, the SAI and will maintain records of orders placed with it. The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and a member of the Financial Industry Regulatory Authority ("FINRA").

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

The Distribution Agreement has an initial term of up to two years and will continue in effect thereafter only if such continuance is specifically approved at least annually by the Board or by vote of a majority of the Fund's outstanding voting securities and, in either case, by a majority of the Independent Trustees. The Distribution Agreement is terminable without penalty by the Trust, on behalf of the Fund, on 60 days' written notice when authorized either by a majority vote of the Fund's shareholders or by vote of a majority of the Board, including a majority of the Independent Trustees of the Trust, or by the Distributor on 60 days' written notice, and will automatically terminate in the event of its "assignment" (as defined in the 1940 Act).

**DISTRIBUTION AND SERVICE PLAN**

As stated in the Fund's Prospectus, the Trust has adopted a Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 with respect to shares of the Fund. However, no 12b-1 fee is currently charged to the Fund, and there are no plans in place to impose a Rule 12b-1 fee at this time. Pursuant to the Plan, the Fund may enter into agreements from time to time with financial intermediaries providing for support and/or distribution services to customers of the financial intermediaries who are the beneficial owners of Fund shares. Under the agreements, the Fund may pay financial intermediaries up to 0.25% (on an annualized basis) of the average daily NAV of the shares beneficially owned by their customers. Distribution services may include: (i) services in connection with distribution assistance; or (ii) payments to financial institutions and other financial intermediaries, such as broker-dealers and mutual fund "supermarkets," as compensation for services or reimbursement of expenses incurred in connection with distribution assistance.

Any amendment to increase materially the costs under the Plan with respect to the Fund must be approved by the holders of a majority of the outstanding shares of the Fund. So long as the Plan is in effect, the selection and nomination of the members of the Board who are not "interested persons" (as defined in the 1940 Act) of the Trust will be committed to the discretion of such Non-Interested Trustees.

**Purchase and Redemption of Creation Units**

**Purchase and Issuance of Creation Units**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

CREATION TRANSACTION FEE. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units, and investors will be required to pay a Creation Transaction Fee regardless of the number of Creation Units created in the transaction. The Fund may adjust the creation transaction fee from time to time based upon actual experience. In addition, the Fund may impose a Non-Standard Charge of up to 2% of the value of the creation transactions for cash creations, non- standard orders, or partial cash purchases for the Fund. The Fund may adjust the Non-Standard Charge from time to time based upon actual experience. Investors who use the services of an AP, broker or other such intermediary may be charged a fee for such services, which may include an amount for the Creation Transaction Fee and Non-Standard Charges. Investors are responsible for the costs of transferring the securities constituting the Deposit Securities to the account of the Trust. The Adviser may retain all or a portion of the Transaction Fee to the extent the Adviser bears the expenses that otherwise would be borne by the Trust in connection with the purchase of a Creation Unit, which the Transaction Fee is designed to cover. The standard Creation Transaction Fee for the Fund is $300.

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

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

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

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

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

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

REDEMPTION TRANSACTION FEES. A redemption transaction fee may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units, and APs will be required to pay a Redemption Transaction Fee regardless of the number of Creation Units created in the transaction. The redemption transaction fee is the same no matter how many Creation Units are being redeemed pursuant to any one redemption request. The Fund may adjust the redemption transaction fee from time to time based upon actual experience. In addition, the Fund may impose a Non-Standard Charge of up to 2% of the value of a redemption transaction for cash redemptions, non-standard orders, or partial cash redemptions for the Fund. Investors who use the services of an AP, broker or other such intermediary may be charged a fee for such services which may include an amount for the Redemption Transaction Fees and Non-Standard Charges. Investors are responsible for the costs of transferring the securities constituting the Fund Securities to the account of the Trust. The Non-Standard Charges are payable to the Fund as it incurs costs in connection with the redemption of Creation Units, the receipt of Fund Securities and the Cash Redemption Amount and other transactions costs. The standard Redemption Transaction Fee for each Fund is $300.

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

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

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

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

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

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

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

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

**Portfolio Holdings Information**

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

**Determination of Net Asset Value**

The following information supplements and should be read in conjunction with the sections in the Fund's Prospectus titled "HOW TO BUY AND SELL SHARES."

NAV is determined as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time) each day the NYSE is open, except that no computation need be made on a day on which no orders to purchase or redeem shares have been received. The NYSE currently observes the following holidays: New Year's Day, Martin Luther King Jr. Day (third Monday in January), Presidents Day (third Monday in February), Good Friday (Friday before Easter), Memorial Day (last Monday in May), Juneteenth National Independence Day, Independence Day, Labor Day (first Monday in September), Thanksgiving Day (fourth Thursday in November), and Christmas Day.

NAV per share is computed by dividing the value of the Fund's net assets (*i.e.*, the value of its assets less its liabilities) by the total number of the Fund's shares outstanding. In computing NAV, securities are valued at market value as of the close of trading on each business day when the NYSE is open. Securities, other than stock options, listed on the NYSE or other exchanges are valued on the basis of the last reported sale price on the exchange on which they are primarily traded. However, if the last sale price on the NYSE is different from the last sale price on any other exchange, the NYSE price will be used. If there are no sales on that day, then the securities are valued at the bid price on the NYSE or other primary exchange for that day. Securities traded in the over-the-counter ("OTC") market are valued on the basis of the last sales price as reported by the National Association of Securities Dealers Automated Quotations ("NASDAQ"). If there are no sales on that day, then the securities are valued at the mean between the closing bid and asked prices as reported by NASDAQ. Stock options and stock index options traded on national securities exchanges or on NASDAQ are valued at the mean between the latest bid and asked prices for such options. Securities for which market quotations are not readily available and other assets are valued at fair value by the Adviser, as the Fund's valuation designee, as determined pursuant to procedures adopted in good faith by the Board. Debt securities that mature in less than 60 days are valued at amortized cost (unless the Board determines that this method does not represent fair value), if their original maturity was 60 days or less or by amortizing the value as of the 61st day before maturity, if their original term to maturity exceeded 60 days. A pricing service may be used to determine the fair value of securities held by the Fund. Any such service might value the investments based on methods that include consideration of yields or prices of securities of comparable quality, coupon, maturity, and type; indications as to values from dealers; and general market conditions. The service may also employ electronic data-processing techniques, a matrix system, or both to determine valuation. The Board will review and monitor the methods such services use to assure itself that securities are valued at their fair values.

The values of securities held by the Fund and other assets used in computing NAV are determined as of the time at which trading in such securities is completed each day. That time, in the case of foreign securities, generally occurs at various times before the close of the NYSE. Trading in securities listed on foreign securities exchanges will be valued at the last sale or, if no sales are reported, at the bid price as of the close of the exchange, subject to possible adjustment as described in the Prospectus. Foreign currency exchange rates are also generally determined before the close of the NYSE. On occasion, the values of such securities and exchange rates may be affected by events occurring between the time as of which determinations of such values or exchange rates are made and the close of the NYSE. When such events materially affect the value of securities held by the Fund or its liabilities, such securities and liabilities will be valued at fair value in accordance with procedures adopted in good faith by the Board. The values of any assets and liabilities initially expressed in foreign currencies will be converted to U.S. dollars based on exchange rates supplied by a quotation service.

**Dividends, Distributions, and Taxes**

The following information supplements and should be read in conjunction with the section in the Fund's Prospectus titled "DIVIDENDS, DISTRIBUTIONS, AND TAXES." In addition, the following is only a summary of certain U.S. federal income tax considerations that generally affect the Fund and its shareholders. No attempt is made to present a comprehensive explanation of the tax treatment of the Fund or its shareholders, and the discussion here and in the Prospectus is not intended as a substitute for careful tax planning. Shareholders are urged to consult their tax advisors with specific reference to their own tax situations, including their state, local, and foreign tax liabilities.

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

**Dividend Reinvestment Service**

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

**Taxes – General**

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

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

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

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

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

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

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

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

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

**Loss Carryforwards**

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

**Exchange of Stocks and Securities for Shares**

Certain initial investors in the Fund may be permitted to contribute a diversified portfolio of stocks and securities to the Fund in exchange for shares of the Fund, in a transaction that is expected to qualify as a tax-deferred contribution under Section 351 of the Code. If the foregoing transaction does not meet the requirements of Section 351 of the Code, contributing shareholders would recognize gain or loss based on the difference between the value of the Fund shares that they receive and their basis in the stocks and securities that they exchange for Fund shares. Assets received by the Fund in a tax-deferred contribution under Section 351 of the Code may have a lower basis than if the Fund acquired such assets for cash, which could increase future gain of the Fund on a taxable disposition of such assets.

**State and Local Taxes**

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

**Portfolio Transactions and Brokerage**

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

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

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

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

**Proxy Voting Procedures**

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

In exercising its voting obligations, the Sub-Adviser is guided by general fiduciary principles. The Sub-Adviser must act prudently, solely in the interest of the Fund, and for the purpose of providing benefits to the Fund. The Sub-Adviser will consider the factors that could affect the value of the Fund's investment in its determination on a vote.

The Sub-Adviser has engaged the services of Institutional Shareholder Services Inc. ("ISS") to make recommendations to the Sub-Adviser on the voting of proxies relating to securities held by the Fund. The Sub-Adviser has adopted the ISS Proxy Voting Guidelines. While these guidelines are not intended to be all-inclusive, they do provide guidance on the Sub-Adviser's general voting policies. The Sub-Adviser's use of the ISS Proxy Voting Guidelines is not intended to constrain the Sub-Adviser's consideration of any proxy proposal, and there may be times when the Sub-Adviser deviates from the ISS Proxy Voting Guidelines. The ISS Proxy Voting Guidelines are subject to change at the discretion of ISS and may be found at issgovernance.com.

Each year, the Fund will make available the actual voting records relating to portfolio securities held by the Fund during the 12-month period ending June 30 without charge, upon request by calling 1-800-617-0004, on the Fund's website at www.EquityPartnerFunds.com or by accessing the SEC's website at www.sec.gov*.*

**Payments to Financial Intermediaries**

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

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

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

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

**General Information**

**Anti-Money Laundering Program**

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

Procedures to implement the Program include, but are not limited to, determining that certain of its service providers have established proper anti-money laundering procedures, reporting suspicious and/or fraudulent activity, and conducting a complete and thorough review of all new account applications. The Fund will not transact business with any person or legal entity and beneficial owner, if applicable, whose identity cannot be adequately verified under the provisions of the USA PATRIOT Act.

**Independent Registered Public Accounting Firm**

Cohen & Company, Ltd., located at 1350 Euclid Avenue, Suite 800, Cleveland, Ohio 44115, is the independent registered public accounting firm of the Fund. The independent registered public accounting firm is responsible for conducting the annual audit of the Fund's financial statements. The selection of the independent registered public accounting firm is approved annually by the Board.

**Transfer Agent**

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

**Custodian**

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

**Administrator**

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

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

**Counsel**

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

**Registration Statement**

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

**Financial Statements**

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

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

**DESCRIPTION OF SECURITIES RATINGS**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Municipal Short-Term Note rating symbols are as follows:

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

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

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

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

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

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

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

MIG Scale

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**PART C**

**OTHER INFORMATION**

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

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

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

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

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

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

(d) Investment Advisory
 Agreement Contracts

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

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

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

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

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

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

(7) [Investment Advisory Agreement *(Longview Advantage ETF)* between the Registrant and Hill Investment Group Partners, LLC d/b/a Longview Research Partners](http://www.sec.gov/Archives/edgar/data/1618627/000199937125018397/ex99-d7.htm) <sup>(26)</sup>

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

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

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

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

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

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

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

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

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

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

(18) [Investment Advisory Agreement (*Twin Oak Active Opportunities II ETF, Twin Oak Active Opportunities III ETF and Twin Oak Endure ETF*) between Registrant and Twin Oak ETF Company](http://www.sec.gov/Archives/edgar/data/1618627/000139834425022420/fp0096494-1_ex9928d18.htm) <sup>(27)</sup>

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

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

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

(22) [Investment Sub-Advisory Agreement *(MUFG Japan Small Cap Active ETF)* between Clearbrook Investment Consulting, LLC and Mitsubishi UFJ Trust and Banking Corporation](http://www.sec.gov/Archives/edgar/data/1618627/000199937125018397/ex99-d22.htm) <sup>(26)</sup>

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

(24) [Investment Sub-Advisory Agreement *(Wayfinder Dynamic U.S. Interest Rate ETF, Wayfinder U.S. Dispersion ETF, Wayfinder Gold ETF, Wayfinder Oil ETF, Wayfinder U.S. Market Better Beta ETF, and Wayfinder Saber ETF)* between Gladius Capital Management LP and Vident Advisory, LLC (d/b/a Vident Asset Management)](http://www.sec.gov/Archives/edgar/data/1618627/000139834425020138/fp0095946-1_ex9928d24.htm) <sup>(25)</sup>

(25) [Investment Advisory Agreement *(Wayfinder Dynamic U.S. Interest Rate ETF, Wayfinder U.S. Dispersion ETF, Wayfinder Gold ETF, Wayfinder Oil ETF, Wayfinder U.S. Market Better Beta ETF, and Wayfinder Saber ETF)* between Registrant and Gladius Capital Management LP](http://www.sec.gov/Archives/edgar/data/1618627/000139834425020138/fp0095946-1_ex9928d25.htm) <sup>(25)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) [Expense Limitation Agreement *(Wayfinder Dynamic U.S. Interest Rate ETF, Wayfinder U.S. Dispersion ETF, Wayfinder Gold ETF, Wayfinder Oil ETF, Wayfinder U.S. Market Better Beta ETF, and Wayfinder Saber ETF)* between Registrant and Gladius Capital Management LP](http://www.sec.gov/Archives/edgar/data/1618627/000139834425020138/fp0095946-1_ex9928d26.htm) <sup>(25)</sup>

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

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

(29) [Addendum No. 1 to Investment Advisory Agreement (*Twin Oak Enhanced Equity ETF, Twin Oak Enhanced Fixed Income ETF, Twin Oak Global Equity ETF, Twin Oak Strategic Solutions ETF and Twin Oak Hedged Opportunities ETF*) between Registrant and Twin Oak ETF Company](http://www.sec.gov/Archives/edgar/data/1618627/000139834425022420/fp0096494-1_ex9928d29.htm) <sup>(27)</sup>

(30) [Addendum No. 1 to Investment Sub-Advisory Agreement (*Twin Oak Enhanced Equity ETF, Twin Oak Enhanced Fixed Income ETF, Twin Oak Global Equity ETF, Twin Oak Strategic Solutions ETF and Twin Oak Hedged Opportunities ETF*) between Twin Oak ETF Company and Exchange Traded Concepts, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834425022420/fp0096494-1_ex9928d30.htm) <sup>(27)</sup>

(31) [Expense Limitation Agreement (*Advent Convertible Bond ETF*) between Registrant and Advent Capital Management, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000199937125018397/ex99-d31.htm) <sup>(26)</sup>

(32) [Investment Advisory Agreement (*Longview Advantage Fixed Income ETF and Longview Advantage Real Estate ETF*) between the Registrant and Hill Investment Group Partners, LLC d/b/a Longview Research Partners](http://www.sec.gov/Archives/edgar/data/1618627/000139834425022912/fp0096611-1_ex9928d32.htm) <sup>(30)</sup>

(33) [Investment Advisory Agreement (*Pathfinder Focused Opportunities ETF and Pathfinder Disciplined US Equity ETF*) between the Registrant and Opal Capital LLC](http://www.sec.gov/Archives/edgar/data/1618627/000199937126001237/ex99-d33.htm) <sup>(31)</sup>

(34) [Investment Sub-Advisory Agreement (*Pathfinder Focused Opportunities ETF and Pathfinder Disciplined US Equity ETF*) between Opal Capital LLC and Vident Asset Management](http://www.sec.gov/Archives/edgar/data/1618627/000199937126001237/ex99-d34.htm) <sup>(31)</sup>

(35) [Investment Advisory Agreement among Gladius Capital Management LP, Wayfinder Gold Offshore Limited and Wayfinder Oil Offshore Limited](http://www.sec.gov/Archives/edgar/data/1618627/000139834425022912/fp0096611-1_ex9928d35.htm) <sup>(30)</sup>

(36) [Investment Advisory Agreement among Gladius Capital Management LP and Wayfinder Oil Offshore Limited](http://www.sec.gov/Archives/edgar/data/1618627/000139834425022912/fp0096611-1_ex9928d36.htm) <sup>(30)</sup>

(37) [Investment Advisory Agreement (*M.D. Sass Concentrated Value ETF*) between the Registrant and M.D. Sass, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834426006734/fp0098592-1_ex9928d37.htm) <sup>(34)</sup>

(38) [Delegated Services Sub-Advisory Agreement (*M.D. Sass Concentrated Value ETF*) between M.D. Sass, LLC and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834426006734/fp0098592-1_ex9928d38.htm) <sup>(34)</sup>

(39) [Expense Limitation Agreement *(Twin Oak Enhanced Fixed Income ETF and Twin Oak Hedged Opportunities ETF)* between Registrant and Twin Oak ETF Company](http://www.sec.gov/Archives/edgar/data/1618627/000139834425022420/fp0096494-1_ex9928d38.htm) <sup>(27)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) [Expense Limitation Agreement *(Longview Advantage Fixed Income ETF and Longview Advantage Real Estate ETF*) between the Registrant and Hill Investment Group Partners, LLC d/b/a Longview Research Partners](http://www.sec.gov/Archives/edgar/data/1618627/000139834425022912/fp0096611-1_ex9928d39.htm) <sup>(30)</sup>

(41) [Form of Investment Advisory Agreement (*The Snowball ETF*) between the Registrant and Exchange Traded Concepts, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000199937126006825/ex99-d41.htm) <sup>(33)</sup>

(42) [Form of Investment Sub-Advisory Agreement *(The Snowball ETF)* between Exchange Traded Concepts, LLC and Snowball Advisors, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000199937126006825/ex99-d42.htm) <sup>(33)</sup>

(43) Addendum No. 2 to Investment Advisory Agreement *(Twin Oak Apex Opportunities ETF and Twin Oak Horizons ETF)* between Registrant and Twin Oak ETF Company will be filed
 by amendment.

(44) Addendum No. 2 to Investment Sub-Advisory Agreement *(Twin Oak Apex Opportunities ETF and Twin Oak Horizons ETF)* between Twin Oak ETF Company and Exchange Traded Concepts,
 LLC will be filed by amendment.

(45) [Investment Advisory Agreement (*Equity Partners ETF*) between the Registrant and Seven Post Investment Office LP is filed herewith.](ex99-d45.htm)

(46) [Investment Sub-Advisory Agreement (*Equity Partners ETF*) between Seven Post Investment Office LP and Exchange Traded Concepts, LLC is filed herewith](ex99-d46.htm) .

(47) [Expense Limitation Agreement (*Equity Partners ETF*) between Registrant and Seven Post Investment Office LP is filed herewith.](ex99-d47.htm)

(48) [Expense Limitation Agreement *(Twin Oak Strategic Solutions ETF)* between Registrant and Twin Oak ETF Company](http://www.sec.gov/Archives/edgar/data/1618627/000199937126001237/ex99-d48.htm) <sup>(31)</sup>

(49) [Expense Limitation Agreement *(Twin Oak Active Opportunities II ETF)* between Registrant and Twin Oak ETF Company](http://www.sec.gov/Archives/edgar/data/1618627/000199937126002583/ex99-d49.htm) <sup>(32)</sup>

(50) [Expense Waiver Agreement *(Tweedy, Browne Insider + Value ETF)* between Registrant and Tweedy, Browne Company LLC](http://www.sec.gov/Archives/edgar/data/1618627/000199937126002583/ex99-d50.htm) <sup>(32)</sup>

(51) Investment Advisory Agreement (*Synera Funds Japan Active+ ETF*) between the Registrant and Millburn Ridgefield LLC will be filed by amendment.

(52) Investment Sub-Advisory Agreement (*Synera Funds Japan Active+ ETF*) between Millburn Ridgefield LLC and [ ] will be filed by amendment.

(53) Investment Sub-Advisory Agreement (*Synera Funds Japan Active+ ETF*) between Millburn Ridgefield LLC and Twin Oak ETF Company will be filed by amendment.

(54) Investment Sub-Advisory Agreement (*Synera Funds Japan Active+ ETF*) between Millburn Ridgefield LLC and Exchange Traded Concepts, LLC will be filed by amendment.

(55) Expense Limitation Agreement (*Synera Funds Japan Active+ ETF*) between Registrant and Millburn Ridgefield LLC will be filed by amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56) Addendum No. 1 to Investment Advisory Agreement
 (*Polen Dividend Income ETF and Polen International Dividend Income ETF*) between the Registrant and Opal Capital LLC
 will be filed by amendment.

