# EDGAR Filing Document

**Accession Number:** 0000831114
**File Stem:** 0001398344-25-013355
**Filing Date:** 2025-7
**Character Count:** 1360045
**Document Hash:** de77dfe9c98f19569d54de6ca5b89bca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-013355.hdr.sgml**: 20250718

**ACCESSION NUMBER**: 0001398344-25-013355

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 52

**FILED AS OF DATE**: 20250718

**DATE AS OF CHANGE**: 20250718

**EFFECTIVENESS DATE**: 20250718

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RBB FUND, INC.
- **CENTRAL INDEX KEY:** 0000831114

**ORGANIZATION NAME:**
- **EIN:** 510312196
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05518
- **FILM NUMBER:** 251135251

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

**MAIL ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN ST.
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RBB FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FUND INC /DE/
- **DATE OF NAME CHANGE:** 19600201
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RBB FUND, INC.
- **CENTRAL INDEX KEY:** 0000831114

**ORGANIZATION NAME:**
- **EIN:** 510312196
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-20827
- **FILM NUMBER:** 251135250

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

**MAIL ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN ST.
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RBB FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FUND INC /DE/
- **DATE OF NAME CHANGE:** 19600201

## Series and Classes Contracts Data

### EMERALD BANKING & FINANCE EVOLUTION FUND (Series ID: S000093695)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000262137 | Institutional Class |  |
| C000262138 | Investor Class      |  |
| C000262139 | Class A             |  |
| C000262140 | Class C             |  |

### EMERALD GROWTH FUND (Series ID: S000093696)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000262141 | Class C             |  |
| C000262142 | Institutional Class |  |
| C000262143 | Investor Class      |  |
| C000262144 | Class A             |  |

### F/m Emerald Special Situations ETF (Series ID: S000093697)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000262145 | F/m Emerald Special Situations ETF |  |

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

Filed with the Securities and Exchange Commission on July 18, 2025

1933 Act Registration File No. 033-20827

1940 Act Registration File No. 811-05518

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X] <br> Pre-Effective Amendment No.   [ ] <br> Post-Effective Amendment No. <u>359</u> [X]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X] <br> Amendment No. <u>364</u> [X]

(Check Appropriate Box or Boxes)

**<u>THE RBB FUND, INC.</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, Inc.** | **Faegre Drinker Biddle & Reath LLP** |
| **615 East Michigan Street** | **One Logan Square, Suite 2000** |
| **Milwaukee, Wisconsin 53202-5207** | **Philadelphia, Pennsylvania 19103-6996** |

---

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

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

[ ] on (date) pursuant to paragraph (b)

[ ] 60 days after filing pursuant to paragraph (a)(1)

[ ] on (date) pursuant to paragraph (a)(1)

[ ] 75 days after filing pursuant to paragraph (a)(2)

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

If appropriate, check the following box:

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

![](fp0094386-1_01.jpg)

**PROSPECTUS**

July 18, 2025

**EMERALD BANKING & FINANCE EVOLUTION FUND**

Class A: HSSAX Class C: HSSCX <br> Institutional Class: HSSIX Investor Class: FFBFX

**EMERALD GROWTH FUND**

Class A: HSPGX Class C: HSPCX <br> Institutional Class: FGROX Investor Class: FFGRX

This Prospectus gives vital information about the Emerald Banking & Finance Evolution Fund and the Emerald Growth Fund (each a "Fund" and together the "Funds" or the "Emerald Funds"), each an investment portfolio of The RBB Fund, Inc. (the "Company"), including information on investment policies, risks and fees. For your own benefit and protection, please read it before you invest and keep it on hand for future reference.

**The SEC has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **SUMMARY SECTION – EMERALD BANKING & FINANCE EVOLUTION FUND** | 1 |
| **SUMMARY SECTION – EMERALD GROWTH FUND** | 10 |
| **ADDITIONAL INFORMATION ABOUT THE FUNDS** | 19 |
| &nbsp;&nbsp;&nbsp;INVESTMENT OBJECTIVES AND PRINCIPAL STRATEGIES | 19 |
| &nbsp;&nbsp;&nbsp;MORE INFORMATION ABOUT FUND INVESTMENTS | 21 |
| &nbsp;&nbsp;&nbsp;MORE INFORMATION ABOUT RISKS | 22 |
| &nbsp;&nbsp;&nbsp;DISCLOSURE OF PORTFOLIO HOLDINGS | 29 |
| &nbsp;&nbsp;&nbsp;MORE INFORMATION ABOUT MANAGEMENT OF THE FUNDS | 29 |
| &nbsp;&nbsp;&nbsp;SHAREHOLDER INFORMATION | 33 |
| &nbsp;&nbsp;&nbsp;ADDITIONAL INFORMATION | 50 |
| **FINANCIAL HIGHLIGHTS** | 51 |
| **APPENDIX A** | A-1 |
| **PRIVACY NOTICE** | A-3 |

---

i

**<u>SUMMARY SECTION – EMERALD BANKING & FINANCE EVOLUTION FUND</u>**

**Investment Objective** 

Emerald Banking & Finance Evolution Fund (the "Fund") seeks long-term growth through capital appreciation. Income is a secondary objective.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial intermediary, in the section "SHAREHOLDER INFORMATION" starting from page 34 of the Prospectus and the section "PURCHASE AND REDEMPTION INFORMATION" starting from page 48 of the Fund's statement of additional information (the "SAI"). In addition, please see Appendix A - Intermediary Sales Charge Waivers and Discounts.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Institutional Class** | **Investor Class** |
| **Shareholder Fees** (fees paid directly from your investment) | | | | |
| Maximum sales charge (load) on purchases (as a percentage of offering price) | 4.75% |  |  |  |
| Maximum deferred sales charge (as a percentage of the lower of original purchase price or redemption proceeds) |  | 1.00% |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | | | | |
| Management Fees | 0.90% | 0.90% | 0.90% | 0.90% |
| Distribution and Service (12b-1) Fees | 0.35% | 0.75% |  | 0.25% |
| Total Other Expenses | 0.38% | 0.63% | 0.43% | 0.53% |
| &nbsp;&nbsp;&nbsp;Other Fund Expenses<sup>(1)</sup> | 0.38% | 0.38% | 0.38% | 0.38% |
| &nbsp;&nbsp;&nbsp;Shareholder Services Fees |  | 0.25% | 0.05% | 0.15% |
| Total Annual Fund Operating Expenses | 1.63% | 2.28% | 1.33% | 1.68% |

---

<sup>(1)</sup> It is currently contemplated that before the Fund commences operation, substantially all of the assets of the Emerald Finance and Banking Innovation Fund, as a series of Financial Investors Trust (for this section only, the "Predecessor Fund"), will be transferred to the Fund in a tax-free reorganization (the "Reorganization"). If approved by shareholders of the Predecessor Fund, the Reorganization is expected to occur in the fourth quarter of 2025. Accordingly, "Other Fund Expenses" have been restated to reflect expenses estimated to be incurred for the Fund for the current fiscal year. Unless otherwise indicated, references to the "Fund" in this section refer to the Predecessor Fund and Fund.

**Example**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 YEAR** | **3 YEARS** | **5 YEARS** | **10 YEARS** |
| Class A Shares | $633 | $965 | $1319 | $2316 |
| Class C Shares | $331 | $712 | $1220 | $2615 |
| Institutional Class Shares | $135 | $421 | $729 | $1601 |
| Investor Class Shares | $171 | $530 | $913 | $1987 |

---

You would pay the following expenses on Class C Shares if you did not redeem your Shares at the end of the periods:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 YEAR** | **3 YEARS** | **5 YEARS** | **10 YEARS** |
| Class C Shares | $231 | $712 | $1220 | $2615 |

---

The Example does not reflect sales charges (loads) on dividends reinvested and other distributions. If these sales charges (loads) were included, your costs would be higher.

**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. These costs, which are not reflected in annual fund operating expenses or in the Examples, affect the Fund's performance. A higher portfolio turnover rate may also result in higher taxes when Fund shares are held in a taxable account. During the most recent fiscal year ended April 30, 2025, the Predecessor Fund's portfolio turnover rate was 32% of the average value of its portfolio.

**Principal Investment Strategies**

The Emerald Banking & Finance Evolution Fund has adopted an investment policy that it will, under normal conditions, invest at least 80% of the value of its assets (net assets plus the amount of any borrowings for investment purposes) in stocks (both common and preferred) of companies principally engaged in banking or financial services, and collective investment vehicles such as mutual funds and exchange-traded funds that invest in companies that are principally engaged in banking or financial services as denoted by being classified as within the Banks, Financial Services, Insurance or within the Transaction Processing Services SubSector (as determined by the Russell Industry Classification Benchmark). The Emerald Banking & Finance Evolution Fund's policy to invest at least 80% of its assets in such a manner is non-fundamental, which means that it may be changed without shareholder approval. Shareholders will receive 60 days' prior written notice of any change to this policy.

The Fund may invest in companies of various sizes but will primarily focus on mid and small-size companies, at the time of purchase. The Adviser typically defines small- and mid-size companies as those having a market capitalization equal to or less than that of the largest companies in the Russell 2500 Index. As of June 30, 2025, the Russell 2500 Index included securities issued by companies that ranged in size between $2 million and $24.25 billion. Micro-cap stocks are not a principal investment strategy of the Fund.

While the non-fundamental policy described above allows for the Fund to invest in companies that are principally engaged in either banking or financial services, the Fund has adopted a fundamental policy that it will invest not less than 25% of its net assets in securities of companies principally engaged in the banking or financial services industries. For purposes of this fundamental policy, a company is defined as being in the banking or financial services industries if such company is classified as within the Banks, Financial Services, Insurance or within the Transaction Processing Services Sub-Sector (as determined by the Russell Industry Classification Benchmark).

The Fund generally expects to invest not less than 25% in the banking industry and not less than 15% in the financial services industry. The Fund may invest up to 20% in companies outside the banking and financial services industries.

The Fund may invest up to 15% of the value of its net assets in illiquid securities. The illiquid securities the Fund expects to invest in include common stocks or preferred stocks that cannot be disposed of within seven days in the ordinary course of business.

Companies in the banking industry are defined to include U.S. and foreign commercial and industrial banking and savings institutions and their parent holding companies. Companies in the financial services industry are defined to include commercial and industrial finance companies, diversified financial services companies, investment banking, securities brokerage and investment advisory companies, mortgage real estate investment trusts, insurance and insurance holding companies and leasing companies.

The Fund intends to invest a portion of its assets in the securities of other exchange-traded funds ("ETFs"), including affiliated ETFs advised or sub-advised by the Adviser (as defined below) (each, an "Underlying ETF"). The Fund may invest in real estate investment trusts ("REITs"). There are no limitations with respect to the type of REITs in which the Fund may invest.

Emerald Mutual Fund Advisers Trust ("Emerald" or the "Adviser") applies the theme of evolution to these investment guidelines by pursuing companies that the Adviser believes are reinventing/redesigning existing products/services thereby generating value for their customers, creating a competitive advantage and driving business growth.

The Adviser utilizes a growth approach to choosing securities based upon fundamental research which attempts to identify companies whose earnings growth rate exceeds that of their peer group, exhibit a competitive advantage in niche markets, or do not receive significant coverage from other institutional investors.

The Fund generally sells investments when the Adviser concludes that better investment opportunities exist in other securities, the security is fully valued, or the issuer's circumstances or the political or economic outlook have changed.

**Principal Investment Risks** 

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

***Active Management Risk***: The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.

***Affiliated ETF Risk:*** Affiliated ETF risk is the risk that the Adviser may select Underlying ETF investments 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 ETFs because the fees paid to the Adviser by some Underlying ETFs may be higher than other ETFs, or the Underlying ETFs 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 ETFs.

***Concentration Risk:*** The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund's investments more than the market as a whole, to the extent that the Fund's investments are concentrated in a particular issue, issuer or issuers, country, market segment, industries, project types, or asset class.

***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, Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The Fund and 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 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.

***Equity Securities Risk:*** The Fund is designed for investors who can accept the risks of investing in a portfolio with significant holdings of equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities held by the Fund.

***Foreign Market and Trading Risk:*** The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight. Foreign markets also may have clearance and settlement procedures that make it difficult for the Fund to buy and sell securities. These factors could result in a loss to the Fund by causing the Fund to be unable to dispose of an investment or to miss an attractive investment opportunity, or by causing Fund assets to be uninvested for some period of time. In addition, where all or portion of the Fund's underlying securities trade in a foreign market that is closed when the market in which the Fund's Shares are listed is open for trading, there may be changes between the last quote of the underlying securities' value in the closed foreign market and the value of such underlying securities during the Fund's domestic trading day.

***Growth Stocks Risk:*** Growth stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential. This potential may or may not be realized and, if it is not realized, may result in a loss to the Fund. Growth stock prices also tend to be more volatile than the overall market. Because different types of stocks go out of favor with investors depending on market and economic conditions, the Fund's return may be adversely affected during a market downturn and when growth stocks are out of favor.

***Investment Companies and ETFs Risk*:** The Fund's investment performance may be affected by the investment performance of the underlying funds in which the Fund may invest. Investing in other investment companies, including ETFs, may result in duplication of expenses, including advisory fees, in addition to the Fund's own expenses. The risk of owning an investment company or ETF generally reflects the risks of owning the underlying investments the investment company or ETF holds. The Fund may incur brokerage fees in connection with its purchase of ETF shares. Certain ETFs may be thinly traded and experience large spreads between the "ask" price quoted by a seller and the "bid" price offered by a buyer. 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.

***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 mutual funds 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.

***Market Risk:*** The Fund is subject to market risk, which is the risk that the Fund's share price will fluctuate as market prices fluctuate. At times there may be an imbalance of supply and demand in the fixed income markets which could result in greater price volatility, less liquidity, wider trading spreads and a lack of price transparency. Decisions by the Federal Reserve on interest rate policy and the potential market reaction to these initiatives can have a significant effect on the value of fixed-income securities. The Fund is also subject to management risk, which is the risk that the Adviser's analysis of economic conditions and expectations regarding interest rate changes may fail to produce the intended results. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund may not be appropriate for use as a complete investment program. 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 Fund and its investments.

***REIT Risk*:** REITs may be affected by economic forces and other factors related to the real estate industry. These risks include possible declines in the value of real estate, possible lack of availability of mortgage funds and unexpected vacancies of properties. REITs are also subject to heavy cash flow dependency, defaults by borrowers, self liquidation, interest rate risks (especially mortgage REITS) and liquidity risks. REITs that invest in real estate mortgages are also subject to prepayment risk. Investing in REITs may involve risks similar to those associated with investing in small capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume, engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than larger company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the larger capitalization stocks included in the S&P 500<sup>®</sup> Index. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law, or (ii) maintain their exemptions from registration under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund will indirectly bear its proportionate share of any expenses, including management fees, paid by an externally managed REIT in which it invests.

***Sector Risk*:** To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Banking Sector Risk*. The banking sector can be adversely affected by legislation, regulation, competition, declines in economic conditions,
corporate and consumer debt defaults, changing interest rates, and instability in the financial markets in general. Credit losses resulting
from financial difficulties of borrowers can have a significant negative impact. Changes in legislation in past years may have tended
to increase competition in the industry. The stability and profitability of this sector depends significantly upon the availability and
cost of capital funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Financial Sector Risk*. The Fund may be susceptible to adverse economic or regulatory occurrences affecting the financial sector. Financial services companies are subject to extensive government regulation and, as a result, their profitability may be affected by new regulations or regulatory interpretations. Changes in interest rates can have a disproportionate effect on the financial sector and financial services companies whose securities the Fund may purchase may themselves have concentrated portfolios, which makes them vulnerable to economic conditions that affect that sector. Financial services companies have also been affected by increased competition, which could adversely affect the profitability or viability of such companies.

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

**Performance Information**

It is currently contemplated that before the Fund commences operation, substantially all of the assets of the Predecessor Fund will be transferred to the Fund in the Reorganization. If approved by shareholders of the Predecessor Fund, the Reorganization is expected to occur in the fourth quarter of 2025. The performance information shown below is that of the Predecessor Fund. **Although the Fund is expected to be the successor to the Predecessor Fund following the Reorganization, the Fund's investment strategy will differ materially from that of the Predecessor Fund such that the historical performance of the Predecessor Fund is not representative of the performance investors should reasonably expect from the Fund.** 

The bar chart below illustrates the performance of the Predecessor Fund's Class A Shares, which will differ from other Classes of shares to the extent that the other Classes do not have the same expenses and inception dates. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell Shares of the Fund. If sales charges were included, the returns would be lower. The information shows you how the Predecessor Fund's performance has varied year by year and provides some indication of the risks of investing in the Fund. The bar chart assumes reinvestment of dividends and distributions.

The performance table below shows how the Predecessor Fund's average annual total returns for 1 year, 5 years and 10 years compare with those of a broad measure of market performance. The Predecessor Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current through the most recent month end is available by calling 1-855-828-9909.

**<u>Emerald Finance and Banking Innovation Fund</u>**

**Calendar Year Annual Returns (Year Ended December 31) – Class A Shares:**

![](fp0094386-1_02.jpg)

The Class A Share's year-to-date return through June 30, 2025 was 4.89%.

During the periods shown in the bar chart, the highest return for a quarter was 45.62% during the quarter ended December 31, 2020 and the lowest return for a quarter was -39.58% during the quarter ended March 31, 2020.

**Average Annual Total Returns** (for the periods ended December 31, 2024)

---

| | | | |
|:---|:---|:---|:---|
| **Class A Shares<sup>\*\*</sup>** | &nbsp;&nbsp;**1 Year** | **5 Years** | **10 Years** |
| – Return Before Taxes<sup>\*\*</sup> | &nbsp;&nbsp;10.88% | -2.52% | 3.50% |
| – Return After Taxes on Distributions<sup>\*</sup> | &nbsp;&nbsp;10.14% | -3.32% | 2.50% |
| – Return After Taxes on Distributions and Sale of Fund Shares<sup>\*</sup> | &nbsp;&nbsp;6.63% | -1.99% | 2.69% |
| **Class C Shares<sup>\*\*</sup>** |  |  |  |
| – Return Before Taxes<sup>\*\*</sup> | &nbsp;&nbsp;14.63% | -2.21% | 3.33% |
| **Institutional Class Shares<sup>\*\*</sup>** |  |  |  |
| – Return Before Taxes<sup>\*\*</sup> | &nbsp;&nbsp;16.76% | -1.23% | 4.36% |
| **Investor Class Shares<sup>\*\*</sup>** |  |  |  |
| – Return Before Taxes<sup>\*\*</sup> | &nbsp;&nbsp;16.28% | -1.61% | 3.99% |
| – Russell 3000 Index (reflects no deduction for fees, expenses, or taxes)<sup>\*\*\*</sup> | &nbsp;&nbsp;23.81% | 13.86% | 12.55% |
| – Russell 2000 Index TR (reflects no deduction for fees, expenses, or taxes)<sup>\*\*\*\*</sup> | &nbsp;&nbsp;11.54% | 7.40% | 7.82% |
| – Russell 2000 Financial Services Index TR Index (reflects no deduction for fees, expenses, or taxes)<sup>\*\*\*\*</sup> | &nbsp;&nbsp;16.55% | 7.02% | 8.01% |

---

<sup>\*</sup> After-tax returns are calculated by using the highest historical individual U.S. federal marginal income tax rates (i.e., maximum rates) and do not include state or local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In certain cases, the figure representing "Return after Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns are not relevant to investors who hold Fund shares in tax- qualified accounts (i.e., retirement plans or Individual Retirement Accounts).

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| | |
|:---|:---|
| <sup>\*\*</sup> | After-tax returns are only shown for Class A shares of the Fund. After-tax returns for Class C, Institutional Class and Investor Class shares will vary from those shown for Class A shares due to varying expenses among the classes. The returns do not include any applicable sales charges that an investor may pay to a broker-dealer or other financial intermediary when they buy or sell shares of the Fund. |

---

<sup>\*\*\*</sup> Broad-based securities market index.

<sup>\*\*\*\*</sup> Additional index.

**Investment Adviser**

Emerald Mutual Fund Advisers Trust is the investment adviser to the Fund.

**Portfolio Managers**

Kenneth G. Mertz II, CFA, and Steven E. Russell, Esq. are jointly and primarily responsible for the day-to-day management of the Fund's portfolio and make the final investment decisions for the Fund. Mr. Mertz is President and Chief Investment Officer of Emerald and Emerald Advisers, LLC. Mr. Russell is a portfolio manager of the Fund. Mr. Mertz and Mr. Russell have both managed the Predecessor Fund from its inception in March 2012.

**Purchase And Sale of Fund Shares**

The minimum initial investment in Class A, Class C, and Investor Class Shares is $2,000 for non-qualified accounts and $1,000 for qualified accounts. The minimum initial investment in Institutional Class Shares is $1,000,000. The minimum subsequent investment is $100 for Class A, Class C, and Investor Class Shares. There is no minimum subsequent investment for Institutional Class Shares. Investors may meet the minimum investment amount by aggregating multiple accounts within the Fund.

Purchases, exchanges, and redemptions may be made directly or through institutional channels, such as financial intermediaries and retirement platforms. You should contact your financial intermediary or refer to your plan documents for information on how to invest in the Fund. Investor Class shareholders should call 1-855-828-9909 for more information on how to invest.

**Tax Information**

For U.S. federal income tax purposes, the Fund's distributions may be taxed as ordinary income, capital gains, qualified dividend income or Section 199A dividends, except when your investment is in an IRA, 401(k) or other tax-qualified investment plan. Withdrawals from a tax-qualified investment plan are subject to special tax rules.

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

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

**SUMMARY SECTION – EMERALD GROWTH FUND**

**Investment Objective**

Emerald Growth Fund (the "Fund") seeks long-term growth through capital appreciation.

**Fees And Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. More information about these and other discounts is available from your financial intermediary, in the section "SHAREHOLDER INFORMATION" starting from page 34 of the Prospectus and the section "PURCHASE AND REDEMPTION INFORMATION" starting from page 48 of the Fund's statement of additional information (the "SAI"). In addition, please see Appendix A - Intermediary Sales Charge Waivers and Discounts.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A** | **Class C** | **Institutional**<br> **Class** | **Investor**<br> **Class** |
| **Shareholder Fees** (fees paid directly from your investment) | | | | |
| Maximum sales charge (load) on purchases (as a percentage of offering price) | 4.75% |  |  |  |
| Maximum deferred sales charge (as a percentage of the lower of original purchase price or redemption proceeds) |  | 1.00% |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | | | | |
| Management Fees | 0.58% | 0.58% | 0.58% | 0.58% |
| Distribution and Service (12b-1) Fees | 0.35% | 0.75% |  | 0.25% |
| Total Other Expenses | 0.06% | 0.31% | 0.11% | 0.21% |
| &nbsp;&nbsp;&nbsp;Other Fund Expenses<sup>(1)</sup> | 0.06% | 0.06% | 0.06% | 0.06% |
| &nbsp;&nbsp;&nbsp;Shareholder Services Fees |  | 0.25% | 0.05% | 0.15% |
| Acquired Fund Fees and Expenses | 0.02% | 0.02% | 0.02% | 0.02% |
| Total Annual Fund Operating Expenses | 1.01% | 1.66% | 0.71% | 1.06% |
| Fee Waiver and Expense Reimbursement<sup>(2)</sup> | (0.02)% | (0.02)% | (0.02)% | (0.02)% |
| Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement | 0.99% | 1.64% | 0.69% | 1.04% |

---

 

&nbsp;&nbsp;&nbsp;&nbsp;(1) It
is currently contemplated that before the Fund commences operation, substantially all of the assets of the Emerald Growth Fund, as a
series of Financial Investors Trust (for this section only, the "Predecessor Fund"), will be transferred to the Fund in a
tax-free reorganization (the "Reorganization"). If approved by shareholders of the Predecessor Fund, the Reorganization is
expected to occur in the fourth quarter of 2025. Accordingly, "Other Fund Expenses" have been restated to reflect expenses
estimated to be incurred for the Fund for the current fiscal year. Unless otherwise indicated, references to the "Fund" in
this section refer to the Predecessor Fund and Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Pursuant
to a written agreement (the "AFFE Agreement"), Emerald Mutual Fund Advisers Trust ("Emerald" or the "Adviser")
has agreed to waive and/or reimburse the Fund's Class A, Class C, Institutional Class, and Investor Class Shares for any acquired
fund fees and expenses incurred by the Fund in connection with the Fund's investment in any exchange-traded funds advised or sub-advised
by the Adviser. The amount of such waived fees shall not be subject to recapture by the Adviser. The AFFE Agreement has no termination
date. Prior to December 31, 2026 , and thereafter, this waiver may not be modified or discontinued without the approval of the Fund's
board of directors.

 

**Example**

 

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

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 YEAR** | **3 YEARS** | **5 YEARS** | **10 YEARS** |
| Class A Shares | $571 | $779 | $1005 | $1651 |
| Class C Shares | $267 | $521 | $900 | $1964 |
| Institutional Class Shares | $70 | $225 | $393 | $881 |
| Investor Class Shares | $106 | $335 | $583 | $1292 |

---

You would pay the following expenses on Class C Shares if you did not redeem your Shares at the end of periods:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 YEAR** | **3 YEARS** | **5 YEARS** | **10 YEARS** |
| Class C Shares | $167 | $521 | $900 | $1964 |

---

The Example does not reflect sales charges (loads) on dividends reinvested and other distributions. If these sales charges (loads) were included, your costs would be higher.

**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. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. A higher portfolio turnover rate may also result in higher taxes when Fund shares are held in a taxable account. During the most recent fiscal year ended April 30, 2025, the Predecessor Fund's portfolio turnover was 45% of the average value of its portfolio.

**Principal Investment Strategies**

The Emerald Growth Fund has adopted an investment policy that it will, under normal conditions, invest at least 80% of the value of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities of U.S. and foreign companies, principally common stocks and preferred stocks, identified by the Adviser as having growth characteristics. In identifying investments with growth characteristics, the Adviser utilizes a fundamental approach to choosing securities: the research staff of Emerald conducts company-specific research analysis, taking into account a company's revenue and earnings growth rates and the financial, operating, and market characteristics that distinguish a company from other companies. The Fund's policy to invest at least 80% of its assets in such a manner is non-fundamental, which means that it may be changed without shareholder approval. Shareholders will receive 60 days' prior written notice of any change to this policy.

The Fund can invest in companies from a wide range of industries and of market capitalizations. The Fund may emphasize investments in smaller companies, which are defined by the Adviser as those having a market capitalization equal to or less than that of the largest companies in the Russell 2000 Index. As of June 30, 2025, the Russell 2000 Index included securities issued by companies that ranged in size between $2 million and $15.85 billion.

The Fund may also invest in the other investment companies, principally money market funds, exchange-traded funds ("ETFs"), unit investment trusts, closed-end funds, and business development companies. The Fund intends to invest a portion of these assets in the securities of affiliated ETFs advised or sub-advised by the Adviser (each, an "Underlying ETF"). The Fund does not have a policy with respect to investing a certain portion of its assets in any particular sector, but may emphasize investments in the healthcare, technology, and industrial sectors.

While the Fund may directly invest in the securities of companies within the healthcare sector, the Adviser intends for the Fund to gain exposure to the healthcare sector in part through the use of such Underlying ETFs, primarily the F/m Emerald Life Sciences Innovation ETF (the "Life Sciences ETF"). The Fund does not have a policy with respect to the amount of the Fund's portfolio that will be allocated to the Life Sciences ETF, but generally the Adviser expects approximately 5% of the Fund's portfolio to be allocated to the Life Sciences ETF, calculated at the time of investment.

The Fund may invest in foreign companies directly and through American Depository Receipts ("ADRs").

The Fund generally sells investments when the Adviser concludes that better investment opportunities exist in other securities, the security is fully valued, or the issuer's circumstances or the political or economic outlook have changed.

**Principal Investment Risks**

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

***Active Management Risk***: The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.

***Affiliated ETF Risk:*** Affiliated ETF risk is the risk that the Adviser may select Underlying ETF investments 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 ETFs because the fees paid to the Adviser by some Underlying ETFs may be higher than other ETFs, or the Underlying ETFs 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 ETFs.

***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, Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The Fund and 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 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.

***Equity Securities Risk:*** The Fund is designed for investors who can accept the risks of investing in a portfolio with significant holdings of equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities held by the Fund.

***Foreign Market and Trading Risk:*** The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight. Foreign markets also may have clearance and settlement procedures that make it difficult for the Fund to buy and sell securities. These factors could result in a loss to the Fund by causing the Fund to be unable to dispose of an investment or to miss an attractive investment opportunity, or by causing Fund assets to be uninvested for some period of time. In addition, where all or portion of the Fund's underlying securities trade in a foreign market that is closed when the market in which the Fund's Shares are listed is open for trading, there may be changes between the last quote of the underlying securities' value in the closed foreign market and the value of such underlying securities during the Fund's domestic trading day.

***Growth Stocks Risk:*** Growth stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential. This potential may or may not be realized and, if it is not realized, may result in a loss to the Fund. Growth stock prices also tend to be more volatile than the overall market. Because different types of stocks go out of favor with investors depending on market and economic conditions, the Fund's return may be adversely affected during a market downturn and when growth stocks are out of favor.

***Investment Companies and ETFs Risk:*** The Fund's investment performance may be affected by the investment performance of the underlying funds in which the Fund may invest. Investing in other investment companies, including ETFs, may result in duplication of expenses, including advisory fees, in addition to the Fund's own expenses. The risk of owning an investment company or ETF generally reflects the risks of owning the underlying investments the investment company or ETF holds. The Fund may incur brokerage fees in connection with its purchase of ETF shares. Certain ETFs may be thinly traded and experience large spreads between the "ask" price quoted by a seller and the "bid" price offered by a buyer. 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.

***Large-Cap Companies Risk:*** The stocks of large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform investments that focus solely on small- or medium- capitalization stocks.

***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 mutual funds 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.

***Market Risk:*** The Fund is subject to market risk, which is the risk that the Fund's share price will fluctuate as market prices fluctuate. At times there may be an imbalance of supply and demand in the fixed income markets which could result in greater price volatility, less liquidity, wider trading spreads and a lack of price transparency. Decisions by the Federal Reserve on interest rate policy and the potential market reaction to these initiatives can have a significant effect on the value of fixed-income securities. The Fund is also subject to management risk, which is the risk that the Adviser's analysis of economic conditions and expectations regarding interest rate changes may fail to produce the intended results. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund may not be appropriate for use as a complete investment program. 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 Fund and its investments.

***Sector Risk:*** To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Health Care Sector Risk:* Companies in the health care sector are subject to extensive government regulation and their profitability can
be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services,
pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through
outpatient services. Companies in the health care sector are heavily dependent on obtaining and defending patents, which may be time
consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Health care companies
are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete
due to industry innovation, changes in technologies or other market developments. Many new products in the health care sector require
significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no
guarantee that any product will come to market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Technology Companies Risk:* Technology companies and companies that rely heavily on technological advances may have limited product lines, markets, financial resources and personnel. These companies may face rapid product obsolescence, as well as unexpected risks and costs related to new product introduction and technological developments, such as artificial intelligence and machine learning. Technology companies may be adversely affected by disruptions to supply chains and distribution networks, as well as issues at third-party partners. They are heavily dependent on patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their profitability. Technology companies may face increased government scrutiny and may be subject to adverse governmental or legal action. These companies may also be adversely affect by, among other things, actual or perceived security vulnerabilities or other defects in their products and services, which may result in lawsuits, government enforcement actions and other remediation costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Industrial Sector Risk*: Companies in the industrial sector may be adversely affected by changes in the supply and demand for products and services, product obsolescence or discontinuance, claims for environmental damage or product liability and changes in general economic conditions, among other factors.

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

**Performance Information**

It is currently contemplated that before the Fund commences operation, substantially all of the assets of Predecessor Fund will be transferred to the Fund in the Reorganization. If approved by shareholders of the Predecessor Fund, the Reorganization is expected to occur in the fourth quarter of 2025. Accordingly, the Fund is the successor to the Predecessor Fund, and the performance information shown is that of the Predecessor Fund. The Fund has an investment objective, strategies and policies substantially the same as the Predecessor Fund.

The bar chart below illustrates the performance of the Predecessor Fund's Class A Shares, which will differ from other Classes of shares to the extent that the other classes do not have the same expenses and inception dates. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell Shares of the Fund. If sales charges were included, the returns would be lower. The information shows you how the Predecessor Fund's performance has varied year by year and provides some indication of the risks of investing in the Fund. The bar chart assumes reinvestment of dividends and distributions.

The performance table below shows how the Predecessor Fund's average annual total returns for 1 year, 5 years and 10 years compare with those of a broad measure of market performance. The Predecessor Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers in effect. If fee waivers were not in place, the Predecessor Fund's performance would be reduced. Updated performance information, current through the most recent month end is available by calling 1-855-828-9909.

**<u>Emerald Growth Fund</u>**

**Calendar Year Annual Returns (Year Ended December 31) - Class A**

![](fp0094386-1_03.jpg)

---

| | |
|:---|:---|
| Best Quarter – June 30, 2020 | 32.13% |
| Worst Quarter – March 31, 2020 | -24.26% |

---

The Predecessor Fund's Class A share year-to-date return as of June 30, 2025 was 5.30%.

**Average Annual Total Returns** (for the periods ended December 31, 2024)

---

| | | | |
|:---|:---|:---|:---|
| **Emerald Growth** | **1 Year** | **5 Years** | **10 Years** |
| Class A (Inception Date of 10/01/92)<sup>\*\*</sup> |  |  |  |
| Returns Before Taxes<sup>\*\*</sup> | 13.45% | 7.79% | 8.90% |
| Returns After Taxes on Distributions<sup>\*</sup> | 9.34% | 4.89% | 7.05% |
| Returns After Taxes on Distributions and Sale of Fund Shares | 9.82% | 5.65% | 6.89% |
| Class C (Inception Date of 07/01/00)<sup>\*\*</sup> |  |  |  |
| Returns Before Taxes<sup>\*\*</sup> | 17.42% | 8.14% | 8.73% |
| Institutional Class (Inception Date of 10/21/08)<sup>\*\*</sup> |  |  |  |
| Returns Before Taxes<sup>\*\*</sup> | 19.41% | 9.17% | 9.76% |
| Investor Class (Inception Date of 5/2/2011)<sup>\*\*</sup> |  |  |  |
| Returns Before Taxes<sup>\*\*</sup> | 19.03% | 8.79% | 9.38% |
| Russell 3000 Index (reflects no deductions for fees, expenses or taxes)<sup>\*\*\*</sup> | 23.81% | 13.86% | 12.55% |
| Russell 2000 Growth Index (reflects no deductions for fees, expenses or taxes) <sup>\*\*\*\*</sup> | 15.15% | 6.86% | 8.09% |

---

 

<sup>\*</sup> After-tax returns are calculated by using the highest historical individual U.S. federal marginal income tax rates (i.e., maximum rates) and do not include state or local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In certain cases, the figure representing "Return after Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns are not relevant to investors who hold Fund shares in tax-qualified accounts (i.e., retirement plans or individual retirement accounts).

---

| | |
|:---|:---|
| <sup>\*\*</sup> | After-tax returns are only shown for Class A Shares of the Predecessor Fund. After-tax returns for Class C, Institutional Class, and Investor Class Shares will vary from those shown for Class A Shares due to varying expenses among the Classes. The returns do not include any applicable sales charges that an investor may pay to a broker-dealer or other financial intermediary when they buy or sell shares of the Fund. |

---

<sup>\*\*\*</sup> Broad-based securities market index.

<sup>\*\*\*\*</sup> Additional index.

 

**Investment Adviser**

Emerald Mutual Fund Advisers Trust is the investment adviser to the Fund.

**Portfolio Managers**

The members of the team are: Kenneth G. Mertz II, CFA, President; Stacey L. Sears, Portfolio Manager; and Joseph W. Garner, Portfolio Manager and Director of Research for Emerald and its affiliates. Mr. Mertz, Ms. Sears and Mr. Garner are jointly and primarily responsible for the management of the Fund's portfolio, and each has served as a portfolio manager of the Predecessor Fund since inception in March 2012.

**Purchase And Sale of Fund Shares**

The minimum initial investment in Class A, Class C, and Investor Class Shares is $2,000 for non-qualified accounts and $1,000 for qualified accounts. The minimum initial investment in Institutional Class Shares is $1,000,000. The minimum subsequent investment is $100 for Class A, Class C, and Investor Class Shares. There is no minimum subsequent investment for Institutional Class Shares. Investors may meet the minimum investment amount by aggregating multiple accounts within the Fund.

Purchases, exchanges, and redemptions may be made directly or through institutional channels, such as financial intermediaries and retirement platforms. You should contact your financial intermediary or refer to your plan documents for information on how to invest in the Fund. Investor Class shareholders should call 1-855-828-9909 for more information on how to invest.

**Tax Information**

For U.S. federal income tax purposes, the Fund's distributions may be taxed as ordinary income, capital gains, qualified dividend income or Section 199A dividends, except when your investment is in an IRA, 401(k) or other tax-qualified investment plan. Withdrawals from a tax-qualified investment plan are subject to special tax rules.

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

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

**ADDITIONAL INFORMATION ABOUT THE FUNDS**

**INVESTMENT OBJECTIVES AND PRINCIPAL STRATEGIES**

The following supplements the information contained in the Prospectus concerning the investment objectives of the Funds.

The investment objective of the Emerald Banking & Finance Evolution Fund is to seek long-term growth through capital appreciation. Income is a secondary objective. The investment objective of the Emerald Growth Fund is to seek long-term growth through capital appreciation.

There can be no guarantee that a Fund will achieve its investment objective.

Each Fund's board of directors (the "Board" or "Directors") may change its investment objective without a shareholder vote. Each Fund will notify shareholders at least sixty (60) days prior to any change. If there is a material change to a Fund's investment objective or principal investment strategies, you should consider whether the Fund remains an appropriate investment for you.

***The Emerald Banking & Finance Evolution Fund***

 ****

The Emerald Banking & Finance Evolution Fund has adopted an investment policy that it will, under normal conditions, invest at least 80% of the value of its assets (net assets plus the amount of any borrowings for investment purposes) in stocks (both common and preferred) of companies principally engaged in banking or financial services, and collective investment vehicles such as mutual funds and exchange-traded funds that invest in companies that are principally engaged in banking or financial services as denoted by being classified as within the Banks, Financial Services, Insurance or within the Transaction Processing Services SubSector (as determined by the Russell Industry Classification Benchmark). The Emerald Banking & Finance Evolution Fund's policy to invest at least 80% of its assets in such a manner is non-fundamental, which means that it may be changed without shareholder approval. Shareholders will receive 60 days' prior written notice of any change to this policy.

The Fund may invest in companies of various sizes but will primarily focus on mid and small-size companies, at the time of purchase. The Adviser typically defines small- and mid-size companies as those having a market capitalization equal to or less than that of the largest companies in the Russell 2500 Index. As of June 30, 2025, the Russell 2500 Index included securities issued by companies that ranged in size between $2 million and $24.25 billion. Micro-cap stocks are not a principal investment strategy of the Fund.

While the non-fundamental policy described above allows for the Fund to invest in companies that are principally engaged in either banking or financial services, the Fund has adopted a fundamental policy that it will invest not less than 25% of its net assets in securities of companies principally engaged in the banking or financial services industries. For purposes of this fundamental policy, a company is defined as being in the banking or financial services industries, if such company is classified as within the Banks, Financial Services, Insurance or within the Transaction Processing Services SubSector (as determined by the Russell Industry Classification Benchmark).

The Fund generally expects to invest not less than 25% in the banking industry and not less than 15% in the financial services industry. The Fund may invest up to 20% in companies outside the banking and financial services industries.

The Fund may invest up to 15% of the value of its net assets in illiquid securities. The illiquid securities the Fund expects to invest in include common stocks or preferred stocks that cannot be disposed of within seven days in the ordinary course of business.

Companies in the banking industry are defined to include U.S. and foreign commercial and industrial banking and savings institutions and their parent holding companies. Companies in the financial services industry are defined to include commercial and industrial finance companies, diversified financial services companies, investment banking, securities brokerage and investment advisory companies, mortgage real estate investment trusts, insurance and insurance holding companies and leasing companies.

The Fund intends to invest a portion of its assets in the securities of other exchange-traded funds ("ETFs"), including affiliated ETFs advised or sub-advised by the Adviser (as defined below) (each, an "Underlying ETF"). The Fund may invest in real estate investment trusts ("REITs"). There are no limitations with respect to the type of REITs in which the Fund may invest.

Emerald Mutual Fund Advisers Trust ("Emerald" or the "Adviser") applies the theme of evolution to these investment guidelines by pursuing companies that the Adviser believes are reinventing/redesigning existing products/services thereby generating value for their customers, creating a competitive advantage and driving business growth.

The Adviser utilizes a growth approach to choosing securities based upon fundamental research which attempts to identify companies whose earnings growth rate exceeds that of their peer group, exhibit a competitive advantage in niche markets, or do not receive significant coverage from other institutional investors.

The Fund generally sells investments when the Adviser concludes that better investment opportunities exist in other securities, the security is fully valued, or the issuer's circumstances or the political or economic outlook have changed.

***The Emerald Growth Fund***

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The Emerald Growth Fund has adopted an investment policy that it will, under normal conditions, invest at least 80% of the value of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities of U.S. and foreign companies, principally common stocks and preferred stocks, identified by the Adviser as having growth characteristics. In identifying investments with growth characteristics, the Adviser utilizes a fundamental approach to choosing securities: the research staff of Emerald conducts company-specific research analysis, taking into account a company's revenue and earnings growth rates and the financial, operating, and market characteristics that distinguish a company from other companies. The Fund's policy to invest at least 80% of its assets in such a manner is non-fundamental, which means that it may be changed without shareholder approval. Shareholders will receive 60 days' prior written notice of any change to this policy.

The Fund can invest in companies from a wide range of industries and of market capitalizations. The Fund may emphasize investments in smaller companies, which are defined by the Adviser as those having a market capitalization equal to or less than that of the largest companies in the Russell 2000 Index. As of June 30, 2025, the Russell 2000 Index included securities issued by companies that ranged in size between $9 million and $15.9 billion.

The Fund may also invest in the other investment companies, principally money market funds, ETFs, unit investment trusts, closed-end funds, and business development companies. The Fund intends to invest a portion of these assets in the securities of affiliated ETFs advised or sub-advised by the Adviser (each, an "Underlying ETF"). The Fund does not have a policy with respect to investing a certain portion of its assets in any particular sector, but may emphasize investments in the healthcare, technology, and industrial sectors.

While the Fund may directly invest in the securities of companies within the healthcare sector, the Adviser intends for the Fund to gain exposure to the healthcare sector in part through the use of such Underlying ETFs, primarily the F/m Emerald Life Sciences Innovation ETF (the "Life Sciences ETF"). The Fund does not have a policy with respect to the amount of the Fund's portfolio that will be allocated to the Life Sciences ETF, but generally the Adviser expects approximately 5% of the Fund's portfolio to be allocated to the Life Sciences ETF, calculated at the time of investment.

The Fund may invest in foreign companies directly and through American Depository Receipts ("ADRs").

The Fund generally sells investments when the Adviser concludes that better investment opportunities exist in other securities, the security is fully valued, or the issuer's circumstances or the political or economic outlook have changed.

**MORE INFORMATION ABOUT FUND INVESTMENTS**

This section provides some additional information about each Fund's investments and certain portfolio management techniques that the Fund may use. More information about the Funds' investments and portfolio management techniques, and related risks, is included in the Statement of Additional Information ("SAI").

The investment objective of the Emerald Banking & Finance Evolution Fund is to seek long-term capital appreciation. Current income is a secondary objective. The investment objective of the Emerald Growth Fund is to seek long-term growth through capital appreciation. Each Fund's investment objective is nonfundamental and may be changed by the Fund's board of directors (the "Board" or "Directors") without the approval of the Fund's shareholders. However, as a matter of policy, a Fund would not materially change its investment objective without informing shareholders at least 60 days in advance of any such change.

The investments and strategies described in this Prospectus are those that a Fund uses under normal conditions. Each Fund may depart from its principal investment strategy in response to adverse market, economic, political or other conditions by taking temporary defensive positions (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.

This Prospectus describes each Fund's principal investment strategies, and the Fund will normally invest in the types of securities described in this Prospectus. In addition to the investments and strategies described in this Prospectus, each Fund also may invest, to a lesser extent, in other securities, use other strategies and engage in other investment practices that are not part of its principal investment strategy. These investments and strategies, as well as those described in this Prospectus, are described in detail in the Fund's SAI. There is no guarantee that a Fund will achieve its investment objective.

With respect to any percentage restriction on investment or use of assets, if such a percentage restriction is adhered to at the time a transaction is effected, a later increase or decrease in such percentage resulting from changes in values of securities or loans or amounts of net assets or security characteristics generally will not be considered a violation of the restriction. Any such changes in percentages do not require the sale of a security, but rather the Adviser will consider which action is in the best interest of a Fund and its shareholders, including the sale of the security.

**MORE INFORMATION ABOUT RISKS**

The following provides additional information about the principal and certain non-principal risks of investing in the Funds and, indirectly, in the subsidiaries. More information about each Fund's risks is included in the SAI.

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***Principal Risks***

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| | | |
|:---|:---|:---|
| | **Emerald Banking &<br> Finance Evolution Fund** | **Emerald**<br> **Growth Fund** |
| Active Management Risk | ✓ | ✓ |
| Affiliated ETF Risk | ✓ | ✓ |
| Concentration Risk | ✓ |  |
| Cyber Security Risk | ✓ | ✓ |
| Equity Security Risk | ✓ | ✓ |
| Foreign Market and Trading Risk | ✓ | ✓ |
| Growth Stocks Risk | ✓ | ✓ |
| Investment Companies and ETFs Risk | ✓ | ✓ |
| Large-Cap Companies Risk |  | ✓ |
| Liquidity Risk | ✓ | ✓ |
| Market Risk | ✓ | ✓ |
| REIT Risk | ✓ |  |
| Sector Risk | ✓ | ✓ |
| Small and Medium Capitalization Issuers Risk | ✓ | ✓ |

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**Active Management Risk**

 

The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.

**Affiliated ETF Risk**

Affiliated ETF risk is the risk that the Adviser may select Underlying ETF investments 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 ETFs because the fees paid to the Adviser by some Underlying ETFs may be higher than other ETFs, or the Underlying ETFs 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 ETFs.

**Concentration Risk**

The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund's investments more than the market as a whole, to the extent that the Fund's investments are concentrated in the securities and/or other assets of a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, project types, group of project types, sector, market segment or asset class. The Fund may be more adversely affected by the underperformance of those securities and/or other assets, may experience increased price volatility and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those securities and/or other assets than a fund that does not concentrate its investments.

**Cyber Security Risk** 

With the increased use of technologies such as the internet to conduct business, the Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information (including private shareholder information), corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber security failures or breaches by the Fund's Adviser and other service providers (including, but not limited to, Fund accountant, custodian, transfer agent and administrator), and the issuers of securities in which the Fund invests, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund's ability to calculate its net asset value ("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 and Adviser have established business continuity plans in the event of, and risk management systems to prevent, such cyber-attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cyber security plans and systems put in place by service providers to the Fund and issuers in which the Fund invests, and such third-party service providers may have limited indemnification obligations to the Fund, the Adviser. Each Fund and its shareholders could be negatively impacted as a result. 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.

**Equity Securities Risk** 

The price of equity securities fluctuates based on changes in a company's activities and financial condition and in overall market conditions. Economic, political, and financial conditions, or industry or economic trends or developments, may for varying periods of time cause volatility, illiquidity, or other potentially adverse effects in the markets. The Fund's investments in equity securities expose it to sudden and unpredictable drops in value and the potential for extended periods of lackluster performance.

**Foreign Market and Trading Risk**

The value of foreign securities may be affected by the imposition of new government regulations, changes in diplomatic relations between the U.S. and another country, political and economic instability, the imposition or tightening of exchange controls, tariffs, increased taxation and confiscation of investor assets. Foreign securities markets may have limited regulatory oversight and greater price volatility, higher trading costs, difficulties in settlement, limits on foreign ownership and less stringent accounting and disclosure requirements. Changes in the exchange rate between the U.S. dollar and a foreign currency may reduce the value of an investment in a security denominated in that foreign currency.

Economies and financial markets throughout the world have become interconnected which increases the possibility that economic, financial or political events in one sector or region could have potentially adverse effects on global economies or markets. Natural or environmental disasters or climate related events, such as earthquakes, fires, floods, hurricanes and tsunamis, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and the markets. The COVID-19 pandemic has negatively affected the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. On May 5, 2023, the World Health Organization declared the end of the global emergency status for COVID-19. The United States subsequently ended the federal COVID-19 public health emergency declaration effective May 11, 2023. Although vaccines for COVID-19 are widely available, it is unknown how long certain circumstances related to the pandemic will persist, whether they will reoccur in the future, and what additional implications may follow from the pandemic. The impact of these events and other epidemics or pandemics in the future could adversely affect the Fund's performance.

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

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

Additionally, climate change poses long-term threats to physical and biological systems. Potential hazards and risks related to climate change for a State or municipality include, among other things, wildfires, rising sea levels, more severe coastal flooding and erosion hazards, and more intense storms. Storms in recent years have demonstrated vulnerabilities in a State's or municipality's infrastructure to extreme weather events. Climate change risks, if they materialize, can adversely impact a State's or municipality's financial plan in current or future years. In addition, economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. A rise in sea levels, an increase in powerful windstorms and/or a climate-driven increase in sea levels or flooding could cause coastal properties to lose value or become unmarketable altogether. Economists warn that, unlike previous declines in the real estate market, properties in affected coastal zones may not ever recover their value. Large wildfires driven by high winds and prolonged drought may devastate businesses and entire communities and may be very costly to any business found to be responsible for the fire. Regulatory changes and divestment movements tied to concerns about climate change could adversely affect the value of certain land and the viability of industries whose activities or products are seen as accelerating climate change. The Fund cannot predict the effects of or likelihood of such events on the U.S. and world economies. The Fund could be materially impacted by such events which may, in turn, negatively affect the value and performance the Fund.

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

**Growth Stocks Risk**

Growth stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential. This potential may or may not be realized and, if it is not realized, may result in a loss to the Fund. Growth stock prices also tend to be more volatile than the overall market. Because different types of stocks go out of favor with investors depending on market and economic conditions, the Fund's return may be adversely affected during a market downturn and when growth stocks are out of favor.

**Investment Companies and ETFs Risk**

The Fund's investment performance may be affected by the investment performance of the underlying funds in which the Fund may invest. Investing in other investment companies, including ETFs, may result in duplication of expenses, including advisory fees, in addition to the Fund's own expenses. The risk of owning an investment company or ETF generally reflects the risks of owning the underlying investments the investment company or ETF holds. The Fund may incur brokerage fees in connection with its purchase of ETF shares. Certain ETFs may be thinly traded and experience large spreads between the "ask" price quoted by a seller and the "bid" price offered by a buyer. 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.

**Large-Cap Companies Risk**

Large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform investments that focus solely on small- or medium- capitalization stocks.

**Liquidity Risk**

Liquidity risk is the risk that a security cannot 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. 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 condition of a particular 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 risk within a given quality grade.

Liquidity risk may result from the lack of an active market, the reduced number of traditional market participants, or the reduced capacity of traditional market participants to make a market in debt securities. The capacity of traditional dealers to engage in fixed-income trading has not kept pace with the bond market's growth. As a result, dealer inventories of corporate bonds, which indicate the ability to "make markets," i.e., buy or sell a security at the quoted bid and ask price, respectively, are at or near historic lows relative to market size. Because market makers provide stability to fixed income markets, the significant 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. In addition, liquidity risk may be magnified in a rising interest rate environment in which investor redemptions from fixed-income mutual funds may be higher than normal; the selling of fixed-income securities to satisfy fund shareholder redemptions may result in an increased supply of such securities during periods of reduced investor demand due to a lack of buyers, thereby impairing a Fund's ability to sell such securities.

**Market Risk**

The Fund is subject to market risk, which is the risk that the Fund's share price will fluctuate as market prices fluctuate. At times there may be an imbalance of supply and demand in the fixed income markets which could result in greater price volatility, less liquidity, wider trading spreads and a lack of price transparency. Decisions by the Federal Reserve on interest rate policy and the potential market reaction to these initiatives can have a significant effect on the value of fixed-income securities. The Fund is also subject to management risk, which is the risk that the Adviser's analysis of economic conditions and expectations regarding interest rate changes may fail to produce the intended results. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund may not be appropriate for use as a complete investment program. 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 Fund and its investments.

**Real Estate Securities and REITs Risk**

The Funds may invest in Real Estate Investment Trusts ("REITs"). Equity REITs invest directly in real property while mortgage REITs invest in mortgages on real property. REITs may be subject to certain risks associated with the direct ownership of real estate, including declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, and variations in rental income. REITs pay dividends to their shareholders based upon available funds from operations. It is quite common for these dividends to exceed the REIT's taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. The Fund intends to include the gross dividends from such REITs in its distributions to its shareholders and, accordingly, a portion of the Fund's distributions may also be designated as a return of capital.

By investing in REITs indirectly through the Fund, a shareholder will bear not only his or her proportionate share of the expenses of the Fund, but also, indirectly, similar expenses of the REITs. Under current law, the Funds are eligible to pass through a 20% qualified business income deduction on ordinary REIT dividends that they receive. A Fund may be able to designate dividends to shareholders as eligible for the qualified business income deduction.

**Sector Risk** 

To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Banking Sector Risk (Emerald Banking & Finance Evolution Fund)*: The banking sector can be adversely affected by legislation, regulation, competition, declines in economic conditions, corporate and consumer debt defaults, changing interest rates, and instability in the financial markets in general. Credit losses resulting from financial difficulties of borrowers can have a significant negative impact. Changes in legislation in past years may have tended to increase competition in the industry. The stability and profitability of this sector depends significantly upon the availability and cost of capital funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Financial Sector Risk (Emerald Banking & Finance Evolution Fund)*. The Fund may be susceptible to adverse economic or regulatory occurrences affecting the financial sector. Financial services companies are subject to extensive government regulation and, as a result, their profitability may be affected by new regulations or regulatory interpretations. Changes in interest rates can have a disproportionate effect on the financial sector and financial services companies whose securities the Fund may purchase may themselves have concentrated portfolios, which makes them vulnerable to economic conditions that affect that sector. Financial services companies have also been affected by increased competition, which could adversely affect the profitability or viability of such companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Health Care Sector Risk (Emerald Growth Fund):* Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the health care sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Health care companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the health care sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Technology Companies Risk (Emerald Growth Fund).* Technology companies and companies that rely heavily on technological advances may have limited product lines, markets, financial resources and personnel. These companies may face rapid product obsolescence, as well as unexpected risks and costs related to new product introduction and technological developments, such as artificial intelligence and machine learning. Technology companies may be adversely affected by disruptions to supply chains and distribution networks, as well as issues at third-party partners. They are heavily dependent on patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their profitability. Technology companies may face increased government scrutiny and may be subject to adverse governmental or legal action. These companies may also be adversely affect by, among other things, actual or perceived security vulnerabilities or other defects in their products and services, which may result in lawsuits, government enforcement actions and other remediation costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Industrial Sector Risk (Emerald Growth Fund)*. Companies in the industrial sector may be adversely affected by changes in the supply and demand for products and services, product obsolescence or discontinuance, claims for environmental damage or product liability and changes in general economic conditions, among other factors.

**Small-Cap and Medium Capitalization Stocks Risk**

The Fund 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.

***Non-Principal Risks (Both Funds)***

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**Investment Limitations**

Except with respect to the illiquid investment restrictions set forth below and as otherwise required by the 1940 Act and the rules and regulations thereunder, all limitations on each Fund's investments listed in this Prospectus will apply at the time of investment. Each Fund would not violate these limitations unless an excess or deficiency occurs or exists immediately after and as a result of an investment. Unless otherwise indicated, references to assets in the percentage limitations on the Fund's investments refer to total assets.

**Cash Position**

Each Fund may not always stay fully invested. For example, when the portfolio managers believe that market conditions are unfavorable for profitable investing, or when the portfolio managers are otherwise unable to locate attractive investment opportunities, the Fund's cash or similar investments may increase. In other words, cash or similar investments generally are a residual - they represent the assets that remain after the Fund has committed available assets to desirable investment opportunities. When the Fund's investments in cash or similar investments increase, it may not participate in market advance or declines to the same extent that it would if the Fund remained more fully invested.

**Changes of Investment Policies**

Certain of the Funds' investment policies are non-fundamental investment policies, including the Emerald Banking & Finance Evolution Fund's policy to invest at least 80% of its assets in stocks (both common and preferred) of companies principally engaged in the banking or financial services industries and the Emerald Growth Fund's policy to invest at least 80% of its assets in stocks (both common and preferred) of U.S. and foreign companies identified by the Adviser as having growth characteristics. Such non-fundamental investment policies may be changed at any time without shareholder approval by the Board. Each Fund will provide at least sixty (60) days prior to any change to its 80% investment policy. Unless expressly stated otherwise in the Prospectus or the SAI, any other investment policies or restrictions contained in the Prospectus or SAI are non-fundamental.

**Illiquid Securities**

The Emerald Banking & Finance Evolution Fund may invest up to 15% of its net assets in illiquid securities (i.e., securities that do not have a readily available market or that are subject to resale restrictions). Generally, a security is considered illiquid if it cannot be disposed of in the ordinary course of business within seven days at approximately the price at which a Fund has valued the investment.

**Depositary Receipts Risk**

The Fund may purchase depositary receipts, including American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs"), and Non-Voting Depository Receipt ("NVDRs") to facilitate its investments in foreign securities. By investing in ADRs rather than investing directly in the securities of foreign issuers, the Fund can avoid currency risks during the settlement period for purchase and sales.

However, ADRs do not eliminate all the risk inherent in investing in the securities of foreign issuers. The information available for ADRs, EDRs, GDRs, and NVDRs is subject to the accounting, auditing, and financial reporting standards of the market or exchange on which they are traded, and those standards may be more uniform and more exacting than those to which many foreign issuers may be subject.

Depositary receipts may be issued in a sponsored program, in which an issuer has made arrangements to have its securities traded in the form of depositary receipts, or in an unsponsored program, in which the issuer may not be directly involved. The holders of depositary receipts that are unsponsored generally bear various costs associated with the facilities, while a larger portion of the costs associated with sponsored depositary receipts are typically borne by the foreign issuers.

The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited securities or to pass through the voting rights to facility holders with respect to the deposited securities. Available information concerning the issuers may not be as current for unsponsored depositary receipts and the prices of unsponsored depositary receipts may be more volatile than would be the case if the receipts were sponsored by the issuers.

**Temporary Defensive Positions**

Each Fund may depart from its principal investment strategies in response to adverse market, economic or political conditions by taking temporary defensive positions in short-term debt securities, cash and cash equivalents. Under such circumstances, the Fund may not achieve its investment objective.

**DISCLOSURE OF PORTFOLIO HOLDINGS**

A description of the Company's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund's SAI. The SAI is incorporated herein.

**MORE INFORMATION ABOUT MANAGEMENT OF THE FUNDS**

**Investment Adviser**

Emerald Mutual Fund Advisers Trust ("Emerald" or the "Adviser), subject to the authority of the Funds' Board, is responsible for the overall management and administration of each Fund's business affairs. The Adviser commenced business operations in 2005 and is registered with the Securities and Exchange Commission (the "SEC") as an investment adviser. Emerald is located at 3175 Oregon Pike, Leola, Pennsylvania 17540. Emerald is a wholly owned subsidiary of Emerald Advisers, LLC, the former investment adviser to these Funds, and is located at the same address as that of Emerald. As of June 30, 2025, Emerald Advisers, LLC and its affiliates had approximately $4.5 billion in assets under management.

Pursuant to the investment advisory and management agreement (the "Advisory Agreement"), the Emerald Banking & Finance Evolution Fund pays the Adviser an annual management fee of 0.90% based on the Emerald Banking & Finance Evolution Fund's average daily net assets and the Emerald Growth Fund pays the adviser an annual management fee of 0.70% based on the Emerald Growth Fund's average daily net assets. The management fee is paid on a monthly basis. The current term of the Advisory Agreement ends August 16, 2026. The Board may extend the Advisory Agreement for additional one-year terms. The Board, shareholders of the Fund, or the Adviser may terminate the Advisory Agreement upon sixty (60) days' notice. A discussion regarding the basis for the Board's approval of the Advisory Agreement with respect to each Fund will be provided in the Funds' first annual or semi-annual report on Form N-CSR. The annual management fees are subject to the following breakpoints:

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|:---|:---|
| **Emerald Banking & Finance Evolution Fund** | 0.90% up to and including $100,000,000<br> 0.80% in excess of $100,000,000 |
| **Emerald Growth Fund** | 0.70% up to and including $300 million<br> 0.60% over $300 million up to and including $600 million<br> 0.50% over $600 million up to and including $800 million<br> 0.45% over $800 million |

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Emerald has contractually agreed to waive a portion of its fees and reimburse other expenses in amounts necessary to limit the Fund's operating expenses (exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes and extraordinary expense) for each of the Funds as follows: for the Emerald Banking & Finance Evolution Fund for Class A, Class C, Institutional Class, and Investor Class Shares to an annual rate (as percentage of the Fund's average daily net assets) of 1.84%, 2.49%, 1.54% and 1.89% respectively; and for the Emerald Growth Fund for Class A, Class C, Institutional Class, and Investor Class Shares to an annual rate (as percentage of the Fund's average daily net assets) of 1.29%, 1.94%, 0.99% and 1.34% respectively. This agreement (the "Expense Agreement") shall continue at least through December 31, 2026. The Adviser will be permitted to recapture, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that the Fund's expenses in later periods fall below the annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund's expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, a Fund will not pay any such deferred fees and expenses more than three years after the date on which the fees and expenses were deferred. The Adviser may not discontinue this waiver, prior to December 31, 2026, without the approval by the Fund's Board.

In addition, pursuant to a written agreement (the "AFFE Agreement"), the Adviser has agreed to waive and/or reimburse the Emerald Growth Fund's Class A, Class C, Institutional Class, and Investor Class Shares for any acquired fund fees and expenses incurred by the Fund in connection with the Fund's investment in any exchange-traded funds advised or sub-advised by the Adviser. The amount of such waived fees shall not be subject to recapture by the Adviser. The AFFE Agreement has no termination date. Prior to December 31, 2026, and thereafter, this waiver may not be modified or discontinued without the approval of the Fund's board of directors.

Daily investment decisions are made by the portfolio managers, whose investment experience is described below under the heading "PORTFOLIO MANAGERS."

**Portfolio Managers**

More information about each portfolio manager's compensation, other accounts managed by each portfolio manager and each portfolio manager's ownership of securities in the Funds is included in the SAI.

The portfolio managers are primarily responsible for the day-to-day operation of the Funds. To the extent there is more than one portfolio manager of a Fund, the portfolio managers are jointly and primarily responsible for the management of the applicable Fund. Each of the persons listed below serves as the Fund's portfolio manager from the Fund's inception.

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| | | |
|:---|:---|:---|
| **FUND** | **PORTFOLIO MANAGERS** | **PAST 5 YEARS' BUSINESS EXPERIENCE** |
| **Emerald Banking & Finance Evolution Fund** | Kenneth G. Mertz II, CFA®\* | Mr. Mertz has been the Chief Investment Officer & President of Emerald since 2005 and of Emerald Advisers, LLC since October 1992. Before joining Emerald, Mr. Mertz was the Chief Investment Officer to the Pennsylvania State Employees' Retirement System. |
| **Emerald Banking & Finance Evolution Fund** | Steven E. Russell, Esq. | Mr. Russell is a Portfolio Manager & Senior Research Analyst of Emerald Advisers, LLC. Prior to rejoining Emerald Advisers in 2005, Mr. Russell founded a registered investment adviser and served as Managing Director of a private equity firm. Mr. Russell served as a portfolio manager and officer of Emerald Advisers from 1998 to 2004. He has also served as a portfolio manager for the Pennsylvania Public School Employee's Retirement System. |
| **Emerald Growth Fund** | Kenneth G. Mertz II, CFA® | Mr. Mertz's biographical information appears above. |
| **Emerald Growth Fund** | Stacey L. Sears | Ms. Sears is Vice President of Emerald Advisers, LLC and of Emerald. Ms. Sears was employed by Emerald's parent company from 1992 to 2001, and from 1995 to 2000, served as a Research Analyst. She became an assistant portfolio manager to Mr. Mertz in 2001. In 2002, Ms. Sears became a portfolio manager. |
| **Emerald Growth Fund** | Joseph W. Garner | Mr. Garner is the Director of Research for Emerald Advisers, a position he has held since January 1995. Mr. Garner has been employed by Emerald Advisers, LLC since April 1994 as an analyst, focusing on small to mid-size firms. He holds an M.B.A. |

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*\** *CFA<sup>®</sup> and Chartered Financial Analyst<sup>®</sup> are trademarks owned by CFA Institute.*

 

**Administrator, Distributor and Transfer Agent of the Funds**

ADMINISTRATION AND ACCOUNTING AGREEMENT

U.S. Bank Global Fund Services ("Fund Services"), located at 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as fund administrator to the Funds pursuant to a fund administration servicing agreement and serves as fund accountant pursuant to a fund accounting servicing agreement (the "Administration Agreements"). Under the fund accounting servicing agreement, Fund Services has agreed to furnish to the Funds statistical and research data, clerical, accounting and bookkeeping services, and certain other services required by the Funds. Under the fund administration servicing agreement, Fund Services has agreed to provide fund administration services to the Company. These services include the preparation and coordination of the Company's annual post-effective amendment filing and supplements to the Funds' registration statement, the preparation and assembly of board meeting materials, and certain other services necessary to the Company's fund administration. In addition, Fund Services has agreed to prepare and file various reports with the appropriate regulatory agencies and prepare materials required by the SEC or any state securities commission having jurisdiction over the Funds.

The Administration Agreements provide that Fund Services shall be obligated to exercise reasonable care in the performance of its duties and that Fund Services shall not be liable for any error of judgment or mistake of law or any loss suffered by the Company in connection with its duties under the Administration Agreements, except a loss resulting from Fund Services' refusal or failure to comply with the terms of the applicable Administration Agreement or from its bad faith, negligence or willful misconduct in the performance of its duties thereunder. Fund Services receives a fee under the Administration Agreements based on the average daily net assets of the Company.

CUSTODIAN AGREEMENT

U.S. Bank, N.A., (the "Custodian"), 1555 North RiverCenter Drive, Milwaukee, Wisconsin 53212, Suite 302, is custodian of the Funds' assets pursuant to a custodian agreement (the "Custodian Agreement"). Under the Custodian Agreement, the Custodian: (a) maintains a separate account or accounts in the name of the Funds; (b) holds and transfers portfolio investments on account of the Funds; (c) accepts receipts and makes disbursements of money on behalf of the Funds; (d) collects and receives all income and other payments and distributions on account of the Funds' portfolio investments; and (e) makes periodic reports to the Board concerning the Funds' operations. The Custodian is authorized to select one or more banks or trust companies to serve as sub-custodian on behalf of the Funds, provided that the Custodian remains responsible for the performance of all of its duties under the Custodian Agreement and holds the Funds harmless from the acts and omissions of any affiliate, sub-custodian or domestic sub-custodian. For its services to the Funds under the Custodian Agreement, the Custodian receives a fee based on the Funds' average gross assets calculated daily and payable monthly. Transaction charges and out-of-pocket expenses are also charged to the Funds. Fund Services and the Custodian are affiliates.

TRANSFER AGENCY AGREEMENT

Fund Services, also serves as the transfer and dividend disbursing agent for the Fund pursuant to a transfer agency and servicing agreement (the "Transfer Agency Agreement"), under which Fund Services: (a) issues and redeems shares of the Funds; (b) addresses and mails all communications by the Funds to record owners of the shares, including reports to shareholders, dividend and distribution notices and proxy materials for its meetings of shareholders; (c) maintains shareholder accounts and, if requested, subaccounts; and (d) makes periodic reports to the Board concerning the operations of the Funds. Fund Services may, subject to the Board's approval, assign its duties as transfer and dividend disbursing agent to any affiliate. For its services to the Funds under the Transfer Agency Agreement, Fund Services receives an annual fee based on the number of accounts in the Funds and the Funds' average gross assets calculated daily and payable monthly. Transaction charges and out-of-pocket expenses are also charged to the Funds.

Fund Services also provides services relating to the implementation of the Company's Anti-Money Laundering Program. In addition, Fund Services provides services relating to the implementation of the Funds' Customer Identification Program, including verification of required customer information and the maintenance of records with respect to such verification.

**SHAREHOLDER INFORMATION**

PRICING OF FUND SHARES

Each Fund currently offers Class A, Class C, Institutional Class, and Investor Class shares. Each share class of a Fund represents an investment in the same portfolio of securities, but each share class has its own sales charge and expense structure, allowing you to choose the class that best meets your situation. When you purchase shares of a Fund, you must choose a share class. The NAV of each class of each Fund's shares is calculated as follows:

The Fund's NAV is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern time) on each day the NYSE is open. The NYSE is generally open Monday through Friday, except national holidays. The NYSE also may be closed on national days of mourning or due to natural disaster or other extraordinary events or emergency. Due to the fact that different expenses are charged to the Class A, Class C, Institutional Class, and Investor Class of the Fund, the NAV of the four classes of the Fund may vary. The Fund will effect purchases of Shares at the NAV, plus any applicable sales charge, next determined after receipt by the Transfer Agent of your purchase order in good order as described below. The Fund will effect redemptions of Shares at the NAV next calculated after receipt by the Transfer Agent of your redemption request in good order as described below. If the Fund holds securities that are primarily listed on non-U.S. exchanges, the NAV of the Fund's shares may change on days when shareholders will not be able to purchase or redeem the Fund's shares.

The Fund's equity securities listed on any national or foreign exchange market system will be valued at the last sale price, except for the National Association of Securities Dealers Automatic Quotation System ("NASDAQ"). Equity securities listed on the NASDAQ will be valued at the official closing price. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, equity securities will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. When prices are not available from such service or are deemed to be unreliable, securities may be valued by dealers who make markets in such securities. Forward exchange contracts are valued by interpolating between spot and forward currency rates as quoted by an independent pricing service. Futures contracts are generally valued using the settlement price determined by the relevant exchange. Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close. Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions.

Investments in other open-end investment companies are valued based on the NAV of those investment companies (which may use fair value pricing as discussed in their prospectuses). Investments in ETFs, REITs and closed-end funds will be valued at their market price.

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

SALES CHARGES

Different brokerage firms, financial institutions, and industry professionals ("Service Organizations") may impose different sales charge waivers, and these variations are described in Appendix A to this Prospectus.

***Class A Shares****.* Purchases of Class A Shares of each Fund are subject to a front-end sales charge of up to 4.75% of the total purchase price; however, sales charges may be reduced for large purchases as indicated below. For Class A Shares sold by Quasar Distributors, LLC (the "Distributor"), the Distributor will receive the sales charge imposed on purchases of Class A Shares (or any contingent deferred sales charge ("CDSC") paid on redemptions) and may retain the full amount of such sales charge. The sales charges or underwriter concessions (the difference between the sales charge and the dealer reallowance) received by the Distributor may be made available to the Fund for pre-approved marketing expenses or may be used to offset the compensation owed by the Adviser to the Distributor for its services. Sales charges are not imposed on Shares that are purchased with reinvested dividends or other distributions. The table below indicates the front-end sales charge as a percentage of both the offering price and the net amount invested. The term "offering price" includes the front-end sales charge. Because of rounding in the calculation of the "offering price", the actual sales charge you pay may be more or less than that calculated using the percentages shown below.

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| | | | |
|:---|:---|:---|:---|
| **AMOUNT OF PURCHASE OF CLASS A SHARES** | **SALES CHARGE<br> AS A % OF<br> OFFERING PRICE** | **SALES CHARGE<br> AS A % OF NAV** | **DEALER<br> COMPENSATION<br> AS A PERCENTAGE<br> OF OFFERING PRICE** |
| Less than $50,000 | 4.75% | 4.99% | 4.25% |
| $50,000 but less than $249,999.99 | 3.75% | 3.90% | 3.25% |
| $250,000 but less than $499,999.99 | 2.75% | 2.83% | 2.50% |
| $500,000 but less than $999,999.99 | 2.00% | 2.04% | 1.75% |
| $1 million or greater | 0.00% | 0.00% | Up to 1.00% |

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\* No sales charge is payable at the time of purchase on investments of $1,000,000 or more; however, a 1% CDSC is imposed in the event of redemption within 12 months following any such purchase. The Fund's Distributor will pay a commission at the rate of 1% to certain brokerage firms, financial institutions and other industry professionals, including affiliates of the Adviser who initiate and are responsible for purchases of $1,000,000 or more. A CDSC may be waived or varied by certain Service Organizations as described in Appendix A to this Prospectus.

***Class C Shares****.* There is no sales load on the purchase of Class C shares. The offering price is the NAV per share. A contingent deferred sales charge or "CDSC" of 1.00% may apply to Class C shares redeemed within the first 12 months. See Section titled "Contingent Deferred Sales Charge" below. The maximum purchase amount for Class C shares is $999,999.99. Purchases of $1 million or more are invested in Class A shares because Class A shares' annual expenses are lower.

***Institutional Class and Investor Class Shares****.* Institutional Class and Investor Class shares do not charge an initial sales load.

***Rights of Accumulation****.* You may combine your new purchase of Class A Shares with Class A Shares and/or Class C Shares currently owned for the purpose of qualifying for the lower initial sales charge rates that apply to larger purchases. The applicable sales charge for the new purchase is based on the total of your current purchase and the current NAV of all other shares you own. You may combine your account, your spouse's account, and the account(s) of your children under age 25.

This privilege is also extended to certain employee benefit plans and trust estates. The following purchases may be combined for purposes of determining the "Amount of Purchase": (a) individual purchases, if made at the same time, by a single purchaser, the purchaser's spouse and children under the age of 25 purchasing Class A Shares for their own accounts, including shares purchased by a qualified retirement plan(s) exclusively for the benefit of such individual(s) (such as an IRA, individual-type section 403(b) plan or single-participant Keogh-type plan) or by a "Company", as defined in Section 2(a)(8) of the 1940 Act, solely controlled as defined in the 1940 Act, by such individual(s), or (b) individual purchases by trustees or other fiduciaries purchasing Class A Shares (i) for a single trust estate or a single fiduciary account, including an employee benefit plan, or (ii) concurrently by two or more employee benefit plans for a single employer or of employers affiliated with each other in accordance with Section 2(a)(3)(c) of the 1940 Act (excluding in either case an employee benefit plan described in (a) above), provided such trustees or other fiduciaries purchase shares in a single payment. Purchases made for nominee or street name accounts may not be combined with purchases made for such other accounts. You may also further discuss the combined purchase privilege with your investment broker, brokerage firm, financial institution, or other industry professional, including affiliates of the Adviser.

You will need to provide written instruction with respect to the other accounts whose purchases should be considered in Rights of Accumulation. Rights of Accumulation do not apply to Class A Shares of each Fund.

***Letter of Intent.*** If you anticipate purchasing a specific dollar amount of Class A Shares within a 13-month period, the shares may be purchased at a reduced sales charge by completing and returning a Letter of Intent (the "Letter"), which can be provided to you by your investment broker or other Service Organization. The reduced sales charge may also be obtained on Class A Shares purchased within the 90 days prior to the date of receipt of the Letter. Shares purchased under the Letter are eligible for the same reduced sales charge that would have been available had all the shares been purchased at the same time. There is no obligation to purchase the full amount of shares indicated in the Letter. Should you invest more or less than indicated in the Letter during the 13-month period, the sales charge will be recalculated based on the actual amount purchased. Shares equal to 4.75% of the amount of the LOI will be held in escrow during the 13-month period. If you do not purchase the full amount of Class A Shares indicated in the Letter, the appropriate amount of shares held in escrow will be redeemed by the Transfer Agent to pay the sales charge that was not applied to your purchase.

Letters of Intent do not apply to Class A Shares of each Fund.

***Aggregating Accounts****.* To take advantage of lower Class A Shares initial sales charges on large purchases or through the exercise of a Letter of Intent or right of accumulation, investments made by you, your spouse and your children under age 21 may be aggregated if made for your own account(s) and/or certain other accounts such as:

● trust accounts established by the above individuals (or the accounts of the primary beneficiary of the trust if the person who established the trust is deceased);

● solely controlled business accounts; and

● single participant retirement plans.

To receive a reduced sales charge under rights of accumulation or a Letter of Intent, you must notify your financial intermediary of any eligible accounts that you, your spouse and your children under age 21 have at the time of your purchase.

***Class A Sales Charge Waivers***. The sales charge on purchases of Class A Shares is waived for certain types of investors, including:

● Current and retired directors and officers of funds sponsored by the Adviser or any of its subsidiaries, their families (e.g., spouse, children, mother or father) and any purchases referred through the Adviser.

● Employees of the Adviser and their families, or any full-time employee or registered representative of the Distributor or of broker-dealers having selling agreements with the Distributor (a "Selling Broker") and their immediate families (or any trust, pension, profit sharing or other benefit plan for the benefit of such persons).

● Any full-time employee of a bank, savings and loan, credit union or other financial institution that utilizes a Selling Broker to clear purchases of the Fund's shares and their immediate families.

● Participants in certain "wrap-fee" or asset allocation programs or other fee-based arrangements sponsored by broker-dealers and other financial institutions that have entered into agreements with the Distributor.

● Clients of financial intermediaries that have entered into arrangements with the Distributor providing for the shares to be used in particular investment products made available to such clients and for which such registered investment advisors may charge a separate fee.

● Institutional investors (which may include bank trust departments and registered investment advisers).

● Any accounts established on behalf of registered investment advisers or their clients by broker dealers that charge a transaction fee and that have entered into agreements with the Distributor.

● Separate accounts used to fund certain unregistered variable annuity contracts or Section 403(b) or 401(a) or (k) accounts.

● Whether a sales charge waiver is available for your retirement plan or charitable account depends upon the policies and procedures of your Service Organization and if your Service Organization has entered into an agreement with the Company or the Distributor. Please consult your financial adviser for further information.

In order to take advantage of a sales charge waiver, a purchaser must certify to the Service Organization eligibility for a waiver and must notify the Service Organization whenever eligibility for a waiver ceases to exist. A Service Organization reserves the right to request additional information from a purchaser in order to verify that such purchaser is so eligible. Such information may include account statements or other records regarding Shares of the Fund held by you or your immediate family household members. Appendix A of this Prospectus provides more information about special sales charge arrangements through Service Organizations, and the circumstances in which sales charges may be reduced or waived for certain investors and certain types of purchases or redemptions.

***Contingent Deferred Sales Charge on Certain Redemptions - Class A Shares*.** Purchases of $1,000,000 or more in Class A Shares are not subject to an initial sales charge; however, a CDSC is payable on these investments in the event of a share redemption within 12 months following the share purchase, at the rate of 1.00% of the lesser of the value of the shares redeemed (exclusive of reinvested dividends and capital gain distributions) or the total cost of such shares. In determining whether a CDSC is payable, and the amount of the charge, it is assumed that shares purchased with reinvested dividends and capital gain distributions and then other shares held the longest are the first redeemed. A CDSC may be waived or reduced by certain Service Organizations as described in Appendix A to this Prospectus.

***Contingent Deferred Sales Charge on Certain Redemptions - Class C Shares***. No sales load is payable by a shareholder at the time of purchase, although the Distributor advances applicable Service Organizations the first year distribution and services fee at a rate of 1.00% on investments in the Fund's Class C Shares. This advancement is solely financed by the Adviser and not by investors or the Fund. As a result, the Fund imposes a CDSC of 1.00% on redemptions of investments made within 12 months of purchase. The financing party receives the CDSC from the Distributor as reimbursement for the up-front sales commission that has been financed. The CDSC is assessed on an amount equal to the lesser of the offering price at the time of purchase of the shares redeemed and the NAV of shares redeemed at the time of redemption. When Class C Shares are redeemed, the redemption order is processed so that the lowest deferred sales charge is charged, and Class C Shares that are not subject to the deferred sales charge are redeemed first. Any CDSC paid on the redemptions of Class C Shares expressed as a percentage of the applicable redemption amount may be higher or lower than the charge described due to rounding. No CDSC is imposed on increases in NAV for Fund shares acquired as reinvested Fund distributions. The maximum purchase amount for Class C Shares is $999,999.99. Purchases of $1 million or more are invested in Class A Shares because Class A Shares' annual expenses are lower.

The CDSC will be waived for Class C Shares in the following circumstances:

● Redemptions of shares purchased through certain employer-sponsored retirement plans and rollovers of current investments in the Fund through such plans;

● Exchanges pursuant to the exchange privilege, as described in "Shareholder Information - Exchange Privilege";

● Redemptions made in connection with minimum required distributions from IRA or 403(b)(7) accounts due to the shareholder reaching the required minimum distribution age;

● Certain post-retirement withdrawals from an IRA or other retirement plan if you are over 59 1/2 years old and you purchased your shares prior to October 2, 2006;

● Redemptions made with respect to certain retirement plans sponsored by the Funds;

● Redemptions resulting from shareholder death as long as the waiver request is made within one year of death or, if later, reasonably promptly following completion of probate (including in connection with the distribution of account assets to a beneficiary of the decedent);

● Withdrawals resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the purchase of the shares;

● Involuntary redemptions made of shares in accounts with low balances;

● Redemptions related to the payment of custodial IRA fees, if any; and

● Redemptions when a shareholder can demonstrate hardship, in the absolute discretion of the Fund.

PURCHASE OF FUND SHARES

Shares representing interests in the Funds are offered continuously for sale by the Distributor.

***General.*** You may purchase Shares of the Funds at the NAV per Share, plus any applicable sales charge, next calculated after your order is received by the Transfer Agent in good order as described below. The Funds' NAV is calculated once daily at the close of regular trading hours on the NYSE (generally 4:00 p.m. Eastern time) on each day the NYSE is open. After an initial purchase is made, the Transfer Agent will set up an account for you on the Company records. The minimum initial investment in Class A Shares, Class C Shares, and Investor Class Shares is $2,000 for non-qualified accounts and $1,000 for qualified accounts. The minimum initial investment in Institutional Class shares is $1,000,000 for all accounts. There is a minimum amount of $100 for subsequent investment in Class A, Class C and Investor Class Shares. There is no minimum subsequent investment for Institutional Class shares. The Funds may accept initial investments of smaller amounts in its sole discretion. You can purchase Shares of the Funds only on days the NYSE is open and through the means described in this section.

***Purchases Through Intermediaries.*** Shares of the Funds may also be available through certain Service Organizations. Certain features of the Shares, such as the initial and subsequent investment minimums and certain trading restrictions, may be modified or waived by Service Organizations. Service Organizations may impose minimum investment requirements. Service Organizations may also impose transaction or administrative charges or other direct fees, which charges and fees would not be imposed if Shares are purchased directly from the Company. Therefore, you should contact the Service Organization acting on your behalf concerning the fees (if any) charged in connection with a purchase or redemption of Shares and should read this Prospectus in light of the terms governing your accounts with the Service Organization. Service Organizations will be responsible for promptly transmitting client or customer purchase and redemption orders to the Company in accordance with their agreements with the Company or its agent and with clients or customers. Service Organizations or, if applicable, their designees that have entered into agreements with the Company or its agent may enter confirmed purchase orders on behalf of clients and customers, with payment to follow no later than the Company's pricing on the following business day. If payment is not received by such time, the Service Organization could be held liable for resulting fees or losses. The Company will be deemed to have received a purchase or redemption order when a Service Organization, or, if applicable, its authorized designee, accepts a purchase or redemption order in good order if the order is actually received by the Company in good order not later than the next business morning. If a purchase order is not received by the Funds in good order, the Transfer Agent will contact the financial intermediary to determine the status of the purchase order. Orders received by the Company in good order will be priced at the Funds' NAV, plus any applicable sales charges, next computed after such orders are deemed to have been received by the Service Organization or its authorized designee.

For administration, sub-accounting, transfer agency and/or other services, the Adviser or its affiliates may pay Service Organizations and certain recordkeeping organizations a fee (the "Service Fee") based on the average annual NAV of accounts with the Company maintained by such Service Organizations or recordkeepers. The Service Fee payable to any one Service Organization is determined based upon a number of factors, including the nature and quality of services provided, the operations processing requirements of the relationship and the standardized fee schedule of the Service Organization or recordkeeper.

In addition to fees that the Funds may pay to a Service Organization under a Plan of Distribution for the Class A Shares and the Class C Shares, the Funds may enter into agreements with Service Organizations pursuant to which the Funds will pay a Service Organization for networking, sub-transfer agency, sub-administration and/or sub- accounting services. These payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by the Service Organization or (2) a fixed dollar amount for each account serviced by the Service Organization. The aggregate amount of these payments may be substantial.

***Purchases By Telephone.*** Investors may purchase additional Class A Shares, Class C Shares, Institutional Class Shares, and Investor Class Shares of each Fund by calling 1-855-828-9909. If you elected this option on your account application, and your account has been open for at least 7 business days, telephone orders, in amounts of $100 or more for Class A Shares, Class C Shares, and Investor Class Shares, and $1,000 or more for Institutional Class Shares, will be accepted via electronic funds transfer from your bank account through the Automated Clearing House (ACH) network. You must have banking information established on your account prior to making a purchase. If your order is received prior to 4:00 p.m. Eastern time, your shares will be purchased at the NAV, plus any applicable sales charge, calculated on the day your order is placed.

Telephone trades must be received by or prior to market close for same day pricing. During periods of high market activity, shareholders may encounter higher than usual call waits. Please allow sufficient time to place your telephone transaction.

***Initial Investment By Mail.*** Class A Shares, Class C Shares, Investor Class Shares, and Institutional Class Shares of each Fund may be purchased by mail. Subject to acceptance by the Fund, an account may be opened by completing and signing an Account Application and mailing it to the Funds at the address noted below, together with a check payable to Emerald Funds. All checks must be in U.S. Dollars drawn on a domestic bank. The Funds will not accept payment in cash or money orders. The Funds do not accept post-dated checks or any conditional order or payment. To prevent check fraud, the Funds will not accept third party checks, Treasury checks, credit card checks, traveler's checks or starter checks for the purchase of Shares.

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| | |
|:---|:---|
| **<u>Regular Mail:</u>** | **<u>Overnight Mail:</u>** |
| Emerald Funds | Emerald Funds |
| c/o U.S. Bank Global Fund Services | c/o U.S. Bank Global Fund Services |
| PO Box 219252 | 801 Pennsylvania Ave, Suite 219252  |
| Kansas City, MO 64121-9252  | Kansas City, MO 64105-1307  |

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The Transfer Agent will charge a $25 fee against a shareholder's account, in addition to any loss sustained by the Funds, for any payment that is returned. It is the policy of the Funds not to accept applications under certain circumstances or in amounts considered disadvantageous to shareholders. The Funds reserve the right to reject any application.

The Funds do not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, deposit in the mail or with such services, or receipt at the Transfer Agent's post office box, of purchase orders or redemption requests does not constitute receipt by the transfer agent of the Funds. Receipt of purchase orders or redemption requests is based on when the order is received at the Transfer Agent's offices.

Shares will be purchased at the NAV plus any applicable sales charge next computed after the time the application and funds are received in proper order and accepted by the Funds.

***Initial Investment By Wire.*** Class A Shares, Class C Shares, Investor Class Shares and Institutional Class Shares of each Fund may also be purchased by wire. If you are making your first investment in a Fund, before you wire funds, the Transfer Agent must have a completed account application. You may mail or overnight deliver your account application to the Transfer Agent. Upon receipt of your completed account application, the Transfer Agent will establish an account for you. The account number assigned will be required as part of the instruction that should be provided to your bank to send the wire. Your bank must include both the name of the Fund you are purchasing, the account number, and your name so that monies can be correctly applied. Your bank should transmit funds by wire to:

**<u>Wire Instructions:</u>**

**Wire Instructions:**

U.S. Bank National Association 777 East Wisconsin Ave Milwaukee WI 53202

ABA #075000022

**Credit:**

U.S. Bancorp Fund Services Account #112-952-137

**For Further Credit to:**

(name of Fund to be purchased) (shareholder registration) (shareholder account number)

Wired funds must be received prior to 4:00 p.m. Eastern time to be eligible for same day pricing. The Funds and U.S. Bank, N.A. are not responsible for the consequences of delays resulting from the banking or Federal Reserve wire system, or from incomplete wiring instructions. Before sending your wire, please contact the Transfer Agent to advise them of your intent to wire funds. This will ensure prompt and accurate credit upon receipt of your wire.

***Additional Investments.*** Additional investments may be made at any time by purchasing Shares at the NAV per Share, plus any applicable sales charge of the Fund by mailing a check to the Transfer Agent at the address noted above under "Investment by Mail" or by wiring as outlined above under "Investment by Wire." Initial and additional purchases made by check or electronic funds transfer through the ACH network cannot be redeemed until payment of the purchase has been collected. This may take up to 15 calendar days from the purchase date. There is a minimum amount of $100 for subsequent investment in Class A, Class C and Investor Class Shares. There is no minimum subsequent investment for Institutional Class Shares.

***Purchases in Kind****.* In certain circumstances, Shares of the Funds may be purchased "in kind" (i.e., in exchange for securities, rather than cash). The securities rendered in connection with an in-kind purchase must be liquid securities that are not restricted as to transfer and have a value that is readily ascertainable in accordance with the Company's valuation procedures. Securities accepted by the Funds will be valued, as set forth in this Prospectus, as of the time of the next determination of NAV after such acceptance. The Shares of the Funds that are issued to the investor in exchange for the securities will be determined as of the same time. All dividend, subscription, or other rights that are reflected in the market price of accepted securities at the time of valuation become the property of the Funds and must be delivered to the Funds by the investor upon receipt from the issuer. The Funds will not accept securities in exchange for its Shares unless such securities are, at the time of the exchange, eligible to be held by the Funds and satisfy such other conditions as may be imposed by the Adviser or the Company. Purchases in-kind may result in the recognition of gain or loss for federal income tax purposes on the securities transferred to the Funds.

***Other Purchase Information***. The Company reserves the right, in its sole discretion, to suspend the offering of Shares or to reject purchase orders when, in the judgment of management, such suspension or rejection is in the best interests of the Funds. The Adviser will monitor the Funds' total assets and may, subject to Board's approval, decide to close the Funds at any time to new investments or to new accounts due to concerns that a significant increase in the size of the Fund may adversely affect the implementation of the Funds' strategy. The Adviser, subject to the Board's approval, may also choose to reopen the Funds to new investments at any time, and may subsequently close the Funds again should concerns regarding the Funds' size recur. If the Funds close to new investments, the Funds may be offered only to certain existing shareholders of the Funds and certain other persons who may be subject to cumulative, maximum purchase amounts, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. persons who already hold Shares of the closed Funds directly or through accounts maintained by brokers by arrangement with the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. existing and future clients of financial advisers and planners whose clients already hold Shares of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. employees of the Adviser and their spouses, parents and children; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. directors of the Company.

Distributions to all shareholders of the closed Funds will continue to be reinvested unless a shareholder elects otherwise. The Adviser, subject to the Board's discretion, reserves the right to implement other purchase limitations at the time of closing, including limitations on current shareholders.

Purchases of the Funds' Shares will be made in full and fractional Shares of the Funds calculated to three decimal places. Certificates for Shares will not be issued.

Shares may be purchased and subsequent investments may be made by principals and employees of the Adviser and their family members, either directly or through their IRAs, and by any pension and profit-sharing plan of the Adviser, without being subject to the minimum investment limitation. The Adviser is authorized to waive the minimum initial investment requirement.

***Good Order***. A purchase request is considered to be in good order when the purchase request includes the name of the Funds and share class, the dollar amount of shares to be purchased, your account application or investment stub, a check payable to the Funds, and any other information requested. Purchase requests not in good order may be rejected.

***Customer Identification Program***. In compliance with the USA PATRIOT Act of 2001, please note that the Transfer Agent will verify certain information on your account application as part of the Company's Anti-Money Laundering Program. As requested on the account application, you must supply your full name, date of birth, social security number and permanent street address. If you are opening the account in the name of a legal entity (e.g., partnership, limited liability company, business trust, corporation, etc.), you must also supply the identity of the beneficial owners. Mailing addresses containing only a P.O. Box will not be accepted. Applications without the required information, or without any indication that a social security or taxpayer identification number has been applied for, may not be accepted. After acceptance, to the extent permitted by applicable law or its customer identification program, the Company reserves the right (a) to place limits on transactions in any account until the identity of the investor is verified; or (b) to refuse an investment in a Company portfolio or to involuntarily redeem an investor's shares and close an account in the event that an investor's identity is not verified. The Company and its agents will not be responsible for any loss in an investor's account resulting from the investor's delay in providing all required identifying information or from closing an account and redeeming an investor's Shares when an investor's identity cannot be verified.

It is important that the Funds maintain a correct address for each investor. An incorrect address may cause an investor's account statements and other mailings to be returned to the Funds. Based upon statutory requirements for returned mail, the Funds will attempt to locate the investor or rightful owner of the account. If the Funds are unable to locate the investor, then they will determine whether the investor's account can legally be considered abandoned. Mutual fund accounts may be transferred to the state government of an investor's state of residence if no activity occurs within the account during the "inactivity period" specified in the applicable state's abandoned property laws, which varies by state. The Funds are legally obligated to escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator in accordance with statutory requirements. The investor's last known address of record determines which state has jurisdiction. Please proactively contact the Transfer Agent toll-free at 1-855-828-9909 at least annually to ensure your account remains in active status.

Investors who are residents of the state of Texas may designate a representative to receive legislatively required unclaimed property due diligence notifications. Please contact the Fund to complete a Texas Designation of Representative form.

In an effort to decrease costs, the Fund intends to reduce the number of duplicate prospectuses and other similar documents you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders we reasonably believe are from the same family or household. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-855-828-9909 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies thirty days after receiving your request. This policy does not apply to account statements.

REDEMPTION OF FUND SHARES

You may redeem Fund Shares at the next NAV calculated after a redemption request is received by the Transfer Agent in good order. The Funds' NAV is calculated once daily at the close of regular trading hours on the NYSE (generally 4:00 p.m. Eastern time) on each day the NYSE is open. You can redeem Shares of the Funds only on days the NYSE is open and through the means described in this section. You may redeem Fund Shares by mail, or, if you are authorized, by telephone. The value of Shares redeemed may be more or less than the purchase price, depending on the market value of the investment securities held by the Funds.

***Redemption By Mail*.** Your redemption request should be sent to:

**<u>Regular Mail:</u>**

**Emerald Funds**

c/o U.S. Bank Global Fund Services

P.O. Box 219252

Kansas City, MO 64121-9252

**<u>Overnight Mail:</u>**

**Emerald Funds**

c/o U.S. Bank Global Fund Services

801 Pennsylvania Ave, Suite 219252

Kansas City, MO 64105-1307

The Funds do not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, deposit in the mail or with such services, or receipt at the Transfer Agent's post office box, of purchase orders or redemption requests does not constitute receipt by the Transfer Agent of the Funds. Receipt of purchase orders or redemption requests is based on when the order is received at the Transfer Agent's offices.

A signature guarantee, from either a Medallion program member or a non-Medallion program member (as described below), is required in the following situations:

● If ownership is being changed on your account;

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

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

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

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

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

Signature guarantees will generally be accepted from non-Medallion program members who are domestic banks, brokers, dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies and savings associations, as well as from participants in the New York Stock Exchange Medallion Signature Program and the Securities Transfer Agents Medallion Program ("STAMP"). A notary public is not an acceptable signature guarantor.

***Redemption By Telephone***. In order to utilize the telephone redemption option, you must indicate that option on your Account Application. You may then initiate a redemption of Shares in an amount not exceeding $100,000 by calling the Transfer Agent at 1-855-828-9909.

Investors may have a check sent to the address of record, proceeds may be wired to a shareholder's bank account of record, or funds may be sent via electronic funds transfer through the Automated Clearing House (ACH) network, also to the bank account of record. Wires are subject to a $15 fee paid by the investor, but the investor does not incur any charge when proceeds are sent via the ACH system.

Once a telephone transaction has been placed, it cannot be canceled or modified after the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time).

Telephone trades must be received by or prior to market close for same day pricing. During periods of high market activity, shareholders may encounter higher than usual call waits. Please allow sufficient time to place your telephone transaction.

Before executing an instruction received by telephone, the Transfer Agent will use reasonable procedures to confirm that the telephone instructions are genuine. The telephone call may be recorded and the caller may be asked to verify certain personal identification information. If a Fund or its agents follow these procedures, they cannot be held liable for any loss, expense or cost arising out of any telephone redemption request that is reasonably believed to be genuine. This includes fraudulent or unauthorized requests. If an account has more than one owner or authorized person, the Funds will accept telephone instructions from any one owner or authorized person.

***IRA and Other Retirement Plan Redemptions*.** If you are redeeming shares held in an IRA and receiving a distribution from the IRA of the cash proceeds of the redemption of shares, you must indicate on your written redemption request whether or not to withhold federal income tax. Redemption requests failing to indicate an election to have tax withheld will be subject to 10% withholding.

Shares held in IRA accounts may be redeemed by telephone at 1-855-828-9909. Investors will be asked whether or not to withhold taxes from any distribution.

***Involuntary Redemption*.** The Funds reserve the right to redeem a shareholder's account in the Funds at any time the value of the account falls below $500 as a result of a redemption or an exchange request. Shareholders will be notified in writing that the value of their account in the Funds is less than $500 and will be allowed 30 days to make additional investments before the redemption is processed. The Funds may assert the right to redeem your Shares at current NAV at any time and without prior notice if, and to the extent that, such redemption is necessary to reimburse the Funds for any loss sustained by reason of your failure to make full payment for Shares of the Funds you previously purchased or subscribed for.

