# EDGAR Filing Document

**Accession Number:** 0001618627
**File Stem:** 0001999371-26-012555
**Filing Date:** 2026-6
**Character Count:** 874944
**Document Hash:** c7313f71414c0eb4c25f818bfa053cb4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-012555.hdr.sgml**: 20260610

**ACCESSION NUMBER**: 0001999371-26-012555

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 44

**FILED AS OF DATE**: 20260610

**DATE AS OF CHANGE**: 20260610

**EFFECTIVENESS DATE**: 20260611

**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:** 261079240

**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:** 261079239

**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

### Twin Oak Apex Opportunities ETF (Series ID: S000102354)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000272823 | Twin Oak Apex Opportunities ETF | TPEX            |

### Twin Oak Horizons ETF (Series ID: S000102355)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000272824 | Twin Oak Horizons ETF | TOHZ            |

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

Filed with the Securities and Exchange Commission on June 10, 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>99</u> ☒

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 ☒ <br> Amendment No. <u>102</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 June 11, 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**

Twin Oak Apex Opportunities ETF

**(CBOE BZX: TPEX)**

Twin Oak Horizons ETF

**(CBOE BZX: TOHZ)**

**June 11, 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**

---

| | |
|:---|:---|
| [Twin Oak Apex Opportunities ETF SUMMARY SECTION](#rbb485bposa001) | 1 |
| [Twin Oak Horizons ETF SUMMARY SECTION](#rbb485bposa002) | 9 |
| [ADDITIONAL INFORMATION ABOUT THE FUNDS](#rbb485bposa003) | 19 |
| [MANAGEMENT OF THE FUNDS](#rbb485bposa004) | 31 |
| [HOW TO BUY AND SELL SHARES](#rbb485bposa005) | 33 |
| [DIVIDENDS, DISTRIBUTIONS, AND TAXES](#rbb485bposa006) | 35 |
| [DISTRIBUTION](#rbb485bposa007) | 40 |
| [ADDITIONAL CONSIDERATIONS](#rbb485bposa008) | 40 |
| [FINANCIAL HIGHLIGHTS](#rbb485bposa009) | 42 |

---

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 Twin Oak Apex Opportunities ETF and Twin Oak Horizons ETF (the "Funds") 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.

**Twin Oak Apex Opportunities ETF**

**SUMMARY SECTION**

**Investment Objective**

The investment objective of the Twin Oak Apex Opportunities ETF (the "Fund") is total return.

**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 | 0.75% |
| Distribution (12b-1) Fees | 0.00% |
| Other Expenses<sup>(1)</sup> | 0.00% |
| Acquired Fund Fees and Expenses<sup>(2)</sup> | 0.01% |
| Total Annual Fund Operating Expenses | 0.76% |

---

<sup>(1)</sup> "Other Expenses" are estimated for the current fiscal year.

<sup>(2)</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 mutual funds, including money market funds and exchange-traded funds.

*Example*

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

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $78 | $243 |

---

*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 total return. The Fund seeks to achieve its investment objective by investing in domestic equity securities (e.g. common and preferred stock) of all market capitalizations. The Fund may invest directly in equity securities or in other ETFs, which may include other ETFs managed by the Adviser, Twin Oak ETF Company (the "Adviser" or "Twin Oak"), that primarily invest in equity securities. The Fund may also invest in derivatives, including options, swaps, futures, forwards and structured notes, to achieve the desired equities exposure.

The Fund uses both a "bottom-up" approach to selecting investments, focusing on the analysis of individual securities as well as a "top-down" approach to manage the overall portfolio characteristics and risks. The bottom-up research approach for equity positions will be driven by the Adviser's fundamental research on individual securities or asset classes, and comprises looking at individual investment opportunities to assess their risk-reward framework and contribution to the overall portfolio. The top-down approach focuses on overall macro conditions and market environments. Bottom-up exposures will then be assessed relative to top-down characteristics, resulting in the Fund's overall portfolio positioning.

In managing the Fund, the Adviser may also seek to implement a hedging strategy utilizing option contracts, swaps, structured notes, futures, and forwards. The hedging strategies will be deployed at the discretion of the portfolio manager and may be used to hedge specific portfolio exposures through the use of derivatives such as puts, calls, or collars on specific securities, or more macro exposures, such as, though not limited to, overall market risk or volatility. Macro hedges may include, though are not limited to, hedges on indices or ETFs that track certain exposures to give the portfolio more defensive characteristics or the potential to reduce the overall market risk in the portfolio. Certain types of derivatives have a leverage-like effect on the portfolio, in that they require a relatively small premium or margin payment in relation to the size of the investment exposure the Fund acquires. The Fund's total return may be reduced relative to a portfolio consisting solely of equity securities in rising markets and may be enhanced relative to the same portfolio in flat or declining markets. In addition to the hedging strategy, the Adviser may also invest its assets in cash and cash equivalents, or money market instruments for temporary defensive purposes in response to adverse market, economic or political conditions and to retain flexibility in paying expenses, which may result in the Fund not achieving its investment objective. During such periods, the Fund may invest in an affiliated ETF, the Twin Oak Short Horizon Absolute Return ETF ("Short Horizon ETF"), for any purpose. The Short Horizon ETF is actively managed by Twin Oak and seeks to provide capital appreciation with low price volatility.

The Adviser has engaged Exchange Traded Concepts, LLC ("ETC" or the "Sub-Adviser") as sub-adviser to provide trading services as well as proxy voting and other non-portfolio management services to the Fund.

The Fund is "non-diversified" for purposes of the Investment Company Act of 1940, as amended, (the "1940 Act"), which means that the Fund may invest in fewer securities at any one time than a diversified fund. The Fund may not invest more than 15% of its net assets in illiquid investments. The Fund is required to comply with Rule 18f-4 under the 1940 Act and has adopted and implemented written policies and procedures reasonably designed to manage the Fund's derivatives risk and ensure compliance with Rule 18f-4. The Fund is not subject to the full requirements of Rule 18f-4 since it is a "limited derivatives user" as defined in Rule 18f-4, and the Fund maintains a maximum derivatives exposure of 10% of its net assets.

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.

● **Affiliated Fund Risk.** Affiliated fund risk is the risk that the Adviser may select investments in other investment companies, including ETFs, (collectively, "Underlying Funds") for the Fund based on its own financial interests rather than the Fund's interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund's best interest when selecting Underlying Funds.

● **Counterparty Risk.** Some of the derivatives entered into by the Fund are not traded on an exchange but 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.

● **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, the Fund's investment 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 use of artificial intelligence and machine learning could exacerbate these risks. 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.

● **Derivatives Risk.** Derivatives include instruments and contracts that are based on, and are valued in relation to, one or more underlying securities, financial benchmarks or indices, such as futures, options, swap and forward contracts. Derivatives typically have economic leverage inherent in their terms. Such leverage will magnify any losses. See "Leverage Risk" below. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and 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 a counterparty, or legality or enforceability of a contract. The primary types of derivatives in which the Fund invests in are swaps and options contracts.

● **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," "Cash Transactions Risk," "Secondary Market Trading Risk," and "Shares May Trade at Prices Other Than NAV Risk."

○ *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.

○ *Cash Transactions Risk.* Unlike certain ETFs, the Fund may effect its creations and redemptions partially or wholly for cash rather than on an in-kind basis. Because of this, the Fund may incur costs such as brokerage costs or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. 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.

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

○ *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.

● **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.

● **Leverage Risk.** Leverage amplifies changes in the Fund's NAV and may make the Fund more volatile. Derivatives may create leverage and can result in losses to the Fund that exceed the amount originally invested and may accelerate the rate of losses. There can be no assurance that the Fund's use of any leverage will be successful. The Fund's investment exposure can exceed its net assets, sometimes by a significant amount.

● **Liquidity Risk.** The Fund is subject to liquidity risk primarily due to its investments in derivatives. Investments in derivative instruments involve the risk that the Fund may be unable to sell the derivative instrument or sell it at a reasonable price.

● **Management Risk.** The Fund is subject to the risk of poor investment selection. In other words, the individual investments of the Fund may not perform as well as expected, and/or the Fund's portfolio management practices may not work to achieve their desired result.

● **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.

● **New Adviser Risk.** Twin Oak is a newly registered investment adviser and 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 Trustees ("Board") of The RBB Fund Trust (the "Trust") may determine to liquidate the Fund.

● **Non-Diversification Risk.** The Fund is a non-diversified investment company, which means that more of the Fund's assets may be invested in the securities of a single issuer than could be invested in the securities of a single issuer by a diversified investment company. This may make the value of the Shares more susceptible to certain risks than shares of a diversified investment company. As a non-diversified fund, the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.

● **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.

● **Options Risk.** Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. The Fund may not fully benefit from or may lose money on an option if changes in its value do not correspond as anticipated to changes in the value of the underlying securities.

● **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.

● **Structured Note Risk.** Structured notes are notes where the principal and/or interest is determined by reference to the performance of a specific asset, benchmark asset, financial instrument, market or interest rate. Generally, investments in such notes are used as a substitute for positions in underlying indicators and involve many of the same risks associated with a direct investment in the underlying indicator the notes seek to replicate. Structured notes may be exchange-traded or traded over-the-counter and privately negotiated.

● **Swap Risk.** In a standard "swap" transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the "notional amount" of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged, are subject to the risk that the counterparty may default on the obligation, and may be difficult to value. Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund's losses.

● **Underlying Funds Risk.** To the extent the Fund invests in other investment companies, including money market funds and ETFs, 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.

**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 https://twinoaketfs.com.

**Management**

*Investment Adviser and Sub-Adviser*

Twin Oak ETF Company serves as investment adviser to the Fund. 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 and proxy voting.

*Portfolio Manager*

Zachary Wainwright is primarily responsible for the day-to-day management of the Fund. Mr. Wainwright is the Chief Executive Officer of Twin Oak. Mr. Wainwright has served as portfolio manager of the Fund since its inception.

**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 https://twinoaketfs.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.

**Twin Oak Horizons ETF**

**SUMMARY SECTION**

**Investment Objective**

The investment objective of the Twin Oak Horizons ETF (the "Fund") is total return.

**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 | 0.99% |
| Distribution (12b-1) Fees | 0.00% |
| Other Expenses<sup>(1)</sup> | 0.00% |
| Acquired Fund Fees and Expenses<sup>(2)</sup> | 0.01% |
| Total Annual Fund Operating Expenses | 1.00% |

---

<sup>(1)</sup> "Other Expenses" are estimated for the current fiscal year.

<sup>(2)</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 mutual funds, including money market funds and exchange-traded funds.

*Example*

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

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $102 | $318 |

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*Portfolio Turnover*

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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 to seek total return. The Fund seeks to achieve its investment objective by investing in equity securities (e.g. common and preferred stock) of small, medium, and large companies. The Fund may invest directly in equity securities, utilize other ETFs, which may include other ETFs managed by the Adviser, Twin Oak ETF Company (the "Adviser" or "Twin Oak"), or synthetically via derivatives to achieve the desired exposure. The Fund primarily invests in securities of U.S. issuers. The Fund will not invest in foreign or emerging markets securities as part of its principal investment strategy. The Fund may also invest in fixed income securities of corporate and government issuers. Fixed income securities may be of any maturity or duration and may be of any rating, including those rated below investment grade.

The Fund invests its assets in accordance with the following ranges:

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| | |
|:---|:---|
| Equity | 0% - 100% |
| Fixed Income | 0% - 100% |

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The Fund uses both a "bottom-up" approach to selecting investments, focusing on the analysis of individual securities as well as a "top-down" approach to manage the overall portfolio characteristics and risks. The bottom-up research approach for equity positions will be driven by the Adviser's fundamental research on individual securities or asset classes, and comprises looking at individual investment opportunities to assess their risk-reward framework and contribution to the overall portfolio. The top-down approach focuses on overall macro conditions and market environments. Bottom-up exposures will then be assessed relative to top-down characteristics, resulting in the Fund's overall portfolio positioning.

In managing the Fund, the Adviser may also seek to implement a hedging strategy utilizing option contracts, swaps, structured notes, futures, and forwards. The hedging strategies will be deployed at the discretion of the portfolio manager and may be used to hedge specific portfolio exposures through the use of derivatives such as puts, calls, or collars on specific securities, or more macro exposures, such as, though not limited to, overall market risk or volatility. Macro hedges may include, though are not limited to, hedges on indices or ETFs that track certain exposures or hedges on certain market exposures like interest rates or fixed income credit risk to give the portfolio more defensive characteristics or the potential to reduce the overall market risk in the portfolio. Certain types of derivatives have a leverage-like effect on the portfolio, in that they require a relatively small premium or margin payment in relation to the size of the investment exposure the Fund acquires. The Fund's total return may be reduced relative to a portfolio consisting solely of equity securities in rising markets and may be enhanced relative to the same portfolio in flat or declining markets. For fixed income, the Adviser's research approach will focus primarily on, but not limited to, the risk return trade off across credit, spreads, duration, and asset class exposures. Duration is a measure of price sensitivity to interest rate changes. For example, if a security has a duration of 5 years, the price of the security will increase (decrease) by approximately 5% for every 1% decrease (increase) in interest rates.

Bottom-up exposures will then be assessed relative to top-down characteristics of the Fund's entire portfolio. Additionally, based on the Adviser's assessment of available market opportunities in equity and fixed income, the Adviser may shift the allocation between equities and fixed income to maximize long-term capital appreciation and balance risk exposure. This includes analysis of the characteristics of each security including sectors, stocks and asset classes. Under various market conditions, such as increased volatility and market downturns, the Adviser may, in its sole discretion, increase its allocation to fixed income securities in pursuit of the Fund's investment objective. In addition to the fixed income and hedging strategy, the Adviser may also invest its assets in cash and cash equivalents, or money market instruments for temporary defensive purposes in response to adverse market, economic or political conditions and to retain flexibility in paying expenses, which may result in the Fund not achieving its investment objective. During such periods, the Fund may invest in an affiliated ETF, the Twin Oak Short Horizon Absolute Return ETF ("Short Horizon ETF"), for any purpose. The Short Horizon ETF is actively managed by Twin Oak and seeks to provide capital appreciation with low price volatility.

The Adviser has engaged Exchange Traded Concepts, LLC ("ETC" or the "Sub-Adviser") as sub-adviser to provide trading services as well as proxy voting and other non-portfolio management services to the Fund.

The Fund is "non-diversified" for purposes of the Investment Company Act of 1940, as amended, (the "1940 Act"), which means that the Fund may invest in fewer securities at any one time than a diversified fund. The Fund may not invest more than 15% of its net assets in illiquid investments. The Fund is required to comply with Rule 18f-4 under the 1940 Act and has adopted and implemented written policies and procedures reasonably designed to manage the Fund's derivatives risk and ensure compliance with Rule 18f-4. The Fund is not subject to the full requirements of Rule 18f-4 since it is a "limited derivatives user" as defined in Rule 18f-4, and the Fund maintains a maximum derivatives exposure of 10% of its net assets.

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.

● **Affiliated Fund Risk.** Affiliated fund risk is the risk that the Adviser may select investments in other investment companies, including ETFs, (collectively, "Underlying Funds") for the Fund based on its own financial interests rather than the Fund's interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund's best interest when selecting Underlying Funds.

● **Counterparty Risk.** Some of the derivatives entered into by the Fund are not traded on an exchange but 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.

● **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, the Fund's investment 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 use of artificial intelligence and machine learning could exacerbate these risks. 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.

● **Derivatives Risk.** Derivatives include instruments and contracts that are based on, and are valued in relation to, one or more underlying securities, financial benchmarks or indices, such as futures, options, swap and forward contracts. Derivatives typically have economic leverage inherent in their terms. Such leverage will magnify any losses. See "Leverage Risk" below. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and 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 a counterparty, or legality or enforceability of a contract. The primary types of derivatives in which the Fund invests in are swaps and options contracts.

● **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," "Cash Transactions Risk," "Secondary Market Trading Risk," and "Shares May Trade at Prices Other Than NAV Risk."

○ *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.

○ *Cash Transactions Risk.* Unlike certain ETFs, the Fund may effect its creations and redemptions partially or wholly for cash rather than on an in-kind basis. Because of this, the Fund may incur costs such as brokerage costs or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. 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.

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

○ *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.

● **Fixed Income Securities Risks.** Fixed income securities in which the Fund or an Underlying Fund may invest are subject to certain risks, including:

○ *Bank Loan Risk.* The Fund's investments in secured and unsecured participations in bank loans and assignments of such loans may create substantial risk. In making investments in such loans, which are made by banks or other financial intermediaries to borrowers, the Fund will depend primarily upon the creditworthiness of the borrower for payment of principal and interest. If the Fund does not receive scheduled interest or principal payments on such indebtedness, the Fund's share price could be adversely affected. The Fund may invest in loan participations that are rated by a nationally recognized statistical rating organization or are unrated, and may invest in loan participations of any credit quality, including "distressed" companies with respect to which there is a substantial risk of losing the entire amount invested. In addition, certain bank loans in which the Fund may invest may be illiquid and, therefore, difficult to value and/or sell at a price that is beneficial to the Fund.

○ *Credit Risk.* Credit risk is the risk that the issuer of a security will not be able to make payments of interest and principal when due. Deterioration in the financial condition of an issuer or deterioration in general economic conditions could cause an issuer to fail to make timely payments of principal and interest. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may affect the value of the Fund's investments in that issuer. A credit agency's rating represents the organization's opinion as to the credit quality of a security but is not an absolute standard of quality or guarantee as to the creditworthiness of an issuer. Ratings from a credit agency present an inherent conflict of interest, because the agency is paid by the entities whose securities they rate. Rating agencies may fail to move quickly enough to change ratings in response to changing circumstances, and a rating may not reflect the fine shadings of risks within a given quality grade.

○ *High Yield Securities Risk.* High-yield securities or junk bonds are often considered to be speculative and involve greater risk of default or price changes than investment grade fixed-income securities due to changes in the issuer's or the market's perception of an issuer's creditworthiness. The issuers of these securities may not be as financially strong as the issuers of higher rated securities. Prices of lower-rated securities have been found to be less sensitive to interest rate changes and more sensitive to adverse economic changes and individual corporate developments than more highly rated investments. When a security's rating is reduced below investment grade, it may be more difficult for the Fund to receive income from its investment.

○ *Liquidity Risk.* Liquidity risk is the risk that a limited market for a security may make it difficult for that security to be sold at an advantageous time or price, which could prevent the Fund from selling the security at the approximate price that it is valued or the time it desires to sell. Liquidity risk may be magnified during times of instability in the credit markets, rising interest rates, high selling activity, or other circumstances where investor redemptions from fixed income securities may be higher than normal. The capacity of traditional dealers to engage in fixed income trading has not kept pace with the fixed income market's growth, causing dealer inventories to be at or near historical lows relative to market size. The reduction in dealer inventories could lead to decreased liquidity, increased volatility and wider spreads, which may become exacerbated during periods of economic or political stress. Lower rated securities may be subject to greater levels of liquidity risk. If a fixed income security is downgraded or declines in price, the market demand may be limited, making that security difficult to sell. Additionally, the market for certain fixed-income securities may become illiquid under adverse market or economic conditions, independent of any specific adverse changes in the conditions of a particular issuer.

○ *Maturity Risk.* Longer-term securities generally have greater price fluctuations and are more sensitive to interest rate changes than shorter-term securities. Therefore, the Fund may experience greater price fluctuations when it holds securities with longer maturities.

○ *Mortgage Backed and Asset-Backed Securities.* Asset-backed securities may be affected by factors concerning the interests in and structure of the issuer or the originator of the receivables, the creditworthiness of the entities that provide any supporting letters of credit or other credit enhancements or the market's assessment of the quality of the underlying security. 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 may be prepaid at a price less than the original purchase value.

○ *Other Asset-Backed Securities.* Asset-backed securities may be affected by factors concerning the interests in and structure of the issuer or the originator of the receivables, the creditworthiness of the entities that provide any supporting letters of credit or other credit enhancements or the market's assessment of the quality of the underlying security.

○ *U.S. Government Securities.* Some U.S. Government securities, such as U.S. Government agency notes and bonds, are neither insured nor guaranteed by the U.S. Government, meaning they are only supported by the right of the issuer to borrow from the U.S. Government or by the credit of the agency issuing the obligation. If the Fund invests in a U.S. Government security that is not backed by the U.S. Government, there is no assurance that the U.S. Government would provide support, and the Fund's performance could be adversely impacted if there is a deterioration in the financial condition of the issuer.

● **Floating Rate Securities Risk.** Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their coupon rates do not reset as high, or as quickly, as comparable market interest rates, and generally carry lower yields than fixed-rate securities of the same maturity. Although floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to credit risk, which could impair their value.

● **Interest Rate Risk.** Interest rate changes can be sudden and unpredictable and a wide variety of factors can cause interest rates to rise, such as central bank monetary policies, inflation rates, supply and demand and general economic conditions. The value of the Fund's shares generally is expected to increase during periods of falling interest rates and to decrease during periods of rising interest rates. The magnitude of these fluctuations will generally be greater if the Fund holds securities with longer maturities or lower quality ratings. The interest earned on the Fund's investments in fixed income securities may decline when prevailing interest rates fall. The Fund is also subject to the risk that the income generated by its investments may not keep pace with inflation.

● **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.

● **Leverage Risk.** Leverage amplifies changes in the Fund's NAV and may make the Fund more volatile. Derivatives may create leverage and can result in losses to the Fund that exceed the amount originally invested and may accelerate the rate of losses. There can be no assurance that the Fund's use of any leverage will be successful. The Fund's investment exposure can exceed its net assets, sometimes by a significant amount.

● **Liquidity Risk.** The Fund is subject to liquidity risk primarily due to its investments in derivatives. Investments in derivative instruments involve the risk that the Fund may be unable to sell the derivative instrument or sell it at a reasonable price.

● **Management Risk.** The Fund is subject to the risk of poor investment selection. In other words, the individual investments of the Fund may not perform as well as expected, and/or the Fund's portfolio management practices may not work to achieve their desired result.

● **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.

● **New Adviser Risk.** Twin Oak is a newly registered investment adviser and 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 Trustees ("Board") of The RBB Fund Trust (the "Trust") may determine to liquidate the Fund.

● **Non-Diversification Risk.** The Fund is a non-diversified investment company, which means that more of the Fund's assets may be invested in the securities of a single issuer than could be invested in the securities of a single issuer by a diversified investment company. This may make the value of the Shares more susceptible to certain risks than shares of a diversified investment company. As a non-diversified fund, the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.

● **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.

● **Options Risk.** Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. The Fund may not fully benefit from or may lose money on an option if changes in its value do not correspond as anticipated to changes in the value of the underlying securities.

● **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.

● **Structured Note Risk.** Structured notes are notes where the principal and/or interest is determined by reference to the performance of a specific asset, benchmark asset, financial instrument, market or interest rate. Generally, investments in such notes are used as a substitute for positions in underlying indicators and involve many of the same risks associated with a direct investment in the underlying indicator the notes seek to replicate. Structured notes may be exchange-traded or traded over-the-counter and privately negotiated.

● **Swap Risk.** In a standard "swap" transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the "notional amount" of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged, are subject to the risk that the counterparty may default on the obligation, and may be difficult to value. Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund's losses.

● **Underlying Funds Risk.** To the extent the Fund invests in other investment companies, including money market funds and ETFs, 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.

**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 https://twinoaketfs.com.

**Management**

*Investment Adviser and Sub-Adviser*

Twin Oak ETF Company serves as investment adviser to the Fund. 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 and proxy voting.

*Portfolio Manager*

Zachary Wainwright is primarily responsible for the day-to-day management of the Fund. Mr. Wainwright is the Chief Executive Officer of Twin Oak. Mr. Wainwright has served as portfolio manager of the Fund since its inception.

**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 https://twinoaketfs.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 FUNDS**

**Investment Objectives**

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| | |
|:---|:---|
| **Fund** | **Investment Objective** |
| Twin Oak Apex Opportunities ETF | The Fund seeks total return. |
| Twin Oak Horizons ETF | The Fund seeks total return. |

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Each Fund's investment objective has been adopted as a non-fundamental investment policy and may be changed without shareholder approval upon 60 days' written notice to shareholders.

Each Fund may, from time to time, take temporary defensive positions that are inconsistent with a Fund's principal investment strategies in attempting to respond to adverse market, economic, political or other conditions. This may cause a Fund to not achieve its investment objective.

**Additional Principal Risk Information**

The value of a 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 a Fund, and there can be no assurance that a Fund will achieve its investment objective.

An investment in the Funds is subject to the following principal risks.

● **Affiliated Fund Risk *(Both Funds).*** Affiliated fund risk is the risk that the Adviser may select investments in other investment companies, including ETFs, for a Fund based on its own financial interests rather than the Fund's interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Funds and is legally obligated to act in the Funds' best interest when selecting Underlying Funds.

● **Bank Loan Risk *(Twin Oak Horizons ETF only).*** The Fund's investments in secured and unsecured participations in bank loans and assignments of such loans may create substantial risk. In making investments in such loans, which are made by banks or other financial intermediaries to borrowers, the Fund will depend primarily upon the creditworthiness of the borrower for payment of principal and interest. If the Fund does not receive scheduled interest or principal payments on such indebtedness, the Fund's share price could be adversely affected. The Fund may invest in loan participations that are rated by a nationally recognized statistical rating organization or are unrated, and may invest in loan participations of any credit quality, including "distressed" companies with respect to which there is a substantial risk of losing the entire amount invested. In addition, certain bank loans in which the Fund may invest may be illiquid and, therefore, difficult to value and/or sell at a price that is beneficial to the Fund.

● **Counterparty Risk *(Both Funds).*** Some of the derivatives entered into by a Fund are not traded on an exchange but instead will be privately negotiated in the over-the-counter market. This means that these instruments are traded between counterparties based on contractual relationships. The participants in the over-the-counter market are typically not subject to credit evaluation and regulatory oversight as are members of "exchange based" markets. Relying on a counterparty exposes a 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 a Fund will cause the value of an investment in the Fund to decrease. If a Fund deals with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties. A 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 a 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 a 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, a Fund's collateral may be subject to the conflicting claims of the counterparty's creditors and a 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.

A Fund is subject to the risk that issuers of the instruments in which it invests and trades may default on their obligations, and that certain events may occur that have an immediate and significant adverse effect on the value of those instruments. There can be no assurance that an issuer will not default, or that an event that has an immediate and significant adverse effect on the value of an instrument will not occur, and that a Fund will not sustain a loss on a transaction as a result.

Transactions entered into by a Fund may be executed on various U.S. and non-U.S. exchanges, and may be cleared and settled through various clearing houses, custodians, depositories and prime brokers throughout the world. A failure by any such entity may lead to a loss to a Fund.

● **Credit Risk (*Twin Oak Horizons ETF only).*** Issuers or guarantors of debt instruments or the counterparty to a repurchase agreement or loan of portfolio securities may be unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is the chance that any of an Underlying Fund's portfolio holdings will have its credit ratings downgraded or will default (fail to make scheduled interest or principal payments), potentially reducing the Underlying Fund's income level and share price.

A security issuer's default on its payment obligations to the Fund will cause the value of an investment in the Fund to decrease. Lower credit quality may lead to greater volatility in the price of a security and in shares of the Fund. Lower credit quality also may affect liquidity and make it difficult to sell the security. Default, or the market's perception that an issuer is likely to default, could reduce the value and liquidity of securities, thereby reducing the value of your investment in Fund shares. In addition, default may cause the Fund to incur expenses in seeking recovery of principal or interest on its portfolio holdings.

When the Fund invests in over-the-counter derivatives (including options), it assumes a credit risk of the party with which it trades and also bears the risk of settlement default. These risks may differ materially from risks associated with transactions effected on an exchange, which generally are backed by clearing organization guarantees, daily mark-to-market and settlement, segregation and minimum capital requirements applicable to intermediaries. Transactions entered into directly between two counterparties generally do not benefit from such protections. Relying on any counterparty exposes the Fund to the risk that such 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, causing the Fund to suffer a loss. A counterparty's default on its payment obligations to the Fund will cause the value of an investment in the Fund to decrease. The Fund could also be delayed or hindered in its enforcement of rights against an issuer, guarantor, or counterparty.

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.

U.S. Government Securities are generally considered to be among the safest type of investment in terms of credit risk, but they are not guaranteed against price movements due to changing interest rates. From time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt ceiling could impact the creditworthiness of the U.S. and could impact the liquidity of the U.S. Government Securities markets and ultimately the Fund. Obligations issued by some U.S. Government agencies, authorities, instrumentalities or sponsored enterprises, such as the Government National Mortgage Association ("GNMA"), are backed by the full faith and credit of the U.S. Treasury, while obligations by others, such as Federal National Mortgage Association ("Fannie Mae"), Federal Home Loan Mortgage Corporation ("Freddie Mac") and Federal Home Loan Banks, are backed solely by the ability of the entity to borrow from the U.S. Treasury or by the entity's own resources. No assurance can be given that the U.S. Government would provide financial support to U.S. Government agencies, authorities, instrumentalities or sponsored enterprises if it is not obliged to do so by law.

● **Cyber Security Risk *(Both Funds).*** With the increased use of technologies such as the internet to conduct business, each 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 Funds' Adviser and other service providers (including, but not limited to, the Funds' accountant, custodian, transfer agent and administrator), and the issuers of securities in which a Fund invests, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with a Fund's ability to calculate its NAV, impediments to trading, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Adviser 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 Funds cannot control the cyber security plans and systems put in place by service providers to the Funds and issuers in which a Fund invests. Each Fund and its shareholders could be negatively impacted as a result.

● **Derivative Contracts *(Both Funds).*** A Fund may, but need not, use derivative contracts for any of the following purposes:

○ To seek to hedge against the possible adverse impact of changes in stock market prices, currency exchange rates or interest rates in the market value of its securities or securities to be purchased;

○ As a substitute for buying or selling currencies or securities; or

○ To seek to enhance a Fund's return in non-hedging situations (which is considered a speculative activity).

Examples of derivative contracts include: futures and options on securities, securities indices or currencies; options on these futures; forward foreign currency contracts; and interest rate or currency swaps. Each Fund may use derivative contracts involving foreign currencies. A derivative contract will obligate or entitle a Fund to deliver or receive an asset or cash payment that is based on the change in value of one or more securities, currencies or indices. Even a small investment in derivative contracts can have a big impact on a Fund's stock market, currency and interest rate exposure. Therefore, using derivatives can disproportionately increase losses and reduce opportunities for gains when stock prices, currency rates or interest rates are changing. A Fund may not fully benefit from or may lose money on derivatives if changes in their value do not correspond accurately to changes in the value of the Fund's holdings. The other parties to certain derivative contracts present the same types of default risk as issuers of fixed income securities in that the counterparty may default on its payment obligations or become insolvent. Derivatives can also make a Fund less liquid and harder to value, especially in declining markets.

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 imposes limits on the amount of derivatives a fund can enter into, treats derivatives as senior securities so that a failure to comply with the limits would result in a statutory violation, and requires a Fund to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. Each Fund is required to comply with Rule 18f-4 and has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4. The use of derivatives is 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 a counterparty, or legality or enforceability of a contract.

○ **Options.** An option is a type of derivative instrument that gives the holder the right (but not the obligation) to buy (a "call") or sell (a "put") an asset in the near future at an agreed upon price prior to the expiration date of the option. A Fund may "cover" a call option by owning the security underlying the option or through other means. The value of options can be highly volatile, and their use can result in loss if the Adviser is incorrect in its expectation of price fluctuations. Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. A Fund may not fully benefit from or may lose money on an option if changes in its value do not correspond as anticipated to changes in the value of the underlying securities. If a Fund is not able to sell an option held in its portfolio, it would have to exercise the option to realize any profit and would incur transaction costs upon the purchase or sale of the underlying securities. Ownership of options involves the payment of premiums, which may adversely affect a Fund's performance. To the extent that a Fund invests in over-the-counter options, the Fund may be exposed to counterparty risk.

○ **Total Return Swaps.** Total return swaps are contracts that obligate one party to pay the other party an amount equal to the total return on a defined underlying asset or a non-asset reference during a specified period of time. The underlying asset might be a security or basket of securities or a non-asset reference such as a securities index. In return, the other party would make periodic payments based on a fixed or variable interest rate or on the total return from a different underlying asset or non-asset reference. The primary risks associated with total return swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the agreement or unfavorable changes occur to the underlying asset).

● **Equity Securities Risk *(Both Funds)*.** 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 a 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. Each Fund purchases equity securities traded in the U.S. on registered exchanges or the over-the-counter market.

● **ETF Structure Risks *(Both Funds).*** Each Fund is an ETF, and, as a result of an ETF's structure, the Funds are exposed to the following risks:

○ **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. A 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 a 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 a 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.

○ **Secondary Market Trading Risk.** Shares of each Fund are intended to be listed on the Exchange. Although a 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 a 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 a Fund's Shares may begin to mirror the liquidity of a Fund's underlying holdings, which can be significantly less liquid than a 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.

○ **Shares May Trade at Prices Other Than NAV Risk.** As with all ETFs, Shares of a 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 a Fund invests in Underlying Funds, which are also ETFs, the Fund will be further exposed to ETF risks.

○ **Cash Transactions Risk.** Unlike certain ETFs, a Fund may effect its creations and redemptions partially or wholly for cash rather than on an in-kind basis. Because of this, a Fund may incur costs such as brokerage costs or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease a 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 a Fund had effected redemptions wholly on an in-kind basis. A Fund's use of cash creations and redemptions may also cause the Fund's Shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to the Fund's NAV.

● **Fixed Income Investments *(Twin Oak Horizons ETF only*).** The Fund invests a portion of its assets in fixed income securities. Fixed income investments include bonds, notes (including structured notes), mortgage-backed securities, asset-backed securities, convertible securities, Eurodollar and Yankee dollar instruments, preferred stocks and money market instruments. Fixed income securities may be issued by corporate and governmental issuers and may have all types of interest rate payment and reset terms, including (without limitation) fixed rate, adjustable rate, zero coupon, contingent, deferred, payment-in-kind and auction rate features. The principal debt investments of the Fund will be fixed and floating rate securities with no reset terms.

The credit quality of securities held in the Fund's portfolio is determined at the time of investment. If a security is rated differently by multiple ratings organizations, the Fund treats the security as being rated in the higher rating category. The Fund may choose not to sell securities that are downgraded after their purchase.

Periods of rising interest rates may result in decreased liquidity and increased volatility in the fixed income markets. Periods of rising interest rates may result in decreased liquidity and increased volatility in the fixed income markets.

● **Floating Rate Securities Risk *(Twin Oak Horizons ETF only)*.** Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. A decline in interest rates may result in a reduction in income received from floating rate securities held by the Fund and may adversely affect the value of the Fund's shares. Generally, floating rate securities carry lower yields than fixed securities of the same maturity. The interest rate for a floating rate security resets or adjusts periodically by reference to a benchmark interest rate. The impact of interest rate changes on floating rate investments is typically mitigated by the periodic interest rate reset of the investments. Securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than securities with shorter durations. Floating rate securities generally are subject to legal or contractual restrictions on resale, may trade infrequently, and their value may be impaired when the Fund needs to liquidate such loans. In addition, benchmark interest rates may not accurately track market interest rates.

Although floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to credit risk, which could impair their value.

● **High Yield Securities Risk *(Twin Oak Horizons ETF only)*.** High-yield securities or junk bonds are often considered to be speculative and involve greater risk of default or price changes than investment grade fixed-income securities due to changes in the issuer's or the market's perception of an issuer's creditworthiness. The issuers of these securities may not be as financially strong as the issuers of higher rated securities. Prices of lower-rated securities have been found to be less sensitive to interest rate changes and more sensitive to adverse economic changes and individual corporate developments than more highly rated investments. When a security's rating is reduced below investment grade, it may be more difficult for the Fund to receive income from its investment.

● **Interest Rate Risk *(Twin Oak Horizons ETF only*).** Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund or an Underlying Fund receive from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund's and Underlying Funds' investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund's or an Underlying Fund's yield(s) and may increase the risk that, if followed by rising interest rates, the Fund's or Underlying Fund's performance will be negatively impacted. The Fund is subject to the risk that the income generated by their investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund or an Underlying Fund, resulting in a negative impact on the Fund's performance and NAV. Any interest rate increases could cause the value of the Fund's or Underlying Funds' investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund or an Underlying Fund, which may force the Fund or Underlying Fund to sell investments at a time when it is not advantageous to do so, which could result in losses.

● **Large Capitalization Companies Risk *(Both Funds).*** A 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 Funds consider large companies to be companies with market capitalizations of $10 billion or greater.

● **Leverage Risk *(Both Funds).*** A Fund's use of options, swaps, or other derivative instruments will have the economic effect of financial leverage. The use of leverage by the Adviser may increase the volatility of a Fund. These leveraged instruments may result in losses to a Fund or may adversely affect the Fund's NAV or total return, because instruments that contain leverage are more sensitive to changes in interest rates. Although the use of leverage by a Fund may create an opportunity for increased return, it also results in additional risks and can magnify the effect of any losses. If the income and gains earned on the securities and instruments purchased with leverage proceeds are greater than the cost of the leverage, a Fund's return will be greater than if leverage had not been used. Conversely, if the income and gains from the securities and instruments purchased with such proceeds does not cover the cost of leverage, a Fund's return will be less than if leverage had not been used. In the event of a sudden, precipitous drop in value of a Fund's assets, a Fund may not be able to liquidate assets quickly enough to pay off its borrowing. Short sales of securities also involve the use of leverage. Using this investment technique may adversely affect a Fund's NAV or total return.

● **Liquidity Risk *(Both Funds).*** Certain securities held by a Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, a Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that a Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price.

● **Management Risk *(Both Funds).*** The Adviser actively manages each Fund's investments. Consequently, a Fund is subject to the risk that the investment techniques employed by the Adviser may not produce the desired results. This could cause a 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 a Fund and may also adversely affect the ability of a Fund to achieve its investment goal.

● **Market Risk *(Both Funds).*** 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. A 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 a Fund will realize its investment objective, and an investment in a Fund is not, by itself, a complete or balanced investment program. You could lose money on your investment in a Fund, or a 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 scope of these policy changes is still developing, but the equity and debt markets may react strongly to expectations of change, which could increase volatility, particularly if a resulting policy runs counter to the market's expectations. The outcome of such changes cannot be foreseen at the present time. In addition, geopolitical and other risks, including environmental and public health risks, war, natural disasters, terrorism, conflicts and social unrest may add to instability in the world economy and markets generally. As a result of increasingly interconnected global economies and financial markets, the value and liquidity of a Fund's investments may be negatively affected by events impacting a country or region, regardless of whether a Fund invests in issuers located in or with significant exposure to such country or region.

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

Additionally, 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 a Fund's investments.

Recent examples of the above include conflict, loss of life and disaster connected to ongoing armed conflict in Europe and 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 a 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 a 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 a Fund's ability to achieve its investment objective, prevent a Fund from receiving payments otherwise due it, increase diligence and other similar costs to a Fund, render valuation of affected investments challenging, or require a 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 a Fund's performance with respect to such investments and thus a Fund's performance as a whole.

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 a Fund cannot predict the impact, if any, of these changes to a Fund's business, they could adversely affect a Fund's business, financial condition, operating results and cash flows. Until a Fund knows what policy changes are made and how those changes impact a Fund's business and the business of a Fund's competitors over the long term, a Fund will not know if, overall, a Fund will benefit from them or be negatively affected by them.

Advancements in technology may also adversely impact markets and the overall performance of a 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 a Fund.

● **Mortgage-Backed and Asset-Backed Securities Risk *(Twin Oak Horizons ETF only).*** 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 may be prepaid at a price less than the original purchase value.

Mortgage-backed securities represent a participation interest in a pool of mortgage loans originated by governmental or private lenders such as banks. They differ from conventional debt securities, which provide for periodic payment of interest in fixed amounts and principal payments at maturity or on specified call dates. Mortgage pass-through securities provide for monthly payments that are a "pass-through" of the monthly interest and principal payments made by the individual borrowers on the pooled mortgage loans. Mortgage pass-through securities may be collateralized by mortgages with fixed rates of interest or adjustable rates. Mortgage-backed securities have different risk characteristics than traditional debt securities. Although generally the value of fixed-income securities increases during periods of falling interest rates and decreases during periods of rising rates, this is not always the case with mortgage-backed securities. This is due to the fact that principal on underlying mortgages may be prepaid at any time as well as other factors. Generally, prepayments will increase during a period of falling interest rates and decrease during a period of rising interest rates. The rate of prepayments also may be influenced by economic and other factors. Prepayment risk includes the possibility that, as interest rates fall, securities with stated interest rates may have the principal prepaid earlier than expected, requiring an Underlying Fund to invest the proceeds at generally lower interest rates. Certain mortgage-backed securities may be more volatile, less liquid and more difficult to value than other traditional types of debt securities.

Asset-backed securities have risk characteristics similar to mortgage-backed securities. Like mortgage-backed securities, they generally decrease in value as a result of interest rate increases but may benefit less than other fixed-income securities from declining interest rates, principally because of prepayments. Also, as in the case of mortgage-backed securities, prepayments generally increase during a period of declining interest rates although other factors, such as changes in credit use and payment patterns, also may influence prepayment rates. Asset-backed securities also involve the risk that various federal and state consumer laws and other legal, regulatory and economic factors may result in the collateral backing the securities being insufficient to support payment on the securities. Certain asset-backed securities may be more volatile, less liquid and more difficult to value than other traditional types of debt securities.

● **New Adviser Risk *(Both Funds).*** The Adviser is a newly registered investment adviser and 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 a Fund's intended investment objective.

● **New Fund Risk *(Both Funds).*** Each 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 a 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 a 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 a 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.

● **Non-Diversification Risk *(Both Funds).*** Each Fund is non-diversified, which means that it may invest a high percentage of its assets in a limited number of securities. Since each Fund is non-diversified, its net asset value, market price and total returns may fluctuate or fall more than a diversified fund. As a non-diversified fund, each Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.

● **Operational Risk *(Both Funds).*** Each 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 a Fund's service providers, counterparties, or other third parties, failed or inadequate processes and technology or systems failures. Each Fund and the 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.

● **Options Risk *(Both Funds).*** Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. A Fund may not fully benefit from or may lose money on an option if changes in its value do not correspond as anticipated to changes in the value of the underlying securities.

● **Small and Medium Capitalization Companies Risk *(Both Funds).*** Each 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 a Fund is a large holder of a small company's securities, also may be more difficult or expensive to trade. The Funds consider 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.

● **Structured Note Risk *(Both Funds).*** Structured notes are notes where the principal and/or interest is determined by reference to the performance of a specific asset, benchmark asset, financial instrument, market or interest rate. Generally, investments in such notes are used as a substitute for positions in underlying indicators and involve many of the same risks associated with a direct investment in the underlying indicator the notes seek to replicate. Structured notes may be exchange-traded or traded over-the-counter and privately negotiated. Structured notes can have risks of both fixed income securities and derivatives transactions, including leverage risk. The interest and/or principal payments that may be made on a structured note may vary widely, depending on a variety of factors, including changes in the value of one or more specified reference instruments. The performance of structured notes will not replicate exactly the performance of the underlying indicator that the notes seek to replicate due to transaction costs and other expenses. Structured notes are subject to counterparty risk, which is the risk that the issuer of the structured note will not fulfill its contractual obligation to complete the transaction with a Fund. Investments in structured notes, including credit-linked notes, involve risks including interest rate risk, credit risk, liquidity risk and market risk. Structured notes may be illiquid and may have a limited trading market, making it difficult to value them or sell them at an acceptable price.