(57) Investment Sub-Advisory Agreement (*Polen Dividend Income ETF and Polen International Dividend Income ETF*) between Opal Capital LLC and Polen Capital Management,
 LLC will be filed by amendment.

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

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

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

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

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

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

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

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

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

(10) [Amendment to ETF Distribution Agreement dated November 26, 2025](http://www.sec.gov/Archives/edgar/data/1618627/000199937126001237/ex99-e10.htm) <sup>(31)</sup>

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

(f) Bonus or Profit
 Sharing Contracts – Not Applicable

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

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

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

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

---

| | |
|:---|:---|
|  | (v) |
|  | (vi) |
|  | (vii) |
|  | (viii) |
|  | (ix) |
|  | (x) |
|  | (xi) |
|  | (xii) |
|  | (xv) |
| (h) |  |
|  | (1) (i) [Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000158281615000383/adminsvcsagmt.htm)<sup>(2)</sup> |
|  | (ii) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated July 17, 2017](http://www.sec.gov/Archives/edgar/data/1618627/000089418917005729/amend-fundadmsvc_agmt.htm)<sup>(4)</sup> |
|  | (iii) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated June 24, 2021](http://www.sec.gov/Archives/edgar/data/1618627/000139834421020665/fp0069806_ex9928h1iii.htm)<sup>(5)</sup> |
|  | (iv) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated September 2, 2021](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024609/fp0081109-1_ex9928h1iv.htm)<sup>(8)</sup> |
|  | (v) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated July 1, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024609/fp0081109-1_ex9928h1v.htm)<sup>(8)</sup> |
|  | (vi) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated December 7, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024435/fp0081116-1_ex9928h1vi.htm)<sup>(7)</sup> |
|  | (vii) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated December 28, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422025303/fp0081157-1_ex9928h1vii.htm)<sup>(11)</sup> |
|  | (viii) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated October 22, 2024](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928h1viii.htm)<sup>(14)</sup> |

---

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

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

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

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

(xiii) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated November 28, 2025](http://www.sec.gov/Archives/edgar/data/1618627/000139834425022748/fp0096527-1_ex9928h1xiii.htm) <sup>(28)</sup>

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated November 28, 2025](http://www.sec.gov/Archives/edgar/data/1618627/000139834425022748/fp0096527-1_ex9928h2xii.htm) <sup>(28)</sup>

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

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

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

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

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

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

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

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

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

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

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

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

(xii) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated November 28, 2025](http://www.sec.gov/Archives/edgar/data/1618627/000139834425022748/fp0096527-1_ex9928h3xii.htm) <sup>(28)</sup>

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

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

(5) [Fund of Funds Investment Agreement *(Tweedy, Browne International Insider + Value ETF)*](http://www.sec.gov/Archives/edgar/data/1618627/000199937126002583/ex99-h5.htm) <sup>(32)</sup>

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

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

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

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

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

(6) [Opinion of Counsel relating to the First Eagle ETFs](http://www.sec.gov/Archives/edgar/data/1618627/000139834423023276/fp0086228-1_ex9928i6.htm) <sup>(12)</sup>

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

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

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

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

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

(12) [Opinion of Counsel relating to the Wayfinder Dynamic U.S. Interest Rate ETF, the Wayfinder U.S. Dispersion ETF, the Wayfinder Gold ETF, the Wayfinder Oil ETF, the Wayfinder U.S. Market Better Beta ETF, and the Wayfinder Saber ETF](http://www.sec.gov/Archives/edgar/data/1618627/000139834425020138/fp0095946-1_ex9928i12.htm) <sup>(25)</sup>

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

(14) [Opinion of Counsel relating to Twin Oak Enhanced Equity ETF, Twin Oak Enhanced Fixed Income ETF, Twin Oak Global Equity ETF, Twin Oak Strategic Solutions ETF and Twin Oak Hedged Opportunities ETF](http://www.sec.gov/Archives/edgar/data/1618627/000139834425022420/fp0096494-1_ex9928i14.htm) <sup>(27)</sup>

(15) [Opinion of Counsel relating to Longview Advantage Fixed Income ETF and Longview Advantage Real Estate ETF](http://www.sec.gov/Archives/edgar/data/1618627/000139834425022912/fp0096611-1_ex9928i15.htm) <sup>(30)</sup>

(16) [Opinion of Counsel relating to Pathfinder Focused Opportunities ETF and Pathfinder Disciplined US Equity ETF](http://www.sec.gov/Archives/edgar/data/1618627/000199937125021104/exi-16.htm) <sup>(29)</sup>

(17) [Opinion of Counsel relating to M.D. Sass Concentrated Value ETF *(formerly, M.D. Sass Concentrated Equities ETF)*](http://www.sec.gov/Archives/edgar/data/1618627/000199937126002583/ex99-i17.htm) <sup>(32)</sup>

(18) [Opinion of Counsel relating to The Snowball ETF](http://www.sec.gov/Archives/edgar/data/1618627/000199937126006825/ex99-i18.htm) <sup>(33)</sup>

(19) Opinion of Counsel
 relating to Twin Oak Apex Opportunities ETF and Twin Oak Horizons ETF will be filed by amendment.

---

| | | |
|:---|:---|:---|
|  | (20) | [Opinion of Counsel relating to Equity Partners ETF is filed herewith.](ex99-i20.htm) |
|  | (21) | Opinion of Counsel relating to Synera Funds Japan Active+ ETF will be filed by amendment. |
|  | (22) | Opinion of Counsel relating to Polen Dividend Income ETF and Polen International Dividend Income ETF will be filed by amendment. |
|  | (23) | [Consent of Counsel is filed herewith.](ex99-i23.htm) |
| (j) | (1) | Not Applicable. |
| (k) |  | Omitted Financial Statements – Not Applicable. |
| (l) | (1) | [Initial Capital Agreement *(Penn Capital Funds)*](http://www.sec.gov/Archives/edgar/data/1618627/000158281615000383/purchaseagmt.htm)<sup>(2)</sup> |
|  | (2) | [Initial Capital Agreement](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024960/fp0081330-1_ex9928l2.htm) [*(P/E Global Enhanced International Fund)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024960/fp0081330-1_ex9928l2.htm)<sup>(9)</sup> |
|  | (3) | [Initial Capital Agreement *(Torray Fund)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024435/fp0081116-1_ex9928l2.htm)<sup>(7)</sup> |
|  | (4) | [Initial Capital Agreement *(Longview Advantage ETF)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834425005619/fp0092682-1_ex9928l4.htm)<sup>(17)</sup> |
|  | (5) | [Initial Capital Agreement *(First Eagle ETFs)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928l5.htm)<sup>(14)</sup> |
|  | (6) | [Initial Capital Agreement *(Tweedy, Browne Insider + Value ETF)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023350/fp0091386-1_ex9928l6.htm)<sup>(15)</sup> |
|  | (7) | [Initial Capital Agreement *(Advent Convertible Bond ETF)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834425007030/fp0093001-1_ex9928l7.htm)<sup>(18)</sup> |
|  | (8) | [Initial Capital Agreement *(Twin Oak Enhanced Credit ETF)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834425012654/fp0094102-1_ex9928l8.htm)<sup>(22)</sup> |
|  | (9) | [Initial Capital Agreement *(Twin Oak Endure ETF)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834425011733/fp0093910-1_ex9928l9.htm)<sup>(21)</sup> |
|  | (10) | [Form of Initial Capital Agreement *(Twin Oak Active Opportunities II ETF and the Twin Oak Active Opportunities III ETF)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834425011015/fp0093800-1_ex9928l10.htm)<sup>(20)</sup> |
|  | (11) | [Initial Capital Agreement *(MUFG Japan Small Cap Active ETF)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834425012654/fp0094102-1_ex9928l11.htm)<sup>(22)</sup> |
|  | (12) | [Initial Capital Agreement *(Wayfinder Dynamic U.S. Interest Rate ETF)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834425020138/fp0095946-1_ex9928l12.htm)<sup>(25)</sup> |
|  | (13) | Initial Capital Agreement *(Wayfinder U.S. Dispersion ETF, the Wayfinder Gold ETF, the Wayfinder Oil ETF, the Wayfinder U.S. Market Better Beta ETF, and the Wayfinder Saber ETF)* will be filed by amendment. |
|  | (14) | [Initial Capital Agreement (*Tweedy, Browne International Insider + Value ETF*)](http://www.sec.gov/Archives/edgar/data/1618627/000139834425016563/fp0095138-1_ex9928l13.htm)<sup>(23)</sup> |
|  | (15) | [Form of Initial Capital Agreement (*Twin Oak Enhanced Equity ETF, Twin Oak Enhanced Fixed Income ETF, Twin Oak Global Equity ETF, and Twin Oak Hedged Opportunities ETF*)](http://www.sec.gov/Archives/edgar/data/1618627/000139834425022420/fp0096494-1_ex9928l15.htm)<sup>(27)</sup> |

---

---

| | | |
|:---|:---|:---|
|  | (16) | Initial Capital Agreement (*Longview Advantage Fixed Income ETF and Longview Advantage Real Estate ETF*) will be filed by amendment. |
|  | (17) | [Initial Capital Agreement (*Pathfinder Focused Opportunities ETF and Pathfinder Disciplined US Equity ETF)*](http://www.sec.gov/Archives/edgar/data/1618627/000199937125021104/exl-17.htm)<sup>(29)</sup> |
|  | (18) | Initial Capital Agreement (*M.D. Sass Concentrated Value ETF*) will be filed by amendment. |
|  | (19) | [Form of Initial Capital Agreement (*The Snowball ETF*)](http://www.sec.gov/Archives/edgar/data/1618627/000199937126006825/ex99-l19.htm)<sup>(33)</sup> |
|  | (20) | Form of Initial Capital Agreement *(Twin Oak Apex Opportunities ETF and Twin Oak Horizons ETF)* is will be filed by amendment. |
|  | (21) | [Form of Initial Capital Agreement *(Equity Partners ETF)*is filed herewith.](ex99-l21.htm) |
|  | (22) | [Initial Capital Agreement *(Twin Oak Strategic Solutions ETF)*](http://www.sec.gov/Archives/edgar/data/1618627/000199937126001237/ex99-l22.htm)<sup>(31)</sup> |
|  | (23) | Initial Capital Agreement *(Synera Funds Japan Active+ ETF)* will be filed by amendment. |
|  | (24) | Initial Capital Agreement (*Polen Dividend Income ETF and Polen International Dividend Income ETF*) will be filed by amendment. |
| (m) |  | Rule 12b-1 Plan |
|  | (1) | [Plan of Distribution pursuant to Rule 12b-1 *(P/E Global Enhanced International Fund – Class A)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024609/fp0081109-1_ex9928m1.htm)<sup>(8)</sup> |
|  | (2) | [Plan of Distribution pursuant to Rule 12b-1 *(P/E Global Enhanced International Fund – Investor Class)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024609/fp0081109-1_ex9928m2.htm)<sup>(8)</sup> |
|  | (3) | [Plan of Distribution pursuant to Rule 12b-1 *(Twin Oak Active Opportunities II ETF, Twin Oak Active Opportunities III ETF, Twin Oak Enhanced Credit ETF, Twin Oak Enhanced Equity ETF, Twin Oak Enhanced Fixed Income ETF, Twin Oak Global Equity ETF, Twin Oak Strategic Solutions ETF, and Twin Oak Hedged Opportunities ETF)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834425022420/fp0096494-1_ex9928m.htm)<sup>(27)</sup> |
|  | (4) | [Plan of Distribution pursuant to Rule 12b-1 *(Pathfinder Focused Opportunities ETF and Pathfinder Disciplined US Equity ETF)*](http://www.sec.gov/Archives/edgar/data/1618627/000199937125021104/exm-4.htm)<sup>(29)</sup> |
|  | (5) | Plan of Distribution pursuant to Rule 12b-1 *(Twin Oak Apex Opportunities ETF and Twin Oak Horizons ETF)* will be filed by amendment. |
|  | (6) | Plan of Distribution pursuant to Rule 12b-1 *(Synera Funds Japan Active+ ETF)* will be filed by amendment. |
|  | (7) | [Plan of Distribution pursuant to Rule 12b-1 *(The Snowball ETF)*](http://www.sec.gov/Archives/edgar/data/1618627/000199937126006825/ex99-m.htm)<sup>(33)</sup> |
|  | (8) | [Plan of Distribution pursuant to Rule 12b-1 *(Equity Partners ETF)* is filed herewith.](ex99-m8.htm) |

---

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

(o) Reserved.

(p) Code of Ethics

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

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

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

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

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

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

(7) [Code of Ethics of First Eagle Investment Management, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834425022420/fp0096494-1_ex9928p7.htm) <sup>(27)</sup>

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

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

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

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

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

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

(14) [Code of Ethics of Gladius Capital Management LP](http://www.sec.gov/Archives/edgar/data/1618627/000139834425020138/fp0095946-1_ex9928p14.htm) <sup>(25)</sup>

(15) [Code of Ethics of Vident Advisory, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834425020138/fp0095946-1_ex9928p15.htm) <sup>(25)</sup>

(16) [Code of Ethics of Opal Capital LLC](http://www.sec.gov/Archives/edgar/data/1618627/000199937126001237/ex99-p16.htm) <sup>(31)</sup>

(17) [Code of Ethics of M.D. Sass, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000199937126002583/ex99-p17.htm) <sup>(32)</sup>

(18) Code of Ethics of
 Tidal Investments LLC will be filed by amendment.

(19) [Code of Ethics of Snowball Advisors, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000199937126006825/ex99-p19.htm) <sup>(33)</sup>

(20) [Code of Ethics of Seven Post Investment Office LP is filed herewith.](ex99-p20.htm)

(21) Code of Ethics of
 Millburn Ridgefield LLC will be filed by amendment.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<sup>(25)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 73 on Form N-1A as filed with the SEC via EDGAR on October 31, 2025.

<sup>(26)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 74 on Form N-1A as filed with the SEC via EDGAR on November 21, 2025.

<sup>(27)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 75 on Form N-1A as filed with the SEC via EDGAR on December 12, 2025.

<sup>(28)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 76 on Form N-1A as filed with the SEC via EDGAR on December 19, 2025.

<sup>(29)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 78 on Form N-1A as filed with the SEC via EDGAR on December 23, 2025.

<sup>(30)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 79 on Form N-1A as filed with the SEC via EDGAR on December 23, 2025.

<sup>(31)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 81 on Form N-1A as filed with the SEC via EDGAR on January 20, 2026.

<sup>(32)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 82 on Form N-1A as filed with the SEC via EDGAR on February 4, 2026.

<sup>(33)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 87 on Form N-1A as filed with the SEC via EDGAR on March 24, 2026.

<sup>(34)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 90 on Form N-1A as filed with the SEC via EDGAR on April 20, 2026.

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

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

**Item 30. Indemnification**

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

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

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

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

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

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

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

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

(d) Section 12 of the Investment Advisory Agreement *(Longview Advantage ETF, Longview Advantage Fixed Income ETF and Longview Advantage Real Estate ETF)* between the Registrant and Hill Investment Group Partners, LLC d/b/a Longview Research Partners in exhibits (d)(7) and (d)(32), as previously filed and incorporated herein by reference.

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

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

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

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

(i) Section 12 of the Investment Advisory Agreement *(Twin Oak Active Opportunities II ETF, Twin Oak Active Opportunities III ETF, Twin Oak Endure ETF, Twin Oak Enhanced Equity ETF, Twin Oak Enhanced Fixed Income ETF, Twin Oak Global Equity ETF, Twin Oak Strategic Solutions ETF and Twin Oak Hedged Opportunities ETF)* between the Registrant and Twin Oak ETF Company in exhibit (d)(18), as previously filed and incorporated herein by reference.

(j) Section 12 of the Investment Advisory Agreement *(Pathfinder Focused Opportunities ETF and Pathfinder Disciplined US Equity ETF)* between the Registrant and Opal Capital LLC in exhibit (d)(33), as previously filed and incorporated herein by reference.

(k) Section 12 of the Investment Advisory Agreement *(M.D. Sass Concentrated Value ETF)* between the Registrant and M.D. Sass, LLC in exhibit (d)(37), as previously filed and incorporated herein by reference.

(l) Section 12 of the Form of Investment Advisory Agreement *(The Snowball ETF)* between the Registrant and Exchange Traded Concepts, LLC in exhibit (d)(41), as previously filed and incorporated herein by reference.

(m) Section 12 of the Investment Advisory Agreement (*Equity Partners ETF*) between the Registrant and Seven Post Investment Office LP, in exhibit (d)(45), is filed herewith.

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

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

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

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

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

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

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

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

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

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

Exchange Traded Concepts, LLC, the investment adviser to The Snowball ETF, is a registered investment advisor. For additional information, please see Exchange Traded Concepts, LLC's Form ADV (SEC File No. 801-70485), incorporated herein by reference, which sets forth the directors and officers of Exchange Traded Concepts,, LLC and information as to any business, profession, vocation or employment of a substantial nature engaged in by Exchange Traded Concepts, LLC and its directors and officers during the past two years.

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

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

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

M.D. Sass, LLC, the investment adviser to the M.D. Sass Concentrated Value ETF, is a registered investment advisor. For additional information, please see M.D. Sass, LLC's Form ADV (SEC File No. 801-8663), incorporated herein by reference, which sets forth the directors and officers of M.D. Sass, LLC and information as to any business, profession, vocation or employment of a substantial nature engaged in by M.D. Sass, LLC and its directors and officers during the past two years.

Opal Capital LLC, the investment adviser to the Pathfinder Focused Opportunities ETF and Pathfinder Disciplined US Equity ETF, is a registered investment advisor. For additional information, please see Opal Capital LLC's Form ADV (SEC File No. 801-126398), incorporated herein by reference, which sets forth the directors and officers of Opal Capital LLC and information as to any business, profession, vocation or employment of a substantial nature engaged in by Opal Capital LLC and its directors and officers during the past two years.

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

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

Seven Post Investment Office LP, the investment adviser to the Equity Partners ETF, is a registered investment advisor. For additional information, please see Seven Post Investment Office LP's Form ADV (SEC File No. 801-72411), incorporated herein by reference, which sets forth the directors and officers of Seven Post Investment Office LP and information as to any business, profession, vocation or employment of a substantial nature engaged in by Seven Post Investment Office LP and its directors and officers during the past two years.