***Other Redemption Information***. Redemption proceeds for Shares of the Funds recently purchased by check or electronic funds transfer through the ACH network may not be distributed until payment for the purchase has been collected, which may take up to fifteen calendar days from the purchase date. Shareholders can avoid this delay by utilizing the wire purchase option. Other than as described above, payment of the redemption proceeds will be made within seven days after receipt of an order for a redemption. The Company may suspend the right of redemption or postpone the date at times when the NYSE is closed or under any emergency circumstances as determined by the SEC. The Funds typically expect to meet redemption requests by paying out proceeds from cash or cash equivalent portfolio holdings, or by selling portfolio securities. In stressed market conditions, redemption methods may include redeeming in kind.

If the Board determines that it would be detrimental to the best interests of the remaining shareholders of the Funds to make payment wholly or partly in cash, redemption proceeds may be paid in whole or in part by an in-kind distribution of readily marketable securities held by the Funds instead of cash in conformity with applicable rules of the SEC and the Company's Policy and Procedures Related to the Processing of In-Kind Redemptions. Investors generally will incur brokerage charges on the sale of portfolio securities so received in the payment of redemptions. If a shareholder receives redemption proceeds in-kind, the shareholder will bear the market risk of the securities received until their disposition and should expect to incur transaction costs upon the disposition of the securities. The Company has elected, however, to be governed by Rule 18f-1 under the 1940 Act, so that the Funds are obligated to redeem their Shares solely in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period for any one shareholder of the Funds.

***Good Order***. A redemption request is considered to be in good order when the redemption request includes the name of the Fund and share class, the number of shares or dollar amount to be redeemed, the account number, signatures by all of the shareholders whose names appear on the account registration with a signature guarantee, if applicable, and any other information requested. Redemption requests not in good order may be delayed.

MARKET TIMING

In accordance with the policy adopted by the Board, the Company discourages and does not accommodate market timing and other excessive trading practices. Purchases should be made with a view to longer-term investment only. Excessive short-term (market timing) trading practices may disrupt portfolio management strategies, increase brokerage and administrative costs, harm Fund performance and result in dilution in the value of Fund Shares held by long-term shareholders. The Company and the Adviser reserve the right to (i) reject a purchase or exchange order, (ii) delay payment of immediate cash redemption proceeds for up to seven calendar days, (iii) revoke a shareholder's privilege to purchase Fund Shares (including exchanges), or (iv) limit the amount of any exchange involving the purchase of Fund Shares. An investor may receive notice that their purchase order or exchange has been rejected after the day the order is placed or after acceptance by a financial intermediary. It is currently expected that a shareholder would receive notice that its purchase order or exchange has been rejected within 48 hours after such purchase order or exchange has been received by the Company in good order. The Company and the Adviser will not be liable for any loss resulting from rejected purchase orders. To minimize harm to the Company and its shareholders (or the Adviser), the Company (or the Adviser) will exercise its right if, in the Company's (or the Adviser's) judgment, an investor has a history of excessive trading or if an investor's trading, in the judgment of the Company (or the Adviser), has been or may be disruptive to the Funds. No waivers of the provisions of the policy established to detect and deter market timing and other excessive trading activity are permitted that would harm the Funds and its shareholders or would subordinate the interests of the Funds and their shareholders to those of the Adviser or any affiliated person or associated person of the Adviser.

Pursuant to the policy adopted by the Board, the Adviser has developed criteria that it uses to identify trading activity that may be excessive. The Adviser reviews on a regular, periodic basis available information related to the trading activity in the Funds in order to assess the likelihood that the Funds may be the target of excessive trading. As part of its excessive trading surveillance process, the Adviser, on a periodic basis, examines transactions that exceed certain monetary thresholds or numerical limits within a period of time. If, in its judgment, the Adviser detects excessive, short-term trading, it may reject or restrict a purchase request and may further seek to close an investor's account with the Funds. The Adviser may modify its surveillance procedures and criteria from time to time without prior notice regarding the detection of excessive trading or to address specific circumstances. The Adviser will apply the criteria in a manner that, in its judgment, will be uniform.

There is no assurance that the Funds will be able to identify market timers, particularly if they are investing through intermediaries.

If necessary, the Company may prohibit additional purchases of Shares by a financial intermediary or by certain customers of the financial intermediary. Financial intermediaries may also monitor their customers' trading activities in the Funds. The criteria used by intermediaries to monitor for excessive trading may differ from the criteria used by the Company. If a financial intermediary fails to enforce the Company's excessive trading policies, the Company may take certain actions, including terminating the relationship.

EXCHANGE PRIVILEGE

***For Other Classes of the Funds****.* Beneficial holders with financial intermediary sponsored fee-based programs are eligible to exchange their Shares in a particular share class of the Funds for Shares in an identically registered account in a different share class of the Funds if the shareholder meets the eligibility requirements for that class of Shares or the shareholder is otherwise eligible to purchase that class of Shares. Such an exchange will be effected at the NAV of the Shares next calculated after the exchange request is received by the Transfer Agent in good order. Investors should contact their program provider to obtain information about their eligibility for the provider's program and the class of shares they would receive upon such a conversion.

Shares of each class of the Funds represent equal pro rata interests in the Funds and accrue dividends and calculate NAV and performance quotations in the same manner. The performance of each class is quoted separately due to different actual expenses. Total return can be expected to differ among classes of the Funds. Shareholders who exercise a class exchange privilege will generally not recognize a taxable gain or loss for federal income tax purposes.

***For Another Fund Managed by the Adviser****.* If you have held all or part of your shares in a Fund for at least seven days, you may exchange all or a portion of your investment from that Fund to the same share class in an identically registered account of another mutual fund managed by the Adviser, so long as such Fund is available for sale in your state and meets your investment criteria. Any new account established through an exchange will be subject to the minimum investment requirements as described in that fund's prospectus. Exchanges will be executed on the basis of the relative NAV of the shares exchanged after your request for an exchange is received. An exchange of Fund shares for shares of another mutual fund is considered to be a sale of shares for federal income tax purposes, which may result in a taxable gain or loss. Please call the Funds (toll-free) at 1-855-828-9909 to learn more about exchanges, and to obtain the prospectus for another mutual fund managed by the Adviser. If you purchased shares of the Funds through your financial intermediary, please contact your financial intermediary to determine if you may take advantage of the exchange policies described in this section and for your financial intermediary's policies to effect an exchange.

Class A, Class C and Investor Class shareholders may also transfer their Class A, Class C or Investor Class Shares into Institutional Class Shares of the same Fund if you meet the eligibility requirements for the Institutional class into which you would like to transfer.

The Funds reserve the right, at its sole discretion, to change or discontinue the exchange privilege, or to temporarily suspend the privilege during unusual market conditions when, in the judgment of management, such change or discontinuance is in the best interests of the Funds.

DIVIDENDS AND DISTRIBUTIONS

The Funds will distribute substantially all of their net investment income and net realized capital gains, if any, to its shareholders. All distributions are reinvested in the form of additional full and fractional Shares of the Funds unless a shareholder elects otherwise. The Funds will declare and pay dividends from net investment income annually. Net realized capital gains (including net short-term capital gains), if any, will be distributed by the Funds at least annually.

The Funds may pay additional distributions and dividends at other times if necessary for the Funds to avoid U.S. federal tax. The Funds' distributions and dividends, whether received in cash or reinvested in additional Shares, are subject to U.S. federal income tax.

Distribution checks will only be issued for payments greater than $25.00. All distributions under $25.00 will automatically be reinvested in Fund Shares unless you elect to receive cash. If you elect to receive distributions and/or capital gains paid in cash, and the U.S. Postal Service cannot deliver the check, or if a check remains outstanding for six months, the Funds reserve the right to reinvest the distribution check in your account, at the Funds' current NAV, and to reinvest all subsequent distributions. You may change the distribution option on your account at any time. You should notify the Transfer Agent in writing or by telephone at least five (5) days prior to the next distribution.

MORE INFORMATION ABOUT TAXES

The following is a summary of certain U.S. tax considerations relevant under current law, which may be subject to change in the future. Except where otherwise indicated, the discussion relates to investors who are individual U.S. citizens or residents. You should consult your tax adviser for further information regarding federal, state, local and/or foreign tax consequences relevant to your specific situation.

***Distributions*.** The Funds contemplate distributing as dividends each year all or substantially all of its taxable income, including its net capital gain (the excess of net long- term capital gain over net short-term capital loss).

Except as otherwise discussed below, you will be subject to federal income tax on Fund distributions regardless of whether they are paid in cash or reinvested in additional Shares. Fund distributions attributable to short-term capital gains and net investment income, and all distributions attributable to income and gains of the SPC, will generally be taxable to you as ordinary income, except as discussed below.

Distributions attributable to the net capital gain, as defined above, of the Funds (which does not include any income or gains of the SPC) will be taxable to you as long- term capital gain, no matter how long you have owned your Fund Shares. The maximum federal long-term capital gain rate applicable to individuals, estates, and trusts is currently 23.8% (which includes a 3.8% Medicare tax). You will be notified annually of the tax status of distributions to you.

Distributions from the Funds will generally be taxable to you in the taxable year in which they are paid, with one exception. Distributions declared by the Funds in October, November or December and paid in January of the following year are taxed as though they were paid on December 31.

A portion of distributions paid by the Funds to shareholders that are corporations may also qualify for the dividends-received deduction for corporations, subject to certain holding period requirements and debt financing limitations. The amount of the dividends qualifying for this deduction may, however, be reduced as the result of the Funds' securities lending activities (if any), by a high portfolio turnover rate or by investments in debt securities or foreign corporations.

If you purchase Shares just before a distribution, the purchase price will reflect the amount of the upcoming distribution, but you will be taxed on the entire amount of the distribution received, even though, as an economic matter, the distribution simply constitutes a return of capital. This adverse tax result is known as "buying into a dividend."

***Sales of Shares***. You will generally recognize taxable gain or loss for federal income tax purposes on a sale or redemption of your Shares based on the difference between your tax basis in the Shares and the amount you receive for them. Generally, you will recognize long-term capital gain or loss if you have held your Fund Shares for over twelve months at the time you dispose of them.

Any loss realized on Shares held for six months or less will be treated as a long-term capital loss to the extent of any capital gain dividends that were received on the Shares. Additionally, any loss realized on a disposition of Shares of the Funds may be disallowed under "wash sale" rules to the extent the Shares disposed of are replaced with other Shares of the Funds within a period of 61 days beginning 30 days before and ending 30 days after the Shares are disposed of, such as pursuant to a dividend reinvestment in Shares of the Funds. If disallowed, the loss will be reflected in an upward adjustment to the basis of the Shares acquired.

The Funds (or relevant broker or financial adviser) is required to compute and report to the IRS and furnish to Fund shareholders cost basis information when such Shares are sold. The Funds have elected to use the average cost method, unless you instruct the Funds to use a different IRS-accepted cost basis method or choose to specifically identify your Shares at the time of each sale. If your account is held by your broker or other financial adviser, they may select a different cost basis method. In these cases, please contact your broker or other financial adviser to obtain information with respect to the available methods and elections for your account. You should carefully review the cost basis information provided by the Funds and make any additional basis, holding period or other adjustments that are required when reporting these amounts on your federal and state income tax returns. Fund shareholders should consult with their tax advisers to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about how the cost basis reporting requirements apply to them.

IRAs and Other Tax-Qualified Plans. The one major exception to the preceding tax principles is that distributions on, and sales and redemptions of, Shares held in an IRA (or other tax-qualified plan) will not be currently taxable unless such Shares were acquired with borrowed funds.

***Backup Withholding*.** The Funds may be required in certain cases to withhold and remit to the IRS a percentage of taxable dividends or gross proceeds realized upon sale payable to shareholders who have failed to provide a correct tax identification number in the manner required, or who are subject to withholding by the IRS for failure to properly include on their return payments of taxable interest or dividends, or who have failed to certify to the Funds that they are not subject to backup withholding when required to do so or that they are "exempt recipients". The current backup withholding rate is 24%.

***U.S. Tax Treatment of Foreign Shareholders****.* Generally, nonresident aliens, foreign corporations and other foreign investors are subject to a 30% withholding tax on dividends paid by a U.S. corporation, although the rate may be reduced for an investor that is a qualified resident of a foreign country with an applicable tax treaty with the United States. In the case of RICs such as the Funds, however, certain categories of dividends are exempt from the 30% withholding tax. These generally include dividends attributable to the Funds' net capital gains (the excess of net long-term capital gains over net short-term capital losses), dividends attributable to the Funds' interest income from U.S. obligors and dividends attributable to net short-term capital gains of the Funds.

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

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

The Funds will also generally be required to withhold 30% tax on certain payments to foreign entities that do not provide a Form W-8BEN-E that evidences their compliance with, or exemption from, specified information reporting requirements under the Foreign Account Tax Compliance Act.

All foreign investors should consult their own tax advisers regarding the tax consequences in their country of residence of an investment in the Funds. Shares of the Funds have not been registered for sale outside of the United States and certain United States territories.

***State and Local Taxes****.* You may also be subject to state and local taxes on income and gain from Fund Shares. State income taxes may not apply, however, to the portions of the Funds' distributions, if any, that are attributable to interest on U.S. government securities. You should consult your tax adviser regarding the tax status of distributions in your state and locality.

***Taxation of the Special Purpose Company ("SPC")***. There is, at present, no direct taxation in the Cayman Islands and interest, dividends and gains payable to the SPC will be received free of all Cayman Islands taxes. Each of the Cayman Subsidiary and SPC is registered as an "exempted company" pursuant to the Companies Law (Revised) of the Cayman Islands (as amended). Each of the Cayman Subsidiary and the SPC has applied for, and received, an undertaking from the Governor in Cabinet of the Cayman Islands to the effect that, for a period of twenty years from the date of the undertaking, no law that thereafter is enacted in the Cayman Islands imposing any tax or duty to be levied on profits, income or on gains or appreciation, or any tax in the nature of estate duty or inheritance tax, will apply to any property comprised in or any income arising under the Cayman Subsidiary or the SPC, or to the shareholders thereof, in respect of any such property or income.

More information about taxes is contained in the SAI.

SHAREHOLDER SERVICES PLAN FOR INSTITUTIONAL CLASS AND INVESTOR CLASS SHARES

Each Fund has adopted a non-Rule 12b-1 shareholder services plan with respect to the Funds' Class C Shares, Institutional Class Shares and Investor Class Shares (each a "Services Plan" and collectively the "Services Plans"). Under the Services Plans, a Fund is authorized to pay select financial intermediaries and/or Fund affiliates ("Participating Organizations"), for non-distribution related services provided to shareholders of each respective class.

Payments under the Services Plans are calculated daily and paid monthly, and the aggregate fees on an annual basis are not to exceed 0.25% for Class C Shares of the average daily net asset value of the Class C Shares of the Fund, 0.05% for Institutional Class Shares of the average daily net asset value of the Institutional Class Shares of a Fund and 0.15% for Investor Class Shares of the average daily net asset value of the Investor Class Shares of a Fund on assets held in the name of a Participating Organization. The foregoing fees are paid as compensation to the Participating Organization for providing some are all of the following on-going services: (i) establishing and maintaining Fund shareholder accounts, (ii) aggregating, processing and transmitting Fund shareholder orders and instructions regarding accounts, (ii) processing dividend and other distribution payments from each Fund on behalf of shareholders, (iv) preparing reports or forms on behalf of shareholders, (v) forwarding communications from each Fund to shareholders, and (vi) providing such other similar services as applicable statutes, rules or regulations permit. None of the aforementioned services includes distribution related services or activities. Any amount of such payment not paid during the Fund's fiscal year for such service activities shall be reimbursed to such Fund. Any amount of such payment not paid during a Fund's fiscal year for such service activities shall be reimbursed to such Fund as soon as practicable after the end of the fiscal year.

Because these services fees are paid out of assets attributable to each Fund's Institutional Class and Investor Class Shares on an ongoing basis, over time these fees will increase the cost of an investment in such shares and may cost more than other types of sales charges.

DISTRIBUTION ARRANGEMENTS

The Board has adopted a Plan of Distribution for the Class A Shares, Class C Shares and Investor Class Shares (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Funds' Distributor is entitled to receive from the Funds a distribution fee with respect to the Shares, which is accrued daily and paid monthly, of up to 0.35% on an annualized basis of the average daily net assets of the Class A Shares, up to 0.75% on an annualized basis of the average daily net assets of the Class C Shares, and up to 0.25% on an annualized basis of the average daily net assets of Investor Class Shares. The actual amount of such compensation under the Plan is approved by the Board and agreed upon by the Distributor. Because these fees are paid out of the Funds' assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

Amounts paid to the Distributor under the Plan may be used by the Distributor to cover expenses that are related to (i) the sale of the Shares, (ii) ongoing servicing and/or maintenance of the accounts of shareholders, and (iii) sub-transfer agency services, sub-accounting services or administrative services related to the sale of the Shares, all as set forth in the Funds' 12b-1 Plan. Ongoing servicing and/or maintenance of the accounts of shareholders may include updating and mailing prospectuses and shareholder reports, responding to inquiries regarding shareholder accounts and acting as agent or intermediary between shareholders and the Funds or their service providers. The Distributor may delegate some or all of these functions to Service Organizations. See "Purchases Through Intermediaries" above.

The Plan obligates the Funds, during the period it is in effect, to accrue and pay to the Distributor on behalf of the Shares the fee agreed to under the Distribution Agreement. Payments under the Plan are not tied exclusively to expenses actually incurred by the Distributor, and the payments may exceed distribution expenses actually incurred.

**ADDITIONAL INFORMATION**

AUTOMATIC CONVERSION OF CLASS C SHARES TO CLASS A SHARES

Effective May 1, 2019 (the "Effective Date"), each Predecessor Fund has adopted an automatic conversion feature for Class C Shares. Beginning on the Effective Date, each Class C Share of each Predecessor Fund will automatically convert to Class A Shares of the same Fund with equivalent aggregate value, approximately eight (8) years after the date of purchase of such Class C Share ("Auto Conversion").

Certain Financial Intermediaries, including group retirement recordkeeping platforms, may not have been tracking such holding periods for Class C Shares and therefore may not be able to process such conversion for Class C Shares held. In these instances, each Class C Share held as of the Effective Date will automatically convert to Class A Shares with equivalent aggregate value approximately eight (8) years after the Effective Date. If you have any questions regarding your Financial Intermediary's ability to implement the Auto Conversion feature please contact an authorized agent of your Financial Intermediary for additional information.

**FINANCIAL HIGHLIGHTS**

The financial highlights tables are intended to help you understand each Predecessor Funds' financial performance for the past five years. The financial information presented for each applicable period is that of the applicable Predecessor Fund. Each Fund is the accounting successor to its corresponding Predecessor Fund, and each Predecessor Fund is the accounting and performance survivor, as a result of the Reorganization of each of the Predecessor Fund into the respective Funds. Each Fund has adopted the financial statements of its respective Predecessor Fund. Certain information reflects financial results for a single Predecessor Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in each Predecessor Fund (assuming reinvestment of all dividends and distributions). The information presented for the fiscal year ended April 30, 2025, has been audited by Cohen & Company, Ltd., the independent registered public accounting firm for each Predecessor Fund, whose report, along with the Predecessor Fund's financial statements, are included in the [Annual Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000915802/000139834425012789/fp0093705-1_ncsrixbrl.htm) for the fiscal year ended April 30, 2025, which is available upon request.

Emerald Finance & Banking Innovation Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
|  | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,<br> 2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $22.25 | $18.75 | $31.99 | $51.56 | $22.89 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | (0.04) | 0.35 | 0.13 | 0.84 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 5.18 | 3.15 | (13.37) | (14.81) | 28.61 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 5.14 | 3.50 | (13.24) | (13.97) | 28.67 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From investment income | (0.56) |  |  | (3.37) |  |
| &nbsp;&nbsp;&nbsp;From capital gains |  |  |  | (1.37) |  |
| &nbsp;&nbsp;&nbsp;Tax return of capital | - | - | - | (0.86) | - |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.56) | - | - | (5.60) | - |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 4.58 | 3.50 | (13.24) | (19.57) | 28.67 |
| **NET ASSET VALUE, END OF PERIOD** | $26.83 | $22.25 | $18.75 | $31.99 | $51.56 |
| **TOTAL RETURN** **<sup>(b)</sup>** | 23.53% | 18.67% | (41.40)% | (30.58)% | 125.21% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $18377 | $19312 | $19949 | $43448 | $68778 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment income/(loss) | (0.15)% | 1.65% | 0.52% | 1.70% | 0.18% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.79% | 1.77% | 1.82% | 1.78% | 1.53% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.79% | 1.77% | 1.82% | 1.48% | 1.53% |
| **PORTFOLIO TURNOVER RATE** | 32% | 56% | 88% | 94% | 171% |

---

*<sup>(a)</sup>* *Per share amounts are based upon average shares outstanding.*

*<sup>(b)</sup>* *Total return does not reflect the effect of sales charges.*

Emerald Finance & Banking Innovation Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
|  | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,<br> 2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $18.01 | $15.27 | $26.23 | $43.35 | $19.38 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | (0.16) | 0.21 | (0.05) | 0.40 | (0.11) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 4.17 | 2.53 | (10.91) | (12.11) | 24.08 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 4.01 | 2.74 | (10.96) | (11.71) | 23.97 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From investment income | (0.53) |  |  | (3.27) |  |
| &nbsp;&nbsp;&nbsp;From capital gains |  |  |  | (1.37) |  |
| &nbsp;&nbsp;&nbsp;Tax return of capital | - | - | - | (0.77) | - |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.53) | - | - | (5.41) | - |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 3.48 | 2.74 | (10.96) | (17.12) | 23.97 |
| **NET ASSET VALUE, END OF PERIOD** | $21.49 | $18.01 | $15.27 | $26.23 | $43.35 |
| **TOTAL RETURN** **<sup>(b)</sup>** | 22.75% | 17.94% | (41.77)% | (31.05)% | 123.68% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $1775 | $2511 | $4521 | $12600 | $22447 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment income/(loss) | (0.76)% | 1.25% | (0.27)% | 0.98% | (0.40)% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 2.44% | 2.43% | 2.46% | 2.43% | 2.18% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 2.44% | 2.43% | 2.46% | 2.13% | 2.18% |
| **PORTFOLIO TURNOVER RATE** | 32% | 56% | 88% | 94% | 171% |

---

*<sup>(a)</sup>* *Per share amounts are based upon average shares outstanding.*

*<sup>(b)</sup>* *Total return does not reflect the effect of sales charges.*

Emerald Finance & Banking Innovation Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** |
|  | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,<br> 2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $23.38 | $19.62 | $33.38 | $53.48 | $23.67 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.03 <sup>(b)</sup> | 0.47 | 0.17 | 1.00 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 5.45 | 3.29 | (13.93) | (15.39) | 29.67 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 5.48 | 3.76 | (13.76) | (14.39) | 29.81 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From investment income | (0.58) |  |  | (3.53) |  |
| &nbsp;&nbsp;&nbsp;From capital gains |  |  |  | (1.37) |  |
| &nbsp;&nbsp;&nbsp;Tax return of capital | - | - | - | (0.81) | - |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.58) | - | - | (5.71) | - |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 4.90 | 3.76 | (13.76) | (20.10) | 29.81 |
| **NET ASSET VALUE, END OF PERIOD** | $28.28 | $23.38 | $19.62 | $33.38 | $53.48 |
| **TOTAL RETURN** | 23.85% | 19.16% | (41.21)% | (30.32)% | 125.94% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $19828 | $17781 | $30063 | $86196 | $134767 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment income | 0.10% | 2.09% | 0.68% | 1.95% | 0.39% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.53% | 1.43% | 1.48% | 1.44% | 1.18% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.53% | 1.43% | 1.48% | 1.13% | 1.18% |
| **PORTFOLIO TURNOVER RATE** | 32% | 56% | 88% | 94% | 171% |

---

*<sup>(a)</sup>* *Per share amounts are based upon average shares outstanding.*

*<sup>(b)</sup>* *The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and redemptions of Fund shares in relation to income earned and/or fluctuating market value of the investments of the Fund.*

Emerald Finance & Banking Innovation Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** |
|  | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,<br> 2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $20.87 | $17.59 | $30.03 | $48.76 | $21.66 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | (0.06) | 0.34 | 0.10 | 0.73 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 4.85 | 2.94 | (12.54) | (13.85) | 27.07 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 4.79 | 3.28 | (12.44) | (13.12) | 27.10 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From investment income | (0.56) |  |  | (3.10) |  |
| &nbsp;&nbsp;&nbsp;From capital gains |  |  |  | (1.37) |  |
| &nbsp;&nbsp;&nbsp;Tax return of capital | - | - | - | (1.14) | - |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.56) | - | - | (5.61) | - |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 4.23 | 3.28 | (12.44) | (18.73) | 27.10 |
| **NET ASSET VALUE, END OF PERIOD** | $25.10 | $20.87 | $17.59 | $30.03 | $48.76 |
| **TOTAL RETURN** | 23.39% | 18.65% | (41.43)% | (30.60)% | 125.07% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $5741 | $6099 | $8129 | $18881 | $31147 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment income/(loss) | (0.24)% | 1.71% | 0.47% | 1.53% | 0.11% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.89% | 1.80% | 1.86% | 1.81% | 1.56% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.89% | 1.80% | 1.86% | 1.51% | 1.56% |
| **PORTFOLIO TURNOVER RATE** | 32% | 56% | 88% | 94% | 171% |

---

*<sup>(a)</sup>* *Per share amounts are based upon average shares outstanding.*

Emerald Growth Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
|  | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,<br> 2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $22.66 | $21.00 | $23.23 | $36.29 | $23.06 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.15) | (0.11) | (0.12) | (0.12) | (0.22) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.16 | 3.22 | (0.33) | (7.38) | 16.30 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.01 | 3.11 | (0.45) | (7.50) | 16.08 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From investment income | (0.73) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (2.61) | (1.45) | (1.78) | (5.56) | (2.85) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (3.34) | (1.45) | (1.78) | (5.56) | (2.85) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (2.33) | 1.66 | (2.23) | (13.06) | 13.23 |
| **NET ASSET VALUE, END OF PERIOD** | $20.33 | $22.66 | $21.00 | $23.23 | $36.29 |
| **TOTAL RETURN** **<sup>(b)</sup>** | 3.09% | 15.07% | (2.39)% | (23.19)% | 70.77% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $56476 | $79554 | $82009 | $118082 | $168322 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment loss | (0.62)% | (0.53)% | (0.55)% | (0.39)% | (0.72)% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.04% | 1.10% | 1.13% | 1.03% | 1.01% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.02% | 1.10% | 1.13% | 1.03% | 1.01% |
| **PORTFOLIO TURNOVER RATE** | 45% | 51% | 62% | 38% | 66% |

---

*<sup>(a)</sup>* *Per share amounts are based upon average shares outstanding.*

*<sup>(b)</sup>* *Total return does not reflect the effect of sales charges.*

Emerald Growth Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
|  | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,<br> 2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $16.06 | $15.37 | $17.56 | $29.09 | $18.97 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.21) | (0.18) | (0.19) | (0.26) | (0.35) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.92 | 2.32 | (0.22) | (5.71) | 13.32 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 0.71 | 2.14 | (0.41) | (5.97) | 12.97 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From investment income | (0.67) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (2.61) | (1.45) | (1.78) | (5.56) | (2.85) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (3.28) | (1.45) | (1.78) | (5.56) | (2.85) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (2.57) | 0.69 | (2.19) | (11.53) | 10.12 |
| **NET ASSET VALUE, END OF PERIOD** | $13.49 | $16.06 | $15.37 | $17.56 | $29.09 |
| **TOTAL RETURN** **<sup>(b)</sup>** | 2.45% | 14.23% | (3.00)% | (23.71)% | 69.60% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $854 | $1127 | $7255 | $11668 | $22447 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment loss | (1.27)% | (1.14)% | (1.19)% | (1.02)% | (1.37)% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.69% | 1.76% | 1.78% | 1.68% | 1.66% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.68% | 1.76% | 1.78% | 1.68% | 1.66% |
| **PORTFOLIO TURNOVER RATE** | 45% | 51% | 62% | 38% | 66% |

---

*<sup>(a)</sup>* *Per share amounts are based upon average shares outstanding.*

*<sup>(b)</sup>* *Total return does not reflect the effect of sales charges.*

Emerald Growth Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** |
|  | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,<br> 2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $24.67 | $22.68 | $24.88 | $38.32 | $24.18 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.10) | (0.05) | (0.06) | (0.02) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.23 | 3.49 | (0.36) | (7.86) | 17.12 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.13 | 3.44 | (0.42) | (7.88) | 16.99 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From investment income | (0.78) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (2.61) | (1.45) | (1.78) | (5.56) | (2.85) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (3.39) | (1.45) | (1.78) | (5.56) | (2.85) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (2.26) | 1.99 | (2.20) | (13.44) | 14.14 |
| **NET ASSET VALUE, END OF PERIOD** | $22.41 | $24.67 | $22.68 | $24.88 | $38.32 |
| **TOTAL RETURN** | 3.29% | 15.42% | (2.10)% | (22.94)% | 71.27% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $670357 | $773394 | $728115 | $732429 | $1375765 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment income/(loss) | (0.37)% | (0.22)% | (0.24)% | 0.06% | (0.41)% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 0.80% | 0.79% | 0.82% | 0.72% | 0.70% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 0.78% | 0.79% | 0.82% | 0.72% | 0.70% |
| **PORTFOLIO TURNOVER RATE** | 45% | 51% | 62% | 38% | 66% |

---

*<sup>(a)</sup>* *Per share amounts are based upon average shares outstanding.*

Emerald Growth Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** |
|  | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,<br> 2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $22.43 | $20.81 | $23.05 | $36.07 | $22.94 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.17) | (0.12) | (0.12) | (0.14) | (0.23) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.15 | 3.19 | (0.34) | (7.32) | 16.21 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 0.98 | 3.07 | (0.46) | (7.46) | 15.98 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From investment income | (0.72) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (2.61) | (1.45) | (1.78) | (5.56) | (2.85) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (3.33) | (1.45) | (1.78) | (5.56) | (2.85) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (2.35) | 1.62 | (2.24) | (13.02) | 13.13 |
| **NET ASSET VALUE, END OF PERIOD** | $20.08 | $22.43 | $20.81 | $23.05 | $36.07 |
| **TOTAL RETURN** | 2.96% | 15.01% | (2.44)% | (23.22)% | 70.71% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $78037 | $77806 | $73777 | $77823 | $103326 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment loss | (0.73)% | (0.57)% | (0.59)% | (0.44)% | (0.75)% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.15% | 1.14% | 1.17% | 1.07% | 1.05% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.13% | 1.14% | 1.17% | 1.07% | 1.05% |
| **PORTFOLIO TURNOVER RATE** | 45% | 51% | 62% | 38% | 66% |

---

*<sup>(a)</sup>* *Per share amounts are based upon average shares outstanding.*

**APPENDIX A - INTERMEDIARY SALES CHARGE WAIVERS AND DISCOUNTS**

THE INFORMATION ENCLOSED IN THIS APPENDIX IS PART OF, AND INCORPORATED IN, THE PROSPECTUS DATED JULY 18, 2025. WAIVERS AND DISCOUNTS AVAILABLE FROM SERVICE ORGANIZATIONS

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the Fund or through a Service Organization. Service Organizations may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred (back-end) sales charge ("CDSC") waivers, which are discussed below.

In all instances, it is the purchaser's responsibility to notify the Fund or the purchaser's Service Organization at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. Some waivers and discounts may not be made available through a particular Service Organization, and shareholders will have to purchase Shares directly from the Fund or through another Service Organization to receive these waivers or discounts.

MERRILL LYNCH

Purchases or sales of front-end (i.e. Class A) or level-load (i.e., Class C) mutual fund shares through a Merrill platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end waivers) and discounts, which differ from those disclosed elsewhere in this Fund's prospectus. Purchasers will have to buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for waivers or discounts not listed below.

It is the client's responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.

Additional information on waivers and discounts is available in the Merrill Sales Load Waiver and Discounts Supplement (the "Merrill SLWD Supplement") and in the Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine whether a transaction is eligible for a waiver or discount.

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| |
|:---|
| **Front-end Load Waivers Available at Merrill** |
| Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans |
| Shares purchased through a Merrill investment advisory program |
| Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill investment advisory program to a Merrill brokerage account |
| Shares purchased through the Merrill Edge Self-Directed platform |
| Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same mutual fund in the same account |

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| |
|:---|
| Shares exchanged from level-load shares to front-end load shares of the same mutual fund in accordance with the description in the Merrill SLWD Supplement |
| Shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee's Merrill Household (as defined in the Merrill SLWD Supplement) |
| Shares purchased by eligible persons associated with the fund as defined in this prospectus (e.g. the fund's officers or trustees) |
| Shares purchased from the proceeds of a mutual fund redemption in front-end load shares provided (1) the repurchase is in a mutual fund within the same fund family; (2) the repurchase occurs within 90 calendar days from the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill's account maintenance fees are not eligible for Rights of Reinstatement |

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| |
|:---|
| **Contingent Deferred Sales Charge ("CDSC") Waivers on Front-end, Back-end, and Level Load Shares Available at Merrill** |
| Shares sold due to the client's death or disability (as defined by Internal Revenue Code Section 22e(3)) |
| Shares sold pursuant to a systematic withdrawal program subject to Merrill's maximum systematic withdrawal limits as described in the Merrill SLWD Supplement |
| Shares sold due to return of excess contributions from an IRA account |
| Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on applicable IRS regulation |
| Front-end or level-load shares held in commission-based, non-taxable retirement brokerage accounts (e.g. traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to fee-based accounts or platforms and exchanged for a lower cost share class of the same mutual fund |
| **Front-end Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation & Letters of Intent** |
| Breakpoint discounts, as described in this prospectus, where the sales load is at or below the maximum sales load that Merrill permits to be assessed to a front-end load purchase, as described in the Merrill SLWD Supplement |
| Rights of Accumulation (ROA), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holdings of mutual fund family assets held in accounts in their Merrill Household |
| Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases within a fund family at Merrill, in accounts within your Merrill Household, as further described in the Merrill SLWD Supplement |

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**PRIVACY NOTICE**

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| | |
|:---|:---|
| **FACTS** | **WHAT DOES THE FUND DO WITH YOUR PERSONAL INFORMATION?** |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | &nbsp;&nbsp;&nbsp; The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br>&nbsp;&nbsp;&nbsp;&nbsp;● Social Security number<br> &nbsp;&nbsp;&nbsp;&nbsp;● account balances<br> &nbsp;&nbsp;&nbsp;&nbsp;● account transactions<br> &nbsp;&nbsp;&nbsp;&nbsp;● transaction history<br> &nbsp;&nbsp;&nbsp;&nbsp;● wire transfer instructions<br> &nbsp;&nbsp;&nbsp;&nbsp;● checking account information<br>When you are *no longer* our customer, we continue to share your information as described in this notice. |
| How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Fund chooses to share; and whether you can limit this sharing. |

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| | | |
|:---|:---|:---|
| Reasons we can share your information | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Does the Fund share? | Can you limit this sharing? |
| For our everyday business purpose - such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | No |
| For our marketing purposes - to offer our products and services to you | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | No |
| For joint marketing with other financial companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | We don't share. |
| For affiliates' everyday business purposes - information about your transactions and experiences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | No |
| For affiliates' everyday business purposes - information about your creditworthiness | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | We don't share |
| For our affiliates to market to you | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | We don't share |
| For nonaffiliates to market to you | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | We don't share |

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<u>Questions?</u> <u>Call 1-855-828-9909 or go to https://www.emeraldmutualfunds.com/</u>

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| | |
|:---|:---|
| What we do |  |
| How does the Fund protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
| How does the Fund collect my personal information? | &nbsp;&nbsp;&nbsp; We collect your personal information, for example, when you<br>&nbsp;&nbsp;&nbsp;&nbsp;● open an account<br> &nbsp;&nbsp;&nbsp;&nbsp;● provide account information<br> &nbsp;&nbsp;&nbsp;&nbsp;● give us your contact information<br> &nbsp;&nbsp;&nbsp;&nbsp;● make a wire transfer<br> &nbsp;&nbsp;&nbsp;&nbsp;● tell us where to send the money<br>We also collect your information from others, such as credit bureaus, affiliates, or other companies. |
| Why can't I limit all sharing? | &nbsp;&nbsp;&nbsp; Federal law gives you the right to limit only<br>&nbsp;&nbsp;&nbsp;&nbsp;● sharing for affiliates' everyday business purposes - information about your creditworthiness<br> &nbsp;&nbsp;&nbsp;&nbsp;● affiliates from using your information to market to you<br> &nbsp;&nbsp;&nbsp;&nbsp;● sharing for nonaffiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |
| European Union's General Data Protection Regulation | &nbsp;&nbsp;&nbsp; In addition to the above information, where applicable, you have the following rights under the European Union's General Data Protection Regulation ("GDPR") and U.S. Privacy Laws, as applicable and to the extent permitted by law, to<br>&nbsp;&nbsp;&nbsp;&nbsp;● Check whether we hold personal information about you and to access such data (in accordance with our policy)<br> &nbsp;&nbsp;&nbsp;&nbsp;● Request the correction of personal information about you that is inaccurate<br> &nbsp;&nbsp;&nbsp;&nbsp;● Have a copy of the personal information we hold about you provided to you or another "controller" where technically feasible<br> &nbsp;&nbsp;&nbsp;&nbsp;● Request the erasure of your personal information<br> &nbsp;&nbsp;&nbsp;&nbsp;● Request the restriction of processing concerning you<br>The legal grounds for processing of your personal information is for contractual necessity and compliance with law. If you wish to exercise any of your rights above, please call: 1-855-828-9909.<br>You are required to ensure the personal information we hold about you is up-to-date and accurate and you must notify us of any changes to the personal data you provided to us.<br>The Funds shall retain your personal data for as long as you are an investor in the Fund and thereafter as long as necessary to comply with applicable laws that require the Funds to retain your personal data, such as the Securities and Exchange Commission's data retention rules. Your personal data will be transferred to the United States so that the Funds may provide the agreed upon services for you. No adequacy decision has been rendered by the European Commission as to the data protection of your personal data when transferring it to the United States. However, the Funds do take the security of your personal data seriously.<br>You also have the right to lodge a complaint with the appropriate regulatory authority with respect to issues you may have. |

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| | |
|:---|:---|
| Definitions |  |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>&nbsp;&nbsp;&nbsp;&nbsp;● *The Funds do not share with nonaffiliates so they can market to you.* |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>&nbsp;&nbsp;&nbsp;&nbsp;● *The Funds do not jointly market.* |
| Controller | "Controller" means the natural or legal person, public authority, agency or other body which, alone or jointly with others, determines the purposes and means of the processing of personal data; where the purposes and means of such processing are determined by European Union or European Member State law, the controller or the specific criteria for its nomination may be provided for by European Union or European Member State law. |

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FOR MORE INFORMATION ABOUT THE FUNDS

This Prospectus contains important information you should know before you invest. Read it carefully and keep it for future reference. Information about different sales charge variations is provided in Appendix A to this Prospectus. More information about the Funds is available free of charge, upon request, including:

Annual/Semi-annual Reports: These reports contain additional information about the Fund's investments, describe the Fund's performance, list portfolio holdings and discuss recent market conditions and economic trends. The annual report includes Fund strategies that significantly affected the Fund's performance during its last fiscal year. The Fund's annual and semi-annual reports to shareholders will be available on the Adviser's website at www.emeraldmutualfunds.com or by calling 1-855-828-9909.

Statement of Additional Information ("SAI"): The Funds' SAI, dated July 18, 2025 has been filed with the SEC. The SAI, which includes additional information about the Funds, and the Funds' Annual and Semi-Annual reports, may be obtained free of charge by calling 1-855-828-9909. The SAI, as supplemented from time to time, is incorporated by reference into this Prospectus and is legally considered a part of this Prospectus. The SAI is available on the Adviser's website at www.emeraldmutualfunds.com.

Shareholder Inquiries: Representatives are available to discuss account balance information, mutual fund prospectuses, literature, programs and services available.

Hours: 9:00 a.m. to 8:00 p.m. (Eastern time) Monday-Friday. Call: 1-855-828-9909.

Purchases and Redemptions: Call your registered representative or 1-855-828-9909.

Written Correspondence:

P.O. Box Address:

U.S. Bank Global Fund Services

P.O. Box 219252

Kansas City, MO 64121-9252

U.S. Securities and Exchange Commission: You may view and copy information about the Company and the Fund, including the SAI, by visiting the SEC's Internet site at www.sec.gov. You may also obtain copies of Fund documents by paying a duplicating fee and sending an electronic request to the following e-mail address: publicinfo@sec.gov.

Investment Company Act File No. 811-05518

![](fp0094386-1_01.jpg)

**Prospectus**

**F/m Emerald Special Situations ETF**

(Ticker: NASDAQ – SPIT)

**of The RBB Fund, Inc.**

**July 18, 2025**

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

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| **SUMMARY SECTION** | **3** |
| **ADDITIONAL INFORMATION ABOUT THE FUND** | **15** |
| **MANAGEMENT OF THE FUND** | **30** |
| **HOW TO BUY AND SELL SHARES** | **31** |
| **DIVIDENDS, DISTRIBUTIONS, AND TAXES** | **33** |
| **DISTRIBUTION** | **37** |
| **ADDITIONAL CONSIDERATIONS** | **37** |

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

**F/m Emerald Special Situations ETF**

**SUMMARY SECTION**

**Investment Objective**

The investment objective of the F/m Emerald Special Situations ETF (the "Fund") is to seek long-term growth through capital appreciation.

**Fees and Expenses**

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

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

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| | |
|:---|:---|
| Management Fees | 0.70% |
| Distribution (12b-1) Fees | N/A |
| Other Expenses<sup>(1)</sup> | 0.19% |
| Total Annual Fund Operating Expenses | 0.89% |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) It
is currently contemplated that before the Fund commences operation, substantially all of the assets of the Emerald Insights Fund, as
a series of Financial Investors Trust (for this section only, the "Predecessor Fund"), will be transferred to the Fund in
a tax-free reorganization (the "Reorganization"). If approved by shareholders of the Predecessor Fund, the Reorganization
is expected to occur in the fourth quarter of 2025. Accordingly, "Other Expenses" have been restated to reflect expenses
estimated to be incurred for the Fund for the current fiscal year. Unless otherwise indicated, references to the "Fund" in
this section refer to the Predecessor Fund and Fund.

*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:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $91 | 284 | 493 | $1096 |

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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. During the most recent fiscal year ended April 30, 2025, the Predecessor Fund's portfolio turnover was 65% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund is an actively managed exchange-traded fund ("ETF") and invests primarily in equity securities of companies experiencing unique, idiosyncratic situations and transformations ("Special Situations"), selected by Emerald Mutual Fund Advisers Trust (the "Sub-Adviser"), the Fund's investment sub-adviser, under the supervision of the Adviser. The Sub-Adviser's research staff conducts company-specific research analysis to identify securities of the companies in which an unusual and possibly non-repetitive development is taking place which, in the opinion of the Sub-Adviser, may cause the securities to attain a higher market value independently, to a degree, than the trend in the securities market in general.

Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities issued by companies experiencing Special Situations (the "80% Policy"). The Fund considers that the Special Situation developments may include:

● Technological improvement or important discovery or acquisition which, if the expectation for it materialized, would effect a substantial change in the company's business;

● Corporate reorganization;

● Recapitalization or other development involving a security exchange or conversion;

● Material acquisition or transformational merger;

● Spin-out, divestiture, liquidation or distribution of cash, securities or other assets;

● Significant business model changes;

● Material change in ownership;

● Material or transformational contracts;

● Impacts from business/external disruptions;

● Litigation which, if resolved favorably, would improve the value of the company's stock;

● New or changed management;

● Price dislocation;

● Changes in governmental legislation, industry regulations, policy oversight;

● Macroeconomic and industry catalysts; and

● Positive or negative legislative or regulatory approvals or actions.

The Sub-Adviser's research process includes utilizing its proprietary 10-Step Research Process in prescreening potential investments. This includes, but is not limited to, the review of SEC filings, annual reports, financial statements, patents/other intellectual property, press releases and news stories, conducting surveys, monitoring patient groups, attending industry trade shows/conferences, meeting with management, interviewing customers, industry contacts, medical professionals, key opinion leaders, competitors, suppliers and distributors, developing financial and valuation models, reviewing third-party, peer-reviewed and internal research, and communicating and collaborating with fellow investment team members.

The Fund can invest in companies from a wide range of industries and of various sizes. The Fund's investment universe is not limited by market capitalization. Special Situations may often involve comparatively small companies which are not well known, and which have not been closely watched by investors generally, but may also involve larger companies.

The Fund may invest in companies engaged in financial technology-related activities including decentralized finance and distributed ledger technology. Financial technology is the application of new technological advancements to products and services in the financial industry, seeking to improve and automate the delivery and use of financial services. Financial technology helps companies and consumers better manage their financial operations by utilizing specialized software. Financial technology companies compete with traditional financial methods in the delivery of financial services. Mobile banking, peer-to-peer lending, decentralized ledger technology and cryptocurrency are examples of financial technology. The Fund may also invest in companies that are engaged in the use of, or have exposure to, distributed ledger technology ("DLT") and blockchain. The mechanics of using DLT, including blockchain, to transact in assets, including securities, is relatively new and untested and there is no assurance that widespread adoption will occur.

Equity securities in which the Fund may invest include common stock, preferred stock, convertible preferred stock, shares of other investment companies and real estate investment trusts ("REITs"), and depositary receipts. The Fund may invest in shares of companies through private placements, warrants, rights, and initial public offerings. The Fund may invest in stocks of special purpose acquisition companies ("SPACs"). The Fund does not target a particular form of SPAC, with the exception that the SPAC must have identified an acquisition target at or prior to the time of the Fund's investment.

The Fund intends to invest primarily in U.S. companies, but it may invest up to 10% of its net assets in foreign companies listed on a U.S. exchange. A company is deemed to be a foreign company if one or more of the following tests are met: (i) the company is organized in, or its primary business office or principal trading market of its equity security is located outside the United States; (ii) a majority of the company's revenues are derived from outside the United States; or (iii) a majority of the issuer's assets are located outside the United States. The Fund may invest in shares of companies through initial public offerings and private placements.

The Fund generally sells investments when the Sub-Adviser concludes that better investment opportunities exist in other securities, the security is fully valued, or the issuer's circumstances or the political or economic outlook have changed.

The Fund has elected to be, and intends to continue 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.

● **Concentration Risk.** The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund's investments more than the market as a whole, to the extent that the Fund invests more heavily in a particular issue, issuer or issuers, country, market segment, industries, project types, or asset class.

● **Convertible Securities Risk .** Securities that can be converted into common stock, such as certain securities and preferred stock, are subject to the usual risks associated with fixed income investments, such as interest rate risk and credit risk. In addition, because they react to changes in the value of the equity securities into which they will convert, convertible securities are also subject to the risks associated with equity securities.

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

● **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 Sub-Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The Fund, the Adviser, and the Sub-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, the Adviser or the Sub-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.

● **Distributed Ledger Technology ("DLT") and Blockchain Investments Risk .** The Fund may invest in companies listed on U.S. and Canadian exchanges that are engaged in the use of, or have exposure to, DLT and blockchain. The mechanics of using DLT, including blockchain, to transact in assets, including securities, is relatively new and untested and there is no assurance that widespread adoption will occur. DLT and blockchain are subject to a rapidly-evolving regulatory landscape in the United States and in other countries, which might include security, privacy or other regulatory concerns that could negatively impact the companies in which the Fund invests. Companies in which the Fund invests may also be subject to the risk of fraud and cybersecurity threats and intellectual property claims. A significant disruption of internet connectivity could impede the functionality of these technologies and could adversely affect the Fund.

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

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

● **Equity Securities Risk.** The Fund may invest in, or have exposure to, equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities.

● **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 Net Asset Value ("NAV") Risk."

● *Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.* Only an authorized participant ("AP") may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to its 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, the Nasdaq Stock Market LLC (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. Where all or portion of the Fund's underlying securities trade in a foreign market that is closed when the market in which the Fund's Shares are listed is open for trading, there may be changes between the last quote of the underlying securities' value in the closed foreign market and the value of such underlying securities during the Fund's domestic trading day.

● **Financial Technology Risk .** The Fund may invest in companies engaged in financial technology-related activities. Companies that are developing financial technologies that seek to disrupt or displace established financial institutions generally face competition from much larger and more established firms. Financial technology companies may not be able to capitalize on their disruptive technologies if they face political and/or legal attacks from competitors, industry groups or local and national governments. Laws generally vary by country, creating some challenges to achieving scale. These financial technology companies may not currently derive any revenue, and there is no assurance that such company will derive any revenue from innovative technologies in the future. Additionally, financial technology companies may be adversely impacted by potential rapid product obsolescence, cybersecurity attacks, increased regulatory oversight and disruptions in the technology they depend on.

● **Foreign Investments Risk .** The Fund may invest in the securities of foreign companies. Investing in securities of foreign companies involves risks generally not associated with investments in the securities of U.S. companies, including the risks associated with fluctuations in foreign currency exchange rates, less stringent investor protections, unreliable and untimely information about issuers, and political and economic instability. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its NAV. Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund's holdings may change on days when shareholders are not able to purchase or redeem the Fund's shares.

● **Growth Stock Risk .** Growth stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential. This potential may or may not be realized and, if it is not realized, may result in a loss to the Fund. Growth stock prices also tend to be more volatile than the overall market. Because different types of stocks go out of favor with investors depending on market and economic conditions, the Fund's return may be adversely affected during a market downturn and when growth stocks are out of favor.

● **Illiquid Investments Risk .** Investing in illiquid investments is subject to certain risks, such as limitations on resale and uncertainty in determining valuation. Limitations on resale may adversely affect the marketability of portfolio securities and the Fund might be unable to dispose of restricted or other illiquid investments promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven days. The Fund might, in order to dispose of restricted securities, have to register securities resulting in additional expense and delay. Adverse market conditions could impede such a public offering of such securities. Less liquid securities that the Fund may want to invest in may be difficult or impossible to purchase. Federal banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund's ability to buy or sell such securities.

● **Initial Public Offerings ("IPOs") Risk .** Special risks associated with IPOs may include, among others, the fact that there may be only a limited number of shares available for trading. The market for those securities may be unseasoned. The issuer may have a limited operating history. These factors may contribute to price volatility. The limited number of shares available for trading in some IPOs may also make it more difficult for the Fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices.

● **Issuer Risk .** The performance of the Fund depends on the performance of individual securities or other assets to which the Fund has exposure. The value of securities or other assets may decline, or perform different from the market as a whole, due to changes in the financial condition or credit rating of the issuer or counterparty.

● **Large-Capitalization Investing Risk .** The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion.

● **Liquidity Risk.** Liquidity risk is the risk, due to certain investments trading in lower volumes or to market and economic conditions that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects based on the Fund's valuation of the investments. Events that may lead to increased redemptions, such as market disruptions, may also negatively impact the liquidity of the Fund's investments when it needs to dispose of them. If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. Liquidity issues may also make it difficult to value the Fund's investments.

● **Management Risk .** The Fund is subject to management risk as an actively-managed investment portfolio. The Sub- Adviser's investment approach may fail to produce the intended results. The Sub-Adviser has limited experience in managing ETFs. Accordingly, shareholders in the Fund bear the risk that the Sub-Adviser's limited experience may impact its effectiveness.

● **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.

● **Micro-Cap and Small Cap Companies Risk .** Investments in securities of micro- and small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of larger-capitalization companies. The securities of micro- and small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Some micro- and small-capitalization companies have limited product lines, markets, and financial and managerial resources and tend to concentrate on fewer geographical markets relative to larger capitalization companies. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies. Micro- and small-capitalization companies also may be particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings.

● **Mid-Capitalization Companies Risk .** The securities of mid-capitalization companies may involve greater risks than do investments in larger, more established companies. The prices of securities of mid-cap companies tend to be more vulnerable to adverse developments specific to a company or its industry, or the securities markets generally, than are securities of larger capitalization companies.

● **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 or technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.

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

● **Private Placements Risk .** Investments in private placements could decrease the Fund's liquidity profile or prevent the Fund from disposing of such securities promptly at advantageous prices. Private placements may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available, and the Fund might be unable to dispose of such securities promptly or at prices reflecting their true value. Transaction costs may be higher for these securities, and the Fund may only get limited information about the issuer of a private placement security, so it may be less able to anticipate a loss.

● **REITs Risk .** Real estate investment trusts ("REITs") may be affected by economic forces and other factors related to the real estate industry. These risks include possible declines in the value of real estate, possible lack of availability of mortgage funds and unexpected vacancies of properties. REITs are also subject to heavy cash flow dependency, defaults by borrowers, self-liquidation, interest rate risks (especially mortgage REITS) and liquidity risks. REITs that invest in real estate mortgages are also subject to prepayment risk. Investing in REITs may involve risks similar to those associated with investing in small capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume, engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than larger company securities.

Historically, small capitalization stocks, such as REITs, have been more volatile in price than the larger capitalization stocks included in the S&P 500® Index. In addition. REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law, or (ii) maintain their exemptions from registration under the 1940 Act. The Fund will indirectly bear its proportionate share of any expenses, including management fees, paid by an externally managed REIT in which it invests.

● **Risk of Investing in the United States .** Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure.

● **Sector Risk.** To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events.

● *Technology Sector Risk*. To the extent the Fund invests a significant portion of its assets in technology companies, the Fund is particularly vulnerable to factors affecting the technology section. In addition to market or economic factors, companies in the technology sector and companies that rely heavily on technology are particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition.

● **Securities issued by Other Investment Companies Risk .** The Fund may invest in shares of other investment companies, including other mutual funds, money market funds, exchange-traded funds, exchange-traded products, holding company depository receipt ("HOLDRs"), unit investment trusts, and closed-end funds, to gain exposure to a particular portion of the market rather than purchase securities directly. Shareholders of the Fund will indirectly be subject to the fees and expenses of the other investment companies in which the Fund invests and these fees and expenses are in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund's own operations. In addition, shareholders will be exposed to the investment risks associated with investments in the other investment companies. The SEC has adopted revisions to the rules permitting funds to invest in other investment companies. While Rule 12d1-4 permits more types of fund of fund arrangements without reliance on an exemptive order or no-action letters, it imposes new 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. Rule 12d1-4 went into effect on January 19, 2021. The rescission of the applicable exemptive orders and the withdrawal of the applicable no-action letters was effective on January 19, 2022. These regulatory changes may adversely impact the Fund's investment strategies and operations.

● **Special Purpose Acquisition Company Risk .** The Fund may invest in stock, rights, warrants, and other securities of special purpose acquisition companies or similar special purpose entities (collectively, "SPACs'). SPACs are often subject to extreme price volatility and speculative trading. SPACs may have little to no liquidity, and may trade at a discounted NAV. SPACs are "blank check" companies with no operating history. Accordingly, there is a limited basis, if any, on which to evaluate the SPAC's ability to achieve its business objective, and the value of its securities is particularly dependent on the ability of the entity's management to complete a profitable acquisition. The value of a SPAC's securities can by highly volatile and may depreciate over time. A SPAC will not generate any revenues until, at the earliest, after the consummation of a transaction. Among other conflicts of interest, an investment in a SPAC may include the potential for misalignment of incentives in the structure of the SPAC.

● **Special Situations Risk .** The Fund will seek to benefit from Special Situations, such as mergers, reorganizations, or other unusual events expected to affect a particular issuer. There is a risk that the Special Situation might not occur or involve longer time frames than originally expected, which could have a negative impact on the price of the issuer's securities and fail to produce gains or produce a loss for the Fund.

● **Turnover Rate Risk .** The Fund may have portfolio turnover rates in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund's performance and may produce increased taxable distributions. The Fund's portfolio turnover rate is expected to vary from year to year.

● **Warrants and Rights Risk .** Rights are similar to warrants but normally have a short duration and are distributed directly by the issuer to its shareholders. Warrants and rights are not dividend-paying investments and do not have the voting rights of common stock. They also do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than direct equity investments.

**Performance Information**

It is currently contemplated that before the Fund commences operation, substantially all of the assets of the Predecessor Fund will be transferred to the Fund in the Reorganization. If approved by shareholders of the Predecessor Fund, the Reorganization is expected to occur in the fourth quarter of 2025. Returns shown below were generated under the management of the Predecessor Fund's investment adviser, which is the Sub-Adviser to the Fund. **Although the Fund is expected to be the successor to the Predecessor Fund following the Reorganization, the Fund's investment strategy will differ materially from that of the Predecessor Fund such that the historical performance of the Predecessor Fund is not representative of the performance investors should reasonably expect from the Fund.** 

The bar chart below illustrates the performance of the Predecessor Fund. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell Shares of the Fund. If sales charges were included, the returns would be lower. The information shows you how the Predecessor Fund's performance has varied year by year during the periods indicated and provides some indication of the risks of investing in the Fund. The bar chart assumes reinvestment of dividends and distributions.

The Predecessor Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results. Updated performance information will be available on the Fund's website at www.emeraldetfs.com.

**<u>Emerald Insights Fund</u>**

**Class A Shares**

**Annual Total Returns (Year Ended December 31):**

![](fp0094386-1_04.jpg)

The Class A Share's year-to-date return through June 30, 2025 was 8.20%. During the periods shown in the bar chart, the highest return for a quarter was 35.17% during the quarter ended June 30, 2020 and the lowest return for a quarter was -23.71% during the quarter ended June 30, 2022.

**Average Annual Total Returns**

**For the Periods Ended December 31, 2024**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** | **Since<br> Inception<sup>1</sup>** |
| **Class A Shares<sup>\*\*</sup>** |  |  |  |  |
| -Return Before Taxes<sup>\*\*</sup> | 19.42% | 16.39% | 12.81% | 12.49% |
| -Return After Taxes on Distributions<sup>\*</sup> | 19.24% | 14.39% | 11.23% | 10.98% |
| -Return After Taxes on Distributions and Sale of Fund Shares<sup>\*</sup> | 11.63% | 12.47% | 9.99% | 9.77% |
| **Class C Shares<sup>\*\*</sup>** |  |  |  |  |
| -Return Before Taxes<sup>\*\*</sup> | 23.76% | 16.81% | 12.64% | 12.29% |
| **Investor Class Shares<sup>\*\*</sup>** |  |  |  |  |
| -Return Before Taxes<sup>\*\*</sup> | 25.14% | 17.46% | 13.30% | 12.94% |
| **Institutional Class Shares<sup>\*\*</sup>** |  |  |  |  |
| -Return Before Taxes<sup>\*\*</sup> | 25.60% | 17.87% | 13.69% | 13.33% |
| Russell 3000 Index (reflects no deductions for fees, expenses or taxes)<sup>\*\*\*</sup> | 23.81% | 13.86% | 12.55% | 12.81% |
| Russell 3000 Growth Index (reflects no deductions for fees, expenses or taxes)<sup>\*\*\*\*</sup> | 32.46% | 18.25% | 16.22% | 16.43% |

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<sup>\*</sup> After-tax returns are calculated by using the highest historical individual U.S. federal marginal income tax rates (i.e., maximum rates) and do not include state or local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In certain cases, the figure representing "Return after Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns are not relevant to investors who hold Fund shares in tax-qualified accounts (i.e., retirement plans or Individual Retirement Accounts).

---

| | |
|:---|:---|
| <sup>\*\*</sup> | After-tax returns are only shown for Class A shares of the Fund. After-tax returns for Class C, Institutional Class and Investor Class shares will vary from those shown for Class A shares due to varying expenses among the classes. The returns do not include any applicable sales charges that an investor may pay to a broker-dealer or other financial intermediary when they buy or sell shares of the Fund. |

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<sup>\*\*\*</sup> Broad-based securities market index.

<sup>\*\*\*\*</sup> Additional index.

<sup>1</sup> Cumulative since inception total returns were 12.49%, 13.31% and 11.96% for the Emerald Insights Fund the S&P 500® Index and the Dow Jones Industrial Average™ Index, respectively, for the period August 1, 2014 (inception date of the Acquired Fund) to December 31, 2024.

**Management of the Fund**

*<u>Investment Adviser and Investment Sub-Adviser</u>*

 

F/m Investments LLC serves as the investment adviser.

Emerald Mutual Fund Advisers Trust serves as the investment sub-adviser.

*<u>Portfolio Managers</u>*

 

---

| | | |
|:---|:---|:---|
| *Name* | *Title with Investment Sub-Adviser* | *Tenure with the Fund\** |
| David A. Volpe, CFA | Deputy Chief Investment Officer and Managing Director | Since July 2014 |
| Stephen L. Amsterdam | Portfolio Manager and Senior Research Analyst | Since January 2023 |

---

**\*** The start dates for the portfolio managers' service are their respective start dates with the Predecessor Fund.

**Purchase and Sale of Fund Shares**

Shares are listed on a national securities exchange, the Exchange, and investors can only buy and sell Shares through brokers or dealers at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (premium) or less than NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling shares in the secondary market (the "bid-ask spread"). The median bid-ask spread for the Fund's most recent fiscal year cannot be provided because the Fund did not have a trading history to report trading information and related costs prior to the date of this Prospectus. Once available, information on the Fund's NAV, market price, premiums and discounts, and bid-ask spreads will be provided at www.emeraldetfs.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 of the foregoing), unless your investment is made through an individual retirement account ("IRA") or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

**Financial Intermediary Compensation**

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

**ADDITIONAL INFORMATION ABOUT THE FUND**

**Investment Objective**

The Fund's investment objective may be changed by the Board of the Company without shareholder approval. Shareholders will, however, receive 60 days' prior written notice of any changes. Any such changes may result in the Fund having an investment objective different from the objective that the shareholder considered appropriate at the time of investment in the Fund.

The Fund's 80% Policy is non-fundamental and can be changed by the Board upon 60 days' prior notice to shareholders.

**Additional Information About the Fund's Principal Investment Strategies**

The Fund is an actively managed ETF and invests primarily in equity securities of companies experiencing Special Situations, selected by the Sub-Adviser, the Fund's investment sub-adviser, under the supervision of the Adviser. The Sub-Adviser's research staff conducts company-specific research analysis to identify securities of the companies in which an unusual and possibly non-repetitive development is taking place which, in the opinion of the Sub-Adviser, may cause the securities to attain a higher market value independently, to a degree, than the trend in the securities market in general.

Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities issued by companies experiencing Special Situations (the "80% Policy"). The Fund considers that the Special Situation developments may include:

● Technological improvement or important discovery or acquisition which, if the expectation for it materialized, would effect a substantial change in the company's business;

● Corporate reorganization;

● Recapitalization or other development involving a security exchange or conversion;

● Material acquisition or transformational merger;

● Spin-out, divestiture, liquidation or distribution of cash, securities or other assets;

● Significant business model changes;

● Material change in ownership;

● Material or transformational contracts;

● Impacts from business/external disruptions;

● Litigation which, if resolved favorably, would improve the value of the company's stock;

● New or changed management;

● Price dislocation;

● Changes in governmental legislation, industry regulations, policy oversight;

● Macroeconomic and industry catalysts; and

● Positive or negative legislative or regulatory approvals or actions.

The Sub-Adviser's research process includes utilizing its proprietary 10-Step Research Process in prescreening potential investments. This includes, but is not limited to, the review of SEC filings, annual reports, financial statements, patents/other intellectual property, press releases and news stories, conducting surveys, monitoring patient groups, attending industry trade shows/conferences, meeting with management, interviewing customers, industry contacts, medical professionals, key opinion leaders, competitors, suppliers and distributors, developing financial and valuation models, reviewing third-party, peer-reviewed and internal research, and communicating and collaborating with fellow investment team members.

The Fund can invest in companies from a wide range of industries and of various sizes. The Fund's investment universe is not limited by market capitalization. Special Situations may often involve comparatively small companies which are not well known, and which have not been closely watched by investors generally, but may also involve larger companies.

The Fund may invest in companies engaged in financial technology-related activities including decentralized finance and distributed ledger technology. Financial technology is the application of new technological advancements to products and services in the financial industry, seeking to improve and automate the delivery and use of financial services. Financial technology helps companies and consumers better manage their financial operations by utilizing specialized software. Financial technology companies compete with traditional financial methods in the delivery of financial services. Mobile banking, peer-to-peer lending, decentralized ledger technology and cryptocurrency are examples of financial technology. The Fund may also invest in companies that are engaged in the use of, or have exposure to, DLT and blockchain. The mechanics of using DLT, including blockchain, to transact in assets, including securities, is relatively new and untested and there is no assurance that widespread adoption will occur.

Equity securities in which the Fund may invest include common stock, preferred stock, convertible preferred stock, shares of other investment companies and REITs, and depositary receipts. The Fund may invest in shares of companies through private placements, warrants, rights, and initial public offerings. The Fund may invest in stocks of SPACs. The Fund does not target a particular form of SPAC, with the exception that the SPAC must have identified an acquisition target at or prior to the time of the Fund's investment.

The Fund intends to invest primarily in U.S. companies, but it may invest up to 10% of its net assets in foreign companies listed on a U.S. exchange. A company is deemed to be a foreign company if one or more of the following tests are met: (i) the company is organized in, or its primary business office or principal trading market of its equity security is located outside the United States; (ii) a majority of the company's revenues are derived from outside the United States; or (iii) a majority of the issuer's assets are located outside the United States. The Fund may invest in shares of companies through initial public offerings and private placements.

The Fund generally sells investments when the Sub-Adviser concludes that better investment opportunities exist in other securities, the security is fully valued, or the issuer's circumstances or the political or economic outlook have changed.

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

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

**Concentration Risk.** The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund's investments more than the market as a whole, to the extent that the Fund's investments are concentrated in the securities and/or other assets of a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, project types, group of project types, sector, market segment or asset class. The Fund may be more adversely affected by the underperformance of those securities and/or other assets, may experience increased price volatility and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those securities and/or other assets than a fund that does not concentrate its investments.

**Convertible Securities Risk.** Convertible securities have characteristics of both equity and fixed income securities. The value of a convertible security tends to move with the market value of the underlying stock, but may also be affected by interest rates, the credit quality of the issuer and any call provisions. In particular, when interest rates rise, fixed income securities will decline in value. Convertible securities frequently have speculative characteristics and may be acquired without regard to minimum quality ratings. Lower quality convertible securities, also known as "junk bonds," involve greater risk of default or price changes due to the issuer's creditworthiness. The market prices of these securities may fluctuate more than those of higher quality securities and may decline significantly in periods of general economic difficulty, which may follow periods of rising interest rates. Securities in the lowest quality category may present the risk of default or may be in default.

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

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

**Depositary Receipts Risk.** The Fund may purchase depositary receipts, including ADRs, EDRs, GDRs, and NVDRs to facilitate its investments in foreign securities. By investing in ADRs rather than investing directly in the securities of foreign issuers, the Fund can avoid currency risks during the settlement period for purchase and sales.

However, ADRs do not eliminate all the risk inherent in investing in the securities of foreign issuers. The information available for ADRs, EDRs, GDRs, and NVDRs is subject to the accounting, auditing, and financial reporting standards of the market or exchange on which they are traded, and those standards may be more uniform and more exacting than those to which many foreign issuers may be subject.

Depositary receipts may be issued in a sponsored program, in which an issuer has made arrangements to have its securities traded in the form of depositary receipts, or in an unsponsored program, in which the issuer may not be directly involved. The holders of depositary receipts that are unsponsored generally bear various costs associated with the facilities, while a larger portion of the costs associated with sponsored depositary receipts are typically borne by the foreign issuers.

The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited securities or to pass through the voting rights to facility holders with respect to the deposited securities. Available information concerning the issuers may not be as current for unsponsored depositary receipts and the prices of unsponsored depositary receipts may be more volatile than would be the case if the receipts were sponsored by the issuers.

**Distributed Ledger Technology ("DLT") and Blockchain Investments Risk.** The Fund may invest in companies that are engaged in the use of, or have exposure to, DLT and blockchain. DLT is similar to a database that is consensually shared, replicated, and synchronized. When an individual deposits a sum of money into a banking institution, the individual expects that the sum will be there until they decide to exchange it for goods or services. The individual expects the bank will have an accurate record of the transaction, such as the amount, depositor, date, and time of the deposit. More broadly, society relies on central repositories, such as banks or governments, to collect, maintain, and protect the recorded actions of individuals or institutions. DLT differs from centralized repositories in that it decentralizes the source of such expectations. An individual deposits funds into a digital wallet and the value is captured on the DLT. If this individual purchases a digital song, the transaction is captured in the DLT along with the change in fund level in the individual's digital account. The bank is not required as a third party. Instead, the record is recorded in the DLT and shared by all the parties with access on the network.

Blockchain is a type of DLT and contains three core parts, the block, the chain, and the network.

The "Block" is a list of recorded transactions that remain on the chain forever. Transactions can represent virtually any type of activity from registering a land deed to a single purchase. Any rules relating to the block itself are established when the network is first created. For example, the maximum number of transactions in a block or the size of each block can be limited.

The "Chain" is created when the block reaches its maximum size of transactions; it is chained or linked to the preceding block through a "bash." A bash is an algorithm that takes a variable string of data and generates a fixed length value. The hash value of one block is inserted into the next block. This makes a link between the new block and the previous block. Repeating a hash function on an unaltered block of data will always generate the same fixed-length value. If a block of data is altered, the resulting hash output will be different. A user can then see the hashes are different and will know the original block has been altered and may no longer be trustworthy.

The "Network" is a cluster of servers or "nodes" running a blockchain. Each node contains the complete record of all transactions on a blockchain. No centralized "official" copy exists and no node is "trusted" more than another. The data integrity is maintained by the blockchain's replication on all of the nodes. Each blockchain has its own rules or algorithms governing how nodes validate transactions intended for entry into the blockchain. These rules are called a consensus mechanism and are established when the blockchain is created. Each blockchain has its own consensus mechanism depending on the type of transaction it is capturing. Some consensus mechanisms are known as "proof of work", "proof of space" or "proof of stake." These mechanisms facilitate authenticity, or the immutability of transaction records.

DLT companies are those committing material resources to developing, researching, supporting, innovating or utilizing DLT technology for their proprietary use or for use by others ("DLT Companies"). These DLT Companies are committing material resources to further the use and deployment of DLT, including blockchain, to seek to, for example, streamline the distribution and verification of cross-border payments; more efficiently store and secure cloud-based digital data; facilitate trusted transactions based on data security and privacy; and mitigate risk in supply chain management, among other uses.

Blockchain technology is an emerging technology that is capable of redefining how a record of value is transacted. Blockchain technology seeks to solve transactional challenges of counterparty trust and the need for a central repository or ledger by providing a transparent and secure process to transfer and digitally record information on a shared transaction database through a secure, decentralized, peer-to-peer distributed ledger. In this regard, it is designed to seek to facilitate the transfer of information or property between users such that the transfer is secure and known to all participants and shared across a distributed network where, once verified, the legitimacy of the transfer is established. Blockchain technology may be used to support a vast array of business applications in many different industries and markets, and the extent of its versatility has not yet been fully explored.

An investment in these companies may be subject to the following risks:

● *The technology is new and many of its uses may be untested.* The mechanics of using DLT to transact in other types of assets, such as securities or derivatives, is relatively new and untested. There is no assurance that widespread adoption will occur. A lack of expansion in the usage of DLT and/or blockchain technology could adversely affect an investment in Fund. A breach to one blockchain could cause investors, and the public generally, to lose trust in blockchain technology and increase reluctance to issue and invest in assets recorded on blockchains. Furthermore, DLT and blockchain technology is subject to a rapidly-evolving regulatory landscape in the United States and in other countries, which might include security, privacy or other regulatory concerns that could require changes to blockchain networks.

● *Theft, loss or destruction.* Transacting on a blockchain depends in part specifically on the use of cryptographic keys that are required to access a user's account (or "wallet"). The theft, loss or destruction of these keys impairs the value of ownership claims users have over the relevant assets being represented by the ledger (whether "smart contracts," securities, currency or other digital assets). The theft, loss or destruction of private or public keys needed to transact on a blockchain could also adversely affect a company's business or operations if it were dependent on the ledger.

● *Cyber security incidents.* Cyber security incidents may compromise an issuer, its operations or its business. Cyber security incidents may also specifically target a user's transaction history, digital assets, or identity, thereby leading to privacy concerns. In addition, certain features of blockchain technology, such as decentralization, open source protocol, and reliance on peer-to-peer connectivity, may increase the risk of fraud or cyber-attack by potentially reducing the likelihood of a coordinated response.

● *Developmental risk.* DLT and/or Blockchain technology may never develop optimized transactional processes that lead to realized economic returns for any company in which the Fund invests. Companies that are developing applications of blockchain technology applications may not in fact do so or may not be able to capitalize on those blockchain technologies. The development of new or competing platforms may cause consumers and investors to use alternatives to blockchains.

● *Intellectual property claims.* A proliferation of recent startups attempting to apply DLT or blockchain technology in different contexts means the possibility of conflicting intellectual property claims could be a risk to an issuer, its operations or its business. This could also pose a risk to DLT or blockchain platforms that permit transactions in digital securities. Regardless of the merit of any intellectual property or other legal action, any threatened action that reduces confidence in the viability of DLT or blockchain may adversely affect an investment in the Fund.

● *Lack of liquid markets, and possible manipulation of blockchain-based assets.* Digital assets that are represented and trade on a blockchain may not necessarily benefit from viable trading markets. Stock exchanges have listing requirements and vet issuers, and perhaps users. These conditions may not necessarily be replicated on a blockchain, depending on the platform's controls and other policies. The more lenient a blockchain is about vetting issuers of digital assets or users that transact on the platform, the higher the potential risk for fraud or the manipulation of digital assets. These factors may decrease liquidity or volume, or increase volatility of digital securities or other assets trading on a blockchain.

● *Lack of regulation.* Digital commodities and their associated platforms are largely unregulated, and the regulatory environment is rapidly evolving. Because blockchain works by having every transaction build on every other transaction, participants can self-police any corruption, which can mitigate the need to depend on the current level of legal or government safeguards to monitor and control the flow of business transactions. As a result, companies engaged in such blockchain activities may be exposed to adverse regulatory action, fraudulent activity or even failure.

● *Third party product defects or vulnerabilities.* Where blockchain systems are built using third party products, those products may contain technical defects or vulnerabilities beyond a company's control. Open-source technologies that are used to build a blockchain application may also introduce defects and vulnerabilities.

● *Reliance on the Internet.* Blockchain functionality relies on the Internet. A significant disruption of Internet connectivity affecting large numbers of users or geographic areas could impede the functionality of blockchain technologies and adversely affect the Fund.

● *Line of business risk.* Some of the companies in which the Fund may invest are engaged in other lines of business unrelated to DLT or blockchain and these lines of business could adversely affect their operating results. The operating results of these companies may fluctuate as a result of these additional risks and events in the other lines of business. In addition, a company's ability to engage in new activities may expose it to business risks with which it has less experience than it has with the business risks associated with its traditional businesses. Despite a company's possible success in activities linked to its use of DLT or blockchain, there can be no assurance that the other lines of business in which these companies are engaged will not have an adverse effect on a company's business or financial condition.

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

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

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

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

<u>Cash Transactions Risk.</u> 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.

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

<u>Shares May Trade at Prices Other Than NAV Risk.</u> As with all ETFs, Shares of the Fund may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra- day (discount). This risk is heightened in times of market volatility or periods of steep market declines. In addition, where all or portion of the Fund's underlying securities trade in a foreign market that is closed when the market in which the Fund's Shares are listed is open for trading, there may be changes between the last quote of the underlying securities' value in the closed foreign market and the value of such underlying securities during the Fund's domestic trading day.

**Financial Technology Risk.** The Fund may invest in companies engaged in financial technology-related activities. Companies that are developing financial technologies that seek to disrupt or displace established financial institutions generally face competition from much larger and more established firms. Financial technology companies may not be able to capitalize on their disruptive technologies if they face political and/or legal attacks from competitors, industry groups or local and national governments. Laws generally vary by country, creating some challenges to achieving scale. These financial technology companies may not currently derive any revenue, and there is no assurance that such company will derive any revenue from innovative technologies in the future. Additionally, financial technology companies may be adversely impacted by potential rapid product obsolescence, cybersecurity attacks, increased regulatory oversight and disruptions in the technology they depend on.

**Foreign Investments Risk.** The Fund may invest in the securities of foreign companies, which may include the purchase of depositary receipts that represent indirect interests in the securities of foreign companies. Investing in securities of foreign companies involves risks generally not associated with investments in the securities of U.S. companies. These risks may relate to those associated with fluctuations in foreign currency exchange rates, more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; less economic, political and social stability; and even the nationalization of assets. The liquidity of foreign investments may be more limited than for comparable U.S. investments. Therefore, at times, it may be difficult to sell foreign securities at favorable prices. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its NAV. Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund's holdings may change on days when shareholders are not able to purchase or redeem the Fund's shares.

**Illiquid Investments Risk.** Investing in illiquid investments is subject to certain risks, such as limitations on resale and uncertainty in determining valuation. Limitations on resale may adversely affect the marketability of portfolio securities and the Fund might be unable to dispose of restricted or other illiquid investments promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven days. The Fund might, in order to dispose of restricted securities, have to register securities resulting in additional expense and delay. Adverse market conditions could impede such a public offering of such securities. Less liquid securities that the Fund may want to invest in may be difficult or impossible to purchase. Federal banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund's ability to buy or sell such securities.

**Initial Public Offerings ("IPOs") Risk.** Securities issued in IPOs have not traded publicly until the time of their offerings. Special risks associated with IPOs may include, among others, the fact that there may be only a limited number of shares available for trading. The market for those securities may be unseasoned. The issuer may have a limited operating history. These factors may contribute to price volatility. The limited number of shares available for trading in some IPOs may also make it more difficult for the Fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. In addition, some companies initially offering their shares publicly are involved in relatively new industries or lines of business, which may not be widely understood by investors. Some of the companies involved in new industries may be regarded as developmental stage companies, without revenues or operating income, or the near-term prospects of them. Many IPOs are by companies that are undercapitalized.

**Issuer Risk.** The performance of a Fund depends on the performance of individual securities or other assets to which the Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the financial condition or credit rating of the issuer or counterparty.

**Large-Capitalization Companies Risk.** The Fund may invest in the securities of large-capitalization companies. As a result, the Fund's performance may be adversely affected if securities of large-capitalization companies underperform securities of smaller- capitalization companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion.

**Liquidity Risk.** Liquidity risk is the risk, due to certain investments trading in lower volumes or to market and economic conditions that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects based on the Fund's valuation of the investments. Events that may lead to increased redemptions, such as market disruptions, may also negatively impact the liquidity of the Fund's investments when it needs to dispose of them. If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. Liquidity issues may also make it difficult to value the Fund's investments.

**Management Risk.** The Fund is subject to management risk as an actively-managed investment portfolio. The Sub-Adviser's investment approach may fail to produce the intended results. The Sub-Adviser has limited experience in managing ETFs. Accordingly, shareholders in the Fund bear the risk that the Sub-Adviser's limited experience may impact its effectiveness. This could cause the Fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives. Additionally, legislative, regulatory or tax developments may affect the investment techniques available to the Sub-Adviser in connection with managing the Fund and may also adversely affect the ability of the Fund to achieve its investment goal.

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

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

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

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

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

**Micro- and Small-Capitalization Companies Risk.** Micro- and small-capitalization companies may be less well established and may have a more highly leveraged capital structure, less liquidity, a smaller investor base, limited product lines, greater dependence on a few customers or a few key personnel and similar factors that can make their business and stock market performance susceptible to greater fluctuation and volatility. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies. Smaller-capitalization companies also may be particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings. As a result, the purchase or sale of more than a limited number of shares of a micro or small company may affect its market price. The Fund may need a considerable amount of time to purchase or sell its positions in these securities. In addition, smaller company stocks may not be well known to the investing public. These risks are more pronounced for micro-cap companies.

**Mid-Capitalization Companies Risk.** The value of securities of mid-cap companies may be more volatile than the value of securities of companies with larger capitalizations and also tend to be more adversely affected by issuer-specific events and political, market and economic developments than the securities of larger companies. Mid capitalization companies often have narrower commercial markets and more limited operating histories, product lines, and managerial and financial resources than larger, more established companies. As a result, performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund's portfolio. Additionally, mid-capitalization companies may have less market liquidity than larger capitalization companies, and they can be sensitive to changes in interest rates, borrowing costs and earnings.

**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, 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.

**Preferred Stock Risk.** Preferred stocks are subject to the risks of equity securities generally and also risks associated with fixed- income securities, such as interest rate risk. A company's preferred stock generally pays dividends only after the company makes required payments to creditors. As a result, the value of a company's preferred stock will react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred stock may be less liquid than many other types of securities, such as common stock, and generally has limited or no voting rights. In addition, preferred stock is subject to the risks that a company may defer or not pay dividends, and, in certain situations, may call or redeem its preferred stock or convert it to common stock.

**Private Placements Risk.** Investments in private placements could decrease the Fund's liquidity profile or prevent the Fund from disposing of such securities promptly at advantageous prices. Private placements may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available, and the Fund might be unable to dispose of such securities promptly or at prices reflecting their true value. Transaction costs may be higher for these securities, and the Fund may get only limited information about the issuer of a private placement security, so it may be less able to anticipate a loss.

**REITs Risk.** Real estate investment trusts ("REITs") may be affected by economic forces and other factors related to the real estate industry. These risks include possible declines in the value of real estate, possible lack of availability of mortgage funds and unexpected vacancies of properties. REITs are also subject to heavy cash flow dependency, defaults by borrowers, self-liquidation, interest rate risks (especially mortgage REITS) and liquidity risks. REITs that invest in real estate mortgages are also subject to prepayment risk. Investing in REITs may involve risks similar to those associated with investing in small capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume, engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than larger company securities.

Historically, small capitalization stocks, such as REITs, have been more volatile in price than the larger capitalization stocks included in the S&P 500® Index. In addition. REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law, or (ii) maintain their exemptions from registration under the 1940 Act. The Fund will indirectly bear its proportionate share of any expenses, including management fees, paid by an externally managed REIT in which it invests.

**Risk of Investing in the U.S.** A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the U.S. may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the U.S. are changing many aspects of financial, commercial, public health, environmental, and other regulation and may have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the U.S. will continue to maintain elevated public debt levels for the foreseeable future. Although elevated debt levels do not necessarily indicate or cause economic problems, elevated public debt service costs may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect U.S. issuers, as well as non-U.S. issuers, that rely on the U.S. for trade. The U.S. has also experienced increased internal unrest and discord. If these trends were to continue, it may have an adverse impact on the U.S. economy and the issuers in which the Fund invests.

**Sector Risk.** To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events.

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

**Securities Issued By Other Investment Companies Risk.** The Fund may invest up to 10% of its total assets in the securities of other investment companies (including issues that would be investment companies but for sections 3(c)(1) or 3(c)(7) of the 1940 Act), but may not invest more than 5% of its total assets in the securities of any one investment company or acquire more than 3% of the voting securities of any other investment company. Among other things, the Fund may invest in money market mutual funds for cash management purposes by "sweeping" excess cash balances into such funds until the cash is invested or otherwise utilized. The Fund will indirectly bear its proportionate share of any management fees and other expenses paid by investment companies in which it invests in addition to the advisory and administration fees paid by the Fund. Investments in issues that would be investment companies but for sections 3(c)(1) or 3(c)(7) of the 1940 Act will generally be considered illiquid investments and would be subject to the Fund's 15% limitation on investments in illiquid investments. The SEC has adopted revisions to the rules permitting funds to invest in other investment companies to streamline and enhance the regulatory framework applicable to fund of funds arrangements. While Rule 12d1-4 permits more types of fund of fund arrangements without reliance on an exemptive order or no-action letters, it imposes new conditions, including limits on control and voting acquired funds' shares, evaluations and findings by investment advisers, fund investment agreements, and limits on most three-tier fund structures. Rule 12d1-4 went into effect on January 19, 2021. The rescission on the applicable exemptive orders and the withdrawal of the applicable no-action letters was effective on January 19, 2022. These regulatory changes may adversely impact the Fund's investment strategies and operations.

**Special Purpose Acquisition Company Risk.** The Fund may invest in stock, rights, warrants, and other securities of special purpose acquisition companies or similar special purpose entities (collectively, "SPACs"). A SPAC is a publicly traded company that raises investment capital in the form of a blind pool via an initial public offering ("IPO") for the purpose of acquiring an existing company. The typical SPAC IPO involves the sale of units consisting of one share of common stock combined with one or more warrants or fractions of warrants to purchase common stock at a fixed price upon or after consummation of the acquisition. Shortly after the SPAC's IPO, such units typically are split into publicly listed common stock and warrants (and rights, if applicable) which are each listed and traded separately. The proceeds from the IPO are placed in trust until such time that the SPAC identifies and consummates the acquisition. A SPAC generally invests the proceeds of its IPO (less a portion retained to cover expenses), which are held in trust, in U.S. government securities, money market securities and cash. If the SPAC does not complete the acquisition within a specified period of time after going public, the SPAC is dissolved, at which point the invested funds are returned to the entity's shareholders (less certain permitted expenses) and any rights or warrants issued by the SPAC expire worthless. SPACs are often subject to extreme price volatility and speculative trading. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. In addition, SPACs may have little to no liquidity, and may trade at a discount to NAV.

SPACs are "blank check" companies with no operating history and, at the time that the Fund invests in a SPAC, the SPAC typically has not conducted any discussions or made any plans, arrangements or understandings with any prospective transaction candidates. Accordingly, there is a limited basis, if any, on which to evaluate the SPAC's ability to achieve its business objective, and the value of its securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. The SPACs in which the Fund may invest may have less publicly available information than that which is available in connection with traditional IPOs, and early investors in a SPAC may invest solely on the reputation of the SPAC's sponsor. Additionally, the value of a SPAC's securities can by highly volatile and may depreciate over time. While certain SPACs are formed to make transactions in specified market sectors, others are complete "blank check" companies, and the management of the SPAC may have limited experience or knowledge of the market sector in which the transaction is made. Accordingly, at the time that the Fund invests in a SPAC, there may be little or no basis for the Fund to evaluate the possible merits or risks of the particular industry in which the SPAC may ultimately operate or the target business which the SPAC may ultimately acquire, and the Fund may invest in a SPAC at a higher price, which would reduce the return to shareholders. A SPAC will not generate any revenues until, at the earliest, after the consummation of a transaction. There can be no assurance that a market will develop.

The proceeds of a SPAC IPO that are placed in trust are subject to risks, including the risk of insolvency of the custodian of the funds, fraud by the trustee, interest rate risk and credit and liquidity risk relating to the securities and money market funds in which the proceeds are invested. Among other conflicts of interest, an investment in a SPAC may include the potential for misalignment of incentives in the structure of the SPAC. In addition, the economic interests of the management, directors, officers and related parties of a SPAC can differ from the economic interests of public shareholders, which may lead to conflicts as they evaluate, negotiate and recommend business combination transactions to shareholders. This risk may become more acute as the deadline for the completion of a business combination nears or in the event that attractive acquisition or merger targets become scarce.

**Special Situations Risk.** The Fund will seek to benefit from Special Situations, such as mergers, reorganizations, or other unusual events expected to affect a particular issuer**.** 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 Sub-Adviser, may cause the security to attain a higher market value independently, to a degree, than the trend in the securities market in general.

The particular development (actual or prospective), which may qualify a security as a Special Situation, may be one of many different types. Such developments may include, among others, a technological improvement or important discovery or acquisition which, if the expectation for it materialized, would effect a substantial change in the company's business; a reorganization; a recapitalization or other development involving a security exchange or conversion; a merger, liquidation or distribution of cash, securities or other assets; a breakup or workout of a holding company; litigation which, if resolved favorably, would improve the value of the company's stock; a new or changed management; or material changes in management policies. A Special Situation may often involve a comparatively small company, which is not well known, and which has not been closely watched by investors generally, but it may also involve a large company. The fact, if it exists, that an increase in the company's earnings, dividends or business is expected, or that a given security is considered to be undervalued, would not in itself be sufficient to qualify as a Special Situation. The Fund may invest in securities (even if not Special Situations) which, in the opinion of the Adviser or the Sub-Adviser, are appropriate investments for the Fund, including securities which the Adviser or Sub-Adviser believes are undervalued by the market. There is a risk that the Special Situation might not occur or involve longer time frames than originally expected, which could have a negative impact on the price of the issuer's securities and fail to produce gains or produce a loss for the Fund.

**Turnover Rate Risk.** The Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund's portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund's return.

**Warrants and Rights Risk.** Rights are similar to warrants but normally have a short duration and are distributed directly by the issuer to its shareholders. Warrants and rights are not dividend-paying investments and do not have the voting rights of common stock. They also do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than direct equity investments. In addition, the values of warrants and rights do not necessarily change with the values of the underlying securities, and these instruments may cease to have value if not exercised before their expiration dates. The use of warrants and rights can increase the volatility of the Fund's portfolio. If the Fund invests in these instruments at unfortunate times or judges market conditions incorrectly, it may incur substantial losses. Changes in the liquidity of the secondary markets in which these instruments trade can result in significant, rapid, and unpredictable changes in their prices, and these conditions could also cause losses to the Fund.

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

**Costs of Buying or Selling Shares Risk.** Investors buying or selling Shares of the Fund in the secondary market will pay brokerage commissions or other charges imposed by brokers, as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of the Fund's Shares. In addition, secondary market investors will also incur the cost of the difference between the price at which an investor is willing to buy Shares (the "bid" price) and the price at which an investor is willing to sell Shares (the "ask" price). This difference in bid and ask prices is often referred to as the "spread" or "bid/ask spread." The bid/ask spread varies over time for Shares based on trading volume and market liquidity, and is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Further, a relatively small investor base in the Fund, asset swings in 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.** The Fund invests primarily in publicly traded securities and do not generally purchase securities that have legal or contractual restrictions on resale or that are illiquid. However, liquid securities purchased by the Fund may become illiquid because of issuer-specific events or changes in market conditions. Illiquid investments are subject to the risk that the Funds will not be able to sell the investments when desired or at favorable prices. The Fund will not purchase an illiquid investment if, as a result, more than 15% of the value of the Fund's net assets would be so invested.

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

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

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

The Fund may make other types of investments and may engage in various other investment practices. These investments and practices, and their risks, are described in the Fund's Statement of Additional Information ("SAI").

**MANAGEMENT OF THE FUND**

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

**Investment Adviser**

F/m Investments LLC serves as the investment adviser to the Fund. The Adviser is located at 3050 K Street, N.W., Suite 201, Washington, D.C. 20007. The Adviser's primary business is to provide a variety of investment management services to registered investment companies. The Adviser is a majority owned subsidiary of F/m Managers Group, LP, which is a wholly owned subsidiary of 1251 Capital, Inc., a financial service holding company. Three officers of the Company own an indirect, minority interest in the Adviser. The Adviser and Sub-Adviser are affiliates.

Subject to the overall supervision of the Board, the Adviser manages the overall investment operations of the Fund in accordance with the Fund's investment objective and policies and formulates a continuing investment strategy for the Fund pursuant to the terms of investment advisory agreement between the Company and the Adviser (the "Advisory Agreement"). Under the terms of the Advisory Agreement, the Fund pays the Adviser a unitary management fee that is computed and paid monthly at an annual rate of 0.70% of the average daily net assets of the Fund during the month. From the unitary management fees, the Adviser pays most of the expenses of the Fund, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit and other services. However, under the Advisory Agreement, the Adviser is not responsible for interest expenses, 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.

**Investment Sub-Adviser**

Emerald Mutual Fund Advisers Trust serves as the investment sub-adviser to the Fund. The Sub-Adviser commenced business operations in April of 2005 and is registered with the SEC as an investment adviser. The Sub-Adviser is located at 3175 Oregon Pike, Leola, Pennsylvania 17540. The Sub-Adviser is a wholly owned subsidiary of Emerald Advisers, LLC ("Emerald Advisers"), and is an affiliate of the Adviser. As of June 30, 2025, Emerald Advisers and its affiliates had approximately $4.6 billion in assets under management.

Subject to the authority of the Board and the supervision of the Adviser, the Adviser retains the Sub-Adviser to provide the Fund with a continuous program of investing the Fund's assets and determining the portfolio composition of the Fund. The Sub-Adviser is paid a fee equal to the annual rate of 0.60% of the Fund's average daily net assets. Compensation of the Sub-Adviser is paid by the Adviser (not the Fund).

A discussion regarding the basis for the Board's approval of the Fund's investment advisory agreement with the Adviser and the sub-advisory agreement with the Sub-Adviser will be available in the Fund's first annual or semi-annual report on Form N-CSR.

**Portfolio Managers**

David A. Volpe, CFA, is Deputy Chief Investment Officer and Managing Director of Emerald Advisers and President of Emerald Asset Management PA, LLC with over 30 years of investment experience. He is manager of the Emerald Mid Cap Growth and Emerald Growth Opportunities portfolios. He also co-manages the Predecessor Fund. Additionally, Mr. Volpe maintains research coverage of the Energy industry. He also assists with institutional marketing and client service, research, and strategic planning. From 1990 to 2000 he served as First Deputy City Controller of the City of Philadelphia, where he was responsible for the day-to-day operation of the Controller's Office, and was a member of the Philadelphia Municipal Pension System Investment Committee. From 1996 to 2000, he was also Chief Investment Officer of the Philadelphia Gas Works Pension System, where he was responsible for all aspects of that entity's pension fund. Prior to working for the City of Philadelphia, Mr. Volpe was a senior budget analyst for the Pennsylvania State Senate Appropriations Committee and served as an alternate member on the Pennsylvania State Employees' Retirement System and Pennsylvania School Employees' Retirement System. Mr. Volpe was Chairman of Philadelphia Mayor Ed Rendell's Finance transition team following his 1992 election to office. He is a board member and Finance Committee Chair of Merakey, Inc. and a member of the CFA Institute. Mr. Volpe earned a BA in Political Science from Potsdam College and a Masters in Public Administration from Penn State University. He was awarded the Chartered Financial Analyst (CFA) designation in 2002 and is a CFA charterholder.

Stephen L. Amsterdam, is a Portfolio Manager of the Emerald Mid Cap Growth and Emerald Growth Opportunities portfolios and co-manages the Predecessor Fund. He is also a Senior Research Analyst and a member of the Emerald Advisers Technology research team. He has been with Emerald Advisers since 2001 and currently focuses his efforts on network infrastructure, optical technologies, embedded electronics, and unified communications. Prior to joining Emerald Advisers, Mr. Amsterdam spent a decade investing in, and advising, early-stage technology companies as a founding managing director of PA Early-Stage Partners, a $50M early-stage venture capital fund and senior associate of TLVentures, an $800M venture capital fund associated with Safeguard Scientifics, Inc. He is a graduate of Lehigh University.

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

**HOW TO BUY AND SELL SHARES**

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

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

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

**Book Entry**

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

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

**Share Trading Prices on the Exchange**

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

**Frequent Purchases and Redemptions of Shares**

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

**Determination of Net Asset Value**

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

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

**Fair Value Pricing**

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

**DIVIDENDS, DISTRIBUTIONS, AND TAXES**

**Dividends and Distributions**

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

**Dividend Reinvestment Service**

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

**Taxes**

As with any investment, you should consider how your investment in shares of the Fund will be taxed. The tax information in this Prospectus is provided as general information. Except where otherwise indicated, the discussion relates to investors who are individual United States citizens or residents. You should consult your own tax professional about the tax consequences of an investment in shares of the Fund.

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

**Taxes on Distributions**

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

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

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

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

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

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

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

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

**IRAs and Other Tax-Qualified Plans**

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

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

If you are neither a resident nor a citizen of the United States or if you are a foreign entity, distributions (other than Capital Gain Dividends) paid to you by the Fund will generally be subject to a U.S. withholding tax at the rate of 30%, unless a lower treaty rate applies. The Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met.

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

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

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

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

**Backup Withholding**

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

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

An AP having the U.S. dollar as its functional currency for U.S. federal income tax purposes 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 paid for such Creation Units. The Internal Revenue Service ("IRS"), 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 Company on behalf of the Fund has the right to reject an order for a purchase of Creation Units if the AP (or a group of APs) would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding shares of the Fund and if, pursuant to Section 351 of the Code, the Fund would have a basis in the securities different from the market value of such securities on the date of deposit. The Company also has the right to require information necessary to determine beneficial share ownership for purposes of the 80% determination. If the Fund does issue Creation Units to an AP (or group of APs) that would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding shares of the Fund, the AP (or group of APs) may not recognize gain or loss upon the exchange of securities for Creation Units.

An AP who redeems Creation Units will generally recognize a gain or loss equal to the difference between the sum of the aggregate market value of any securities received plus the amount of any cash received for such Creation Units and the AP's basis in the Creation Units. Any gain or loss realized by an AP upon a redemption of Creation Units will be treated as capital gain or loss if the AP holds the shares comprising the Creation Units as capital assets, and otherwise will be ordinary income or loss. Any capital gain or loss realized upon the redemption of Creation Units will generally be treated as long-term capital gain or loss if the shares comprising the Creation Units have been held by the AP for more than 12 months, and otherwise will generally be short-term capital gain or loss. Any capital loss realized upon a redemption of Creation Units held for six months or less will be treated as a long-term capital loss to the extent of any amounts treated as distributions to the applicable AP of long-term capital gains with respect to the Creation Units (including any amounts credited to the AP as undistributed capital gains).

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

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

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

 

**DISTRIBUTION**

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

**ADDITIONAL CONSIDERATIONS**

**Payments to Financial Intermediaries**

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

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

**Premium/Discount Information**

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

**Continuous Offering**

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

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

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

**Disclosure of Portfolio Holdings**

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

**Additional Information**

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

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

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

**Financial Highlights**

The financial highlights tables are intended to help you understand the Predecessor Fund's financial performance for the past five years. The financial information presented for each applicable period is that of the Predecessor Fund. The Fund is the accounting successor to the Predecessor Fund, and the Predecessor Fund is the accounting and performance survivor, as a result of the Reorganization of the Predecessor Fund into the Fund. The Fund has adopted the financial statements of the Predecessor Fund. Certain information reflects financial results for a single Predecessor Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Predecessor Fund (assuming reinvestment of all dividends and distributions). The information presented for the fiscal year ended April 30, 2025, has been audited by Cohen & Company, Ltd., the independent registered public accounting firm for the Predecessor Fund, whose report, along with the Predecessor Fund's financial statements, are included in the [Annual Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000915802/000139834425012789/fp0093705-1_ncsrixbrl.htm) for the fiscal year ended April 30, 2025, which is available upon request.