● **Swap Risk *(Both Funds).*** In a standard "swap" transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the "notional amount" of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged, are subject to the risk that the counterparty may default on the obligation, and may be difficult to value. Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify a Fund's losses.

● **Underlying Funds Risk *(Both Funds).*** 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 a 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 Funds. As a result, a Fund's shareholders will indirectly bear a proportionate share of the operating expenses of the ETFs, in addition to Fund expenses. 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.

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

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

● **Costs of Buying or Selling Shares Risk.** Investors buying or selling Shares of the Funds 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 a 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 a Fund, asset swings in a 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.** Each Fund invests primarily in publicly traded securities and do not generally purchase securities that have legal or contractual restrictions on resale or that are illiquid. However, total return swaps entered into by a Fund may be illiquid. In addition, liquid securities purchased by a Fund may become illiquid because of issuer-specific events or changes in market conditions. Illiquid investments are subject to the risk that a Fund will not be able to sell the investments when desired or at favorable prices. A 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 a 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 a 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 a Fund to value its investments incorrectly. In addition, there is no assurance that a Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that a 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.** Each 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, a Fund must meet certain source-of-income, asset diversification and annual distribution requirements. If for any taxable year a 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, a 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.** A 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 a Fund were to take a temporary defensive position, it may be unable for a time to achieve its investment objective.

**Disclosure of Portfolio Holdings**

Each Fund's entire portfolio holdings are publicly disseminated each day the Fund is open for business through the Funds' website located at https://twinoaketfs.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 Funds' policies and procedures with respect to the disclosure of the Funds' portfolio securities is available in the Funds' Statement of Additional Information ("SAI").

**MANAGEMENT OF THE FUNDS**

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

**Investment Adviser**

Twin Oak ETF Company is a registered investment adviser that serves as the investment adviser to the Funds subject to the supervision of the Board of the Trust. The Adviser has been registered as an investment adviser since 2024 and is located at 888 Worchester Street, Suite 200, Wellesley, Massachusetts 02482. As of December 31, 2025, the Adviser had approximately $428 million under management.

Subject to the overall supervision of the Board, the Adviser manages the overall investment operations of the Funds in accordance with each Fund's investment objective and policies and formulates a continuing investment strategy for each 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, each Fund pays a unitary management fee set forth below (as a percentage of each Fund's average daily net assets) that is computed and paid monthly. From the unitary management fees, the Adviser pays most of the expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services. However, under the Advisory Agreement, the Adviser is not responsible for interest expenses, affiliated fund fees, brokerage commissions and other trading expenses, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business.

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| | |
|:---|:---|
| **FUND** | **ADVISORY FEE** |
| Twin Oak Apex Opportunities ETF | 0.75% |
| Twin Oak Horizons ETF | 0.99% |

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A discussion regarding the Board's approval of the Advisory Agreement between the Adviser and the Trust on behalf of the Funds, 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 Funds' first semi-annual or annual report.

**Portfolio Managers**

Zachary Wainwright is primarily responsible for the day-to-day management of Twin Oak Apex Opportunities ETF and Twin Oak Horizons ETF. Mr. Wainwright has served as portfolio manager of the Funds since each Fund's inception.

Mr. Wainwright has been the Founder and Chief Executive Officer of Twin Oak since 2023. Before founding Twin Oak ETF Company, Mr. Wainwright spent the prior 11 years investing across public and private markets. He began his career as a Cross-Asset Derivative Structurer at the Royal Bank of Scotland. Mr. Wainwright has earned his Bachelor of Business Administration Degree from the Stephen M. Ross School of Business with High Distinction and his Master of Business Administration from the Massachusetts Institute of Technology.

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

**Investment Sub-Adviser**

The Trust and the Adviser have received an exemptive order from the SEC with respect to the Funds that permits 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 arrangement has been approved by the Board and each Fund's initial shareholder. Consequently, under the exemptive order, the Adviser has the right to hire, terminate and replace sub-advisers when the Board and the Adviser feel that a change would benefit a Fund. The exemptive order will enable the Funds to operate with greater efficiency and without incurring the expense and delays associated with obtaining shareholder approval of sub-advisory agreements.

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 each Fund. The Sub-Adviser is an SEC-registered investment adviser formed in 2008 and is majority owned by Cottonwood ETF Holdings LLC. As of December 31, 2025 the Sub-Adviser had approximately $21.7 billion under management.

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

**HOW TO BUY AND SELL SHARES**

Each Fund issues and redeems its Shares at NAV only in Creation Units. Only APs may acquire Shares directly from a Fund, and only APs may tender their Shares for redemption directly to a 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 Quasar Distributors, LLC (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 a 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. Each 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 a 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**

Each 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 a 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, each 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, each Fund reserves the right to reject any purchase order at any time.

**Determination of Net Asset Value**

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

In calculating its NAV, a 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 a 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 each 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 a 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 a Fund and its Valuation Designee in calculating the Fund's NAV. Pursuant to Rule 2a-5 under the 1940 Act, each 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**

Each 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 a 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 a Fund's shareholders to adhere to specific procedures and timetables.

**Taxes**

Each 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 a 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 a Fund.

Unless your investment in Shares of a 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) a Fund makes distributions; (ii) you sell your Shares listed on the Exchange; and (iii) you purchase or redeem Creation Units.

**Taxes on Distributions**

Each 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 a Fund owned the investments that generated them, rather than how long a shareholder has owned his or her Shares. Sales of assets held by a Fund for more than one year generally result in long-term capital gains and losses, and sales of assets held by a Fund for one year or less generally result in short-term capital gains and losses. Distributions of a Fund's net capital gain (the excess of net long-term capital gains over net short-term capital losses) that are reported by a 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 of a Fund.

Distributions reported by a 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 a 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 a Fund's distributions that qualify for this favorable treatment may be reduced as a result of such 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 a Fund that are attributable to dividends received by such Fund from U.S. corporations, provided holding period and other requirements are met by both such Fund and the shareholder. The amount of the dividends qualifying for this deduction may, however, be reduced as a result of a 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 a 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 a Fund were to retain any net capital gain, such 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 such 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 a 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.

A 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 Funds.

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 a 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 a Fund before your investment (and thus were included in the Shares' NAV when you purchased your Shares of a Fund).

You may wish to avoid investing in a 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 a Fund generally is treated as a capital gain or loss and as a long-term capital gain or loss if those Shares have been held for more than 12 months and as a short-term capital gain or loss if those Shares have been held for 12 months or less. However, any capital loss on a sale of Shares held for six months or less is treated as long-term capital loss to the extent of Capital Gain Dividends paid or undistributed capital gains deemed paid with respect to such Shares of a Fund. Any loss realized on a sale will be disallowed to the extent Shares of a Fund are acquired (or the shareholder enters into a contract or option to acquire Shares of a 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 increase 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 a 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 a Fund will generally be subject to a U.S. withholding tax at the rate of 30%, unless a lower treaty rate applies. The Funds 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 a Fund that are received by foreign shareholders are generally exempt from U.S. federal withholding tax when they (a) are paid by a Fund in respect of such Fund's "qualified net interest income" (i.e., such 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 a Fund in connection with such Fund's "qualified short-term gains" (generally, the excess of such Fund's net short-term capital gains over such Fund's long-term capital losses for such tax year). However, depending on the circumstances, a Fund may report all, some or none of such 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 a 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 such 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 a 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 such Fund.

However, if a foreign investor conducts a trade or business in the United States and the investment in a Fund is effectively connected with that trade or business, then the foreign investor's income from that 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.

Each 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 in their country of residence, of an investment in any of the Funds.

**Backup Withholding**

Each Fund (or a financial intermediary, such as a broker, through which a shareholder owns Shares of a 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 Funds' initial investment portfolio may 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 the current fair market value and a 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 Section3 51 of the Code, then the applicable Fund would not take a carryover basis in the applicable contributed assets and would not benefit from a tacked holding period in those assets. This could cause such 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 could cause the Shareholder to incorrectly calculate and report gain or loss on a 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 Funds as it deems appropriate in response to any such changes or guidance without notification to current or former investors in the Funds. Investors considering making in-kind contributions to a Fund are urged to consult their own 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 each 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 a Fund and if, pursuant to Section 351 of the Code, any of the Funds 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 a 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 a 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 a Fund are acquired (or the AP enters into a contract or option to acquire Shares of a 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.

A 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. A Fund may sell portfolio securities to obtain the cash needed to distribute redemption proceeds. This may cause a 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, a Fund may be less tax efficient if it includes such a cash payment in the proceeds paid upon the redemption of Creation Units.

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

*The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in a Fund. It is not a substitute for personal tax advice. You also may be subject to state and local tax on a Fund's distributions and sales of Shares of a Fund. Consult your personal tax advisor about the potential tax consequences of an investment in Shares of a 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 Funds on an agency basis and does not maintain a secondary market in Shares. The Distributor has no role in determining the policies of the Funds or the securities that are purchased or sold by the Funds. 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 each Fund to pay distribution and other fees for the sale and distribution of its shares. Because these fees would be paid out of each 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 Funds. The Plan may not be implemented without further Board approval. The maximum distribution fee is 0.25% of each Fund's average net assets under the Plan. The Funds do 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 Funds 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 Funds 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 Funds, 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 Funds and other ETFs.

**Premium/Discount Information**

The Funds are 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 Funds. Once available, this information will be presented, free of charge, on the Funds' website at https://twinoaketfs.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 Funds 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 Funds 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 Funds enter into contractual arrangements with various parties, including among others the Funds' investment adviser, who provide services to the Funds. Shareholders are not parties to, or intended (or "third party") beneficiaries of, those contractual arrangements.

The Prospectus and the SAI provide information concerning the Funds that you should consider in determining whether to purchase Shares of the Funds. The Funds 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 Funds 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 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 Funds' 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 Funds' 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 Funds' 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 FUNDS' 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 Funds as they had not commenced operations prior to the date of this Prospectus.

**INVESTMENT ADVISER**

Twin Oak ETF Company

888 Worchester Street, Suite 200

Wellesley, Massachusetts 02482

**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 Funds, the following documents are available free upon request:

**Annual/Semiannual Reports**

Once available, additional information about each 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. Each Fund's annual and semi-annual reports to shareholders will be available at https://twinoaketfs.com or by calling 1-800-617-0004.

**Statement of Additional Information**

The Funds' SAI, dated June 11, 2026, has been filed with the SEC. The SAI, which includes additional information about the Funds, may be obtained free of charge at the Fund's website or by calling 1-800-617-0004. The SAI as supplemented from time to time, is incorporated by reference into this Prospectus and is legally considered a part of this Prospectus.

**TO OBTAIN INFORMATION**

The SAI is available, without charge, upon request along with the 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 Funds:

**By Internet**

Go to the Funds' website at https://twinoaketfs.com.

**By Telephone**

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

**From the SEC**

Information about the Funds (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

**Twin Oak Apex Opportunities ETF**

**(CBOE BZX: TPEX)**

**Twin Oak Horizons ETF**

**(CBOE BZX: TOHZ)**

**Each a series of The RBB Fund Trust**

**Statement of**

**Additional Information**

**Dated June 11, 2026**

The Twin Oak Apex Opportunities ETF and Twin Oak Horizons ETF (each a "Fund" and together, the "Funds") are each non-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.

Twin Oak ETF Company (the "Adviser" or "Twin Oak") 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 Funds is set forth in the Prospectus dated June 11, 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 visit https://twinoaketfs.com or call 1-800-617-0004. This Statement of Additional Information ("SAI") is not a prospectus but contains information in addition to and more detailed than that set forth in the Prospectus. It is incorporated by reference in its entirety into the Prospectus. This SAI is intended to provide you with additional information regarding the activities and operations of the Funds and the Trust, and it should be read in conjunction with the Prospectus.

**Table of Contents**

---

| | |
|:---|:---|
| [Fund History](#rbb485bposb001) | 1 |
| [Investment Policies and Practices](#rbb485bposb002) | 1 |
| [Investment Restrictions](#rbb485bposb003) | 19 |
| [Exchange Listing and Trading](#rbb485bposb004) | 21 |
| [Management of the Trust](#rbb485bposb005) | 21 |
| [Code of Ethics](#rbb485bposb006) | 36 |
| [Principal Holders](#rbb485bposb007) | 36 |
| [Investment Advisory and Sub-Advisory Agreements](#rbb485bposb008) | 36 |
| [Portfolio Manager](#rbb485bposb009) | 38 |
| [Underwriter](#rbb485bposb010) | 39 |
| [Distribution and Service Plan](#rbb485bposb011) | 40 |
| [Purchase and Redemption of Creation Units](#rbb485bposb012) | 40 |
| [Portfolio Holdings Information](#rbb485bposb013) | 47 |
| [Determination of Net Asset Value](#rbb485bposb014) | 47 |
| [Dividends, Distributions, and Taxes](#rbb485bposb015) | 48 |
| [Portfolio Transactions and Brokerage](#rbb485bposb016) | 51 |
| [Proxy Voting Procedures](#rbb485bposb017) | 52 |
| [Payments To Financial Intermediaries](#rbb485bposb018) | 52 |
| [General Information](#rbb485bposb019) | 53 |
| [Financial Statements](#rbb485bposb020) | 54 |
| [Appendix A](#rbb485bposb021) | A-1 |

---

**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 Funds.

Each 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"). Each 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 Funds are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange"), and the Funds trade on the Exchange at market prices. These prices may differ from the shares' NAVs. The shares are also redeemable only in Creation Unit aggregations, and generally in exchange for portfolio securities and a specified cash payment.

Shares of each 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. Each 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).

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

**INVESTMENT POLICIES AND PRACTICES**

Each 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 each Fund. The following information supplements, and should be read in conjunction with, the Prospectus. To the extent an investment with respect to a Fund is discussed in this SAI but not in the Prospectus, such policy is not a principal investment of the Fund.

With respect to each 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 a Fund will achieve its investment objective. Each 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**

**Affiliated Fund Risk.** When the Adviser invests Fund assets in an in other investment companies, including ETFs, (collectively, "Underlying Funds") that is also managed by the Adviser, the risk presented is that, due to its own financial interest or other business considerations, the Adviser may have had an incentive to make that investment in lieu of investments by a Fund directly in portfolio securities, or in lieu of investment in Underlying Funds sponsored or managed by others. This conflict of interest may be amplified when an Underlying Fund has low assets.

**Cash Position Risk.** A 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 a 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 a Fund holds assets in cash or is otherwise uninvested, the Fund's ability to meet its objective may be limited.

**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 a Fund's portfolio. A 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 a Fund may change quickly and without warning.

**Credit Risk*.*** Credit risk is the risk that fixed income securities in a 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 a Fund's investment in that issuer.

**Counterparty Risk.** Some of the derivatives entered into by a 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 a 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 a Fund will cause the value of an investment in the Fund to decrease. If a Fund deals with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties. A 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 a 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 a Fund. When a 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, a 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.

**Cyber Security Risk.** Each 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 a 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 Funds, the Adviser, the Sub-Adviser, custodian, transfer agent, intermediaries and other third-party service providers may adversely impact the Funds. For instance, cyber security breaches may interfere with the processing of shareholder transactions, impact a Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential business information, impede trading, subject the Funds to regulatory fines or financial losses and/or cause reputational damage. A 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 a 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 Funds and their 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 Funds 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 Funds, or the Adviser.

**Derivatives Risk.** A 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 a 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. A 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"). A 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 a 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.

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

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

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

**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.

**Illiquid Securities Risk.** Pursuant to Rule 22e-4 ("Rule 22e-4" or the "Liquidity Rule") under the 1940 Act, each 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 a 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 a Fund is carrying the investments. To the extent an investment held by a 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.** A 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.

**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.

**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 a 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.

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

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

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

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

**Large Shareholder Purchase and Redemption Risk.** Each 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 a 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 a Fund have entered into a fee waiver and/or expense reimbursement arrangement.

**Loans Risk.** Each 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 a 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, a Fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan.

**Management Risk.** As an actively managed investment portfolio, each Fund is subject to decisions made by the Adviser. The Adviser's investment decisions about individual securities impact a Fund's ability to achieve its investment objective. The Adviser's judgments about the attractiveness and potential returns for specific investments in which a Fund invests may prove to be incorrect and there is no guarantee that the Adviser's investment strategy will produce the desired results.

**Market Risk.** Overall market risks may also affect the value of the Funds. 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 a 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. A 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.

**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.

**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 each Fund is new, investors in each 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.

**Non-Diversification Risk.** To the extent that a Fund holds securities of a smaller number of issuers or invests a larger percentage of its assets in a single issuer than a diversified portfolio, the value of the Fund, as compared to the value of a diversified portfolio, will generally be more volatile and more sensitive to the performance of any one of those issuers and to economic, political, market or regulatory events affecting any one of those issuers.

**Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.** Each 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 Funds are exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Funds' service providers, counterparties, or other third parties, failed or inadequate processes and technology or systems failures. Each 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.

**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 a 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 **.** 

**Risk Considerations of Lower Rated Securities.** A 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.

A 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 a 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 a 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 a Fund's investment adviser's ability to accurately value such securities and on a 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 a 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.** Each 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. Each 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, a 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 Funds do not have the right to vote loaned securities. The Funds 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.

**Swap Risk.** The Funds may use swaps to enhance returns and manage risk. A 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 a Fund. The use of leverage may also cause a 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 a 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, each 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 a 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 Funds 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. A 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 a 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 a 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 a 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 a 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.

**Underlying Funds Risk.** Each Fund may invest in shares of registered, closed-end or open-end investment companies and ETFs. Investments in ETFs are subject to the risks of the securities in which those investment companies invest. Your cost of investing in the Fund, as a fund that invests in Underlying Funds, may be higher than the cost of investing in a fund that only invests directly in individual securities. Fund shareholders will indirectly pay a portion of the operating costs of the Underlying Funds in addition to the expenses of a Fund's own operation. These costs include management, brokerage, shareholder servicing and other operational expenses. Unlike shares of typical mutual funds or unit investment trusts, shares of ETFs are designed to be traded throughout the trading day, bought and sold based on market prices rather than NAV. An investment in an ETF generally presents the following risks: (i) the same primary risks as an investment in a conventional mutual fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies; (ii) the risk that an ETF may fail to accurately track the market segment or index that underlies its investment objective; (iii) price fluctuation, resulting in a loss to the Fund; (iv) the risk that an ETF may trade at a discount to its NAV; (v) the risk that an active market for an ETF's shares may not develop or be maintained; and (vi) the risk that an ETF may no longer meet the listing requirements of any applicable exchanges on which that ETF is listed. The SEC has adopted revisions to the rules permitting funds to invest in other investment companies. These regulatory changes may adversely impact a Fund's investment strategies and operations.

**Valuation Risk*.*** The sale price a 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 Funds do not price their Shares, the value of the securities or assets in a Fund's portfolio may change on days when investors will not be able to purchase or sell the Fund's Shares. A 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.

**Non-Principal Investment Policies and Risks**

**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.** A 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.

**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.

**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 scope of these policy changes is still developing, but the equity and debt markets may react strongly to expectations of change, which could increase volatility, particularly if a resulting policy runs counter to the market's expectations. The outcome of such changes cannot be foreseen at the present time. In addition, geopolitical and other risks, including events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Funds and their investments. As a result of increasingly interconnected global economies and financial markets, the value and liquidity of a Fund's investments may be negatively affected by events impacting a country or region, regardless of whether a Fund invests in issuers located in or with significant exposure to such country or region.

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

In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in a 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 a Fund may overweight its investments in certain countries, companies, industries or market sectors, such position will increase a Fund's exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors. These conditions could result in a 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 a Fund invests, negatively impact a Fund's performance, and cause losses on your investment in a 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 Funds 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 Funds and issuers in which they invest.

**High Portfolio Turnover Risk.** Each 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.

**Initial Public Offerings.** To the extent consistent with its investment policies and limitations, each 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 a 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 a 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.

**Money Market Securities.** During unusual economic or market conditions, or for temporary defensive or liquidity purposes, each 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.

**Repurchase Agreements.** Each 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. Each 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 a 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 that 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.** Each 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 a 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 a 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.

**Special Situation Companies.** Each 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. Each 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 a Fund or Underlying Fund, including securities which the investment adviser believes are undervalued by the market. Each 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."

**RIC Compliance Risk.** Each 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"). To qualify for federal income tax treatment as a RIC, a Fund must meet certain source-of-income, asset diversification and annual distribution requirements. If for any taxable year a 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, a 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.

**INVESTMENT RESTRICTIONS**

The Trust has adopted the following investment restrictions as fundamental policies with respect to the Funds. These restrictions cannot be changed with respect to a 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, each Fund may not:

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 1/3% 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;

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;

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;

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;

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;

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.

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

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.

Each 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, a 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 a Fund bears directly in connection with its own operations. For purposes of Investment Restriction Number 6, a 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 a 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 a 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 a 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 Funds.

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 nonbinding 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 other directorships, if any, and principal occupations during the past five years are set forth in this section.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s) Held with Trust** | **Term of Office and Length of Time Served<sup>(1)</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of Portfolios in Fund Complex Overseen by Trustee\*** | **Other Directorships Held by Trustee During the Past 5 Years** |
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
| Gregory P. Chandler<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1966 | Trustee | June 2021 to present | Since 2025, Financial Consultant; from 2020-2025, Chief Financial Officer, HC Parent Corp (life sciences consulting services). | 138 | FS Specialty Lending Corp (previously Energy and Power Fund) (registered investment company); Wilmington Funds (10 portfolios) (registered investment company). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s) Held with Trust** | **Term of Office and Length of Time Served<sup>(1)</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of Portfolios in Fund Complex Overseen by Trustee\*** | **Other Directorships Held by Trustee During the Past 5 Years** |
| Lisa A. Dolly<br> 615 East Michigan Street<br> Milwaukee, WI, 53202<br> Year of Birth: 1966 | Trustee | October 2021 to present | Independent Director. | 138 | 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). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s) Held with Trust** | **Term of Office and Length of Time Served<sup>(1)</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of Portfolios in Fund Complex Overseen by Trustee\*** | **Other Directorships Held by Trustee During the Past 5 Years** |
| Nicholas A. Giordano<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1943 | Trustee | June 2021 to present | Since 1997, Consultant, financial services organizations. | 138 | IntriCon Corporation (biomedical device manufacturer)(until 2022); Wilmington Funds (12 portfolios) (registered investment company) (until 2023); Independence Blue Cross (healthcare insurance) (until March 2021). |
| Arnold M. Reichman<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1948 | Chair and Trustee | June 2021 to present | Retired. | 138 | EIP Investment Trust (registered investment company) (until August 2022). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s) Held with Trust** | **Term of Office and Length of Time Served<sup>(1)</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of Portfolios in Fund Complex Overseen by Trustee\*** | **Other Directorships Held by Trustee During the Past 5 Years** |
| Martha A. Tirinnanzi<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1960 | Trustee | January 2024 to present | Since 2014, Instructor, The Institute for Financial Markets; from 2013-2023, President and Chief Executive Officer, Financial Standards, Inc. (consulting firm); from 2020-2022, Adjunct Professor of Finance and Accounting, The Catholic University of America's Busch School of Business. | 138 | Intercontinental Exchange, Inc. ("ICE") (financial services company and operator of global exchanges and clearinghouses); ICE Mortgage Services, LLC (a subsidiary of ICE); ICE Mortgage Technology, Inc. (a subsidiary of ICE); Community Development Trust (real estate investment trust) (until May 2023). |
| **INTERESTED TRUSTEES<sup>(2)</sup>** | **INTERESTED TRUSTEES<sup>(2)</sup>** | **INTERESTED TRUSTEES<sup>(2)</sup>** | **INTERESTED TRUSTEES<sup>(2)</sup>** | **INTERESTED TRUSTEES<sup>(2)</sup>** | **INTERESTED TRUSTEES<sup>(2)</sup>** |
| Robert Sablowsky<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1938 | Vice Chair and Trustee | June 2021 to present | Since 2002, Senior Director - Investments and, prior thereto, Executive Vice President, of Oppenheimer & Co., Inc. (a registered broker-dealer). | 138 | None. |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s) Held with Trust** | **Term of Office and Length of Time Served<sup>(1)</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of Portfolios in Fund Complex Overseen by Trustee\*** | **Other Directorships Held by Trustee During the Past 5 Years** |
| Brian T. Shea<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1960 | Trustee | June 2021 to present | Independent Director.<br>| 138 | Ameriprise Financial, Inc. (financial services company); Barclays PLC, Barclays Bank PLC and Barclays Execution Services Limited (financial services companies); Fidelity National Information Services, Inc. (financial services technology company) (until 2024). |
| **DISINTERESTED ADVISORY BOARD MEMBERS<sup>(3)</sup>** | **DISINTERESTED ADVISORY BOARD MEMBERS<sup>(3)</sup>** | **DISINTERESTED ADVISORY BOARD MEMBERS<sup>(3)</sup>** | **DISINTERESTED ADVISORY BOARD MEMBERS<sup>(3)</sup>** | **DISINTERESTED ADVISORY BOARD MEMBERS<sup>(3)</sup>** | **DISINTERESTED ADVISORY BOARD MEMBERS<sup>(3)</sup>** |
| Eugene Podsiadlo<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1957 | Advisory Board Member | October 2025 to present | Since 2023, Senior Advisor and Limited Partner, AI Capital, LLC; since 2020, Senior Advisor 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. | N/A | Alpha Healthcare Acquisition Corp III (2021-2023); Esoterica Thematic Trust (2020-2021). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s) Held with Trust** | **Term of Office and Length of Time Served<sup>(1)</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of Portfolios in Fund Complex Overseen by Trustee\*** | **Other Directorships Held by Trustee During the Past 5 Years** |
| **OFFICERS** | **OFFICERS** | **OFFICERS** | **OFFICERS** | **OFFICERS** | **OFFICERS** |
| Steven Plump<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1959 | President | August 2022 to present | From 2011 to 2021, Executive Vice President, PIMCO LLC. | N/A | N/A |
| Salvatore Faia, JD,<br> CPA, CFE<br> Vigilant Compliance, LLC<br> Gateway Corporate<br> Center, Suite 216, 223 Wilmington West<br> Chester Pike<br> Chadds Ford, PA 19317<br> Year of Birth: 1962 | Chief Compliance Officer | June 2021 to present | Since 2004, President, Vigilant Compliance, LLC (investment management services company); since 2005, Independent Trustee of EIP Investment Trust (registered investment company); since 2004, Chief Compliance Officer of The RBB Fund, Inc. since 2004; President of The RBB Fund, Inc. from 2009 to 2022; President of The RBB Fund Trust from 2021 to 2022. | N/A | N/A |
| James G. Shaw<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1960 | Chief Financial Officer and Secretary<br>Chief Operating Officer | June 2021 to present<br>August 2022 to present | Since 2022, Chief Operating Officer of The RBB Fund Inc.; since 2016, Chief Financial Officer and Secretary of The RBB Fund Inc. | N/A | N/A |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s) Held with Trust** | **Term of Office and Length of Time Served<sup>(1)</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of Portfolios in Fund Complex Overseen by Trustee\*** | **Other Directorships Held by Trustee During the Past 5 Years** |
| Craig A. Urciuoli<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1974 | Director of Marketing & Business Development | June 2021 to present | Since 2019, Director of Marketing & Business Development of The RBB Fund, Inc. | N/A | N/A |
| Thomas M. Reynolds<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1960 | Assistant Treasurer and Assistant Secretary | September 2024 to present | Since 2024, Assistant Treasurer & Assistant Secretary of The RBB Fund Inc.; from 2023-2024, Vice President of Virtus Investment Partners; from 2020-2023, CFO of Stone Harbor Investment Partners LP | N/A | N/A |
| Jennifer Witt<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1982 | Assistant Treasurer | June 2021 to present | Since 2020, Vice President, U.S. Bank Global Fund Services (fund administrative services firm). | N/A | N/A |
| Edward Paz<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1971 | Assistant Secretary | June 2021 to present | Since 2007, Vice President and Counsel, U.S. Bank Global Fund Services (fund administrative services firm). | N/A | N/A |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s) Held with Trust** | **Term of Office and Length of Time Served<sup>(1)</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of Portfolios in Fund Complex Overseen by Trustee\*** | **Other Directorships Held by Trustee During the Past 5 Years** |
| Joshua Solin<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1988 | Assistant Treasurer | January 2025 to present | 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. | N/A | N/A |
| Jillian L. Bosmann<br> One Logan Square<br> Ste. 2000<br> Philadelphia, PA 19103<br> Year of Birth: 1979 | Assistant Secretary | June 2021 to present | Since 2017, Partner, Faegre Drinker Biddle & Reath LLP (law firm). | N/A | N/A |

---

\* Each Trustee oversees 138 portfolios of the fund complex, consisting of the series in the Trust (37 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 and Advisory Board Member Ownership of Shares of the Trust**

The following table sets forth the dollar range of equity securities beneficially owned by each Trustee in the Funds and in all of the portfolios of the Trust and The RBB Fund, Inc. (together, the "Fund Complex") (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** <br> **in the Funds<sup>(1)</sup>** | **Aggregate Dollar Range of**<br> **Equity Securities in All**<br> **Registered Investment Companies**<br> **Overseen by Trustee within the Family of** <br> **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** |  |  |
| Eugene Podsiadlo<sup>(2)</sup> |  | $10001-$50000 |

---

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

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

**Trustees', Advisory Board Members' and Officers' Compensation**

Effective January 1, 2026, the Fund Complex, based on an allocation formula, pays 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 Fund Complex, 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 received an additional fee of $50,000 per year for his services in this capacity.

From January 1, 2024 through December 31, 2024, the Fund Complex 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 Fund Complex for its services. For the fiscal year ended August 31, 2025, Vigilant Compliance, LLC did not receive any fees from the Funds because the Funds 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** <br> **Funds<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 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Name of Trustee/Officer** | **Aggregate**<br> **Compensation**<br> **from the** <br> **Funds<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** |
| Brian T. Shea, Trustee |  | N/A | $380500 |
| **Disinterested Advisory Board Members:** |  |  |  |
| Eugene Podsiadlo<sup>(3)</sup> |  | 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
 Funds 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 ("NGC"), 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 NGC 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 Funds 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 Funds**<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 | $0 | N/A | N/A | $106250 |
| Robert Straniere | $0 | N/A | N/A | $84375 |

---

(1) The
 Funds 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 Funds, but only subject to certain conditions designed to ensure that purchases and sales by such individuals do not adversely affect each Fund's investment activities.

**PRINCIPAL HOLDERS**

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

Because the Funds 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 each of the Funds.

**INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS**

**Investment Advisory Agreement**

Twin Oak ETF Company acts as investment adviser to the Funds. The Adviser is a Delaware company and is located at 888 Worchester Street, Suite 200, Wellesley, Massachusetts 02482. The Adviser is registered with the SEC as an investment adviser.

The Adviser provides investment advisory services to the Funds 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 Funds including (i) the provision of a continuous investment program for the Funds, 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 Funds, and (iii) the placement from time to time of orders for all purchases and sales of securities and other investments made for the Funds. The Adviser will provide the services rendered by it in accordance with each 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 Funds 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, each Fund will pay the Adviser and the Adviser will accept as full compensation a fee, computed daily and payable monthly, at the annual rate shown below:

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| | |
|:---|:---|
| **Fund** | **Advisory Fee** |
| Twin Oak Apex Opportunities ETF | 0.75% |
| Twin Oak Horizons ETF | 0.99% |

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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. During the term of the Advisory Agreement, the Adviser will pay all expenses incurred by it in connection with its activities under the Agreement. In addition, for no additional compensation, the Adviser will pay all of the other operating expenses of a Fund, excluding (i) its advisory fees payable under the Advisory Agreement, (ii) distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; (iii) interest expenses; (iv) brokerage expenses, trading expenses and other expenses (such as stamp taxes) in connection with the execution of portfolio transactions or in connection with creation and redemption transactions; (v) tax expenses (including any income or franchise taxes) and governmental fees; and (vi) extraordinary expenses, such as litigation costs and other expenses not incurred in the ordinary course of business. The Adviser will not be liable for any error of judgment, mistake of law, or for any loss suffered by a 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.

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

**Investment Sub-Advisory Agreement**

The Trust and the Adviser have received an exemptive order from the SEC with respect to the Funds that permits 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 arrangement has been approved by the Board and each Fund's initial shareholder. Consequently, under the exemptive order, the Adviser has the right to hire, terminate and replace sub-advisers when the Board and the Adviser feel that a change would benefit a Fund. The exemptive order will enable the Funds to operate with greater efficiency and without incurring the expense and delays associated with obtaining shareholder approval of sub-advisory agreements.

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 each Fund. The Sub-Adviser is an SEC-registered investment adviser formed in 2009 and is majority owned by Cottonwood ETF Holdings LLC.

The Sub-Adviser provides trading and execution services to the Funds pursuant to the terms of a Sub-Advisory Agreement (the "Sub-Advisory Agreement") among the Trust, the Adviser and the Sub-Adviser. After the initial two year-term, the Sub-Advisory Agreement may be continued in effect from year to year with the (1) approval of the Board, or (2) vote of a majority (as defined by the 1940 Act) of the outstanding voting securities of each 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 MANAGER**

This section includes information about the Funds' portfolio manager, including information about other accounts managed, the dollar range of Fund shares they own and how the portfolio manager is compensated.

*Description of Compensation*. The portfolio manager receives a fixed salary and potential discretionary bonus compensation. Mr. Wainwright, who is an owner of the Adviser through holding companies, may receive additional compensation based on the profitability of the overall business.

**Other Accounts.** In addition to the Funds, the portfolio manager is responsible for the day-to-day management of certain other accounts, as listed below. The information below is provided as of April 30, 2026.

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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** |
| Zachary Wainwright |  |  |  |  |
| &nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Registered Investment Companies | 5 | $1.0 billion | 0 | $0 |
| &nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Other Accounts | 0 | $0 | 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 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.

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

● The appearance of a conflict of interest may arise where the Adviser has an incentive, such as a performance-based management fee. The management of personal accounts may give rise to potential conflicts of interest; there is no assurance that the Funds' 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 Funds have 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 and the Funds have adopted certain compliance procedures which 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 Funds as no shares of the Funds 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 each Fund's principal underwriter with respect to the creation and redemption of Creation Units of the Funds. 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 Funds' Prospectus, the Trust has adopted a Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 with respect to shares of the Funds. However, no 12b-1 fee is currently charged to the Funds, and there are no plans in place to impose a Rule 12b-1 fee at this time. Pursuant to the Plan, the Funds 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 Funds 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 a 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 Funds 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 each 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 Funds 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 a 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, a 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 a 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).

Each 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 a 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 Funds. When full or partial cash purchases of Creation Units are available or specified for the Funds, 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 a 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 a 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 a 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, a Fund may require orders to create Creation Units to be placed earlier in the day. In addition, if a market or markets on which a Fund's investments are primarily traded is closed on any day, a 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 a Fund, the Distributor will notify the Custodian of such order. The Custodian will then provide such information to the appropriate local sub-custodian(s). Those placing orders through an AP should allow sufficient time to permit proper submission of the purchase order to the Distributor by the Cut-Off Time on the Business Day on which the order is placed. Economic or market disruptions or changes, or telephone or other communication failure may impede the ability to reach the Distributor or an AP.

Fund Deposits must be delivered by an AP through the Federal Reserve System (for cash) or through DTC (for corporate securities), through a subcustody agent (for foreign securities) and/or through such other arrangements allowed by the Trust or its agents. With respect to foreign Deposit Securities, the Custodian will cause the subcustodian of such Fund to maintain an account into which the AP will deliver, on behalf of itself or the party on whose behalf it is acting, such Deposit Securities (or Deposit Cash for all or a part of such securities, as permitted or required), with any appropriate adjustments as advised by the Trust. Foreign Deposit Securities must be delivered to an account maintained at the applicable local subcustodian. The Fund Deposit transfer must be ordered by the AP in a timely fashion so as to ensure the delivery of the requisite number of Deposit Securities or Deposit Cash, as applicable, to the account of a 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, each 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 a 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 a 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. A Fund may adjust the creation transaction fee from time to time based upon actual experience. In addition, a 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. A 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 each Fund is $300.

RISKS OF PURCHASING CREATION UNITS. There are certain legal risks unique to investors purchasing Creation Units directly from a Fund. Because each 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 a 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 each 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 a Fund through the Transfer Agent and only on a Business Day. EXCEPT UPON LIQUIDATION OF A 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 each 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 a 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 Funds, when full or partial cash redemptions of Creation Units are available or specified for a 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. A 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. A Fund may adjust the redemption transaction fee from time to time based upon actual experience. In addition, a 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 each 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 each Fund may, in its sole discretion, permit. In either case, the investor will receive a cash payment equal to the NAV of its shares based on the NAV of shares of the relevant Fund next determined after the redemption request is received in proper form (minus a redemption transaction fee and additional charge for requested cash redemptions specified above, to offset the Trust's brokerage and other transaction costs associated with the disposition of Fund Securities). The Funds 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 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 Funds may trade on the relevant exchange(s) on days that the Exchange is closed or are otherwise not Business Days for such Fund, shareholders may not be able to redeem their shares of a Fund, or to purchase or sell shares of such Fund on the Exchange, on days when the NAV of such Fund could be significantly affecting by events in the relevant foreign markets.

The right of redemption may be suspended or the date of payment postponed with respect to each 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**

Each 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 https://twinoaketfs.com.

**DETERMINATION OF NET ASSET VALUE**

The following information supplements and should be read in conjunction with the sections in the Funds' 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 a 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 a 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 Funds' 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 each 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 Funds' 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 Funds 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 and the regulations issued under it, and court decisions and administrative interpretations, 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. Each 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, each 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, each Fund must meet three important tests each year.

First, each 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 each 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 that Fund has not invested more than 5% of the value of its total assets in securities of such issuer and as to which that Fund does not hold more than 10% of the outstanding voting securities of such issuer), and no more than 25% of the value of that 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, each Fund must distribute an amount equal to at least the sum of 90% of its investment company taxable income (net investment income and the excess of net short-term capital gain over net long-term capital loss) before taking into account any deduction for dividends paid, and 90% of its tax-exempt income, if any, for the year.

Each Fund intends to comply with these requirements. If a 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 such Fund does not satisfy the 90% distribution requirement described above, such Fund could be disqualified as a regulated investment company. If for any taxable year a 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 a 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). Each Fund intends to make sufficient distributions or deemed distributions each year to avoid liability for this excise tax.

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

Certain of a 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 a 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. Each Fund will monitor its transactions and may make certain tax elections in order to mitigate the effect of these provisions.

A Fund's investment in non-U.S. securities may be subject to non-U.S. withholding taxes. In that case, such 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 such Fund.

**Loss Carryforwards**

For federal income tax purposes, each 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 a 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 a Fund in a tax-deferred contribution under Section 351 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 each 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, a 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 a 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 each of the Funds, 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 Funds and the other client accounts. This procedure may, under certain circumstances, have an adverse effect on a Fund because the joint execution of orders could adversely affect the price or volume of the security that a Fund may obtain. The policy of a 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 Funds' policies, the Sub-Adviser conducts trades on behalf of the Funds 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 Funds, 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 Funds have 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 Funds 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 Funds 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 Funds, 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 Funds. 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 Funds will make available the actual voting records relating to portfolio securities held by each Fund during the 12-month period ending June 30 without charge, upon request by calling 1-800-617-0004, on the Funds' website at https://twinoaketfs.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 Funds, their service providers or their respective affiliates, as incentives to help market and promote the Funds 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 Funds, the Distributor or shareholders of the Funds 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 a 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 a 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 a 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 Funds have 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 Funds' 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 Funds 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 Funds. The independent registered public accounting firm is responsible for conducting the annual audit of the Funds' 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 each 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 each Fund's assets and is responsible for maintaining custody of each 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 Funds. 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 Funds had not commenced operations prior to the date of this SAI.

**Counsel**

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

**Registration Statement**

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

**FINANCIAL STATEMENTS**

As the Funds had not commenced operations prior to the date of this SAI, there are no financial statements available at this time. Shareholders of the Funds 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.

**APPENDIX A**

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A
 long-term rating can also be used to rate an issue with short maturity.

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

The following summarizes the ratings used by 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.

"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:

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

h 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.

**THE RBB FUND TRUST**

**PART C**

**OTHER INFORMATION**

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

(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) <u>)</u> <sup>(11)</sup>

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

(7) [Investment Advisory Agreement *(Longview Advantage ETF)* between the Registrant and Hill Investment Group Partners, LLC d/b/a Longview Research Partners](http://www.sec.gov/Archives/edgar/data/1618627/000199937125018397/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/1618627/000139834424017858/fp0090153-1_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>

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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;(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>

&nbsp;&nbsp;&nbsp;&nbsp;(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>

(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](http://www.sec.gov/Archives/edgar/data/1618627/000199937126010491/ex99-d45.htm) <sup>(35)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;(46) [Investment Sub-Advisory Agreement (*Equity Partners ETF*) between Seven Post Investment Office LP and Exchange Traded Concepts, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000199937126010491/ex99-d46.htm) <sup>(35)</sup>

(47) [Expense Limitation Agreement (*Equity Partners ETF*) between Registrant and Seven Post Investment Office LP](http://www.sec.gov/Archives/edgar/data/1618627/000199937126010491/ex99-d47.htm) <sup>(35)</sup>

(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) [Form of 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.

(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.

(58) Addendum No. 2 to Investment Advisory Agreement (*Pathfinder Disciplined Midcap Equity ETF*) between the Registrant and Opal Capital LLC will be filed by amendment.

(59) Addendum No. 1 to Investment Sub-Advisory Agreement (*Pathfinder Disciplined Midcap Equity ETF*) between Opal Capital LLC and Polen Capital Management, LLC will be filed by amendment.

