# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0000894189-26-001159
**Filing Date:** 2026-1
**Character Count:** 428530
**Document Hash:** f7acf89d98cd2e48c51df9a1e94236c3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-001159.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0000894189-26-001159

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 29

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**EFFECTIVENESS DATE**: 20260128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVISORS SERIES TRUST
- **CENTRAL INDEX KEY:** 0001027596

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07959
- **FILM NUMBER:** 26551110

**BUSINESS ADDRESS:**
- **STREET 1:** U.S BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 626-914-7235

**MAIL ADDRESS:**
- **STREET 1:** 615 E MICHIGAN STREET
- **STREET 2:** MK-WI-LC2
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVISORS SERIES TRUST
- **CENTRAL INDEX KEY:** 0001027596

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-17391
- **FILM NUMBER:** 26551109

**BUSINESS ADDRESS:**
- **STREET 1:** U.S BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 626-914-7235

**MAIL ADDRESS:**
- **STREET 1:** 615 E MICHIGAN STREET
- **STREET 2:** MK-WI-LC2
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Chase Growth Fund (Series ID: S000005073)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000013859 | Class N             | CHASX           |
| C000043306 | Institutional Class | CHAIX           |

?xml version='1.0' encoding='ASCII'? ck0001027596-20260122

Filed with the U.S. Securities and Exchange Commission on January 22, 2026

1933 Act Registration File No. 333-17391

1940 Act File No. 811-07959

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-1A**

---

| | |
|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | [X] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Effective Amendment No.  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Effective Amendment No. 1184 | [X] |
| and |  |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | [X] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment No. <u>1186</u> | [X] |

---

(Check appropriate box or boxes.)

**<u>ADVISORS SERIES TRUST</u>**

(Exact Name of Registrant as Specified in Charter)

615 East Michigan Street

Milwaukee, Wisconsin 53202

(Address of Principal Executive Offices) (Zip Code)

(Registrant's Telephone Numbers, Including Area Code) (626) 914-7363

Jeffrey T. Rauman, President

Advisors Series Trust

c/o U.S. Bank Global Fund Services

777 East Wisconsin Avenue, 5<sup>th</sup> Floor

Milwaukee, Wisconsin 53202

(Name and Address of Agent for Service)

Copies to:

Rachael L. Schwartz, Esq.

Sullivan & Worcester LLP

1251 Avenue of the Americas, 19th Floor

New York, New York 10020

It is proposed that this filing will become effective

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| | |
|:---|:---|
| | immediately upon filing pursuant to paragraph (b) |
| X | on <u>January 28, 2026</u> pursuant to paragraph (b)  |
|  | 60 days after filing pursuant to paragraph (a)(1) |
|  | on pursuant to paragraph (a)(1) |
|  | 75 days after filing pursuant to paragraph (a)(2) |
|  | on pursuant to paragraph (a)(2) of Rule 485. |

---

If appropriate, check the following box

[ ] &nbsp;&nbsp;&nbsp;&nbsp;this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

**EXPLANATORY NOTE.** This Post-Effective Amendment No. 1184 to the Registration Statement of Advisors Series Trust on Form N-1A is being filed to add the audited financial statements and certain related financial information for the fiscal year ended September 30, 2025, for the Trust's series, the Chase Growth Fund.

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![chaselogo.jpg](ck0001027596-20260122_g1.jpg)

**CHASE GROWTH FUND**

Class N CHASX <br> Institutional Class CHAIX

**<u>www.chasegrowthfund.com</u>**

**PROSPECTUS**

**January 28, 2026**

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

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**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [PRINCIPAL INVESTMENT STRATEGIES, RELATED RISKS AND DISCLOSURE OF PORTFOLIO HOLDINGS](#ie781f1fcfda3412fbd5cdcdc29457c6e_19) | [7](#ie781f1fcfda3412fbd5cdcdc29457c6e_19) |
| [MANAGEMENT](#ie781f1fcfda3412fbd5cdcdc29457c6e_22) | [11](#ie781f1fcfda3412fbd5cdcdc29457c6e_22) |
| [SHAREHOLDER INFORMATION](#ie781f1fcfda3412fbd5cdcdc29457c6e_25) | [12](#ie781f1fcfda3412fbd5cdcdc29457c6e_25) |
| [HOW TO INVEST](#ie781f1fcfda3412fbd5cdcdc29457c6e_28) | [12](#ie781f1fcfda3412fbd5cdcdc29457c6e_28) |
| [SHAREHOLDER COMMUNICATIONS](#ie781f1fcfda3412fbd5cdcdc29457c6e_31) | [21](#ie781f1fcfda3412fbd5cdcdc29457c6e_31) |
| [DISTRIBUTIONS AND TAXES](#ie781f1fcfda3412fbd5cdcdc29457c6e_34) | [22](#ie781f1fcfda3412fbd5cdcdc29457c6e_34) |
| [INDEX DESCRIPTIONS](#ie781f1fcfda3412fbd5cdcdc29457c6e_37) | [24](#ie781f1fcfda3412fbd5cdcdc29457c6e_37) |
| [FINANCIAL HIGHLIGHTS](#ie781f1fcfda3412fbd5cdcdc29457c6e_40) | [25](#ie781f1fcfda3412fbd5cdcdc29457c6e_40) |
| [PRIVACY NOTICE](#ie781f1fcfda3412fbd5cdcdc29457c6e_43) | PN-[1](#ie781f1fcfda3412fbd5cdcdc29457c6e_43) |
| [FOR MORE INFORMATION](#ie781f1fcfda3412fbd5cdcdc29457c6e_46) | Back Cover |

---

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**SUMMARY SECTION** 

**Chase Growth Fund** (the "Fund")

**Investment Objective** 

The Fund's investment objective is to achieve the growth of capital.

**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 table and example below.

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| | | |
|:---|:---|:---|
| | **<u>Class N</u>** | **<u>Institutional Class</u>** |
| ***SHAREHOLDER FEES*** (fees paid directly from your investment) |  |  |
| ***ANNUAL FUND OPERATING EXPENSES*** (expenses that you pay each year as a percentage of the value of your investment) | ***ANNUAL FUND OPERATING EXPENSES*** (expenses that you pay each year as a percentage of the value of your investment) | ***ANNUAL FUND OPERATING EXPENSES*** (expenses that you pay each year as a percentage of the value of your investment) |
| Management Fees | 0.75% | 0.75% |
| Other Expenses | 0.39% | 0.39% |
| Shareholder Servicing Plan Fees | 0.15% |  |
| Total Annual Fund Operating Expenses<sup>(1)</sup> | 1.29% | 1.14% |
| Less: Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | -0.14% | -0.14% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.15% | 1.00% |

---

<sup>(1)</sup> Total Annual Fund Operating Expenses do not correlate to the Expense Ratios in the Financial Highlights section of the statutory prospectus, which reflect the actual operating expenses of the Fund and do not include 0.01% that is attributed to acquired fund fees and expenses ("AFFE").

<sup>(2)</sup> Chase Investment Counsel Corporation (the "Adviser") has contractually agreed to waive a portion or all of its management fees and pay Fund expenses in order to limit Total Annual Fund Operating Expenses (excluding AFFE, taxes, interest expense, dividends on securities sold short, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees and any other class-specific expenses) to 0.99% of average daily net assets of the Fund (the "Expense Cap"). The Expense Cap will remain in effect through at least January 28, 2027, and may be terminated only by the Trust's Board of Trustees (the "Board"). The Adviser may request recoupment of previously waived fees and paid expenses from the Fund for 36 months from the date they were waived or paid, subject to the Expense Cap, at the time such amounts were waived or at the time of recoupment, whichever is lower.

*Example*. The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain

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the same (taking into account the Expense Cap for the first year only). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>1 Year</u>** | **<u>3 Years</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| Class N | $117 | $395 | $694 | $1544 |
| Institutional Class | $102 | $348 | $614 | $1374 |

---

*Portfolio Turnover.* The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 106.60% of the average value of its portfolio.

**Principal Investment Strategies** 

Under normal market conditions, the Fund invests primarily in common stocks of domestic companies of any size market capitalization. Stocks that the Adviser purchases for the Fund typically have earnings growth in excess of 10% per year on a historical basis, have demonstrated consistency of earnings growth over time and are believed by the Adviser to be of higher quality than other company stocks. The Fund may regularly have significant exposure to one or more economic sectors of the market. For example, as of September 30, 2025, 25.40% of the Fund's total investments were invested in securities within the technology sector. In addition, the Fund may invest a portion of its assets in non-U.S. issuers that are either publicly traded in the U.S. or through the use of depositary receipts, such as American Depositary Receipts ("ADRs"). The Fund may also use money market funds or exchange-traded funds ("ETFs") for its cash position.

In buying and selling portfolio securities, the Adviser first screens companies for 10% or greater earnings growth over the last five years, consistency of earnings, and liquidity. The Adviser then applies a proprietary filter to find stocks with certain characteristics such as earnings momentum and relative price performance, as well as a number of other fundamental and technical factors. The Adviser then conducts traditional fundamental security analysis to identify the key drivers of growth for each candidate, assess the risks to the company, and determine the most attractive buys for the Fund. The Adviser continuously reviews prices and adjusts its price targets in response to changes in stock characteristics. The existence of alternative securities that the Adviser considers to be more attractive is an added consideration in deciding whether to sell portfolio securities.

The Adviser expects that the Fund's investment strategy may result in a portfolio turnover rate in excess of 100% on an annual basis.

**Principal Investment Risks** 

By itself, the Fund is not a complete, balanced investment plan. The Fund cannot guarantee that it will achieve its investment objectives. Losing all or a portion of your investment is a risk of investing in the Fund. The following risks are considered principal and could affect the value of your investment in the Fund:

• *Economic and Market Risk.* Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular

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financial market or other asset classes due to a number of factors, including: inflation (or expectations for inflation); deflation (or expectations for deflation); interest rates; market instability; financial system instability; debt crises and downgrades; embargoes; tariffs; sanctions and other trade barriers; regulatory events; other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.

• *Equity Securities Risk* – The price of equity securities may rise or fall because of economic or political changes 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's portfolio or the securities market as a whole, such as changes in economic or political conditions.

*• Management Risk* – The Fund's ability to achieve its investment objective depends on the Adviser's ability to correctly identify economic trends and select stocks, particularly in volatile stock markets.

• *Medium-Cap Companies Risk* – Investing in securities of medium-capitalization companies may involve greater volatility than investing in larger companies because medium capitalization companies can be subject to more abrupt or erratic share price changes than larger, more established companies.

• *Large-Cap Companies Risk* – Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. In addition, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

• *Sector Emphasis Risk –* Securities of companies in the same or related businesses, if comprising a significant portion of the Fund's portfolio, could react negatively in some circumstances to market conditions, interest rates and economic, regulatory or financial developments and adversely affect the value of the portfolio to a greater extent than if exposure to such sector comprised a lesser portion of the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *Technology Sector Risk –* Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. 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.

• *Small-Cap Companies Risk* – Investments in smaller or unseasoned companies involve much greater risk than investments in larger, more established companies due to smaller companies being more likely to experience unexpected fluctuations in prices. This is due to the higher degree of uncertainty in a small-cap company's growth prospects, the lower degree of liquidity in the market for small-cap stocks, and the greater sensitivity of small-cap companies to changing economic conditions.

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• *Portfolio Turnover Risk* – A high portfolio turnover rate (100% or more) has the potential to result in the realization and distribution to shareholders of higher capital gains, which may subject you to a higher tax liability.

*• Depositary Receipt Risk* – Depositary receipts involve risks similar to those associated with investments in foreign securities and certain additional risks. Investments in foreign securities may involve financial, economic or political risks not ordinarily associated with the securities of U.S. issuers. Depositary receipts listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. When the Fund invests in depositary receipts as a substitute for an investment directly in the underlying foreign shares, the Fund is exposed to the risk that the depositary receipts may not provide a return that corresponds precisely with that of the underlying foreign shares.

*• Foreign Securities Risk –* Foreign securities are subject to special risks in addition to those of issuers located in the U.S. Foreign securities can be more volatile than domestic (U.S.) securities. Securities markets of other countries are generally smaller than U.S. securities markets. Many foreign securities may be less liquid and more volatile than U.S. securities, which could affect the Fund's investments.

The Fund is intended for investors who:

• Have a long-term investment horizon;

• Want to diversify their investment portfolio; and/or

• Are willing to accept higher short-term risk in exchange for a higher potential for long-term total return.

**Performance** 

The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the annual returns for the Fund's Class N shares from year to year. The table shows how the Fund's Class N and Institutional Class shares average annual returns for 1-year, 5-years, and 10-years and since inception compare with those of a broad measure of market performance and an index that reflects the Lipper category applicable to the Fund. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Prior to January 31, 2020, the Fund had an investment strategy to primarily invest in large-cap stocks. The performance shown below for periods prior to the change in the Fund's investment strategy was achieved under the Fund's prior investment strategy. Updated performance information is available on the Fund's website at <u>www.chasegrowthfund.com</u> or by calling the Fund toll-free at 1-888-861-7556.

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**Class N** – **Calendar Year Total Returns as of December 31**![12342](ck0001027596-20260122_g2.jpg)

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| | | |
|:---|:---|:---|
| **Best Quarter:** | **2Q, 2020** | **21.24%** |
| **Worst Quarter:** | **1Q, 2020** | **-18.72%** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns<br>(for the periods ended December 31, 2025)** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** | **Since**<br>**Inception**<br>**<u>(12/2/1997)</u>** |
| **Class N** <sup>(1)</sup> | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 20.63% | 15.39% | 14.08% | 9.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 17.84% | 12.28% | 11.24% | 7.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 13.54% | 11.56% | 10.74% | 7.73% |
| **Institutional Class** <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 20.68% | 15.50% | 14.20% | 9.80% |
| **S&P 500® Index**<br> (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 9.16% |
| **Lipper Multi-Cap Growth Funds Index**<br> (reflects no deduction for taxes) | 16.52% | 9.22% | 14.27% | 8.86% |

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<sup>(1)</sup> Class N incepted on December 2, 1997, and the Institutional Class incepted on January 29, 2007. Performance shown prior to the inception of the Institutional Class reflects the performance of Class N and includes expenses that are not applicable to and are higher than those of the Institutional Class.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns are not relevant to those who hold

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their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts ("IRAs"). After-tax returns are shown only for Class N. After-tax returns for the Institutional Class will vary to the extent it has different expenses.

**Management** 

*Investment Adviser.* Chase Investment Counsel Corporation is the Fund's investment adviser.

*Portfolio Managers.* The following are jointly and primarily responsible for the management of the Fund.

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| | | |
|:---|:---|:---|
| **<u>Portfolio Manager</u>** | **Years of Service <u>with the Fund</u>** | **<u>Title</u>** |
| Peter W. Tuz, CFA, CFP<sup>®</sup> | 28 | President and Director, Portfolio Manager |
| Robert C. Klintworth, CMT, CFP<sup>®</sup> | 21 | Senior Vice President, Portfolio Manager |
| Spencer J. Garrett | 2 | Junior Analyst/Assistant Portfolio Manager |

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**Purchase and Sale of Fund Shares** 

You may purchase or redeem Fund shares on any business day by written request via mail (Chase Growth Fund, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252), by telephone at 1-888-861-7556, or through a financial intermediary. You may also purchase or redeem Fund shares by wire transfer. Investors who wish to purchase or redeem Fund shares through a financial intermediary should contact the financial intermediary directly. The minimum initial and subsequent investment amounts are shown below.

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| | | |
|:---|:---|:---|
| **<u>Type of Account</u>** | **<u>To Open Your Account</u>** | **<u>To Add to Your Account</u>** |
| Class N | $2000 | $250 |
| Institutional Class | $500000 | $500 |

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**Tax Information** 

The Fund's distributions are taxable and will be taxed as ordinary income or capital gains, unless you invest through a tax-deferred arrangement, such as a 401(k) plan or an IRA. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

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

If you purchase the Fund through a broker-dealer or other financial intermediary, the Fund and/or the Adviser 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 financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**PRINCIPAL INVESTMENT STRATEGIES, RELATED RISKS AND DISCLOSURE OF PORTFOLIO HOLDINGS**

Under normal market conditions, the Fund invests primarily in common stocks of domestic companies of any size market capitalization. The Fund may regularly have significant exposure to one or more economic sectors of the market. For example, as of September 30, 2025, 25.40% of the Fund's total investments were invested in securities within the technology sector. In addition, the Fund may invest a portion of its assets in non-U.S. issuers that are either publicly traded in the U.S. or through the use of depositary receipts, such as American Depositary Receipts ("ADRs").

The Fund's investment objective described in the Summary Section is non-fundamental and may be changed without shareholder approval upon 60 days' written notice to shareholders. There is no guarantee that the Fund will achieve its investment objective. The Adviser expects that the Fund's investment strategy may result in a portfolio turnover rate in excess of 100% on an annual basis.

**Selection of Equity Securities for the Fund**

In buying and selling portfolio securities, the Adviser first screens companies for 10% or greater earnings growth over the last five years, consistency of earnings, and liquidity. The Adviser then applies a proprietary filter to find stocks with certain characteristics such as earnings momentum and relative price performance, as well as a number of other fundamental and technical factors. The Adviser then conducts traditional fundamental security analysis to identify the key drivers of growth for each candidate, assess the risks to the company, and determine the most attractive buys for the Fund. The Adviser continuously reviews prices and adjusts its price targets in response to changes in stock characteristics. The existence of alternative securities that the Adviser considers to be more attractive is an added consideration in deciding whether to sell portfolio securities.

**Temporary Defensive Positions for the Fund**

At the Adviser's discretion, the Fund may invest up to 100% of its net assets in cash, cash equivalents, and high-quality, short-term debt securities and money market instruments for temporary defensive purposes in response to adverse market, economic, political or other conditions. This may result in the Fund not achieving its investment objective and the Fund's performance may be negatively affected as a result. To the extent the Fund uses a money market fund or ETF for its cash position, there will be some duplication of expenses because the Fund will bear its pro rata portion of such money market fund's or ETF's management fees and operational expenses.

Please review the Statement of Additional Information ("SAI") which also provides information on other investment strategies the Fund may pursue from time to time.

**Related Risks**

Your investment in the Fund is subject to certain risks. Therefore, you may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Other principal risks you should consider include:

*Economic and Market Risk* – The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Fund's performance. Factors that affect markets in general, including geopolitical, regulatory, market and economic developments and other developments that impact specific economic sectors, industries, companies and segments of the market, could adversely impact the Fund's investments

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and lead to a decline in the value of your investment in the Fund. Geopolitical and other events, including tensions, war, and open conflict between nations could affect the economies of many countries including the United States. Trade disputes, pandemics, public health crises, natural disasters, cybersecurity incidents, and related events have led, and in the future may continue to lead, to instability in world economies and markets generally and reduced liquidity in equity, credit and fixed income markets, which may disrupt economies and markets and adversely affect the value of your investment. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets. In addition, policy changes by the U.S. government, the U.S. Federal Reserve and/or foreign governments, and political and economic changes within the U.S. and abroad, such as inflation, changes in interest rates, recessions, changes in the U.S. presidential administration and Congress, the U.S. government's inability at times to agree on a long-term budget and deficit reduction plan, the threat of a federal government shutdown, threats not to increase the federal government's debt limit which could result in a default on the government's obligations, and the shutdown of certain financial institutions, may cause increased volatility in financial markets, affect investor and consumer confidence and adversely impact the broader financial markets and economy, perhaps suddenly and to a significant degree. Slowing global economic growth, the rise in protectionist trade policies, inflationary pressures, changes to some major international trade agreements, the imposition of tariffs, risks associated with trade agreements between countries and regions, including the U.S. and other foreign nations, political or economic dysfunction within some countries or regions, including the U.S., and dramatic changes in consumer sentiment and commodity and currency prices could affect the economies and markets of many nations, including the U.S., in ways that cannot necessarily be foreseen at the present time and may create significant market volatility. In 2022 the Federal Reserve and certain foreign central banks began to increase interest rates to address rising inflation. The Federal Reserve and certain foreign central banks subsequently started to lower interest rates in September 2024, though economic or other factors, such as inflation, could lead to the Federal Reserve stopping or reversing these changes. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. Market disruptions have caused, and may continue to cause, broad changes in market value, negative public perceptions concerning these developments, and adverse investor sentiment or publicity. Changes in value may be temporary or may last for extended periods. Regulators in the U.S. have adopted a number of changes to regulations affecting markets and issuers, some of which apply to the Fund. Due to the broad scope of the regulations being adopted, certain of these changes, which may be revised or rescinded, could limit the Fund's ability to pursue its investment strategies or make certain investments, may make it more costly for it to operate, or adversely impact performance.