Emerald Insights Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
|  | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,<br> 2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $17.59 | $13.98 | $15.16 | $20.18 | $12.13 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.17) | (0.14) | (0.11) | (0.18) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.47 | 3.75 | (0.42) | (1.98) | 9.80 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.30 | 3.61 | (0.53) | (2.16) | 9.66 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (0.13) | - | (0.65) | (2.86) | (1.61) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.13) | - | (0.65) | (2.86) | (1.61) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 1.17 | 3.61 | (1.18) | (5.02) | 8.05 |
| **NET ASSET VALUE, END OF PERIOD** | $18.76 | $17.59 | $13.98 | $15.16 | $20.18 |
| **TOTAL RETURN<sup>(b)</sup>** | 7.33% | 25.82% | (3.68%) | (12.78%) | 82.17% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $14004 | $15136 | $9950 | $15516 | $17618 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment loss | (0.85%) | (0.84%) | (0.80%) | (0.92%) | (0.86%) |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.80% | 2.03% | 1.94% | 1.73% | 1.92% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.35% | 1.35% | 1.35% | 1.35% | 1.35% |
| **PORTFOLIO TURNOVER RATE** | 65% | 61% | 64% | 70% | 89% |

---

*<sup>(a)</sup>* *Per share amounts are based upon average shares outstanding.*

*<sup>(b)</sup>* *Total return does not reflect the effect of sales charges.*

 

Emerald Insights Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
|  | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,<br> 2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $16.03 | $12.82 | $14.05 | $19.02 | $11.57 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.23) | (0.22) | (0.18) | (0.28) | (0.24) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.35 | 3.43 | (0.40) | (1.83) | 9.30 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.12 | 3.21 | (0.58) | (2.11) | 9.06 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (0.13) | - | (0.65) | (2.86) | (1.61) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.13) | - | (0.65) | (2.86) | (1.61) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 0.99 | 3.21 | (1.23) | (4.97) | 7.45 |
| **NET ASSET VALUE, END OF PERIOD** | $17.02 | $16.03 | $12.82 | $14.05 | $19.02 |
| **TOTAL RETURN<sup>(b)</sup>** | 6.92% | 25.04% | (4.33%) | (13.32%) | 80.92% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $25 | $25 | $38 | $186 | $246 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment loss | (1.24%) | (1.51%) | (1.42%) | (1.58%) | (1.51%) |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 2.19% | 2.72% | 2.55% | 2.38% | 2.57% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
| **PORTFOLIO TURNOVER RATE** | 65% | 61% | 64% | 70% | 89% |

---

*<sup>(a)</sup>* *Per share amounts are based upon average shares outstanding.*

*<sup>(b)</sup>* *Total return does not reflect the effect of sales charges.*

Emerald Insights Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** |
|  | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,<br> 2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $18.28 | $14.49 | $15.64 | $20.67 | $12.37 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.13) | (0.09) | (0.07) | (0.12) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.54 | 3.88 | (0.43) | (2.05) | 10.01 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.41 | 3.79 | (0.50) | (2.17) | 9.91 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (0.13) | - | (0.65) | (2.86) | (1.61) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.13) | - | (0.65) | (2.86) | (1.61) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 1.28 | 3.79 | (1.15) | (5.03) | 8.30 |
| **NET ASSET VALUE, END OF PERIOD** | $19.56 | $18.28 | $14.49 | $15.64 | $20.67 |
| **TOTAL RETURN** | 7.65% | 26.16% | (3.40%) | (12.51%) | 82.62% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $3645 | $4400 | $3657 | $4340 | $3658 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment loss | (0.60%) | (0.53%) | (0.51%) | (0.62%) | (0.57%) |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.54% | 1.71% | 1.65% | 1.42% | 1.60% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% |
| **PORTFOLIO TURNOVER RATE** | 65% | 61% | 64% | 70% | 89% |

---

*<sup>(a)</sup>* *Per share amounts are based upon average shares outstanding.*

 

Emerald Insights Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** |
|  | **Year Ended<br> April 30,<br> 2025** | **Year Ended<br> April 30,<br> 2024** | **Year Ended<br> April 30,<br> 2023** | **Year Ended<br> April 30,<br> 2022** | **Year Ended<br> April 30,<br> 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $17.43 | $13.87 | $15.05 | $20.06 | $12.07 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.19) | (0.14) | (0.12) | (0.18) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.47 | 3.70 | (0.41) | (1.97) | 9.75 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.28 | 3.56 | (0.53) | (2.15) | 9.60 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (0.13) | - | (0.65) | (2.86) | (1.61) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.13) | - | (0.65) | (2.86) | (1.61) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 1.15 | 3.56 | (1.18) | (5.01) | 7.99 |
| **NET ASSET VALUE, END OF PERIOD** | $18.58 | $17.43 | $13.87 | $15.05 | $20.06 |
| **TOTAL RETURN** | 7.28% | 25.67% | (3.75%) | (12.80%) | 82.08% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $861 | $795 | $824 | $689 | $638 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment loss | (0.96%) | (0.89%) | (0.87%) | (0.97%) | (0.91%) |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.91% | 1.95% | 1.97% | 1.71% | 1.86% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.40% | 1.40% | 1.40% | 1.40% | 1.40% |
| **PORTFOLIO TURNOVER RATE** | 65% | 61% | 64% | 70% | 89% |

---

*<sup>(a)</sup>* *Per share amounts are based upon average shares outstanding.*

**INVESTMENT ADVISER**

**F/m Investments LLC** 3050 K Street, N.W., Suite 201

Washington, District of Columbia 20007

**INVESTMENT SUB-ADVISER**

Emerald Mutual Fund Advisers Trust

3175 Oregon Pike

Leola, Pennsylvania 17540

**ADMINISTRATOR AND TRANSFER AGENT**

**U.S. Bank Global Fund Services** 615 East Michigan Street

Milwaukee, Wisconsin 53201

**CUSTODIAN**

**U.S. Bank, N.A.** 1555 North Rivercenter Drive, Suite 302

Milwaukee, Wisconsin 53212

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**Cohen & Company, Ltd.**

1350 Euclid Avenue, Suite 800

Cleveland, OH 44115

**UNDERWRITER**

**Quasar Distributors, LLC** 3 Canal Plaza, Suite 100

Portland, Maine 04101

**COUNSEL**

**Faegre Drinker Biddle & Reath LLP** One Logan Square, Suite 2000

Philadelphia, Pennsylvania 19103

**FOR MORE INFORMATION**

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

**Annual/Semi-Annual Reports**

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

**Statement of Additional Information**

The Fund's SAI, dated July 18, 2025, has been filed with the SEC. The SAI, which includes additional information about the Fund, may be obtained free of charge at the Fund's website or by calling 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 semi-annual and annual reports (when available). To obtain a free copy of the SAI, semi-annual or annual reports or if you have questions about the Fund:

**By Internet**

Go to www.emeraldetfs.com.

**By Telephone**

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

**By Mail**

Write to:

F/m Emerald Special Situations ETF

c/o U.S. Bank Global Fund Services

P.O. Box 219252

Kansas City, MO 64121-9252

**From the SEC**

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

Investment Company Act File Number 811-05518

**STATEMENT OF ADDITIONAL INFORMATION**

**EMERALD BANKING & FINANCE EVOLUTION FUND**

**Class A Shares (TICKER: HSSAX)**

**Class C Shares (TICKER: HSSCX)**

**Institutional Class Shares (TICKER: HSSIX)**

**Investor Class Shares (TICKER: FFBFX)**

**EMERALD GROWTH FUND**

**Class A Shares (TICKER: HSPGX)**

**Class C Shares (TICKER: HSPCX)**

**Institutional Class Shares (TICKER: FGROX)**

**Investor Class Shares (TICKER: FFGRX)**

**each a series of THE RBB FUND, INC.**

**July 18, 2025**

**Investment Adviser:**

**EMERALD MUTUAL FUND ADVISERS TRUST**

This Statement of Additional Information ("SAI") provides supplementary information pertaining to the Emerald Banking & Finance Evolution Fund and Emerald Growth Fund (each, a "Fund" and, together, the "Funds"). The Funds are series of The RBB Fund, Inc. (the "Company"). This SAI is not a prospectus and should be read only in conjunction with the Fund's Prospectus dated July 18, 2025 (the "Prospectus"). Copies of the Prospectus and Annual and Semi-Annual Reports, once available, may be obtained free of charge by calling toll-free 1-855-828-9909.

Each of the Emerald Banking & Finance Evolution Fund and Emerald Growth Fund is an accounting successor of the Emerald Finance and Banking Innovation Fund and the Emerald Growth Fund, each a series of Financial Investors Trust (each a "Predecessor Fund" and together, the "Predecessor Funds"), respectively. The financial statements and financial highlights for the Predecessor Funds (File No. 811-08194) for the fiscal year ended April 30, 2025, which are contained in the Annual Report for that fiscal year, are hereby incorporated herein by reference into this SAI. These financial statements have been audited by Cohen & Company, Ltd., the Predecessor Fund's independent registered public accounting firm, whose report thereon is incorporated herein by reference.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **GENERAL INFORMATION** | **1** |
| **INVESTMENT OBJECTIVES** | **1** |
| **INVESTMENT POLICIES AND RISKS** | **1** |
| **INVESTMENT LIMITATIONS** | **18** |
| **DISCLOSURE OF PORTFOLIO HOLDINGS** | **23** |
| **PORTFOLIO TURNOVER** | **24** |
| **MANAGEMENT OF THE COMPANY** | **24** |
| **CODE OF ETHICS** | **37** |
| **PROXY VOTING** | **37** |
| **CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES** | **38** |
| **INVESTMENT ADVISORY AND OTHER SERVICES** | **40** |
| &nbsp;&nbsp;&nbsp;Investment Adviser | 40 |
| &nbsp;&nbsp;&nbsp;The Portfolio Managers | 43 |
| &nbsp;&nbsp;&nbsp;Administration And Accounting Agreement | 44 |
| &nbsp;&nbsp;&nbsp;Custodian Agreement | 45 |
| &nbsp;&nbsp;&nbsp;Transfer Agency Agreement | 46 |
| &nbsp;&nbsp;&nbsp;Distribution Agreement and Plan of Distribution | 46 |
| &nbsp;&nbsp;&nbsp;Rule 12b-1 Plan | 47 |
| &nbsp;&nbsp;&nbsp;Shareholder Services Plan for Class C Shares | 48 |
| &nbsp;&nbsp;&nbsp;Shareholder Services Plan for Institutional Class Shares | 48 |
| &nbsp;&nbsp;&nbsp;Shareholder Services Plan for Investor Class Shares | 49 |
| **FUND TRANSACTIONS** | **49** |
| **PURCHASE AND REDEMPTION INFORMATION** | **51** |
| **TELEPHONE TRANSACTION PROCEDURES** | **52** |
| **VALUATION OF SHARES** | **53** |
| **TAXES** | **54** |
| **ADDITIONAL INFORMATION CONCERNING COMPANY SHARES** | **55** |
| **MISCELLANEOUS** | **56** |
| **FINANCIAL STATEMENTS** | **57** |
| **APPENDIX A** | **A-1** |
| **APPENDIX B** | **B-1** |

---

**GENERAL INFORMATION**

The Company is an open-end management investment company currently consisting of 76 separate portfolios. The Company is registered under the Investment Company Act of 1940, as amended, (the "1940 Act") and was organized as a Maryland corporation on February 29, 1988. This SAI pertains only to the shares of Emerald Banking & Finance Evolution Fund and the Emerald Growth Fund, each a diversified portfolio. Emerald Mutual Fund Advisers Trust (the "Adviser") serves as the investment adviser to the Fund. Each Fund has registered four classes of shares: Class A Shares; Class C Shares, Institutional Class Shares and Investor Class Shares.

It is currently contemplated that in the fourth quarter of 2025, each Predecessor Fund will reorganize each class of its shares into a corresponding Fund of the Company as follows (each, a "Reorganization"):

---

| | |
|:---|:---|
| **Financial Investors Trust** | **The RBB Fund, Inc.** |
| **Emerald Growth Fund** | **Emerald Growth Fund** |
| Class A Shares | Class A Shares |
| Class C Shares | Class C Shares |
| Investor Class Shares | Investor Class Shares |
| Institutional Class Shares | Institutional Class Shares |
| **Emerald Finance and Banking Innovation Fund** | **Emerald Banking & Finance Evolution Fund** |
| Class A Shares | Class A Shares |
| Class C Shares | Class C Shares |
| Investor Class Shares | Investor Class Shares |
| Institutional Class Shares | Institutional Class Shares |

---

**INVESTMENT OBJECTIVES**

The following supplements the information contained in the Prospectus concerning the investment objectives of the Funds.

The investment objective of the Emerald Banking & Finance Evolution Fund is to seek long-term growth through capital appreciation. Income is a secondary objective. The investment objective of the Emerald Growth Fund is to seek long-term growth through capital appreciation.

There can be no guarantee that a Fund will achieve its investment objective.

**INVESTMENT POLICIES AND RISKS**

The following supplements the information contained in the Prospectus concerning the investment objectives and policies of the Funds. To the extent an investment policy or risk is discussed in this SAI but not in the Prospectuses, such policy is not a principal policy or risk of the Fund(s). Except as indicated, the information below relates only to those Funds that are authorized to invest in the instruments or securities described below. A Fund may not necessarily invest in all of the instruments or use all of the investment techniques permitted by the Funds' Prospectus and this SAI, or invest in such instruments or engage in such techniques to the full extent permitted by the Funds' investment policies and limitations.

**Active Management Risk** 

The Funds are actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Funds will achieve their respective investment objectives.

**Banking and Financial Services-Related Investment (*Emerald Banking & Finance Evolution Fund Only*)**

The banking and financial services industries are comparatively narrow segments of the economy. Entities in these industries may be subject to additional risks such as increased competition within the sector or changes in legislation or government regulations. In addition, entities in these industries are particularly vulnerable to certain factors affecting the industries as a whole, such as the availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition.

**Concentration *(Emerald Banking & Finance Evolution Fund Only)***

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The Emerald Banking & Finance Evolution Fund concentrates its investments in issuers of one or more particular industries to the extent permitted by applicable regulatory guidance. There is a risk that those issuers (or industry sector) will perform poorly and negatively impact the Fund. Concentration risk results from maintaining exposure (long or short) to issuers conducting business in a specific industry. The risk of concentrating investments in a limited number of issuers in a particular industry is that the Fund will be more susceptible to the risks associated with that industry than a fund that does not concentrate its investments.

**Cybersecurity Risk**

In connection with the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, the Funds may be susceptible to operational, information security and related risks due to the possibility of cyber-attacks or other incidents. Cyber incidents may result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, infection by computer viruses or other malicious software code, gaining unauthorized access to systems, networks or devices that are used to service the Funds' operations through hacking or other means for the purpose of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks (which can make a website unavailable) on the Funds' website. In addition, authorized persons could inadvertently or intentionally release confidential or proprietary information stored on the Funds' systems.

Cybersecurity failures or breaches by the Funds' third-party service providers (including, but not limited to, the adviser, distributor, custodian, transfer agent and financial intermediaries) may cause disruptions and impact the service providers' and the Funds' business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business and the mutual funds to process transactions, inability to calculate the Funds' net asset value, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs and/or additional compliance costs. The Funds and their shareholders could be negatively impacted as a result of successful cyber-attacks against, or security breakdowns of, the Funds or their third-party service providers.

The Funds may incur substantial costs to prevent or address cyber incidents in the future. In addition, there is a possibility that certain risks have not been adequately identified or prepared for. Furthermore, the Funds cannot directly control any cyber security plans and systems put in place by third party service providers. Cyber security risks are also present for issuers of securities in which the Funds invests, which could result in material adverse consequences for such issuers, and may cause the Funds' investment in such securities to lose value.

**Derivatives**

The Funds may invest in derivative products to, among other things, obtain exposure to specific asset class sectors and seek to hedge against possible adverse impact of changes in stock market prices, currency exchange rates or interest rates in the market value of its securities or securities to be purchased. Rule 18f-4 under the 1940 Act provides for the regulation of a registered investment company's use of derivatives and related instruments. Rule 18f-4 prescribes specific value-at-risk leverage limits for certain derivatives users and requires certain derivatives users to adopt and implement a derivatives risk management program (including the appointment of a derivatives risk manager and the implementation of certain testing requirements), and prescribes reporting requirements in respect of derivatives. Subject to certain conditions, if a fund qualifies as a "limited derivatives user," as defined in Rule 18f-4, it is not subject to the full requirements of Rule 18f-4. With respect to reverse repurchase agreements or other similar financing transactions in particular, including certain tender option bonds, Rule 18f-4 permits a fund to enter into such transactions if the fund either (i) complies with the asset coverage requirements of Section 18 of the 1940 Act, and combines the aggregate amount of indebtedness associated with all reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the relevant asset coverage ratio, or (ii) treats all reverse repurchase agreements or similar financing transactions as derivatives transactions for all purposes under Rule 18f-4. The Funds have adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4. Limits or restrictions applicable to the counterparties or issuers, as applicable, with which the Funds may engage in derivative transactions could limit or prevent the Funds 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.

Subject to certain conditions, if a fund qualifies as a "limited derivatives user," as defined in Rule 18f-4, it is not subject to the full requirements of Rule 18f-4. As of the date of this SAI, each Fund is relying on the limited derivatives user exception.

**Debt Securities Risk**

The Funds may invest in short-term and/or long-term debt securities. Debt securities in which the Funds may invest are subject to several types of investment risk. They may have market or interest rate risk, which means their value will be affected by fluctuations in the prevailing interest rates. Bonds are subject to the risk that interest rates will rise and that, as a result, bond prices will fall, lowering the value of the Funds' investments in bonds. Investments in these types of securities pose the risk that the Adviser's forecast of the direction of interest rates might be incorrect.

Debt securities are subject to credit risk, which is the risk that the issuer may be unable to make timely interest payments and repay the principal upon maturity. The credit quality of a bond or fixed-income holding could deteriorate as a result of a bankruptcy or extended losses. There is no guarantee that a sovereign government will support certain government sponsored entity securities and, accordingly, these securities involve a risk of non-payment of principal and interest. In addition, the value of the Funds' debt securities will generally decline if the credit rating of the issuer declines, and an issuer whose credit rating has declined may be unable to make payments of principal and/or interest. Call or income risk exists with respect to corporate bonds during periods of falling interest rates because of the possibility that securities with high interest rates will be prepaid or "called" by the issuer before they mature. The Funds would have to reinvest the proceeds at a possibly lower interest rate. The Funds may also be subject to event risk, which is the possibility that corporate debt securities held by the Funds may suffer a substantial decline in credit quality and market value if the issuer restructures.

Debt securities generally increase in value during periods of falling interest rates and decline in value if interest rates increase. Usually, the longer the remaining maturity of a debt security is, the greater the effect interest rate changes have on its market value.

**Equity Securities**

Equity securities represent ownership interests in a company and consist of common stocks, preferred stocks, warrants to acquire common stock, and securities convertible into common stock. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Funds invests will cause the NAV of the Funds to fluctuate. The Funds purchase 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 Funds is called for redemption or conversion, the Funds 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 and Medium Capitalization Issuers. Investing in equity securities of small and medium capitalization companies often involves greater risk than is customarily associated with investments in larger capitalization companies. This increased risk may be due to the greater business risks of smaller size, limited markets and financial resources, narrow product lines and frequent lack of depth of management. The securities of smaller companies are often traded in the over-the-counter market and even if listed on a national securities exchange may not be traded in volumes typical for that exchange. Consequently, the securities of smaller companies are less likely to be liquid, may have limited market stability, and may be subject to more abrupt or erratic market movements than securities of larger, more established companies or the market averages in general.

**Exchange-Traded Funds ("ETFs")** 

The Funds may invest in 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 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 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 funds 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 funds' 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. In October 2020, the SEC adopted certain regulatory changes and took other actions related to the ability of an investment company to invest in another investment company. The changes include, among other things, amendments to Rule 12d1-1, the rescission of Rule 12d1-2, and the adoption of Rule 12d1-4 under the 1940 Act ("Rule 12d1-4") which 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 12d1-4 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 Funds expect to rely on Rule 12d1-4 to the extent the Adviser deems such reliance necessary or appropriate.

**Forward Commitment and When-Issued Transactions**

The Funds may purchase or sell securities on a when-issued or forward commitment basis (subject to its investment policies and restrictions). These transactions involve a commitment by the Funds to purchase or sell securities at a future date (ordinarily one or two months later). The price of the underlying securities (usually expressed in terms of yield) and the date when the securities will be delivered and paid for (the settlement date) are fixed at the time the transaction is negotiated. When-issued purchases and forward commitments are negotiated directly with the other party, and such commitments are not traded on exchanges.

When-issued purchases and forward commitments enable the Funds to lock in what is believed by its investment adviser to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. For instance, in periods of rising interest rates and falling prices, the Funds might sell securities it owns on a forward commitment basis to limit its exposure to falling prices. In periods of falling interest rates and rising prices, the Funds might sell securities it owns and purchase the same or a similar security on a when-issued or forward commitment basis, thereby obtaining the benefit of currently higher yields. When-issued securities or forward commitments involve a risk of loss if the value of the security to be purchased declines prior to the settlement date.

The value of securities purchased on a when-issued or forward commitment basis and any subsequent fluctuations in their value are reflected in the computation of the Funds' NAV starting on the date of the agreement to purchase the securities, and the Funds are subject to the rights and risks of ownership of the securities on that date. The Funds may not earn interest on the securities it has committed to purchase until they are paid for and delivered on the settlement date. When the Funds make a forward commitment to sell securities it owns, the proceeds to be received upon settlement are included in the Funds' assets. Fluctuations in the market value of the underlying securities are not reflected in the Funds' NAV as long as the commitment to sell remains in effect. Settlement of when-issued purchases and forward commitment transactions generally takes place within two months after the date of the transaction, but the Funds may agree to a longer settlement period.

The Funds may dispose of or renegotiate a commitment after it is entered into. The Funds also may sell securities it has committed to purchase before those securities are delivered to the Funds on the settlement date. The Funds may realize a capital gain or loss in connection with these transactions, and its distributions from any net realized capital gains will be taxable to shareholders.

**Foreign Market and Trading Risk**

The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight. Foreign markets also may have clearance and settlement procedures that make it difficult for the Funds to buy and sell securities. These factors could result in a loss to the Funds by causing the Funds to be unable to dispose of an investment or to miss an attractive investment opportunity, or by causing Fund assets to be uninvested for some period of time. In addition, where all or portion of the Funds' underlying securities trade in a foreign market that is closed when the market in which the Funds' Shares are listed is open for trading, there may be changes between the last quote of the underlying securities' value in the closed foreign market and the value of such underlying securities during the Funds' domestic trading day.

**Health Care Sector Risk**

Factors that may affect the profitability of companies in the health care sector include extensive government regulation, restrictions on government reimbursement for medical expenses, rising costs of medical products, services and facilities, pricing pressure, an increased emphasis on outpatient services, limited number of products and product obsolescence due to industry Evolution, changes in technologies and other market developments. A major source of revenue for the health care sector is payments from Medicare and Medicaid programs. As a result, the sector is sensitive to legislative changes and reductions in governmental spending for such programs, as well as state or local health care reform measures. Companies in the health care sector depend heavily on patent protection. The process of obtaining patent approval can be long and costly, and the expiration of patents may adversely affect the profitability of companies in this sector. Health care companies also are subject to extensive litigation based on product liability and similar claims. Health care companies are subject to competitive forces that may make raising prices difficult and, at times, may result in price discounting. In addition, companies in the health care sector may be thinly capitalized and therefore may be susceptible to product obsolescence.

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

The Company 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.

On November 2, 2022, the SEC proposed amendments to Rule 22e-4. If adopted as proposed, the proposed amendments would result in changes to the Funds' liquidity classification framework and could potentially increase the percentage of the Funds' investments deemed to be illiquid. In addition, the Funds' operations and investment strategies may be adversely impacted if the proposed amendments are adopted.

**Indexed Securities**

Each Fund may purchase securities whose prices are indexed to the prices of other securities, securities indices, currencies, or other financial indicators. Indexed securities typically, but not always, are debt securities or deposits whose value at maturity or coupon rate is determined by reference to a specific instrument or statistic. Currency-indexed securities typically are short-term to intermediate-term debt securities whose maturity values or interest rates are determined by reference to the values of one or more specified foreign currencies, and may offer higher yields than U.S. dollar-denominated securities of equivalent issuers. Currency-indexed securities may be positively or negatively indexed; that is, their maturity value may increase when the specified currency value increases, resulting in a security that performs similarly to a foreign currency-denominated instrument, or their maturity value may decline when foreign currencies increase, resulting in a security whose price characteristics are similar to a put on the underlying currency. Currency-indexed securities may also have prices that depend on the values of a number of different foreign currencies relative to each other.

Because the amount of interest and/or principal payments which the issuer of indexed debt securities is obligated to make is linked to the prices of other securities, securities indices, currencies, or other financial indicators, such payments may be significantly greater or less than payment obligations in respect of other types of debt securities. As a result, an investment in indexed debt securities may be considered speculative. Moreover, the performance of indexed securities depends to a great extent on the performance of and may be more volatile than the security, currency, or other instrument to which they are indexed, and may also be influenced by interest rate changes in the United States and abroad. At the same time, indexed securities are subject to the credit risks associated with the issuer of the security, and their values may decline substantially if the issuer's creditworthiness deteriorates.

**Investment Company Shares**

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

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

Investments by the Funds 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, funds' investment agreements and limits on most three-tier fund structures.

Certain investment companies whose securities are purchased by the Funds 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**

The Funds may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Funds. Such large shareholder redemptions may cause the Funds to sell its securities at times when it would not otherwise do so, which may negatively impact the Funds' NAV and liquidity. Similarly, large share purchases may adversely affect the Funds' performance to the extent that the Funds are 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 Funds' current expenses being allocated over a smaller asset base, leading to an increase in the Funds' expense ratio.

**Market Risk**

The market price of securities owned by any Fund may go up or down, sometimes rapidly or unpredictably.

Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously.

Equity securities generally have greater price volatility than fixed-income securities.

**Money Market Securities**

The Funds may invest its assets in money market instruments (the types of which are discussed below). Money market instruments 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.

The Funds 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 Funds. 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.

**Non-U.S. Issuers Risk**

The Funds may invest in securities of non-U.S. corporate issuers. Securities issued by non-U.S. issuers have different risks from securities issued by U.S. issuers. These risks include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability which could affect U.S. investments in non-U.S. countries, uncertainties of transnational litigation, and potential restrictions on the flow of international capital, including the possible seizure or nationalization of the securities issued by non-U.S. issuers held by the Funds. Non-U.S. issuers may be subject to less governmental regulation than U.S. issuers. Moreover, individual non-U.S. economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payment positions. Unfavorable political, economic or governmental developments in non-U.S. countries could affect the payment of a security's principal and interest. Securities issued by non-U.S. issuers may also be less liquid than, and more difficult to value than, securities of U.S. issuers. In addition, the value of these securities may fluctuate due to changes in the exchange rate of the issuer's local currency against the U.S. dollar.

**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. The Funds 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. The Funds 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 the Funds' performance. To the extent that the Fund invests in over-the-counter options, the Funds may be exposed to counterparty risk.

**Restricted Securities** 

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

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

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

**Real Estate Investment Trusts ("REITs")**

The Funds may invest in REITs. Equity REITs invest directly in real property while mortgage REITs invest in mortgages on real property. REITs may be subject to certain risks associated with the direct ownership of real estate, including declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, and variations in rental income. REITs pay dividends to their shareholders based upon available funds from operations. It is quite common for these dividends to exceed the REIT's taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. Each Fund intends to include the gross dividends from such REITs in its distributions to its shareholders and, accordingly, a portion of the Fund's distributions may also be designated as a return of capital.

By investing in REITs indirectly through a Fund, a shareholder will bear not only his or her proportionate share of the expenses of the Fund, but also, indirectly, similar expenses of the REITs. Under current law, the Funds are eligible to pass through a 20% qualified business income deduction on ordinary REIT dividends that they receive. A Fund may be able to designate dividends to shareholders as eligible for the qualified business income deduction.

**Rights Offerings and Purchase Warrants** 

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

**Securities Lending**

The Funds may lend its portfolio securities to financial institutions. Such loans would involve risks of delay in receiving additional collateral in the event the value of the collateral decreases below the value of the securities loaned or of delay in recovering the securities loaned or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers which the Adviser deems to be of good standing and only when, in the Adviser's judgment, the income to be earned from the loans justifies the attendant risks. The Funds may not make loans in excess of 331/3% of the value of its total assets. The Funds 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 Funds' securities lending agent.

By lending its securities, the Funds may increase their 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.

**Special Note Regarding Market Events**

Periods of unusually high financial market volatility and restrictive credit conditions, at times limited to a particular sector or geographic area, have occurred in the past and may be expected to recur in the future. Some countries, including the United States, have adopted or have signaled protectionist trade measures, relaxation of the financial industry regulations that followed the financial crisis, and/or reductions to corporate taxes. The scope of these policy changes is still developing, but the equity and debt markets may react strongly to expectations of change, which could increase volatility, particularly if a resulting policy runs counter to the market's expectations. The outcome of such changes cannot be foreseen at the present time. In addition, geopolitical and other risks, including events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, 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 the Funds' investments may be negatively affected by events impacting a country or region, regardless of whether the Funds invests in issuers located in or with significant exposure to such country or region.

Disease outbreaks that affect local economies or the global economy may materially and adversely impact the Funds 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 the Funds being, among other things, unable to buy or sell certain securities or financial instruments or to accurately price its investments. Although multiple asset classes may be affected by a market disruption, the duration and effects may not be the same for all types of assets. To the extent the Funds may overweight its investments in certain countries, companies, industries or market sectors, such position will increase the Funds' exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors. These conditions could result in the Funds' inability to achieve its investment objectives, cause the postponement of reconstitution or rebalance dates for benchmark indices, adversely affect the prices and liquidity of the securities and other instruments in which the Funds invest, negatively impact the Funds' performance, and cause losses on your investment in the Funds.

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 Funds 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.

● Special Situation Companies. The Funds will seek to benefit from Special Situations, such as mergers, reorganizations, or other unusual events expected to affect a particular issuer. 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, may cause the security to attain a higher market value independently, to a degree, than the trend in the securities market in general.

The particular development (actual or prospective), which may qualify a security as a Special Situation, may be one of many different types. Such developments may include, among others, a technological improvement or important discovery or acquisition which, if the expectation for it materialized, would effect a substantial change in the company's business; a reorganization; a recapitalization or other development involving a security exchange or conversion; a merger, liquidation or distribution of cash, securities or other assets; a breakup or workout of a holding company; litigation which, if resolved favorably, would improve the value of the company's stock; a new or changed management; or material changes in management policies. A Special Situation may often involve a comparatively small company, which is not well known, and which has not been closely watched by investors generally, but it may also involve a large company. The fact, if it exists, that an increase in the company's earnings, dividends or business is expected, or that a given security is considered to be undervalued, would not in itself be sufficient to qualify as a Special Situation. The Funds may invest in securities (even if not Special Situations) which, in the opinion of the Adviser or the Adviser, are appropriate investments for the Funds, including securities which the Adviser believes are undervalued by the market. There is a risk that the Special Situation might not occur or involve longer time frames than originally expected, which could have a negative impact on the price of the issuer's securities and fail to produce gains or produce a loss for the Funds.

**Tax Risk**

The federal income tax treatment of the complex securities in which the Funds may invest may not be clear or may be subject to recharacterization by the Internal Revenue Service ("IRS"). It could be more difficult to comply with the tax requirements applicable to regulated investment companies if the tax characterization of investments or the tax treatment of the income from such investments were successfully challenged by the IRS. In addition, the Funds' use of derivatives may cause the Funds to realize higher amounts of short-term capital gains (generally taxed as ordinary income) than if the Funds had not used such instruments.

**U.S. Government Securities**

Each Fund may invest without limit in securities issued or guaranteed by the U.S. government or by its agencies or instrumentalities. U.S. government securities in general include a wide variety of U.S. Treasury obligations consisting of bills, notes and bonds, which principally differ only in their interest rates, maturities and times of issuance. Securities issued or guaranteed by U.S. government agencies and instrumentalities are debt securities issued by agencies or instrumentalities established or sponsored by the U.S. government and may be backed only by the credit of the issuing agency or instrumentality. The Funds will invest in such obligations only where the Adviser is satisfied that the credit risk with respect to the issuer is minimal.

Securities issued by the U.S. Treasury generally do not involve the credit risks associated with investments in other types of fixed-income securities, although, as a result, the yields available from these securities are generally lower than the yields available from corporate fixed-income securities. Like other debt securities, however, the values of U.S. government securities change as interest rates fluctuate, which could affect a Funds' net asset value. Since the magnitude of these fluctuations will generally be greater at times when the Funds' average maturity is longer, under certain market conditions the Funds may, for temporary defensive purposes, accept lower current income from short-term investments rather than investing in higher yielding long-term securities. Some U.S. Government securities (such as Fannie Maes and Freddie Macs) are guaranteed as to the payment of principal and interest by the relevant entity (e.g., FNMA or FHLMC) but are not backed by the full faith and credit of the U.S. government. Therefore, the securities would generally be neither issued nor guaranteed by the U.S. Treasury.

Under the direction of the Federal Housing Finance Agency, Fannie Mae and Freddie Mac have entered into a joint initiative to develop a common securitization platform for the issuance of a uniform mortgage-backed security (the "Single Security Initiative"), which would generally align the characteristics of Fannie Mae and Freddie Mac certificates. The Single Security Initiative was launched in June 2019, and as of this time, the long-term effects it may have on the market for mortgage-backed securities remains uncertain.

**American, European and Global Depositary Receipts**

The Funds may invest in American Depository Receipts ("ADRs"). ADRs, as well as other "hybrid" forms of ADRs, including European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs"), are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depository banks and generally trade on an established market in the United States or elsewhere. The underlying shares are held in trust by a custodian bank or similar financial institution in the issuer's home country. The depository bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, ADRs continue to be subject to many of the risks associated with investing directly in foreign securities including increased market, illiquidity, currency, political, information and other risks, and even where traded in U.S. dollars are subject to currency risk if the underlying security is traded in a foreign currency. GDRs, EDRs, and other similar instruments may be issued by a U.S. or non-U.S. entity and may be traded in other currencies. GDRs are tradable both in the United States and Europe and are designed for use throughout the world. EDRs are issued in bearer form and are designed for use in European securities markets.

Investments in the securities of foreign issuers may subject the Funds to investment risks that differ in some respects from those related to investments in securities of U.S. issuers. Such risks include future adverse political and economic developments, possible imposition of withholding taxes on income, possible seizure, nationalization or expropriation of foreign deposits, possible establishment of exchange controls or taxation at the source or greater fluctuation in value due to changes in exchange rates. Foreign issuers of securities often engage in business practices different from those of domestic issuers of similar securities, and there may be less information publicly available about foreign issuers. In addition, foreign issuers are, generally speaking, subject to less government supervision and regulation and different accounting treatment than are those in the United States.

**Borrowing**

The Funds may borrow money from a bank equal to 5% of its total assets for temporary purposes to meet redemptions or to pay dividends. Borrowing may exaggerate changes in the NAV of the Funds' shares and in the return on the Funds' portfolio. Although the principal of any borrowing will be fixed, the Funds' assets may change in value during the time the borrowing is outstanding. The Funds may be required to liquidate portfolio securities at a time when it would be disadvantageous to do so in order to make payments with respect to any borrowing. The Funds may be required to earmark or segregate liquid assets in an amount sufficient to meet its obligations in connection with such borrowings. In an interest rate arbitrage transaction, the Funds borrow money at one interest rate and lend the proceeds at another, higher interest rate. These transactions involve a number of risks, including the risks that the borrower will fail or otherwise become insolvent or that there will be a significant change in prevailing interest rates.

**Illiquid Investments**

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

The Company 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.

On November 2, 2022, the SEC proposed amendments to Rule 22e-4. If adopted as proposed, the proposed amendments would result in changes to the Funds' liquidity classification framework and could potentially increase the percentage of the Funds' investments deemed to be illiquid. In addition, the Funds' operations and investment strategies may be adversely impacted if the proposed amendments are adopted.

**Loans of Portfolio Securities**

Each Fund may lend portfolio securities to brokers or dealers or other financial institutions in accordance with policies and procedures of the Company, as may be adopted from time to time. The procedure for the lending of securities will typically include the following features and conditions. The collateral will consist either of U.S. Government Securities or the borrower of the securities will deposit cash with the Funds in an amount equal to a minimum of 100% of the market value of the securities lent. The Funds will seek to invest the collateral in short-term debt securities, cash equivalents (or pooled investment vehicle interests in cash, cash equivalents and short-term debt instruments) and earn the income thereon. The Funds bear the risk of such investments, including the risk of loss of the entire cash collateral received for loaned securities. A negotiated portion of the income so earned may be paid to the borrower or the broker who arranged the loan. The collateral will be marked to market daily, and if the value of the collateral drops below the required minimum at any time, the borrower may typically be called upon to post additional collateral. These will be "demand" loans and may be terminated by the Funds at any time. The Funds will receive any dividends and interest paid on the securities lent, although the U.S. federal income tax characteristics of such payment may change. The Funds' performance will continue to reflect changes in the value of the securities loaned.

These transactions must be fully collateralized at all times, but involve some credit risk to the Funds if the borrower or the party (if any) guaranteeing the loan should default on its obligations. In the event of the default or bankruptcy of the other party to a securities loan, the Funds could experience delays in recovering the securities it lent. To the extent that, in the meantime, the value of the securities a Fund lent has increased or the value of the collateral decreased, the Fund could experience a loss. In the event of a default by the borrower, the Funds will, if permitted by law, dispose of such collateral except that the Funds may retain any such part thereof that is a security in which the Funds are permitted to invest.

Although voting rights or rights to consent with respect to the loaned securities pass to the borrower, the Funds, as the lender, generally retain the right to call the loans and obtain the return of the securities loaned at any time on reasonable notice, and they will attempt to do so in order that the securities may be voted by the Funds if the holders of such securities are asked to vote upon or consent to matters which the Adviser believes materially affect the investment; however, the Funds may not be able to recall the securities in time for the Funds to be the owner on the record date for determining shareholders entitled to vote or consent on the matter. Additionally, the Board has a fiduciary obligation to recall securities on loan in time to vote proxies if the Funds have knowledge of a material event with respect to such securities. The Funds may typically also call such loans in order to sell the securities involved.

**Repurchase Agreements** 

The Funds may enter into repurchase agreements with financial institutions. A repurchase agreement is an agreement under which the Funds acquire a fixed income security (generally a security issued by the U.S. government or an agency thereof, a banker's acceptance, or a certificate of deposit) from a commercial bank, broker, or dealer, and simultaneously agrees to resell such security to the seller at an agreed upon price and date (normally, the next business day). Because the security purchased constitutes collateral for the repurchase obligation, a repurchase agreement may be considered a loan that is collateralized by the security purchased. The acquisition of a repurchase agreement may be deemed to be an acquisition of the underlying securities as long as the obligation of the seller to repurchase the securities is collateralized fully. The Funds follow 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 Funds will provide that the underlying collateral at all times shall have a value at least equal to 102% of the resale price stated in the agreement and consist only of securities permissible under Section 101(47)(A)(i) of the Bankruptcy Code (the Adviser monitors compliance with this requirement). Under all repurchase agreements entered into by the Funds, 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 Funds will seek to liquidate such collateral. However, the exercising of the Funds' 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 Funds could suffer a loss. It is the current policy of the Funds not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the Funds, amounts to more than 15% of the Funds' total assets. The investments of the Funds 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 to avoid selling securities during unfavorable market conditions to meet redemptions. Pursuant to a reverse repurchase agreement, the Fund will sell portfolio securities and agree to repurchase them from the buyer at a particular date and price. A Fund pays interest on amounts obtained pursuant to reverse repurchase agreements. Reverse repurchase agreements are considered to be borrowings by a Fund.

**Temporary Defensive Positions**

In anticipation of or in response to adverse market, economic, political or other conditions, the Funds 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.

**INVESTMENT LIMITATIONS**

Each Fund has adopted the following fundamental investment limitations which may not be changed with respect to a Fund without the affirmative vote of the holders of a majority of the Fund's outstanding shares (as defined in Section 2(a) (42) of the 1940 Act). As used in this SAI and in the Prospectus, "shareholder approval" and a "majority of the outstanding shares" of a Fund means, with respect to the approval of an investment advisory agreement, a distribution plan or a change in a fundamental investment limitation, the lesser of (1) 67% of the shares of the Fund represented at a meeting at which the holders of more than 50% of the outstanding shares of the Fund are present in person or by proxy, or (2) more than 50% of the outstanding shares of the Fund. Unless otherwise noted, a Fund's investment goals and strategies described in the Prospectus may be changed by the Board without the approval of the Fund's shareholders.

**Emerald Banking & Finance Evolution Fund:**

The Emerald Banking & Finance Evolution Fund may not:

(1) Purchase securities of an issuer (other than the U.S. Government, its agencies, instrumentalities or authorities, or repurchase agreements collateralized by U.S. Government securities, and securities of other investment companies) if: (a) such purchase would, at the time, cause more than 5% of the Fund's total assets taken at market value to be invested in the securities of such issuer, <u>except that</u> if the Fund receives subscription rights to purchase securities of an issuer whose securities the Fund holds, and if the Fund exercises such subscription rights at a time when the Fund's portfolio holdings of securities of that issuer would otherwise exceed this limit, it will not constitute a violation if, prior to the receipt of securities from the exercise of such rights, and after announcement of such rights, the Fund sells at least as many securities of the same class and value as it would receive on exercise of such rights; or (b) such purchase would, at the time, result in more than 10% of the outstanding voting securities of such issuer being held by the Fund;

(2) Purchase securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in the securities of one or more issuers conducting their principal business activities in the same industry or group of industries (excluding the U.S. Government and its agencies and instrumentalities), <u>except that</u> the Emerald Banking & Finance Evolution Fund shall, under normal conditions, invest not less than 25% of its total assets in securities of companies principally engaged in the banking and financial services industries. For purposes of this restriction, companies principally engaged in the banking industry means U.S. commercial and industrial banking and savings institutions and their parent holding companies, and companies principally engaged in the financial services industry means commercial and industrial finance companies, diversified financial services companies, investment banking, securities brokerage and investment advisory companies, real estate investment trusts, insurance and insurance holding companies, and leasing companies;

(3) Borrow money, except from a bank, with such borrowing to be limited to more than 5% of net assets;

(4) Make loans, except by purchase of debt obligations in which the Fund may invest in accordance with its investment policies, or except by entering into qualified repurchase agreements with respect to not more than 25% of its total assets (taken at current value). This policy does not prevent the Fund from lending its portfolio securities to the extent permitted by its fundamental restrictions and policies, or prevent a Fund from purchasing debt obligations, entering into repurchase agreements, or investment in loans, including assignments and participation interests;

(5) Act as an underwriter of securities of other issuers except that, in the disposition of portfolio securities, it may be deemed to be an underwriter under the federal securities laws;

(6) Purchase or sell real estate, although the Fund may purchase securities of issuers which deal in real estate, securities which are secured by interests in real estate, securities which represent interests in real estate, securities which are secured by or represent interests in real estate that are issued or backed by the United States government, its agencies or instrumentalities, and they may acquire and dispose of real estate or interests in real estate acquired through the exercise of their rights as a holder of debt obligations secured by real estate or interests therein;

(7) Purchase or sell commodities, except that the Fund may purchase and sell futures contracts and options, may enter into foreign exchange contracts and may enter into swap agreements and other financial transactions not requiring the delivery of physical commodities, including but not limited to, purchasing or selling commodity exchange-traded funds or exchange-traded notes; and

(8) Issue senior securities, except for permitted borrowings or as otherwise permitted under the 1940 Act.

Restrictions (3) and (8) above shall be interpreted based upon federal securities laws and the rules and regulations thereunder. Under current pronouncements, certain Fund positions may be excluded from the definition of "senior security" so long as such Fund complies with applicable regulatory requirements. See "Borrowing" above.

For the purposes of Restriction (2), the Emerald Banking & Finance Evolution Fund currently intends to use the Russell Industry Classification Benchmark, and more specifically the Banks, Financial Services, Insurance SuperSectors and the Transaction Processing Services SubSector. The use of any particular classification system is not a fundamental policy. The Fund may use other classification titles, standards, and systems from time to time, as it determines to be in the best interests of shareholders. These classifications are not fundamental policies of the Fund.

**Emerald Growth Fund:**

The Emerald Growth Fund may not:

(1) Purchase securities of an issuer (other than the U.S. Government, its agencies, instrumentalities or authorities, or repurchase agreements collateralized by U.S. Government securities, and securities of other investment companies) if: (a) such purchase would, at the time, cause more than 5% of the Fund's total assets taken at market value to be invested in the securities of such issuer, <u>except that</u> if the Fund receives subscription rights to purchase securities of an issuer whose securities the Fund holds, and if the Fund exercises such subscription rights at a time when the Fund's portfolio holdings of securities of that issuer would otherwise exceed this limit, it will not constitute a violation if, prior to the receipt of securities from the exercise of such rights, and after announcement of such rights, the Fund sells at least as many securities of the same class and value as it would receive on exercise of such rights; or (b) such purchase would, at the time, result in more than 10% of the outstanding voting securities of such issuer being held by the Fund;

(2) Purchase securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in the securities of one or more issuers conducting their principal business activities in the same industry or group of industries (excluding the U.S. Government and its agencies and instrumentalities);

(3) Borrow money, except from a bank, with such borrowing to be limited to more than 5% of net assets (see "Borrowing" above);

(4) Make loans, except by purchase of debt obligations in which the Fund may invest in accordance with its investment policies, or except by entering into qualified repurchase agreements with respect to not more than 25% of its total assets (taken at current value). This policy does not prevent the Fund from lending its portfolio securities to the extent permitted by its fundamental restrictions and policies, or prevent a Fund from purchasing debt obligations, entering into repurchase agreements, or investment in loans, including assignments and participation interests;

(5) Act as an underwriter of securities of other issuers except that, in the disposition of portfolio securities, it may be deemed to be an underwriter under the federal securities laws;

(6) Purchase or sell real estate, although the Fund may purchase securities of issuers which deal in real estate, securities which are secured by interests in real estate, securities which represent interests in real estate, securities which are secured by or represent interests in real estate that are issued or backed by the United States government, its agencies or instrumentalities, and they may acquire and dispose of real estate or interests in real estate acquired through the exercise of their rights as a holder of debt obligations secured by real estate or interests therein;

(7) Purchase or sell commodities, except that the Fund may purchase and sell futures contracts and options, may enter into foreign exchange contracts and may enter into swap agreements and other financial transactions not requiring the delivery of physical commodities, including but not limited to, purchasing or selling commodity exchange-traded funds or exchange-traded notes; and

(8) Issue senior securities, except for permitted borrowings or as otherwise permitted under the 1940 Act.

Restrictions (3) and (8) above shall be interpreted based upon federal securities laws and the regulations thereunder. Under current pronouncements, certain Fund positions may be excluded from the definition of "senior security" so long as such Fund complies with applicable regulatory requirements. See "Borrowing" above.

For the purposes of Restriction (2), the Emerald Growth Fund currently intends to use the Standard Industrial Classification System ("SIC"). The use of any particular classification system is not a fundamental policy. The Fund may use other classification titles, standards, and systems from time to time, as it determines to be in the best interests of shareholders. These classifications are not fundamental policies of the Fund.

With respect to the percentages adopted by the Funds as maximum limitations on its investment policies and limitations, an excess above the fixed percentage will not be a violation of the policy or limitation unless the excess results immediately and directly from the acquisition of any security or the action taken. This paragraph does not apply to the borrowing policies set forth in paragraph(s) above. With respect to the fundamental investment limitation regarding Concentration, the Funds will rely on Standard Industrial Classification Codes for determining a security's industry type. With respect to the fundamental investment limitation regarding securities lending, there is no present intention to engage in the practice of securities lending. At such time as a Fund engages in the practice of securities lending, the Funds will adopt procedures in order to manage the risks of securities lending.

**Emerald Banking & Finance Evolution Fund:**

In addition, it is contrary to the Emerald Banking & Finance Evolution Fund's present policy, which may be changed without shareholder vote, to:

(1) Purchase any illiquid security, including any securities whose disposition is restricted under federal securities laws and securities that are not readily marketable, if, as a result, more than 15% of the Fund's total net assets (based on then-current value) would then be invested in such securities;

(2) Invest less than 80% of the value of the Fund's assets (net assets plus the amount of any borrowings for investment purposes) in stocks of companies principally engaged in the banking or financial services industries;

(3) Purchase or hold the securities of any issuer if the officers or trustees of the Fund or the Adviser (i) individually own more than 0.5% of the outstanding securities of the issuer, or (ii) collectively own more than 5% of the outstanding securities. For purposes of Restriction (1) above, the SEC is presently of the view that repurchase agreements maturing in more than seven days are subject to this restriction. Until that position is revised, modified or rescinded, the Fund will conduct their operations in a manner consistent with this view. This limitation on investment in illiquid securities does not apply to certain restricted securities, including securities pursuant to Rule 144A under the Securities Act and certain commercial paper, which the Adviser has determined to be liquid under procedures approved by the Board.

**Emerald Growth Fund:** 

In addition, it is contrary to the Emerald Growth Fund's present policy, which may be changed without shareholder vote, to:

(1) Purchase any illiquid security, including any securities whose disposition is restricted under federal securities laws and securities that are not readily marketable, if, as a result, more than 15% of the Fund's total net assets (based on then-current value) would then be invested in such securities;

(2) Invest less than 80% of the value of the Fund's assets (net assets plus the amount of any borrowings for investment purposes) in equity securities of U.S. and foreign companies, principally common stocks and preferred stocks, identified by the Adviser as having growth characteristics;

(3) Invest in, write, or sell put or call options, straddles, spreads or combinations thereof;

(4) Make short sales;

(5) Pledge, mortgage or hypothecate assets, except to secure borrowings permitted by Item (3) above, and then only pledge securities not exceeding ten percent (10%) of the Fund's total assets (at current value);

(6) Purchase securities on margin, except such short-term credits as may be necessary for the clearance of purchases and sales of securities;

(7) Purchase or hold the securities of any issuer if the officers or trustees of the Fund or the Adviser (i) individually own more than 0.5% of the outstanding securities of the issuer, or (ii) collectively own more than 5% of the outstanding securities.

For purposes of Restriction (1) above, the SEC is presently of the view that repurchase agreements maturing in more than seven days are subject to this restriction. Until that position is revised, modified or rescinded, the Fund will conduct their operations in a manner consistent with this view. This limitation on investment in illiquid securities does not apply to certain restricted securities, including securities pursuant to Rule 144A under the Securities Act and certain commercial paper, which the Adviser has determined to be liquid under procedures approved by the Board.

**DISCLOSURE OF PORTFOLIO HOLDINGS**

The Company has adopted, on behalf of the Funds, a policy relating to the selective disclosure of a Fund's portfolio holdings by the Adviser, Board, officers, or third party service providers, in accordance with regulations that seek to ensure that disclosure of information about portfolio holdings is in the best interest of Fund shareholders. The policies relating to the disclosure of a Fund's portfolio holdings are designed to allow disclosure of portfolio holdings information where necessary to the Fund's operation without compromising the integrity or performance of the Fund. It is the policy of the Company that disclosure of a Fund's portfolio holdings to a select person or persons prior to the release of such holdings to the public ("selective disclosure") is prohibited, unless there are legitimate business purposes for selective disclosure.

The Company discloses portfolio holdings information as required in regulatory filings and shareholder reports, discloses portfolio holdings information as required by federal and state securities laws and may disclose portfolio holdings information in response to requests by governmental authorities. As required by the federal securities laws, including the 1940 Act, the Company will disclose each Fund's portfolio holdings in applicable regulatory filings, including shareholder reports, reports on Form N-CSR, Form N-CEN, and Form N-PORT, or such other filings, reports or disclosure documents as the applicable regulatory authorities may require.

Generally, after the 30th business day of the month following each month end, each Fund may provide, at the Adviser's discretion, its portfolio holdings to various rating and ranking organizations. In addition, generally after the 30th business day of the month following each month end, each Fund may post to its website a list of its top ten holdings or full portfolio holdings at the discretion of the Adviser. The timing, frequency and type (i.e., ratings/rankings/holdings) of disclosure may change at the Adviser's discretion, as well as whether to post to each Fund's website.

The Company may distribute or authorize the distribution of information about a Fund's portfolio holdings that is not publicly available to its third-party service providers, which include U.S. Bank, N.A., the custodian; U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), the administrator, accounting agent and transfer agent; Cohen & Company, Ltd., the Funds' independent registered public accounting firm; Faegre Drinker Biddle & Reath LLP, legal counsel; FilePoint, the financial printer; the Funds' proxy voting service(s); and the Company's liquidity classification agent. These service providers are required to keep such information confidential, and are prohibited from trading based on the information or otherwise using the information except as necessary in providing services to a Fund. Such holdings are released on conditions of confidentiality, which include appropriate trading prohibitions. "Conditions of confidentiality" include confidentiality terms included in written agreements, implied by the nature of the relationship (e.g., attorney-client relationship), or required by fiduciary or regulatory principles (e.g., custody services provided by financial institutions). Portfolio holdings may also be provided earlier to shareholders and their agents who receive redemptions in kind that reflect a pro rata allocation of all securities held in a Fund's portfolio.

Portfolio holdings may also be disclosed, upon authorization by a designated officer of the Adviser, to (i) certain independent reporting agencies recognized by the SEC as acceptable agencies for the reporting of industry statistical information and (ii) financial consultants to assist them in determining the suitability of the Funds as an investment for their clients, in each case in accordance with the anti-fraud provisions of the federal securities laws and the Company's and the Adviser's fiduciary duties to Fund shareholders. Disclosures to financial consultants are also subject to a confidentiality agreement and/or trading restrictions. The foregoing disclosures are made pursuant to the Company's policy on selective disclosure of portfolio holdings. The Board or a committee thereof may, in limited circumstances, permit other selective disclosure of portfolio holdings subject to a confidentiality agreement and/or trading restrictions.

The Adviser reserves the right to refuse to fulfill any request for portfolio holdings information from a shareholder or non-shareholder if it believes that providing such information will be contrary to the best interests of a Fund.

The Board provides ongoing oversight of the Company's policies and procedures and compliance with such policies and procedures. As part of this oversight function, the Board receives from the Company's Chief Compliance Officer ("CCO") as necessary, reports on compliance with these policies and procedures. In addition, the Board receives an annual assessment of the adequacy and effectiveness of the policies and procedures with respect to a Fund, and any changes thereto, and an annual review of the operation of the policies and procedures. Any violation of the policy set forth above as well as any corrective action undertaken to address such violation must be reported by the Adviser, director, officers or third party service providers to the Company's CCO, who will determine whether the violation should be reported immediately to the Board or at its next quarterly Board meeting.

**PORTFOLIO TURNOVER**

Portfolio turnover measures the percentage of a Fund's total portfolio market value that was purchased or sold during the period. A Fund's turnover rate provides an indication of how transaction costs (which are not included in the Fund's expenses) may affect the Fund's performance. Also, funds with a high turnover may be more likely to distribute capital gains that may be taxable to shareholders.

Each Predecessor Fund's portfolio turnover rates for the two most recent fiscal years are stated below. Portfolio turnover rates could change significantly in response to turbulent market conditions.

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| | | |
|:---|:---|:---|
| | **Fiscal Year Ended<br> April 30, 2025** | **Fiscal Year Ended<br> April 30, 2024** |
| Emerald Finance and Banking Innovation Fund | 32% | 56% |
| Emerald Growth Fund | 45% | 51% |

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**MANAGEMENT OF THE COMPANY**

The business and affairs of the Company are managed under the oversight of the Board, subject to the laws of the State of Maryland and the Company's Charter. The Directors are responsible for deciding matters of overall policy and overseeing the actions of the Company's service providers. The officers of the Company conduct and supervise the Company's daily business operations.

Directors who are not deemed to be "interested persons" of the Company (as defined in the 1940 Act) are referred to as "Independent Directors." Directors who are deemed to be "interested persons" of the Company are referred to as "Interested Directors." The Board is currently composed of five Independent Directors and two Interested Director. The Board has selected Arnold M. Reichman, an Independent Director, 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 Directors and the Company'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 Company's independent registered public accounting firms and legal counsel, to assist the Directors 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 Directors to examine particular issues related to the Board's oversight responsibilities, from time to time. Each Committee meets periodically to perform its delegated oversight functions and reports its findings and recommendations to the Board. For more information on the Committees, see the section entitled "Standing Committees."

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

**Directors and Executive Officers**

The Directors and executive officers of the Company, their ages, business addresses and principal occupations during the past five years are set forth in this section.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s)<br> Held with<br> Company** | **Term of<br> Office<br> and Length<br> of Time Served<sup>1</sup>** | **Principal<br> Occupation(s)<br> During Past 5<br> Years** | **Number of<br> Portfolios in Fund<br> Complex<br> Overseen by Director\*** | **Other Directorships<br> Held by Director** |
| **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** |
| Gregory P. Chandler<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 58 | Director | 2012 to present | Since 2020, Chief Financial Officer, HC Parent Corp. d/b/a Herspiegel Consulting LLC (life sciences consulting services); 2020, Chief Financial Officer, Avocado Systems Inc. (cyber security software provider); from 2009-2020, Chief Financial Officer, Emtec, Inc. (information technology consulting/services). | 90 | FS Energy and Power Fund (business development company); Wilmington Funds (12 portfolios) (registered investment company); Emtec, Inc. (until December 2019); FS Investment Corporation (business development company) (until December 2018). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s)<br> Held with<br> Company** | **Term of<br> Office<br> and Length<br> of Time Served<sup>1</sup>** | **Principal<br> Occupation(s)<br> During Past 5<br> Years** | **Number of<br> Portfolios in Fund<br> Complex<br> Overseen by Director\*** | **Other Directorships<br> Held by Director** |
| Lisa A. Dolly<br> 615 East Michigan Street,<br> Milwaukee, WI, 53202<br> Age: 58 | Director | October 2021 to present | From July 2019-December 2019, Chairman, Pershing LLC (broker dealer, clearing and custody firm); January 2016-June 2019, Chief Executive Officer, Pershing, LLC. | 90 | 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). |
| Nicholas A. Giordano<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 81 | Director | 2006 to present | Since 1997, Consultant, financial services organizations. | 90 | Wilmington Funds (12 portfolios) (registered investment company)(until 2023); IntriCon Corporation (biomedical device manufacturer) (until 2022); Independence Blue Cross (healthcare insurance) (until March 2021). |
| Arnold M. Reichman<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 76 | Chair Director | 2005 to present 1991 to present | Retired. | 90 | EIP Investment Trust (registered investment company) (until August 2022). |
| Martha A. Tirinnanzi 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 64 | Director | 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. 82 | 90 | 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). |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s)<br> Held with<br> Company** | **Term of<br> Office<br> and Length<br> of Time Served<sup>1</sup>** | **Principal<br> Occupation(s)<br> During Past 5<br> Years** | **Number of<br> Portfolios in Fund<br> Complex<br> Overseen by Director\*** | **Other Directorships<br> Held by Director** |
| **INTERESTED DIRECTORS<sup>2</sup>** | **INTERESTED DIRECTORS<sup>2</sup>** | **INTERESTED DIRECTORS<sup>2</sup>** |  |  |  |
| Robert Sablowsky<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 86 | Vice Chair Director | 2016 to present 1991 to present | Since 2002, Senior Director - Investments and, prior thereto, Executive Vice President, of Oppenheimer & Co., Inc. (a registered broker-dealer). | 90 |  |
| Brian T. Shea<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 64 | Director | 2018 to present | From 2014-2017, Chief Executive Officer, BNY Mellon Investment Services (fund services, global custodian and securities clearing firm); from 1983-2014, Chief Executive Officer and various positions, Pershing LLC (broker dealer, clearing and custody firm). | 90 | Barclays PLC, Barclays Bank PLC and Barclays Execution Services Limited (financial services companies); Fidelity National Information Services, Inc. (financial services technology company) (until 2024); Ameriprise Financial, Inc. (financial services company); WisdomTree Investments, Inc. (asset management company) (until March 2019). |
| **OFFICERS** | **OFFICERS** | **OFFICERS** | **OFFICERS** | **OFFICERS** | **OFFICERS** |
| Steven Plump<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 66 | President | August 2022 to present | From 2011 to 2021, Executive Vice President, PIMCO LLC. | N/A | N/A |
| Salvatore Faia, JD,<br> CPA, CFE Gateway<br> Corporate Center,<br> Suite 216<br> 223 Wilmington West<br> Chester Pike Chadds<br> Ford, PA 19317<br> Age: 62 | Chief Compliance Officer | 2004 to present | Since 2004, President, Vigilant Compliance, LLC (investment management services company); since 2005, Independent Trustee of EIP Investment Trust (registered investment company); since 2021, Chief Compliance Officer of The RBB Fund Trust; President of The RBB Fund Trust from 2021 to 2022; President of The RBB Fund, Inc. from 2009 to 2022. | N/A | N/A |

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| | | | | |
|:---|:---|:---|:---|:---|
| James G. Shaw<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 64 | Chief Financial Officer and Secretary<br>Chief Operating Officer | 2016 to present<br>August 2022 to present | Since 2022, Chief Operating Officer of The RBB Fund Trust and The RBB Fund Inc.; since 2021, Chief Financial Officer and Secretary of The RBB Fund Trust; since 2016, Chief Financial Officer and Secretary of The RBB Fund Inc. | N/A |
| Craig A. Urciuoli<br> 615 East Michigan<br> Street<br> Milwaukee, WI 53202<br> Age: 50 | Director of Marketing & Business Development | 2019 to present | Since 2021, Director of Marketing & Business Development of The RBB Fund Trust; since 2019, Director of Marketing & Business Development of The RBB Fund, Inc.; from 2000¬2019, Managing Director, Third Avenue Management LLC (investment advisory firm). | N/A |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| Jennifer Witt<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 42 | Assistant Treasurer | 2018 to present | Since 2020, Vice President, U.S. Bank Global Fund Services (fund administrative services firm); from 2016 to 2020, Assistant Vice President, U.S. Bank Global Fund Services. | N/A |
| Edward Paz<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 54 | Assistant Secretary | 2016 to present | Since 2007, Vice President and Counsel, U.S. Bank Global Fund Services (fund administrative services firm). | N/A |
| Joshua Solin<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 36 | Assistant Treasurer | January 2025 to present | Since 2023, Assistant Vice President, U.S. Bank Global Fund Services (fund administrative services firm); from 2021 to 2023, Officer, U.S. Bank Global Services. | N/A |

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| | | | | |
|:---|:---|:---|:---|:---|
| Thomas M. Reynolds<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 65 | Assistant Treasurer and Assistant Secretary | September 2024 to present | Since 2024, Assistant Treasurer & Assistant Secretary of the RBB Trust, Inc.; from 2023-2024, Vice President of Virtus Investment Partners; from 2020-2023, CEO of Stone Harbor Investment Partners LP | N/A |
| Jillian L. Bosmann<br> One Logan Square<br> Suite 2000<br> Philadelphia, PA 19103<br> Age: 46 | Assistant Secretary | 2017 to present | Since 2017, Partner, Faegre Drinker Biddle & Reath LLP (law firm). | N/A |

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\* Each Director oversees 90 portfolios of the fund complex, consisting of the series in the Company (76 portfolios) and The RBB Fund Trust (14 portfolios).

&nbsp;&nbsp;&nbsp;&nbsp;1. Subject
to the Company's Retirement Policy, each Director may continue to serve as a Director until the last day of the calendar year in
which the applicable Director 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 Director. 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 Company or until his or her successor is duly elected and qualified, or until he or she
dies, resigns or is removed.

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

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

The information above includes each Director's principal occupations during the last five years. Each Director possesses extensive additional experience, skills and attributes relevant to his or her qualifications to serve as a Director. The cumulative background of each Director led to the conclusion that each Director should serve as a Director of the Company. 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 Directors. The current members of the Audit Committee are Ms. Tirinnanzi and Messrs. Chandler and Giordano. The Audit Committee, among other things, reviews results of the annual audit and approves the firm(s) to serve as independent auditors. The Audit Committee convened four times during the fiscal year ended August 31, 2024.

**Contract Committee.** The Board has a Contract Committee comprised of an Interested Director and two Independent Directors. 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 Company. The Contract Committee convened five times during the fiscal year ended August 31, 2024.

**Executive Committee.** The Board has an Executive Committee comprised of an Interested Director and three Independent Directors. 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 Company when the Board is not in session. The Executive Committee did not meet during the fiscal year ended August 31, 2024.

**Nominating and Governance Committee.** The Board has a Nominating and Governance Committee comprised of three Independent Directors. 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 Directors of the Company. The Nominating and Governance Committee will consider nominees recommended by shareholders. Recommendations should be submitted to the Committee care of the Company's Secretary. The Nominating and Governance Committee convened four times during the fiscal year ended August 31, 2024.

**Product Development Committee.** The Board has a Product Development Committee comprised of the Interested Directors and two Independent Directors. 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 Company. The Product Development Committee convened seven times during the fiscal year ended August 31, 2024.

**Regulatory Oversight Committee.** The Board has a Regulatory Oversight Committee comprised of the Interested Directors and two Independent Directors. 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 Company. The Regulatory Oversight Committee convened four times during the fiscal year ended August 31, 2024.

**Valuation Committee.** The Board has a Valuation Committee comprised of the Interested Directors and two officers of the Company. 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 convened five times during the fiscal year ended August 31, 2024.

**Risk Oversight**

The Board performs its risk oversight function for the Company through a combination of (1) direct oversight by the Board as a whole and Board committees and (2) indirect oversight through the Company's investment advisers and other service providers, Company officers and the Company's Chief Compliance Officer ("CCO"). The Company 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 Company is the responsibility of the Company's investment advisers or other service providers (depending on the nature of the risk) that carry out the Company'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 Company'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 Company's investment advisers or other service providers, receiving and approving compliance policies and procedures, periodic meetings with the Company's portfolio managers to review investment policies, strategies and risks, and meeting regularly with the Company's CCO to discuss compliance reports, findings and issues. The Board also relies on the Company's investment advisers and other service providers, with respect to the day-to-day activities of the Company, to create and maintain procedures and controls to minimize risk and the likelihood of adverse effects on the Company's business and reputation.

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

**Director Ownership of Shares of the Company**

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

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| | | |
|:---|:---|:---|
| **Name of Director** | **Dollar Range of Equity**<br> **Securities in the Funds<sup>(1)</sup>** | **Aggregate Dollar Range of Equity<br> Securities in All Registered<br> Investment Companies Overseen<br> by Director within the Family of<br> Investment Companies** |
| **Independent Directors** |  |  |
| Gregory P. Chandler |  | Over $100,000 |
| Lisa A. Dolly |  |  |
| Nicholas A. Giordano |  | $10001-$50000 |
| Arnold M. Reichman |  | Over $100,000 |
| Martha A. Tirinnanzi<sup>(2)</sup> |  |  |
| **Interested Directors** |  |  |
| Robert Sablowsky |  | Over $100,000 |
| Brian T. Shea |  | $1-$10000 |

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

(2) Ms. Tirinnanzi began serving as a Director effective January 1, 2024.

**Directors' and Officers' Compensation**

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

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

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

Directors 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 Company and served as President of the Company until August 2022. Vigilant Compliance, LLC is compensated for the services provided to the Company, and such compensation is determined by the Board. For the fiscal year ended August 31, 2024, Vigilant Compliance, LLC received $875,000 in the aggregate from all series of the Fund Complex for its services. For the fiscal year ended August 31, 2024, 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 Company serve as President, Chief Financial Officer, Chief Operating Officer, Secretary and Director of Marketing & Business Development, and are compensated for services provided. For the fiscal year ended August 31, 2024, each of the following members of the Board and the President, Chief Financial Officer, Chief Operating Officer, Secretary and Director of Marketing & Business Development received compensation from the Funds and the Fund Complex in the following amounts:

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

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

(2) Mr. Brodsky retired from his role as a Director effective February 2024.

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

(4) Ms. Tirinnanzi began serving as a Director effective January 1, 2024.

Each compensated Director is entitled to participate in the Company's deferred compensation plan (the "DC Plan"). Under the DC Plan, a compensated Director 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 Company in shares of one or more of the portfolios of the Company. The amount paid to the Directors under the DC Plan will be determined based upon the performance of such investments.

As of December 31, 2024, the Independent Directors and their respective immediate family members (spouse or dependent children) did not own beneficially or of record any securities of the Company'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.

**Director Emeritus Program**

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

A Director 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 Director. Compensation will be determined annually by the Committee and the Board with respect to each Director Emeritus. In addition, a Director Emeritus will be reimbursed for any expenses incurred in connection with their service, including expenses of travel and lodging incurred in attendance at Board/Committee meetings. A Director Emeritus will continue to receive relevant materials concerning the Fund and will be available to consult with the Directors at reasonable times as requested. However, a Director Emeritus does not have any voting rights at Board meetings and is not subject to election by shareholders of the Fund.

A Director 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 Director Emeritus of the Company. Effective January 2025, Robert Straniere serves as a Director Emeritus of the Company.

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

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| | | | |
|:---|:---|:---|:---|
| **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** |
| $0 | N/A | N/A | $43750 |

---

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

**CODE OF ETHICS**

The Company and the Adviser have each adopted a code of ethics under Rule 17j-1 of the 1940 Act that permits personnel subject to the codes to invest in securities, including securities that may be purchased or held by the Company, subject to certain restrictions.

**PROXY VOTING**

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. In exercising its voting obligations, the Adviser is guided by its general fiduciary duty to act prudently and in the interest of the Funds. The Adviser will consider factors affecting the value of a Fund's investments and the rights of shareholders in its determination on voting portfolio securities.

The Adviser will vote proxies in accordance with its Proxy Policies and Procedures, which are included in Appendix B to this SAI. The Adviser's Proxy Voting Policies and Procedures describe how it intends to vote proxies relating to a Fund's portfolio securities.

The Company is required to disclose annually each Fund's complete proxy voting record on Form N-PX. Each Fund's proxy voting record for the most recent 12-month period ended June 30th is available without charge upon request by calling 1-855-828-9909, or on the SEC's website at www.sec.gov.

**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES**

As of July 9, 2025, to the Company's knowledge, the following named persons at the addresses shown below were owners of record of approximately 5% or more of the total outstanding shares of the Predecessor Funds as indicated below. See "Additional Information Concerning Company Shares" below. Any shareholder that owns 25% or more of the outstanding shares of a Fund may be presumed to "control" (as that term is defined in the 1940 Act) the Fund. Shareholders controlling a Fund or class could have the ability to vote a majority of the shares of the Fund or class on any matter requiring approval of the shareholders of the Fund or class.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name/Class Shares** | **Shareholder Name and Address** | **Percentage of**<br> **Shares Owned**<br>| **Type of Ownership** |
| **Emerald Finance and Banking Innovation Fund – Class A Shares** | Charles Schwab & Co., Inc.<br> San Francisco, CA 94105 | 10.74% | Record |
| **Emerald Finance and Banking Innovation Fund – Class A Shares** | Pershing LLC<br> St Petersburg, FL 33702 | 22.74% | Record |
| **Emerald Finance and Banking Innovation Fund – Class A Shares** | National Financial Services, LLC<br> Woodbury, NY 11797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.11%<br>| Record |
| **Emerald Finance and Banking Innovation Fund – Class A Shares** | Wells Fargo Advisors, LLC<br> York, PA 17401 | 25.46% | Record |
| **Emerald Finance and Banking Innovation Fund – Class A Shares** | Merrill Lynch, Pierce, Fenner & SMI,<br> Vineland, NJ 08361 | 7.62%<br>| Record |
| **Emerald Finance and Banking Innovation Fund – Class A Shares** | Morgan Stanley Smith Barney LLC<br> New York, NY 10004 | 5.24% | Record |
| **Emerald Finance and Banking Innovation Fund – Class C Shares** | Charles Schwab & Co., Inc.<br> San Francisco, CA 94105 | 15.47%<br>| Record |
| **Emerald Finance and Banking Innovation Fund – Class C Shares** | National Financial Services, LLC<br> Washington, DC 20006 | 5.90% | Record |
| **Emerald Finance and Banking Innovation Fund – Class C Shares** | Raymond James Financial Services<br> Washington, DC 20006 | 9.15% | Record |
| **Emerald Finance and Banking Innovation Fund – Class C Shares** | Wells Fargo Advisors, LLC<br> Yardley, PA 19067 | 49.76% | Record |
| **Emerald Finance and Banking Innovation Fund – Class C Shares** | Ameriprise Financial Services<br> Winter Park, FL 32789 | 5.87% | Record |

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| | | | |
|:---|:---|:---|:---|
| **Emerald Finance and Banking Innovation Fund – Institutional Class Shares** | Charles Schwab & Co., Inc.<br> San Francisco, CA 94105 | 23.20% | Record |
| **Emerald Finance and Banking Innovation Fund – Institutional Class Shares** | Wells Fargo Advisors, LLC<br> York, PA 17401 | 32.44% | Record |
| **Emerald Finance and Banking Innovation Fund – Institutional Class Shares** | UBS Financial Services, Inc.<br> Weehawken, NJ 07086 | 16.06% | Record |
| **Emerald Finance and Banking Innovation Fund – Institutional Class Shares** | Nationwide Investment Services Corp<br> Columbus, OH 43215 | 6.11% | Record |
| **Emerald Finance and Banking Innovation Fund – Institutional Class Shares** | Empower Financial Services, Inc<br> Greenwood Village, CO 80111 | 12.34% | Record |
| **Emerald Finance and Banking Innovation Fund – Investor Class Shares** | Charles Schwab & Co., Inc.<br> San Francisco, CA 94105 | 9.50%<br>| Record |
| **Emerald Finance and Banking Innovation Fund – Investor Class Shares** | National Financial Services, LLC<br> Woodland Hills, CA 91367 | 72.00% | Record |
| **Emerald Growth Fund – Class A Shares** | Charles Schwab & Co., Inc.<br> San Francisco, CA 94105 | 16.97%<br>| Record |
| **Emerald Growth Fund – Class A Shares** | Pershing LLC<br> Uniondale, NY 11556 | 8.45%<br>| Record |
| **Emerald Growth Fund – Class A Shares** | National Financial Services, LLC<br> Woodbury, NY 11797 | 7.22%<br>| Record |
| **Emerald Growth Fund – Class A Shares** | Wells Fargo Advisors, LLC<br> York, PA 17401 | 14.05%<br>| Record |
| **Emerald Growth Fund – Class A Shares** | LPL Financial LLC<br> Whitehall, PA 18052 | 5.20%<br>| Record |
| **Emerald Growth Fund – Class A Shares** | Morgan Stanley Smith Barney LLC<br> ORO Valley, AZ 85739 | 7.38%<br>| Record |
| **Emerald Growth Fund – Class A Shares** | Empower Financial Services, Inc<br> Greenwood Village, CO 80111 | 5.45% | Record |

---

---

| | | | |
|:---|:---|:---|:---|
| **Emerald Growth Fund – Class C Shares** | Charles Schwab & Co., Inc.<br> San Francisco, CA 94105 | 5.08%<br>| Record |
| **Emerald Growth Fund – Class C Shares** | National Financial Services, LLC<br> Wexford, PA 15090 | 14.83%<br>| Record |
| **Emerald Growth Fund – Class C Shares** | Wells Fargo Advisors, LLC<br> Wilmington, NC 28405 | 48.07%<br>| Record |
| **Emerald Growth Fund – Class C Shares** | Ameriprise Financial Services<br> Winter Park, FL 32789 | 5.01%<br>| Record |
| **Emerald Growth Fund – Class C Shares** | RBC Capital Markets, LLC<br> Portland, OR 97205 | 10.74%<br>| Record |
| **Emerald Growth Fund – Class C Shares** | Morgan Stanley Smith Barney LLC<br> New York, NY 10004 | 6.06% | Record |
| **Emerald Growth Fund – Institutional Class Shares** | Charles Schwab & Co., Inc.<br> San Francisco, CA 94105 | 9.93%<br>| Record |
| **Emerald Growth Fund – Institutional Class Shares** | National Financial Services, LLC<br> Wexford, PA 15090 | 27.20%<br>| Record |
| **Emerald Growth Fund – Institutional Class Shares** | Merrill Lynch, Pierce, Fenner & SMI<br> Jacksonville, FL 32246 | 8.32%<br>| Record |
| **Emerald Growth Fund – Institutional Class Shares** | MSCS Financial Services, LLC<br> STE Genevieve, MO 63670 | 12.92%<br>| Record |
| **Emerald Growth Fund – Institutional Class Shares** | Empower Financial Services, Inc<br> Greenwood Village, CO 80111 | 8.79%<br>| Record |
| **Emerald Growth Fund – Institutional Class Shares** | John Hancock Trust Company<br> Boston, MA 02210 | 5.07%<br>| Record |
| **Emerald Growth Fund – Institutional Class Shares** | U.S. Bank N.A.<br> Milwaukee, WI 53212 | 6.85%<br>| Record |
| **Emerald Growth Fund – Institutional Class Shares** | Lincoln Financial Advisors Corporation<br> Fort Wayne, IN 46802 | 7.15% | Record |

---

---

| | | | |
|:---|:---|:---|:---|
| **Emerald Growth Fund – Investor Class Shares** | National Financial Services, LLC<br> Woodland Hills, CA 91367 | 15.47%<br>| Record |
| **Emerald Growth Fund – Investor Class Shares** | Merrill Lynch, Pierce, Fenner & SMI<br> Vineland, NJ 08361 | 74.46%<br>| Record |

---

As of the date of this SAI, Directors and Officers as a group owned less than 1% of the outstanding shares of each class of each Predecessor Fund.

**INVESTMENT ADVISORY AND OTHER SERVICES**

**Investment Adviser**

Emerald Mutual Fund Advisers Trust ("Emerald" or the "Adviser"), subject to the authority of the Board of Directors of the Company (the "Board"), is responsible for the overall management and administration of each Fund's business affairs. The Adviser commenced business operations in April of 2005 and is registered with the Securities and Exchange Commission as an investment adviser. Emerald is located at 3175 Oregon Pike, Leola, PA 17540. Emerald is a wholly owned subsidiary of Emerald Advisers, LLC, the former investment advisor to each Predecessor Fund , which is located at the same address as that of Emerald and commenced business operations in October of 1992.

**Advisory Agreement with the Company**. The Adviser renders advisory services to the Funds pursuant to an Investment Advisory Agreement ("Advisory Agreement"). 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 what securities and other investments will 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 the Funds' 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 Advisory Agreement, the Emerald Banking & Finance Evolution Fund pays the Adviser an annual management fee of 0.90% based on the Emerald Banking & Finance Evolution Fund's average daily net assets and the Emerald Growth Fund pays the adviser an annual management fee of 0.70% based on the Emerald Growth Fund's average daily net assets. The management fee is paid on a monthly basis. The current term of the Advisory Agreement ends August 16, 2026. The Board may extend the Advisory Agreement for additional one-year terms. The Board, shareholders of the Fund, or the Adviser may terminate the Advisory Agreement upon sixty (60) days' notice. A discussion regarding the basis for the Board's approval of the renewal of the Advisory Agreement with respect to each Fund will be provided in the Funds' first annual or semi-annual report on Form N-CSR. Fees are subject to the following breakpoints:

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| | |
|:---|:---|
| **Emerald Banking & Finance Evolution Fund** | 0.90% up to and including $100,000,000<br> 0.80% in excess of $100,000,000 |
| **Emerald Growth Fund** | 0.70% up to and including $300 million<br> 0.60% over $300 million up to and including $600 million<br> 0.50% over $600 million up to and including $800 million<br> 0.45% over $800 million |

---

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

The Advisory Agreement provides that the Adviser shall at all times have all rights in and to each Fund's name and all investment models used by or on behalf of the Fund. The Adviser may use the Fund's name or any portion thereof in connection with any other mutual fund or business activity without the consent of any shareholder, and the Company has agreed to execute and deliver any and all documents required to indicate its consent to such use.

The Predecessor Funds paid the Adviser the following advisory fees, including waivers and reimbursements for the past three fiscal years:

**Advisory Fees Paid by the Funds:**

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| | | | |
|:---|:---|:---|:---|
| | For Fiscal Year Ended<br> April 30, 2025 | For Fiscal Year Ended<br> April 30, 2024 | For Fiscal Year Ended<br> April 30, 2023 |
| ***Emerald Finance and Banking Innovation Fund*** |  |  |  |
| Gross Advisory Fees | $499038 | $611239 | $1005621 |
| Waiver of Advisory Fees | $176 | $0 | $0 |
| Reimbursement of other Expenses | $0 | $0 | $0 |
| Net Advisory Fees | $498862 | $611239 | $1005621 |
| ***Emerald Growth Fund*** |  |  |  |
| Gross Advisory Fees | $5830857 | $5614037 | $5405159 |
| Waiver of Advisory Fees | $(130089)\* | $0 | $0 |
| Reimbursement of other Expenses | $0 | $0 | $0 |
| Net Advisory Fees | $5700768 | $5614037 | $5405159 |

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\* *Waiver amount relates to the Adviser's waiver and/or reimbursement of the acquired fund fees and expenses incurred by the Emerald Growth Fund in connection with the Emerald Growth Fund's investment in any exchanged-traded funds advised or sub-advised by the Adviser. The amount of such waived fees shall not be subject to recapture by the Adviser.*

Emerald has contractually agreed to waive a portion of its fees and reimburse other expenses in amounts necessary to limit the Fund's operating expenses (exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expense) for each of its Funds as follows: for the Emerald Banking & Finance Evolution Fund for Class A, Class C, Institutional Class, and Investor Class Shares to an annual rate (as percentage of the Fund's average daily net assets) of 1.84%, 2.49%, 1.54% and 1.89% respectively and for the Emerald Growth Fund for Class A, Class C, Institutional Class, and Investor Class Shares to an annual rate (as percentage of the Fund's average daily net assets) of 1.29%, 1.94%, 0.99% and 1.34% respectively. This agreement (the "Expense Agreement") is in effect through December 31, 2026. The Adviser will be permitted to recapture, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that the Fund's expenses in later periods fall below the annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund's expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such deferred fees and expenses more than three years after the date on which the fees and expenses were deferred. The Adviser may not discontinue this waiver with respect to any Fund prior to December 31, 2026, without the approval by the Fund's Board.

In addition, pursuant to a written agreement (the "AFFE Agreement"), the Adviser has agreed to waive and/or reimburse the Emerald Growth Fund's Class A, Class C, Institutional Class, and Investor Class Shares for any acquired fund fees and expenses incurred by the Fund in connection with the Fund's investment in any exchange-traded funds advised or sub-advised by the Adviser. The amount of such waived fees shall not be subject to recapture by the Adviser. The AFFE Agreement has no termination date. Prior to December 31, 2026, and thereafter, this waiver may not be modified or discontinued without the approval of the Fund's board of directors.

**The Portfolio Managers**

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

**Other Accounts Managed by the Portfolio Managers**

The table below identifies the number of accounts (other than the Funds with respect to which information is provided) for which the portfolio managers have day-to-day management responsibilities and the total assets in such accounts, within each of the following categories: registered investment companies, other pooled investment vehicles, and other accounts. This information is provided as of April 30, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Portfolio Manager** | **Type of Accounts** | **Total**<br> **# of**<br> **Accounts**<br> **Managed** | **Total Assets (million)** | **# of Accounts**<br> **Managed that**<br> **Advisory Fee**<br> **Based on**<br> **Performance** | **Total Assets**<br> **that Advisory**<br> **Fee Based on**<br> **Performance (million)** |
| **Emerald Banking & Finance Evolution Fund** | | | | | |
| Kenneth G. Mertz II, CFA | Other Registered Investment Companies: | 0 | $- | 0 | $- |
|  | Other Pooled Investment Vehicles: | 3 | $210 | 0 | $- |
|  | Other Accounts: | 40 | $2566 | 1 | $261 |
| Steven E. Russell, Esq. | Other Registered Investment Companies: | 0 | $- | 0 | $- |
|  | Other Pooled Investment Vehicles: | 1 | $22 | 0 | $- |
|  | Other Accounts: | 0 | $- | 0 | $- |
| **Emerald Growth Fund** |  |  |  |  |  |
| Joseph W. Garner | Other Registered Investment Companies: | 0 | $- | 0 | $- |
|  | Other Pooled Investment Vehicles: | 2 | $188 | 0 | $- |
|  | Other Accounts: | 40 | $2566 | 0 | $- |
| Kenneth G. Mertz II, CFA | Other Registered Investment Companies: | 0 | $0 | 0 | $- |
|  | Other Pooled Investment Vehicles: | 3 | $210 | 0 | $- |
|  | Other Accounts: | 40 | $2566 | 1 | $61 |
| Stacey L. Sears | Other Registered Investment Companies: | 0 | $- | 0 | $- |
|  | Other Pooled Investment Vehicles: | 2 | $188 | 0 | $- |
|  | Other Accounts: | 40 | $2566 | 1 | $261 |

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*Description of Compensation.* The Portfolio Managers are paid a base salary and may receive a discretionary bonus depending on, among other things, the financial results of the Adviser.

*Conflict of Interest.* The investment strategies of the Funds and other accounts managed by the Portfolio Managers are similar. The Adviser has adopted policies and procedures designed to address conflicts in allocation of investment opportunities between the Funds and other accounts managed by the Adviser. These policies are designed to ensure equitable treatment of all accounts. In addition, procedures are in place to monitor personal trading by the portfolio managers to ensure that the interests of the Adviser's clients come first.

*Securities Ownership.* As of April 30, 2025, the portfolio managers owned securities of the Predecessor Funds in the amount set forth in the table below.

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| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Value of Securities Beneficially Owned\*** |
| **Emerald Banking & Finance Evolution Fund** |  |
| Kenneth G. Mertz II, CFA | $100001-$500000 |
| Steven E. Russell, Esq. | $50001 - $100000 |
| **Emerald Growth Fund** |  |
| Joseph W. Garner | Over $1,000,000 |
| Kenneth G. Mertz II, CFA | Over $1,000,000 |
| Stacey L. Sears | $500001-$1000000 |

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\* Dollar ranges are as follows: none; $1-$10,000; $10,001-$50,000; $50,001-$100,000; $100,001-$500,000; $500,001-$1,000,000; and over $1,000,000.

**Administration And Accounting Agreement**

U.S. Bank Global Fund Services ("Fund Services"), located at 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as fund administrator to the Funds pursuant to a fund administration servicing agreement and serves as fund accountant pursuant to a fund accounting servicing agreement (the "Administration Agreements"). Under the fund accounting servicing agreement, Fund Services has agreed to furnish to the Funds statistical and research data, clerical, accounting and bookkeeping services, and certain other services required by the Funds. Under the fund administration servicing agreement, Fund Services has agreed to provide fund administration services to the Company. These services include the preparation and coordination of the Company's annual post-effective amendment filing and supplements to the Funds' registration statement, the preparation and assembly of board meeting materials, and certain other services necessary to the Company's fund administration. In addition, Fund Services has agreed to prepare and file various reports with the appropriate regulatory agencies and prepare materials required by the SEC or any state securities commission having jurisdiction over the Funds.

The Administration Agreements provide that Fund Services shall be obligated to exercise reasonable care in the performance of its duties and that Fund Services shall not be liable for any error of judgment or mistake of law or any loss suffered by the Company in connection with its duties under the Administration Agreements, except a loss resulting from Fund Services' refusal or failure to comply with the terms of the applicable Administration Agreement or from its bad faith, negligence or willful misconduct in the performance of its duties thereunder.

Fund Services receives a fee under the Administration Agreements based on the average daily net assets of the Company.

<u>Previous Administrators and Transfer Agents</u>: Prior to the Reorganization, ALPS Fund Services, Inc., 430 W 7th Street, Suite 219102, Kansas City, MO 641051407, served as administrator and fund accountant to the Predecessor Funds pursuant to an administration agreement and fund accounting agreement and ALPS, 1290 Broadway, Suite 1000, Denver, CO 80203, served as transfer agent to the Predecessor Funds pursuant to a transfer agent and shareholder services agreement.

The administration, accounting and transfer agent fees paid to ALPS by the Predecessor Funds for the past three fiscal years are as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **April 30, 2025** | | **April 30, 2024** | | **April 30, 2023** |
| | **Emerald Growth Fund** | **Emerald Finance and Banking Innovation Fund** | **Emerald Growth Fund** | **Emerald Finance and Banking Innovation Fund** | **Emerald Growth Fund** | **Emerald Finance and Banking Innovation Fund** |
| **Administration** | $632373 | $51879 | $552693 | $52016 | $476614 | $109353 |
| **Transfer Agent** | $174066 | $88166 | $176278 | $97208 | $166536 | $126714 |

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**Custodian Agreement**

U.S. Bank, N.A., (the "Custodian"), 1555 North RiverCenter Drive, Milwaukee, Wisconsin 53212, Suite 302, is custodian of the Funds' assets pursuant to a custodian agreement (the "Custodian Agreement"). Under the Custodian Agreement, the Custodian: (a) maintains a separate account or accounts in the name of the Funds; (b) holds and transfers portfolio investments on account of the Funds; (c) accepts receipts and makes disbursements of money on behalf of the Funds; (d) collects and receives all income and other payments and distributions on account of the Funds' portfolio investments; and (e) makes periodic reports to the Board concerning the Funds' operations. The Custodian is authorized to select one or more banks or trust companies to serve as sub-custodian on behalf of the Funds, provided that the Custodian remains responsible for the performance of all of its duties under the Custodian Agreement and holds the Funds harmless from the acts and omissions of any affiliate, sub-custodian or domestic sub-custodian. For its services to the Funds under the Custodian Agreement, the Custodian receives a fee based on the Funds' average gross assets calculated daily and payable monthly. Transaction charges and out-of-pocket expenses are also charged to the Funds. Fund Services and the Custodian are affiliates.

**Transfer Agency Agreement**

Fund Services, also serves as the transfer and dividend disbursing agent for the Fund pursuant to a transfer agency and servicing agreement (the "Transfer Agency Agreement"), under which Fund Services: (a) issues and redeems shares of the Funds; (b) addresses and mails all communications by the Funds to record owners of the shares, including reports to shareholders, dividend and distribution notices and proxy materials for its meetings of shareholders; (c) maintains shareholder accounts and, if requested, sub-accounts; and (d) makes periodic reports to the Board concerning the operations of the Funds. Fund Services may, subject to the Board's approval, assign its duties as transfer and dividend disbursing agent to any affiliate. For its services to the Funds under the Transfer Agency Agreement, Fund Services receives an annual fee based on the number of accounts in the Funds and the Funds' average gross assets calculated daily and payable monthly. Transaction charges and out-of-pocket expenses are also charged to the Funds.

Fund Services also provides services relating to the implementation of the Company's Anti-Money Laundering Program. In addition, Fund Services provides services relating to the implementation of the Funds' Customer Identification Program, including verification of required customer information and the maintenance of records with respect to such verification.

**Distribution Agreement and Plan of Distribution**

Quasar Distributors, LLC (the "Distributor"), a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group) whose principal business address is Three Canal Plaza, Suite 100, Portland, Maine 04101, serves as the underwriter to the Funds pursuant to the terms of a distribution agreement (the "Distribution Agreement"). The Distributor is a registered broker-dealer and is a member of the Financial Industry Regulatory Authority ("FINRA"). The Distributor is not affiliated with the Company or the Adviser.

Under the Distribution Agreement with the Funds, the Distributor serves as the agent of the Company in connection with the continuous offering of shares of the Funds. The Distributor continually distributes shares of the Funds on a best efforts basis. The Distributor has no obligation to sell any specific quantity of Fund shares. The Distributor and its officers have no role in determining the investment policies or which securities are to be purchased or sold by the Company.

The Distributor may enter into agreements with selected broker-dealers, banks or other financial intermediaries for distribution of shares of the Funds. With respect to certain financial intermediaries and related fund "supermarket" platform arrangements, the Funds and/or the Adviser, rather than the Distributor, typically enter into such agreements. These financial intermediaries may charge a fee for their services and may receive shareholder service or other fees from parties other than the Distributor. These financial intermediaries may otherwise act as processing agents and are responsible for promptly transmitting purchase, redemption and other requests to the Funds.

Investors who purchase shares through financial intermediaries will be subject to the procedures of those intermediaries through which they purchase shares, which may include charges, investment minimums, cutoff times and other restrictions in addition to, or different from, those listed herein. Information concerning any charges or services will be provided to customers by the financial intermediary through which they purchase shares. Investors purchasing shares of the Funds through financial intermediaries should acquaint themselves with their financial intermediary's procedures and should read the Prospectus in conjunction with any materials and information provided by their financial intermediary. The financial intermediary, and not its customers, will be the shareholder of record, although customers may have the right to vote shares depending upon their arrangement with the financial intermediary. The Distributor does not receive compensation from the Funds for its distribution services except the distribution/service fees with respect to the shares of those classes for which a Rule 12b-1 distribution plan is effective. The Adviser pays the Distributor a fee for certain distribution-related services.

The Distribution Agreement has an initial term of up to two years and will continue in effect only if such continuance is specifically approved at least annually by the Board or by vote of a majority of a Fund's outstanding voting securities in accordance with the 1940 Act. The Distribution Agreement is terminable without penalty by the Company on behalf of the Funds on no less than 60 days' written notice when authorized either by a vote of a majority of the outstanding voting securities of the Funds or by vote of a majority of the members of the Board who are not "interested persons" (as defined in the 1940 Act) of the Company and have no direct or indirect financial interest in the operation of the Distribution Agreement, or by the Distributor, and will automatically terminate in the event of its "assignment" (as defined in the 1940 Act). The Distribution Agreement provides that the Distributor shall not be liable for any loss suffered by the Company in connection with the performance of the Distributor's obligations and duties under the Distribution Agreement, except a loss resulting from the Distributor's willful misfeasance, bad faith or negligence in the performance of such duties and obligations, or by reason of its reckless disregard thereof.

**Rule 12b-1 Plan**

As described in the Prospectus, each Fund has adopted a Rule 12b-1 plan (the "Plan") for its Class A, Class C and Investor Class Shares. The Plans allow each Fund, as applicable, to use Class A, Class C and Investor Class assets to pay fees in connection with the distribution and marketing of Class A, Class C and Investor Class Shares and/or the provision of on-going shareholder services to Class A, Class C and Investor Class shareholders. The Plan permits payment for services in connection with the administration of plans or programs that use Class A, Class C and Investor Class Shares of the Fund as their funding medium and for related expenses. The Plans permit each Fund to make total payments at an annual rate of up to 0.35% of a Fund's average daily net assets attributable to its Class A Shares, 0.75% of a Fund's average daily net assets attributable to its Class C Shares and 0.25% a Fund's average daily net assets attributable to its Investor Class Shares. Because these 12b-1 fees are paid out of a Fund's Class A, Class C and Investor Class assets on an ongoing basis, over time they will increase the cost of an investment in Class A, Class C and Investor Class Shares, and Plan fees may cost an investor more than other types of sales charges.

Pursuant to Rule 12b-1 under the 1940 Act, the Plan (together with the Distribution Agreement) was approved by the Funds' Board, including a majority of the Directors who are not interested persons of the Fund (as defined in the 1940 Act) and who have no direct or indirect financial interest in the operations of the Plan or the Distribution Agreement. The principal types of activities for which payments under the Plan may be made include payments to intermediaries for shareholder servicing, for "no transaction fee" or wrap programs, and for retirement plan recordkeeping. Payments under the Plan also may be made for activities such as advertising, printing and mailing the Prospectus to persons who are not current shareholders, compensation to underwriters, compensation to broker-dealers, compensation to sales personnel, and interest, carrying or other financing charges. The Company believes that the Plan benefits the Company by increasing net sales of the Funds (or reducing net redemptions), potentially allowing a Fund to benefit from economies of scale.

The Plan may be terminated by vote of a majority of the Independent Directors, or by vote of a majority of the outstanding voting securities of the relevant class of shares of the Fund. The Plan may be amended by vote of the relevant Directors, including a majority of the relevant Independent Directors, cast in person at a meeting called for that purpose. Any change in the Plan that would materially increase the fees payable thereunder by the relevant class of shares of a Fund requires approval by a vote of the holders of a majority of such shares outstanding. The Funds' Directors review quarterly a written report of such costs and the purposes for which such costs have been incurred.

The Plan will continue in effect for successive one-year periods, provided that each such continuance is specifically approved (i) by the vote of a majority of the Independent Directors and (ii) by the vote of a majority of the entire Board cast in person at a meeting called for that purpose or by a vote of a majority of the outstanding securities of the relevant class.

**Shareholder Services Plan for Class C Shares**

Each Fund has adopted a shareholder services plan (a "Class C Shareholder Services Plan") with respect to the Fund's Class C Shares. Under the Class C Shareholder Services Plan, each Fund is authorized to pay banks and their affiliates and other institutions, including broker-dealers and Fund affiliates ("Participating Organizations"), an aggregate fee in an amount not to exceed on an annual basis 0.25% for Class C Shares of the average daily net asset value of the Class C Shares of the Fund attributable to or held in the name of a Participating Organization for its clients as compensation for providing on-going shareholder service activities, which do not include distribution services, pursuant to an agreement with a Participating Organization. Any amount of such payment not paid during a Fund's fiscal year for such service activities shall be reimbursed to such Fund as soon as practicable.