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

&nbsp;&nbsp;&nbsp;&nbsp;(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>

&nbsp;&nbsp;&nbsp;&nbsp;(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>

&nbsp;&nbsp;&nbsp;&nbsp;(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 dated March 11, 2026 is filed herewith.](ex99-e11.htm)

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

(f) Bonus or Profit Sharing Contracts – Not Applicable

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

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

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

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

(v) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated December 7, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024435/fp0081116-1_ex9928g1v.htm) <sup>(7)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated December 28, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422025303/fp0081157-1_ex9928g1vi.htm) <sup>(11)</sup>

(vii) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated October 22, 2024](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928g1vii.htm) <sup>(14)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated February 21, 2025](http://www.sec.gov/Archives/edgar/data/1618627/000139834425005619/fp0092682-1_ex9928g1viii.htm) <sup>(17)</sup>

(ix) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated May 16, 2025](http://www.sec.gov/Archives/edgar/data/1618627/000139834425011733/fp0093910-1_ex9928g1ix.htm) <sup>(21)</sup>

(x) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated June 11, 2025](http://www.sec.gov/Archives/edgar/data/1618627/000139834425012654/fp0094102-1_ex9928g1x.htm) <sup>(22)</sup>

(xi) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated September 5, 2025](http://www.sec.gov/Archives/edgar/data/1618627/000139834425018755/fp0095591-1_ex9928g1xi.htm) <sup>(24)</sup>

(xii) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated November 28, 2025](http://www.sec.gov/Archives/edgar/data/1618627/000139834425022748/fp0096527-1_ex9928gxii.htm) <sup>(28)</sup>

---

| | | |
|:---|:---|:---|
|  | (xiii) | [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated January 20, 2026 is filed herewith.](ex99-g1xiii.htm) |
|  | (xiv) | [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated February 23, 2026 is filed herewith.](ex99-g1xiv.htm) |
|  | (xv) | Amendment to Custody Agreement between the Registrant and U.S. Bank National Association will be filed by amendment. |
| (h) |  | Other Material Contracts |
|  | (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> |
|  | (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> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated June 11, 2025](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>

(xiv) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated January 20, 2026 is filed herewith.](ex99-h1xiv.htm)

(xv) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated February 23, 2026 is filed herewith.](ex99-h1xv.htm)

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>

(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>

(xiii) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated January 20, 2026 is filed herewith.](ex99-h2xiii.htm)

(xiv) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated February 23, 2026 is filed herewith.](ex99-h2xiv.htm)

(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>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>

(xiii) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated January 20, 2026 is filed herewith.](ex99-h3xiii.htm)

(xiv) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated February 23, 2026 is filed herewith.](ex99-h3xiv.htm)

(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>

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

&nbsp;&nbsp;&nbsp;&nbsp;(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/1618627/000139834424023225/fp0091374-1_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 is filed herewith.](ex99-i19.htm)

(20) [Opinion of Counsel relating to Equity Partners ETF](http://www.sec.gov/Archives/edgar/data/1618627/000199937126010491/ex99-i20.htm)<sup>(35)</sup>

(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) Opinion of Counsel relating to Pathfinder Disciplined Midcap Equity ETF will be filed by amendment.

(24) [Consent of Counsel is filed herewith.](ex99-i24.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 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*) is filed herewith.](ex99-l18.htm) |
|  | (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 filed herewith.](ex99-l20.htm) |
|  | (21) | [Form of Initial Capital Agreement *(Equity Partners ETF)*](http://www.sec.gov/Archives/edgar/data/1618627/000199937126010491/ex99-l21.htm)<sup>(35)</sup> |
|  | (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 (*Longview Advantage Fixed Income ETF*) is filed herewith.](ex99-l24.htm) |
|  | (25) | Initial Capital Agreement (*Polen Dividend Income ETF and Polen International Dividend Income ETF*) will be filed by amendment. |
|  | (26) | Initial Capital Agreement *(Pathfinder Disciplined Midcap Equity 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> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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, Twin Oak Hedged Opportunities ETF, Twin Oak Apex Opportunities ETF, Twin Oak Horizons ETF, and Synera Funds Japan Active+ ETF) is filed herewith*](ex99-m3.htm)

(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 *(The Snowball ETF)*](http://www.sec.gov/Archives/edgar/data/1618627/000199937126006825/ex99-m.htm) <sup>(33)</sup>

(6) [Plan of Distribution pursuant to Rule 12b-1 *(Equity Partners ETF)*](http://www.sec.gov/Archives/edgar/data/1618627/000199937126010491/ex99-m8.htm) <sup>(35)</sup>

(7) Plan
 of Distribution pursuant to Rule 12b-1 *(Polen Dividend Income ETF and Polen International Dividend Income ETF)* will
 be filed by amendment.

(8) Plan
 of Distribution pursuant to Rule 12b-1 *(Pathfinder Disciplined Midcap Equity ETF)* will be filed by amendment.

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

(o) Reserved.

(p) Code of Ethics

(1) [Code of Ethics of Registrant is filed herewith.](ex99-p1.htm)

(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 is filed herewith.](ex99-p3.htm)

(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>

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

&nbsp;&nbsp;&nbsp;&nbsp;(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 is filed herewith.](ex99-p8.htm)

(9) [Code of Ethics of Tweedy, Browne Company LLC is filed herewith.](ex99-p9.htm)

(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 is filed herewith.](ex99-p11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(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 is filed herewith.](ex99-p13.htm)

(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>

&nbsp;&nbsp;&nbsp;&nbsp;(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](http://www.sec.gov/Archives/edgar/data/1618627/000199937126010491/ex99-p20.htm) <sup>(35)</sup>

(21) Code of Ethics of Millburn Ridgefield LLC will be filed by amendment.

(22) Code of Ethics of Polen Capital Management, 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.

<sup>(35)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 94 on Form N-1A as filed with the SEC via EDGAR on May 11, 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 Form of Investment Advisory Agreement (*Penn Capital Funds*) between the Registrant and Penn Capital Management Company, LLC in exhibit (d)(1), as previously filed and incorporated herein by reference.

(b) Section 12 of the Investment Advisory Agreement (*P/E Global Enhanced International Fund*) between the Registrant and P/E Global LLC in exhibit (d)(3), as previously filed and incorporated herein by reference.

(c) Section 12 of the Investment Advisory Agreement *(Torray Fund)* between the Registrant and Torray, LLC in exhibit (d)(5), as previously filed and incorporated herein by reference.

(d) Section 12 of the Investment Advisory Agreement *(Longview Advantage ETF, 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 Form of 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) Sections 7 and 8 of the Distribution Agreement (*Penn Capital Funds*) in exhibit (e)(1), as previously filed and incorporated herein by reference.

(n) Sections 9 and 10 of the Distribution Agreement in exhibit (e)(6), as previously filed and incorporated herein by reference.

(o) Article X, Section 10.01 of the Custody Agreement in exhibit (g)(1)(i), as previously filed and incorporated herein by reference.

(p) Section 6 of the Fund Administration Servicing Agreement in exhibit (h)(1)(i), as previously filed and incorporated herein by reference.

(q) 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.

(r) 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.

Millburn Ridgefield LLC, the investment adviser to the Synera Funds Japan Active+ ETF, is a registered investment advisor. For additional information, please see Millburn Ridgefield LLC's Form ADV (SEC File No. 801-60938), incorporated herein by reference, which sets forth the directors and officers of Millburn Ridgefield LLC and information as to any business, profession, vocation or employment of a substantial nature engaged in by Millburn Ridgefield 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:

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.

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.

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

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.

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. Wayfinder Dynamic U.S. Interest Rate ETF, Series of The RBB Fund Trust

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

240. Penn Capital Short Duration High Income Fund, Series of The RBB Fund Trust

241. Penn Capital Special Situations Small Cap Fund, Series of The RBB Fund Trust

242. Pathfinder Focused Opportunities ETF, Series of The RBB Fund Trust

243. Pathfinder Disciplined US Equity ETF, Series of The RBB Fund Trust

244. M.D. Sass Concentrated Value ETF, Series of The RBB Fund Trust

245. The Snowball ETF, Series of The RBB Fund Trust

246. RBC Funds Trust

247. Series Portfolios Trust

248. Thompson IM Funds, Inc.

249. TrimTabs ETF Trust

250. Trust for Advised Portfolios

251. Barrett Growth Fund, Series of Trust for Professional Managers

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

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

254. CrossingBridge Low Duration High Yield Fund, Series of Trust for Professional Managers

255. CrossingBridge Responsible Credit Fund, Series of Trust for Professional Managers

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

257. RiverPark Strategic Income Fund, Series of Trust for Professional Managers

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

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

260. Jensen Quality Value Fund, Series of Trust for Professional Managers

261. Rockefeller Climate Solutions Fund, Series of Trust for Professional Managers

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

263. Terra Firma US Concentrated Realty Fund, Series of Trust for Professional Managers

264. USQ Core Real Estate Fund

265. 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 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 |
| Investment Adviser | Clearbrook Investment Consulting, LLC<br> 21 West 46<sup>th</sup> Street, Suite 1507<br> New York, New York 10036 |

---

---

| | |
|:---|:---|
| Investment Adviser | Exchange Traded Concepts, LLC<br> 10900 Hefner Pointe Drive, Suite 400<br> Oklahoma City, Oklahoma 73120 |
| Investment Adviser | First Eagle Investment Management, LLC<br> 1345 Avenue of the Americas<br> New York, New York 10105 |
| 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 |
| Investment Adviser | M.D. Sass, LLC<br> 55 West 46th Street, Suite 2801<br> New York, NY 10036 |
| Investment Adviser | Millburn Ridgefield LLC<br> 55 West 46th Street, 31st Floor<br> New York, New York 10036 |
| Investment Adviser | Opal Capital LLC<br> 5200 Town Center Circle, Suite 305<br> Boca Raton, Florida 33486 |
| Investment Adviser | P/E Global LLC<br> 75 State Street, 31<sup>st</sup> Floor<br> Boston, Massachusetts 02109 |
| Investment Adviser | Penn Capital Management Company, LLC<br> Navy Yard Corporate Center<br> 1200 Intrepid Avenue, Suite 400<br> Philadelphia, Pennsylvania 19112 |
| Investment Adviser | Seven Post Investment Office LP<br> One Montgomery Street, Suite 3150<br> San Francisco, California 94104 |
| Investment Adviser | Torray Investment Partners LLC<br> 7501 Wisconsin Avenue, Suite 750W<br> Bethesda, Maryland 20814 |
| Investment Adviser | Tweedy, Browne Company LLC<br> One Station Place<br> Stamford, Connecticut 06902 |

---

---

| | |
|:---|:---|
| Investment Adviser | Twin Oak ETF Company<br> 888 Worchester Street, Suite 200<br> Wellesley, Massachusetts 02482 |
| Registrant's Fund Administrator, Fund Accountant, Transfer Agent and Dividend Disbursing Agent | U.S. Bancorp Fund Services, LLC<br> 615 East Michigan Street<br> Milwaukee, Wisconsin 53202 |
| Registrant's Custodian | U.S. Bank National Association<br> 1555 North Rivercenter Drive, Suite 302<br> Milwaukee, Wisconsin 53212 |
| Underwriter | Quasar Distributors, LLC<br> 190 Middle Street, Suite 301<br> Portland, ME 04101 |

---

**Item 34. Management Services**

Not applicable.

**Item 35. Undertakings**

None.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended (the "1933 Act"), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment to its Registration Statement under Rule 485(b) under the 1933 Act and has duly caused this Post-Effective Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Short Hills, and State of New Jersey on June 10, 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) | June 10, 2026 |
| Steven Plump | President (Principal Executive Officer) |  |
| /s/ James G. Shaw | Chief Financial Officer (Principal Financial and Accounting Officer) | June 10, 2026 |
| James G. Shaw | Chief Financial Officer (Principal Financial and Accounting Officer) |  |
| \*Gregory P. Chandler | Trustee | June 10, 2026 |
| Gregory P. Chandler |  |  |
| \*Lisa A. Dolly | Trustee | June 10, 2026 |
| Lisa A. Dolly |  |  |
| \*Nicholas A. Giordano | Trustee | June 10, 2026 |
| Nicholas A. Giordano |  |  |
| \*Arnold M. Reichman | Trustee | June 10, 2026 |
| Arnold M. Reichman |  |  |
| \*Robert Sablowsky | Trustee | June 10, 2026 |
| Robert Sablowsky |  |  |
| \*Brian T. Shea | Trustee | June 10, 2026 |
| Brian T. Shea |  |  |
| \*Martha A. Tirinnanzi | Trustee | June 10, 2026 |
| Martha A. Tirinnanzi |  |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ James G. Shaw |

---

James G. Shaw <br> Attorney-in-Fact

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

<u>POWER OF ATTORNEY</u>

Know All Men by These Presents, that the undersigned, Gregory P. Chandler, hereby constitutes and appoints Jillian L. Bosmann, 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")

<u>POWER OF ATTORNEY</u>

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")

<u>POWER OF ATTORNEY</u>

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")

<u>POWER OF ATTORNEY</u>

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")

<u>POWER OF ATTORNEY</u>

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")

<u>POWER OF ATTORNEY</u>

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")

<u>POWER OF ATTORNEY</u>

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 |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Exhibit** |
| [(e)(11)](ex99-e11.htm) | Amendment to ETF Distribution Agreement dated March 11, 2026 |
| [(g)(1)(xiii)](ex99-g1xiii.htm) | Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated January 20, 2026 |
| [(g)(1)(xiv)](ex99-g1xiv.htm) | Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated February 23, 2026 |
| [(h)(1)(xiv)](ex99-h1xiv.htm) | Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated January 20, 2026 |
| [(h)(1)(xv)](ex99-h1xv.htm) | Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated February 23, 2026 |
| [(h)(2)(xiii)](ex99-h2xiii.htm) | Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated January 20, 2026 |
| [(h)(2)(xiv)](ex99-h2xiv.htm) | Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated February 23, 2026 |
| [(h)(3)(xiii)](ex99-h3xiii.htm) | Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated January 20, 2026 |
| [(h)(3)(xiv)](ex99-h3xiv.htm) | Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated February 23, 2026 |
| [(i)(19)](ex99-i19.htm) | Opinion of Counsel relating to Twin Oak Apex Opportunities ETF and Twin Oak Horizons ETF |
| [(i)(24)](ex99-i24.htm) | Consent of Counsel |
| [(l)(18)](ex99-l18.htm) | Initial Capital Agreement (*M.D. Sass Concentrated Value ETF*) |
| [(l)(20)](ex99-l20.htm) | Form of Initial Capital Agreement *(Twin Oak Apex Opportunities ETF and Twin Oak Horizons ETF)* |
| [(l)(24)](ex99-l24.htm) | Initial Capital Agreement (*Longview Advantage Fixed Income ETF*) |
| [(m)(3)](ex99-m3.htm) | 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 Fixed Income ETF, Twin Oak Global Equity ETF, Twin Oak Strategic Solutions ETF, Twin Oak Hedged Opportunities ETF, Twin Oak Apex Opportunities ETF, Twin Oak Horizons ETF, and Synera Funds Japan Active+ ETF) |
| [(p)(1)](ex99-p1.htm) | Code of Ethics of Registrant |
| [(p)(3)](ex99-p3.htm) | Code of Ethics of Foreside Financial Group, LLC |
| [(p)(8)](ex99-p8.htm) | Code of Ethics of Exchange Traded Concepts, LLC |
| [(p)(9)](ex99-p9.htm) | Code of Ethics of Tweedy, Browne Company LLC |
| [(p)(11)](ex99-p11.htm) | Code of Ethics of Twin Oak ETF Company |
| [(p)(13)](ex99-p13.htm) | Code of Ethics of Mitsubishi UFJ Trust and Banking Corporation |

---

## Ex-99.(E)(11)

[THE RBB FUND TRUST 485BPOS](rbb-485bpos_061026.htm)

**Exhibit 99(e)(11)**

**SEVENTH AMENDMENT TO**

**ETF DISTRIBUTION AGREEMENT**

This seventh amendment ("Amendment") to the ETF Distribution Agreement (the "Agreement") dated as of November 25, 2022, by and between The RBB Fund Trust and Quasar Distributors, LLC (together, "Parties") is effective as of March 11, 2026.

**WHEREAS,** the Parties desire to amend Exhibit A of the Agreement to reflect an updated Funds list; and,

**WHEREAS,** Section 8(b) of the Agreement requires that all amendments and modifications to the Agreement be in writing and executed by the Parties.

**NOW THEREFORE,** for good and valuable consideration. the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

1. Capitalized terms not otherwise defined herein shall have the meanings set forth in Agreement.

2. Exhibit A of the Agreement is hereby deleted in its entirety and replaced by Exhibit A attached hereto.

3. Except as expressly amended hereby, all the provisions of the Agreement shall remain unamended and in full force and effect to the same extent as if fully set forth herein.

4. This Amendment shall be governed by, and the provisions of this Amendment shall be construed and interpreted under and in accordance with, the laws of the State of Wisconsin.

IN **WITNESS WHEREOF,** the Parties have caused this Amendment to be executed in their names and on their behalf by and through their duly authorized officers.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**THE RBB FUND TRUST** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**THE RBB FUND TRUST** | **QUASAR DISTRIBUTORS, LLC** | **QUASAR DISTRIBUTORS, LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ James G. Shaw | By: | /s/ Teresa Cowan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: James G. Shaw | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: James G. Shaw | Name: Teresa Cowan | Name: Teresa Cowan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: CFO/COO & Secretary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: CFO/COO & Secretary | Title: President | Title: President |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: 3/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: 3/11/2026 | Date: 3.11.26 | Date: 3.11.26 |

---

EXHIBIT A

Series of The RBB Fund Trust

Tweedy, Browne Insider+ Value ETF

Longview Advantage ETF (fka LRP Dynamic US Core ETF)

First Eagle Global Equity ETF

First Eagle Overseas Equity ETF

Advent Convertible Bond ETF

Twin Oak Enhanced Credit ETF

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

Wayfinder Saber ETF

Twin Oak Endure ETF

Twin Oak Active Opportunities II ETF

Twin Oak Active Opportunities III ETF

MUFG Japan Small Cap Active ETF

Longview Advantage Fixed Income ETF

Longview Advantage Real Estate 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

M.D. Sass Concentrated Value ETF

Pathfinder Focused Opportunities ETF

Pathfinder Disciplined US Equity ETF

The Snowball ETF

Equity Partners ETF

## Ex-99.(G)(1)(Xiii)

[THE RBB FUND TRUST 485BPOS](rbb-485bpos_061026.htm)

**Exhibit 99(g)(1)(xiii)**

**FOURTEENTH AMENDMENT TO THE**

**THE RBB FUND TRUST**

**CUSTODY AGREEMENT**

**THIS AMENDMENT**, effective as of the last date in the signature block, to the Custody Agreement, dated as of October 22, 2015, as amended (the "Agreement"), is entered into by and between **THE RBB FUND TRUST** (f/k/a PENN Capital Funds Trust)**,** a Delaware statutory trust (the "Trust") and **U.S. BANK NATIONAL ASSOCIATION,** a national banking association (the "Custodian").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS**, the parties desire to amend the Agreement to reflect the following fund name change; and:

● Torray Equity Income Fund (f/k/a The Torray Fund)

**WHEREAS**, the parties desire to amend the Agreement to amend Exhibit B of the Agreement, the funds list of the Trust, to add the following funds; and:

● Twin Oak Enhanced Fixed Income ETF

● Twin Oak Hedged Opportunities ETF

● Twin Oak Strategic Solutions ETF

**WHEREAS,** Article XV, Section 15.02 of the Agreement provides that the Agreement may be amended by a written agreement executed by both parties.

**NOW, THEREFORE,** the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Exhibit B is hereby superseded and replaced with Amended Exhibit B attached hereto.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Except to the extent amended hereby, the Agreement shall remain in full force and effect.** 

SIGNATURES ON NEXT PAGE

**IN WITNESS WHEREOF**, the parties hereto have caused this Fourteenth Amendment to be executed by a duly authorized officer on one or more counterparts as of the last date on the signature block.

---

| | | | |
|:---|:---|:---|:---|
| **THE RBB FUND TRUST** | **THE RBB FUND TRUST** | **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | &nbsp;&nbsp;&nbsp;/s/ James G. Shaw | By:/ | &nbsp;&nbsp;&nbsp;s/ Gregory Farley |
| Name: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James G. Shaw | Name: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greg Farley |
| Title: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFO/COO & Secretary | Title: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President |
| Date: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/16/2026 | Date: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/20/2026 |

---

**EXHIBIT B to the Custody Agreement**

Separate Series of The RBB Fund Trust

<u>Name of Series</u>

Penn Capital Short Duration High Income Fund

Penn Capital Special Situations Small Cap Equity Fund

P/E Global Enhanced International Fund

Torray Equity Income Fund

First Eagle Global Equity ETF

First Eagle Overseas Equity ETF

Tweedy, Browne Insider + Value ETF

Longview Advantage ETF

Advent Convertible Bond ETF

Twin Oak Enhanced Credit ETF

Twin Oak Endure ETF

Twin Oak Active Opportunities II ETF

Twin Oak Active Opportunities III ETF

MUFG Japan Small Cap Active ETF

Tweedy, Browne International Insider + Value ETF

Wayfinder Dynamic U.S. Interest Rate ETF

Wayfinder Gold ETF

Wayfinder Oil ETF

Wayfinder Saber ETF

Wayfinder U.S. Dispersion ETF

Wayfinder U.S. Market Better Beta ETF

Pathfinder Disciplined US Equity ETF

Pathfinder Focused Opportunities ETF

Twin Oak Enhanced Fixed Income ETF

Twin Oak Hedged Opportunities ETF

Twin Oak Strategic Solutions ETF

## Ex-99.(G)(1)(Xiv)

[THE RBB FUND TRUST 485BPOS](rbb-485bpos_061026.htm)

**Exhibit 99(g)(1)(xiv)**

**FIFTEENTH AMENDMENT TO THE**

**THE RBB FUND TRUST**

**CUSTODY AGREEMENT**

**THIS AMENDMENT**, effective as of the last date in the signature block, to the Custody Agreement, dated as of October 22, 2015, as amended (the "Agreement"), is entered into by and between **THE RBB FUND TRUST** (f/k/a PENN Capital Funds Trust)**,** a Delaware statutory trust (the "Trust") and **U.S. BANK NATIONAL ASSOCIATION,** a national banking association (the "Custodian").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS**, the parties desire to amend the Agreement to amend Exhibit B of the Agreement, the funds list of the Trust, to add the following funds; and:

● Equity Partners ETF

● Longview Advantage Fixed Income ETF

● Longview Advantage Real Estate ETF

● M.D. Sass Concentrated Value ETF

● The Snowball ETF

● Twin Oak Apex Opportunities ETF

● Twin Oak Enhanced Equity ETF

● Twin Oak Global Equity ETF

● Twin Oak Horizons ETF; and

**WHEREAS,** the parties desire to update the fees in Exhibit C of the Agreement; and

**WHEREAS,** Article XV, Section 15.02 of the Agreement provides that the Agreement may be amended by a written agreement executed by both parties.

**NOW, THEREFORE,** the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Exhibit B is hereby superseded and replaced with Amended Exhibit B attached hereto.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Exhibit C is hereby superseded and replaced with Amended Exhibit C attached hereto.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Except to the extent amended hereby, the Agreement shall remain in full force and effect.** 

SIGNATURES ON NEXT PAGE

**IN WITNESS WHEREOF**, the parties hereto have caused this Fifteenth Amendment to be executed by a duly authorized officer on one or more counterparts as of the last date on the signature block.

---

| | | | |
|:---|:---|:---|:---|
| **THE RBB FUND TRUST** | **THE RBB FUND TRUST** | **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | /s/ James G. Shaw | By: | /s/ Gregory Farley |
| Name: | James G. Shaw | Name: | Greg Farley |
| Title: | CFO/COO & Secretary | Title: | Senior Vice President |
| Date: | 2/20/2026 | Date: | February 23, 2026 |

---

**EXHIBIT B to the Custody Agreement**

Separate Series of The RBB Fund Trust

<u>Name of Series</u>

Penn Capital Short Duration High Income Fund<br> Penn Capital Special Situations Small Cap Equity Fund<br> P/E Global Enhanced International Fund<br> Torray Equity Income Fund<br> First Eagle Global Equity ETF<br> First Eagle Overseas Equity ETF<br> Tweedy, Browne Insider + Value ETF<br> Longview Advantage ETF<br> Advent Convertible Bond ETF<br> Twin Oak Enhanced Credit ETF<br> Twin Oak Endure ETF<br> Twin Oak Active Opportunities II ETF<br> Twin Oak Active Opportunities III ETF<br> MUFG Japan Small Cap Active ETF<br> Tweedy, Browne International Insider + Value ETF<br> Wayfinder Dynamic U.S. Interest Rate ETF<br> Wayfinder Gold ETF<br> Wayfinder Oil ETF<br> Wayfinder Saber ETF<br> Wayfinder U.S. Dispersion ETF<br> Wayfinder U.S. Market Better Beta ETF<br> Pathfinder Disciplined US Equity ETF<br> Pathfinder Focused Opportunities ETF<br> Twin Oak Enhanced Fixed Income ETF<br> Twin Oak Hedged Opportunities ETF<br> Twin Oak Strategic Solutions ETF<br> Equity Partners ETF<br> Longview Advantage Fixed Income ETF<br> Longview Advantage Real Estate ETF<br> M.D. Sass Concentrated Value ETF<br> The Snowball ETF<br> Twin Oak Apex Opportunities ETF<br> Twin Oak Enhanced Equity ETF<br> Twin Oak Global Equity ETF<br> Twin Oak Horizons ETF

**EXHIBIT C to the Custody Agreement**

**Fee Schedule**

## Ex-99.(H)(1)(Xiv)

[THE RBB FUND TRUST 485BPOS](rbb-485bpos_061026.htm)

**Exhibit 99(h)(1)(xiv)**

**FIFTEENTH AMENDMENT TO THE** 

**THE RBB FUND TRUST** 

**FUND ADMINISTRATION SERVICING AGREEMENT**

**THIS AMENDMENT**, effective as of the last date in the signature block, to the Fund Administration Servicing Agreement, dated as of October 22, 2015 as amended (the "Agreement"), is entered into by and between **THE RBB FUND TRUST** (f/k/a PENN Capital Funds Trust), a Delaware statutory trust (the "Trust") and **U.S. BANCORP FUND SERVICES, LLC d/b/a/U.S. Bank Global Fund Services,** a Wisconsin limited liability company ("Fund Services").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS**, the parties desire to amend the Agreement to reflect the following fund name change; and:

● Torray Equity Income Fund (f/k/a The Torray Fund)

**WHEREAS**, the parties desire to amend the Agreement to amend Exhibit A of the Agreement, the funds list of the Trust, to add the following funds; and:

● Twin Oak Enhanced Fixed Income ETF

● Twin Oak Hedged Opportunities ETF

● Twin Oak Strategic Solutions ETF

**WHEREAS,** Section 11 of the Agreement provides that the Agreement may be amended by a written agreement executed by both parties.

**NOW, THEREFORE,** the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Exhibit A is hereby superseded and replaced with Amended Exhibit A attached hereto.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Except to the extent amended hereby, the Agreement shall remain in full force and effect.** 

SIGNATURES ON NEXT PAGE

**IN WITNESS WHEREOF**, the parties hereto have caused this Fifteenth Amendment to be executed by a duly authorized officer on one or more counterparts as of the last date on the signature block.

---

| | | | |
|:---|:---|:---|:---|
| **THE RBB FUND TRUST** | **THE RBB FUND TRUST** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/ James G. Shaw | By: | /s/ Gregory Farley |
| Name: | James G. Shaw | Name: | Greg Farley |
| Title: | CFO/COO & Secretary | Title: | Senior Vice President |
| Date: | 1/16/2026 | Date: | 1/20/2026 |

---

**EXHIBIT A to the Fund Administration Servicing Agreement**

Separate Series of The RBB Fund Trust

<u>Name of Series</u>

Penn Capital Short Duration High Income Fund<br> Penn Capital Special Situations Small Cap Equity Fund<br> P/E Global Enhanced International Fund<br> Torray Equity Income Fund<br> First Eagle Global Equity ETF<br> First Eagle Overseas Equity ETF<br> Tweedy, Browne Insider + Value ETF<br> Longview Advantage ETF<br> Advent Convertible Bond ETF<br> Twin Oak Enhanced Credit ETF<br> Twin Oak Endure ETF<br> Twin Oak Active Opportunities II ETF<br> Twin Oak Active Opportunities III ETF<br> MUFG Japan Small Cap Active ETF<br> Tweedy, Browne International Insider + Value ETF<br> Wayfinder Dynamic U.S. Interest Rate ETF<br> Wayfinder Gold ETF<br> Wayfinder Oil ETF<br> Wayfinder Saber ETF<br> Wayfinder U.S. Dispersion ETF<br> Wayfinder U.S. Market Better Beta ETF<br> Pathfinder Disciplined US Equity ETF<br> Pathfinder Focused Opportunities ETF<br> Twin Oak Enhanced Fixed Income ETF<br> Twin Oak Hedged Opportunities ETF<br> Twin Oak Strategic Solutions ETF

## Ex-99.(H)(1)(Xv)

[THE RBB FUND TRUST 485BPOS](rbb-485bpos_061026.htm)

**Exhibit 99(h)(1)(xv)**

**SIXTEENTH AMENDMENT TO THE** 

**THE RBB FUND TRUST** 

**FUND ADMINISTRATION SERVICING AGREEMENT**

**THIS AMENDMENT**, effective as of the last date in the signature block, to the Fund Administration Servicing Agreement, dated as of October 22, 2015 as amended (the "Agreement"), is entered into by and between **THE RBB FUND TRUST** (f/k/a PENN Capital Funds Trust), a Delaware statutory trust (the "Trust") and **U.S. BANCORP FUND SERVICES, LLC d/b/a/U.S. Bank Global Fund Services,** a Wisconsin limited liability company ("Fund Services").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS**, the parties desire to amend the Agreement to amend Exhibit A of the Agreement, the funds list of the Trust, to add the following funds; and:

● Equity Partners ETF

● Longview Advantage Fixed Income ETF

● Longview Advantage Real Estate ETF

● M.D. Sass Concentrated Value ETF

● The Snowball ETF

● Twin Oak Apex Opportunities ETF

● Twin Oak Enhanced Equity ETF

● Twin Oak Global Equity ETF

● Twin Oak Horizons ETF; and

**WHEREAS,** the parties desire to update the fees in Exhibit C of the Agreement; and

**WHEREAS,** Section 11 of the Agreement provides that the Agreement may be amended by a written agreement executed by both parties.

**NOW, THEREFORE,** the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Exhibit A is hereby superseded and replaced with Amended Exhibit A attached hereto.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Exhibit C is hereby superseded and replaced with Amended Exhibit C attached hereto.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Except to the extent amended hereby, the Agreement shall remain in full force and effect.** 

SIGNATURES ON NEXT PAGE

**IN WITNESS WHEREOF**, the parties hereto have caused this Sixteenth Amendment to be executed by a duly authorized officer on one or more counterparts as of the last date on the signature block.

---

| | | | |
|:---|:---|:---|:---|
| **THE RBB FUND TRUST** | **THE RBB FUND TRUST** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/ James G. Shaw | By: | /s/ Gregory Farley |
| Name: | James G. Shaw | Name: | Greg Farley |
| Title: | CFO/COO & Secretary | Title: | Senior Vice President |
| Date: | 2/20/2026 | Date: | February 23, 2026 |

---

**EXHIBIT A to the Fund Administration Servicing Agreement**

Separate Series of The RBB Fund Trust

<u>Name of Series</u>

Penn Capital Short Duration High Income Fund<br> Penn Capital Special Situations Small Cap Equity Fund<br> P/E Global Enhanced International Fund<br> Torray Equity Income Fund<br> First Eagle Global Equity ETF<br> First Eagle Overseas Equity ETF<br> Tweedy, Browne Insider + Value ETF<br> Longview Advantage ETF<br> Advent Convertible Bond ETF<br> Twin Oak Enhanced Credit ETF<br> Twin Oak Endure ETF<br> Twin Oak Active Opportunities II ETF<br> Twin Oak Active Opportunities III ETF<br> MUFG Japan Small Cap Active ETF<br> Tweedy, Browne International Insider + Value ETF<br> Wayfinder Dynamic U.S. Interest Rate ETF<br> Wayfinder Gold ETF<br> Wayfinder Oil ETF<br> Wayfinder Saber ETF<br> Wayfinder U.S. Dispersion ETF<br> Wayfinder U.S. Market Better Beta ETF<br> Pathfinder Disciplined US Equity ETF<br> Pathfinder Focused Opportunities ETF<br> Twin Oak Enhanced Fixed Income ETF<br> Twin Oak Hedged Opportunities ETF<br> Twin Oak Strategic Solutions ETF<br> Equity Partners ETF<br> Longview Advantage Fixed Income ETF<br> Longview Advantage Real Estate ETF<br> M.D. Sass Concentrated Value ETF<br> The Snowball ETF<br> Twin Oak Apex Opportunities ETF<br> Twin Oak Enhanced Equity ETF<br> Twin Oak Global Equity ETF<br> Twin Oak Horizons ETF

**EXHIBIT C** 

**to the Fund Administration Servicing Agreement** 

**Fee Schedule**

## Ex-99.(H)(2)(Xiii)

[THE RBB FUND TRUST 485BPOS](rbb-485bpos_061026.htm)

**Exhibit 99(h)(2)(xiii)**

**THIRTEENTH AMENDMENT TO THE** <br> **THE RBB FUND TRUST**<br> **TRANSFER AGENT SERVICING AGREEMENT**

**THIS AMENDMENT**, effective as of the last date in the signature block, to the Transfer Agent Servicing Agreement dated as of October 22, 2015, as amended (the "Agreement"), is entered into by and between **THE RBB FUND TRUST** (f/k/a PENN Capital Funds Trust), a Delaware statutory trust, (the "Trust") and **U.S. BANCORP FUND SERVICES, LLC,** a Wisconsin limited liability company ("USBFS").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS**, the parties desire to amend the Agreement to reflect the following fund name change; and:

● Torray Equity Income Fund (f/k/a The Torray Fund)

**WHEREAS**, the parties desire to amend the Agreement to amend Exhibit A of the Agreement, the funds list of the Trust, to add the following funds; and:

● Twin Oak Enhanced Fixed Income ETF

● Twin Oak Hedged Opportunities ETF

● Twin Oak Strategic Solutions ETF

**WHEREAS,** Section 13 of the Agreement provides that the Agreement may be amended by a written agreement executed by all parties.

**NOW, THEREFORE,** the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Exhibit A is hereby superseded and replaced with Amended Exhibit A attached hereto.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Except to the extent amended hereby, the Agreement shall remain in full force and effect.** 

SIGNATURES ON NEXT PAGE

IN WITNESS WHEREOF, the parties hereto have caused this Twelfth Amendment to be executed by a duly authorized officer on one or more counterparts as of the last date on the signature block.

---

| | | | |
|:---|:---|:---|:---|
| **THE RBB FUND TRUST** | **THE RBB FUND TRUST** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/ James G. Shaw | By: | /s/ Gregory Farley |
| Name: | James G. Shaw | Name: | Greg Farley |
| Title: | CFO/COO & Secretary | Title: | Senior Vice President |
| Date: | 1/16/2026 | Date: | 1/20/2026 |

---

**Exhibit A** <br> **to the Transfer Agent Servicing Agreement**<br> Separate Series of The RBB Fund Trust

<u>Name of Series</u>

Penn Capital Short Duration High Income Fund<br> Penn Capital Special Situations Small Cap Equity Fund<br> P/E Global Enhanced International Fund<br> Torray Equity Income Fund<br> First Eagle Global Equity ETF<br> First Eagle Overseas Equity ETF<br> Tweedy, Browne Insider + Value ETF<br> Longview Advantage ETF<br> Advent Convertible Bond ETF<br> Twin Oak Enhanced Credit ETF<br> Twin Oak Endure ETF<br> Twin Oak Active Opportunities II ETF<br> Twin Oak Active Opportunities III ETF<br> MUFG Japan Small Cap Active ETF<br> Tweedy, Browne International Insider + Value ETF<br> Wayfinder Dynamic U.S. Interest Rate ETF<br> Wayfinder Gold ETF<br> Wayfinder Oil ETF<br> Wayfinder Saber ETF<br> Wayfinder U.S. Dispersion ETF<br> Wayfinder U.S. Market Better Beta ETF<br> Pathfinder Disciplined US Equity ETF<br> Pathfinder Focused Opportunities ETF<br> Twin Oak Enhanced Fixed Income ETF<br> Twin Oak Hedged Opportunities ETF<br> Twin Oak Strategic Solutions ETF

## Ex-99.(H)(2)(Xiv)

[THE RBB FUND TRUST 485BPOS](rbb-485bpos_061026.htm)

**Exhibit 99(h)(2)(xiv)**

**FOURTEENTH AMENDMENT TO THE** <br> **THE RBB FUND TRUST**<br> **TRANSFER AGENT SERVICING AGREEMENT**

**THIS AMENDMENT**, effective as of the last date in the signature block, to the Transfer Agent Servicing Agreement dated as of October 22, 2015, as amended (the "Agreement"), is entered into by and between **THE RBB FUND TRUST** (f/k/a PENN Capital Funds Trust), a Delaware statutory trust, (the "Trust") and **U.S. BANCORP FUND SERVICES, LLC,** a Wisconsin limited liability company ("USBFS").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS**, the parties desire to amend the Agreement to amend Exhibit A of the Agreement, the funds list of the Trust, to add the following funds; and:

● Equity Partners ETF

● Longview Advantage Fixed Income ETF

● Longview Advantage Real Estate ETF

● M.D. Sass Concentrated Value ETF

● The Snowball ETF

● Twin Oak Apex Opportunities ETF

● Twin Oak Enhanced Equity ETF

● Twin Oak Global Equity ETF

● Twin Oak Horizons ETF; and

**WHEREAS,** the parties desire to update the fees in Exhibit D of the Agreement; and

**WHEREAS,** Section 13 of the Agreement provides that the Agreement may be amended by a written agreement executed by all parties.

**NOW, THEREFORE,** the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Exhibit A is hereby superseded and replaced with Amended Exhibit A attached hereto.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Exhibit D is hereby superseded and replaced with Amended Exhibit D attached hereto.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Except to the extent amended hereby, the Agreement shall remain in full force and effect.** 

SIGNATURES ON NEXT PAGE

IN WITNESS WHEREOF, the parties hereto have caused this Twelfth Amendment to be executed by a duly authorized officer on one or more counterparts as of the last date on the signature block.

---

| | | | |
|:---|:---|:---|:---|
| **THE RBB FUND TRUST** | **THE RBB FUND TRUST** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/ James G. Shaw | By: | /s/ Gregory Farley |
| Name: | James G. Shaw | Name: | Greg Farley |
| Title: | CFO/COO & Secretary | Title: | Senior Vice President |
| Date: | 2/20/2026 | Date: | February 23, 2026 |

---

**Exhibit A** <br> **to the Transfer Agent Servicing Agreement**<br> Separate Series of The RBB Fund Trust

<u>Name of Series</u>

Penn Capital Short Duration High Income Fund<br> Penn Capital Special Situations Small Cap Equity Fund<br> P/E Global Enhanced International Fund<br> Torray Equity Income Fund<br> First Eagle Global Equity ETF<br> First Eagle Overseas Equity ETF<br> Tweedy, Browne Insider + Value ETF<br> Longview Advantage ETF<br> Advent Convertible Bond ETF<br> Twin Oak Enhanced Credit ETF<br> Twin Oak Endure ETF<br> Twin Oak Active Opportunities II ETF<br> Twin Oak Active Opportunities III ETF<br> MUFG Japan Small Cap Active ETF<br> Tweedy, Browne International Insider + Value ETF<br> Wayfinder Dynamic U.S. Interest Rate ETF<br> Wayfinder Gold ETF<br> Wayfinder Oil ETF<br> Wayfinder Saber ETF<br> Wayfinder U.S. Dispersion ETF<br> Wayfinder U.S. Market Better Beta ETF<br> Pathfinder Disciplined US Equity ETF<br> Pathfinder Focused Opportunities ETF<br> Twin Oak Enhanced Fixed Income ETF<br> Twin Oak Hedged Opportunities ETF<br> Twin Oak Strategic Solutions ETF<br> Equity Partners ETF<br> Longview Advantage Fixed Income ETF<br> Longview Advantage Real Estate ETF<br> M.D. Sass Concentrated Value ETF<br> The Snowball ETF<br> Twin Oak Apex Opportunities ETF<br> Twin Oak Enhanced Equity ETF<br> Twin Oak Global Equity ETF<br> Twin Oak Horizons ETF

**Exhibit D** 

**to the Transfer Agent Servicing Agreement**

**Fee Schedule**

## Ex-99.(H)(3)(Xiii)

[THE RBB FUND TRUST 485BPOS](rbb-485bpos_061026.htm)

**Exhibit 99(h)(3)(xiii)**

**SIXTEENTH AMENDMENT TO THE** <br> **THE RBB FUND TRUST**<br> **FUND ACCOUNTING SERVICING AGREEMENT**

**THIS AMENDMENT**, effective as of the date of the last date in the signature block, to the Fund Accounting Servicing Agreement, dated as of October 22, 2015, as amended (the "Agreement"), is entered into by and between **THE RBB FUND TRUST** (f/k/a PENN Capital Funds Trust), a Delaware statutory trust (the "Trust") and **U.S. BANCORP FUND SERVICES, LLC d/b/a/U.S. Bank Global Fund Services,** a Wisconsin limited liability company ("Fund Services").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS**, the parties desire to amend the Agreement to reflect the following fund name change; and:

● Torray Equity Income Fund (f/k/a The Torray Fund)

**WHEREAS**, the parties desire to amend the Agreement to amend Exhibit A of the Agreement, the funds list of the Trust, to add the following funds; and:

● Twin Oak Enhanced Fixed Income ETF

● Twin Oak Hedged Opportunities ETF

● Twin Oak Strategic Solutions ETF

**WHEREAS,** Section 15 of the Agreement provides that the Agreement may be amended by a written agreement executed by both parties.

**NOW, THEREFORE,** the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Exhibit A is hereby superseded and replaced with Amended Exhibit A attached hereto.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Except to the extent amended hereby, the Agreement shall remain in full force and effect.** 

SIGNATURES ON NEXT PAGE

**IN WITNESS WHEREOF**, the parties hereto have caused this Fifteenth Amendment to be executed by a duly authorized officer on one or more counterparts as of the last date on the signature block.

---

| | | | |
|:---|:---|:---|:---|
| **THE RBB FUND TRUST** | **THE RBB FUND TRUST** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/ James G. Shaw | By: | /s/ Gregory Farley |
| Name: | James G. Shaw | Name: | Greg Farley |
| Title: | CFO/COO & Secretary | Title: | Senior Vice President |
| Date: | 1/16/2026 | Date: | 1/20/2026 |

---

**EXHIBIT A to the Fund Accounting Servicing Agreement**<br> Separate Series of The RBB Fund Trust

<u>Name of Series</u>

Penn Capital Short Duration High Income Fund<br> Penn Capital Special Situations Small Cap Equity Fund<br> P/E Global Enhanced International Fund<br> Torray Equity Income Fund<br> First Eagle Global Equity ETF<br> First Eagle Overseas Equity ETF<br> Tweedy, Browne Insider + Value ETF<br> Longview Advantage ETF<br> Advent Convertible Bond ETF<br> Twin Oak Enhanced Credit ETF<br> Twin Oak Endure ETF<br> Twin Oak Active Opportunities II ETF<br> Twin Oak Active Opportunities III ETF<br> MUFG Japan Small Cap Active ETF<br> Tweedy, Browne International Insider + Value ETF<br> Wayfinder Dynamic U.S. Interest Rate ETF<br> Wayfinder Gold ETF<br> Wayfinder Oil ETF<br> Wayfinder Saber ETF<br> Wayfinder U.S. Dispersion ETF<br> Wayfinder U.S. Market Better Beta ETF<br> Pathfinder Disciplined US Equity ETF<br> Pathfinder Focused Opportunities ETF<br> Twin Oak Enhanced Fixed Income ETF<br> Twin Oak Hedged Opportunities ETF<br> Twin Oak Strategic Solutions ETF

## Ex-99.(H)(3)(Xiv)

[THE RBB FUND TRUST 485BPOS](rbb-485bpos_061026.htm)

**Exhibit 99(h)(3)(xiv)**

**SEVENTEENTH AMENDMENT TO THE** 

**THE RBB FUND TRUST**

**FUND ACCOUNTING SERVICING AGREEMENT**

**THIS AMENDMENT**, effective as of the date of the last date in the signature block, to the Fund Accounting Servicing Agreement, dated as of October 22, 2015, as amended (the "Agreement"), is entered into by and between **THE RBB FUND TRUST** (f/k/a PENN Capital Funds Trust), a Delaware statutory trust (the "Trust") and **U.S. BANCORP FUND SERVICES, LLC d/b/a/U.S. Bank Global Fund Services,** a Wisconsin limited liability company ("Fund Services").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS**, the parties desire to amend the Agreement to amend Exhibit A of the Agreement, the funds list of the Trust, to add the following funds; and:

● Equity Partners ETF

● Longview Advantage Fixed Income ETF

● Longview Advantage Real Estate ETF

● M.D. Sass Concentrated Value ETF

● The Snowball ETF

● Twin Oak Apex Opportunities ETF

● Twin Oak Enhanced Equity ETF

● Twin Oak Global Equity ETF

● Twin Oak Horizons ETF; and

**WHEREAS,** the parties desire to update the fees in Exhibit B of the Agreement; and

**WHEREAS,** Section 15 of the Agreement provides that the Agreement may be amended by a written agreement executed by both parties.