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

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

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

**Item 32. Principal Underwriter.**

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

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

2. Chase Growth Fund,
 Series of Advisors Series Trust

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

21. Poplar Forest Cornerstone
 Fund, Series of Advisors Series Trust

22. Poplar Forest Partners
 Fund, Series of Advisors Series Trust

23. Pzena Emerging Markets
 Value Fund, Series of Advisors Series Trust

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

25. Pzena International
 Value Fund, Series of Advisors Series Trust

26. Pzena Mid Cap Value
 Fund, Series of Advisors Series Trust

27. Pzena Small Cap
 Value Fund, Series of Advisors Series Trust

28. Reverb ETF, Series
 of Advisors Series Trust

29. Scharf Fund, Series
 of Advisors Series Trust

30. Scharf Global Opportunity
 Fund, Series of Advisors Series Trust

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

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

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

34. VegTech Plant-based
 Innovation & Climate ETF, Series of Advisors Series Trust

35. The Aegis Funds

36. Allied Asset Advisors
 Funds

37. Angel Oak Funds
 Trust

38. Angel Oak Strategic
 Credit Fund

39. Barrett Opportunity
 Fund, Inc.

40. Brookfield Investment
 Funds

41. Buffalo Funds

42. Cushing<sup>®
</sup>Mutual Funds Trust

43. DoubleLine Funds
 Trust

44. EA Series Trust *(f/k/a Alpha Architect ETF Trust)* 

45. Ecofin Tax-Advantaged
 Social Impact Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46. AAM Bahl & Gaynor
 Small/Mid Cap Income Growth ETF, Series of ETF Series Solutions

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

48. AAM S&P 500
 Emerging Markets High Dividend Value ETF, Series of ETF Series Solutions

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

50. AAM S&P Developed
 Markets High Dividend Value ETF, Series of ETF Series Solutions

51. AAM Transformers
 ETF, Series of ETF Series Solutions

52. AlphaMark Actively
 Managed Small Cap ETF, Series of ETF Series Solutions

53. Aptus Collared Income
 Opportunity ETF, Series of ETF Series Solutions

54. Aptus Defined Risk
 ETF, Series of ETF Series Solutions

55. Aptus Drawdown Managed
 Equity ETF, Series of ETF Series Solutions

56. Aptus Enhanced Yield
 ETF, Series of ETF Series Solutions

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

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

59. Blue Horizon BNE
 ETF, Series of ETF Series Solutions

60. BTD Capital Fund,
 Series of ETF Series Solutions

61. Carbon Strategy
 ETF, Series of ETF Series Solutions

62. Cboe Vest 10 Year
 Interest Rate Hedge ETF, Series of ETF Series Solutions

63. ClearShares OCIO
 ETF, Series of ETF Series Solutions

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

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

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

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

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

69. ETFB Green SRI REITs
 ETF, Series of ETF Series Solutions

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

71. Hoya Capital Housing
 ETF, Series of ETF Series Solutions

72. iBET Sports Betting
 & Gaming ETF, Series of ETF Series Solutions

73. International Drawdown
 Managed Equity ETF, Series of ETF Series Solutions

74. LHA Market State
 Alpha Seeker ETF, Series of ETF Series Solutions

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

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

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

78. Loncar Cancer Immunotherapy
 ETF, Series of ETF Series Solutions

79. Loncar China BioPharma
 ETF, Series of ETF Series Solutions

80. McElhenny Sheffield
 Managed Risk ETF, Series of ETF Series Solutions

81. Nationwide Dow Jones<sup>®
</sup>Risk-Managed Income ETF, Series of ETF Series Solutions

82. Nationwide Nasdaq-100
 Risk-Managed Income ETF, Series of ETF Series Solutions

83. Nationwide Russell
 2000<sup>®</sup>Risk-Managed Income ETF, Series of ETF Series Solutions

84. Nationwide S&P
 500<sup>®</sup>Risk-Managed Income ETF, Series of ETF Series Solutions

85. NETLease Corporate
 Real Estate ETF, Series of ETF Series Solutions

86. Opus Small Cap Value
 ETF, Series of ETF Series Solutions

87. Roundhill Acquirers
 Deep Value ETF, Series of ETF Series Solutions

88. The Acquirers Fund,
 Series of ETF Series Solutions

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

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

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

92. US Vegan Climate
 ETF, Series of ETF Series Solutions

93. First American Funds,
 Inc.

94. FundX Investment
 Trust

95. The Glenmede Fund,
 Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96. The Glenmede Portfolios

97. The GoodHaven Funds
 Trust

98. Harding, Loevner
 Funds, Inc.

99. Hennessy Funds Trust

100. Horizon Funds

101. Hotchkis & Wiley
 Funds

102. Intrepid Capital
 Management Funds Trust

103. Jacob Funds Inc.

104. The Jensen Quality
 Growth Fund Inc.

105. Kirr, Marbach Partners
 Funds, Inc.

106. Leuthold Funds,
 Inc.

107. Core Alternative
 ETF, Series of Listed Funds Trust

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

109. Wahed FTSE USA Shariah
 ETF, Series of Listed Funds Trust

110. LKCM Funds

111. LoCorr Investment
 Trust

112. MainGate Trust

113. ATAC Rotation Fund,
 Series of Managed Portfolio Series

114. Coho Relative Value
 Equity Fund, Series of Managed Portfolio Series

115. Coho Relative Value
 ESG Fund, Series of Managed Portfolio Series

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

117. Ecofin Global Energy
 Transition Fund, Series of Managed Portfolio Series

118. Ecofin Global Renewables
 Infrastructure Fund, Series of Managed Portfolio Series

119. Ecofin Global Water
 ESG Fund, Series of Managed Portfolio Series

120. Ecofin Sustainable
 Water Fund, Series of Managed Portfolio Series

121. Jackson Square Large-Cap
 Growth Fund, Series of Managed Portfolio Series

122. Jackson Square SMID-Cap
 Growth Fund, Series of Managed Portfolio Series

123. Kensington Active
 Advantage Fund, Series of Managed Portfolio Series

124. Kensington Defender
 Fund, Series of Managed Portfolio Series

125. Kensington Dynamic
 Growth Fund, Series of Managed Portfolio Series

126. Kensington Managed
 Income Fund, Series of Managed Portfolio Series

127. LK Balanced Fund,
 Series of Managed Portfolio Series

128. Muhlenkamp Fund,
 Series of Managed Portfolio Series

129. Nuance Concentrated
 Value Fund, Series of Managed Portfolio Series

130. Nuance Concentrated
 Value Long Short Fund, Series of Managed Portfolio Series

131. Nuance Mid Cap Value
 Fund, Series of Managed Portfolio Series

132. Olstein All Cap
 Value Fund, Series of Managed Portfolio Series

133. Olstein Strategic
 Opportunities Fund, Series of Managed Portfolio Series

134. Port Street Quality
 Growth Fund, Series of Managed Portfolio Series

135. Principal Street
 High Income Municipal Fund, Series of Managed Portfolio Series

136. Principal Street
 Short Term Municipal Fund, Series of Managed Portfolio Series

137. Reinhart Genesis
 PMV Fund, Series of Managed Portfolio Series

138. Reinhart International
 PMV Fund, Series of Managed Portfolio Series

139. Reinhart Mid Cap
 PMV Fund, Series of Managed Portfolio Series

140. Tortoise Energy
 Infrastructure and Income Fund, Series of Managed Portfolio Series

141. Tortoise Energy
 Infrastructure Total Return Fund, Series of Managed Portfolio Series

142. Tortoise North American
 Pipeline Fund, Series of Managed Portfolio Series

143. V-Shares MSCI World
 ESG Materiality and Carbon Transition ETF, Series of Managed Portfolio Series

144. V-Shares US Leadership
 Diversity ETF, Series of Managed Portfolio Series

145. Greenspring Income
 Opportunities Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146. Hood River International
 Opportunity Fund, Series of Manager Directed Portfolios

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

148. Mar Vista Strategic
 Growth Fund, Series of Manager Directed Portfolios

149. Vert Global Sustainable
 Real Estate Fund, Series of Manager Directed Portfolios

150. Matrix Advisors
 Funds Trust

151. Matrix Advisors
 Value Fund, Inc.

152. Monetta Trust

153. Nicholas Equity
 Income Fund, Inc.

154. Nicholas Fund, Inc.

155. Nicholas II, Inc.

156. Nicholas Limited
 Edition, Inc.

157. Oaktree Diversified
 Income Fund Inc.

158. Permanent Portfolio
 Family of Funds

159. Perritt Funds, Inc.

160. Procure ETF Trust
 II

161. Professionally Managed
 Portfolios

162. Prospector Funds,
 Inc.

163. Provident Mutual
 Funds, Inc.

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

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

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

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

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

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

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

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

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

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

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

175. F/m 6-Month Investment
 Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

176. F/m 9-18 Month Investment
 Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

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

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

179. F/m 5-Year Investment
 Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

180. F/m 7-Year Investment
 Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

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

182. F/m 20-Year Investment
 Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

183. F/m 30-Year Investment
 Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

184. F/m 15+ Year Investment
 Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196. Motley Fool Next
 Index ETF, Series of The RBB Fund, Inc.

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

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

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

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

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

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

203. SGI Enhanced Nasdaq-100
 ETF, Series of The RBB Fund, Inc.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

224. WPG Partners Select
 Hedged Fund, Series of The RBB Fund, Inc.

225. P/E Global Enhanced
 International Fund, Series of The RBB Fund Trust

226. Torray Fund, Series
 of The RBB Fund Trust

227. Longview Advantage
 ETF, Series of The RBB Fund Trust

228. Longview Advantage
 Fixed Income ETF, Series of The RBB Fund Trust

229. First Eagle Global
 Equity ETF, Series of The RBB Fund Trust

230. First Eagle Overseas
 Equity ETF, Series of The RBB Fund Trust

231. Tweedy, Browne Insider
 + Value ETF, Series of The RBB Fund Trust

232. Tweedy, Browne International
 Insider + Value ETF, Series of The RBB Fund Trust

233. Advent Convertible
 Bond ETF, Series of The RBB Fund Trust

234. Twin Oak Active
 Opportunities II ETF, Series of The RBB Fund Trust

235. Twin Oak Active
 Opportunities III ETF, Series of The RBB Fund Trust

236. Twin Oak Endure
 ETF, Series of The RBB Fund Trust

237. Twin Oak Strategic
 Solutions ETF, Series of The RBB Fund Trust

238. Twin Oak Enhanced
 Equity ETF, Series of The RBB Fund Trust

239. Twin Oak Enhanced
 Fixed Income ETF, Series of The RBB Fund Trust

240. Twin Oak Global
 Equity ETF, Series of The RBB Fund Trust

241. Twin Oak Hedged
 Opportunities ETF, Series of The RBB Fund Trust

242. Twin Oak Enhanced
 Credit ETF, Series of The RBB Fund Trust

243. Wayfinder Dynamic
 U.S. Interest Rate ETF, Series of The RBB Fund Trust

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

245. Penn Capital Short
 Duration High Income Fund, Series of The RBB Fund Trust

246. Penn Capital Special
 Situations Small Cap Fund, Series of The RBB Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247. Pathfinder Focused
 Opportunities ETF, Series of The RBB Fund Trust

248. Pathfinder Disciplined
 US Equity ETF, Series of The RBB Fund Trust

249. M.D. Sass Concentrated
 Value ETF, Series of The RBB Fund Trust

250. The Snowball ETF,
 Series of The RBB Fund Trust

251. Equity Partners
 ETF, Series of The RBB Fund Trust

252. RBC Funds Trust

253. Series Portfolios
 Trust

254. Thompson IM Funds,
 Inc.

255. TrimTabs ETF Trust

256. Trust for Advised
 Portfolios

257. Barrett Growth Fund,
 Series of Trust for Professional Managers

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

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

260. CrossingBridge Low
 Duration High Yield Fund, Series of Trust for Professional Managers

261. CrossingBridge Responsible
 Credit Fund, Series of Trust for Professional Managers

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

263. RiverPark Strategic
 Income Fund, Series of Trust for Professional Managers

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

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

266. Jensen Quality Value
 Fund, Series of Trust for Professional Managers

267. Rockefeller Climate
 Solutions Fund, Series of Trust for Professional Managers

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

269. Terra Firma US Concentrated
 Realty Fund, Series of Trust for Professional Managers

270. USQ Core Real Estate
 Fund

271. Wall Street EWM
 Funds Trust

(b) The following are the Officers and Manager of Quasar, the Registrant's underwriter. Quasar's main business address is 190 Middle Street, Suite 301, Portland, ME 04101.

---

| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with Underwriter | Position with <br> Registrant |
| Teresa Cowan | 190 Middle Street, Suite 301, Portland, ME 04101 | President/Manager |  |
| Chris Lanza | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President |  |
| Kate Macchia | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President |  |
| Susan L. LaFond | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President and Chief Compliance Officer and Treasurer |  |
| Jennifer A. Brunner | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President and Chief Compliance Officer |  |
| Kelly B. Whetstone | 190 Middle Street, Suite 301, Portland, ME 04101 | Secretary |  |

---

(c) Not Applicable.

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

The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, are maintained at the following locations:

---

| | |
|:---|:---|
| Records Relating to: | Are located at: |
| Registrant | The RBB Fund Trust <br> 615 East Michigan Street <br> Milwaukee, Wisconsin 53202  |
| Investment Adviser | Advent Capital Management, LLC <br> 888 Seventh Avenue, 31<sup>st</sup> Floor<br>New York, New York 10106<br>|
| Investment Adviser | Clearbrook Investment Consulting, LLC<br>21 West 46<sup>th</sup> Street, Suite 1507<br>New York, New York 10036<br>|
| Investment Adviser | Exchange Traded Concepts, LLC<br>10900 Hefner Pointe Drive, Suite 207<br>Oklahoma City, Oklahoma 73012 <br>|
| Investment Adviser | First Eagle Investment Management, LLC<br>1345 Avenue of the Americas<br>New York, New York 10105<br>|
| Investment Adviser | Gladius Capital Management LP<br> 1835 Three Kings Drive, Suite 50 <br> Park City, Utah 84060 |
| Investment Adviser | Hill Investment Group Partners, LLC d/b/a Longview Research Partners<br>190 Carondelet Plaza, Suite 1475<br>St. Louis, Missouri 63105<br>|
| Investment Adviser | M.D. Sass, LLC<br>55 West 46th Street, Suite 2801<br>New York, NY 10036<br>|
| Investment Adviser | Opal Capital LLC<br>5200 Town Center Circle, Suite 305<br>Boca Raton, Florida 33486<br>|
| Investment Adviser | P/E Global LLC<br>75 State Street, 31<sup>st</sup> Floor<br>Boston, Massachusetts 02109<br>|
| Investment Adviser | Penn Capital Management Company, LLC<br>Navy Yard Corporate Center<br>1200 Intrepid Avenue, Suite 400<br>Philadelphia, Pennsylvania 19112<br>|
| Investment Adviser | Seven Post Investment Office LP<br>One Montgomery Street, Suite 3150<br>San Francisco, California 94104<br>|

---

---

| | |
|:---|:---|
| Investment Adviser | Torray Investment Partners LLC<br>7501 Wisconsin Avenue, Suite 750W<br>Bethesda, Maryland 20814<br>|
| Investment Adviser | Tweedy, Browne Company LLC<br>One Station Place<br>Stamford, Connecticut 06902<br>|
| Investment Adviser | Twin Oak ETF Company<br>888 Worchester Street, Suite 200<br>Wellesley, Massachusetts 02482<br>|
| Registrant's Fund Administrator, Fund Accountant, Transfer Agent and Dividend Disbursing Agent | U.S. Bancorp Fund Services, LLC<br>615 East Michigan Street<br>Milwaukee, Wisconsin 53202<br>|
| Registrant's Custodian | U.S. Bank National Association<br>1555 North Rivercenter Drive, Suite 302<br>Milwaukee, Wisconsin 53212<br>|
| Underwriter | Quasar Distributors, LLC<br>190 Middle Street, Suite 301<br>Portland, ME 04101<br>|

---

**Item 34. Management Services**

Not applicable.

**Item 35. Undertakings**

None.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended (the "1933 Act"), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment to its Registration Statement under Rule 485(b) under the 1933 Act and has duly caused this Post-Effective Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Short Hills, and State of New Jersey on May 11, 2026.

---

| | |
|:---|:---|
| **THE RBB FUND TRUST** | **THE RBB FUND TRUST** |
| By: | /s/ Steven Plump |
|  | Steven Plump |
|  | President |

---

Pursuant to the requirements of the 1933 Act, this Amendment to Registrant's Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| **SIGNATURE** | **TITLE** | **DATE** |
| /s/ Steven Plump | President (Principal Executive Officer) | May 11, 2026 |
| Steven Plump | President (Principal Executive Officer) |  |
| /s/ James G. Shaw | Chief Financial Officer (Principal Financial and Accounting Officer) | May 11, 2026 |
| James G. Shaw | Chief Financial Officer (Principal Financial and Accounting Officer) |  |
| \*Gregory P. Chandler | Trustee | May 11, 2026 |
| Gregory P. Chandler |  |  |
| \*Lisa A. Dolly | Trustee | May 11, 2026 |
| Lisa A. Dolly |  |  |
| \*Nicholas A. Giordano | Trustee | May 11, 2026 |
| Nicholas A. Giordano |  |  |
| \*Arnold M. Reichman | Trustee | May 11, 2026 |
| Arnold M. Reichman |  |  |
| \*Robert Sablowsky | Trustee | May 11, 2026 |
| Robert Sablowsky |  |  |
| \*Brian T. Shea | Trustee | May 11, 2026 |
| Brian T. Shea |  |  |
| \*Martha A. Tirinnanzi | Trustee | May 11, 2026 |
| Martha A. Tirinnanzi |  |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ James G. Shaw |

---

James G. Shaw

Attorney-in-Fact

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

POWER OF ATTORNEY

Know All Men by These Presents, that the undersigned, Gregory P. Chandler, hereby constitutes and appoints Jillian L. Bosmann, Edward Paz, Steven Plump, and James G. Shaw his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the U.S. Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: July 9, 2025 |
| /s/ Gregory P. Chandler |
| Gregory P. Chandler |

---

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

POWER OF ATTORNEY

Know All Men by These Presents, that the undersigned, Lisa A. Dolly, hereby constitutes and appoints Jillian L. Bosmann, Edward Paz, Steven Plump, and James G. Shaw her true and lawful attorneys, to execute in her name, place, and stead, in her capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the U.S. Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in her name and on her behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as she might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: July 9, 2025 |
| /s/ Lisa A. Dolly |
| Lisa A. Dolly |

---

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

POWER OF ATTORNEY

Know All Men by These Presents, that the undersigned, Nicholas A. Giordano, hereby constitutes and appoints Jillian L. Bosmann, Edward Paz, Steven Plump, and James G. Shaw his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the U.S. Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: July 9, 2025 |
| /s/ Nicholas A. Giordano |
| Nicholas A. Giordano |

---

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

POWER OF ATTORNEY

Know All Men by These Presents, that the undersigned, Arnold M. Reichman, hereby constitutes and appoints Jillian L. Bosmann, Edward Paz, Steven Plump, and James G. Shaw his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the U.S. Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: July 9, 2025 |
| /s/ Arnold M. Reichman |
| Arnold M. Reichman |

---

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

POWER OF ATTORNEY

Know All Men by These Presents, that the undersigned, Robert Sablowsky, hereby constitutes and appoints Jillian L. Bosmann, Edward Paz, Steven Plump, and James G. Shaw his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the U.S. Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: July 9, 2025 |
| /s/ Robert Sablowsky |
| Robert Sablowsky |

---

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

POWER OF ATTORNEY

Know All Men by These Presents, that the undersigned, Brian T. Shea, hereby constitutes and appoints Jillian L. Bosmann, Edward Paz, Steven Plump, and James G. Shaw his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the U.S. Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: July 9, 2025 |
| /s/ Brian T. Shea |
| Brian T. Shea |

---

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

POWER OF ATTORNEY

Know All Men by These Presents, that the undersigned, Martha A. Tirinnanzi, hereby constitutes and appoints Jillian L. Bosmann, Edward Paz, Steven Plump, and James G. Shaw her true and lawful attorneys, to execute in her name, place, and stead, in her capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the U.S. Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in her name and on her behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as she might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: July 9, 2025 |
| /s/ Martha A. Tirinnanzi |
| Martha A. Tirinnanzi<br>|

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Exhibit** |
| [(d)(45)](ex99-d45.htm) | [Investment Advisory Agreement (*Equity Partners ETF*) between the Registrant and Seven Post Investment Office LP](ex99-d45.htm) |
| [(d)(46)](ex99-d46.htm) | [Investment Sub-Advisory Agreement (*Equity Partners ETF*) between Seven Post Investment Office LP and Exchange Traded Concepts, LLC](ex99-d46.htm) |
| [(d)(47)](ex99-d47.htm) | [Expense Limitation Agreement (*Equity Partners ETF*) between Registrant and Seven Post Investment Office LP](ex99-d47.htm) |
| [(i)(20)](ex99-i20.htm) | [Opinion of Counsel relating to Equity Partners ETF](ex99-i20.htm) |
| [(i)(23)](ex99-i23.htm) | [Consent of Counsel](ex99-i23.htm) |
| [(l)(21)](ex99-l21.htm) | [Form of Initial Capital Agreement (*Equity Partners ETF*)](ex99-l21.htm) |
| [(m)(8)](ex99-m8.htm) | [Plan of Distribution pursuant to Rule 12b-1 (*Equity Partners ETF*)](ex99-m8.htm) |
| [(p)(20)](ex99-p20.htm) | [Code of Ethics of Seven Post Investment Office LP](ex99-p20.htm) |

---

## Ex-99.(D)(45)

[RBB FUND TRUST 485BPOS](lteq-485bpos_051226.htm)

**Exhibit 99.(d)(45)**

**<u>INVESTMENT ADVISORY AGREEMENT</u>**

AGREEMENT made as of May 7, 2026 between THE RBB FUND TRUST, a Delaware statutory trust (herein called the "Fund"), and SEVEN POST INVESTMENT OFFICE LP, a Delaware limited partnership (herein called the "Investment Adviser").

WHEREAS, the Fund is registered as an open-end management investment company under the Investment Company Act of 1940 (the "1940 Act"), and currently offers or proposes to offer shares representing interests in separate investment portfolios; and

WHEREAS, the Fund desires to retain the Investment Adviser to render certain investment advisory services to the Fund with respect to the Fund's portfolios listed on Exhibit A hereto (collectively, the "Portfolios" and each, a "Portfolio"), effective as of the dates specified on Exhibit A, and the Investment Adviser is willing to so render such services; and

WHEREAS, the Board of Trustees of the Fund and the shareholder(s) of each Portfolio have approved this Agreement, and the Investment Adviser is willing to furnish such services upon the terms and conditions herein set forth;

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, and intending to be legally bound hereby, it is agreed between the parties hereto as follows:

SECTION 1. APPOINTMENT. The Fund hereby appoints the Investment Adviser to act as investment adviser for the Portfolios for the period and on the terms set forth in this Agreement. The Investment Adviser accepts such appointment and agrees to render the services herein set forth for the compensation herein provided.