**Shareholder Services Plan for Institutional Class Shares**

Each Fund has adopted a shareholder services plan (an "Institutional Class Shareholder Services Plan") with respect to the Fund's Institutional Class Shares. Under the Institutional Class Shareholder Services Plan, each of the aforementioned Funds is authorized to pay banks and their affiliates and other institutions, including broker-dealers and Fund affiliates ("Participating Organizations"), an aggregate fee in an amount not to exceed on an annual basis 0.05% for Institutional Class Shares of the average daily net asset value of the Institutional Class Shares of a Fund attributable to or held in the name of a Participating Organization for its clients as compensation for providing on going shareholder service activities, which do not include distribution services, pursuant to an agreement with a Participating Organization. Any amount of such payment not paid during a Fund's fiscal year for such service activities shall be reimbursed to such Fund as soon as practicable.

**Shareholder Services Plan for Investor Class Shares**

Each Fund has adopted a shareholder services plan (an "Investor Class Shareholder Services Plan") with respect to the Fund's Investor Class Shares. Under the Investor Class Shareholder Services Plan, each of the aforementioned Funds is authorized to pay banks and their affiliates and other institutions, including broker-dealers and Fund affiliates ("Participating Organizations"), an aggregate fee in an amount not to exceed on an annual basis 0.15% for Investor Class Shares of the average daily net asset value of the Investor Class Shares of a Fund attributable to or held in the name of a Participating Organization for its clients as compensation for providing on-going shareholder service activities, which do not include distribution services, pursuant to an agreement with a Participating Organization. Any amount of such payment not paid during a Fund's fiscal year for such service activities shall be reimbursed to such Fund as soon as practicable.

**FUND TRANSACTIONS**

Subject to policies established by the Board and the Board's oversight, the Adviser is responsible for each Fund's portfolio decisions and the placing of the Funds' portfolio transactions. Purchases and sales of portfolio securities that are debt securities usually are principal transactions in which portfolio securities are normally purchased directly from the issuer or from an underwriter or market maker for the securities. Purchases from underwriters of securities generally include a commission or concession paid by the issuer to the underwriter, and purchases from dealers serving as market makers may include the spread between the bid and asked prices. Transactions on stock exchanges involve the payment of negotiated brokerage commissions. Transactions in the over-the-counter markets are generally principal transactions with dealers. With respect to the over-the-counter markets, the Funds, where possible, will deal directly with the dealers who make a market in the securities involved except under circumstances where better price and execution are available elsewhere.

In placing portfolio transactions, the Adviser seeks the best qualitative execution for the Funds, taking into account such factors as price (including the applicable brokerage commission or dealer spread), the execution capability, financial responsibility and responsiveness of the broker or dealer and the brokerage and research services provided by the broker or dealer. The Adviser generally seeks favorable prices and commission rates that are reasonable in relation to the benefits received. The Adviser may not give consideration to sales of shares of the Company as a factor in the selection of brokers and dealers to execute portfolio transactions. However, the Adviser may place portfolio transactions with brokers or dealers that promote or sell the Funds' shares so long as such placements are made pursuant to policies approved by the Board that are designed to ensure that the selection is based on the quality of the broker's execution and not on its sales efforts.

**Brokerage Transactions**

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

The following table lists the total amount of brokerage commissions paid by each Predecessor Fund for the fiscal year or period noted:

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| | | | |
|:---|:---|:---|:---|
| | For the Fiscal Year Ended<br> April 30, 2025 | For the Fiscal Year Ended<br> April 30, 2024 | For the Fiscal Year Ended<br> April 30, 2023 |
| Emerald Finance and Banking Innovation Fund | $49639 | $189215 | $407022 |
| Emerald Growth Fund | $826639 | $903844 | $846583 |

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Research services include supplemental research, securities and economic analyses, statistical services and information with respect to the availability of securities or purchasers or sellers of securities and analyses of reports concerning performance of accounts. The research services and other information furnished by brokers through whom a Fund effects securities transactions may also be used by the Adviser in servicing its other advisory accounts. Similarly, research and information provided by brokers or dealers serving other clients may be useful to the Adviser in connection with its services to a Fund. Although research services and other information are useful to the Funds and the Adviser, it is not possible to place a dollar value on the research and other information received. It is the opinion of the Board and the Adviser that the provision of such research and other information will not reduce the overall cost to the Adviser of performing its duties to the Funds under the Advisory Agreements.

While each Fund does not deem it practicable and in its best interests to solicit competitive bids for commission rates on each transaction, consideration is regularly given to posted commission rates as well as other information concerning the level of commissions charged on comparable transactions by qualified brokers. No Fund has an obligation to deal with any broker or dealer in the execution of its transactions.

Under the 1940 Act, persons affiliated with the Adviser may be prohibited from dealing with a Fund as a principal in the purchase and sale of securities. Therefore, an affiliate of the Adviser will not be approved to serve as a Fund's dealer in connection with over-the-counter transactions. However, an affiliate may serve as a Fund's broker in over-the-counter transactions conducted on an agency basis and will receive brokerage commissions in connection with such transactions.

The Funds will not enter into any brokerage transactions with an affiliate if such transactions would be unfair or unreasonable to Fund shareholders, and any commissions will be paid solely for the execution of trades and not for any other services. The Advisory Agreement provides that affiliates of the Adviser may receive brokerage commissions in connection with effecting such transactions for the Funds. In determining the commissions to be paid to an affiliate, it is the policy of each Fund that such commissions will, in the judgment of the Board, be (a) at least as favorable to the Fund as those that would be charged by other qualified brokers having comparable execution capability and (b) at least as favorable to the Fund as commissions contemporaneously charged by an affiliate on comparable transactions for its most favored unaffiliated customers, except for customers of an affiliate considered by a majority of the Independent Directors not to be comparable to a Fund.

The Advisory Agreement does not provide for a reduction of the Adviser's fee by the amount of any profits earned by an affiliate from brokerage commissions generated from portfolio transactions of the Funds. While the Funds contemplate no ongoing arrangements with any other brokerage firms, brokerage business may be given from time to time to other firms. An affiliate will not receive reciprocal brokerage business as a result of the brokerage business placed by the Funds with others.

As of the date of this SAI, the Funds did not hold debt securities issued by the parent companies of their "regular broker-dealers" as defined in the 1940 Act.

**PURCHASE AND REDEMPTION INFORMATION**

Read the Funds' Prospectus for information regarding the purchase and redemption of Fund shares. The following information supplements information in the Funds' Prospectus.

You may purchase shares through an account maintained by your brokerage firm, financial institutions and industry professionals ("Service Organizations") and you may also purchase shares directly by mail or wire. The Company reserves the right, if conditions exist which make cash payments undesirable, to honor any request for redemption or repurchase of a Fund's shares by making payment in whole or in part in securities chosen by the Company and valued in the same way as they would be valued for purposes of computing a Fund's NAV. If payment is made in securities, a shareholder may incur transaction costs in converting these securities into cash. A shareholder will also bear any market risk or tax consequences as a result of a payment in securities. The Company has elected, however, to be governed by Rule 18f-1 under the 1940 Act so that a Fund is obligated to redeem its shares solely in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period for any one shareholder of the Fund. A shareholder will bear the risk of a decline in market value and any tax consequences associated with a redemption in securities.

Under the 1940 Act, the Company may suspend the right to redemption or postpone the date of payment upon redemption for any period during which the New York Stock Exchange, Inc. (the "NYSE") is closed (other than customary weekend and holiday closings), or during which the SEC restricts trading on the NYSE or determines an emergency exists as a result of which disposal or valuation of portfolio securities is not reasonably practicable, or for such other periods as the SEC may permit. (The Company may also suspend or postpone the recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions).

Shares of the Funds are subject to redemption by the Company, at the redemption price of such shares as in effect from time to time, including, without limitation: (1) to reimburse the Funds for any loss sustained by reason of the failure of a shareholder to make full payment for shares purchased by the shareholder or to collect any charge relating to a transaction effected for the benefit of a shareholder as provided in the Prospectus from time to time; (2) if such redemption is, in the opinion of the Board, desirable in order to prevent the Company or the Funds from being deemed a "personal holding company" within the meaning of the Internal Revenue Code of 1986, as amended (the "Code"); (3) or if the net income with respect to any particular class of common stock should be negative or it should otherwise be appropriate to carry out the Company's responsibilities under the 1940 Act.

Each Fund has the right to redeem your shares at current NAV at any time and without prior notice if, and to the extent that, such redemption is necessary to reimburse the Fund for any loss sustained by reason of your failure to make full payment for shares of the Fund you previously purchased or subscribed for.

**Other Purchase Information**

If shares of the Funds are held in a "street name" account with an authorized dealer, all recordkeeping, transaction processing and payments of distributions relating to the beneficial owner's account will be performed by the authorized dealer, and not by a Fund and its Transfer Agent. Since the Funds will have no record of the beneficial owner's transactions, a beneficial owner should contact the authorized dealer to purchase, redeem or exchange shares, to make changes in or give instructions concerning the account or to obtain information about the account. The transfer of shares in a "street name" account to an account with another dealer or to an account directly with a Fund involves special procedures and will require the beneficial owner to obtain historical purchase information about the shares in the account from the authorized dealer.

Each Fund has established an Institutional class of shares. Before choosing a share class, you should consider the following factors, as well as any other relevant facts and circumstances.

**Exchanging Shares**

If you have held all or part of your shares in a Fund for at least seven days, you may exchange those shares for shares of another Fund, so long as such Fund is available for sale in your state and meets your investment criteria.

Any new account established through an exchange will be subject to all minimum requirements applicable to the shares acquired. The exchange privilege may only be exercised in those states where the class of shares being acquired legally may be sold. If you are an existing shareholder of a Fund, you may exchange into a new account copying your existing account registration and options. Exchanges between accounts will be accepted only if registrations are identical.

Before effecting an exchange, you should read the prospectus for the Fund into which you are exchanging.

You may also transfer between classes of a Fund if you meet the minimum investment requirements for the class into which you would like to transfer.

An exchange of shares of one Fund for shares of another Fund represents the sale of shares from one fund and the purchase of shares of another fund. Under the U.S. federal income tax law, this may produce a taxable gain or loss in your non-tax-qualified account. Transfers between classes of a single Fund are generally not considered a taxable transaction, although certain Fund shareholders may have related reporting requirements.

The exchange privilege may be modified or terminated upon sixty (60) days' written notice to shareholders. Although initially there will be no limit on the number of times you may exercise the exchange privilege, each Fund reserves the right to impose such a limitation. Call or write each Fund for further details.

**TELEPHONE TRANSACTION PROCEDURES**

The Company's telephone transaction procedures include the following measures: (1) requiring the appropriate telephone transaction privilege forms; (2) requiring the caller to provide the names of the account owners, the account social security number and name of the Fund, all of which must match the Company's records; (3) requiring the Company's service representative to complete a telephone transaction form, listing all of the above caller identification information; (4) permitting exchanges (if applicable) only if the two account registrations are identical; (5) requiring that redemption proceeds be sent only by check to the account owners of record at the address of record, or by electronic funds transfer through the ACH network or by wire only to the owners of record at the bank account of record; (6) sending a written confirmation for each telephone transaction to the owners of record at the address of record within five (5) business days of the call; and (7) maintaining tapes of telephone transactions for six months, if the Company elects to record shareholder telephone transactions. For accounts held of record by broker-dealers, financial institutions, securities dealers, financial planners and other industry professionals, additional documentation or information regarding the scope of a caller's authority is required. Finally, for telephone transactions in accounts held jointly, additional information regarding other account holders is required. Shares held in IRA accounts may be redeemed by telephone at 1-855-828-9909. Investors will be asked whether or not to withhold taxes from any distribution.

**VALUATION OF SHARES**

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

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

The Board has adopted a pricing and valuation policy for use by each Fund and its Valuation Designee (defined below) 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. Prices are generally determined using readily available market prices. Subject to the approval of the Board, the Funds may employ outside organizations, which may use a matrix or formula method that takes into consideration market indices, matrices, yield curves and other specific adjustments in determining the approximate market value of portfolio investments. This may result in the investments being valued at a price that differs from the price that would have been determined had the matrix or formula method not been used. All cash, receivables, and current payables are carried on a Fund's books at their face value. Other assets, if any, are valued at fair value as determined in good faith by each Fund's Valuation Designee.

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

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

**TAXES**

The following summarizes certain additional tax considerations generally affecting the Funds and their shareholders that are not described in the Prospectus. No attempt is made to present a detailed explanation of the tax treatment of the Funds or their shareholders, and the discussions here and in the Prospectus are not intended as a substitute for careful tax planning. Potential investors should consult their tax advisers with specific reference to their own tax situations.

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 this SAI. Future legislative or administrative changes or court decisions may significantly alter the statements included herein, and any such changes or decisions may be retroactive.

**General**

Each Fund qualified during its last taxable year and intends to continue to qualify as a regulated investment company under Subchapter M of Subtitle A, Chapter 1, of the Code. As such, each Fund generally is 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, a 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 the Fund's business of investing in stock, securities or currencies, or net income derived from interests in qualified publicly traded partnerships.

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

Third, a 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 and for excise tax in respect of the shortfall or, if the shortfall is large enough, the 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, shareholders would recognize dividend income on distributions to the extent of the Fund's current and accumulated earnings and profits, and corporate shareholders could be eligible for the dividends-received deduction.

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

As of April 30, 2025, the Emerald Finance and Banking Innovation Fund had short-term capital losses of $59,067,794 and no long-term capital losses. As of April 30, 2025, the Emerald Growth Fund had no short-term or long-term capital losses. The capital losses can be carried forward for an unlimited period.

**Taxation of Certain Investments**

The tax principles applicable to transactions in financial instruments, such as futures contracts and options, that may be engaged in by a Fund, and investments in controlled foreign corporations and passive foreign investment companies ("PFICs"), are complex and, in some cases, uncertain. Such transactions and investments may cause a Fund to recognize taxable income prior to the receipt of cash, thereby requiring the Fund to liquidate other positions, or to borrow money, so as to make sufficient distributions to shareholders to avoid corporate- level tax. Moreover, some or all of the taxable income recognized may be ordinary income or short-term capital gain, so that the distributions may be taxable to shareholders as ordinary income.

In addition, in the case of any shares of a PFIC in which a Fund invests, the Fund may be liable for corporate-level tax on any ultimate gain or distributions on the shares if the Fund fails to make an election to recognize income annually during the period of its ownership of the shares.

**State and Local Taxes**

Although the Funds each expect 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, each Fund may be subject to the tax laws of such states or localities.

**ADDITIONAL INFORMATION CONCERNING COMPANY SHARES**

The Company has authorized capital of 100 billion shares of common stock at a par value of $0.001 per share. Currently, 95.723 billion shares have been classified into 265 classes. However, the Company only has approximately 72 active share classes that have begun investment operations. Under the Company's charter, the Board has the power to classify and reclassify any unissued shares of common stock from time to time.

Each share that represents an interest in a Fund has an equal proportionate interest in the assets belonging to the Fund with each other share that represents an interest in the Fund, even where a share has a different class designation than another share representing an interest in the Fund. Shares of the Company do not have preemptive or conversion rights. When issued for payment as described in the Prospectus, shares of the Company will be fully paid and non-assessable.

The Company does not currently intend to hold annual meetings of shareholders except as required by the 1940 Act or other applicable law. The Company's amended By- Laws provide that shareholders owning at least ten percent of the outstanding shares of all classes of common stock of the Company have the right to call for a meeting of shareholders to consider the removal of one or more directors. To the extent required by law, the Company will assist in shareholder communication in such matters.

Holders of shares of each class of the Funds will vote in the aggregate and not by class on all matters, except where otherwise required by law. Further, shareholders of the Company will vote in the aggregate and not by portfolio except as otherwise required by law or when the Board determines that the matter to be voted upon affects only the interests of the shareholders of a particular portfolio or class of shares. Rule 18f-2 under the 1940 Act provides that any matter required to be submitted by the provisions of such Act or applicable state law, or otherwise, to the holders of the outstanding voting securities of an investment company such as the Company shall not be deemed to have been effectively acted upon unless approved by the holders of a majority of the outstanding voting securities of each portfolio affected by the matter. Rule 18f-2 further provides that a portfolio shall be deemed to be affected by a matter unless it is clear that the interests of each portfolio in the matter are identical or that the matter does not affect any interest of the portfolio. Under Rule 18f-2 the approval of an investment advisory agreement or distribution agreement or any change in a fundamental investment objective or fundamental investment policy would be effectively acted upon with respect to a portfolio only if approved by the holders of a majority of the outstanding voting securities of such portfolio. However, the Rule also provides that the ratification of the selection of independent public accountants and the election of directors are not subject to the separate voting requirements and may be effectively acted upon by shareholders of an investment company voting without regard to a portfolio. Shareholders of the Company are entitled to one vote for each full share held (irrespective of class or portfolio) and fractional votes for fractional shares held. Voting rights are not cumulative and, accordingly, the holders of more than 50% of the aggregate shares of common stock of the Company may elect all of the Directors.

Notwithstanding any provision of Maryland law requiring a greater vote of shares of the Company's common stock (or of any class voting as a class) in connection with any corporate action, unless otherwise provided by law (for example by Rule 18f-2 discussed above), or by the Company's Articles of Incorporation and By-Laws, the Company may take or authorize such action upon the favorable vote of the holders of more than 50% of all of the outstanding shares of Common Stock voting without regard to class (or portfolio).

**MISCELLANEOUS**

**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 their 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 whose identity and beneficial owners, if applicable, cannot be adequately verified under the provisions of the USA PATRIOT Act.

**Counsel**

The law firm of Faegre Drinker Biddle & Reath LLP, One Logan Square, Suite 2000, Philadelphia, Pennsylvania 19103-6996, serves as independent counsel to the Company and the Independent Directors.

**Independent Registered Public Accounting Firm**

Cohen & Company, Ltd., located at 1350 Euclid Ave., Suite 800, Cleveland, OH 44115, serves as the Funds' independent registered public accounting firm, and in that capacity audits the Funds' financial statements.

**FINANCIAL STATEMENTS**

The audited financial statements, financial highlights, and notes thereto in the Predecessor Funds' annual report on Form N-CSR for the fiscal period ended April 30, 2025 (the "[Annual Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000915802/000139834425012789/fp0093705-1_ncsrixbrl.htm)") have been audited by Cohen & Company, Ltd., the Predecessor Funds' independent registered public accounting firm, whose report thereon also appears in the Annual Report, which is incorporated by reference into this SAI. No other parts of the Annual Report are incorporated by reference herein. Copies of the Predecessor Funds' Annual Report may be obtained at no charge by calling 1-855-828-9909.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

"Ca" - Obligations rated "Ca" are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest. "C" - Obligations rated "C" are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

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

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

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

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

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

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

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

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

"B" - Securities considered to be highly speculative. "B" ratings indicate that material credit risk is present "CCC" - A "CCC" rating indicates that substantial credit risk is present.

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

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

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

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

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

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

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

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

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

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

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

Vulnerable to future events.

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

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

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

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

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

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

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

Municipal Short-Term Note rating symbols are as follows:

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

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

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

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

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

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

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

MIG Scale

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

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

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

"SG" - This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection. "NR" - Is assigned to an unrated obligation, obligation and/or program.

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

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

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

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

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

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

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

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

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

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

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

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

**APPENDIX B**

**Emerald Advisers, LLC Proxy Voting Policy, Procedures and Guidelines (as adopted by Emerald Mutual Fund Advisers Trust)**

**EMERALD ADVISERS, LLC.**

**EMERALD MUTUAL FUND ADVISERS TRUST**

**EMERALD SEPARATE ACCOUNT MANAGEMENT**

**PROXY VOTING POLICY**

The voting policies set forth below apply to all proxies which Emerald Advisers, LLC. and subsidiaries are entitled to vote. It is Emerald's policy to vote all such proxies. Corporate governance through the proxy process is solely concerned with the accountability and responsibility for the assets entrusted to corporations. The role of institutional investors in the governance process is the same as the responsibility due all other aspects of the fund's management. First and foremost, the investor is a fiduciary and secondly, an owner. Fiduciaries and owners are <u>responsible</u> for their investments. These responsibilities include:

1) selecting proper directors <br> 2) insuring that these directors have properly supervised management <br> 3) resolve issues of natural conflict between shareholders and managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Compensation

b. Corporate Expansion

c. Dividend Policy

d. Free Cash Flow

e. Various Restrictive Corporate Governance Issues, Control Issues, etc.

f. Preserving Integrity

In voting proxies, Emerald will consider those factors which would affect the value of the investment and vote in the manner, which in its view, will best serve the economic interest of its clients. Consistent with this objective, Emerald will exercise its vote in a activist pro-shareholder manner in accordance with the following policies.

**I. BOARDS OF DIRECTORS**

In theory, the board represents shareholders, in practice, all to often Board members are selected by management. Their allegiance is therefore owed to management in order to maintain their very favorable retainers and prestigious position. In some cases, corporations never had a nominating process, let alone criteria for the selection of Board members. Shareholders have begun to focus on the importance of the independence of the Board of Directors and the nominating process for electing these Board members. Independence is an important criterium to adequately protect shareholders' ongoing financial interest and to properly conduct a board member's oversight process. Independence though, is only the first criteria for a Board. Boards need to be responsible fiduciaries in their oversight and decision making on behalf of the owners and corporations. Too many companies are really <u>ownerless</u>. Boards who have failed to perform their duties, or do not act in the best interests of the shareholders should be voted out. A clear message is sent when a no confidence vote is given to a set of directors or to a full Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Election of Directors,** a Board of Directors, or any number of Directors. In order to assure Boards are acting solely for the shareholders they represent, the following resolutions will provide a clear message to underperforming companies and Boards who have failed to fulfill duties assigned to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Votes should be cast in favor of shareholder proposals asking that boards be comprised of a majority of outside directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Votes should be cast in favor of shareholder proposals asking that board audit, compensation and nominating committees be comprised exclusively of outside directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Votes should be cast against management proposals to re-elect the board if the board has a majority of inside directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Votes should be withheld for directors who may have an inherent conflict of interest by virtue of receiving consulting fees from a corporation (affiliated outsiders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Votes should be withheld, on a case by case basis, for those directors of the compensation committees responsible for particularly egregious compensation plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Votes should be withheld for directors who have failed to attend 75% of board or committee meetings in cases where management does not provide adequate explanation for the absences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Votes should be withheld for incumbent directors of poor performing companies; defining poor performing companies as those companies who have below average stock performance (vs. peer group/Wilshire 5000) and below average return on assets and operating margins.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Votes should be cast in favor of proposals to create shareholder advisory committees. These committees will represent shareholders' views, review management, and provide oversight of the board and their directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Selection of Accountants:** Emerald will generally support a rotation of accountants to provide a truly independent audit. This rotation should generally occur every 4-5 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.**

**Incentive Stock Plans.** Emerald will generally vote against all excessive compensation and incentive stock plans which are not performance related.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.**

**Corporate restructuring plans** or company name changes, will generally be evaluated on a case by case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.**

**Annual Meeting Location.** This topic normally is brought forward by minority shareholders, requesting management to hold the annual meeting somewhere other than where management desires. **Resolution.** Emerald normally votes with management, except in those cases where management seeks a location to avoid their shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.**

**Preemptive Rights.** This is usually a shareholder request enabling shareholders to participate first in any new offering of common stock. **Resolution:** We do not feel that preemptive rights would add value to shareholders, we would vote against such shareholder proposals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.**

**Mergers and/or Acquisitions.** Each merger and/or acquisition has numerous ramifications for long term shareholder value. **Resolution:** After in-depth valuation Emerald will vote its shares on a case by case basis.

**II. CORPORATE GOVERNANCE ISSUES**

These issues include those areas where voting with management may not be in the best interest of the institutional investor. All proposals should be examined on a case by case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Provisions Restricting Shareholder Rights.** These provisions would hamper shareholders ability to vote on certain corporate actions, such as changes in the bylaws, greenmail, poison pills, recapitalization plans, golden parachutes, and on any item that would limit shareholders' right to nominate, elect, or remove directors. These items can change the course of the corporation overnight and shareholders should have the right to vote on these critical issues. **Resolution:** <u>Vote **Against** management proposals to implement such restrictions and vote **For** shareholder proposals to eliminate them.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Anti-Shareholder Measures**. These are measures designed to entrench management so as to make it more difficult to effect a change in control of the corporation. They are normally not in the best interests of shareholders since they do not allow for the most productive use of corporate assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Classification of the Board of Directors:**

A classified Board is one in which directors are not elected in the same year rather their terms of office are staggered. This eliminates the possibility of removing entrenched management at any one annual election of directors. **Resolution:** <u>Vote **Against** proposals to classify the Board and support proposals (usually shareholder initiated) to implement annual election of the Board.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Shareholder Rights Plans (Poison Pills):**

Anti-acquisition proposals of this sort come in a variety of forms. In general, issuers confer contingent benefits of some kind on their common stockholders. The most frequently used benefit is the right to buy shares at discount prices in the event of defined changes in corporate control. **Resolution:** <u>Vote **Against** proposals to adopt Shareholder Rights Plans, and vote **For** Shareholder proposals eliminating such plans.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Unequal Voting Rights:**

A takeover defense, also known as superstock, which gives holders disproportionate voting rights. Emerald adheres to the One Share, One Vote philosophy, as all holders of common equity must be treated fairly and equally. **Resolution:** <u>Vote **Against** proposals creating different classes of stock with unequal voting privileges.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Supermajority Clauses:**

These are implemented by management requiring that an overly large amount of shareholders (66-95% of shareholders rather than a simple majority) approve business combinations or mergers, or other measures affecting control. This is another way for management to make changes in control of the company more difficult. **Resolution:** <u>Vote **Against** management proposals to implement supermajority clauses and support shareholder proposals to eliminate them.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Fair Price Provisions:**

These provisions allow management to set price requirements that a potential bidder would need to satisfy in order to consummate a merger. The pricing formulas normally used are so high that the provision makes any tender offer prohibitively expensive. Therefore, their existence can foreclose the possibility of tender offers and hence, the opportunity to secure premium prices for holdings. **Resolution:** <u>Vote **Against** management proposals to implement fair price provisions and vote **For** shareholder proposals to eliminate them.</u>

**Caveat:** Certain fair price provisions are legally complex and require careful analysis and advice before concluding whether or not their adoption would serve stockholder interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Increases in authorized shares and/or creation of new classes of common and preferred stock:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Increasing authorized shares.

Emerald will support management if they have a stated purpose for increasing the authorized number of common and preferred stock. Under normal circumstances, this would include stock splits, stock dividends, stock option plans, and for additional financing needs. However, in certain circumstances, it is apparent that management is proposing these increases as an anti-takeover measure. When used in this manner, share increases could inhibit or discourage stock acquisitions by a potential buyer, thereby negatively affecting a fair price valuation for the company.

**Resolution:** <u>On a case by case basis, vote **Against** management if they attempt to increase the amount of shares that they are authorized to issue if their intention is to use the excess shares to discourage a beneficial business combination. One way to determine if management intends to abuse its right to issue shares is if the amount of authorized shares requested is double the present amount of authorized shares.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Creation of new classes of stock.

Managements have proposed authorizing shares of new classes of stock, usually preferreds, which the Board would be able to issue at their discretion. The Board would also be granted the discretion to determine the dividend rate, voting privileges, redemption provisions, conversion rights, etc. without approval of the shareholders. These "blank check" issues are designed specifically to inhibit a takeover, merger, or accountability to its shareholders.

**Resolution:** <u>Emerald would vote AGAINST management in allowing the Board the discretion to issue any type of "blank check" stock without shareholder approval.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Directors and Management Liability and Indemnification.

These proposals are a result of the increasing cost of insuring directors and top management against lawsuits. Generally, managements propose that the liability of directors and management be either eliminated or limited. Shareholders must have some recourse for losses that are caused by negligence on the part of directors and management. Therefore directors and management should be responsible for their fiduciary duty of care towards the company. The Duty of Care is defined as the obligation of directors and management to be diligent in considering a transaction or in taking or refusing to take a corporate action.

**Resolution:** <u>On a case by case basis, Emerald votes **Against** attempts by management to eliminate directors and management liability for their duty of care.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Compensation Plans (Incentive Plans)

Management occasionally will propose to adopt an incentive plan which will become effective in the event of a takeover or merger. These plans are commonly known as "golden parachutes" or "tin parachutes" as they are specifically designed to grossly or unduly benefit a select few in management who would most likely lose their jobs in an acquisition. Shareholders should be allowed to vote on all plans of this type.

**Resolution:** <u>On a case by case basis, vote **Against** attempts by management to adopt proposals that are specifically designed to grossly or unduly benefit members of executive management in the event of an acquisition.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Greenmail

Emerald would not support management in the payment of greenmail.

**Resolution:** <u>Emerald would vote **FOR** any shareholder resolution that would eliminate the possibility of the payment of greenmail.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Cumulative Voting

Cumulative voting entitles stockholders to as many votes as equal the number of shares they own multiplied by the number of directors being elected. According to this set of rules, a shareholder can cast all votes towards a single director, or any two or more. This is a proposal usually made by a minority shareholder seeking to elect a director to the Board who sympathizes with a special interest. It also can be used by management that owns a large percentage of the company to ensure that their appointed directors are elected.

**Resolution:** <u>Cumulative voting tends to serve special interests and not those of shareholders, therefore Emerald will vote **Against** any proposals establishing cumulative voting and **For** any proposal to eliminate it.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Proposals Designed to Discourage Mergers & Acquisitions In Advance

These provisions direct Board members to weigh socioeconomic and legal as well as financial factors when evaluating takeover bids. This catchall apparently means that the perceived interests of customers, suppliers, managers, etc., would have to be considered along with those of the shareholder. These proposals may be worded: "amendments to instruct the Board to consider certain factors when evaluating an acquisition proposal". Directors are elected primarily to promote and protect the shareholder interests. Directors should not allow other considerations to dilute or deviate from those interests. **Resolution:** <u>Emerald will vote **Against** proposals that would discourage the most productive use of corporate assets in advance.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Confidential Voting

A company that does not have a ballot provision has the ability to see the proxy votes before the annual meeting. In this way, management is able to know before the final outcome how their proposals are being accepted. If a proposal is not going their way, management has the ability to call shareholders to attempt to convince them to change their votes. Elections should take place in normal democratic process which includes the secret ballot. Elections without the secret ballot can lead to coercion of shareholders, employees, and other corporate partners. **Resolution:** <u>Vote **For** proposals to establish secret ballot voting.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Disclosure

**Resolution:** <u>Emerald will vote **Against** proposals that would require any kind of unnecessary disclosure of business records. Emerald will vote **For** proposals that require disclosure of records concerning unfair labor practices or records dealing with the public safety.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Sweeteners

**Resolution:** <u>Emerald will vote **Against** proposals that include what are called "sweeteners" used to entice shareholders to vote for a proposal that includes other items that may not be in the shareholders best interest. For instance, including a stock split in the same proposal as a classified Board, or declaring an extraordinary dividend in the same proposal installing a shareholders rights plan (Poison Pill).</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Changing the State of Incorporation

If management sets forth a proposal to change the State of Incorporation, the reason for change is usually to take advantage of another state's liberal corporation laws, especially regarding mergers, takeovers, and anti-shareholder measures. Many companies view the redomestication in another jurisdiction as an opportune time to put new anti-shareholder measures on the books or to purge their charter and bylaws of inconvenient shareholder rights, written consent, cumulative voting, etc. **Resolution:** <u>On a case-by-case basis, Emerald will vote **Against** proposals changing the State of Incorporation for the purpose of their anti-shareholder provisions and will support shareholder proposals calling for reincorporation into a jurisdiction more favorable to shareholder democracy.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Equal Access to Proxy Statements

Emerald supports stockholders right to equal access to the proxy statement, in the same manner that management has access. Stockholders are the owners of a corporation and should not be bound by timing deadlines and other obstacles that presently shareholders must abide by in sponsoring proposals in a proxy statement. The Board should not have the ability to arbitrarily prevent a shareholder proposal from appearing in the proxy statement. **Resolution:** <u>Emerald will support any proposal calling for equal access to proxy statements.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Abstention Votes

Emerald supports changes in the method of accounting for abstention votes. Abstention votes should <u>not</u> be considered as shares "represented" or "cast" at an annual meeting. Only those shares cast <u>favoring or opposing</u> a proposal should be included in the total votes cast to determine if a majority vote has been achieved. Votes cast abstaining should not be included in total votes cast. **Resolution:** <u>Emerald will support any proposal to change a company's by-laws or articles of incorporation to reflect the proper accounting for abstention votes.</u>

**III. Other Issues**

On other major issues involving questions of community interest, moral and social concern, fiduciary trust and respect for the law such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Human Rights

B. Nuclear Issues

C. Defense Issues

D. Social Responsibility

Emerald, in general supports the position of management. Exceptions to this policy Include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **South Africa** 

Emerald will actively encourage those corporations that have South African interests to adopt and adhere to the Statement of Principles for South Africa, formerly known as the Sullivan Principles, and to take further actions to promote responsible corporate activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Northern Ireland** 

Emerald will actively encourage U.S. companies in Northern Ireland to adopt and adhere to the MacBride Principles, and to take further actions to promote responsible corporate activity.

**IV. Other Potential Conflicts of Interest**

Emerald may manage a variety of corporate accounts that are publicly traded.

**F/m Emerald Special Situations ETF**

**(Ticker: NASDAQ – SPIT)**

**A series of The RBB Fund, Inc.**

3175 Oregon Pike, Leola, Pennsylvania 17540

**Statement of Additional Information**

**Dated July 18, 2025**

The F/m Emerald Special Situations ETF (the "Fund") is a diversified series of The RBB Fund, Inc. (the "Company"), an open-end management investment company organized as a Maryland corporation on February 29, 1988.

F/m Investments LLC serves as the investment adviser to the Fund.

Emerald Mutual Fund Advisers Trust serves as the investment sub-adviser to the Fund.

Information about the Fund is set forth in the prospectus dated July 18, 2025 (the "Prospectus") and provides the basic information you should know before investing. To obtain a copy of the Prospectus and/or the Fund's Annual and Semi-Annual Reports, once available, please write to F/m Emerald Special Situations ETF, P.O. Box 701, Milwaukee, WI 53201-0701, or call 1-800-617-0004. This Statement of Additional Information ("SAI") is not a prospectus but contains information in addition to and more detailed than that set forth in the Prospectus. It is incorporated by reference in its entirety into the Prospectus. This SAI is intended to provide you with additional information regarding the activities and operations of the Fund and the Company, and it should be read in conjunction with the Prospectus. Capitalized terms not otherwise defined herein have the same meaning set forth in the Prospectus.

The Fund is an accounting successor of Emerald Insights Fund (the "Predecessor Fund"). The financial statements and financial highlights for the Predecessor Fund (File No. 811-08194) for the fiscal year ended April 30, 2025, which are contained in the Annual Report for that fiscal year, are hereby incorporated herein by reference into this SAI. These financial statements have been audited by Cohen & Company, Ltd., the Predecessor Fund's independent registered public accounting firm, whose report thereon is incorporated herein by reference.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **General Information** | **1** |
| **Investment Policies and Practices** | **1** |
| **Investment Restrictions** | **15** |
| **Exchange Listing and Trading** | **16** |
| **Portfolio Turnover** | **17** |
| **Management of the Company** | **17** |
| **Code of Ethics** | **28** |
| **Principal Holders** | **29** |
| **Investment Advisory Agreement and Investment Sub-Advisory Agreement** | **29** |
| **Portfolio Managers** | **31** |
| **Underwriter** | **33** |
| **Purchase and Redemption of Creation Units** | **34** |
| **Portfolio Holdings Information** | **41** |
| **Determination of Net Asset Value** | **41** |
| **Dividends, Distributions, and Taxes** | **42** |
| **Portfolio Transactions and Brokerage** | **44** |
| **Securities Lending** | **45** |
| **Proxy Voting Procedures** | **46** |
| **Payments to Financial Intermediaries** | **46** |
| **Additional Information Concerning Company Shares** | **47** |
| **Miscellaneous** | **48** |
| **Financial Statements** | **49** |
| **Appendix A** | **A-1** |
| **Appendix B** | **B-1** |

---

**general information**

The Company is an open-end management investment company currently consisting of 76 separate portfolios. The Company is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and was organized as a Maryland corporation on February 29, 1988. This SAI pertains to shares of the F/m Emerald Special Situations ETF. F/m Investments LLC (the "Adviser") serves as the investment adviser to the Fund, and Emerald Mutual Fund Advisers Trust (the "Sub-Adviser") serves as the investment sub-adviser to the Fund. The Sub-Adviser is responsible for selecting the portfolio securities for investment by the Fund, subject to the general supervision of the Board and the Adviser.

If approved by shareholders of the Predecessor Fund, the Predecessor Fund will reorganize its shares into the Fund (the "Reorganization") prior to the Fund's commencement of operations.

The Fund offers and issues shares at its net asset value per share ("NAV") only in aggregations of a specified number of shares (each a "Creation Unit"). The Fund also generally offers and issues shares in exchange for a basket of securities ("Deposit Securities") together with the deposit of a specified cash payment ("Cash Component"). The Company reserves the right to permit or require the substitution of a "cash in lieu" amount ("Deposit Cash") to be added to the Cash Component to replace any Deposit Security. The shares of the Fund are listed for trading on the Nasdaq Stock Market LLC (the "Exchange"), and the Fund trades 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. A Creation Unit of the Fund consists of at least 5,000 Shares.

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

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

**Investment Policies and Practices**

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

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

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

**Principal Investment Policies and Risks**

**American, European and Global Depositary Receipts.** The Fund may invest in American Depository Receipts ("ADRs"). ADRs, as well as other "hybrid" forms of ADRs, including European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs"), are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depository banks and generally trade on an established market in the United States or elsewhere. The underlying shares are held in trust by a custodian bank or similar financial institution in the issuer's home country. The depository bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, ADRs continue to be subject to many of the risks associated with investing directly in foreign securities including increased market, illiquidity, currency, political, information and other risks, and even where traded in U.S. dollars are subject to currency risk if the underlying security is traded in a foreign currency. GDRs, EDRs, and other similar instruments may be issued by a U.S. or non-U.S. entity and may be traded in other currencies. GDRs are tradable both in the United States and Europe and are designed for use throughout the world. EDRs are issued in bearer form and are designed for use in European securities markets.

Investments in the securities of foreign issuers may subject the Fund to investment risks that differ in some respects from those related to investments in securities of U.S. issuers. Such risks include future adverse political and economic developments, possible imposition of withholding taxes on income, possible seizure, nationalization or expropriation of foreign deposits, possible establishment of exchange controls or taxation at the source or greater fluctuation in value due to changes in exchange rates. Foreign issuers of securities often engage in business practices different from those of domestic issuers of similar securities, and there may be less information publicly available about foreign issuers. In addition, foreign issuers are, generally speaking, subject to less government supervision and regulation and different accounting treatment than are those in the United States.

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

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

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

**Exchange-Traded Funds ("ETFs").** The Fund may invest in 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. In October 2020, the SEC adopted certain regulatory changes and took other actions related to the ability of an investment company to invest in another investment company. The changes include, among other things, amendments to Rule 12d1-1, the rescission of Rule 12d1-2, and the adoption of Rule 12d1-4 under the 1940 Act ("Rule 12d1-4") which 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 Sub-Adviser deems such reliance necessary or appropriate.

**Foreign Market and Trading Risk.** The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight. Foreign markets also may have clearance and settlement procedures that make it difficult for the Fund to buy and sell securities. These factors could result in a loss to the Fund by causing the Fund to be unable to dispose of an investment or to miss an attractive investment opportunity, or by causing Fund assets to be uninvested for some period of time. In addition, where all or portion of the Fund's underlying securities trade in a foreign market that is closed when the market in which the Fund's Shares are listed is open for trading, there may be changes between the last quote of the underlying securities' value in the closed foreign market and the value of such underlying securities during the Fund's domestic trading day.

**Illiquid Investments.** Pursuant to Rule 22e-4 ("Rule 22e-4" or the "Liquidity Rule") under the 1940 Act, the Fund may invest up to 15% of its net assets in illiquid investments. An illiquid investment as defined in Rule 22e-4 is an investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions within 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 Sub-Adviser. Illiquid investments involve the risk that the investments will not be able to be sold at the time the Sub-Adviser desires or at prices approximating the value at which the Fund is carrying the investments. To the extent an investment held by the Fund is deemed to be an illiquid investment or a less liquid investment, the Fund will be exposed to greater liquidity risk.

The Fund 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.

On November 2, 2022, the SEC proposed amendments to Rule 22e-4. If adopted as proposed, the proposed amendments would result in changes to the Fund's liquidity classification framework and could potentially increase the percentage of the Fund's investments deemed to be illiquid. In addition, the Fund's operations and investment strategies may be adversely impacted if the proposed amendments are adopted.

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

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

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

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

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

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

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

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

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

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

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

**Non-U.S. Issuers Risk.** The Fund may invest in securities of non-U.S. corporate issuers. Securities issued by non-U.S. issuers have different risks from securities issued by U.S. issuers. These risks include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability which could affect U.S. investments in non-U.S. countries, uncertainties of transnational litigation, and potential restrictions on the flow of international capital, including the possible seizure or nationalization of the securities issued by non-U.S. issuers held by the Fund. Non-U.S. issuers may be subject to less governmental regulation than U.S. issuers. Moreover, individual non-U.S. economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payment positions. Unfavorable political, economic or governmental developments in non-U.S. countries could affect the payment of a security's principal and interest. Securities issued by non-U.S. issuers may also be less liquid than, and more difficult to value than, securities of U.S. issuers. In addition, the value of these securities may fluctuate due to changes in the exchange rate of the issuer's local currency against the U.S. dollar.

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

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

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

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

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

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

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

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

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

**Special Situation Companies.** The Fund will seek to benefit from Special Situations, such as mergers, reorganizations, or other unusual events expected to affect a particular issuer**.** 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 Sub-Adviser, may cause the security to attain a higher market value independently, to a degree, than the trend in the securities market in general.

The particular development (actual or prospective), which may qualify a security as a Special Situation, may be one of many different types. Such developments may include, among others, a technological improvement or important discovery or acquisition which, if the expectation for it materialized, would effect a substantial change in the company's business; a reorganization; a recapitalization or other development involving a security exchange or conversion; a merger, liquidation or distribution of cash, securities or other assets; a breakup or workout of a holding company; litigation which, if resolved favorably, would improve the value of the company's stock; a new or changed management; or material changes in management policies. A Special Situation may often involve a comparatively small company, which is not well known, and which has not been closely watched by investors generally, but it may also involve a large company. The fact, if it exists, that an increase in the company's earnings, dividends or business is expected, or that a given security is considered to be undervalued, would not in itself be sufficient to qualify as a Special Situation. The Fund may invest in securities (even if not Special Situations) which, in the opinion of the Adviser or the Sub-Adviser, are appropriate investments for the Fund, including securities which the Adviser or Sub-Adviser believes are undervalued by the market. There is a risk that the Special Situation might not occur or involve longer time frames than originally expected, which could have a negative impact on the price of the issuer's securities and fail to produce gains or produce a loss for the Fund.

**Non-Principal Investment Policies and Risks**

**Borrowing.** The Fund may borrow money from a bank equal to 5% of its total assets for temporary purposes to meet redemptions or to pay dividends. Borrowing may exaggerate changes in the NAV of the Fund's shares and in the return on the Fund's portfolio. Although the principal of any borrowing will be fixed, the Fund's assets may change in value during the time the borrowing is outstanding. The Fund may be required to liquidate portfolio securities at a time when it would be disadvantageous to do so in order to make payments with respect to any borrowing. The Fund may be required to earmark or segregate liquid assets in an amount sufficient to meet its obligations in connection with such borrowings. In an interest rate arbitrage transaction, the Fund borrows money at one interest rate and lends the proceeds at another, higher interest rate. These transactions involve a number of risks, including the risks that the borrower will fail or otherwise become insolvent or that there will be a significant change in prevailing interest rates.

**Forward Commitment and When-Issued Transactions.** The Fund may purchase or sell securities on a when-issued or forward commitment basis (subject to its investment policies and restrictions). These transactions involve a commitment by the Fund to purchase or sell securities at a future date (ordinarily one or two months later). The price of the underlying securities (usually expressed in terms of yield) and the date when the securities will be delivered and paid for (the settlement date) are fixed at the time the transaction is negotiated. When-issued purchases and forward commitments are negotiated directly with the other party, and such commitments are not traded on exchanges.

When-issued purchases and forward commitments enable the Fund to lock in what is believed by its investment adviser to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. For instance, in periods of rising interest rates and falling prices, the Fund might sell securities it owns on a forward commitment basis to limit its exposure to falling prices. In periods of falling interest rates and rising prices, the Fund might sell securities it owns and purchase the same or a similar security on a when-issued or forward commitment basis, thereby obtaining the benefit of currently higher yields. When-issued securities or forward commitments involve a risk of loss if the value of the security to be purchased declines prior to the settlement date.

The value of securities purchased on a when-issued or forward commitment basis and any subsequent fluctuations in their value are reflected in the computation of the Fund's NAV starting on the date of the agreement to purchase the securities, and the Fund is subject to the rights and risks of ownership of the securities on that date. The Fund may not earn interest on the securities it has committed to purchase until they are paid for and delivered on the settlement date. When the Fund makes a forward commitment to sell securities it owns, the proceeds to be received upon settlement are included in the Fund's assets. Fluctuations in the market value of the underlying securities are not reflected in the Fund's NAV as long as the commitment to sell remains in effect. Settlement of when-issued purchases and forward commitment transactions generally takes place within two months after the date of the transaction, but the Fund may agree to a longer settlement period.

The Fund may dispose of or renegotiate a commitment after it is entered into. The Fund also may sell securities it has committed to purchase before those securities are delivered to the Fund on the settlement date. The Fund may realize a capital gain or loss in connection with these transactions, and its distributions from any net realized capital gains will be taxable to shareholders.

**Equity Swaps.** To the extent consistent with its investment objective and strategies, the Fund may enter into equity swap contracts to invest in a market without owning or taking physical custody of securities in circumstances in which direct investment is restricted for legal reasons or is otherwise impracticable. Equity swaps may be used by the Fund for hedging purposes, in anticipation of the purchase of securities, for liquidity management purposes, or to seek to increase total return. The counterparty to an equity swap contract will typically be a bank, investment banking firm or broker/dealer. Equity swap contracts may be structured in different ways. For example, a counterparty may agree to pay the Fund the amount, if any, by which the notional amount of the equity swap contract would have increased in value had it been invested in particular stocks (or an index of stocks), plus the dividends that would have been received on those stocks. In these cases, the Fund may agree to pay to the counterparty the amount, if any, by which that notional amount would have decreased in value had it been invested in the stocks. Therefore, the return to the Fund on any equity swap contract should be the gain or loss on the notional amount plus dividends on the stocks less the interest paid by the Fund on the notional amount. In other cases, the counterparty and the Fund may each agree to pay the other the difference between the relative investment performances that would have been achieved if the notional amount of the equity swap contract had been invested in different stocks (or indices of stocks).

The Fund will enter into equity swaps only on a net basis, which means that the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. Payments may be made at the conclusion of an equity swap contract or periodically during its term. Equity swaps do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to equity swaps is limited to the net amount of payments that the Fund is contractually obligated to make. If the other party to an equity swap defaults, the Fund's risk of loss consists of the net amount of payments that such Fund is contractually entitled to receive, if any.

The Fund will not enter into any swap transactions unless the unsecured commercial paper, senior debt or claims-paying ability of the other party is rated either A, or A-1 or better by S&P® Global Ratings Services ("S&P"), or Fitch Ratings ("Fitch"); or A or Prime-1 or better by Moody's Investors Service, Inc. ("Moody's"), or has received a comparable rating from another organization that is recognized as a nationally recognized statistical rating organization ("NRSRO"). If there is a default by the other party to such a transaction, the Fund will have contractual remedies pursuant to the agreements related to the transaction.

The use of equity swaps is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. If the Adviser or the Sub-Adviser is incorrect in its forecasts of market values, the investment performance of the Fund would be less favorable than it would have been if this investment technique were not used.

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

**Money Market Securities.** The Fund may invest its assets in money market instruments (the types of which are discussed below). Money market instruments 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 Sub-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.

The 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. 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.

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

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

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

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

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

**Securities Lending.** The Fund may lend its portfolio securities to financial institutions. Such loans would involve risks of delay in receiving additional collateral in the event the value of the collateral decreases below the value of the securities loaned or of delay in recovering the securities loaned or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers which the Sub-Adviser deems to be of good standing and only when, in the Sub- Adviser's judgment, the income to be earned from the loans justifies the attendant risks. The Fund may not make loans in excess of 331/3% of the value of its total assets. The Fund may pay a part of the interest earned from the investment of collateral, or other fee, to an unaffiliated or, to the extent consistent with the 1940 Act or the rules and SEC interpretations thereunder, affiliated third party for acting as the Fund's securities lending agent.

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

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

**Investment Restrictions**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Borrow money or issue senior securities, except that the Fund may borrow from banks and enter into reverse repurchase agreements provided that there is at least 300% asset coverage for the borrowings of the Fund. The Fund may not mortgage, pledge or hypothecate any assets, except in connection with any such borrowing and then in amounts not in excess of one-third of the value of the Fund's total assets at the time of such borrowing. However, the amount shall not be in excess of lesser of the dollar amounts borrowed or 331/3% 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;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Invest 25% or more of its total assets, taken at market value at the time of each investment, in the securities of one or more issuers conducting their principal business activities in the same industry or group of related industries, provided that (a) there is no limitation with respect to (i) instruments issued or guaranteed by the United States, any state, territory or possession of the United States, the District of Columbia or any of their authorities, agencies, instrumentalities or political subdivisions, and (ii) repurchase agreements secured by the instruments described in clause (i); (b) wholly-owned finance companies will be considered to be in the industries of their parents if their activities are primarily related to financing the activities of the parents; and (c) utilities will be divided according to their services, for example, gas, gas transmission, electric and gas, electric and telephone will each be considered a separate industry.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Make investments for the purpose of exercising control or management, but investments by the Fund in wholly-owned investment entities created under the laws of certain countries will not be deemed the making of investments for the purpose of exercising control or management.

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

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

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

**Exchange Listing and Trading**

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

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

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

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

**Portfolio Turnover**

Portfolio turnover measures the percentage of the Fund's total portfolio market value that was purchased or sold during the period. The Fund's turnover rate provides an indication of how transaction costs (which are not included in the Fund's expenses) may affect the Fund's performance. Also, funds with a high turnover may be more likely to distribute capital gains that may be taxable to shareholders.

The Predecessor Fund's portfolio turnover rates for the three most recent fiscal years are stated below. Portfolio turnover rates could change significantly in response to turbulent market conditions.

---

| | | |
|:---|:---|:---|
| **Fiscal Year Ended**<br> **April 30, 2025** | **Fiscal Year Ended**<br> **April 30, 2024** | **Fiscal Year Ended**<br> **April 30, 2023** |
| 65% | 61% | 64% |

---

**Management of the Company**

The business and affairs of the Company are managed under the oversight of the Board, subject to the laws of the State of Maryland and the Company's Charter. The Directors are responsible for deciding matters of overall policy and overseeing the actions of the Company's service providers. The officers of the Company conduct and supervise the Company's daily business operations.

Directors who are not deemed to be "interested persons" of the Company (as defined in the 1940 Act) are referred to as "Independent Directors." Directors who are deemed to be "interested persons" of the Company are referred to as "Interested Directors." The Board is currently composed of five Independent Directors and two Interested Director. The Board has selected Arnold M. Reichman, an Independent Director, 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 Directors and the Company'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 Company's independent registered public accounting firms and legal counsel, to assist the Directors 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 Directors to examine particular issues related to the Board's oversight responsibilities, from time to time. Each Committee meets periodically to perform its delegated oversight functions and reports its findings and recommendations to the Board. For more information on the Committees, see the section entitled "Standing Committees."

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

**Directors and Executive Officers**

The Directors and executive officers of the Company, their ages, business addresses and principal occupations during the past five years are set forth in this section.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s)<br> Held with<br> Company** | **Term of<br> Office<br> and Length<br> of Time Served<sup>1</sup>** | **Principal<br> Occupation(s)<br> During Past 5<br> Years** | **Number of<br> Portfolios in Fund<br> Complex<br> Overseen by Director\*** | **Other Directorships<br> Held by Director** |
| **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** |
| Gregory P. Chandler<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 58 | Director | 2012 to present | Since 2020, Chief Financial Officer, HC Parent Corp. d/b/a Herspiegel Consulting LLC (life sciences consulting services); 2020, Chief Financial Officer, Avocado Systems Inc. (cyber security software provider); from 2009-2020, Chief Financial Officer, Emtec, Inc. (information technology consulting/services). | 90 | FS Energy and Power Fund (business development company); Wilmington Funds (12 portfolios) (registered investment company); Emtec, Inc. (until December 2019); FS Investment Corporation (business development company) (until December 2018). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s)<br> Held with<br> Company** | **Term of<br> Office<br> and Length<br> of Time Served<sup>1</sup>** | **Principal<br> Occupation(s)<br> During Past 5<br> Years** | **Number of<br> Portfolios in Fund<br> Complex<br> Overseen by Director\*** | **Other Directorships<br> Held by Director** |
| Lisa A. Dolly<br> 615 East Michigan Street,<br> Milwaukee, WI, 53202<br> Age: 58 | Director | October 2021 to present | From July 2019-December 2019, Chairman, Pershing LLC (broker dealer, clearing and custody firm); January 2016-June 2019, Chief Executive Officer, Pershing, LLC. | 90 | 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)<br> Held with<br> Company** | **Term of<br> Office<br> and Length<br> of Time Served<sup>1</sup>** | **Principal<br> Occupation(s)<br> During Past 5<br> Years** | **Number of<br> Portfolios in Fund<br> Complex<br> Overseen by Director\*** | **Other Directorships<br> Held by Director** |
| Nicholas A. Giordano<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 81 | Director | 2006 to present | Since 1997, Consultant, financial services organizations. | 90 | IntriCon Corporation (biomedical device manufacturer); Wilmington Funds (12 portfolios) (registered investment company)(until 2023); IntriCon Corporation (biomedical device manufacturer) (until 2022); Independence Blue Cross (healthcare insurance) (until March 2021). |
| Arnold M. Reichman<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 76 | Chair Director | 2005 to present 1991 to present | Retired. | 90 | EIP Investment Trust (registered investment company) (until August 2022). |
| Martha A. Tirinnanzi<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 64 | Director | 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. | 90 | 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). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s)<br> Held with<br> Company** | **Term of<br> Office<br> and Length<br> of Time Served<sup>1</sup>** | **Principal<br> Occupation(s)<br> During Past 5<br> Years** | **Number of<br> Portfolios in Fund<br> Complex<br> Overseen by Director\*** | **Other Directorships<br> Held by Director** |
| **INTERESTED DIRECTORS<sup>2</sup>** | **INTERESTED DIRECTORS<sup>2</sup>** | **INTERESTED DIRECTORS<sup>2</sup>** | **INTERESTED DIRECTORS<sup>2</sup>** | **INTERESTED DIRECTORS<sup>2</sup>** | **INTERESTED DIRECTORS<sup>2</sup>** |
| Robert Sablowsky<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 86 | Vice Chair Director | 2016 to present 1991 to present | Since 2002, Senior Director - Investments and, prior thereto, Executive Vice President, of Oppenheimer & Co., Inc. (a registered broker-dealer). | 90 |  |
| Brian T. Shea<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 64 | Director | 2018 to present | From 2014-2017, Chief Executive Officer, BNY Mellon Investment Services (fund services, global custodian and securities clearing firm); from 1983-2014, Chief Executive Officer and various positions, Pershing LLC (broker dealer, clearing and custody firm). | 90 | Barclays PLC, Barclays Bank PLC and Barclays Execution Services Limited (financial services companies); Fidelity National Information Services, Inc. (financial services technology company) (until 2024); Ameriprise Financial, Inc. (financial services company); WisdomTree Investments, Inc. (asset management company) (until March 2019). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s)<br> Held with<br> Company** | **Term of<br> Office<br> and Length<br> of Time Served<sup>1</sup>** | **Principal<br> Occupation(s)<br> During Past 5<br> Years** | **Number of<br> Portfolios in Fund<br> Complex<br> Overseen by Director\*** | **Other Directorships<br> Held by Director** |
| **OFFICERS** | **OFFICERS** | **OFFICERS** | **OFFICERS** | **OFFICERS** | **OFFICERS** |
| Steven Plump<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 66 | President | August 2022 to present | From 2011 to 2021, Executive Vice President, PIMCO LLC. | N/A | N/A |
| Salvatore Faia, JD,<br> CPA, CFE Gateway<br> Corporate Center,<br> Suite 216<br> 223 Wilmington West<br> Chester Pike Chadds<br> Ford, PA 19317<br> Age: 62 | Chief Compliance Officer | 2004 to present | Since 2004, President, Vigilant Compliance, LLC (investment management services company); since 2005, Independent Trustee of EIP Investment Trust (registered investment company); since 2021, Chief Compliance Officer of The RBB Fund Trust; President of The RBB Fund Trust from 2021 to 2022; President of The RBB Fund, Inc. from 2009 to 2022. | N/A | N/A |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s)<br> Held with<br> Company** | **Term of<br> Office<br> and Length<br> of Time Served<sup>1</sup>** | **Principal<br> Occupation(s)<br> During Past 5<br> Years** | **Number of<br> Portfolios in Fund<br> Complex<br> Overseen by Director\*** | **Other Directorships<br> Held by Director** |
| James G. Shaw<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 64 | Chief Financial Officer and Secretary<br>Chief Operating Officer | 2016 to present<br>August 2022 to present | Since 2022, Chief Operating Officer of The RBB Fund Trust and The RBB Fund Inc.; since 2021, Chief Financial Officer and Secretary of The RBB Fund Trust; since 2016, Chief Financial Officer and Secretary of The RBB Fund Inc. | N/A | N/A |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s)<br> Held with<br> Company** | **Term of<br> Office<br> and Length<br> of Time Served<sup>1</sup>** | **Principal<br> Occupation(s)<br> During Past 5<br> Years** | **Number of<br> Portfolios in Fund<br> Complex<br> Overseen by Director\*** | **Other Directorships<br> Held by Director** |
| Craig A. Urciuoli<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 50 | Director of Marketing & Business Development | 2019 to present | Since 2021, Director of Marketing & Business Development of The RBB Fund Trust; since 2019, Director of Marketing & Business Development of The RBB Fund, Inc.; from 2000¬2019, Managing Director, Third Avenue Management LLC (investment advisory firm). | N/A | N/A |
| Jennifer Witt<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 42 | Assistant Treasurer | 2018 to present | Since 2020, Vice President, U.S. Bank Global Fund Services (fund administrative services firm); from 2016 to 2020, Assistant Vice President, U.S. Bank Global Fund Services. | N/A | N/A |
| Edward Paz<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 54 | Assistant Secretary | 2016 to present | Since 2007, Vice President and Counsel, U.S. Bank Global Fund Services (fund administrative services firm). | N/A | N/A |
| Joshua Solin<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 36 | Assistant Treasurer | January 2025 to present | Since 2023, Assistant Vice President, U.S. Bank Global Fund Services (fund administrative services firm); from 2021 to 2023, Officer, U.S. Bank Global Services. | N/A | N/A |
| Thomas M. Reynolds<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Age: 65 | Assistant Treasurer and Assistant Secretary | September 2024 to present | Since 2024, Assistant Treasurer & Assistant Secretary of the RBB Trust, Inc.; from 2023-2024, Vice President of Virtus Investment Partners; from 2020-2023, CEO of Stone Harbor Investment Partners LP | N/A | N/A |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Age** | **Position(s)<br> Held with<br> Company** | **Term of<br> Office<br> and Length<br> of Time Served<sup>1</sup>** | **Principal<br> Occupation(s)<br> During Past 5<br> Years** | **Number of<br> Portfolios in Fund<br> Complex<br> Overseen by Director\*** | **Other Directorships<br> Held by Director** |
| Jillian L. Bosmann<br> One Logan Square<br> Suite 2000<br> Philadelphia, PA 19103<br> Age: 46 | Assistant Secretary | 2017 to present | Since 2017, Partner, Faegre Drinker Biddle & Reath LLP (law firm). | N/A | N/A |

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\* Each Director oversees 90 portfolios of the fund complex, consisting of the series in the Company (76 portfolios) and The RBB Fund Trust (14 portfolios).

&nbsp;&nbsp;&nbsp;&nbsp;1. Subject
to the Company's Retirement Policy, each Director may continue to serve as a Director until the last day of the calendar year in
which the applicable Director 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 Director. 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 Company or until his or her successor is duly elected and qualified, or until he or she
dies, resigns or is removed.

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

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

The information above includes each Director's principal occupations during the last five years. Each Director possesses extensive additional experience, skills and attributes relevant to his or her qualifications to serve as a Director. The cumulative background of each Director led to the conclusion that each Director should serve as a Director of the Company. 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 Directors. The current members of the Audit Committee are Ms. Tirinnanzi and Messrs. Chandler and Giordano. The Audit Committee, among other things, reviews results of the annual audit and approves the firm(s) to serve as independent auditors. The Audit Committee convened four times during the fiscal year ended August 31, 2024.

**Contract Committee.** The Board has a Contract Committee comprised of an Interested Director and two Independent Directors. 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 Company. The Contract Committee convened five times during the fiscal year ended August 31, 2024.

**Executive Committee.** The Board has an Executive Committee comprised of an Interested Director and three Independent Directors. 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 Company when the Board is not in session. The Executive Committee did not meet during the fiscal year ended August 31, 2024.

**Nominating and Governance Committee.** The Board has a Nominating and Governance Committee comprised of three Independent Directors. 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 Directors of the Company. The Nominating and Governance Committee will consider nominees recommended by shareholders. Recommendations should be submitted to the Committee care of the Company's Secretary. The Nominating and Governance Committee convened four times during the fiscal year ended August 31, 2024.

**Product Development Committee.** The Board has a Product Development Committee comprised of the Interested Directors and two Independent Directors. 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 Company. The Product Development Committee convened seven times during the fiscal year ended August 31, 2024.

**Regulatory Oversight Committee.** The Board has a Regulatory Oversight Committee comprised of the Interested Directors and two Independent Directors. 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 Company. The Regulatory Oversight Committee convened four times during the fiscal year ended August 31, 2024.

**Valuation Committee.** The Board has a Valuation Committee comprised of the Interested Directors and two officers of the Company. 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 convened five times during the fiscal year ended August 31, 2024.

**Risk Oversight**

The Board performs its risk oversight function for the Company through a combination of (1) direct oversight by the Board as a whole and Board committees and (2) indirect oversight through the Company's investment advisers and other service providers, Company officers and the Company's Chief Compliance Officer ("CCO"). The Company 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 Company is the responsibility of the Company's investment advisers or other service providers (depending on the nature of the risk) that carry out the Company'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 Company'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 Company's investment advisers or other service providers, receiving and approving compliance policies and procedures, periodic meetings with the Company's portfolio managers to review investment policies, strategies and risks, and meeting regularly with the Company's CCO to discuss compliance reports, findings and issues. The Board also relies on the Company's investment advisers and other service providers, with respect to the day-to-day activities of the Company, to create and maintain procedures and controls to minimize risk and the likelihood of adverse effects on the Company's business and reputation.

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

**Director Ownership of Shares of the Company**

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

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| | | |
|:---|:---|:---|
| **Name of Director** | **Dollar Range of Equity**<br> **Securities in the Fund<sup>(1)</sup>** | **Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by Director within the Family of Investment Companies** |
| **Independent Directors** |  |  |
| Gregory P. Chandler |  | Over $100,000 |
| Lisa A. Dolly |  |  |
| Nicholas A. Giordano |  | $10001-$50000 |
| Arnold M. Reichman |  | Over $100,000 |
| Martha A. Tirinnanzi<sup>(2)</sup> |  |  |
| **Interested Directors** |  |  |
| Robert Sablowsky |  | Over $100,000 |
| Brian T. Shea |  | $1-$10000 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) Ms.
Tirinnanzi began serving as a Director effective January 1, 2024.

**Directors' and Officers' Compensation**

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

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

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

Directors 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 Company and served as President of the Company until August 2022. Vigilant Compliance, LLC is compensated for the services provided to the Company, and such compensation is determined by the Board. For the fiscal year ended August 31, 2024, Vigilant Compliance, LLC received $875,000 in the aggregate from all series of the Fund Complex for its services. For the fiscal year ended August 31, 2024, Vigilant Compliance, LLC did not receive any fees from the Fund because the Fund had not commenced operations prior to the date of this SAI. Employees of the Company serve as President, Chief Financial Officer, Chief Operating Officer, Secretary and Director of Marketing & Business Development, and are compensated for services provided. For the fiscal year ended August 31, 2024, each of the following members of the Board and the President, Chief Financial Officer, Chief Operating Officer, Secretary and Director of Marketing & Business Development received compensation from the Fund and the Fund Complex in the following amounts:

---

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

---

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

(2) Mr. Brodsky retired from his role as a Director effective February 2024.

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

(4) Ms. Tirinnanzi began serving as a Director effective January 1, 2024.

Each compensated Director is entitled to participate in the Company's deferred compensation plan (the "DC Plan"). Under the DC Plan, a compensated Director 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 Company in shares of one or more of the portfolios of the Company. The amount paid to the Directors under the DC Plan will be determined based upon the performance of such investments.

As of December 31, 2024, the Independent Directors and their respective immediate family members (spouse or dependent children) did not own beneficially or of record any securities of the Company'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.

**Director Emeritus Program**

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

A Director 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 Director. Compensation will be determined annually by the Committee and the Board with respect to each Director Emeritus. In addition, a Director Emeritus will be reimbursed for any expenses incurred in connection with their service, including expenses of travel and lodging incurred in attendance at Board/Committee meetings. A Director Emeritus will continue to receive relevant materials concerning the Fund and will be available to consult with the Directors at reasonable times as requested. However, a Director Emeritus does not have any voting rights at Board meetings and is not subject to election by shareholders of the Fund.

A Director 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 Director Emeritus of the Company. Effective January 2025, Robert Straniere serves as a Director Emeritus of the Company.

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

---

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

---

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

**Code of Ethics**

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

**Principal Holders**

As the Fund is a newly created investment company that was organized to acquire the assets and liabilities of the Predecessor Fund in exchange for shares of the Fund, the information provided below is for the Predecessor Fund.

As of July 9, 2025, to the Company's knowledge, the following named persons at the addresses shown below were owners of record of approximately 5% or more of the total outstanding shares of the Predecessor Fund as indicated below. See "Additional Information Concerning Company Shares" below. Any shareholder that owns 25% or more of the outstanding shares of the Fund may be presumed to "control" (as that term is defined in the 1940 Act) the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Class Shares** | **Shareholder Name and Address** | **Percentage of**<br> **Shares Owned**<br>| **Type of Ownership** |
| **Class A Shares** | Pershing LLC<br> Scottsdale, AZ 85258 | 95.64% | Record |
| **Class C Shares** | Pershing LLC<br> Scottsdale, AZ 85258 | 52.61% | Record |
| **Class C Shares** | National Financial Services, LLC<br> Waltham, MA 02453 | 40.21% | Record |
| **Class C Shares** | Janney Montgomery Scott LLC<br> Miami, FL 33156 | 7.17% | Record |
| **Institutional Class Shares** | Charles Schwab & Co., Inc.<br> San Francisco, CA 94105 | 23.44% | Record |
| **Institutional Class Shares** | Pershing LLC<br> Pittsburgh, PA 15219 | 27.50% | Record |
| **Institutional Class Shares** | Empower Financial Services, Inc Greenwood Village, CO 80111 | 41.21% | Record |
| **Investor Class Shares** | National Financial Services, LLC<br> Wexford, PA 15090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> 20.05%<br>| Record |
| **Investor Class Shares** | Emerald Funds Default Dealer<br> Lititz, PA 17543 | 5.63% | Record |
| **Investor Class Shares** | Emerald Funds Default Dealer<br> Camp Hill, PA 17011-8308 | 50.13% | Record |
| **Investor Class Shares** | Emerald Funds Default Dealer<br> Las Vegas, NV 89130 | 6.67% | Record |
| **Investor Class Shares** | Emerald Funds KIG Assets Default<br> Las Vegas, NV 89130 | <br> 8.39% | Record |

---

As of the date of this SAI, the Directors and officers of the Company as a group owned none of the outstanding shares of the Fund or Predecessor Fund.

**Investment Advisory Agreement and Investment Sub-Advisory Agreement**

**Investment Advisory Agreement**

The Fund's investment adviser is F/m Investments LLC, located at 3050 K Street, N.W., Suite 201, Washington, D.C. 20007. The Adviser is a majority owned subsidiary of F/m Managers Group, LP, which is a wholly owned subsidiary of 1251 Capital, Inc., a financial services holding company. Three officers of the Company own an indirect, minority interest in the Adviser. The Adviser and Sub-Adviser are affiliates. Prior to the Reorganization, the Sub-Adviser served as the investment adviser to the Predecessor Fund.

The Adviser provides investment advisory services to the Fund pursuant to the terms of an Investment Advisory Agreement (the "Advisory Agreement") between the Company 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 Directors by vote cast in person at a meeting called for the purpose of voting on such approval. The Advisory Agreement terminates automatically in the event of its assignment, as defined in the 1940 Act and the rules thereunder.

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

Pursuant to the terms of the Advisory Agreement, in consideration of the services provided by the Adviser, the Fund pays the Adviser a unitary management fee that is computed and paid monthly at an annual rate of 0.70% of the average daily net assets. From the unitary management fee, the Adviser pays most of the expenses of the Fund, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit and other services. However, under the Advisory Agreement, the Adviser is not responsible for interest expenses, 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.

The Predecessor Fund paid the following advisory fees, including waivers and reimbursements for the past three fiscal years:

---

| | | | |
|:---|:---|:---|:---|
| | For Fiscal Year Ended <br> April 30, 2025 | For Fiscal Year Ended <br> April 30, 2024 | For Fiscal Year Ended <br> April 30, 2023 |
| Gross Advisory Fees | $169750 | $129645 | $133353 |
| Waiver of Advisory Fees | ($113851) | ($115433) | ($104709) |
| Reimbursement of other Expenses | $0 | $0 | $0 |
| Net Advisory Fees | $55899 | $14212 | $28644 |

---

**Investment Sub-Advisory Agreement**

The Fund's investment sub-adviser is Emerald Mutual Fund Advisers Trust, located at 3175 Oregon Pike, Leola, Pennsylvania 17540. The Sub-Adviser commenced business operations in April of 2005 and is registered with the SEC as an investment adviser. The Sub-Adviser is a wholly owned subsidiary of Emerald Advisers, LLC, which commenced business operations in 1992. Emerald Advisers, LLC is owned by Emerald Asset Management PA, LLC a wholly owned subsidiary of Emerald Asset Management, Inc, an employee stock ownership trust and a control person of the Sub-Adviser. 1251 Capital Group Holdings, LLC, through its wholly owned subsidiaries, 1251 Financing Company, LLC, Diffractive Managers Group Payco, LLC, and F/M Managers Group, LLC is also a control person of the Sub-Adviser. The Adviser and Sub-Adviser are affiliates. Prior to the Reorganization, the Predecessor Fund had no sub-adviser, and didn't pay any sub-advisory fees.

Under the terms of an investment sub-advisory agreement by and among the Company, Adviser, and Sub-Adviser (the "Sub-Advisory Agreement"), the Sub-Adviser is responsible for selecting the portfolio securities for investment by the Fund, subject to the general supervision of the Board and the Adviser. The Adviser (not the Fund) pays the Sub-Adviser a fee equal to the annual rate of 0.60% of the Fund's average daily net assets.

**Portfolio Managers**

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

<u>The Sub-Adviser</u>

*Description of Compensation.* The Sub-Adviser's portfolio manager compensation is structured to align the interests of portfolio managers with those of the shareholders whose assets they manage. It includes the components described below, each of which is determined with reference to a number of factors such as overall performance, market competition, and internal equity. Compensation is not directly tied to the value of assets held in client portfolios.

Base Salary: Portfolio managers receive base pay in the form of a fixed annual salary.

Bonus: A significant portion of portfolio manager compensation takes the form of a quarterly incentive bonus tied to performance based on quarterly performance reviews and the manager's relative performance for rolling quarter, year, and five-year periods. Bonus payments are determined by a combination of factors, including pre-tax investment performance calculated as the average of all investment mandates for which the portfolio manager has responsibility compared against such mandates' respective benchmarks, non-qualitative items relating to the portfolio manager's fulfillment of his or her obligations and duties to each investment mandate as determined by senior management, and control of expenses by the portfolio manager taking into account income and gains of the investment mandates for which the portfolio manager has responsibility. Finally, the overall performance of Emerald Asset Management PA, LLC, the parent company of the Sub-Adviser, is considered in determining any portfolio manager bonus. Additionally, the Sub-Adviser's employees are eligible to participate in a company-wide discretionary bonus pool that is awarded by the compensation committee (which is comprised of members of the Sub-Adviser's parent company board of directors). The amount of the bonus pool is calculated based on the parent company's profitability. Also, portfolio managers are eligible to receive equity grant awards that include the payment of annual distributions.

Deferred Compensation Plans: Portfolio managers are eligible to participate in the Sub-Adviser's 401(k) plan and vested employees participate in the Sub-Adviser's parent company ESOP retirement plan.

*Other Accounts.* In addition to the Fund, each 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, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Manager; <br> Other Accounts** | **Total Accounts** | **Total Accounts** | **Accounts With <br> Performance-Based Fees** | **Accounts With <br> Performance-Based Fees** |
| **Portfolio Manager; <br> Other Accounts** | **Number** | **Assets(million)** | **Number** | **Assets(million)** |
| David A. Volpe |  |  |  |  |
| Registered Investment Companies | 0 | $- | 0 | $- |
| Other Pooled Investment Vehicles | 0 | $- | 0 | $- |
| Other Accounts | 5 | $99 | 0 | $- |
| Stephen L. Amsterdam |  |  |  |  |
| Registered Investment Companies | 0 | $- | 0 | $- |
| Other Pooled Investment Vehicles | 0 | $- | 0 | $- |
| Other Accounts | 5 | $99 | 0 | $- |

---

 

*Conflict of Interest.* Certain conflicts of interest may arise in connection with the management of multiple portfolios. Potential conflicts include, for example, conflicts among investment strategies and conflicts in the allocation of investment opportunities. The Sub-Adviser has adopted the following policies regarding the allocation and aggregation of securities transactions among client accounts:

<u>Aggregation Policy</u>: Aggregations of trades can produce meaningful cost savings to clients. The Sub-Adviser's policy is constructed to meet the requirements of the SEC. Specifically, the Sub-Adviser's policy is designed to address these issues:

&nbsp;&nbsp;&nbsp;&nbsp;1. Duty
of Disclosure: The Sub-Adviser will disclose fully to its clients the arrangements for aggregation of securities transactions.

&nbsp;&nbsp;&nbsp;&nbsp;2. Duty
to Act Only in the Clients' Best Interests: The aggregation of client transactions will be done only after client consent, consistent
with each such client's best interests.

&nbsp;&nbsp;&nbsp;&nbsp;3. Duty
to Treat Each Client Fairly: Securities transactions will be done on a pro rata basis at the average share price, consistent with the
specific conditions discussed below.

&nbsp;&nbsp;&nbsp;&nbsp;4. Duty
to Seek Best Execution: The Sub-Adviser recognizes its duty to aggregate and allocate securities transactions in a manner that ensures
best execution. This is discussed more fully below.

Aggregation Procedures: The Sub-Adviser will endeavor to bunch trades for clients in order to effect best execution at the lowest cost (commissions and spread) and to avoid disparities in execution prices for accounts that are managed similarly. The following bunching and trade aggregation procedures are designed to treat all client accounts equally. All client accounts with like mandates will participate in bunched trades, average pricing and pro rata execution. The Sub-Adviser will allocate trades internally prior to any bunched trades based on the requirements of the various groups of accounts as determined by the firm's portfolio managers (see "Block Trading" below).

The Sub-Adviser manages certain accounts pursuant to differing client mandates. With respect to certain accounts, the Sub-Adviser has full discretion with respect to investments and execution of portfolio transactions. For certain client accounts, specific brokerage firms have been designated, which prevents bunching trades with other accounts. These accounts would also prevent new or secondary issuance of stocks being equally divided across these types of accounts. Certain accounts may have directed investment policies and/or restrictions. These accounts may have different investment objectives and strategies, and therefore might invest in different individual stocks from other types of accounts and may have different sector allocation percentages, which would affect how the Sub-Adviser allocates aggregated trades for such accounts. Certain funds with daily cash flow differences (usually mutual funds) would have different trading activity dictated by internal cash flows (or withdrawals), the timing and tax consequences of which require that trades be made in different percentages for each share.

Because of these differences in policies and strategies of the various accounts the Sub-Adviser manages, the Sub-Adviser's portfolio managers will aggregate the number of shares determined to be desired for each account type and maintain a dated and time-stamped record of this pre-trade allocation. Each account will then average price pro-rata to the shares actually executed. If a client uses a particular directed broker-dealer, the Sub-Adviser will execute these trades separately, which trades may be executed at prices different than the bunched trades due to number of share differences, use of DOT system, movement and volatility of stock trading, or other relevant factors. While these differences may be noticeable on a trade-by-trade basis, they should balance out over time.

The intention of this policy is that the Sub-Adviser must make a trade allocation before the results of the actual trade have been determined. This policy will assure that the allocation cannot be affected by the results of the trade.

<u>Block Trading</u>: The Sub-Adviser also has established Block Trading Procedures to ensure that no advisory or sub-advisory client account or group of client accounts, neither public nor private, nor corporate nor individual, will receive preferential trading execution pursuant to federal and state regulations.

*Securities Ownership.* The portfolio managers did not own any shares of the Fund as no shares of the Fund were outstanding prior to the date of this SAI. As of April 30, 2025, the portfolio managers owned securities of the Predecessor Fund in the amount set forth in the table below.

---

| | |
|:---|:---|
| **Portfolio Manager(s)** | **Dollar Range of Ownership of Securities\*** |
| David A. Volpe, CFA® | $500001-$1000000 |
| Stephen L. Amsterdam | $100001-$500000 |

---

\* Dollar ranges are as follows: none; $1-$10,000; $10,001-$50,000; $50,001-$100,00; $100,001-$500,000; $500,001-$1,000,000; and over $1,000,000.

**Underwriter**

The Company has entered into a distribution agreement (the "Distribution Agreement") with Quasar Distributors, LLC (the "Distributor"), located at Three Canal Plaza, Suite 100, Portland, Maine 04101, pursuant to which the Distributor acts as the Fund's principal underwriter and distributes shares. Shares are continuously offered for sale by the Distributor only in Creation Units. Each Creation Unit is made up of at least 5,000 shares. The Distributor will not distribute Shares in amounts less than a Creation Unit.

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

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

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

**Purchase and Redemption of Creation Units**

**Purchase and Issuance of Creation Units**

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

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

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

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

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

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

PROCEDURES FOR PURCHASE OF CREATION UNITS. To be eligible to place orders with the Distributor to purchase a Creation Unit of the Fund, an entity must be (i) a "Participating Party", i.e., a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the NSCC (the "Clearing Process"), a clearing agency that is registered with the SEC; or (ii) a DTC Participant. In addition, each Participating Party or DTC Participant (each, an "Authorized Participant" or "AP") must execute a Participant Agreement that has been agreed to by the Distributor, and that has been accepted by U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Transfer Agent" or "Fund Services") and the Company, 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 Company 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 Sub-Adviser may retain all or a portion of the Transaction Fee to the extent the Sub-Adviser bears the expenses that otherwise would be borne by the Company in connection with the purchase of a Creation Unit, which the Transaction Fee is designed to cover.

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

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

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

Fund Deposits must be delivered by an AP through the Federal Reserve System (for cash) or through DTC (for corporate securities), through a subcustody agent (for foreign securities) and/or through such other arrangements allowed by the Company 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 Company. Foreign Deposit Securities must be delivered to an account maintained at the applicable local subcustodian. The Fund Deposit transfer must be ordered by the AP in a timely fashion so as to ensure the delivery of the requisite number of Deposit Securities or Deposit Cash, as applicable, to the account of the Fund or its agents by no later than the settlement date. All questions as to the number of Deposit Securities or Deposit Cash to be delivered, as applicable, and the validity, form and eligibility (including time of receipt) for the deposit of any tendered securities or cash, as applicable, will be determined by the Company, 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 Company 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 Sub-Adviser will be notified of such delivery, and the Company will issue and cause the delivery of the Creation Units. The delivery of Creation Units so created generally will occur no later than the third Business Day following the day on which the purchase order is deemed received by the Distributor. However, the Fund reserves the right to settle Creation Unit transactions on a basis other than the third Business Day following the day on which the purchase order is deemed received by the Distributor in order to accommodate foreign market holiday schedules, to account for different treatment among foreign and U.S. markets of dividend record dates and ex-dividend dates (that is the last day the holder of a security can sell the security and still receive dividends payable on the security), and in certain other circumstances. The AP will be liable to the Fund for losses, if any, resulting from unsettled orders.

Creation Units may be purchased in advance of receipt by the Company 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 Company, pending delivery of the missing Deposit Securities to the extent necessary to maintain the Additional Cash Deposit with the Company 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 Company to buy the missing Deposit Securities at any time. APs will be liable to the Company for the costs incurred by the Company 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 Company 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 Company and deposited into the Company. In addition, a Transaction Fee as set forth below under "Creation Transaction Fee" will be charged in all cases, unless otherwise advised by the Fund, and Non- Standard Charges may also apply. The delivery of Creation Units so created generally will occur no later than the settlement date.

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

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

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

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

**Redemption of Creation Units**

Shares may be redeemed only in Creation Units at their NAV next determined after receipt of a redemption request in proper form by the Fund through the Transfer Agent and only on a Business Day. EXCEPT UPON LIQUIDATION OF THE FUND, THE COMPANY 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 Company. There can be no assurance, however, that there will be sufficient liquidity in the public trading market at any time to permit assembly of a Creation Unit. Investors should expect to incur brokerage and other costs in connection with assembling a sufficient number of shares to constitute a redeemable Creation Unit.

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

Redemption proceeds for a Creation Unit are paid either in-kind or in cash, or combination thereof, as determined by the Company. With respect to in-kind redemptions of the Fund, redemption proceeds for a Creation Unit will consist of Fund Securities -- as announced by the Custodian on the Business Day of the request for redemption received in proper form -- plus cash in an amount equal to the difference between the NAV of the shares being redeemed, as next determined after a receipt of a request in proper form, and the value of the Fund Securities (the "Cash Redemption Amount"), less any fixed redemption transaction fee as set forth below and any Non-Standard Charges. If the Fund Securities have a value greater than the NAV of the shares, a compensating cash payment equal to the differential is required to be made by or through an AP by the redeeming shareholder. Notwithstanding the foregoing, at the Company'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 Company does not ordinarily permit full or partial cash redemptions of Creation Units of the Fund, when full or partial cash redemptions of Creation Units are available or specified for the Fund, they will be effected in essentially the same manner as in-kind redemptions thereof. In the case of full or partial cash redemptions, the AP will receive the cash equivalent of the Fund Securities it would otherwise receive through an in-kind redemption, plus the same Cash Amount to be paid to an in-kind redeemer. The Fund may incur costs such as brokerage costs or taxable gains or losses that the Fund might not have incurred if the redemption had been made in-kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis.

REDEMPTION TRANSACTION FEES. A redemption transaction fee may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units, and APs will be required to pay a Redemption Transaction Fee regardless of the number of Creation Units created in the transaction. The redemption transaction fee is the same no matter how many Creation Units are being redeemed pursuant to any one redemption request. The Fund may adjust the redemption transaction fee from time to time based upon actual experience. In addition, the Fund may impose a Non-Standard Charge of up to 2% of the value of a redemption transaction for cash redemptions, non-standard orders, or partial cash redemptions for the Fund. Investors who use the services of an AP, broker or other such intermediary may be charged a fee for such services which may include an amount for the Redemption Transaction Fees and Non-Standard Charges. Investors are responsible for the costs of transferring the securities constituting the Fund Securities to the account of the Company. The Non-Standard Charges are payable to the Fund as it incurs costs in connection with the redemption of Creation Units, the receipt of Fund Securities and the Cash Redemption Amount and other transactions costs. The standard Redemption Transaction Fee for the Fund is $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 Company'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 Company 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 Company, 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 Company'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 Company 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 Company may in its discretion exercise its option to redeem such shares in cash, and the redeeming investor will be required to receive its redemption proceeds in cash. In addition, an investor may request a redemption in cash that the Fund may, in its sole discretion, permit. In either case, the investor will receive a cash payment equal to the NAV of its shares based on the NAV of shares of the relevant Fund next determined after the redemption request is received in proper form (minus a redemption transaction fee and additional charge for requested cash redemptions specified above, to offset the Company's brokerage and other transaction costs associated with the disposition of Fund Securities). The Fund may also, in their sole discretion, upon request of a shareholder, provide such redeemer a portfolio of securities that differs from the exact composition of the Fund Securities but does not differ in NAV.

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

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

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

**Portfolio Holdings Information**

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

**Determination of Net Asset Value**

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

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

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

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

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

**Dividends, Distributions, and Taxes**

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

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

**Dividend Reinvestment Service**

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

**Taxes – General**

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

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

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

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

The Fund intends to comply with these requirements. If the Fund were to fail to make sufficient distributions, it could be liable for corporate income tax and for excise tax in respect of the shortfall or, if the shortfall is large enough, the Fund could be disqualified as a regulated investment company. If for any taxable year the Fund were not to qualify as a regulated investment company, all its taxable income would be subject to tax at regular corporate rates without any deduction for distributions to shareholders. In that event, taxable shareholders would recognize dividend income on distributions to the extent of the Fund's current and accumulated earnings and profits, and corporate shareholders could be eligible for the dividends-received deduction.

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

**Loss Carryforwards**

For federal income tax purposes, the Fund is generally permitted to carry forward a net capital loss in any year to offset its own capital gains, if any, during subsequent years. As of April 30, 2025, the Predecessor Fund had no short-term or long-term capital losses.

**State and Local Taxes**

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

**Portfolio Transactions and Brokerage**

Subject to policies established by the Board and oversight by the Adviser, the Sub-Adviser is responsible for the execution of portfolio transactions and the allocation of brokerage transactions for the Fund. In executing portfolio transactions, the Sub-Adviser seeks to obtain the best price and most favorable execution for the Fund, taking into account such factors as the price (including the applicable brokerage commission or dealer spread), size of the order, difficulty of execution and operational facilities of the firm involved. While the Sub-Adviser generally seeks reasonably competitive commission rates, payment of the lowest commission or spread is not necessarily consistent with obtaining the best price and execution in particular transactions.

**Brokerage Transactions**

Generally, equity securities, both listed and over-the-counter, are bought and sold through brokerage transactions for which commissions are payable. Purchases from underwriters will include the underwriting commission or concession, and purchases from dealers serving as market makers will include a dealer's mark-up or reflect a dealer's mark-down. Money market securities and other debt securities are usually bought and sold directly from the issuer or an underwriter or market maker for the securities. Generally, the Fund will not pay brokerage commissions for such purchases. When a debt security is bought from an underwriter, the purchase price will usually include an underwriting commission or concession. The purchase price for securities bought from dealers serving as market makers will similarly include the dealer's mark up or reflect a dealer's mark down. When the Fund executes transactions in the over-the-counter market, it will generally deal with primary market makers unless prices that are more favorable are otherwise obtainable.

In addition, the Sub-Adviser may place a combined order for two or more accounts they manage, including the Fund, engaged in the purchase or sale of the same security if, in its judgment, joint execution is in the best interest of each participant and will result in best price and execution. Transactions involving commingled orders are allocated in a manner deemed equitable to each account and the Fund. Although it is recognized that, in some cases, the joint execution of orders could adversely affect the price or volume of the security that a particular account or Fund may obtain, it is the opinion of the Sub-Adviser and the Board that the advantages of combined orders outweigh the possible disadvantages of separate transactions. Nonetheless, the Sub-Adviser believes that the ability of the Fund to participate in higher volume transactions will generally be beneficial to the Fund. The Predecessor Fund paid aggregate brokerage commissions of $25,735, $19,188 and $19,156 for the fiscal years ended April 30, 2025, 2024, and 2023, respectively. The Fund is required to identify any securities of the Company's regular broker-dealers (as defined in Rule 10b-1 under the 1940 Act) or their parents held by the Fund as of the end of the most recent fiscal year. Information about the Fund's ownership of its regular broker-dealers is not provided as the Fund had not commenced operations prior to the date of this SAI.

**Brokerage Selection**

The Company does not expect to use one particular broker or dealer, and when one or more brokers is believed capable of providing the best combination of price and execution, the Sub-Adviser may select a broker based upon brokerage or research services provided to the Sub-Adviser. The Sub-Adviser may pay a higher commission than otherwise obtainable from other brokers in return for such services only if a good faith determination is made that the commission is reasonable in relation to the services provided.

Section 28(e) of the Exchange Act, permits an investment adviser, under certain circumstances, to cause a fund to pay a broker or dealer a commission for effecting a transaction in excess of the amount of commission another broker or dealer would have charged for effecting the transaction in recognition of the value of brokerage and research services provided by the broker or dealer. In addition to agency transactions, the Sub-Adviser may receive brokerage and research services in connection with certain riskless principal transactions, in accordance with applicable SEC guidance. Brokerage and research services include: (1) furnishing advice as to the value of securities, the advisability of investing in, purchasing or selling securities, and the availability of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and (3) effecting securities transactions and performing functions incidental thereto (such as clearance, settlement, and custody). In the case of research services, the Sub-Adviser believes that access to independent investment research is beneficial to their investment decision-making processes and, therefore, to the Fund.

To the extent research services may be a factor in selecting brokers, such services may be in written form or through direct contact with individuals and may include information as to particular companies and securities as well as market, economic, or institutional areas and information which assists in the valuation and pricing of investments. Examples of research-oriented services for which the Sub-Adviser might utilize Fund commissions include research reports and other information on the economy, industries, sectors, groups of securities, individual companies, statistical information, political developments, technical market action, pricing and appraisal services, credit analysis, risk measurement analysis, performance and other analysis. The Sub-Adviser may use research services furnished by brokers in servicing all client accounts and not all services may necessarily be used in connection with the account that paid commissions to the broker providing such services. Information so received by the Sub-Adviser will be in addition to and not in lieu of the services required to be performed by the Sub-Adviser under the Sub-Advisory Agreement. Any advisory or other fees paid to the Sub-Adviser are not reduced as a result of the receipt of research services.

In some cases, the Sub-Adviser may receive a service from a broker that has both a "research" and a "non-research" use. When this occurs, the Sub-Adviser makes a good faith allocation, under all the circumstances, between the research and non-research uses of the service. The percentage of the service that is used for research purposes may be paid for with client commissions, while the Sub-Adviser will use its own funds to pay for the percentage of the service that is used for non-research purposes. In making this good faith allocation, the Sub-Adviser faces a potential conflict of interest, but the Sub-Adviser believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates the anticipated use of such services to their research and non-research uses.

**Securities Lending**

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

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

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

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

**Proxy Voting Procedures**

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

The Sub-Adviser will vote proxies in accordance with its proxy policies and procedures, which are included in Appendix B to this SAI.

**More Information**

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

**Payments to Financial Intermediaries**

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

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

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

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

**Additional Information Concerning Company Shares**

The Company has authorized capital of 100 billion shares of common stock at a par value of $0.001 per share. Currently, 95.723 billion shares have been classified into 265 classes. However, the Company only has approximately 72 active share classes that have begun investment operations. Under the Company's charter, the Board has the power to classify and reclassify any unissued shares of common stock from time to time.

Each share that represents an interest in the Fund has an equal proportionate interest in the assets belonging to that Fund with each other share that represents an interest in that Fund, even where a share has a different class designation than another share representing an interest in that Fund. Shares of the Company do not have preemptive or conversion rights. When issued for payment as described in the Prospectus, shares of the Company will be fully paid and non-assessable.

The Company does not currently intend to hold annual meetings of shareholders except as required by the 1940 Act or other applicable law. The Company's amended By- Laws provide that shareholders owning at least ten percent of the outstanding shares of all classes of Common Stock of the Company have the right to call for a meeting of shareholders to consider the removal of one or more directors. To the extent required by law, the Company will assist in shareholder communication in such matters.

Holders of shares of each class of the Company will vote in the aggregate on all matters, except where otherwise required by law. Further, shareholders of the Company will vote in the aggregate and not by portfolio except as otherwise required by law or when the Board determines that the matter to be voted upon affects only the interests of the shareholders of a particular portfolio or class of shares. Rule 18f-2 under the 1940 Act provides that any matter required to be submitted by the provisions of such Act or applicable state law, or otherwise, to the holders of the outstanding voting securities of an investment company such as the Company shall not be deemed to have been effectively acted upon unless approved by the holders of a majority of the outstanding voting securities of each portfolio affected by the matter. Rule 18f-2 further provides that a portfolio shall be deemed to be affected by a matter unless it is clear that the interests of each portfolio in the matter are identical or that the matter does not affect any interest of the portfolio. Under Rule 18f-2 the approval of an investment advisory agreement or distribution agreement or any change in a fundamental investment objective or fundamental investment policy would be effectively acted upon with respect to a portfolio only if approved by the holders of a majority of the outstanding voting securities of such portfolio. However, the Rule 18f-2 also provides that the ratification of the selection of independent public accountants and the election of directors are not subject to the separate voting requirements and may be effectively acted upon by shareholders of an investment company voting without regard to a portfolio. Shareholders of the Company are entitled to one vote for each full share held (irrespective of class or portfolio) and fractional votes for fractional shares held. Voting rights are not cumulative and, accordingly, the holders of more than 50% of the aggregate shares of common stock of the Company may elect all of the Directors.

Notwithstanding any provision of Maryland law requiring a greater vote of shares of the Company's common stock (or of any class voting as a class) in connection with any corporate action, unless otherwise provided by law (for example by Rule 18f-2 discussed above), or by the Company's Articles of Incorporation and By-Laws, the Company may take or authorize such action upon the favorable vote of the holders of more than 50% of all of the outstanding shares of Common Stock voting without regard to class (or portfolio).

**Miscellaneous**

**Anti-Money Laundering Program**

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

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

**Independent Registered Public Accounting Firm**

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

**Transfer Agent**

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

**Custodian**

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

**Administrator**

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

ALPS Distributors, Inc. served as the administrator to the Predecessor Fund. The administration, accounting and transfer agent fees paid to ALPS Distributors, Inc. by the Predecessor Fund for the past three fiscal years are as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **For Fiscal Year Ended <br> April 30, 2025** | **For Fiscal Year Ended <br> April 30, 2024** | **For Fiscal Year Ended <br> April 30, 2023** |
| **Administration and Fund Accounting Fees** | $34393 | $29224 | $21965 |
| **Transfer Agent Fees** | $37575 | $41650 | $38773 |

---

**Counsel**

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

**Registration Statement**

This SAI and the Prospectus do not contain all of the information set forth in the Registration Statement the Company 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**

The audited financial statements, financial highlights, and notes thereto in the Predecessor Fund's annual report on Form N-CSR for the fiscal period ended April 30, 2025 (the "[Annual Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000915802/000139834425012789/fp0093705-1_ncsrixbrl.htm)") have been audited by Cohen & Company, Ltd., the Predecessor Fund's independent registered public accounting firm, whose report thereon also appears in the Annual Report, which is incorporated by reference into this SAI. No other parts of the Annual Report are incorporated by reference herein. Copies of the Predecessor Fund's Annual Report may be obtained at no charge by calling 1-855-828-9909.

**<u>Appendix A</u>**

**DESCRIPTION OF SECURITIES**

**RATINGS**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

"P-3" – Issuers (or supporting institutions) rated Prime-3 reflect an acceptable ability to repay short-term obligations. "NP" – Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories. "NR" – Is assigned to an unrated issuer, obligation and/or program.

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

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

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

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

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

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

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

"D" – Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation. "NR" – Is assigned to an issue of a rated issuer that are not and have not been rated.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Municipal Short-Term Note rating symbols are as follows:

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

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

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

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

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

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

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

MIG Scale

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

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

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

"SG" – This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection. "NR" – Is assigned to an unrated obligation, obligation and/or program.

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

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

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

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

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

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

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

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

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

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

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

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

**<u>Appendix B</u>**

**EMERALD ADVISERS, LLC EMERALD MUTUAL FUND ADVISERS TRUST EMERALD SEPARATE ACCOUNT MANAGEMENT**

**PROXY VOTING POLICY**

The voting policies set forth below apply to all proxies which Emerald Advisers, LLC. and subsidiaries are entitled to vote. It is Emerald's policy to vote all such proxies. Corporate governance through the proxy process is solely concerned with the accountability and responsibility for the assets entrusted to corporations. The role of institutional investors in the governance process is the same as the responsibility due all other aspects of the fund's management. First and foremost, the investor is a fiduciary and secondly, an owner. Fiduciaries and owners are responsible for their investments. These responsibilities include:

1) selecting proper directors <br> 2) insuring that these directors have properly supervised management <br> 3) resolve issues of natural conflict between shareholders and managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Compensation

b. Corporate Expansion

c. Dividend Policy

d. Free Cash Flow

e. Various Restrictive Corporate Governance Issues, Control Issues, etc.

f. Preserving Integrity

In voting proxies, Emerald will consider those factors which would affect the value of the investment and vote in the manner, which in its view, will best serve the economic interest of its clients. Consistent with this objective, Emerald will exercise its vote in a activist pro-shareholder manner in accordance with the following policies.