**NOW, THEREFORE,** the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Exhibit A is hereby superseded and replaced with Amended Exhibit A attached hereto.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Exhibit B is hereby superseded and replaced with Amended Exhibit B attached hereto.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Except to the extent amended hereby, the Agreement shall remain in full force and effect.** 

SIGNATURES ON NEXT PAGE

**IN WITNESS WHEREOF**, the parties hereto have caused this Fifteenth Amendment to be executed by a duly authorized officer on one or more counterparts as of the last date on the signature block.

---

| | | | |
|:---|:---|:---|:---|
| **THE RBB FUND TRUST** | **THE RBB FUND TRUST** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | &nbsp;&nbsp;&nbsp;/s/ James G. Shaw | By:/ | &nbsp;&nbsp;&nbsp;s/ Gregory Farley |
| Name: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James G. Shaw | Name: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greg Farley |
| Title: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFO/COO & Secretary | Title: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President |
| Date: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/20/2026 | Date: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; February 23, 2026 |

---

**EXHIBIT A to the Fund Accounting Servicing Agreement**

Separate Series of The RBB Fund Trust

<u>Name of Series</u>

Penn Capital Short Duration High Income Fund

Penn Capital Special Situations Small Cap Equity Fund

P/E Global Enhanced International Fund

Torray Equity Income Fund

First Eagle Global Equity ETF

First Eagle Overseas Equity ETF

Tweedy, Browne Insider + Value ETF

Longview Advantage ETF

Advent Convertible Bond ETF

Twin Oak Enhanced Credit ETF

Twin Oak Endure ETF

Twin Oak Active Opportunities II ETF

Twin Oak Active Opportunities III ETF

MUFG Japan Small Cap Active ETF

Tweedy, Browne International Insider + Value ETF

Wayfinder Dynamic U.S. Interest Rate ETF

Wayfinder Gold ETF

Wayfinder Oil ETF

Wayfinder Saber ETF

Wayfinder U.S. Dispersion ETF

Wayfinder U.S. Market Better Beta ETF

Pathfinder Disciplined US Equity ETF

Pathfinder Focused Opportunities ETF

Twin Oak Enhanced Fixed Income ETF

Twin Oak Hedged Opportunities ETF

Twin Oak Strategic Solutions ETF

Equity Partners ETF

Longview Advantage Fixed Income ETF

Longview Advantage Real Estate ETF

M.D. Sass Concentrated Value ETF

The Snowball ETF

Twin Oak Apex Opportunities ETF

Twin Oak Enhanced Equity ETF

Twin Oak Global Equity ETF

Twin Oak Horizons ETF

**EXHIBIT B to the Fund Accounting Servicing Agreement**

**Fee Schedule**

## Ex-99.(I)(19)

[THE RBB FUND TRUST 485BPOS](rbb-485bpos_061026.htm)

**Exhibit 99(i)(19)**

Faegre Drinker Biddle & Reath LLP

One Logan Square

Suite 2000

Philadelphia, PA 19103-6996

Telephone: (215) 988-2700

www.faegredrinker.com

June 10, 2026

The RBB Fund Trust

615 East Michigan Street

Milwaukee, WI 53202

Re: Shares Registered by Post-Effective Amendment No. 99 to <br> <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. 99 (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 Twin Oak Apex Opportunities ETF and Twin Oak Horizons ETF (each, a "Fund"), two 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 each 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)(24)

[THE RBB FUND TRUST 485BPOS](rbb-485bpos_061026.htm)

**Exhibit 99(i)(24)**

CONSENT OF COUNSEL

We hereby consent to the use of our name and to the references to our Firm under the caption "Counsel" in the Prospectus and the Statement of Additional Information included in Post-Effective Amendment Nos. 99/102 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.

---

| |
|:---|
| <u>/s/ FAEGRE DRINKER BIDDLE & REATH LLP</u> |
| Faegre Drinker Biddle & Reath LLP |

---

Philadelphia, Pennsylvania

June 10, 2026

## Ex-99.(L)(18)

[THE RBB FUND TRUST 485BPOS](rbb-485bpos_061026.htm)

**Exhibit 99(l)(18)**

<u>PURCHASE AGREEMENT</u>

The RBB Fund Trust (the "Trust"), a Delaware statutory trust, and M.D. Sass, LLC ("M.D. Sass"), 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 M.D. Sass and M.D. Sass hereby purchases one (1) share (the "Share") of the M.D. Sass Concentrated Value ETF (the "Fund") at price per Share equivalent to the net asset value per Share of the Fund as determined on February 26, 2026.

&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 M.D. Sass of funds in the amount of $25 in full payment for the Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. M.D. Sass represents and warrants to the Trust that the Share is being acquired for investment purposes and not with a view to the distribution thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Agreement may be executed in counterparts, and all such counterparts taken together shall be deemed to constitute one and the same instrument.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of February 26, 2026.

---

| | |
|:---|:---|
| The RBB Fund Trust | The RBB Fund Trust |
| By: | /s/ James G. Shaw |
| Name: | James G. Shaw |
| Title | Chief Financial Officer, Chief Operating Officer, and Secretary |
| M.D. Sass, LLC | M.D. Sass, LLC |
| By: | /s/ Sam Friedman |
| Name: | Sam Friedman |
| Title: | COO |

---

## Ex-99.(L)(20)

[THE RBB FUND TRUST 485BPOS](rbb-485bpos_061026.htm)

**Exhibit 99(l)(20)**

<u>PURCHASE AGREEMENT</u>

The RBB Fund Trust (the "Trust"), a Delaware statutory trust, and Twin Oak ETF Company ("Twin Oak"), intending to be legally bound, hereby agree with each other as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. The Trust hereby offers Twin Oak and Twin Oak hereby purchases one (1) share each (each, a "Share" and collectively, the "Shares") of the Twin Oak Apex Opportunities ETF and Twin Oak Horizons ETF (each a "Fund") at price per Share equivalent to the net asset value per Share of each respective 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 Twin Oak 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. Twin Oak 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 |
| Twin Oak ETF Company | Twin Oak ETF Company |
| By: |  |
| Name: Zachary Wainwright | Name: Zachary Wainwright |
| Title: CEO | Title: CEO |

---

## Ex-99.(L)(24)

[THE RBB FUND TRUST 485BPOS](rbb-485bpos_061026.htm)

**Exhibit 99(l)(24)**

<u>PURCHASE AGREEMENT</u>

The RBB Fund Trust (the "Trust"), a Delaware statutory trust, and Hill Investment Group Partners, LLC d/b/a Longview Research Partners ("Hill"), 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 Hill and Hill hereby purchases one (1) share (the "Share") of the Longview Advantage Fixed Income ETF (the "Fund") at price per Share equivalent to the net asset value per Share of the Fund as determined on March 4, 2026.

&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 Hill of funds in the amount of $100 in full payment for the Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Hill represents and warrants to the Trust that the Share is being acquired for investment purposes and not with a view to the distribution thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Agreement may be executed in counterparts, and all such counterparts taken together shall be deemed to constitute one and the same instrument.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of March 4, 2026.

---

| | |
|:---|:---|
| The RBB Fund Trust | The RBB Fund Trust |
| By: | /s/ James G. Shaw |
| Name: | James G. Shaw |
| Title | Chief Financial Officer, Chief Operating Officer, and Secretary |
| Hill Investment Group Partners, LLC d/b/a Longview Research Partners | Hill Investment Group Partners, LLC d/b/a Longview Research Partners |
| By: | /s/ Matthew Zenz |
| Name: | Matthew Zenz |
| Title: | Chief Investment Officer |

---

## Ex-99.(M)(3)

[THE RBB FUND TRUST 485BPOS](rbb-485bpos_061026.htm)

**Exhibit 99.(m)(3)**

**DISTRIBUTION AND SERVICE PLAN<br> 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: November 11, 2025; Amended: February 19, 2026; May 13, 2026

**Exhibit A**

**to the Distribution and Service Plan** 

Twin Oak Active Opportunities II ETF<br> Twin Oak Active Opportunities III ETF<br> Twin Oak Enhanced Credit ETF<br> Twin Oak Enhanced Equity ETF<br> Twin Oak Enhanced Fixed Income ETF<br> Twin Oak Global Equity ETF<br> Twin Oak Strategic Solutions ETF<br> Twin Oak Hedged Opportunities ETF<br> Twin Oak Apex Opportunities ETF<br> Twin Oak Horizons ETF<br> Synera Funds Japan Active+ ETF

## Ex-99.(P)(1)

[THE RBB FUND TRUST 485BPOS](rbb-485bpos_061026.htm)

**Exhibit 99(p)(1)**

THE RBB FUND, INC. AND THE RBB FUND TRUST

(the "Fund")

**<u>CODE OF ETHICS</u>**

I. <u>Legal Requirement.</u> 

Rule 17j-1(b) under the Investment Company Act of 1940, as amended (the "1940 Act"), makes it unlawful for any officer or director/trustee of the Fund in connection with the purchase or sale by such person of a security "held or to be acquired" by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To make to the Fund any untrue statement of a material
fact or omit to state to the Funda material fact necessary in order to make the statements made, in light of the circumstances
under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To engage in any act, practice, or course of business
which operates or would operate as a fraud or deceit upon the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To engage in any manipulative practice with respect to
the Fund's investment portfolios.

II. <u>Purpose of the Code of Ethics.</u> 

The Fund expects that its officers and directors/trustees will conduct their personal investment activities in accordance with (1) the duty at all times to place the interests of the Fund's shareholders first, (2) the requirement that all personal securities transactions be conducted consistent with this Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility, and (3) the fundamental standard that investment company personnel should not take inappropriate advantage of their positions.

In view of the foregoing, the provisions of Section 17(j) of the 1940 Act, the Securities and Exchange Commission's 1940 Act Release No. 23958 "Personal Investment Activities of Investment Company Personnel" (August 24, 1999), the "Report of the Advisory Group on Personal Investing" issued by the Investment Company Institute on May 9, 1994 and the Securities and Exchange Commission's September 1994 Report on "Personal Investment Activities of Investment Company Personnel," the Fund has determined to adopt this Code of Ethics on behalf of the Fund to specify a code of conduct for certain types of personal securities transactions which might involve conflicts of interest or an appearance of impropriety, and to establish reporting requirements and enforcement procedures.

III. <u>Definitions.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. An "Access Person" means: (1)
each director/trustee and officer of the Fund; (2) each director/trustee, officer or general partner of the Fund's investment
advisers; (3) any of the Fund or its investment advisers (or of any company in a control relationship to the Fund or its investment
advisers) who in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding
the purchase or sale of a security by the Fund or whose functions relate to the making of any recommendations with respect to
such purchases or sales; and (4) any natural person in a control relationship to the Fundor its investment advisers
who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of a security.

For purposes of this Code of Ethics, an "Access Person" does not include any person who is subject to the securities transaction pre-clearance requirements and securities transaction reporting requirements of the Code of Ethics adopted by the Fund's investment advisers or principal underwriter, if any, in compliance with Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Investment Advisers Act of 1940, as amended, (the "Advisers Act") or Section 15(f) of the Securities Exchange Act of 1934 (the "1934 Act"), as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. "Restricted Director/Trustee" or "Restricted
Officer" means each director/trustee or officer of the Fund who is not also a director/trustee, officer, partner, employee
or controlling person of the Fund's investment advisers, co-administrators, custodian, transfer agent or principal underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. An Access Person's "immediate family"
includes a spouse, minor children and adults living in the same household as the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. A security is "held or to be acquired" if
within the most recent 15 days it (1) is or has been held by the Fund, or (2) is being or has been considered by the Fund or its
investment adviser for purchase by the Fund. A purchase or sale includes the writing of an option to purchase or sell and any
security that is exchangeable for or convertible into, any security that is held or to be acquired by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. An "Initial Public Offering" means an offering
of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject
to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. "Investment Personnel" of the Fund means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(VI) Any employee of the Fund (or of any company in a control
relationship to the Fund) who, in connection with his or her regular functions or duties, makes or participates in making recommendations
regarding the purchase or sale of securities by 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any natural person who controls the Fund and who obtains information concerning recommendations made to the Fund regarding the purchase or sale of securities by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. A "Limited Offering" means an offering that
is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504,
 Rule 505, or Rule 506 under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. "Covered Security" means a security as defined
in Section (2)(a)(36) of the 1940 Act, except that it does not include direct obligations of the Government of the United States;
bankers' acceptances; bank certificates of deposit; commercial paper; high quality short-term debt instruments (any instrument
having a maturity at issuance of less than 366 days and that is rated in one of the two highest rating categories by a
nationally recognized statistical rating organization), including
repurchase agreements; and shares of registered open-end investment companies<sup>1</sup> other than Exchange Traded Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. "De Minimis Security" means securities issued
by any company included in the Standard and Poor's 500 Stock Index and in an amount less than $10,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. "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.

IV. <u>Policies of the Fund Regarding Personal Securities Transactions.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. General Policy.

No Access Person of the Fund shall engage in any act, practice or course of business that would violate the provisions of Rule 17j-1(b) set forth above, or in connection with any personal investment activity, engage in conduct inconsistent with this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Specific Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Restrictions on Personal Securities Transactions By Access
Persons Other Than Restricted Directors/Trustees and Restricted Officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Except as provided below in paragraph IV.B.1.d., no Access
Person who is not a Restricted Director/Trustee or Restricted Officer may buy or sell Covered Securities for his or her personal
portfolio or the portfolio of a member of his or her immediate family without obtaining oral authorization from the Compliance
Officer of the Fund's investment adviser  **<u>prior</u>** to effecting such security transaction.

A written authorization for such security transaction will be provided by the investment adviser's Compliance Officer to the person receiving the authorization (if granted) and to the Fund's administrator to memorialize the oral authorization that was granted.

**Note:** If an Access Person has questions as to whether purchasing or selling a security for his or her personal portfolio or the portfolio of a member of his or her immediate family requires prior oral authorization, the Access Person should consult the investment adviser's Compliance Officer for clearance or denial of clearance to trade **<u>prior</u>** to effecting any securities transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Pre-clearance approval under paragraph (a) will expire
at the close of business on the seventh trading day after the date on which oral authorization is received, and the Access Person
is required to renew clearance for the transaction if the trade is not completed before the authority expires.

<sup>1</sup> Shares of certain registered open-end investment companies are included as "Covered Securities" with respect to Access Persons of the Fund's investment advisers or any company controlled by or under common control with the investment advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. No clearance will be given to an Access Person other
than a Restricted Director/Trustee or Restricted Officer to purchase or sell any Covered Security (1) on a day when any portfolio
of the Fund has a pending "buy" or "sell" order in that same Covered Security until that order is executed
or withdrawn or (2) when the Compliance Officer has been advised by the investment adviser that the same Covered Security is 
being considered for purchase or sale for any portfolio of 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;D. The pre-clearance requirements contained in paragraph
IV.B.1.a, above, shall not apply to the following securities ("Exempt Securities"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Securities that are not Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) De Minimis Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Securities purchased or sold in any account over which
the Access Person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Securities purchased or sold in a transaction which is
non- volitional on the part of either the Access Person or 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Securities acquired as a part of an automatic dividend
 reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Securities acquired upon the exercise of rights issued
by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and
sales of such rights so acquired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Securities which the Fund's investment portfolios
are not permitted to purchase under the investment objectives and policies set forth in the Fund's then current prospectuses
under the Securities Act of 1933 or the Fund's registration statements on Form N-1A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The pre-clearance requirement contained in paragraph
IV.B.1.a, above, shall apply to <u>all</u> purchases of a beneficial interest in any security through an Initial Public Offering
or a Limited Offering by any Access Person who is also classified as Investment Personnel. A record of any decision and the reason
supporting such decision to approve the acquisition by Investment Personnel of Initial Public Offerings or Limited Offerings
shall be made by the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Restrictions on Personal Securities Transactions by Access
Persons Who Are Restricted Directors/Trustees and Restricted Officers.

The Fund recognizes that an Access Person who is a Restricted Director/Trustee or a Restricted Officer does not have on-going, day-to-day involvement with the operations of the Fund. In addition, it has been the practice of the Fund to give information about securities purchased or sold by the Fund or considered for purchase or sale by the Fund to Restricted Directors/Trustees and Restricted Officers in materials circulated more than 15 days after such securities are purchased or sold by the Fund or are considered for purchase or sale by the Fund. Accordingly, the Fund believes that less stringent controls are appropriate for Restricted Directors/Trustees and Restricted Officers, 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;a. The securities pre-clearance requirement contained in
paragraph IV.B.1.a. above shall only apply to an Access Person who is a Restricted Director/Trustee (other than a director/trustee
who is not an "interested person" of the Fund (as defined in the 1940 Act) (the "Independent Directors/Trustees"))
or Restricted Officer if he or she knew or, in the ordinary course of fulfilling his or her official duties as a director/trustee
or an officer, should have known, that during the fifteen day period before the transaction in a Covered Security (other than
an Exempt Security) or at the time of the transaction that the Covered Security purchased or sold by him or her other than an
Exempt Security, was also purchased or sold by the Fund or considered for the purchase or sale by 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;b. Pre-clearance approval under paragraph (a) will expire
at the close of business on the seventh trading day after the date on which oral authorization is received, and the Access Person
is required to renew clearance for the transaction if the trade is not completed before the authority expires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If the pre-clearance provisions of paragraph IV.B.2.a.
apply, no clearance will be given to an Access Person who is a Restricted Director/Trustee or Restricted Officer to purchase or
sell any Covered Security (1) on a day when any portfolio of the Fund has a pending "buy" or "sell" order
in that same Covered Security until that order is executed or withdrawn or (2) when the Compliance Officer has been advised
by the investment adviser that the same Covered Security is being considered for purchase or sale for any portfolio of 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;D. Pre-clearance is not required for any transaction by
an Independent Director/Trustee.

V. <u>Procedures.</u> 

In order to provide the Fund with information to enable it to determine with reasonable assurance whether the provisions of this Code are being observed by its Access Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each Access Person
 of the Fund other than an Independent Director/Trustee will submit to the administrator
 an Initial Holdings Report in the form attached hereto as Exhibit A that lists all Covered
 Securities beneficially owned<sup>2</sup> by the Access Person except as stated below.
 The Initial Holdings Report must be submitted within ten days of becoming an Access Person
 and must contain information current as of a date no more than 45 days prior to becoming
 an Access Person. The Initial Holdings Report must include the title of each security,
 the number of shares held, and the principal amount of the security as well as a list
 of any securities accounts maintained with any broker, dealer or bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each Access Person of the Fund other than an Independent
Director/Trustee will also submit to the administrator an Annual Holdings Report attached hereto as Exhibit A no later than 45
days after the end of the calendar year. Except as stated below, the Annual Holdings Report must list <u>all</u> Covered Securities
beneficially owned by the Access Person, the title of each security, the number of shares held, and the principal amount of the
security, as well as a list of any securities accounts maintained with any broker, dealer or bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Each Access Person of the Fund other than a Restricted Director/Trustee or Restricted Officer shall
 direct his or her broker to supply to the Compliance Officer of the Fund's administrator, on a timely basis, duplicate copies
 of confirmations of all securities transactions in which the person has, or by reason of such transaction acquires any direct or
 indirect beneficial ownership and copies of periodic statements for all securities accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Except as stated below, each Access Person of the Fund,
other than an Independent Director/Trustee, shall submit reports in the form attached hereto as Exhibit B to the Fund's
administrator, showing all transactions in Covered Securities in which the person has, or by reason of such transaction acquires,
any direct or indirect beneficial ownership, as well as all accounts established with brokers, dealers or banks during the quarter
in which any Covered Securities were held for the direct or indirect beneficial interest of the Access Person.<sup>3</sup> Such
reports shall be filed no later than 30 days after the end of each calendar quarter. An Access Person of the Fund need not make
a quarterly transaction report under this paragraph with respect to transactions effected pursuant to an Automatic Investment
Plan or if all of the information required by this paragraph V.D. is contained in the brokerage confirmations or account statements
required to be submitted under paragraph V.C. and is received by the administrator in the time period stated above.

<sup>2</sup> You will be treated as the "beneficial owner" of a security under this policy only if you have a direct or indirect pecuniary interest in the security.

<sup>(a)</sup> A direct pecuniary interest is the opportunity, directly or indirectly, to profit, or to share the profit, from the transaction.

<sup>(b)</sup> An indirect pecuniary interest is any nondirect financial interest, but is specifically defined in the rules to include securities held by members of your immediate family sharing the same household; securities held by a partnership of which you are a general partner; securities held by a trust of which you are the settlor if you can revoke the trust without the consent of another person, or a beneficiary if you have or share investment control with the trustee; and equity securities which may be acquired upon exercise of an option or other right, or through conversion.

For interpretive guidance on this test, you should consult counsel.

<sup>3</sup> See footnote 1 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Each Independent Director/Trustee need not make an initial
or annual holdings report but shall submit the same quarterly report as required under paragraph V.D. to the administrator, but
only for a transaction in a Covered Security (except as stated below) where he or she knew at the time of the transaction or,
in the ordinary course of fulfilling his or her official duties as a director/trustee, should have known that during the 15 calendar
day period immediately preceding or after the date of the transaction, such Covered Security is or was purchased or sold, or considered
for purchase or sale, by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The reporting requirements of this Section V. do not
apply to securities transactions effected for, and any Covered Securities held in, any account over which an Access Person
does not have any direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The administrator of the Fund shall notify each Access
Person of the Fund who may be subject to the pre-clearance requirement or required to make reports pursuant to this Code that
such person is subject to the pre-clearance or reporting requirements and shall deliver a copy of this Code to each such
person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. The administrator of the Fund shall review the initial
holdings reports, annual holdings reports, and quarterly transaction reports received, and as appropriate compare the reports
with the pre-clearance authorization received, and report to the Fund's Board of Directors/Trustees, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. with respect to any transaction that appears to evidence
a possible violation of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. apparent violations of the reporting requirement stated
herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The Board shall consider reports made to it hereunder
and shall determine whether the policies established in Sections IV and V of this Code of Ethics have been violated, and what
sanctions, if any, should be imposed on the violator, including but not limited to a letter of censure, suspension or termination
of the employment of the violator, or the unwinding of the transaction and the disgorgement of any profits to the Fund. The Board
 shall review the operation of this Code of Ethics at least once a year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. The Fund's investment advisers and principal underwriter<sup>4
</sup>shall adopt, maintain and enforce separate codes of ethics with respect to their personnel which comply with Rule 17j-1
under the 1940 Act, and Rule 204-1 of the Advisers Act or Section 15(f) of the 1934 Act, as applicable (and shall forward to the
Fund's administrator and the Fund's counsel copies of such codes and all future amendments and modifications thereto.
The Board of Directors/Trustees, including a majority of the Independent Directors/Trustees, shall approve this Code of Ethics,
and the codes of ethics of each investment adviser and principal underwriter of the Fund, and any material amendments to
such codes. Such approval must be based on a determination that
such codes contain provisions reasonably necessary to prevent Access Persons of the Fund from engaging in any conduct prohibited
under such codes and under Rule 17j-1 under the 1940 Act. The Board shall review and approve such codes at least once a year. Furthermore,
any material changes to an investment adviser's or principal underwriter's code will be approved by the Board at the
next scheduled quarterly board meeting and in no case more than six months after such change. Before approving any material amendments
to the investment adviser's or principal underwriter's code of ethics, the Board must receive a certification from
the investment adviser or principal underwriter that it has adopted procedures reasonably necessary to prevent Access Persons from
violating its code of ethics and under Rule 17j-1 under the 1940 Act.

<sup>4</sup> The provisions of Rule 17j-1 only apply to principal underwriters if (a) the principal underwriter is an affiliated person of the Fund or the Fund's investment adviser; or (b) an officer, director/trustee or general partner of the principal underwriter serves as an officer, director/trustee or general partner of the Fund or of the Fund's investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. At each quarterly Board of Directors/Trustees'
meeting the administrator (on behalf of the Fund), investment adviser and principal underwriter of the Fund shall provide a 
written report to the Fund's Board of Directors/Trustees stating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. any reported securities transaction that occurred during
the prior quarter that may have been inconsistent with the provisions of the codes of ethics adopted by the Fund, the Fund's
investment advisers or principal underwriter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. all disciplinary actions<sup>5</sup> taken in response
to such violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. At least once a year, the administrator shall provide
to the Board with respect to this Code of Ethics, and the Fund's investment adviser and principal underwriter shall provide
to the Board, with respect to their codes of ethics, a written report which contains: (a) a summary of existing procedures concerning
personal investing by advisory persons and any changes in the procedures during the past year, as applicable; (b) an evaluation
of current compliance procedures and a report on any recommended changes in existing restrictions or procedures based upon the
Fund's experience under this Code of Ethics, industry practices, or developments in applicable laws and regulations; (c)
a summary of any issues arising under the Code of Ethics or procedures since the last report, including but not limited to, information
about material violations of the Code or procedures and sanctions imposed in response to material violations; and (d) a 
certification that the procedures which have been adopted are those reasonably necessary to prevent Access Persons from violating
the respective Codes of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. This Code, the codes of the investment advisers and principal
underwriter, a record of any violation of such codes and any action taken as a result of the violation, a copy of each report
by an Access Person, any written report hereunder by the Fund's administrator, investment adviser or principal underwriter,
records of approvals relating to Initial Public Offerings and Limited Offerings, lists of all persons required to make reports
and a list of all persons responsible for reviewing such reports shall be preserved with the Fund's records for the
period and in the manner required by Rule 17j-1.

<sup>5</sup> Disciplinary action includes but is not limited to any action that has a material financial effect upon the employee, such as fining, suspending, or demoting the employee, imposing a substantial fine or requiring the disgorgement of profits.

VI. <u>Certification.</u> 

Each Access Person will be required to certify annually that he or she has read and understood this Code of Ethics, and will abide by it. Each Access Person will further certify annually that he or she has disclosed or reported all personal securities transactions required to be disclosed or reported under the Code of Ethics. A form of such certification is attached hereto as Exhibit C.

The Board of Directors of The RBB Fund. Inc. and <br> The RBB Fund Trust

Adopted: February 1, 1995

Revised: February 6, 2013

Revised: November 18, 2016

Revised: May 13, 2021

Revised: June 24, 2021

Revised: February 18, 2026

**Exhibit A**

**The RBB Fund, Inc. and The RBB Fund Trust**

**(the "Fund")**

**Holdings Report**

For the Year/Period Ended <br> (month/day/year)

☐ Check Here if this is an Initial Holdings Report

To: U.S. Bancorp Fund Services, as Administrator of the above listed Fund

As of the calendar year/period referred to above, I have a direct or indirect beneficial ownership interest in the securities listed below which are required to be reported pursuant to the Code of Ethics of the Fund:

---

| | | | |
|:---|:---|:---|:---|
| Title of <br> Security<br>| Cusip <br> Number  | Number <br> of Shares  | Principal <br> Amount  |

---

The name of any broker, dealer or bank with whom I maintain an account in which my securities are held for my direct or indirect benefit are as follows:

For Initial Holdings Reports: This report contains information current as of a date no more than 45 days prior to the date of becoming an Access Person.

**This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above.**

---

| | |
|:---|:---|
| Date: _____________________ | Signature: ______________________________________________________ |
|  | Print <br> Name: _________________________________________________________ |

---

Exhibit B

THE RBB FUND, INC. AND THE RBB FUND TRUST

(the "Fund")

**Quarterly Transaction Report\***

For the Calendar Quarter Ended <br> (month/day/year)

To: U.S. Bancorp Fund Services, as Administrator of the above listed Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Securities Transactions</u>. During the quarter referred to above, the following transactions
were effected in securities of which I had, or by reason of such transactions acquired, direct or indirect beneficial ownership,
and which are required to be reported pursuant to the Code of Ethics of the Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Title of<br> Security | CUSIP<br> Number | Interest<br> Rate and<br> Maturity<br> Date (If<br> Applicable) | Date of<br> Transaction | Number of<br> Shares or<br> Principal<br> Amount | Dollar<br> Amount of<br> Transaction | Nature of<br> Transaction<br> (Purchase,<br> Sale,<br> Other) | Price | Broker/Dealer or<br> Bank Through<br> Whom<br> Effected |

---

**\*** **Independent Directors/Trustees only have to complete this report for transactions where they knew at the time of the transaction or, in the ordinary course of fulfilling their official duties as a director/trustee or officer, should have known that during the 15 calendar day period immediately preceding or after the date of the transaction, such security was purchased or sold, or such security was being considered for purchase or sale, by the Fund.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>New Brokerage Accounts</u>. During the quarter referred to above, I established the following accounts in which securities were held during the quarter for my direct or indirect benefit:

<u>Name of Broker, Dealer or Bank</u> <u>Date Account Was Established</u> <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Other Matters</u>. This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above.

---

| | |
|:---|:---|
| Date: _____________________ | Signature: ______________________________________________________ |
|  | Print <br> Name: _________________________________________________________ |

---

**Exhibit C**

**The RBB Fund, Inc. and The RBB Fund Trust <br> (the "Fund")**

**ANNUAL CERTIFICATE**

Pursuant to the requirements of the Code of Ethics of the Fund, the undersigned hereby certifies 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. I have read the Fund's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I understand the Code of Ethics and acknowledge that
I am subject to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Since the date of the last Annual Certificate (if any)
given pursuant to the Code of Ethics, I have reported all personal securities transactions and provided any securities holding
reports required to be reported under the requirements of the Code of Ethics.

---

| | |
|:---|:---|
| Date: | |
|  | Print Name  |
|  | Signature  |

---

**The Fund's Code Of Ethics And How The Code Affect Your Personal Securities Transactions**

---

| | | | |
|:---|:---|:---|:---|
| Your <br> Classification | Rule | Pre-Clearance Requirements | Filing Requirements |
| Restricted/ Interested Director(s) <br> /Trustee(s)<br>| You or a member of your immediate family may not trade a Covered Security (other than an Exempt Security) while the Fund is transacting or considering for transaction the same security if during the 15 calendar day period before, or at the same time, you know (or should know) that the security was transacted or considered for such by the Fund. | You must obtain advance clearance for security transactions from the compliance officer of the Fund's adviser ("Adviser") if you know (or should know) that the same Covered Security (other than an Exempt Security) has been traded or considered for trade by the Fund within the past 15 days. Your trade must be completed by the close of business on the seventh trading day after the date on which oral authorization is received. | You must make:<br>• An initial holdings report listing all Covered Securities (other than transactions affected for, and any Covered Securities held in, accounts over which you have no direct or indirect influence or control) you beneficially own (including for example, such securities held by members of your immediate family) and any securities accounts maintained with any broker, dealer or bank to the Administrator within 10 days of becoming an interested director/trustee and containing information current as of a date no more than 45 days prior to the date of becoming an interested director/trustee;<br>• An annual holdings report listing all Covered Securities (other than transactions affected for, and any Covered Securities held in, accounts over which you have no direct or indirect influence or control) you beneficially own (including for example, such securities held by members of your immediate family) and any securities accounts maintained with any broker, dealer or bank to the Administrator within 45 days after the end of the calendar year;<br>• A quarterly report listing all transactions in Covered Securities (other than transactions affected for, and any Covered Securities held in, accounts over which you have no direct or indirect influence or control or with respect to transactions pursuant to an Automatic Investment Plan) you beneficially own (including for example such securities held by members of your immediate family) and accounts established with brokers, dealers or banks during the quarter, to the Administration within 30 days after the end of each calendar quarter.  |

---

---

| | | | |
|:---|:---|:---|:---|
| Your <br> Classification | Rule | Pre-Clearance <br> Requirements | Filing Requirements |
| Restricted/ Independent Director(s)/ Trustee(s) | Same as above Rule for Restricted/Interested Directors/Trustees | Independent Directors/Trustees are exempt from pre-clearance requirements. | You must make a quarterly report listing all transactions in Covered Securities (other than transactions affected for, and any Covered Securities held in, accounts over which you have no direct or indirect influence or control or with respect to transactions effected pursuant to an Automatic Investment Plan) you beneficially own (including for example, such securities held by members of your immediate family) and accounts established with brokers, dealers or banks during the quarter, to the Administrator within 30 days after the calendar quarter end which were effected when you knew (or should have known) that such Covered Security was transacted by the Fund within 15 days of your transaction in the security. |

---

---

| | | | |
|:---|:---|:---|:---|
| Your <br> Classification | Rule | Pre-Clearance <br> Requirements | Filing Requirements |
| Non-Restricted/ Interested Director(s)/Trustee(s) and Non-Restricted Officer(s) | You or a member of your immediate family may not trade a Covered Security (other than an Exempt Security) while the Fund is purchasing, selling or considering for purchase or sale the same securities. | You must obtain advance clearance from the compliance officer of the Adviser for a transaction in any Covered Security (other than an Exempt Security). The trade must be completed by the close of business on the trading day after the date on which oral authorization is received. | You must provide to the Administrator copies of all brokerage confirmations. <br> You must make: <br> • An initial holdings report listing all Covered Securities (other than transactions effected for, and any Covered Securities held in, accounts over which you have no direct or indirect influence or control) you beneficially own (including for example, such securities held by members of your immediate family) and any securities accounts maintained with any broker, dealer or bank to the Administrator within 10 days of becoming an interested director/trustee and containing information current as of a date no more than 45 days prior to the date of becoming an interested director/trustee or officer;<br>• An annual holdings report listing all Covered Securities (other than transactions effected for, and any Covered Securities held in, accounts over which you have no direct or indirect influence or control) you beneficially own (including for example, such securities held by members of your immediate family) and any securities accounts maintained with any broker, dealer or bank to the Administrator within 45 days after the end of the calendar year;<br>• A quarterly report listing all transactions in Covered Securities (other than transactions effected for, and any Covered Securities held in, accounts over which you have no direct or indirect influence or control or with respect to transactions effected pursuant to an Automatic Investment Plan) you beneficially own (including for example, such securities held by members of your immediate family) and accounts established with brokers, dealers or banks during the quarter to the Administrator within 30 days after the end of each calendar quarter, unless all of the quarterly report information is contained in brokerage confirmations or account statements submitted to the Administrator. |

---

---

| | | | |
|:---|:---|:---|:---|
| Your <br> Classification<br>| Rule  | Pre-Clearance <br> Requirements<br>| Filing Requirements  |
| Restricted Officer(s) | You or a member of your immediate family may not trade a Covered Security (other than an Exempt Security) while the Fund is transacting or considering for transaction the same security if during the 15 calendar day period before, or at the same time, you know (or should know) that the security was transacted or considered for such by the Fund. | You must obtain advance clearance for security transactions from the compliance officer of the Adviser if you know (or should know) that the same Covered Security (other than an Exempt Security) has been traded or considered for trade by the Fund within the past 15 calendar days.<br> Your trade must be completed by the close of business on the seventh trading day after the date on which oral authorization is received.<br>| You must make:<br>• An initial holdings report listing all Covered Securities (other than transactions affected for, and any Covered Securities held in, accounts over which you have no direct or indirect influence or control) you beneficially own (including for example, such securities held by members of your immediate family) and any securities accounts maintained with any broker, dealer or bank to the Administrator within 10 days of becoming an officer and containing information current as of a date no more than 45 days prior to the date of becoming an officer;<br>• An annual holdings report listing all Covered Securities (other than transactions affected for, and any Covered Securities held in, accounts over which you have no direct or indirect influence or control) you beneficially own (including for example, such securities held by members of your immediate family) and any securities accounts maintained with any broker, dealer or bank to the Administrator within 30 days after the end of the calendar year;<br>• A quarterly report listing all transactions in Covered Securities (other than transactions affected for, and any Covered Securities held in, accounts over which you have no direct or indirect influence or control) you beneficially own (including for example, such securities held by members of your immediate family) and accounts established with brokers, dealers or banks during the quarter to the Administrator within 30 days after the end of each calendar quarter. |

---

Note 1: The terms "Covered Security," "Exempt Security" and "beneficial ownership" are defined terms. Please see the Code of Ethics for the definitions of beneficial ownership, Covered Security and Exempt Security to determine which securities are not subject to the Code's pre-clearance and reporting requirements.

Note 2: This chart has been developed to assist you in understanding the provisions and requirements of the Code of Ethics. This is not intended to be used as a substitute for but merely as supplement to the Code.

## Ex-99.(P)(3)

[THE RBB FUND TRUST 485BPOS](rbb-485bpos_061026.htm)

**Exhibit 99(p)(3)**

**RULE 17j-1 CODE OF ETHICS**

Rule 17j-1 Code of Ethics

Contents

---

| | | |
|:---|:---|:---|
| INTRODUCTION | INTRODUCTION | 1 |
| 1. | STANDARDS OF PROFESSIONAL CONDUCT | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiduciary Duties | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Laws | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Culture. | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional Misconduct | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclosure of Conflicts | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undue Influence. | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality and Protection of Material Nonpublic Information | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Securities Transactions | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gifts | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service on Boards | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prohibition Against Market Timing | 4 |
| 2. | WHO IS COVERED BY THIS CODE | 5 |
| 3. | PROHIBITED TRANSACTIONS | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackout Period. | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Requirement for Pre-clearance. | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Officer Prohibition. | 6 |
| 4. | REPORTING REQUIREMENTS OF ACCESS PERSONS | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reporting. | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exceptions from Reporting Requirement of Section 4. | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Holdings Reports | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Transaction Reports | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Account Opening; Quarterly New Account Report | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Holdings Reports | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternative Reporting. | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Report Qualification. | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providing Access to Account Information. | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality of Reports | 8 |
| 5. | ACKNOWLEDGEMENT AND CERTIFICATION OF COMPLIANCE | 8 |
| 6. | REPORTING VIOLATIONS | 9 |
| 7. | TRAINING | 9 |
| 8. | REVIEW OFFICER | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duties of Review Officer | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potential Trade Conflict | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Required Records | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Trade Review Process | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Submission to Fund Board. | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Report to the General Counsel | 12 |
| APPENDIX A-Foreside Companies | APPENDIX A-Foreside Companies | 13 |
| APPENDIX B-Definitions | APPENDIX B-Definitions | 14 |
| ATTACHMENT A-Access Person Acknowledgment | ATTACHMENT A-Access Person Acknowledgment | 16 |
| ATTACHMENT B-Pre-Clearance Form | ATTACHMENT B-Pre-Clearance Form | 17 |

---

i

**INTRODUCTION**

This Rule 17j-1 Code of Ethics (the "Code") has been adopted by Foreside Financial Group, LLC (d/b/a ACA Group) ("Foreside") and certain of its direct or indirect wholly owned subsidiaries as listed in <u>Appendix A</u> (each, a "Company" and collectively, the "Companies"), collectively doing business as ACA Group or ACA Foreside. This Code pertains to the Companies' distribution services to registered management investment companies or series thereof, as well as those funds for which certain employees of the Companies (or an affiliate thereof) serve as an officer or director of a registered investment company ("Fund Officer") or have been designated an Access Person by the Review Officer<sup>1</sup> (each a "Fund" and as set forth in the List of Access Persons & Reportable Funds). This Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. establishes standards of professional conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. establishes standards and procedures for the detection and prevention of
activities by which persons having knowledge of the investments and investment intentions of a Fund may abuse their fiduciary duties
to the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. addresses other types of conflict-of-interest situations.

Definitions of <u>underlined</u> terms are included in <u>Appendix B.</u>

Each Company, through its President, may impose internal sanctions should <u>Access Persons</u> of any Company (as identified on the List of Access Persons & Reportable Funds maintained by the Review Officer or their designee) violate these policies or procedures. A registered broker-dealer and its personnel may be subject to various regulatory sanctions, including censure, suspension, fines, expulsion or revocation of registration for violations of securities rules, industry regulations and the Company's internal policies and procedures. In addition, negative publicity associated with regulatory investigations and private lawsuits can negatively impact and severely damage business reputation.

Furthermore, failure to comply with this Code is a very serious matter and may result in internal disciplinary action being taken. Such action may include, among other things, warnings, reprimands, restrictions on activities and/or suspension or termination of employment. Violations also may result in referral to regulatory, civil or criminal authorities where appropriate.

Should Access Persons require additional information about this Code or have ethics-related questions, please contact the Review Officer, as defined under Section 8 below, directly.

<sup>1</sup> Each Company is adopting this Code pursuant to Rule 17j-1 with respect to certain funds that it distributes or for which an employee of the Company serves as a Fund Officer or has been designated as an Access Person. Pursuant to the exception noted under Rule 17j-1(c)(3), adopting and approving a Rule 17j-1 code of ethics with respect to a Fund, as well as the Code's administration, by a principal underwriter is not required unless:

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| ![](ex99p3002.jpg) | the principal underwriter is an affiliated person of the Fund or of the Fund's adviser, or |

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| ![](ex99p3002.jpg) | an officer, director or general partner of the principal underwriter serves as an officer, director or general partner of the Fund or of the Fund's investment adviser. |

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A <u>Fund Officer</u> is permitted to report as an <u>Access Person</u> under this Code with respect to the Funds listed on the List of Access Persons & Reportable Funds maintained by the Review Officer.

1. STANDARDS OF PROFESSIONAL CONDUCT

Each Company forbids any Access Person from engaging in any conduct that is contrary to this Code. Furthermore, certain persons subject to the Code are also subject to other restrictions or requirements that affect their ability to open securities accounts, effect securities transactions, report securities transactions, maintain information and documents in a confidential manner and other matters relating to the proper discharge of their obligations to the Company or to a Fund.

Each Company has always held itself and its employees to the highest ethical standards. Although this Code is only one manifestation of those standards, compliance with its provisions is essential. Each Company adheres to the following standards of professional conduct, as well as those specific policies and procedures discussed throughout this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Fiduciary Duties.

Each Company and its Access Persons are fiduciaries and at all times shall:

— act solely for the benefit of the Funds; and

— place each Fund's interests above their own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Compliance with Laws.

Access Persons shall maintain knowledge of and comply with all applicable federal and state securities laws, rules and regulations, and shall not knowingly participate or assist in any violation of such laws, rules or regulations.

It is unlawful for Access Persons to use any information concerning a <u>security held or to be acquired</u> by a Fund, or their ability to influence any investment decisions, for personal gain or in a manner detrimental to the interests of a Fund.