*Equity Securities Risk* – The value of a share of the Fund – its "net asset value ("NAV") per share" – depends upon the market value of all of the Fund's investments. 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's portfolio 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 prices of 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.

*Management Risk* – The Fund's ability to achieve its investment objective depends on the Adviser's ability to correctly identify economic trends and select stocks, particularly in volatile stock markets.

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*Medium-Cap Companies Risk* – The stocks of mid-cap companies may be more vulnerable to adverse business or economic events than larger companies. Historically, stocks of medium-sized companies have been more volatile than stocks of larger companies and may be considered more speculative than investments in larger companies. Thus, securities of medium-sized companies present greater risks than securities of larger, more established companies. You should therefore expect the value of Fund shares to be more volatile than the shares of a mutual fund investing exclusively in larger company stocks.

*Large-Cap Companies Risk* – The stocks of larger companies may underperform relative to those of small and mid-sized companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Many larger companies may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

*Sector Emphasis Risk* ***–*** The Fund may, from time to time, invest a significant amount of its portfolio in securities of issuers principally engaged in the same or related businesses. Market conditions, interest rates and economic, regulatory or financial developments could significantly affect a single business or a group of related businesses. Securities of companies in such business or businesses, if comprising a significant portion of the Fund's portfolio, could react in some circumstances negatively to these or other developments and adversely affect the value of the portfolio to a greater extent than if exposure to such sector comprised a lesser portion of the Fund's portfolio.

*Technology Sector Risk* **–** Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. 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. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Finally, while all companies may be susceptible to network security breaches, certain companies in the information technology sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses. These risks are heightened for information technology companies in foreign markets.

*Small-Cap Companies Risk* – Small-cap companies are considered more speculative and may experience greater price volatility than larger companies. Among the reasons for the greater price volatility are the following: (1) the less certain growth prospects of small-cap companies; (2) the lower degree of liquidity in the markets for such stocks; and (3) the greater sensitivity of small-cap companies to changing economic conditions. Besides exhibiting greater volatility, small-cap company stocks may, to a degree, fluctuate independently of larger company stocks. Small-cap company stocks may decline in price as large company stocks rise, or rise in price as large company stocks decline. Due to these and other factors, small companies may suffer significant losses, as well as realize substantial growth. Thus, securities of small companies present greater risks than securities of larger, more established companies. You should therefore expect the value of Fund shares to be more volatile than the shares of a mutual fund investing exclusively in larger company stocks.

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Investments in smaller or unseasoned companies or companies with special circumstances often involve much greater risk than are inherent in other types of investments, because securities of such companies may be more likely to experience unexpected fluctuations in prices.

*Portfolio Turnover Risk* – A high portfolio turnover rate (100% or more) has the potential to result in the realization and distribution to shareholders of higher capital gains, which may subject you to a higher tax liability. A high portfolio turnover rate also leads to higher transactions costs, which could negatively affect the Fund's performance. Distributions to shareholders of short-term capital gains are taxed as ordinary income under federal tax laws.

*Depositary Receipt Risk* ***–*** The Fund may hold the securities of non-U.S. companies in the form of ADRs. ADRs are negotiable certificates issued by a U.S. financial institution that represent a specified number of shares in a foreign stock and trade on a U.S. national securities exchange, such as the New York Stock Exchange. Sponsored ADRs are issued with the support of the issuer of the foreign stock underlying the ADRs and carry all of the rights of common shares, including voting rights. The underlying securities of the ADRs in the Fund's portfolio are usually denominated or quoted in currencies other than the U.S. Dollar. As a result, changes in foreign currency exchange rates may affect the value of the Fund's portfolio. In addition, because the underlying securities of ADRs trade on foreign exchanges at times when the U.S. markets are not open for trading, the value of the securities underlying the ADRs may change materially at times when the U.S. markets are not open for trading, regardless of whether there is an active U.S. market for the shares. Depositary receipts involve risks similar to those associated with investments in foreign securities and certain additional risks.

*Foreign Securities Risk* ***–*** Investments in foreign securities (including depositary receipts), are subject to special risks in addition to those of U.S. investments. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. If foreign securities are denominated and traded in a foreign currency, the value of the Fund's foreign holdings can be affected by currency exchange rates and exchange control regulations. In certain markets where securities and other instruments are not traded "delivery versus payment," the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.

**Portfolio Holdings Information** 

A description of the Fund's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the SAI. Currently, disclosure of the Fund's holdings is required to be made quarterly within 60 days of the end of each fiscal quarter in the annual report and semi-annual report to Fund shareholders and in the quarterly holdings report on Part F of Form N-PORT. A complete listing of the Fund's securities and top ten holdings is available on the Fund's website within five to ten business days after the end of each calendar quarter at <u>www.chasegrowthfund.com</u>. The annual and semi-annual reports are available by contacting Chase Funds c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, Missouri 64121-9252, by calling 1-888-861-7556 or at www.chasegrowthfund.com.

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**MANAGEMENT**

**Investment Adviser**

The Fund's investment adviser is Chase Investment Counsel Corporation, located at 350 Old Ivy Way, Suite 100, Charlottesville, Virginia 22903. The Adviser and a predecessor proprietorship have provided asset management services to individuals and institutional investors since 1957. As of September 30, 2025, the Adviser managed approximately $488 million in assets.

The Adviser manages the Fund in accordance with its investment objective and policies. The Adviser makes decisions with respect to, and places orders for, all purchases and sales of portfolio securities. For the fiscal year ended September 30, 2025, the Adviser received management fees of 0.61% of the Fund's average daily net assets, net of the contractual management fee waiver.

A discussion regarding the basis of the Board's approval of the Adviser's investment advisory agreement is available in the Fund's <u>[semi-annual](https://www.sec.gov/ix?doc=/Archives/edgar/data/1027596/000113322825006160/chs-efp15933_ncsrs.htm)[report](https://www.sec.gov/ix?doc=/Archives/edgar/data/1027596/000113322825006160/chs-efp15933_ncsrs.htm)</u> for the fiscal period ended March 31, 2025.

**Portfolio Managers** 

Peter W. Tuz, CFA, CFP<sup>®</sup> , Robert C. Klintworth, CMT, CFP<sup>®</sup>, and Spencer J. Garrett are the investment professionals at the Adviser primarily responsible for the day-to-day management of the Fund with 28, 21, and two years of experience, respectively, managing the Fund. Mr. Klintworth and Mr. Tuz serve as primary portfolio managers and analysts for the Fund and Mr. Garrett serves as an analyst and assistant portfolio manager. Prior to joining Chase Investment Counsel in 2023, Mr. Garrett served in a similar capacity with Canal Capital Management (2019-2022) and LongView Wealth Management (2022-2023). Mr. Garrett is a graduate of Hampden-Sydney College (BA) and the College of William and Mary (MBA).

Since the Fund's inception on December 2, 1997, the Adviser has served as the investment adviser to the Fund.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed by them and their ownership of securities in the Fund.

**Fund Expenses**

The Fund is responsible for its own operating expenses. The Adviser has contractually agreed, however, to waive a portion of its management fees and pay expenses of the Fund to ensure that the Total Annual Fund Operating Expenses (excluding AFFE, leverage interest, taxes, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees or any other class-specific expenses) do not exceed 0.99% of the Fund's average daily net assets through at least January 28, 2027. The term of the Fund's operating expenses limitation agreement is indefinite and it can only be terminated by the Board. The Adviser may request recoupment of previously waived fees and paid expenses in any subsequent month in the 36-month period from the date of the management fee reduction and expense payment if the aggregate amount actually paid by the Fund toward the operating expenses for such fiscal year (taking into account the reimbursement) will not cause the Fund to exceed the lesser of: (1) the expense limitation in place at the time of the management fee reduction and expense payment; or (2) the expense limitation in place at the time of the reimbursement. Any such recoupment is contingent upon the subsequent review and ratification of the recouped amounts by the Board's independent trustees who oversee the Fund. The Fund must pay current ordinary operating expenses before the Adviser is entitled to any recoupment of management fees and Fund expenses.

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**Description of Classes**

The Trust has adopted a multiple class plan that allows the Fund to offer one or more classes of shares of the Fund. The Fund may offer two classes of shares - Class N and Institutional Class. The different classes of shares represent investments in the same portfolio of securities, but the classes are subject to different expenses and may have different share prices as outlined below:

• Class N shares are charged a 0.15% shareholder servicing plan fee and have no sales load.

• Institutional Class shares are not charged a shareholder servicing plan fee and are typically limited for investment by shareholders whose cumulative investment in the Fund is $500,000 or more. Financial intermediaries who invest in the Fund across multiple client accounts may utilize the Institutional Class shares if the aggregate investment equals or exceeds $500,000. The $500,000 minimum is waived for qualified retirement plans.

**SHAREHOLDER INFORMATION**

**Pricing of Fund Shares**

Fund shares are priced at NAV. NAV is calculated by adding the value of all securities and other assets attributable to the Fund, then subtracting liabilities attributable to the Fund. The net asset amount attributable to each class of shares is divided by the number of shares held by investors of the class.

In calculating the NAV per share, the Fund's securities are valued using current market prices, if readily available. When market quotations are not readily available, a security or other asset is valued at its fair value as determined under procedures adopted by the Adviser. These fair value procedures will also be used to price a security when corporate events, events in the securities market and/or world events cause the Adviser to believe that a security's last sale price may not reflect its actual market value. The intended effect of using fair value pricing procedures is to ensure that the Fund is accurately priced. The Board has designated the Adviser as its "valuation designee" under Rule 2a-5 of the Investment Company Act of 1940, as amended, subject to its oversight. The NAV per share is calculated after the close of trading on the New York Stock Exchange ("NYSE") every day that the NYSE is open. The NAV is not calculated on days that the NYSE is closed for trading. The NYSE usually closes at 4:00 p.m., Eastern Time, on weekdays, except for holidays. The NYSE is typically closed for trading on the following holidays: New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday/Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. If your order and payment are received after the NYSE has closed, your shares will be priced at the next NAV per share calculated after receipt of your order in good form.

**HOW TO INVEST**

**Opening a New Account**

You may purchase shares of the Fund by check, by wire transfer through a bank or through one or more brokers authorized by the Fund to receive purchase orders. Please use the appropriate new account application when purchasing by mail or wire. If you have any questions or need further information about how to purchase shares of the Fund, you may call a customer service representative of the Fund toll-free at 1-888-861-7556. The Fund reserves the right to reject any purchase order. For example, a purchase order may be refused if, in the Adviser's opinion, it is so large that it would disrupt the management of the Fund. Orders may also be rejected from persons believed by the Fund to be "market timers."

All purchase checks must be in U.S. dollars drawn on a domestic financial Institution. The Fund will not accept payment in cash or money orders. To prevent check fraud, the Fund will not accept third party

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checks, Treasury checks, credit card checks, traveler's checks or starter checks for the purchase of shares. The Fund is unable to accept post-dated checks or any conditional order or payment.

To buy shares of the Fund, complete a new account application and send it together with your check for the amount you wish to invest in the Fund to the address below. To make additional investments once you have opened your account, write your account number on the check and send it together with the Invest by Mail form from your most recent confirmation statement received from the Fund's transfer agent, U.S. Bancorp Fund Services, LLC (the "Transfer Agent"). If you do not have the Invest by Mail form, include the Fund name, your name, address, and account number on a separate piece of paper along with your check. The Transfer Agent will charge a $25 fee against a shareholder's account, in addition to any loss sustained by the Fund, for any payment that is returned.

Shares of the Fund have not been registered for sale outside of the United States. The Fund generally does not sell shares to investors residing outside of the United States, even if they are United States citizens or lawful permanent residents, except to investors with United States military APO or FPO addresses.

**Purchasing Shares by Mail**

Please complete the new account application and mail it with your check, payable to ***Chase Growth Fund***, to the Transfer Agent at the following addresses. You may not send a purchase order or redemption request via overnight delivery to a United States Postal Service post office box.

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| | |
|:---|:---|
| **<u>Regular Mail</u>**<br>Chase Growth Fund<br>c/o U.S. Bank Global Fund Services<br>P.O. Box 219252<br>Kansas City, Missouri 64121-9252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Overnight Deliveries</u>**<br>Chase Growth Fund<br>c/o U.S. Bank Global Fund Services<br>801 Pennsylvania Ave, Suite 219252<br>Kansas City, Missouri 64105-1307 |

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**Note:&nbsp;&nbsp;&nbsp;&nbsp;The Fund does 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. Receipt of purchase orders or redemption requests is based on when the order is received at the Transfer Agent's office.**

In compliance with the USA PATRIOT Act of 2001, please note that the Transfer Agent will verify certain information on your new account application as part of the Trust's Anti-Money Laundering Program. As requested on the new account application, you must provide 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. Please contact the Transfer Agent at 1-888-861-7556 if you need additional assistance when completing your new account application.

If the Transfer Agent does not have a reasonable belief of the identity of a shareholder, the account will be rejected or you will not be allowed to perform a transaction on the account until such information is received. In the rare event that the Transfer Agent is unable to verify your identity, the Fund reserves the right to redeem your account at the current day's net asset value.

**Purchasing Shares by Wire**

If you are making your first investment in the Fund, the Transfer Agent must have previously received a completed new account application before you can send in your wire purchase. You can mail or overnight

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deliver your new account application to the Transfer Agent at the above address. Upon receipt of your completed new account application, the Transfer Agent will establish an account on your behalf. Once your account is established, you may instruct your bank to send the wire. Your bank must include the name of the Fund you are purchasing, your name and your account number so that monies can be correctly applied. Your bank should transmit immediately available funds by wire to:

U.S. Bank National Association

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202

ABA No.: 075000022

Credit: U.S. Bancorp Fund Services, LLC

A/C No.: 112-952-137

FFC: Chase Growth Fund

Shareholder Registration

Shareholder Account Number

If you are making a subsequent purchase, your bank should wire funds as indicated above. Before each wire purchase, you should notify the Transfer Agent. *It is essential that your bank include complete information about your account in all wire transactions.* If you have questions about how to invest by wire, you may call the Transfer Agent at 1-888-861-7556. Your bank may charge you a fee for sending a wire payment to the Fund.

Wired funds must be received prior to 4:00 p.m., Eastern Time to be eligible for same day pricing. Neither the Fund nor U.S. Bank N.A. are responsible for the consequences of delays resulting from the banking or Federal Reserve wire system or from incomplete wiring instructions.

**Purchasing Shares by Telephone**

If your signed new account application has been received by the Fund and unless you declined telephone purchase privileges in your new account application, you may purchase additional shares by calling the Fund toll-free at 1-888-861-7556. You may not make your initial purchase of the Fund shares by telephone. Telephone orders will be accepted via electronic funds transfer from your pre-designated bank account through the Automated Clearing House ("ACH") network. Your account must be open for at least seven business days and you must have banking information established on your account prior to making a telephone purchase. Only bank accounts held at domestic institutions that are ACH members may be used for telephone transactions. If your order is received prior to 4:00 p.m. Eastern Time, shares will be purchased at the NAV per share next calculated. For security reasons, requests by telephone may be recorded. Once a telephone transaction has been requested, it cannot be canceled or modified after the close of regular trading on the NYSE (generally, 4:00 p.m. Eastern Time).

**Purchasing through an Investment Broker**

The Fund's shares are offered through approved financial supermarkets, investment advisers and consultants, financial planners, brokers, dealers and other investment professionals and their agents (together, "Brokers"). The Fund shares are also offered directly through the Fund's distributor. An order placed with a Broker is treated as if it was placed directly with the Transfer Agent, and will be executed at the next NAV per share calculated by the Fund. Brokers may be authorized by the Fund's principal underwriter to designate other brokers and financial intermediaries to accept orders on the Fund's behalf. An order is deemed to be received when the Fund, a Broker's or, if applicable, a Broker's authorized designee accepts the order. Your Broker will hold your shares in a pooled account in the Broker's name. The Fund may pay the Broker to maintain your individual ownership information, for maintaining other

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required records, and for providing other shareholder services. A Broker who offers shares may require payment of fees from its individual clients. If you invest through a Broker, the policies and fees may be different than those described in this Prospectus. For example, the Broker may charge transaction fees or set different minimum investments. The Broker is responsible for processing your order correctly and promptly, keeping you advised of the status of your account, confirming your transactions and ensuring that you receive copies of the Fund's Prospectus.

Please contact your Broker to see if they are an approved Broker of the Fund and for additional information.

**In-Kind Purchases**

The Fund reserves the right to accept payment for shares in the form of securities that are permissible investments for the Fund. See the SAI for further information about the terms of these purchases.

The Fund's Institutional Class is being offered to a limited category of investors, most notably those individuals whose cumulative investment in the Fund equals or exceeds $500,000 or to financial intermediaries whose aggregate investment across client accounts equals or exceeds $500,000.

**Minimum Investment Amounts**

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| | | |
|:---|:---|:---|
| **<u>Type of Account</u>** | **<u>To Open Your Account</u>** | **<u>To Add to Your Account</u>** |
| Class N | $2000 | $250 |
| Institutional Class | $500000 | $500 |

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The Fund's minimum investment requirements may be waived from time to time by the Adviser, and for the following types of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• current and retired employees, directors/trustees and officers of the Trust, the Adviser and its affiliates and certain family members of each of them (*i.e.,* spouse, domestic partner, child, parent, sibling, grandchild and grandparent, in each case including in-law, step and adoptive relationships);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any trust, pension, profit sharing or other benefit plan for current and retired employees, directors/trustees and officers of the Adviser and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• current employees of the Transfer Agent, broker-dealers who act as selling agents for the Fund, intermediaries that have marketing agreements in place with the Adviser and the immediate family members of any of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• registered investment advisers who buy through a broker-dealer or service agent who has entered into an agreement with the Fund's distributor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• qualified broker-dealers who have entered into an agreement with the Fund's distributor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• existing clients of the Adviser, their employees and immediate family members of such employees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• qualified retirement plans.

**Automatic Investment Plan**

Once you open your account, you may purchase shares of the Fund through an Automatic Investment Plan ("AIP"). You can have money automatically transferred from your checking or savings account on a bi-weekly, monthly, bi-monthly or quarterly basis. To be eligible for the AIP, your bank must be a

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domestic institution that is an ACH member. The Fund may modify or terminate the AIP at any time without notice. The first AIP purchase will take place no earlier than seven business days after the Transfer Agent has received your request to add this option.

If you hold Class N shares of the Fund, you may make regular investments in amounts of $250 or more using the AIP. If you hold Institutional Class shares of the Fund, you may make regular investments in amounts of $500 or more using the AIP. You may arrange for your bank or financial institution to transfer a pre-authorized amount. You may select this option by completing the "Automatic Investment Plan" section of the new account application and sending a voided check or savings deposit slip.

The Transfer Agent will charge a $25 fee for any ACH payment that is rejected by your bank. You may terminate your participation in the AIP by notifying the Transfer Agent at 1-888-861-7556, at least five calendar days prior to the date of the next scheduled AIP purchase.