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **BOARDS OF DIRECTORS** 

In theory, the board represents shareholders, in practice, all to often Board members are selected by management. Their allegiance is therefore owed to management in order to maintain their very favorable retainers and prestigious position. In some cases, corporations never had a nominating process, let alone criteria for the selection of Board members. Shareholders have begun to focus on the importance of the independence of the Board of Directors and the nominating process for electing these Board members. Independence is an important criterium to adequately protect shareholders' ongoing financial interest and to properly conduct a board member's oversight process. Independence though, is only the first criteria for a Board. Boards need to be responsible fiduciaries in their oversight and decision making on behalf of the owners and corporations. Too many companies are really ownerless. Boards who have failed to perform their duties, or do not act in the best interests of the shareholders should be voted out. A clear message is sent when a no confidence vote is given to a set of directors or to a full Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Election of Directors**, a Board of Directors, or any number of Directors. In order to assure Boards are acting solely for the shareholders they represent, the following resolutions will provide a clear message to underperforming companies and Boards who have failed to fulfill duties assigned to them.

● Votes should be cast in favor of shareholder proposals asking that boards be comprised of a majority of outside directors.

● Votes should be cast in favor of shareholder proposals asking that board audit, compensation and nominating committees be comprised exclusively of outside directors.

● Votes should be cast against management proposals to re-elect the board if the board has a majority of inside directors.

● Votes should be withheld for directors who may have an inherent conflict of interest by virtue of receiving consulting fees from a corporation (affiliated outsiders).

● Votes should be withheld, on a case by case basis, for those directors of the compensation committees responsible for particularly egregious compensation plans.

● Votes should be withheld for directors who have failed to attend 75% of board or committee meetings in cases where management does not provide adequate explanation for the absences.

● Votes should be withheld for incumbent directors of poor performing companies; defining poor performing companies as those companies who have below average stock performance (vs. peer group/Wilshire 5000) and below average return on assets and operating margins.

● Votes should be cast in favor of proposals to create shareholder advisory committees. These committees will represent shareholders' views, review management, and provide oversight of the board and their directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Board Diversity**: Emerald will generally support and votes should be cast in favor of proposals requiring diversity among a company's Board of Directors. Using NASDAQ's proposed rule 560(f)(2) as a guide, a diverse board should have two or more directors who self-identify as: (i) Female, (ii) an Underrepresented Minority, or (iii) LGBTQ+. Emerald will generally support and votes should be cast in favor of proposals seeking an explanation why a company does not meet this requirement.

● For purposes of this section I.B, the following terms shall have the following meanings: "Female" shall mean an individual who self-identifies her gender as a woman, without regard to the individual's designated sex at birth. "Underrepresented Minority" shall mean an individual who self-identifies as one or more of the following: Black or African American, Hispanic or Latinx, Asian, Native American or Alaska Native, Native Hawaiian or Pacific Islander, or two or more races or ethnicities. "LGBTQ+" shall mean an individual who self-identifies as any of the following: lesbian, gay, bisexual, transgender or a member of the queer community.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.**

**Selection of Accountants**: Emerald will generally support a rotation of accountants to provide a truly independent audit. This rotation should generally occur every 4-5 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.**

**Incentive Stock Plans**. Emerald will generally vote against all excessive compensation and incentive stock plans which are not performance related.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.**

**Corporate restructuring plans** or company name changes, will generally be evaluated on a case by case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.**

**Annual Meeting Location**. This topic normally is brought forward by minority shareholders, requesting management to hold the annual meeting somewhere other than where management desires. Resolution. Emerald normally votes with management, except in those cases where management seeks a location to avoid their shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.**

**Preemptive Rights**. This is usually a shareholder request enabling shareholders to participate first in any new offering of common stock. Resolution: We do not feel that preemptive rights would add value to shareholders, we would vote against such shareholder proposals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.**

**Mergers and/or Acquisitions**. Each merger and/or acquisition has numerous ramifications for long term shareholder value. Resolution: After in-depth valuation Emerald will vote its shares on a case by case basis.

&nbsp;&nbsp;&nbsp;&nbsp;**II.** **CORPORATE GOVERNANCE ISSUES** 

These issues include those areas where voting with management may not be in the best interest of the institutional investor. All proposals should be examined on a case by case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Provisions Restricting Shareholder Rights**. These provisions would hamper shareholders ability to vote on certain corporate actions, such as changes in the bylaws, greenmail, poison pills, recapitalization plans, golden parachutes, and on any item that would limit shareholders' right to nominate, elect, or remove directors. These items can change the course of the corporation overnight and shareholders should have the right to vote on these critical issues. **Resolution**: <u>Vote Against management proposals to implement such restrictions and vote For shareholder proposals to eliminate them</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Anti-Shareholder Measures**. These are measures designed to entrench management so as to make it more difficult to effect a change in control of the corporation. They are normally not in the best interests of shareholders since they do not allow for the most productive use of corporate assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Classification of the Board of Directors**:

A classified Board is one in which directors are not elected in the same year rather their terms of office are staggered. This eliminates the possibility of removing entrenched management at any one annual election of directors. **Resolution**: <u>Vote Against proposals to classify the Board and support proposals (usually shareholder initiated) to implement annual election of the Board</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Shareholder Rights Plans (Poison Pills)**:

Anti-acquisition proposals of this sort come in a variety of forms. In general, issuers confer contingent benefits of some kind on their common stockholders. The most frequently used benefit is the right to buy shares at discount prices in the event of defined changes in corporate control. Resolution: Vote Against proposals to adopt Shareholder Rights Plans, and vote For Shareholder proposals eliminating such plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Unequal Voting Rights**:

A takeover defense, also known as superstock, which gives holders disproportionate voting rights. Emerald adheres to the One Share, One Vote philosophy, as all holders of common equity must be treated fairly and equally. Resolution: Vote Against proposals creating different classes of stock with unequal voting privileges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Supermajority Clauses**:

These are implemented by management requiring that an overly large amount of shareholders (66-95% of shareholders rather than a simple majority) approve business combinations or mergers, or other measures affecting control. This is another way for management to make changes in control of the company more difficult. **Resolution**: <u>Vote Against management proposals to implement supermajority clauses and support shareholder proposals to eliminate them</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Fair Price Provisions**:

These provisions allow management to set price requirements that a potential bidder would need to satisfy in order to consummate a merger. The pricing formulas normally used are so high that the provision makes any tender offer prohibitively expensive. Therefore, their existence can foreclose the possibility of tender offers and hence, the opportunity to secure premium prices for holdings. **Resolution**: <u>Vote Against management proposals to implement fair price provisions and vote For shareholder proposals to eliminate them</u>.

**Caveat**: Certain fair price provisions are legally complex and require careful analysis and advice before concluding whether or not their adoption would serve stockholder interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Increases in authorized shares and/or creation of new classes of common and preferred stock**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Increasing authorized shares.

Emerald will support management if they have a stated purpose for increasing the authorized number of common and preferred stock. Under normal circumstances, this would include stock splits, stock dividends, stock option plans, and for additional financing needs. However, in certain circumstances, it is apparent that management is proposing these increases as an anti-takeover measure. When used in this manner, share increases could inhibit or discourage stock acquisitions by a potential buyer, thereby negatively affecting a fair price valuation for the company.

**Resolution**: <u>On a case by case basis, vote Against management if they attempt to increase the amount of shares that they are authorized to issue if their intention is to use the excess shares to discourage a beneficial business combination. One way to determine if management intends to abuse its right to issue shares is if the amount of authorized shares requested is double the present amount of authorized shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Creation of new classes of stock.

Managements have proposed authorizing shares of new classes of stock, usually preferreds, which the Board would be able to issue at their discretion. The Board would also be granted the discretion to determine the dividend rate, voting privileges, redemption provisions, conversion rights, etc. without approval of the shareholders. These "blank check" issues are designed specifically to inhibit a takeover, merger, or accountability to its shareholders.

Resolution: <u>Emerald would vote AGAINST management in allowing the Board the discretion to issue any type of "blank check" stock without shareholder approval</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Directors and Management Liability and Indemnification.

These proposals are a result of the increasing cost of insuring directors and top management against lawsuits. Generally, managements propose that the liability of directors and management be either eliminated or limited. Shareholders must have some recourse for losses that are caused by negligence on the part of directors and management. Therefore directors and management should be responsible for their fiduciary duty of care towards the company. The Duty of Care is defined as the obligation of directors and management to be diligent in considering a transaction or in taking or refusing to take a corporate action.

**Resolution**: <u>On a case by case basis, Emerlad votes Against attempts by management to eliminate directors and management liability for their duty of care</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Compensation Plans (Incentive Plans)

Management occasionally will propose to adopt an incentive plan which will become effective in the event of a takeover or merger. These plans are commonly known as "golden parachutes" or "tin parachutes" as they are specifically designed to grossly or unduly benefit a select few in management who would most likely lose their jobs in an acquisition. Shareholders should be allowed to vote on all plans of this type.

**Resolution**: <u>On a case by case basis, vote Against attempts by management to adopt proposals that are specifically designed to grossly or unduly benefit members of executive management in the event of an acquisition</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Greenmail

Emerald would not support management in the payment of greenmail.

**Resolution**: <u>Emerald would vote FOR any shareholder resolution that would eliminate the possibility of the payment of greenmail</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Cumulative Voting

Cumulative voting entitles stockholders to as many votes as equal the number of shares they own multiplied by the number of directors being elected. According to this set of rules, a shareholder can cast all votes towards a single director, or any two or more. This is a proposal usually made by a minority shareholder seeking to elect a director to the Board who sympathizes with a special interest. It also can be used by management that owns a large percentage of the company to ensure that their appointed directors are elected.

**Resolution**: <u>Cumulative voting tends to serve special interests and not those of shareholders, therefore Emerald will vote Against any proposals establishing cumulative voting and For any proposal to eliminate it</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Proposals Designed to Discourage Mergers & Acquisitions In Advance

These provisions direct Board members to weigh socioeconomic and legal as well as financial factors when evaluating takeover bids. This catchall apparently means that the perceived interests of customers, suppliers, managers, etc., would have to be considered along with those of the shareholder. These proposals may be worded: "amendments to instruct the Board to consider certain factors when evaluating an acquisition proposal". Directors are elected primarily to promote and protect the shareholder interests. Directors should not allow other considerations to dilute or deviate from those interests.

**Resolution**: <u>Emerald will vote Against proposals that would discourage the most productive use of corporate assets in advance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Confidential Voting

A company that does not have a ballot provision has the ability to see the proxy votes before the annual meeting. In this way, management is able to know before the final outcome how their proposals are being accepted. If a proposal is not going their way, management has the ability to call shareholders to attempt to convince them to change their votes. Elections should take place in normal democratic process which includes the secret ballot. Elections without the secret ballot can lead to coercion of shareholders, employees, and other corporate partners.

**Resolution**: <u>Vote For proposals to establish secret ballot voting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Disclosure

**Resolution**: <u>Emerald will vote Against proposals that would require any kind of unnecessary disclosure of business records. Emerald will vote For proposals that require disclosure of records concerning unfair labor practices or records dealing with the public safety</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Sweeteners

**Resolution**: <u>Emerald will vote Against proposals that include what are called "sweeteners" used to entice shareholders to vote for a proposal that includes other items that may not be in the shareholders best interest. For instance, including a stock split in the same proposal as a classified Board, or declaring an extraordinary dividend in the same proposal installing a shareholders rights plan (Poison Pill)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Changing the State of Incorporation

If management sets forth a proposal to change the State of Incorporation, the reason for change is usually to take advantage of another state's liberal corporation laws, especially regarding mergers, takeovers, and anti-shareholder measures. Many companies view the redomestication in another jurisdiction as an opportune time to put new anti-shareholder measures on the books or to purge their charter and bylaws of inconvenient shareholder rights, written consent, cumulative voting, etc.

**Resolution**: <u>On a case-by-case basis, Emerald will vote Against proposals changing the State of Incorporation for the purpose of their anti-shareholder provisions and will support shareholder proposals calling for reincorporation into a jurisdiction more favorable to shareholder democracy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Equal Access to Proxy Statements

Emerald supports stockholders right to equal access to the proxy statement, in the same manner that management has access. Stockholders are the owners of a corporation and should not be bound by timing deadlines and other obstacles that presently shareholders must abide by in sponsoring proposals in a proxy statement. The Board should not have the ability to arbitrarily prevent a shareholder proposal from appearing in the proxy statement.

**Resolution**: <u>Emerald will support any proposal calling for equal access to proxy statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Abstention Votes

Emerald supports changes in the method of accounting for abstention votes. Abstention votes should not be considered as shares "represented" or "cast" at an annual meeting. Only those shares cast favoring or opposing a proposal should be included in the total votes cast to determine if a majority vote has been achieved. Votes cast abstaining should not be included in total votes cast.

**Resolution**: <u>Emerald will support any proposal to change a company's by-laws or articles of incorporation to reflect the proper accounting for abstention votes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Other Issues** 

On other major issues involving questions of community interest, moral and social concern, fiduciary trust and respect for the law such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Human Rights

B. Nuclear Issues

C. Defense Issues

D. Social Responsibility

Emerald, in general supports the position of management. Exceptions to this policy Include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **South Africa** 

Emerald will actively encourage those corporations that have South African interests to adopt and adhere to the Statement of Principles for South Africa, formerly known as the Sullivan Principles, and to take further actions to promote responsible corporate activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Northern Ireland** 

Emerald will actively encourage U.S. companies in Northern Ireland to adopt and adhere to the MacBride Principles, and to take further actions to promote responsible corporate activity.

&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Other Potential Conflicts of Interest** 

Emerald may manage a variety of corporate accounts that are publicly traded.

**THE RBB FUND, INC.**

**PEA 359/364**

**PART C: OTHER INFORMATION**

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|:---|:---|
| **<u>Item 28.</u>** | **EXHIBITS** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Articles of Incorporation.

(1) [Articles of Incorporation of Registrant are incorporated herein by reference to Registrant's Registration Statement (No. 33-20827) filed on March 24, 1988, and refiled electronically with Post-Effective Amendment No. 61 to Registrant's Registration Statement filed on October 30, 1998.](http://www.sec.gov/Archives/edgar/data/831114/000093506998000189/0000935069-98-000189.txt)

(2) [Articles Supplementary of Registrant are incorporated herein by reference to Registrant's Registration Statement (No. 33-20827) filed on March 24, 1988, and refiled electronically with Post-Effective Amendment No. 61 to Registrant's Registration Statement filed on October 30, 1998.](http://www.sec.gov/Archives/edgar/data/831114/000093506998000189/0000935069-98-000189.txt)

(3) [Articles of Amendment to Articles of Incorporation of Registrant are incorporated herein by reference to Pre-Effective Amendment No. 2 to Registrant's Registration Statement (No. 33-20827) filed on July 12, 1988, and refiled electronically with Post-Effective Amendment No. 61 to Registrant's Registration Statement filed on October 30, 1998.](http://www.sec.gov/Archives/edgar/data/831114/000093506998000189/0000935069-98-000189.txt)

(4) [Articles Supplementary of Registrant are incorporated herein by reference to Pre-Effective Amendment No. 2 to Registrant's Registration Statement (No. 33-20827) filed on July 12, 1988, and refiled electronically with Post-Effective Amendment No. 61 to Registrant's Registration Statement filed on October 30, 1998.](http://www.sec.gov/Archives/edgar/data/831114/000093506998000189/0000935069-98-000189.txt)

(5) [Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 3 to the Registrant's Registration Statement (No. 33-20827) filed on April 27, 1990, and refiled electronically with Post-Effective Amendment No. 61 to Registrant's Registration Statement filed on October 30, 1998.](http://www.sec.gov/Archives/edgar/data/831114/000093506998000189/0000935069-98-000189.txt)

(6) [Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 4 to the Registrant's Registration Statement (No. 33-20827) filed on May 1, 1990, and refiled electronically with Post-Effective Amendment No. 61 to Registrant's Registration Statement filed on October 30, 1998.](http://www.sec.gov/Archives/edgar/data/831114/000093506998000189/0000935069-98-000189.txt)

(7) [Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 7 to the Registrant's Registration Statement (No. 33-20827) filed on July 15, 1992, and refiled electronically with Post-Effective Amendment No. 61 to Registrant's Registration Statement filed on October 30, 1998.](http://www.sec.gov/Archives/edgar/data/831114/000093506998000189/0000935069-98-000189.txt)

(8) [Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 8 to the Registrant's Registration Statement (No. 33-20827) filed on October 22, 1992, and refiled electronically with Post-Effective Amendment No. 61 to Registrant's Registration Statement filed on October 30, 1998.](http://www.sec.gov/Archives/edgar/data/831114/000093506998000189/0000935069-98-000189.txt)

(9) [Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 13 to the Registrant's Registration Statement (No. 33-20827) filed on October 29, 1993, and refiled electronically with Post-Effective Amendment No. 61 to Registrant's Registration Statement filed on October 30, 1998.](http://www.sec.gov/Archives/edgar/data/831114/000093506998000189/0000935069-98-000189.txt)

(10) [Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 13 to the Registrant's Registration Statement (No. 33-20827) filed on October 29, 1993, and refiled electronically with Post-Effective Amendment No. 61 to Registrant's Registration Statement filed on October 30, 1998.](http://www.sec.gov/Archives/edgar/data/831114/000093506998000189/0000935069-98-000189.txt)

(11) [Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 22 to the Registrant's Registration Statement (No. 33-20827) filed on December 19, 1994, and refiled electronically with Post-Effective Amendment No. 61 to Registrant's Registration Statement filed on October 30, 1998.](http://www.sec.gov/Archives/edgar/data/831114/000093506998000189/0000935069-98-000189.txt)

(12) [Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 22 to the Registrant's Registration Statement (No. 33-20827) filed on December 19, 1994, and refiled electronically with Post-Effective Amendment No. 61 to Registrant's Registration Statement filed on October 30, 1998.](http://www.sec.gov/Archives/edgar/data/831114/000093506998000189/0000935069-98-000189.txt)

(13) [Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 22 to the Registrant's Registration Statement (No. 33-20827) filed on December 19, 1994, and refiled electronically with Post-Effective Amendment No. 61 to Registrant's Registration Statement filed on October 30, 1998.](http://www.sec.gov/Archives/edgar/data/831114/000093506998000189/0000935069-98-000189.txt)

(14) [Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 22 to the Registrant's Registration Statement (No. 33-20827) filed on December 19, 1994, and refiled electronically with Post-Effective Amendment No. 61 to Registrant's Registration Statement filed on October 30, 1998.](http://www.sec.gov/Archives/edgar/data/831114/000093506998000189/0000935069-98-000189.txt)

(15) [Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 27 to the Registrant's Registration Statement (No. 33-20827) filed on March 31, 1995.](http://www.sec.gov/Archives/edgar/data/831114/0000935069-95-000009.txt)

(16) [Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 34 to the Registrant's Registration Statement (No. 33-20827) filed on May 16, 1996.](http://www.sec.gov/Archives/edgar/data/831114/000095010996003213/0000950109-96-003213.txt)

(17) [Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 39 to the Registrant's Registration Statement (No. 33-20827) filed on October 11, 1996.](http://www.sec.gov/Archives/edgar/data/831114/000091205796022682/0000912057-96-022682.txt)

(18) [Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 45 to the Registrant's Registration Statement (No. 33-20827) filed on May 9, 1997.](http://www.sec.gov/Archives/edgar/data/831114/000091205797016481/0000912057-97-016481.txt)

(19) [Articles of Amendment to Charter of the Registrant are incorporated herein by reference to Post-Effective Amendment No. 46 to the Registrant's Registration Statement (No. 33-20827) filed on September 25, 1997.](http://www.sec.gov/Archives/edgar/data/831114/0000950109-97-006070.txt)

(20) [Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 46 to the Registrant's Registration Statement (No. 33-20827) filed on September 25, 1997.](http://www.sec.gov/Archives/edgar/data/831114/0000950109-97-006070.txt)

(21) [Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 60 to the Registrant's Registration Statement (No. 33-20827) filed on October 29, 1998.](http://www.sec.gov/Archives/edgar/data/831114/000102140898000811/0001021408-98-000811.txt)

(22) [Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 60 to the Registrant's Registration Statement (No. 33-20827) filed on October 29, 1998.](http://www.sec.gov/Archives/edgar/data/831114/000102140898000811/0001021408-98-000811.txt)

(23) [Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 63 to the Registrant's Registration Statement (No. 33-20827) filed on December 14, 1998.](http://www.sec.gov/Archives/edgar/data/831114/000102140898001055/0001021408-98-001055.txt)

(24) [Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 63 to the Registrant's Registration Statement (No. 33-20827) filed on December 14, 1998.](http://www.sec.gov/Archives/edgar/data/831114/000102140898001055/0001021408-98-001055.txt)

(25) [Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 67 to the Registrant's Registration Statement (No. 33-20827) filed on September 30, 1999.](http://www.sec.gov/Archives/edgar/data/831114/000092701699003341/0000927016-99-003341.txt)

(26) [Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 69 to the Registrant's Registration Statement (No. 33-20827) filed on November 29, 1999.](http://www.sec.gov/Archives/edgar/data/831114/000102140899002138/0001021408-99-002138.txt)

(27) [Articles of Amendment to Charter of the Registrant are incorporated herein by reference to Post-Effective Amendment No. 71 to the Registrant's Registration Statement (No. 33-20827) filed on December 29, 2000.](http://www.sec.gov/Archives/edgar/data/831114/000102140800004568/0001021408-00-004568-0002.txt)

(28) [Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 71 to the Registrant's Registration Statement (No. 33-20827) filed on December 29, 2000.](http://www.sec.gov/Archives/edgar/data/831114/000102140800004568/0001021408-00-004568-0003.txt)

(29) [Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 71 to the Registrant's Registration Statement (No. 33-20827) filed on December 29, 2000.](http://www.sec.gov/Archives/edgar/data/831114/000102140800004568/0001021408-00-004568-0004.txt)

(30) [Articles of Amendment to Charter of the Registrant are incorporated herein by reference to Post-Effective Amendment No. 71 to the Registrant's Registration Statement (No. 33-20827) filed on December 29, 2000.](http://www.sec.gov/Archives/edgar/data/831114/000102140800004568/0001021408-00-004568-0005.txt)

(31) [Articles Supplementary of Registrant are incorporated herein by reference to Post-Effective Amendment No. 73 to the Registrant's Registration Statement (No. 33-20827) filed on March 15, 2001.](http://www.sec.gov/Archives/edgar/data/831114/000091205701007641/a2041368zex-99_a23.txt)

(32) [Articles of Amendment to Charter of the Registrant *(Boston Partners Bond Fund – Institutional Class and Boston Partners Bond Fund – Investor Class)* are incorporated herein by reference to Post-Effective Amendment No. 77 to the Registrant's Registration Statement (No. 33-20827) filed on May 15, 2002.](http://www.sec.gov/Archives/edgar/data/831114/000093506902000486/exhibita33.txt)

(33) [Articles Supplementary of Registrant *(Boston Partners All-Cap Value Fund – Institutional Class and Boston Partners Bond Fund – Institutional Class)* are incorporated herein by reference to Post-Effective Amendment No. 77 to the Registrant's Registration Statement (No. 33-20827) filed on May 15, 2002.](http://www.sec.gov/Archives/edgar/data/831114/000093506902000486/exhibita32.txt)

(34) [Articles Supplementary of Registrant *(Schneider Value Fund)* are incorporated herein by reference to Post-Effective Amendment No. 78 to the Registrant's Registration Statement (No. 33-20827) filed on May 16, 2002.](http://www.sec.gov/Archives/edgar/data/831114/000093506902000489/exhibita34.txt)

(35) [Articles Supplementary of Registrant *(Institutional Liquidity Fund for Credit Unions and Liquidity Fund for Credit Union Members)* are incorporated herein by reference to Post-Effective Amendment No. 84 to the Registrant's Registration Statement (No. 33-20827) filed on December 29, 2003.](http://www.sec.gov/Archives/edgar/data/831114/000119312503099760/dex99a.txt)

(36) [Articles of Amendment to Charter of the Registrant are incorporated herein by reference to Post-Effective Amendment No. 89 to the Registrant's Registration Statement (No. 33-20827) filed on December 30, 2004.](http://www.sec.gov/Archives/edgar/data/831114/000093506904002265/exhibit_a37.txt)

(37) [Articles Supplementary of Registrant *(Robeco WPG Core Bond Fund – Investor Class, Robeco WPG Core Bond Fund – Institutional Class, Robeco WPG Tudor Fund – Institutional Class, Robeco WPG Large Cap Growth Fund – Institutional Class)* are incorporated herein by reference to Post-Effective Amendment No. 93 to the Registrant's Registration Statement (No. 33-20827) filed on March 4, 2005.](http://www.sec.gov/Archives/edgar/data/831114/000093506905000471/g16302ex_a38.txt)

(38) [Certificate of Correction of Registrant is incorporated herein by reference to Post-Effective Amendment No. 95 to the Registrant's Registration Statement (No. 33-20827) filed on March 23, 2005.](http://www.sec.gov/Archives/edgar/data/831114/000119312505058685/dex99a39.txt)

(39) [Articles Supplementary of Registrant *(Robeco WPG Core Bond Fund – Investor Class, Robeco WPG Core Bond Fund – Institutional Class, Robeco WPG Tudor Fund – Institutional Class, Robeco WPG 130/30 Large Cap Core Fund f/k/a Robeco WPG Large Cap Growth Fund – Institutional Class)* are incorporated herein by reference to Post-Effective Amendment No. 95 to the Registrant's Registration Statement (No. 33-20827) filed on March 23, 2005.](http://www.sec.gov/Archives/edgar/data/831114/000119312505058685/dex99a40.txt)

(40) [Articles Supplementary of Registrant *(Senbanc Fund)* are incorporated herein by reference to Post-Effective Amendment No. 96 to the Registrant's Registration Statement (No. 33-20827) filed on June 6, 2005.](http://www.sec.gov/Archives/edgar/data/831114/000093506905001570/g17444exhibit_a41.txt)

(41) [Articles of Amendment of Registrant *(Robeco WPG Core Bond Fund – Retirement Class)* are incorporated herein by reference to Post-Effective Amendment No. 97 to the Registrant's Registration Statement (No. 33-20827) filed on August 19, 2005.](http://www.sec.gov/Archives/edgar/data/831114/000093506905002216/g19715exhibit_a42.txt)

(42) [Articles Supplementary of Registrant *(Robeco WPG Core Bond Fund – Investor Class)* are incorporated herein by reference to Post-Effective Amendment No. 99 to the Registrant's Registration Statement (No. 33-20827) filed on September 27, 2005.](http://www.sec.gov/Archives/edgar/data/831114/000093506905002739/g20260_exa42.txt)

(43) [Articles Supplementary of Registrant *(Bear Stearns CUFS MLP Mortgage Portfolio)* are incorporated herein by reference to Post-Effective Amendment No. 103 to the Registrant's Registration Statement (No. 33-20827) filed on July 18, 2006.](http://www.sec.gov/Archives/edgar/data/831114/000093506906001894/g34307_exa44.txt)

(44) [Articles of Amendment to Charter of the Registrant *(Bear Stearns CUFS MLP Mortgage Portfolio)* are incorporated herein by reference to Post-Effective Amendment No. 108 to the Registrant's Registration Statement (No. 33-20827) filed on December 14, 2006.](http://www.sec.gov/Archives/edgar/data/831114/000093506906003359/g37026_exa45.txt)

(45) [Articles Supplementary of Registrant *(Bear Stearns Ultra Short Income Fund f/k/a Bear Stearns Enhanced Income Fund)* are incorporated herein by reference to Post-Effective Amendment No. 109 to Registrant's Registration Statement (No. 33-20827) filed on December 15, 2006.](http://www.sec.gov/Archives/edgar/data/831114/000119312506254519/dex99a46.htm)

(46) [Articles Supplementary of Registrant *(Marvin & Palmer Large Cap Growth Fund)* are incorporated herein by reference to Post-Effective Amendment No. 109 to Registrant's Registration Statement (No. 33-20827) filed on December 15, 2006.](http://www.sec.gov/Archives/edgar/data/831114/000119312506254519/dex99a47.htm)

(47) [Articles of Amendment to Charter of the Registrant *(Bear Stearns Ultra Short Income Fund f/k/a Bear Stearns Enhanced Income Fund)* are incorporated herein by reference to Post-Effective Amendment No. 111 to the Registrant's Registration Statement (No. 33-20827) filed on February 28, 2007.](http://www.sec.gov/Archives/edgar/data/831114/000119312507042860/dex99a48.htm)

(48) [Articles Supplementary of Registrant *(Bear Stearns Ultra Short Income Fund f/k/a Bear Stearns Enhanced Income Fund)* are incorporated herein by reference to Post-Effective Amendment No. 111 to the Registrant's Registration Statement (No. 33-20827) filed on February 28, 2007.](http://www.sec.gov/Archives/edgar/data/831114/000119312507042860/dex99a49.htm)

(49) [Articles Supplementary of Registrant *(Free Market U.S. Equity Fund, Free Market International Equity Fund, Free Market Fixed Income Fund)* incorporated herein by reference to Post-Effective Amendment No. 112 to the Registrant's Registration Statement (No. 33-20827) filed on June 1, 2007.](http://www.sec.gov/Archives/edgar/data/831114/000119312507127937/dex99a50.htm)

(50) [Articles Supplementary of Registrant *(Robeco WPG 130/30 Large Cap Core Fund – Investor Class)* are incorporated herein by reference to Post-Effective Amendment No. 113 to the Registrant's Registration Statement (No. 33-20827) filed on July 13, 2007.](http://www.sec.gov/Archives/edgar/data/831114/000119312507154856/dex99a51.htm)

(51) [Articles Supplementary of Registrant *(SAM Sustainable Water Fund, SAM Sustainable Climate Fund)* are incorporated herein by reference to Post-Effective Amendment No. 114 to the Registrant's Registration Statement (No. 33-20827) filed on July 17, 2007.](http://www.sec.gov/Archives/edgar/data/831114/000119312507155801/dex99a51.htm)

(52) [Articles of Amendment of Registrant *(Robeco WPG 130/30 Large Cap Core Fund – Institutional Class)* are incorporated herein by reference to Post-Effective Amendment No. 116 to the Registrant's Registration Statement (No. 33-20827) filed on September 4, 2007.](http://www.sec.gov/Archives/edgar/data/831114/000119312507194943/dex99a52.htm)

(53) [Articles Supplementary of Registrant *(Bear Stearns Multifactor 130/30 US Core Equity Fund)* are incorporated herein by reference to Post-Effective Amendment No. 123 to the Registrant's Registration Statement (No. 33-20827) filed on December 17, 2007.](http://www.sec.gov/Archives/edgar/data/831114/000119312507266603/dex99a53.htm)

(54) [Articles of Amendment to Charter of the Registrant *(Bear Stearns Ultra Short Income Fund f/k/a Bear Stearns Enhanced Income Fund)* are incorporated herein by reference to Post-Effective Amendment No. 124 to the Registrant's Registration Statement (No. 33-20827) filed on December 28, 2007.](http://www.sec.gov/Archives/edgar/data/831114/000119312507272998/dex99a54.htm)

(55) [Articles Supplementary of Registrant *(SAM Sustainable Global Active Fund, SAM Sustainable Themes Fund)* are incorporated herein by reference to Post-Effective Amendment No. 128 to the Registrant's Registration Statement (No. 33-20827) filed on January 26, 2009.](http://www.sec.gov/Archives/edgar/data/831114/000119312509011091/dex99a55.htm)

(56) [Articles Supplementary of Registrant *(Perimeter Small Cap Growth Fund)* are incorporated herein by reference to Post-Effective Amendment No. 129 to the Registrant's Registration Statement (No. 33-20827) filed on July 2, 2009.](http://www.sec.gov/Archives/edgar/data/831114/000119312509143793/dex99a56.htm)

(57) [Articles Supplementary of Registrant *(S1 Fund)* are incorporated herein by reference to Post-Effective Amendment No. 135 to Registrant's Registration Statement (No. 33-20827) filed on July 19, 2010.](http://www.sec.gov/Archives/edgar/data/831114/000119312510161016/dex99a57.htm)

(58) [Articles Supplementary of Registrant *(Boston Partners Long/Short Research Fund f/k/a Robeco Boston Partners Long/Short Research Fund)* are incorporated herein by reference to Post-Effective Amendment No. 136 to the Registrant's Registration Statement (No. 33-20827) filed on August 6, 2010.](http://www.sec.gov/Archives/edgar/data/831114/000119312510181363/dex99a58.htm)

(59) [Articles of Amendment of Registrant *(WPG Partners Small Cap Value Diversified Fund f/k/a Robeco WPG Small/Micro Cap Value Fund)* are incorporated herein by reference to Post-Effective Amendment No. 141 to the Registrant's Registration Statement (No. 33-20827) filed on December 28, 2010.](http://www.sec.gov/Archives/edgar/data/831114/000110465910064495/a10-23871_1ex99dba59.htm)

(60) [Articles Supplementary of Registrant *(Boston Partners Global Equity Fund (f/k/a Robeco Boston Partners Global Equity Fund) and Robeco Boston Partners International Equity Fund)* are incorporated herein by reference to Post-Effective Amendment No. 142 to the Registrant's Registration Statement (No. 33-20827) filed on October 14, 2011.](http://www.sec.gov/Archives/edgar/data/831114/000110465911056173/a11-27869_1ex99dba60.htm)

(61) [Articles Supplementary of Registrant *(SGI U.S. Large Cap Equity Fund f/k/a Summit Global Investments U.S. Low Volatility Equity Fund)* are incorporated herein by reference to Post-Effective Amendment No. 144 to the Registrant's Registration Statement (No. 33-20827) filed on December 15, 2011.](http://www.sec.gov/Archives/edgar/data/831114/000110465911069708/a11-31641_1ex99da61.htm)

(62) [Articles Supplementary of Registrant *(Free Market U.S. Equity Fund, Free Market International Equity Fund, Free Market Fixed Income Fund)* are incorporated herein by reference to Post-Effective Amendment No. 149 to the Registrant's Registration Statement (No. 33-20827) filed on October 29, 2012.](http://www.sec.gov/Archives/edgar/data/831114/000110465912071980/a12-24324_1ex99da62.htm)

(63) [Articles Supplementary of Registrant *(Boston Partners Global Long/Short Fund f/k/a Robeco Boston Partners Global Long/Short Fund)* are incorporated herein by reference to Post-Effective Amendment No. 152 to the Registrant's Registration Statement (No. 33-20827) filed on March 29, 2013.](http://www.sec.gov/Archives/edgar/data/831114/000110465913025887/a13-9018_1ex99dba63.htm)

(64) [Articles Supplementary of Registrant *(Boston Partners Long/Short/ Research Fund – Institutional Class – Institutional Class f/k/a Robeco Boston Partners Long/Short Research Fund – Institutional Class)* are incorporated herein by reference to Post-Effective Amendment No. 157 to the Registrant's Registration Statement (No. 33-20827) filed on October 29, 2013.](http://www.sec.gov/Archives/edgar/data/831114/000110465913078780/a13-22799_1ex99dba64.htm)

(65) [Articles Supplementary of Registrant *(Matson Money U.S. Equity VI Portfolio, Matson Money International VI Equity Portfolio, Matson Money Fixed Income VI Portfolio)* are incorporated herein by reference to Post-Effective Amendment No. 159 to the Registrant's Registration Statement (No. 33-20827) filed on December 20, 2013.](http://www.sec.gov/Archives/edgar/data/831114/000110465913091599/a13-26837_1ex99dba65.htm)

(66) [Articles Supplementary of Registrant *(SGI Global Equity Fund f/k/a Scotia Dynamic U.S. Growth Fund)* are incorporated herein by reference to Post-Effective Amendment No. 161 to the Registrant's Registration Statement (No. 33-20827) filed on December 27, 2013.](http://www.sec.gov/Archives/edgar/data/831114/000110465913092670/a13-27194_1ex99dba66.htm)

(67) [Articles Supplementary of Registrant *(Boston Partners Long/Short Research Fund – Institutional Class f/k/a Robeco Boston Partners Long/Short Research Fund – Institutional Class)* are incorporated herein by reference to Post-Effective Amendment No. 168 to the Registrant's Registration Statement (No. 33-20827) filed on June 30, 2014.](http://www.sec.gov/Archives/edgar/data/831114/000110465914049415/a14-14662_1ex99dba67.htm)

(68) [Articles Supplementary of Registrant *(Abbey Capital Futures Strategy Fund and Adara Smaller Companies Fund (f/k/a Altair Smaller Companies Fund))* are incorporated herein by reference to Post-Effective Amendment No. 168 to the Registrant's Registration Statement (No. 33-20827) filed on June 30, 2014.](http://www.sec.gov/Archives/edgar/data/831114/000110465914049415/a14-14662_1ex99dba68.htm)

(69) [Articles Supplementary of Registrant *(Campbell Core Trend Fund)* are incorporated herein by reference to Post-Effective Amendment No. 171 to the Registrant's Registration Statement (No. 33-20827) filed on October 16, 2014.](http://www.sec.gov/Archives/edgar/data/831114/000110465914071995/a14-22367_1ex99dba69.htm)

(70) [Articles Supplementary of Registrant *(Free Market U.S. Equity Fund, Free Market International Equity Fund, Free Market Fixed Income Fund)* are incorporated herein by reference to Post-Effective Amendment No. 174 to the Registrant's Registration Statement (No. 33-20827) filed on December 23, 2014.](http://www.sec.gov/Archives/edgar/data/831114/000110465914088321/a14-26255_1ex99dba70.htm)

(71) [Articles of Amendment of Registrant *(Boston Partners Investment Funds)* are incorporated herein by reference to Post-Effective Amendment No. 174 to the Registrant's Registration Statement (No. 33-20827) filed on December 23, 2014.](http://www.sec.gov/Archives/edgar/data/831114/000110465914088321/a14-26255_1ex99dba71.htm)

(72) [Articles Supplementary of Registrant *(Boston Partners Emerging Markets Dynamic Equity Fund f/k/a Boston Partners Emerging Markets Long/Short Fund)* are incorporated herein by reference to Post-Effective Amendment No. 182 to the Registrant's Registration Statement (No. 33-20827) filed on October 16, 2015.](http://www.sec.gov/Archives/edgar/data/831114/000110465915071107/a15-21191_1ex99da72.htm)

(73) [Articles Supplementary of Registrant *(Campbell Core Carry Fund)* are incorporated herein by reference to Post-Effective Amendment No. 182 to the Registrant's Registration Statement (No. 33-20827) filed on October 16, 2015.](http://www.sec.gov/Archives/edgar/data/831114/000110465915071107/a15-21191_1ex99da73.htm)

(74) [Articles Supplementary of Registrant *(Boston Partners Alpha Blue Dynamic Equity Fund)* are incorporated herein by reference to Post-Effective Amendment No. 182 to the Registrant's Registration Statement (No. 33-20827) filed on October 16, 2015.](http://www.sec.gov/Archives/edgar/data/831114/000110465915071107/a15-21191_1ex99da74.htm)

(75) [Articles Supplementary of Registrant *(SGI U.S. Large Cap Equity Fund – Class C f/k/a Summit Global Investments U.S. Low Volatility Equity Fund – Class C)* are incorporated herein by reference to Post-Effective Amendment No. 184 to the Registrant's Registration Statement (No. 33-20827) filed on October 30, 2015.](http://www.sec.gov/Archives/edgar/data/831114/000110465915074491/a15-21949_1ex99dba75.htm)

(76) [Articles Supplementary of Registrant *(Boston Partners Long/Short Research Fund – Institutional Class)* are incorporated herein by reference to Post-Effective Amendment No. 187 to the Registrant's Registration Statement (No. 33-20827) filed on December 29, 2015.](http://www.sec.gov/Archives/edgar/data/831114/000110465915087088/a15-23853_1ex99dba76.htm)

(77) [Articles Supplementary of Registrant *(SGI Small Cap Equity Fund f/k/a Summit Global Investments Small Cap Low Volatility Fund)* are incorporated herein by reference to Post-Effective Amendment No. 195 to the Registrant's Registration Statement (No. 33-20827) filed on March 30, 2016.](http://www.sec.gov/Archives/edgar/data/831114/000110465916108773/a16-5934_1ex99da77.htm)

(78) [Articles Supplementary of Registrant *(Fasanara Capital Absolute Return Multi-Asset Fund)* are incorporated herein by reference to Post-Effective Amendment No. 198 to the Registrant's Registration Statement (No. 33-20827) filed on April 29, 2016.](http://www.sec.gov/Archives/edgar/data/831114/000110465916116367/a16-8109_1ex99da78.htm)

(79) [Articles of Amendment of Registrant *(Campbell Dynamic Trend Fund f/k/a Campbell Core Trend Fund)* are incorporated herein by reference to Post-Effective Amendment No. 207 to the Registrant's Registration Statement (No. 33-20827) filed on December 28, 2016.](http://www.sec.gov/Archives/edgar/data/831114/000110465916164070/a16-22303_1ex99dba79.htm)

(80) [Articles Supplementary of Registrant *(MFAM Global Opportunities Fund (f/k/a Motley Fool Independence Fund), MFAM Small-Mid Cap Growth Fund (f/k/a Motley Fool Great America Fund), and MFAM Emerging Markets Fund (f/k/a Motley Fool Epic Voyage Fund))* are incorporated herein by reference to Post-Effective Amendment No. 206 to the Registrant's Registration Statement (No. 33-20827) filed on December 21, 2016.](http://www.sec.gov/Archives/edgar/data/831114/000110465916163222/a16-23007_2ex99dba79.htm)

(81) [Articles of Amendment of Registrant *(MFAM Emerging Markets Fund f/k/a Motley Fool Epic Voyage Fund)* are incorporated herein by reference to Post-Effective Amendment No. 212 to the Registrant's Registration Statement (No. 33-20827) filed on February 28, 2017.](http://www.sec.gov/Archives/edgar/data/831114/000110465917012317/a17-1238_1ex99dbda81.htm)

(82) [Articles Supplementary of Registrant *(Orinda Income Opportunities Fund)* are incorporated herein by reference to Post-Effective Amendment No. 216 to the Registrant's Registration Statement (No. 33-20827) filed on April 10, 2017.](http://www.sec.gov/Archives/edgar/data/831114/000110465917022694/a17-7184_1ex99dba82.htm)

(83) [Articles Supplementary of Registrant *(Abbey Capital Futures Strategy Fund — Class T)* are incorporated herein by reference to Post-Effective Amendment No. 216 to the Registrant's Registration Statement (No. 33-20827) filed on April 10, 2017.](http://www.sec.gov/Archives/edgar/data/831114/000110465917022694/a17-7184_1ex99dba83.htm)

(84) [Articles Supplementary of Registrant *(Campbell Systematic Macro Fund f/k/a Campbell Managed Futures 10V Fund)* are incorporated herein by reference to Post-Effective Amendment No. 224 to the Registrant's Registration Statement (No. 33-20827) filed on July 28, 2017.](http://www.sec.gov/Archives/edgar/data/831114/000139834417009245/fp0026964_ex9928a84.htm)

(85) [Articles Supplementary of Registrant *(Boston Partners Emerging Markets Fund)* are incorporated herein by reference to Post-Effective Amendment No. 226 to the Registrant's Registration Statement (No. 33-20827) filed on August 23, 2017.](http://www.sec.gov/Archives/edgar/data/831114/000139834417010769/fp0027625_ex9928a85.htm)

(86) [Articles Supplementary of Registrant *(Motley Fool 100 Index ETF)* are incorporated herein by reference to Post-Effective Amendment No. 235 to the Registrant's Registration Statement (No. 33-20827) filed on January 19, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418000771/fp0030418_ex9928a92.htm)

(87) [Articles Supplementary of Registrant *(Abbey Capital Futures Strategy Fund – Class I)* are incorporated herein by reference to Post-Effective Amendment No. 238 to the Registrant's Registration Statement (No. 33-20827) filed on February 21, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418002628/fp0031158_ex9928a87.htm)

(88) [Articles Supplementary of Registrant *(Boston Partners Global Long/Short Fund – Institutional Class)* are incorporated herein by reference to Post-Effective Amendment No. 238 to the Registrant's Registration Statement (No. 33-20827) filed on February 21, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418002628/fp0031158_ex9928a88.htm)

(89) [Articles Supplementary of Registrant *(Free Market U.S. Equity Fund, Free Market International Equity Fund, Free Market Fixed Income Fund)* are incorporated herein by reference to Post-Effective Amendment No. 238 to the Registrant's Registration Statement (No. 33-20827) filed on February 21, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418002628/fp0031158_ex9928a89.htm)

(90) [Articles Supplementary of Registrant *(Aquarius International Fund)* are incorporated herein by reference to Post-Effective Amendment No. 238 to the Registrant's Registration Statement (No. 33-20827) filed on February 21, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418002628/fp0031158_ex9928a90.htm)

(91) [Articles Supplementary of Registrant *(Abbey Capital Multi Asset Fund)* are incorporated herein by reference to Post-Effective Amendment No. 238 to the Registrant's Registration Statement (No. 33-20827) filed on February 21, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418002628/fp0031158_ex9928a91.htm)

(92) [Articles of Amendment of Registrant *(SGI Global Equity Fund (f/k/a Dynamic U.S. Growth Fund))* are incorporated herein by reference to Post-Effective Amendment No. 238 to the Registrant's Registration Statement (No. 33-20827) filed on February 21, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418002628/fp0031158_ex9928a92.htm)

(93) [Articles of Amendment of Registrant *(SGI Global Equity Fund f/k/a Summit Global Investments Global Low Volatility Fund)* are incorporated herein by reference to Post-Effective Amendment No. 242 to the Registrant's Registration Statement (No. 33-20827) filed on March 19, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418004426/fp0032408_ex9928a93.htm)

(94) [Articles of Amendment of Registrant *(SGI U.S. Small Cap Equity Fund f/k/a Summit Global Investments Small Cap Low Volatility Fund)* are incorporated herein by reference to Post-Effective Amendment No. 242 to the Registrant's Registration Statement (No. 33-20827) filed on March 19, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418004426/fp0032408_ex9928a94.htm)

(95) [Articles of Amendment of Registrant *(Adara Smaller Companies Fund (f/k/a Altair Smaller Companies Fund))* are incorporated herein by reference to Post-Effective Amendment No. 242 to the Registrant's Registration Statement (No. 33-20827) filed on March 19, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418004426/fp0032408_ex9928a95.htm)

(96) [Articles of Amendment of Registrant *(MFAM Global Opportunities Fund (f/k/a Motley Fool Independence Fund) and MFAM Small-Mid Cap Growth Fund (f/k/a Motley Fool Great America Fund))* are incorporated herein by reference to Post-Effective Amendment No. 242 to the Registrant's Registration Statement (No. 33-20827) filed on March 19, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418004426/fp0032408_ex9928a96.htm)

(97) [Articles Supplementary of Registrant *(MFAM Small-Cap Growth ETF (f/k/a Motley Fool Small-Cap Growth ETF))* are incorporated herein by reference to Post-Effective Amendment No. 247 to the Registrant's Registration Statement (No. 33-20827) filed on October 23, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418015233/fp0036553_ex9928a97.htm)

(98) [Articles Supplementary of Registrant *(Motley Fool Innovation ETF)* are incorporated herein by reference to Post-Effective Amendment No. 247 to the Registrant's Registration Statement (No. 33-20827) filed on October 23, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418015233/fp0036553_ex9928a98.htm)

(99) [Articles of Amendment of Registrant *(MFAM Global Opportunities Fund, MFAM Small-Mid Cap Growth Fund, MFAM Emerging Markets Fund and MFAM Small-Cap Growth ETF)* are incorporated herein by reference to Post-Effective Amendment No. 251 to the Registrant's Registration Statement (No. 33-20827) filed on March 8, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000093041319000902/c93058_exa99.htm)

(100) [Articles of Amendment of Registrant *(MFAM Mid-Cap Growth Fund (f/k/a MFAM Small-Mid Cap Growth Fund)* are incorporated herein by reference to Post-Effective Amendment No. 251 to the Registrant's Registration Statement (No. 33-20827) filed on March 8, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000093041319000902/c93058_exa100.htm)

(101) [Articles Supplementary of Registrant *(Boston Partners Global Equity Advantage Fund)* are incorporated herein by reference to Post-Effective Amendment No. 254 to the Registrant's Registration Statement under the Investment Company Act of 1940 (No. 811-05518) filed on May 21, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000139834419009229/fp0042534_ex9928a101.htm)

(102) [Articles Supplementary of Registrant *(Campbell Advantage Fund)* are incorporated herein by reference to Post-Effective Amendment No. 254 to the Registrant's Registration Statement under the Investment Company Act of 1940 (No. 811-05518) filed on May 21, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000139834419009229/fp0042534_ex9928a102.htm)

(103) [Articles of Amendment of Registrant *(SGI U.S. Large Cap Equity Fund, (f/k/a Summit Global Investments U.S. Low Volatility Equity Fund), SGI Global Equity Fund (f/k/a Summit Global Investments Global Low Volatility Fund), and SGI U.S. Small Cap Equity Fund (f/k/a Summit Global Investments Small Cap Low Volatility Fund))* are incorporated herein by reference to Post-Effective Amendment No. 254 to the Registrant's Registration Statement under the Investment Company Act of 1940 (No. 811-05518) filed on May 21, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000139834419009229/fp0042534_ex9928a103.htm)

(104) [Articles of Amendment of Registrant *(Campbell Systematic Macro Fund (f/k/a Campbell Managed Futures 10V Fund))* are incorporated herein by reference to Post-Effective Amendment No. 254 to the Registrant's Registration Statement (No. 33-20827) filed on October 21, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000139834419018214/fp0046961_ex9928a104.htm)

(105) [Articles Supplementary of Registrant *(SGI U.S. Large Cap Equity VI Portfolio)* are incorporated herein by reference to Post-Effective Amendment No. 261 to the Registrant's Registration Statement (No. 33-20827) filed on February 28, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420004745/fp0051216_ex9928a105.htm)

(106) [Articles Supplementary of Registrant *(SGI Peak Growth Fund, SGI Prudent Growth Fund, and SGI Conservative Fund)* are incorporated herein by reference to Post-Effective Amendment No. 263 to the Registrant's Registration Statement (No. 33-20827) filed on March 25, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420006664/fp0052004_ex9928a106.htm)

(107) [Articles of Amendment of Registrant *(Boston Partners Emerging Markets Dynamic Equity Fund f/k/a Boston Partners Emerging Markets Long/Short Fund)* are incorporated herein by reference to Post-Effective Amendment No. 268 to the Registrant's Registration Statement (No. 33-20827) filed on November 23, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420023165/fp0059609_ex9928a107.htm)

(108) [Articles Supplementary of Registrant *(Stance Equity ESG Large Cap Core ETF)* are incorporated herein by reference to Post-Effective Amendment No. 269 to the Registrant's Registration Statement (No. 33-20827) filed on December 18, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420024782/fp0060219_ex9928a108.htm)

(109) [Articles Supplementary of Registrant *(YieldX Diversified Income ETF, YieldX High Income ETF, and YieldX Short-Term Income ETF)* are incorporated herein by reference to Post-Effective Amendment No. 281 to the Registrant's Registration Statement (No. 33-20827) filed on July 26, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421014817/fp0067497_ex9928a109.htm)

(110) [Articles of Amendment of Registrant *(SGI Small Cap Growth Fund f/k/a Bogle Investment Management Small Cap Growth Fund)* are incorporated herein by reference to Post-Effective Amendment No. 282 to the Registrant's Registration Statement (No. 33-20827) filed on September 27, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421019227/fp0068931_ex9928a110.htm)

(111) [Articles of Amendment of Registrant *(DriveWealth Power Saver ETF f/k/a YieldX High Income ETF* and *DriveWealth Steady Saver ETF f/k/a YieldX Short-Term Income ETF)* are incorporated herein by reference to Post-Effective Amendment No. 282 to the Registrant's Registration Statement (No. 33-20827) filed on September 27, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421019227/fp0068931_ex9928a111.htm)

(112) [Articles Supplementary of Registrant *(Motley Fool Global Opportunities ETF, Motley Fool Mid-Cap Growth ETF, Motley Fool Next Index ETF, Motley Fool Capital Efficiency 100 Index ETF, WPG Partners Select Small Cap Value Fund and Boston Partners Global Sustainability Fund)* are incorporated herein by reference to Post-Effective Amendment No. 285 to the Registrant's Registration Statement (33-20827) filed on December 10, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421023782/fp0070816_ex9928a112.htm)

(113) [Articles Supplementary of Registrant *(Optima Strategic Credit Fund)* are incorporated herein by reference to Post-Effective Amendment No. 287 to the Registrant's Registration Statement (33-20827) filed on December 29, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421024665/fp0071246_ex9928a113.htm)

(114) [Articles of Amendment of Registrant *(SGI Small Cap Core Fund f/k/a SGI Small Cap Growth Fund and Motley Fool Small-Cap Growth ETF f/k/a MFAM Small-Cap Growth ETF)* are incorporated herein by reference to Post-Effective Amendment No. 288 to the Registrant's Registration Statement (No. 33-20827) filed on March 2, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422005157/fp0073638_ex9928a114.htm)

(115) [Articles Supplementary of Registrant *(SGI U.S. Large Cap Core ETF and SGI Dynamic Tactical ETF)* are incorporated herein by reference to Post-Effective Amendment No. 300 to the Registrant's Registration Statement (No. 33-20827) filed on December 27, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422025028/fp0081158-1_ex9928a115.htm)

(116) [Articles Supplementary of Registrant *(US Treasury 30 Year Bond ETF, US Treasury 20 Year Bond ETF, US Treasury 10 Year Note ETF, US Treasury 7 Year Note ETF, US Treasury 5 Year Note ETF, US Treasury 3 Year Note ETF, US Treasury 2 Year Note ETF, US Treasury 12 Month Bill ETF, US Treasury 6 Month Bill ETF and US Treasury 3 Month Bill ETF)* are incorporated herein by reference to Post-Effective Amendment No. 293 to the Registrant's Registration Statement (No. 33-20827) filed on August 5, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422014885/fp0078403_ex9928a116.htm)

(117) [Articles Supplementary of Registrant (*Abbey Capital Futures Strategy Fund – Class I*) are incorporated herein by reference to Post-Effective Amendment No. 300 to the Registrant's Registration Statement (No. 33-20827) filed on December 27, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422025028/fp0081158-1_ex9928a117.htm)

(118) [Articles Supplementary of Registrant (*Campbell Systematic Macro Fund – Class I*) are incorporated herein by reference to Post-Effective Amendment No. 300 to the Registrant's Registration Statement (No. 33-20827) filed on December 27, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422025028/fp0081158-1_ex9928a118.htm)

(119) [Articles Supplementary of Registrant (*Oakhurst Fixed Income Fund, Oakhurst Short Duration Bond Fund, Oakhurst Short Duration High Yield Credit Fund, and F/m Investments Large Cap Focused Fund*) are incorporated herein by reference to Post-Effective Amendment No. 307 to the Registrant's Registration Statement (No. 33-20827) filed on July 10, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423013043/fp0084087-1_ex9928a119.htm)

(120) [Articles Supplementary of Registrant *(F/m Opportunistic Income ETF)* are incorporated herein by reference to Post-Effective Amendment No. 308 to the Registrant's Registration Statement (No. 33-20827) filed on August 30, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423017190/fp0084988-1_ex9928a120.htm)

(121) [Articles Supplementary of Registrant (*F/m 6-Month Investment Grade Corporate Bond ETF, F/m 9-18 Month Investment Grade Corporate Bond ETF (f/k/a F/m 1-Year Investment Grade Corporate Bond ETF), F/m 2-Year Investment Grade Corporate Bond ETF, F/m 3-Year Investment Grade Corporate Bond ETF, F/m 5-Year Investment Grade Corporate Bond ETF, F/m 7-Year Investment Grade Corporate Bond ETF, F/m 10-Year Investment Grade Corporate Bond ETF, F/m 20-Year Investment Grade Corporate Bond ETF, F/m 30-Year Investment Grade Corporate Bond ETF and F/m 15+ Year Investment Grade Corporate Bond ETF*) are incorporated herein by reference to Post-Effective Amendment No. 316 to the Registrant's Registration Statement (No. 33-20827) filed on January 9, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424000371/fp0086603-1_ex9928a121.htm)

(122) [Articles Supplementary of Registrant (*SGI Enhanced Global Income ETF and SGI Enhanced Core ETF*) are incorporated herein by reference to Post-Effective Amendment No. 320 to the Registrant's Registration Statement (No. 33-20827) filed on February 26, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424004158/fp0087311-1_ex9928a122.htm)

(123) [Articles of Amendment of Registrant (*F/m 9-18 Month Investment Grade Corporate Bond ETF f/k/a F/m 1-Year Investment Grade Corporate Bond ETF*) are incorporated herein by reference to Post-Effective Amendment No. 316 to the Registrant's Registration Statement (No. 33-20827) filed on January 9, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424000371/fp0086603-1_ex9928a123.htm)

(124) [Articles Supplementary of Registrant *(WPG Partners Select Hedged Fund)* are incorporated herein by reference to Post-Effective Amendment No. 323 to the Registrant's Registration Statement (No. 33-20827) filed on May 2, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424008575/fp0088193-1_ex9928a124.htm)

(125) [Articles Supplementary of Registrant *(SGI Enhanced Nasdaq-100 ETF)* are incorporated herein by reference to Post-Effective Amendment No. 326 to the Registrant's Registration Statement (No. 33-20827) filed on June 13, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424011665/fp0088690-1_ex9928a125.htm)

(126) [Articles Supplementary of Registrant *(F/m Emerald Life Sciences Innovation ETF)* are incorporated herein by reference to Post-Effective Amendment No. 333 to the Registrant's Registration Statement (No. 33-20827) filed on October 29, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424019616/fp0090276-1_ex9928a126.htm)

(127) [Articles Supplementary of Registrant *(SGI Enhanced Market Leaders ETF)* are incorporated by reference herein by reference to Post Effective Amendment No. 339 to the Registrant's Registrations Statement (No 33-28027) filed on February 14, 2025.](http://www.sec.gov/Archives/edgar/data/831114/000139834425002950/fp0092326-1_ex9928a127.htm)

(128) [Articles Supplementary of Registrant (*F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF, F/m Yield Curve Steepening Strategy ETF, F/m Yield Curve Flattening Strategy ETF, F/m Rising Interest Rates Strategy ETF, F/m Falling Interest Rates Strategy ETF, F/m U.S. Treasury 3 Month Bill Institutional ETF, F/m Leveraged U.S. Treasury 3-month Bill ETF, F/m Current Coupon Mortgage-Backed ETF, F/m Short Duration High Coupon Tax Free Municipal ETF, F/m Small Cap Core ETF, F/m Small Cap Growth ETF, F/m SMID Equity ETF, F/m High Yield 100 ETF, F/m High Yield High Beta ETF, F/m High Yield Quality ETF, F/m Short Duration High Yield Quality ETF, and F/m Senior Secured High Yield ETF*) is filed herewith.](fp0094386-1_ex9928a128.htm)

(129) [Articles Amendment of Registrant (*F/m US Treasury ETFs and F/m Long-Term Treasury Inflation-Protected Security (TIPS) ETF, f/k/a F/m Leveraged U.S. Treasury 3-month Bill ETF*) is filed herewith.](fp0094386-1_ex9928a129.htm)

(130) [Articles Supplementary of Registrant (*Emerald Banking & Finance Evolution Fund, Emerald Growth Fund, and F/m Emerald Special Situations ETF*) is filed herewith.](fp0094386-1_ex9928a130.htm)

(b) By-Laws.

(1) [By-Laws, as amended, are incorporated herein by reference to Post-Effective Amendment No. 282 to the Registrant's Registration Statement (No. 33-20827) filed on September 27, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421019227/fp0068931_ex9928b1.htm)

(c) Instruments Defining Rights of Security Holders.

(1) [See Articles VI, VII, VIII, IX and XI of Registrant's Articles of Incorporation dated February 17, 1988 which are incorporated herein by reference to Registrant's Registration Statement (No. 33-20827) filed on March 24, 1988, and refiled electronically with Post-Effective Amendment No. 61 to Registrant's Registration Statement filed on October 30, 1998.](http://www.sec.gov/Archives/edgar/data/831114/000093506998000189/0000935069-98-000189.txt)

(2) [See Articles II, III, VI, XIII, and XIV of Registrant's By-Laws as amended through August 25, 2004, which are incorporated herein by reference to Post-Effective Amendment No. 89 to the Registrant's Registration Statement (No. 33-20827) filed on December 30, 2004.](http://www.sec.gov/Archives/edgar/data/831114/000093506904002265/b2by_laws.txt)

(d) Investment Advisory Contracts.

(1) Reserved.

(2) Reserved.

(3) [Investment Advisory Agreement *(Free Market U.S. Equity Fund, Free Market International Equity Fund, Free Market Fixed Income Fund)* between Registrant and Matson Money, Inc. (f/k/a Abundance Technologies, Inc.) is incorporated herein by reference to Post-Effective Amendment No. 125 to the Registrant's Registration Statement (No. 33-20827) filed on February 27, 2008.](http://www.sec.gov/Archives/edgar/data/831114/000119312508040226/dex99d23.htm)

(4) [Amendment No. 1 to the Investment Advisory Agreement *(Free Market U.S. Equity Fund, Free Market International Equity Fund and Free Market Fixed Income Fund)* between Registrant and Matson Money, Inc. (f/k/a Abundance Technologies, Inc.) is incorporated herein by reference to Post-Effective Amendment No. 157 to the Registrant's Registration Statement (No. 33-20827) filed on October 29, 2013.](http://www.sec.gov/Archives/edgar/data/831114/000110465913078780/a13-22799_1ex99dbd6.htm)

(5) Reserved.

(6) [Expense Limitation and Reimbursement Agreement *(Boston Partners Investment Funds)* between Registrant and Boston Partners Global Investors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 261 to the Registrant's Registration Statement (No. 33-20827) filed on February 28, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420004745/fp0051216_ex9928d6.htm)

(7) [Investment Advisory Agreement *(SGI U.S. Large Cap Equity Fund, f/k/a Summit Global Investments U.S. Low Volatility Equity Fund)* between Registrant and Summit Global Investments, LLC is incorporated herein by reference to Post-Effective Amendment No. 160 to the Registrant's Registration Statement (No. 33-20827) filed on December 23, 2013.](http://www.sec.gov/Archives/edgar/data/831114/000110465913092016/a13-25324_1ex99dbd21.htm)

(8) [Expense Limitation and Reimbursement Agreement *(SGI U.S. Large Cap Equity Fund and SGI Global Equity Fund)* between Registrant and Summit Global Investments, LLC is incorporated herein by reference to Post-Effective Amendment No. 256 to the Registrant's Registration Statement (No. 33-20827) filed on December 20, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000139834419022920/fp0048532_ex9928d8.htm)

(9) [Investment Advisory Agreement *(Boston Partners Investment Funds)* between Registrant and Boston Partners Global Investors, Inc. (f/k/a Robeco Investment Management, Inc.) is incorporated herein by reference to Post-Effective Amendment No. 157 to the Registrant's Registration Statement (No. 33-20827) filed on October 29, 2013.](http://www.sec.gov/Archives/edgar/data/831114/000110465913078780/a13-22799_1ex99dbd25.htm)

(10) [Addendum No. 1 to Investment Advisory Agreement *(Boston Partners Global Long/Short Fund f/k/a Robeco Boston Partners Global Long/Short Fund)* between Registrant and Boston Partners Global Investors, Inc. (f/k/a Robeco Investment Management, Inc.) is incorporated herein by reference to Post-Effective Amendment No. 160 to the Registrant's Registration Statement (No. 33-20827) filed on December 23, 2013.](http://www.sec.gov/Archives/edgar/data/831114/000110465913092016/a13-25324_1ex99dbd25.htm)

(11) [Investment Advisory Agreement *(SGI Global Equity Fund, f/k/a Summit Global Investments Global Low Volatility Fund)* between Registrant and Summit Global Investments, LLC is incorporated herein by reference to Post-Effective Amendment No. 249 to the Registrant's Registration Statement (No. 33-20827) filed on December 21, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418018436/fp0037602_ex9928d11.htm)

(12) [Contractual Fee Waiver Agreement *(SGI Global Equity Fund, f/k/a Summit Global Investments Global Low Volatility Fund)* between Registrant and Summit Global Investments, LLC is incorporated herein by reference to Post-Effective Amendment No. 249 to the Registrant's Registration Statement (No. 33-20827) filed on December 21, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418018436/fp0037602_ex9928d12.htm)

(13) [Investment Advisory Agreement *(Abbey Capital Futures Strategy Fund)* between Registrant and Abbey Capital Limited is incorporated herein by reference to Post-Effective Amendment No. 168 to the Registrant's Registration Statement (No. 33-20827) filed on June 30, 2014.](http://www.sec.gov/Archives/edgar/data/831114/000110465914049415/a14-14662_1ex99dbd28.htm)

(14) [Amended and Restated Investment Advisory Agreement *(Abbey Capital Futures Strategy Fund)* between Abbey Capital Offshore Fund SPC (f/k/a Abbey Capital Offshore Fund Limited) and Abbey Capital Limited is incorporated herein by reference to Post-Effective Amendment No. 252 to the Registrant's Registration Statement (No. 33-20827) filed on May 22, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000093041319001716/c93671_ex99-d14.htm)

(15) Reserved.

(16) Reserved.

(17) [Trading Advisory Agreement *(Abbey Capital Futures Strategy Fund)* among Abbey Capital Onshore Series LLC, Abbey Capital Limited, Abbey Capital Offshore Fund SPC and Eclipse Capital Management, Inc. is incorporated herein by reference to Post-Effective Amendment No. 252 to the Registrant's Registration Statement (No. 33-20827) filed on May 22, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000093041319001716/c93671_ex99-d17.htm)

(18) [Trading Advisory Agreement *(Abbey Capital Futures Strategy Fund)* among Abbey Capital Onshore Series LLC, Abbey Capital Limited, Abbey Capital Offshore Fund SPC and Graham Capital Management, LP is incorporated herein by reference to Post-Effective Amendment No. 252 to the Registrant's Registration Statement (No. 33-20827) filed on May 22, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000093041319001716/c93671_ex99-d18.htm)

(a) [Amendment to Trading Advisory Agreement *(Abbey Capital Futures Strategy Fund)* among Abbey Capital Onshore Series LLC, Abbey Capital Limited, Abbey Capital Offshore Fund SPC and Graham Capital Management, LP is incorporated herein by reference to Post-Effective Amendment No. 273 to the Registrant's Registration Statement (No. 33-20827) filed on March 11, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421006349/fp0062420_ex9928d18a.htm)

(b) [Amendment to Trading Advisory Agreement (*Abbey Capital Futures Strategy Fund*) among Abbey Capital Onshore Series LLC, Abbey Capital Limited, Abbey Capital Offshore Fund SPC and Graham Capital Management, LP is incorporated by reference to Post-Effective Amendment 327 to the Registrant's Registration Statement (No. 33-20827) filed on July 19, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424012885/fp0089346-1_ex9928d18b.htm)

(19) [Trading Advisory Agreement *(Abbey Capital Futures Strategy Fund)* among Abbey Capital Onshore Series LLC, Abbey Capital Limited, Abbey Capital Offshore Fund SPC and P/E Global LLC is incorporated herein by reference to Post-Effective Amendment No. 252 to the Registrant's Registration Statement (No. 33-20827) filed on May 22, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000093041319001716/c93671_ex99-d19.htm)

(20) [Trading Advisory Agreement *(Abbey Capital Futures Strategy Fund)* among Abbey Capital Onshore Series LLC, Abbey Capital Limited, Abbey Capital Offshore Fund SPC and Revolution Capital Management, LLC is incorporated herein by reference to Post-Effective Amendment No. 252 to the Registrant's Registration Statement (No. 33-20827) filed on May 22, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000093041319001716/c93671_ex99-d20.htm)

(21) Reserved.

(22) [Addendum No. 2 to Investment Advisory Agreement *(WPG Partners Small Cap Value Diversified Fund f/k/a WPG Partners Small/Micro Cap Value Fund f/k/a Robeco WPG Small/Micro Cap Value Fund)* between Registrant and Boston Partners Global Investors, Inc. (f/k/a Robeco Investment Management, Inc.) is incorporated herein by reference to Post-Effective Amendment No. 168 to the Registrant's Registration Statement (No. 33-20827) filed on June 30, 2014.](http://www.sec.gov/Archives/edgar/data/831114/000110465914049415/a14-14662_1ex99dbd39.htm)

(23) [Investment Advisory Agreement *(Adara Smaller Companies Fund (f/k/a Altair Smaller Companies Fund))* between Registrant and Altair Advisers LLC is incorporated herein by reference to Post-Effective Amendment No. 249 to the Registrant's Registration Statement (No. 33-20827) filed on December 21, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418018436/fp0037602_ex9928d23.htm)

(24) Reserved.

(25) Reserved.

(26) Reserved.

(27) Sub-Advisory Agreement *(Adara Smaller Companies Fund)* among Registrant, Altair Advisers LLC and Aperio Group, LLC will be filed by amendment.

(28) [Investment Sub-Advisory Agreement *(Adara Smaller Companies Fund)* among Registrant, Altair Advisers LLC and Driehaus Capital Management LLC is incorporated herein by reference to Post-Effective Amendment No. 282 to the Registrant's Registration Statement (No. 33-20827) filed on September 27, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421019227/fp0068931_ex9928d28.htm)

(29) Reserved.

(30) [Investment Sub-Advisory Agreement *(Adara Smaller Companies Fund (f/k/a Altair Smaller Companies Fund))* among Registrant, Altair Advisers LLC and Pacific Ridge Capital Partners, LLC is incorporated herein by reference to Post-Effective Amendment No. 249 to the Registrant's Registration Statement (No. 33-20827) filed on December 21, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418018436/fp0037602_ex9928d29.htm)

(31) [Sub-Advisory Agreement *(Adara Smaller Companies Fund (f/k/a Altair Smaller Companies Fund))* among Registrant, Altair Advisers LLC and Pier Capital, LLC is incorporated herein by reference to Post-Effective Amendment No. 247 to the Registrant's Registration Statement (No. 33-20827) filed on October 23, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418015233/fp0036553_ex9928d31.htm)

(32) [Investment Sub-Advisory Agreement *(Adara Smaller Companies Fund (f/k/a Altair Smaller Companies Fund))* among Registrant, Altair Advisers LLC and River Road Asset Management, LLC is incorporated herein by reference to Post-Effective Amendment No. 249 to the Registrant's Registration Statement (No. 33-20827) filed on December 21, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418018436/fp0037602_ex9928d32.htm)

(33) [Addendum No. 3 to Investment Advisory Agreement *(Boston Partners Emerging Markets Dynamic Equity Fund f/k/a Boston Partners Emerging Markets Long/Short Fund)* between Registrant and Boston Partners Global Investors, Inc. (f/k/a Robeco Investment Management, Inc.) is incorporated herein by reference to Post-Effective Amendment No. 256 to the Registrant's Registration Statement (No. 33-20827) filed on December 20, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000139834419022920/fp0048532_ex9928d33.htm)

(34) Reserved.

(35) Reserved.

(36) Reserved.

(37) Reserved.

(38) Reserved.

(39) [Investment Advisory Agreement *(Matson Money U.S. Equity VI Portfolio, Matson Money International Equity VI Portfolio, and Matson Money Fixed Income VI Portfolio)* between Registrant and Matson Money, Inc. is incorporated herein by reference to Post-Effective Amendment No. 256 to the Registrant's Registration Statement (No. 33-20827) filed on December 20, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000139834419022920/fp0048532_ex9928d39.htm)

(40) [Expense Limitation and Reimbursement Agreement *(Matson Money U.S. Equity VI Portfolio, Matson Money International Equity VI Portfolio, and Matson Money Fixed Income VI Portfolio)* between Registrant and Matson Money Inc. is incorporated herein by reference to Post-Effective Amendment No. 256 to the Registrant's Registration Statement (No. 33-20827) filed on December 20, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000139834419022920/fp0048532_ex9928d40.htm)

(41) [Addendum No. 4 to Investment Advisory Agreement *(Boston Partners All-Cap Value Fund)* between Registrant and Boston Partners Global Investors, Inc. (f/k/a Robeco Investment Management, Inc.) is incorporated herein by reference to Post-Effective Amendment No. 247 to the Registrant's Registration Statement (No. 33-20827) filed on October 23, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418015233/fp0036553_ex9928d41.htm)

(42) [First Amendment to Investment Advisory Agreement *(Abbey Capital Futures Strategy Fund)* between Registrant and Abbey Capital Limited is incorporated herein by reference to Post-Effective Amendment No. 216 to the Registrant's Registration Statement (No. 33-20827) filed on April 10, 2017.](http://www.sec.gov/Archives/edgar/data/831114/000110465917022694/a17-7184_1ex99dbd11.htm)

(43) [Trading Advisory Agreement *(Abbey Capital Futures Strategy Fund)* among Abbey Capital Onshore Series LLC, Abbey Capital Limited, Abbey Capital Offshore Fund SPC and Aspect Capital Limited is incorporated herein by reference to Post-Effective Amendment No. 252 to the Registrant's Registration Statement (No. 33-20827) filed on May 22, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000093041319001716/c93671_ex99-d43.htm)

(44) Reserved.

(45) Reserved.

(46) [Investment Advisory Agreement *(Campbell Systematic Macro Fund)* between Registrant and Campbell & Company Investment Adviser LLC is incorporated herein by reference to Post-Effective Amendment No. 266 to the Registrant's Registration Statement (No. 33-20827) filed on June 8, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420012106/fp0054381_ex9928d46.htm)

(47) [Investment Advisory Agreement *(Campbell Systematic Macro Fund)* between Campbell Systematic Macro Offshore Limited and Campbell & Company Investment Adviser LLC is incorporated herein by reference to Post-Effective Amendment No. 266 to the Registrant's Registration Statement (No. 33-20827) filed on June 8, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420012106/fp0054381_ex9928d47.htm)

(48) [Expense Limitation and Reimbursement Agreement *(Campbell Systematic Macro Fund)* between Registrant and Campbell & Company Investment Adviser LLC is incorporated herein by reference to Post-Effective Amendment No. 266 to the Registrant's Registration Statement (No. 33-20827) filed on June 8, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420012106/fp0054381_ex9928d48.htm)

(49) [Addendum No. 5 to Investment Advisory Agreement *(Boston Partners Emerging Markets Fund)* between Registrant and Boston Partners Global Investors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 247 to the Registrant's Registration Statement (No. 33-20827) filed on October 23, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418015233/fp0036553_ex9928d49.htm)

(50) Reserved.

(51) Reserved.

(52) Reserved.

(53) [Expense Limitation and Reimbursement Agreement *(Abbey Capital Futures Strategy Fund and Abbey Capital Multi Asset Fund)* between Registrant and Abbey Capital Limited is incorporated herein by reference to Post-Effective Amendment No. 256 to the Registrant's Registration Statement (No. 33-20827) filed on December 20, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000139834419022920/fp0048532_ex9928d53.htm)

(54) [Investment Advisory Agreement *(Motley Fool 100 Index ETF)* between Registrant and Motley Fool Asset Management, LLC is incorporated herein by reference to Post-Effective Amendment No. 290 to the Registrant's Registration Statement (33-20827) filed on May 23, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422010179/fp0076368_ex9928d54.htm)

(55) [Investment Advisory Agreement *(Aquarius International Fund)* between Registrant and Altair Advisers LLC is incorporated herein by reference to Post-Effective Amendment No. 247 to the Registrant's Registration Statement (No. 33-20827) filed on October 23, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418015233/fp0036553_ex9928d55.htm)

(56) Sub-Advisory Agreement *(Aquarius International Fund)* among Registrant, Altair Advisers, LLC and Aperio Group, LLC will be filed by amendment.

(57) [Investment Sub-Advisory Agreement *(Aquarius International Fund)* among Registrant, Altair Advisers LLC and Driehaus Capital Management LLC is incorporated herein by reference to Post-Effective Amendment No. 282 to the Registrant's Registration Statement (No. 33-20827) filed on September 27, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421019227/fp0068931_ex9928d57.htm)

(58) [Investment Sub-Advisory Agreement *(Aquarius International Fund)* among Registrant, Altair Advisers LLC and Mawer Investment Management Ltd. is incorporated herein by reference to Post-Effective Amendment No. 249 to the Registrant's Registration Statement (No. 33-20827) filed on December 21, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418018436/fp0037602_ex9928d58.htm)

(59) [Investment Sub-Advisory Agreement *(Aquarius International Fund)* among Registrant, Altair Advisers LLC and Boston Partners Global Investors, Inc. is incorporate herein by reference to Post-Effective Amendment No. 305 to the Registrant's Registration Statement (No. 33-20827) filed on April 27, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423007980/fp0083323-1_ex9928d59.htm)

(60) [Investment Advisory Agreement *(Abbey Capital Multi Asset Fund)* between Registrant and Abbey Capital Limited is incorporated herein by reference to Post-Effective Amendment No. 256 to the Registrant's Registration Statement (No. 33-20827) filed on December 20, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000139834419022920/fp0048532_ex9928d60.htm)

(61) [Investment Advisory Agreement *(Abbey Capital Multi Asset Fund)* between Abbey Capital Multi Asset Offshore Fund Limited and Abbey Capital Limited is incorporated herein by reference to Post-Effective Amendment No. 256 to the Registrant's Registration Statement (No. 33-20827) filed on December 20, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000139834419022920/fp0048532_ex9928d61.htm)

(62) [Trading Advisory Agreement *(Abbey Capital Multi Asset Fund)* among Registrant, Abbey Capital Limited, Abbey Capital Multi Asset Offshore Fund Limited and Aspect Capital Limited is incorporated herein by reference to Post-Effective Amendment No. 256 to the Registrant's Registration Statement (No. 33-20827) filed on December 20, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000139834419022920/fp0048532_ex9928d62.htm)

(63) [Trading Advisory Agreement *(Abbey Capital Multi Asset Fund)* among Registrant, Abbey Capital Limited, Abbey Capital Multi Asset Offshore Fund Limited and Eclipse Capital Management, Inc. is incorporated herein by reference to Post-Effective Amendment No. 256 to the Registrant's Registration Statement (No. 33-20827) filed on December 20, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000139834419022920/fp0048532_ex9928d63.htm)

(64) [Trading Advisory Agreement *(Abbey Capital Multi Asset Fund)* among Registrant, Abbey Capital Limited, Abbey Capital Multi Asset Offshore Fund Limited and Revolution Capital Management, LLC is incorporated herein by reference to Post-Effective Amendment No. 256 to the Registrant's Registration Statement (No. 33-20827) filed on December 20, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000139834419022920/fp0048532_ex9928d64.htm)

(65) [Trading Advisory Agreement *(Abbey Capital Multi Asset Fund)* among Registrant, Abbey Capital Limited, Abbey Capital Multi Asset Offshore Fund Limited and Welton Investment Partners LLC is incorporated herein by reference to Post-Effective Amendment No. 256 to the Registrant's Registration Statement (No. 33-20827) filed on December 20, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000139834419022920/fp0048532_ex9928d65.htm)

(66) Reserved.

(67) [Trading Advisory Agreement *(Abbey Capital Futures Strategy Fund)* among Abbey Capital Onshore Series LLC, Abbey Capital Limited, Abbey Capital Offshore Fund SPC and Welton Investment Partners LLC is incorporated herein by reference to Post-Effective Amendment No. 252 to the Registrant's Registration Statement (No. 33-20827) filed on May 22, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000093041319001716/c93671_ex99-d67.htm)

(68) [Amendment No. 2 to the Investment Advisory Agreement *(Free Market U.S. Equity Fund, Free Market International Equity Fund and Free Market Fixed Income Fund)* between Registrant and Matson Money, Inc. is incorporated herein by reference to Post-Effective Amendment No. 249 to the Registrant's Registration Statement (No. 33-20827) filed on December 21, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418018436/fp0037602_ex9928d68.htm)

(69) [Trading Advisory Agreement *(Abbey Capital Multi Asset Fund)* among Registrant, Abbey Capital Limited, Abbey Capital Multi Asset Offshore Fund Limited and Tudor Investment Corporation is incorporated herein by reference to Post-Effective Amendment No. 256 to the Registrant's Registration Statement (No. 33-20827) filed on December 20, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000139834419022920/fp0048532_ex9928d69.htm)

(70) [Trading Advisory Agreement *(Abbey Capital Futures Strategy Fund)* among Abbey Capital Onshore Series LLC, Abbey Capital Limited, Abbey Capital Offshore Fund SPC and Tudor Investment Corporation is incorporated herein by reference to Post-Effective Amendment No. 252 to the Registrant's Registration Statement (No. 33-20827) filed on May 22, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000093041319001716/c93671_ex99-d70.htm)

(71) [Investment Advisory Agreement *(Abbey Capital Futures Strategy Fund)* between Abbey Capital Onshore Series LLC and Abbey Capital Limited is incorporated herein by reference to Post-Effective Amendment No. 252 to the Registrant's Registration Statement (No. 33-20827) filed on May 22, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000093041319001716/c93671_ex99-d71.htm)

(72) [Investment Advisory Agreement *(Abbey Capital Futures Strategy Fund)* between Abbey Capital Master Offshore Fund Limited and Abbey Capital Limited is incorporated herein by reference to Post-Effective Amendment No. 252 to the Registrant's Registration Statement (No. 33-20827) filed on May 22, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000093041319001716/c93671_ex99-d72.htm)

(73) [Investment Advisory Agreement *(Motley Fool Small-Cap Growth ETF)* between Registrant and Motley Fool Asset Management, LLC is incorporated herein by reference to Post-Effective Amendment No. 290 to the Registrant's Registration Statement (33-20827) filed on May 23, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422010179/fp0076368_ex9928d73.htm)

(74) [Trading Advisory Agreement *(Abbey Capital Futures Strategy Fund)* among Abbey Capital Onshore Series LLC, Abbey Capital Limited, Abbey Capital Offshore Fund SPC and Episteme Capital Partners (UK) LLP is incorporated herein by reference to Post-Effective Amendment No. 252 to the Registrant's Registration Statement (No. 33-20827) filed on May 22, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000093041319001716/c93671_ex99-d74.htm)

(75) Reserved.

(76) Reserved.

(77) Reserved.

(78) Reserved.

(79) [Addendum No. 6 to Investment Advisory Agreement *(Boston Partners Small Cap Value Fund II* and *Boston Partners Emerging Markets Dynamic Equity Fund f/k/a Boston Partners Emerging Markets Long/Short Fund)* is incorporated herein by reference to Post-Effective Amendment No. 256 to the Registrant's Registration Statement (No. 33-20827) filed on December 20, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000139834419022920/fp0048532_ex9928d79.htm)

(80) [Trading Advisory Agreement *(Abbey Capital Futures Strategy Fund)* among Abbey Capital Onshore Series LLC, Abbey Capital Limited, Abbey Capital Offshore Fund SPC and Crabel Capital Management, LLC is incorporated herein by reference to Post-Effective Amendment No. 260 to the Registrant's Registration Statement (No. 33-20827) filed on February 14, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420003564/fp0050961_ex9928d80.htm)

(81) [Investment Advisory Agreement *(SGI U.S. Large Cap Equity VI Portfolio)* between Registrant and Summit Global Investments, LLC is incorporated herein by reference to Post-Effective Amendment No. 264 to the Registrant's Registration Statement (No. 33-20827) filed on April 28, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420008634/fp0053257_ex9928d81.htm)

(82) [Amended Appendix A to Expense Limitation and Reimbursement Agreement *(Matson Money U.S. Equity VI Portfolio, Matson Money International Equity VI Portfolio, and Matson Money Fixed Income VI Portfolio)* between Registrant and Matson Money, Inc. is incorporated herein by reference to Post-Effective Amendment No. 269 to the Registrant's Registration Statement (No. 33-20827) filed on December 18, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420024782/fp0060219_ex9928d82.htm)

(83) [Amended Appendix A to Expense Limitation and Reimbursement Agreement *(Abbey Capital Futures Strategy Fund and Abbey Capital Multi Asset Fund)* between Registrant and Abbey Capital Limited is incorporated herein by reference to Post-Effective Amendment No. 269 to the Registrant's Registration Statement (No. 33-20827) filed on December 18, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420024782/fp0060219_ex9928d83.htm)

(84) [Amended Appendix A to Expense Limitation and Reimbursement Agreement *(SGI U.S. Large Cap Equity Fund, SGI Global Equity Fund, and SGI U.S. Large Cap Equity VI Portfolio)* between Registrant and Summit Global Investments, LLC is incorporated herein by reference to Post-Effective Amendment No. 336 to the Registrant's Registration Statement (No. 33-20827) filed on December 30, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424023796/fp0091381-1_ex9928d84.htm)

(85) [Amended Appendix A to Expense Limitation and Reimbursement Agreement *(Boston Partners Funds)* between Registrant and Boston Partners Global Investors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 323 to the Registrant's Registration Statement (No. 33-20827) filed on May 2, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424008575/fp0088193-1_ex9928d85.htm)

(86) [Investment Advisory Agreement *(SGI Peak Growth Fund, SGI Prudent Growth Fund, and SGI Conservative Fund)* between Registrant and Summit Global Investments, LLC is incorporated herein by reference to Post-Effective Amendment No. 266 to the Registrant's Registration Statement (No. 33-20827) filed on June 8, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420012106/fp0054381_ex9928d86.htm)

(87) [Addendum No. 7 to Investment Advisory Agreement *(Boston Partners Small Cap Value Fund II, Boston Partners Emerging Markets Fund and Boston Partners Emerging Markets Dynamic Equity Fund f/k/a Boston Partners Emerging Markets Long/Short Fund)* between Registrant and Boston Partners Global Investors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 266 to the Registrant's Registration Statement (No. 33-20827) filed on June 8, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420012106/fp0054381_ex9928d87.htm)

(88) [Trading Advisory Agreement *(Abbey Capital Multi Asset Fund)* among Registrant, Abbey Capital Limited, Abbey Capital Multi Asset Offshore Fund Limited and Crabel Capital Management, LLC is incorporated herein by reference to Post-Effective Amendment No. 268 to the Registrant's Registration Statement (No. 33-20827) filed on November 23, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420023165/fp0059609_ex9928d88.htm)

(89) [Trading Advisory Agreement (*Abbey Capital Multi Asset Fund*) among Registrant, Abbey Capital Limited, ACMAF Onshore Series LLC, ACMAF Offshore SPC and Graham Capital Management LP is incorporated herein by reference to Post-Effective Amendment No. 321 to the Registrant's Registration Statement (No. 33-20827) filed on March 15, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000089418924001728/trading-agmt.htm)

(90) [Trading Advisory Agreement *(Abbey Capital Multi Asset Fund)* among Registrant, Abbey Capital Limited, ACMAF Onshore Series LLC, ACMAF Offshore SPC and Winton Capital Management Limited is incorporated by reference to Post-Effective Amendment No. 327 to the Registrant's Registration Statement (No. 33-20827) filed on July 19, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424012885/fp0089346-1_ex9928d90.htm)

(91) [Trading Advisory Agreement (Abbey Capital Multi Asset Fund) among Registrant, Abbey Capital Limited, ACMAF Onshore Series LLC, ACMAF Offshore SPC, and Systematica Investments Limited is incorporated by reference to Post-Effective Amendment No. 335 to the Registrant's Registration Statement (No. 33-20827) filed on July 19, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424022729/fp0091313-1_ex9928d91.htm)

(92) Reserved.

(93) [Trading Advisory Agreement *(Abbey Capital Futures Strategy Fund)* among Registrant, Abbey Capital Limited, Abbey Capital Onshore Series LLC, Abbey Capital Offshore Fund SPC and Winton Capital Management Limited is incorporated herein by reference to Post-Effective Amendment No. 269 to the Registrant's Registration Statement (No. 33-20827) filed on December 18, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420024782/fp0060219_ex9928d93.htm)

(94) [Trading Advisory Agreement (*Abbey Capital Futures Strategy Fund*) among Registrant, Abbey Capital Limited, Abbey Capital Onshore Series LLC, Abbey Capital Offshore Fund SPC and QMS Capital Management LP is incorporated herein by reference to Post-Effective Amendment No. 323 to the Registrant's Registration Statement (No. 33-20827) filed on May 2, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424008575/fp0088193-1_ex9928d94.htm)

(95) Reserved.

(96) Reserved.

(97) Reserved.

(98) Reserved.

(99) Reserved.

(100) Reserved.

(101) [Form of Expense Limitation and Reimbursement Agreement *(SGI Peak Growth Fund and SGI Prudent Growth Fund)* between Registrant and Summit Global Investments, LLC is incorporated herein by reference to Post-Effective Amendment No. 336 to the Registrant's Registration Statement (No. 33-20827) filed on December 30, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424023796/fp0091381-1_ex9928d101.htm)

(102) [Investment Advisory Agreement *(SGI Small Cap Growth Fund f/k/a Bogle Investment Management Small Cap Growth Fund)* between Registrant and Summit Global Investments, LLC is incorporated herein by reference to Post-Effective Amendment No. 283 to the Registrant's Registration Statement (No. 33-20827) filed on October 15, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421020015/fp0069583_ex9928d102.htm)

(103) [Expense Limitation and Reimbursement Agreement *(SGI Small Cap Growth Fund f/k/a Bogle Investment Management Small Cap Growth Fund)* between Registrant and Summit Global Investments, LLC is incorporated herein by reference to Post-Effective Amendment No. 283 to the Registrant's Registration Statement (No. 33-20827) filed on October 15, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421020015/fp0069583_ex9928d103.htm)

(104) [Investment Advisory Agreement *(Motley Fool Global Opportunities ETF and Motley Fool Mid-Cap Growth ETF)* between Registrant and Motley Fool Asset Management, LLC are incorporated herein by reference to Post-Effective Amendment No. 287 to the Registrant's Registration Statement (33-20827) filed on December 29, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421024665/fp0071246_ex9928d104.htm)

(105) [Investment Advisory Agreement *(Optima Strategic Credit Fund)* between Registrant and Optima Asset Management LLC is incorporated herein by reference to Post-Effective Amendment No. 288 to the Registrant's Registration Statement (No. 33-20827) filed on March 2, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422005157/fp0073638_ex9928d105.htm)

(106) [Sub-Advisory Agreement *(Optima Strategic Credit Fund)* among Registrant, Optima Asset Management LLC, and Anthony Capital Management, LLC is incorporated herein by reference to Post-Effective Amendment No. 288 to the Registrant's Registration Statement (No. 33-20827) filed on March 2, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422005157/fp0073638_ex9928d106.htm)

(107) [Expense Limitation and Reimbursement Agreement *(Optima Strategic Credit Fund)* between Registrant and Optima Asset Management LLC is incorporated herein by reference to Post-Effective Amendment No. 288 to the Registrant's Registration Statement (No. 33-20827) filed on March 2, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422005157/fp0073638_ex9928d107.htm)

(108) [Addendum No. 8 to Investment Advisory Agreement *(Boston Partners Global Sustainability Fund and WPG Partners Select Small Cap Value Fund)* between Registrant and Boston Partners Global Investors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 288 to the Registrant's Registration Statement (No. 33-20827) filed on March 2, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422005157/fp0073638_ex9928d108.htm)

(109) [Investment Advisory Agreement *(Motley Fool Next Index ETF and Motley Fool Capital Efficiency 100 Index ETF)* between Registrant and Motley Fool Asset Management, LLC is incorporated herein by reference to Post-Effective Amendment No. 287 to the Registrant's Registration Statement (33-20827) filed on December 29, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421024665/fp0071246_ex9928d109.htm)

(110) [Trading Advisory Agreement *(Abbey Capital Futures Strategy Fund)* among Abbey Capital Limited, Abbey Capital Onshore Series LLC, Abbey Capital Offshore Fund SPC and R. G. Niederhoffer Capital Management, Inc. is incorporated herein by reference to Post-Effective Amendment No. 286 to the Registrant's Registration Statement (No. 33-20827) filed on December 20, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421024188/fp0070820_ex9928d110.htm)

(111) [Investment Advisory Agreement *(SGI U.S. Large Cap Core ETF and SGI Dynamic Tactical ETF)* between Registrant and Summit Global Investments, LLC is incorporated herein by reference to Post-Effective Amendment No. 306 to the Registrant's Registration Statement (No. 33-20827) filed on June 16, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423012073/fp0083843-1_ex9928d111.htm)

(112) [Sub-Advisory Agreement *(SGI U.S. Large Cap Core ETF and SGI Dynamic Tactical ETF)* between Summit Global Investments, LLC and SG Trading Solutions, LLC is incorporated herein by reference to Post-Effective Amendment No. 306 to the Registrant's Registration Statement (No. 33-20827) filed on June 16, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423012073/fp0083843-1_ex9928d112.htm)

(113) [Investment Advisory Agreement *(US Treasury ETFs)* between Registrant and F/m Investments LLC d/b/a North Slope Capital, LLC is incorporated herein by reference to Post-Effective Amendment No. 310 to the Registrant's Registration Statement (No. 33-20827) filed on October 27, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423019867/fp0085740-1_ex9928d113.htm)

(114) [Trading Advisory Agreement *(Abbey Capital Futures Strategy Fund)* among Abbey Capital Limited, Abbey Capital Onshore Series LLC, Abbey Capital Offshore Fund SPC and Systematica Investments Limited is incorporated herein by reference to Post-Effective Amendment No. 300 to the Registrant's Registration Statement (No. 33-20827) filed on December 27, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422025028/fp0081158-1_ex9928d114.htm)

(115) [Investment Advisory Agreement *(Oakhurst Fixed Income Fund, Oakhurst Short Duration Bond Fund, and Oakhurst Short Duration High Yield Credit Fund)* between Registrant and F/m Investments LLC d/b/a Oakhurst Capital Management is incorporated herein by reference to Post-Effective Amendment No. 313 to the Registrant's Registration Statement (No. 33-20827) filed on December 22, 2023](http://www.sec.gov/Archives/edgar/data/831114/000139834423023371/fp0086227-1_ex9928d115.htm).

(116) [Expense Limitation Agreement *(Oakhurst Fixed Income Fund, Oakhurst Short Duration Bond Fund, and Oakhurst Short Duration High Yield Credit Fund)* between Registrant and F/m Investments LLC d/b/a Oakhurst Capital Management is incorporated herein by reference to Post-Effective Amendment No. 313 to the Registrant's Registration Statement (No. 33-20827) filed on December 22, 2023](http://www.sec.gov/Archives/edgar/data/831114/000139834423023371/fp0086227-1_ex9928d116.htm).

(117) <u>Reserved</u>.

(118) [Investment Advisory Agreement *(F/m Investments Large Cap Focused Fund)* between Registrant and F/m Investments LLC is incorporated herein by reference to Post-Effective Amendment No. 313 to the Registrant's Registration Statement (No. 33-20827) filed on December 22, 2023](http://www.sec.gov/Archives/edgar/data/831114/000139834423023371/fp0086227-1_ex9928d118.htm).

(119) [Expense Limitation Agreement *(F/m Investments Large Cap Focused Fund)* between Registrant and F/m Investments LLC is incorporated herein by reference to Post-Effective Amendment No. 313 to the Registrant's Registration Statement (No. 33-20827) filed on December 22, 2023](http://www.sec.gov/Archives/edgar/data/831114/000139834423023371/fp0086227-1_ex9928d119.htm).

(120) [Investment Advisory Agreement *(F/m Opportunistic Income ETF)* between Registrant and F/m Investments LLC d/b/a North Slope Capital, LLC is incorporated herein by reference to Post-Effective Amendment No. 310 to the Registrant's Registration Statement (No. 33-20827) filed on October 27, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423019867/fp0085740-1_ex9928d120.htm)

(121) [Investment Advisory Agreement *(F/m 6-Month Investment Grade Corporate Bond ETF, F/m 9-18 Month Investment Grade Corporate Bond ETF, F/m 2-Year Investment Grade Corporate Bond ETF, F/m 3-Year Investment Grade Corporate Bond ETF, F/m 5-Year Investment Grade Corporate Bond ETF, F/m 7-Year Investment Grade Corporate Bond ETF, F/m 10-Year Investment Grade Corporate Bond ETF, F/m 20-Year Investment Grade Corporate Bond ETF, F/m 30-Year Investment Grade Corporate Bond ETF and F/m 15+ Year Investment Grade Corporate Bond ETF)* between Registrant and F/m Investments LLC d/b/a North Slope Capital, LLC is incorporated herein by reference to Post-Effective Amendment No. 318 to the Registrant's Registration Statement (No. 33-20827) filed on February 15, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000089418924001022/exd121investmentadvisoryag.htm)

(122) [Investment Advisory Agreement *(SGI Enhanced Global Income ETF and SGI Enhanced Core ETF)* between Registrant and Summit Global Investments, LLC is incorporated herein by reference to Post-Effective Amendment No. 321 to the Registrant's Registration Statement (No. 33-20827) filed on March 15, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000089418924001728/ia-agmt.htm)

(123) [Investment Sub-Advisory Agreement *(SGI Enhanced Global Income ETF and SGI Enhanced Core ETF)* between Summit Global Investments, LLC and SG Trading Solutions, LLC is incorporated herein by reference to Post-Effective Amendment No. 321 to the Registrant's Registration Statement (No. 33-20827) filed on March 15, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000089418924001728/isa-agmt.htm)

(124) [Addendum No. 9 to Investment Advisory Agreement *(WPG Partners Select Hedged Fund)* between Registrant and Boston Partners Global Investors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 323 to the Registrant's Registration Statement (No. 33-20827) filed on May 2, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424008575/fp0088193-1_ex9928d124.htm)

(125) [Investment Advisory Agreement *(SGI Enhanced Nasdaq-100 ETF)* between Registrant and Summit Global Investments, LLC is incorporated herein by reference to Post-Effective Amendment No. 326 to the Registrant's Registration Statement (No. 33-20827) filed on June 13, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424011665/fp0088690-1_ex9928d125.htm)

(126) [Investment Sub-Advisory Agreement *(SGI Enhanced Nasdaq-100 ETF)* between Summit Global Investments, LLC and SG Trading Solutions, LLC is incorporated herein by reference to Post-Effective Amendment No. 326 to the Registrant's Registration Statement (No. 33-20827) filed on June 13, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424011665/fp0088690-1_ex9928d126.htm)

(127) [Form of Investment Advisory Agreement *(F/m Emerald Life Sciences Innovation ETF)* between Registrant and F/m Investments LLC is incorporated herein by reference to Post-Effective Amendment No. 333 to the Registrant's Registration Statement (No. 33-20827) filed on October 29, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424019616/fp0090276-1_ex9928d127.htm)

(128) [Form of Investment Sub-Advisory Agreement *(F/m Emerald Life Sciences Innovation ETF)* between F/m Investments LLC and Emerald Mutual Fund Advisers Trust is incorporated herein by reference to Post-Effective Amendment No. 333 to the Registrant's Registration Statement (No. 33-20827) filed on October 29, 2024](http://www.sec.gov/Archives/edgar/data/831114/000139834424019616/fp0090276-1_ex9928d128.htm).