Access Persons shall not, directly or indirectly, in connection with the trading of a Fund's shares or the purchase or sale of a security held or to be acquired by a Fund for which they are an Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employ any device, scheme or artifice to defraud a Fund or engage in any
manipulative practice with respect to a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) make to a Fund any untrue statement of a material fact or omit to state
to a Fund a material fact necessary in order to make the statements made, in light of the circumstances under which they are made,
not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) engage in any act, practice, or course of business that operates or would
operate as a fraud or deceit upon a Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) engage in any manipulative practice with respect to securities, including
price manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Corporate Culture.

Access Persons, through their words and actions, shall act with integrity, encourage honest and ethical conduct and adhere to a high standard of business ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Professional Misconduct.

Access Persons shall not engage in any professional conduct involving dishonesty, fraud, deceit or misrepresentation, or commit any act that reflects adversely on their honesty, trustworthiness or professional competence. Access Persons shall not knowingly misrepresent, or cause others to misrepresent, facts about a Company to a Fund, a Fund's shareholders, regulators or any member of the public. Disclosure in reports and documents should be fair and accurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Disclosure of Conflicts.

As a fiduciary, each Company and Access Person has an affirmative duty of care, loyalty, honesty and good faith to act in the best interests of a Fund. Compliance with this duty can be achieved by trying to avoid conflicts of interest and by fully disclosing all material facts concerning any conflict that does arise with respect to any Fund. Access Persons must try to avoid situations that have even the appearance of conflict or impropriety.

This Code prohibits inappropriate favoritism of one Fund over another that would constitute a breach of fiduciary duty. Access Persons shall support an environment that fosters the ethical resolution of, and appropriate disclosure of, conflicts of interest, and shall comply with any prohibition on activities imposed by a Company if a conflict of interest exists. If any Access Person is (or becomes) aware of a personal interest that is, or might be, in conflict with the interest of a Fund, that Access Person must promptly disclose the situation or transaction and the nature of the conflict to the Review Officer for appropriate consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Undue Influence.

Access Persons shall not cause or attempt to cause any Fund to purchase, sell or hold any security in a manner calculated to create any personal benefit to them or others whose accounts they hold a beneficial ownership interest (i.e., their spouse or domestic partner, minor children or relatives who reside in the Access Person's household) or over which they have direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Confidentiality and Protection of Material Nonpublic Information.

The term "Material Nonpublic Information" refers to information that is both material information and nonpublic information, and also may be referred to as "Inside Information." Information is considered to be "Nonpublic Information" unless it has been publicly disclosed, for example, through public filing with a securities regulator, issuance of a press release or the issuance of a prospectus. The term "Material Information" has no specific definition, but, for the purposes of this Code, it shall refer to any information that might have an effect on the market for a security generally or any information that a reasonable person would consider important in a decision to buy, hold or sell a security. Examples of material nonpublic information may include, but are not limited to: sales results; earnings (or loss) estimates (including significant changes to previously released information); dividend actions; strategic plans; new products, discoveries or services; significant personnel changes; acquisition, merger and divestiture plans; liquidity issues; proposed securities offerings; major pending or threatened litigation or potential claims; restructurings and recapitalizations; and the negotiation or termination of major contracts or relationships.

Information concerning the identity of portfolio holdings and financial circumstances of a Fund is confidential. Access Persons are responsible for safeguarding such material nonpublic information about a Fund, including portfolio recommendations and fund holdings. Except as required in the normal course of carrying out their business responsibilities **<u>and</u>** as permitted by a Fund's policies and procedures, Access Persons shall not reveal information relating to the investment intentions or activities of any Fund, or securities that are being considered for purchase or sale on behalf of any Fund.

Access Persons in possession of material nonpublic information must maintain the confidentiality of such information, and each Company shall be bound by a Fund's policies and procedures with regard to disclosure of an investment company's identity, affairs and portfolio holdings. The obligation to safeguard such Fund information would not preclude Access Persons from providing necessary information to, for example, persons providing services to a Company or a Fund's account such as brokers, accountants, custodians and fund transfer agents, or in other circumstances when the Fund consents, as long as such disclosure conforms to the Fund's portfolio holdings disclosure policies and procedures.

In any case, Access Persons shall not:

— trade based upon inside information, especially where Fund trades are likely to be pending or imminent; or

— use or share knowledge of any material nonpublic information of a Fund for personal gain or benefit or for the personal gain or benefit of others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Personal Securities Transactions.

All personal securities transactions shall be conducted in such a manner as to be consistent with this Code and to avoid any actual or potential conflict of interest or any abuse of any Access Person's position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Gifts.

Access Persons shall not accept or provide anything in excess of $100.00 (per individual per year) or any other preferential treatment, in each case as a gift, to or from any broker-dealer or other entity with which a Company or a Fund does business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Service on Boards.

Access Persons shall not serve on the boards of trustees (or directors) of publicly traded companies, absent **<u>prior</u>** authorization based upon a determination by the Review Officer that the board service would be consistent with the interests of the Company, a Fund and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Prohibition Against Market Timing.

Access Persons shall not engage in market timing of shares of <u>Reportable Funds</u> (a list of which are provided in the List of Access Persons & Reportable Funds maintained by the Review Officer). For purposes of this section, an Access Person's trades shall be considered 'market timing' if made in violation of any stated policy in the Fund's prospectus.

2. WHO IS COVERED BY THIS CODE

All Access Persons, in each case only with respect to the Reportable Funds as listed on the List of Access Persons & Reportable Funds maintained by the Review Officer, shall abide by this Code. Access Persons are required to immediately notify the Review Officer of their appointment as an officer of a Reportable Fund. Access Persons are required to comply with specific reporting requirements as set forth in Sections 3 and 4 of this Code.

3. PROHIBITED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Blackout Period.

Access Persons shall not purchase or sell a <u>Reportable Security</u> in an account in their name, or in the name of others in which they hold a beneficial ownership interest or over which they have direct or indirect influence or control, if they had actual knowledge at the time of the transaction that, during the 24 hour period immediately preceding or following the transaction, the security was purchased or sold or was considered for purchase or sale by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Requirement for Pre-clearance.

Access Persons must obtain **<u>prior</u>** written approval from the Review Officer before:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) directly or indirectly acquiring beneficial ownership in securities in
an initial public offering for which no public market in the same or similar securities of the issue has previously existed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) directly or indirectly acquiring beneficial ownership in securities in a
private placement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) directly or indirectly purchasing, selling or acquiring shares of a Reportable
Fund for which they are an Access Person.

All requests for pre-clearance of securities transactions must be submitted to the Review Officer for review using the Pre-Clearance Request Form, in the form of <u>Attachment B</u>.

In determining whether to pre-clear the transaction, the Review Officer shall consider, among other factors, whether such opportunity is being offered to the Access Person by virtue of his or her position with the Fund or would result in a conflict of interest. Other factors to be considered may include: discussion with the Access Person concerning the reason for the requested transaction and how he or she became aware of the investment; the Access Person's work role; the size and holding period of the proposed investment; the market capitalization of the issuer; the liquidity of the security; and other relevant factors. The Review Officer granting or denying the request must document the basis for the decision and notify the requesting person whether the trading request is approved or denied.

A pre-clearance request should not be submitted for a transaction that the requesting person does not intend to execute. Pre-clearance trading authorization *is valid* only from the time when approval is granted through the next business day. If the transaction is not executed within this period, an explanation of why the pre-cleared transaction was not completed must be submitted to the Review Officer within five (5) days. With respect to any effected transaction, the Access Person must provide the Review Officer with a transaction report evidencing the transaction consistent with the reporting requirements of Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Fund Officer Prohibition.

No Fund Officer shall directly or indirectly seek to obtain information (other than that necessary to accomplish the functions of the office) from any Fund portfolio manager regarding (i) the status of any pending securities transaction for a Fund or (ii) the merits of any securities transaction contemplated by the Fund Officer.

4. REPORTING REQUIREMENTS OF ACCESS PERSONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Reporting.

Access Persons must report the information described in this Section with respect to transactions in any <u>Reportable Security</u> in which they have, or by reason of such transaction acquire, any direct or indirect <u>beneficial ownership</u>. Access Persons must submit such information via the ComplianceAlpha system, unless they are otherwise required by a Fund, pursuant to a Code of Ethics adopted by the Fund, to report to the Fund or another entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Exceptions from Reporting Requirement of Section 4.

Access Persons need not submit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any report with respect to securities held in accounts over which the Access
Person had no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a quarterly transaction report with respect to transactions effected pursuant
to an automatic investment plan. However, any transaction that overrides the pre-set schedule or allocations of the automatic investment
plan must be included in a quarterly transaction report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a quarterly transaction report with respect to transactions effected which
were non-volitional on the part of the Access Person, including acquisitions of Reportable Securities by gift or inheritance; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a quarterly transaction report if the report would duplicate information
contained in broker trade confirmations or account statements that the Company holds in its records so long as the Company receives
the confirmations or statements no later than thirty (30) days after the end of the applicable calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Initial Holdings Reports.

No later than ten (10) days after a person becomes an Access Person, the person must report the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the title, type of security, and as applicable the exchange ticker symbol
or CUSIP number, number of shares and principal amount of each Reportable Security (whether or not publicly traded) in which the
person has any direct or indirect beneficial ownership as of the date the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the name of any broker, dealer or bank with whom the person maintains an
account in which any securities were held for the Access Person's direct or indirect benefit as of the date the person became
an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date that the report is submitted by the Access Person.

The information contained in the initial holdings report must be current as of a date no more than forty-five (45) days prior to the date the person becomes an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Quarterly Transaction Reports.

No later than thirty (30) days after the end of a calendar quarter, each Access Person must submit a quarterly transaction report which includes, at a minimum, the following information with respect to any transaction during the quarter in a Reportable Security (whether or not publicly traded) in which the Access Person had any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date of the transaction, the title, and as applicable the exchange ticker
symbol or CUSIP number, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each
Reportable Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the nature of the transaction (i.e., purchase, sale or any other type of
acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the price of the Reportable Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the name of the broker, dealer or bank with or through which the transaction
was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the date that the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. New Account Opening; Quarterly New Account Report.

Each Access Person shall provide written notice to the Review Officer **<u>prior</u>** to opening any new account with any entity through which a Reportable Securities (whether or not publicly traded) transaction may be effected for which the Access Person has direct or indirect beneficial ownership.

In addition, no later than thirty (30) days after the end of a calendar quarter, each Access Person must submit a Quarterly New Account Report with respect to any account established by such a person in which any Reportable Securities (whether or not publicly traded) were held during the quarter for the direct or indirect benefit of the Access Person. The Quarterly New Account Report shall cover, at a minimum, all accounts at a broker-dealer, bank or other institution opened during the quarter and provide the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the name of the broker, dealer or bank with whom the Access Person has established
the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the date the account was established; 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;(3) the date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Annual Holdings Reports.

Annually, each Access Person must report the following information (which information must be current as of a date no more than forty-five (45) days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the title, type of security, and as applicable the exchange ticker symbol
or CUSIP number, number of shares and principal amount of each Reportable Security (whether or not
publicly traded) in which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the name of any broker, dealer or bank with whom the Access Person maintained
an account in which any securities are held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Alternative Reporting.

The submission to the Review Officer of duplicate broker trade confirmations and account statements on all securities transactions required to be reported under this Section shall satisfy the reporting requirements of Section 4. The annual holdings report may be satisfied by confirming annually, in writing, the accuracy of the information delivered by, or on behalf of, the Access Person to the Review Officer and recording the date of the confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Report Qualification.

Any report may contain a statement that the report shall not be construed as an admission by the person making the report that he or she has any direct or indirect beneficial ownership in the Reportable Securities to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Providing Access to Account Information.

Access Persons will promptly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide full access to a Fund, its agents and attorneys to any and all
records and documents which a Fund considers relevant to any securities transactions or other matters subject to the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) cooperate with a Fund, or its agents and attorneys, in investigating any
securities transactions or other matter subject to the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide a Fund, its agents and attorneys with an explanation (in writing
if requested) of the facts and circumstances surrounding any securities transaction or other matter subject to the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) promptly notify the Review Officer or such other individual as a Fund may
direct, in writing, from time to time, of any incident of noncompliance with the Code by anyone subject to this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Confidentiality of Reports.

Transaction and holdings reports will be maintained in confidence, except to the extent necessary to implement and enforce the provisions of this Code or to comply with requests for information from regulatory or government agencies or law enforcement where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;5. ACKNOWLEDGEMENT AND CERTIFICATION OF COMPLIANCE

Each Access Person is required to acknowledge in writing, initially and annually (in the form of <u>Attachment A</u>), that the person has received, read and understands the Code (and in the case of any amendments thereto, shall similarly acknowledge such amendment) and recognizes that he or she is subject to the Code. Further, each such person is required to certify annually that he or she has:

— read, understood and complied with all the requirements of the Code;

— disclosed or reported all personal securities transactions pursuant to the requirements of the Code; and

— not engaged in any prohibited conduct.

If an Access Person is unable to make the above representations, he or she shall report any violations of this Code to the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;6. REPORTING VIOLATIONS

Access Persons shall report any violations of this Code promptly to the Review Officer, unless the violations implicate the Review Officer, in which case the individual shall report the violations to the General Counsel of ACA. Such reports will be confidential, to the extent permitted by law, and investigated promptly and appropriately. Retaliation against an individual who reports a violation is prohibited and constitutes a further violation of this Code.

Reported violations of the Code will be investigated and appropriate actions will be taken. Types of reporting that are required include, but are not limited to:

— Noncompliance with applicable laws, rules and regulations;

— Fraud or illegal acts involving any aspect of the Company's business;

— Material misstatements in regulatory filings, internal books and records, Fund records or reports;

— Activity that is harmful to a Fund, including Fund shareholders; and

— Deviations from required controls and procedures that safeguard a Fund or a Company.

Access Persons should seek advice from the Review Officer with respect to any action or transaction that may violate this Code, and refrain from any action or transaction that might lead to the appearance of a violation. Access Persons should promptly report any apparent or suspected violations in addition to actual or known violations of this Code to the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;7. TRAINING

Training with respect to the Code will occur initially upon an employee becoming or being designated an Access Person and at least annually thereafter. In addition, all Access Persons are required to attend any training sessions or read any applicable materials. Training may include, among other things, (1) periodic orientation or training sessions with new and existing personnel to remind them of their obligations under the Code and/or (2) certifications that Access Persons have read and understood the Code, and require re-certification that they have re-read, understand and have complied with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;8. REVIEW OFFICER

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Duties of Review Officer.

The Review Officer identified in Appendix A has been appointed by each Company as the Review Officer to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) review all securities transaction and holdings reports and maintain the
names of persons responsible for reviewing these reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) identify all persons of each Company who are Access Persons subject to this
Code, promptly inform each Access Person of the requirements of this Code and provide them with a copy of the Code and any amendments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) compare, on a quarterly basis, all Reportable Securities transactions with
each Fund's completed portfolio transactions to determine whether a Code violation may have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) maintain signed acknowledgments and certifications by each Access Person
who is then subject to this Code, in the form of <u>Attachment A</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) inform all Access Persons of their requirements to obtain prior written
approval from the Review Officer prior to directly or indirectly acquiring beneficial ownership of a security in any private placement,
initial public offering or Reportable Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) ensure that Access Persons receive adequate training on the principles
and procedures of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) review, at least annually, the adequacy of this Code and the effectiveness
of its implementation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) submit a written report to a Fund's Board as described in Section
8(e) and (f), respectively.

The General Counsel of ACA, or their designee, shall review any reportable securities transactions of the Review Officer and shall assume the responsibilities of the Review Officer in his or her absence. The Review Officer may delegate responsibilities described herein to an appropriate Foreside representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Potential Trade Conflict.

When there appears to be a Reportable Securities transaction that conflicts with the Code, the Review Officer shall request a written explanation from the Access Person with regard to the transaction. If, after post-trade review, it is determined that there has been a material violation of the Code, a report will be made by the Review Officer with a recommendation of appropriate action to be taken to the General Counsel of ACA and the President of each Company, where applicable, the Chief Compliance Officer of each Company's Broker-Dealer, where applicable, and a Fund's Board of Trustees (or Directors), where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Required Records.

The Review Officer shall maintain and cause to be maintained:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of any code of ethics adopted by each Company that is in effect,
or at any time within the past five (5) years was in effect, in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a record of any violation of any code of ethics, and of any action taken
as a result of such violation, in an easily accessible place for at least five (5) years after the end of
the fiscal year in which the last entry was made on any such report, the first two (2) years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy of each holdings and transaction report (including duplicate confirmations
and statements) made by anyone subject to this Code as required by Section 4 for at least five (5) years after the end of the fiscal
year in which the report is made, the first two (2) years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a record of all written acknowledgements and certifications by each Access
Person who is currently, or within the past five (5) years was, an Access Person (records must be kept for 5 years after individual
ceases to be an Access Person under the Code);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a list of all persons who are currently, or within the past five years
were, required to make reports or who were responsible for reviewing these reports pursuant to any code of ethics adopted by each
Company, in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a copy of each written report and certification required pursuant to Section
8(e) of this Code for at least five (5) years after the end of the fiscal year in which it is made, the first two (2) years in
an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a record of any decision, and the reasons supporting the decision, approving
the acquisition of securities by Access Persons under Section 3(b) of this Code, for at least five (5) years after the end of the
fiscal year in which the approval is granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a record of any decision, and the reasons supporting the decision, granting
an Access Person a waiver from, or exception to, the Code for at least five (5) years after the end of the
fiscal year in which the waiver is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Post-Trade Review Process.

Following receipt of trade confirms and statements, transactions will be screened by the Review Officer (or his or her designee) for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *same day trades*: transactions by Access Persons occurring on the
same day as the purchase or sale of the same security by a Fund for which they are an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *blackout period trades*: transactions by Access Persons occurring
within 24 hours before or after the time as the purchase or sale of the same security by a Fund for which they are an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *fraudulent conduct*: transaction by Access Persons which, within
the most recent fifteen (15) days, is or has been held by a Fund or is being or has been considered by a Fund for purchase by a
Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *market timing of Reportable Funds*: transactions by Access Persons
that appear to be market timing of Reportable Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *other activities*: transactions which may give the appearance that
an Access Person has executed transactions not in accordance with this Code or otherwise reflect patterns of abuse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Submission to Fund Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon request by the Fund Board, the Review Officer shall annually prepare
a written report to the Board of Trustees (or Directors) of a Fund listed in the List of Access Persons & Reportable Funds
maintained by the Review Officer that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. describes any issues under this Code or its procedures since the last report
to the Trustees (or Directors), including, but not limited to, information about material violations of the code or procedures
and sanctions imposed in response to the material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. certifies that each Company has adopted procedures reasonably necessary
to prevent Access Persons from violating this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Review Officer shall ensure that this Code and any material amendments
are submitted to the Board of Trustees (or Directors) for approval for those funds listed in the List of Access Persons & Reportable
Funds maintained by the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Report to the General Counsel.

The Review Officer shall prepare a written report to the General Counsel of ACA and the President of each Company, where applicable, and the Chief Compliance Officer of each Company's Broker-Dealer, where applicable, regarding any material issues that arose during the year under the Code, including, but not limited to, material violations of and sanctions under the Code.

As amended: February 13, 2025

**RULE 17j-1 CODE OF ETHICS**

**APPENDIX A**

**FORESIDE COMPANIES**

The following affiliated entities and direct or indirect wholly owned subsidiaries of Foreside Financial Group, LLC are subject to the Rule 17j-1 Code of Ethics for Distribution Services, Fund Officers Services, and Designated Access Persons:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Affiliated Entity** | &nbsp;&nbsp;**Appointed Review Officer** |
| &nbsp;&nbsp;Distribution Services, LLC\* | &nbsp;&nbsp;Teresa Cowan |
| &nbsp;&nbsp;Foreside Distribution Services, L.P.\* | &nbsp;&nbsp;Teresa Cowan |
| &nbsp;&nbsp;Foreside Financial Services, LLC\* | &nbsp;&nbsp;Teresa Cowan |
| &nbsp;&nbsp;Foreside Fund Officer Services, LLC | &nbsp;&nbsp;Josh Broaded |
| &nbsp;&nbsp;Foreside Fund Services, LLC\* | &nbsp;&nbsp;Teresa Cowan |
| &nbsp;&nbsp;Foreside Funds Distributors LLC\* | &nbsp;&nbsp;Teresa Cowan |
| &nbsp;&nbsp;Foreside Global Services, LLC\* | &nbsp;&nbsp;Teresa Cowan |
| &nbsp;&nbsp;Funds Distributor, LLC\* | &nbsp;&nbsp;Teresa Cowan |
| &nbsp;&nbsp;IMST Distributors, LLC\* | &nbsp;&nbsp;Teresa Cowan |
| &nbsp;&nbsp;MGI Funds Distributors, LLC\* | &nbsp;&nbsp;Teresa Cowan |
| &nbsp;&nbsp;Northern Funds Distributors, LLC\* | &nbsp;&nbsp;Teresa Cowan |
| &nbsp;&nbsp;Orbis Investments (U.S.), LLC\* | &nbsp;&nbsp;Teresa Cowan |
| &nbsp;&nbsp;Parnassus Funds Distributor, LLC\* | &nbsp;&nbsp;Teresa Cowan |
| &nbsp;&nbsp;Perpetual Americas Funds Distributors, LLC\* | &nbsp;&nbsp;Teresa Cowan |
| &nbsp;&nbsp;Quasar Distributors, LLC\* | &nbsp;&nbsp;Teresa Cowan |
| &nbsp;&nbsp;Sterling Capital Distributors, LLC\* | &nbsp;&nbsp;Teresa Cowan |
| &nbsp;&nbsp;VT Distributors LLC\* | &nbsp;&nbsp;Teresa Cowan |

---

*\* FINRA-registered broker-dealer*

*The companies listed on this <u>Appendix A</u> may be amended from time to time, as required.*

**RULE 17j-1 CODE OF ETHICS**

**APPENDIX B**

**DEFINITIONS**

(a) <u>Access Person</u>:

---

| | |
|:---|:---|
| (i)(1) | of a Company means each director or officer of the Companies who in the ordinary course of business makes, participates in or obtains information regarding the purchase or sale of Reportable Securities for a Fund or whose functions or duties as part of the ordinary course of business relate to the making of any recommendation to a Fund regarding the purchase or sale of Reportable Securities. |

---

(ii)(2) of a Fund, whereby an employee or agent of a Company serves as an officer of a Fund ("<u>Fund Officer</u>"). Such Fund Officer is an Access Person of a Fund and is permitted to report under this Code unless otherwise required by a Fund's Code of Ethics.

(iii)(3) of a Company includes anyone else specifically designated by the Review Officer.

(b) <u>Beneficial Owner</u> shall have the meaning as that set forth in Rule
16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, except that the determination of direct or indirect beneficial
ownership shall apply to all Reportable Securities that an Access Person owns or acquires. A beneficial owner of a security is
any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares
a <u>direct or indirect pecuniary interest</u> (the opportunity, directly or indirectly, to profit or share in any profit derived
from a transaction in the subject securities) in a security. An Access Person is presumed to be a beneficial owner of securities
that are held by his or her immediate family members sharing the Access Person's household.

(c) <u>Indirect pecuniary interest</u> in a security includes securities held
by a person's immediate family sharing the same household. <u>Immediate family</u> means any child, stepchild, grandchild,
parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or
sister-in-law (including adoptive relationships).

(d) <u>Control</u> means the power to exercise a controlling influence over
the management or policies of an entity, unless this power is solely the result of an official position with the company. Ownership
of 25% or more of a company's outstanding voting securities is presumed to give the holder thereof control over the company.
This presumption may be rebutted by the Review Officer based upon the facts and circumstances of a given situation.

(e) <u>Purchase or sale</u> includes, among other things, the writing of an
option to purchase or sell a Reportable Security.

(f) <u>Reportable Fund</u> (see List of Access Persons & Reportable Funds
maintained by the Review Officer) means any fund that triggers the Company's compliance with a Rule 17j-1 Code of Ethics
or any fund for which an employee or agent of the Company serves as a Fund Officer.

(g) <u>Reportable Security</u> means any security such as a stock, bond, future,
investment contract or any other instrument that is considered a 'security' under Section 2(a)(36) of the Investment
Company Act of 1940, as amended, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) bankers' acceptances and bank certificates of deposits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) commercial paper and debt instruments with a maturity at issuance of less
than 366 days and that are rated in one of the two highest rating categories by a nationally recognized statistical rating organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) repurchase agreements covering any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) shares issued by money market mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) shares of SEC registered open-end investment companies ( ***other than exchange-traded funds or <u>Reportable Funds</u>***); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) shares of unit investment trusts that are invested exclusively in one or
more open-end funds, none of which are exchange-traded funds or Reportable Funds.

*Included* in the definition of Reportable Security are:

---

| | |
|:---|:---|
| ![](ex99p3002.jpg) | Shares of a Reportable Fund; |

---

---

| | |
|:---|:---|
| ![](ex99p3002.jpg) | Options on securities, on indexes, and on currencies; |

---

---

| | |
|:---|:---|
| ![](ex99p3002.jpg) | All kinds of limited partnerships; |

---

---

| | |
|:---|:---|
| ![](ex99p3002.jpg) | Foreign unit trusts, UCITs, SICAVs and foreign mutual funds; and |

---

---

| | |
|:---|:---|
| ![](ex99p3002.jpg) | Private investment funds, hedge funds and investment clubs. |

---

(h) <u>Security held or to be acquired by</u> the Fund means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Reportable Security which, within the most recent fifteen (15) days
(x) is or has been held by the applicable Fund or (y) is being or has been considered by the applicable Fund or its investment
adviser for purchase by the applicable Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any option to purchase or sell, and any security convertible
into or exchangeable for, a Reportable Security.

**RULE 17j-1 CODE OF ETHICS**

**ATTACHMENT A**

**ACCESS PERSON ACKNOWLEDGMENT**

I understand that I am an Access Person subject to the Rule 17j-1 Code of Ethics (the "Code") for ACA Foreside Distribution Services, Fund Officers Services, and Designated Access Persons adopted by Foreside Financial Group, LLC ("Foreside") and one or more of the Foreside company as listed in <u>Appendix A</u>. I hereby certify that I have read and understand the current Code, and will comply with it in all respects. In addition, I certify that I have complied with the requirements of the Code, and that I have disclosed or reported all personal securities accounts and transactions required to be disclosed or reported pursuant to the requirements of the Code.

---

| | |
|:---|:---|
| Signature | Date |
| Printed Name |  |

---

**This form must be completed and submitted in Compliance Alpha**

Received By:  

Date:

**RULE 17j-1 CODE OF ETHICS**

**ATTACHMENT B**

**PRE-CLEARANCE REQUEST FORM**

As an Access Person subject to the Rule 17j-1 Code of Ethics (the "Code") for ACA Foreside Distribution Services, Fund Officers Services, and Designated Access Persons adopted by Foreside Financial Group, LLC ("Foreside") and one or more of the Foreside companies as listed in <u>Appendix A</u>, I hereby request approval to purchase an initial public offering, private placement or shares of a Reportable Fund for which I am an Access Person. Pursuant to my request, I provide the following information concerning the security where applicable.

1. Name of security/investment:

2. Type of security/interest:

3. Name of brokerage firm/other entity:

4. Account number:

5. Type of transaction (buy/sell/other-specify):

6. Number of shares/interest:

7. Price of each security/interest:

8. Name of firm offering the investment opportunity:

9. Please describe how you became aware of this investment opportunity:

I understand that it is a violation of the Code to purchase an initial public offering, private placement or shares of a Reportable Fund for which I am an Access Person <u>without</u> receiving ***prior*** written approval from Foreside's Review Officer. I further understand that (i) any pre-clearance trading authorization is valid only from the time when approval is granted through the next business day and (ii) an explanation of why the pre-cleared transaction was not completed must be submitted to the Review Officer within five (5) days if the transaction is not executed within the period. I also agree to provide the Review Officer with a transaction report evidencing the pre-cleared transaction consistent with the reporting requirements of Section 4. of the Code.

---

| | |
|:---|:---|
| Signature | Date |
| Print Name | Job Title |

---

**~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~**

**To be completed by the Review Officer and returned to the Access Person.**

Approval request granted: Yes: _____ No: _____

The following criteria were considered in assessing the Access Person's pre-clearance request (*use back of page if*

*necessary):*

    <br> Authorized Signature Date

## Ex-99.(P)(8)

[THE RBB FUND TRUST 485BPOS](rbb-485bpos_061026.htm)

**Exhibit 99(p)(8)**

**<u>EXCHANGE TRADED CONCEPTS, LLC</u>**

**<u>CODE OF ETHICS/PERSONAL TRADING POLICY</u>**

**Adopted: November 2025**

This Code of Ethics (the "Code") is the sole property of Exchange Traded Concepts, LLC and ETC Platform Services, LLC ("Exchange Traded Concepts" or "ETC" or the "Firm") (defined below in the Code) and must be returned to the Firm upon termination for any reason of an Employee's association with the Firm. The contents of this Code are strictly confidential. Employees (defined below) may not duplicate, copy or reproduce this Code in whole or in part or make it available in any form to non-Employees without prior approval in writing from the Firm's Chief Compliance Officer ("CCO") (defined below).

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

**<u>Introduction</u>**

Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), requires an investment adviser registered with the U.S. Securities and Exchange Commission ("SEC") to establish, maintain and enforce a written code of ethics which meets the minimum requirements stated in the Rule. This Code of Ethics/Personal Trading Policy ("the Code") is intended to meet the requirements of the Advisers Act.

Rule 17j-1 under the Investment Company Act of 1940 also requires certain persons to be subject to a code of ethics. Rule 17j-1 makes it unlawful for any affiliated person of a regulated investment company or any affiliated person of its adviser or principal underwriter to engage in certain enumerated types of misconduct in connection with the purchase or sale by such person of a security held or to be acquired by the regulated investment company. This Code of Ethics is intended to ensure that all acts, practices and courses of business engaged in by Employees (as defined below) of the Adviser reflect high standards and comply with the requirements of Section 17(j) of the Act and Rule 17j-1 thereunder.

This Code of Ethics (the "Code") is applicable to all Access Persons (as defined below) of the Firm with respect to such activities and conduct on behalf of Exchange Traded Concepts, LLC or ETC Platform Services, LLC.

Exchange Traded Concepts, LLC (the "Adviser") is registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). It serves as investment adviser to multiple series trusts ("the Trusts") as well as a subadviser to additional series.

ETC Platform Services, LLC ("ETCPS") is a service provider to the funds that provides non-advisory services.

Collectively, Exchange Traded Concepts, LLC and ETCPS shall be referred to as ("Exchange Traded Concepts", the "Firm" or "ETC")

Certain personnel are dual-hatted and work for both entities. All employees of ETC are considered Access Persons and must comply with all requirements in ETC's Code of Ethics.

The Code does not attempt to serve as a comprehensive outline regarding employee conduct, but rather to establish general rules of conduct and procedures applicable to all Access Persons.

The Code should be kept at hand for easy reference. Any questions regarding this Code, or other compliance issues, must be directed to the Chief Compliance Officer of ETC (the "CCO" defined below). The CCO is responsible for administering and implementing this Code. ETC expects Access Persons to be thoroughly familiar with the Firm's standards and procedures as set forth herein. In order to make it easier to review and understand the standards and procedures, a few commonly used terms are defined below.

**DEFINITIONS**

"**Access Person**," as defined in the Advisers Act, means any Employee, or supervised person, of the Firm who has access to non-public information regarding Clients' investments, including the purchase or sale of securities, or non-public information regarding the portfolio holdings of any Client; is involved in making investment and Securities recommendations to Clients or who has access to such recommendations that are non-public; is a director, officer or partner of the Firm.

"**Advisers Act**" means the Investment Advisers Act of 1940, as amended.

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

"**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 or "DRIP".

"**Beneficial Ownership**" is interpreted in the same manner as it would be under Rule 16a-1(a) under the Securities Exchange Act of 1934 (the "Exchange Act") in determining whether a person has beneficial ownership of a security for purposes of Section 16 of the Exchange Act and the rules and regulations thereunder. Generally, you will be treated as the "beneficial owner" of a security under this policy only if you have a direct or indirect pecuniary interest in the security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A direct pecuniary interest is the opportunity, directly or indirectly, to profit, or to share
the profit, from the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An indirect pecuniary interest is any non-direct financial interest, but is specifically defined
in the rules to include securities held by members of your immediate family sharing the same household. An Access Person's
"immediate family" includes a spouse, minor children and adults living in the same household as the Access Person.

● Securities held by a partnership of which you are a general partner;

● Securities held by a trust of which you are the settlor if you can revoke the trust without the consent of another person, or a beneficiary if you have or share investment control with the trustee;

● Equity securities which may be acquired upon exercise of an option or other right, or through conversion.

● For interpretive guidance on this test, you should consult counsel.

"**Chief Compliance Officer**" or "**CCO**" means Dennis Lowenfels or such other person as may be designated from time to time.

"**Client**" means any fund to which the Firm provides investment advisory or management services.

"**Covered Account**" means a personal investment or trading account of an Employee or Access Person or related account (this may include, but is not limited to, an account for which an Employee or Access Person is a trustee or custodian, a spousal account, any account of an Employee or Access Person's children or any account for an individual who relies on the Employee or Access Person for material support) in which an Employee or Access Person has any direct or indirect beneficial ownership interest, an investment or trading account over which an Employee or Access Person exercises control or provides investment advice, or a proprietary investment or trading account maintained for the Firm or its employees. Specifically, Covered Account includes:

&nbsp;&nbsp;&nbsp;&nbsp;a) Trusts for which an Employee or Access Person acts
as trustee, executor, custodian or discretionary manager;

&nbsp;&nbsp;&nbsp;&nbsp;b) Accounts for the benefit of the Employee's or Access Person's spouse or minor child;

&nbsp;&nbsp;&nbsp;&nbsp;c) Accounts for the benefit of a relative living with the Employee or Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;d) Accounts for the benefit of any person who receives material financial support from the Employee
or Access Person.

Covered Account does NOT include any account that does not hold Reportable Securities, such as cash accounts or 401k accounts that only hold open-end mutual funds, single stock funds that trade once daily at NAV, money market funds, direct obligations of the U.S. federal government, bank certificates of deposit, commercial paper and repurchase agreements.

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

"**Covered Securities**" means a security defined in section 202(a)(18) of the Advisers Act held in a Covered Account. Covered Securities include:

● Stocks

● Bonds

● Futures

● Exchange Traded Funds

● Investment contracts

● Options on securities

● Options on indexes and options on currencies,

● Limited partnerships (of any kind)

● Foreign unit trusts

● Private Equity

● Private investment funds

● Hedge funds

● Investment clubs

Covered Securities <u>do not</u> include:

● Direct obligations of the U.S. government (e.g. treasury securities)

● Bankers acceptances

● Bank certificates of deposit

● Commercial paper

● High quality short-term debt obligations - including repurchase agreements

● Open-End Mutual Funds or single stock funds that trade once daily at NAV

● Money Market Funds

● Crypto Currencies

"**Discretionary Managed Account**" means an account for which the Employee has designated investment discretion entirely to a third party. In such account, the Employee cannot exercise any investment discretion in the purchase or sale of securities.

"**Employee**" means any "supervised person" of ETC, as defined under the Advisers Act to be any partner, officer, director (or other person occupying a similar status or performing similar functions), employee, or other person who provides investment advice on behalf of ETC and is subject to the supervision and control of ETC.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Federal Securities Laws**" means the Securities Act of 1933 (the "1933 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 SEC under any of these statutes, the Bank Secrecy Act as it applies to investment advisers, and any rules adopted thereunder by the SEC or the Department of Treasury.

"**Firm**" means Exchange Traded Concepts, LLC or Exchange Traded Concepts or ETC.

"**Initial Public Offering**" means an offering of securities registered under the 1933 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.

"**Legal**" means the legal department of Exchange Traded Concepts

"**Limited Offering**" means an offering that is exempt from registration under the 1933 Act pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the 1933 Act.

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

"**Private Placement**" shall mean an offering of Securities that is exempt from registration under the Section 4(2) or Section 4(6) of the Securities Act of 1933, as amended ("Securities Act"); or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act.

"**Purchase or Sale of a Security**" includes, among other things, the writing of an option to purchase or sell a security.

"**Reportable Fund**" means: (i) any fund for which Exchange Traded Concepts serves as an investment adviser as defined in section 2(a)(20) of the 1940 Act (including Funds of the Trust); or (ii) any fund whose investment adviser or principal underwriter controls Exchange Traded Concepts, is controlled by Exchange Traded Concepts, or is under common control with Exchange Traded Concepts.

"**Reportable Security**" means any security except open-end mutual funds, money market funds, direct obligations of the U.S. federal government, municipal securities, bank CDs, bankers acceptances, commercial paper and repurchase agreements.

"**Security**" means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing.

**"Senior Management"** means J. Garrett Stevens, Rich Hogan and Jay Baker

**<u>STANDARDS OF CONDUCT</u>**

The reputation of Exchange Traded Concepts, LLC ("Exchange Traded Concepts") is based on our employees acting in an ethical manner with honesty, integrity and professionalism. That reputation is a vital business asset. Exchange Traded Concepts expects that its employees will perform their duties and conduct their personal investment activities with (1) the duty to, at all times, place our client's interests first, and (2) the fundamental principle that they should not take inappropriate advantage of their positions.

Exchange Traded Concepts deems all Employees to be Access Persons. Should ETC utilize interns or consultants, whether or not they are considered Access Persons, subject to the Firm's Code of Ethics, shall be determined by the CCO depending upon their role and access to information.

All Access Persons are governed by the requirements of this Code and must comply with federal securities laws (as defined below). Access Persons are not permitted:

1) to defraud a client in any manner;

2) to mislead a client, including by either making an untrue statement of material fact or by making a statement that omits material facts;

3) to engage in any act, practice or course of conduct which operates or would operate as a fraud or deceit upon a client;

4) to engage in any manipulative practice with respect to a client; or

5) to engage in any manipulative practice with respect to securities.

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

As a fiduciary, Exchange Traded Concepts has an affirmative duty of care, loyalty, honesty and good faith to act in the best interests of its clients. This duty includes fully disclosing all material facts to clients concerning any conflict that does arise with respect to that client. This duty also applies to all Access Persons of Exchange Traded Concepts.

Disciplinary actions for failure to comply with this Code may include suspension of personal trading privileges, or suspension or termination of employment. The CCO will determine disciplinary actions by taking into account such facts as deemed appropriate and relevant, including the severity of the violation, and whether the Access Person has previously violated this Code.

**<u>Annual Acknowledgement</u>**

This Code is an integral part of the Firm's compliance program. This Code may be revised and supplemented from time to time; it is the responsibility of the CCO to distribute the most current version to all Access Persons.

It is the responsibility of each Access Person to understand the contents of this Code and the policies set forth herein, and to adhere to all applicable policies and procedures. Compliance by Access Persons with the Federal Securities Laws; the terms and provisions of the Compliance Manual, including, without limitation, the Code of Ethics; and any other applicable laws, rules, and regulations is a condition of employment and continued employment with the Firm. Access Persons who have supervisory responsibility should ensure that the Employees they supervise are familiar with applicable Federal Securities Laws, the Compliance Manual, and all applicable laws, rules, and regulations.

Each Access Person upon hire and annually thereafter is required to acknowledge his or her receipt and understanding of the Code and agreement to abide by its policies (the "Annual Acknowledgement"). Annual Acknowledgements will generally be distributed via and archived in the Firm's third-party compliance software.

**<u>PERSONAL SECURITIES TRANSACTIONS GENERALLY</u>**

All personal securities transactions are to be conducted in such a manner as to be consistent with the Code and to avoid any actual or potential conflict of interest or any abuse of an employee's position of trust and responsibility. Under the Advisers Act, the SEC has determined that an investment adviser's code of ethics must require Access Persons (as described above) to report their personal securities transactions and holdings and be subject to certain trading restrictions. Strict compliance with the provisions of the Code shall be considered a basic condition of employment with Exchange Traded Concepts.

For purposes of Exchange Traded Concepts' policy, employees of sub-advisers and service providers that have access to nonpublic information are not covered by this policy but are covered by their respective employer's policy.

**<u>CONFIDENTIALITY OF CLIENT AND FIRM INFORMATION AND THE USE OF ARTIFICIAL INTELLIGENCE (AI) /LARGE LANGUAGE MODEL (LLM) SERVICES</u>**

Confidentiality of information pertaining to Exchange Traded Concepts and its clients is a fundamental principle of the investment management business of Exchange Traded Concepts. Access Persons must maintain the confidential relationship between Exchange Traded Concepts and each of its clients. The confidentiality of information such as the extent of the account relationship must be held inviolate by those to whom it is entrusted and must never be discussed outside the normal and necessary course of Exchange Traded Concepts' business. To the extent possible, all information concerning clients and their accounts (including funds advised or sub-advised by Exchange Traded Concepts and the investors therein) shall be shared among employees on a strictly need-to-know basis. Each Access Person shall be subject to the privacy policies and procedures of Exchange Traded Concepts included in the Firm's compliance manual.

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

Supervised Persons should not share any confidential or proprietary information relating to the firm, its business, investment strategies, computer models, code, clients, strategies, or information relating any person or persons employed by the firm with or via online platforms, such as pasting information into Google or AI/LLM services such as Google's Bard or OpenAI's Chat GPT. By positing information into search engines, AI, LLM services and the like, Supervised Persons risk breaching client and commercial confidentiality and in so doing breaching the relevant policies maintained and adopted by the firm. Should any supervised person wish to post any information relating to the business or clients or employees of the firm into any such service, supervised persons must obtain the written permission from legal or compliance before positing any information.

**<u>GIFTS AND ENTERTAINMENT</u>**

Access Persons may not be compensated, directly or indirectly, except by the Firm. In light of the nature of the Firm's business, its fiduciary obligations to its investors and Clients as well as the regulatory environment in which the Firm conducts its business, the Firm is compelled to monitor the nature and quantity of the gifts, gratuities and other entertainment activities that its Access Persons give to or receive from a person or firm that conducts business with or provides services to the Firm, that may do business or is being solicited to do business with the Firm or that is associated with an organization that conducts or seeks to conduct business with the Firm. Such monitoring is not intended to prevent Access Persons from giving or receiving gifts, gratuities, and other entertainment activities but rather serves to ensure that the practice of giving or receiving gifts, gratuities and other entertainment activities is not abused or undertaken for improper purposes, and does not compromise the integrity, objectivity, or fiduciary responsibilities of the Firm or its Access Persons.

No gift, gratuity, or other entertainment activities should ever be accepted or given with any understanding that the donor will receive special or favorable treatment by the Firm or any Access Person.

Each Access Person may give or accept gifts from a business associate of up to $100 in value in aggregate per year without obtaining prior approval of the CCO. For gifts above $100 in aggregate per year, prior approval from the CCO must be received before accepting or giving the gift. The CCO may require the Access Person to return a gift if it is determined that the gift could improperly influence the use of a third-party business or create the appearance of a conflict of interest.

In situations where prior approval by CCO is not required, Access Persons must report to the CCO or a delegate thereof, in a timely manner after they have given or received a gift or entertainment (excluding basic, non-lavish, lunches during the business week multi-client events at conferences or gifts of promotional items). Access Persons must not give or receive any gift or entertainment, unless it is ordinary and reasonable in scope or cost. Gifts and Entertainment shall be tracked via the Firm's third-party compliance software system. To clarify, this policy does not prohibit an Access Person from giving or accepting an occasional meal, reception invitation, ticket to a sporting or theater event, or comparable entertainment, that is not so frequent, costly, or lavish as to raise any question of impropriety.