**Minimum Account Balance**

If your total account balance for the Fund falls below $500 due to redemptions, the Fund may sell your shares of the Fund and send you the proceeds. The Fund will inform you in writing 30 days prior to selling your shares. If you do not bring your total account balance up to $500 within 30 days, the Fund may sell your shares and send you the proceeds. The Fund will not sell your shares if your account value declines as a result of market fluctuations.

**Selling Your Shares**

You may sell your shares by mail, telephone or through a Broker. As discussed below, you may receive proceeds of your sale in a check, ACH, or federal wire transfer. The Fund typically expects that they will take one to three days following the receipt of your redemption request to pay out redemption proceeds. However, while not expected, payment of redemption proceeds may take up to seven days if sending proceeds earlier could adversely affect the Fund. If any shares being sold are part of an investment that has been paid for by check or electronic funds transfer through the ACH network, the Fund may delay sending your redemption proceeds until your purchase amount clears, which can take up to 15 calendar days. Shareholders can avoid this delay by utilizing the wire purchase option.

The Fund typically expects that it will hold cash or cash equivalents to meet redemption requests. The Fund may also use the proceeds from the sale of portfolio securities to meet redemption requests if consistent with the management of the Fund. These redemption methods will be used regularly and may also be used in unusual market conditions.

The Fund reserves the right to redeem in-kind as described under "Redemption In-Kind" below. Redemptions in-kind are typically used to meet redemption requests that represent a large percentage of the Fund's net assets in order to minimize the effect of large redemptions on the Fund and its remaining shareholders. Redemptions in-kind are typically only used in unusual market conditions. The Fund has a line of credit in place that may be used to meet redemption requests during unusual market conditions.

No redemption request will be effective until all documents have been received in proper form by the Transfer Agent. Shareholders should contact the Transfer Agent toll-free at 1-888-861-7556 for further information concerning documentation required for a redemption of Fund shares.

**IRA Redemptions**

Shareholders who have an IRA or other retirement plan must indicate on their written redemption request whether or not to withhold federal income tax. Redemption requests failing to indicate an election not to

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have tax withheld will generally be subject to a 10% withholding tax. Shares held in an IRA account may be redeemed by telephone at 1-888-861-7556. Investors will be asked whether or not to withhold taxes from any distribution.

**Selling Your Shares by Mail**

You may sell (redeem) your shares by sending a signed written request to the Fund. You must give your account number and state the number of shares (or amount) you wish to sell. If the account is in the name of more than one person, each shareholder must sign the written request. Certain requests to redeem shares may require signature guarantees. Send your written request to the Fund at:

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| | |
|:---|:---|
| **<u>Regular Mail</u>**<br>Chase Growth Fund<br>c/o U.S. Bank Global Fund Services<br>P.O. Box 219252<br>Kansas City, Missouri 64121-9252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Overnight Deliveries</u>**<br>Chase Growth Fund<br>c/o U.S. Bank Global Fund Services<br>801 Pennsylvania Ave, Suite 219252<br>Kansas City, Missouri 64105-1307 |

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**Note:&nbsp;&nbsp;&nbsp;&nbsp;The Fund does 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. Receipt of purchase orders or redemption requests is based on when the order is received at the Transfer Agent's office.**

**Selling Your Shares by Telephone**

You may redeem Fund shares by telephone unless you declined telephone redemption privileges on your new account application. You may sell your shares by calling the Transfer Agent toll free at 1-888-861-7556. Your redemption will be mailed to your address of record, wired to your bank of record or sent via electronic funds transfer through the ACH network to your pre-determined bank account. A $15 charge will be applied to each wire redemption. Although there is no charge for an ACH payment, you may not receive credit to your bank account for two to three business days. The minimum wire amount is $1,000. Your bank or financial institution may charge a fee for receiving the wire from the Fund. The Fund will take steps to confirm that a telephone redemption is authentic. This may include recording the telephone instructions or requiring a form of personal identification before acting on those instructions. If an account has more than one owner or authorized person, the Fund will accept telephone instructions from any one owner or authorized person. The Fund reserves the right to refuse telephone instructions if they cannot reasonably confirm the telephone instructions. The Fund may be liable for losses from unauthorized or fraudulent telephone transactions only if these reasonable procedures are not followed. You may request telephone redemption privileges after your account is opened. A written request must be sent to the Transfer Agent. The request must be signed by each shareholder of the account and may require a signature guarantee, signature verification from a Signature Validation Program member, or other form of signature authentication from a financial institution source. The maximum redemption amount allowed by telephone is $50,000. Amounts in excess of $50,000 must be in writing and must include a signature guarantee as described below. The Adviser reserves the right to waive the maximum telephone redemption amount for certain accounts, such as omnibus or certain retirement plan accounts. Once a telephone transaction has been placed, it cannot be cancelled 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. During periods of high market activity, shareholders may encounter higher than usual call wait times. Please allow sufficient time to ensure that

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you will be able to complete your telephone transaction prior to market close. If you are unable to contact the Fund by telephone, you may make your redemption request in writing to the address noted above.

**Systematic Withdrawal Plan**

You may request that a predetermined dollar amount be sent to you monthly, quarterly or annually. Your account must have a value of at least $10,000 for you to be eligible to participate in the Systematic Withdrawal Plan ("SWP"). The minimum withdrawal amount is $50. If you elect this method of redemption, the Fund will send a check to your address of record or send the payment via electronic funds transfer through the ACH network directly to your bank account. You may request an application for the SWP by calling the Transfer Agent toll-free at 1-888-861-7556. The Fund may modify or terminate the SWP at any time. You may terminate your participation in the SWP by calling the Transfer Agent at least five calendar days prior to the next withdrawal.

**Redemption In-Kind**

The Fund reserves the right to pay redemption proceeds to you in whole or in part by a distribution of securities from the Fund's portfolio. It is not expected that the Fund would do so except during unusual market conditions. If the Fund pays your redemption proceeds by a distribution of securities, you could incur brokerage or other charges in converting the securities to cash and will bear any market risks associated with such securities until they are converted into cash. A redemption, whether in cash or in-kind, is a taxable event to you.

**Signature Guarantee**

A signature guarantee, from either a Medallion program member or non-Medallion program member, must be included if any of the following situations apply:

• You wish to redeem more than $50,000 worth of shares;

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

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

• When ownership is being changed on your account.

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

In addition to the situations described above, the Fund and/or the Transfer Agent reserve the right to require a signature guarantee or signature validation program stamp in other instances based on the circumstances.

Signature guarantees will generally be accepted from domestic banks, brokers, dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies, and savings associations, as well as from participants in the NYSE Medallion Signature Program and the Securities Transfer Agents Medallion Program. *A notary public is not an acceptable signature guarantor.*

**Conversions**

If consistent with your financial intermediary's program, Class N shares of the Fund that have been purchased by a financial intermediary on behalf of clients participating in (i) 401(k) plans, Section 457 deferred compensation plans, employer-sponsored 403(b) plans, profit-sharing and money purchase

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pension plans, defined benefit plans and nonqualified deferred compensation plans, or (ii) investment programs in which the clients pay a fixed or asset-based fee, may be converted into Institutional Class shares of the same Fund if the financial intermediary satisfies any then-applicable eligibility requirements for investment in Institutional Class shares of the Fund. Any such conversion will be affected at net asset value without the imposition of any fee or other charges by the Fund. Please contact your financial intermediary about any fees that it may charge.

Investors who hold Institutional Class shares of the Fund through a financial intermediary's fee-based program, but who subsequently become ineligible to participate in the program or withdraw from the program (while continuing their relationship with the financial intermediary as a brokerage client), may be subject to conversion of their Institutional Class shares by their financial intermediary to another class of shares of the Fund having expenses that may be higher than the expenses of the Institutional Class shares. Investors should contact their financial intermediary to obtain information about their eligibility for the financial intermediary's fee-based program and the class of shares they would receive upon such a conversion.

**Tools to Combat Frequent Transactions**

The Board has adopted policies and procedures with respect to frequent purchases and redemptions of Fund shares by shareholders. The Fund discourages excessive, short-term trading and other abusive trading practices that may disrupt portfolio management strategies and harm the Fund's performance. The Fund will take steps to reduce the frequency and effect of these activities in the Fund. These steps include monitoring trading practices and using fair value pricing. Although these efforts (which are described in more detail below) are designed to discourage abusive trading practices, these tools cannot eliminate the possibility that such activity may occur. Further, while the Fund makes efforts to identify and restrict frequent trading, the Fund receives purchase and sale orders through financial intermediaries and cannot always know or detect frequent trading that may be facilitated by the use of intermediaries or the use of group or omnibus accounts by those intermediaries. The Fund seeks to exercise its judgment in implementing these tools to the best of its abilities in a manner that the Fund believes is consistent with shareholder interests.

*Monitoring Trading Practices*

The Fund monitors selected trades in an effort to detect excessive short-term trading activities. If, as a result of this monitoring, the Fund believes that a shareholder has engaged in excessive short-term trading, it may, in its discretion, ask the shareholder to stop such activities or refuse to process purchases in the shareholder's accounts. In making such judgments, the Fund seeks to act in a manner that they believe is consistent with the best interests of shareholders. The Fund may decide to restrict purchase and sale activity in its shares based on various factors, including whether frequent purchase and sale activity will disrupt portfolio management strategies and adversely affect the Fund's performance or whether the shareholder has conducted four round trip transactions within a 12-month period. Due to the complexity and subjectivity involved in identifying abusive trading activity and the volume of shareholder transactions the Fund handles, there can be no assurance that the Fund's efforts will identify all trades or trading practices that may be considered abusive. In addition, the Fund's ability to monitor trades that are placed by individual shareholders within group or omnibus accounts maintained by financial intermediaries is limited because the Fund does not have simultaneous access to the underlying shareholder account information.

In compliance with Rule 22c-2 of the Investment Company Act of 1940, as amended, Quasar Distributors, LLC, the Fund's distributor, on behalf of the Fund, has entered into written agreements with the Fund's financial intermediaries under which the intermediary must, upon request, provide the Fund

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with certain shareholder and identity trading information so that the Fund can enforce its market timing policies.

*Fair Value Pricing*

The Fund employs fair value pricing selectively to ensure greater accuracy in its daily NAV per share and to prevent dilution by frequent traders or market timers who seek to take advantage of temporary market anomalies. The Adviser has developed procedures that utilize fair value pricing when reliable market quotations are not readily available or the Fund's pricing service does not provide a valuation (or provides a valuation that in the Adviser's judgment does not represent the security's fair value), or when, in the Adviser's judgment, events have rendered the market value unreliable. Valuing securities at fair value involves reliance on business judgment. Fair value determinations are made in good faith in accordance with procedures adopted by the Adviser. There can be no assurance that the Fund will obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the Fund determines its NAV per share.

Fair value pricing may be applied to non-U.S. securities. The trading hours for most non-U.S. securities end prior to the close of the NYSE, the time that the Fund's NAV per share is calculated. The occurrence of certain events after the close of non-U.S. markets, but prior to the close of the NYSE (such as a significant surge or decline in the U.S. market) often will result in an adjustment to the trading prices of non-U.S. securities when non-U.S. markets open on the following business day. If such events occur, the Fund may value non-U.S. securities at fair value, taking into account such events, when it calculates its NAV per share. Other types of securities that the Fund may hold for which fair value pricing might be required include, but are not limited to: (a) investments which are not frequently traded and/or the market price of which the Adviser believes may be stale; (b) illiquid securities, including "restricted" securities and private placements for which there is no public market; (c) securities of an issuer that has entered into a restructuring; (d) securities whose trading has been halted or suspended; and (e) fixed income securities that have gone into default and for which there is no current market value quotation.

**Shareholder Servicing Plan and Other Third-Party Payments**

The Fund has a shareholder servicing plan for its Class N shares. The Fund may pay authorized agents up to 0.15% of the average daily net assets of the Fund's Class N shares attributable to its shareholders. The authorized agents may provide a variety of services, such as: (1) aggregating and processing purchase and redemption requests and transmitting such orders to the Transfer Agent; (2) providing shareholders with a service that invests the assets of their accounts in shares pursuant to specific or pre-authorized instructions; (3) processing dividend and distribution payments from the Fund on behalf of shareholders; (4) providing information periodically to shareholders showing their positions; (5) arranging for bank wires; (6) responding to shareholder inquiries concerning their investment; (7) providing sub-accounting with respect to shares beneficially owned by shareholders or the information necessary for sub-accounting; (8) if required by law, forwarding shareholder communications (such as proxies, shareholder reports, annual and semi-annual financial statements and dividend, distribution and tax notices); and (9) providing similar services as may reasonably be requested.

The Fund has policies and procedures in place for the monitoring of payments to broker-dealers and other financial intermediaries for sub-transfer agent, administrative, and other shareholder servicing services.

In addition to payments made by the Fund for shareholder servicing, the Adviser makes additional payments ("Additional Payments") to certain selling or shareholder servicing agents for the Fund, which include broker-dealers. These Additional Payments are made in connection with the sale and distribution of shares of the Fund or for services to the Fund and its shareholders. These Additional Payments, which

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may be significant, are paid by the Adviser out of its revenues, which generally come directly or indirectly from fees paid by the Fund.

In return for these Additional Payments, the Adviser may receive certain marketing or servicing advantages that are not generally available to mutual funds that do not make such payments. Such advantages may include, without limitation, placement of the Fund on a list of mutual funds offered as investment options to the selling agent's clients (sometimes referred to as "Shelf Space"); access to the selling agent's registered representatives; and/or the ability to assist in training and educating the selling agent's registered representatives.

Certain selling or shareholder servicing agents receive these Additional Payments to supplement amounts payable by the Fund under the shareholder servicing plans. In exchange, these agents provide services including, but not limited to, establishing and maintaining accounts and records; answering inquiries regarding purchases, exchanges and redemptions; processing and verifying purchase, redemption and exchange transactions; furnishing account statements and confirmations of transactions; processing and mailing monthly statements, prospectuses, shareholder reports and other SEC-required communications; and providing the types of services that might typically be provided by the Transfer Agent (*e.g.*, the maintenance of omnibus or omnibus-like accounts, the use of the National Securities Clearing Corporation for the transmission of transaction information and the transmission of shareholder mailings).

The Additional Payments may create potential conflicts of interest between an investor and a selling agent who is recommending a particular mutual fund over other mutual funds. Before investing, you should consult with your financial consultant and review carefully any disclosure by the selling agent as to what monies they receive from mutual fund advisors and distributors, as well as how your financial consultant is compensated.

The Additional Payments are typically based on a percentage of assets under management and are ongoing. The Additional Payments differ among selling and shareholder servicing agents. Additional payments to a selling agent that is compensated based on its customers' assets typically range between 0.01% and 0.25% in a given year of assets invested in the Fund by the selling agent's customers.

More information on the Financial Industry Regulatory Authority, Inc. member firms that have received the Additional Payments described in this section is available in the SAI, which is on file with the SEC and is also available on the Adviser's website at <u>www.chasegrowthfund.com.</u>

**SHAREHOLDER COMMUNICATIONS**

**Fund Mailings**

Statements and reports that the Fund sends to you include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Confirmation statements (after every transaction that affects your account balance or your account registration); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly account statements.

**Householding**

In an effort to decrease costs, the Fund intends to reduce the number of duplicate prospectuses, supplements, and certain other shareholder documents, you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders the Transfer Agent reasonably believes are from the same family or household. Once implemented, if you would like to discontinue

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householding for your accounts, please call toll-free at 1-888-861-7556 to request individual copies of documents; if your shares are held through a financial intermediary, please contact them directly. Once the Transfer Agent receives notice to stop householding, the Transfer Agent will begin sending individual copies thirty days after receiving your request. This policy does not apply to account statements.

**General**

The Fund reserves the right in its sole discretion to withdraw all or any part of the offering of shares when, in the judgment of management, such withdrawal is in the Fund's best interest. An order to purchase shares is not binding on, and may be rejected by, the Fund until it has been confirmed in writing by the Fund and payment has been received.

**Lost Shareholders, Inactive Accounts and Unclaimed Property**. It is important that the Fund maintains a correct address for each shareholder. An incorrect address may cause a shareholder's account statements and other mailings to be returned to the Fund. Based upon statutory requirements for returned mail, the Fund will attempt to locate the shareholder or rightful owner of the account. If the Fund is unable to locate the shareholder, then it will determine whether the shareholder's account can legally be considered abandoned. Your mutual fund account may be transferred to the state government of your state of residence if no activity occurs within your account during the "inactivity period" specified in your state's abandoned property laws. The Fund is legally obligated to escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator in accordance with statutory requirements. The shareholder's last known address of record determines which state has jurisdiction. Please proactively contact the Transfer Agent toll-free at 1-888-861-7556 at least annually to ensure your account remains in active status.

If you are a resident of the state of Texas, you may designate a representative to receive notifications that, due to inactivity, your mutual fund account assets may be delivered to the Texas Comptroller. Please contact the Transfer Agent if you wish to complete a Texas Designation of Representative form.

For further information, please review the SAI or call the Fund at 1-888-861-7556.

**DISTRIBUTIONS AND TAXES**

**Dividends and Capital Gain Distributions**

Dividends from net investment income, if any, are normally declared and paid by the Fund in December. Capital gain distributions, if any, are also normally made in December, but the Fund may make an additional payment of dividends or distributions if it deems it desirable at any other time during the year. Distributions will automatically be reinvested in additional shares unless you elect to have the distributions paid to you in cash. Distributions are generally taxable to you whether reinvested or paid in cash. If an investor elects to receive distributions in cash and the U.S. Postal Service cannot deliver your check, or if a check remains uncashed for six months, the Fund reserves the right to reinvest the distribution check in the shareholder's account at the applicable Fund's then current NAV per share and to reinvest all subsequent distributions. Reinvested distributions will be purchased at NAV per share. You may change your distribution option in writing or by calling the Fund at 1-888-861-7556. Any change should be submitted five days prior to the next distribution. If the investment in shares is made within an IRA, all dividends and capital gain distributions must be reinvested. Unless you are investing through a tax deferred retirement account, such as an IRA, it is not to your advantage to buy shares of the Fund shortly before the next distribution, because doing so can cost you money in taxes. This is known as "buying a dividend." To avoid buying a dividend, check the Fund's distribution schedules before you invest.

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**Taxes**

The Fund has elected and intends to continue to qualify to be taxed as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). As a regulated investment company, the Fund will not be subject to federal income tax if it distributes its taxable income as required by the tax law and satisfies certain other requirements that are described in the SAI.

In general, Fund distributions are taxable to you as either ordinary income or capital gains. This is true whether you reinvest your distributions in additional Fund shares or receive them in cash. Any capital gain dividends the Fund distributes are taxable to you as long-term capital gains no matter how long you have owned your shares. Other distributions (including distributions attributable to short-term capital gains of the Fund) will generally be taxable to you as ordinary income or as qualified dividend income depending on the source of such income to the Fund and provided that certain holding period requirements are met. Qualified dividend income, the amount of which will be reported to you by the Fund, is currently taxed at a maximum federal rate of 20%. The eligibility for qualified dividend tax rates depends on the underlying investments of the Fund. Some of your distributions may not be eligible for this preferential tax rate. A surtax on net investment income at the rate of 3.8% may apply to shareholders with adjusted gross incomes over $200,000 for a single filer and $250,000 for married joint filers. Every January, you will receive a statement that shows the tax status of distributions you received for the previous year. Although distributions are generally taxable when received, distributions declared in October, November, or December to shareholders of record on a specified date in such a month but paid in the following January are taxable as if they were paid in December. There is no requirement that the Fund take into consideration any tax implications when implementing its investment strategy. Shareholders should note that the Fund may make taxable distributions of income and capital gains even when share values have declined. When you sell shares of the Fund, you may have a capital gain or loss. The Code limits the deductibility of capital losses in certain circumstances. The individual tax rate on any gain from the sale or exchange of your shares depends on how long you have held your shares.