(129) [Form of Expense Limitation and Reimbursement Agreement (*F/m Emerald Life Sciences Innovation ETF*) between Registrant and F/m Investments LLC is incorporated herein by reference to Post-Effective Amendment No. 333 to the Registrant's Registration Statement (No. 33-20827) filed on October 29, 2024.](https://www.sec.gov/Archives/edgar/data/831114/000139834424019616/fp0090276-1_ex9928d129.htm)

(130) [Investment Advisory Agreement *(SGI Enhanced Market Leaders ETF)* between Registrant and Summit Global Investments, LLC is incorporated herein by reference to Post-Effective Amendment No. 340 to the Registrant's Registration Statement (No. 33-20827) filed on February 19, 2025.](http://www.sec.gov/Archives/edgar/data/831114/000139834425003104/fp0091118-1_ex9928d130.htm)

(131) [Investment Sub-Advisory Agreement *(SGI Enhanced Market Leaders ETF)* between Summit Global Investments, LLC and SG Trading Solutions, LLC is incorporated herein by reference to Post-Effective Amendment No. 340 to the Registrant's Registration Statement (No. 33-20827) filed on February 19, 2025.](http://www.sec.gov/Archives/edgar/data/831114/000139834425003104/fp0091118-1_ex9928d131.htm)

(132) [Investment Advisory Agreement (*F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF, F/m Yield Curve Steepening Strategy ETF, F/m Yield Curve Flattening Strategy ETF, F/m Rising Interest Rates Strategy ETF and F/m Falling Interest Rates Strategy ETF*) between Registrant and F/m Investments LLC is incorporated herein by reference to Post-Effective Amendment No. 342 to the Registrant's Registration Statement (No. 33-20827) filed on February 28, 2025.](http://www.sec.gov/Archives/edgar/data/831114/000139834425004391/fp0092454-1_ex9928d132.htm)

(133) [Investment Advisory Agreement *(F/m High Yield 100 ETF, F/m High Beta High Yield ETF, F/m High Quality High Yield ETF, F/m Short Duration Quality High Yield ETF, F/m Senior Secured High Yield ETF, F/m U.S. Treasury 3-Month Bill Institutional ETF, F/m Leveraged U.S. Treasury 3-Month Bill ETF, F/m Current Coupon Mortgage-Backed Securities ETF, F/m Short Duration High Coupon Tax-Free Municipal ETF, F/m Small Cap Core ETF, F/m Small Cap Growth ETF, and F/m SMID Equity ETF)* between Registrant and F/m Investments LLC is incorporated herein by reference to Post-Effective Amendment No. 345 to the Registrant's Registration Statement (No. 33-20827) filed on April 4, 2025.](https://www.sec.gov/Archives/edgar/data/831114/000139834425006657/fp0092845-1_ex9928d133.htm)

(134) [Form of Investment Advisory Agreement (*Emerald Banking & Finance Evolution Fund and Emerald Growth Fund*) between Registrant and Emerald Mutual Fund Advisers Trust is incorporated herein by reference to Post-Effective Amendment No. 350 to the Registrant's Registration Statement (No. 33-20827) filed on May 2, 2025.](https://www.sec.gov/Archives/edgar/data/831114/000139834425008600/fp0093466-1_ex9928d134.htm)

(135) [Form of Expense Limitation and Reimbursement Agreement (*Emerald Banking & Finance Evolution Fund and Emerald Growth Fund*) between Registrant and Emerald Mutual Fund Advisers Trust is filed herewith.](fp0094386-1_ex9928d135.htm)

(136) [Form of Expense Waiver and Reimbursement Agreement (*Emerald Growth Fund*) between Registrant and Emerald Mutual Fund Advisers Trust is filed herewith.](fp0094386-1_ex9928d136.htm)

(137) [Form of Investment Advisory Agreement (*F/m Emerald Special Situations ETF*) between Registrant and F/m Investments LLC is incorporated herein by reference to Post-Effective Amendment No. 350 to the Registrant's Registration Statement (No. 33-20827) filed on May 2, 2025.](https://www.sec.gov/Archives/edgar/data/831114/000139834425008600/fp0093466-1_ex9928d135.htm)

(138) [Form of Investment Sub-Advisory Agreement (*F/m Emerald Special Situations ETF*) between Registrant and Emerald Mutual Fund Advisers Trust is incorporated herein by reference to Post-Effective Amendment No. 350 to the Registrant's Registration Statement (No. 33-20827) filed on May 2, 2025.](https://www.sec.gov/Archives/edgar/data/831114/000139834425008600/fp0093466-1_ex9928d136.htm)

(e) Underwriting Contracts.

(1) [Distribution Agreement between Registrant, Quasar Distributors, LLC, and Abbey Capital Limited dated June 30, 2016 is incorporated herein by reference to Post-Effective Amendment No. 207 to the Registrant's Registration Statement (No. 33-20827) filed on December 28, 2016.](http://www.sec.gov/Archives/edgar/data/831114/000110465916164070/a16-22303_1ex99dbe1.htm)

(a) [Amendment to Distribution Agreement between Registrant, Quasar Distributors, LLC, and Abbey Capital Limited dated July 11, 2017 is incorporated herein by reference to Post-Effective Amendment No. 232 to the Registrant's Registration Statement (No. 33-20827) filed on December 28, 2017.](http://www.sec.gov/Archives/edgar/data/831114/000139834417016391/fp0029863_ex9928e13.htm)

(b) [Amendment to Distribution Agreement *(Abbey Capital Multi-Asset Fund)* between Registrant, Quasar Distributors, LLC and Abbey Capital Limited is incorporated herein by reference to Post-Effective Amendment No. 243 to the Registrant's Registration Statement (No. 33-20827) filed on March 23, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418004677/fp0032096_ex9928e16.htm)

(c) [Novation Agreement between Registrant, Quasar Distributors, LLC, and Abbey Capital Limited is incorporated herein by reference to Post-Effective Amendment No. 264 to the Registrant's Registration Statement (No. 33-20827) filed on April 28, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420008634/fp0053257_ex9928e1a.htm)

(d) [First Amendment to the Distribution Agreement between Registrant, Quasar Distributors, LLC, and Abbey Capital Limited is incorporated herein by reference to Post-Effective Amendment No. 268 to the Registrant's Registration Statement (No. 33-20827) filed on November 23, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420023165/fp0059609_ex9928e1d.htm)

(e) [Novation Agreement between Registrant, Quasar Distributors, LLC and Abbey Capital Limited is incorporated herein by reference to Post-Effective Amendment No. 287 to the Registrant's Registration Statement (33-20827) filed on December 29, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421024665/fp0071246_ex9928e1e.htm)

(2) [Distribution Agreement between Registrant, Quasar Distributors, LLC, and Altair Advisers LLC dated June 30, 2016 is incorporated herein by reference to Post-Effective Amendment No. 207 to the Registrant's Registration Statement (No. 33-20827) filed on December 28, 2016.](http://www.sec.gov/Archives/edgar/data/831114/000110465916164070/a16-22303_1ex99dbe2.htm)

(a) [Form of Amendment to the Distribution Agreement *(Aquarius International Fund)* between Registrant, Quasar Distributors, LLC, and Altair Advisers LLC is incorporated herein by reference to Post-Effective Amendment No. 238 to the Registrant's Registration Statement (No. 33-20827) filed on February 21, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418002628/fp0031158_ex9928e15.htm)

(b) [Novation Agreement between Registrant, Quasar Distributors, LLC, and Altair Advisers LLC is incorporated herein by reference to Post-Effective Amendment No. 264 to the Registrant's Registration Statement (No. 33-20827) filed on April 28, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420008634/fp0053257_ex9928e2a.htm)

(c) [First Amendment to the Distribution Agreement between Registrant, Quasar Distributors, LLC, and Altair Advisers LLC is incorporated herein by reference to Post-Effective Amendment No. 268 to the Registrant's Registration Statement (No. 33-20827) filed on November 23, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420023165/fp0059609_ex9928e2c.htm)

(d) [Novation Agreement between Registrant, Quasar Distributors, LLC and Altair Advisers LLC is incorporated herein by reference to Post-Effective Amendment No. 287 to the Registrant's Registration Statement (33-20827) filed on December 29, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421024665/fp0071246_ex9928e2d.htm)

(3) Reserved.

(4) [Distribution Agreement between Registrant, Quasar Distributors, LLC, and Boston Partners Global Investors, Inc. dated June 30, 2016 is incorporated herein by reference to Post-Effective Amendment No. 207 to the Registrant's Registration Statement (No. 33-20827) filed on December 28, 2016.](http://www.sec.gov/Archives/edgar/data/831114/000110465916164070/a16-22303_1ex99dbe4.htm)

(a) [Amendment to the Distribution Agreement between Registrant, Quasar Distributors, LLC, and Boston Partners Global Investors, Inc. dated June 30, 2016 is incorporated herein by reference to Post-Effective Amendment No. 247 to the Registrant's Registration Statement (No. 33-20827) filed on October 23, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834420023165/fp0059609_ex9928e4d.htm)

(b) Reserved.

(c) [Novation Agreement between Registrant, Quasar Distributors, LLC, and Boston Partners Global Investors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 264 to the Registrant's Registration Statement (No. 33-20827) filed on April 28, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420008634/fp0053257_ex9928e4a.htm)

(d) [First Amendment to the Distribution Agreement between Registrant, Quasar Distributors, LLC, and Boston Partners Global Investors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 268 to the Registrant's Registration Statement (No. 33-20827) filed on November 23, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420023165/fp0059609_ex9928e4d.htm)

(e) [Novation Agreement between Registrant, Quasar Distributors, LLC and Boston Partners Global Investors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 287 to the Registrant's Registration Statement (33-20827) filed on December 29, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421024665/fp0071246_ex9928e4e.htm)

(5) [Distribution Agreement between Registrant, Quasar Distributors, LLC, and Campbell & Company Investment Adviser LLC dated June 30, 2016 is incorporated herein by reference to Post-Effective Amendment No. 207 to the Registrant's Registration Statement (No. 33-20827) filed on December 28, 2016.](http://www.sec.gov/Archives/edgar/data/831114/000110465916164070/a16-22303_1ex99dbe5.htm)

(a) [Amendment to the Distribution Agreement (Campbell Systematic Macro Fund (f/k/a Campbell Managed Futures 10V Fund)) between Registrant, Quasar Distributors, LLC, and Campbell & Company Investment Adviser LLC is incorporated herein by reference to Post-Effective Amendment No. 224 to the Registrant's Registration Statement (No. 33-20827) filed on July 28, 2017.](http://www.sec.gov/Archives/edgar/data/831114/000139834417009245/fp0026964_ex9928e1.htm)

(b) [Novation Agreement between Registrant, Quasar Distributors, LLC, and Campbell & Company Investment Adviser LLC is incorporated herein by reference to Post-Effective Amendment No. 264 to the Registrant's Registration Statement (No. 33-20827) filed on April 28, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420008634/fp0053257_ex9928e5a.htm)

(c) [First Amendment to the Distribution Agreement between Registrant, Quasar Distributors, LLC, and Campbell & Company Investment Adviser LLC is incorporated herein by reference to Post-Effective Amendment No. 268 to the Registrant's Registration Statement (No. 33-20827) filed on November 23, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420023165/fp0059609_ex9928e5c.htm)

(d) [Novation Agreement between Registrant, Quasar Distributors, LLC and Campbell & Company Investment Adviser LLC is incorporated herein by reference to Post-Effective Amendment No. 287 to the Registrant's Registration Statement (33-20827) filed on December 29, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421024665/fp0071246_ex9928e5d.htm)

(6) [Distribution Agreement between Registrant, Vigilant Distributors, LLC (f/k/a/ Herald Investment Marketing, LLC) and Matson Money, Inc. is incorporated herein by reference to Post-Effective Amendment No. 273 to the Registrant's Registration Statement (No. 33-20827) filed on March 11, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421006349/fp0062420_ex9928e6.htm)

(7) [Distribution Agreement between Registrant, Quasar Distributors, LLC, and Summit Global Investments, LLC dated June 30, 2016 is incorporated herein by reference to Post-Effective Amendment No. 207 to the Registrant's Registration Statement (No. 33-20827) filed on December 28, 2016.](http://www.sec.gov/Archives/edgar/data/831114/000110465916164070/a16-22303_1ex99dbe9.htm)

(a) [Novation Agreement between Registrant, Quasar Distributors, LLC, and Summit Global Investments, LLC is incorporated herein by reference to Post-Effective Amendment No. 264 to the Registrant's Registration Statement (No. 33-20827) filed on April 28, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420008634/fp0053257_ex9928e8a.htm)

(b) [First Amendment to the Distribution Agreement between Registrant, Quasar Distributors, LLC, and Summit Global Investments, LLC is incorporated herein by reference to Post-Effective Amendment No. 268 to the Registrant's Registration Statement (No. 33-20827) filed on November 23, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420023165/fp0059609_ex9928e7b.htm)

(c) [Novation Agreement between Registrant, Quasar Distributors, LLC and Summit Global Investments, LLC is incorporated herein by reference to Post-Effective Amendment No. 287 to the Registrant's Registration Statement (33-20827) filed on December 29, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421024665/fp0071246_ex9928e7c.htm)

(8) [ETF Distribution Agreement *(Motley Fool ETFs and US Treasury ETFs)* between Registrant and Quasar Distributors, LLC dated August 8, 2022 is incorporated herein by reference to Post-Effective Amendment No. 304 to the Registrant's Registration Statement (33-20827) filed on March 24, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423006595/fp0082788-1_ex9928e8.htm)

(a) [First Amendment to the ETF Distribution Agreement *(SGI ETFs)* between Registrant and Quasar Distributors, LLC dated January 25, 2023 is incorporated herein by reference to Post-Effective Amendment No. 304 to the Registrant's Registration Statement (33-20827) filed on March 24, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423006595/fp0082788-1_ex9928e8a.htm)

(b) [Second Amendment to the ETF Distribution Agreement *(F/m Opportunistic Income ETF)* between Registrant and Quasar Distributors, LLC is incorporated herein by reference to Post-Effective Amendment No. 309 to the Registrant's Registration Statement (No. 33-20827) filed on October 13, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423019260/fp0085642-1_ex9928e8b.htm)

(c) [Third Amendment to the ETF Distribution Agreement *(F/m 6-Month Investment Grade Corporate Bond ETF, F/m 9-18 Month Investment Grade Corporate Bond ETF (f/k/a F/m 1-Year Investment Grade Corporate Bond ETF), F/m 2-Year Investment Grade Corporate Bond ETF, F/m 3-Year Investment Grade Corporate Bond ETF, F/m 5-Year Investment Grade Corporate Bond ETF, F/m 7-Year Investment Grade Corporate Bond ETF, F/m 10-Year Investment Grade Corporate Bond ETF, F/m 20-Year Investment Grade Corporate Bond ETF, F/m 30-Year Investment Grade Corporate Bond ETF and F/m 15+ Year Investment Grade Corporate Bond ETF)* between Registrant and Quasar Distributors, LLC is incorporated herein by reference to Post-Effective Amendment No. 313 to the Registrant's Registration Statement (No. 33-20827) filed on December 22, 2023](http://www.sec.gov/Archives/edgar/data/831114/000139834423023371/fp0086227-1_ex9928e8c.htm).

(d) [Fourth Amendment to the ETF Distribution Agreement *(SGI Enhanced Global Income ETF and SGI Enhanced Core ETF)* between Registrant and Quasar Distributors, LLC is incorporated herein by reference to Post-Effective Amendment No. 321 to the Registrant's Registration Statement (No. 33-20827) filed on March 15, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000089418924001728/etf-dist_agmt.htm)

(e) [Fifth Amendment to the ETF Distribution Agreement *(SGI Enhanced Nasdaq-100 ETF)* between Registrant and Quasar Distributors, LLC is incorporated by reference to Post-Effective Amendment 327 to the Registrant's Registration Statement (No. 33-20827) filed on July 19, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424012885/fp0089346-1_ex9928e8e.htm)

(f) [Sixth Amendment to the ETF Distribution Agreement *(F/m Emerald Life Sciences Innovation ETF)* between Registrant and Quasar Distributors, LLC is incorporated herein by reference to Post-Effective Amendment No. 336 to the Registrant's Registration Statement (No. 33-20827) filed on December 30, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424023796/fp0091381-1_ex9928e8f.htm)

(g) [Seventh Amendment to the ETF Distribution Agreement *(SGI Enhanced Market Leaders ETF, F/m High Yield 100 ETF and F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF)* between Registrant and Quasar Distributors, LLC is incorporated herein by reference to Post-Effective Amendment No. 352 to the Registrant's Registration Statement (No. 33-20827) filed on May 16, 2025.](https://www.sec.gov/Archives/edgar/data/831114/000139834425009806/fp0092926-1_ex9928e8g.htm)

(h) Eighth Amendment to the ETF Distribution Agreement *(F/m Yield Curve Steepening Strategy ETF, F/m Yield Curve Flattening Strategy ETF, F/m Rising Interest Rates Strategy ETF, F/m Falling Interest Rates Strategy ETF, F/m 30-Year Treasury Inflation-Protected Security (TIPS) ETF, F/m U.S. Treasury 3-Month Bill Institutional ETF, F/m Short Duration High Coupon Tax-Free Municipal ETF, F/m Small Cap Core ETF, F/m Small Cap Growth ETF, and F/m SMID Equity ETF)* between Registrant and Quasar Distributors, LLC will be filed by amendment.

(i) Ninth Amendment to the ETF Distribution Agreement (*F/m Emerald Special Situations ETF*) between Registrant and Quasar Distributors, LLC will be filed by amendment.

(9) [Distribution Agreement (*Optima Strategic Credit Fund*) between Registrant and Quasar Distributors, LLC is incorporated herein by reference to Post-Effective Amendment No. 288 to the Registrant's Registration Statement (No. 33-20827) filed on March 2, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422005157/fp0073638_ex9928e13.htm)

(a) [First Amendment to the Distribution Agreement *(Oakhurst Fixed Income Fund, Oakhurst Short Duration Bond Fund, Oakhurst Short Duration High Yield Credit Fund and F/m Investments Large Cap Focused Fund)* between Registrant and Quasar Distributors, LLC is incorporated herein by reference to Post-Effective Amendment No. 309 to the Registrant's Registration Statement (No. 33-20827) filed on October 13, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423019260/fp0085642-1_ex9928e9a.htm)

(b) [Second Amendment to the Distribution Agreement (*WPG Partners Select Hedged Fund*) is incorporated herein by reference to Post-Effective Amendment No. 339 to the Registrant's Registration Statement (No. 33-20827) filed on February 14, 2025.](http://www.sec.gov/Archives/edgar/data/831114/000139834425002950/fp0092326-1_ex9928e9b.htm)

(c) Third Amendment to the Distribution Agreement (*Emerald Banking & Finance Evolution Fund and Emerald Growth Fund*) will be filed by amendment.

(10) [Form of Authorized Participant Agreement is incorporated herein by reference to Post-Effective Amendment No. 304 to the Registrant's Registration Statement (33-20827) filed on March 24, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423006595/fp0082788-1_ex9928e10.htm)

(f) Bonus or Profit Sharing Contracts.

(1) [Form of Deferred Compensation Plan is incorporated herein by reference to Post-Effective Amendment No. 160 to the Registrant's Registration Statement (No. 33-20827) filed on December 23, 2013.](http://www.sec.gov/Archives/edgar/data/831114/000110465913092016/a13-25324_1ex99dbf1.htm)

(2) [Form of Deferred Compensation Agreement is incorporated herein by reference to Post-Effective Amendment No. 160 to the Registrant's Registration Statement (No. 33-20827) filed on December 23, 2013.](http://www.sec.gov/Archives/edgar/data/831114/000110465913092016/a13-25324_1ex99dbf2.htm)

(g) Custodian Agreement.

(1) [Amended and Restated Custody Agreement between Registrant and U.S. Bank National Association dated June 30, 2019 is incorporated herein by reference to Post-Effective Amendment No. 260 to the Registrant's Registration Statement (No. 33-20827) filed on February 14, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420003564/fp0050961_ex9928g1.htm)

(2) [First Amendment to the Amended and Restated Custody Agreement between Registrant and U.S. Bank National Association is incorporated herein by reference to Post-Effective Amendment No. 266 to the Registrant's Registration Statement (No. 33-20827) filed on June 8, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420012106/fp0054381_ex9928g2.htm)

(3) [Second Amendment to the Amended and Restated Custody Agreement between Registrant and U.S. Bank National Association is incorporated herein by reference to Post-Effective Amendment No. 273 to the Registrant's Registration Statement (No. 33-20827) filed on March 11, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421006349/fp0062420_ex9928g3.htm)

(4) [Third Amendment to the Amended and Restated Custody Agreement between Registrant and U.S. Bank National Association is incorporated herein by reference to Post-Effective Amendment No. 284 to the Registrant's Registration Statement (No. 33-20827) filed on November 1, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421020770/fp0069894_ex9928g4.htm)

(5) [Fourth Amendment to the Amended and Restated Custody Agreement between Registrant and U.S. Bank National Association is incorporated herein by reference to Post-Effective Amendment No. 288 to the Registrant's Registration Statement (No. 33-20827) filed on March 2, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422005157/fp0073638_ex9928g5.htm)

(6) [Fifth Amendment to the Amended and Restated Custody Agreement between Registrant and U.S. Bank National Association is incorporated herein by reference to Post-Effective Amendment No. 288 to the Registrant's Registration Statement (No. 33-20827) filed on March 2, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422005157/fp0073638_ex9928g6.htm)

(7) [Sixth Amendment to the Amended and Restated Custody Agreement between Registrant and U.S. Bank National Association is incorporated herein by reference to Post-Effective Amendment No. 293 to the Registrant's Registration Statement (No. 33-20827) filed on August 5, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422014885/fp0078403_ex9928g7.htm)

(8) [Seventh Amendment to the Amended and Restated Custody Agreement between Registrant and U.S. Bank National Association is incorporated herein by reference to Post-Effective Amendment No. 300 to the Registrant's Registration Statement (No. 33-20827) filed on December 27, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422025028/fp0081158-1_ex9928g8.htm)

(9) [Eighth Amendment to the Amended and Restated Custody Agreement between Registrant and U.S. Bank National Association is incorporated herein by reference to Post-Effective Amendment No. 310 to the Registrant's Registration Statement (No. 33-20827) filed on October 27, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423019867/fp0085740-1_ex9928g9.htm)

(10) [Ninth Amendment to the Amended and Restated Custody Agreement between Registrant and U.S. Bank National Association is incorporated herein by reference to Post-Effective Amendment No. 312 to the Registrant's Registration Statement (No. 33-20827) filed on November 22, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423021078/fp0086059-1_ex9928g10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [Tenth Amendment to the Amended and Restated Custody Agreement between Registrant and U.S. Bank National Association is incorporated herein by reference to Post-Effective Amendment No. 316 to the Registrant's Registration Statement (No. 33-20827) filed on January 9, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424000371/fp0086603-1_ex9928g11.htm)

(12) [Eleventh Amendment to the Amended and Restated Custody Agreement between Registrant and U.S. Bank National Association is incorporated herein by reference to Post-Effective Amendment No. 320 to the Registrant's Registration Statement (No. 33-20827) filed on February 26, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424004158/fp0087311-1_ex9928g12.htm)

(13) [Twelfth Amendment to the Amended and Restated Custody Agreement between Registrant and U.S. Bank National Association is incorporated herein by reference to Post-Effective Amendment No. 323 to the Registrant's Registration Statement (No. 33-20827) filed on May 2, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424008575/fp0088193-1_ex9928g13.htm)

(14) [Thirteenth Amendment to the Amended and Restated Custody Agreement between Registrant and U.S. Bank National Association is incorporated by reference to Post-Effective Amendment 327 to the Registrant's Registration Statement (No. 33-20827) filed on July 19, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424012885/fp0089346-1_ex9928g14.htm)

(15) [Fourteenth Amendment to the Amended and Restated Custody Agreement between Registrant and U.S. Bank National Association is incorporated herein by reference to Post-Effective Amendment No. 333 to the Registrant's Registration Statement (No. 33-20827) filed on October 29, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424019616/fp0090276-1_ex9928g15.htm)

(16) [Fifteenth Amendment to the Amended and Restated Custody Agreement between Registrant and U.S. Bank National Association is incorporated herein by reference to Post-Effective Amendment No. 342 to the Registrant's Registration Statement (No. 33-20827) filed on February 28, 2025.](http://www.sec.gov/Archives/edgar/data/831114/000139834425004391/fp0092454-1_ex9928g16.htm)

(17) [Sixteenth Amendment to the Amended and Restated Custody Agreement between Registrant and U.S. Bank National Association is filed herewith.](fp0094386-1_ex9928g17.htm)

(18) Seventeenth Amendment to the Amended and Restated Custody Agreement between Registrant and U.S. Bank National Association will be filed by amendment.

(h) Other Material Contracts.

(1) [Non-12b-1 Shareholder Services Plan and Related Form of Shareholder Servicing Agreement *(WPG Small Cap Value Diversified Fund f/k/a WPG Small/Micro Cap Value Fund f/k/a Robeco WPG Tudor Fund – Institutional Class)* is incorporated herein by reference to Post-Effective Amendment No. 100 to the Registrant's Registration Statement (No. 33-20827) filed on November 25, 2005.](http://www.sec.gov/Archives/edgar/data/831114/000119312505232164/dex99h74.txt)

(2) [Amended and Restated Fund Accounting Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC dated June 30, 2019 is incorporated herein by reference to Post-Effective Amendment No. 260 to the Registrant's Registration Statement (No. 33-20827) filed on February 14, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420003564/fp0050961_ex9928h5.htm)

(3) [Amended and Restated Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC dated June 30, 2019 is incorporated herein by reference to Post-Effective Amendment No. 256 to the Registrant's Registration Statement (No. 33-20827) filed on December 20, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000139834419022920/fp0048532_ex9928h6.htm)

(4) [Amended and Restated Transfer Agent Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC dated June 30, 2019 is incorporated herein by reference to Post-Effective Amendment No. 256 to the Registrant's Registration Statement (No. 33-20827) filed on December 20, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000139834419022920/fp0048532_ex9928h7.htm)

(5) [First Amendment to the Amended and Restated Fund Accounting Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 266 to the Registrant's Registration Statement (No. 33-20827) filed on June 8, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420012106/fp0054381_ex9928h8.htm)

(6) [First Amendment to the Amended and Restated Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 266 to the Registrant's Registration Statement (No. 33-20827) filed on June 8, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420012106/fp0054381_ex9928h9.htm)

(7) [First Amendment to the Amended and Restated Transfer Agent Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 266 to the Registrant's Registration Statement (No. 33-20827) filed on June 8, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420012106/fp0054381_ex9928h10.htm)

(8) [Form of Second Amendment to the Amended and Restated Fund Accounting Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 273 to the Registrant's Registration Statement (No. 33-20827) filed on March 11, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421006349/fp0062420_ex9928h8.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [Form of Second Amendment to the Amended and Restated Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 273 to the Registrant's Registration Statement (No. 33-20827) filed on March 11, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421006349/fp0062420_ex9928h9.htm)

(10) [Second Amendment to the Amended and Restated Transfer Agent Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 273 to the Registrant's Registration Statement (No. 33-20827) filed on March 11, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421006349/fp0062420_ex9928h10.htm)

(11) [Third Amendment to the Amended and Restated Fund Accounting Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 273 to the Registrant's Registration Statement (No. 33-20827) filed on March 11, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421006349/fp0062420_ex9928h11.htm)

(12) [Third Amendment to the Amended and Restated Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 273 to the Registrant's Registration Statement (No. 33-20827) filed on March 11, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421006349/fp0062420_ex9928h12.htm)

(13) [Fourth Amendment to the Amended and Restated Fund Accounting Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 282 to the Registrant's Registration Statement (No. 33-20827) filed on September 27, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421019227/fp0068931_ex9928h13.htm)

(14) [Fourth Amendment to the Amended and Restated Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 282 to the Registrant's Registration Statement (No. 33-20827) filed on September 27, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421019227/fp0068931_ex9928h14.htm)

(15) [Third Amendment to the Amended and Restated Transfer Agent Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 282 to the Registrant's Registration Statement (No. 33-20827) filed on September 27, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421019227/fp0068931_ex9928h15.htm)

(16) [Fifth Amendment to the Amended and Restated Fund Accounting Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 281 to the Registrant's Registration Statement (No. 33-20827) filed on July 26, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421014817/fp0067497_ex9928h16.htm)

(17) [Fifth Amendment to the Amended and Restated Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 281 to the Registrant's Registration Statement (No. 33-20827) filed on July 26, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421014817/fp0067497_ex9928h17.htm)

(18) [Sixth Amendment to the Amended and Restated Fund Accounting Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 288 to the Registrant's Registration Statement (No. 33-20827) filed on March 2, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422005157/fp0073638_ex9928h18.htm)

(19) [Seventh Amendment to the Amended and Restated Fund Accounting Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 288 to the Registrant's Registration Statement (No. 33-20827) filed on March 2, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422005157/fp0073638_ex9928h19.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) [Sixth Amendment to the Amended and Restated Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 288 to the Registrant's Registration Statement (No. 33-20827) filed on March 2, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422005157/fp0073638_ex9928h20.htm)

(21) [Seventh Amendment to the Amended and Restated Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 288 to the Registrant's Registration Statement (No. 33-20827) filed on March 2, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422005157/fp0073638_ex9928h21.htm)

(22) [Fourth Amendment to the Amended and Restated Transfer Agent Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 288 to the Registrant's Registration Statement (No. 33-20827) filed on March 2, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422005157/fp0073638_ex9928h22.htm)

(23) [Fifth Amendment to the Amended and Restated Transfer Agent Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 288 to the Registrant's Registration Statement (No. 33-20827) filed on March 2, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422005157/fp0073638_ex9928h23.htm)

(24) [Eighth Amendment to the Amended and Restated Fund Accounting Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 293 to the Registrant's Registration Statement (No. 33-20827) filed on August 5, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422014885/fp0078403_ex9928h24.htm)

(25) [Eighth Amendment to the Amended and Restated Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 293 to the Registrant's Registration Statement (No. 33-20827) filed on August 5, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422014885/fp0078403_ex9928h25.htm)

(26) [Sixth Amendment to the Amended and Restated Transfer Agent Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 293 to the Registrant's Registration Statement (No. 33-20827) filed on August 5, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422014885/fp0078403_ex9928h26.htm)

(27) [Ninth Amendment to the Amended and Restated Fund Accounting Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 300 to the Registrant's Registration Statement (No. 33-20827) filed on December 27, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422025028/fp0081158-1_ex9928h27.htm)

(28) [Ninth Amendment to the Amended and Restated Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 300 to the Registrant's Registration Statement (No. 33-20827) filed on December 27, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422025028/fp0081158-1_ex9928h28.htm)

(29) [Seventh Amendment to the Amended and Restated Transfer Agent Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 300 to the Registrant's Registration Statement (No. 33-20827) filed on December 27, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422025028/fp0081158-1_ex9928h29.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) [Tenth Amendment to the Amended and Restated Fund Accounting Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 310 to the Registrant's Registration Statement (No. 33-20827) filed on October 27, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423019867/fp0085740-1_ex9928h30.htm)

(31) [Tenth Amendment to the Amended and Restated Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 310 to the Registrant's Registration Statement (No. 33-20827) filed on October 27, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423019867/fp0085740-1_ex9928h31.htm)

(32) [Eighth Amendment to the Amended and Restated Transfer Agent Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 310 to the Registrant's Registration Statement (No. 33-20827) filed on October 27, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423019867/fp0085740-1_ex9928h32.htm)

(33) [Form of Rule 12d1-4 Fund of Funds Investment Agreement is incorporated herein by reference to Post-Effective Amendment No. 308 to the Registrant's Registration Statement (No. 33-20827) filed on August 30, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423017190/fp0084988-1_ex9928h33.htm)

(34) [Eleventh Amendment to the Amended and Restated Fund Accounting Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 312 to the Registrant's Registration Statement (No. 33-20827) filed on November 22, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423021078/fp0086059-1_ex9928h34.htm)

(35) [Eleventh Amendment to the Amended and Restated Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 312 to the Registrant's Registration Statement (No. 33-20827) filed on November 22, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423021078/fp0086059-1_ex9928h35.htm)

(36) [Ninth Amendment to the Amended and Restated Transfer Agent Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 312 to the Registrant's Registration Statement (No. 33-20827) filed on November 22, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423021078/fp0086059-1_ex9928h36.htm)

(37) [Twelfth Amendment to the Amended and Restated Fund Accounting Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 316 to the Registrant's Registration Statement (No. 33-20827) filed on January 9, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424000371/fp0086603-1_ex9928h37.htm)

(38) [Twelfth Amendment to the Amended and Restated Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 316 to the Registrant's Registration Statement (No. 33-20827) filed on January 9, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424000371/fp0086603-1_ex9928h38.htm)

(39) [Tenth Amendment to the Amended and Restated Transfer Agent Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 316 to the Registrant's Registration Statement (No. 33-20827) filed on January 9, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424000371/fp0086603-1_ex9928h39.htm)

(40) [Sublicense Agreement *(F/m 6-Month Investment Grade Corporate Bond ETF, F/m 9-18 Month Investment Grade Corporate Bond ETF, F/m 2-Year Investment Grade Corporate Bond ETF, F/m 3-Year Investment Grade Corporate Bond ETF, F/m 5-Year Investment Grade Corporate Bond ETF, F/m 7-Year Investment Grade Corporate Bond ETF, F/m 10-Year Investment Grade Corporate Bond ETF, F/m 20-Year Investment Grade Corporate Bond ETF, F/m 30-Year Investment Grade Corporate Bond ETF and F/m 15+ Year Investment Grade Corporate Bond ETF)* between the Registrant and F/m Investments LLC is incorporated herein by reference to Post-Effective Amendment No. 316 to the Registrant's Registration Statement (No. 33-20827) filed on January 9, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424000371/fp0086603-1_ex9928h40.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) [Thirteenth Amendment to the Amended and Restated Fund Accounting Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 320 to the Registrant's Registration Statement (No. 33-20827) filed on February 26, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424004158/fp0087311-1_ex9928h41.htm)

(42) [Thirteenth Amendment to the Amended and Restated Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 320 to the Registrant's Registration Statement (No. 33-20827) filed on February 26, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424004158/fp0087311-1_ex9928h42.htm)

(43) [Eleventh Amendment to the Amended and Restated Transfer Agent Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 320 to the Registrant's Registration Statement (No. 33-20827) filed on February 26, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424004158/fp0087311-1_ex9928h43.htm)

(44) [Fourteenth Amendment to the Amended and Restated Fund Accounting Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 323 to the Registrant's Registration Statement (No. 33-20827) filed on May 2, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424008575/fp0088193-1_ex9928h44.htm)

(45) [Fourteenth Amendment to the Amended and Restated Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 323 to the Registrant's Registration Statement (No. 33-20827) filed on May 2, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424008575/fp0088193-1_ex9928h45.htm)

(46) [Twelfth Amendment to the Amended and Restated Transfer Agent Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 323 to the Registrant's Registration Statement (No. 33-20827) filed on May 2, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424008575/fp0088193-1_ex9928h46.htm)

(47) [Fifteenth Amendment to the Amended and Restated Fund Accounting Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated by reference to Post-Effective Amendment 327 to the Registrant's Registration Statement (No. 33-20827) filed on July 19, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424012885/fp0089346-1_ex9928h47.htm)

(48) [Fifteenth Amendment to the Amended and Restated Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated by reference to Post-Effective Amendment 327 to the Registrant's Registration Statement (No. 33-20827) filed on July 19, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424012885/fp0089346-1_ex9928h48.htm)

(49) [Thirteenth Amendment to the Amended and Restated Transfer Agent Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated by reference to Post-Effective Amendment 327 to the Registrant's Registration Statement (No. 33-20827) filed on July 19, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424012885/fp0089346-1_ex9928h49.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) [Sixteenth Amendment to the Amended and Restated Fund Accounting Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 333 to the Registrant's Registration Statement (No. 33-20827) filed on October 29, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424019616/fp0090276-1_ex9928h50.htm)

(51) [Sixteenth Amendment to the Amended and Restated Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 333 to the Registrant's Registration Statement (No. 33-20827) filed on October 29, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424019616/fp0090276-1_ex9928h51.htm)

(52) [Fourteenth Amendment to the Amended and Restated Transfer Agent Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 333 to the Registrant's Registration Statement (No. 33-20827) filed on October 29, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424019616/fp0090276-1_ex9928h52.htm)

(53) [Seventeenth Amendment to the Amended and Restated Fund Accounting Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 342 to the Registrant's Registration Statement (No. 33-20827) filed on February 28, 2025.](http://www.sec.gov/Archives/edgar/data/831114/000139834425004391/fp0092454-1_ex9928h53.htm)

(54) [Seventeenth Amendment to the Amended and Restated Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 342 to the Registrant's Registration Statement (No. 33-20827) filed on February 28, 2025.](http://www.sec.gov/Archives/edgar/data/831114/000139834425004391/fp0092454-1_ex9928h54.htm)

(55) [Fifteenth Amendment to the Amended and Restated Transfer Agent Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 342 to the Registrant's Registration Statement (No. 33-20827) filed on February 28, 2025.](http://www.sec.gov/Archives/edgar/data/831114/000139834425004391/fp0092454-1_ex9928h55.htm)

(56) [Eighteenth Amendment to the Amended and Restated Fund Accounting Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is filed herewith.](fp0094386-1_ex9928h56.htm)

(57) [Eighteenth Amendment to the Amended and Restated Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is filed herewith.](fp0094386-1_ex9928h57.htm)

(58) [Sixteenth Amendment to the Amended and Restated Transfer Agent Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is filed herewith.](fp0094386-1_ex9928h58.htm)

(59) [Licensing Agreement *(F/m High Yield 100 ETF)* between F/m Investments and Bloomberg Index Services Limited is incorporated herein by reference to Post-Effective Amendment No. 345 to the Registrant's Registration Statement (No. 33-20827) filed on April 4, 2025.](https://www.sec.gov/Archives/edgar/data/831114/000139834425006657/fp0092845-1_ex9928n60.htm)

(60) [Non-12b-1 Shareholder Services Plan (*Emerald Banking & Finance Evolution Fund – Class C Shares; Emerald Growth Fund - Class C Shares*) is filed herewith.](fp0094386-1_ex9928h60.htm)

(61) [Non-12b-1 Shareholder Services Plan (*Emerald Banking & Finance Evolution Fund – Institutional Class Shares; Emerald Growth Fund - Institutional Class Shares*) is filed herewith.](fp0094386-1_ex9928h61.htm)

(62) [Non-12b-1 Shareholder Services Plan (*Emerald Banking & Finance Evolution Fund – Investor Class Shares; Emerald Growth Fund - Investor Class Shares*) is filed herewith.](fp0094386-1_ex9928h62.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63) Nineteenth Amendment to the Amended and Restated Fund Accounting Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC will be filed by amendment.

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

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

(i) (1) [Consent of Counsel is filed herewith.](fp0094386-1_ex9928i1.htm)

(2) [Opinion of Counsel is filed herewith.](fp0094386-1_ex9928i2.htm)

(j) [Consent of Cohen & Company, Ltd. is filed herewith.](fp0094386-1_ex9928j.htm)

(k) None.

(l) Initial Capital Agreements.

(1) [Subscription Agreement, relating to Classes A through N, is incorporated herein by reference to Pre-Effective Amendment No. 2 to Registrant's Registration Statement (No. 33-20827) filed on July 12, 1988, and refiled electronically with Post-Effective Amendment No. 61 to Registrant's Registration Statement filed on October 30, 1998.](http://www.sec.gov/Archives/edgar/data/831114/0000935069-98-000189.txt)

(2) Subscription Agreement between Registrant and Planco Financial Services, Inc., relating to Classes O and P is incorporated herein by reference to Post-Effective Amendment No. 5 to the Registrant's Registration Statement (No. 33-20827) filed on December 14, 1990. (P)

(3) Subscription Agreement between Registrant and Planco Financial Services, Inc., relating to Class Q is incorporated herein by reference to Post-Effective Amendment No. 5 to the Registrant's Registration Statement (No. 33-20827) filed on December 14, 1990. (P)

(4) [Subscription Agreement between Registrant and Counselors Securities Inc. relating to Classes R, S, and Alpha 1 through Theta 4 is incorporated herein by reference to Post-Effective Amendment No. 7 to the Registrant's Registration Statement (No. 33-20827) filed on July 15, 1992, and refiled electronically with Post-Effective Amendment No. 61 to Registrant's Registration Statement filed on October 30, 1998.](http://www.sec.gov/Archives/edgar/data/831114/000093506998000189/0000935069-98-000189.txt)

(5) [Purchase Agreement between Registrant and Boston Partners Asset Management, L.P. relating to Classes TT and UU *(Boston Partners Mid Cap Value Fund)* is incorporated herein by reference to Post-Effective Amendment No. 46 to the Registrant's Registration Statement (No. 33-20827) filed on September 25, 1997.](http://www.sec.gov/Archives/edgar/data/831114/000095010997006070/0000950109-97-006070.txt)

(6) [Purchase Agreement between Registrant and Boston Partners Asset Management, L.P. relating to Classes DDD and EEE *(Boston Partners Small Cap Value Fund II (formerly Micro Cap Value))* is incorporated herein by reference to Post-Effective Amendment No. 60 to the Registrant's Registration Statement (No. 33-20827) filed on October 29, 1998.](http://www.sec.gov/Archives/edgar/data/831114/000102140898000811/0001021408-98-000811.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Purchase Agreement between Registrant and Boston Partners Asset Management relating to Classes III and JJJ *(Boston Partners Long/Short Equity Fund (formerly Market Neutral))* is incorporated herein by reference to Post-Effective Amendment No. 63 to the Registrant's Registration Statement (No. 33-20827) filed on December 14, 1998.](http://www.sec.gov/Archives/edgar/data/831114/000102140898001055/0001021408-98-001055.txt)

(8) [Form of Purchase Agreement between Registrant and Boston Partners Asset Management, L. P. relating to Classes KKK and LLL *(Boston Partners Fund (formerly Long-Short Equity))* is incorporated herein by reference to Post-Effective Amendment No. 65 to the Registrant's Registration Statement (No. 33-20827) filed on May 19, 1999.](http://www.sec.gov/Archives/edgar/data/831114/000093506999000091/0000935069-99-000091.txt)

(11) [Purchase Agreement *(Boston Partners All-Cap Value Fund)* between Registrant and Boston Partners Asset Management, L.P. is incorporated herein by reference to Post-Effective Amendment No. 80 to the Registrant's Registration Statement (No. 33-20827) filed on November 1, 2002.](http://www.sec.gov/Archives/edgar/data/831114/000092701602005219/dex99l17.txt)

(12) [Purchase Agreement *(WPG Partners Small Cap Value Diversified Fund f/k/a WPG Partners Small/Micro Cap Value Fund f/k/a Robeco WPG Tudor Fund)* between Registrant and Weiss, Peck & Greer Investments is incorporated herein by reference to Post-Effective Amendment No. 96 to the Registrant's Registration Statement (No. 33-20827) filed on June 6, 2005.](http://www.sec.gov/Archives/edgar/data/831114/000093506905001570/g17444exhibit_l24.txt)

(13) [Form of Purchase Agreement *(Free Market U.S. Equity Fund)* between Registrant and Matson Money, Inc. (f/k/a Abundance Technologies, Inc.), is incorporated herein by reference to Post-Effective Amendment No. 112 to the Registrant's Registration Statement (No. 33-20827) filed on June 1, 2007.](http://www.sec.gov/Archives/edgar/data/831114/000119312507127937/dex99l26.htm)

(14) [Form of Purchase Agreement *(Free Market International Equity Fund)* between Registrant and Matson Money, Inc. (f/k/a Abundance Technologies, Inc.), is incorporated herein by reference to Post-Effective Amendment No. 112 to the Registrant's Registration Statement (No. 33-20827) filed on June 1, 2007.](http://www.sec.gov/Archives/edgar/data/831114/000119312507127937/dex99l27.htm)

(15) [Form of Purchase Agreement *(Free Market Fixed Income Fund)* between Registrant and Matson Money, Inc. (f/k/a Abundance Technologies, Inc.), is incorporated herein by reference to Post-Effective Amendment No. 112 to the Registrant's Registration Statement (No. 33-20827) filed on June 1, 2007.](http://www.sec.gov/Archives/edgar/data/831114/000119312507127937/dex99l28.htm)

(16) [Purchase Agreement *(Boston Partners Long/Short Research Fund f/k/a Robeco Boston Partners Long/Short Research Fund)* between Registrant and Robeco Investment Management Inc. is incorporated herein by reference to Post-Effective Amendment No. 136 to the Registrant's Registration Statement (No. 33-20827) filed on August 4, 2010.](http://www.sec.gov/Archives/edgar/data/831114/000119312510181363/dex99l25.htm)

(17) [Form of Purchase Agreement *(Boston Partners Global Equity Fund f/k/a Robeco Boston Partners Global Equity Fund)* between Registrant and Robeco Investment Management Inc. is incorporated herein by reference to Post-Effective Amendment No. 142 to the Registrant's Registration Statement (No. 33-20827) filed on October 14, 2011.](http://www.sec.gov/Archives/edgar/data/831114/000110465911056173/a11-27869_1ex99dbl24.htm)

(18) [Form of Purchase Agreement *(Robeco Boston Partners International Equity Fund)* between Registrant and Robeco Investment Management Inc. is incorporated herein by reference to Post-Effective Amendment No. 142 to the Registrant's Registration Statement (No. 33-20827) filed on October 14, 2011.](http://www.sec.gov/Archives/edgar/data/831114/000110465911056173/a11-27869_1ex99dbl25.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) [Purchase Agreement *(SGI U.S. Large Cap Equity Fund, f/k/a Summit Global Investments U.S. Low Volatility Equity Fund)* between Registrant and Summit Global Investments, LLC is incorporated herein by reference to Post-Effective Amendment No. 157 to the Registrant's Registration Statement (No. 33-20827) filed on October 29, 2013.](http://www.sec.gov/Archives/edgar/data/831114/000110465913078780/a13-22799_1ex99dbl22.htm)

(20) [Form of Purchase Agreement *(Boston Partners Global Long/Short Fund – Investor Class f/k/a Robeco Boston Partners Global Long/Short Fund-Investor Class)* between Registrant and Robeco Investment Management Inc. is incorporated hereby by reference to Post-Effective Amendment No. 160 to the Registrant's Registration Statement (No. 33-20827) filed on December 23, 2013.](http://www.sec.gov/Archives/edgar/data/831114/000110465913092016/a13-25324_1ex99dbl23.htm)

(21) [Form of Purchase Agreement *(Boston Partners Global Long/Short Fund-Institutional Class f/k/a Robeco Boston Partners Global Long/Short Fund-Institutional Class)* between Registrant and Robeco Investment Management Inc. is incorporated hereby by reference to Post-Effective Amendment No. 160 to the Registrant's Registration Statement (No. 33-20827) filed on December 23, 2013.](http://www.sec.gov/Archives/edgar/data/831114/000110465913092016/a13-25324_1ex99dbl24.htm)

(22) [Form of Purchase Agreement *(SGI Global Equity Fund f/k/a Scotia Dynamic U.S. Growth Fund)* between Registrant and Scotia Institutional Asset Management US, Ltd. is incorporated herein by reference to Post-Effective Amendment No. 168 to the Registrant's Registration Statement (No. 33-20827) filed on June 30, 2014.](http://www.sec.gov/Archives/edgar/data/831114/000110465914049415/a14-14662_1ex99dbl26.htm)

(23) [Form of Purchase Agreement *(Abbey Capital Futures Strategy Fund)* between Registrant and Abbey Capital Limited is incorporated herein by reference to Post-Effective Amendment No. 168 to the Registrant's Registration Statement (No. 33-20827) filed on June 30, 2014.](http://www.sec.gov/Archives/edgar/data/831114/000110465914049415/a14-14662_1ex99dbl27.htm)

(24) [Form of Purchase Agreement *(Adara Smaller Companies Fund (f/k/a Altair Smaller Companies Fund))* between Registrant and Altair Advisers LLC is incorporated herein by reference to Post-Effective Amendment No. 172 to the Registrant's Registration Statement (No. 33-20827) filed on October 17, 2014.](http://www.sec.gov/Archives/edgar/data/831114/000110465914072228/a14-22377_1ex99dbn28.htm)

(25) [Purchase Agreement *(Boston Partners Emerging Markets Dynamic Equity Fund f/k/a Boston Partners Emerging Markets Long/Short Fund)* between Registrant and Robeco Investment Management, Inc. is incorporated herein by reference to Post-Effective Amendment No. 187 to the Registrant's Registration Statement (No. 33-20827) filed on December 29, 2015.](http://www.sec.gov/Archives/edgar/data/831114/000110465915087088/a15-23853_1ex99dbn30.htm)

(26) Reserved.

(27) Reserved.

(28) Reserved.

(29) [Purchase Agreement *(Campbell Systematic Macro Fund)* between Registrant and Campbell & Company Investment Adviser LLC is incorporated herein by reference to Post-Effective Amendment No. 266 to the Registrant's Registration Statement (No. 33-20827) filed on June 8, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420012106/fp0054381_ex9928l30.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) [Form of Purchase Agreement *(Boston Partners Emerging Markets Fund)* between Registrant and Boston Partners Global Investors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 226 to the Registrant's Registration Statement (No. 33-20827) filed on August 23, 2017.](http://www.sec.gov/Archives/edgar/data/831114/000139834417010769/fp0027625_ex9928l36.htm)

(31) [Form of Purchase Agreement *(Motley Fool 100 Index ETF)* between Registrant and Motley Fool Asset Management, LLC is incorporated herein by reference to Post-Effective Amendment No. 235 to the Registrant's Registration Statement (No. 33-20827) filed on January 19, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418000771/fp0030418_ex9928l40.htm)

(32) [Purchase Agreement *(Aquarius International Fund)* between Registrant and Altair Advisers LLC is incorporated herein by reference to Post-Effective Amendment No. 247 to the Registrant's Registration Statement (No. 33-20827) filed on October 23, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418015233/fp0036553_ex9928l38.htm)

(33) [Form of Purchase Agreement *(Abbey Capital Multi Asset Fund)* between Registrant and Abbey Capital Limited is incorporated herein by reference to Post-Effective Amendment No. 243 to the Registrant's Registration Statement (No. 33-20827) filed on March 23, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418004677/fp0032096_ex9928l40.htm)

(34) [Purchase Agreement *(MFAM Small-Cap Growth ETF (f/k/a Motley Fool Small-Cap Growth ETF))* between Registrant and Motley Fool Asset Management, LLC is incorporated herein by reference to Post-Effective Amendment No. 247 to the Registrant's Registration Statement (No. 33-20827) filed on October 23, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418015233/fp0036553_ex9928l40.htm)

(35) Reserved.

(36) Reserved.

(37) [Purchase Agreement *(SGI U.S. Large Cap Equity VI Portfolio)* between Registrant and Summit Global Investments, LLC is incorporated herein by reference to Post-Effective Amendment No. 264 to the Registrant's Registration Statement (No. 33-20827) filed on April 28, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420008634/fp0053257_ex9928l38.htm)

(38) [Purchase Agreement *(SGI Peak Growth Fund, SGI Prudent Growth Fund,* and *SGI Conservative Fund)* between Registrant and Summit Global Investments, LLC is incorporated herein by reference to Post-Effective Amendment No. 266 to the Registrant's Registration Statement (No. 33-20827) filed on June 8, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420012106/fp0054381_ex9928l39.htm)

(39) Reserved.

(40) [Purchase Agreement *(Motley Fool Global Opportunities ETF and Motley Fool Mid-Cap Growth ETF)* between Registrant and Motley Fool Asset Management, LLC is incorporated herein by reference to Post-Effective Amendment No. 286 to the Registrant's Registration Statement (No. 33-20827) filed on December 20, 2021](http://www.sec.gov/Archives/edgar/data/831114/000139834421024188/fp0070820_ex9928l41.htm) .

(41) [Purchase Agreement *(Optima Strategic Credit Fund)* between Registrant and Optima Asset Management LLC is incorporated herein by reference to Post-Effective Amendment No. 288 to the Registrant's Registration Statement (No. 33-20827) filed on March 2, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422005157/fp0073638_ex9928l42.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) [Purchase Agreement *(Boston Partners Global Sustainability Fund and WPG Partners Select Small Cap Value Fund)* between Registrant and Boston Partners Global Investors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 288 to the Registrant's Registration Statement (No. 33-20827) filed on March 2, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422005157/fp0073638_ex9928l43.htm)

(43) [Purchase Agreement *(Motley Fool Next Index ETF and Motley Fool Capital Efficiency 100 Index ETF)* between Registrant and Motley Fool Asset Management, LLC is incorporated herein by reference to Post-Effective Amendment No. 288 to the Registrant's Registration Statement (No. 33-20827) filed on March 2, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422005157/fp0073638_ex9928l44.htm)

(44) [Purchase Agreement *(SGI U.S. Large Cap Core ETF and SGI Dynamic Tactical ETF)* between Registrant and Summit Global Investments, LLC is incorporated herein by reference to Post-Effective Amendment No. 304 to the Registrant's Registration Statement (33-20827) filed on March 24, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423006595/fp0082788-1_ex9928m44.htm)

(45) [Purchase Agreement *(US Treasury 10 Year Note ETF, US Treasury 2 Year Note ETF, and US Treasury 3 Month Bill ETF)* between Registrant and F/m Investments LLC d/b/a North Slope Capital, LLC is incorporated herein by reference to Post-Effective Amendment No. 300 to the Registrant's Registration Statement (No. 33-20827) filed on December 27, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422025028/fp0081158-1_ex9928l45.htm)

(46) [Purchase Agreement *(US Treasury 12 Month Bill ETF)* between Registrant and F/m Investments LLC d/b/a North Slope Capital, LLC is incorporated herein by reference to Post-Effective Amendment No. 300 to the Registrant's Registration Statement (No. 33-20827) filed on December 27, 2022.](http://www.sec.gov/Archives/edgar/data/831114/000139834422025028/fp0081158-1_ex9928l46.htm)

(47) [Purchase Agreement *(Oakhurst Fixed Income Fund, Oakhurst Short Duration Bond Fund, and Oakhurst Short Duration High Yield Credit Fund)* between Registrant and F/m Investments LLC d/b/a Oakhurst Capital Management, LLC is incorporated herein by reference to Post-Effective Amendment No. 313 to the Registrant's Registration Statement (No. 33-20827) filed on December 22, 2023](http://www.sec.gov/Archives/edgar/data/831114/000139834423023371/fp0086227-1_ex9928l47.htm) .

(48) [Purchase Agreement *(F/m Investments Large Cap Focused Fund – Investor Class)* between Registrant and F/m Investments LLC is incorporated herein by reference to Post-Effective Amendment No. 313 to the Registrant's Registration Statement (No. 33-20827) filed on December 22, 2023](http://www.sec.gov/Archives/edgar/data/831114/000139834423023371/fp0086227-1_ex9928l48.htm) .

(49) [Purchase Agreement *(F/m Opportunistic Income ETF)* between Registrant and F/m Investments LLC d/b/a North Slope Capital, LLC is incorporated herein by reference to Post-Effective Amendment No. 310 to the Registrant's Registration Statement (No. 33-20827) filed on October 27, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423019867/fp0085740-1_ex9928l49.htm)

(50) [Purchase Agreement *(US Treasury 6 Month Bill ETF)* between Registrant and F/m Investments LLC d/b/a North Slope Capital, LLC is incorporated herein by reference to Post-Effective Amendment No. 310 to the Registrant's Registration Statement (No. 33-20827) filed on October 27, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423019867/fp0085740-1_ex9928l51.htm)

(51) [Purchase Agreement *(US Treasury 30 Year Bond ETF, US Treasury 20 Year Bond ETF, US Treasury 7 Year Note ETF, US Treasury 5 Year Note ETF, and US Treasury 3 Year Note ETF)* between Registrant and F/m Investments LLC d/b/a North Slope Capital, LLC is incorporated herein by reference to Post-Effective Amendment No. 310 to the Registrant's Registration Statement (No. 33-20827) filed on October 27, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423019867/fp0085740-1_ex9928l52.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) [Purchase Agreement *(SGI Enhanced Global Income ETF and SGI Enhanced Core ETF)* between Registrant and Summit Global Investments, LLC is incorporated herein by reference to Post-Effective Amendment No. 320 to the Registrant's Registration Statement (No. 33-20827) filed on February 26, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424004158/fp0087311-1_ex9928l52.htm)

(53) [Purchase Agreement *(F/m 2-Year Investment Grade Corporate Bond ETF, F/m 3-Year Investment Grade Corporate Bond ETF, and F/m 10-Year Investment Grade Corporate Bond ETF)* between Registrant and F/m Investments LLC d/b/a North Slope Capital, LLC is incorporated herein by reference to Post-Effective Amendment No. 316 to the Registrant's Registration Statement (No. 33-20827) filed on January 9, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424000371/fp0086603-1_ex9928l53.htm)

(54) [Purchase Agreement *(WPG Partners Select Hedged Fund)* between Registrant and Boston Partners Global Investors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 323 to the Registrant's Registration Statement (No. 33-20827) filed on May 2, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424008575/fp0088193-1_ex9928l54.htm)

(55) [Purchase Agreement *(SGI Enhanced Nasdaq-100 ETF)* between Registrant and Summit Global Investments, LLC is incorporated herein by reference to Post-Effective Amendment No. 326 to the Registrant's Registration Statement (No. 33-20827) filed on June 13, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424011665/fp0088690-1_ex9928l55.htm)

(56) [Purchase Agreement *(F/m Emerald Life Sciences Innovation ETF)* between Registrant and Emerald Mutual Fund Advisers Trust is incorporated herein by reference to Post-Effective Amendment No. 333 to the Registrant's Registration Statement (No. 33-20827) filed on October 29, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424019616/fp0090276-1_ex9928l56.htm)

(57) [Form of Purchase Agreement *(SGI Enhanced Market Leaders ETF)* between Registrant and Summit Global Investments, LLC is incorporated herein by reference to Post-Effective Amendment No. 340 to the Registrant's Registration Statement (No. 33-20827) filed on February 19, 2025.](http://www.sec.gov/Archives/edgar/data/831114/000139834425003104/fp0091118-1_ex9928l56.htm)

(58) [Purchase Agreement *(F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF)* between Registrant and F/m Investments LLC is incorporated herein by reference to Post-Effective Amendment No. 342 to the Registrant's Registration Statement (No. 33-20827) filed on February 28, 2025.](http://www.sec.gov/Archives/edgar/data/831114/000139834425004391/fp0092454-1_ex9928l57.htm)

(59) Purchase Agreement *(F/m Yield Curve Steepening Strategy ETF, F/m Yield Curve Flattening Strategy ETF, F/m Rising Interest Rates Strategy ETF, F/m Falling Interest Rates Strategy ETF, F/m U.S. Treasury 3 Month Bill Institutional ETF, F/m Leveraged U.S. Treasury 3-month Bill ETF, F/m Short Duration High Coupon Tax Free Municipal ETF, F/m Small Cap Core ETF, F/m Small Cap Growth ETF, F/m SMID Equity ETF,)* will be filed by amendment.

(60) [Purchase Agreement *(F/m High Yield 100 ETF)* between Registrant and F/m Investments LLC is incorporated herein by reference to Post-Effective Amendment No. 345 to the Registrant's Registration Statement (No. 33-20827) filed on April 4, 2025.](https://www.sec.gov/Archives/edgar/data/831114/000139834425006657/fp0092845-1_ex9928l59.htm)

(61) Purchase Agreement (*Emerald Banking & Finance Evolution Fund, Emerald Growth Fund, F/m Emerald Special Situations ETF*)
 between Registrant and Emerald Mutual Fund Advisers Trust will be filed by amendment.

(m) Rule 12b-1 Plan.

(1) [Plan of Distribution *(Boston Partners Mid Cap Value Fund - Investor Class)* is incorporated herein by reference to Post-Effective Amendment No. 45 to the Registrant's Registration Statement (No. 33-20827) filed on May 9, 1997.](http://www.sec.gov/Archives/edgar/data/831114/000091205797016481/0000912057-97-016481.txt)

(2) [Plan of Distribution *(Boston Partners Small Cap Value Fund II (formerly Micro Cap Value) - Investor Class)* is incorporated herein by reference to Post-Effective Amendment No. 53 to the Registrant's Registration Statement (No. 33-20827) filed on April 10, 1998.](http://www.sec.gov/Archives/edgar/data/831114/000104746998014596/0001047469-98-014596.txt)

(3) [Amendment to Plans of Distribution pursuant to Rule 12b-1 is incorporated herein by reference to Post-Effective Amendment No. 63 to the Registrant's Registration Statement (No. 33-20827) filed on December 14, 1998.](http://www.sec.gov/Archives/edgar/data/831114/000102140898001055/0001021408-98-001055.txt)

(4) [Plan of Distribution *(Boston Partners Long/Short Equity Fund (formerly Market Neutral) - Investor Class)* is incorporated herein by reference to Post-Effective Amendment No. 62 to the Registrant's Registration Statement (No. 33-20827) filed on November 12, 1998.](http://www.sec.gov/Archives/edgar/data/831114/000093506998000210/0000935069-98-000210.txt)

(5) [Plan of Distribution *(Boston Partners Fund (formerly Long Short Equity) - Investor Class)* is incorporated herein by reference to Post-Effective Amendment No. 65 to the Registrant's Registration Statement (No. 33-20827) filed on May 19, 1999.](http://www.sec.gov/Archives/edgar/data/831114/000093506999000091/0000935069-99-000091.txt)

(6) [Plan of Distribution pursuant to Rule 12b-1 *(Boston Partners All-Cap Value Fund)* is incorporated herein by reference to Post-Effective Amendment No. 80 to the Registrant's Registration Statement (No. 33-20827) filed on November 1, 2002.](http://www.sec.gov/Archives/edgar/data/831114/000092701602005219/dex99m46.txt)

(7) [Plan of Distribution pursuant to Rule 12b-1 *(Boston Partners Long/Short Research Fund-Investor Class f/k/a Robeco Boston Partners Long/Short Research Fund — Investor Class)* is incorporated herein by reference to Post-Effective Amendment No. 141 to the Registrant's Registration Statement (No. 33-20827) filed on December 28, 2010.](http://www.sec.gov/Archives/edgar/data/831114/000110465910064495/a10-23871_1ex99dbm17.htm)

(8) [Plan of Distribution pursuant to Rule 12b-1 *(Boston Partners Global Equity Fund-Investor Class f/k/a Robeco Boston Partners Global Equity Fund — Investor Class)* is incorporated herein by reference to Post-Effective Amendment No. 142 to the Registrant's Registration Statement (No. 33-20827) filed on October 14, 2011.](http://www.sec.gov/Archives/edgar/data/831114/000110465911056173/a11-27869_1ex99dbm19.htm)

(9) [Plan of Distribution pursuant to Rule 12b-1 *(Robeco Boston Partners International Equity Fund — Investor Class)* is incorporated herein by reference to Post-Effective Amendment No. 142 to the Registrant's Registration Statement (No. 33-20827) filed on October 14, 2011.](http://www.sec.gov/Archives/edgar/data/831114/000110465911056173/a11-27869_1ex99dbm20.htm)

(10) [Plan of Distribution pursuant to Rule 12b-1 *(SGI U.S. Large Cap Equity Fund, f/k/a Summit Global Investments U.S. Low Volatility Equity Fund — Retail Class)* is incorporated by reference to Post-Effective Amendment No. 144 to Registrant's Registration Statement (No. 33-20827) filed on December 15, 2011.](http://www.sec.gov/Archives/edgar/data/831114/000110465911069708/a11-31641_1ex99dm14.htm)

(11) [Plan of Distribution pursuant to Rule 12b-1 *(SGI U.S. Large Cap Equity Fund, f/k/a Summit Global Investments U.S. Low Volatility Equity Fund – Class A)* is incorporated by reference to Post-Effective Amendment No. 144 to Registrant's Registration Statement (No. 33-20827) filed on December 15, 2011.](http://www.sec.gov/Archives/edgar/data/831114/000110465911069708/a11-31641_1ex99dm15.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [Plan of Distribution pursuant to Rule 12b-1 *(Boston Partners Global Long/Short Fund – Investor Class f/k/a Robeco Boston Partners Global Long/Short Fund — Investor Class)* is incorporated herein by reference to Post-Effective Amendment No. 154 to the Registrant's Registration Statement (No. 33-20827) filed on July 11, 2013.](http://www.sec.gov/Archives/edgar/data/831114/000110465913054106/a13-16436_1ex99dbm16.htm)

(13) [Plan of Distribution pursuant to Rule 12b-1 *(Abbey Capital Futures Strategy Fund — Class A)* is incorporated herein by reference to Post-Effective Amendment No. 168 to the Registrant's Registration Statement (No. 33-20827) filed on June 30, 2014.](http://www.sec.gov/Archives/edgar/data/831114/000110465914049415/a14-14662_1ex99dbm17.htm)

(14) [Plan of Distribution pursuant to Rule 12b-1 *(Abbey Capital Futures Strategy Fund — Class C)* is incorporated herein by reference to Post-Effective Amendment No. 168 to the Registrant's Registration Statement (No. 33-20827) filed on June 30, 2014.](http://www.sec.gov/Archives/edgar/data/831114/000110465914049415/a14-14662_1ex99dbm18.htm)

(15) [Plan of Distribution pursuant to Rule 12b-1 *(SGI U.S. Large Cap Equity Fund, f/k/a Summit Global Investments U.S. Low Volatility Equity Fund —Class C)* is incorporated herein by reference to Post-Effective Amendment No. 184 to the Registrant's Registration Statement (No. 33-20827) filed on October 30, 2015.](http://www.sec.gov/Archives/edgar/data/831114/000110465915074491/a15-21949_1ex99dbm19.htm)

(16) Reserved

(17) [Plan of Distribution pursuant to Rule 12b-1 *(SGI U.S. Small-Cap Equity Fund, f/k/a Summit Global Investments Small Cap Low Volatility Fund – Class C)* is incorporated herein by reference to Post-Effective Amendment No. 195 to the Registrant's Registration Statement (No. 33-20827) filed on March 30, 2016.](http://www.sec.gov/Archives/edgar/data/831114/000110465916108773/a16-5934_1ex99dm21.htm)

(18) [Plan of Distribution pursuant to Rule 12b-1 *(Abbey Capital Futures Strategy Fund — Class T)* is incorporated herein by reference to Post-Effective Amendment No. 216 to the Registrant's Registration Statement (No. 33-20827) filed on April 10, 2017.](http://www.sec.gov/Archives/edgar/data/831114/000110465917022694/a17-7184_1ex99dbm3.htm)

(19) Reserved.

(20) Reserved.

(21) [Plan of Distribution pursuant to Rule 12b-1 *(Campbell Systematic Macro Fund — Class A)* is incorporated herein by reference to Post-Effective Amendment No. 257 to the Registrant's Registration Statement (No. 33-20827) filed on December 27, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000139834419023215/fp0048954_ex9928m21.htm)

(22) [Plan of Distribution pursuant to Rule 12b-1 *(Campbell Systematic Macro Fund — Class P)* is incorporated herein by reference to Post-Effective Amendment No. 257 to the Registrant's Registration Statement (No. 33-20827) filed on December 27, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000139834419023215/fp0048954_ex9928m22.htm)

(23) [Plan of Distribution pursuant to Rule 12b-1 *(Campbell Systematic Macro Fund — Class C)* is incorporated herein by reference to Post-Effective Amendment No. 257 to the Registrant's Registration Statement (No. 33-20827) filed on December 27, 2019.](http://www.sec.gov/Archives/edgar/data/831114/000139834419023215/fp0048954_ex9928m23.htm)

(24) [Plan of Distribution pursuant to Rule 12b-1 *(SGI Global Equity Fund, f/k/a Summit Global Investments Global Low Volatility Fund – Class A Shares (formerly Class II Shares))* is incorporated herein by reference to Post-Effective Amendment No. 232 to the Registrant's Registration Statement (No. 33-20827) filed on December 28, 2017.](http://www.sec.gov/Archives/edgar/data/831114/000139834417016391/fp0029863_ex9928m23.htm)

(25) [Plan of Distribution pursuant to Rule 12b-1 *(SGI Global Equity Fund, f/k/a Summit Global Investments Global Low Volatility Fund – Class C Shares (formerly Institutional Shares))* is incorporated herein by reference to Post-Effective Amendment No. 232 to the Registrant's Registration Statement (No. 33-20827) filed on December 28, 2017.](http://www.sec.gov/Archives/edgar/data/831114/000139834417016391/fp0029863_ex9928m24.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) [Plan of Distribution pursuant to Rule 12b-1 *(Abbey Capital Multi Asset Fund – Class A Shares)* is incorporated herein by reference to Post-Effective Amendment No. 243 to the Registrant's Registration Statement (No. 33-20827) filed on March 23, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418004677/fp0032096_ex9928m25.htm)

(27) [Plan of Distribution pursuant to Rule 12b-1 *(Abbey Capital Multi Asset Fund – Class C Shares)* is incorporated herein by reference to Post-Effective Amendment No. 243 to the Registrant's Registration Statement (No. 33-20827) filed on March 23, 2018.](http://www.sec.gov/Archives/edgar/data/831114/000139834418004677/fp0032096_ex9928m26.htm)

(28) [Plan of Distribution pursuant to Rule 12b-1 (*Optima Strategic Credit Fund*) is incorporated herein by reference to Post-Effective Amendment No. 304 to the Registrant's Registration Statement (33-20827) filed on March 24, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423006595/fp0082788-1_ex9928n28.htm)

(29) Plan of Distribution pursuant to Rule 12b-1 *(Oakhurst Fixed Income Fund, Oakhurst Short Duration Bond Fund and Oakhurst Short Duration High Yield Credit Fund – Retail Shares)* will be filed by amendment.

(30) [Plan of Distribution pursuant to Rule 12b-1 *(F/m Investments Large Cap Focused Fund – Investor Class)* is incorporated by reference to Post-Effective Amendment 327 to the Registrant's Registration Statement (No. 33-20827) filed on July 19, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424012885/fp0089346-1_ex9928m30.htm)

(31) [Plan of Distribution pursuant to Rule 12b-1 *(Emerald Banking & Finance Evolution Fund – Class A Shares)* is filed herewith.](fp0094386-1_ex9928m31.htm)

(32) [Plan of Distribution pursuant to Rule 12b-1 (*Emerald Banking & Finance Evolution Fund – Class C Shares*) is filed herewith.](fp0094386-1_ex9928m32.htm)

(33) [Plan of Distribution pursuant to Rule 12b-1 (*Emerald Banking & Finance Evolution Fund – Investor Class Shares*) is filed herewith.](fp0094386-1_ex9928m33.htm)

(34) [Plan of Distribution pursuant to Rule 12b-1 *(Emerald Growth Fund – Class A Shares)* is filed herewith.](fp0094386-1_ex9928m34.htm)

(35) [Plan of Distribution pursuant to Rule 12b-1 (*Emerald Growth Fund – Class C Shares*) is filed herewith.](fp0094386-1_ex9928m35.htm)

(36) [Plan of Distribution pursuant to Rule 12b-1 (*Emerald Growth Fund – Investor Class Shares*) is filed herewith.](fp0094386-1_ex9928m36.htm)

(n) Rule 18f-3 Plan.

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

(o) Reserved.

(p) Code of Ethics.

(1) [Code of Ethics of the Registrant is incorporated herein by reference to Post-Effective Amendment No. 281 to the Registrant's Registration Statement (No. 33-20827) filed on July 26, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421014817/fp0067497_ex9928p1.htm)

(2) [Code of Ethics of Boston Partners Global Investors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 345 to the Registrant's Registration Statement (No. 33-20827) filed on April 4, 2025.](https://www.sec.gov/Archives/edgar/data/831114/000139834425006657/fp0092845-1_ex9928p2.htm)

(3) [Code of Ethics of Matson Money, Inc. is incorporated herein by reference to Post-Effective Amendment No. 263 to the Registrant's Registration Statement (No. 33-20827) filed on March 25, 2020.](http://www.sec.gov/Archives/edgar/data/831114/000139834420006664/fp0052004_ex9928p5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Code of Ethics of Foreside Financial Group, LLC is incorporated herein by reference to Post-Effective Amendment No. 281 to the Registrant's Registration Statement (No. 33-20827) filed on July 26, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421014817/fp0067497_ex9928p4.htm)

(5) [Code of Ethics of Summit Global Investments, LLC is incorporated herein by reference to Post-Effective Amendment No. 286 to the Registrant's Registration Statement (No. 33-20827) filed on December 20, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421024188/fp0070820_ex9928p5.htm)

(6) [Code of Ethics of Abbey Capital Limited is incorporated herein by reference to Post-Effective Amendment No. 305 to the Registrant's Registration Statement (33-20827) filed on April 27, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423007980/fp0083323-1_ex9928p6.htm)

(7) [Code of Ethics of Altair Advisers LLC is incorporated herein by reference to Post-Effective Amendment No. 323 to the Registrant's Registration Statement (No. 33-20827) filed on May 2, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424008575/fp0088193-1_ex9928p7.htm)

(8) [Code of Ethics of Aperio Group, LLC is incorporated herein by reference to Post-Effective Amendment No. 313 to the Registrant's Registration Statement (No. 33-20827) filed on December 22, 2023](http://www.sec.gov/Archives/edgar/data/831114/000139834423023371/fp0086227-1_ex9928p8.htm) .

(9) [Code of Ethics of Driehaus Capital Management LLC is incorporated herein by reference to Post-Effective Amendment No. 339 to the Registrant's Registration Statement (No. 33-20827) filed on February 14, 2025.](http://www.sec.gov/Archives/edgar/data/831114/000139834425002950/fp0092326-1_ex9928p9.htm)

(10) [Code of Ethics of Pacific Ridge Capital Partners, LLC is incorporated herein by reference to Post-Effective Amendment No. 333 to the Registrant's Registration Statement (No. 33-20827) filed on October 29, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424019616/fp0090276-1_ex9928p10.htm)

(11) [Code of Ethics of Pier Capital LLC is incorporated herein by reference to Post-Effective Amendment No. 345 to the Registrant's Registration Statement (No. 33-20827) filed on April 4, 2025.](https://www.sec.gov/Archives/edgar/data/831114/000139834425006657/fp0092845-1_ex9928p11.htm)

(12) [Code of Ethics of River Road Asset Management, LLC is incorporated herein by reference to Post-Effective Amendment No. 309 to the Registrant's Registration Statement (No. 33-20827) filed on October 13, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423019260/fp0085642-1_ex9928p12.htm)

(13) [Code of Ethics of Campbell & Company Investment Adviser LLC is incorporated herein by reference to Post-Effective Amendment No. 345 to the Registrant's Registration Statement (No. 33-20827) filed on April 4, 2025.](https://www.sec.gov/Archives/edgar/data/831114/000139834425006657/fp0092845-1_ex9928p13.htm)

(14) [Code of Ethics of Motley Fool Asset Management, LLC is incorporated herein by reference to Post-Effective Amendment No. 339 to the Registrant's Registration Statement (No. 33-20827) filed on February 14, 2025.](http://www.sec.gov/Archives/edgar/data/831114/000139834425002950/fp0092326-1_ex9928p14.htm)

(15) [Code of Ethics of Mawer Investment Management Ltd. is incorporated herein by reference to Post-Effective Amendment No. 286 to the Registrant's Registration Statement (No. 33-20827) filed on December 20, 2021.](http://www.sec.gov/Archives/edgar/data/831114/000139834421024188/fp0070820_ex9928p16.htm)

(16) Reserved.

(17) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) Reserved.

(19) Reserved.

(20) [Code of Ethics of Vigilant Distributors, LLC is filed herewith.](fp0094386-1_ex9928p20.htm)

(21) Reserved.

(22) [Code of Ethics of Optima Asset Management LLC is incorporated herein by reference to Post-Effective Amendment No. 305 to the Registrant's Registration Statement (33-20827) filed on April 27, 2023.](http://www.sec.gov/Archives/edgar/data/831114/000139834423007980/fp0083323-1_ex9928p22.htm)

(23) [Code of Ethics of Anthony Capital Management, LLC is incorporated herein by reference to Post-Effective Amendment No. 339 to the Registrant's Registration Statement (No. 33-20827) filed on February 14, 2025.](http://www.sec.gov/Archives/edgar/data/831114/000139834425002950/fp0092326-1_ex9928p23.htm)

(24) [Code of Ethics of F/m Investments LLC is incorporated herein by reference to Post-Effective Amendment No. 333 to the Registrant's Registration Statement (No. 33-20827) filed on October 29, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424019616/fp0090276-1_ex9928p24.htm)

(25) [Reserved.](http://www.sec.gov/Archives/edgar/data/831114/000139834424019616/fp0090276-1_ex9928p25.htm)

(26) [Code of Ethics of Emerald Mutual Fund Advisers Trust is incorporated herein by reference to Post-Effective Amendment No. 333 to the Registrant's Registration Statement (No. 33-20827) filed on October 29, 2024.](http://www.sec.gov/Archives/edgar/data/831114/000139834424019616/fp0090276-1_ex9928p26.htm)

---

| | |
|:---|:---|
| **<u>Item 29.</u>** | **PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT** |

---

None.

---

| | |
|:---|:---|
| **<u>Item 30.</u>** | **INDEMNIFICATION** |

---

Sections 1, 2, 3 and 4 of Article VIII of Registrant's Articles of Incorporation, as amended, incorporated herein by reference as Exhibits (a)(1) and (a)(3), provide as follows:

Section 1. To the fullest extent that limitations on the liability of directors and officers are permitted by the Maryland General Corporation Law, no director or officer of the Corporation shall have any liability to the Corporation or its shareholders for damages. This limitation on liability applies to events occurring at the time a person serves as a director or officer of the Corporation whether or not such person is a director or officer at the time of any proceeding in which liability is asserted.

Section 2. The Corporation shall indemnify and advance expenses to its currently acting and its former directors to the fullest extent that indemnification of directors is permitted by the Maryland General Corporation Law. The Corporation shall indemnify and advance expenses to its officers to the same extent as its directors and to such further extent as is consistent with law. The Board of Directors may by law, resolution or agreement make further provision for indemnification of directors, officers, employees and agents to the fullest extent permitted by the Maryland General Corporation law.

Section 3. No provision of this Article shall be effective to protect or purport to protect any director or officer of the Corporation against any liability to the Corporation or its security holders to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office.

Section 4. References to the Maryland General Corporation Law in this Article are to the law as from time to time amended. No further amendment to the Articles of Incorporation of the Corporation shall decrease, but may expand, any right of any person under this Article based on any event, omission or proceeding prior to such amendment. Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of Registrant pursuant to the foregoing provisions, or otherwise, Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by Registrant of expenses incurred or paid by a director, officer or controlling person of Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, 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 Act and will be governed by the final adjudication of such issue.

Section 12 of the Investment Advisory Agreement between Registrant and Boston Partners Global Investors, Inc. ("Boston Partners") (f/k/a Robeco Investment Management, Inc.), incorporated herein by reference to exhibit (d)(9), provides for the indemnification of Boston Partners against certain losses.

Section 12 of each of the Investment Advisory Agreements between the Registrant and Matson Money, Inc. (f/k/a Abundance Technologies, Inc.), ("Matson Money") incorporated herein by reference as exhibits (d)(3) and (d)(39) provides for the indemnification of Matson Money against certain losses.

Section 12 of each of the Investment Advisory Agreements between the Registrant and Summit Global Investments, LLC ("SGI") incorporated herein by reference as exhibits (d)(7), (d)(11), (d)(81), (d)(86), (d)(102), (d)(111), (d)(122), (d)(125), and (d)(130) provides for the indemnification of SGI against certain losses.

Section 12 of each of the Investment Advisory Agreements with Abbey Capital Limited ("Abbey Capital") incorporated herein by reference as exhibits (d)(13), (d)(60) and (d)(61) provides for the indemnification of Abbey Capital against certain losses.

Section 13 of each of the Investment Advisory Agreements with Abbey Capital incorporated herein by reference as exhibits (d)(14) and (d)(71) provides for the indemnification of Abbey Capital against certain losses.

Section 12 of each of the Investment Advisory Agreements between the Registrant and Altair Advisers LLC ("Altair") incorporated herein by reference as exhibits (d)(23) and (d)(55) provide for indemnification of Altair against certain losses.

Section 12 of each of the Investment Advisory Agreements between the Registrant and Campbell & Company Investment Adviser LLC ("CCIA") incorporated herein by reference as exhibits (d)(46) and (d)(47) provide for indemnification of CCIA against certain losses.

Section 12 of each of the Investment Advisory Agreements between the Registrant and Motley Fool Asset Management, LLC ("Motley Fool") incorporated herein by reference to exhibits (d)(54), (d)(73), (d)(104), and (d)(109) provides for indemnification of Motley Fool against certain losses.

Section 12 of the Investment Advisory Agreements between the Registrant and Optima Asset Management LLC ("Optima") incorporated herein by reference to exhibits (d)(105) provides for indemnification of Optima against certain losses.

Section 12 of the Investment Advisory Agreement between the Registrant and F/m Investments LLC ("F/m") incorporated herein by reference to exhibits (d)(113), (d)(115), (d)(118), (d)(120), (d)(121), (d)(127), (d)(132), (d)(133), and (d)(135) provide for the indemnification of F/m against certain losses.

Section 12 of the Investment Advisory Agreements between the Registrant and Emerald Mutual Fund Advisers Trust ("Emerald") incorporated herein by reference to exhibits (d)(134) provides for indemnification of Emerald against certain losses.

Section 8 of each of the Distribution Agreements between Registrant and Quasar Distributors, LLC incorporated herein by reference to exhibits (e)(1) – (e)(5), and (e)(7) provide for the indemnification of Quasar Distributors, LLC against certain losses.

Section 8 of the Distribution Agreement between Registrant and Vigilant Distributors, LLC incorporated herein by reference to exhibit (e)(6) provides for the indemnification of Vigilant Distributors, LLC against certain losses.

Section 6 of the Distribution Agreement between Registrant and Quasar Distributors, LLC incorporated herein by reference to exhibit (e)(8) provides for the indemnification of Quasar Distributors, LLC against certain losses.

Section 9 of the Distribution Agreement between Registrant and Quasar Distributors, LLC incorporated herein by reference to exhibit (e)(9) provides for the indemnification of Quasar Distributors, LLC against certain losses.

---

| | |
|:---|:---|
| **<u>Item 31.</u>** | **<u>BUSINESS AND OTHER CONNECTIONS OF THE INVESTMENT ADVISERS.</u>** |

---

1. **<u>Boston Partners Global Investors, Inc.</u>**

The sole business activity of Boston Partners Global Investors, Inc. ("Boston Partners"), One Beacon Street, 30<sup>th</sup> Floor, Boston, Massachusetts 02108, is to serve as an investment adviser. Boston Partners provides investment advisory services to the Boston Partners Funds and the WPG Partners Funds. Boston Partners is registered under the Investment Advisers Act of 1940 and serves as an investment adviser to domestic and foreign institutional investors, investment companies, commingled trust funds, private investment partnerships and collective investment vehicles. Below is a list of each executive officer and director of Boston Partners indicating each business, profession, vocation or employment of a substantial nature in which each such person has been engaged within the last two years, for his or her own account or in the capacity of director, officer, partner or trustee.

---

| | | |
|:---|:---|:---|
| **Name and Position with Boston Partners** | **Other Companies** | **Position With Other Companies** |
| **Joseph F. Feeney, Jr.**<br> **Director, Chief Executive Officer &**<br> **Chief Investment Officer** | Boston Partners Trust Company | Chief Investment Officer |
| **Mark E. Donovan**<br> **Director, Senior Portfolio Manager** |  |  |
| **William G. Butterly, III**<br> **General Counsel, Director of Sustainability &**<br> **Engagement<u>,</u> & Secretary** | Boston Partners Securities, L.L.C. | Chief Legal Officer |
|  | Boston Partners Trust Company | General Counsel, Secretary & Director |
|  | Boston Partners (UK) Limited | Director & Secretary |
| **Mark S. Kuzminskas**<br> **Chief Operating Officer** | Boston Partners Trust Company | Director & Chief Operating Officer |
|  | Boston Partners (UK) Limited | Director & Chief Operating Officer |
| **Kenneth Lengieza**<br> **Chief Compliance Officer** |  |  |
| **Greg A. Varner**<br> **Chief Financial Officer & Treasurer** | Boston Partners Trust Company | Chief Financial Officer & Treasurer |
|  | Boston Partners (UK) Limited | Director & Chief Financial Officer |
| **Stan H. Koyanagi**<br> **Director, Chairperson of the Board of Directors** | ORIX Corporation | Director, Managing Executive Officer and Global General Counsel |
|  | ORIX Corporation Europe N.V. | Director & General Counsel |
|  | ORIX Corporation USA | Director & General Counsel |
| **Jeffrey A. Finley**<br> **Director** | ORIX Corporation USA | Head of Corporate Development and Strategic Opportunities; Chief Operating Officer of ORIX Capital Partners, a subsidiary of ORIX Corporation USA |
| **Kiyoshi Habiro**<br> **Director** | ORIX Corporation Europe N.V. | ORIX Corporation Europe N.V. |
|  | Director & Chief Executive Officer | Director & Chief Executive Officer |
|  | OCE Nederland B.V. | OCE Nederland B.V. |
|  | Director | Director |
|  | OCE US Holding, Inc. | OCE US Holding, Inc. |
|  | Director | Director |
|  | Canara Robeco Asset Management Company Limited | Canara Robeco Asset Management Company Limited |
| **Gilbert O. J. Van Hassel** <br> **Director** | Harbor Capital Advisors, Inc. | Director; Senior Managing Director, Group Head of ORIX USA Asset Management & Executive Chairman, ORIX Global Asset Management |
| **David G. Van Hooser**<br> **Director** | Harbor Capital Advisors, Inc. | Director (Chairman of the Board of Directors) |

---

2. **<u>Matson Money, Inc.:</u>**

The sole business activity of Matson Money, Inc. ("Matson Money"), 5955 Deerfield Blvd., Mason, Ohio 45040, is to serve as an investment adviser. Matson Money is registered under the Investment Advisers Act of 1940.

Below is a list of each executive officer and director of Matson Money indicating each business, profession, vocation or employment of a substantial nature in which each such person has been engaged within the last two years, for his or her own account or in the capacity of director, officer, partner or trustee.

---

| | | |
|:---|:---|:---|
| **Name and Position with Matson Money, Inc.** | **Name of Other Company** | **Position With Other Company** |
| Mark E. Matson<br> CEO | Keep It Tight Fitness, LLC | 50% owner |
| Mark E. Matson<br> CEO | The Matson Family Foundation | 100% owner |
| Michelle Matson<br> Vice President/ Secretary |  |  |
| Daniel J. List<br> Chief Compliance Officer |  |  |

---

3. **<u>Summit Global Investments, LLC:</u>**

The sole business activity of Summit Global Investments, LLC ("SGI"), 620 South Main Street, Bountiful, Utah 84010, is to serve as an investment adviser. SGI is registered under the Investment Advisers Act of 1940. The only employment of a substantial nature of each of SGI's directors and officers is with SGI.

4. **<u>Abbey Capital Limited:</u>**

Abbey Capital Limited ("Abbey Capital"), 8 St. Stephen's Green, Dublin 2, Ireland, is registered under the Investment Advisers Act of 1940. The only employment of a substantial nature of each of Abbey Capital's directors and officers is with Abbey Capital.

5. **<u>Altair Advisers LLC:</u>**

Altair Advisers LLC ("Altair"), 303 West Madison, Suite 600, Chicago, Illinois 60606, is registered under the Investment Advisers Act of 1940. The only employment of a substantial nature of each of Altair's directors and officers is with Altair.

6. **<u>Campbell & Company Investment Adviser LLC:</u>**

The principal business activity of Campbell & Company Investment Adviser LLC ("CCIA"), 2850 Quarry Lake Drive, Baltimore, Maryland 21209, is to serve as an investment adviser. CCIA is registered under the Investment Advisers Act of 1940.

Below is a list of each executive officer and director of CCIA indicating each business, profession, vocation or employment of a substantial nature in which each such person has been engaged within the last two years, for his or her own account or in the capacity of director, officer, partner or trustee.

---

| | | |
|:---|:---|:---|
| **Name and Position with CCIA** | **Name of Other Company** | **Position With Other Company** |
| Dr. Kevin Cole<br> Chief Executive Officer and Chief Investment Officer | Campbell & Company, LP | Chief Executive Officer and Chief Investment Officer |
|  | Campbell & Company, LLC | Director and Chief Executive Officer |
|  | Campbell Absolute Return F1 (Cayman) | Director |
|  | Campbell Systematic Macro Offshore Limited | Director |
| Thomas P. Lloyd<br> General Counsel, Chief Compliance Officer & Secretary | Campbell & Company, LP | General Counsel, Chief Compliance Officer, and Secretary |
|  | Campbell & Company, LLC | Director, General Counsel and Secretary |
|  | Campbell Financial Services, LLC | Director, President, Chief Compliance Officer, and Secretary |
|  | Campbell Absolute Return F1 (Cayman) | Director |
|  | Campbell Systematic Macro Offshore Limited | Director |
|  | Campbell Offshore Fund Limited SPC | Director |
| John R. Radle<br> Chief Operating Officer | Campbell & Company, LP | Chief Operating Officer and Treasurer |
|  | Campbell & Company, LLC | Director and Chief Operating Officer |
|  | Campbell Financial Services, LLC | Director and Chief Operating Officer |
|  | Campbell Absolute Return F1 (Cayman) | Director |
|  | Campbell Systematic Macro Offshore Limited | Director |

---

7. **<u>Motley Fool Asset Management, LLC:</u>**

A description of any other business, profession, vocation, or employment of a substantial nature in which Motley Fool Asset Management, LLC and each director, officer, or partner of Motley Fool Asset Management, LLC is or has been engaged within the last two fiscal years for his or her own account or in the capacity of director, employee, partner or trustee, is set forth in the Form ADV of Motley Fool Asset Management, LLC, as filed with the SEC on February 7, 2025, and is incorporated herein by this reference.

8. **<u>Optima Asset Management LLC:</u>**

A description of any other business, profession, vocation, or employment of a substantial nature in which Optima Asset Management LLC and each director, officer, or partner of Optima Asset Management LLC is or has been engaged within the last two fiscal years for his or her own account or in the capacity of director, employee, partner or trustee, is set forth in the Form ADV of Optima Asset Management LLC, as filed with the SEC on March 31, 2025, and is incorporated herein by this reference.

9. **<u>F/m Investments LLC:</u>**

A description of any other business, profession, vocation, or employment of a substantial nature in which F/m Investments LLC and each director, officer, or partner of F/m Investments LLC is or has been engaged within the last two fiscal years for his or her own account or in the capacity of director, employee, partner or trustee, is set forth in the Form ADV of F/m Investments LLC, as filed with the SEC on April 3, 2025, and is incorporated herein by this reference.

10. **<u>Emerald Mutual Fund Advisers Trust:</u>**

A description of any other business, profession, vocation, or employment of a substantial nature in which Emerald Mutual Fund Advisers Trust and each director, officer, or partner of Emerald Mutual Fund Advisers Trust is or has been engaged within the last two fiscal years for his or her own account or in the capacity of director, employee, partner or trustee, is set forth in the Form ADV of Emerald Mutual Fund Advisers Trust, as filed with the SEC on March 28, 2025, and is incorporated herein by this reference.

---

| | |
|:---|:---|
| **<u>Item 32.</u>** | **PRINCIPAL UNDERWRITER** |

---

(a)(1) Quasar Distributors, LLC ("Quasar") serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Capital Advisors Growth Fund, Series of Advisors Series Trust

2. Chase Growth Fund, Series of Advisors Series Trust

3. Davidson Multi Cap Equity Fund, Series of Advisors Series Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159. Perritt Funds, Inc.

160. Procure ETF Trust II

161. Professionally Managed Portfolios

162. Prospector Funds, Inc.

163. Provident Mutual Funds, Inc.

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

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

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

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

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

169. Boston Partners Emerging Markets Dynamic Equity Fund, Series of The RBB Fund, Inc.

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

171. Boston Partners Global Sustainability Fund, Series of The RBB Fund, Inc.

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

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

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

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

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

177. F/m 6-Month Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

178. F/m 9-18 Month Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

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

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

181. F/m 5-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

182. F/m 7-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

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

184. F/m 20-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

185. F/m 30-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

186. F/m 15+ Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

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

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

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

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

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

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

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

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

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

196. Optima Strategic Credit Fund, Series of The RBB Fund, Inc.

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

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

199. SGI Enhanced Nasdaq-100 ETF, Series of The RBB Fund, Inc.

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

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

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

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

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

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

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

207. US Treasury 10 Year Note ETF, Series of The RBB Fund, Inc.

208. US Treasury 12 Month Bill ETF, Series of The RBB Fund, Inc.

209. US Treasury 2 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210. US Treasury 20 Year Bond ETF, Series of The RBB Fund, Inc.

211. US Treasury 3 Month Bill ETF, Series of The RBB Fund, Inc.

212. US Treasury 3 Year Note ETF, Series of The RBB Fund, Inc.

213. US Treasury 30 Year Bond ETF, Series of The RBB Fund, Inc.

214. US Treasury 5 Year Note ETF, Series of The RBB Fund, Inc.

215. US Treasury 6 Month Bill ETF, Series of The RBB Fund, Inc.

216. US Treasury 7 Year Note ETF, Series of The RBB Fund, Inc.

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

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

219. WPG Partners Select Hedged Fund, Series of The RBB Fund, Inc.

220. P/E Global Enhanced International Fund, Series of The RBB Fund Trust

221. Torray Fund, Series of The RBB Fund Trust

222. Longview Advantage ETF, Series of The RBB Fund Trust

223. First Eagle Global Equity ETF, Series of The RBB Fund Trust

224. First Eagle Overseas Equity ETF, Series of The RBB Fund Trust

225. Tweedy, Browne Insider + Value ETF, Series of The RBB Fund Trust

226. Advent Convertible Bond ETF

227. Twin Oak Active Opportunities II ETF

228. Twin Oak Active Opportunities III ETF

229. Twin Oak Endure ETF

230. RBC Funds Trust

231. Series Portfolios Trust

232. Thompson IM Funds, Inc.

233. TrimTabs ETF Trust

234. Trust for Advised Portfolios

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

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

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

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

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

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

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

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

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

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

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

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

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

248. USQ Core Real Estate Fund

249. Wall Street EWM Funds Trust

(a)(2) Vigilant Distributors, LLC serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Free Market Fixed Income Fund, Series of The RBB Fund, Inc.

2. Free Market International Equity Fund, Series of The RBB Fund, Inc.

3. Free Market US Equity Fund, Series of The RBB Fund, Inc.

4. Matson Money Fixed Income VI Portfolio, Series of The RBB Fund, Inc.

5. Matson Money International Equity VI Portfolio, Series of The RBB Fund, Inc.

6. Matson Money US Equity VI Portfolio, Series of The RBB Fund, Inc.

7. YCG Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Pemberwick Fund, Series of Manager Directed Portfolios

9. Sphere 500 Climate Fund, Series of Manager Directed Portfolios

10. ERShares Entrepreneurs ETF, series of EntrepreneuerShares Series Trust

11. ERShares NextGen Entrepreneurs ETF, series of EntrepreneuerShares Series Trust

12. ERShares US Large Cap Fund, series of EntrepreneuerShares Series Trust

13. ERShares Global Fund, series of EntrepreneuerShares Series Trust

14. ERShares US Small Cap Fund, series of EntrepreneuerShares Series Trust

15. Hardman Johnston International Growth Fund, Series of Manager Directed Portfolios

16. Modern Capital Tactical Opportunities Fund, of Modern Capital Funds Trust

(b)(1) The following are the Officers and Manager of Quasar, one of the Registrant's underwriters. Quasar's main business address is Three Canal Plaza, Suite 100, Portland, Maine 04101.

---

| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with Underwriter | Position with Registrant |
| Teresa Cowan | Three Canal Plaza, Suite 100, Portland, ME 04101 | President/Manager |  |
| Chris Lanza | Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President |  |
| Kate Macchia | Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President |  |
| Susan L. LaFond | Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President and Chief Compliance Officer and Treasurer |  |
| Weston Sommers | Three Canal Plaza, Suite 100, Portland, ME 04101 | Financial and Operations Principal and Chief Financial Officer |  |
| Kelly B. Whetstone | Three Canal Plaza, Suite 100, Portland, ME 04101 | Secretary |  |

---

(b)(2) The following are the Officers of Vigilant Distributors, LLC, one of the Registrant's underwriters. Vigilant Distributors, LLC's main business address is Gateway Corporate Center, Suite 216, 223 Wilmington West Chester Pike, Chadds Ford, Pennsylvania 19317.