Furthermore, to ensure compliance with the Foreign Corrupt Practices Act, Access Persons are prohibited from directly or indirectly paying or giving, offering or promising to pay, give or authorize or approving such offer or payment, of any funds, gifts, services or anything else of any value, no matter how small, or seemingly insignificant, to any Covered Person(s) for any business or Firm-related reasons. A "Covered Person" for this purpose is any foreign official including, without limitation, any officer or employee of any foreign government or any governmental department, agency or instrumentality (e.g., a central bank) or any government-owned or controlled enterprise (e.g., sovereign wealth fund) or any person acting in an official capacity for or on behalf of any such government, department, agency, instrumentality or enterprise. It also includes any foreign political party, party official or candidate for political office.

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

Access Persons are prohibited from soliciting the brokerage community for these items or other favors in any manner that could be construed as using their employment/association with the Firm to obtain a personal benefit. In no event should any Access Person allocate brokerage commissions or trades to a broker on the basis of personal gifts, entertainment or rewards provided to the Access Person, or a relative or friend of the Access Person.

Access Persons are prohibited from giving or receiving any gift of cash, gift certificate, or cash equivalents.

Gifts and entertainment among Employees are not subject to the guidelines set forth above. Access Persons may attend seminars sponsored or paid for by a business associate provided that attendance at the seminar is not so costly or so lavish as to raise conflict of interest issues and they have received prior written approval from the CCO.

Each Access Person is expected to use professional judgment in entertaining and being entertained by a business associate. Provided the Access Person and the business associate both attend, an Access Person may accept from or provide to, a business associate breakfast, lunch, dinner or reception, ticket to a sporting event or the theater, or comparable entertainment, provided that such entertainment is not so frequent, costly, lavish, or excessive as to raise any question of impropriety. If there is any question as to whether a specific entertainment event can be accepted or given, the CCO should be consulted.

See Exhibit B of the Compliance Manual for Exchange Traded Concepts' policy on gifts and entertainment.

**<u>OUTSIDE EMPLOYMENT AND OTHER ACTIVITIES</u>**

Access Persons are not permitted to engage in any business activity or employment which interferes with their duties to Exchange Traded Concepts, divides their loyalty, creates an actual or apparent conflict of interest, or exposes the Access Person or Exchange Traded Concepts to possible criticism or adverse publicity. Access Persons must disclose all outside employment to Exchange Traded Concepts' senior management ("Senior Management") and the CCO. Access Persons must obtain prior approval from the CCO for all outside employment, business activities, managing directorships, or fiduciary appointments.

Exchange Traded Concepts encourages employees to participate in worthwhile civic, social, educational, professional and charitable organizations and activities. No activity, however, should interfere with their regular employment duties, unreasonably encroach upon working time, or necessitate such long hours as to impair working effectiveness of the employee.

Exchange Traded Concepts defines a publicly traded company as any organization or entity which makes available to the public for purchase either through an exchange or other instrumentality a stake or share in the organization or entity. Access Persons who wish to serve on the board of directors of a publicly traded company must supply a description, in writing, of the publicly traded company and the reasons why they are attempting to act in this role. Written pre-approval must be obtained from the Chief Compliance Officer ("CCO") and Exchange Traded Concepts' Senior Management in order for an Access Person to serve on the board of directors of a publicly traded company. Senior Management, in consultation with the CCO, will review/consider many factors in making the decision to grant approval or disapproval, including, but not limited to, whether the company is one which Exchange Traded Concepts Trusts (the "Trusts") would own in one of their Funds. Senior Management's decision, either for or against, will be provided to the Access Person in writing and a copy will be retained according to the Firm's Recordkeeping Policies and Procedures.

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

If approval is granted by Senior Management, the Access Person has an ongoing obligation to notify Senior Management and the CCO of any potential conflicts of interest which may arise during the course of participating as a member of the board of directors of a public company. If there is any question whether a conflict of interest exists or may exist, Senior Management and CCO shall be notified.

Under no circumstance may an ETC Access Person be a member of a Board that is held as an investment in any of ETC's Trusts.

Violation of this policy may result in disciplinary action, up to and including termination of employment.

**<u>Conflicts of Interest</u>**

It is the policy of the Firm that all Access Persons conduct the business affairs of the Firm in accordance with the highest principles of business ethics and in such manner that no conflict of interest, actual or potential, can be construed. All Access Persons should promptly report to the CCO any situation or circumstance which may give rise to a conflict of interest.

It is a violation of this Code for any Access Person, without the prior written consent of the CCO, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Rebate or pay any part of the compensation received from the Firm as an Employee to, directly or indirectly, any person, firm, or corporation that does business with or on behalf of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Accept, directly or indirectly from any person, corporation, or association, other than the Firm, compensation of any nature as a bonus, commission, fee, gratuity, or other consideration in connection with any transaction on behalf of the Firm, or a Client Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Accept, directly or indirectly, from any person, firm, corporation, association or other entity that does business with or on behalf of the Firm, any gift or other item of more than *de minimis* value provided, however, that Access Persons may accept gifts in accordance with the Firm's policies related to gifts and entertainment as set forth in this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Participate in entertainment with Clients, brokers and other counterparties unless reasonably related to legitimate business purposes of the Firm as described in more detail under the gifts and entertainment policy in this Code; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Own any Security or have, directly or indirectly, any financial interest in any other organization engaged in any securities, financial or financial related business, except for (i) ownership, or other interests in the Firm, and (ii) stock ownership, or other financial interest of a class of stock, or other classification of interests in accordance with the Firm's policies related to personal trading as set forth in this Code.

In addition, Access Persons may not influence, directly or indirectly, investment decisions on behalf of the Firm's Clients, or the allocation of Client brokerage for the benefit (in any form) of any immediate family member of the Access Person.

**<u>POLITICAL ACTIVITIES AND CONTRIBUTIONS</u>**

Exchange Traded Concepts encourages Access Persons to be informed about and participate in the political process and political activities, provided such participation does not unduly interfere with their duties or embarrass or discredit Exchange Traded Concepts. Exchange Traded Concepts further encourages all Access Persons to vote in elections and, if they so choose, to make voluntary contributions of time and/or money to political and governmental activities. Access Persons are required to comply with all provisions of Exchange Traded Concepts' Political Contributions (Pay-to-Play) Policy, which has been designed to ensure compliance with Rule 206(4)-5 of the Advisers Act. Access Persons must, however, engage in such activities as individuals rather than as representatives of Exchange Traded Concepts. Access Persons must further avoid any appearance of corporate sponsorship or endorsement in connection with any election. Access Persons must not use the corporate name in connection with any political fund-raising activity or in any printed material for use in political fund-raising activity, except where permitted by law. Access Persons must obtain approval from the CCO before becoming a candidate for public office, accepting any nomination or appointment to a public office or agreeing to serve as an official (such as a campaign manager, chairman or treasurer) in a political campaign.

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

Corporate disbursements of money, property or services to any government official, political party or candidate, either domestic or foreign, are strictly prohibited, even in those jurisdictions where such contributions are legally permissible. No offer, promise of payment or payment shall be made to any person, corporate entity, official of any government or government agency, in the United States or abroad, either directly or indirectly, to win preferential treatment in securing business or obtaining special concessions in Exchange Traded Concepts' interest. It should be emphasized that a corporate payment need not be illegal to be prohibited. Payments are broadly defined to include property or services.

Access Persons are required to provide the CCO with advance notice of planned solicitation activities for any political candidate or official by a spouse or other household member. The Firm reserves the right to object to these activities if the planned solicitation would be inconsistent with this policy.

Access Persons who wish to serve in public office must supply a description, in writing, of the particular public office and the reasons why they are attempting to serve in this role. This material should be submitted to Senior Management and the CCO for review and consideration. Written pre-approval must be obtained from Senior Management in order for an employee to seek or serve in public office. Senior Management, in consultation with the CCO, will review/consider many factors in making the decision to grant approval or disapproval, including, but not limited to, whether serving in such capacity will give the Access Person access to non-public information concerning stocks that are currently or could potentially be considered for inclusion in Exchange Traded Concepts client portfolios. Senior Management's decision will be provided to the Access Person in writing and a copy will be retained according to the Firm's Books and Records Policies and Procedures. If approval is granted by Senior Management, the Access Person has an ongoing obligation to notify Senior Management and the CCO of any potential conflicts of interest which may arise during the course of his or her service in public office. If there is any question whether a conflict of interest exists or may exist, Senior Management and the CCO shall be notified.

Contributions to a charity are not considered "political contributions" unless made to, through, in the name of, or to a fund controlled by a U.S. political candidate or official. This policy is not intended to impede legitimate, charitable fund-raising activities. Any questions regarding whether an organization is a charity, should be directed to the CCO.

Violation of this policy may result in disciplinary action, up to and including termination of employment.

**<u>RECORDS</u>**

The following records will be kept pertaining to this Code:

A copy of each Code that has been in effect at any time during the past five years will be kept in a readily accessible place by the CCO.

● A record of any violations of the Code and any action taken as a result of such violation for five years from 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 was within the past five years, a supervised person (five years from the date employment is terminated).

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

● Holdings and statements/transaction reports made pursuant to the Code must be maintained for at least five years after the end of the fiscal year in which the report was made (the first two years in an easily accessible place).

● A list of names of persons who are currently, or within the past five years were access persons.

● A record of any decision and supporting reasons for approving the acquisition of securities by access persons in limited offerings for at least five years after the end of the fiscal year in which the approval was granted.

● A record of the individual(s) responsible for reviewing Access Persons' reports currently and during the past five years.

● A copy of reports provided to the board of trustees regarding the Code for at least five years after the end of the fiscal year in which it was made, the first two years in an easily accessible place.

All Access Persons are required to report any violations of the Code and potential conflicts of interest promptly to the CCO (if the CCO is unavailable or a party to the violation the violation should be reported to Senior Management). Such reports will be treated confidentially to the extent permitted by law and investigated promptly and appropriately. If an Access Person is unsure if a violation occurred but in good faith believes one might have occurred, they are to present all information to the CCO or Senior Management in the manner stated above. Retaliation by an Access Person against an individual who reports a violation is prohibited and constitutes a further violation of the Code. This duty encompasses a requirement that all employees promptly self-report violations of the Code.

**<u>PERSONAL TRADING</u>**

All Covered Accounts must be disclosed via the Firm's compliance software. Generally, security transactions in Covered Securities require written pre-clearance. With the exception of certain circumstances enumerated below, if an Access Person wishes to purchase or sell a position in any Covered Security, he/she must obtain written pre-clearance from the CCO or his/her delegate. Submission of a pre-clearance request as well as approval or denial shall be handled via the Firm's third-party compliance software. Prior to approving a request, the CCO shall review the requested security against the securities in any pro forma rebalance the Firm is currently in possession of, at the time of the request, as well as any trade files for actively managed funds and daily trade sheets for any private funds managed by ETC's Portfolio Management Desk in the Firm's possession. Absent extenuating circumstances, trade pre-clearance will not be approved if the security in question is included in a pro forma rebalance, trade file for an active fund or a private fund daily trade sheet which the Firm is currently in possession of at the time the request is made. Exceptions may be made with regards to personal transactions in SPDR S&P 500 ETF ("SPY") and Invesco QQQ Trust ("QQQ") as well as derivatives on these two broad-based ETFs, certain mega-cap stocks, generally understood to be over $200B in market cap (including derivatives on these issuers) and ETFs, that are traded daily in certain ETC advised or subadvised funds, subject to the discretion of the Firm's CCO or General Counsel. In the instance of extenuating circumstances, any deviation from the Personal Trading Policy must be approved by the CCO or General Counsel. The trade request must include an explanation of the extenuating circumstances to be considered by the CCO or General Counsel and Senior Management. For the personal trading of the CCO, the CCO must obtain written pre-clearance from Exchange Traded Concepts' Chief Executive Officer or member of Legal.

Transactions in Discretionary Managed Accounts, transactions effected pursuant to an Automatic Investment Plan (i.e. dividend reinvestment plan and micro investing through apps), transactions in open-ended mutual funds, futures, and Forex trading, as well as acquisitions of securities through stock dividends, stock splits and other similar corporate reorganizations are all excluded from the Firm's pre-clearance requirements.

Advance written approval is valid only for the day on which approval was granted. If a trade has not been executed on the day the approval was granted, subsequent approvals are necessary prior to trading. Preclearance requests will be retained in the Firm's third-party compliance software. The CCO or his/her delegate will periodically reconcile pre-clearance reports with the duplicate trading confirmations received electronically in the Firm's third-party compliance software, to ensure compliance with the policy.

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

Access Persons may not purchase or hold Initial Public Offerings (IPO's).

Limited Offerings require written pre-clearance. Transactions in Covered Securities in retirement accounts including, but not limited to IRA's, that are self-directed (i.e. stocks or bonds, not mutual funds), ESOP's (Employee Stock Option Plans) and ESPP (Employee Stock Purchase Plans) require pre-clearance.

All ETC Access Persons are prohibited from trading, encouraging others to trade, either personally or on behalf of others, while in possession of material, non-public information. All ETC Access Persons are also prohibited from communicating material non-public information to others in violation of the law. For additional information see Exchange Traded Concepts' Policy on the Prevention of Insider Trading included in Exhibit A of the Compliance Manual.

<u>Short Term Trading:</u>

ETC discourages short term trading by Access Persons. Excessive short-term trading can lead to the suspension of personal trading privileges as determined by the CCO and Senior Management.

**<u>Reporting</u>**

Consistent with the requirements of Rule 204A-1 under the Advisers Act, Access Persons must submit the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Initial Holdings Report</u> - within ten (10) days of hire, all new Access Persons are required
to file a signed and dated Initial Holdings Report, setting forth the title, ticker symbol or CUSIP number, type of security, number
of shares, and the principal amount of each Covered Security (including mutual funds advised or sub-advised by the firm) in which
they have any direct or indirect beneficial ownership; and the name of any broker, dealer, or bank with whom an account is maintained
in which any Covered Securities are held for their direct or indirect benefit and the date the report is submitted. The information
must be current as of a date no more than 45 days prior to the date the person became an Access Person. Initial Holdings Reports
shall be filed through the Firm's third-party compliance software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Annual Holdings Report</u> - on an annual basis, all Access Persons are required to file
within thirty (30) days of year-end a signed and dated Annual Holdings Report listing all Covered securities owned as of December 31<sup>st</sup>.
Within this report, all Access Persons must list the title, the number of shares, and the principal amount of each Covered Security
(including mutual funds advised or sub-advised by the firm) in which they had any direct or indirect beneficial ownership; and
the name of any broker, dealer, or bank with whom an account was maintained in which any Covered Securities were held for their
direct or indirect benefit and the date the report is submitted. The information must be current as of a date no more than 45
days before the report is submitted. Annual Holdings Reports shall be filed through the Firm's third-party compliance software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Quarterly Transaction Reports</u> - Within thirty (30) days following the end of each calendar
quarter all Access Persons must submit a signed and dated report listing all transactions in Covered Securities executed during
that preceding calendar quarter. For each transaction, Access Persons are required to list the date, the title, ticker symbol or
CUSIP number, the number of shares, interest rate and maturity date, and the principal amount of each covered security involved;
the nature of the transaction (i.e., purchase, sale, or other type of acquisition/disposition); the price at which the transaction
was effected; and the name of any broker, dealer, or bank through which the transaction was effected and the date the report is
submitted. Also in this report Access Persons are to disclose any brokerage account opened during the calendar quarter. Access Persons
are required to list the name of the broker, dealer or bank with whom the access person established the account, the date the account
was established and the date the report is submitted. Quarterly Transactions Reports will be filed through the Firm's third-party
compliance software.

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Duplicate brokerage/mutual fund statements/confirms</u> – Access Persons must have
duplicate statements and confirms sent to the attention of Exchange Traded Concepts' CCO. When possible, and in most cases,
this shall be accomplished via a direct electronic link or direct feed to the Firm's third-party compliance software. The
CCO or his/her delegate will review them on a quarterly basis, to ensure all policies are being followed. Senior Management or
Legal will review the statements and confirms of the CCO. Brokerage, mutual funds advised or sub-advised by Exchange Traded Concepts,
IRA's, Rollover IRA's (which are self-directed), ESOP's, private placements, and limited partnerships must all be reported and
duplicate statements must be forwarded. Violations detected during the review will be documented and reviewed by the CCO. The CCO
will determine appropriate steps depending on the violation, up to and including termination of employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Annual Certification</u> - All Access Persons are required to certify annually to the CCO
that: (i) they have read and understand the Code; (ii) they have complied with all requirements of the Code; and (iii) they have
reported all transactions required to be reported under the Code. Annual Certification shall be accomplished through the Firm's
third-party compliance software.

Access Persons of Exchange Traded Concepts must abide by the established internal policies and procedures. Compliance with the quarterly/annual Trading Disclosures and Holdings Reporting is a requirement of your employment at Exchange Traded Concepts. It is each Access Person's responsibility to provide the required information within 30 days of the end of each quarter.

All transaction and holdings reports submitted to the CCO will be maintained in the strictest confidence, except to the extent necessary to implement and enforce provisions of the Code or to comply with requests for information from government agencies of proper authority or pursuant to litigation.

The Chief Compliance Officer or compliance designee will review required reports to determine whether a violation of this Code may have occurred. If a violation is found to have occurred, the Chief Compliance Officer and Senior Management will impose, after consultation with outside counsel (as appropriate), corrective action as they deem appropriate under the circumstances.

<u>Miscellaneous:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Confidentiality.</u> All reports of securities transactions
and any other information filed with ETC pursuant to this Code will be treated as confidential. However, we may disclose copies
of reports and information to the Securities and Exchange Commission or as otherwise required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Interpretation of Provisions.</u> ETC may from time to time adopt interpretations of this
Code as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Distribution of Code, Acknowledgement of Receipt and Annual Certification of Compliance.</u> All ETC Access Persons will receive a copy of this Code and any material amendments. Within 10 days of receiving any initial or
amended copy of this Code, and each year thereafter, each ETC Access Person will sign and return the compliance certification via
the Firm's third-party compliance software. ETC Access Persons who need any additional copies of the Code should contact
the CCO.

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Reporting Violations</u>. Any violation of this Code must be promptly reported to ETC's
Chief Compliance Officer, an Alternate Review Officer, or other member of ETC's Compliance Department.

10900 Hefner Pointe Drive, Suite 400 Oklahoma City, OK 73120 (405) 778-8377

## Ex-99.(P)(9)

[THE RBB FUND TRUST 485BPOS](rbb-485bpos_061026.htm)

**Exhibit 99(p)(9)**

**TWEEDY, BROWNE FUND INC. <br> TWEEDY, BROWNE COMPANY LLC**

**<u>CODE OF ETHICS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.  **<u>Introduction</u>** 

This Code of Ethics ("Code") establishes rules of conduct for "Covered Persons" (as defined herein) of Tweedy, Browne Fund Inc. (the "Fund"), Tweedy, Browne Company LLC (the "Investment Adviser"), and the series of The RBB Fund Trust that are sponsored by Tweedy, Browne Company and is designed to govern the personal investment activities of Covered Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Applicability</u> 

*"Covered Person"* and *"Advisory Person."* For purposes of this Code, "Covered Person" shall mean any of the following persons and "Advisory Person" means any of the persons described in items 1-3:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any director, officer
or employee of the Investment Adviser or the Fund who in the ordinary course of his or her business makes, participates in or obtains
current information regarding the purchase or sale of securities by the Fund or any other client of the Investment Adviser or whose functions
or duties as part of the ordinary course of his or her business relate to the making of any recommendation to the Fund or any other client
of the Investment Adviser regarding the purchase or sale of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any natural person
in a control relationship to the Investment Adviser or the Fund who obtains current information concerning recommendations made to the
Fund or another client with regard to the purchase or sale of a security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any
 director or officer of the Fund, regardless of whether such director or officer is an
 Advisory Person;

provided, however, that an employee of a service provider that is unaffiliated with the Fund's Investment Adviser who is an officer of the Fund shall not be a Covered Person if such employee is covered by an appropriate code of ethics of the service provider.

For purposes of this Code, a person shall not be deemed to be an Advisory Person or a Covered Person simply by virtue of normally assisting in the preparation of public reports, but not receiving information about current recommendations or trading, or engaging in other ministerial activities.

*"Advisory Person's Account."* For purposes of this Code, an Advisory Person's account includes all accounts in which one or more Advisory Persons and/or one or more members of the Advisory Person's *immediate family* have a *substantial proportionate economic interest* or the ability to control the investment activities of the account. "Immediate family" includes an Advisory Person's spouse and minor children living with the Advisory Person. A "substantial proportionate economic interest" will generally be 25% of the principal amount, in the case of any single Advisory Person, or 50% of the principal amount, in the case of accounts in which more than one Advisory Person have an interest, whichever is applicable.

<sup>1</sup> These definitions are derived from the requirements of Rule 17j-1 and Rule 204A-1 and are construed consistently therewith.

*"Security."* The term "security" shall not include the following exempt instruments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. securities
 issued or guaranteed as to principal or interest by the United States government, its
 agencies or instrumentalities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. bankers'
 acceptances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. bank
 certificates of deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. commercial
 paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. high
 quality short-term debt instruments, including repurchase agreements<sup>2</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. shares
 of open-end investment companies registered under the Investment Company Act of 1940,
 as amended (the "1940 Act") other than mutual funds for which the Investment
 Adviser or an affiliate of Affiliated Managers Group, Inc. ("AMG") serves
 as investment adviser or subadviser<sup>3</sup> and exchange-traded funds for which the
 Investment Adviser serves as investment adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Bitcoin
 and Ether

Although no final authoritative determination has been made regarding the status of cryptocurrencies and digital assets under the federal securities and commodity laws, the SEC is currently taking the position that most crypto and digital assets are securities, though there is a reasonable level of acceptance in the market that Bitcoin and Ether are not securities, and the SEC has not publicly asserted that Bitcoin and Ether are securities. Crypto and digital assets constituting securities under this regulatory view include, without limitation, crypto currency, virtual currency, coin offerings, nonfungible tokens (including "crypto art"), digital tokens and digital coins, and commodity or other derivative interests related thereto, other than Bitcoin and Ether. In light of the SEC's position and the various affirmative enforcement actions it has taken in furtherance of this position, transactions and holdings in crypto and digital assets, other than Bitcoin and Ether, are subject to certain investment restrictions and reporting requirements, as described in Section II.E. of this Code of Ethics, but are not otherwise subject to the requirements set forth in this Code of Ethics (including the pre-clearance requirement and blackout restrictions in Section II, below).

Should the Firm determine to invest in crypto or digital assets on behalf of the Funds or other clients in the future, this Code of Ethics and the requirements relating to crypto and digital assets will be revised.

<sup>2</sup> The SEC staff will interpret "high quality short-term debt instrument" to mean any instrument that has a maturity at issuance of less than 366 days and that is rated in one of the two highest rating categories by a nationally recognized rating organization.

<sup>3</sup> The Compliance Department will circulate a listing of all mutual funds for which AMG affiliates provide discretionary investment advisory services on a periodic basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>General Principles</u> 

Tweedy, Browne Company LLC's success depends upon its reputation for integrity, quality and professionalism. Tweedy, Browne Company LLC values and seeks to protect the confidence and trust placed in it by its clients. This Code is designed to govern the personal securities investment and other business-related activities of Covered Persons and reflects the Investment Adviser's fiduciary principles to (1) always place the interests of clients, including the Funds, first; (2) ensure that all personal securities investment and other business-related activities of its Covered Persons are consistent with this Code; and (3) avoid overreaching or inappropriate conduct by a Covered Person in connection with his or her personal securities investment and other business-related activities.

Under this Code, Covered Persons are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Employing
 any device, scheme or artifice to defraud the Investment Adviser or the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Making
 to the Investment Adviser or the Fund any untrue statement of a material fact or omitting
 to state to the Investment Adviser or the Fund a material fact necessary in order to
 make the statements made, in light of the circumstances under which they are made, not
 misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Engaging
 in any act, practice, or course of business which operates or would operate as a fraud
 or deceit upon the Investment Adviser or the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Engaging
 in any manipulative practice with respect to the Investment Adviser or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. <u>Restrictions on Personal Investing and Other Activities</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.  **<u>Prohibition on Certain Investing Activities</u>** 

If Tweedy, Browne International Value Fund, Tweedy, Browne International Value Fund II – Currency Unhedged, Tweedy, Browne Value Fund or Tweedy, Browne Worldwide High Dividend Yield Value Fund (each also referred to herein as a "Fund," as the context requires, and collectively the "Funds") or any other client has a purchase or sale order pending, or the Investment Adviser has any such order under active consideration for the Funds or other clients, no Advisory Person may buy or sell the same security or any related security (such as an option, warrant or convertible security) for an Advisory Person's account.

This restriction does not apply to (i) non-convertible fixed income securities rated at least "A," (ii) municipal securities, (iii) mutual funds (including mutual funds advised or sub-advised by the Investment Adviser or an AMG affiliate); or (iv) transactions that are otherwise exempt from this prohibition. *(Refer to Sections III.A. and B. hereof for information on transactions that are exempt from this prohibition. Refer to Section II.C. for applicable pre-clearance requirements.)*

This prohibition may only be waived upon a written finding by a member of the Management Committee that the proposed purchase or sale of a security is not expected to have any adverse impact on the ability of the Funds or other clients to purchase or sell the security or the price at which the Funds or other clients will be able to purchase or sell the security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Blackout Period</u> 

An Advisory Person may not purchase or sell any security for an Advisory Person's account until seven (7) calendar days after the later of the most recent trade by any of the Funds in that security or any related security, or the withdrawal of a purchase or sale order for such security or any related security for the Funds.

This restriction does not apply to:

&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) non-convertible
 fixed income securities rated at least "A", municipal securities, and mutual
 funds (including mutual funds advised or sub-advised by the Investment Adviser or an
 AMG affiliate), in which case no blackout period applies;

&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) equity
 securities that are constituents of a designated index,<sup>4</sup> in which case shorter
 blackout periods may apply as set forth in the table below; or

&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) transactions
 that are otherwise exempt from this blackout requirement. (*Refer to Sections III.A. and B. hereof for information on transactions that are exempt from this requirement. Refer to Section II.C. for applicable pre-clearance requirements.)* 

This blackout requirement may only be waived upon a written finding by a member of the Management Committee that the proposed purchase or sale of a security is not expected to have any adverse impact on the ability of the Funds to purchase or sell the security or the price at which the Funds will be able to purchase or sell the security.

For securities that are constituents of a designated index, the following shorter blackout periods apply:

---

| | |
|:---|:---|
| &nbsp;&nbsp;*Market Capitalization* | &nbsp;&nbsp;*Blackout Period* |
| &nbsp;&nbsp;$1B or more | &nbsp;&nbsp;1 day |
| &nbsp;&nbsp;Less than $1B | &nbsp;&nbsp;3 days |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Pre-Clearance of Personal Securities Transactions and Securities Accounts</u> 

*Pre-Clearance of Personal Securities Transactions.*

Subject to the prohibitions and blackout periods discussed in Section II.A. and B, above, an Advisory Person may buy or sell a security for an Advisory Person's account if (i) the Advisory Person obtains prior approval from a member of the Compliance Department, the Chief Compliance Officer, or the Fund's Chief Compliance Officer (see Section IV for details of the prior approval process), which has not been rescinded prior to execution of the transaction; and (ii) the approved transaction is completed on the trading day for which approval is received. Purchases, sales and exchanges of mutual fund shares (other than shares of the Funds) do not require pre-clearance. Private placements are subject to different pre-clearance requirements, discussed below in Section II.F.

<sup>4</sup> Designated indices currently include the S&P 500 Index, the Nikkei 225 Index, the CAC 40 Index, the DAX Index, the SMI Index, the FTSE 100 Index, the Amsterdam Securities Index (AEX), the S&P/ASX 50 Index, the Straits Times Index, the IBEX 35 Index, the FTSE MIB Index, the OMX Stockholm 30 Index, the TOPIX 100 Index, and the Hang Seng Index, or any successor index thereof; or any other index designated by the Management Committee and the Compliance Director as being composed entirely of securities whose public float and historical liquidity make it extremely unlikely that purchases and sales of any of the securities on such index by any Advisory Person would have an adverse impact on the ability of the Funds to purchase or sell such securities or the price at which the Funds will be able to purchase or sell such securities.

*Pre-Clearance of Securities Accounts.*

All security accounts of Advisory Persons (other than those which invest solely in exempt instruments, as described in Section I.A above, and in mutual funds advised or subadvised by an AMG affiliate) must be held at one or more designated brokerage firms and subjected to electronic monitoring. These accounts must also be pre-cleared with the Compliance Department prior to opening. Advisory Persons must also arrange for duplicate confirmations and account statements relating to these accounts to be provided to the Investment Adviser's Compliance Department, or for an electronic feed of the account into the firm's compliance monitoring software system.<sup>5</sup>

Security accounts for which an Advisory Person has no control over the accounts' investment activity are also subject to pre-clearance requirements. Such accounts may be excepted from the designated brokerage firm and electronic monitoring requirement only upon review and approval by a Managing Director, the Investment Adviser's Chief Compliance Officer or her designee, or the Fund's Chief Compliance Officer. Subject to receiving appropriate pre-clearance for the account, transactions in accounts over which an Advisory Person has no investment control are generally exempt from trading restrictions, blackout periods and transaction pre-clearance requirements, as described in Section III.A.4 hereof.

Exceptions to these pre-clearance policies may only be made with the written consent of (i) a member of the Management Committee and (ii) the Investment Adviser's Chief Compliance Officer or her designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Initial Public Offerings</u> 

No Advisory Person shall acquire securities in an initial public offering for an Advisory Person's account. *No waiver of this prohibition may be granted.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Crypto and Digital Assets</u> 

As noted above, the SEC is taking the position that most crypto and digital assets, other than Bitcoin and Ether, are securities. This includes, without limitation, crypto currency, virtual currency, coin offerings, nonfungible tokens (including "crypto art"), digital tokens and digital coins, and commodity or other derivative interests related thereto, other than Bitcoin and Ether.

The Firm does not invest in and does not currently intend to invest in crypto or digital assets on behalf of the Funds or its other clients. Accordingly, the following requirements apply to crypto and digital assets other than Bitcoin and Ether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)  ***Prohibition on initial offerings, primary offerings, limited offerings*.** No Advisory Person
 may participate in any initial offerings, primary offerings, or limited offerings of
 crypto or digital assets.

<sup>5</sup> Investments in the Funds (outside of the Investment Adviser's Profit-Sharing and 401(k) Plans) require pre-clearance, as discussed in Section IV below, and are subject to duplicate confirmation and statement requirements. Investments in the Funds through the Investment Adviser's Profit Sharing and 401(k) Plans are subject to the trading restrictions discussed in Section IV below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)  ***Initial and annual reporting requirements*** *.* Covered Persons will be required to (a) complete an initial holdings
report on crypto and digital assets (other than Bitcoin and Ether), and (b) update that report once annually. (Independent Directors
are not required to submit such reports.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)  ***Quarterly transaction reporting.*** Covered Persons will be required to complete a quarterly
 transaction report, reflecting all crypto and digital asset transactions (other than
 Bitcoin and Ether), once a quarter.

An Independent Director shall be required to file a quarterly transaction report only for a transaction where he or she knew (or, in the ordinary course of fulfilling his or her official duties as a director, should have known) at the time of the transaction that, during the 15-day period immediately preceding or after the date of the transaction, such crypto or digital asset is or was purchased or sold, or considered for purchase or sale, by a Fund or its Investment Adviser.

The forms for initial, annual and quarterly reporting will be maintained in the firm's compliance monitoring software system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Private Placements</u> 

A purchase or sale of securities that are not publicly traded must have written consent from a member of the Compliance Department, the Investment Adviser's General Counsel or the Chief Compliance Officer. Such approval will not be granted unless the Advisory Person provides full details of the proposed transaction (including written certification that the investment opportunity did not arise by virtue of such person's activities on behalf of the Fund) and a member of the Management Committee concludes that the Fund would have no foreseeable interest in investing in such security. Approval is also required prior to making any subsequent investments in or withdrawals from a private investment previously approved pursuant to this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Gifts</u> 

No Advisory Person shall give or accept any gift or other item of more than *de minimis* value (generally $100) to or from any person or entity that does business with or on behalf of the Firm or the Funds. This policy does not prohibit the gift or receipt of an occasional meal, a ticket to a sporting event or the theater, or comparable entertainment that is neither so frequent nor so extensive as to raise any question of propriety, as long as the person providing the entertainment is present. All Investment Adviser personnel are required to report any gifts, gratuities or entertainment given or received annually to the Compliance Department by using the firm's compliance monitoring software system. Personal gifts not intended to facilitate any business relationship are exempt from the provisions of this Section II.G.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. <u>Political Contributions</u> 

The Investment Adviser has adopted separate Pay-to-Play Policies and Procedures in accordance with Rule 206(4)-5 under the Advisers Act which govern political contributions made by certain Investment Adviser personnel covered by that rule. A copy of those policies and procedures has been provided to all employees covered by that rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Service as a Director</u> 

No Advisory Person shall serve on the board of directors or trustees of a publicly traded company without prior authorization from (i) the Investment Adviser's General Counsel or Chief Compliance Officer, and (ii) at least two members of the Management Committee, based upon a determination that such service would not be inconsistent with the interests of the Firm and its clients, including the Fund and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. <u>Exempt Transactions</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Notwithstanding
 any other provisions of this Code to the contrary, Advisory Persons shall not be prohibited
 from, subject to a blackout period with respect to, or required to obtain prior approval
 for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. reinvestments
 of dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. participation
 on an on-going basis in an issuer's stock purchase plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any
 transaction in an account over which no Advisory Person has any direct or indirect influence
 or control (subject to such account having been reviewed and approved as set forth in
 Section II.C. hereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any
 purchase, sale or exchange in the secondary market on any one calendar day of no more
 than 100 shares of any freely tradable security (other than AMG, another security on
 the Investment Adviser's restricted list,<sup>6</sup> a mutual fund or exchange-traded
 fund advised or subadvised by the Investment Adviser) or any derivative security with
 respect to no more than 100 shares of any such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In
 addition, Advisory Persons shall not be prohibited from or subject to a blackout period
 with respect to (but are required to pre-clear) any purchase or sale of common equity
 securities of any issuer, as long as (i) all such purchases or sales of that issuer on
 any particular trading day by all Advisory Persons relying on this Section III.B exemption,
 in the aggregate, do not exceed 1% of the average daily trading volume ("ADTV")
 of that security over the past 30 calendar days; and (ii)
any order governed by this exemption is entered either (a) as a market order; or (b) in the case of a limit order, at a price
no higher than the then-current bid (in the case of a purchase) or lower than the then-current offer (in the case of a sale). *Approval of such securities transactions may be granted by a member of the Compliance Department based on a determination that the proposed purchase or sale of such security is not expected to have any adverse impact on the ability of the Funds or other clients to purchase or sell the security or the price at which the Funds or other clients will be able to purchase or sell the security.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Advisory
 Persons shall not be required to preclear a donation of securities to a charitable organization,
 a charitable giving account (although the account itself is required to be pre-cleared
 under this Code of Ethics), or a gift of securities to a non-advisory person who is not
 a member of an immediate family of the advisory person.

<sup>6</sup> The restricted securities list is maintained by the Compliance Department and distributed to all employees whenever it is updated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. <u>Prior Approval Procedures</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A
 pre-trade authorization request must be completed and submitted in the firm's compliance
 monitoring software system for approval, prior to entering a trade order for any security
 that requires pre-clearance under this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. After
 reviewing the Funds' investment interest, trading and anticipated cash flows, a
 member of the Compliance Department, the Investment Adviser's General Counsel or
 Chief Compliance Officer, or the Fund's Chief Compliance Officer shall approve
 (or disapprove) an Advisory Person's trading request as expeditiously as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Once
 an Advisory Person's trading request is approved, the Advisory Person will be notified
 by the firm's compliance monitoring software system of the approval. If the Advisory
 Person's trading request is not approved, or is not executed on the trading day
 for which it is approved, such trading request may be resubmitted at a later date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In
 no case may a member of the Compliance Department, the Investment Adviser's General
 Counsel or Chief Compliance Officer, or the Fund's Chief Compliance Officer (each,
 a "Designated Person") approve his or her own trading. Each must instead
 obtain approval from another Designated Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Generally,
approval will not be granted for redemptions or exchanges of shares of the Funds held for less than 90 days by any Advisory Person.
For purposes of determining the 90-day holding period, a last in/first out ("LIFO") method is used. Automatic reinvestments
of dividends and distributions are disregarded for this purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Purchases,
redemptions and exchanges of shares of a Fund in the Investment Adviser's Profit-Sharing and 401(k) Plans are permitted
within pre-established trading windows without pre-clearance. Automatic reinvestments of dividends and distributions and systematic
investments through pay-roll deductions in the plans are similarly exempt from the pre-clearance requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. <u>Quarterly Transaction Reporting</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. *Quarterly Transaction Reports*. All Covered Persons shall be required to submit to the Compliance
 Department a quarterly certification that all securities transactions in which the Covered
 Person has, or by reason of such transaction acquires, any direct or indirect beneficial
 ownership have been reported in the firm's compliance monitoring software system.
 <sup>7</sup> No report is required if the Covered Person had no direct or indirect influence
 or control over the transaction.

However, each director who is not an "interested person" (as defined under the 1940 Act) (each, an "Independent Director") of the Funds is required to file a certification only for a transaction where he knew (or, in the ordinary course of fulfilling his official duties as a director, should have known) at the time of the transaction that, during the 15-day period immediately preceding or after the date of the transaction, such security is or was purchased or sold, or considered for purchase or sale, by a Fund or the Fund's Investment Adviser.<sup>8</sup>

<sup>7</sup> See the attached Exhibit B for the definition of "Beneficial Ownership."

<sup>8</sup> Rule 17j-1(d)(2)(ii)(B).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. *Timing of Reports.* All Covered Persons (including Independent Directors and all Advisory
 Persons) are required to complete the certification no later than thirty (30) days after
 the end of each calendar quarter. No report is required if the Advisory Person had no
 direct or indirect influence or control over the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. *Qualifications.* Any certification submitted to comply with the requirements of this Section V may
 contain a statement that the report shall not be construed as an admission by the person
 making such report that he or she has any direct or indirect beneficial ownership in
 the security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. *Review.* All quarterly transaction reports, brokerage statements, confirms, and transaction
 feeds submitted pursuant to this Section V and all initial and annual holdings reports,
 brokerage statements and confirms submitted pursuant to Section VI.A. below are reviewed
 by designated compliance personnel in the Investment Adviser's Compliance Department.<sup>9</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. <u>Additional Reporting and Certification Procedures</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Disclosure of Personal Holdings – Initial and Annual Holdings Reports</u> 

*<u>Initial Holdings Report</u>*. No later than 10 days after a person becomes a Covered Person, the following information (which may consist of copies of most recent brokerage account statements, and which information must be current as of a date no more than 45 days prior to the date the person became an Access Person<sup>10</sup>) shall be submitted to the Investment Adviser's Chief Compliance Officer or her designee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 title, number of shares and principal amount of all securities owned directly or indirectly
 by the Covered Person when the Covered Person became a Covered Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 name of any broker, dealer or bank with whom the Covered Person maintained an account
 in which any securities were held for the benefit of the Covered Person as of the date
 the person became a Covered Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 date that the report is submitted by the Covered Person.

*<u>Annual Holdings Report</u>*. Each Covered Person shall submit to the Investment Adviser's Chief Compliance Officer or her designee the information listed in VI.A.1, 2 and 3 above on an annual basis, which information must be current as of a date no more than 45 days prior to the date such report is submitted.<sup>11</sup>

<sup>9</sup> Rule 17j-1(d)(3) and Rule 204A-1(a)(3).

<sup>10</sup> Rule 17j-1(d)(1)(i) and Rule 204A-1(b)(ii)(A).

<sup>11</sup> Rule 17j-1(d)(1)(iii) and Rule 204A-1(b)(ii). For example, the receipt by the Compliance Department of an annual holdings report as of December 31<sup>st</sup>, by no later than the following January 31<sup>st</sup>, will meet this requirement. The receipt by the Investment Adviser's Chief Compliance Officer or her designee of duplicate brokerage statements and confirmations received prior to the 30<sup>th</sup> day after the end of each calendar quarter will be deemed to serve as compliance with this requirement.

Independent Directors who would be required to make an initial holdings report or an annual holdings report solely by reason of being a Fund director need not file such initial or annual holdings reports.<sup>12</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Annual Certification</u> 

Annually, each Covered Person must acknowledge that he or she has received, read and understood and recognizes that he or she is subject to the Code. In addition, annually each Covered Person must certify that he or she has disclosed or reported all personal securities transactions required to be disclosed or reported under the Code.13 In addition, Advisory Persons must each acknowledge in writing that they have received the Code and any amendments to the Code. Such acknowledgements and certifications are maintained by the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Board and Management Committee Reporting</u> 

At least annually, in the case of Items 1 and 2 below, or quarterly, in the case of Items 3 and 4 below, the Investment Adviser's Chief Compliance Officer or her designee shall report to the Management Committee and to the Fund's Board of Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All
 existing procedures concerning Covered Persons' personal trading activities ("personal
 trading procedures") and any procedural changes made during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A
 description of issues that arose under the Code or the personal trading procedures during
 the previous year or any recommended changes to the Code or the personal trading procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any
 material violations which occurred during the past quarter and sanctions imposed in response
 to the material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any
 exceptions to any provisions of this Code (as determined under Section VIII below) granted
 during the past quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Certification of Adequacy</u> 

The Fund and the Investment Adviser shall provide to the Board of Directors of the Fund, no less frequently than annually, a written certification that each has adopted procedures reasonably necessary to prevent Covered Persons from violating the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. <u>Sanctions</u> 

Upon discovering that an Advisory Person has not complied with the requirements of this Code, the Adviser's Chief Compliance Officer shall submit her findings to a member of the Management Committee. The Management Committee may impose on the Advisory Person whatever sanctions the Management Committee deems appropriate, including, among other things, disgorgement of profit, censure, suspension or termination of employment. The sanction taken shall be reported to the Fund's Board of Directors in conjunction with Section VI.C.3 hereof.

<sup>12</sup> Rule 17j-1(d)(2)(ii)(A).