SECTION 2. DELIVERY OF DOCUMENTS. The Fund has furnished the Investment Adviser with copies properly certified or authenticated of each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Resolutions of the Board of Trustees of the Fund authorizing the appointment of the Investment Adviser and the execution and delivery of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A prospectus and statement of additional information relating to each class of shares representing interests in each Portfolio of the Fund in effect under the Securities Act of 1933 (such prospectus and statement of additional information, as presently in effect and as they shall from time to time be amended and supplemented, are herein collectively called the "Prospectus" and "Statement of Additional Information," respectively).

The Fund will promptly furnish the Investment Adviser from time to time with copies, properly certified or authenticated, of all amendments of or supplements to the foregoing, if any.

In addition to the foregoing, the Fund will also provide the Investment Adviser with copies of the Fund's Amended and Restated Agreement and Declaration of Trust and Bylaws, and any registration statement or service contracts related to the Portfolios, and will promptly furnish the Investment Adviser with any amendments of or supplements to such documents.

SECTION 3. MANAGEMENT.

(a) Subject to the supervision of the Board of Trustees of the Fund and subject to Section 3(b) below, the Investment Adviser will provide for the overall management of the Portfolios including (i) the provision of a continuous investment program for each Portfolio, including investment research and management with respect to all securities, investments, cash and cash equivalents in each Portfolio, (ii) the determination from time to time of the securities and other investments to be purchased, retained, or sold by the Fund for each Portfolio, (iii) the placement from time to time of orders for all purchases and sales made for each Portfolio, (iv) in connection with its management of each Portfolio, monitoring and assistance with anticipated purchases and redemptions of creation units by shareholders and new investors, (v) the determination of the amount of the cash component, the identity and number of shares of the securities to be accepted in exchange for "Creation Units" for each Portfolio and the securities that will be applicable that day to redemption requests received for each Portfolio (and may give directions to the Fund's custodian with respect to such designations), (vi) the coordination of each Portfolio's compliance with rules of the applicable securities exchange, and (vii) the establishment, monitoring and keeping up-to-date of each Portfolio's website to comply with applicable law. The Investment Adviser shall have a limited power-of-attorney to execute any trading and/or subscription documents necessary in order to carry out its duties under this Section 3. The Investment Adviser will provide the services rendered by it hereunder in accordance with each Portfolio's investment objective, restrictions and policies as stated in the applicable Prospectus and Statement of Additional Information, provided that the Investment Adviser has actual notice or knowledge of any changes by the Board of Trustees to such investment objectives, restrictions or policies. The Investment Adviser further agrees that it will render to the Fund's Board of Trustees such periodic and special reports regarding the performance of its duties under this Agreement as the Board may reasonably request. The Investment Adviser agrees to provide to the Fund (or its agents and service providers) prompt and accurate data with respect to each Portfolio's transactions and, where not otherwise available, the daily valuation of securities in each Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Sub-Advisers.* The Investment Adviser may delegate certain of its responsibilities hereunder with respect to provision of the investment advisory services set forth in Section 3(a) above to one or more other parties (each such party, a "Sub-Adviser"), pursuant in each case to a written agreement with such Sub-Adviser that meets the requirements of Section 15 of the 1940 Act and rules thereunder applicable to contracts for service as investment adviser of a registered investment company (including without limitation the requirements for approval by the Board of Trustees of the Fund and the shareholders of each Portfolio), subject, however, to such exemptions as may be granted by the U.S. Securities and Exchange Commission upon application or by rule. Such Sub-Adviser may (but need not) be affiliated with the Investment Adviser.

Any delegation of services pursuant to this Section 3(b) shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any fees or compensation payable to any Sub-Adviser shall be paid by the Investment Adviser and no additional obligation may be incurred on the Fund's behalf to any Sub-Adviser; except that any Fund expenses that may be incurred by the Investment Adviser and paid by the Fund to the Investment Adviser directly may be incurred by the Sub-Adviser and paid by the Fund to the Sub-Adviser directly, so long as such payment arrangements are approved by the Fund and the Investment Adviser prior to the Sub-Adviser's incurring such expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the Investment Adviser delegates its responsibilities to more than one Sub-Adviser, the Investment Adviser shall be responsible for assigning to each Sub-Adviser that portion of the assets of each Portfolio for which the Sub-Adviser is to act as Sub-Adviser, subject to the approval of the Fund's Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To the extent that any obligations of the Investment Adviser or any Sub-Adviser require any service provider of the Fund or any Portfolio to furnish information or services, such information or services shall be furnished by the Fund's or the Portfolio's service providers directly to both the Investment Adviser and any Sub-Adviser.

SECTION 4. BROKERAGE. Subject to the Investment Adviser's obligation to obtain best price and execution, the Investment Adviser shall have full discretion to select brokers or dealers to effect the purchase and sale of securities. When the Investment Adviser places orders for the purchase or sale of securities for a Portfolio, in selecting brokers or dealers to execute such orders, the Investment Adviser is expressly authorized to consider the fact that a broker or dealer has furnished statistical, research or other information or services for the benefit of the Portfolio directly or indirectly. Without limiting the generality of the foregoing, the Investment Adviser is authorized to cause each Portfolio to pay brokerage commissions which may be in excess of the lowest rates available to brokers who execute transactions for the Portfolio or who otherwise provide brokerage and research services utilized by the Investment Adviser, provided that the Investment Adviser determines in good faith that the amount of each such commission paid to a broker is reasonable in relation to the value of the brokerage and research services provided by such broker viewed in terms of either the particular transaction to which the commission relates or the Investment Adviser's overall responsibilities with respect to accounts as to which the Investment Adviser exercises investment discretion. The Investment Adviser may aggregate securities orders so long as the Investment Adviser adheres to a policy of allocating investment opportunities to the Portfolios over a period of time on a fair and equitable basis relative to other clients. In no instance will a Portfolio's securities be purchased from or sold to the Fund's principal underwriter, the Investment Adviser, or any affiliated person thereof, except to the extent permitted by SEC exemptive order or by applicable law.

The Investment Adviser shall report to the Board of Trustees of the Fund at least quarterly with respect to brokerage transactions that were entered into by the Investment Adviser, pursuant to the foregoing paragraph, and shall certify to the Board that the commissions paid were reasonable in terms either of that transaction or the overall responsibilities of the Investment Adviser to the Fund and the Investment Adviser's other clients, that the total commissions paid by the Fund were reasonable in relation to the benefits to the Fund over the long term, and that such commissions were paid in compliance with Section 28(e) of the Securities Exchange Act of 1934.

SECTION 5. CONFORMITY WITH LAW; CONFIDENTIALITY. The Investment Adviser further agrees that it will comply with all applicable rules and regulations of all federal regulatory agencies and self-regulatory organizations having jurisdiction over each Portfolio and/or the Investment Adviser in the performance of its duties hereunder. The Investment Adviser will treat confidentially and as proprietary information of the Fund all records and other information relating to the Fund and prior, present, or potential shareholders (except with respect to clients of the Investment Adviser) and will not use such records and information for any purpose other than performance of its responsibilities and duties hereunder, except after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where the Investment Adviser may be exposed to civil or criminal contempt proceedings for failure to comply, when requested to divulge such information by duly constituted authorities, or when so requested by the Fund. Where the Investment Adviser may be exposed to civil or criminal contempt proceedings for failure to comply with a request for records or other information relating to the Fund, the Investment Adviser may comply with such request prior to obtaining the Fund's written approval, provided that the Investment Adviser has taken reasonable steps to promptly notify the Fund, in writing, upon receipt of the request.

SECTION 6. SERVICES NOT EXCLUSIVE. The Investment Adviser and its officers may act and continue to act as investment managers for others, and nothing in this Agreement shall in any way be deemed to restrict the right of the Investment Adviser to perform investment management or other services for any other person or entity, and the performance of such services for others shall not be deemed to violate or give rise to any duty or obligation to the Portfolios or the Fund.

Nothing in this Agreement shall limit or restrict the Investment Adviser or any of its directors, officers, affiliates or employees from buying, selling or trading in any securities for its or their own account. The Fund acknowledges that the Investment Adviser and its directors, officers, affiliates, employees and other clients may, at any time, have, acquire, increase, decrease, or dispose of positions in investments which are at the same time being acquired or disposed of for the Portfolios. The Investment Adviser shall have no obligation to acquire for the Portfolios a position in any investment which the Investment Adviser, its directors, officers, affiliates or employees may acquire for its or their own accounts or for the account of another client, so long as it continues to be the policy and practice of the Investment Adviser not to favor or disfavor consistently or consciously any client or class of clients in the allocation of investment opportunities so that, to the extent practical, such opportunities will be allocated among clients over a period of time on a fair and equitable basis.

The Investment Adviser agrees that this Section 6 does not constitute a waiver by the Fund of the obligations imposed upon the Investment Adviser to comply with Sections 17(d) and 17(j) of the 1940 Act, and the rules thereunder, nor constitute a waiver by the Fund of the obligations imposed upon the Investment Adviser under Section 206 of the Investment Advisers Act of 1940 and the rules thereunder. Further, the Investment Adviser agrees that this Section 6 does not constitute a waiver by the Fund of the fiduciary obligation of the Investment Adviser arising under federal or state law, including Section 36 of the 1940 Act. The Investment Adviser agrees that this Section 6 shall be interpreted consistent with the provisions of Section 17(i) of the 1940 Act.

SECTION 7. BOOKS AND RECORDS. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Investment Adviser hereby agrees that all records which it maintains for the Portfolios are the property of the Fund and further agrees to surrender promptly to the Fund any of such records upon the Fund's request. The Investment Adviser further agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records required to be maintained by Rule 31a-1 under the 1940 Act.

SECTION 8. EXPENSES. During the term of this Agreement, the Investment Adviser will pay all expenses incurred by it in connection with its activities under this Agreement. The Portfolio shall bear all of its own expenses not specifically assumed by the Investment Adviser. General expenses of the Fund not readily identifiable as belonging to an investment portfolio of the Fund shall be allocated among all investment portfolios by or under the direction of the Fund's Board of Trustees in such manner as the Board determines to be fair and equitable. Expenses borne by the Portfolio shall include, but are not limited to, the following (or the Portfolio's share of the following): (a) the cost (including brokerage commissions) of securities or other investments purchased or sold by the Portfolio and any losses incurred in connection therewith; (b) fees payable to and expenses incurred on behalf of the Portfolio by the Investment Adviser; (c) filing fees and expenses relating to the registration and qualification of the Fund and the Portfolio's shares under federal and/or state securities laws and maintaining such registrations and qualifications; (d) fees and salaries payable to the Fund's trustees and officers; (e) taxes (including any income or franchise taxes) and governmental fees; (f) costs of any liability and other insurance or fidelity bonds; (g) any costs, expenses or losses arising out of a liability of or claim for damages or other relief asserted against the Fund or the Portfolio for violation of any law; (h) legal, accounting and auditing expenses, including legal fees of special counsel for the independent trustees; (i) charges of custodians and other agents; (j) expenses of setting in type and printing prospectuses, statements of additional information and supplements thereto for existing shareholders, reports, statements, and confirmations to shareholders and proxy materials that are not attributable to a class; (k) costs of mailing prospectuses, statements of additional information and supplements thereto to existing shareholders, as well as reports to shareholders and proxy materials that are not attributable to a class; (1) any extraordinary expenses; (m) fees, voluntary assessments and other expenses incurred in connection with membership in investment company organizations; (n) costs of mailing and tabulating proxies and costs of shareholders' and trustees' meetings; (o) costs of independent pricing services to value the Portfolio's securities or other investments; and (p) the costs of investment company literature and other publications provided by the Fund to its trustees and officers. Distribution expenses, transfer agency expenses, expenses of preparing, printing and mailing prospectuses, statements of additional information, proxy statements and reports to shareholders, and organizational expenses and registration fees, identified as belonging to a particular class of the Portfolio are allocated to such class.

SECTION 9. VOTING. The Investment Adviser shall have the authority to vote as agent for each Portfolio, either in person or by proxy, tender and take all actions incident to the ownership of all securities in which such Portfolio's assets may be invested from time to time, subject to such policies and procedures as the Board of Trustees of the Fund may adopt from time to time.

SECTION 10. RESERVATION OF NAME. The Investment Adviser shall at all times have all rights in and to each Portfolio's name and all investment models used by or on behalf of such Portfolio. The Investment Adviser may use each Portfolio's name or any portion thereof in connection with any other investment company or business activity without the consent of any shareholder and the Fund shall execute and deliver any and all documents required to indicate the consent of the Fund to such use. The Fund hereby agrees that in the event that neither the Investment Adviser nor any of its affiliates acts as investment adviser to a Portfolio, the name of the Portfolio will be changed to one that does not suggest an affiliation with the Investment Adviser.

SECTION 11. COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the services provided and the expenses assumed pursuant to this Agreement with respect to each Portfolio, the Fund will pay the Investment Adviser from the assets of such Portfolio and the Investment Adviser will accept as full compensation therefor a fee, computed daily and payable monthly, at the annual rate specified in Exhibit A for the Portfolio of the Portfolio's average daily net assets. For any period less than a full month during which this Agreement is in effect, the fee shall be prorated according to the proportion which such period bears to a full month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The fee attributable to each Portfolio shall be satisfied only against the assets of such Portfolio and not against the assets of any other investment portfolio of the Fund. The Investment Adviser may from time to time agree not to impose all or a portion of its fee otherwise payable hereunder (in advance of the time such fee or portion thereof would otherwise accrue) and/or undertake to pay or reimburse a Portfolio for all or a portion of its expenses not otherwise required to be borne or reimbursed by the Investment Adviser.

SECTION 12. LIMITATION OF LIABILITY. The Investment Adviser shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with the matters to which this Agreement relates, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services or a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Investment Adviser in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement ("disabling conduct"). Each Portfolio will indemnify the Investment Adviser against and hold it harmless from any and all losses, claims, damages, liabilities or expenses (including reasonable counsel fees and expenses) resulting from any claim, demand, action or suit not resulting from disabling conduct by the Investment Adviser. Indemnification shall be made only following: (i) a final decision on the merits by a court or other body before whom the proceeding was brought that the Investment Adviser was not liable by reason of disabling conduct or (ii) in the absence of such a decision, a reasonable determination, based upon a review of the facts, that the Investment Adviser was not liable by reason of disabling conduct by (a) the vote of a majority of a quorum of trustees of the Portfolio who are neither "interested persons" of the Fund nor parties to the proceeding ("disinterested non-party trustees") or (b) an independent legal counsel in a written opinion. The Investment Adviser shall be entitled to advances from the Portfolio for payment of the reasonable expenses incurred by it in connection with the matter as to which it is seeking indemnification in the manner and to the fullest extent permissible under the Delaware Statutory Trust Act. The Investment Adviser shall provide to the Portfolio a written affirmation of its good faith belief that the standard of conduct necessary for indemnification by the Portfolio has been met and a written undertaking to repay any such advance if it should ultimately be determined that the standard of conduct has not been met. In addition, at least one of the following additional conditions shall be met: (a) the Portfolio is insured against losses arising by reason of the advance; or (b) a majority of a quorum of disinterested non-party trustees, or independent legal counsel, in a written opinion, shall have determined, based upon a review of facts readily available to the Portfolio at the time the advance is proposed to be made, that there is reason to believe that the Investment Adviser will ultimately be found to be entitled to indemnification. Any amounts payable by a Portfolio under this Section shall be satisfied only against the assets of the Portfolio and not against the assets of any other investment portfolio of the Fund.

The limitations on liability and indemnification provisions of this Section 12 shall not be applicable to any losses, claims, damages, liabilities or expenses arising from the Investment Adviser's rights to a Portfolio's name.

SECTION 13. DURATION AND TERMINATION. This Agreement shall become effective with respect to each Portfolio as of the date first above written and, unless sooner terminated as provided herein, shall continue with respect to each Portfolio until August 16, 2027. Thereafter, if not terminated, this Agreement shall continue with respect to each Portfolio for successive annual periods ending on August 16, provided such continuance is specifically approved at least annually (a) by the vote of a majority of those members of the Board of Trustees of the Fund who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval, and (b) by the Board of Trustees of the Fund or by vote of a majority of the outstanding voting securities of such Portfolio; provided, however, that this Agreement may be terminated with respect to a Portfolio by the Fund at any time, without the payment of any penalty, by the Board of Trustees of the Fund or by vote of a majority of the outstanding voting securities of the Portfolio, on 60 days' prior written notice to the Investment Adviser, or by the Investment Adviser at any time, without payment of any penalty, on 60 days' prior written notice to the Fund. This Agreement will immediately terminate in the event of its assignment. (As used in this Agreement, the terms "majority of the outstanding voting securities," "interested person" and "assignment" shall have the same meaning as such terms have in the 1940 Act).

SECTION 14. AMENDMENT OF THIS AGREEMENT. No provision of this Agreement may be changed, discharged or terminated orally, except by an instrument in writing signed by the party against which enforcement of the change, discharge or termination is sought, and, unless otherwise permitted by the 1940 Act, no amendment of this Agreement affecting a Portfolio shall be effective until approved by vote of the holders of a majority of the outstanding voting securities of the Portfolio.

SECTION 15. MISCELLANEOUS. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors.

SECTION 16. NOTICE. All notices hereunder shall be given in writing and delivered by hand, national overnight courier, facsimile (provided written confirmation of receipt is obtained and said notice is sent via first class mail on the next business day) or mailed by certified mail, return receipt requested, as follows:

If to the Fund:

The RBB Fund Trust

c/o US Bancorp Fund Services, LLC

615 E. Michigan St.

Milwaukee, WI 53202

Attention: Steven Plump

If to the Investment Adviser:

Seven Post Investment Office LP

One Montgomery Street

Suite 3150

San Francisco, CA 94104

Attention: Ali Bastani

Email: ops@sevenpost.com

The effective date of any notice shall be (i) the date such notice is sent if such delivery is effected by hand or facsimile, (ii) one business day after the date such notice is sent if such delivery is effected by national overnight courier; or (iii) the fifth (5<sup>th</sup>) Business Day after the date of mailing thereof.

SECTION 17. GOVERNING LAW. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware without giving effect to the conflicts of laws principles thereof.

SECTION 18. COUNTERPARTS. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers designated below as of the day and year first above written.

---

| | |
|:---|:---|
| THE RBB FUND TRUST | THE RBB FUND TRUST |
| By: | /s/ James G. Shaw |
| Name: | James G. Shaw |
| Title: | CFO/COO & Secretary |
| SEVEN POST INVESTMENT OFFICE LP | SEVEN POST INVESTMENT OFFICE LP |
| By: BlackOak GP LLC, its General Partner | By: BlackOak GP LLC, its General Partner |
| By: | /s/ Ali Bastani |
| Name: | Ali Bastani |
| Title: | Managing Member |

---

**EXHIBIT A**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio** | &nbsp;&nbsp;**Effective Date of Investment Advisory Services** | &nbsp;&nbsp;**Annual Rate** |
| &nbsp;&nbsp;**Equity Partners ETF** | &nbsp;&nbsp;May 7, 2026 | &nbsp;&nbsp;0.65% |

---

## Ex-99.D46

[RBB FUND TRUST 485BPOS](lteq-485bpos_051226.htm)

**Exhibit 99(d)(46)**

**INVESTMENT SUB-ADVISORY AGREEMENT**

AGREEMENT, dated as of May 7, 2026 by and between Seven Post Investment Office LP, a Delaware limited partnership (the "Adviser") and ETC, LLC, an Oklahoma limited liability company (the "Sub-Adviser").