---

| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with Underwriter | Position with Registrant |
| Patrick Chism | Gateway Corporate Center, Suite 216, 223 Wilmington West Chester Pike, Chadds Ford, PA 19317 | Chief Executive Officer and Chief Compliance Officer |  |
| Gerald Scarpati | Gateway Corporate Center, Suite 216, 223 Wilmington West Chester Pike, Chadds Ford, PA 19317 | Chief Financial Officer and Principal Financial Officer |  |

---

&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) Not Applicable

---

| | |
|:---|:---|
| **<u>Item 33.</u>** | **LOCATION OF ACCOUNTS AND RECORDS** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Boston Partners Global Investors, Inc., One Beacon Street, Boston, Massachusetts 02108 (records relating to its function as investment adviser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Matson Money, Inc. (formerly Abundance Technologies, Inc.), 5955 Deerfield Blvd., Mason, Ohio 45040 (records relating to its function as investment adviser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Summit Global Investments, LLC, 620 South Main Street, Bountiful, Utah 84010 (records relating to its function as investment adviser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Abbey Capital Limited, 8 St. Stephen's Green, Dublin 2, Ireland, (records relating to its function as investment adviser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Altair Advisers LLC, 303 West Madison, Suite 600, Chicago, Illinois 60606 (records relating to its function as investment adviser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Campbell & Company Investment Adviser LLC, 2850 Quarry Lake Drive, Baltimore, Maryland 21209 (records relating to its function as investment adviser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Motley Fool Asset Management, LLC, 2000 Duke Street, Suite 275, Alexandria, Virginia 22314 (records relating to its function as investment adviser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Optima Asset Management LLC, 10 East 53rd Street, New York, New York 10022 (records relating to its function as investment adviser).

(9) F/m Investments LLC, 3050 K Street NW, Suite 201, Washington, DC 20007 (records relating to its function as investment adviser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Emerald Mutual Fund Advisers Trust, 3175 Oregon Pike, Leola, Pennsylvania 17540 (records relating to its function as investment adviser).

(10) U.S. Bancorp Fund Services, LLC, 615 East Michigan Street, Milwaukee, Wisconsin 53202 (records relating to its function as administrator, transfer agent and dividend disbursing agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) U.S. Bank, N.A., 1555 North Rivercenter Drive, Suite 302, Milwaukee, Wisconsin, 53212 (records relating to its function as custodian).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Quasar Distributors, LLC, Three Canal Plaza, Suite 100, Portland, Maine 04101 (records relating to its function as underwriter).

(13) Vigilant Distributors, LLC, Gateway Corporate Center, Suite 216, 223 Wilmington West Chester Pike, Chadds Ford, Pennsylvania 19317 (records relating to its function as underwriter).

---

| | |
|:---|:---|
| **<u>Item 34.</u>** | **MANAGEMENT SERVICES** |

---

None.

---

| | |
|:---|:---|
| **<u>Item 35.</u>** | **UNDERTAKINGS** |

---

Not applicable.

**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 the 18<sup>th</sup> day of July, 2025.

---

| | |
|:---|:---|
| **THE RBB FUND, INC.** | **THE RBB FUND, INC.** |
| 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 | July 18, 2025 |
| Steven Plump | Officer) |  |
| /s/ James G. Shaw | Chief Financial Officer (Principal | July 18, 2025 |
| James G. Shaw | Financial and Accounting Officer) |  |
| \*Gregory P. Chandler | Director | July 18, 2025 |
| Gregory P. Chandler |  |  |
| \*Lisa A. Dolly | Director | July 18, 2025 |
| Lisa A. Dolly |  |  |
| \*Nicholas A. Giordano | Director | July 18, 2025 |
| Nicholas A. Giordano |  |  |
| \*Arnold M. Reichman | Director | July 18, 2025 |
| Arnold M. Reichman |  |  |
| \*Robert Sablowsky | Director | July 18, 2025 |
| Robert Sablowsky |  |  |
| \*Brian T. Shea | Director | July 18, 2025 |
| Brian T. Shea |  |  |
| \*Martha A. Tirinnanzi | Director | July 18, 2025 |
| Martha A. Tirinnanzi |  |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ James G. Shaw |
| James G. Shaw | James G. Shaw |
| Attorney-in-Fact | 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:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 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:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 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:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 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:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 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:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 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:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 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:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | July 9, 2025 |
|  | /s/ Martha A. Tirinnanzi |
|  | Martha A. Tirinnanzi |

---

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [(a)(128)](fp0094386-1_ex9928a128.htm) | [Articles Supplementary of Registrant (*F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF, F/m Yield Curve Steepening Strategy ETF, F/m Yield Curve Flattening Strategy ETF, F/m Rising Interest Rates Strategy ETF, F/m Falling Interest Rates Strategy ETF, F/m U.S. Treasury 3 Month Bill Institutional ETF, F/m Leveraged U.S. Treasury 3-month Bill ETF, F/m Current Coupon Mortgage-Backed ETF, F/m Short Duration High Coupon Tax Free Municipal ETF, F/m Small Cap Core ETF, F/m Small Cap Growth ETF, F/m SMID Equity ETF, F/m High Yield 100 ETF, F/m High Yield High Beta ETF, F/m High Yield Quality ETF, F/m Short Duration High Yield Quality ETF, and F/m Senior Secured High Yield ETF*)](fp0094386-1_ex9928a128.htm) |
| [(a)(129)](fp0094386-1_ex9928a129.htm) | [Articles Amendment of Registrant (*F/m US Treasury ETFs and F/m Long-Term Treasury Inflation-Protected Security (TIPS) ETF, f/k/a F/m Leveraged U.S. Treasury 3-month Bill ETF*)](fp0094386-1_ex9928a129.htm) |
| [(a)(130)](fp0094386-1_ex9928a130.htm) | [Articles Supplementary of Registrant (*Emerald Banking & Finance Evolution Fund, Emerald Growth Fund, and F/m Emerald Special Situations ETF*)](fp0094386-1_ex9928a130.htm) |
| [(d)(135)](fp0094386-1_ex9928d135.htm) | [Form of Expense Limitation and Reimbursement Agreement (*Emerald Banking & Finance Evolution Fund and Emerald Growth Fund*)](fp0094386-1_ex9928d135.htm) |
| [(d)(136)](fp0094386-1_ex9928d136.htm) | [Form of Expense Waiver and Reimbursement Agreement (*Emerald Growth Fund*)](fp0094386-1_ex9928d136.htm) |
| [(g)(17)](fp0094386-1_ex9928g17.htm) | [Sixteenth Amendment to the Amended and Restated Custody Agreement between Registrant and U.S. Bank National Association](fp0094386-1_ex9928g17.htm) |
| [(h)(56)](fp0094386-1_ex9928h56.htm) | [Eighteenth Amendment to the Amended and Restated Fund Accounting Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC](fp0094386-1_ex9928h56.htm) |
| [(h)(57)](fp0094386-1_ex9928h57.htm) | [Eighteenth Amendment to the Amended and Restated Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC](fp0094386-1_ex9928h57.htm) |
| [(h)(58)](fp0094386-1_ex9928h58.htm) | [Sixteenth Amendment to the Amended and Restated Transfer Agent Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC](fp0094386-1_ex9928h58.htm) |
| [(h)(60)](fp0094386-1_ex9928h60.htm) | [Non-12b-1 Shareholder Services Plan (*Emerald Banking & Finance Evolution Fund – Class C Shares; Emerald Growth Fund - Class C Shares*)](fp0094386-1_ex9928h60.htm) |
| ([h)(61)](fp0094386-1_ex9928h61.htm) | [Non-12b-1 Shareholder Services Plan (*Emerald Banking & Finance Evolution Fund – Institutional Class Shares; Emerald Growth Fund - Institutional Class Shares*)](fp0094386-1_ex9928h61.htm) |
| [(h)(62)](fp0094386-1_ex9928h62.htm) | [Non-12b-1 Shareholder Services Plan (*Emerald Banking & Finance Evolution Fund – Investor Class Shares; Emerald Growth Fund - Investor Class Shares*)](fp0094386-1_ex9928h62.htm) |
| [(i)(1)](fp0094386-1_ex9928i1.htm) | [Consent of Counsel](fp0094386-1_ex9928i1.htm) |
| [(i)(2)](fp0094386-1_ex9928i2.htm) | [Opinion of Counsel](fp0094386-1_ex9928i2.htm) |
| [(j)](fp0094386-1_ex9928j.htm) | [Consent of Cohen & Company, Ltd.](fp0094386-1_ex9928j.htm) |
| [(m)(31)](fp0094386-1_ex9928m31.htm) | [Plan of Distribution pursuant to Rule 12b-1 (*Emerald Banking & Finance Evolution Fund – Class A Shares*)](fp0094386-1_ex9928m31.htm) |
| [(m)(32)](fp0094386-1_ex9928m32.htm) | [Plan of Distribution pursuant to Rule 12b-1 (*Emerald Banking & Finance Evolution Fund – Class C Shares*)](fp0094386-1_ex9928m32.htm) |
| [(m)(33)](fp0094386-1_ex9928m33.htm) | [Plan of Distribution pursuant to Rule 12b-1 (*Emerald Banking & Finance Evolution Fund – Investor Class Shares*)](fp0094386-1_ex9928m33.htm) |
| [(m)(34)](fp0094386-1_ex9928m34.htm) | [Plan of Distribution pursuant to Rule 12b-1 (*Emerald Growth Fund – Class A Shares*)](fp0094386-1_ex9928m34.htm) |
| [(m)(35)](fp0094386-1_ex9928m35.htm) | [Plan of Distribution pursuant to Rule 12b-1 (*Emerald Growth Fund – Class C Shares*)](fp0094386-1_ex9928m35.htm) |
| [(m)(36)](fp0094386-1_ex9928m36.htm) | [Plan of Distribution pursuant to Rule 12b-1 (*Emerald Growth Fund – Investor Class Shares*)](fp0094386-1_ex9928m36.htm) |
| [(p)(20)](fp0094386-1_ex9928p20.htm) | [Code of Ethics of Vigilant Distributors, LLC](fp0094386-1_ex9928p20.htm) |

---

## Exhibit 99.28

**<u>THE RBB FUND, INC.</u>**

**ARTICLES SUPPLEMENTARY**

THE RBB FUND, INC., a Maryland corporation (the "Corporation"), hereby certifies to the State Department of Assessments and Taxation of Maryland that:

FIRST: In accordance with the requirements of Section 2-208 of the Maryland General Corporation Law, and under a power contained in the charter of the Corporation (the "Charter"), the Board of Directors of the Corporation (the "Board of Directors") has adopted resolutions classifying an aggregate of 1,700,000,000 authorized but unclassified and unissued shares of common stock, par value $.001 per share (the "Common Stock"), of the Corporation as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Class DDDDDDDDD</u>. 100,000,000 shares of authorized but unclassified and unissued shares of Common Stock (the "Undesignated
Common Stock") are hereby classified and designated as Class DDDDDDDDD shares of Common Stock representing interests in the F/m
Ultrashort Treasury Inflation-Protected Security (TIPS) ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Class EEEEEEEEE</u> 100,000,000 shares of Undesignated Common Stock are hereby classified and designated as Class EEEEEEEEE shares
of Common Stock representing interests in the F/m Yield Curve Steepening Strategy ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Class FFFFFFFFF</u>. 100,000,000 shares of Undesignated Common Stock are hereby classified and designated as Class FFFFFFFFF shares
of Common Stock representing interests in the F/m Yield Curve Flattening Strategy ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Class GGGGGGGGG</u>. 100,000,000 shares of Undesignated Common Stock are hereby classified and designated as Class GGGGGGGGG shares
of Common Stock representing interests in the F/m Rising Interest Rates Strategy ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Class HHHHHHHHH</u>. 100,000,000 shares of Undesignated Common Stock are hereby classified and designated as Class HHHHHHHHH shares
of Common Stock representing interests in the F/m Falling Interest Rates Strategy ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Class IIIIIIIII</u>. 100,000,000 shares of Undesignated Common Stock are hereby classified and designated as Class IIIIIIIII shares
of Common Stock representing interests in the F/m U.S. Treasury 3 Month Bill Institutional ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Class JJJJJJJJJ</u>. 100,000,000 shares of Undesignated Common Stock are hereby classified and designated as Class JJJJJJJJJ shares
of Common Stock representing interests in the F/m Leveraged U.S. Treasury 3-month Bill ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Class KKKKKKKKK</u>. 100,000,000 shares of Undesignated Common Stock are hereby classified and designated as Class KKKKKKKKK shares
of Common Stock representing interests in the F/m Current Coupon Mortgage-Backed ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Class LLLLLLLLL</u>. 100,000,000 shares of Undesignated Common Stock are hereby classified and designated as Class LLLLLLLLL shares
of Common Stock representing interests in the F/m Short Duration High Coupon Tax Free Municipal ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Class MMMMMMMMM</u>. 100,000,000 shares of Undesignated Common Stock are hereby classified and designated as Class MMMMMMMMM shares
of Common Stock representing interests in the F/m Small Cap Core ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Class NNNNNNNNN</u>. 100,000,000 shares of Undesignated Common Stock are hereby classified and designated as Class NNNNNNNNN shares
of Common Stock representing interests in the F/m Small Cap Growth ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Class OOOOOOOOO</u>. 100,000,000 shares of Undesignated Common Stock are hereby classified and designated as Class OOOOOOOOO shares
of Common Stock representing interests in the F/m SMID Equity ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Class PPPPPPPPP</u>. 100,000,000 shares of Undesignated Common Stock are hereby classified and designated as Class PPPPPPPPP shares
of Common Stock representing interests in the F/m High Yield 100 ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Class QQQQQQQQQ</u>. 100,000,000 shares of Undesignated Common Stock are hereby classified and designated as Class QQQQQQQQQ shares
of Common Stock representing interests in the F/m High Yield High Beta ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Class RRRRRRRRR</u>. 100,000,000 shares of Undesignated Common Stock are hereby classified and designated as Class RRRRRRRRR shares
of Common Stock representing interests in the F/m High Yield Quality ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Class SSSSSSSSS</u>. 100,000,000 shares of Undesignated Common Stock are hereby classified and designated as Class SSSSSSSSS shares
of Common Stock representing interests in the F/m Short Duration High Yield Quality ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Class TTTTTTTTT</u>. 100,000,000 shares of Undesignated Common Stock are hereby classified and designated as Class TTTTTTTTT shares
of Common Stock representing interests in the F/m Senior Secured High Yield ETF.

SECOND: A description of the shares so classified with the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption as set or changed by the Board of Directors is as set forth in Article VI, Section (6) of the Corporation's Articles of Incorporation and as set forth elsewhere in the Charter with respect to stock of the Corporation generally, and 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. To the full extent permitted by applicable law, the Corporation may, without the vote of the shares of any class of capital stock of the Corporation then outstanding and if so determined by the Board of Directors:

(A)(1) sell and convey the assets belonging to Class DDDDDDDDD, Class EEEEEEEEE, Class FFFFFFFFF, Class GGGGGGGGG, Class HHHHHHHHH, Class IIIIIIIII, Class JJJJJJJJJ, Class KKKKKKKKK, Class LLLLLLLLL, Class MMMMMMMMM, Class NNNNNNNNN, Class OOOOOOOOO, Class PPPPPPPPP, Class QQQQQQQQQ, Class RRRRRRRRR, Class SSSSSSSSS, and Class TTTTTTTTT Common Stock (each, a "Class") to another trust or corporation that is a management investment company (as defined in the Investment Company Act of 1940, as amended) and is organized under the laws of any state of the United States for consideration, which may include the assumption of all outstanding obligations, taxes and other liabilities, accrued or contingent, belonging to such Class and which may include securities issued by such trust or corporation. Following such sale and conveyance, and after making provision for the payment of any liabilities belonging to such Class that are not assumed by the purchaser of the assets belonging to such Class, the Corporation may, at its option, redeem all outstanding shares of such Class at the net asset value thereof as determined by the Board of Directors in accordance with the provisions of applicable law, less such redemption fee or other charge, if any, as may be fixed by resolution of the Board of Directors. Notwithstanding any other provision of the Charter to the contrary, the redemption price may be paid in any combination of cash or other assets belonging to such Class, including but not limited to the distribution of the securities or other consideration received by the Corporation for the assets belonging to such Class upon such conditions as the Board of Directors deems, in its sole discretion, to be appropriate and consistent with applicable law and the Charter;

&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) sell and convert the assets belonging to a Class into money and, after making provision for the payment of all obligations, taxes and other liabilities, accrued or contingent, belonging to such Class, the Corporation may, at its option, redeem all outstanding shares of such Class at the net asset value thereof as determined by the Board of Directors in accordance with the provisions of applicable law, less such redemption fee or other charge, if any, as may be fixed by resolution of the Board of Directors upon such conditions as the Board of Directors deems, in its sole discretion, to be appropriate and consistent with applicable law and the Charter; 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;(3) combine the assets belonging to a Class with the assets belonging to any one or more other classes of capital stock of the Corporation if the Board of Directors reasonably determines that such combination will not have a material adverse effect on the stockholders of any class of capital stock of the Corporation participating in such combination. In connection with any such combination of assets, the shares of each Class then outstanding may, if so determined by the Board of Directors, be converted into shares of any other class or classes of capital stock of the Corporation with respect to which conversion is permitted by applicable law, or may be redeemed, at the option of the Corporation, at the net asset value thereof as determined by the Board of Directors in accordance with the provisions of applicable law, less such redemption fee or other charge, or conversion cost, if any, as may be fixed by resolution of the Board of Directors upon such conditions as the Board of Directors deems, in its sole discretion, to be appropriate and consistent with applicable law and the Charter. Notwithstanding any other provision of these Articles Supplementary or the Charter to the contrary, any redemption price, or part thereof, paid pursuant to this section may be paid in shares of any other existing or future class or classes of capital stock of the Corporation;

&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) provide that all shares of a Class now or hereafter authorized shall be subject to redemption and redeemable at the option of the holder thereof in accordance with and pursuant to procedures or methods prescribed or approved by the Board of Directors and, if so determined by the Board of Directors, shall be redeemable only in aggregations of such number of shares and on such days as may be determined by, or determined pursuant to procedures or methods prescribed by or approved by, the Board of Directors from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) without limiting the foregoing, at its option, redeem shares of a Class for any other reason if the Board of Directors has determined that it is in the best interest of the Corporation to do so. Any such redemption shall be at the net asset value of such shares of such Class being redeemed less such redemption fee or other charge, if any, as may be fixed by resolution of the Board of Directors and shall be made and effective upon such terms and in accordance with procedures approved by the Board of Directors at such time.

&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 shares of Class DDDDDDDDD, Class EEEEEEEEE, Class FFFFFFFFF, Class GGGGGGGGG, Class HHHHHHHHH, Class IIIIIIIII, Class JJJJJJJJJ, Class KKKKKKKKK, Class LLLLLLLLL, Class MMMMMMMMM, Class NNNNNNNNN, Class OOOOOOOOO, Class PPPPPPPPP, Class QQQQQQQQQ, Class RRRRRRRRR, Class SSSSSSSSS, and Class TTTTTTTTT Common Stock will be issued without stock certificates.

THIRD: The shares aforesaid have been duly classified by the Board of Directors under the authority contained in the Charter. The aggregate number of authorized shares of stock of the Corporation is not changed by these Articles Supplementary.

FOURTH: Immediately after the classification of shares of Undesignated Common Stock as shares of Class DDDDDDDDD, Class EEEEEEEEE, Class FFFFFFFFF, Class GGGGGGGGG, Class HHHHHHHHH, Class IIIIIIIII, Class JJJJJJJJJ, Class KKKKKKKKK, Class LLLLLLLLL, Class MMMMMMMMM, Class NNNNNNNNN, Class OOOOOOOOO, Class PPPPPPPPP, Class QQQQQQQQQ, Class RRRRRRRRR, Class SSSSSSSSS, and Class TTTTTTTTT Common Stock:

&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 Corporation has the authority to issue 100,000,000,000 shares of its Common Stock, par value $.001 per share, and the aggregate par value of all the shares of all classes is $100,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of authorized shares of each class of Common Stock is as follows, and the Corporation hereby confirms the classification and designation of the shares in the following classes and numbers:

---

| |
|:---|
| Class A – 100000000.0 |
| Class B – 100000000.0 |
| Class C – 100000000.0 |
| Class D – 100000000.0 |
| Class E – 500000000.0 |
| Class F – 500000000.0 |
| Class G – 500000000.0 |
| Class H – 500000000.0 |
| Class I – 1500000000.0 |
| Class J – 500000000.0 |
| Class K – 500000000.0 |
| Class L – 1500000000.0 |
| Class M – 500000000.0 |
| Class N – 500000000.0 |
| Class O – 500000000.0 |
| Class P – 100000000.0 |
| Class Q – 100000000.0 |
| Class R – 500000000.0 |
| Class S – 500000000.0 |
| Class T – 500000000.0 |
| Class U – 500000000.0 |
| Class V – 500000000.0 |
| Class W – 100000000.0 |
| Class X – 50000000.0 |
| Class Y – 50000000.0 |
| Class Z – 50000000.0 |
| Class AA – 50000000.0 |
| Class BB – 50000000.0 |
| Class CC – 50000000.0 |
| Class DD – 100000000.0 |
| Class EE – 100000000.0 |
| Class FF – 50000000.0 |
| Class GG – 50000000.0 |
| Class HH – 50000000.0 |
| Class II – 100000000.0 |
| Class JJ – 100000000.0 |
| Class KK – 100000000.0 |
| Class LL – 100000000.0 |
| Class MM – 100000000.0 |
| Class NN – 100000000.0 |
| Class OO – 100000000.0 |
| Class PP – 100000000.0 |
| Class QQ – 100000000.0 |

---

---

| |
|:---|
| Class RR – 100000000.0 |
| Class SS – 100000000.0 |
| Class TT – 100000000.0 |
| Class UU – 100000000.0 |
| Class VV – 100000000.0 |
| Class WW – 100000000.0 |
| Class YY – 100000000.0 |
| Class ZZ – 100000000.0 |
| Class AAA – 100000000.0 |
| Class BBB – 100000000.0 |
| Class CCC – 100000000.0 |
| Class DDD – 100000000.0 |
| Class EEE – 100000000.0 |
| Class FFF – 100000000.0 |
| Class GGG – 100000000.0 |
| Class HHH – 100000000.0 |
| Class III – 100000000.0 |
| Class JJJ – 100000000.0 |
| Class KKK – 100000000.0 |
| Class LLL – 100000000.0 |
| Class MMM – 100000000.0 |
| Class NNN – 100000000.0 |
| Class OOO – 100000000.0 |
| Class PPP – 100000000.0 |
| Class QQQ – 2500000000.0 |
| Class RRR – 2500000000.0 |
| Class SSS – 100000000.0 |
| Class TTT – 50000000.0 |
| Class UUU – 50000000.0 |
| Class VVV – 50000000.0 |
| Class WWW – 50000000.0 |
| Class XXX – 100000000.0 |
| Class YYY – 100000000.0 |
| Class ZZZ – 100000000.0 |
| Class AAAA – 50000000000.0 |
| Class BBBB – 700000000.0 |
| Class CCCC – 700000000.0 |
| Class DDDD – 700000000.0 |
| Class EEEE – 100000000.0 |
| Class FFFF – 100000000.0 |
| Class GGGG – 100000000.0 |
| Class HHHH – 100000000.0 |
| Class IIII – 100000000.0 |
| Class JJJJ – 100000000.0 |
| Class KKKK – 100000000.0 |
| Class LLLL – 100000000.0 |

---

---

| |
|:---|
| Class MMMM – 100000000.0 |
| Class NNNN – 100000000.0 |
| Class OOOO – 100000000.0 |
| Class PPPP – 100000000.0 |
| Class QQQQ – 100000000.0 |
| Class RRRR – 100000000.0 |
| Class SSSS – 100000000.0 |
| Class TTTT – 100000000.0 |
| Class UUUU – 100000000.0 |
| Class VVVV – 100000000.0 |
| Class WWWW – 100000000.0 |
| Class XXXX – 100000000.0 |
| Class YYYY – 100000000.0 |
| Class ZZZZ – 100000000.0 |
| Class AAAAA – 100000000.0 |
| Class BBBBB – 750000000.0 |
| Class CCCCC – 100000000.0 |
| Class DDDDD – 100000000.0 |
| Class EEEEE – 100000000.0 |
| Class FFFFF – 100000000.0 |
| Class GGGGG – 100000000.0 |
| Class HHHHH – 100000000.0 |
| Class IIIII – 100000000.0 |
| Class JJJJJ – 100000000.0 |
| Class KKKKK – 300000000.0 |
| Class LLLLL – 100000000.0 |
| Class MMMMM – 100000000.0 |
| Class NNNNN – 100000000.0 |
| Class OOOOO – 100000000.0 |
| Class PPPPP – 100000000.0 |
| Class QQQQQ – 100000000.0 |
| Class RRRRR – 100000000.0 |
| Class SSSSS – 100000000.0 |
| Class TTTTT – 500000000.0 |
| Class UUUUU – 100000000.0 |
| Class VVVVV – 100000000.0 |
| Class WWWWW – 100000000.0 |
| Class XXXXX – 100000000.0 |
| Class YYYYY – 100000000.0 |
| Class ZZZZZ – 100000000.0 |
| Class AAAAAA – 100000000.0 |
| Class BBBBBB – 100000000.0 |
| Class CCCCCC – 100000000.0 |
| Class DDDDDD – 100000000.0 |
| Class EEEEEE – 100000000.0 |
| Class FFFFFF – 100000000.0 |

---

---

| |
|:---|
| Class GGGGGG – 100000000.0 |
| Class HHHHHH – 100000000.0 |
| Class IIIIII – 100000000.0 |
| Class JJJJJJ – 100000000.0 |
| Class KKKKKK – 100000000.0 |
| Class LLLLLL – 100000000.0 |
| Class MMMMMM – 100000000.0 |
| Class NNNNNN – 100000000.0 |
| Class OOOOOO – 100000000.0 |
| Class PPPPPP – 300000000.0 |
| Class QQQQQQ – 100000000.0 |
| Class RRRRRR – 100000000.0 |
| Class SSSSSS – 100000000.0 |
| Class TTTTTT – 100000000.0 |
| Class UUUUUU – 100000000.0 |
| Class VVVVVV – 100000000.0 |
| Class WWWWWW – 100000000.0 |
| Class XXXXXX – 100000000.0 |
| Class YYYYYY – 100000000.0 |
| Class ZZZZZZ – 100000000.0 |
| Class AAAAAAA – 100000000.0 |
| Class BBBBBBB – 100000000.0 |
| Class CCCCCCC – 100000000.0 |
| Class DDDDDDD – 100000000.0 |
| Class EEEEEEE – 100000000.0 |
| Class FFFFFFF – 100000000.0 |
| Class GGGGGGG – 100000000.0 |
| Class HHHHHHH – 100000000.0 |
| Class IIIIIII – 100000000.0 |
| Class JJJJJJJ – 100000000.0 |
| Class KKKKKKK – 100000000.0 |
| Class LLLLLLL – 100000000.0 |
| Class MMMMMMM – 100000000.0 |
| Class NNNNNNN – 100000000.0 |
| Class OOOOOOO – 100000000.0 |
| Class PPPPPPP – 100000000.0 |
| Class QQQQQQQ – 100000000.0 |
| Class RRRRRRR – 100000000.0 |
| Class SSSSSSS – 100000000.0 |
| Class TTTTTTT – 100000000.0 |
| Class UUUUUUU – 100000000.0 |
| Class VVVVVVV – 100000000.0 |
| Class WWWWWWW – 100000000.0 |
| Class XXXXXXX – 100000000.0 |
| Class YYYYYYY – 100000000.0 |
| Class ZZZZZZZ – 100000000.0 |

---

---

| |
|:---|
| Class AAAAAAAA – 100000000.0 |
| Class BBBBBBBB – 100000000.0 |
| Class CCCCCCCC – 100000000.0 |
| Class DDDDDDDD – 100000000.0 |
| Class EEEEEEEE – 100000000.0 |
| Class FFFFFFFF – 100000000.0 |
| Class GGGGGGGG – 100000000.0 |
| Class HHHHHHHH – 100000000.0 |
| Class IIIIIIII – 100000000.0 |
| Class JJJJJJJJ – 100000000.0 |
| Class KKKKKKKK – 100000000.0 |
| Class LLLLLLLL – 100000000.0 |
| Class MMMMMMMM – 100000000.0 |
| Class NNNNNNNN – 100000000.0 |
| Class OOOOOOOO – 100000000.0 |
| Class PPPPPPPP – 100000000.0 |
| Class QQQQQQQQ – 100000000.0 |
| Class RRRRRRRR – 100000000.0 |
| Class SSSSSSSS – 100000000.0 |
| Class TTTTTTTT – 100000000.0 |
| Class UUUUUUUU – 100000000.0 |
| Class VVVVVVVV – 100000000.0 |
| Class WWWWWWWW – 100000000.0 |
| Class XXXXXXXX – 100000000.0 |
| Class YYYYYYYY – 100000000.0 |
| Class ZZZZZZZZ – 100000000.0 |
| Class AAAAAAAAA – 100000000.0 |
| Class BBBBBBBBB – 100000000.0 |
| Class CCCCCCCCC – 100000000.0 |
| Class DDDDDDDDD – 100000000.0 |
| Class EEEEEEEEE – 100000000.0 |
| Class FFFFFFFFF – 100000000.0 |
| Class GGGGGGGGG – 100000000.0 |
| Class HHHHHHHHH – 100000000.0 |
| Class IIIIIIIII – 100000000.0 |
| Class JJJJJJJJJ – 100000000.0 |
| Class KKKKKKKKK – 100000000.0 |
| Class LLLLLLLLL – 100000000.0 |
| Class MMMMMMMMM – 100000000.0 |
| Class NNNNNNNNN – 100000000.0 |
| Class OOOOOOOOO – 100000000.0 |
| Class PPPPPPPPP – 100000000.0 |
| Class QQQQQQQQQ – 100000000.0 |
| Class RRRRRRRRR – 100000000.0 |
| Class SSSSSSSSS – 100000000.0 |
| Class TTTTTTTTT – 100000000.0 |

---

---

| | |
|:---|:---|
| Class Select | 700000000.0 |
| Class Beta 2 | 1000000.0 |
| Class Beta 3 | 1000000.0 |
| Class Beta 4 | 1000000.0 |
| Class Principal Money | 700000000.0 |
| Class Gamma 2 | 1000000.0 |
| Class Gamma 3 | 1000000.0 |
| Class Gamma 4 | 1000000.0 |
| Class Bear Stearns |  |
| Money | 2500000000.0 |
| Class Bear Stearns |  |
| Municipal Money | 1500000000.0 |
| Class Bear Stearns |  |
| Government Money | 1000000000.0 |
| Class Delta 4 | 1000000.0 |
| Class Epsilon 1 | 1000000.0 |
| Class Epsilon 2 | 1000000.0 |
| Class Epsilon 3 | 1000000.0 |
| Class Epsilon 4 | 1000000.0 |
| Class Zeta 1 | 1000000.0 |
| Class Zeta 2 | 1000000.0 |
| Class Zeta 3 | 1000000.0 |
| Class Zeta 4 | 1000000.0 |
| Class Eta 1 | 1000000.0 |
| Class Eta 2 | 1000000.0 |
| Class Eta 3 | 1000000.0 |
| Class Eta 4 | 1000000.0 |
| Class Theta 1 | 1000000.0 |
| Class Theta 2 | 1000000.0 |
| Class Theta 3 | 1000000.0 |
| Class Theta 4 | 1000000.0 |

---

for a total of 94,823,000,000 shares classified into separate classes of Common Stock.

FIFTH: The undersigned President of the Corporation acknowledges these Articles Supplementary to be the corporate act of the Corporation and, as to all matters or facts required to be verified under oath, the undersigned President acknowledges that, to the best of his knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under the penalties for perjury.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, The RBB Fund, Inc. has caused these presents to be signed in its name and on its behalf by its President and attested by its Chief Financial Officer and Secretary on the <u>14<sup>th</sup></u> day of February 2025.

---

| | | | |
|:---|:---|:---|:---|
| ATTEST: | ATTEST: | THE RBB FUND, INC. | THE RBB FUND, INC. |
| By: | /s/ James G. Shaw | By: | /s/ Steven Plump |
| James G. Shaw | James G. Shaw | Steven Plump | Steven Plump |
| Chief Financial Officer and Secretary | Chief Financial Officer and Secretary | President | President |

---

## Exhibit 99.28

**<u>THE RBB FUND, INC.</u>**

**ARTICLES OF AMENDMENT**

THE RBB FUND, INC., a Maryland corporation registered under the Investment Company Act of 1940, as amended, as an open-end management investment company (hereinafter called the "Corporation"), hereby certifies to the State Department of Assessments and Taxation of Maryland that:

FIRST: The charter of the Corporation (the "Charter") is hereby amended to change the names of the following classes of common stock of the Corporation as set forth below:

---

| | |
|:---|:---|
| **Old Designation** | **New Designation** |
| Class SSSSSSS US Treasury 30 Year Bond ETF | Class SSSSSSS F/m US Treasury 30 Year Bond ETF |
| Class TTTTTTT US Treasury 20 Year Bond ETF | Class TTTTTTT F/m US Treasury 20 Year Bond ETF |
| Class UUUUUUU US Treasury 10 Year Note ETF | Class UUUUUUU F/m US Treasury 10 Year Note ETF |
| Class VVVVVVV US Treasury 7 Year Note ETF | Class VVVVVVV F/m US Treasury 7 Year Note ETF |
| Class WWWWWWW US Treasury 5 Year Note ETF | Class WWWWWWW F/m US Treasury 5 Year Note ETF |
| Class XXXXXXX US Treasury 3 Year Note ETF | Class XXXXXXX F/m US Treasury 3 Year Note ETF |
| Class YYYYYYY US Treasury 2 Year Note ETF | Class YYYYYYY F/m US Treasury 2 Year Note ETF |
| Class ZZZZZZZ US Treasury 12 Month Bill ETF | Class ZZZZZZZ F/m US Treasury 12 Month Bill ETF |
| Class AAAAAAAA US Treasury 6 Month Bill ETF | Class AAAAAAAA F/m US Treasury 6 Month Bill ETF |
| Class BBBBBBBB US Treasury 3 Month Bill ETF | Class BBBBBBBB F/m US Treasury 3 Month Bill ETF |
| Class JJJJJJJJJ F/m Leveraged U.S. Treasury 3-month Bill ETF | Class JJJJJJJJJ F/m Long-Term Treasury Inflation-Protected Security (TIPS) ETF |

---

SECOND: The foregoing amendment to the Charter was approved by the vote of a majority of the entire Board of Directors and is limited to a change expressly permitted by Section 2-604(b) of the Maryland General Corporation Law to be made without action by the stockholders of the Corporation.

*\*\*\* Signature Page Follows \*\*\**

IN WITNESS WHEREOF, the Corporation has caused these presents to be signed in its name and on its behalf by its duly authorized President who acknowledges that these Articles of Amendment are the act of the Corporation, that to the best of his knowledge, information and belief, all matters and facts set forth herein relating to the authorization and approval of these Articles are true in all material respects, and that this statement is made under the penalties for perjury.

---

| | |
|:---|:---|
| THE RBB FUND, INC. | THE RBB FUND, INC. |
| By: | /s/ Steven Plump |
|  | Steven Plump |
|  | President |

---

ATTEST:

---

| |
|:---|
| /s/ James G. Shaw |
| James G. Shaw |
| Chief Financial Officer and Secretary |

---

## Exhibit 99.28

**<u>THE RBB FUND, INC.</u>**

**ARTICLES SUPPLEMENTARY**

THE RBB FUND, INC., a Maryland corporation (the "Corporation"), hereby certifies to the State Department of Assessments and Taxation of Maryland that:

FIRST: In accordance with the requirements of Section 2-208 of the Maryland General Corporation Law, and under a power contained in the charter of the Corporation (the "Charter"), the Board of Directors of the Corporation (the "Board of Directors") has adopted resolutions classifying an aggregate of 900,000,000 authorized but unclassified and unissued shares of common stock, par value $.001 per share (the "Common Stock"), of the Corporation 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. Class UUUUUUUUU. 100,000,000 shares of authorized but unclassified and unissued shares of Common Stock (the "Undesignated Common Stock") are hereby classified and designated as Class UUUUUUUUU shares of Common Stock representing interests in the Emerald Banking & Finance Evolution Fund – Class A 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;2. Class VVVVVVVVV. 100,000,000 shares of Undesignated Common Stock are hereby classified and designated as Class VVVVVVVVV shares of Common Stock representing interests in the Emerald Banking & Finance Evolution Fund – Class C 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. Class WWWWWWWWW. 100,000,000 shares of Undesignated Common Stock are hereby classified and designated as Class WWWWWWWWW shares of Common Stock representing interests in the Emerald Banking & Finance Evolution Fund – Institutional 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;4. Class XXXXXXXXX. 100,000,000 shares of Undesignated Common Stock are hereby classified and designated as Class XXXXXXXXX shares of Common Stock representing interests in the Emerald Banking & Finance Evolution Fund – Investor 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;5. Class YYYYYYYYY. 100,000,000 shares of Undesignated Common Stock are hereby classified and designated as Class YYYYYYYYY shares of Common Stock representing interests in the Emerald Growth Fund – Class A 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;6. Class ZZZZZZZZZ. 100,000,000 shares of Undesignated Common Stock are hereby classified and designated as Class ZZZZZZZZZ shares of Common Stock representing interests in the Emerald Growth Fund – Class C 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;7. Class AAAAAAAAAA. 100,000,000 shares of Undesignated Common Stock are hereby classified and designated as Class AAAAAAAAAA shares of Common Stock representing interests in the Emerald Growth Fund – Institutional 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;8. Class BBBBBBBBBB. 100,000,000 shares of Undesignated Common Stock are hereby classified and designated as Class BBBBBBBBBB shares of Common Stock representing interests in the Emerald Growth Fund – Investor 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;9. Class CCCCCCCCCC. 100,000,000 shares of Undesignated Common Stock are hereby classified and designated as Class CCCCCCCCCC shares of Common Stock representing interests in the F/m Emerald Special Situations ETF shares.

SECOND: A description of the shares so classified with the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption as set or changed by the Board of Directors is as set forth in Article VI, Section (6) of the Corporation's Articles of Incorporation and as set forth elsewhere in the Charter with respect to stock of the Corporation generally, and 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. To the full extent permitted by applicable law, the Corporation may, without the vote of the shares of any class of capital stock of the Corporation then outstanding and if so determined by the Board of Directors:

(A)(1) sell and convey the assets belonging to Class UUUUUUUUU Common Stock, Class VVVVVVVVV Common Stock, Class WWWWWWWWW Common Stock, Class XXXXXXXXX Common Stock, Class YYYYYYYYY Common Stock, Class ZZZZZZZZZ Common Stock, Class AAAAAAAAAA Common Stock, Class BBBBBBBBBB Common Stock, and Class CCCCCCCCCC (each, a "Class") to another trust or corporation that is a management investment company (as defined in the Investment Company Act of 1940, as amended) and is organized under the laws of any state of the United States for consideration, which may include the assumption of all outstanding obligations, taxes and other liabilities, accrued or contingent, belonging to such Class and which may include securities issued by such trust or corporation. Following such sale and conveyance, and after making provision for the payment of any liabilities belonging to such Class that are not assumed by the purchaser of the assets belonging to such Class, the Corporation may, at its option, redeem all outstanding shares of such Class at the net asset value thereof as determined by the Board of Directors in accordance with the provisions of applicable law, less such redemption fee or other charge, if any, as may be fixed by resolution of the Board of Directors. Notwithstanding any other provision of the Charter to the contrary, the redemption price may be paid in any combination of cash or other assets belonging to such Class, including but not limited to the distribution of the securities or other consideration received by the Corporation for the assets belonging to such Class upon such conditions as the Board of Directors deems, in its sole discretion, to be appropriate and consistent with applicable law and the Charter;

&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) sell and convert the assets belonging to a Class into money and, after making provision for the payment of all obligations, taxes and other liabilities, accrued or contingent, belonging to such Class, the Corporation may, at its option, redeem all outstanding shares of such Class at the net asset value thereof as determined by the Board of Directors in accordance with the provisions of applicable law, less such redemption fee or other charge, if any, as may be fixed by resolution of the Board of Directors upon such conditions as the Board of Directors deems, in its sole discretion, to be appropriate and consistent with applicable law and the Charter; 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;(3) combine the assets belonging to a Class with the assets belonging to any one or more other classes of capital stock of the Corporation if the Board of Directors reasonably determines that such combination will not have a material adverse effect on the stockholders of any class of capital stock of the Corporation participating in such combination. In connection with any such combination of assets, the shares of each Class then outstanding may, if so determined by the Board of Directors, be converted into shares of any other class or classes of capital stock of the Corporation with respect to which conversion is permitted by applicable law, or may be redeemed, at the option of the Corporation, at the net asset value thereof as determined by the Board of Directors in accordance with the provisions of applicable law, less such redemption fee or other charge, or conversion cost, if any, as may be fixed by resolution of the Board of Directors upon such conditions as the Board of Directors deems, in its sole discretion, to be appropriate and consistent with applicable law and the Charter. Notwithstanding any other provision of these Articles Supplementary or the Charter to the contrary, any redemption price, or part thereof, paid pursuant to this section may be paid in shares of any other existing or future class or classes of capital stock of the Corporation;

&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) provide that all shares of a Class now or hereafter authorized shall be subject to redemption and redeemable at the option of the holder thereof in accordance with and pursuant to procedures or methods prescribed or approved by the Board of Directors and, if so determined by the Board of Directors, shall be redeemable only in aggregations of such number of shares and on such days as may be determined by, or determined pursuant to procedures or methods prescribed by or approved by, the Board of Directors from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) without limiting the foregoing, at its option, redeem shares of a Class for any other reason if the Board of Directors has determined that it is in the best interest of the Corporation to do so. Any such redemption shall be at the net asset value of such shares of such Class being redeemed less such redemption fee or other charge, if any, as may be fixed by resolution of the Board of Directors and shall be made and effective upon such terms and in accordance with procedures approved by the Board of Directors at such time.

&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 shares of Class UUUUUUUUU Common Stock, Class VVVVVVVVV Common Stock, Class WWWWWWWWW Common Stock, Class XXXXXXXXX Common Stock, Class YYYYYYYYY Common Stock, Class ZZZZZZZZZ Common Stock, Class AAAAAAAAAA Common Stock, Class BBBBBBBBBB Common Stock, and Class CCCCCCCCCC will be issued without stock certificates.

THIRD: The shares aforesaid have been duly classified by the Board of Directors under the authority contained in the Charter. The aggregate number of authorized shares of stock of the Corporation is not changed by these Articles Supplementary.

FOURTH: Immediately after the classification of shares of Undesignated Common Stock as shares of Class UUUUUUUUU Common Stock, Class VVVVVVVVV Common Stock, Class WWWWWWWWW Common Stock, Class XXXXXXXXX Common Stock, Class YYYYYYYYY Common Stock, Class ZZZZZZZZZ Common Stock, Class AAAAAAAAAA Common Stock, Class BBBBBBBBBB Common Stock, and Class CCCCCCCCCC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Corporation has the authority to issue 100,000,000,000 shares of its Common Stock, par value $.001 per share, and the aggregate par value of all the shares of all classes is $100,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of authorized shares of each class of Common Stock is as follows, and the Corporation hereby confirms the classification and designation of the shares in the following classes and numbers:

---

| |
|:---|
| Class A – 100000000.0 |
| Class B – 100000000.0 |
| Class C – 100000000.0 |
| Class D – 100000000.0 |
| Class E – 500000000.0 |
| Class F – 500000000.0 |
| Class G – 500000000.0 |
| Class H – 500000000.0 |
| Class I – 1500000000.0 |
| Class J – 500000000.0 |
| Class K – 500000000.0 |
| Class L – 1500000000.0 |
| Class M – 500000000.0 |
| Class N – 500000000.0 |
| Class O – 500000000.0 |
| Class P – 100000000.0 |
| Class Q – 100000000.0 |
| Class R – 500000000.0 |
| Class S – 500000000.0 |
| Class T – 500000000.0 |
| Class U – 500000000.0 |
| Class V – 500000000.0 |
| Class W – 100000000.0 |
| Class X – 50000000.0 |
| Class Y – 50000000.0 |
| Class Z – 50000000.0 |
| Class AA – 50000000.0 |
| Class BB – 50000000.0 |
| Class CC – 50000000.0 |
| Class DD – 100000000.0 |
| Class EE – 100000000.0 |
| Class FF – 50000000.0 |

---

---

| |
|:---|
| Class GG – 50000000.0 |
| Class HH – 50000000.0 |
| Class II – 100000000.0 |
| Class JJ – 100000000.0 |
| Class KK – 100000000.0 |
| Class LL – 100000000.0 |
| Class MM – 100000000.0 |
| Class NN – 100000000.0 |
| Class OO – 100000000.0 |
| Class PP – 100000000.0 |
| Class QQ – 100000000.0 |
| Class RR – 100000000.0 |
| Class SS – 100000000.0 |
| Class TT – 100000000.0 |
| Class UU – 100000000.0 |
| Class VV – 100000000.0 |
| Class WW – 100000000.0 |
| Class YY – 100000000.0 |
| Class ZZ – 100000000.0 |
| Class AAA – 100000000.0 |
| Class BBB – 100000000.0 |
| Class CCC – 100000000.0 |
| Class DDD – 100000000.0 |
| Class EEE – 100000000.0 |
| Class FFF – 100000000.0 |
| Class GGG – 100000000.0 |
| Class HHH – 100000000.0 |
| Class III – 100000000.0 |
| Class JJJ – 100000000.0 |
| Class KKK – 100000000.0 |
| Class LLL – 100000000.0 |
| Class MMM – 100000000.0 |
| Class NNN – 100000000.0 |
| Class OOO – 100000000.0 |
| Class PPP – 100000000.0 |
| Class QQQ – 2500000000.0 |
| Class RRR – 2500000000.0 |
| Class SSS – 100000000.0 |
| Class TTT – 50000000.0 |
| Class UUU – 50000000.0 |
| Class VVV – 50000000.0 |
| Class WWW – 50000000.0 |
| Class XXX – 100000000.0 |
| Class YYY – 100000000.0 |
| Class ZZZ – 100000000.0 |

---

---

| |
|:---|
| Class AAAA – 50000000000.0 |
| Class BBBB – 700000000.0 |
| Class CCCC – 700000000.0 |
| Class DDDD – 700000000.0 |
| Class EEEE – 100000000.0 |
| Class FFFF – 100000000.0 |
| Class GGGG – 100000000.0 |
| Class HHHH – 100000000.0 |
| Class IIII – 100000000.0 |
| Class JJJJ – 100000000.0 |
| Class KKKK – 100000000.0 |
| Class LLLL – 100000000.0 |
| Class MMMM – 100000000.0 |
| Class NNNN – 100000000.0 |
| Class OOOO – 100000000.0 |
| Class PPPP – 100000000.0 |
| Class QQQQ – 100000000.0 |
| Class RRRR – 100000000.0 |
| Class SSSS – 100000000.0 |
| Class TTTT – 100000000.0 |
| Class UUUU – 100000000.0 |
| Class VVVV – 100000000.0 |
| Class WWWW – 100000000.0 |
| Class XXXX – 100000000.0 |
| Class YYYY – 100000000.0 |
| Class ZZZZ – 100000000.0 |
| Class AAAAA – 100000000.0 |
| Class BBBBB – 750000000.0 |
| Class CCCCC – 100000000.0 |
| Class DDDDD – 100000000.0 |
| Class EEEEE – 100000000.0 |
| Class FFFFF – 100000000.0 |
| Class GGGGG – 100000000.0 |
| Class HHHHH – 100000000.0 |
| Class IIIII – 100000000.0 |
| Class JJJJJ – 100000000.0 |
| Class KKKKK – 300000000.0 |
| Class LLLLL – 100000000.0 |
| Class MMMMM – 100000000.0 |
| Class NNNNN – 100000000.0 |
| Class OOOOO – 100000000.0 |
| Class PPPPP – 100000000.0 |
| Class QQQQQ – 100000000.0 |
| Class RRRRR – 100000000.0 |
| Class SSSSS – 100000000.0 |
| Class TTTTT – 500000000.0 |
| Class UUUUU – 100000000.0 |
| Class VVVVV – 100000000.0 |

---

---

| |
|:---|
| Class WWWWW – 100000000.0 |
| Class XXXXX – 100000000.0 |
| Class YYYYY – 100000000.0 |
| Class ZZZZZ – 100000000.0 |
| Class AAAAAA – 100000000.0 |
| Class BBBBBB – 100000000.0 |
| Class CCCCCC – 100000000.0 |
| Class DDDDDD – 100000000.0 |
| Class EEEEEE – 100000000.0 |
| Class FFFFFF – 100000000.0 |
| Class GGGGGG – 100000000.0 |
| Class HHHHHH – 100000000.0 |
| Class IIIIII – 100000000.0 |
| Class JJJJJJ – 100000000.0 |
| Class KKKKKK – 100000000.0 |
| Class LLLLLL – 100000000.0 |
| Class MMMMMM – 100000000.0 |
| Class NNNNNN – 100000000.0 |
| Class OOOOOO – 100000000.0 |
| Class PPPPPP – 300000000.0 |
| Class QQQQQQ – 100000000.0 |
| Class RRRRRR – 100000000.0 |
| Class SSSSSS – 100000000.0 |
| Class TTTTTT – 100000000.0 |
| Class UUUUUU – 100000000.0 |
| Class VVVVVV – 100000000.0 |
| Class WWWWWW – 100000000.0 |
| Class XXXXXX – 100000000.0 |
| Class YYYYYY – 100000000.0 |
| Class ZZZZZZ – 100000000.0 |
| Class AAAAAAA – 100000000.0 |
| Class BBBBBBB – 100000000.0 |
| Class CCCCCCC – 100000000.0 |
| Class DDDDDDD – 100000000.0 |
| Class EEEEEEE – 100000000.0 |
| Class FFFFFFF – 100000000.0 |
| Class GGGGGGG – 100000000.0 |
| Class HHHHHHH – 100000000.0 |
| Class IIIIIII – 100000000.0 |
| Class JJJJJJJ – 100000000.0 |
| Class KKKKKKK – 100000000.0 |
| Class LLLLLLL – 100000000.0 |
| Class MMMMMMM – 100000000.0 |
| Class NNNNNNN – 100000000.0 |
| Class OOOOOOO – 100000000.0 |
| Class PPPPPPP – 100000000.0 |

---

---

| |
|:---|
| Class QQQQQQQ – 100000000.0 |
| Class RRRRRRR – 100000000.0 |
| Class SSSSSSS – 100000000.0 |
| Class TTTTTTT – 100000000.0 |
| Class UUUUUUU – 100000000.0 |
| Class VVVVVVV – 100000000.0 |
| Class WWWWWWW – 100000000.0 |
| Class XXXXXXX – 100000000.0 |
| Class YYYYYYY – 100000000.0 |
| Class ZZZZZZZ – 100000000.0 |
| Class AAAAAAAA – 100000000.0 |
| Class BBBBBBBB – 100000000.0 |
| Class CCCCCCCC – 100000000.0 |
| Class DDDDDDDD – 100000000.0 |
| Class EEEEEEEE – 100000000.0 |
| Class FFFFFFFF – 100000000.0 |
| Class GGGGGGGG – 100000000.0 |
| Class HHHHHHHH – 100000000.0 |
| Class IIIIIIII – 100000000.0 |
| Class JJJJJJJJ – 100000000.0 |
| Class KKKKKKKK – 100000000.0 |
| Class LLLLLLLL – 100000000.0 |
| Class MMMMMMMM – 100000000.0 |
| Class NNNNNNNN – 100000000.0 |
| Class OOOOOOOO – 100000000.0 |
| Class PPPPPPPP – 100000000.0 |
| Class QQQQQQQQ – 100000000.0 |
| Class RRRRRRRR – 100000000.0 |
| Class SSSSSSSS – 100000000.0 |
| Class TTTTTTTT – 100000000.0 |
| Class UUUUUUUU – 100000000.0 |
| Class VVVVVVVV – 100000000.0 |
| Class WWWWWWWW – 100000000.0 |
| Class XXXXXXXX – 100000000.0 |
| Class YYYYYYYY – 100000000.0 |
| Class ZZZZZZZZ – 100000000.0 |
| Class AAAAAAAAA – 100000000.0 |
| Class BBBBBBBBB – 100000000.0 |
| Class CCCCCCCCC – 100000000.0 |
| Class DDDDDDDDD – 100000000.0 |
| Class EEEEEEEEE – 100000000.0 |
| Class FFFFFFFFF – 100000000.0 |
| Class GGGGGGGGG – 100000000.0 |
| Class HHHHHHHHH – 100000000.0 |
| Class IIIIIIIII – 100000000.0 |
| Class JJJJJJJJJ – 100000000.0 |

---

---

| |
|:---|
| Class KKKKKKKKK – 100000000.0 |
| Class LLLLLLLLL – 100000000.0 |
| Class MMMMMMMMM – 100000000.0 |
| Class NNNNNNNNN – 100000000.0 |
| Class OOOOOOOOO – 100000000.0 |
| Class PPPPPPPPP – 100000000.0 |
| Class QQQQQQQQQ – 100000000.0 |
| Class RRRRRRRRR – 100000000.0 |
| Class SSSSSSSSS – 100000000.0 |
| Class TTTTTTTTT – 100000000.0 |
| Class UUUUUUUUU – 100000000.0 |
| Class VVVVVVVVV – 100000000.0 |
| Class WWWWWWWWW – 100000000.0 |
| Class XXXXXXXXX – 100000000.0 |
| Class YYYYYYYYY – 100000000.0 |
| Class ZZZZZZZZZ – 100000000.0 |
| Class AAAAAAAAAA – 100000000.0 |
| Class BBBBBBBBBB – 100000000.0 |
| Class CCCCCCCCCC – 100000000.0 |
| Class Select – 700000000.0 |
| Class Beta 2 – 1000000.0 |
| Class Beta 3 – 1000000.0 |
| Class Beta 4 – 1000000.0 |
| Class Principal Money – 700000000.0 |
| Class Gamma 2 – 1000000.0 |
| Class Gamma 3 – 1000000.0 |
| Class Gamma 4 – 1000000.0 |
| Class Bear Stearns Money – 2500000000.0 |
| Class Bear Stearns Municipal Money – 1500000000.0 |
| Class Bear Stearns Government Money – 1000000000.0 |
| Class Delta 4 – 1000000.0 |
| Class Epsilon 1 – 1000000.0 |
| Class Epsilon 2 – 1000000.0 |
| Class Epsilon 3 – 1000000.0 |
| Class Epsilon 4 – 1000000.0 |
| Class Zeta 1 – 1000000.0 |
| Class Zeta 2 – 1000000.0 |
| Class Zeta 3 – 1000000.0 |
| Class Zeta 4 – 1000000.0 |
| Class Eta 1 – 1000000.0 |
| Class Eta 2 – 1000000.0 |
| Class Eta 3 – 1000000.0 |
| Class Eta 4 – 1000000.0 |
| Class Theta 1 – 1000000.0 |
| Class Theta 2 – 1000000.0 |
| Class Theta 3 – 1000000.0 |
| Class Theta 4 – 1000000.0 |

---

for a total of 95,723,000,000 shares classified into separate classes of Common Stock.

FIFTH: The undersigned President of the Corporation acknowledges these Articles Supplementary to be the corporate act of the Corporation and, as to all matters or facts required to be verified under oath, the undersigned President acknowledges that, to the best of his knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under the penalties for perjury.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, The RBB Fund, Inc. has caused these presents to be signed in its name and on its behalf by its President and attested by its Chief Financial Officer and Secretary on the 24<sup>th</sup> day of June 2025.

---

| | | |
|:---|:---|:---|
| ATTEST: | THE RBB FUND, INC. | THE RBB FUND, INC. |
| /s/ James G. Shaw | By: | /s/ Steven Plump |
| James G. Shaw | Steven Plump | Steven Plump |
| Chief Financial Officer and Secretary | President | President |

---

## Exhibit 99.28

**FORM OF EXPENSE LIMITATION AND REIMBURSEMENT AGREEMENT**

THIS EXPENSE LIMITATION AND REIMBURSEMENT AGREEMENT (the "Agreement") is effective as of the [ ] day of [ ], 2025 by and between Emerald Mutual Fund Advisers Trust (the "Adviser"), a Delaware statutory trust and The RBB Fund, Inc., a Maryland corporation (the "Company"), on behalf of its series listed on **Appendix A** hereto (each a "Fund," together, the "Funds").

**WITNESSETH:**

WHEREAS, the Company is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company; and

WHEREAS, the Adviser renders advice and services to the Funds pursuant to the terms and provisions of an Investment Advisory Agreement between the Company and the Adviser (the "Advisory Agreement"); and

WHEREAS, each Fund and its respective classes is responsible for, and has assumed the obligation for, payment of certain expenses that have not been assumed by the Adviser; and

WHEREAS, the Adviser desires to limit each Fund's Expenses (as such term is defined in Paragraph 2 of this Agreement) pursuant to the terms and provisions of this Agreement, and the Company (on behalf of each Fund) desires to allow the Adviser to implement those limits;

NOW THEREFORE, in consideration of the covenants and the mutual promises hereinafter set forth, the parties, intended to be legally bound hereby, mutually agree as follows:

1. <u>Limit on Expenses.</u> The Adviser hereby agrees to limit current Expenses of each class of the Funds to an annual rate, expressed as a percentage of each class' respective average daily net assets, to the amounts listed in Appendix A (the "Annual Limits"). In the event that the current Expenses of a class of a Fund, as accrued each month, exceed its Annual Limit, the Adviser will pay to that class of the Fund, on a monthly basis, the excess expense within thirty (30) calendar days of being notified that an excess expense payment is due. In the event that the board of directors (the "Board of Directors") of the Company determines that an excess expense payment due date be other than thirty (30) calendar days, the Company will provide the Adviser with ten (10) calendar days written notice prior to the implementation of such other excess expense payment due date. In no case will an excess expense payment due date be less than fifteen (15) calendar days from the date the Adviser is notified of such excess expense.

2. <u>Definition.</u> For purposes of this Agreement, the term "Expenses" with respect to a Fund is defined to include all expenses necessary or appropriate for the operation of the Fund, including the investment advisory or management fee detailed in the Advisory Agreement, any Rule 12b-1 fees and other expenses described in the Advisory Agreement, but does not include acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes.

3. <u>Reimbursement of Fees and Expenses.</u> The Company hereby agrees to reimburse the Adviser for any excess expense payments that are paid or absorbed by the Adviser pursuant to this Agreement set forth above ("Excess Expenses"), subject to the conditions set forth in this Section 3. Such reimbursement will be made as promptly as possible, and to the maximum extent permissible without causing the Expenses for any year to exceed the Annual Limit; provided, however, that such reimbursement for Excess Expenses shall be made only if payable within three years of the end of the fiscal year in which such Excess Expenses were incurred.

4. <u>Term.</u> This Agreement shall become effective on the date specified herein for an initial term run through December 31, 2026 and for consecutive one-year terms thereafter, subject to annual approval by the Board of Directors of the Company, unless sooner terminated as provided in Paragraph 5 of this Agreement.

5. <u>Termination.</u> This Agreement may be terminated at any time, and without payment of any penalty, by the Board of Directors of the Company, on behalf of the applicable Fund, upon sixty (60) days' written notice to the Adviser. This Agreement may not be terminated by the Adviser, other than at the end of the initial term or at the end of any consecutive one-year term by providing sixty (60) days' written notice to the applicable Fund, without the consent of the Board of Directors of the Company, which consent will not be unreasonably withheld. This Agreement will automatically terminate, with respect to a Fund, if the Advisory Agreement is terminated with respect to such Fund, with such termination effective upon the effective date of the Advisory Agreement's termination with respect to the Fund.

6. <u>Assignment.</u> This Agreement and all rights and obligations hereunder may not be assigned without the written consent of the other party.

7. <u>Severability.</u> If any provision of this Agreement shall be held or made invalid by a court decision, statute or rule, or shall be otherwise rendered invalid, the remainder of this Agreement shall not be affected thereby.

8. <u>Governing Law</u>. This Agreement constitutes the entire agreement of the parties, shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and shall be governed by Delaware law in a manner not in conflict with the provisions of the 1940 Act.

IN WITNESS WHEREOF**,** the parties hereto have caused this Agreement to be executed by their officers designated below as of the day and year first above written.

THE RBB FUND, INC., on behalf of its series, listed on **Appendix A** hereto

---

| |
|:---|
| By: |
| Name: James G. Shaw |
| Title: Chief Financial Officer, Chief Operating Officer & Secretary |
| Emerald Mutual Fund Advisers Trust |
| By: |
| Name: |
| Title: |

---

**APPENDIX A**

---

| | | |
|:---|:---|:---|
| **Fund** | **Annual Limits** | **End Date of the Initial Term** |
| Emerald Banking & Finance Evolution Fund – Class A Shares | 1.84% | December 31, 2026 |
| Emerald Banking & Finance Evolution Fund – Class C Shares | 2.49% | December 31, 2026 |
| Emerald Banking & Finance Evolution Fund – Institutional Class Shares | 1.54% | December 31, 2026 |
| Emerald Banking & Finance Evolution Fund – Investor Class Shares | 1.89% | December 31, 2026 |
| Emerald Growth Fund – Class A Shares | 1.29% | December 31, 2026 |
| Emerald Growth Fund – Class C Shares | 1.94% | December 31, 2026 |
| Emerald Growth Fund – Institutional Class Shares | 0.99% | December 31, 2026 |
| Emerald Growth Fund – Investor Class Shares | 1.34% | December 31, 2026 |

---

## Exhibit 99.28

**[EMERALD LETTERHEAD]**

[ ], 2025

Steven Plump, President

The RBB Fund, Inc.

615 East Michigan Street

Milwaukee, Wisconsin 53202

Re: <u>Emerald Growth Fund, a series of The RBB Fund, Inc. (the "Company")</u>

Dear Mr. Shaw:

This letter confirms the agreement of Emerald Mutual Fund Advisers Trust (the "Adviser") with the Company to contractually waive and/or reimburse certain acquired fund fees and expenses incurred by the Emerald Growth Fund (the "Fund").

The Adviser hereby agrees to waive and/or reimburse the Fund's Class A, Class C, Institutional Class and Investor Class Shares for any acquired fund fees and expenses incurred by the Fund in connection with the Fund's investment in any exchange-traded funds advised or sub-advised by the Adviser. The amount of such waived fees shall not be subject to recapture by the Adviser.

The Adviser further agrees that such fee waivers and reimbursements for the Fund are effective as of the Fund's commencement of operation, and shall continue until modified or discontinued by the Board of Directors of the Company.

[*Signature Page Follows*]

Emerald Mutual Fund Advisers Trust

By:   <br> Name: <br> Title:

Acknowledged and accepted by:

THE RBB FUND, INC., on behalf of Emerald Growth Fund

By:   <br> Name: <br> Title:

## Exhibit 99.28

**SIXTEENTH AMENDMENT TO THE**

**AMENDED AND RESTATED CUSTODY AGREEMENT**

**THIS SIXTEENTH AMENDMENT** effective as of the last date on the signature block, to the Amended and Restated Custody Agreement dated as of June 30, 2019, as amended (the "Agreement"), is entered into by and between **THE RBB FUND, INC.**, a Maryland corporation (the "Company"), and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

**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 Company, to add the following funds:

- F/m Long-Term Treasury Inflation-Protected Security (TIPS) ETF

- F/m Short Duration High Coupon Tax Free Municipal ETF

**WHEREAS,** Section 15.02 of the Agreement provides that the Agreement may be amended by written agreement executed by both parties and authorized or approved by the Board of Directors of the Company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Amended Exhibit A attached
hereto.

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**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 date and year last written below.

---

| | | | |
|:---|:---|:---|:---|
| **THE RBB FUND, INC.** | **THE RBB FUND, INC.** | **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | /s/ James G. Shaw | By: | /s/ Gregory Farley |
| Name: | James G. Shaw | Name: | Gregory Farley |
| Title: | CFO/COO & Secretary | Title: | Senior Vice President |
| Date: | 6/9/2025 | Date: | 06/11/2025 |

---

**<u>Exhibit A</u>**

**The Separate Mutual Fund Series and ETF Series of** 

**The RBB Fund, Inc. and Certain Related Entities**

Abbey Capital Futures Strategy Fund

Abbey Capital Master Offshore Fund Limited

Abbey Capital Multi Asset Fund

Abbey Capital Offshore Fund SPC

Abbey Capital Onshore Series LLC

ACMAF Master Offshore Limited

ACMAF Offshore SPC

ACMAF Onshore Series LLC

Adara Smaller Companies Fund

Aquarius International Fund

Boston Partners All-Cap Value Fund

Boston Partners Emerging Markets Dynamic Equity Fund

Boston Partners Emerging Markets Fund

Boston Partners Emerging Markets Long/Short Offshore Fund Ltd.

Boston Partners Global Equity Fund

Boston Partners Global Long/Short Fund

Boston Partners Global Sustainability Fund

Boston Partners Long/Short Equity Fund

Boston Partners Long/Short Research Fund

Boston Partners Small Cap Value Fund II

Campbell Systematic Macro Fund

Campbell Systematic Macro Offshore Limited

F/m 10-Year Investment Grade Corporate Bond ETF

F/m 9-18 Month Investment Grade Corporate Bond ETF

F/m 15+ Year Investment Grade Corporate Bond ETF

F/m 20-Year Investment Grade Corporate Bond ETF

F/m 2-Year Investment Grade Corporate Bond ETF

F/m 30-Year Investment Grade Corporate Bond ETF

F/m 3-Year Investment Grade Corporate Bond ETF

F/m 5-Year Investment Grade Corporate Bond ETF

F/m 6-Month Investment Grade Corporate Bond ETF

F/m 7-Year Investment Grade Corporate Bond ETF

F/m Opportunistic Income ETF

F/m Investments Large Cap Focused Fund

F/m Emerald Life Sciences Innovation ETF

F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF

F/m High Yield 100 ETF

F/m Long-Term Treasury Inflation-Protected Security (TIPS) ETF

F/m Short Duration High Coupon Tax Free Municipal ETF

Free Market Fixed Income Fund

Free Market International Equity Fund

Free Market US Equity Fund

Matson Money Fixed Income VI Portfolio

Matson Money International Equity VI Portfolio

Matson Money U.S. Equity VI Portfolio

Motley Fool 100 Index ETF

Motley Fool Capital Efficiency 100 Index ETF

Motley Fool Global Opportunities ETF

Motley Fool Mid-Cap Growth ETF

Motley Fool Next Index ETF

Motley Fool Small-Cap Growth ETF

Oakhurst Fixed Income Fund

Oakhurst Short Duration Bond Fund

Oakhurst Short Duration High Yield Credit Fund

Optima Strategic Credit Fund

SGI Dynamic Tactical ETF

SGI Enhanced Core ETF

SGI Enhanced Global Income ETF

SGI Enhanced Market Leaders ETF

SGI Enhanced Nasdaq-100 ETF

SGI Global Equity Fund

SGI Peak Growth Fund

SGI Prudent Growth Fund

SGI Small Cap Core Fund

SGI U.S. Large Cap Core ETF

SGI U.S. Large Cap Equity Fund

SGI U.S. Large Cap Equity VI Portfolio

US Treasury 3 Month Bill ETF

US Treasury 6 Month Bill ETF

US Treasury 12 Month Bill ETF

US Treasury 20 Year Bond ETF

US Treasury 30 Year Bond ETF

US Treasury 2 Year Note ETF

US Treasury 3 Year Note ETF

US Treasury 5 Year Note ETF

US Treasury 7 Year Note ETF

US Treasury 10 Year Note ETF

WPG Partners Select Hedged Fund

WPG Partners Select Small Cap Value Fund

WPG Partners Small Cap Value Diversified Fund

## Exhibit 99.28

**EIGHTEENTH AMENDMENT TO THE**

**AMENDED AND RESTATED FUND ACCOUNTING SERVICING AGREEMENT** 

**THIS EIGHTEENTH AMENDMENT** effective as of the last date on the signature block, to the Amended and Restated Fund Accounting Servicing Agreement dated as of June 30, 2019, as amended (the "Agreement"), is entered into by and between **THE RBB FUND, INC.**, a Maryland corporation (the "Company"), and **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES**, 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 Company, to add the following funds:

- F/m Long-Term Treasury Inflation-Protected Security (TIPS) ETF

- F/m Short Duration High Coupon Tax Free Municipal ETF

**WHEREAS,** Section 13 of the Agreement provides that the Agreement may be amended by written agreement executed by both parties and authorized or approved by the Board of Directors of the Company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Amended Exhibit A attached hereto.** 

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**IN WITNESS WHEREOF,** the parties hereto have caused this Eighteenth Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year last written below.

---

| | | | |
|:---|:---|:---|:---|
| **THE RBB FUND, INC.** | **THE RBB FUND, INC.** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/ James G. Shaw | By: | /s/ Gregory Farley |
| Name: | James G. Shaw | Name: | Gregory Farley |
| Title: | CFO/COO & Secretary | Title: | Senior Vice President |
| Date: | 6/9/2025 | Date: | 06/11/2025 |

---

**<u>Exhibit A</u>**

**The Separate Mutual Fund Series and ETF Series of** 

**The RBB Fund, Inc. and Certain Related Entities**

Abbey Capital Futures Strategy Fund

Abbey Capital Master Offshore Fund Limited

Abbey Capital Multi Asset Fund

Abbey Capital Offshore Fund SPC

Abbey Capital Onshore Series LLC

ACMAF Master Offshore Limited

ACMAF Offshore SPC

ACMAF Onshore Series LLC

Adara Smaller Companies Fund

Aquarius International Fund

Boston Partners All-Cap Value Fund

Boston Partners Emerging Markets Dynamic Equity Fund

Boston Partners Emerging Markets Fund

Boston Partners Emerging Markets Long/Short Offshore Fund Ltd.

Boston Partners Global Equity Fund

Boston Partners Global Long/Short Fund

Boston Partners Global Sustainability Fund

Boston Partners Long/Short Equity Fund

Boston Partners Long/Short Research Fund

Boston Partners Small Cap Value Fund II

Campbell Systematic Macro Fund

Campbell Systematic Macro Offshore Limited

F/m 10-Year Investment Grade Corporate Bond ETF

F/m 9-18 Month Investment Grade Corporate Bond ETF

F/m 15+ Year Investment Grade Corporate Bond ETF

F/m 20-Year Investment Grade Corporate Bond ETF

F/m 2-Year Investment Grade Corporate Bond ETF

F/m 30-Year Investment Grade Corporate Bond ETF

F/m 3-Year Investment Grade Corporate Bond ETF

F/m 5-Year Investment Grade Corporate Bond ETF

F/m 6-Month Investment Grade Corporate Bond ETF

F/m 7-Year Investment Grade Corporate Bond ETF

F/m Opportunistic Income ETF

F/m Investments Large Cap Focused Fund

F/m Emerald Life Sciences Innovation ETF

F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF

F/m High Yield 100 ETF

F/m Long-Term Treasury Inflation-Protected Security (TIPS) ETF

F/m Short Duration High Coupon Tax Free Municipal ETF

Free Market Fixed Income Fund

Free Market International Equity Fund

Free Market US Equity Fund

Matson Money Fixed Income VI Portfolio

Matson Money International Equity VI Portfolio

Matson Money U.S. Equity VI Portfolio

Motley Fool 100 Index ETF

Motley Fool Capital Efficiency 100 Index ETF

Motley Fool Global Opportunities ETF

Motley Fool Mid-Cap Growth ETF

Motley Fool Next Index ETF

Motley Fool Small-Cap Growth ETF

Oakhurst Fixed Income Fund

Oakhurst Short Duration Bond Fund

Oakhurst Short Duration High Yield Credit Fund

Optima Strategic Credit Fund

SGI Dynamic Tactical ETF

SGI Enhanced Core ETF

SGI Enhanced Global Income ETF

SGI Enhanced Market Leaders ETF

SGI Enhanced Nasdaq-100 ETF

SGI Global Equity Fund

SGI Peak Growth Fund

SGI Prudent Growth Fund

SGI Small Cap Core Fund

SGI U.S. Large Cap Core ETF

SGI U.S. Large Cap Equity Fund

SGI U.S. Large Cap Equity VI Portfolio

US Treasury 3 Month Bill ETF

US Treasury 6 Month Bill ETF

US Treasury 12 Month Bill ETF

US Treasury 20 Year Bond ETF

US Treasury 30 Year Bond ETF

US Treasury 2 Year Note ETF

US Treasury 3 Year Note ETF

US Treasury 5 Year Note ETF

US Treasury 7 Year Note ETF

US Treasury 10 Year Note ETF

WPG Partners Select Hedged Fund

WPG Partners Select Small Cap Value Fund

WPG Partners Small Cap Value Diversified Fund

## Exhibit 99.28

**EIGHTEENTH AMENDMENT TO THE**

**AMENDED AND RESTATED FUND **ADMINISTRATION SERVICING AGREEMENT** 

**THIS EIGHTEENTH AMENDMENT** effective as of the last date on the signature block, to the Amended and Restated Fund Administration Servicing Agreement dated as of June 30, 2019, as amended (the "Agreement"), is entered into by and between **THE RBB FUND, INC.**, a Maryland corporation (the "Company"), and **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES**, 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 Company, to add the following funds:

- F/m Long-Term Treasury Inflation-Protected Security (TIPS) ETF

- F/m Short Duration High Coupon Tax Free Municipal ETF

**WHEREAS,** Section 11 of the Agreement provides that the Agreement may be amended by written agreement executed by both parties and authorized or approved by the Board of Directors of the Company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Amended Exhibit A attached hereto.** 

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**IN WITNESS WHEREOF,** the parties hereto have caused this Eighteenth Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year last written below.

---

| | | | |
|:---|:---|:---|:---|
| **THE RBB FUND, INC.** | **THE RBB FUND, INC.** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/ James G. Shaw | By: | /s/ Gregory Farley |
| Name: | James G. Shaw | Name: | Gregory Farley |
| Title: | CFO/COO & Secretary | Title: | Senior Vice President |
| Date: | 6/9/2025 | Date: | 06/11/2025 |

---

**<u>Exhibit A</u>**

**The Separate Mutual Fund Series and ETF Series of** 

**The RBB Fund, Inc. and Certain Related Entities**

Abbey Capital Futures Strategy Fund

Abbey Capital Master Offshore Fund Limited

Abbey Capital Multi Asset Fund

Abbey Capital Offshore Fund SPC

Abbey Capital Onshore Series LLC

ACMAF Master Offshore Limited

ACMAF Offshore SPC

ACMAF Onshore Series LLC

Adara Smaller Companies Fund

Aquarius International Fund

Boston Partners All-Cap Value Fund

Boston Partners Emerging Markets Dynamic Equity Fund

Boston Partners Emerging Markets Fund

Boston Partners Emerging Markets Long/Short Offshore Fund Ltd.

Boston Partners Global Equity Fund

Boston Partners Global Long/Short Fund

Boston Partners Global Sustainability Fund

Boston Partners Long/Short Equity Fund

Boston Partners Long/Short Research Fund

Boston Partners Small Cap Value Fund II

Campbell Systematic Macro Fund

Campbell Systematic Macro Offshore Limited

F/m 10-Year Investment Grade Corporate Bond ETF

F/m 9-18 Month Investment Grade Corporate Bond ETF

F/m 15+ Year Investment Grade Corporate Bond ETF

F/m 20-Year Investment Grade Corporate Bond ETF

F/m 2-Year Investment Grade Corporate Bond ETF

F/m 30-Year Investment Grade Corporate Bond ETF

F/m 3-Year Investment Grade Corporate Bond ETF

F/m 5-Year Investment Grade Corporate Bond ETF

F/m 6-Month Investment Grade Corporate Bond ETF

F/m 7-Year Investment Grade Corporate Bond ETF

F/m Opportunistic Income ETF

F/m Investments Large Cap Focused Fund

F/m Emerald Life Sciences Innovation ETF

F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF

F/m High Yield 100 ETF

F/m Long-Term Treasury Inflation-Protected Security (TIPS) ETF

F/m Short Duration High Coupon Tax Free Municipal ETF

Free Market Fixed Income Fund

Free Market International Equity Fund

Free Market US Equity Fund

Matson Money Fixed Income VI Portfolio

Matson Money International Equity VI Portfolio

Matson Money U.S. Equity VI Portfolio

Motley Fool 100 Index ETF

Motley Fool Capital Efficiency 100 Index ETF

Motley Fool Global Opportunities ETF

Motley Fool Mid-Cap Growth ETF

Motley Fool Next Index ETF

Motley Fool Small-Cap Growth ETF

Oakhurst Fixed Income Fund

Oakhurst Short Duration Bond Fund

Oakhurst Short Duration High Yield Credit Fund

Optima Strategic Credit Fund

SGI Dynamic Tactical ETF

SGI Enhanced Core ETF

SGI Enhanced Global Income ETF

SGI Enhanced Market Leaders ETF

SGI Enhanced Nasdaq-100 ETF

SGI Global Equity Fund

SGI Peak Growth Fund

SGI Prudent Growth Fund

SGI Small Cap Core Fund

SGI U.S. Large Cap Core ETF

SGI U.S. Large Cap Equity Fund

SGI U.S. Large Cap Equity VI Portfolio

US Treasury 3 Month Bill ETF

US Treasury 6 Month Bill ETF

US Treasury 12 Month Bill ETF

US Treasury 20 Year Bond ETF

US Treasury 30 Year Bond ETF

US Treasury 2 Year Note ETF

US Treasury 3 Year Note ETF

US Treasury 5 Year Note ETF

US Treasury 7 Year Note ETF

US Treasury 10 Year Note ETF

WPG Partners Select Hedged Fund

WPG Partners Select Small Cap Value Fund

WPG Partners Small Cap Value Diversified Fund

## Exhibit 99.28

**SIXTEENTH AMENDMENT TO THE**

**AMENDED AND RESTATED TRANSFER AGENT SERVICING AGREEMENT** 

**THIS SIXTEENTH AMENDMENT** effective as of the last date on the signature block, to the Amended and Restated Transfer Agent Servicing Agreement dated as of June 30, 2019, as amended (the "Agreement"), is entered into by and between **THE RBB FUND, INC.**, a Maryland corporation (the "Company"), and **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES**, 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 Company, to add the following funds:

- F/m Long-Term Treasury Inflation-Protected Security (TIPS) ETF

- F/m Short Duration High Coupon Tax Free Municipal ETF

**WHEREAS,** Section 13 of the Agreement provides that the Agreement may be amended by written agreement executed by both parties and authorized or approved by the Board of Directors of the Company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Amended Exhibit A attached hereto.** 

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**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 date and year last written below.

---

| | | | |
|:---|:---|:---|:---|
| **THE RBB FUND, INC.** | **THE RBB FUND, INC.** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/ James G. Shaw | By: | /s/ Gregory Farley |
| Name: | James G. Shaw | Name: | Gregory Farley |
| Title: | CFO/COO & Secretary | Title: | Senior Vice President |
| Date: | 6/9/2025 | Date: | 06/11/2025 |

---

**<u>Exhibit A</u>**

**The Separate Mutual Fund Series and ETF Series of** 

**The RBB Fund, Inc. and Certain Related Entities**

Abbey Capital Futures Strategy Fund

Abbey Capital Master Offshore Fund Limited

Abbey Capital Multi Asset Fund

Abbey Capital Offshore Fund SPC

Abbey Capital Onshore Series LLC

ACMAF Master Offshore Limited

ACMAF Offshore SPC

ACMAF Onshore Series LLC

Adara Smaller Companies Fund

Aquarius International Fund

Boston Partners All-Cap Value Fund

Boston Partners Emerging Markets Dynamic Equity Fund

Boston Partners Emerging Markets Fund

Boston Partners Emerging Markets Long/Short Offshore Fund Ltd.

Boston Partners Global Equity Fund

Boston Partners Global Long/Short Fund

Boston Partners Global Sustainability Fund

Boston Partners Long/Short Equity Fund

Boston Partners Long/Short Research Fund

Boston Partners Small Cap Value Fund II

Campbell Systematic Macro Fund

Campbell Systematic Macro Offshore Limited

F/m 10-Year Investment Grade Corporate Bond ETF

F/m 9-18 Month Investment Grade Corporate Bond ETF

F/m 15+ Year Investment Grade Corporate Bond ETF

F/m 20-Year Investment Grade Corporate Bond ETF

F/m 2-Year Investment Grade Corporate Bond ETF

F/m 30-Year Investment Grade Corporate Bond ETF

F/m 3-Year Investment Grade Corporate Bond ETF

F/m 5-Year Investment Grade Corporate Bond ETF

F/m 6-Month Investment Grade Corporate Bond ETF

F/m 7-Year Investment Grade Corporate Bond ETF

F/m Opportunistic Income ETF

F/m Investments Large Cap Focused Fund

F/m Emerald Life Sciences Innovation ETF

F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF

F/m High Yield 100 ETF

F/m Long-Term Treasury Inflation-Protected Security (TIPS) ETF

F/m Short Duration High Coupon Tax Free Municipal ETF

Free Market Fixed Income Fund

Free Market International Equity Fund

Free Market US Equity Fund

Matson Money Fixed Income VI Portfolio

Matson Money International Equity VI Portfolio

Matson Money U.S. Equity VI Portfolio

Motley Fool 100 Index ETF

Motley Fool Capital Efficiency 100 Index ETF

Motley Fool Global Opportunities ETF

Motley Fool Mid-Cap Growth ETF

Motley Fool Next Index ETF

Motley Fool Small-Cap Growth ETF

Oakhurst Fixed Income Fund

Oakhurst Short Duration Bond Fund

Oakhurst Short Duration High Yield Credit Fund

Optima Strategic Credit Fund

SGI Dynamic Tactical ETF

SGI Enhanced Core ETF

SGI Enhanced Global Income ETF

SGI Enhanced Market Leaders ETF

SGI Enhanced Nasdaq-100 ETF

SGI Global Equity Fund

SGI Peak Growth Fund

SGI Prudent Growth Fund

SGI Small Cap Core Fund

SGI U.S. Large Cap Core ETF

SGI U.S. Large Cap Equity Fund

SGI U.S. Large Cap Equity VI Portfolio

US Treasury 3 Month Bill ETF

US Treasury 6 Month Bill ETF

US Treasury 12 Month Bill ETF

US Treasury 20 Year Bond ETF

US Treasury 30 Year Bond ETF

US Treasury 2 Year Note ETF

US Treasury 3 Year Note ETF

US Treasury 5 Year Note ETF

US Treasury 7 Year Note ETF

US Treasury 10 Year Note ETF

WPG Partners Select Hedged Fund

WPG Partners Select Small Cap Value Fund

WPG Partners Small Cap Value Diversified Fund

## Exhibit 99.28

**THE RBB FUND, INC.**

**NON-12b-1 SHAREHOLDER SERVICES PLAN**

**(Class C Shares)**

This Shareholder Services Plan (the "Plan") constitutes the shareholder services plan of the Class C Shares (the "Class C Shares") of the Funds listed on **<u>Appendix A</u>** hereto (each a "Fund," together, the "Funds"), each a series of The RBB Fund, Inc. (the "Company").

**<u>Section 1</u>**. Each Fund is authorized to compensate certain financial intermediaries, including broker-dealers and Fund affiliates ("Participating Organizations") an aggregate fee in an amount not to exceed on an annual basis 0.25% of the average daily net asset value of the Class C Shares of the respective Fund (the "Plan Fee") attributable to or held in the name of a Participating Organization pursuant to an agreement with such Participating Organization ("Agreement"). Each Agreement will set forth the non-distribution related shareholder services to be performed by the Participating Organization for the benefit of the applicable Fund's shareholders who have elected to have such Participating Organization service their accounts ("Services").

Such Services may include, but are not limited to, (a) establishing and maintaining accounts and records relating to a Participating Organization's Clients (each a "beneficial shareholder" and collectively "beneficial shareholders") who invest in the Funds, as applicable; (b) aggregating and processing of beneficial shareholders' orders; (c) processing dividend and other distribution payments from the Funds on behalf of beneficial shareholders; (d) preparing tax reports or forms on behalf of beneficial shareholders; (e) forwarding communications from the Funds to beneficial shareholders; and (f) providing such other similar Services as applicable statutes, rules or regulations permit.

**<u>Section 2</u>**. The Plan shall not take effect with respect to a Fund until it has been approved, together with any related agreements, by votes of the majority of both (a) the board of directors (the "Board" or "Directors") of the Company, and (b) the Qualified Directors (as defined herein) of the Company, cast in person at a Board meeting called for the purpose of voting on the Plan or such agreement.

**<u>Section 3</u>**. The Plan shall continue in effect for a period beyond one year from the date it took effect only so long as such continuance is specifically approved at least annually in the manner provided for approval of the Plan in Section 2.

**<u>Section 4</u>**. Any person authorized to direct the disposition of monies paid or payable by the Funds pursuant to the Plan or any related agreement shall provide to the Directors of the Company, and the Directors shall review, at least quarterly, a written report of the amounts so expended.

**<u>Section 5</u>**. The Plan may be terminated at any time, with respect to a Fund, without any penalty, by a vote of the majority of the Qualified Directors.

**<u>Section 6</u>**. All agreements with any person relating to implementation of the Plan shall be in writing.

**<u>Section 7</u>**. The Plan may not be amended to increase materially the amount of the Plan Fee permitted pursuant to Section 1 hereof, unless approved in the manner provided for approval of the Plan in Section 2. Additionally, no material amendments to the Plan shall be made, unless approved in the manner provided for approval of the Plan in Section 2.

**<u>Section 8</u>**. As used in this Plan, (a) the term "Qualified Directors" shall mean those Directors who are not interested persons of the Company, 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 Investment Company Act of 1940, as amended, and the rules and regulations thereunder, subject to such exemptions as may be granted by the U.S. Securities and Exchange Commission..

**<u>Section 9</u>.** This Plan shall not obligate the Company or any other party to enter into an agreement with any particular person.

**<u>Appendix A</u>**

**List of the Funds**

Emerald Banking & Finance Evolution Fund

Emerald Growth Fund

## Exhibit 99.28

**THE RBB FUND, INC.**

**NON-12b-1 SHAREHOLDER SERVICES PLAN**

**(Institutional Class Shares)**

This Shareholder Services Plan (the "Plan") constitutes the shareholder services plan of the Institutional Class Shares (the "Institutional Class Shares") of the Funds listed on **<u>Appendix A</u>** hereto (each a "Fund," together, the "Funds"), each a series of The RBB Fund, Inc. (the "Company").

**<u>Section 1</u>**. Each Fund is authorized to compensate certain financial intermediaries, including broker-dealers and Fund affiliates ("Participating Organizations") an aggregate fee in an amount not to exceed on an annual basis 0.05% of the average daily net asset value of the Institutional Class Shares of the respective Fund (the "Plan Fee") attributable to or held in the name of a Participating Organization pursuant to an agreement with such Participating Organization ("Agreement"). Each Agreement will set forth the non-distribution related shareholder services to be performed by the Participating Organization for the benefit of the applicable Fund's shareholders who have elected to have such Participating Organization service their accounts ("Services").

Such Services may include, but are not limited to, (a) establishing and maintaining accounts and records relating to a Participating Organization's Clients (each a "beneficial shareholder" and collectively "beneficial shareholders") who invest in the Funds, as applicable; (b) aggregating and processing of beneficial shareholders' orders; (c) processing dividend and other distribution payments from the Funds on behalf of beneficial shareholders; (d) preparing tax reports or forms on behalf of beneficial shareholders; (e) forwarding communications from the Funds to beneficial shareholders; and (f) providing such other similar Services as applicable statutes, rules or regulations permit.

**<u>Section 2</u>**. The Plan shall not take effect with respect to a Fund until it has been approved, together with any related agreements, by votes of the majority of both (a) the board of directors (the "Board" or "Directors") of the Company, and (b) the Qualified Directors (as defined herein) of the Company, cast in person at a Board meeting called for the purpose of voting on the Plan or such agreement.

**<u>Section 3</u>**. The Plan shall continue in effect for a period beyond one year from the date it took effect only so long as such continuance is specifically approved at least annually in the manner provided for approval of the Plan in Section 2.

**<u>Section 4</u>**. Any person authorized to direct the disposition of monies paid or payable by the Funds pursuant to the Plan or any related agreement shall provide to the Directors of the Company, and the Directors shall review, at least quarterly, a written report of the amounts so expended.

**<u>Section 5</u>**. The Plan may be terminated at any time, with respect to a Fund, without any penalty, by a vote of the majority of the Qualified Directors.

**<u>Section 6</u>**. All agreements with any person relating to implementation of the Plan shall be in writing.

**<u>Section 7</u>**. The Plan may not be amended to increase materially the amount of the Plan Fee permitted pursuant to Section 1 hereof, unless approved in the manner provided for approval of the Plan in Section 2. Additionally, no material amendments to the Plan shall be made, unless approved in the manner provided for approval of the Plan in Section 2.

**<u>Section 8</u>**. As used in this Plan, (a) the term "Qualified Directors" shall mean those Directors who are not interested persons of the Company, 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 Investment Company Act of 1940, as amended, and the rules and regulations thereunder, subject to such exemptions as may be granted by the U.S. Securities and Exchange Commission..

**<u>Section 9</u>.** This Plan shall not obligate the Company or any other party to enter into an agreement with any particular person.

**<u>Appendix A</u>**

**List of the Funds**

Emerald Banking & Finance Evolution Fund

Emerald Growth Fund

## Exhibit 99.28

**THE RBB FUND, INC.**

**NON-12b-1 SHAREHOLDER SERVICES PLAN**

**(Investor Class Shares)**

This Shareholder Services Plan (the "Plan") dated constitutes the shareholder services plan of the Investor Class Shares (the "Investor Class Shares") of the Funds listed on **<u>Appendix A</u>** hereto (each a "Fund," together, the "Funds"), each a series of The RBB Fund, Inc. (the "Company").

**<u>Section 1</u>**. Each Fund is authorized to compensate certain financial intermediaries, including broker-dealers and Fund affiliates ("Participating Organizations") an aggregate fee in an amount not to exceed on an annual basis 0.15% of the average daily net asset value of the Investor Class Shares of the respective Fund (the "Plan Fee") attributable to or held in the name of a Participating Organization pursuant to an agreement with such Participating Organization ("Agreement"). Each Agreement will set forth the non-distribution related shareholder services to be performed by the Participating Organization for the benefit of the applicable Fund's shareholders who have elected to have such Participating Organization service their accounts ("Services").

Such Services may include, but are not limited to, (a) establishing and maintaining accounts and records relating to a Participating Organization's Clients (each a "beneficial shareholder" and collectively "beneficial shareholders") who invest in the Funds, as applicable; (b) aggregating and processing of beneficial shareholders' orders; (c) processing dividend and other distribution payments from the Funds on behalf of beneficial shareholders; (d) preparing tax reports or forms on behalf of beneficial shareholders; (e) forwarding communications from the Funds to beneficial shareholders; and (f) providing such other similar Services as applicable statutes, rules or regulations permit.

**<u>Section 2</u>**. The Plan shall not take effect with respect to a Fund until it has been approved, together with any related agreements, by votes of the majority of both (a) the board of directors (the "Board" or "Directors") of the Company, and (b) the Qualified Directors (as defined herein) of the Company, cast in person at a Board meeting called for the purpose of voting on the Plan or such agreement.

**<u>Section 3</u>**. The Plan shall continue in effect for a period beyond one year from the date it took effect only so long as such continuance is specifically approved at least annually in the manner provided for approval of the Plan in Section 2.

**<u>Section 4</u>**. Any person authorized to direct the disposition of monies paid or payable by the Funds pursuant to the Plan or any related agreement shall provide to the Directors of the Company, and the Directors shall review, at least quarterly, a written report of the amounts so expended.

**<u>Section 5</u>**. The Plan may be terminated at any time, with respect to a Fund, without any penalty, by a vote of the majority of the Qualified Directors.

**<u>Section 6</u>**. All agreements with any person relating to implementation of the Plan shall be in writing.

**<u>Section 7</u>**. The Plan may not be amended to increase materially the amount of the Plan Fee permitted pursuant to Section 1 hereof, unless approved in the manner provided for approval of the Plan in Section 2. Additionally, no material amendments to the Plan shall be made, unless approved in the manner provided for approval of the Plan in Section 2.

**<u>Section 8</u>**. As used in this Plan, (a) the term "Qualified Directors" shall mean those Directors who are not interested persons of the Company, 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 Investment Company Act of 1940, as amended, and the rules and regulations thereunder, subject to such exemptions as may be granted by the U.S. Securities and Exchange Commission..

**<u>Section 9</u>.** This Plan shall not obligate the Company or any other party to enter into an agreement with any particular person.

**<u>Appendix A</u>**

**List of the Funds**

Emerald Banking & Finance Evolution Fund

Emerald Growth Fund

## Exhibit 99.28

CONSENT OF COUNSEL

We hereby consent to the use of our name and to the reference to our Firm under the caption "Counsel" in the Statements of Additional Information included in Post-Effective Amendment Nos. 359/364 to the Registration Statement (File Nos. 033-20827 and 811-05518) on Form N-1A of The RBB Fund, Inc., under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, respectively. In giving such consent, however, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

---

| |
|:---|
| /s/ Faegre Drinker Biddle & Reath LLP |
| Faegre Drinker Biddle & Reath LLP |

---

Philadelphia, Pennsylvania

July 18, 2025

## Exhibit 99.28

Faegre Drinker Biddle & Reath LLP

One Logan Square, Suite 2000

Philadelphia, PA 19103

(215) 988-2700 (Phone)

(215) 988-2757 (Facsimile)

www.faegredrinker.com

July 18, 2025

The RBB Fund, Inc.

615 East Michigan Street

Milwaukee, WI 53202

Re: Shares Registered by Post-Effective Amendment No. 359 to

<u>Registration Statement on Form N-1A (File No. 033-20827)</u>

Ladies and Gentlemen:

We have acted as counsel to The RBB Fund, Inc. (the "Company") in connection with the preparation and filing with the Securities and Exchange Commission of Post-Effective Amendment No. 359 (the "Amendment") to the Company's Registration Statement on Form N-1A under the Securities Act of 1933, as amended. The Board of Directors of the Company has authorized the issuance and sale by the Company of the following classes and numbers of shares of common stock, $0.001 par value per share (collectively, the "Shares"), with respect to three new series of the Company – Emerald Banking & Finance Evolution Fund, Emerald Growth Fund, and F/m Emerald Special Situations ETF.

---

| | | |
|:---|:---|:---|
| **PORTFOLIO** | **CLASS** | **AUTHORIZED SHARES** |
| Emerald Banking & Finance Evolution Fund – Class A Shares | UUUUUUUUU | 100000000 |
| Emerald Banking & Finance Evolution Fund – Class C Shares | VVVVVVVVV | 100000000 |
| Emerald Banking & Finance Evolution Fund – Institutional Shares | WWWWWWWWW | 100000000 |
| Emerald Banking & Finance Evolution Fund – Investor Shares | XXXXXXXXX | 100000000 |
| Emerald Growth Fund – Class A Shares | YYYYYYYYY | 100000000 |
| Emerald Growth Fund – Class C Shares | ZZZZZZZZZ | 100000000 |
| Emerald Growth Fund – Institutional Shares | AAAAAAAAAA | 100000000 |
| Emerald Growth Fund – Investor Shares | BBBBBBBBBB | 100000000 |

---

---

| | | |
|:---|:---|:---|
| **PORTFOLIO** | **CLASS** | **AUTHORIZED SHARES** |
| F/m Emerald Special Situations ETF | CCCCCCCCCC | 100,000,000 |

---

The Amendment seeks to register an indefinite number of the Shares.

We have reviewed the Company's Articles of Incorporation, as amended and supplemented; By-Laws, as amended; resolutions of its Board of Directors; and such other legal and factual matters as we have deemed appropriate. This opinion is based exclusively on the Maryland General Corporation Law 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 Company's prospectuses offering the Shares and in accordance with the Company's Articles of Incorporation, as amended and supplemented, for not less than $0.001 per share, will be legally issued, fully paid and non-assessable by the Company.

We consent to the filing of this opinion as an exhibit to the Amendment to the Company's Registration Statement.

---

| |
|:---|
| Very truly yours, |
| /s/ Faegre Drinker Biddle & Reath LLP |
| Faegre Drinker Biddle & Reath LLP |

---

## Exhibit 99.28

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated June 27, 2025, relating to the financial statements and financial highlights of Emerald Growth Fund, Emerald Finance & Banking Innovation Fund, and Emerald Insights Fund, each a series of Financial Investors Trust, which are included in Form N-CSR for the year ended April 30, 2025, and to the references to our firm under the heading "Financial Highlights" in the Prospectuses.

We also hereby consent to the references to our firm in this Registration Statement on Form N-1A of Emerald Growth Fund, Emerald Banking & Finance Evolution Fund, and F/m Emerald Special Situations ETF, each a series of The RBB Fund, Inc. under the headings "Disclosure of Portfolio Holdings", "Miscellaneous" and "Financial Statements" in the Statements of Additional Information.

/s/ Cohen & Company, Ltd.

COHEN & COMPANY, LTD.

Cleveland, Ohio

July 18, 2025

![](fp0094386-1_07.jpg)

## Exhibit 99.28

**THE RBB FUND, INC.**

**DISTRIBUTION PLAN**<br> **for Class A Shares of the**

**Emerald Banking & Finance Evolution Fund**

WHEREAS, The RBB Fund, Inc. (the "Company") is engaged in business as an open-end investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the board of directors (the "Board" or "Directors") of the Company have determined that there is a reasonable likelihood that the following Distribution Plan will benefit the Company and the holders of Class A Shares of the Emerald Banking & Finance Evolution Fund (the "Fund"), a series of the Company;

NOW, THEREFORE, the Directors of the Company hereby adopt this Distribution Plan pursuant to Rule 12b-1 under the 1940 Act.

SECTION 1. The Company has adopted this Distribution Plan (the "Plan") to enable the Fund to directly or indirectly bear expenses relating to the distribution of Class A Shares of the Fund.

SECTION 2. The Company will pay the distributor of Class A Shares of the Fund a fee at the annual rate of 0.35% of the Fund's average daily net assets attributable to Class A Shares. The distributor may retain all or part of this fee as compensation for distribution or shareholder services it provides or it may use such fees for compensation of broker/dealers and other financial institutions and intermediaries that provide distribution or shareholder services as specified by the distributor. The actual fee to be paid by the distributor to broker/dealers and financial institutions and intermediaries will be negotiated based on the extent and quality of services provided.