Non-corporate taxpayers generally may deduct 20% of "qualified business income" derived either directly or through partnerships or S corporations. For this purpose, "qualified business income" generally includes ordinary real estate investment trust ("REIT") dividends. Non-corporate shareholders can claim the qualified business income deduction with respect to REIT dividends received by the Fund if the Fund and the shareholder meet certain holding period and reporting requirements.

If you redeem your Fund shares, part of your redemption proceeds may represent your allocable share of the distributions made by the Fund relating to that tax year. You will be informed annually of the amount and nature of the Fund's distributions. Fund distributions and gains from the sale or exchange of your shares will generally be subject to state and local income tax. An exception applies for distributions on, and sales, exchanges and redemptions of, shares held in an IRA (or other tax-deferred retirement account) which will not be currently taxable if the assets in the tax-deferred account were not acquired with borrowed funds. Non-U.S. investors may be subject to U.S. withholding and estate tax. By law, the Fund must withhold as backup withholding a portion of your taxable distribution and proceeds, under section 3406 of the Code if you do not provide your correct taxpayer identification number ("TIN") or certify that your TIN is correct, or if the Internal Revenue Service has notified you that you are subject to backup withholding and instructs the Fund to do so.

You should consult with your tax advisor about the federal, state, local or foreign tax consequences of your investment in the Fund. Tax consequences are not the primary consideration of the Fund when making its investment decisions. Additional information concerning the taxation of the Fund and its shareholders is contained in the SAI.

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**INDEX DESCRIPTIONS**

**Please note that you cannot invest directly in an index, although you may invest in the underlying securities represented in the index.** 

The **S&P 500**<sup>®</sup> **Index** is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

The **Lipper Multi-Cap Growth Funds Index** measures the performance of 30 of the largest funds in the multi-cap growth category as tracked by Lipper, Inc.

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**FINANCIAL HIGHLIGHTS**

The financial highlights table is intended to help you understand the Fund's financial performance for the past five years. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by Tait, Weller & Baker LLP, an independent registered public accounting firm, whose report, along with the fund's financial statements, are included in the Fund's Certified Shareholder Report on <u>[Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/1027596/000113322825013326/cfa-efp18878_ncsr.htm)</u> filed with SEC which is available upon request.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding throughout each year** – **Class N Shares** | **For a share outstanding throughout each year** – **Class N Shares** | **For a share outstanding throughout each year** – **Class N Shares** | **For a share outstanding throughout each year** – **Class N Shares** | **For a share outstanding throughout each year** – **Class N Shares** | **For a share outstanding throughout each year** – **Class N Shares** |
| | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $16.28 | $11.49 | $10.45 | $15.33 | $13.21 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | (0.02) | (0.05) | (0.03) | 0.01 | (0.03) |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 2.92 | 5.56 | 1.64 | (2.12) | 3.21 |
| **Total from investment operations** | 2.90 | 5.51 | 1.61 | (2.11) | 3.18 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income |  | (0.72) | (0.57) | (2.77) | (1.06) |
| Net realized gains | (2.89) |  |  |  |  |
| **Total distributions** | (2.89) | (0.72) | (0.57) | (2.77) | (1.06) |
| Paid-in capital from redemption fees<sup>(c)</sup> |  | 0.00<sup>(a)(d)</sup> | 0.00<sup>(a)(d)</sup> | 0.00<sup>(a)(d)</sup> | 0.00<sup>(a)(d)</sup> |
| **Net asset value, end of year** | $16.29 | $16.28 | $11.49 | $10.45 | $15.33 |
| Total return | 19.73% | 50.12% | 15.77% | -18.05% | 25.25% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (in thousands) | $42163 | $42198 | $31044 | $30523 | $41715 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment | 1.24% | 1.28% | 1.35% | 1.27% | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense<br>reimbursement/recoupment | 1.10% | 1.10% | 1.10% | 1.09% | 1.14% |
| Ratio of net investment income (loss) to average net assets | (0.13)% | (0.35)% | (0.25)% | 0.11% | (0.20)% |
| Portfolio turnover rate | 107% | 95% | 122% | 123% | 94% |

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(a)Calculated based on average shares outstanding during the year.

(b)Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

(c)The Fund stopped collecting a redemption fee on January 28, 2024.

(d)Amount is less than $0.01 per share.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding throughout each year** – **Institutional Class Shares** | **For a share outstanding throughout each year** – **Institutional Class Shares** | **For a share outstanding throughout each year** – **Institutional Class Shares** | **For a share outstanding throughout each year** – **Institutional Class Shares** | **For a share outstanding throughout each year** – **Institutional Class Shares** | **For a share outstanding throughout each year** – **Institutional Class Shares** |
| | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year | $17.66 | $12.40 | $11.22 | $16.26 | $13.94 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | (0.00)<sup>(b)</sup> | (0.04) | (0.02) | 0.03 | (0.01) |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 3.20 | 6.02 | 1.77 | (2.30) | 3.39 |
| **Total from investment operations** | 3.20 | 5.98 | 1.75 | (2.27) | 3.38 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income |  | (0.72) | (0.57) | (2.77) | (1.06) |
| Net realized gains | (2.89) |  |  |  |  |
| **Total distributions** | (2.89) | (0.72) | (0.57) | (2.77) | (1.06) |
| Paid-in capital from redemption fees<sup>(d)</sup> |  | 0.00<sup>(a)(e)</sup> | 0.00<sup>(a)(e)</sup> | 0.00<sup>(a)(e)</sup> | 0.00<sup>(a)(e)</sup> |
| **Net asset value, end of year** | $17.97 | $17.66 | $12.40 | $11.22 | $16.26 |
| Total return | 19.91% | 50.23% | 15.94% | -17.99% | 25.36% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (in thousands) | $50991 | $45036 | $31461 | $28260 | $38167 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment | 1.13% | 1.17% | 1.24% | 1.17% | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense<br>reimbursement/recoupment | 0.99% | 0.99% | 0.99% | 0.99% | 1.04% |
| Ratio of net investment income (loss) to average net assets | (0.03)% | (0.24)% | (0.15)% | 0.21% | (0.09)% |
| Portfolio turnover rate | 107% | 95% | 122% | 123% | 94% |

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(a)Calculated based on average shares outstanding during the year.

(b)Amount represents less than $0.005 per share.

(c)Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

(d)The Fund stopped collecting a redemption fee on January 28, 2024.

(e)Amount is less than $0.01 per share.

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***Adviser***

Chase Investment Counsel Corporation

350 Old Ivy Way, Suite 100

Charlottesville, Virginia 22903

***Distributor***

Quasar Distributors, LLC

190 Middle Street, Suite 301

Portland, Maine 04101

***Custodian***

U.S. Bank National Association

Custody Operations

1555 North RiverCenter Drive, Suite 302

Milwaukee, Wisconsin 53212

***Transfer Agent***

U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, Wisconsin 53202

***Independent Registered Public Accounting Firm***

Tait, Weller & Baker LLP

Two Liberty Place

50 South 16<sup>th</sup> Street, Suite 2900

Philadelphia, Pennsylvania 19102

***Legal Counsel***

Sullivan & Worcester LLP

1251 Avenue of the Americas, 19th Floor

New York, New York 10020

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**PRIVACY NOTICE**

The Fund collects non-public information about you from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information we receive about you on applications or other forms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information you give us orally; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information about your transactions with us or others.

We do not disclose any non-public personal information about our customers or former customers without the customer's authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated and unaffiliated third parties with whom we have contracts for servicing the Fund. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities. We maintain physical, electronic and procedural safeguards to guard your non-public personal information and require third parties to treat your personal information with the same high degree of confidentiality.

In the event that you hold shares of the Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared by those entities with unaffiliated third parties.

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**Chase Growth Fund**

**FOR MORE INFORMATION**

For more information please log on to the Fund's website at <u>www.chasegrowthfund.com.</u>

The Statement of Additional Information (SAI), incorporated by reference in this Prospectus, includes additional information about the Fund.

Additional information about the Fund's investments is available in the Fund's annual and semi-annual reports to shareholders and in Form N-CSR. In the Fund's annual report you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during the Fund's last fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements.

To request your free copy of the SAI or Shareholder Reports, or to request other information, please call toll-free at 1-888-861-7556, email at <u>advice@chaseinv.com</u> or write to the Fund:

Chase Growth Fund

c/o U.S. Bank Global Fund Services

P.O. Box 219252

Kansas City, Missouri 64121-9252

Copies of the SAI and Shareholder Reports can be obtained on the Fund's website at <u>www.chasegrowthfund.com</u>.

Reports and other information about the Fund are also available:

• Free of charge from the SEC's EDGAR database on the SEC's Internet website at <u>https://www.sec.gov</u>, or

• For a fee, by electronic request at the following e-mail address: <u>publicinfo@sec.gov</u>.

(The Trust's SEC File Number is 811-07959.)

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![chaselogo.jpg](ck0001027596-20260122_g1.jpg)

**STATEMENT OF ADDITIONAL INFORMATION**

**January 28, 2026**

**CHASE GROWTH FUND**

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| | |
|:---|:---|
| Class N | CHASX |
| Institutional Class | CHAIX |

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a series of

**ADVISORS SERIES TRUST**

615 East Michigan Street

Milwaukee, Wisconsin 53202

1-888-861-7556

This Statement of Additional Information ("SAI") is not a prospectus. It should be read in conjunction

with the current Prospectus dated January 28, 2026, as may be revised, of the Chase Growth Fund, a

series of Advisors Series Trust (the "Trust"). A copy of the Prospectus may be obtained on the Fund's

website at <u>www.chasegrowthfund.com</u>, or by contacting the Fund at the above address or telephone

number.

The Fund's audited financial statements and notes thereto for the fiscal year ended September 30, 2025,

and the unqualified reports of Tait, Weller & Baker LLP, the Fund's independent registered public

accounting firm, on such annual financial statements are included in the Fund's <u>[Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/1027596/000113322825013326/cfa-efp18878_ncsr.htm)</u> for the

fiscal year ended September 30, 2025, and is incorporated by reference into this SAI. A copy of the

annual report may be obtained without charge by calling or writing the Fund as shown above or by

visiting the Fund's website at <u>www.chasegrowthfund.com</u>.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [THE TRUST](#ic38e9056167d48dfa2889bf9ba1f1a67_7)......................................................................................................................................... | [1](#ic38e9056167d48dfa2889bf9ba1f1a67_7) |
| [INVESTMENT POLICIES](#ic38e9056167d48dfa2889bf9ba1f1a67_10)................................................................................................................... | [1](#ic38e9056167d48dfa2889bf9ba1f1a67_10) |
| [INVESTMENT RESTRICTIONS](#ic38e9056167d48dfa2889bf9ba1f1a67_13)........................................................................................................ | [10](#ic38e9056167d48dfa2889bf9ba1f1a67_13) |
| [MANAGEMENT](#ic38e9056167d48dfa2889bf9ba1f1a67_16).................................................................................................................................. | [11](#ic38e9056167d48dfa2889bf9ba1f1a67_16) |
| [THE FUND'S INVESTMENT ADVISER](#ic38e9056167d48dfa2889bf9ba1f1a67_19)........................................................................................... | [20](#ic38e9056167d48dfa2889bf9ba1f1a67_19) |
| [MARKETING AND SUPPORT PAYMENTS](#ic38e9056167d48dfa2889bf9ba1f1a67_22).................................................................................... | [25](#ic38e9056167d48dfa2889bf9ba1f1a67_22) |
| [THE FUND'S SERVICE PROVIDERS](#ic38e9056167d48dfa2889bf9ba1f1a67_25)............................................................................................... | [26](#ic38e9056167d48dfa2889bf9ba1f1a67_25) |
| [PORTFOLIO TRANSACTIONS AND BROKERAGE](#ic38e9056167d48dfa2889bf9ba1f1a67_28)...................................................................... | [27](#ic38e9056167d48dfa2889bf9ba1f1a67_28) |
| [PORTFOLIO TURNOVER](#ic38e9056167d48dfa2889bf9ba1f1a67_31).................................................................................................................. | [28](#ic38e9056167d48dfa2889bf9ba1f1a67_31) |
| [PORTFOLIO HOLDINGS INFORMATION](#ic38e9056167d48dfa2889bf9ba1f1a67_34)...................................................................................... | [29](#ic38e9056167d48dfa2889bf9ba1f1a67_34) |
| [DETERMINATION OF NET ASSET VALUE](#ic38e9056167d48dfa2889bf9ba1f1a67_37)................................................................................... | [31](#ic38e9056167d48dfa2889bf9ba1f1a67_37) |
| [PURCHASE AND REDEMPTION OF FUND SHARES](#ic38e9056167d48dfa2889bf9ba1f1a67_40)................................................................... | [32](#ic38e9056167d48dfa2889bf9ba1f1a67_40) |
| [CONVERSION INFORMATION](#ic38e9056167d48dfa2889bf9ba1f1a67_43)........................................................................................................ | [35](#ic38e9056167d48dfa2889bf9ba1f1a67_43) |
| [TAX MATTERS](#ic38e9056167d48dfa2889bf9ba1f1a67_46)................................................................................................................................... | [35](#ic38e9056167d48dfa2889bf9ba1f1a67_46) |
| [DIVIDENDS AND DISTRIBUTIONS](#ic38e9056167d48dfa2889bf9ba1f1a67_49)................................................................................................ | [38](#ic38e9056167d48dfa2889bf9ba1f1a67_49) |
| [ANTI-MONEY LAUNDERING PROGRAM](#ic38e9056167d48dfa2889bf9ba1f1a67_52)..................................................................................... | [39](#ic38e9056167d48dfa2889bf9ba1f1a67_52) |
| [PROXY VOTING POLICY](#ic38e9056167d48dfa2889bf9ba1f1a67_55)................................................................................................................. | [39](#ic38e9056167d48dfa2889bf9ba1f1a67_55) |
| [GENERAL INFORMATION](#ic38e9056167d48dfa2889bf9ba1f1a67_58)............................................................................................................... | [39](#ic38e9056167d48dfa2889bf9ba1f1a67_58) |
| [CODE OF ETHICS](#ic38e9056167d48dfa2889bf9ba1f1a67_61)............................................................................................................................... | [41](#ic38e9056167d48dfa2889bf9ba1f1a67_61) |
| [FINANCIAL STATEMENTS](#ic38e9056167d48dfa2889bf9ba1f1a67_64).............................................................................................................. | [41](#ic38e9056167d48dfa2889bf9ba1f1a67_64) |
| [APPENDIX A](#ic38e9056167d48dfa2889bf9ba1f1a67_640)....................................................................................................................................... | [42](#ic38e9056167d48dfa2889bf9ba1f1a67_640) |

---

**THE TRUST**

The Trust was organized as a Delaware statutory trust under the laws of the State of Delaware on

October 3, 1996, and is registered with the U.S. Securities and Exchange Commission (the "SEC") as an

open-end management investment company. The Trust's Agreement and Declaration of Trust (the

"Declaration of Trust") permits the Trust's Board of Trustees (the "Board" or the "Trustees") to issue an

unlimited number of full and fractional shares of beneficial interest, par value $0.01 per share, which may

be issued in any number of series. The Trust consists of various series that represent separate investment

portfolios. The Board may from time to time issue other series, the assets and liabilities of which will be

separate and distinct from any other series. This SAI relates only to the Chase Growth Fund (the "Fund").

Registration with the SEC does not involve supervision of the management or policies of the Fund. The

Prospectus of the Fund and this SAI omit certain of the information contained in the Registration

Statement filed with the SEC. Copies of such information may be obtained from the SEC upon payment

of the prescribed fee.

The Fund commenced operations on December 2, 1997.

The Trust has adopted a Multiple Class Plan pursuant to Rule 18f-3 under the Investment Company Act

of 1940, as amended (the "1940 Act"), which details the attributes of each class of the Fund. Currently,

the Fund is authorized to issue two classes of shares: Class N and Institutional Class.

On January 28, 2012, the Fund re-designated its Substantial Investor Class shares as Institutional Class

shares.

**INVESTMENT POLICIES**

The discussion below supplements information contained in the Prospectus relating to investment policies

of the Fund.

**Diversification**

The Fund is a "diversified" fund under applicable federal securities laws. This means that, as to 75% of

the Fund's total assets, (1) no more than 5% may be invested in the securities of a single issuer, and (2) it

may not hold more than 10% of the outstanding voting securities of a single issuer. However,

diversification of a mutual fund's holdings is measured at the time the Fund purchases a security and if

the Fund purchases a security and holds it for a period of time, the security may become a larger

percentage of the Fund's total assets due to movements in the financial markets. If the market affects

several securities held by the Fund, the Fund may have a greater percentage of its assets invested in

securities of fewer issuers. Accordingly, the Fund is subject to the risk that its performance may be hurt

disproportionately by the poor performance of relatively few securities despite qualifying as a

"diversified" fund.

**Percentage Limitations**

Whenever an investment policy or limitation states a maximum percentage of the Fund's assets that may

be invested in any security or other asset, or sets forth a policy regarding quality standards, such standards

or percentage limitation will be determined immediately after and as a result of the Fund's acquisition or

sale of such security or other asset. Accordingly, except with respect to borrowing, any subsequent

change in values, net assets or other circumstances will not be considered in determining whether an

investment complies with the Fund's investment policies and limitations. In addition, if a bankruptcy or

other extraordinary event occurs concerning a particular investment by the Fund, the Fund may receive

stock, real estate or other investments that the Fund would not, or could not buy. If this happens, the Fund

would sell such investments as soon as practicable while trying to maximize the return to its shareholders.

**Market and Regulatory Risk**

Events in the financial markets and economy may cause volatility and uncertainty and affect performance.

Such adverse effect on performance could include a decline in the value and liquidity of securities held by

the Fund, unusually high and unanticipated levels of redemptions, an increase in portfolio turnover, a

decrease in NAV, and an increase in Fund expenses. It may also be unusually difficult to identify both

investment risks and opportunities, and therefore investment objectives may not be met. Market events

may affect a single issuer, industry, sector, or the market as a whole. Traditionally, liquid investments

may experience periods of diminished liquidity. During a general downturn in the financial markets,

multiple asset classes may decline in value and the Fund may lose value, regardless of the individual

results of the securities and other instruments in which the Fund invests. It is impossible to predict

whether or for how long such market events will continue, particularly if they are unprecedented,

unforeseen or widespread events or conditions, such as pandemics, epidemics, and other similar

circumstances in one or more countries or regions. Therefore, it is important to understand that the value

of your investment may fall, sometimes sharply and for extended periods, and you could lose money.

Governmental and regulatory actions, including tax law changes, may also impair portfolio management

and have unexpected or adverse consequences on particular markets, strategies, or investments. Policy

and legislative changes in the United States and in other countries are affecting many aspects of financial

regulation and may in some instances contribute to decreased liquidity and increased volatility in the

financial markets. The impact of these changes on the markets, and the practical implications for market

participants, may not be fully known for some time. In addition, economies and financial markets

throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund

invests in securities of issuers located in or with significant exposure to countries experiencing economic

and financial difficulties, the value and liquidity of the Fund's investments may be negatively affected.

The Fund may invest in the following types of investments, each of which is subject to certain risks, as

discussed below.

**Equity Securities.** Common stocks, preferred stocks, convertible securities, warrants and Depositary

Receipts ("DRs") are examples of equity securities in which the Fund may invest.

All investments in equity securities are subject to market risks that may cause their prices to fluctuate

over time. Historically, the equity markets have moved in cycles and the value of the securities in the

Fund's portfolio may fluctuate substantially from day to day. Owning an equity security can also subject

the Fund to the risk that the issuer may discontinue paying dividends.