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended ("Advisers Act");

WHEREAS, the Adviser has entered into an investment advisory agreement (the "Investment Advisory Agreement") with The RBB Fund Trust, a Delaware statutory trust that is an investment company registered under the Investment Company Act of 1940, as amended ("Investment Company Act") (the "Trust");

WHEREAS, the Sub-Adviser is registered as an investment adviser under the Advisers Act;

WHEREAS, the Adviser desires to retain the Sub-Adviser to render investment advisory services to the funds(s) specified in Appendix A hereto, each a series of the Trust (each a "Fund" and collectively, the "Funds"), in the manner and on the terms hereinafter set forth;

WHEREAS, the Adviser has the authority under the Investment Advisory Agreement with the Trust to select sub-advisers for each Fund of the Trust; and

WHEREAS, the Sub-Adviser is willing to furnish such services to the Adviser and each Fund;

NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein, and intending to be legally bound hereby, the Adviser and the Sub-Adviser agree as follows:

1. APPOINTMENT
 OF THE SUB-ADVISER

The Adviser hereby appoints the Sub-Adviser to act as an investment adviser for each Fund, subject to the supervision and oversight of the Adviser and the Trustees of the Trust, and in accordance with the terms and conditions of this Agreement. The Sub-Adviser will be an independent contractor and will have no authority to act for or represent the Trust or the Adviser in any way or otherwise be deemed an agent of the Trust or the Adviser except as expressly authorized in this Agreement or another writing by the Adviser and the Sub-Adviser.

2. ACCEPTANCE
 OF APPOINTMENT

The Sub-Adviser accepts that appointment and agrees to render the services herein set forth, for the compensation herein provided.

The assets of each Fund will be maintained in the custody of a custodian (who shall be identified by the Adviser in writing). The Sub-Adviser will not have custody of any securities, cash or other assets of the Fund and will not be liable for any loss resulting from any act or omission of the custodian other than acts or omissions arising in reliance on instructions of the Sub-Adviser.

3. SERVICES
 TO BE RENDERED BY THE SUB-ADVISER TO THE TRUST

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. As investment adviser to each Fund, the Sub-Adviser will receive on a periodic basis from the Adviser a model with respect to each Fund. Using such models, the Sub-Adviser shall, consistent with the instructions and directions of the Adviser pursuant to mutually agreed upon notification protocols,coordinate the investment and reinvestment of the assets of the Fund and determine the composition of the assets of the Fund, subject always to the supervision and control of the Adviser and the Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. As
 part of the services it will provide hereunder, the Sub-Adviser will:

&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) obtain and evaluate, to the extent deemed necessary and advisable by the Sub-Adviser in its discretion, pertinent economic, statistical, financial, and other information affecting the economy generally and individual companies or industries, the securities of which are included in the Fund or are under consideration for inclusion in the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) formulate and implement a continuous investment program for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) take whatever steps are necessary to implement the investment program for the Fund by arranging for the purchase and sale of securities and other investments;

&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) keep the Trustees of the Trust and the Adviser fully informed in writing on an ongoing basis as agreed by the Adviser and the Sub-Adviser of all material facts concerning the investment and reinvestment of the assets in each Fund that are within the purview of the Sub-Adviser's services hereunder, the Sub-Adviser and its key investment personnel and operations, make regular and periodic special written reports of such additional information concerning the same as may reasonably be requested from time to time by the Adviser or the Trustees of the Trust and the Sub-Adviser will attend meetings with the Adviser and/or the Trustees, as reasonably requested, to discuss the foregoing;

&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) in accordance with procedures and methods established by the Trustees of the Trust, which may be amended from time to time, provide assistance in determining the fair value of all securities and other investments/assets in the Fund, as necessary, and use reasonable efforts to arrange for the provision of valuation information or a price(s) from a party(ies) independent of the Sub-Adviser for each security or other investment/asset in the Fund for which market prices are not readily available, in each case at the reasonable request of the Adviser or the Trustees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) cooperate with and provide reasonable assistance to the Adviser, the Trust's administrator, the Trust's custodian and foreign custodians, the Trust's transfer agent and pricing agents and all other agents and representatives of the Trust and the Adviser, keep all such persons fully informed as to such matters as they may reasonably deem necessary to the performance of their obligations to the Trust and the Adviser, provide prompt responses to reasonable requests made by such persons and maintain any appropriate interfaces with each so as to promote the efficient exchange of information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. In furnishing services hereunder, the Sub-Adviser shall be subject to, and shall perform in accordance with the following: (i) the Trust's Declaration of Trust, as the same may be hereafter modified and/or amended from time to time ("Trust's Documents"); (ii) the By-Laws of the Trust, as the same may be hereafter modified and/or amended from time to time ("By-Laws"); (iii) the currently effective Prospectus(es) and Statement(s) of Additional Information of the Trust relating to the Fund(s) filed with the Securities and Exchange Commission ("SEC") and delivered to the Sub-Adviser, as the same may be hereafter modified, amended and/or supplemented ("Prospectus and SAI"); (iv) the Investment Company Act and the Advisers Act and the rules under each, and all other federal and state laws or regulations applicable to the Trust and the Fund(s); (v) the applicable sections of the Trust's Compliance Manual and other policies and procedures adopted from time to time by the Board of Trustees of the Trust; and (vi) the written instructions of the Adviser which are agreed to in writing by the Sub-Adviser. Prior to the commencement of the Sub-Adviser's services hereunder, the Adviser shall provide the Sub-Adviser with current copies of the Trust's Documents, By-Laws, Prospectus and SAI, Compliance Manual and other relevant policies and procedures that are adopted by the Board of Trustees. The Adviser undertakes to provide the Sub-Adviser with copies or other written notice of any amendments, modifications or supplements to any such above-mentioned document, and the Sub-Adviser shall only be subject to those amendments, modifications or supplements which are provided to it by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. In furnishing services hereunder, the Sub-Adviser will not consult with any other adviser to (i) the Fund, (ii) any other Fund of the Trust or (iii) any other investment company under common control with the Trust concerning transactions of the Fund in securities or other assets. (This shall not be deemed to prohibit the Sub-Adviser from consulting with any of its affiliated persons concerning transactions in securities or other assets. This shall also not be deemed to prohibit the Sub-Adviser from consulting with any of the other covered advisers concerning compliance with paragraphs a and b of Rule 12d3-1 under the Investment Company Act.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Sub-Adviser, at its expense, will furnish: (i) all necessary facilities (including office space, furnishings, and equipment) and personnel, including salaries, expenses and fees of any personnel required for them to faithfully perform their duties under this Agreement; and (ii) administrative facilities, including bookkeeping, and all equipment necessary for the efficient conduct of the Sub-Adviser's duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Sub-Adviser will select brokers and dealers to effect all portfolio transactions subject to the conditions set forth herein. The Sub-Adviser will place all necessary orders with brokers, dealers, or issuers, and will negotiate brokerage commissions, if applicable. The Sub-Adviser is directed at all times to seek to execute transactions for each Fund (i) in accordance with any written policies, practices or procedures that may be established by the Board of Trustees or the Adviser from time to time and which have been provided to the Sub-Adviser or (ii) as described in the Trust's Prospectus and SAI. In placing any orders for the purchase or sale of investments for each Fund, in the name of the Fund or its nominees, the Sub-Adviser shall use its best efforts to obtain for the Fund "best execution," considering all of the circumstances, and shall maintain records adequate to demonstrate compliance with this requirement. In no instance will portfolio securities be purchased from or sold to the Sub-Adviser, or any affiliated person thereof, except in accordance with the Investment Company Act, the Advisers Act and the rules under each, and all other federal and state laws or regulations applicable to the Trust and each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. On occasions when the Sub-Adviser deems the purchase or sale of a security to be in the best interest of the Fund(s) as well as other clients of the Sub-Adviser, the Sub-Adviser to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities to be purchased or sold to attempt to obtain a more favorable price or lower brokerage commissions and efficient execution. Allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Sub-Adviser in the manner which the Sub-Adviser considers to be the most equitable and consistent with its fiduciary obligations to each Fund and to its other clients over time. The Adviser agrees that the Sub-Adviser and its affiliates may give advice and take action in the performance of their duties with respect to any of their other clients that may differ from advice given, or the timing or nature of actions taken, with respect to the Fund(s). The Adviser also acknowledges that the Sub-Adviser and its affiliates are fiduciaries to other entities, some of which have the same or similar investment objectives (and will hold the same or similar investments) as the Fund, and that the Sub-Adviser will carry out its duties hereunder together with its duties under such relationships. Nothing in this Agreement shall be deemed to confer upon the Sub-Adviser any obligation to purchase or to sell or to recommend for purchase or sale for the Fund any investment that the Sub-Adviser, its affiliates, officers or employees may purchase or sell for its or their own account or for the account of any client, if in the sole and absolute discretion of the Sub-Adviser it is for any reason impractical or undesirable to take such action or make such recommendation for the Fund(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The Sub-Adviser will maintain all accounts, books and records with respect to each Fund as are required of an investment adviser of a registered investment company pursuant to the Investment Company Act and Advisers Act and the rules thereunder and shall file with the SEC all forms pursuant to Section 13 of the Exchange Act, with respect to its duties as are set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. The Sub-Adviser will, unless and until otherwise directed by the Adviser or the Board of Trustees, exercise the following rights of security holders with respect to securities held by each Fund: voting proxies, converting, tendering, exchanging or redeeming securities. The Sub-Adviser will cooperate in providing the Adviser with all information in the Sub-Adviser's possession reasonably requested by the Adviser regarding the Adviser's decision with respect to the following: participation in class action litigation regarding portfolio securities (including litigation with respect to securities previously held); exercising rights in the context of a bankruptcy or other reorganization; and any other similar litigation, actions or matters.

4. TRADE
 ERRORS.

The Sub-Adviser shall promptly notify the Adviser upon becoming aware of any error in the placement, execution, or settlement of a trade for a Fund (a "Trade Error"). The Sub-Adviser shall cooperate with the Adviser, the Trust, the Fund's administrator, custodian, and other service providers to investigate and correct any Trade Error in a timely manner.

To the extent that a Trade Error results from the Sub-Adviser's failure to comply with this Agreement, applicable law, or the written instructions of the Adviser, the Sub-Adviser shall be responsible for any losses resulting from such Trade Error and shall reimburse the applicable Fund for such losses, in accordance with the Trust's policies and procedures.

5. COMPENSATION
 OF SUB-ADVISER

The Adviser will pay the Sub-Adviser an advisory fee with respect to each Fund as specified in Appendix B to this Agreement. Payments shall be made to the Sub-Adviser on or about the fifth day of each month, and calculated by applying either a minimum or a daily rate, based on the annual percentage rates as specified in the appropriate Schedule, to the assets. The asset based fee shall be based on the average daily net assets for the month involved. Except as may otherwise be prohibited by law or regulation (including, without limitation, any then current SEC staff interpretation), the Sub-Adviser may, in its discretion and from time to time, waive all or any portion of its advisory fee.

6. LIABILITY
 AND INDEMNIFICATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Except as may otherwise be provided by the Investment Company Act or any other federal securities law, neither the Sub-Adviser nor any of its officers, members or employees (its "Affiliates") shall be liable for any losses, claims, damages, liabilities or expenses (including reasonable legal and other expenses) incurred or suffered by the Adviser or the Trust as a result of any error of judgment or mistake of law by the Sub-Adviser or its Affiliates with respect to each Fund, except that nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Sub-Adviser or its Affiliates for, and the Sub-Adviser shall indemnify and hold harmless the Trust, the Adviser, all affiliated persons thereof (within the meaning of Section 2(a)(3) of the Investment Company Act) and all controlling persons (as described in Section 15 of the Securities Act of 1933, as amended ("1933 Act")) (collectively, "Adviser Indemnitees") against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) to which any of the Adviser Indemnitees may become subject under the 1933 Act, the Investment Company Act, the Advisers Act, or under any other statute, or common law or otherwise arising out of or based on (i) any willful misconduct, bad faith, reckless disregard or gross negligence of the Sub-Adviser in the performance of any of its duties or obligations hereunder, (ii) any failure to follow the written instructions of the Adviser, (iii) any untrue statement of a material fact contained in the Prospectus and SAI, proxy materials, reports, advertisements, sales literature, or other materials pertaining to the Fund or the omission to state therein a material fact known to the Sub-Adviser which was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made solely in reliance upon information furnished to the Adviser or the Trust by the Sub-Adviser Indemnitees (as defined below) for use therein, or(iv) any breach of this Agreement including without limitation the Prospectus and SAI or any representation or warranty contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Except as may otherwise be provided by the Investment Company Act or any other federal securities law, the Adviser and the Trust shall not be liable for any losses, claims, damages, liabilities or litigation (including legal and other expenses) incurred or suffered by the Sub-Adviser as a result of any error of judgment or mistake of law by the Adviser with respect to each Fund, except thatnothing in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Adviser for, and the Adviser shall indemnify and hold harmless the Sub-Adviser, all affiliated persons thereof (within the meaning of Section 2(a)(3) of the Investment Company Act) and all controlling persons (as described in Section 15 of the 1933 Act) (collectively, "Sub-Adviser Indemnitees") against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) to which any of the Sub-Adviser Indemnitees may become subject under the 1933 Act, the Investment Company Act, the Advisers Act, or under any other statute, at common law or otherwise arising out of or based on (i) any willful misconduct, bad faith, reckless disregard or gross negligence of the Adviser in the performance of any of its duties or obligations hereunder, (ii) any untrue statement of a material fact contained in the Prospectus and SAI, proxy materials, reports, advertisements, sales literature, or other materials pertaining to the Fund(s) or the omission to state therein a material fact known to the Adviser that was required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made solely in reliance upon information furnished to the Adviser or the Trust or (iii) any breach of this Agreement including without limitation the Prospectus and SAI or any representation or warranty contained herein.

7. REPRESENTATIONS
 OF THE ADVISER

The Adviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Adviser has been duly authorized by the Board of Trustees of the Trust to delegate to the Sub-Adviser the provision of investment services to each Fund as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Adviser has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the Investment Company Act and will provide the Sub-Adviser with a copy of such code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Adviser is currently in material compliance and shall at all times continue to materially comply with the requirements imposed upon the Adviser by applicable law and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Adviser (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the Investment Company Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement; (iii) to the best of its knowledge, has met and will seek to continue to meet for so long as this Agreement is in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify the Sub-Adviser of the occurrence of any event that would disqualify the Adviser from serving as investment manager of an investment company pursuant to Section 9(a) of the Investment Company Act or otherwise. The Adviser will also promptly notify the Sub-Adviser if it 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 Fund(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The execution, delivery and performance of this Agreement do not, and will not, conflict with, or result in any violation or default under, any agreement to which Adviser or any of its affiliates are a party.

8. REPRESENTATIONS
 OF THE SUB-ADVISER

The Sub-Adviser represents, warrants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Sub-Adviser is currently in material compliance and shall at all times continue to materially comply with the requirements imposed upon the Sub-Adviser by applicable law and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Sub-Adviser (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the Investment Company Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement; (iii) to the best of its knowledge has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify the Adviser of the occurrence of any event that would disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the Investment Company Act or otherwise. The Sub-Adviser will also promptly notify each Fund and the Adviser if it 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 Fund(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Sub-Adviser has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the Investment Company Act and Rule 204A-1 under the Advisers Act and will provide the Adviser and the Board with a copy of such code of ethics, together with evidence of its adoption. Within forty-five days of the end of the last calendar quarter of each year that this Agreement is in effect, and as otherwise requested, the president, Chief Compliance Officer or a vice-president of the Sub-Adviser shall certify to the Adviser that the Sub-Adviser has complied with the requirements of Rule 17j-1 and Rule 204A-1 during the previous year and that there has been no material violation of the Sub-Adviser's code of ethics or, if such a material violation has occurred, that appropriate action was taken in response to such violation. Upon the written request of the Adviser, the Sub-Adviser shall permit the Adviser, its employees or its agents to examine the reports required to be made to the Sub-Adviser by Rule 17j-1(c)(1) and Rule 204A-1(b) and all other records relevant to the Sub-Adviser's code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Sub-Adviser (i) has adopted and implemented and will maintain written policies and procedures reasonably designed to prevent violations by the Sub-Adviser and its supervised persons (each such term as defined in the Advisers Act) of the Advisers Act and the rules the SEC has adopted under the Advisers Act; and (ii) the Sub-Adviser has adopted and implemented and will maintain written policies and procedures that are reasonably designed to prevent violation of the "federal securities laws" (as such term is defined in Rule 38a-1 under the Investment Company Act) by the Fund and the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Sub-Adviser has provided the Trust and the Adviser with a copy of its Form ADV Part 1, which as of the date of this Agreement is its Form ADV as most recently filed with the SEC, and ADV Part 2 and promptly will furnish a copy of all amendments to the Trust and the Adviser at least annually. Such amendments shall reflect all changes in the Sub-Adviser's organizational structure, professional staff or other significant developments affecting the Sub-Adviser, as required by the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Sub-Adviser will notify the Trust and the Adviser of any assignment of this Agreement or change of control of the Sub-Adviser, as applicable, and any changes in the key personnel who are either the portfolio manager(s) of the Fund(s) or senior management of the Sub-Adviser, in each case prior to such change. The Sub-Adviser agrees to bear all reasonable expenses of the Trust, if any, arising out of an assignment or change in control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Sub-Adviser will immediately notify the Adviser of any financial condition or other circumstance that is likely to impair the Sub-Adviser's ability to fulfill its commitment under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage and has provided evidence of such coverage to the Adviser. The Sub-Adviser shall promptly notify the Adviser of (i) any material reduction in coverage in its insurance policies, (ii) any termination of such policies or (iii) any claims or payments made against such policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The execution, delivery and performance of this Agreement do not, and will not, conflict with, or result in any violation or default under, any agreement to which Sub-Adviser or any of its affiliates are a party.

9. CYBERSECURITY
 AND BUSINESS CONTINUITY

The Sub-Adviser shall maintain and implement written policies and procedures reasonably designed to (i) protect the confidentiality, integrity, and availability of information and systems used in connection with the services provided under this Agreement, and (ii) ensure the continuity of its operations in the event of a business disruption.

The Sub-Adviser shall maintain a business continuity and disaster recovery plan reasonably designed to allow it to continue to provide services to the Fund in the event of a significant disruption and shall periodically test such plan.

The Sub-Adviser shall promptly notify the Adviser of any material cybersecurity incident or business disruption that materially affects, or is reasonably likely to materially affect, the Sub-Adviser's ability to provide services to the Fund or that involves unauthorized access to or use of Fund or Adviser information, and shall cooperate with the Adviser and the Trust in responding to such incident.

10. NON-EXCLUSIVITY

The services of the Sub-Adviser to the Adviser, the Fund(s) and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory or other services to others and to engage in other activities. It is understood and agreed that the directors, officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors, trustees, or employees of any other firm or corporation.

11. SUPPLEMENTAL
 ARRANGEMENTS

The Sub-Adviser may from time to time employ or associate itself with any person it believes to be particularly suited to assist it in providing the services to be performed by the Sub-Adviser hereunder, provided that no such person shall perform any services with respect to the Fund(s) that would constitute an assignment or require a written advisory agreement pursuant to the Investment Company Act. Any compensation payable to such persons shall be the sole responsibility of the Sub-Adviser, and neither the Adviser nor the Trust shall have any obligations with respect thereto or otherwise arising under the Agreement.

12. REGULATION

The Sub-Adviser shall submit to all regulatory and administrative bodies having jurisdiction over the services provided pursuant to this Agreement any information, reports, or other material which any such body by reason of this Agreement may request or require pursuant to applicable laws and regulations.

13. RECORDS

The records relating to the services provided under this Agreement shall be the property of the Trust and shall be under its control; however, the Trust shall furnish to the Sub-Adviser such records and permit it to retain such records (either in original or in duplicate form) as it shall reasonably require in order to carry out its business. In the event of the termination of this Agreement, such other records shall promptly be returned to the Trust by the Sub-Adviser free from any claim or retention of rights therein, provided that the Sub-Adviser may retain any such records that are required by law or regulation.

14. DURATION
 OF AGREEMENT

This Agreement shall become effective with respect to each Fund as of the date first above written and, unless sooner terminated as provided herein, shall continue with respect to each Fund until August 16, 2027. Thereafter, if not terminated, this Agreement shall continue with respect to each Fund for successive annual periods ending on August 16, provided such continuance is specifically approved at least annually (a) by the vote of a majority of those members of the Board of Trustees of the Fund who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval, or otherwise if pursuant to applicable relief from such in-person requirements under the Investment Company Act, and (b) by the Board of Trustees of the Fund or by vote of a majority of the outstanding voting securities of the Fund.

15. TERMINATION
 OF AGREEMENT

This Agreement may be terminated at any time, without the payment of any penalty, by the Board of Trustees, including a majority of the Independent Trustees, by the vote of a majority of the outstanding voting securities of the Fund, on sixty (60) days' prior written notice to the Adviser and the Sub-Adviser, or by the Adviser or Sub-Adviser on sixty (60) days' prior written notice to the Trust and the other party. This Agreement will automatically terminate, without the payment of any penalty, (i) in the event of its assignment (as defined in the Investment Company Act), or (ii) in the event the Investment Advisory Agreement between the Adviser and the Trust is assigned (as defined in the Investment Company Act) or terminates for any other reason. This Agreement will also terminate upon written notice to the other party that the other party is in material breach of this Agreement, unless the other party in material breach of this Agreement cures such breach to the reasonable satisfaction of the party alleging the breach within thirty (30) days after written notice.