SECTION 3. This Plan shall not take effect until it has been approved (a) by a vote of at least a majority of the outstanding Class A Shares of the Fund; and (b) together with any related agreements, by votes of the majority of both (i) the Directors of the Company and (ii) the Qualified Directors (as defined herein), cast in person at a Board meeting called for the purpose of voting on this Plan or such agreement.

SECTION 4. 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 Part (b) of Section 3 herein for the approval of this Plan.

SECTION 5. Any person authorized to direct the disposition of monies paid or payable by the Fund pursuant to this Plan or any related agreement shall provide to the Directors of the Company, and the Directors shall review, at least quarterly, a written report of the amounts so expended and the purposes for which such expenditures were made.

SECTION 6. This Plan may be terminated at any time by the vote of a majority of the Qualified Directors or by vote of a majority of the outstanding Class A Shares of the Fund.

SECTION 7. 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 Directors or by vote of a majority of the outstanding Class A Shares of the Fund, 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.

SECTION 8. This Plan may be amended in the manner provided in Part (b) of Section 3 herein for the approval of this Plan; provided, however, that the Plan may not be amended to increase materially the amount of distribution expenses permitted pursuant to Section 2 hereof without the approval of a majority of the outstanding Class A Shares of the Fund.

SECTION 9. While this Plan is in effect, the selection and nomination of those Directors who are not interested persons of the Company shall be committed to the discretion of the Directors then in office who are not interested persons of the Company.

SECTION 10. As used in this Plan, (a) the term "Qualified Directors" shall mean those Directors who are not interested persons of the Company, 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 U.S. Securities and Exchange Commission.

SECTION 11. This Plan shall not obligate the Company or any other party to enter into an agreement with any particular person.

## Exhibit 99.28

**THE RBB FUND, INC.**

**DISTRIBUTION PLAN**<br> **for Class C Shares of the**

**Emerald Banking & Finance Evolution Fund**

WHEREAS, The RBB Fund, Inc. (the "Company") is engaged in business as an open-end investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the board of directors (the "Board" or "Directors") of the Company have determined that there is a reasonable likelihood that the following Distribution Plan will benefit the Company and the holders of Class C Shares of the Emerald Banking & Finance Evolution Fund (the "Fund"), a series of the Company;

NOW, THEREFORE, the Directors of the Company hereby adopt this Distribution Plan pursuant to Rule 12b-1 under the 1940 Act.

SECTION 1. The Company has adopted this Distribution Plan (the "Plan") to enable the Fund to directly or indirectly bear expenses relating to the distribution of Class C Shares of the Fund.

SECTION 2. The Company will pay the distributor of Class C Shares of the Fund a fee at the annual rate of 0.75% of the Fund's average daily net assets attributable to Class C Shares. The distributor may retain all or part of this fee as compensation for distribution or shareholder services it provides or it may use such fees for compensation of broker/dealers and other financial institutions and intermediaries that provide distribution or shareholder services as specified by the distributor. The actual fee to be paid by the distributor to broker/dealers and financial institutions and intermediaries will be negotiated based on the extent and quality of services provided.

SECTION 3. This Plan shall not take effect until it has been approved (a) by a vote of at least a majority of the outstanding Class C Shares of the Fund; and (b) together with any related agreements, by votes of the majority of both (i) the Directors of the Company and (ii) the Qualified Directors (as defined herein), cast in person at a Board meeting called for the purpose of voting on this Plan or such agreement.

SECTION 4. 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 Part (b) of Section 3 herein for the approval of this Plan.

SECTION 5. Any person authorized to direct the disposition of monies paid or payable by the Fund pursuant to this Plan or any related agreement shall provide to the Directors of the Company, and the Directors shall review, at least quarterly, a written report of the amounts so expended and the purposes for which such expenditures were made.

SECTION 6. This Plan may be terminated at any time by the vote of a majority of the Qualified Directors or by vote of a majority of the outstanding Class C Shares of the Fund.

SECTION 7. 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 Directors or by vote of a majority of the outstanding Class C Shares of the Fund, 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.

SECTION 8. This Plan may be amended in the manner provided in Part (b) of Section 3 herein for the approval of this Plan; provided, however, that the Plan may not be amended to increase materially the amount of distribution expenses permitted pursuant to Section 2 hereof without the approval of a majority of the outstanding Class C Shares of the Fund.

SECTION 9. While this Plan is in effect, the selection and nomination of those Directors who are not interested persons of the Company shall be committed to the discretion of the Directors then in office who are not interested persons of the Company.

SECTION 10. As used in this Plan, (a) the term "Qualified Directors" shall mean those Directors who are not interested persons of the Company, 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 U.S. Securities and Exchange Commission.

SECTION 11. This Plan shall not obligate the Company or any other party to enter into an agreement with any particular person.

## Exhibit 99.28

**THE RBB FUND, INC.**

**DISTRIBUTION PLAN**<br> **for Investor Class Shares of the**

**Emerald Banking & Finance Evolution Fund**

WHEREAS, The RBB Fund, Inc. (the "Company") is engaged in business as an open-end investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the board of directors (the "Board" or "Directors") of the Company have determined that there is a reasonable likelihood that the following Distribution Plan will benefit the Company and the holders of Investor Class Shares of the Emerald Banking & Finance Evolution Fund (the "Fund"), a series of the Company;

NOW, THEREFORE, the Directors of the Company hereby adopt this Distribution Plan pursuant to Rule 12b-1 under the 1940 Act.

SECTION 1. The Company has adopted this Distribution Plan (the "Plan") to enable the Fund to directly or indirectly bear expenses relating to the distribution of Investor Class Shares of the Fund.

SECTION 2. The Company will pay the distributor of Investor Class Shares of the Fund a fee at the annual rate of 0.25% of the Fund's average daily net assets attributable to Investor Class Shares. The distributor may retain all or part of this fee as compensation for distribution or shareholder services it provides or it may use such fees for compensation of broker/dealers and other financial institutions and intermediaries that provide distribution or shareholder services as specified by the distributor. The actual fee to be paid by the distributor to broker/dealers and financial institutions and intermediaries will be negotiated based on the extent and quality of services provided.

SECTION 3. This Plan shall not take effect until it has been approved (a) by a vote of at least a majority of the outstanding Investor Class Shares of the Fund; and (b) together with any related agreements, by votes of the majority of both (i) the Directors of the Company and (ii) the Qualified Directors (as defined herein), cast in person at a Board meeting called for the purpose of voting on this Plan or such agreement.

SECTION 4. 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 Part (b) of Section 3 herein for the approval of this Plan.

SECTION 5. Any person authorized to direct the disposition of monies paid or payable by the Fund pursuant to this Plan or any related agreement shall provide to the Directors of the Company, at least quarterly, a written report of the amounts so expended and the purposes for which such expenditures were made.

SECTION 6. This Plan may be terminated at any time by the vote of a majority of the Qualified Directors or by vote of a majority of the outstanding Investor Class Shares of the Fund.

SECTION 7. 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 Directors or by vote of a majority of the outstanding Investor Class Shares of the Fund, 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.

SECTION 8. This Plan may be amended in the manner provided in Part (b) of Section 3 herein for the approval of this Plan; provided, however, that the Plan may not be amended to increase materially the amount of distribution expenses permitted pursuant to Section 2 hereof without the approval of a majority of the outstanding Investor Class Shares of the Fund.

SECTION 9. While this Plan is in effect, the selection and nomination of those Directors who are not interested persons of the Company shall be committed to the discretion of the Directors then in office who are not interested persons of the Company.

SECTION 10. As used in this Plan, (a) the term "Qualified Directors" shall mean those Directors who are not interested persons of the Company, 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 U.S. Securities and Exchange Commission.

SECTION 11. This Plan shall not obligate the Company or any other party to enter into an agreement with any particular person.

## Exhibit 99.28

**THE RBB FUND, INC.**

**DISTRIBUTION PLAN**<br> **for Class A Shares of the**

**Emerald Growth Fund**

WHEREAS, The RBB Fund, Inc. (the "Company") is engaged in business as an open-end investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the board of directors (the "Board" or "Directors") of the Company have determined that there is a reasonable likelihood that the following Distribution Plan will benefit the Company and the holders of Class A Shares of the Emerald Growth Fund (the "Fund"), a series of the Company;

NOW, THEREFORE, the Directors of the Company hereby adopt this Distribution Plan pursuant to Rule 12b-1 under the 1940 Act.

SECTION 1. The Company has adopted this Distribution Plan (the "Plan") to enable the Fund to directly or indirectly bear expenses relating to the distribution of Class A Shares of the Fund.

SECTION 2. The Company will pay the distributor of Class A Shares of the Fund a fee at the annual rate of 0.35% of the Fund's average daily net assets attributable to Class A Shares. The distributor may retain all or part of this fee as compensation for distribution or shareholder services it provides or it may use such fees for compensation of broker/dealers and other financial institutions and intermediaries that provide distribution or shareholder services as specified by the distributor. The actual fee to be paid by the distributor to broker/dealers and financial institutions and intermediaries will be negotiated based on the extent and quality of services provided.

SECTION 3. This Plan shall not take effect until it has been approved (a) by a vote of at least a majority of the outstanding Class A Shares of the Fund; and (b) together with any related agreements, by votes of the majority of both (i) the Directors of the Company and (ii) the Qualified Directors (as defined herein), cast in person at a Board meeting called for the purpose of voting on this Plan or such agreement.

SECTION 4. 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 Part (b) of Section 3 herein for the approval of this Plan.

SECTION 5. Any person authorized to direct the disposition of monies paid or payable by the Fund pursuant to this Plan or any related agreement shall provide to the Directors of the Company, and the Directors shall review, at least quarterly, a written report of the amounts so expended and the purposes for which such expenditures were made.

SECTION 6. This Plan may be terminated at any time by the vote of a majority of the Qualified Directors or by vote of a majority of the outstanding Class A Shares of the Fund.

SECTION 7. 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 Directors or by vote of a majority of the outstanding Class A Shares of the Fund, 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.

SECTION 8. This Plan may be amended in the manner provided in Part (b) of Section 3 herein for the approval of this Plan; provided, however, that the Plan may not be amended to increase materially the amount of distribution expenses permitted pursuant to Section 2 hereof without the approval of a majority of the outstanding Class A Shares of the Fund.

SECTION 9. While this Plan is in effect, the selection and nomination of those Directors who are not interested persons of the Company shall be committed to the discretion of the Directors then in office who are not interested persons of the Company.

SECTION 10. As used in this Plan, (a) the term "Qualified Directors" shall mean those Directors who are not interested persons of the Company, 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 U.S. Securities and Exchange Commission.

SECTION 11. This Plan shall not obligate the Company or any other party to enter into an agreement with any particular person.

## Exhibit 99.28

**THE RBB FUND, INC.**

**DISTRIBUTION PLAN**<br> **for Class C Shares of the**

**Emerald Growth Fund**

WHEREAS, The RBB Fund, Inc. (the "Company") is engaged in business as an open-end investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the board of directors (the "Board" or "Directors") of the Company have determined that there is a reasonable likelihood that the following Distribution Plan will benefit the Company and the holders of Class C Shares of the Emerald Growth Fund (the "Fund"), a series of the Company;

NOW, THEREFORE, the Directors of the Company hereby adopt this Distribution Plan pursuant to Rule 12b-1 under the 1940 Act.

SECTION 1. The Company has adopted this Distribution Plan (the "Plan") to enable the Fund to directly or indirectly bear expenses relating to the distribution of Class C Shares of the Fund.

SECTION 2. The Company will pay the distributor of Class C Shares of the Fund a fee at the annual rate of 0.75% of the Fund's average daily net assets attributable to Class C Shares. The distributor may retain all or part of this fee as compensation for distribution or shareholder services it provides or it may use such fees for compensation of broker/dealers and other financial institutions and intermediaries that provide distribution or shareholder services as specified by the distributor. The actual fee to be paid by the distributor to broker/dealers and financial institutions and intermediaries will be negotiated based on the extent and quality of services provided.

SECTION 3. This Plan shall not take effect until it has been approved (a) by a vote of at least a majority of the outstanding Class C Shares of the Fund; and (b) together with any related agreements, by votes of the majority of both (i) the Directors of the Company and (ii) the Qualified Directors (as defined herein), cast in person at a Board meeting called for the purpose of voting on this Plan or such agreement.

SECTION 4. 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 Part (b) of Section 3 herein for the approval of this Plan.

SECTION 5. Any person authorized to direct the disposition of monies paid or payable by the Fund pursuant to this Plan or any related agreement shall provide to the Directors of the Company, and the Directors shall review, at least quarterly, a written report of the amounts so expended and the purposes for which such expenditures were made.

SECTION 6. This Plan may be terminated at any time by the vote of a majority of the Qualified Directors or by vote of a majority of the outstanding Class C Shares of the Fund.

SECTION 7. 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 Directors or by vote of a majority of the outstanding Class C Shares of the Fund, 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.

SECTION 8. This Plan may be amended in the manner provided in Part (b) of Section 3 herein for the approval of this Plan; provided, however, that the Plan may not be amended to increase materially the amount of distribution expenses permitted pursuant to Section 2 hereof without the approval of a majority of the outstanding Class C Shares of the Fund.

SECTION 9. While this Plan is in effect, the selection and nomination of those Directors who are not interested persons of the Company shall be committed to the discretion of the Directors then in office who are not interested persons of the Company.

SECTION 10. As used in this Plan, (a) the term "Qualified Directors" shall mean those Directors who are not interested persons of the Company, 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 U.S. Securities and Exchange Commission.

SECTION 11. This Plan shall not obligate the Company or any other party to enter into an agreement with any particular person.

## Exhibit 99.28

**THE RBB FUND, INC.**

**DISTRIBUTION PLAN**<br> **for Investor Class Shares of the**

**Emerald Growth Fund**

WHEREAS, The RBB Fund, Inc. (the "Company") is engaged in business as an open-end investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the board of directors (the "Board" or "Directors") of the Company have determined that there is a reasonable likelihood that the following Distribution Plan will benefit the Company and the holders of Investor Class Shares of the Emerald Growth Fund (the "Fund"), a series of the Company;

NOW, THEREFORE, the Directors of the Company hereby adopt this Distribution Plan pursuant to Rule 12b-1 under the 1940 Act.

SECTION 1. The Company has adopted this Distribution Plan (the "Plan") to enable the Fund to directly or indirectly bear expenses relating to the distribution of Investor Class Shares of the Fund.

SECTION 2. The Company will pay the distributor of Investor Class Shares of the Fund a fee at the annual rate of 0.25% of the Fund's average daily net assets attributable to Investor Class Shares. The distributor may retain all or part of this fee as compensation for distribution or shareholder services it provides or it may use such fees for compensation of broker/dealers and other financial institutions and intermediaries that provide distribution or shareholder services as specified by the distributor. The actual fee to be paid by the distributor to broker/dealers and financial institutions and intermediaries will be negotiated based on the extent and quality of services provided.

SECTION 3. This Plan shall not take effect until it has been approved (a) by a vote of at least a majority of the outstanding Investor Class Shares of the Fund; and (b) together with any related agreements, by votes of the majority of both (i) the Directors of the Company and (ii) the Qualified Directors (as defined herein), cast in person at a Board meeting called for the purpose of voting on this Plan or such agreement.

SECTION 4. 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 Part (b) of Section 3 herein for the approval of this Plan.

SECTION 5. Any person authorized to direct the disposition of monies paid or payable by the Fund pursuant to this Plan or any related agreement shall provide to the Directors of the Company, and the Directors shall review, at least quarterly, a written report of the amounts so expended and the purposes for which such expenditures were made.

SECTION 6. This Plan may be terminated at any time by the vote of a majority of the Qualified Directors or by vote of a majority of the outstanding Investor Class Shares of the Fund.

SECTION 7. 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 Directors or by vote of a majority of the outstanding Investor Class Shares of the Fund, 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.

SECTION 8. This Plan may be amended in the manner provided in Part (b) of Section 3 herein for the approval of this Plan; provided, however, that the Plan may not be amended to increase materially the amount of distribution expenses permitted pursuant to Section 2 hereof without the approval of a majority of the outstanding Investor Class Shares of the Fund.

SECTION 9. While this Plan is in effect, the selection and nomination of those Directors who are not interested persons of the Company shall be committed to the discretion of the Directors then in office who are not interested persons of the Company.

SECTION 10. As used in this Plan, (a) the term "Qualified Directors" shall mean those Directors who are not interested persons of the Company, 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 U.S. Securities and Exchange Commission.

SECTION 11. This Plan shall not obligate the Company or any other party to enter into an agreement with any particular person.

## Exhibit 99.28

**Vigilant Distributors, LLC**

**CODE OF ETHICS**

August 2024

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

**Table of Contents**

 

I. OVERVIEW *3* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Scope of Business* *3* 

II. SUPERVISORY PERSONNEL *3* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Responsibilities of the Supervising Principal* *3* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Responsibilities of the President* *4* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* *Responsibilities of the Chief Compliance Officer* *5* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* *Responsibilities of the Financial and Operations Principal ("FinOp")* *6* 

III. REGISTRATION *7* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Standards with Respect to Representatives* *7* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Requirements* *9* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* *Registration Process* *11* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* *Termination* *12* 

IV. REPRESENTATIVE'S SCOPE OF ACTIVITIES, TRAINING AND EDUCATION *13* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Scope of Representative Activities* *13* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Activities in Foreign Jurisdictions* *16* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* *Contact with Regulators and Others* *16* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* *Annual Compliance Meeting* *18* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* *Continuing Education Program* *19* 

V. REPRESENTATIVE'S REGULATORY REQUIREMENTS *20* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Suitability* *20* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Outside Business* *24* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* *Private Securities Transactions ("Selling Away") Firm Policy* *26* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* *Personal Brokerage Accounts and Securities Investments* *29* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* *Political Contributions* *31* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.* *Insider Trading* *32* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*G.* *Compensation Firm Policy* *36* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*H.* *Complaints Firm Policy* *42* 

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. OVERVIEW

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Scope of Business

Vigilant Distributors, LLC (the "Firm" or "Vigilant Distributors") currently focuses its business activities to Distributing Mutual Funds, ETFs, and Private Placements by contacting Registered Investment Advisers, Broker/Dealers, or their Agents; marketing Mutual Funds and Private Placements to the retail public if suitable; and providing M&A advice to institutional clients.

At this time, the Firm's only office of supervisory jurisdiction is its Home Office located at 223 Wilmington Westchester pike suite 216, Chadds Ford, PA 19317 (the "OSJ"). The President is the supervisory principal responsible for this office. All of the Firm's Registered Persons and associated persons work out of or are supervised by registered principals in the branch or by the OSJ.

As the principal underwriter of investment companies or as placement agent for alternative investments, the Firm primarily facilitates dealer agreements, reviews fund advertising, acts as a paying agent for 12b-1 and other fund-related payments and performs other similar back office functions. The Firm may also hold the securities licenses of certain employees of a sponsor/investment adviser or third-party marketer engaged in marketing registered or privately placed products. These Registered Representatives ("Representatives") may engage in the marketing of registered or privately placed products to financial intermediaries, investment advisers, accredited or qualified investors, and retail investors. Representatives do not open or maintain customer accounts, accept any customer funds for investment, or handle purchase, redemption or exchange requests. Representatives do not handle monies for investment nor are accounts established at the Firm. Investment monies are either wired or mailed directly to the issuer, if applicable, the adviser, or to a third-party agent of the issuer. Vigilant Distributors may also provide Representatives licensing and supervisory services for individuals engaged in certain investment banking activities. These individuals provide strategic advisory services and merger and acquisition advice. Similarly, Representatives do not open or maintain customer accounts, accept any funds for investment, or handle purchase, redemption or exchange requests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. SUPERVISORY PERSONNEL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Responsibilities of the Supervising Principal

Each Representative will be assigned to a Supervising Principal by the Firm. The Supervising Principal is a qualified principal (Series 26 or 24, as appropriate), located at an OSJ who is delegated authority by the Firm for the following duties including, but not limited to:

● Training of Representatives;

● Maintaining required books and records for the OSJ and supervised branches;

● Maintaining current offering documents and sales materials;

● Monitoring and supervising Representative activities in compliance with this Manual and applicable securities laws;

● Reviewing and supervising Representative written correspondence;

● Reviewing and supervising Representative electronic correspondence;

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

● Resolving and reporting problems as appropriate;

● Maintaining the Manual in hardcopy or electronic form in an accessible location;

● Ensuring that all Representatives are properly registered before conducting activities;

● Ensuring that Representatives promote only approved securities products and services;

● Notifying Vigilant Distributors promptly of a Representative's termination (no later than 10 days from date of termination);

● Notifying Vigilant Distributors promptly of a Representative's change in responsibility no longer requiring registration (no later than 10 days from date of change in responsibility);

● Ensuring Representative compliance with the following policies and procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Written and electronic communications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Private placements, if 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;o Reporting private securities transactions, if 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;o Reporting personal securities accounts, if 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;o Reporting cash and non-cash compensation (e.g., gifts, entertainment, training and education);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Continuing education program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Annual compliance meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Reporting outside business activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Using only sales material that has been pre-approved by the Firm or a fund's principal underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o LinkedIn Accounts; 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;o Suitability (if applicable).

● Reporting disciplinary issues concerning Representatives and if necessary, assuring imposition of appropriate disciplinary action after consultation with Vigilant Distributors Compliance Department and Vigilant Distributors President;

● Reporting any events that need reporting under Rule 4530; and

● Other tasks and responsibility deemed necessary and appropriate by the Firm.

Designated Principals are prohibited from (1) supervising their own activities and (2) reporting to, or having their compensation or continued registration determined by, a person or persons they are supervising.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Responsibilities of the President

Overall supervisory responsibility is vested with the Firm's President. The Firm's President is responsible for the supervision of Vigilant Distributors personnel and activities, and for ensuring that all of the procedures described herein are implemented and executed.

The Firm's President is ultimately responsible for taking appropriate actions to sanction Representatives for violations of Vigilant Distributors policies or federal or state laws or regulations. These actions may include, but are not limited to: censures or letters of caution, fines, and suspension or termination of registration or employment. Vigilant Distributors CCO must be notified immediately of any circumstances that may merit disciplinary action, and determine whether regulatory reporting is applicable.

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

The Firm's President may consult with Vigilant Distributors CCO in carrying out these responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Responsibilities of the Chief Compliance Officer

Vigilant Distributors CCO shall advise the Firm's Representatives on compliance matters. Vigilant Distributors CCO reports to the President and Firms Owner. Vigilant Distributors CCO or their designee is responsible for:

● Assessing, at least annually (on a calendar-year basis), the adequacy of Vigilant Distributors compliance policies and procedures as well as the resources devoted to compliance, and communicating this assessment to the Firm's President;

● Reviewing, at least annually (on a calendar-year basis), the businesses in which Vigilant Distributors engages. The review shall be reasonably designed to assist the Firm in detecting and preventing violations of, and achieving compliance with, applicable securities laws and regulations, and with applicable FINRA rules.

● Making regulatory filings through FINRA's Gateway System, including acting as a Super Account Administrator and filing Form BD and any amendments;

● Submitting electronic notification to FINRA pursuant to Rule 17a-4(f)(3), if applicable;

● Overseeing the Firm's continuing education program as well as the completion of the Continuing Education Training Needs Analysis and Written Training Plan;

● Overseeing the Firm's Annual Compliance Meetings;

● Overseeing the examination of office locations;

● Serving as Vigilant Distributors Anti-Money Laundering Compliance Officer;

● Assessing any necessary action to remedy compliance problems that are brought to his or her attention;

● Implementing and overseeing all the Firm's compliance policies and procedures;

● Overseeing the testing and verification of all procedures adopted by the Firm;

● Overseeing the response to complaints as well as items escalated through the Firm's Whistleblower Policy; and

● Ensuring the Firm has policies and procedures regarding the review, approval and regulatory filing (if applicable) of all sales material.

● Ensuring that all Representatives receive amendments to procedures, as appropriate;

● Ensuring an annual compliance meeting is conducted for all Representatives;

● Overseeing the Representative registration process including the review and approval of Representative forms;

● Ensuring the examination of Representative locations;

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

● Designating office locations on FINRA Form BR through WebCRD;

● Ensuring the implementation of, and participation in, the Firm's continuing education obligations;

● Ensuring the ongoing registration of Vigilant Distributors in the various state jurisdictions and with FINRA;

● Responding to questions from Representatives and Supervising Principals;

● Investigating issues of non-compliance; and

● Maintaining a record, preserved by the member for a period of not less than three years, the first two years in an easily accessible place, of the names of all persons who are designated as supervisory personnel and the dates for which such designation is or was effective.

● Acting as Portal Administrator for the SIPC Portal. The CCO may designate other persons to undertake any and all activities related to SIPC, including but not limited to filing of forms and payment of annual fees.

Vigilant Distributors Compliance Department staff may assist Vigilant Distributors CCO in carrying out these responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Responsibilities of the Financial and Operations Principal ("FinOp")

The designated FinOp of Vigilant Distributors is a registered principal (Series 27 or 28) and is responsible for oversight of all financial and accounting activities of the Firm, including compliance with SEC and FINRA financial responsibility rules. The FinOp and other appropriate Vigilant Distributors personnel will qualify for the Operations Principal (Series 99).

The FINOP is responsible for the final approval and responsibility for the accuracy of financial reports submitted to any duly established securities industry regulatory body;

Final preparation of such reports; supervision of individuals who assist in the preparation of such reports, supervision of and responsibility for individuals who are involved in the actual maintenance of the Firm's books and records from which such reports are derived; supervision and/or performance of the Firm's responsibilities under all financial responsibility rules promulgated pursuant to the provisions of the Securities Exchange Act of 1934; over all supervision of and responsibility for the individuals who are involved in the administration of the Firm's back office operations and ;any other matter involving the financial and operational management of the Firm.

The FINOP's responsibilities include understanding and remaining current with the applicable federal and state securities laws and regulations, and SRO rules relating to financial and operational responsibility. The FINOP will review FINRA *Notices to Members* and other publications relating to their financial and operational work

The FINOP will be responsible for notifying the required parties if the Net Capital falls below the 120% level. As a fully-disclosed introducing broker/dealer, the Firm is not allowed to receive or hold any customer funds or securities. Therefore, it is the Designated Principal's obligation to make certain that the Firm does not receive or hold customer funds or securities. The FINOP will maintain an ongoing calculation of the Firm's net capital, report net capital as required, and report net capital deficiencies as required:

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

● If the Firm falls into early warning (<120% of required minimum net capital or > 12 to 1 AI to NC ratio), the FINOP is required to notify, by telegraph or fax, the SEC in Washington, the SEC Regional Office and the FINRA office in Washington within 24 hours of occurrence.

● If the Firm is found to have deficient net capital (< required minimum net capital amount or > 15 to 1 AI to NC ratio), the FINOP is required to notify, by telegraph or fax, the SEC in Washington, the SEC Regional Office, and the FINRA in Washington on the same day and the Firm must cease doing business.

The FINOP will make the necessary and appropriate notification filing in compliance with Rule 17a-11 electronically through the FINRA CRD system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. REGISTRATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Standards with Respect to Representatives

Candidates for registration are (1) employees of the Firm or (2) employees of a Vigilant Distributors client. Each designated Supervising Principal is responsible for identifying persons whose functions require registration in advance of permitting such activity in any manner. Individuals with questions regarding permitted duties and responsibilities of registered or unregistered persons should contact his or her Supervising Principal or Vigilant Distributors Compliance Department.

The Supervising Principal will provide the Firm with the completed and signed Pre- Registration Questionnaire. The Pre-Registration Questionnaire and accompanying forms are used to document notification and consent to review the candidate's background, regulatory and reasonably available public records as well as identify the activities engaged in by the prospective Representative. Using FINRA's WebCRD system or another resource, Vigilant Distributors Compliance Department will conduct a background search of candidates to assess the candidate's registration and continuing education program history and status. In addition, the Firm shall seek to verify the accuracy and completeness of the information contained in the prospective Representative's Form U4 by performing a search of reasonably available public records via a third-party service provider. The background check review will be completed before the filing of the Form U4 unless circumstances are such that it cannot be done in advance, in which case such background checks will be completed within 30 days of filing Form U4. Any issues that arise from a public records search may require (i) further investigation; and/or (ii) an update to Form U4 if applicable. Any reports generated from the public records search are confidential and will only be made available to Vigilant Distributors Compliance Department, the President and, if requested, to the Representative. The Firm reserves the right to suspend or terminate the registration process for any reason, noting that some events will automatically prevent Vigilant Distributors from registering an individual. The Firm may periodically conduct a background check review of Representatives who are currently registered with the Firm.

#### Disclosure Questions
Section 14 of Form U4 identifies disclosure questions for a potential Representative to complete. Generally, an item that would trigger Section 14 disclosure includes but is not limited to:

● Certain arrests, charges, convictions and pleas;

● Certain complaints;

● Certain civil, judicial and regulatory actions, and

● The imposition or discharge of a bankruptcy, compromises with creditors, unsatisfied judgments or liens. The obligation to amend a Form U4 arises on the date a registered person receives notice or learns that he or she is subject to an unsatisfied judgment or lien, and an amended Form U4 should be filed no later than 30 calendar days from that date, regardless of whether the Representative satisfies the judgment or lien in the interim period prior to the 30-day deadline for filing a Form U4 amendment.

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

If a prospective Representative answers "yes" to any of the disclosure questions in Section 14 of FINRA's Form U4, Vigilant Distributors Compliance Department (i) will further investigate, (i) document findings, and (iii) escalate to the President of the Firm as appropriate. Disclosures may likely need to be accompanied by official documentation from a court or regulator, and a Representative should be prepared to promptly provide this information to the Supervising Principal and FIRM's Compliance Department upon request.

The Firm's President may consult with Vigilant Distributors Compliance Department to determine whether, in light of the facts presented, association with Vigilant Distributors is appropriate. The Firm may take a similar tact if the background investigation reveals prior terminations for cause, prior statutory disqualification or any other matter deemed unacceptable. The Firm reserves the right to suspend or terminate the registration process for any reason, noting that some occurrences will automatically prevent the Firm from applying for a FINRA registration.

To the extent a Representative is not clear whether an event is reportable on the Form U4, please immediately discuss with the Supervising Principal and Vigilant Distributors Compliance Department. Keep in mind that changes reported to FINRA after 30 days of the event could result in the imposition of a fine from FINRA.

#### Disciplined Firms
The Firm will track whether any Representative was previously at a disciplined firm, as defined by FINRA.

#### Heightened Supervision
In certain cases, candidates with notable backgrounds may proceed through the registration process and become Representatives of the Firm, but may require a written plan of supervision. The Firm does not encourage the hiring or registration of individuals who require heightened supervision. All plans of supervision must be approved by Vigilant Distributors Compliance Department and include a written acknowledgement and active participation of the Supervising Principal and the Firm's President; plans of supervision may or may not be provided to or known to the Representative.

#### Form U4 Omissions and/or Misrepresentations
Each Representative is responsible for providing complete and accurate Form U4 information and for keeping this information current at all times. Supervising Principals or client contacts should impress upon prospective Representatives the need to fully disclose all required information on the Form U4. If an applicant for registration does not disclose a material event(s) requiring disclosure on his or her Form U4 and this event is discovered by Vigilant Distributors during its background investigation, Vigilant Distributors Compliance Department will notify the Firm's President and Supervising Principal immediately and may cease the registration process.

If a Representative does not disclose an event(s) requiring disclosure on his or her Form U4 and this event is discovered by Vigilant Distributors after registration with Vigilant Distributors becomes effective, Vigilant Distributors CCO or delegate from Vigilant Distributors Compliance Department will escalate the matter to the Firm's President and Supervising Principal immediately. The Firm's President will determine action, if appropriate. Some actions may require notification to FINRA and further investigation may become necessary. Appropriate follow up action may also be recommended to the Supervising Principal and the Firm's President as warranted by the results of the investigation. Moreover, the failure to complete the FINRA Form U4 accurately, truthfully and timely is a violation of FINRA rules and, regardless of Vigilant Distributors investigation, FINRA may preclude the prospective Representative from becoming registered with Vigilant Distributors or any other FINRA member firm.

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

#### Reporting Requirements (Rule 4530)
If a Representative is involved in an event that is required to be disclosed as a reportable event pursuant to FINRA Rule 4530, the Representative or appropriate Supervising Principal must contact Vigilant Distributors Compliance Department promptly. Events required to be reported include, but are not limited to, violation of securities laws, subject of a written complaint, defendant or respondent in any proceeding brought by a regulator, denied registration or expelled by any regulatory body or self-regulatory organization, any felony involvement regarding the purchase or sale of a security, defendant or respondent in any securities litigation or arbitration or subject of any claims for damages, or subject to statutory disqualification. Depending on the nature of the offense, the cooperation of the Representative involved and other facts and circumstances, the situation may result in the Representative being suspended, subject to additional supervision, or terminated.

Instances where the Representative directly notifies Vigilant Distributors Compliance Department will be brought to the attention of the Representative's Supervising Principal.

In the event the Firm or one of its Representatives is subject to a Rule 4530 filing, Vigilant Distributors CCO or a member of senior management shall be responsible for filing the notification with FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Requirements

The appropriate Supervising Principal is responsible for ensuring that every Representative under his or her supervision is properly registered. The Supervising Principal shall receive confirmation from Vigilant Distributors Compliance Department concerning a Representative's registration status prior to permitting the Representative to act in a registered capacity.

All forms provided in the initial registration packet shall be completed by the Representative prior to his or her registration with Vigilant Distributors. The Chief Compliance Officer or his designee shall review all internal forms.

#### FINRA Registration
Each Representative shall maintain the registration appropriate to his or her approved securities activities (for example, Series 6, 7, 22, 79, 82 or other appropriate registration) and shall be registered with Vigilant Distributors. Representatives must have a Series 79 to engage in investment banking activities. Representatives must have a Series 6 and 63 or 66 to market open-end registered investment companies and a Series 7 and 63 or 66 to market both open-end, closed-end registered investment company products, as well as exchange-traded products. Representatives must maintain the Series 7 (or other approved registration) and 63 or 66 as it relates to the marketing of certain privately placed funds or as it relates to the marketing of specific investment products in an initial offering. Representatives are permitted to maintain the Series 66 <u>solely</u> for Series 63 purposes. Any registration carried by the Firm is at the discretion of Vigilant Distributors, taking into consideration the activities approved by FINRA for that broker-dealer.

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

At a minimum, each Supervising Principal shall maintain the registrations noted above for Representatives as well as the appropriate principal qualification, for example the Series 24 or 26. If a Representative is assigned a supervisory position requiring principal registration but does not have the requisite qualification, he or she will be given 90 days to pass the necessary examination. In the event that the individual does not or cannot pass the required qualification examination, alternative supervisory arrangements will be made to ensure reasonable and adequate supervision in accordance with the Firm's established organizational structure.

Cheating, attempting to cheat, or assisting others to cheat on qualification examinations or education programs is expressly prohibited and is grounds for immediate termination of registration.

#### Parked Registrations
FINRA rules prohibit a member firm from maintaining registrations for representatives who are no longer active or who are not acting in a capacity requiring registration. The Firm will not sponsor such registrations.

#### State Registrations
In order to participate in the marketing of approved securities in states, each Representative must pass the Series 63 Uniform Securities Agent State Law examination. Representatives may sit for or transfer to Vigilant Distributors the Series 66 Uniform Combined State Law examination, which is a combination of the Series 63 and Series 65 Uniform Investment Advisor Law examination. Representatives are permitted to maintain the Series 66 <u>solely</u> for Series 63 purposes.

The appropriate Supervising Principal must ensure that each Representative maintains the Series 63 or 66, if required, and is registered in those states (i) in which the Representative conducts securities marketing activities, (ii) where the Representative's office is located, and (iii) where the Representative resides, if different from the office location. Supervising Principals should be registered in all states where assigned representatives are registered.

Failure to become properly registered in a state prior to engaging in securities business can result in state securities regulators severely disciplining Vigilant Distributors, the Supervising Principal, and the Representative. Vigilant Distributors prohibits the marketing of approved securities by any person who is not properly registered by FINRA and by the state(s) in which the person conducts securities related business.

At least annually, Vigilant Distributors Compliance Department will provide a list to the Supervising Principal reflecting the registrations and the states where his or her Representatives are registered. However, it is the responsibility of the Supervising Principal to ensure that each Representative has the proper FINRA and state registrations.

Several states require the Firm to appoint one or more Representatives to serve as a designated principal to carry out the supervisory responsibilities in that jurisdiction. Certain Supervising Principals may be so identified to the state in order to satisfy this requirement.

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

#### Effectiveness of Registration
FINRA and state registrations are <u>not</u> necessarily effective the day one takes his or her examination or the day one submits his or her paperwork for processing. FINRA will alert Vigilant Distributors Compliance Department via Web CRD when the registration approval date commences. Representatives should contact Vigilant Distributors Compliance Department to the extent he or she has questions regarding an initial, additional or transfer of registration. Vigilant Distributors Compliance Department will notify the Representative and Supervising Principal when FINRA and state registrations become effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Registration Process

#### Form U4
Representatives must complete a Form U4 which instruction for completion is provided in the initial registration packet. Supervising Principals or Representatives will review, execute and forward all filings of initial FINRA Forms U4 and fingerprints, electronic or paper, as well as additional paperwork included in the registration packet to Vigilant Distributors Compliance Department for processing. Vigilant Distributors Compliance Department will file the Form U4 with FINRA. No Representative or potential Representative is to communicate directly with FINRA with regard to registration.

#### Fingerprints
All fingerprints are forwarded to and processed through the Federal Bureau of Investigation by FINRA on or about the same time as the filing of Form U4. Vigilant Distributors CCO shall be made aware of Department of Justice reports based on fingerprint review. If a fingerprint report is generated by the Department of Justice, the Representative may be required to provide follow-up documentation to Vigilant Distributors Compliance Department regarding the reported event.

Based upon a review of the facts and circumstances of any reported event, the Supervising Principal or client contact, with input by Vigilant Distributors President, will determine what, if any, action is to be taken.

In order to screen for statutorily disqualified persons hired in clerical or ministerial positions, it is firm policy to require all associated persons to be fingerprinted and a non-registered fingerprint "NRF" form to be submitted to Web CRD.

#### Amendments
A Representative must notify his or her Supervising Principal or Vigilant Distributors Compliance Department directly of any material change in the information on the Form U4 so that an amendment may be filed on Web CRD, within 30 days of notification or knowledge of any such material change. To the extent a Representative directly notifies Vigilant Distributors Compliance Department of a FINRA Form U4 amendment, Vigilant Distributors Compliance Department will notify the Supervising Principal, as appropriate. Items that require amendment include, but are not limited to, change in name, physical home or office of employment address, outside business activity, and disclosure events denoted in Section 14 of FINRA Form U4. The Supervising Principal shall maintain a complete copy of the Form U4 in secure representative files at the OSJ location.

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

#### Reporting Disclosure Events
If a Representative is involved in an event that is required to be disclosed as a reportable event on Section 14 of Form U4, the Representative or appropriate Supervising Principal must contact Vigilant Distributors Compliance Department immediately and arrange for the filling out and filing of the Disclosure Reporting Page ("DRP") attachment to the Form U4. These events include but are not limited to regulatory and civil judicial actions, complaints, arbitrations and financial judgments, liens and bankruptcies or the imposition of certain internal disciplinary actions.

Depending on the nature of the event, the cooperation of the Representative involved and other facts and circumstances, the situation may result in the Representative being suspended, subject to additional supervision, or terminated. Instances where the Representative directly notifies Vigilant Distributors Compliance Department will be brought to the attention of the Representative's Supervising Principal.

#### Transfers
If a Representative transfer to Vigilant Distributors directly from another broker-dealer (or at one time was previously employed at a broker-dealer), Vigilant Distributors Compliance Department shall obtain, if available, a copy of the applicant's Form U5 Uniform Termination Notice for Securities Industry Registration via Web CRD. Representatives who transfer from another broker-dealer are not authorized to engage in any marketing activities in connection with any approved product until he or she has been notified and so authorized by Vigilant Distributors Compliance Department. The Firm will track whether any Representative was previously at a disciplined firm, as defined by FINRA.

#### Predispute Arbitration
FINRA Rule 2263 requires that a member firm provide its Representatives with a written statement regarding arbitration of disputes between the member firm and the Representative whenever the Representative is asked to manually sign a new or amended Form U4. The Firm's policy requires that its Representatives sign the Form U4 Predispute Arbitration Clause when asked to manually sign a new Form U4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Termination

The Supervising Principal or the Representative should forward a written notice of termination to Vigilant Distributors Compliance Department indicating the name of the terminated Representative, date of termination, and the reason for termination. FINRA and certain states require prompt notification of all Representative terminations, and Supervising Principals must forward this notice to Vigilant Distributors Compliance Department promptly, but no later than ten (10) days from the date of actual termination. Notices filed with FINRA beyond thirty (30) days of a Representative's termination may be subject to a fine by FINRA. The Firm will provide a copy of the Form U5 to the terminated individual and the Supervising Principal upon filing with FINRA. Only Vigilant Distributors Compliance Department personnel are authorized to file a Form U5 termination notice via Web CRD.

#### Involuntary Termination
When a Representative is terminated for any reason other than a voluntary resignation, the appropriate Supervising Principal or Person-In-Charge must immediately contact Vigilant Distributors Compliance Department to discuss the language that should be contained on the Form U5.

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

Vigilant Distributors Compliance Department shall then file the Form U5, including the agreed upon language, with FINRA.

#### Post-Termination Responsibilities
If the Supervising Principal or Person-In-Charge subsequently learns that information on the Representative's Form U5 was materially inaccurate, incomplete, or indicated that certain matters were unresolved at the time of termination, the Supervising Principal or Person-In- Charge should coordinate with Vigilant Distributors Compliance Department to determine if and when an amendment to the Form U5 is necessary.

Any requests for information from another broker-dealer regarding any former Representative with respect to his or her Representative activities for Vigilant Distributors should be directed to Vigilant Distributors Compliance Department. No other personnel shall respond to such requests.

#### Dual Registration
No Representative may be registered with any other broker-dealer unless such other firm is an affiliated company in control of or under common control with Vigilant Distributors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. REPRESENTATIVE'S SCOPE OF ACTIVITIES, TRAINING AND EDUCATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Scope of Representative Activities

#### Firm Policy
All Representatives must conduct themselves in an ethical manner, using good judgment and adhere, at all times, to the requirements set forth by this Manual.

Representatives whose activities include marketing securities are not permitted to market any securities other than approved products<sup>1</sup>. Representatives may engage in outside business activities or private securities transactions with prior written notification to and prior written authorization from Vigilant Distributors Compliance Department.

The Firm does not establish or hold investor accounts, or accept investor investments, as these functions are performed by a registered investment company's transfer agent or directly by the issuer. The investors do not become customers of the Firm by virtue of their share ownership in an investment company or private placement. As such, Representatives are not permitted to perform certain activities as described in this section.

Representatives are primarily engaged in the marketing of investment companies and/or private placements to financial intermediaries, investment advisers and accredited investors that are primarily institutions. Representatives do not open or maintain customer accounts, accept any funds for investment, or handle purchase, redemption or exchange requests.

<sup>1</sup> The Firm may conduct due diligence on the Issuer, its sponsor, and the product by obtaining a copy of the offering documents and any supplemental materials presented to a potential investor, Form ADV of the adviser, if applicable, and additional documentation as appropriate.

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

The Firm does not conduct a retail business and as such, does not conduct cold calling or engage in telemarketing and therefore does not maintain a Do Not Call list. Exceptions would require prior written approval from Vigilant Distributors Compliance Department.

Representatives and Supervising Principals will be asked to confirm compliance with the Firm's policies and procedures through a periodic Representative and Supervising Principal Questionnaires. Supervising Principals have access to the completed Representative's Questionnaire and are encouraged to review the Representative's responses. The Firm's Compliance Department reviews the Representative and Supervising Principal Questionnaires.

#### Registered Representative Responsibilities
Representatives, as permitted, may engage in the following activities:

● Marketing of approved investment companies, private placements, commodity pools and/or pooled investment funds to financial intermediaries, investment advisers and accredited investors that are primarily institutions in accordance with the Firm's policies and procedures;

● Preparing Fund marketing materials (see Section IX);

● Serving as a Supervising Principal of Representatives; and

● Serving in a compliance or supervisory role.

Representatives are **prohibited** from the following activities:

● Providing investment, financial planning, tax or legal advice;

● Marketing in non-U.S. jurisdictions without prior approval from Vigilant Distributors (see VII(B) below);

● Engaging in fraudulent activities such as forgery, non-disclosure, any misstatement of material fact or facts, manipulative practices, or deceptions;

● Guaranteeing performance of a mutual fund or other securities;

● Offering securities (whether registered or unregistered) which are not pre- approved by Vigilant Distributors (selling away);

● Engaging in any securities activities prior to registration activation or at any time under suspension from association with Vigilant Distributors or any regulatory authority;

● Compensating or arranging to compensate any firm or individual for promotion or sale of fund shares by directing transactions or remuneration from transactions; and

● Conducting any cold calling or telemarketing.

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

**Supervisory Procedures**

**Responsibility** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Supervising Principal &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Vigilant Distributors CCO or designee

**Resources** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Communications &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Outside Business Activity Forms

**Frequency** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● On a continuous basis

**Action** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Supervising Principal o Review correspondence (written or electronic). o Review Outside Business Activity Forms to identify instances where Representatives may be involved in prohibited activities. o Inform Vigilant Distributors CCO or designee immediately if indication that a Representative may be engaging in a prohibited activity. o Encouraged to review completed Representative Questionnaire. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Vigilant Distributors CCO or designee o Surveillance of correspondence (written or electronic). o Review Outside Business Activity Forms to identify instances where Representatives may be involved in prohibited activities. o Conduct office inspection. o Review Representative and Supervising Principal Questionnaire.

**Record** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Office Inspection Report &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Outside Business Activity Form &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Periodic Representative and Supervising Principal Questionnaire

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Activities in Foreign Jurisdictions

#### Firm Policy
Representatives are not permitted to offer any securities outside the United States unless prior written approval has been granted by the Firm's Compliance Department**.** The Firm is not registered in any foreign jurisdiction.

#### Supervisory Procedures
**Responsibility** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Supervising Principal &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Vigilant Distributors CCO or designee

**Resources** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Annual Compliance Meeting Material &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Periodic Representative Questionnaire

**Frequency** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● As necessary

**Action** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Supervising Principal o Ensure that Representatives are adhering to marketing limitations in a specific foreign jurisdiction. o Monitor the Representative's activities. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Vigilant Distributors CCO or designee o Conduct office inspection. o Conduct annual compliance meeting. o Review completion of Representative Questionnaire

**Record** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Annual Compliance Meeting Material &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Periodic Representative Questionnaire &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Office Inspection Report

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Contact with Regulators and Others

#### Firm Policy
If the SEC, FINRA, state regulator, insurance department or other securities authority contacts a Representative about any investment-related matter, the Representative must immediately notify the Supervising Principal and Vigilant Distributors CCO or designee and should consult with Vigilant Distributors CCO or designee regarding a response to a regulatory inquiry. If a Representative receives, or is served with, a securities-related complaint, Wells letter, subpoena or other legal document, he or she must forward them immediately to Vigilant Distributors Compliance Department. Representatives should be aware that these events may require FINRA disclosure. Representatives may not contact the SEC, FINRA, any state securities department or other securities authority on behalf of Vigilant Distributors or, with respect to routine registration and marketing review matters, without the express prior consent of Vigilant Distributors CCO or designee.

If a regulator (SEC, FINRA, state, federal or foreign regulator or other regulatory authority) requests office records (in person or by another means) or schedules an on- site inspection, the Supervising Principal and Vigilant Distributors CCO or designee should be contacted immediately. The Firm is obligated to provide prompt responses to regulatory requests for information and, therefore, it is important to notify the Supervising Principal and Vigilant Distributors Chief Compliance Officer or designee immediately so that the record retrieval process can begin immediately or as soon as possible after receipt of the request.

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

All press inquiries concerning matters of any kind must be immediately referred, without comment, to the appropriate Supervising Principal.

#### Registered Representative Responsibilities
● Notifying the Supervising Principal and Vigilant Distributors CCO or designee immediately (that same day) if contacted by the SEC, FINRA, state regulator, insurance department or other securities authority and consulting with Vigilant Distributors CCO or designee regarding a response to a regulatory inquiry;

● Notifying the Supervising Principal and Vigilant Distributors CCO or designee immediately (that same day) if receive a notification by the SEC, FINRA or state or federal regulator or insurance department or other securities authority of a request for office records or an on-site inspection; and

● Producing materials pertinent to any regulatory request upon request by Vigilant Distributors CCO or designee.

Representatives are **prohibited** from the following activities:

● Contacting the SEC, FINRA, any state or federal regulator or insurance department or other securities authority on behalf of Vigilant Distributors or, with respect to routine registration and marketing review matters, without express prior consent from Vigilant Distributors CCO or designee; and

● Destroying any materials pertinent to any regulatory request.

#### Supervisory Procedures
**Responsibility** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Supervising Principal &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Vigilant Distributors CCO or designee

**Resources** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Written or verbal request from regulator &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Correspondence

**Frequency** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● As necessary

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

**Action** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Supervising Principal o Escalate any regulatory request to Vigilant Distributors CCO or designee immediately. o Question employee regarding contact with a regulator referenced in e-mail or other indicators of regulator contact. o Ensure documents are maintained and not destroyed. o Produce documents upon request from Vigilant Distributors CCO. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Vigilant Distributors CCO or Designee o Review information presented by the Supervising Principal. o Interview Representative and Supervising Principal. o Produce material requested. o Maintain Regulatory Inquiry File. o Conduct office inspection.

**Record** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Regulatory Inquiry File &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Office Inspection Report

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Annual Compliance Meeting

#### Firm Policy
FINRA Conduct Rules requires the Firm to conduct a meeting, at least annually, at which compliance matters relevant to the activities of its Representatives are discussed. The purpose of this meeting is to provide Representatives the opportunity to discuss compliance related issues. The meetings will be conducted by a principal of Vigilant Distributors and an agenda will be prepared for the meeting. It is mandatory that all Representatives attend an annual compliance meeting. Representatives should make every effort to attend the meetings in person; however, it is permissible to participate in the meeting by telephone, video conference, interactive classroom setting or other electronic means.

Electronic meetings must have the means to track that the Representative has attended the entire meeting (e.g., roll-call at the beginning and end of the meeting) and must be interactive, which means hearing a live presentation and being able to engage in dialogue with the presenter and with other representatives who may be participating in the meeting.

The failure of a Representative to attend an annual meeting is a violation of FINRA Rules and may lead to disciplinary action, including termination. If a significant number of Representatives in a location do not attend a meeting during a year, the Supervising Principal may be subject to disciplinary action, including termination.

#### Registered Representative Responsibilities
● Attending a Firm compliance meeting no less than annually.

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

#### Supervisory Procedures
**Responsibility** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Supervising Principal &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Vigilant Distributors CCO or designee

**Resources** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● List of Registered Principals and Representatives that are required to participate in the annual compliance meeting &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Annual Compliance Meeting Material

**Frequency** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Annually

**Action** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Supervising Principal o Ensure that all Representatives under his or her supervision attend an annual compliance meeting and complete all relevant documents. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Vigilant Distributors CCO or designee o Determine appropriate content to include in meeting materials (Regulatory Developments or hot topics, New Policies, Business Developments). o Conduct annual compliance meeting. o Take attendance.

**Record** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Annual Compliance Meeting Material &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Attendance Record

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Continuing Education Program

#### Firm Policy
Representatives are required to participate in FINRA's Continuing Education Program ("CEP"), which consists of a Regulatory Element and a Firm Element.

#### Regulatory Element
FINRA Rule 1240 requires all registered persons to complete the Regulatory Element annually by December 31 for each registration that they hold. Registered representatives of Vigilant Distributors must satisfy the requirement through the online portal provided on their FinPro account. Any covered person who has not completed the Regulatory Element within the prescribed calendar year in which the Regulatory Element is due will have his or her registration(s) deemed inactive until such time as he or she completes all of the required Regulatory Element. Such covered persons may not accept or solicit business or receive any compensation for the purchase or sale of securities.

#### Supervisory Procedures
**Responsibility** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Supervising Principal &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Vigilant Distributors CCO or designee

**Resources** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● FINRA WebCRD system notifications &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● FINRA WebCRD system reports

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. REPRESENTATIVE'S REGULATORY REQUIREMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Suitability

#### Firm Policy
FINRA Rule 2111, the "Suitability Rule", applies to a Representative's recommendation of a security to a "customer." Guidance provided by FINRA has stated that for purposes of Rule 2111 a customer is "anyone who is not a 'broker-dealer'" and would include (1) an individual or entity with whom a broker-dealer has even an *informal* business relationship related to brokerage services and (2) a *potential* investor. The Firm has no customers, does not trade or sell any products and does not open or maintain any customer accounts. The Firm's suitability policy is accordingly limited in scope and drafted specifically to address the Firm's activities. To the extent a Representative recommends a particular fund to a particular potential investor and the recommendation is intended to result in an investment in the fund, the Firm has adopted the procedures outlined in this policy.

Representatives may make a recommendation that is intended to result in an investment in a specific fund**:**

● to an identified institution;

● to an identified non-institutional potential investor; or

● to an investment adviser representative ("IAR") or other agent (other than a broker- dealer) on behalf of a specific investor (in this scenario, the IAR or other agent, would be the Offeree).

The term "Offeree" refers to potential investors to which a Representative makes a specific fund recommendation that is intended to result in an investment in the fund.

Before a Representative may make a recommendation to any Offeree, the Representative must have a reasonable basis to believe that a recommendation is suitable for the Offeree based upon the Offeree's financial situation and needs.

Whenever the Representative seeks to make a recommendation to an Offeree, an Institutional Offeree Form or Non-Institutional Offeree the Suitability Assessment Form must be completed. The applicable Form must be completed prior to making a recommendation. If a Fund sponsor wishes to use its own form or system for recording the required information, then the Representative and Supervising Principal must ensure that such alternative method has been pre-approved in writing by Vigilant Distributors Compliance Department and that the information that the Firm requires is completed and documented. The Forms are available from Vigilant Distributors Compliance Department.

The Forms do not need to be completed to the extent the Representative is presenting only non-Fund specific information such as the adviser's process for money management, including but not limited to, the adviser's investment portfolio methodology and economic outlook.

The Forms do not apply to the Representative's activities where no recommendation is made that is intended to result in an investment, including, for example, discussions about funds with:

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

● a non-broker-dealer financial intermediary firm reviewing the fund(s) for inclusion on its platform or as an investment option for its clients (e.g., speaking with an RIA to include a fund on its fund platform or as an investment option for its clients; speaking with a retirement plan record keeper to include a fund as an available fund option);

● an IAR, for the purposes of education about a product when there is no specific investor on whose behalf the IAR is making an investment decision;

● a consultant working for undisclosed entities;

● invited guests of an IAR at an educational seminar or luncheon; or

● conference attendees that are given general information (which would include approved marketing or offering materials) about a fund.

Regulation Best Interest (15I-1) imposes additional regulatory obligations on Representatives when engaging with Retail Customers. For these purposes, a "retail customer" is defined as a natural person, or the legal representative of such natural person, who:

● receives a recommendation of any securities transaction or investment strategy involving securities from a broker, dealer or a natural person who is an associated person of a broker or dealer; and

● uses the recommendation primarily for personal, family, or household purposes.

Vigilant Distributors must, when making a solicited recommendation to retail customers, act in the retail customer's best interest and cannot place its own interests ahead of the customer's interests (hereinafter, the "General Obligation"). It should be noted that self-directed or otherwise unsolicited transactions by a retail customer are not subject to the General Obligation. Currently, Vigilant Distributors does not have any retail clients; however this is an approved business line of the Firm. If the Firm were to obtain retail clients, the Firm will follow the above listed policy.

The General Obligation is satisfied only if the broker-dealer complies with four specified component obligations. The obligations are:

● providing certain prescribed disclosure before or at the time of the recommendation, about the recommendation and the relationship between the retail customer and the broker-dealer ("Disclosure Obligation");

● exercising reasonable diligence, care, and skill in making the recommendation ("Care Obligation");

● establishing, maintaining, and enforcing policies and procedures reasonably designed to address conflicts of interest ("Conflict of Interest Obligation"), and

● establishing, maintaining, and enforcing policies and procedures reasonably designed to achieve compliance with Regulation Best Interest ("Compliance Obligation").

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

#### Recommendations to an Institutional Offeree
"Institutional Offeree" means a potential investor that satisfies the definition of "Institution" as identified below:

● a bank, savings and loan association, insurance company or registered investment company;

● an investment adviser registered either with the SEC under Section 203 of the Investment Advisers Act or with a state securities commission (or any agency or office performing like functions); or

● any other person (whether natural person, corporation, partnership, trust or otherwise) with total assets of at least $50 million (whether such assets are invested for such person's own account or under management for the account of others).

There are two factors to consider for each recommendation to an Institutional Offeree:

&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 Representative must have a reasonable basis to believe that the Institutional Offeree is capable of evaluating investment risks
independently, both in general and with regard to all recommended securities.

Relevant considerations could include:

&nbsp;&nbsp;&nbsp;&nbsp;&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 use of one or more consultants, investment advisers or bank trust departments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the general level of experience of the Institutional Offeree in financial markets and specific experience with the type of instruments
under consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the Institutional Offeree's ability to understand the economic features of the security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&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 Institutional Offeree's ability to independently evaluate how market developments would affect the security; 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;e. the complexity of the security or securities involved.

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;2. The Institutional Offeree must affirmatively indicate that it is exercising independent judgment in evaluating the recommendations
of any Representative. This affirmation must be documented by the Representative on the Institutional Offeree Form to evidence the Institutional
Offeree's affirmative indication or documented in a format that is approved by Vigilant Distributors in writing. This affirmation
will apply to all future discussions with that Institutional Offeree.

In general, when there is an indication that the Institutional Offeree is not capable of analyzing, or does not intend to exercise independent judgment regarding a Representative's recommendations, the Representative will have to be more specific in his or her approach to ensure compliance with the affirmation requirement.

#### Recommendations to a Non-Institutional Offeree
"Non-Institutional Offeree" means a potential investor that is not an "Institution". In order for a Representative to make a specific fund recommendation to a Non-Institutional Offeree, the Non-Institutional Offeree must provide sufficient information for the Representative to understand such Non-Institutional Offeree's needs, objectives, and tolerance for risk. In order for the Representative to meet his or her obligation, the Representative must obtain enough information about the Non-Institutional Offeree to have a reasonable basis to believe that the recommendation is suitable and document such information on the Non-Institutional Offeree Suitability Assessment Form.

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

Registered Representatives who are not authorized to communicate with retail customers, may not solicit Non-Institutional Offerees to make transactions, but may perform the following activities relating to Non-Institutional Offerees:

● Accept indications of interest

● Provide information about a particular fund, at the request of the Non-Institutional Offeree, including Fund Factsheets or other pitch material

● Facilitate in-person or telephonic meetings between Non-Institutional Offeree and relevant Fund personnel including a Portfolio Manager, or salesperson at a particular issuer.

#### Registered Representative Responsibilities
● Completing and signing the applicable Form;

● Sending completed and signed Form to the Supervising Principal; and

● Completing the Non-Institutional Offeree Suitability Assessment Form each time a recommendation is made, even if the Representative has previously completed a form for such Offeree on another occasion.

#### Supervisory Procedures
**Responsibility** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Supervising Principal &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Vigilant Distributors CCO or designee

**Resources** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Institutional Offeree or Non-Institutional Offeree Suitability Assessment Form &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Periodic Representative Questionnaire &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Annual Compliance Meeting Material

**Frequency** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● As necessary (Form completion) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Annually (Office Inspection)

**Action** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Supervising Principal o Review and execute the Forms. o Maintain the Forms. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Vigilant Distributors CCO or designee o Conduct office inspection. o Review completion of Representative Questionnaire. o Conduct annual compliance meeting.

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

**Record** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Institutional Offeree and Non-Institutional Offeree Suitability Assessment Forms &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Annual Compliance Meeting Material &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Periodic Representative Questionnaire &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Office Inspection Report

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Outside Business

#### Activities Firm Policy
FINRA Rule 3270 requires Representatives to provide prior written notice to the Firm of all outside business activities ("OBAs") and receive prior written approval from the Supervising Principal and Vigilant Distributors CCO or designee prior to engaging in the activity, directly or indirectly. OBAs may need to be disclosed on a Representatives Form U4.

Initial Outside Business Activity Forms are completed manually and submitted to Vigilant Distributors Compliance Department. After registration is complete, any additional Outside Business Activity notification is submitted through a designated electronic compliance portal.

Representatives are not permitted to participate in an OBA that would interfere with or otherwise compromise his or her responsibility to Vigilant Distributors or participate in an OBA that may be viewed as part of Vigilant Distributors business based upon, among other factors, the nature of the proposed activity and the manner in which it will be offered. No OBA will be allowed unless approved by the Supervising Principal and Vigilant Distributors CCO or designee.

Certain OBAs may be deemed a conflict and may be disapproved, which precludes a Representative from participation, directly or indirectly. Certain OBA's that need express authorization from the Firm's President are: (1) acting as a trustee, power of attorney or guardian for a non-family member; (2) operating or associating with an investment advisor that is not a client of the Firm; (3) acting as a sole signatory for a non-affiliated entity such as a charitable organization; or (4) other activities identified by the Firm.

Any failure to provide prior written notice and obtain prior written approval before engaging in an OBA may subject a Representative to discipline, including termination of his or her registration from the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3270.01 Review***

Upon receipt of a written notice under Rule 3270, which will be in a Form 3270 letter signed by the representative during the U4 process, Vigilant Distributors shall consider whether the proposed activity will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) interfere with or otherwise compromise the registered person's responsibilities to the member and/or the member's customers and

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) be viewed by customers or the public as part of the member's business based upon, among other factors, the nature of the proposed activity and the manner in which it will be offered and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Vigilant Distributors also must evaluate the proposed activity to determine whether the activity properly is characterized as an outside business activity or whether it should be treated as an outside securities activity subject to the requirements of Rule 3280.

Based on Vigilant Distributors' review of such factors, Vigilant Distributors must evaluate the advisability of imposing specific conditions or limitations on a registered person's outside business activity, including where circumstances warrant, prohibiting the activity. A member must keep a record of its compliance with these obligations with respect to each written notice received and must preserve this record for the period of time and accessibility specified in SEA Rule 17a-4(e)(1).

Vigilant Distributors will be required to complete the 3270 Letter with compliance sign off within 30 days of receipt of the Letter.

#### Registered Representative Responsibilities
&nbsp;&nbsp;&nbsp;&nbsp;● Disclosing any OBA initially upon registration, on a form provided by Vigilant Distributors Compliance Department and receiving written approval prior to engagement;

&nbsp;&nbsp;&nbsp;&nbsp;● Submitting an OBA Form via a designated electronic compliance portal after registration to the Supervising Principal and Vigilant Distributors Compliance Department and receiving written approval prior to engagement;

&nbsp;&nbsp;&nbsp;&nbsp;● Submitting an OBA Form via a designated electronic compliance portal in the event that an existing activity ceases or changes;

&nbsp;&nbsp;&nbsp;&nbsp;● Notifying the Supervising Principal and Vigilant Distributors Compliance Department via a designated electronic compliance portal as soon as he or she wishes to become involved in, change the nature of, or discontinue an OBA; and

&nbsp;&nbsp;&nbsp;&nbsp;● Abiding by all disapprovals, revocations or conditional approvals.

OBAs may include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;● Employment with the primary employer if such employer is not an affiliated Vigilant Distributors entity as well as relationships to firms affiliated with the employer;

&nbsp;&nbsp;&nbsp;&nbsp;● Ownership of privately held for-profit businesses;

&nbsp;&nbsp;&nbsp;&nbsp;● Serve as an employee, independent contractor, sole proprietor, officer, director, trustee, or partner of another entity;

&nbsp;&nbsp;&nbsp;&nbsp;● Serve as an officer, director, or employee of non-investment-related activities that are exclusively charitable, civic, religious or fraternal or otherwise recognized as tax- exempt; or

&nbsp;&nbsp;&nbsp;&nbsp;● Other situations where compensation is or may be received outside the scope of the relationship with the Firm.

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

#### Supervisory Procedures
**Responsibility** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Supervising Principal &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Vigilant Distributors CCO or designee

**Resources** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Outside Business Activity Form &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Periodic Representative Questionnaire &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Other potential indicators such as incoming or outgoing correspondence &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Annual Compliance Meeting Material

**Frequency** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Initially and ongoing (Form completion) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Annually (Office Inspection and Annual Compliance Meeting)

**Action** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Supervising Principal o Question employee regarding potential unapproved OBAs referenced in correspondence or other indicators of OBA. o Approving OBA requests. o Ensure compliance with imposed restrictions, if applicable. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Vigilant Distributors CCO or designee o Review requests for any potential conflict with Vigilant Distributors business. o Notify Representative of approval/disapproval and any restrictions. o If applicable, disclose on Form U-4. o Determine if OBA is a private securities transaction. o Review completion of Representative Questionnaire. o Conduct annual compliance meeting. o Conduct office inspection.

 ****

**Record** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Outside Business Activity Form &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Annual Compliance Meeting Material &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Periodic Representative Questionnaire &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Office Inspection Report

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Private Securities Transactions ("Selling Away") Firm Policy

Pursuant to FINRA Rule 3280, no Representative may engage in a private securities transaction, i.e., any securities transaction outside the regular scope of permitted activities effected away from the Firm, unless (i) prior written notice is given to your Supervising Principal and Vigilant Distributors CCO and (ii) prior written approval is granted by the Supervising Principal and from Vigilant Distributors CCO. If Vigilant Distributors disapproves of the transaction, the Representative may not participate in any manner, directly or indirectly. The Private Securities Transactions Disclosure Form is available through Vigilant Distributors Compliance Department.

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

Generally, a Representative will be considered securities transaction that requires prior notification to Vigilant Distributors if he or she participates in/ or directs the execution of any securities transactions whether or not he or she has recommended the transaction. Acting as a portfolio manager for a client sponsor is not considered to be conducting activities under Rule 3280 but these activities are subject to supervision. Portfolio managers must disclose these activities to the Firm. Private securities transactions may also include, but are not limited to, indexed annuities; selling any insurance product or other investment opportunity, including promissory notes; certain types of real estate investments; condominium vacation rental schemes; or raising money or participating in the raising of money for a company, individual or venture. A passive investment could be considered a securities transaction when the Representative's investment becomes a controlling interest or results in the Representative otherwise becoming involved in the operation of the entity.

A Representative and Supervising Principal must have the appropriate securities qualification to engage in or supervise a private securities transaction. Vigilant Distributors Compliance Department will determine the appropriate registration based on the Representative's proposed activities.

All private securities transactions need to be submitted to Vigilant Distributors for consideration prior to engaging in such activity. The Representative must receive prior written approval of the activity from the Supervising Principal and from Vigilant Distributors CCO. Vigilant Distributors CCO will notify the Representative of any additional requirements. For example, if compensation is received or expected to be received, Vigilant Distributors may request additional documentation.

Compensation is defined broadly and shall mean any compensation paid directly or indirectly from whatever source in connection with or as a result of the purchase or sale of a security, including, though not limited to, commissions; finder's fees; securities or rights to acquire securities; rights of participation in profits, tax benefits, or dissolution proceeds, as a general partner or otherwise; or expense reimbursements.

If a Representative's role changes from passive to active, the Firm requires prior written notice to, and prior written approval by, the Supervising Principal and Vigilant Distributors CCO before the Representative may engage further in the activity.

If the Representative's request to participate in private securities transactions is disapproved, the Representative shall not participate in the transactions in any manner, directly or indirectly. In the event the Representative receives approval of the transaction, Vigilant Distributors will assess the activity on a case by case basis which may include the development of a supervisory plan with the appropriate Supervising Principal.

Determining whether something is a private securities transaction can be very complicated. Representatives must seek approval from Vigilant Distributors Compliance Department prior to engaging in any transaction. Representatives should be aware that:

● Neither a Representative nor his or her supervisor should make a final decision on what does or does not constitute a security or investment business activity;

● Representatives should not rely solely on letters from outside counsel as to what is (or is not) a security or investment business activity; and

● The determination of whether something is a security may vary between the various states, and between state and federal law.

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

to be engaged in activities related to a

#### Registered Representative Responsibilities
● Providing prior written notice if he or she wishes to engage in potential 3280 activity through the Private Securities Transactions Disclosure Form;

● Receiving prior written approval of the 3280 activity prior to engaging in such activity; and

● Adhering to all conditions and requirements as described above.

#### Supervision of Private Securities Transactions for Compensation
Vigilant Distributors will assess the activity on a case by case basis which may include the development of a supervisory plan with the appropriate Supervising Principal.

The firm may consider the following with respect to the Representative and the transaction(s):

● Type of transaction;

● Duration of arrangement;

● Frequency; and

● Type of compensation.

The Firm maintains the following books and records with respect to each approved arrangement:

● A written notification from the Representative;

● A written authorization by the Firm with conditions, if appropriate;

● Other documents as appropriate to supervise the transaction.

#### Supervisory Procedures
**Responsibility** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Supervising Principal &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Vigilant Distributors CCO or designee

**Resources** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Private Securities Transaction Disclosure Form &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Periodic Representative Questionnaire &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Other potential indicators such as incoming/outgoing correspondence &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Annual Compliance Meeting Material

**Frequency** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Initially and ongoing (Form completion) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Annually (Office Inspections)

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

**Action** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Supervising Principal o Notify Vigilant Distributors Compliance Department of any private securities transaction that may not have been reported by a Representative. o Approve or disprove in writing any private securities transaction requests. o Ensure that the supervisory plan is executed. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Vigilant Distributors CCO or designee o Review written notifications for any potential conflict. o Approve or disapprove in writing any private securities transaction requests. o If request is approved, work with the supervising principal to create an appropriate supervisory plan, if required. o Conduct annual compliance meeting. o Conduct office inspection. o Review completion of Representative Questionnaire.

**Record** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Private Securities Transactions Disclosure Form &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Annual Compliance Meeting Material &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Office Inspection Report &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Periodic Representative Questionnaire

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Personal Brokerage Accounts and Securities Investments

#### Firm Policy
**Reporting Brokerage Accounts and Securities Investments.** Prior to opening an account, all Representatives must provide written notice to Vigilant Distributors Compliance Department concerning any personal brokerage accounts and securities investments in which they have direct or indirect beneficial ownership or discretionary authority, and which are maintained at a domestic or foreign broker-dealer, investment advisor, bank, or other financial institution or are held privately or directly. In addition to notifying Vigilant Distributors of all existing or new personal brokerage accounts and securities investments, Representatives must alert the executing firm of their registration with Vigilant Distributors.

Registered Persons and associated persons and their immediate families are prohibited from participating in IPOs, except for broker-dealers who are engaged solely in mutual funds and/or variable annuities and/or Direct Participation Programs, as indicated in FINRA Rule 5130.

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

The following types of accounts and investments must be reported via the Personal Securities Disclosure Form to Vigilant Distributors:

● All brokerage accounts and securities investments registered in the Representative's name;

● All brokerage accounts and securities investments registered in the name of a spouse or dependent child living in the same household as the Representative; and

● All brokerage accounts and securities investments for which the Representative has discretionary authority or control.

All brokerage accounts must be reported even if they only currently hold mutual funds, unit investment trusts, and variable contracts. 529 Plans, as municipal securities, are reportable to Vigilant Distributors. A 401(k) plan is reportable if it contains individual investments other than pooled investment companies. Private placements and other personal securities investments are reportable to Vigilant Distributors. Any pooled investment company held directly with a fund (i.e., not held in a brokerage account) is not reportable to Vigilant Distributors.

The Personal Securities Disclosure Form is available through Vigilant Distributors Compliance Department or a designated electronic compliance portal.

Vigilant Distributors acts as a Principal Underwriter for funds registered under the Investment Company Act and as such requires all Representatives to be aware and acknowledge the potential conflicts of interest surrounding personal investments in funds distributed by Vigilant Distributors and the securities purchased or held by fund distributed by Vigilant Distributors. Vigilant Distributors reviews the personal transactions of each Representative involved in such activities to determine whether such transactions are adverse to the Firm's financial interests or in conflict with any of the Firm's Fund clients and their shareholders.

**Risk-based Review of Personal Securities Transactions**. The purpose for review of personal securities transactions is to assess whether a transaction in an outside brokerage account is adverse to a financial interest of the Firm. Because Vigilant Distributors does not carry investor accounts, does not accept any investor monies for investment, and does not engage in (i) introducing or clearing activities, (ii) the solicitation of equity trades, (iii) research or market-making, (iv) investment advisory activities or (v) investment banking relating to the offering of public company interests, the Firm's policy with regard to Representative's personal securities accounts and investments is accordingly limited in scope. As a limited purpose broker-dealer, the Firm would not have a basis on which to evaluate the legitimacy of personal trading activity.

Compliance will evaluate each representative's role, and the risk associated with that role, to determine if statements are required to be supplied on a case-by-case basis.

If facts and circumstances warrant, the Firm may conduct an internal investigation to determine whether a violation of securities laws or rules has occurred and will file with FINRA appropriate reports, if applicable.

#### Registered Representative Responsibilities
● Providing written notice of accounts and investments on the Personal Securities Disclosure Form prior to registration;

● Providing prior written notice of new accounts and investments and changes to such accounts and investments previously reported to the Firm, including closing or revisions to the account registration or account number;

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

● Alerting the executing firm that he or she is a Representative with Vigilant Distributors; and

● Forwarding duplicate statements to Vigilant Distributors Compliance Department if requested to do so by the Firm.

#### Supervisory Procedures
**Responsibility** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Vigilant Distributors CCO or designee

**Resources** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Annual Compliance Meeting Material &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Personal Securities Disclosure Form &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Periodic Representative Questionnaire &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Office Inspection

**Frequency** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Initial (Form completion) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Periodic affirmation (Questionnaire) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Annually (Office Inspection)

**Action** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Vigilant Distributors CCO or designee o Respond to requests from executing broker-dealers with respect to the delivery of duplicate statements. o Conduct office inspections. o Review completion of Personal Securities Disclosure Form. o Review completion of Representative Questionnaire. o Conduct annual compliance meeting. o Request statements from Representative, if applicable.

**Record** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Periodic Representative Questionnaire &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Personal Securities Disclosure Form &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Annual Compliance Meeting Material &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Office Inspection Report &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Requests for statements from executing broker-dealer

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Political Contributions

FINRA Rule 2030 prohibits the Firm form engaging in distribution or solicitation activities for compensation with a government entity with a municipality for two years after a political contribution to an official of such municipality has been made by the Firm, any such associated person, or any political action committee controlled by either of them, unless the contribution meets one of the exemptions set forth in the Rule.

The Rule provides exemption from this ban l not apply to contributions made by a covered associate that is a natural person, to officials for whom the covered associate was entitled to vote at the time of the contributions and which in the aggregate do not exceed $350 to any one official, per election, or to officials for whom the covered associate was not entitled to vote at the time of the contributions and which in the aggregate do not exceed $150 to any one official, per election.

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

To ensure the Firm's compliance with all aspects of the Rule and for tracking contributions being made for the applicable two-year look back period, associated persons must report all political contributions to the designated Principal prior to making the contribution. The designated Principal shall review the following with regard to each proposed political contribution:

● The size of the contribution,

● The proposed date of the contribution,

● The name of the recipient,

● The type of election for which the contribution is being made, and

● The ability of the recipient to influence decision on behalf of the municipality.

The designated Principal must also take into consideration any exception permitted under the Rule as well as potential or current business the Firm is, or may be, engaged in with the municipality during his reviews.

The designated Principal shall prohibit a contribution from being made when:

● A conflict could exist that would not allow the Firm to pursue future business with the municipality or obligated person,

● The Firm is currently engaged in business with the municipality or obligated person,

● The Firm intends to engage in business with the municipality during the next two-year period,

● The contribution violates the provisions under FINRA 2050, or

● The contribution would violate applicable election financing rules.

If no such conflicts or violations exist, the designated Principal shall approve the contribution.

In all cases, the designated Principal shall maintain a record of requests, including the name of the contributor, the proposed recipient, and the office for which they are running, the amount of the proposed contribution, the date of the contribution and whether approval was granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Insider Trading

#### Rules and Regulations
The *Insider Trading and Securities Fraud Enforcement Act of 1988* requires that every Broker/Dealer establish, enforce and update procedures which will detect and prevent the abuses in the securities industry commonly called "insider trading". Procedures should be implemented to control the flow of material non-public information and the distribution of that information. This may include the implementation of a "Information Barrier", the development of a "Restricted List" and/or a "Watch List".

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

**Material Information** is information that an investor would most likely consider important in making their investment decision or information that is reasonably certain to have a substantial effect on the price of a company's securities, regardless of whether the information is related directly to their business.

**Non-Public Information** is information that has not been communicated with the public.

**Information Barrier** – Procedures put in place to separate various departments of a firm in order to restrict the dissemination of material, non-public information. These procedures are especially important in firms that conduct investment banking business since that segment of the broker/dealer often has information regarding mergers & acquisitions, new issues, etc. This information should be kept segregated from the sales and trading side of a firm, until it becomes public information.

**Restricted List** - A Restricted **List** is a list of securities in which non-public information is known, or may become known, about the security by a principal, registered representative, director or officer of the broker/dealer. Once on the Restricted List, no one may recommend the purchase or sale of any of the securities on the list and there should be no discussions with customers regarding these securities. Restricted Lists must include:

● Date the security was added to and/or deleted from the list

● Name of contact person(s) responsible for the addition or deletion

The Firm will maintain a Restricted List, if needed, consisting of a current list of securities in which proprietary, employee or certain solicited customer transactions are prohibited. A security will be placed on the Restricted List if it becomes known to the Designated Principal that any employee of the broker/dealer is in possession of material, non-public information. A security will be deleted from the Restricted List when the Designated Principal knows that the information has been released to the public. It is then no longer necessary to restrict the trading of that security. Each time a security is added to or deleted from the Restricted List, a new list will be distributed to all employees and associated persons with the Firm.

**Watch List** – A Watch List is a list of securities that do not carry any trading restrictions. However, trading should be closely monitored by the principals of a firm. Watch Lists must include:

● Date the security was added to and/or deleted from the list.

● Name of contact person(s) responsible for the addition or deletion

A security will be placed on the Watch List if there is a known relationship between any employee of the broker/dealer and any issuer of the management of any issuer, which relationship is outside of the employee's employment with the Firm. All employees of the Firm are required to report to the Designated Principal any such relationships.

Trading is not prohibited, but each trade is subject to additional review. The Watch List review (evidenced by Designated Principal's initials) will consider the timing and the nature of the transaction in relation to the employee's normal trading patterns.

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

#### Supervisory Procedures
**Responsibility** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Vigilant Distributors CCO or designee

**Resources** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● The account statements of any registered representative whose statements have been requested. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Restricted Lists and Watch Lists will be maintained when necessary.

**Frequency** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Reviews will be performed on a case-by-case basis.

**Action** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● The Designated Principal should closely supervise those accounts of employees or family members which are known to be Senior Officers or Directors of any publicly traded company or are owned by individuals who control more than 10% of any publicly traded company. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● The Designated Principal will also review on a case-by-case basis the statements of all employees who might have access to insider trading information.

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

**Record** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● The "Insider Trading Acknowledgement" statement is signed initially upon hire and thereafter, on an annual basis at the Annual Compliance Meeting. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Evidence of the review of an employee's account is made on the electronic system used to track such accounts, if required. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Employee's outside brokerage accounts are memorialized in the files of Vigilant Distributors. . &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Records are maintained at the Home Office. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Investigations: If the Designated Principal determines that it is necessary to investigate possible insider trading on a trade/transaction involving any employee or associated person of the Firm, the investigation must include the 1) name of the security, (2) the date of the activity, (3) the account number and (4) the result of the investigation. All records of investigation must be maintained for a period of 3 years.

 ****

<u>**Information Barrier Procedures**</u>

The Firm generally will not have access to or obtain material or documents that are material non-public information that would need a controlled information flow. In the event it was ever determined that the Firm had access to such information, the Designated Principal would ensure that a "Information Barrier" would be put in place to prevent the dissemination of confidential information to individuals within or outside the Firm unless necessary. Furthermore, the Designated Principal would ascertain that insider information is communicated only to other employees on a "need-to-know" basis. "Need-to-know" condition exists when that employee can only be effective in the performance of his/her employment with the Firm. Should an employee be required to "cross the barrier" to derive the necessary information in the conduct of his/her normal course of business, the Designated Principal must be notified. It is the Designated Principal's responsibility that proper documentation is in order. The documentation should contain the following:

● Name of the employee allowed to "cross the barrier";

● Department (if applicable) to which the employee belongs;

● Actual date of deriving the information;

● Name of the issuer;

● Name of the person who requested that the wall be crossed.

**NOTE: Any employee who obtains inside information is required to discuss the situation with the Chief Compliance Officer who will counsel the employee to share this information solely on a "need-to-know" basis. At that time, a restricted list will be created and maintained by the Chief Compliance Officer.**

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Compensation Firm Policy

FINRA limits the use of cash and non-cash compensation as it relates to the sale and distribution of direct participation programs, variable insurance contracts, investment company securities, and other securities, to avoid unduly influencing broker-dealers to unfairly favor certain funds over others.

A Representative's employer may want to provide cash or non-cash compensation within the financial intermediary community to promote their funds. Any compensation arrangement shall be paid to the broker-dealer firm, not to any individual representative. In doing so, Representatives of Vigilant Distributors may participate as described in the following policies and procedures. Questions with regard to items not addressed below should be addressed to Vigilant Distributors Compliance Department. The Representative's employer may also have policies and procedures addressing these issues.

#### Cash
Representatives can only accept transaction-based compensation from Vigilant Distributors.

#### Securities
Rule 2830 states that no member or person associated with a member shall accept any compensation from an offeror, which includes the investment advisor, in the form of securities of any kind.

Representatives are not permitted to receive compensation from an offeror in the form of securities of any kind, unless permitted pursuant to FINRA guidance, and in writing by Vigilant Distributors Compliance Department.

#### Sales Contests or Incentives
All sales contests or incentive programs must be reviewed by Vigilant Distributors Chief Compliance Officer or designee prior to implementation to ensure appropriate offering document disclosure and conformity with FINRA guidelines regarding cash and non- cash compensation.

FINRA also prohibits internal sales contests in connection with the marketing of variable insurance contracts or investment company securities unless they meet certain criteria, including that such contests are based on principles of total production and equal weighting. FINRA views any sales contest that favors one security or one type of security as having the potential to create an incentive to engage in sales conduct unrelated to the best interests of investors.

#### Representative Responsibilities
● Notify the Supervising Principal of any sales contests in which they wish to participate.

For Representatives whose Supervising Principal is the President of the Firm, the President must document review and approval.

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

#### Supervising Principal Responsibilities
● Sales contests may be permitted based on total production of all securities, provided the following procedures are followed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Maintain records of the contest description, including the criteria for awarding prizes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Maintain the names of the associated persons who participate in the contest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Document review by initialing and dating the Sales Contest Pre-Approval Form in advance of any Sales Contest; 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;o Obtain Vigilant Distributors CCO pre-approval on the Sales Contest Pre-Approval Form.

#### Non-Cash Compensation
Representatives are prohibited from engaging in any non-cash compensation arrangement in connection with the marketing of investment company securities or direct participation programs, except as noted below. The non-cash compensation rules apply to Representatives of a broker-dealer if they offer or receive, directly or indirectly, such compensation in connection with the sale and distribution of direct participation programs, variable insurance contracts, investment company securities, and other securities.

Webinars and sponsorships are not considered non-cash compensation arrangements but rather training or marketing activities.

● Sponsorships are Fund or Sponsor/Third Party Marketer marketing activities that enable the Sponsor and/or the Fund to have their name listed on a banner or in a program, for example. The Fund and/or the Fund's Sponsor/Third-Party Marketer typically pay for these marketing activities and should not provide non- cash compensation to any member or person associated with a member in connection with a Sponsorship.

● Webinars are designed for training purposes and should not include any non- cash compensation in the form of travel, lodging and meals provided to registered persons.

● If any non-cash compensation is provided in connection with a Sponsorship or Webinar, such compensation is subject to the policy and procedures provided in this section.

The following are the only non-cash compensation arrangements permitted:

&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. **Gifts.** Gifts may be provided, so long as they are reasonable and not so frequent or extravagant as to raise any question of
impropriety. Gifts cannot exceed $100 per person per calendar year and may not be preconditioned on achievement of a sales target or other
incentives. Receiving cash gifts, checks, gift certificates and gift cards that are either convertible into cash or not directly associated
with a retailer are prohibited. Gifts of de minimis value (e.g. pens, notepads or modest desk ornaments) or promotional items of nominal
value that display the firm's logo (e.g., umbrellas, tote bags or shirts) are not subject to the $100 per person annual gift limit
and are not subject to reporting under this policy as long as its value is substantially below the $100 limit. In addition, giving or
receiving nominal or promotional items in bulk can be considered a gift and would be subject to the $100 limit and it must be reported
pursuant to this policy. Business Development and Educational Items, such as software packages containing fund data for broker-dealer
use, may not be subject to the $100 limit but must be associated with activities related to the products and cannot be preconditioned
on the achievement of a sales target.

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

Representatives must notify a Supervising Principal of any gifts received or given. The Supervising Principal will maintain a Gift Log. Gifts that exceed the $100 threshold during a calendar year must be reported and returned to the individual from whom the gift was received and noted accordingly on the gift log. If gifts are tracked by the Representative's employer in a different format, it must contain at a minimum all information as noted below:

&nbsp;&nbsp;&nbsp;&nbsp;&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. Date Given/ Received

&nbsp;&nbsp;&nbsp;&nbsp;&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. Name of Person and Firm Name Giving Gift

&nbsp;&nbsp;&nbsp;&nbsp;&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. Name of Recipient and Firm Name Description of Gift

&nbsp;&nbsp;&nbsp;&nbsp;&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. Value or Cost of Gift

&nbsp;&nbsp;&nbsp;&nbsp;&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. Back-Up Documentation to Corroborate Value of Gift (receipts, invoices, credit card statements)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Supervising Principal Confirmation that Gift Does Not Exceed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. $100 Per Representative Per Calendar Year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Supervising Principal Confirmation that the Gift is not Preconditioned on Achievement of a Sales Target Initials of Supervising Principal
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;i. Date of Review

Personal gifts that representatives give or receive (e.g., wedding gifts, congratulatory gifts for the birth of a child or holiday gifts) must be reported on the Gift Log unless there is a pre-existing family or personal relationship between the person giving the gift and the recipient. Therefore, all personal gifts that are reimbursed or expensed must be reported on the gift log.

#### Representative Responsibilities
&nbsp;&nbsp;&nbsp;&nbsp;&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 following information shall be recorded on the Gift Log and reported to the Supervising Principal with respect to all gifts received
and given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Name of person giving gift (and firm name);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Name of recipient (and firm name);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Date gift given or received;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Description of gift;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Value of gift (value of ALL gifts received from any one representatives cannot exceed $100 per Representative per calendar year; value
of all gifts given to any one representative cannot exceed $100 per Representative per calendar year); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Back-up documentation to corroborate value of gift (receipts, invoices, credit card statements, sales records, or other research if
gift was received).

&nbsp;&nbsp;&nbsp;&nbsp;&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. For Representatives whose Supervising Principal is the President of the Firm, the President must document review and approval.

#### Supervising Principal Responsibilities
&nbsp;&nbsp;&nbsp;&nbsp;&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. Ensuring that the gift log has been completed with all information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Ensuring that gifts given or received by a registered person do not exceed the

&nbsp;&nbsp;&nbsp;&nbsp;&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. $100 limit per rep per calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&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. Ensuring that the gift is not preconditioned on achievement of a sales target;

&nbsp;&nbsp;&nbsp;&nbsp;&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. Documenting review by initialing and dating the gift log for each gift given or received, to ensure that the $100 limit is not exceeded;

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Reviewing the gift log monthly, at a minimum, if no gifts were given or received, please document as "None";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Documenting any findings and escalating to Vigilant Distributors Compliance Department; 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;h. Providing the gift log with evidence of review and approval by the Supervising Principal to the Vigilant Distributors Compliance Department
quarterly or more frequently if requested.

&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. **Entertainment.** Representatives may provide or receive 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 and is not preconditioned on achievement
of a sale target or other incentives. Representatives of a hosting firm must be present at the entertainment event. If a hosting representative
is not present, then it is a gift to the recipient and subject to the $100 limit. Representatives cannot reimburse attendees or his or
her guests for transportation, parking and lodging expenses in connection with the entertainment, and representatives cannot reimburse
attendees for office parties or for personal celebrations. All entertainment provided or received must be reported on the Entertainment
Log maintained by the Supervising Principal. If entertainment is tracked by the Representative's employer in a different format,
it must contain at a minimum all information as noted below:

&nbsp;&nbsp;&nbsp;&nbsp;&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. Date of Event

&nbsp;&nbsp;&nbsp;&nbsp;&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. Name of FIRM Rep in Attendance

&nbsp;&nbsp;&nbsp;&nbsp;&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. Name of All Reps, Including Firm Name, in Attendance

&nbsp;&nbsp;&nbsp;&nbsp;&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. Number of Other Attendees

&nbsp;&nbsp;&nbsp;&nbsp;&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. Type of Event (Meals, Sporting Event, Theater Tickets, Training or Education Meetings)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Location of the Event

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Value of Event Back-up Documentation for each Expense (attendees, receipts, invoices, credit cards statements, sales records etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Who Hosted the Event (Firm, Offeror, etc.) SP

&nbsp;&nbsp;&nbsp;&nbsp;&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. Confirmation that Frequency of Event is Not Excessive and Not Based on Achieving a Sales Target Initials of Supervising Principal
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;j. Date of Review

#### Representative Responsibilities
&nbsp;&nbsp;&nbsp;&nbsp;&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. Reporting to the Supervising Principal the following information on all entertainment received and given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Name of Vigilant Distributors Representative in attendance [if not in attendance this would be considered a gift];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Name of all representatives, including firm name (and their firms) in attendance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Number of other attendees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Date of event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Type of event (e.g., meals, sporting events, theater tickets, training/education meetings, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Location of the event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Value of event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Back-up documentation for each expense (evidence of number of attendees, receipts, invoices, credit card statements, sales records
etc.); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Indication on who hosted the event (e.g., Firm, Offeror, etc.).

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

For Representatives whose Supervising Principal is the President of the Firm, the President must document review and approval.

Representatives are **prohibited** from the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;● Reimbursing attendees or their guests for transportation, parking and lodging expenses in connection with the entertainment;

&nbsp;&nbsp;&nbsp;&nbsp;● Engaging in entertainment that may be so frequent or extravagant that it raises a question of propriety; and

&nbsp;&nbsp;&nbsp;&nbsp;● Reimbursing attendees for office parties or for personal celebrations.

#### Supervising Principal Responsibilities
&nbsp;&nbsp;&nbsp;&nbsp;&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. Ensuring that the entertainment log has been completed with all information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Ensuring that the frequency of entertainment to a member firm or a registered representative is not excessive;

&nbsp;&nbsp;&nbsp;&nbsp;&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. Reviewing appropriateness of any large expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&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. Ensuring entertainment is not based on achieving a sales target;

&nbsp;&nbsp;&nbsp;&nbsp;&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. Ensuring that the dollar amount of the expense is commensurate with the number of attendees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Ensuring that the hosting representative was present;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Ensuring that Representatives have receipts for all entertainment events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Documenting review at least monthly by initialing and dating the entertainment log (if no entertainment during the month, please indicate
"None");

&nbsp;&nbsp;&nbsp;&nbsp;&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. Documenting any violations and escalating to Vigilant Distributors Compliance Department; 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;j. Providing the entertainment log with evidence of review and approval by the Supervising Principal to the Firm's Compliance Department
quarterly or more frequently if requested.

&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. **Training and Educational Seminars.** Any proposed training or education seminar hosted by a Fund's sponsor or third-party
marketer must be pre-approved by Vigilant Distributors Compliance Department. The Training and Educational Seminar Pre- Approval Form
is available through Vigilant Distributors Compliance Department. The training and educational seminar cannot be preconditioned on the
achievement of a sales target or any other incentives, the location must be appropriate to the purpose of the meeting, the payment or
reimbursement must not be applied to the expenses of guests and the sponsor may not pay for golf outings, tours or other forms of entertainment
while at a meeting for the purpose of training or education.

#### Representative Responsibilities
&nbsp;&nbsp;&nbsp;&nbsp;&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. Reporting to the Supervising Principal the following information on all training and educational seminars attended and given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Completed Vigilant Distributors Training and Educational Seminar Pre-Approval Form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Confirmation that attendance at the training and education event is not preconditioned on achievement of a sales target;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Confirmation that the location of the event is appropriate to the purpose of the meeting which shall mean an office of the offeror
or the member, or a facility located in the vicinity of such office, or a regional location with respect to regional meetings;

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Value of the event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Back up documentation, including but not limited to agenda; invoices/receipts, list of Vigilant Distributors Representatives attending
event, list of attending registered representatives and their employer, approval records from attendees employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Confirmation that the payment or reimbursement is not applied to the expenses of guests of the associated person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Confirmation that no payments were made for entertainment (other than meals as part of agenda).

For Representatives whose Supervising Principal is the President of the Firm, the President must document review and approval.

#### Supervising Principal Responsibilities
&nbsp;&nbsp;&nbsp;&nbsp;&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. Ensuring that the Training and Educational Seminar Pre-Approval Form has been completed with all information and backup documentation;

&nbsp;&nbsp;&nbsp;&nbsp;&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. Obtaining backup documentation: Agenda; invoices/receipts, list of Vigilant Distributors Representatives attending event, list of
attending registered representatives and their employer, approval records from attendees employer;

&nbsp;&nbsp;&nbsp;&nbsp;&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. Confirming location of the event is appropriate to the purpose of the meeting which shall mean an office of the offeror or the member,
or a facility located in the vicinity of such office, or a regional location with respect to regional meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&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. Ensuring that attendance at the training and education event is not preconditioned on achievement of a sales target;

&nbsp;&nbsp;&nbsp;&nbsp;&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. Confirming the value of the event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Ensuring that the payment or reimbursement is not applied to the expenses of guests of attending representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Ensuring that there are no payments for entertainment (other than meals as part of agenda);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Documenting review by signing and dating the Training and Educational Seminar Pre-Approval Form in advance of any seminar;

&nbsp;&nbsp;&nbsp;&nbsp;&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. Obtaining Vigilant Distributors pre-approval on the Training and Educational Seminar Pre-Approval Form; 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;j. Maintaining the completed Training and Educational Seminar Pre-Approval Form.

#### Supervisory Procedures
**Responsibility** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Supervising Principal &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Vigilant Distributors CCO or designee

**Resources** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Gift Log &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Entertainment Log &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Training and Educational Seminar Pre-Approval Form &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Sales Contest Pre-Approval Form &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Annual Compliance Meeting Material

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

**Frequency** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Gifts: documenting review by initialing and dating the gift log for each gift given or received to ensure that the $100 limit is not exceeded; at a minimum, monthly by Supervising Principal and submitted quarterly to Vigilant Distributors &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Entertainment: monthly by Supervising Principal and submitted quarterly to Vigilant Distributors &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Sales Contest: in advance of any contest &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Training and Educational Seminars: in advance of any seminar

**Action** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Supervising Principal o See supervising principal actions enumerated above. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Vigilant Distributors CCO or Designee o Conduct office inspection. o Review of completion of Representative Questionnaire. o Conduct annual compliance meeting. o Review sales contests or incentives prior to implementation. o Review Training and Educational Seminar Pre- Approval Form.

**Record** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Periodic Representative Questionnaire &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Office Inspection Report &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Gift Log &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Entertainment Log &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Training and Educational Seminar Pre-Approval Form &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Sales Contest Pre-Approval Form &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Annual Compliance Meeting Material

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Complaints Firm Policy

When a complaint is received with regard any Representative or Vigilant Distributors, whether in writing or orally, Vigilant Distributors must take prompt action regarding the handling, resolution and reporting, if applicable, of the matter. All complaints should be reported immediately, as described below.

Verbal and written complaints received with regard to a Representative's activities should be documented and forwarded immediately to the Supervising Principal. The Supervising Principal should immediately forward any verbal and written complaints to the Vigilant Distributors CCO for review.

Representatives shall at no time be allowed to independently settle any complaint. Representatives may not make or attempt to make any restitution in any form to any person or entity in order to satisfy a complaint. Representatives must be available for any interview to gain his or her understanding of the situation. Failure to comply with this policy could result in disciplinary action including termination.

**Vigilant Distributors, LLC**

**WRITTEN SUPERVISORY PROCEDURES**

#### Registered Representative Responsibilities
● Reporting verbal and written complaints received with regard to a Representative's activities immediately to the Supervising Principal; and

● Documenting verbal and written complaints received.

#### Supervisory Policies and Procedures
**Responsibility** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Supervising Principal &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Vigilant Distributors CCO or designee

**Resources** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Copies of written complaints, memos of oral complaints, and copies of any reports relating thereto, including any written response or summary of resolution

**Frequency** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● As necessary

**Action** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Supervising Principal o Responsible for escalating any complaint immediately to Vigilant Distributors Chief Compliance Officer. o Maintain copies of any complaints in a file. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Vigilant Distributors CCO or designee o Review each complaint and conduct an investigation, if necessary. o Determine what record keeping and reporting obligations are triggered by the matter (Form U4 disclosure or Rule 4530 reporting, if applicable). o Ensure that Representatives are reminded of his or her obligation to forward complaints to Supervising Principal. o Review Complaint File during office inspection. o Maintain a complaint file at the main office with all relevant documents. o Conduct annual compliance meeting.

**Record** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Complaint File &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Form U4 disclosure &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Rule 4530 filings &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Office Inspection Report &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Annual Compliance Meeting Material