*Common Stock* **–** A common stock represents a proportionate share of the ownership of a company and its

value is based on the success of the company's business, any income paid to stockholders, the value of its

assets, and general market conditions. In addition to the general risks set forth above, investments in

common stocks are subject to the risk that in the event a company in which the Fund invests is liquidated,

the holders of preferred stock and creditors of that company will be paid in full before any payments are

made to the Fund as a holder of common stock. It is possible that all assets of that company will be

exhausted before any payments are made to the Fund.

*Preferred Stock* **–** Preferred stocks are equity securities that often pay dividends at a specific rate and have

a preference over common stocks in dividend payments and liquidation of assets. A preferred stock is a

blend of the characteristics of a bond and common stock. Preferred stock generally does not carry voting

rights. It can offer the higher yield of a bond and has priority over common stock in equity ownership, but

does not have the seniority of a bond. Unlike common stock, a preferred stock's participation in the

issuer's growth may be limited. Although the dividend is set at a fixed annual rate, it is subject to the risk

that the dividend can be changed or omitted by the issuer.

*Convertible Securities and Warrants* **–** Convertible securities are securities (such as debt securities or

preferred stock) that may be converted into or exchanged for a specified amount of common stock of the

same or different issuer within a particular period of time at a specified price or formula. A convertible

security entitles the holder to receive interest paid or accrued on debt or dividends paid on preferred stock

until the convertible stock matures or is redeemed, converted or exchanged. While no securities

investment is without some risk, investments in convertible securities generally entail less risk than the

issuer's common stock. However, the extent to which such risk is reduced depends in large measure upon

the degree to which the convertible security sells above its value as a fixed income security. In addition to

the general risk associated with equity securities discussed above, the market value of convertible

securities is also affected by prevailing interest rates, the credit quality of the issuer and any call

provisions. While convertible securities generally offer lower interest or dividend yields than

nonconvertible debt securities of similar quality, they do enable the investor to benefit from increases in

the market price of the underlying common stock.

A warrant gives the holder a right to purchase at any time during a specified period a predetermined

number of shares of common stock at a fixed price. Unlike convertible debt securities or preferred stock,

warrants do not pay a fixed dividend. In addition to the general risks associated with equity securities

discussed above, investments in warrants involve certain risks, including the possible lack of a liquid

market for resale of the warrants, potential price fluctuations as a result of speculation or other factors,

and failure of the price of the underlying security to reach or have reasonable prospects of reaching a level

at which the warrant can be prudently exercised (in which event the warrant may expire without being

exercised, resulting in a loss of the Fund's entire investment therein).

**Foreign Securities.** The Fund may invest in securities of non-U.S. issuers ("foreign securities"), provided

that they are publicly traded in the United States. The Fund's investments in foreign securities may

involve risks that are not ordinarily associated with U.S. securities. Non-U.S. companies are not generally

subject to the same accounting, auditing and financial reporting standards as domestic companies.

Therefore, there may be less information available about a foreign company than there is about a

domestic company. Certain countries do not honor legal rights enjoyed in the United States. In addition,

there is the possibility of expropriation or confiscatory taxation, political or social instability, or

diplomatic developments, which could affect U.S. investments in those countries.

Investments in foreign securities often are made in foreign currencies, subjecting the investor to the risk

of currency devaluation or exchange rate risk. In addition, many foreign securities markets have

substantially less trading volume than the U.S. markets, and securities of some foreign issuers are less

liquid and more volatile than securities of domestic issuers. These factors make foreign investment more

expensive for U.S. investors. Mutual funds offer an efficient way for individuals to invest abroad, but the

overall expense ratios of mutual funds that invest in foreign markets are usually higher than those of

mutual funds that invest only in U.S. securities.

*Depositary Receipts* – DRs include American Depositary Receipts ("ADRs"), European Depositary

Receipts ("EDRs"), Global Depositary Receipts ("GDRs") or other forms of DRs. DRs are receipts

typically issued in connection with a U.S. or foreign bank or trust company which evidence ownership of

underlying securities issued by a foreign corporation. In addition to the risk of foreign investments

applicable to the underlying securities, unsponsored DRs may also be subject to the risks that the foreign

issuer may not be obligated to cooperate with the U.S. bank, may not provide additional financial and

other information to the bank or the investor, or that such information in the U.S. market may not be

current.

**Investment Company Securities**.The Fund may invest in shares of other investment companies or

mutual funds, including exchange-traded funds ("ETFs"). For example, the Fund may invest in money

market mutual funds in connection with its management of daily cash positions and for temporary

defensive purposes. The Fund currently intends to limit its investments in securities issued by other

investment companies (except for money market funds) so that not more than 3% of the outstanding

voting shares of any one investment company will be owned by the Fund, or its affiliated persons, as a

whole. The Fund may invest unlimited amounts in money market funds for management of its daily cash

position, subject to certain conditions. In addition to the advisory and operational fees the Fund bears

directly in connection with its own operation, the Fund would also bear its pro rata portions of each other

investment company's advisory and operational expenses.

Section 12(d)(1)(A) of the Investment Company Act of 1940 (the "1940 Act") generally prohibits a fund

from purchasing (1) more than 3% of the total outstanding voting stock of another fund; (2) securities of

another fund having an aggregate value in excess of 5% of the value of the acquiring fund; and

(3) securities of the other fund and all other funds having an aggregate value in excess of 10% of the

value of the total assets of the acquiring fund. There are some exceptions, however, to these limitations

pursuant to various rules promulgated by the SEC.

The Fund may rely on Section 12(d)(1)(F) and Rule 12d1-3 of the 1940 Act, which provide an exemption

from Section 12(d)(1) that allows the Fund to invest all of its assets in other registered funds, including

ETFs, if, among other conditions: (a) the Fund, together with its affiliates, acquires no more than 3%

percent of the outstanding voting stock of any acquired fund, and (b) the sales load charged on the Fund's

shares is no greater than the limits set forth in Rule 2341 of the Conduct Rules of the Financial Industry

Regulatory Authority, Inc. ("FINRA") applicable to a fund of funds (*e.g*, 8.5%). In accordance with Rule

12d1-1 under the 1940 Act, the provisions of Section 12(d)(1) shall not apply to shares of money market

funds purchased by the Fund, whether or not for temporary defensive purposes, provided that the Fund

does not pay a sales charge, distribution fee or service fee as defined in Rule 2341 of the Conduct Rules

of FINRA on acquired money market fund shares (or the Adviser must waive its advisory fees in amount

necessary to offset any sales charge, distribution fee or service fee).

Rule 12d1-4 permits additional types of fund of fund arrangements without an exemptive order. The rule

imposes certain conditions, including limits on control and voting of acquired funds' shares, evaluations

and findings by investment advisers, fund investment agreements, and limits on most three-tier fund

structures.

*Exchange-Traded Funds.*ETFs are open-end investment companies whose shares are listed on a national

securities exchange. An ETF is similar to a traditional index mutual fund, but trades at different prices

during the day on a security exchange like a stock. Similar to investments in other investment companies

discussed above, the Fund's investments in ETFs will involve duplication of management fees and other

expenses since the Fund will be investing in another investment company. In addition, the Fund's

investment in ETFs is also subject to its limitations on investments in investment companies discussed

above. To the extent the Fund invests in ETFs which focus on a particular market segment or industry, the

Fund will also be subject to the risks associated with investing in those sectors or industries. The shares of

the ETFs in which the Fund will invest will be listed on a national securities exchange and the Fund will

purchase or sell these shares on the secondary market at its current market price, which may be more or

less than its NAV per share.

As a purchaser of ETF shares on the secondary market, the Fund will be subject to the market risk

associated with owning any security whose value is based on market price. ETF shares historically have

tended to trade at or near their NAV per share, but there is no guarantee that they will continue to do so.

ETFs that seek to replicate a particular benchmark index are subject to "tracking risk" which is the risk

that an ETF will not be able to replicate exactly the performance of the index it tracks. Unlike traditional

mutual funds, shares of an ETF may also be purchased and redeemed directly from the ETFs only in large

blocks and only through participating organizations that have entered into contractual agreements with the

ETF. The Fund does not expect to enter into such agreements and therefore will not be able to purchase

and redeem its ETF shares directly from the ETF.

**Illiquid and Restricted Securities.** Pursuant to Rule 22e-4 under the 1940 Act, the Fund may not acquire

any "illiquid investment" if, immediately after the acquisition, the Fund would have invested more than

15% of its net assets in illiquid investments that are assets. An "illiquid investment" is any investment that

the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar

days or less without the sale or disposition significantly changing the market value of the investment. The

Fund has implemented a liquidity risk management program and related procedures to identify illiquid

investments pursuant to Rule 22e-4. The 15% limit shall be observed continuously in the event that more

that 15% of its net assets are invested in illiquid investments, the Fund will make such reports as required

under the liquidity risk management program and will seek to reduce its holdings of illiquid investments

within a reasonable period of time.

The Fund may purchase certain restricted securities that can be resold to institutional investors and which

may be determined not to be illiquid investments pursuant to the Fund's liquidity risk management

program. In many cases, those securities are traded in the institutional market pursuant to Rule 144A

under the Securities Act of 1933, as amended (the "1933 Act") and are called Rule 144A securities.

Investments in illiquid investments involve more risks than investments in similar securities that are

readily marketable. Illiquid investments may trade at a discount from comparable, more liquid

investments. Investment of the Fund's assets in illiquid investments may restrict the ability of the Fund to

dispose of its investments in a timely fashion and for a fair price as well as its ability to take advantage of

market opportunities. The risks associated with illiquidity will be particularly acute where the Fund's

operations require cash, such as when the Fund has net redemptions, and could result in the Fund

borrowing to meet short-term cash requirements or incurring losses on the sale of illiquid investments.

Restricted securities sold in private placement transactions between issuers and their purchasers are

neither listed on an exchange nor traded in other established markets and may be illiquid. In many cases,

the privately placed securities may not be freely transferable under the laws of the applicable jurisdiction

or due to contractual restrictions on resale. To the extent privately placed securities may be resold in

privately negotiated transactions, the prices realized from the sales could be less than those originally paid

by the Fund or less than the fair value of the securities. A restricted security may be determined to be

liquid under the Fund's liquidity risk management program established pursuant to Rule 22e-4 depending

on market, trading, or investment-specific considerations related to the restricted security. In addition,

issuers whose securities are not publicly traded may not be subject to the disclosure and other investor

protection requirements that may be applicable if their securities were publicly traded. If any privately

placed securities held by the Fund are required to be registered under the securities laws of one or more

jurisdictions before being resold, the Fund may be required to bear the expenses of registration. Private

placement investments may involve investments in smaller, less seasoned issuers, which may involve

greater risks than investments in more established companies. These issuers may have limited product

lines, markets or financial resources, or they may be dependent on a limited management group. In

making investments in private placement securities, the Fund may obtain access to material non-public

information about an issuer of private placement securities, which may restrict the Fund's ability to

conduct transactions in those securities.

**Real Estate Investment Trusts ("REITs").** The Fund may invest in shares of REITs. REITs are pooled

investment vehicles which invest primarily in real estate or real estate related loans. REITs are generally

classified as equity REITs, mortgage REITs or a combination of equity and mortgage REITs. Equity

REITs invest the majority of their assets directly in real property and derive income primarily from the

collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated

in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive income

from the collection of interest payments. Like regulated investment companies such as the Fund, REITs

are not taxed on income distributed to shareholders provided they comply with certain requirements under

the Internal Revenue Code of 1986, as amended (the "Code"). The Fund will indirectly bear their

proportionate share of any expenses paid by REITs in which they invest in addition to the expenses paid

by the Fund. Investing in REITs involves certain unique risks. Equity REITs may be affected by changes

in the value of the underlying property owned by such REITs, while mortgage REITs may be affected by

the quality of any credit extended. REITs are dependent upon management skills, are not diversified

(except to the extent the Code requires), and are subject to the risks of financing projects. REITs are

subject to heavy cash flow dependency, default by borrowers, self-liquidation, and the possibilities of

failing to qualify for the exemption from tax for distributed income under the Code and failing to

maintain their exemptions from the 1940 Act. REITs (especially mortgage REITs) are also subject to

interest rate risks.

**Debt Securities.** The Fund may invest in investment grade debt securities, which are securities rated Baa

or higher by Moody's Investors Service, Inc. ("Moody's"), or BBB or higher by S&P Global Ratings

("S&P") at the time of purchase or, unrated securities which the Adviser believes to be of comparable

quality. The Fund does not currently intend to invest more than 5% of its total assets in securities that are

below investment grade ("junk bonds") or that are unrated. Securities rated as Baa or BBB are generally

regarded as having adequate capacity to pay interest and repay principal.

Debt securities consist of bonds, notes, U.S. government and U.S. government agency securities, zero

coupon securities, convertible bonds, asset-backed and mortgage-backed securities, and other debt

securities whose purchase is consistent with the Fund's investment objectives.

The market values of debt securities are influenced primarily by credit risk and interest rate risk. Credit

risk is the risk that the issuer of the security will not maintain the financial strength needed to pay

principal and interest on its debt securities. Generally, the market values of fixed-rate debt securities vary

inversely with the changes in prevailing interest rates. When interest rates rise, the market values of such

securities tend to decline and vice versa. Although under normal market conditions longer term securities

yield more than short-term securities of similar quality, longer term securities are subject to greater price

fluctuations.

**U.S. Government Securities.** The Fund may invest in U.S. Government Securities. The term "U.S.

Government Securities" refers to a variety of securities which are issued or guaranteed by the United

States Treasury, by various agencies of the U.S. Government, and by various instrumentalities (a

government agency organized under federal charter with government supervision) which have been

established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the full faith

and credit of the United States. Securities issued or guaranteed by U.S. Government agencies or U.S.

Government sponsored instrumentalities may or may not be backed by the full faith and credit of the

United States. If the securities are not backed by the full faith and credit of the United States, the investor

must look principally to the government agency or instrumentality issuing or guaranteeing the obligation

for ultimate repayment, and may not be able to assert a claim directly against the United States in the

event the government agency or instrumentality does not meet its commitment.

**Repurchase Agreements.** As a means of earning income for periods as short as overnight, the Fund may

enter into repurchase agreements that are collateralized by U.S. Government securities. The Fund may

enter into repurchase commitments for investment purposes for periods of 30 days or more. Such

commitments involve investment risks similar to those of the debt securities in which the Fund invests.

Under a repurchase agreement, the Fund acquires a security, subject to the seller's agreement to

repurchase that security at a specified time and price. A repurchase agreement is subject to the risk that

the seller may fail to repurchase the security. A purchase of securities under a repurchase agreement is

considered to be a loan by the Fund.

The Adviser monitors the value of the collateral to ensure that its value always equals or exceeds the

repurchase price and also monitors the financial condition of the seller of the repurchase agreement. If the

seller becomes insolvent, the Fund's right to dispose of the securities held as collateral may be impaired

and the Fund may incur extra costs. Repurchase agreements for periods in excess of seven days may be

deemed illiquid.

**Borrowing.** The Fund is authorized to borrow money. Under the 1940 Act, the Fund may borrow money

in amounts of up to one-third of the Fund's total assets from banks for any purpose, and may borrow up to

5% of the Fund's total assets from banks or other lenders for temporary purposes. To limit the risks

attendant to borrowing, the 1940 Act requires the Fund to maintain at all times an "asset coverage" of at

least 300% of the amount of its borrowings. Asset coverage means the ratio of the value of the Fund's

total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. The

use of borrowing by the Fund involves special risk considerations that may not be associated with other

funds having similar objectives and policies. Since substantially all of the Fund's assets fluctuate in value,

while the interest obligation resulting from a borrowing will be fixed by the terms of the Fund's

agreement with its lender, the NAV per share of the Fund will tend to increase more when its portfolio

securities increase in value and to decrease more when its portfolio assets decrease in value than would

otherwise be the case if the Fund did not borrow. In addition, interest costs on borrowings may fluctuate

with changing market rates of interest and may partially offset or exceed the return earned on borrowed

funds. Under adverse market conditions, the Fund might have to sell portfolio securities to meet interest

or principal payments at a time when fundamental investment considerations would not favor such sales.

**Short-Term Investments.** The Fund may invest in any of the following securities and instruments:

*Certificates of Deposit, Bankers' Acceptances and Time Deposits* – The Fund may hold certificates of

deposit, bankers' acceptances and time deposits. Certificates of deposit are negotiable certificates issued

against funds deposited in a commercial bank for a definite period of time and earning a specified return.

Bankers' acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or

exporter to pay for specific merchandise, which are "accepted" by a bank, meaning in effect that the bank

unconditionally agrees to pay the face value of the instrument on maturity. Certificates of deposit and

bankers' acceptances acquired by the Fund will be dollar-denominated obligations of domestic banks,

savings and loan associations or financial institutions which, at the time of purchase, have capital, surplus

and undivided profits in excess of $100 million (including assets of both domestic and foreign branches),

based on latest published reports, or less than $100 million if the principal amount of such bank

obligations are fully insured by the U.S. Government.

In addition to buying certificates of deposit and bankers' acceptances, the Fund also may make

interest-bearing time or other interest-bearing deposits in commercial or savings banks. Time deposits are

non-negotiable deposits maintained at a banking institution for a specified period of time at a specified

interest rate.

*Savings Association Obligations* – The Fund may invest in certificates of deposit (interest-bearing time

deposits) issued by savings banks or savings and loan associations that have capital, surplus and

undivided profits in excess of $100 million, based on latest published reports, or less than $100 million if

the principal amount of such obligations is fully insured by the U.S. Government.

*Commercial Paper and Short-Term Notes and Other Corporate Obligations* – The Fund may invest a

portion of its assets in commercial paper and short-term notes. Commercial paper consists of unsecured

promissory notes issued by corporations. Commercial paper and short-term notes will normally have

maturities of less than nine months and fixed rates of return, although such instruments may have

maturities of up to one year.

Commercial paper and short-term notes will consist of issues rated at the time of purchase "A-2" or

higher by S&P, "Prime-1" or "Prime-2" by Moody's, or similarly rated by another nationally recognized

statistical rating organization or, if unrated, will be determined by the Adviser to be of comparable

quality. These rating symbols are described in the Appendix.

Corporate obligations include bonds and notes issued by corporations to finance longer-term credit needs

than supported by commercial paper. While such obligations generally have maturities of ten years or

more, the Fund may purchase corporate obligations which have remaining maturities of one year or less

from the date of purchase which are rated "AA" or higher by S&P or "Aa" or higher by Moody's.

*Government Obligations* – The Fund may make short-term investments in U.S. Government obligations.

Such obligations include Treasury bills, certificates of indebtedness, notes and bonds, and issues of such

entities as the Government National Mortgage Association ("GNMA"), Export-Import Bank of the United

States, Tennessee Valley Authority, Resolution Funding Corporation, Farmers Home Administration,

Federal Home Loan Banks, Federal Intermediate Credit Banks, Federal Farm Credit Banks, Federal Land

Banks, Federal Housing Administration, Federal National Mortgage Association ("FNMA"), Federal

Home Loan Mortgage Corporation, and the Student Loan Marketing Association.

Some of these obligations, such as those of the GNMA, are supported by the full faith and credit of the

U.S. Treasury; others, such as those of the Export-Import Bank of United States, are supported by the

right of the issuer to borrow from the Treasury; others, such as those of the FNMA, are supported by the

discretionary authority of the U.S. Government to purchase the agency's obligations; still others, such as

those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality.

No assurance can be given that the U.S. Government would provide financial support to U.S.

Government-sponsored instrumentalities if it is not obligated to do so by law.