16. USE
 OF THE SUB-ADVISER'S NAME

The parties agree that the name of the Sub-Adviser, the names of any affiliates of the Sub-Adviser and any derivative or logo or trademark or service mark or trade name are the valuable property of the Sub-Adviser and its affiliates. The Adviser and the Trust shall have the right to use such name(s), derivatives, logos, trademarks or service marks or trade names only with the prior written approval of the Sub-Adviser, which approval shall not be unreasonably withheld or delayed so long as this Agreement is in effect.

Upon termination of this Agreement, the Adviser and the Trust shall forthwith cease to use such name(s), derivatives, logos, trademarks or service marks or trade names. The Adviser and the Trust agree that they will review with the Sub-Adviser any advertisement, sales literature, or notice prior to its use that makes reference to the Sub-Adviser or its affiliates or any such name(s), derivatives, logos, trademarks, service marks or trade names so that the Sub-Adviser may review the context in which it is referred to, it being agreed that the Sub-Adviser shall have no responsibility to ensure the adequacy of the form or content of such materials for purposes of the Investment Company Act or other applicable laws and regulations. If the Adviser or the Trust makes any unauthorized use of the Sub-Adviser's names, derivatives, logos, trademarks or service marks or trade names, the parties acknowledge that the Sub-Adviser shall suffer irreparable harm for which monetary damages may be inadequate and thus, the Sub-Adviser shall be entitled to injunctive relief, as well as any other remedy available under law.

17. AMENDMENTS
 TO THE AGREEMENT

Except to the extent permitted by the Investment Company Act or the rules or regulations thereunder or pursuant to exemptive relief granted by the SEC, this Agreement may be amended by the parties only if such amendment, if material, is specifically approved by the vote of a majority of the outstanding voting securities of the Fund (unless such approval is not required by Section 15 of the Investment Company Act as interpreted by the SEC or its staff or unless the SEC has granted an exemption from such approval requirement) and by the vote of a majority of the Independent Trustees cast in person at a meeting called for the purpose of voting on such approval or otherwise if pursuant to applicable relief from such in-person requirements under the Investment Company Act. The required shareholder approval shall be effective with respect to a Fund if a majority of the outstanding voting securities of such Fund vote to approve the amendment, notwithstanding that the amendment may not have been approved by a majority of the outstanding voting securities of any other Fund affected by the amendment or all the funds of the Trust.

18. ASSIGNMENT

Any assignment (as that term is defined in the Investment Company Act) of the Agreement made by the Sub-Adviser shall result in the automatic termination of this Agreement, as provided in Section 15 hereof. Notwithstanding the foregoing, no assignment shall be deemed to result from any changes in the directors, officers or employees of such Sub-Adviser except as may be provided to the contrary in the Investment Company Act or the rules or regulations thereunder. The Sub-Adviser agrees that it will notify the Trust and the Adviser of any changes in its key employees within a reasonable time thereafter.

19. ENTIRE
 AGREEMENT

This Agreement contains the entire understanding and agreement of the parties with respect to each Fund.

20. HEADINGS

The headings in the sections of this Agreement are inserted for convenience of reference only and shall not constitute a part hereof.

21. NOTICES

All notices required to be given pursuant to this Agreement shall be delivered or mailed to the address listed below of each applicable party in person or by registered or certified mail or a private mail or delivery service providing the sender with notice of receipt or such other address as specified in a notice duly given to the other parties. Notice shall be deemed given on the date delivered or mailed in accordance with this paragraph.

---

| | |
|:---|:---|
| For: | Seven Post |
|  | One Montgomery Street, Suite 3150 |
|  | San Francisco, California 94104 |
|  | Attention: Ali Bastani |
|  | Email: Ops@sevenpost.com |
| For: | Exchange Traded Concepts, LLC 10900 |
|  | Hefner Pointe Dr. Ste. 207 |
|  | Oklahoma City, OK 73012 |
|  | Attention: J. Garrett Stevens, CEO |
|  | Email: Legal@exchangetradedconcepts.com |

---

22. SEVERABILITY

Should any portion of this Agreement for any reason be held to be void in law or in equity, the Agreement shall be construed, insofar as is possible, as if such portion had never been contained herein.

23. TRUST
 AND SHAREHOLDER LIABILITY

The Adviser and the Sub-Adviser are hereby expressly put on notice of the limitation of shareholder liability as set forth in the Trust's Documents and agree that obligations assumed by the Trust pursuant to this Agreement shall be limited in all cases to the Trust and its assets, and if the liability relates to one or more series, the obligations hereunder shall be limited to the respective assets of the Fund. The Adviser and the Sub-Adviser further agree that they shall not seek satisfaction of any such obligation from the shareholders or any individual shareholder of the Fund(s), nor from the Trustees or officers, or from any individual Trustees or officer of the Trust.

24. GOVERNING
 LAW

The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware, without reference to conflict of law or choice of law doctrines, or any of the applicable provisions of the Investment Company Act. To the extent that the laws of the State of Delaware, or any of the provisions in this Agreement, conflict with applicable provisions of the Investment Company Act, the latter shall control.

25. INTERPRETATION

Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the Investment Company Act shall be resolved by reference to such term or provision of the Investment Company Act and to interpretations thereof, if any, by the United States courts or, in the absence of any controlling decision of any such court, by rules, regulations or orders of the SEC validly issued pursuant to the Investment Company Act. Specifically, the terms "vote of a majority of the outstanding voting securities," "interested persons," "assignment," and "affiliated persons," as used herein shall have the meanings assigned to them by Section 2(a) of the Investment Company Act. In addition, where the effect of a requirement of the Investment Company Act reflected in any provision of this Agreement is relaxed by a rule, regulation or order of the SEC, whether of special or of general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

26. THIRD
 PARTY BENEFICIARY

The Adviser and Sub-Adviser expressly agree that the Trust shall be deemed an intended third party beneficiary of this Agreement.

27. CONFIDENTIALITY

Except as otherwise agreed in writing, as required by law, or as necessary for Sub-Adviser to carry out the intended purposes of this Agreement (including disclosures to employees, officers, directors, third-party service providers, consultants and other agents), the Sub-Adviser will keep confidential all nonpublic information concerning the Adviser's and the Trust's identity, financial affairs, or investments. Nonpublic information shall not include information which was (a) known to the Sub-Adviser prior to this Agreement, (b) acquired from a third party whom the Sub-Adviser reasonably believes is not under an obligation of confidentiality to the Adviser or the Trust, (c) placed in the public domain without fault of the Sub-Adviser, or (d) independently developed by the Sub-Adviser without reference or reliance upon the nonpublic information.

28. RISK
 ACKNOWLEDGMENT

The Sub-Adviser does not guarantee the future performance of any Fund or any specific level of performance, the success of any investment decision or strategy that the Sub-Adviser may use, or the success of the Sub-Adviser's overall management of any Fund. The Adviser understands that investment decisions made for the Adviser by the Sub-Adviser are subject to various market, currency, economic, political, business and structural risks, and that those investment decisions will not always be profitable.IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized officers as of the date first mentioned above.

---

| | | | |
|:---|:---|:---|:---|
| SEVEN POST INVESTMENT OFFICE LP | SEVEN POST INVESTMENT OFFICE LP | EXCHANGE TRADED CONCEPTS, LLC | EXCHANGE TRADED CONCEPTS, LLC |
| By: BlackOak GP LLC, its General Partner | By: BlackOak GP LLC, its General Partner |  |  |
| By: | /s/ Ali Bastani | By: | /s/ Richard Malinowski |
| Name: | Ali Bastani | Name: | Richard Malinowski |
| Title: | Managing Member | Title: | Co-Chief Executive Office & General Counsel |
| 5/7/2026 | 5/7/2026 | 5/7/2026 | 5/7/2026 |

---

APPENDIX A

TO

INVESTMENT SUB-ADVISORY AGREEMENT

**Equity Partners ETF**

APPENDIX B

TO

INVESTMENT SUB-ADVISORY AGREEMENT

## Ex-99.(D)(47)

[RBB FUND TRUST 485BPOS](lteq-485bpos_051226.htm)

**Exhibit 99.(d)(47)**

**ADVISORY FEE WAIVER AND EXPENSE LIMITATION AND REIMBURSEMENT AGREEMENT**

THIS ADVISORY FEE WAIVER AND EXPENSE LIMITATION AND REIMBURSEMENT AGREEMENT (the "Agreement") is effective as of May 7, 2026 by and between Seven Post Investment Office, LP (the "Adviser"), a Delaware limited partnership, and The RBB Fund Trust, a Delaware statutory trust (the "Trust"), on behalf of its series listed on Appendix A hereto (the "Fund").

**WITNESSETH:**

WHEREAS, the Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company; and

WHEREAS, the Adviser renders advice and services to the Fund pursuant to the terms and provisions of an Investment Advisory Agreement between the Trust and the Adviser (the "Advisory Agreement"); and

WHEREAS, the parties to this Agreement wish to provide for an undertaking by the Adviser to limit the investment advisory fees of the Fund in order to improve the performance of the Fund; and

WHEREAS, the Fund is responsible for, and has assumed the obligation for, payment of certain expenses that have not been assumed by the Adviser; and

WHEREAS, the Adviser desires to limit the Fund's Expenses (as such term is defined in Paragraph 3 of this Agreement) pursuant to the terms and provisions of this Agreement, and the Trust (on behalf of the Fund) desires to allow the Adviser to implement those limits;

NOW THEREFORE, in consideration of the covenants and the mutual promises hereinafter set forth, the parties, intended to be legally bound hereby, mutually agree as follows:

1. <u>Advisory Fee Waiver.</u> The Adviser shall, from the date of this Agreement, waive all or a portion of its investment advisory fees so that after such waiver the maximum investment advisory fees that the Adviser shall be entitled to receive for the Fund shall not exceed the amount set forth on Exhibit A.

2. <u>Limit on Expenses.</u> The Adviser hereby agrees to waive all or a portion of its advisory fee and/or reimburse expenses to limit the Fund's current Expenses to an annual rate, expressed as a percentage of the Fund's average daily net assets, to the amount listed in Appendix A (the "Annual Limit"). In the event that the current Expenses of the Fund, as accrued each month, exceed its Annual Limit, the Adviser will waive all or a portion of its advisory fee and/or reimburse expenses, on a monthly basis, the excess expense within thirty (30) calendar days of being notified that an excess expense payment is due. In the event that the Board of Trustees of the Trust determines that an excess expense payment due date be other than thirty (30) calendar days, the Trust will provide the Adviser with ten (10) calendar days written notice prior to the implementation of such other excess expense payment due date. In no case will an excess expense payment due date be less than fifteen (15) calendar days from the date the Adviser is notified of such excess expense.

3. <u>Definition.</u> For purposes of this Agreement, the term "Expenses" with respect to the Fund is defined to include all expenses necessary or appropriate for the operation of the Fund, including the investment advisory or management fee detailed in the Advisory Agreement, any 12b-1 fees and any other expenses described in the Advisory Agreement, but does not include acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes.

4. <u>Reimbursement of Fees and Expenses.</u> The Trust hereby agrees to reimburse the Adviser for any advisory fees foregone and other payments remitted by the Adviser to the Fund pursuant to Paragraph 2 of this Agreement set forth above ("Excess Expenses"), subject to the conditions set forth in this Paragraph 4. Such reimbursement will be made as promptly as possible, and to the maximum extent permissible without causing the Expenses for any year to exceed the Annual Limit; provided, however, that such reimbursement for Excess Expenses shall be made only if (i) payable within three years after the date on which such Excess Expenses were incurred and (ii) is able to be effected without causing the Fund's expense ratio (after recoupment) to exceed the expense limit in effect at the time of the waiver or expense reimbursement.

5. <u>Term.</u> This Agreement shall become effective on the date specified herein for an initial term running through December 31, 2027 and for consecutive one-year terms thereafter, subject to annual approval by the Board of Trustees of the Trust, unless sooner terminated as provided in Paragraph 6 of this Agreement.

6. <u>Termination.</u> This Agreement may be terminated at any time, and without payment of any penalty, by the Board of Trustees of the Trust, on behalf of the Fund, upon sixty (60) days' written notice to the Adviser. This Agreement may not be terminated by the Adviser, other than at the end of any one-year term by providing sixty (60) days' written notice to the Fund, without the consent of the Board of Trustees of the Trust, which consent will not be unreasonably withheld. This Agreement will automatically terminate, with respect to the Fund, if the Advisory Agreement is terminated with respect to the Fund, with such termination effective upon the effective date of the Advisory Agreement's termination with respect to the Fund.

7. <u>Assignment.</u> This Agreement and all rights and obligations hereunder may not be assigned without the written consent of the other party.

8. <u>Severability.</u> If any provision of this Agreement shall be held or made invalid by a court decision, statute or rule, or shall be otherwise rendered invalid, the remainder of this Agreement shall not be affected thereby.

9. <u>Governing Law</u>. This Agreement constitutes the entire agreement of the parties, shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and shall be governed by Delaware law in a manner not in conflict with the provisions of the 1940 Act.

IN WITNESS WHEREOF**,** the parties hereto have caused this Agreement to be executed by their officers designated below as of the day and year first above written.

THE RBB FUND TRUST, on behalf of its series, listed on Appendix A hereto

---

| | |
|:---|:---|
| By: | /s/ James G. Shaw |
| Name: | James G. Shaw |
| Title: | Chief Operating Officer, Chief Financial Officer and Secretary |

---

SEVEN POST INVESTMENT OFFICE, LP

By: BlackOak GP LLC, its General Partner

---

| | |
|:---|:---|
| By: | /s/ Ali Bastani |
| Name: | Ali Bastani |
| Title: | Managing Member |

---

**APPENDIX A**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp; **Management**<br> **Fee After Waiver** | **Expense**<br> **Limitation** | &nbsp;&nbsp;&nbsp;**Initial Term**<br> **Ending Date** |
| &nbsp;&nbsp;Equity Partners ETF | 0.55% | 0.75% | December 31, 2027 |

---

## Ex-99.(I)(20)

[RBB FUND TRUST 485BPOS](lteq-485bpos_051226.htm)

**Exhibit 99.(i)(20)**

**Faegre Drinker Biddle & Reath LLP**

One Logan Square

Suite 2000

Philadelphia, PA 19103-6996

Telephone: (215) 988-2700

www.faegredrinker.com

May 11, 2026

The RBB Fund Trust

615 East Michigan Street

Milwaukee, WI 53202

Re: Shares Registered by Post-Effective Amendment No. 94 to

<u>Registration Statement on Form N-1A (File No. 333-200168)</u>

Ladies and Gentlemen:

We have acted as counsel to The RBB Fund Trust, a Delaware statutory trust (the "Trust"), in connection with the preparation and filing with the Securities and Exchange Commission of Post-Effective Amendment No. 94 (the "Amendment") to the Trust's Registration Statement on Form N-1A under the Securities Act of 1933, as amended, to register shares of beneficial interest (the "Shares") in the Equity Partners ETF (the "Fund"), a new series of the Trust. The Board of Trustees of the Trust has authorized the issuance and sale by the Trust of an unlimited number of Shares of the Fund.

We have reviewed the Trust's Amended and Restated Agreement and Declaration of Trust, By-Laws, as amended, resolutions of its Board of Trustees, and such other legal and factual matters as we have deemed appropriate. This opinion is based exclusively on the Delaware Statutory Trust Act and the federal law of the United States of America.

Based upon and subject to the foregoing, it is our opinion that the Shares, when issued for payment as described in the Trust's Prospectus offering the Shares and in accordance with the Trust's Amended and Restated Agreement and Declaration of Trust, will be legally issued, fully paid and non-assessable by the Trust.

We consent to the filing of this opinion as an exhibit to the Amendment to the Trust's Registration Statement.

---

| |
|:---|
| Very truly yours, |
| /s/ Faegre Drinker Biddle & Reath LLP |
| Faegre Drinker Biddle & Reath LLP |

---

## Ex-99.(I)(23)

[RBB FUND TRUST 485BPOS](lteq-485bpos_051226.htm)

**Exhibit 99.(i)(23)**

CONSENT OF COUNSEL

We hereby consent to the use of our name and to the reference to our Firm under the caption "Counsel" in the Prospectus and Statement of Additional Information included in Post-Effective Amendment Nos. 94/97 to the Registration Statement (File Nos. 333-200168 and 811-23011) on Form N-1A of The RBB Fund Trust, under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, respectively. In giving such consent, however, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

---

| |
|:---|
| /s/ Faegre Drinker Biddle & Reath LLP |
| Faegre Drinker Biddle & Reath LLP |

---

Philadelphia, Pennsylvania

May 11, 2026

## Ex-99.(L)(21)

[RBB FUND TRUST 485BPOS](lteq-485bpos_051226.htm)

**Exhibit 99.(l)(21)**

<u>FORM OF PURCHASE AGREEMENT</u>

The RBB Fund Trust (the "Trust"), a Delaware statutory trust, and Seven Post Investment Office LP ("Seven Post"), intending to be legally bound, hereby agree with each other as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust hereby offers Seven Post and Seven Post hereby purchases one (1) share each (each, a "Share" and collectively, the "Shares") of the Equity Partners ETF (the "Fund") at price per Share equivalent to the net asset value per Share of the Fund as determined on [ ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Trust hereby acknowledges receipt from Seven Post of funds in the amount of $[ ] in full payment for the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Seven Post represents and warrants to the Trust that the Shares are being acquired for investment purposes and not with a view to the distribution thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Agreement may be executed in counterparts, and all such counterparts taken together shall be deemed to constitute one and the same instrument.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of [ ].

---

| | |
|:---|:---|
| The RBB Fund Trust | The RBB Fund Trust |
| By: |  |
| Name: | James G. Shaw |
| Title | Chief Financial Officer, Chief Operating Officer, and Secretary |
| Seven Post Investment Office LP | Seven Post Investment Office LP |
| By: BlackOak GP LLC, its General Partner | By: BlackOak GP LLC, its General Partner |
| By: |  |
| Name: | Ali Bastani |
| Title: | Managing Member |

---

## Ex-99.(M)(8)

[RBB FUND TRUST 485BPOS](lteq-485bpos_051226.htm)

**Exhibit 99.(m)(8)**

**DISTRIBUTION AND SERVICE PLAN**

**The RBB Fund Trust**

1. <u>The Trust</u>. The RBB Fund Trust (the "Trust") is an open-end investment company registered under the Investment Company Act of 1940 (the "1940 Act"), and organized as a series trust.

2. <u>The Plan</u>. The Trust desires to adopt a plan of distribution pursuant to Rule 12b-1 under the 1940 Act with respect to the shares of beneficial interest ("Shares") of each series of the Trust listed in Exhibit A (each a "Fund" and together, the "Funds"), and the Board of Trustees of the Trust (the "Board") has determined that there is a reasonable likelihood that adoption of this Plan will benefit each such Fund and its holders of Shares ("Shareholders"). Accordingly, the Trust has adopted this Plan on behalf of each Fund to enable such Fund to directly or indirectly bear expenses relating to the distribution of Shares of the Fund.

3. <u>The Distributor</u>. The Trust has entered into a written Distribution Agreement with Quasar Distributors, LLC (the "Distributor"), pursuant to which the Distributor will act as the exclusive distributor with respect to the creation and distribution of creation unit size aggregations of shares described in the Funds' registration statement ("Creation Units") of each Fund.

4. <u>Payments</u>. The Trust may pay the Distributor a monthly fee to reimburse the Distributor for actual amounts expended to finance any activity primarily intended to result in the sale of Creation Units of a Fund or the provision of investor services. The Trust also may pay other service providers for services rendered in connection with the sale and promotion of Shares and the furnishing of services to Shareholders. Such services include, but are not limited to: (i) marketing and promotional services, including advertising; (ii) printing and distributing to persons other than current Shareholders the reports, prospectuses, notices and similar materials that are prepared by the Trust for current Shareholders; (iii) preparing, printing and distributing any sales literature used in connection with the offering of the Shares which is not covered by (ii) above; (iv) the promotion and sale of the Shares, including travel, communications and the compensation of sales personnel; and (v) distribution and shareholder support assistance.

Amounts paid or payable by a Fund under this Plan or any agreement related hereto shall not exceed .25% (twenty-five basis points) of the Fund's average daily net assets.