<sup>13</sup> The receipt by the Investment Adviser's Chief Compliance Officer or her designee of duplicate brokerage statements and confirmations received prior to the 30<sup>th</sup> day after the end of each calendar quarter will be deemed to serve as compliance with the requirement to disclose or report all personal securities transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. <u>Exceptions</u> 

The Investment Adviser's Chief Compliance Officer and each member of the Management Committee reserve the right to grant, on a case-by-case basis, additional exceptions to any provisions of this Code. Exceptions granted by a member of the Management Committee must be reported to the Investment Adviser's Chief Compliance Officer or her designee, maintained in writing, and reported to the Management Committee and to the Fund's Board of Directors at its next regularly scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. <u>Recordkeeping</u> 

The following records shall be preserved with the Firm's and the Fund's records in the manner and for the period(s) required by Rule 17j-1 under the 1940 Act and Rule 204-2 under the Investment Advisers Act:

● This Code and any prior Code that has been in effect with respect to the Investment Adviser or the Fund at any time within the past five years;

● a copy of each report made hereunder by a Covered Person (including any brokerage statement or confirmation provided in lieu of such written report); any written report made hereunder by the Fund's Investment Adviser or the Investment Adviser's Chief Compliance Officer;

● A list of all persons required to make reports hereunder (including all Covered Persons and Advisory Persons<sup>14</sup>), and a list of all persons responsible for reviewing such reports (Rule 17j-1(f)(1)(D);

● A record of any violations of the Code and any action taken as a result thereof;

● Records of any private placements approved pursuant to Section II.F. hereunder, and the reasons supporting the decision to approve such transactions (Rule 204-2(a)(13)(iii)); and

Written acknowledgments of receipt of this Code and any amendments thereto, as required by Section VI.B. hereof (Rule 204-2(a)(12)(iii)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. <u>Confidentiality</u> 

All information obtained from any Covered Person hereunder shall be kept in strict confidence, except to the extent (i) reports are required to be made hereunder or required to be made available to the Securities and Exchange Commission or any other regulatory or self-regulatory organization; or (ii) the Funds or the Investment Adviser are otherwise legally required to disclose the information.

<sup>14</sup> Currently, all directors, officers and employees of the Investment Adviser (including employees who are interested directors of the Fund) are considered "Advisory Persons" and "Covered Persons," and all independent directors of the Fund and officers of the Fund who are not Advisory Persons are considered "Covered Persons" under this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XI. <u>Other Laws, Rules and Statements of Policy</u> 

Nothing contained in this Code shall be interpreted as relieving any Covered Person from acting in accordance with the provision of any applicable law, rule or regulation or any other statement of policy or procedure governing the conduct of such Covered Person adopted by the Investment Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XII. <u>Violations Reported to the Investment Adviser's Chief Compliance Officer</u> 

All violations of this Code must be promptly reported by Covered Persons to the Investment Adviser's Chief Compliance Officer and the Fund's Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XIII. <u>Amendments</u> 

This Code, together with any amendments thereto, is provided by the Compliance Department to all Advisory Persons on at least an annual basis. Any material changes to this Code must be approved by the Board of Directors of the Fund (including a majority of the Independent Directors) within six months of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XIV. <u>Further Information</u> 

Questions regarding the applicability of the provisions of this Code generally or in connection with any particular transaction should be directed to the Investment Adviser's General Counsel or Chief Compliance Officer.

*Amended and Restated December 2025*

<u>Exhibit A</u>

**TWEEDY, BROWNE FUND INC.**

**TWEEDY, BROWNE COMPANY LLC**

SECURITIES TRANSACTION REPORT

FOR THE CALENDAR QUARTER ENDED<u> </u><br> (mo./day/yr.)

1. During the quarter referred to above, the following transactions were effected in securities of which I had, or by reason of such transaction acquired, direct or indirect beneficial ownership, and which are required to be reported pursuant to the Code of Ethics:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Security and <br> <u>CUSIP No</u>. | Date of <br> <u>Transaction</u> | Nature of <br> Transaction <br> (Purchase, <br> Sale, Gift, <br> <u>Other)</u> | Number of <br> Shares or <br> Principal Dollar <br> Amount of<br> <u>Transaction</u> | <u>Price/Unit</u> | Broker/Dealer or<br> Bank Through <br> <u>Whom Effected</u> |

---

*This report excludes (i) transactions with respect to which I had no direct or indirect influence or control; (ii) transactions not required to be reported per the Code of Ethics; and (iii) transactions already reported by a means permitted by the Code of Ethics. This report is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above.*

2. (Not applicable to Non-Interested Fund Directors) During the quarter referred to above, the following are new accounts with all brokers, dealers or banks with which I hold securities, whether or not transactions in such securities are reportable under the Code of Ethics:

<u>Name of Broker/Dealer or Bank</u> <u>Account Number</u>

Date: ____________________________ Signature: <u>____________________________ ________</u>

<u>Exhibit B</u>

**<u>BENEFICIAL OWNERSHIP</u>**

For purposes of the attached Code of Ethics, "beneficial ownership" shall be interpreted in the same manner as it would be in determining whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder, except that the determination of direct or indirect beneficial ownership shall apply to all securities that a Covered Person has or acquires. The term "beneficial ownership" of securities would include not only ownership of securities held by a Covered Person for his own benefit, whether in bearer form or registered in his name or otherwise, but also ownership of securities held for his benefit by others (regardless of whether or how they are registered) such as custodians, brokers, executors, administrators, or trustees (including trusts in which he has only a remainder interest), and securities held for his account by pledges, securities owned by a partnership in which he is a member if he may exercise a controlling influence over the purchase, sale or voting of such securities, and securities owned by any corporation or similar entity in which he owns securities if the shareholder is a controlling shareholder of the entity and has or shares investment control over the entity's portfolio.

Ordinarily, this term would not include securities held by executors or administrators in estates in which a Covered Person is a legatee or beneficiary unless there is a specified legacy to such person of such securities or such person is the sole legatee or beneficiary and there are other assets in the estate sufficient to pay debts ranking ahead of such legacy, or the securities are held in the estate more than a year after the decedent's death.

Securities held in the name of another should be considered as "beneficially" owned by a Covered Person where such person enjoys "financial benefits substantially equivalent to ownership." The Securities and Exchange Commission has said that although the final determination of beneficial ownership is a question to be determined in the light of the facts of the particular case, generally a person is regarded as the beneficial owner of securities held in the name of his or her spouse and their minor children. Absent special circumstances such relationship ordinarily results in such person obtaining financial benefits substantially equivalent to ownership, <u>e.g.</u>, application of the income derived from such securities to maintain a common home, or to meet expenses that such person otherwise would meet from other sources, or the ability to exercise a controlling influence over the purchase, sale or voting of such securities.

A Covered Person also may be regarded as the beneficial owner of securities held in the name of another person, if by reason of any contract, understanding, relationship, agreement, or other arrangement, he obtains therefrom financial benefits substantially equivalent to those of ownership.

A Covered Person also is regarded as the beneficial owner of securities held in the name of a spouse, minor children or other person, even though he does not obtain therefrom the aforementioned benefits of ownership, if he can vest or revest title in himself at once or at some future time.

## Ex-99.(P)(11)

[THE RBB FUND TRUST 485BPOS](rbb-485bpos_061026.htm)

**Exhibit 99(p)(11)**

![](ex99p11001.jpg)

**Code of Ethics**

December 2025

THIS CODE OF ETHICS IS THE PROPERTY OF TWIN OAK ETF COMPANY ("TWIN OAK" OR THE "FIRM") AND MUST BE RETURNED TO THE FIRM SHOULD ACCESS PERSON'S ASSOCIATION WITH THE FIRM TERMINATE FOR ANY REASON. THE CONTENTS OF THIS CODE ARE CONFIDENTIAL AND SHOULD NOT BE REVEALED TO THIRD PARTIES.

**Contents**

**I.**  **I NTRODUCTION**  **1** 

**II.**  **STANDARDS OF BUSINESS CONDUCT**  **1** 

**III.**  **DEFINITIONS**  **2** 

**IV.**  **CODE OF ETHICS COMPLIANCE AND ADMINISTRATION**  **5** 

**V.**  **PERSONAL ACCOUNT DEALINGS**  **6** 

**VI.**  **INSIDER TRADING**  **10** 

**VII.**  **GIFT AND ENTERTAINMENT POLICY**  **13** 

**VIII.**  **OUTSIDE BUSINESS ACTIVITIES**  **15** 

**IX.**  **POLITICAL CONTRIBUTIONS**  **15** 

**X.**  **ANTI-BRIBERY POLICY AND PROCEDURES**  **16** 

**XI.**  **ELECTRONIC COMMUNICATIONS**  **17** 

**XII.**  **SOCIAL MEDIA**  **18** 

i

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction** 

Twin Oak ETF Company ("Twin Oak" or the "Firm") is committed to the highest standards of integrity, professionalism, and fiduciary duty in the practice of investment advisory services. The Firm's unwavering dedication to its Clients' best interests lie at the core of its mission. This Code of Ethics ("Code") serves as a declaration of the Firm's fundamental principles and sets the ethical foundation upon which it operates, requiring compliance with all applicable regulations under the Investment Advisers Act of 1940 (the "Advisers Act"), the Investment Company Act of 1940 (the "1940 Act"), and other Federal Securities Laws by all Access Persons.. A list of Access Persons is maintained by the CCO.

This Code is designed to meet current regulatory obligations and ensure the proper compliance framework to support organizational growth. Each person subject to the Code must acknowledge that he or she has received, read, and agrees to be bound by the Code. Any questions regarding obligations set forth in this Code of Ethics should be directed to the Chief Compliance Officer ("CCO"). Employees must promptly report any violations of the Code to the CCO. All reported Code of Ethics violations will be treated confidentially and will be free from retaliation.

Twin Oak will hold new employee training that will cover topics addressed in this Code. Twin Oak will remind Access Persons on an ongoing basis of their obligations under this Code and will require annual recertification that each Access Persons has read, understands, and has complied with this Code. From time to time, the Firm may modify any or all of the policies and procedures set forth in the Code. Should revisions be made, Access Persons will receive written notification from the Firm's Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Standards of Business Conduct** 

Pursuant to Section 206 of the Advisers Act, as well as Rule 204A-1 under the Advisers Act and Rule 17j-1 of the 1940 Act, this Code is predicated on the principle that the Firm owes a fiduciary duty to any Client to which the Firm provides investment advisory or management services. The ETFs for which Twin Oak provides investment advisory services are collectively known as the Firm's clients ("Clients"). The interests of the Clients must always be recognized, respected, and take precedence over the personal interests of the Firm's Access Persons. In any decision relating to personal investments or other matters, Access Persons must diligently avoid serving their own personal interests ahead of any Client's interests, taking inappropriate advantage of their position with the Firm, or taking inappropriate advantage on the Firm's behalf.

Standards of conduct are designed to ensure that Access Persons conduct their business on the Firm's behalf in a manner that enables the Firm to fulfill its fiduciary duty to its Clients. Fundamental to the Firm's business activities and operations is the fiduciary obligation to act in the best interests of our Clients and to place Clients' interests before our own. As part of our fiduciary duty to Clients, the Firm has an affirmative obligation of utmost good faith and full and fair disclosure of all conflicts of interest to the Clients. Section 206 of the Advisers Act makes it unlawful for any investment adviser to engage in any act, practice, or course of business which is fraudulent, deceptive, or manipulative.

All Access Persons will act with competence, dignity, integrity and in an ethical manner when dealing with Clients, the public, prospects, third-party service providers and fellow Access Persons. Access Persons must use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, trading, promoting the Firm's services, and engaging in other professional activities. In furtherance of this objective, Access Persons are prohibited from engaging in the following conduct:

● Employing any device, scheme, or artifice to defraud the Fund(s);

● Making any untrue statements of a material fact to the Fund(s) or omitting to state a material fact necessary in order to make the statements made to the Fund(s), in light of the circumstances under which they are made, not misleading;

● engaging in any act, practice or course of business that operates or would operate as a fraud or deceit on the Fund(s); or

● Engaging in any manipulative practice with respect to the Fund(s).

This Code cannot answer all questions raised in the context of business relationships, and the provisions of this Code are not all-inclusive. This Code is intended to serve as a guide for Access Persons pertaining to their conduct on behalf of the Firm and its Clients. Thus, each Access Person is required to recognize and respond appropriately to specific situations as they arise. In those situations where an Access Person may be uncertain as to the intent or purpose of the Code, they are advised to consult with the CCO, who may grant exceptions to certain provisions contained in the Code in those situations when the interests of our Clients, in our reasonable belief, will not be adversely affected or compromised. Additionally, 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 Access Persons.

**III.** **Definitions** 

The following are defined terms used in the Code. Other capitalized terms are defined within the Code itself.

**1940 Act –** The Investment Company Act of 1940, as amended.

**Access Person(s)** – Any Access Person 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

● Is involved in making securities recommendations to clients, or who has access to such recommendations that are nonpublic. For the purposes of this Code, all Access Persons and employees at the Firm are to be considered Access Persons. Any exceptions to this definition are to be determined by the CCO at their discretion.

**Account –** Any accounts in which Securities Transactions can be affected including:

● Any accounts held by any Access Person;

● Accounts of the Access Person's Immediate Family members living in the Access Person's household or is financially dependent;

● Accounts held by any other related individual over whose account the Access Person has discretionary control;

● Any other account where the Access Person has discretionary control and materially contributes; and

● Any account in which the Access Person has a direct or indirect beneficial interest, such as trusts and custodial accounts or other accounts in which the Access Person has a beneficial interest or exercises investment discretion.

***Adviser:*** Twin Oak ETF Company or Firm.

***Advisers Act:*** The Investment Advisers Act of 1940, as amended.

***Automatic Investment Plan:*** A program in which regular trades are made automatically in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

***Beneficial Ownership:*** This Code applies to all accounts and securities beneficially owned by you as well as accounts under your direct or indirect influence or control. Essentially, this means that if you have the ability to profit, directly or indirectly, or share in any profit from a transaction, you have Beneficial ownership. If you are unsure if an account or investment falls under your beneficial ownership, contact the CCO for further guidance.

<u>Practical Application of Beneficial Ownership</u>:

● You live with your parents: If you live in your parents' house but do not financially support your parents, your parents' accounts and securities are not beneficially owned by you and do not require disclosure.

● Your parent lives with you: If you provide financial support to your parent, your parent's accounts and securities are beneficially owned by you and require disclosure.

● You have an adult child living in your home: If you provide financial support to your child, your child's accounts and securities are beneficially owned by you and require disclosure.

● You have a college-age child: If your child is in college and you still claim the child as a dependent for tax purposes, you are the beneficial owner of their accounts and securities.

● Your child has an UGMA/UTMA account: If you (or your spouse) are the custodian for the minor child, the child's accounts are beneficially owned by you. If someone other than you (or your spouse) is the custodian for your minor child's account, the account is not beneficially owned by you.

● You have a domestic partner or similar cohabitation arrangement: If you contribute to the maintenance of a household and the financial support of a partner, your partner's accounts and securities are beneficially owned by you and require disclosure.

● You have a roommate: Generally, roommates are presumed to be temporary and therefore you have no beneficial ownership in one another's accounts and securities.

● You have power of attorney: If you have been granted power of attorney over an account, you are not the beneficial owner of the account until the time that the power of attorney has been activated.

● You are the trustee and/or the beneficiary of a trust: Due to the complexity and variety of trust agreements, these situations require case-by-case review by the CCO.

.

***Chief Compliance Officer:*** The person designated by the Firm to serve as Chief Compliance Officer ("**CCO**").

***Client:*** ETFs advised by Twin Oak.

***Code:*** Refers to this Code of ethics.

***Compliance Designee:*** a member assigned by the CCO to assist with the monitoring and enforcement of Twin Oak's compliance Program. The CCO may appoint employees of Twin Oak, a third-party consultant or any other individual or entity the CCO deems appropriate. Twin Oak has engaged PINE Advisor Solutions ("PINE") as a Designee to assist the CCO in providing compliance oversight.

***Control:*** The power to exercise a controlling influence over the management or policies of a company unless such power is solely the result of an official position with such company. Ownership of more than 25% of a company's outstanding voting Securities is presumed to give the holder of such Securities control over the company.

***Foreign Corrupt Practices Act ("FCPA"):*** refers to the Foreign Corrupt Practices Act of 1977, as amended. The FCPA was enacted for the purpose of making it unlawful for certain classes of persons and entities to make payments to foreign government officials to assist in obtaining or retaining business. Specifically, the anti-bribery provisions of the FCPA prohibit the willful use of the mails or any means of instrumentality of interstate commerce corruptly in furtherance of any offer, payment, promise to pay, or authorization of the payment of money or anything of value to any person, while knowing that all or a portion of such money or thing of value will be offered, given or promised, directly or indirectly, to a foreign official to influence the foreign official in his or her official capacity, induce the foreign official to do or omit to do an act in violation of his or her lawful duty, or to secure any improper advantage in order to assist in obtaining or retaining business for or with, or directing business to, any person.

***Immediate Family:*** For these purposes, immediate family means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law.

***IPO:*** An initial public offering. An IPO is an offering of Securities registered under the Securities Act where the issuer, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Exchange Act.

***Limited Offering or Private Placement:*** For purposes of this Code, the terms "Limited Offering" and "Private Placement" are interchangeable. An offering that is exempt from registration pursuant to sections 4(a)(2) or 4(6) of the Securities Act, or pursuant to Rules 504, 505, or 506 of Regulation D. Limited Offerings include investments in private placements, private investment partnerships, interests in oil and gas ventures, real estate syndications, participations in tax shelters, and shares issued to a public distribution. Initial Coin Offerings ("**ICOs**") are also deemed to be Limited Offerings.

***Manual:*** Twin Oak ETF Company Compliance Manual adopted by the Firm and as amended from time to time.

***Material Nonpublic Information:*** Information that (i) has not been made generally available to the public, and that (ii) a reasonable investor would likely consider important in making an investment decision. Access Persons should consult with the CCO about any questions as to whether information constitutes Material Non-Public Information ("**MNPI**").

***Non-Discretionary Managed Account:*** An account over which an Access Person has no direct or indirect influence or control. This includes accounts for which an Access Person has granted full investment discretion to an outside broker-dealer, bank, investment manager or adviser.

***No direct or indirect influence or control*** over an account means that the Access Person does not:

● suggest purchases or sales of investments in such account to the applicable third-party investment manager or trustee who has been granted discretionary investment authority over such account; or

● direct such third-party investment manager or trustee to purchase or sell investments on behalf of such account (including directing or advising such investment manager or trustee in regard to the relative allocation of the account's assets to specific investments vis-à-vis other investments).

***Reportable Fund:*** Any fund registered pursuant to the 1940 Act:

● In which the Firm serves as an investment adviser or sub-adviser; or

● Any fund whose investment adviser or principal underwriter controls the Firm, is controlled by the Firm, or is under common control with the Firm.

***Reportable Security:*** Any Security, except: (i) Securities accounts, as well as purchases or sales effected for or Securities held in any account, over which you have no direct or indirect influence or control; (ii) Purchases or Sales made pursuant to an Automatic Investment Plan; and (iii) Purchases or Sales of any of the following Securities: (a) direct obligations of the U.S. government; (b) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and (c) shares issued by registered, open-end investment companies.

Cryptocurrencies (not including Initial Coin Offerings) are deemed to be non-Reportable Securities. Cryptocurrencies include any virtual or digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank (e.g., Bitcoin, Litecoin, Ethereum, etc.).

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

***Security:*** The SEC defines the term "security" broadly to include stocks, bonds, certificates of deposit, options, interests in Private Placements, futures contracts on other securities, participations in profit-sharing agreements, and interests in oil, gas, or other mineral royalties or leases, among other things. "Security" is also defined to include any instrument commonly known as a security. Digital assets are assets that are issued and/or transferred using distributed ledger or blockchain technology, including, but not limited to, digital currencies and digital coins or tokens. A particular digital asset may or may not meet the definition of a Security under Federal Securities Laws, depending on facts and circumstances. Any questions about whether an instrument is a Security for purposes of the Code of Ethics should be directed to the CCO.

***Securities Transactions:*** The term "Securities Transactions" as used within this Code typically refers to the purchase and/or sale of Securities, (as defined herein), by an Access Person. Securities Transactions shall include any gift of Reportable Securities that is given or received by the Access Person, including any inheritance received that includes Reportable Securities.

***Supervised Person:*** Any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser.

**IV.** **Code of Ethics Compliance and Administration** 

The CCO is responsible for administering this Code of Ethics. It is the obligation of all Access Persons of Twin Oak to abide by this Code. All questions regarding the obligations set forth in this Code should be directed to the CCO.

All Access Persons must promptly report any violations of the Code to the CCO. Nothing herein shall prohibit or impede in any way an Access Person or former Access Person from reporting a possible securities law violation directly to the SEC or other regulatory authority. In addition, the Company will not retaliate in any way against an Access Person or former Access Person for providing information relating to a possible securities law violation to the SEC or other regulatory authority in good faith. Under some circumstances, it may be impractical, or an Access Person may feel uncomfortable raising the matter with the CCO. In those instances, you should report violations to your supervisor or a member of the executive management team. Any violations reported to, or independently discovered by, the CCO shall be promptly reviewed and investigated.

If it is determined that an Access Person has committed a violation of the Code, the Firm can impose sanctions and/or take other action as deemed appropriate. These actions may include, among other things, requiring that personal trades be reversed, requiring the disgorgement of profits, making a criminal referral, issuing a letter of caution or warning, suspending personal trading rights, suspending or terminating an Access Person's employment, and/or notifying the SEC of the violation.

If any Access Persons have questions regarding the applicability, meaning or administration of this Code, they should consult the CCO immediately.

The CCO shall maintain and cause to be maintained at the Firm's principal place of business, in an easily accessible place, the following records:

● A copy of this Code for a period of five (5) years;

● A record of each violation of this Code and of any action taken as a result of such violation for a period of not less than five (5) years following the end of the fiscal year of the Firm in which such violation occurred;

● A copy of each report made pursuant to this Code by a Access Person or the CCO, for a period of not less than five (5) years from the end of the fiscal year of the Firm in which such report or interpretation was made or issued, the most recent two (2) years of which shall be kept in a place that is easily accessible;

● A list of all persons, who currently are, or within the past five (5) years were, required to make reports pursuant this Code; and

● A record of any decision, and the reasons supporting such decision, to approve any investment in an Initial Public Offering or a Limited Offering by an Access Person, for at least five (5) years after the end of the fiscal year in which such approval is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Personal Account Dealings** 

Rule 204A-1 of the Advisers Act requires the disclosure of personal Securities Transactions and holdings. The Firm requires that all Access Persons' personal investment transactions, and the personal investments of immediate family members, be carried out in a manner that will not create a perceived or actual conflict of interest between the Firm and its Clients. Immediate family members include persons sharing the same household as the Access Person. To this end, the Firm has adopted the procedures set forth below.

In accordance with the rules, Access Persons are required to periodically report their personal securities transactions and holdings to the CCO or Compliance Designee as outlined below.

**Initial Account and Holdings Disclosure Requirement**

*Accounts*: Within 10 calendar days of an Access Person's start date, the Access Person is required to disclose all brokerage accounts in which they have beneficial ownership via Hadrius.

*Holdings*: Within 10 calendar days of an Access Person's start date, all holdings in Reportable Securities that are beneficially owned by the Access Person must be disclosed in Hadrius. The Holdings Report must be current as of a date not more than 45 days prior to the individual being hired. The Initial Holdings Report shall include the following information for each Security held by the Access Person or Immediate Family Members:

● The title and type of Security, and as applicable the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Reportable Security in which the Access Person has any direct or indirect Beneficial Ownership;

● The name of any broker, dealer, or bank with which the Access Person maintains an account in which any Securities are held for the Access Person's direct or indirect benefit; and

● The date the Access Person submits the report.

**Ongoing Disclosure Requirements**

*Accounts*: Access Persons must promptly disclose any newly opened accounts under their Beneficial Ownership that have the ability to hold Reportable Securities via Hadrius. Failure to disclose all covered accounts constitutes a violation of this Code. Individual conduct can violate this Code even if no clients are harmed by such conduct.

*Quarterly Transaction Reports:* Each Access Person must report all information contained on the "Quarterly Transaction Report" via Hadrius for all Reportable Securities in Covered Accounts. Quarterly Transaction Reports must be submitted no later than 30 days after the end of each calendar quarter and must include all transactions effected in Reportable Securities during such quarter.

In accordance with the Advisers Act, the Quarterly Transaction Reports shall contain at least the following information for each transaction in a Reportable Security in which the Access Person had, or as a result of the transaction acquired, any direct or indirect Beneficial Ownership:

● The date of the transaction, the title and, as applicable, the exchange ticker symbol or CUSIP number, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each involved;

● 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 which the transaction was effected; and

● The date that the report is submitted.

*Annual Holdings Reports*: Each Access Person must provide the CCO with a report of their holdings on an annual basis via Hadrius. Such report must be current as of a date not more than 45 days prior to the date on which it is submitted. The content of the Annual Holdings Report is the same as is required for the Initial Holdings Report above.

**Brokerage Statements**

In order to facilitate personal trading reporting and reviews, the Firm encourages Access Persons to connect their Covered Accounts via the automatic data connection in Hadrius. In the event that the automatic data method of transaction reporting in Hadrius is not functioning properly, Access Persons are required to submit a statement reflecting the transactions in Covered Accounts.

Access Persons must upload their statements to Hadrius in a timely manner to accurately reflect the transactions occurring in their Covered Accounts. Such statements must include:

● The date of the transaction, the title and, as applicable, the exchange ticker symbol or CUSIP number, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each involved;

● 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 which the transaction was effected; and

● The date that the report is submitted.

Access Persons are responsible for the reporting obligations outlined above. Access Persons should confirm with the CCO or Compliance Designee that connections for their Covered Accounts are functioning and provide any statements requested in a timely manner.

**Reportable Securities**

"Reportable Securities" include any Security except the following, which are Non-Reportable Securities:

● 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 issued by open-end investment companies registered in the U.S., none of which are advised or underwritten by the Company or an affiliate;

● Interests in 529 college savings plans; and

● Shares issued by unit investment trusts that are invested exclusively in unaffiliated mutual funds.

If you did not have any transactions or account openings to report, this should be indicated in Hadrius, as these reports are required of all Access Persons, including those who have no transactions to report.

**Exceptions from Reporting Requirements**

There are limited exceptions to certain reporting requirements. Specifically, Access Persons are not required to submit:

● Quarterly reports for any transactions effected pursuant to an Automatic Investment Plan. However, any transaction that overrides the pre-set schedule or allocations of the Automatic Investment Plan must be included in a quarterly transaction report; or

● Any reports with respect to Reportable Securities held in accounts over which the Access Person had no direct or indirect influence or control, such as a blind trust, wherein the Access Person has no knowledge of the specific management actions taken by the trustee and no right to intervene in the trustee's management.

Any investment plans or accounts for which an Access Person claims an exception based on "no direct or indirect influence or control" must be brought to the attention of the CCO who will, on a case-by-case basis, determine whether the plan or account qualifies for an exception and make a record of such determination. Unless and until such exception is granted, all applicable reporting requirements shall apply. The CCO may determine to obtain periodic attestations from the non-discretionary account broker that reaffirm the Access Person continues not to have influence or discretion over such accounts. The Company requires that all Access Persons seeking a reporting exception for an account based on "no direct or indirect influence or control" submit such a request in writing to the CCO initially when the exception is first sought and no less than annually thereafter confirm in writing that the exception still applies.

**Managed Accounts**

The CCO may periodically request information or a certification from a party responsible for managing the account and may also periodically request reporting on the account to identify transactions that would have been prohibited pursuant to this Code of Ethics, absent the exception granted.

**Review and Recordkeeping**

The CCO shall review personal trading reports for all Access Persons no less frequently than quarterly and will otherwise take reasonable steps to monitor compliance with and enforce this Code of Ethics. Evidence of the reviews shall be maintained in the Firm's files. Another appropriately designated individual will review the CCO's personal securities trading reports.

Twin Oak reserves the right to require the Access Person to reverse, cancel, or freeze, at the Access Person's expense, any transaction or position in a specific security if the Firm believes the transaction or position violates its policies or appears improper. The Firm will keep all such information confidential except as required to enforce this policy or to participate in any investigation concerning violations of applicable law.

The CCO's annual and quarterly reports and trading requests will be reviewed by the Compliance Designee.

**Review and Retention of Reports**

The CCO or Compliance Designee will review Access Persons' Holdings Reports, Quarterly Transaction Reports and preclearance disclosures to determine whether any violations of the Firm's policies or of the applicable Federal Securities Laws occurred. If there are any discrepancies between Holdings Reports, Transaction Reports or pre-clearance disclosures, the CCO will contact the applicable Access Person to resolve the discrepancy. If the Firm determines that an Access Person has violated this Code, such Access Person may be subject to disciplinary action or restrictions on further trading.

**Confidentiality**

The CCO and any Compliance Designee receiving reports of an Access Person's holdings and transactions under this Code will keep such reports confidential, except to the extent that the Firm is required to disclose the contents of such reports to regulators or in legal proceedings.

**Prohibited and Restricted Transactions**

● Access Persons may not acquire or participate in an initial public offering without first seeking written approval from the CCO.

● Any Access Person wishing to purchase or sell a security obtained through a private placement must first seek written approval from the CCO. In addition, if an Access Person who owns a security in a private company knows that the company is about to engage in an IPO, he or she must disclose this information to the CCO.

● Participation in investment clubs must be approved in writing by the CCO in advance of any such participation.

● Rule 17j-1 under the 40 Act provides that an investment being considered for purchase or sale within 14 days of the proposed personal transaction should not be approved. Securities that have been sold in the past three (3) days should also not be granted pre-clearance approval.

Because no written policy can provide for every possible contingency, the CCO may consider granting additional exemptions from the Prohibitions on Trading on a case-by-case basis. Any request for such consideration must be submitted by the Access Person in writing to the CCO. Exceptions will only be granted in those cases in which the CCO determines that granting the request will create no actual, potential, or apparent conflict of interest.

**Pre-clearance of Transactions**

Access Persons are not required to obtain the CCO's or Compliance Designee's prior approval of personal securities transactions unless the transaction concerns an IPO, Limited Offering, Private Placement, or Securities of any issuer on the Firm's Restricted List. The Restricted List will be available to all Access Persons and should be reviewed prior to submitting a pre-clearance request. The Firm does not trade in digital assets on behalf of Client accounts as a strategy or other than in response to an unsolicited Client request. As such, trading in digital assets does not pose a conflict of interest to the Firm. The Firm does not restrict or require preclearance in digital assets.

Preclearance requests involving IPOs ("Preclearance Request – IPO" form), Limited Offerings/Private Placements ("Private Investments" form), or Securities/issuers on the Restricted List must be submitted to the CCO or Compliance Designee by completing a pre-clearance request in Hadrius.

Pre-clearance is obtained by submitting a disclosure request in Hadrius. If pre-clearance is obtained, the Access Person shall act promptly, taking the necessary steps to effectuate the transaction. All pre-clearance requests are valid for a period of 48 hours unless otherwise determined by the CCO.

The CCO may revoke a pre-clearance at any time up until the Access Person has made a firm commitment to invest. The CCO will explain to the Access Person why pre-clearance is required and have the Access Person sign an acknowledgment of understanding and acceptance. Records of the noted exceptions/red flags, remedial actions, and all related securities transactions will be maintained in the Company's files.

Preclearance is *not* required to be submitted for transactions in Covered Accounts an Access Person has no direct or indirect influence or control over ("managed accounts"). All managed accounts must be disclosed along with documentation supporting the non-discretionary status of the account via Hadrius.

EVEN IF APPROVAL IS OBTAINED, ACCESS PERSONS MUST NOT BUY OR SELL, OR RECOMMEND THAT OTHERS BUY OR SELL, SECURITIES OF A COMPANY IF THE ACCESS PERSON HAS MATERIAL NON-PUBLIC INFORMATION ABOUT THE COMPANY IN QUESTION.

Prior to making the initial or any follow-on investment, the agreements or other like documents pertaining to the investment. Where confirmations and statements or other like documents are not available from the issuer, the Access Person must promptly inform the CCO or Compliance Designee of any changes in the investment and provide the CCO or Compliance Designee with a written yearly update.

**Restricted List**

The CCO may place certain Securities on a restricted list (the "Restricted List"). Access Persons are prohibited from personally, or on behalf of a Client, purchasing or selling Securities that appear on the Restricted List. A Security will be placed on the Firm's Restricted List if any transactions by the Firm or an Access Person in such Security would be considered improper and/or illegal, such as under the following circumstances:

The Firm is in possession of MNPI about an issuer;

● An Access Person is in a position that may cause the Firm or such Access Person to receive MNPI, such as serving as a member of an issuer's board of directors;

● The Firm has executed a non-disclosure agreement or other agreement with a specific issuer that restricts trading in that issuer's Securities;

● An Access Person's trading in the Security may present the appearance of a conflict of interest or an actual conflict of interest;

● An investor relationship that involves a senior officer or director of an issuer (*i.e.*, a value-added investor) may present the appearance of a conflict of interest or an actual conflict of interest; and

● The CCO has otherwise determined it is necessary to do so.

Approval will be granted only if it is confirmed that Twin Oak is not actively trading or does not have immediate plans to trade the security in question in a client account. Other factors may also be considered before approval is granted. To further safeguard against potential conflicts of interest and insider trading, the following restriction applies:

● Two-Week Restriction Period: Access Persons are prohibited from trading in securities that an ETF managed by Twin Oak has traded in, for a period of two weeks following the trade by the ETF. This is to prevent any misuse of privileged information and to ensure fairness in trading practices.

The CCO is responsible for maintaining the Restricted List. The CCO shall review the Restricted List periodically to determine whether any issuer/Security should be removed from the Restricted List. Each time the CCO adds or removes an issuer/Security to or from the Restricted List, the CCO shall document the reason for restriction or removal from the Restricted List. Only the CCO may remove a company from the Restricted List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Insider Trading** 

Section 204A of the Advisers Act requires Twin Oak to establish, maintain, and enforce written policies and procedures reasonably designed, taking into consideration the nature of the business, to prevent the misuse of material, non-public information by the Firm or any person associated with the Firm.

Twin Oak forbids any Access Persons from trading, either personally or on behalf of others, including Funds, based upon Material Non-Public Information ("MNPI") about a publicly traded security, or communicating MNPI to others in violation of the law. This conduct is frequently referred to as "insider trading." This policy applies to every Access Person and extends to activities within and outside of their duties at Twin Oak.

While the law concerning insider trading is not static, it is generally understood that the law prohibits:

● trading by an insider, while in possession of MNPI;

● trading by a non-insider, while in possession of MNPI, where the information either was disclosed to the non-insider in violation of an insider's duty to keep it confidential or was misappropriated; or

● communicating MNPI to others (i.e., "tipping").

The elements of insider trading and the penalties for such unlawful conduct are discussed below. If, after reviewing this policy statement, any Access Person has any questions, they should consult the CCO.

Penalties for Insider Trading

Trading or investing in securities while in possession of MNPI or improperly communicating that information to others may expose an Access Person to stringent penalties, including criminal prosecution. Criminal sanctions may include fines and imprisonment. The SEC also can recover profits gained or losses avoided through insider trading, impose a financial penalty of up to three times the illicit windfall, and issue an order permanently barring the Access Person from the securities business. In addition, any violation of the Code's Insider Trading Policy can be expected to result in serious sanctions by the Firm, up to and including termination of employment.

**Who is an Insider?**

The concept of "insider" is broad. It includes officers, directors, and employees of a company. In addition, a person can be a "temporary insider" if they enter into a special confidential relationship in the conduct of a company's affairs and as a result are given access to information solely for the company's purposes. A temporary insider can include, among others, a company's attorneys, accountants, consultants, bank lending officers, and the employees of such organizations. In addition, Twin Oak may become a temporary insider of a company it advises or for which it performs other services. According to the Supreme Court, the company must expect the outsider to keep the disclosed non-public information confidential and the relationship must at least imply such a duty before the outsider will be considered an insider.

**Material Information**

"Material information" generally is defined as information for which there is a substantial likelihood that a reasonable investor would consider it important in making their investment decisions, or information that is reasonably certain to have a substantial effect on the price of a company's securities. Information that Access Persons should consider material includes, but is not limited to:

● Dividend or earnings announcements;

● Asset write-downs or write-offs;

● Additions to reserves for bad debts or contingent liabilities;

● Expansion or curtailment of company or major division operations;

● Merger or joint venture announcements;

● New product or service announcements;

● Discovery or research developments;

● Criminal, civil, and government investigations and indictments;

● Pending labor disputes;

● Debt service or liquidity problems;

● Bankruptcy or insolvency;

● Tender offers and stock repurchase plans; and

● Recapitalization plans.

Information provided by a company could be material because of its expected effect on a particular class of securities, all of a company's securities, the securities of another company, or the securities of several companies. Material information need not relate to a company's business operations. For example, information about the content of an upcoming newspaper column may affect the price of a security and therefore be considered material. Advance notice of forthcoming secondary market transactions could also be material.

Access Persons should consult with the CCO if there are any questions about the materiality of information.

**Nonpublic Information**

Information is considered nonpublic if it has not been broadly disseminated to investors in the marketplace. Once non-public information has been effectively distributed to the investing public, it is no longer classified as non-public. For example, the classification will change from non-public information to public information through the dissemination of information via commonly recognized channels of distribution designed to reach the securities marketplace. Such instances may include a national newspaper (e.g., The Wall Street Journal), or in a public disclosure document (e.g., Filing a Form 8K with the SEC).

In addition, a sufficient period of time must elapse for the information to permeate the public channels to be considered public. There is no set time period between the information's release and the time it is considered to be fully disseminated into the marketplace. The speed of dissemination depends on how the information was communicated.

**Manipulative Trading Practices**

Access Persons are prohibited from circulating false rumors and rumors of a sensational character that reasonably may be expected to affect market conditions for one or more securities, sectors or markets or improperly influencing any person or entity. Intentionally creating, passing, or using rumors may violate the antifraud provisions of federal securities laws. Such conduct is contradictory to the Firm's expectations regarding appropriate behavior of its Access Persons.

Access Persons are prohibited from engaging in actual or apparent trading in a security for the purpose of:

● inducing the purchase or sale of such security by others; or

● causing the price of a security to move up or down.

The Exchange Act does not prohibit otherwise lawful activity that has the incidental result of changing the supply or demand or the intrinsic value of a security.

Access Persons should consult with the CCO if they have any questions regarding the appropriateness of any communications.

Trading while in possession of information concerning trades by the Firm or its Clients is prohibited. Access Persons are prohibited from making a trade in the same direction as the Firm or a Client just before the Firm or Client makes its trade (for example, buying a Security just before the Firm or a Client buys that Security or selling just before the Firm or a Client sells that Security). Similarly, Access Persons are prohibited from making a trade in the opposite direction just after a trade by the Firm or a Client (for example, buying a Security just after the Firm or a Client stops selling such Security or selling just after the Firm or a Client stops buying such Security).

**Firm's Insider Trading Policy**

The following procedures have been established to aid Access Persons in avoiding insider trading and to aid Twin Oak in preventing, detecting, and imposing sanctions against insider trading. Every Access Person must follow these procedures or risk serious sanctions, including dismissal, substantial personal liability, and criminal penalties. If employees have any questions about these procedures, they should consult the CCO.

**Procedures Designed to Detect and Prevent Insider Trading**

● Before trading for themselves or others, each Access Person should ask themselves the following questions regarding information that they possess:

○ Is the information nonpublic?

○ Is the information material?

● If, after consideration of the above, an Access Person believes that the information may be material and nonpublic, or if an Access Person has questions as to whether the information is material and nonpublic, they should take the following steps:

○ Report the information and proposed trade immediately to the CCO.

○ Refrain from purchasing or selling the securities either on behalf of yourself or on behalf of others.

○ Refrain from communicating the information inside or outside of the Firm, other than to the CCO.

● After the CCO has reviewed the issue, the Access Person will be instructed either to continue the prohibitions against trading and communication, or they will be allowed to trade the Security and communicate the information.

**Operating Procedures and Compliance Review**

The CCO will review the Firm's Insider Trading Policy at least annually with all Access Persons to reiterate the Firm's policy and ensure that all Access Persons are properly trained and aware of the required reporting procedures.

Upon learning of a potential or actual violation of the Insider Trading Policy, the CCO will discuss the matter with the Firm's senior management and/or counsel, as appropriate for the situation. The CCO, in consultation with senior management and/or counsel, will determine what further action, if any, is required. Such determination will be documented in a manner appropriate for the situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Gift and Entertainment Policy** 

Gifts or entertainment may create an actual or apparent conflict of interest, which could affect (or appear to affect) the recipient's independent business judgment. Access Persons are expected to avoid any gifts or entertainment that:

● Could create an apparent or actual conflict;

● Is excessive or would reflect unfavorably on Twin Oak or its clients; or

● Would be inappropriate or disreputable in nature

Access Persons may not take advantage of their position by requesting a gift or discount. They must not:

● Receive cash, cash equivalents, loans, or personal services on behalf of Twin Oak, even if these fall within the limits outlined above. This includes gift cards or certificates if they can be redeemed for cash; or

● Receive special discounts unless they are available to all other Access Persons (e.g., a discount coupon from a retail store).

Modest gifts and favors, which would not be regarded by others as improper, may be accepted or given on an occasional basis. Entertainment that satisfies these requirements and conforms to generally accepted business practices is also permissible. 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.

**Definitions**

**Gift**

A "Gift" is anything of value that is given with the intent or perceived intent to foster a legitimate business relationship. Gifts can include merchandise such as wine, gift baskets, or event tickets if the giver does not attend. No Access Person may receive any gift, service, or other thing of excessive value from any person or entity that does business with or on behalf of Twin Oak. No Access Person may give or offer any gift of excessive value to existing Clients, prospective clients, or any entity that does business with or on behalf of Twin Oak without pre-approval by the CCO. Access Persons may not accept a Gift of cash or a cash-equivalent in any amount.

**Entertainment**

"Entertainment" is a meeting, meal, or other activity where both the Access Person and the business partner are present and have the opportunity to discuss business, or any participant's employer bears the cost. It does not include events that have been organized by Twin Oak directly, such as receptions following an industry gathering or multi-client entertainment. If the business partner will not be present for the event, it will be considered a Gift.

**Policy on Giving and Receiving Gifts and Entertainment**

*<u>Gifts</u>* - Access Persons may not give or receive a Gift that is excessive or lavish to or from anyone with whom the Firm has, or is likely to have, business dealings, unless pre-approved by the CCO prior to giving or approved the next business day after receiving. Access Persons may not accept Gifts of cash or cash equivalents as well as stocks or other Securities.

Regarding Gift giving, Access Persons:

● May give a gift to a Client as long as the gift is not being provided with the intent of receipt of a testimonial;

● May not give a gift to a third-party for the intent of receiving an endorsement;

● May not give gifts of cash or cash equivalents as well as stocks or other securities; and

● May not give or provide any Gift, including a personal gift, to any official of a public/municipal fund or Taft-Hartley plan without the express prior approval of the CCO.

*<u>Entertainment</u>* – Access Persons may not give or accept an invitation that involves Entertainment that is costly, lavish, or excessive as it can raise questions of impropriety. The determination of costly, lavish, or excessive is determined by the CCO on a case-by-case basis. Entertainment activities involving the same giver and recipient should not be frequent. Exceptions to this policy can be granted by the CCO on a case-by-case basis.

If an Access Person is unable to judge the value of a Gift, believes that the Entertainment may be excessive, or has other questions pertaining to this policy, they should consult the CCO for guidance.

**Reporting of Gifts and Entertainment**

Reportable gifts and entertainment include gifts or entertainment that are considered costly, lavish, or excessive. Twin Oak Access Persons are trained on identifying gifts/entertainment which can be considered costly, lavish, or excessive at least annually. All reportable gifts and entertainment should be reported via the Gift and Entertainment Disclosure in Hadrius.

**Charitable Gifts**

Gifts made to charitable or non-profit organizations are not subject to the Gifts and Entertainment Policy provided that the donation or contribution has no business-related purpose or objective. If the charitable gift has a business-related purposes, such gift is subject to the reporting requirements listed above.