In September 2008, the Federal Housing Finance Agency ("FHFA") was appointed by the Conservator of

the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association for an

indefinite period. In accordance with the Federal Housing Finance Regulatory Reform Act of 2008 and

the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as Conservator, the FHFA

will control and oversee the entities until the FHFA deems them financially sound and solvent. During the

Conservatorship, each entity's obligations are expected to be paid in the normal course of business.

Although no express guarantee exists for the debt or mortgage-backed securities issued by the entities, the

U.S. Department of Treasury, through a secured lending credit facility and a Senior Preferred Stock

Purchase Agreement, has attempted to enhance the ability of the entities to meet their obligations.

**Other Investments**.

The Trustees may, in the future, authorize the Fund to invest in securities other than those listed in this

SAI and in the Prospectus, provided such investments would be consistent with the Fund's investment

objectives and that such investments would not violate the Fund's fundamental investment policies or

restrictions.

**Special Risks Related to Cyber Security.**

The Fund and its service providers are susceptible to cyber security risks that include, among other things,

theft, unauthorized monitoring, release, misuse, loss, destruction or corruption of confidential and highly

restricted data; denial of service attacks; unauthorized access to relevant systems, compromises to

networks or devices that the Fund and its service providers use to service the Fund's operations; or

operational disruption or failures in the physical infrastructure or operating systems that support the Fund

and its service providers. Cyber attacks against or security breakdowns of the Fund or its service

providers may adversely impact the Fund and its shareholders, potentially resulting in, among other

things, financial losses; the inability of Fund shareholders to transact business and the Fund to process

transactions; inability to calculate the Fund's NAV; violations of applicable privacy and other laws;

regulatory fines, penalties, reputational damage, reimbursement or other compensation costs; and/or

additional compliance costs. The Fund may incur additional costs for cyber security risk management and

remediation purposes. In addition, cyber security risks may also impact issuers of securities in which the

Fund invests, which may cause the Fund's investment in such issuers to lose value. There can be no

assurance that the Fund or its service providers will not suffer losses relating to cyber attacks or other

information security breaches in the future.

**INVESTMENT RESTRICTIONS**

**Fundamental Investment Policies and Restrictions.** The Fund has adopted the following investment

restrictions that may not be changed without approval by a "majority of the outstanding shares" of the

Fund which, as used in this SAI, means the vote of the lesser of (a) 67% or more of the shares of the Fund

represented at a meeting, if the holders of more than 50% of the outstanding shares of the Fund are

present or represented by proxy, or (b) more than 50% of the outstanding shares of the Fund.

As a matter of fundamental policy, the Fund may not:

1. Issue senior securities, borrow money or pledge its assets, except that (i) the Fund may borrow

from banks in amounts not exceeding one-third of its total assets (including the amount

borrowed) and (ii) this restriction shall not prohibit the Fund from engaging in options

transactions or short sales.

2. Purchase securities on margin, except such short-term credits as may be necessary for the

clearance of transactions and except that the Fund may borrow money from banks to purchase

securities.

3. Act as underwriter (except to the extent the Fund may be deemed to be an underwriter in

connection with the sale of securities in its investment portfolio).

4. Invest 25% or more of its total assets, calculated at the time of purchase and taken at market

value, in any one industry (other than U.S. Government securities).

5. Purchase or sell real estate or interests in real estate or real estate limited partnerships (although

the Fund may purchase and sell securities which are secured by real estate and securities of

companies which invest or deal in real estate).

6. Purchase or sell commodities or commodity futures contracts.

7. Make loans of money (except for purchases of debt securities consistent with the investment

policies of the Fund and except for repurchase agreements).

8. Make investments for the purpose of exercising control or management.

Investments in certain categories of companies will not be considered to be investments in a particular

industry. Examples of these categories include:

(i)Financial service companies will be classified according to the end users of their services, for

example, automobile finance, bank finance and diversified finance will each be considered a

separate industry;

(ii)Technology companies will be divided according to their products and services, for example,

hardware, software, information services and outsourcing, or telecommunications will each be a

separate industry; and

(iii)Utility companies will be divided according to their services, for example, gas, gas transmission,

electric and telephone will each be considered a separate industry.

**Non-Fundamental Policies and Restrictions.** In addition to the fundamental policies and investment

restrictions described above, and the various general investment policies described in the Prospectus and

elsewhere in the SAI (which are considered non-fundamental and may be changed by the Trustees

without shareholder approval), the Fund will also be subject to the following non-fundamental investment

restrictions.

As a matter of non-fundamental policy, the Fund may not:

1. Invest in the securities of other investment companies or purchase any other investment

company's voting securities or make any other investment in other investment companies except

to the extent permitted by federal securities law.

2. Hold more than 15% of its net assets in illiquid investments that are assets pursuant to Rule 22e-4

under the 1940 Act.

3. Make loans of securities.

The Fund is prohibited from investing in derivatives, excluding certain currency and interest rate hedging

transactions. This restriction is not fundamental and may be changed by the Fund without a shareholder

vote. If the Fund does determine to invest in derivatives in the future, it will comply with Rule 18f-4

under the 1940 Act.

**MANAGEMENT**

The overall management of the business and affairs of the Trust is vested with its Board. The Board

approves all significant agreements between the Trust and persons or companies furnishing services to it,

including the agreements with the Adviser, Administrator, Custodian and Transfer Agent (each as defined

herein). The day-to-day operations of the Trust are delegated to its officers, subject to the Fund's

investment objectives, strategies, and policies and to general supervision by the Board.

The current Trustees and officers of the Trust, their year of birth, positions with the Trust, term of office

with the Trust and length of time served, their business addresses and principal occupations during the

past five years and other directorships held are set forth in the table below.

**Independent Trustees**<sup>(1)</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Year of Birth and** <br>**Address**<br>| **Position** <br>**Held with** <br>**the Trust**<br>| **Term of** <br>**Office and** <br>**Length of** <br>**Time** <br>**Served\***<br>| **Principal** <br>**Occupation**<br>**During Past Five** <br>**Years**<br>| **Number of** <br>**Portfolios**<br>**in Fund** <br>**Complex**<br>**Overseen by** <br>**Trustee**<sup>(2)</sup><br>| **Other** <br>**Directorships** <br>**Held During Past** <br>**Five Years**<sup>(3)</sup><br>|
| David G. Mertens<br>(1960)<br>615 E. Michigan Street<br>Milwaukee, WI 53202<br>| Board Chair<br>Trustee<br>| Indefinite <br>term; since <br>October <br>2023.<br>Indefinite <br>term; since <br>March 2017.<br>| Independent <br>Contractor <br>(February 2025 to <br>present); Partner, <br>QSV Equity <br>Investors, LLC (a <br>privately held <br>investment <br>advisory firm) <br>(February 2019 to <br>February 2025); <br>Managing <br>Director and Vice <br>President, Jensen <br>Investment <br>Management, Inc. <br>(a privately held <br>investment <br>advisory firm) <br>(2002 to 2017).<br>| 1 | Trustee, Advisors <br>Series Trust (for <br>series not affiliated <br>with the Fund).<br>|
| Michele Rackey<br>(1959)<br>615 E. Michigan Street<br>Milwaukee, WI 53202<br>| Trustee | Indefinite <br>term; since <br>January <br>2023.<br>| Chief Executive <br>Officer, <br>Government <br>Employees <br>Benefit <br>Association <br>(GEBA) (benefits <br>and wealth <br>management <br>organization) <br>(2004 to 2020); <br>Board Member, <br>Association <br>Business Services <br>Inc. (ABSI) (for-<br>profit subsidiary <br>of the American <br>Society of <br>Association <br>Executives) (2019 <br>to 2020).<br>| 1 | Trustee, Advisors <br>Series Trust (for <br>series not affiliated <br>with the Fund).<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Year of Birth and** <br>**Address**<br>| **Position** <br>**Held with** <br>**the Trust**<br>| **Term of** <br>**Office and** <br>**Length of** <br>**Time** <br>**Served\***<br>| **Principal** <br>**Occupation**<br>**During Past Five** <br>**Years**<br>| **Number of** <br>**Portfolios**<br>**in Fund** <br>**Complex**<br>**Overseen by** <br>**Trustee**<sup>(2)</sup><br>| **Other** <br>**Directorships** <br>**Held During Past** <br>**Five Years**<sup>(3)</sup><br>|
| Anne W. Kritzmire<br>(1962)<br>615 E. Michigan Street<br>Milwaukee, WI 53202<br>| Trustee | Indefinite <br>term; since <br>August 2024.<br>| Principal Owner <br>of AW Kritzmire <br>Consulting (2021-<br>Present); Business <br>Faculty Lead of <br>Lake Forest <br>Graduate School <br>of Management <br>(2021-Present); <br>Head of Multi-<br>Asset and various <br>other positions of <br>Nuveen <br>Investments <br>(1999-2020).<br>| 1 | Trustee, Advisors <br>Series Trust (for <br>series not affiliated <br>with the Fund); <br>Lead Independent <br>Director of <br>Thornburg Income <br>Builder <br>Opportunities Trust <br>(a closed end fund) <br>(2020-Present); <br>Trustee, Finance <br>Commissioner, and <br>Acting Treasurer of <br>Village of Long <br>Grove (municipal <br>government) <br>(2017-2025).<br>|
| Craig B. Wainscott<br>(1961)<br>615 E. Michigan Street<br>Milwaukee, WI 53202<br>| Trustee | Indefinite <br>term; since <br>August 2024.<br>| CEO <br>instaCOVER LLC <br>(Specialized <br>insurance/<br>technology <br>company) <br>2014-2021, and <br>CFO 2021-2023.<br>| 1 | Trustee, Advisors <br>Series Trust (for <br>series not affiliated <br>with the Fund); <br>Independent <br>Trustee of iMGP <br>Funds (14 Funds) <br>(2024-Present); <br>Independent <br>Trustee and Board <br>Chair of Brandes <br>Investment Trust (6 <br>Funds) <br>(2011-2024); <br>Board Member of <br>Paradigm Project <br>(social venture <br>company) <br>(2010-2020).<br>|

---

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name, Year of Birth and** <br>**Address**<br>| **Position Held** <br>**with the Trust**<br>| **Term of Office** <br>**and Length of** <br>**Time Served**<br>| **Principal Occupation** <br>**During Past Five Years**<br>|
| Jeffrey T. Rauman<br>(1969)<br>615 E. Michigan Street<br>Milwaukee, WI 53202<br>| President and <br>Principal Executive <br>Officer<br>| Indefinite term; <br>since December <br>2018.<br>| Senior Vice President, Compliance <br>and Administration, U.S. Bank Global <br>Fund Services (February 1996 to <br>present).<br>|
| Kevin J. Hayden<br>(1971)<br>615 E. Michigan Street<br>Milwaukee, WI 53202<br>| Vice President, <br>Treasurer and <br>Principal Financial <br>Officer<br>| Indefinite term; <br>since January 2023.<br>| Vice President, Compliance and <br>Administration, U.S. Bank Global <br>Fund Services (June 2005 to present).<br>|
| Richard R. Conner<br>(1982)<br>615 E. Michigan Street<br>Milwaukee, WI 53202<br>| Assistant Treasurer | Indefinite term; <br>since December <br>2018.<br>| Assistant Vice President, Compliance <br>and Administration, U.S. Bank Global <br>Fund Services (July 2010 to present).<br>|
| Albert Sosa<br>(1970)<br>615 E. Michigan Street<br>Milwaukee, WI 53202<br>| Assistant Treasurer | Indefinite term; <br>since March <br>2025.<br>| Assistant Vice President, <br>Compliance and Administration, <br>U.S. Bank Global Fund Services <br>(June 2004 to present).<br>|
| Joseph R. Kolinsky<br>(1970)<br>2020 E. Financial Way, Suite <br>100<br>Glendora, CA 91741<br>| Vice President, Chief <br>Compliance Officer <br>and AML Officer<br>| Indefinite term; <br>since July 2023. <br>| Vice President, U.S. Bank Global <br>Fund Services (May 2023 to present); <br>Chief Compliance Officer, Chandler <br>Asset Management, Inc. (2020 to <br>2022); Director, Corporate <br>Compliance, Pacific Life Insurance <br>Company (2018 to 2019).<br>|
| Elaine E. Richards<br>(1968)<br>2020 E. Financial Way, Suite <br>100<br>Glendora, CA 91741<br>| Vice President and <br>Secretary<br>| Indefinite term; <br>since February <br>2025.<br>| Senior Vice President, U.S. Bank <br>Global Fund Services (July 2007 to <br>present).<br>|

---

\*The Trustees have designated a mandatory retirement age of 75, such that each Trustee, serving as such on the date he or she

reaches the age of 75, shall submit his or her resignation not later than the last day of the calendar year in which his or her

75th birthday occurs ("Retiring Trustee"). Upon request, the Board may, by vote of a majority of the Trustees eligible to

vote on such matter, determine whether or not to extend such Retiring Trustee's term and on the length of a one-time

extension of up to three additional years.

<sup>(1)</sup> The Trustees of the Trust who are not "interested persons" of the Trust as defined under the 1940 Act ("Independent

Trustees").

<sup>(2)</sup>

The Trust is comprised of numerous active portfolios managed by unaffiliated investment advisors. The term "Fund

Complex" applies to the Fund. The Fund does not hold itself out as related to any other series within the Trust for

investment purposes, nor does it share the same investment advisor with any other series.

<sup>(3)</sup> "Other Directorships Held" includes only directorship of companies required to register or file reports with the SEC under

the Securities Exchange Act of 1934 Act, as amended, (that is, "public companies") or other investment companies

registered under the 1940 Act.

**Compensation**

Effective January 1, 2026, the Independent Trustees each receive an annual retainer of $116,500 per year

allocated among each of the various portfolios comprising the Trust, an additional $7,000 per regularly

scheduled Board meeting, and an additional $1,500 for certain special meetings, paid by the Trust or

applicable advisors/portfolios, as well as reimbursement for expenses incurred in connection with

attendance at Board meetings. Prior to January 1, 2026, the annual retainer was $108,500. The Trust

Chair, Chair of the Audit Committee, and Chair of the Governance and Nominating Committee each

receive a separate annual fee of $15,000, $10,000, and $5,000, respectively, provided that the separate fee

for the Chair of the Audit Committee will be waived if the same individual serves as both Trust Chair and

Audit Committee Chair. The Trust has no pension or retirement plan. No other entity affiliated with the

Trust pays any compensation to the Trustees. Set forth below is the compensation received by the

Independent Trustees from the Fund for the fiscal year endedSeptember 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Compensation** <br>**from the Fund**<sup>(1)</sup><br>| **Pension or** <br>**Retirement** <br>**Benefits** <br>**Accrued as** <br>**Part of Fund** <br>**Expenses**<br>| **Estimated** <br>**Annual** <br>**Benefits Upon** <br>**Retirement**<br>| **Total** <br>**Compensation** <br>**from Fund** <br>**Complex Paid to** <br>**Trustees**<sup>(2)</sup><br>|
| **Independent Trustee** | **Independent Trustee** |  |  |  |
| David G. Mertens | $4539 |  |  | $4539 |
| Joe D. Redwine<sup>(3)</sup> | $4348 |  |  | $4348 |
| Michele Rackey | $4341 |  |  | $4341 |
| Anne W. Kritzmire | $4234 |  |  | $4234 |
| Craig B. Wainscott | $4257 |  |  | $4257 |

---

<sup>(1)</sup> For the fiscal year ended September 30, 2025.

<sup>(2)</sup> There are currently numerous series comprising the Trust. The term "Fund Complex" refers only to the Fund and not to any

other series of the Trust. For the Fund's fiscal year ended September 30, 2025, aggregate Independent Trustees' fees for the

Trust were $713,000.

<sup>(3)</sup> Effective December 31, 2025, Mr. Redwine has resigned from the Board.

**<u>Additional Information Concerning Our Board of Trustees</u>**

*The Role of the Board*

The Board provides oversight of the management and operations of the Trust. Like all mutual funds, the

day-to-day responsibility for the management and operations of the Trust is the responsibility of various

service providers to the Trust, such as the Trust's investment advisers, distributor, administrator,

custodian, and transfer agent, each of whom are discussed in greater detail in this SAI. The Board

approves all significant agreements between the Trust and its service providers, including the agreements

with the investment advisers, distributor, administrator, custodian and transfer agent. The Board has

appointed various senior individuals of certain of these service providers as officers of the Trust, with

responsibility to monitor and report to the Board on the Trust's day-to-day operations. In conducting this

oversight, the Board receives regular reports from these officers and service providers regarding the

Trust's operations. The Board has appointed a Chief Compliance Officer ("CCO") who administers the

Trust's compliance program and regularly reports to the Board as to compliance matters. Some of these

reports are provided as part of formal "Board Meetings" which are typically held quarterly, in person, and

involve the Board's review of recent Trust operations. From time to time one or more members of the

Board may also meet with Trust officers in less formal settings, between formal "Board Meetings," to

discuss various topics. In all cases, however, the role of the Board and of any individual Trustee is one of

oversight and not of management of the day-to-day affairs of the Trust and its oversight role does not

make the Board a guarantor of the Trust's investments, operations or activities.

**Board Leadership Structure**

The Board has structured itself in a manner that it believes allows it to effectively perform its oversight

function. It has established three standing committees, an Audit Committee, a Governance and

Nominating Committee and a Qualified Legal Compliance Committee (the "QLCC"), which are

discussed in greater detail under "Board Committees," below. Currently, all of the members of the Board

are Independent Trustees, which are Trustees that are not affiliated with the Adviser or its affiliates or any

other investment adviser in the Trust or with its principal underwriter. The Independent Trustees have

engaged their own independent counsel to advise them on matters relating to their responsibilities in

connection with the Trust.

The Presidentand Principal Executive Officer of the Trust is not a Trustee, but rather a senior employee

of the Administrator who routinely interacts with the unaffiliated investment advisers of the Trust and

comprehensively manages the operational aspects of the Funds in the Trust. The Trust has appointed

David Mertens, an Independent Trustee, as Board Chair, and he acts as a liaison with the Trust's service

providers, officers, legal counsel, and other Trustees between meetings, helps to set Board meeting

agendas, and serves as Chair during executive sessions of the Independent Trustees.

The Board reviews its structure annually. The Trust has determined that it is appropriate to separate the

Principal Executive Officer and Board Chair positions because the day-to day responsibilities of the

Principal Executive Officer are not consistent with the oversight role of the Trustees and because of the

potential conflict of interest that may arise from the Administrator's duties with the Trust. Given the

specific characteristics and circumstances of the Trust as described above, the Trust has determined that

the Board's leadership structure is appropriate.

**Board Oversight of Risk Management**

As part of its oversight function, the Board receives and reviews various risk management reports and

assessments and discusses these matters with appropriate management and other personnel. Because risk

management is a broad concept comprised of many elements (*e.g.,*investment risk, issuer and

counterparty risk, compliance risk, operational risks, business continuity risks) the oversight of different

types of risks is handled in different ways. For example, the Board meets regularly with the CCO to

discuss compliance and operational risks and the Audit Committee meets with the Treasurer and the

Trust's independent public accounting firm to discuss, among other things, the internal control structure

of the Trust's financial reporting function. The full Board receives reports from the Adviser and portfolio

managers as to investment risks as well as other risks that may be also discussed in Audit Committee.

**Information about Each Trustee's Qualification, Experience, Attributes or Skills**

The Board believes that each of the Trustees has the qualifications, experience, attributes and skills

("Trustee Attributes") appropriate to their continued service as Trustees of the Trust in light of the Trust's

business and structure. Each of the Trustees has substantial business and professional backgrounds that

indicate they have the ability to critically review, evaluate and access information provided to them.

Certain of these business and professional experiences are set forth in detail in the table above. In

addition, the majority of the Trustees have served on boards for organizations other than the Trust, as well

as having served on the Board of the Trust for a number of years. They therefore have substantial board

experience and, in their service to the Trust, have gained substantial insight as to the operation of the

Trust. The Board annually conducts a 'self-assessment' wherein the effectiveness of the Board and

individual Trustees is reviewed.