As of the end of a Fund's fiscal year, the expenses incurred in connection with the sale and promotion of the Shares and the furnishing of services to Shareholders, as described above, may exceed .25% of the Fund's average daily net assets. Although the Fund is not permitted to pay any such excess expenses during that same fiscal year, such excess expenses may be reimbursed during any of the Fund's subsequent three fiscal years, *provided and to the extent that* the current expenses plus the excess expenses do not exceed the .25% limitation for that subsequent year. Such reimbursement must be approved by a majority of the Board of Trustees, including a majority of the Qualified Trustees (defined below in paragraph 8). All or any portion of such excess expenses may be reimbursed by the Fund during any one or more of the three subsequent fiscal years.

5. <u>Effective Date</u>. This Plan shall not take effect with respect to any Fund until it has been approved (a) by a vote of at least a majority of the outstanding voting securities of the Shares of such Fund, if adopted after the public offering of such Shares; and (b) together with any related agreements, by votes of the majority of both (i) the Trustees of the Trust and (ii) the Qualified Trustees (as defined in paragraph 8 below), cast in person at a Board of Trustees meeting called for the purpose of voting on this Plan or such agreement.

6. <u>Term</u>. This Plan shall continue in effect for a period of more than one year after it takes effect, only for so long as such continuance is specifically approved at least annually in the manner provided in paragraph 5 above for the approval of this Plan.

7. <u>Agreements Relating to the Plan</u>. All agreements with any person relating to implementation of this Plan shall be in writing, and any agreement related to this Plan shall provide (a) that such agreement may be terminated at any time, without payment of any penalty, by the vote of a majority of the Qualified Trustees or by the vote of a majority of the outstanding voting securities of the Shares of the Funds, on not more than 60 days written notice to any other party to the agreement; and (b) that such agreement shall terminate automatically in the event of its assignment. This Plan shall not obligate the Trust or any other party to enter into an agreement with any particular person.

8. <u>Qualified Trustees</u>. As used in this Plan, (a) the term "Qualified Trustees" shall mean those Trustees of the Trust who are not interested persons of the Trust, and have no direct or indirect financial interest in the operation of this Plan or any agreements related to it, and (b) the terms "assignment" and "interested person" shall have the respective meanings specified in the 1940 Act and the rules and regulations thereunder, subject to such exemptions as may be granted by the Securities and Exchange Commission.

9. <u>Reports</u>. Any person authorized to direct the disposition of monies paid or payable by the Trust pursuant to this Plan or any related agreement shall provide to the Trustees of the Trust, at least quarterly, a written report of the amounts so expended and the purposes for which such expenditures were made. Such report shall include any division or allocation of expenses between or among Funds.

10. <u>Records</u>. The Trust shall preserve copies of this Plan, each agreement related hereto and each report referred to in paragraph 9 hereof for a period of at least six years from the date of the Plan, agreement and report, the first two years in an easily accessible place.

11. <u>Severability</u>. If any provision of the Plan shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of the Plan shall not be affected thereby.

12. <u>Amendments</u>. This Plan may not be amended to increase materially the amount of distribution expenses permitted pursuant to paragraph 4 above without the approval of Shareholders holding a majority of the outstanding voting securities of the Shares of the Funds, and all material amendments to this Plan shall be approved in the manner provided in Part (b) of paragraph 5 above for the approval of this Plan.

13. <u>Termination</u>. This Plan may be terminated at any time by the vote of a majority of the Qualified Trustees or by vote of a majority of the outstanding voting securities of the Shares of the Funds.

14. <u>Independent Trustees</u>. While this Plan is in effect, the selection and nomination of those Trustees who are not interested persons of the Trust within the meaning of Section 2(a)(19) of the 1940 Act shall be committed to the discretion of the Trustees then in office who are not interested persons of the Trust.

Adopted: February 19, 2026

**Exhibit A**

**to the Distribution and Service Plan**

Equity Partners ETF

## Ex-99.(P)(20)

[RBB FUND TRUST 485BPOS](lteq-485bpos_051226.htm)

**Exhibit 99.(p)(20)**

![](splogo.jpg)

**Code of Ethics** **<br>** 

<br> ***As of April 2026***

 ****

*A copy of this Code of Ethics is maintained in the Shared Drive and is accessible to each Supervised Person of Seven Post for reference. The Code is the property of Seven Post and its contents are confidential.*

---

| | | | |
|:---|:---|:---|:---|
| *Signed:* | */s/ Lesley Tepper* | *Date:* | *4/24/2026* |
| *Title:* | *Chief Compliance Officer* |  |  |
| *Signed:* | */s/ Ali Bastani* | *Signed:* | */s/ Eldridge F. Gray* |
| *Title:* | *Managing Member* | *Title:* | *Managing Member* |
| *Date:* | *4/27/2026* | *Date:* | *4/27/2026* |

---

Code of Ethics

------

**Table of Contents**

---

| | |
|:---|:---|
| [STATEMENT OF GENERAL POLICY](#p_002) | [3](#p_002) |
| &nbsp;&nbsp;&nbsp;[DEFINITIONS](#p_003) | [3](#p_003) |
| &nbsp;&nbsp;&nbsp;[STANDARDS OF BUSINESS CONDUCT](#p_004) | [6](#p_004) |
| &nbsp;&nbsp;&nbsp;[PROHIBITION AGAINST INSIDER TRADING](#p_005) | [7](#p_005) |
| &nbsp;&nbsp;&nbsp;[Introduction](#p_006) | [7](#p_006) |
| &nbsp;&nbsp;&nbsp;[General Policy](#p_007) | [8](#p_007) |
| &nbsp;&nbsp;&nbsp;[GIFTS AND ENTERTAINMENT](#p_008) | [8](#p_008) |
| &nbsp;&nbsp;&nbsp;[Reporting Requirements](#p_009) | [9](#p_009) |
| &nbsp;&nbsp;&nbsp;[Giving Gifts](#p_010) | [9](#p_010) |
| &nbsp;&nbsp;&nbsp;[Receiving Gifts](#p_011) | [9](#p_011) |
| &nbsp;&nbsp;&nbsp;[Gifts and Entertainment Excluded under the Policy](#p_012) | [9](#p_012) |
| &nbsp;&nbsp;&nbsp;[POLITICAL CONTRIBUTIONS](#p_013) | [9](#p_013) |
| &nbsp;&nbsp;&nbsp;[General Policy](#p_014) | [10](#p_014) |
| &nbsp;&nbsp;&nbsp;[Reporting Requirements](#p_015) | [10](#p_015) |
| &nbsp;&nbsp;&nbsp;[OUTSIDE BUSINESS ACTIVITIES](#p_016) | [10](#p_016) |
| &nbsp;&nbsp;&nbsp;[Service as a Director](#p_017) | [10](#p_017) |
| &nbsp;&nbsp;&nbsp;[Other Outside Business Activities](#p_018) | [10](#p_018) |
| &nbsp;&nbsp;&nbsp;[PERSONAL SECURITIES TRANSACTIONS](#p_019) | [10](#p_019) |
| &nbsp;&nbsp;&nbsp;[Pre-Clearance for IPOs, Private or Limited Offerings, and Client-Provided Opportunities](#p_020) | [11](#p_020) |
| &nbsp;&nbsp;&nbsp;[Personal Transactions – Public Securities Trading Restricted List ("Restricted List")](#p_021) | [12](#p_021) |
| &nbsp;&nbsp;&nbsp;[COMPLIANCE PROCEDURES](#p_022) | [12](#p_022) |
| &nbsp;&nbsp;&nbsp;[Personal Accounts](#p_023) | [12](#p_023) |
| &nbsp;&nbsp;&nbsp;[Reporting Requirements](#p_024) | [13](#p_024) |
| &nbsp;&nbsp;&nbsp;[CERTIFICATION](#p_025) | [14](#p_025) |
| &nbsp;&nbsp;&nbsp;[REPORTING VIOLATIONS AND SANCTIONS](#p_026) | [14](#p_026) |
| &nbsp;&nbsp;&nbsp;[RECORDS](#p_027) | [14](#p_027) |
| [Appendix A: Annual Acknowledgement of Code of Ethics](#p_028) | [16](#p_028) |

---

Page 2 of 16

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**STATEMENT OF GENERAL POLICY**

This Code of Ethics ("Code") has been adopted by Seven Post Investment Office LP ("Seven Post" or "the Firm") and is designed to comply with Rule 204A-1 under the Investment Advisers Act of 1940, as amended ("Advisers Act") and Rule 17j-1 under the Investment Company Act of 1940, as amended ("1940 Act").

The Code is designed to ensure that high ethical standards are followed by all Supervised Persons. The purpose of the Code is to preclude activities which may lead to or give the appearance of conflicts of interest, insider trading, and other forms of prohibited or unethical business conduct. Additionally, because Seven Post serves as an investment adviser to a Fund, it is unlawful for a Supervised Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** To employ any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** To make any untrue statement of a material fact to the Fund or omit to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** To engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** To engage in any manipulative practice with respect to the Fund.

"Supervised Person" means any employee, partner, officer, director (or other persons occupying a similar status or performing similar functions) of Seven Post, as well as any other person who provides advice on the investment adviser's behalf and is subject to Seven Post's supervision and control. The Code also applies to certain activities of a Supervised Person's Family Members.

The provisions of the Code are not all-inclusive. Rather, they are intended as a guide for Seven Post employees in their conduct. In those situations where an employee may be uncertain as to the intent or purpose of the Code, he or she is advised to consult with the Chief Compliance Officer (the "CCO"). The CCO may grant exceptions to certain provisions contained in the Code only in those situations when it is clear beyond dispute that the interests of our clients will not be adversely affected or compromised and such exception is not inconsistent with the Federal Securities Laws. All questions arising in connection with personal securities trading should be resolved in favor of the client even at the expense of the interests of employees.

Seven Post has a fiduciary duty to its clients that requires individuals associated with Seven Post to act for the benefit of the clients. The Code is based on the fundamental principles of openness, integrity, honesty, professionalism, and trust.

Seven Post requires that its personnel adhere to the Code and the Federal Securities Laws as a basic condition of employment at Seven Post. All Seven Post personnel are required to promptly report any violations of the Code to Seven Post's CCO. If you have any questions about the propriety of any activity, you should consult with Seven Post's CCO or a Managing Member. See the "Retaliation" section of the Compliance Manual for policies regarding the protection of employees reporting violations.

The CCO will review the Code at least annually. References to the CCO in this document shall also include any individual designated to act on behalf of the CCO (e.g., VP Compliance, Managing Member).

**DEFINITIONS**

All terms defined by reference to Rule 204A-1 under the Advisers Act or Rule 17j-1 under the 1940 Act ("the Rules"), or otherwise shall have the same meaning as they have in the Rules, the Advisers Act and the 1940 Act and shall be interpreted as modified by or interpreted by orders of the Securities and Exchange Commission ("Commission"), by rules, regulations, or releases adopted or issued by the Commission, or by other interpretative releases or letters issued by the Commission or its staff.

Page 3 of 16

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***Access Person*** is a Supervised Person of Seven Post who has access to nonpublic information regarding any clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any reportable fund; or any person who is involved in making securities recommendations to investment advisory clients, or who has access to such recommendations that are nonpublic.

Because the Firm's primary business is providing investment advice, all the Firm's directors, officers and partners are deemed Access Persons. Based on the firm's data access segregation policies, all other Supervised Persons are also deemed Access Persons.

***Account*** means accounts of any Access Person and includes accounts of the Access Person's Family Members and any account in which he or she has a direct or indirect beneficial interest, such as trusts and custodial accounts or other accounts in which the employee has a beneficial interest or exercises investment discretion.

***Automatic Investment Plan*** means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan.

***Being Considered for Purchase or Sale*** means, with respect to a Security, that the Security is being considered for purchase or sale by the Firm's Investment Committee on behalf of any client account; or is being actively purchased or sold on behalf of any client account.

***Beneficial Ownership*** means a direct or indirect "pecuniary interest" (as defined under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended ("Exchange Act")) in a security. This term generally means the opportunity directly or indirectly to profit or share in any profit derived from a transaction in a security. An employee is presumed to have beneficial ownership of any Family Member's account.

***Client-Provided Private Investment Opportunities*** means those investment opportunities that are brought to Seven Post by a current or prospective client.

***Derivative*** means any financial instrument the value of which is derived from, or based upon, the value, performance, or return of an underlying asset, reference rate, or index. Derivatives include, but are not limited to, options (including FLEX options), futures contracts, forward contracts, swaps (including total return swaps and credit default swaps), warrants, rights, contracts for difference, and any similar instrument or arrangement, which are included and covered under the definition of "Security". Questions regarding whether a particular instrument or transaction is a Derivative for purposes of this policy should be directed to the Chief Compliance Officer or a Managing Member.

For purposes of this Code of Ethics, a Derivative shall be treated as a "Reportable Security" to the extent it is based on, or provides economic exposure to, an underlying security that would itself be reportable under the Code.

***Family Member*** means any immediate relative by blood or marriage living in the Access Person's household or significant other cohabiting in the employee's household. For purposes of this definition, "immediate relative" means any child, step-child, grandchild, parent, step-parent, grandparent, spouse, domestic partner, sibling, parents-in-law, and children-in-law, as well as adoptive relationships.

***Federal Securities Laws*** means the Securities Act of 1933, as amended (the "Securities Act") the Exchange Act, the Sarbanes-Oxley Act of 2002, the 1940 Act, the Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Commission under any of these statutes, the Bank Secrecy Act as it applies to Funds and investment advisers, and any rules adopted thereunder by the Commission or the Department of the Treasury.

Page 4 of 16

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***Front Running*** means trading by employees in advance of any trades by Seven Post in anticipation of profiting from the price movement that follows the trade.

***Fund*** means an investment company registered under the Investment Company Act.

***Initial Public Offering*** means an offering of securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Exchange Act.

***Private or Limited Offering*** means an offering that is exempt from registration under the Securities Act pursuant to section 4(2) or section 4(6) or 77d(6) or rules 504, 505, or 506.

***Purchase or Sale of a Security*** means, among other things, the writing of an option to purchase or sell a security.

***Reportable Fund*** means:

● Any Fund for which Seven Post serves as an investment adviser as defined in section 2(a)(20) of the 1940 Act (15 U.S.C. 80a-2(a)(20)) (i.e., in most cases Seven Post must be approved by the fund's board of directors before serving); or

● Any Fund whose investment adviser or principal underwriter controls, is controlled by, or is under common control with Seven Post. For purposes of this section, control has the same meaning as it does in section 2(a) (9) of the 1940 Act.

***Security or Securities*** means any security as defined in section 202(a)(18) of the Advisers Act. This includes, but is not limited to, stocks, bonds, notes, debentures, options, certificates of deposit, interests in private placements and limited partnerships, futures contracts on securities, participations in profit-sharing agreements, and interests in oil, gas, or other mineral royalties or leases.

For purposes of this Code, the following are considered **Reportable Securities** and must be disclosed:

● Exchange-Traded Funds ("ETFs") and Exchange-Traded Notes ("ETNs");

● Any cryptocurrency or digital asset, **except** for Bitcoin, Ethereum, Non-Fungible Tokens ("NFTs"), and Covered Stablecoins, which are excluded;

● Any other investment vehicle that meets the definition of a Security and is not listed as an exclusion below.

To ensure compliance with evolving regulatory interpretations, all cryptocurrency or digital asset holdings must be submitted to the CCO for review to determine if reporting is required.

The following instruments are not considered Reportable Securities and <u>do not need to be disclosed</u>:

● Direct obligations of the Government of the United States;

● Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements;

● Shares issued by money market funds;

● Shares of open-end registered mutual funds, unless Seven Post or a control affiliate acts as the investment adviser or principal underwriter for the Fund;

● Interests in 529 college savings plans; and

● Shares issued by unit investment trusts that are invested exclusively in one or more open-end registered investment companies, none of which are advised or underwritten by Seven Post or an affiliate.

Page 5 of 16

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*Exchange-Traded Funds ("ETFs") and Exchange-Traded Notes ("ETNs") are considered Reportable Securities under this Code, even though they may operate similarly to open-end mutual funds.* 

 

*Bitcoin, Ethereum, and Non-Fungible Tokens ("NFTs") are not considered Securities and are not subject to preclearance or reporting. Certain stablecoins that maintain a 1:1 value relative to the U.S. Dollar and are backed by high-quality, liquid reserves ("Covered Stablecoins") are also excluded. All other digital assets, including cryptocurrencies, virtual currencies, coins, or tokens issued or transferred using blockchain or distributed ledger technology ("Digital Assets"), are considered Reportable Securities unless excluded above and must be reported under this Code.*

***Rumor Mongerin*g** means spreading false information to manipulate markets and generate interest in a particular security, securities, or investment(s).

***Supervised Person*** means any employee, partner, officer, director (or other persons occupying a similar status or performing similar functions) of Seven Post, as well as any other person who provides advice on the investment adviser's behalf, and is subject to Seven Post's supervision and control.

**STANDARDS OF BUSINESS CONDUCT**

Seven Post places the highest priority on maintaining its reputation for integrity and professionalism. That reputation is a vital business asset. The confidence and trust placed in Seven Post and its Supervised Persons by our clients is something we value and endeavor to protect. The following Standards of Business Conduct set forth policies and procedures to achieve these goals. The Code is intended to comply with the various provisions of the Advisers Act and requires that all Seven Post Supervised Persons comply with the various applicable provisions of the 1940 Act; the Securities Act; the Exchange Act; and applicable rules and regulations adopted by the Commission.

Section 204A-1 of the Advisers Act requires the establishment and enforcement of policies and procedures reasonably designed to prevent the misuse of material, nonpublic information by investment advisers. Such policies and procedures are contained in the Code. The Code also contains policies and procedures with respect to personal securities transactions of all Seven Post Supervised Persons. These procedures cover transactions in a Reportable Security in which a Supervised Person has a beneficial interest or in accounts over which the Supervised Person exercises control as well as transactions by Family Members of the Supervised Person.

The Code establishes rules of conduct for all Access Persons of Seven Post and is designed to, among other things, govern personal securities trading activities in the accounts of Access Persons and their Family Members. The Code is based on the principle that Seven Post, its employees and Access Persons owe a fiduciary duty to Seven Post's clients to conduct their affairs, including their personal securities transactions, in such a manner as to avoid (i) serving their own personal interests ahead of clients, (ii) taking inappropriate advantage of their position with Seven Post, and (iii) any actual or potential conflicts of interest or any abuse of their position of trust and responsibility. Seven Post has implemented an annual compliance questionnaire addressing various types of potential conflicts of interest, but all Supervised Persons should notify the CCO promptly if they become aware of a conflict that was not previously disclosed or that is a new conflict of interest.

All information regarding Seven Post's clients is confidential. Information may only be disclosed when the disclosure is consistent with Seven Post's policy and the client's direction. Accordingly, except as required in the normal course of carrying out business responsibilities or as required by law or regulation, Access Persons are prohibited from revealing information relating to the investment intentions or activities of any client or Securities that are Being Considered for Purchase or Sale for any client. The requirement of confidentiality remains in effect even after the Access Person is no longer employed by, or associated with, Seven Post.

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Pursuant to Section 206 of the Advisers Act, both Seven Post and its Access Persons are prohibited from engaging in fraudulent, deceptive, or manipulative conduct. All Access Persons must comply with applicable Federal Securities Laws. Compliance with this section involves more than acting with honesty and good faith alone. It means Seven Post has an affirmative duty of utmost good faith to act solely in the best interest of its clients.

Seven Post and its Access Persons are subject to the following specific fiduciary obligations when dealing with clients:

● The duty to have a reasonable, independent basis for the investment advice provided;

● The duty to seek to obtain best execution for a client's transactions where Seven Post is in a position to direct brokerage transactions for the client;

● The duty to ensure that investment advice is suitable to meeting the client's individual objectives, needs and circumstances; and

● A duty to be loyal to clients.

In meeting its fiduciary responsibilities to its clients, Seven Post expects every Supervised Person to demonstrate the highest standards of ethical conduct for continued employment with Seven Post. Strict compliance with the provisions of the Code shall be considered a basic condition of employment with Seven Post. Seven Post's reputation for fair and honest dealing with its clients could be seriously damaged as the result of even a single securities transaction being considered questionable in light of the fiduciary duty owed to our clients. Access Persons are urged to seek the advice of the CCO for any questions about the Code or the application of the Code to their individual circumstances. Access Persons should also understand that a material breach of the provisions of the Code may constitute grounds for disciplinary action, including termination of employment with Seven Post.