**Training and Review of Access Persons Activity**

The CCO or designee is responsible for training Access Persons on what constitutes costly, lavish, or excessive during the Firm's annual compliance training. Additionally, Access Persons are encouraged to discuss potential gifts or entertainment with the CCO as they arise to ensure conflicts are mitigated as necessary.

The CCO is responsible for the review of gift and entertainment requests in Hadrius at the time of submission in Hadrius to ensure gifts or entertainment that are deemed costly, lavish, or excessive are not approved. Additionally, on a quarterly basis, the CCO or designee will review quarterly certification responses against disclosures in Hadrius for gifts and entertainment to ensure compliance with Firm policy occurred over the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Outside Business Activities** 

Access Persons are prohibited from engaging in outside business activities without the prior written approval of the CCO. Approval will be granted on a case-by-case basis, subject to proper resolution of potential conflicts of interest. "**Outside Business Activities**" include being (whether or not on behalf of the Firm) an officer, director, limited or general partner, member of a limited liability company, or an employee or consultant of any non-Firm entity or organization. Outside organizations can include public or private businesses, corporations, partnerships, charitable foundations, and other not-for-profit institutions.

Access Persons must also disclose in the same reporting manner below any board or similarly controlling roles that an Immediate Family Member may hold at any public company or registered broker dealer.

**Approval Procedures**

●  ***<u>Approval Process</u>*** – Access Persons must obtain written approval from the CCO before engaging in Outside Business Activities. Access Persons wishing to enter into or engage in, such transactions and activities must obtain the written approval by completing an outside business activity disclosure in Hadrius.

●  ***<u>New Access Persons</u>*** – At or prior to the commencement of their employment with or engagement by the Firm, the Access Person must disclose all existing Outside Business Activities to the CCO by completing an outside business activity disclosure in Hadrius.

**Conflicts of Interest**

The CCO is responsible for reviewing Outside Business Activities submitted by Access Persons to ensure that material conflicts of interest do not exist. The CCO shall review each Outside Business Activity at the time of submission for conflicts of interest and document any material conflicts that may exist, approval or denial of such Outside Business Activity, and rational for the decision to approve or deny.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **Political Contributions** 

Rule 206(4)-5 (the "**Pay-to-Play Rule**") under the Advisers Act, restricts the Firm and its Access Persons from making U.S. political contributions that may appear to be made for pay-to-play purposes, regardless of the Access Person/contributor's intent. The phrase "pay-to-play" to refer to arrangements whereby investment advisers make political contributions or related payments to government officials in order to be awarded with, or afforded the opportunity to compete for, contracts to manage the assets of public pension plans and other government accounts.

The Pay-to-Play Rule generally creates:

● a two-year time-out from receiving compensation for providing advisory services to certain state and local government entities after political contributions have been made to certain government officials,

● a prohibition on soliciting or coordinating certain contributions and payments, and

● a prohibition from paying certain third parties from soliciting state and local government entities.

**Pay to Play Policy**

It is the Firm's policy that contributions to candidates for a public office, a political party, or a political action committee ("**PAC**") by the Firm and its Access Persons are made in compliance with the Pay-to-Play Rule. Any contribution by the Firm or its Access Persons made to candidates running for U.S. state or local political office, candidates running for U.S. federal office who currently hold a U.S. state or local political office, or to political parties or PACs that may contribute to such campaigns (collectively, a "**Political Contribution**") must be made in compliance with applicable law. The Firm's policy is also applicable to Access Persons' Immediate Family Members.

Under the Pay-to-Play Rule, the "de minimis exception" permits a Access Person or an Immediate Family Member to make political contributions to state and local elected officials up to (i) $350 per election per candidate if the contributor is entitled to vote for the candidate, and (ii) $150 per election per candidate if the contributor is not entitled to vote for the candidate.

The Firm will not make Political Contributions or otherwise endorse or support political parties or candidates (including through intermediary organizations such as PACs or campaign funds) with the intent of directly or indirectly influencing any investment management relationship.

**Pre-clearance of Political Contributions**

The Firm requires all Access Persons to obtain pre-approval on behalf of themselves and Immediate Family Members from the CCO or Compliance Designee by completing a Political Contribution Disclosure in Hadrius before making a Political Contribution. Under no circumstances may an Access Person engage in any of the foregoing activities indirectly, such as by funneling payments through third parties including, for example, attorneys, family members, friends or companies affiliated with the Firm as a means of circumventing the Pay-to-Play Rule.

**New Access Person Certification**

When an Access Person is engaged by the Firm, the Firm will review that Access Person's prior Political Contributions. If the Access Person is involved in soliciting clients or investors for the Firm, then the Firm is required to look back at the Access Person's Political Contributions within the last two years at the time of the engagement and annually thereafter. If the Access Person is not involved in soliciting clients or investors for the Firm, then the Firm is only required to look back six months from the time of hire. The CCO will determine whether any such past Political Contribution will affect the Firm's business. Upon joining the Firm, each new Access Person must complete the "Political Contribution Disclosure" [in Hadrius].

**Review of Political Contributions**

The CCO or designee shall conduct a review at least annually of political contributions made by Access Persons to confirm that all required disclosures were made by employees in Hadrius.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**X.** **Anti-bribery Policy and Procedures** 

**Anti-Bribery Policy**

It is the Firm's that no Access Person may offer payments or anything else of value to a government official that could or will assist the Firm in obtaining or retaining business or securing any improper business advantage. This includes making, promising, or offering bribes to maintain existing business relationships or operations. Anyone at the Firm found to be violating the Firm's "Anti-Bribery Policy" will be subject to disciplinary action, which may include termination of employment or severance of the relationship with the Firm. The Firm requires all Access Persons to report any suspicious activity that may violate this policy to the CCO. An Access Person's failure to report known or suspected violations may itself lead to disciplinary action.

**Foreign Corrupt Practices Act**

The U.S. Foreign Corrupt Practices Act ("**FCPA**") prohibits individuals and companies from corruptly making or authorizing an offer, payment or promise to pay anything of value to a foreign official for the purpose of influencing an official act or decision in order to obtain or retain business. The FCPA applies to all foreign officials and all employees of state-owned enterprises.

Interactions with non-U.S. government officials could take place in various contexts. Access Persons should be aware of Clients or prospective clients who are government officials, or Clients or prospective clients who are government-owned or controlled. Institutional Clients or prospects which are central banks, sovereign wealth funds or government pension funds are clear examples where FCPA issues might arise, and Access Persons' awareness should be heightened.

Gifts and hospitality, or other expenses which are reasonable and directly related to bona fide business purposes, are not offenses under the FCPA; however, in such cases recordkeeping must be clear and unambiguous.

Under the FCPA, both the Firm and its individual Access Persons can be held criminally liable for payments made to agents or intermediaries while "knowing" that some portion of those payments will be passed on to (or offered to) a foreign official. The knowledge element required is not limited to actual knowledge but includes "consciously avoiding" the high probability that a third-party representing the Firm will make or offer improper payments to a foreign official.

**FCPA Red Flags**

Investment advisers engaging foreign agents are expected to be attuned to "red flags" in connection with such transactions. Examples of factors to consider when determining whether any such red flags exist include:

● The foreign country's reputation for corruption;

● Requests by a foreign agent for offshore or other unusual payment methods;

● Refusal of a foreign agent to certify that it will not make payments that would be unlawful under the FCPA;

● An apparent lack of qualifications;

● Non-existent or non-transparent accounting standards; and

● Whether the foreign agent comes recommended or "required" by a government official.

**Preclearance Requirement**

Before any planned contact with a foreign official, Access Persons must advise the CCO. Any concerns that Access Persons have that a breach of the FCPA may have occurred should be immediately communicated to the CCO. Any payment or anything else of value given to a foreign official must be preapproved by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XI.** **Electronic Communications** 

Twin Oak's policy is to retain all business communications which include all communications sent or received by the Company relating to, among other things, recommendations made or proposed to be made and any advice given or proposed to be given; any receipt, disbursement, or delivery of funds or securities; or the placing or execution of any order to sell any security. To facilitate Twin Oak's obligations regarding retention and storage of certain business communications, Access Persons shall only use the Twin Oak email system, Microsoft Teams and Bloomberg messaging for all internal and external business communications. Access Persons shall not communicate about company business internally or externally using personal email, other personal texting platforms (WhatsApp, internet chat rooms, or other messaging applications), or social media messaging functions (LinkedIn, Twitter, Facebook, etc.). When instances of messaging arise that are unprompted by Access Persons, those interactions should be redirected to Twin Oak's systems promptly.

The email system provided to employees, Microsoft Teams, internet access, and the Bloomberg messaging platform approved for communications are the property of the Firm and should be used only for legitimate business purposes. Associated Persons' communications using these electronic resources are held to the same standard as all other business communications. Associated Persons must act with good judgment, integrity, competence, dignity, and in an ethical manner when using electronic resources. Such resources may not be used to receive or transmit communications that are discriminatory, harassing, offensive, unlawful, or otherwise inappropriate.

Tone, meaning, and innuendo are often lost in electronic communications. Therefore, a joke that may have been funny to one employee and a recipient may not be funny to another employee, regulator, or a plaintiff's attorney. Twin Oak believes in conducting professional communication when done electronically and thus requires Access Persons to refrain from:

● Using foul or offensive language;

● Attaching or forwarding inappropriate or offensive attachments or pictures; or

● Discussing inappropriate subject matter.

The CCO and/or Compliance Designee shall periodically review the Firm's electronic communications to ensure that all communications are done in accordance with Twin Oak's policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XII.** **Social Media** 

Twin Oak acknowledges the right of Access Persons to host and post blogs and use social networking sites (i.e., LinkedIn, Facebook, Twitter, etc.). However, the use of social networking sites is prohibited for use as a means of communicating with Clients, sending Clients non-public information, and/or conducting business on behalf of the Company. The information posted on blogs and social networking sites is in the public domain and may be a reflection of Twin Oak's business and may cause Twin Oak and its private funds to be in violation of the SEC's advertising rules. To avoid misrepresentation of Twin Oak and to avoid any violations of the SEC's advertising rules, Twin Oak has adopted the following guidelines for Employees who choose to participate in social networking and become involved with other forms of online publishing or discussions:

● Conduct all personal internet social networking on personal equipment during non-working hours so as not to interfere with primary job responsibilities or company equipment;

● Refrain from conducting or discussing Twin Oak-related business on personal social media sites;

● Do not use the email or messaging function on any personal social media network site to communicate business-related information;

● Refrain from using, disclosing, or posting Client, investor, or Twin Oak's confidential information or documents including financial information, performance information, and information regarding prospective business;

● Do not host or maintain a blog or website regarding the financial industry or the Firm's technology without the prior permission of the CCO and/or Compliance Designee;

● Clearly identify comments, views, and opinions regarding the financial industry as your own;

● Professional biographies listed on social networking sites must be truthful and accurate. They may contain names, titles, contact information, and background;

● The use of testimonials or recommendations on social networking sites is prohibited;

● No website page may be created for any site without approval from the CCO and/or Compliance Designee;

● Refrain from posting information about Twin Oak on public sites that could be construed as an advertisement under the Marketing Rule, unless approved by the CCO;

● Refrain from sharing proprietary information about the Company's operations or investment decisions;

**Review of Social Media Activity**

Personal LinkedIn profiles and direct message functions of key personnel are archived within Global Relay. Such profiles and messages are reviewed via the Firm's monthly electronic communications review process.

Firm social media pages, such as LinkedIn, shall be reviewed at least annually by the CCO or designee to confirm compliance with this policy.

## Ex-99.(P)(13)

[THE RBB FUND TRUST 485BPOS](rbb-485bpos_061026.htm)

**Exhibit 99(p)(13)**

6. CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. General Principles

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1. Definitions and Availability

In accordance with Rule 204A-1 of the U.S. Investment Advisers Act of 1940, investment advisers must establish, maintain and enforce a Code of Ethics ("Code") which applies to all Supervised Persons. While Rule 204A-1 does not require an adviser to adopt a particular standard, the Code must reflect the adviser's expectations of conduct for all Supervised Persons and must be in compliance with U.S. federal security laws.

The Firm has established a Code, which applies to all Supervised Persons of the Firm. For the purposes of this Code, all direct employees of the Firm involved with the U.S. AM business are considered as Supervised Persons.

This Code is available and distributed to all Supervised Persons of the Firm. Upon client request, the Code may be disclosed to the client and the fact that a disclosure was made will be recorded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2. Anti-Fraud Provisions

The anti-fraud provisions of the U.S. Investment Advisers Act of 1940 and relevant federal and state rules and regulations make it unlawful for an investment adviser to directly or indirectly "employ any device, scheme or artifice to defraud a client or a prospective client" or to "engage in any transaction, practice, or course of business which operates as a fraud or deceit upon any client or prospective client." The Firm conducts business with the highest level of ethical standards and seeks to comply with all applicable federal and state securities laws at all times.

The Firm takes its responsibilities to comply with all applicable federal and state securities laws seriously. In advancement of the principles cited in section 6.1.1 of the Code, Supervised Persons are not permitted, in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by a client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To defraud such client in any manner

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To mislead such client, including but not limited to making a statement that omits material facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To engage in any manipulative practice with respect to securities, including but not limited
to price manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.3. Compliance Organization

The AMCCO is responsible for establishing and maintaining internal policies and procedures to ensure the Firm and its Supervised Persons conduct business with the highest level of ethical standards. These policies and procedures aim to prevent and detect any violations of Firm or regulatory rules and regulations. In support of detecting and handling violations, the AMCCO is responsible for establishing and enforcing risk management policies and procedures designed to ensure advisory activities are conducted in accordance with the Code.

The AMCCO is responsible for ensuring that measures are taken to maximize all Supervised Persons' understanding of the Firm's policies and procedures and fiduciary duty. This responsibility includes establishing and maintaining a review system to make sure policies and procedures are effective and followed by all Supervised Persons.

The AMCCO is responsible for conducting periodic training of the Code for existing and newly hired Supervised Persons. To support this, the Firm has established a structured training program. The training program is comprised of a curriculum that draws from key areas of this compliance manual, latest compliance trends and issues identified in the broader asset management industry. (See "TRAINING" below).

Training content includes coverage of this Code and the testing of employee knowledge of the Code. Participation in mandatory training is monitored and unapproved non-participation is recorded and addressed directly with each employee. In addition, divisions are provided with desktop versions of training content.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.4. Compliance Enforcement

All Supervised Persons receive a copy of the P&P (including the Code) and are required to certify that they understand and agree to comply with the provisions herein. All Supervised Persons must sign a written acknowledgement that they have read, understand and agree to comply with the Code upon joining the U.S. AM business. Additionally, all Supervised Persons are required to review this Code on an annual basis and sign an annual acknowledgment of receipt and compliance. The AMCCO is responsible for notifying all Supervised Persons of any material changes to the Code, at which point an updated acknowledgement will be obtained from each Supervised Person.

In order to effectively ensure compliance with the requirements and standards described in the Code, the AMCCO will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Be responsible for maintaining and amending internal standards, policies, procedures, and controls
as needed to promote compliance with this Code and with other policies and procedures designed to promote each Supervised Person's
fiduciary responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Provide ongoing training regarding this Code and the Firm's risk management policies and
procedures to all Supervised Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Provide an environment encouraging Supervised Persons to engage in safe and confidential discussions
and disclosures to the AMCCO or other appropriate senior management persons regarding any violations or potential or perceived
violations of this Code; this is done in line with the Firm's whistleblower guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Establish clear lines of accountability for the company's internal policies and procedures,
including provisions relating to the responsibilities of employees and the level of oversight provided by the AMCCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.5. Conflicts of Interest

The Firm has the responsibility to make sure the interests of clients are placed ahead of its or any Supervised Person's own investment interests. The Firm conducts business in an honest, ethical, and fair manner. Full disclosure of all material facts and potential conflicts of interest is provided to clients prior to any services being conducted. A conflict of interest occurs when a Supervised Person's private interest or the interest of the Firm interferes with the interests of the Firm's clients. The Firm has the responsibility to avoid all circumstances that might negatively affect or appear to affect its duty of complete loyalty to its clients. The Firm will not engage in any conduct or act, directly or indirectly or through any other person that would be unlawful under the provisions of any rules and regulations. If a Supervised Person is unsure whether a situation would be considered a conflict of interest, the Supervised Person should consult with the AMCCO before taking any action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.5.1. Controlling and Identifying Conflicts of Interest

In order to control conflicts of interest, the AMCCO has implemented procedures to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Identify conflicts of interest relating to the Firm's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Assess and evaluate conflicts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Decide upon and implement an appropriate response to identified conflicts.

More specifically, the AMCCO undertakes the following set of detailed steps to limit exposures to conflicts of interest by ongoing review of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Remuneration practices of the business (e.g. fees charged to clients and commissions, if any,
paid to advisers) and confirmation of efficient, honest, and fair practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Fair treatment of all clients so that financial services are not provided in a manner that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Unfairly places the interests of the Firm ahead of its clients (e.g. failure to disclose fees
transparently).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Unfairly puts the interests of one client ahead of the interests of other clients (e.g. in its
dealings with a client who is a representative or associate when trading for that person).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Unfairly uses knowledge about clients in a way that is likely to advance the Firm's own
interest without sufficient disclosure to impacted clients (e.g. insider dealing).

Particular attention was given to the following potential conflict of interest situations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The granting of preferential treatment to a client who is a representative or associate of the
Firm, such as by trading at lower costs or charging reduced fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The granting of preferential treatment to a client who is a representative or associate of the
Firm, such as by giving priority access to products and investment opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The obtaining of an advantage over clients where the Firm, a representative or associate of the
Firm trades at a rate more favorable than the market rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.5.2. Assessing, Evaluating and Resolving Conflicts of Interest

The AMCCO is responsible for assessing and evaluating conflicts of interest. The evaluation must be reported to the CCO at least annually.

In resolving conflicts of interest, the Firm must decide upon and implement an appropriate response to new and potential conflicts of interests. Depending on the circumstances and nature of any conflict of interest, an appropriate response may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Disclosing the conflict of interest to the relevant client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Assigning another representative to provide advisory service to the particular client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Declining to provide advisory services to the particular client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Required response commensurate with internal and external disciplinary action(s).

What constitutes an appropriate response to a particular conflict of interest will always depend on the related facts and circumstances. In considering an appropriate response, the Firm will consider its obligations under the U.S. Advisers Act and other applicable statutes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.5.3. Avoiding and Disclosing Conflicts of Interest

There are some conflicts of interest that can only be managed by complete avoidance. The AMCCO must assess and evaluate any actual, apparent or potential conflict of interest and make a decision as to whether a particular conflict of interest is manageable or whether it should be avoided altogether.

The AMCCO will endeavor to ensure clients are adequately informed about any conflicts of interest. Adequate disclosure means providing enough detail in a clear, concise and effective manner that allows clients to make an informed decision about how the conflict may affect the service provided to them. Any disclosure made by the Firm will focus on materiality and ensuring such disclosure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Is timely, prominent, specific and meaningful to the client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Occurs before or when the service is provided, but in all cases, at a time that provides the
client a reasonable amount of time to assess its effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Specifies the service to which the conflict relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.6. Unethical Conduct

Any person engaging in an unethical business practice is subject to having his/her license denied, suspended, and employment terminated. Unethical conduct includes, but is not limited to the following business practices:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Forgery

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Embezzlement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Theft

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Exploitation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Non-disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Incomplete disclosure or misstatement of material facts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Fraudulent acts or deceptive practices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Aiding or abetting any unethical practices

The Firm monitors, discourages and/or prevents its Supervised Persons from engaging in any dishonest or unethical conduct, focusing on the explicit prohibition from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Engaging in any act, practice, or course of business that is fraudulent, deceptive, or manipulative
contrary to any rules or regulations established by all governing regulatory bodies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Recommending the purchase, sale, or exchange of any security to a client without reasonable grounds
for believing that the recommendation is suitable for the client. Recommendations are generated by information known by or provided
to the Firm by the client based on a reasonable inquiry regarding the client's age, investment experience, time horizon,
liquidity, risk tolerance, financial history, investment objectives, financial situation and needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Recommending or implementing trades in a client's account that are excessive in size or
frequency with respect to the client's financial resources, and investment objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Borrowing money or securities from or loaning money or securities to a client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Guaranteeing to a client that a gain or no loss will occur as a result of the advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Publishing, circulating, or distributing any advertisement that has not been approved and that
does not comply with regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Disclosing confidential information belonging to any client, unless required by law or having
received written authorization from the client to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Failing to provide the proper disclosure documents (Form ADV Part 2A, 2A Appendix 1 and Part
2B) prior to or at the time of executing a client agreement for advisory services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Creating any condition, stipulation, or provision as part of any advisory
client agreement that limits or attempts to limit the liability of the Firm or any of its Supervised Persons for willful misconduct
or gross negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.7. Training

The AMCCO cooperates with relevant divisions and conducts mandatory training for Supervised Persons.

It is expected that topics covered during Firm training, will amongst other things, include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Fiduciary Duty of Investment Advisors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Importance of Adhering to the consolidated P&Ps

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Outside Business Activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Anti-Money Laundering

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Protection of Non-Public Customer Data

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Code of Ethics, Insider Trading and Personal Securities Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Political Contributions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Best Execution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Other items deemed necessary for the business

The AMCCO may also make use of questionnaires, online course materials, and other resources to evaluate Supervised Persons' understanding of Firm policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. Material non-public information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.1. Improper use of MNPI

Material non-public information ("MNPI") is information which investors would consider important for making a decision and which has not been publicly communicated to the marketplace. Improper use of MNPI, including use of insider information, when conducting any securities transaction is a serious violation of U.S. federal securities laws and will not be tolerated.

Any person having access to MNPI will violate anti-fraud provisions of the U.S. federal securities laws by effecting transactions based on such information or communicating the same to an unauthorised party. The Firm seeks to identify instances when employees obtain MNPI so as to prevent its unlawful use generally, and in the execution of trades (e.g. front-running).

The Firm has established measures to assess the implications of an employee's receipt of MNPI. This includes analysis of whether such information might necessitate prohibiting any further trading in a related security even if the decision to trade in the security was reached prior to receiving the MNPI or the MNPI would not have led to a decision to trade.

Supervised Persons may not purchase or sell a security, either personally or on behalf of others, while in the possession of MNPI. Supervised Persons are also forbidden to communicate MNPI to others in violation of the law.

Examples of information that is generally considered MNPI include:

**MNPI Grouping 1 - Conventional Insider Information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Financial results or forecasts, or any information that indicates a company's financial results
may exceed or fall short of forecasts or expectations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Important new products or services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Approval of a patent application.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Pending or contemplated acquisitions or dispositions, including mergers, tender offers or joint
venture proposals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Possible management changes or changes of control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Significant write-offs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Initiation or settlement of significant litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Changes in a company's auditors or a notification from a company's auditors that
the company may no longer rely on the auditor's report.

**MNPI Grouping 2 - Other**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Unreleased/disclosed security recommendations resulting from the Firm's internal research/investment
strategy development process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Certain client trade data relating to purchase/sale orders, underlying security positions, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Pending updates to securities ratings.

This policy applies to all Supervised Persons and extends to activities within and outside of their duties with the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2. Enforcement and Reporting

The AMCCO, in partnership with the broader Compliance Division team, is responsible for establishing implementing, monitoring and enforcing all of the Firm's policies and procedures regarding insider trading. If Supervised Persons are unclear or have any questions about the Firm's insider trading policies and procedures, they should direct questions to the AMCCO prior to trading in the security under concern.

Any time a Supervised Person suspects that a client or another Supervised Person is trading based on insider information or determines that they have received insider information or have become privy to other forms of MNPI to which they should not have access, the incident must be reported to the AMCCO immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.3. Limiting Access to MNPI

Supervised Persons in possession of MNPI may not trade in that security or any related securities for any account. In addition, no recommendations will be made in relation to any securities affected by the information. Such information must be communicated to the AMCCO who will then determine the appropriate course of action to take. The AMCCO will communicate the appropriate course of action to the Supervised Person(s) having knowledge of the information. The AMCCO will confidentially document the Firm's actions in addressing the reported MNPI.

MNPI is strictly managed. As an example, off-the-job communication between an analyst and Fund Manager ("FM") regarding research information is prohibited. To help prevent the risk of front-running and other prohibited trading activity, only Supervised Persons who need to know such information for purposes of their job will have such information disclosed to them. MNPI shall not be disclosed to anyone within or outside the Firm's U.S. investment adviser division except on a need-to-know basis, and then only after taking reasonable steps to ensure the recipient of such information is aware that the information constitutes MNPI.

Research results are simultaneously disclosed to all relevant FMs so as to prevent the risk of front-running.

Supervised Persons have an obligation to keep information related to transactions absolutely confidential in order to preserve the integrity of such information. Matters concerning particular business transactions and other customer information should not be discussed with any individual, including other Supervised Persons who do not have a need to know. Any confidentiality breaches shall be immediately reported to the AMCCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.4. Information Management

For the purposes of information management and the maintenance of appropriate records, the AMCCO will prepare a control sheet for the Insider Information Management List. The document, depending on its medium, will be securely stored in an access controlled database or a locked filing cabinet. The document will contain the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Information Management ID

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The name of each Supervised Person to whom the information was communicated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Supervised Person's title within the company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The name of the security affected

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The source of the communication

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The nature of the communication

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The date of the communication

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) The date information management is to be dissolved

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Name of approver to dissolve information management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.5. Portfolio Balance and Holdings Information Management

The Firm separately specifies balance statement disclosure rules for the handling of client portfolio balance and holdings information, and disclosure and sharing of this information with clients, potential clients, internal divisions, outside organizations, or other parties. This includes guidelines on when and how to anonymize the identity of clients, and examples of instances which require consultation with AMCCO before client portfolio and holdings information can be shared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.6. Pending Transaction and Trading Strategy Information

The AMCCO implements certain measures to ensure there are no unauthorized disclosure of pending transactions and trading strategies to third parties,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To include the need for on-site external personnel with potential access to non-public information
of this nature to sign documentation requiring their adherence to the Firm's rules regarding the prevention of information
leakage/insider trading policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.7. Supervised Persons Acknowledgement and Compliance Management

The AMCCO is responsible for ensuring all Supervised Persons are aware of policies and procedures regarding insider trading. The Firm's policies are reviewed on a regular basis and updated as necessary. All Supervised Persons will be required to review the Firm's written consolidated P&P at least annually. Supervised Persons will then sign an acknowledgement indicating they are aware of, understand and agree to comply with the Firm's policies and procedures, including those pertaining to insider trading. Signed acknowledgements are submitted to the AMCCO.

The AMCCO performs the following procedures as a part of his duty to ensure compliance with the Firm's insider trading policies and procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Review trading activity reports or confirmations and statements obtained from Access Persons
of the Firm as defined in section 6.3.4., inclusive of any personal trading transactions and/or holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Review and monitor the trading activity of all accounts managed by the Firm in relation to the
U.S. AM business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Enforce Firm requirements for pre-clearance of all relevant personal trading activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Maintain information barriers to protect the integrity of MNPI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Require the immediate disclosure of the possession of MNPI by Supervised Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.8. Violations of Insider Trading Policy

The consequences for trading on or communicating MNPI are severe. Consequences can be imposed on any personnel involved in insider trading, including their employer. Penalties can be imposed even if the parties involved do not personally benefit from the activities involved in the violation. In addition to the regulatory and criminal penalties that could be imposed, Supervised Persons can expect any violation of the Firm's insider trading prevention policy will result in disciplinary actions based on the Rule of Employment to all parties involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. Personal Securities Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.1. General Prohibition on Personal Trading

In principle, the Firm prohibits personal trading by all Supervised Persons. Except for transactions related to mutual funds, Supervised Persons' personal trades require approval in accordance with established procedures. Procedures require the AMCCO to confirm that any exception granted by the Supervised Person's respective division General Manager does not violate the restrictions, guidelines, and prohibitions discussed in this Code and other Firm policies. If an exception is granted, actual trading results are reported to the AMCCO, and monitored by the AMCCO for compliance with Firm policy. A summary of the results will be periodically reported to senior management in its related Directors Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.2. Restrictions on Approved Exceptions to the General Prohibition on Personal Trading and "Front
Running"

In cases in which an approval exception for personal trading is granted, the Firm further stipulates that Access Persons as defined in section 6.3.4., their immediate family living in the same household and the AMCCO involved in the U.S. AM business may not buy or sell securities or hold a position in securities identical to the securities recommended to clients. No personnel at the Firm may place his/her interest before a client's, trade ahead of any client, or trade in a way that would cause him/her to obtain a better price than a client. To be clear, Supervised Persons, their immediate family living in the same household, and the AMCCO may not front run ahead of clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.2.1. IPOs and Private Placements

The Firm's Access Persons as defined in section 6.3.4. may not invest in an initial public offering ("IPO") for their own accounts or those of their relatives.

The Firm's Access Persons as defined in section 6.3.4. are required to obtain approval in accordance with certain procedures prior to investing in a private placements ("PP"). Access Persons as defined in section 6.3.4. can consult with the AMCCO to determine whether they may transact in a given security.

The AMCCO compares new securities holdings reported by employees against publicly available reports of new IPOs or PP to make sure no employee has purchased shares in an IPO/PP inconsistent with the Firm's policies or procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.2.2. Transactions with Clients

Supervised Persons may not borrow money or securities from any client of the Firm or lend money or securities to any client of the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.2.3. Market Timing and Minimum Holding Period

The Firm forbids the practices of "short-swing" trading or market timing, defined as an investment strategy using frequent purchases, redemptions, and exchanges in an attempt to profit from short-term, market movements. Notwithstanding certain exceptions, the purchase and sale of the same financial instrument on the same day is generally prohibited. Exceptions require appropriate reasons, such as liquidity needs, and require the approval of the relevant division General Manager. For any approved personal securities transactions and holdings, the Firm institutes a minimum holding period of thirty (30) days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.3. Approvals for Exceptions to the General Prohibition on Personal Trading

Before a personal trade exception approval for a Supervised Person is granted, the AMCCO must consider the following core points:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Will the amount or nature of the transaction affect the price or market for the security?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Is the transaction likely to harm any client?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Is there an appearance or suggestion of impropriety?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Is the individual in question in a position that would allow him/her to acquire insider information
about the security in question?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Is the transaction speculative?

The AMCCO established the following procedures to support the Firm's policies regarding the prevention of insider trading and for controls around personal trading exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Firm maintains lists of issuers of securities that the Firm is analyzing or recommending
for client transactions, and prohibits personal trading in securities of those issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Firm maintains "restricted lists" of issuers about which the Firm has inside information,
and prohibits any trading in securities of those issuers, including personal or client trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) "Blackout periods" are in effect for periods
in which client securities trades are being placed or recommendations are being made. Access Persons as defined in section 6.3.4.
are not permitted to place personal securities transactions during these periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Review documents, verifications, acknowledgements and other materials provided to and obtained from
employees upon hiring to make sure they are aware of, acknowledge in writing and adhere to their personal trading restrictions
and reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Monitor transactions reports or duplicate statements and confirms received from Access Persons
to make sure they are received in a timely fashion and do not reveal any improper trading activity (i.e., lack of compliance with
Code of Ethics requirements, such as black-out periods, IPO participation, trading in securities whilst on the "restricted
list" or "watchlist," front running, etc).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Monitor securities holdings reports received from covered employees quarterly and annually reports
for timeliness and comprehensiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Compare the performance of client accounts with the performance of employees' personal
accounts, with the view of identifying questionable discrepancies indicating cherry-picking, front-running, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Compare information on employees' confirms and account statements with the holdings and
transactions reports submitted to check for discrepancies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Compare employees' trading pre-approval forms with their account statements and confirms
to make sure trading was executed only on the terms and in the time frame that was approved by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.4. Definition of Access Persons

Per the requirements of Rule 204A-1 of the U.S. Advisers Act, Access Persons associated with the Firm's U.S. AM business will be required to report all personal securities transactions to the AMCCO. An Access Person has been defined by the SEC, under Rule 204A-1(e) (1), as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any of the Firm's Supervised Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Who have access to non-public information regarding any clients' purchase or sale of securities,
or non-public information regarding the portfolio holdings of any reportable fund; or,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Who are involved in making securities recommendations to clients, or who have access to such
recommendations that are nonpublic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.4.1. List of Access Persons

The AMCCO maintains a list of Access Persons, which is reviewed and updated on a periodic basis. The review takes into account new hires, terminations, resignations, changes of duties, and other events which may affect personnel status. Access Persons are grouped under distinct categories tied to the type of client and general trade information they are allowed to access. This information is then stored in key internal systems to facilitate control and monitoring of access to MNPI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.5. Requirement for All Access Persons

The Firm requires all personal securities transactions and holdings by Access Persons and their immediate relatives living in the same household to be disclosed and reported. Access Persons must report trades implemented for their personal account, accounts of any household family member (immediate family members residing in the same household) or any account for which the Access Person acts as a trustee. Personal securities transactions that need to be reported include stocks, bonds, limited partnerships, options, and other general securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.6. Out-of-Scope Product Types

Transactions involving any of the following do not need to be included on the report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Open-end mutual fund (unless the adviser or a control affiliate acts as the investment adviser
or principal underwriter for the fund).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Money market instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Bankers' acceptances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Bank CDs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Commercial paper and high quality short-term debt instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Variable annuities funded by insurance company separate accounts organized as unit investment
trusts. Such separate accounts typically are divided into subaccounts, each of which invests exclusively in shares of an underlying
open-end fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Government securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Unit Investment Trusts (UITs) (provided the UIT is invested exclusively in unaffiliated mutual
funds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. Reporting Requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.1. General Scope and Requirements

Access Persons must maintain, as part of the Firm's books and records, their and other household personal accounts trading in stocks, bonds, limited partnerships, options, and other general securities.

Access Persons will ensure they submit copies of statements and confirmations for all of individuals and related family members living with Access Persons to the AMCCO. Access Persons must make sure the AMCCO receives the statements no later than thirty (30) days after the end of the applicable calendar quarter. The AMCCO monitors all statements and confirmations received from Access Persons, and ensures statements and confirmations are received in a timely fashion and do not reveal any improper trading activity. The Firm requires attestation that reported holdings or changes to holdings are also reflective of indirect holdings (i.e., accounts held by Access Persons' spouses).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.2. Provision of Report Information on Securities

A report of all personal securities holdings must be submitted at the time an Access Person becomes affiliated with the Firm, no later than ten (10) days after the employee becomes an Access Person (the information must be current as of a date no more than forty-five (45) days prior to the date the employee becomes an Access Person) and must be disclosed at least annually thereafter. Such reports must contain current information (not older than forty-five (45) days). Holding reports must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The title and type of security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The security symbol or CUSIP number

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The number of shares and the principal amount of each reportable security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The name of any broker, dealer, or bank with which the Access Person maintains an account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The date the report was submitted

Initial and annual reports must disclose the existence of all accounts that hold any Securities, even if none of those Securities fall within the definition of a "Reportable Security" which include any Security, except Out-of-Scope Product Types as listed in Section 6.3.6.

If an Access Person does not have any holdings and/or accounts to report, this should be explicitly stated in writing within 10 days of becoming an Access Person and by February 14<sup>th</sup> of each year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.3. Brokerage Account Disclosure

Access Persons must disclose to the AMCCO all personal and beneficially owned investment ("brokerage") accounts, whether maintained within or outside of the U.S. Brokerage accounts opened after the most recent account disclosure made to Access Persons must be similarly disclosed promptly (not later than thirty (30) days) following the opening of such employee or employee-related brokerage accounts. Annually, Access Persons must reconfirm all existing Employee Brokerage Accounts, including those of immediate relatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.4. Out-of-Scope Transaction Types

The following are exceptions to the reporting requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Transactions effected pursuant to an automatic investment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Securities held in accounts over which a Supervised Person has no direct or indirect influence
or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) No report is required for an advisor firm that only has one Supervised Person with access to
non-public information regarding clients' purchase and sale of securities, is involved in making recommendations to clients
or has access to such recommendations that are nonpublic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.5. Submission Review

The AMCCO will receive, review, and approve a copy of all confirms and statements for Access Persons' personal accounts. These documents will be reviewed for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To assess whether persons are following the Firm's policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To assess whether any trades are being placed that are on the Firm's restricted list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To assess whether the Access Person is trading for his/her own account in the same securities
he/she is trading for clients.

If all required information is not included on the confirmations and statements, the Access Persons will be required to report any missing information to the AMCCO or one of his deputies. All approved confirmations and statements will be maintained in the Firm's personal securities transactions file.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. Gifts and Entertainment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.1. Scope and Rules

Generally, Supervised Persons are prohibited from giving or receiving gifts and entertainment related to the US AM business, unless approval is granted by the AMCCO or an authorized designee from Compliance Division. The requirement to obtain the AMCCO's pre-approval can be waived in unavoidable circumstances (i.e., a last minute invitation to attend an event, an unexpected gift, etc.)

Entertainment includes any events where the business contact is in attendance.

No Supervised Person or member of a Supervised Person's immediate family may send or receive any gift of any amount from any persons or entity including clients and their service providers, vendors, and competitors.

Supervised persons may invite clients to an event provided that the event has been approved by the AMCCO or an authorised designee from Compliance Division.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.2. Compliance Management

The AMCCO is responsible for maintaining the Firm's US AM business related gift and entertainment policy.

To monitor compliance with the policies related to the U.S. AM business, the AMCCO (with the exception of the narrow examples mentioned in section 2.5.1) will ensure the following measures are thoroughly undertaken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If Supervised Persons give or receive gifts, pre-approval from the AMCCO or an authorised designee
within Compliance Division is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Firm's Supervised Persons are required to report events attended and hosted within five
(5) business days to the Firm prior to extending an invitation or immediately upon receipt of an invitation to attend an event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) As evidence of compliance, the Firm will record gifts and entertainment
given and received on a Gifts and Entertainment Log, retained among the files shared within Compliance Division.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Review the gifts/entertainment log to see if a particular person or firm has been the sender
or recipient of an unusual number of gifts or entertainment of unusual value and further investigate any indications of inappropriate
influence, undisclosed conflicts or other impropriety.

AMCCO will examine the gifts/entertainment processes. Examples of the measures used to monitor compliance with said guidelines include record keeping spanning some of the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Description of the gift or entertainment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Approximate dollar amount of the gift or entertainment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Internal party receiving or giving the gift or entertainment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The outside party giving or receiving the gift or entertainment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Whether the recipient received other gifts from the giver within the last twelve months, including
information on those prior gifts' value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Relationship of the giver to the Firm and its Supervised Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Reason the gift or entertainment is given

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Supervised Person's signature and date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) AMCCO's comments and approval or objection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. Political Contributions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.1. Definitions

According to Rule 206(4)-5 under the U.S. Advisers Act, a "contribution" is defined as "any gift, subscription, loan, advance, or deposit of money or anything of value made for: (i) the purpose of influencing an election for a federal, state or local office; (ii) payment of debt incurred in connection with any such election; or (iii) transition or inaugural expenses of the successful candidate for state or local office."

A "government entity" includes "any state or political subdivision of a state including: (i) any agency, authority, or instrumentality of the state or political subdivision; (ii) a pool of assets sponsored or established by the state or political subdivision or any agency, authority or instrumentality thereof, including, but not limited to a 'defined benefit plan' as defined in section 414(j) of the Internal Revenue Code (for example, 26 U.S.C. 414(j)), or a state general fund; (iii) a plan or program of a government entity; and (iv) employees or their representatives of the state or political subdivision or any agency, authority or instrumentality thereof, acting in their official capacity."

Government "official" includes "any person (including any election committee for the person) who was, at the time of the contribution, an incumbent, candidate or successful candidate for elective office of a government entity, if the office: (i) is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser by a government entity; or (ii) has the authority to appoint any person who is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser by a government entity."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.2. Regulatory Requirements

SEC Rule 206(4)-5 under the U.S. Advisers Act regulates political contributions by certain investment advisers. First, the Rule prohibits an investment adviser from providing advisory services, either directly or through a pooled investment vehicle, for two (2) years if the investment adviser or its Supervised Persons have made a political contribution to an individual in a position to influence the award of a management contract. There is a de minimis exception to this rule which allows for individuals to contribute up to $350 to a candidate per election if the contributor is allowed to vote for the candidate and up to $150 per candidate per election if the contributor is not allowed to vote for the candidate. Second, the Rule prohibits an investment adviser and its Supervised Persons from soliciting or coordinating campaign contributions for candidates or political parties. Finally, the Rule prohibits investment advisers from paying any third party solicitor, unless the third party solicitor is an SEC registered broker-dealer or registered investment adviser who will be subject to similar pay-to-play restrictions.

[Note] "Pay-to-play" is to make a donation to government officials in return for the consideration of entrustment (i.e., a quid pro quo).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.3. General Prohibition on Political Contributions

The Firm does not permit its employees to make contributions to any elected official or candidate that is also a client of the Firm regardless of the amount of the contribution. This prohibition includes a ban from coordinating or asking others to make contributions, a ban of the use of third-parties to solicit any government or any government entity as a client, and bans all such indirect activity through spouses, lawyers, affiliated companies, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.4. Enforcement of the General Prohibition on Political Contributions

The AMCCO is responsible for implementing and maintaining a compliance management framework that seeks to prevents, to the greatest extent possible, any political contributions and identify violations. Violations are reported to the Board of Directors and to the Management Committee. As part of the enforcement of the Firm's policy on prohibiting political contributions, the AMCCO and/or his designated staff will undertake monitoring, on a sample basis, expense reports from relevant Supervised Persons for potential "pay-to-play" violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7. Outside Business Activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.1. Prohibition on Outside Business Activities

Supervised Persons are not permitted to engage in activity as a director or employee of any outside organization or be engaged in other external work during their employment by the Firm without obtaining pre-approval from the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8. Incidents, Suspicious Behavior, and Violations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.1. Reporting Suspicious Activity

Supervised Persons are required to report any violations or suspicious activities relating to the Code, Insider Trading or Personal Securities Transactions policies and procedures to the AMCCO and designated persons within each of their divisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.2. Sanctions and Penalties

Upon discovering a violation of any of these policies and procedures, the Firm may impose any sanctions based on its employment regulation, including termination, demotion, suspension of work, reduction of salary, reprimand/severe reprimand, or warning. Potential penalties are ultimately judged by the Rewards and Disciplinary Penalty Committee based on the severity of the offense and may involve the AMCCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.3. Maintenance of Violation Records and Review

The AMCCO maintains records of incidents, suspicious behaviors, and violations which relate to the U.S. AM business and undertakes regular reviews of violations in order to strengthen compliance with policies and procedures. Any violations or incidents (e.g., inaccurate client reporting, MNPI leakage, trades requiring cancellation and Security ID lost) must be recorded into the Accident Reporting database within five (5) days after the investigation is finalized. Once recorded, approvals are required from several people such as General Manager of the division, Asset Management & Investor Services Risk Management & Compliance Division ("AIRCD"), and Compliance Division depending on the division in which incident occurs. The AMCCO is always involved in the approval process. Access rights to the database is limited to relevant personnel.

AIRCD prepares an Investment Supervision Report which includes all reporting items on a monthly basis for submission to the AMCCO.

Records are maintained both physically and electronically for a period of no less than six (6) years.