In addition to the information provided in the table above, below is certain additional information

concerning each particular Trustee and certain of their Trustee Attributes. The information provided

below, and in the table above, is not all-inclusive. Many Trustee Attributes involve intangible elements,

such as intelligence, integrity, work ethic, the ability to work together, the ability to communicate

effectively, the ability to exercise judgment, the ability to ask incisive questions, and commitment to

shareholder interests. In conducting its annual self-assessment, the Board has determined that the Trustees

have the appropriate attributes and experience to continue to serve effectively as Trustees of the Trust.

*David G. Mertens*. Mr. Mertens has substantial mutual fund experience and is experienced with financial,

accounting, investment and regulatory matters. He currently serves as an Independent Contractor. Mr.

Mertens previously served as Partner of QSV Equity Investors, LLC, a privatelyheld investment advisory

firm, from 2019 to 2025. Mr. Mertens also gained substantial mutual fund experience through his tenure

as Managing Director and Vice President of Jensen Investment Management, Inc. ("Jensen") from 2002

to 2017. Prior to Jensen, Mr. Mertens held various roles in sales and marketing management with Berger

Financial Group, LLC from 1995 to 2002, ending as Senior Vice President of Institutional Marketing for

Berger Financial Group and President of its limited purpose broker-dealer, Berger Distributors.

*Michele Rackey*. Ms. Rackey has substantial experience in mutual funds and investment management

through her experience as CEO of Government Employees Benefits Association (GEBA) and also with

The ARK Funds. Ms. Rackey is experienced with financial, accounting, investment and regulatory

matters and serves as an Audit Committee Financial Expert for the Trust. Ms. Rackey was CEO of GEBA

for 17 years and Chief Operating Officer of the ARK Funds for nine years. Ms. Rackey has a BS in

Business Administration from the University of Illinois at Chicago and has an MBA from Keller

Graduate School of Management in Chicago. Ms. Rackey previously held FINRA series 6, 7 and 63

licenses as well as a Maryland Life and Health License.

*Anne W. Kritzmire.* Ms. Kritzmire has substantial experience in registered funds and investment

management through her experience as Head of Multi-Asset/Solutions Marketing, Managing Director of

Closed-End Funds, Managing Director of Channel Marketing, and Director of Customer Insights at

Nuveen Investments. Ms. Kritzmire serves as Lead Independent Director on the Board of Directors and is

a member of the Audit Committee and Nominating and Governance Committee of the Thornburg Income

Builder Opportunities Trust (2020-Present). With respect to the Thornburg Income Builder Opportunities

Trust, she is considered to be a qualified financial expert. She has also served on several other boards

including as a Trustee, Financial Commissioner, and Acting Treasurer at Village of Long Grove

(2017-2025). Ms. Kritzmire has a B.S. in Electrical Engineering from University of Notre Dame and has

an MBA in Finance and Marketing from Northwestern University, Kellogg Graduate School of

Management. Ms. Kritzmire serves as an Audit Committee Financial Expert for the Trust.

*Craig B. Wainscott.* Mr. Wainscott has substantial global executive and advisory experience, including

his current position as a mutual fund trustee at iMGP Funds and early-stage business advisor. He formerly

served as an Independent Trustee and Board Chair of Brandes Investment Trust. He also has extensive C-

Suite Leadership, including his position as Chief Executive Officer at Russell Investments Canada for

five years, leading a diverse collection of businesses such as mutual funds, institutional funds, consulting,

and brokerage. He has also served as CEO at instaCOVER LLC and CFO at The Paradigm Project.

Mr. Wainscott continues to serve as Board Advisor at Cadenced Biomedical (an early-stage medical

device company). He has also served as a board member for The Paradigm Project. Mr. Wainscott is a

qualified financial expert, having served as the CFO for two organizations, audit committee member, and

is a CFA. Mr. Wainscott serves as an Audit Committee Financial Expert for the Trust.

**Board Committees**

The Trust has established the following three standing committees and the membership of each committee

to assist in its oversight functions, including its oversight of the risks the Trust faces: the Audit

Committee, the QLCC, and the Governance and Nominating Committee. There is no assurance, however,

that the Board's committee structure will prevent or mitigate risks in actual practice. The Trust's

committee structure is specifically not intended or designed to prevent or mitigate the Funds' investment

risks. The Funds are designed for investors that are prepared to accept investment risk, including the

possibility that as yet unforeseen risks may emerge in the future.

The Audit Committee is comprised of all of the Independent Trustees. Ms. Rackey is the Chair of the

Audit Committee. The Audit Committee will meet at least once per year with respect to the various series

of the Trust. The function of the Audit Committee, with respect to each series of the Trust, is to review

the scope and results of the audit and any matters bearing on the audit or the Fund's financial statements

and to ensure the integrity of the Fund's pricing and financial reporting.The Audit Committee met once

with respect to the Fund during the Fund's fiscal year endedSeptember 30, 2025.

The Audit Committee also serves as the QLCC for the Trust for the purpose of compliance with

Rules 205.2(k) and 205.3(c) of the Code of Federal Regulations, regarding alternative reporting

procedures for attorneys retained or employed by an issuer who appear and practice before the SEC on

behalf of the issuer (the "issuer attorneys"). An issuer attorney who becomes aware of evidence of a

material violation by the Trust, or by any officer, director, employee, or agent of the Trust, may report

evidence of such material violation to the QLCC as an alternative to the reporting requirements of

Rule 205.3(b) (which requires reporting to the chief legal officer and potentially "up the ladder" to other

entities).The QLCC did not meet with respect to the Trust during the fiscal year endedSeptember 30,

2025. The Governance and Nominating Committee is comprised of all, and only of, the Independent Trustees.

The Governance and Nominating Committee is responsible for seeking and reviewing candidates for

consideration as nominees for Trustees as is considered necessary from time to time and meets only as

necessary. The Governance and Nominating Committee will consider nominees recommended by

shareholders for vacancies on the Board. Recommendations for consideration by the Governance and

Nominating Committee should be sent to the President of the Trust in writing together with the

appropriate biographical information concerning each such proposed Nominee, and such recommendation

must comply with the notice provisions set forth in the Trust's By-Laws. In general, to comply with such

procedures, such nominations, together with all required biographical information, must be delivered to

and received by the President of the Trust at the principal executive office of the Trust between 120 and

150 days prior to the shareholder meeting at which any such nominee would be voted on.

The Governance and Nominating Committee meets regularly with respect to the various series of the

Trust. The Governance and Nominating Committee is also responsible for, among other things, reviewing

and making recommendations regarding Independent Trustee compensation and the Trustees' annual

"self-assessment." Mr. Wainscott is the Chair of the Governance and Nominating Committee.The

Nominating and Governance Committee met four times with respect to the Trust during the fiscal year

endedSeptember 30, 2025.

**Trustee Ownership of Fund Shares and Other Interests**

The following table shows the amount of shares in the Fund and the amount of shares in the aggregate

owned by the Trustees as of the calendar year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
| | **Dollar Range of Equity** <br>**Securities in the** <br>**Fund**<br>| **Aggregate Dollar Range of Equity Securities in all** <br>**Registered Investment Companies Overseen by** <br>**Trustee in Family of Investment Companies**<br>|
| **Independent Trustees** | **(None, $1-$10,000, $10,001-$50,000, $50,001-$100,000,**<br>**Over $100,000)** | **(None, $1-$10,000, $10,001-$50,000, $50,001-$100,000,**<br>**Over $100,000)** |
| David G. Mertens |  | Over $100,000 |
| Michele Rackey |  | $50001 - $100000 |
| Anne W. Kritzmire |  |  |
| Craig B. Wainscott |  |  |

---

As of December 31, 2025, neither the Independent Trustees nor members of their immediate family, own

securities beneficially or of record in the Adviser, the distributor, as defined below, or an affiliate of the

Adviser or distributor. Accordingly, neither the Independent Trustees nor members of their immediate

family, have direct or indirect interest, the value of which exceeds $120,000, in the Adviser, the

distributor or any of their affiliates. In addition, during the two most recently completed calendar years,

neither the Independent Trustees nor members of their immediate families have conducted any

transactions (or series of transactions) in which the amount involved exceeds $120,000 and to which the

Adviser, the distributor or any affiliate thereof was a party.

**Control Persons, Principal Shareholders and Management Ownership**

A principal shareholder is any person who owns of record or beneficially 5% or more of the outstanding

shares of a class of the Fund. A control person is one who owns beneficially or through controlled

companies more than 25% of the voting securities of a company or acknowledges the existence of

control. Shareholders with a controlling interest could affect the outcome of voting or the direction of

management of the Fund. For control persons only, if a control person is a company, the table also

indicates the control person's parent, if any, and the jurisdiction under the laws of which the control

person is organized. As of December 31, 2025, there were no control persons of the Fund. As of

December 31, 2025, the following shareholders were considered to be principal shareholders of the Fund:

**Class N**

---

| | | |
|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Type of** <br>**Ownership**<br>|
| CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY A/C FBO <br>CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901<br>| 33.65% | Record |
| NATIONAL FINANCIAL <br>SERVICES LLC<br>FOR THE EXCLUSIVE BENEFIT <br>OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPT <br>4TH FL<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310-1995<br>| 18.62% | Record |

---

**Institutional Class**

---

| | | |
|:---|:---|:---|
| **Name and Address** | **% Ownership** | **Type of** <br>**Ownership**<br>|
| CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY A/C FBO <br>CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1901<br>| 38.69% | Record |
| MANDALAY KLEBERG LIMITED<br>PARTNERSHIP<br>112 E PECAN ST STE 1025<br>SAN ANTONIO TX 78205-1577<br>| 6.61% | Beneficial |
| CAPINCO C/O US BANK NA<br>1555 N RIVERCENTER DR STE 302<br>MILWAUKEE WI 53212-3958<br>| 6.24% | Record |

---

*Management Ownership Information*. As of December 31, 2025, the Trustees and Officers of the Trust, as

a group, beneficially owned less than 1% of the outstanding shares of any class of the Fund.

**THE FUND'S INVESTMENT ADVISER**

Chase Investment Counsel Corporation, 350 Old Ivy Way, Suite 100, Charlottesville, Virginia 22903, acts

as investment adviser to the Fund pursuant to an Investment Advisory Agreement (the "Advisory

Agreement"). Mr. Derwood S. Chase, Jr. owns 16.16% of the total shares and 91.34% of the voting shares

of the Adviser and is therefore a control person of the Adviser. Subject to such policies as the Board may

determine, the Adviser is responsible for investment decisions for the Fund. Pursuant to the terms of the

Advisory Agreement, the Adviser provides the Fund with such investment advice and supervision as it

deems necessary for the proper supervision of the Fund's investments. The Adviser continuously provides

investment programs and determines from time to time what securities shall be purchased, sold or

exchanged and what portion of the Fund's assets shall be held uninvested. The Adviser furnishes, at its

own expense, all services, facilities and personnel necessary in connection with managing the investments

and effecting portfolio transactions for the Fund. The Advisory Agreement will continue in effect from

year to year 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 by a majority of the Trustees who are not

parties to the Advisory Agreement or interested persons of any such party, at a meeting called for the

purpose of voting on such Advisory Agreement.

Pursuant to the terms of the Advisory Agreement, the Adviser is permitted to render services to others.

The Advisory Agreement is terminable without penalty by the Trust on behalf of the Fund on not more

than 60 days' written notice when authorized either by a majority vote of the Fund's shareholders or by a

vote of a majority of the Board of the Trust, or by the Adviser on not more than 60 days' written notice,

and will automatically terminate in the event of its "assignment" (as defined in the 1940 Act). The

Advisory Agreement provides that the Adviser under such agreement shall not be liable for any error of

judgment or mistake of law or for any loss arising out of any investment or for any act or omission in the

execution of portfolio transactions for the Fund, except for willful misfeasance, bad faith or negligence in

the performance of its duties, or by reason of reckless disregard of its obligations and duties thereunder.

In consideration of the services provided by the Adviser pursuant to the Advisory Agreement, the Adviser

is entitled to receive from the Fund an investment management fee of 0.75% of the Fund's average daily

net assets computed daily and paid monthly. However, the Adviser may voluntarily agree to waive a

portion of the fees payable to it on a month-to-month basis.

In addition to the fees payable to the Adviser, the Fund is responsible for its own operating expenses,

including: fees and expenses incurred in connection with the issuance, registration and transfer of its

shares; brokerage and commission expenses; all expenses of transfer, receipt, safekeeping, servicing and

accounting for the cash, securities and other property of the Trust for the benefit of the Fund including all

fees and expenses of its custodian and accounting services agent; fund administration fees and related

expenses; chief compliance officer fees; interest charges on any borrowings; costs and expenses of pricing

and calculating its daily NAV and of maintaining its books of account required under the 1940 Act,

including pricing services; taxes, if any; a pro rata portion of expenditures in connection with meetings of

the Fund's shareholders and the Board that are properly payable by the Fund; compensation and fees and

expenses of members of the Board who are not members of, affiliated with or interested persons of the

Adviser or Administrator; insurance premiums on property or personnel of the Fund which inure to its

benefit, including liability and fidelity bond insurance; the cost of preparing and printing reports, proxy

statements, prospectuses and the statement of additional information of the Fund or other communications

for distribution to existing shareholders; legal counsel, auditing and accounting fees; trade association

membership dues (including membership dues in the Investment Company Institute allocable to the

Fund); fees and expenses (including legal fees) of registering and maintaining registration of its shares for

sale under federal and applicable state and foreign securities laws; all expenses of maintaining

shareholder accounts, including all charges for transfer, shareholder recordkeeping, dividend disbursing,

redemption, and other agents for the benefit of the Fund, if any; and all other charges and costs of its

operation plus any extraordinary and non-recurring expenses. General expenses of the Trust are allocated

among all of the series of the Trust, including the Fund, in a manner proportionate to the net assets of the

Fund, on a transactional basis, or on such other basis as the Board deems equitable.

Though the Fund is responsible for its own operating expenses, the Adviser has contractually agreed to

waive a portion of its management fees and pay Fund expenses (excluding acquired fund fees and

expenses, leverage interest, taxes, dividends on securities sold short, extraordinary expenses, Rule 12b-1

fees, shareholder servicing fees and any other class-specific expenses) in order to limit the Fund's total

annual fund operating expenses to the limits set forth in the Prospectus. The term of the Fund's operating

expense limitation agreement is at least through January 28, 2027, and it can only be terminated by the

Board. The Adviser may request recoupment of previously waived fees and paid expenses in any

subsequent month in the 36-month period from the date of the management fee reduction and expense

payment if the aggregate amount actually paid by the Fund toward the operating expenses for such fiscal

year (taking into account the reimbursement) will not cause the Fund to exceed the lesser of: (1) the

expense limitation in place at the time of the management fee reduction and expense payment; or (2) the

expense limitation in place at the time of the reimbursement. Any such recoupment is contingent upon the

subsequent review and ratification of the recouped amounts by the Board. The Fund must pay current

ordinary operating expenses before the Adviser is entitled to any recoupment of fees and expenses. This

recoupment may be requested by the Adviser if the aggregate amount actually paid by the Fund toward

operating expenses for such period (taking into account the recoupment) does not exceed the Expense

Cap. The amount of any such waiver to be borne by the Adviser shall be deducted from the monthly

management fee otherwise payable with respect to the Fund during such period; and if such amounts

should exceed the monthly fee, the Adviser shall pay to the Fund its share of such excess expenses no

later than the last day of the first month of the next succeeding period.

For the periods indicated, the Fund paid the following management fees to the Adviser:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year** <br>**Ended**<br>**September 30,**<br>| **Management Fees**<br>**Accrued by Adviser**<br>| **Management Fees**<br>**Waived**<br>| **Management** <br>**Fees Recouped**<br>| **Net Management Fee** <br>**Paid to Adviser**<br>|
| 2025 | $655432 | $125102 | $0 | $530330 |
| 2024 | $573227 | $135238 | $0 | $437989 |
| 2023 | $474672 | $155587 | $0 | $319085 |

---

**Portfolio Managers**

Peter W. Tuz, CFA, CFP<sup>®</sup>, Robert C. Klintworth, CMT, CFP<sup>®</sup>, and Spencer J. Garrett are the investment

professionals at the Adviser primarily responsible for the day-to-day management of the Fund with 28,

21, and two years of experience, respectively, managing the Fund. Mr. Klintworth and Mr. Tuz serve as

primary portfolio managers and analysts for the Fund and Mr. Garrett serves as an analyst and assistant

portfolio manager. The following table shows the number of other accounts (not including the Fund)

managed by Mr. Klintworth, Mr. Tuz and, Mr. Garrett and the total assets in the accounts managed within

various categories as of September 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered** <br>**Investment** <br>**Companies** <br>**<u>(excluding the Fund)</u>** | **Registered** <br>**Investment** <br>**Companies** <br>**<u>(excluding the Fund)</u>** | **Other Pooled** <br>**<u>Investment Vehicles</u>** | **Other Pooled** <br>**<u>Investment Vehicles</u>** | **<u>Other Accounts</u>** | **<u>Other Accounts</u>** |
| **<u>Portfolio Managers</u>** | **Number** <br>**of** <br>**<u>Accounts</u>**<br>| **Total** <br>**Assets in** <br>**<u>Accounts</u>**<br>| **Number** <br>**of** <br>**<u>Accounts</u>**<br>| **Total** <br>**Assets in** <br>**<u>Accounts</u>**<br>| **Number** <br>**of** <br>**<u>Accounts</u>**<br>| **Total Assets in** <br>**<u>Accounts</u>**<br>|
| Peter W. Tuz | 0 | 0 | 0 | 0 | 133 | $395000000 |
| Robert C. Klintworth | 0 | 0 | 0 | 0 | 133 | $395000000 |
| Spencer. J. Garrett | 0 | 0 | 0 | 0 | 133 | $395000000 |

---

The portfolio managers do not manage any accounts that pay performance-based management fees.

*Material Conflict of Interest*. The portfolio managers who have day-to-day management responsibilities

with respect to other accounts may be presented with potential or actual conflicts of interest.

The management of other accounts may result in a portfolio manager devoting unequal time and attention

to the management of the Fund and/or other accounts. In approving the Advisory Agreement, the Board

of Trustees was satisfied that the portfolio managers would be able to devote sufficient attention to the

management of the Fund, and that the Adviser seeks to manage such competing interests for the time and

attention of the portfolio managers.

With respect to securities transactions for the Fund, the Adviser determines which broker to use to

execute each transaction, consistent with its duty to seek best execution of the transaction. Whenever

possible, the Adviser will combine orders for the purchase and sale of securities on behalf of the Fund and

other accounts for which it has full trading discretion. The Adviser can generally improve the price,

transaction costs, and other aspects of trade execution when orders in the same security are aggregated for

multiple clients. The Adviser will ensure fair and equitable treatment of each of its clients when

aggregating and allocating client trades.

The Adviser has offered separately managed large-, mid-, and all-cap growth accounts for institutions

such as pension funds, foundations, Taft-Hartley organizations, endowments and individuals for more

than sixty-seven years. Because the Fund is managed using the same strategy and philosophy as the

separately managed accounts with similar objectives, there are no conflicts between the management of

the Fund and the separate accounts. In addition, Chase's brokerage and trading policies ensure that no

material conflicts arise between transactions involving the Fund and those involving separately managed

accounts.