**PROHIBITION AGAINST INSIDER TRADING**

**Introduction**

Trading securities while in possession of material, nonpublic information or improperly communicating that information to others may expose Seven Post and its Access Persons to stringent penalties. Criminal sanctions may include a fine of up to $1,000,000 and/or ten (10) years imprisonment. The Commission can recover the profits gained or losses avoided through the illegal trading, impose a penalty of up to three (3) times the illicit windfall, and/or issue an order permanently barring the offender from the securities industry. Finally, Seven Post and its Access Persons may be sued by clients seeking to recover damages for insider trading violations.

The rules contained in the Code apply to securities trading and information handling by Seven Post's Access Persons and their family members.

Access Persons must notify the CCO immediately if they have any reason to believe that a violation of the Code has occurred or is about to occur. For the avoidance of doubt, nothing in this Code of Ethics prohibits Supervised Persons from reporting potential violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the SEC, or any agency's inspector general, or form making any other disclosures that are protected under the whistleblower provision of federal law or regulation. Members of the Firm do not need prior authorization from their supervisor, the Firm's Managing Members, the CCO, or any other person or entity affiliated with Seven Post to make any such reports or disclosures. Additionally, nothing in this Code of Ethics prohibits Supervised Persons from recovering an award pursuant to a whistleblower program of a government agency or entity.

An individual legitimately may be uncertain about the application of the rules contained in the Code in a particular circumstance. Often, a single question can avoid disciplinary action or complex legal problems.

Page 7 of 16

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**General Policy**

No Supervised Person may trade, either personally or on behalf of others while in the possession of material, nonpublic information, nor may any personnel of Seven Post communicate material, nonpublic information to others in violation of the law.

1. What
 is Material Information?

Information is material where there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions. Generally, this includes any information the disclosure of which will have a substantial effect on the price of a company's securities. No simple test exists to determine when information is material; assessments of materiality involve a highly fact-specific inquiry. For this reason, you should direct any questions about whether information is material to the CCO.

Material information often relates to a company's results and operations, including, for example, dividend changes, earnings results, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments.

Material information also may relate to the market for a company's securities. Information about a significant order to purchase or sell securities may, in some contexts, be material. Prepublication information regarding reports in the financial press also may be material. For example, the United States Supreme Court upheld the criminal convictions of insider trading defendants who capitalized on prepublication information about The Wall Street Journal's "Heard on the Street" column.

2. What
 is Non-Public Information?

Information is "public" when it has been disseminated broadly to investors in the marketplace. For example, information is public after it has become available to the general public through a public filing with the SEC or some other government agency, the Dow Jones "tape" or The Wall Street Journal or some other publication of general circulation and after sufficient time has passed so that the information has been disseminated widely.

3. Identifying
 Inside Information

Before executing any trade for yourself or others, you must determine whether you have access to MNPI. If you think that you might have access to MNPI, you should take the following steps:

● Report the information and proposed trade immediately to the CCO;

● Do not purchase or sell the securities on behalf of yourself or others; and

● Do not communicate the information inside or outside the firm, other than to the CCO.

After the CCO has reviewed the issue, the firm will determine whether the information is material and nonpublic and, if so, what action the firm will take.

You should consult with the CCO before taking any action.

**GIFTS AND ENTERTAINMENT**

Giving, receiving, or soliciting gifts in a business may give rise to an appearance of impropriety or may raise a potential conflict of interest. Supervised Persons are prohibited from giving or accepting unreasonable or lavish gifts under this policy. Seven Post has adopted the policies set forth below to guide Supervised Persons in this area. For the avoidance of doubt, these policies apply to gifts and entertainment given to or received from "Business Partners," which include current or prospective clients, investors, consultants, vendors, suppliers, or providers of any service to Seven Post or its clients.

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**Reporting Requirements**

Any Supervised Person of the Firm who accepts or provides, directly or indirectly, anything of value to or from a Business Partner must report all gifts and entertainment via the Firm's automated tracking system, or by email to the CCO if the automated tracking system is not available.

This reporting requirement helps Seven Post monitor the activities of its Supervised Persons. However, the reporting does not relieve any Supervised Person from the obligations and policies set forth in this Section or anywhere else in this Code. If you have any questions or concerns about the appropriateness of any gift or entertainment, please consult the CCO.

The CCO will review all reported gifts and entertainment and will confirm that appropriate approvals were obtained when required.

**Giving Gifts**

All gifts given in the name of the Firm must be tracked. Gifts which are below $200 per recipient, per calendar year in total do not require approval (e.g., a husband and wife may receive gifts totaling $400 per year without approval). Gifts above this *de minimis* amount must be approved by a Managing Member. Approval by a Managing Member can occur verbally, but must be recorded in the tracking system by a Supervised Person.

**Receiving Gifts**

Gifts received by Supervised Persons of the Firm below $200 per person per year in total, must be logged, and are automatically approved. Any gift above the $200 total amount must be approved by a Managing Member or the CCO. Approval can occur verbally.

When attending entertainment events <u>without</u> the giver, the expense is considered a gift. Where there is a law or rule that applies to the conduct of a particular business or the acceptance of gifts of even nominal value, the law or rule must be followed.

Gifts such as holiday baskets or lunches delivered to Seven Post's offices, which are received on behalf of the Firm, do not require reporting.

**Gifts and Entertainment Excluded under the Policy**

Investment and wealth management-related educational materials (such as books, DVDs, etc.) are not considered gifts and are exempt from tracking requirements.

Promotional items (such as pens, mugs, and notepads, containing firm logos), commemorative items (such as Lucite stones or plaques) are exempt from tracking requirements. Unsolicited gifts received by Supervised Persons which are returned to the sender, donated, or discarded are also excluded from tracking requirements.

The reporting requirement also does not apply to dining entertainment provided by or to Supervised Persons of the firm in the regular course of business (e.g., reasonable meals occurring during client meetings, etc.) as long as the Supervised Persons of the firm are accompanied by the individual or representative of the entity that is doing business with Seven Post.

**POLITICAL CONTRIBUTIONS**

For purposes of this Political Contribution policy, a Covered Associate is defined as:

● any general partner, managing member, principal, or executive officer of Seven Post, or other individual with a similar status or function;

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● any employee who solicits a government entity for Seven Post and person who supervises, directly or indirectly, such employee; and

● any political action committee ("PAC") controlled by Seven Post or by any such persons described above.

**General Policy**

No Supervised Person shall make or solicit any political contribution for the purpose of obtaining or retaining advisory contracts with government entities. Contributions by a Covered Associate made to any elected official who, within two years of the contribution, is in a position to influence the retention or has legal authority to retain Seven Post, will result in the firm's prohibition in receiving any advisory fees from that government entity for a period of two years. Covered Associates are therefore not permitted to coordinate, or to solicit any person or political action committee to make, any:

● Contribution to an official of a government entity to which the investment adviser is providing or seeking to provide investment advisory services; or

● Payment to a political party of a State or locality where the investment adviser is providing or seeking to provide investment advisory services to a government entity.

**Reporting Requirements**

The Firm does not manage government entity assets and does not anticipate having any government entity or government entity-related clients. Consequently, the Firm does not track political contributions made by its Supervised Persons. The Firm expects Supervised Persons to conform with all relevant federal and state political contribution disclosure requirements.

**OUTSIDE BUSINESS ACTIVITIES**

**Service as a Director**

No Supervised Person shall serve on the board of directors of any publicly traded company without prior authorization by the CCO based on a determination that such board service would be consistent with the interest of Seven Post's clients. Where board service is approved, Seven Post shall implement an information barrier or other appropriate procedure (including permanently placing the security of the company on the Firm's Restricted List) to isolate such person from making decisions relating to the company's securities.

**Other Outside Business Activities**

No Supervised Person shall engage in "Outside Business Activities" without obtaining prior authorization by the CCO. "Outside Business Activities" include, but are not limited to, being an employee, independent contractor, sole proprietor, officer, director, partner, trustee, or agent, of another person or entity, or being compensated, or having the reasonable expectation of compensation, from another person as a result of any business activity outside the scope of the relationship with Seven Post.

Activities do not necessitate compensation to qualify as "Outside Business Activities". Non-investment related activities that are exclusively charitable, civic, religious or fraternal and are recognized as tax-exempt are excluded from "Outside Business Activities".

**PERSONAL SECURITIES TRANSACTIONS**

No Supervised Person shall knowingly take unlawful advantage of his or her position with the Firm or with its clients or take any action inconsistent with such Supervised Person's obligations to the Firm or any client. All personal securities transactions must be consistent with this Code and must be conducted in a manner designed to avoid any actual or potential conflict of interest or any abuse of a Supervised Person's position of trust and responsibility. Any transaction effected with the purpose of profiting as a result of one or more transactions effected or anticipated for a client (e.g., frontrunning) is prohibited.

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**Preclearance**

Seven Post Supervised Persons must pre-clear and receive prior approval for their own and their Family Members' personal securities transactions in a Security or Derivative, including, but limited to Initial Public Offerings, Private or Limited Public Offerings, and Client-Provided Private Investment Opportunities, unless the transaction is subject to an exclusion provided in the Code.

Transactions in any Fund that is advised or sub-advised by Seven Post is subject to preclearance.

**Same-Day Blackout Period**

Seven Post professionals and their Family Members may not purchase or sell a Security or Derivative if the Security or Derivative is Being Considered for Purchase or Sale, until the order is executed or withdrawn or the transaction otherwise meets the De Minimis Exemption below.

**De Minimis Transactions and other Exemptions**

The following transactions are defined as "De Minimis Transactions":

Notwithstanding the above, a Supervised Person's or his or her Family Member's trade preclearance request in MCO will be automatically approved if it meets the following criteria: (i) the transaction involves fewer than 1,000 shares, (ii) the value of the transaction is less than $50,000, <u>and</u> (iii) the issuer has a market capitalization of more than $5,000,000,000. If the trade preclearance request does not meet *all three of these criteria*, it will be flagged in MCO for further review by the COE Team. The COE Team will notify the Supervised Person via MCO if the trade has been approved or denied. De Minimis Transactions are considered to present low risk of conflict with client transactions because they involve a relatively small number of highly liquid Securities. However, it should be noted that issuer market capitalization amounts often change. Accordingly, a Supervised Person may purchase a Security that has a market capitalization of greater than $5 billion only to find out that they cannot sell the Security at a later date because the market capitalization has fallen below $5 billion and their sale would be during a blackout period in connection with a client trade in the same Security. If a Supervised Person is unsure whether a Security meets the market capitalization criteria, please contact the CCO. The De Minimis Transactions exemption also applies to Derivatives.

In addition, a Supervised Person's or his or her Family Member's trade preclearance request in MCO will be automatically approved in MCO if the transaction involves an exchange-traded fund or other pooled investment vehicle that is based on a broad-based securities index (*e.g.*, SPY or QQQ), as determined by the CCO, or a related Derivatives transaction on such fund or index. For purposes of this provision, a "broad-based" index generally refers to an index that is widely diversified and not narrowly focused on a single issuer, theme, or sub-industry. The CCO may maintain a list of approved broad-based index funds or indices and may determine, in his or her discretion, whether a particular investment qualifies for this exemption.

**Pre-Clearance for IPOs, Private or Limited Offerings, and Client-Provided Opportunities**

**Pre-Clearance Required for Participation in IPOs**

No Supervised Person or his or her Family Members shall acquire any Beneficial Ownership in a Security or Derivative in any Initial Public Offering for his or her account without the prior written approval of the CCO who has been provided with details of the proposed transaction and, if approved, will be subject to continuous monitoring for possible future conflicts.

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**Pre-Clearance Required for Private or Limited Offerings**

No Supervised Person or his or her Family Members shall acquire Beneficial Ownership of any Security or Derivative in a Private or Limited Offering without the prior written approval of the CCO who must be provided with full details of the proposed transaction (including written certification that the investment opportunity did not arise by virtue of the Supervised Person's activities on behalf of a client) and, if approved, will be subject to continuous monitoring for possible future conflicts.

**Pre-Clearance Required for Client-Provided Private Investment Opportunities**

No Supervised Person or his or her Family Members shall acquire Beneficial Ownership of any Security or Derivative without the prior written approval of the CCO for Client-Provided Private Investment Opportunities. The CCO must be provided the full details regarding the opportunity, the client introducing the opportunity, whether the opportunity is of limited capacity, whether other clients of the Firm are eligible to participate in the opportunity, and if approved, the investment will be subject to continuous monitoring for possible future conflicts.

**Personal Transactions – Public Securities Trading Restricted List ("Restricted List")**

Personal securities transactions by Supervised Persons and their Family Members are expected to follow the Firm's philosophy relating to its fiduciary duties. Supervised Persons and their Family Members are *prohibited* from trading Securities, including Derivatives on such Securities, that are included on the Restricted List. The Restricted List is managed and maintained by the CCO. All Supervised Persons should review the Restricted List prior to placing personal trades. Securities may be added and removed by the CCO or a Managing Member for any reason and at any time. An up-to-date copy of the Restricted List is maintained on the Firm's electronic personal trading surveillance software.

In certain circumstances, with pre-approval from the CCO or a Managing Member, a Security (or a Derivative) on the Restricted List may be traded by Supervised Persons and their Family Members. Seven Post forbids any Supervised Person and their Family Members from trading, either personally or on behalf of others, including client accounts and accounts beneficially owned by Supervised Persons and their Family Members that are managed by the Firm while in possession of MNPI or communicating MNPI to others in violation of the law. This conduct is frequently referred to as insider trading. The Firm's policy applies to every Supervised Person of the Firm and their Family Members and extends to activities within and outside their duties at the Firm. Any questions regarding the Adviser's policy and procedures should be referred to the CCO.

On a quarterly basis the CCO reviews personal trading and holdings of all Supervised Persons and their Family Members for trading in Securities, including Derivatives, on the Restricted List. The CCO's personal trading is reviewed by Managing Members or the Vice President of Compliance.

**Short-Term Trading**

Supervised Persons and their Family Members should avoid short-term trading. Opposite way transactions within 30 days will be subject to heightened review and may result in restrictions on personal trading privileges.

**COMPLIANCE PROCEDURES**

**Personal Accounts**

All personal trading accounts in which Supervised Persons and their Family Members are authorized to effect transactions will be setup within the Firm's personal trading compliance software system.

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**Reporting Requirements**

**Initial and Annual Holdings Report**

Every Access Person shall, no later than ten (10) days after the person becomes an Access Person, file an initial holdings report for their own accounts and the accounts of their Family Members and annually thereafter a report containing the following information:

● The title and exchange ticker symbol or CUSIP number, type of security, number of shares and principal amount of each Reportable Security in which the Access Person or his or her Family Members had any direct or indirect beneficial interest ownership when the person becomes an Access Person;

● The name of any broker, dealer or bank with whom the Access Person or their Family Members maintained an account in which any Securities (including but not limited to Reportable Securities) were held for the direct or indirect benefit of the Access Person or his or her Family Members; and

● The date that the report is submitted by the Access Person.

The information submitted must be current as of a date no more than forty-five (45) days before the person became an Access Person. The quarterly brokerage statements may suffice as the annual holdings reports as long as all information is included as noted above.

**Quarterly Transaction Reports**

Every Access Person must, no later than thirty (30) days after the end of each calendar quarter, file a quarterly transaction report containing the following information with respect to any transaction during the quarter in a Reportable Security in which the Access Person or his or her Family Members had any direct or indirect beneficial ownership:

● The date of the transaction, the title and exchange ticker symbol or CUSIP number, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each Security;

● The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

● The price of the Reportable Security at which the transaction was effected;

● The name of the broker, dealer or bank with or through whom the transaction was effected; and

● The date the report is submitted by the Access Person.

**Exempt Transactions**

An Access Person need <u>not</u> submit a report with respect to:

● Transactions effected for Securities held in any account over which the person has no direct or indirect influence or control;

● Transactions effected pursuant to an Automatic Investment Plan;

● Transactions that duplicate information contained in broker trade confirmations or account statements held by the Firm, so long as the Firm received confirmations or statements no later than 30 days after the close of the calendar quarter in which the transaction took place;

● Transactions and holdings in Securities that are not reportable.

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Please note that Exchange Traded Funds are *included* in reporting requirements. Reliance on the independent or separately managed account exception is conditioned on the CCO's receipt of satisfactory documentary evidence (such as a copy of the advisory agreement, certification from advisor, etc.). The CCO will determine on a case-by-case basis whether accounts qualify for the exception, and may request, on a sample basis, reports on holdings and/or transactions made in the account or trust to identify transactions that would have been prohibited pursuant to the Firm's Code of Ethics without the exception.

**Monitoring and Review of Personal Securities Transactions**

The CCO will monitor and review all reports required under the Code for compliance with Seven Post's policies regarding personal securities transactions and applicable SEC rules and regulations. Any transactions for any accounts of the CCO will be reviewed and approved by a Managing Member or the Vice President of Compliance.

**CERTIFICATION**

**Initial Certification** 

All Supervised Persons will be provided with a copy of the Code and must initially certify that they have: (i) received a copy of the Code; (ii) read and understand all provisions of the Code; (iii) agreed to abide by the Code; and (iv) reported all account holdings as required by the Code (see Appendix A).

**Acknowledgement of Amendments** 

All Supervised Persons shall receive any amendments to the Code and must certify that they have: (i) received a copy of the amendment; (ii) read and understood the amendment; and (iii) agreed to abide by the Code as amended.

**Annual Certification** 

All Supervised Persons must annually certify that they have: (i) read and understood all provisions of the Code; (ii) complied with all requirements of the Code; and (iii) submitted all holdings and transaction reports as required by the Code. (see Appendix A).

All such certifications and acknowledgements may be provided and maintained electronically via the firm's online compliance monitoring system.

**REPORTING VIOLATIONS AND SANCTIONS**

All Access Persons shall promptly report to the CCO all apparent violations of the Code. Any violations of the Code by the CCO must be immediately reported to a Managing Member of the Firm.

Seven Post will maintain documentation of all violations of the Code, and the Managing Members will be informed of any such violations that are deemed to be material.

The Firm's Managing Members shall consider reports made to them hereunder and shall determine what sanctions, if any, should be imposed. Possible sanctions may include verbal reprimands, a letter of censure, disgorgement of profits obtained in connection with a violation, monetary fine or assessment, restrictions on future personal trading, suspension or termination of the Access Person's employment with Seven Post and/or referral to civil or criminal authorities.

**RECORDS**

The CCO shall maintain and cause to be maintained in a readily accessible place (for at least the first two (2) years) the following records:

● A copy of any Code of Ethics adopted by Seven Post pursuant to Rule 204A-1 under the Advisers Act and Rule 17j-1 under the 1940 Act shall be maintained for five (5) years after the end of the fiscal year in which such Code or amendment was last in effect.

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● A record of any violation of the Code (such as late reporting required under any of the policies contained within the Code of Ethics) and any action that was taken as a result of such violation shall be maintained for five (5) years after the end of the fiscal year in which the violation occurred.

● A record of all written acknowledgements of receipt of the Code and any amendments thereto for each person who is currently, or within the past five (5) years was, an Access Person, which shall be maintained for five (5) years after the end of the fiscal year in which the individual ceases to be an Access Person of Seven Post

● A copy of each report made by an Access Person pursuant to the Code of Ethics, which shall be maintained for five (5) years after the end of the fiscal year in which such report is made.

● A record of the review of Access Person reports, which shall be maintained for five (5) years after the end of the fiscal year in which such review occurs.

● A list of all persons who are, or within the preceding five (5) years have been, Access Persons, which shall be maintained for five (5) years after the end of the fiscal year in which the list is prepared or updated.

● A record of any decision and reasons supporting such decision to approve an Access Person's acquisition of Securities in Initial Public Offerings or Private or Limited Public Offerings, which shall be maintained for five (5) years after the end of the fiscal year in which such approval is granted.

● Copies of any reports provided to the board of directors or trustees of a registered investment company pursuant to Rule 17j-1, which shall be maintained for five (5) years after the end of the fiscal year in which such report is made.

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**Appendix A: Annual Acknowledgement of Code of Ethics**

PLEASE SIGN AND RETURN THIS ACKNOWLEDGEMENT TO THE CHIEF COMPLIANCE OFFICER. ALTERNATIVELY, PLEASE COMPLETE AND SUBMIT THE ACKNOWLEDGMENT ELECTRONICALLY VIA THE FIRM'S ONLINE COMPLIANCE MONITORING SYSTEM.

I acknowledge that I have received Seven Post Investment Office LP's Code of Ethics ("COE") and represent that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed the COE, and I fully understand its terms and applicability to me; and

&nbsp;&nbsp;&nbsp;&nbsp;2. I
 will comply with the policies and procedures outlined in the COE in all respects.

**Acknowledged by:**

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| |
|:---|
| Signature: |
| Print Name: |
| Date: |

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