*Compensation*. The portfolio managers receive a fixed base salary and are entitled to participate in the

company-sponsored retirement plan commensurate with the other employees of the firm. The firm

matches a portion of the employees' contributions to the plan. No portion of the fixed base salary of the

portfolio managers is tied to the management or the performance of the Fund or to the performance of the

Adviser's separately managed accounts. Messrs. Klintworth, Tuz and Garrett are equity owners of the

Adviser and may receive a salary bonus. Bonuses are provided only at the direction of the firm's Board of

Directors and are based primarily on profitability metrics of the firm. Bonuses are not investment

performance based. As the firm is a subchapter S corporation, all net earnings are distributed to the firm's

equity owners. Messrs. Tuz and Garrett are eligible to receive commissions on separately managed

accounts which they introduce to the firm above a certain asset level and Mr. Garrett is eligible to receive

commissions on investments by mutual fund shareholders he introduces above a certain investment level.

*Securities Owned in the Fund by Portfolio Managers*. As of September 30, 2025, the portfolio managers

owned the following securities in the Fund:

---

| | |
|:---|:---|
| **Name of Portfolio Manager** | **Dollar Range of Equity Securities in the Fund** |
| **Name of Portfolio Manager** | (None, $1-$10,000, $10,001-$50,000, $50,001-$100,000, $100,001 - $500,000, <br>$500,001 to $1,000,000, Over $1,000,000)<br>|
| Peter W. Tuz | $500001-$1000000 |
| Robert C. Klintworth | $10001-$50000 |
| Spencer J. Garrett | $50001-$100000 |

---

**The Distributor**

The Trust has entered into a Distribution Agreement (the "Distribution Agreement") with Quasar

Distributors, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group),

190 Middle Street, Suite 301, Portland, Maine 04101 (the "Distributor"), pursuant to which the

Distributor acts as the Fund's distributor in a continuous public offering of the Fund's shares, provides

certain administration services and arranges for the sale of the Fund's shares through third parties.

The Distribution Agreement 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 Trustees. The Distribution Agreement is terminable without

penalty by the Trust on behalf of the Fund on 60 days' written notice when authorized either by a

majority vote of the Fund's shareholders or by vote of a majority of the Board, including a majority of the

Independent Trustees 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).

In connection with promotion of the sales of the Fund, the Distributor may, from time to time, offer (to all

broker-dealers who have a sales agreement with the Distributor) the opportunity to participate in sales

incentive programs (which may include non-cash concessions). The Distributor may also, from time to

time, pay expenses and fees required in order to participate in dealer sponsored seminars and conferences,

reimburse dealers for expenses incurred in connection with pre-approved seminars, conferences and

advertising, and may, from time to time, pay or allow additional promotional incentives to dealers as part

of pre-approved sales contests.

*Shareholder Servicing Plan –* The Fund has adopted a shareholder servicing plan on behalf of its Class N

shares. Under the shareholder servicing plan, the Fund may pay an authorized firm up to 0.15% on an

annualized basis of average daily net assets attributable to its customers who are shareholders. For this

fee, the authorized firms may provide a variety of services, such as: (1) aggregating and processing

purchase and redemption requests and transmitting such orders to the transfer agent; (2) providing

shareholders with a service that invests the assets of their accounts in shares pursuant to specific or pre-

authorized instructions; (3) processing dividend and distribution payments from the Fund on behalf of

shareholders; (4) providing information periodically to shareholders showing their positions;

(5) arranging for bank wires; (6) responding to shareholder inquiries concerning their investment;

(7) providing sub-accounting with respect to shares beneficially owned by shareholders or the information

necessary for sub-accounting; (8) if required by law, forwarding shareholder communications (such as

proxies, shareholder reports, annual and semi-annual financial statements and dividend, distribution and

tax notices); and (9) providing similar services as may reasonably be requested.

The Fund has policies and procedures in place for the monitoring of payments to broker-dealers and other

financial intermediaries for sub-transfer agent, administrative, and other shareholder servicing services.

For the fiscal years indicated below, the Fund incurred shareholder servicing fees under the shareholder

servicing plan in the following amounts:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Fiscal Year** <br>**Ended September 30,** <br>**2025**<br>| **For the Fiscal Year** <br>**Ended September 30,** <br>**2024**<br>| **For the Fiscal Year** <br>**Ended September 30,** <br>**2023**<br>|
| Class N | $45057 | $39691 | $33996 |

---

**MARKETING AND SUPPORT PAYMENTS**

The Adviser, out of its own resources and without additional cost to the Fund or its shareholders, may

provide additional cash payments or other compensation to certain financial intermediaries who sell

shares of the Fund. Such payments may be divided into categories as follows:

*Support Payments.* Payments may be made by the Adviser to certain financial intermediaries in

connection with the eligibility of the Fund to be offered in certain programs and/or in connection with

meetings between the Fund's representatives and financial intermediaries and its sales representatives.

Such meetings may be held for various purposes, including providing education and training about the

Fund and other general financial topics to assist financial intermediaries' sales representatives in making

informed recommendations to, and decisions on behalf of, their clients.

*Entertainment, Conferences and Events.* The Adviser also may pay cash or non-cash compensation to

sales representatives of financial intermediaries in the form of (i) occasional gifts; (ii) occasional meals,

tickets or other entertainments; and/or (iii) sponsorship support for the financial intermediary's client

seminars and cooperative advertising. In addition, the Adviser pays for exhibit space or sponsorships at

regional or national events of financial intermediaries.

The prospect of receiving, or the receipt of additional payments or other compensation as described above

by financial intermediaries may provide such intermediaries and/or their salespersons with an incentive to

favor sales of shares of the Fund, and other mutual funds whose affiliates make similar compensation

available, over sale of shares of mutual funds (or non-mutual fund investments) not making such

payments. You may wish to take such payment arrangements into account when considering and

evaluating any recommendations relating to the Fund's shares.

*Compensation to Dealers and Shareholder Servicing Agents.* Set forth below is a list of the member firms

of FINRA to which the Adviser, the Distributor or their affiliates made payments out of their revenues in

connection with the sale and distribution of shares of the Fund or for services to the Fund and its

shareholders in the fiscal year ended September 30, 2025 ("Additional Payments"). Such payments are in

addition to any amounts paid to such FINRA firms in the form of fees for shareholder servicing or

distribution. The payments are discussed in further detail in the Prospectus under the title, "Shareholder

Servicing Plan and Other Third-Party Payments." Any additions, modification, or deletions to the member

firms identified in this list that have occurred since September 30, 2025, are not reflected:

FINRA MEMBER FIRMS

• Charles Schwab & Co., Inc.

• Fidelity Investments Institutional Services Company, Inc.

• First Clearing (Wells Fargo)

• Pershing LLC

• Merrill Lynch, Pierce, Fenner & Smith Incorporated

• MidAtlantic Capital Corporation

• Morgan Stanley/E\*Trade

• MSCS Financial Services LLC

• NFS Corp.

• Raymond James & Associates, Inc.

• RBC Capital Markets

• TD Ameritrade

• U.S. Bank

• Vanguard Brokerage Services

**THE FUND'SSERVICE PROVIDERS**

**Fund Administrator**

The Trust has entered into an Administration Agreement (the "Administration Agreement"), with U.S.

Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services")

located at 615 East Michigan Street, Milwaukee, Wisconsin 53202 (the "Administrator"). The

Administrator provides certain administrative services to the Fund, including, among other

responsibilities, coordinating the negotiation of contracts and fees with, and the monitoring of

performance and billing of, the Fund's independent contractors and agents; preparation for signature by

an officer of the Trust of all documents required to be filed for compliance by the Trust and the Fund with

applicable laws and regulations excluding those of the securities laws of various states; arranging for the

computation of performance data, including NAV and yield; responding to shareholder inquiries; and

arranging for the maintenance of books and records of the Fund, and providing, at its own expense, office

facilities, equipment and personnel necessary to carry out its duties. In this capacity, the Administrator

does not have any responsibility or authority for the management of the Fund, the determination of

investment policy, or for any matter pertaining to the distribution of Fund shares. Additionally, the

Administrator provides CCO services to the Trust under a separate agreement. The cost of the CCO's

services is charged to the Fund and approved by the Board annually.

The Administration Agreement is terminable without penalty by the Trust on behalf of the Fund or by the

Administrator on 60 days' written notice (as defined in the 1940 Act). The Administration Agreement

also provides that neither the Administrator nor its personnel shall be liable for any error of judgment or

mistake of law or for any act or omission in the administration of the Fund, except for willful misconduct,

bad faith or negligence in the performance of its or their duties under the Administration Agreement.

For the periods indicated, the Fund paid to Fund Services the following administration fees:

**Administration Fees Paid to Fund Services**

---

| | | |
|:---|:---|:---|
| **Fiscal Year Ended September 30,** | **Fiscal Year Ended September 30,** | **Fiscal Year Ended September 30,** |
| **2025** | **2024** | **2023** |
| $106203 | $104077 | $104774 |

---

**Custodian and Transfer Agent**

U.S. Bank National Association, located at Custody Operations, 1555 N. RiverCenter Drive, Suite 302,

Milwaukee, Wisconsin 53212, acts as Custodian of the securities and other assets of the Fund. Under the

Custody Agreement, the Custodian holds the Fund's portfolio securities in safekeeping and keeps all

necessary records and documents relating to its duties. The Custodian is compensated with an asset-based

fee plus transaction fees and is reimbursed for out-of-pocket expenses. The Custodian, Transfer Agent,

and Administrator are affiliated entities under the common control of U.S. Bancorp. Fund Services acts as

the Fund's accountant and transfer and dividend disbursing agent. The Custodian and Transfer Agent do

not participate in decisions relating to the purchase and sale of securities by the Fund. The Custodian and

its affiliates may participate in revenue sharing arrangements with service providers of mutual funds in

which the Fund may invest.

**Independent Registered Public Accounting Firm and Legal Counsel**

Tait, Weller & Baker LLP, Two Liberty Place, 50 South 16<sup>th</sup> Street, Suite 2900, Philadelphia,

Pennsylvania 19102, is the independent registered public accounting firm for the Fund, whose services

include auditing the Fund's financial statements and the performance of related tax services.

Sullivan & Worcester LLP ("Sullivan & Worcester"), 1251 Avenue of the Americas, 19th Floor, New

York, New York 10020, serves as legal counsel to the Trust and provides counsel on legal matters

relating to the Fund. Sullivan & Worcester also serves as independent legal counsel to the Board of

Trustees.

**PORTFOLIO TRANSACTIONS AND BROKERAGE**

Pursuant to the Investment Advisory Agreement, the Adviser determines which securities are to be

purchased and sold by the Fund and which broker-dealers will be used to execute the Fund's portfolio

transactions. Purchases and sales of securities in the over-the-counter market will be executed directly

with a "market-maker" unless, in the opinion of the Adviser, a better price and execution can otherwise be

obtained by using a broker for the transaction.

Purchases of portfolio securities for the Fund also may be made directly from issuers or from

underwriters. Where possible, purchase and sale transactions will be made through dealers (including

banks) which specialize in the types of securities which the Fund will be holding, unless better executions

are available elsewhere. Dealers and underwriters usually act as principal for their own account.

Purchases from underwriters will include a concession paid by the issuer to the underwriter and purchases

from dealers will include the spread between the bid and the asked price. If the execution and price

offered by more than one broker, dealer or underwriter are comparable, the order may be allocated to a

broker, dealer or underwriter that has provided research or other services as discussed below.

In placing portfolio transactions, the Adviser will seek best execution. The full range and quality of

services available will be considered in making these determinations, such as the size of the order, the

difficulty of execution, the operational facilities of the firm involved, the firm's risk in positioning a block

of securities, and other factors. The Adviser considers such information, which is in addition to and not in

lieu of the services required to be performed by it under its Agreement with the Fund, to be useful in

varying degrees, but of indeterminable value. Portfolio transactions may be placed with broker-dealers

who sell shares of the Fund subject to rules adopted by FINRA.

While it is the Adviser's general policy to seek best execution to obtain the most favorable price and

execution available, in selecting a broker-dealer to execute portfolio transactions for the Fund, in

accordance with Section 28(e) under the Securities and Exchange Act of 1934, as amended, when it is

determined that more than one broker-dealer can deliver best execution, weight is also given to the ability

of a broker-dealer to furnish brokerage and research services to the Fund or to the Adviser, even if the

specific services are not directly useful to the Fund and may be useful to the Adviser in advising other

clients. Brokerage and research services include, but are not limited to, publications, analysis, and reports

concerning issuers, industries, securities, economic factors and trends. In negotiating commissions with a

broker or evaluating the spread to be paid to a dealer, the Fund may therefore pay a higher commission or

spread than would be the case if no weight were given to the furnishing of these supplemental services,

provided that the amount of such commission or spread has been determined in good faith by the Adviser

to be reasonable in relation to the value of the brokerage and/or research services provided by such

broker-dealer. The standard of reasonableness is to be measured in light of the Adviser's overall

responsibilities to the Fund. The Board will review quarterly the Adviser's performance of its

responsibilities in connection with the placement of portfolio transactions on behalf of the Fund. Such

review is conducted for the purpose of determining if the markups and commissions, if any, paid by the

Fund is reasonable in relation to the benefits received by the Fund taking into account the competitive

practices of the industry.

Investment decisions for the Fund are made independently from those of other client accounts or mutual

funds managed or advised by the Adviser. Nevertheless, it is possible that at times identical securities will

be acceptable for the Fund and one or more of such client accounts. In such event, the position of the

Fund and such client account(s) in the same issuer may vary and the length of time that each may choose

to hold its investment in the same issuer may likewise vary. However, to the extent any of these client

accounts seeks to acquire the same security as the Fund at the same time, the Fund may not be able to

acquire as large a portion of such security as it desires, or it may have to pay a higher price or obtain a

lower yield for such security. Similarly, the Fund may not be able to obtain as high a price for, or as large

an execution of, an order to sell any particular security at the same time. If one or more of such client

accounts simultaneously purchases or sells the same security that the Fund is purchasing or selling, each

day's transactions in such security will be allocated between the Fund and all such client accounts in a

manner deemed equitable by the Adviser, taking into account the respective sizes of the accounts and the

amount being purchased or sold. It is recognized that in some cases this system could have a detrimental

effect on the price or value of the security insofar as the Fund is concerned. In other cases, however, it is

believed that the ability of the Fund to participate in volume transactions may produce better executions

for the Fund.

The Fund does not place securities transactions through brokers for selling shares of the Fund. However,

as stated above, broker-dealers who execute brokerage transactions may effect purchases of shares of the

Fund for its customers.

**Brokerage Commissions for the Fund**

---

| | | |
|:---|:---|:---|
| **Fiscal Year Ended September 30,** | **Fiscal Year Ended September 30,** | **Fiscal Year Ended September 30,** |
| **2025** | **2024** | **2023** |
| $65424 | $47829 | $50606 |

---

The table below indicates the portion of the Fund's aggregate brokerage for the fiscal year ended

September 30, 2025 (from the table above) that was directed to brokers who, in addition to providing

trade execution, also supplied the Fund with research, statistical and other services.

---

| | |
|:---|:---|
| **Fiscal Year Ended September 30**, **2025** | **Fiscal Year Ended September 30**, **2025** |
| **<u>Dollar Value of Securities Traded</u>** | **<u>Related "Soft Dollar" Brokerage Commissions</u>** |
| $155967717 | $54254 |

---

The Fund did not acquire securities of its regular brokers or dealers during the Fund's fiscal year ended

September 30, 2025.

**PORTFOLIO TURNOVER**

The average annual portfolio turnover rate is the ratio of the lesser of sales or purchases to the monthly

average value of the portfolio securities owned during the year, excluding from both the numerator and

the denominator all securities with maturities at the time of acquisition of one year or less. A higher

portfolio turnover rate involves greater transaction expenses to a fund and may result in the realization of

net capital gains, which would be taxable to shareholders when distributed. The Adviser makes purchases

and sales for the Fund's portfolios whenever necessary, in the Adviser's opinion, to meet the Fund's

objectives. A high rate of portfolio turnover (100% or more) generally leads to higher transaction costs

and may result in a greater number of taxable transactions. The following table provides the Fund's

portfolio turnover rate for the past two fiscal years.

---

| | |
|:---|:---|
| **Fiscal Year Ended September 30\*** | **Fiscal Year Ended September 30\*** |
| **2025** | **2024** |
| 106.60% | 94.92% |

---

<sup>\*</sup>As a bottom-up stock picker, portfolio decisions are driven by the results of the Adviser's investment process. Depending on

trends and conditions in the stock market, adherence to this investment process may result in more or less turnover from year-to-

year.

Turnover may fluctuate from year to year depending on the external market environment and volatility,

the stocks violating the Adviser's sell criteria, and the relative attractiveness of replacement candidates.

**PORTFOLIO HOLDINGS INFORMATION**

The Adviser and the Fund maintains portfolio holdings disclosure policies (the "Policies") that govern the

timing and circumstances of disclosure to shareholders and third parties of information regarding the

portfolio investments held by the Fund. These portfolio holdings disclosure policies have been approved

by the Board of Trustees of the Fund. Disclosure of the Fund's complete holdings is required to be made

quarterly within 60 days of the end of each fiscal quarter in the annual certified shareholder report and

semi-annual certified shareholder report to Fund shareholders and in the quarterly holdings report on Part

F of Form N-PORT. These reports are available, free of charge, on the EDGAR database on the SEC's

website at <u>www.sec.gov</u>.

A complete listing of the Fund's portfolio holdings is made available to the public at the end of each

calendar quarter with a lag of up to seven business days. These holdings are posted quarterly to

www.chasegrowthfund.com. From time to time, the Adviser may select additional portfolio

characteristics for distribution to the public with such frequencies and lag times as the Adviser determines

to be in the best interests of shareholders.

Pursuant to the Fund's portfolio holdings disclosure policies, information about the Fund's portfolio

holdings is not distributed to any person unless:

• The disclosure is required pursuant to a regulatory request, court order or is legally required in the

context of other legal proceedings;

• The disclosure is made to a mutual fund rating and/or ranking organization, or person performing

similar functions, who is subject to a duty of confidentiality, including a duty not to trade on any

non-public information;

• The disclosure is made to internal parties involved in the investment process, administration,

operation or custody of the Fund, including, but not limited to Fund Services and the Trust's

Board of Trustees, attorneys, auditors or accountants;

• The disclosure is made: (a) in connection with a quarterly, semi-annual or annual report that is

available to the public; or (b) relates to information that is otherwise available to the public; or

• The disclosure is made with the approval of either the Trust's CCO or his or her designee.

Certain of the persons listed above receive information about the Fund's portfolio holdings on an ongoing

basis. The Fund believes that these third parties have legitimate objectives in requesting such portfolio

holdings information and operate in the best interest of the Fund's shareholders. These persons include:

• A mutual fund rating and/or ranking organization, or person performing similar functions, who is

subject to a duty of confidentiality, including a duty not to trade on any non-public information;

• Rating and/or ranking organizations, specifically: Lipper; Morningstar; Standard & Poor's;

Bloomberg; Vickers-Stock Research Corporation; Thomson Financial; Capital-Bridge; and

FactSet Research Systems Inc., all of which currently receive such information between the

seventh and tenth business day of the month following the end of a calendar quarter; or

• Internal parties involved in the investment process, administration, operation or custody of the

Fund, specifically: Fund Services; the Trust's Board of Trustees; and the Trust's attorneys and

accountants (currently, Sullivan & Worcester and Tait, Weller & Baker LLP, respectively), all of

which typically receive such information after it is generated.

Any disclosures to additional parties not described above is made with the prior written approval of either

the Trust's CCO or his or her designee, pursuant to the Fund's Policy and Procedures Regarding

Disclosure of Portfolio Holdings.

The Board exercises continuing oversight of the disclosure of the Fund's portfolio holdings by

(1) overseeing the implementation and enforcement of the Policies, Codes of Ethics and other relevant

policies of the Fund and its service providers by the Trust's CCO, (2) by considering reports and

recommendations by the Trust's CCO concerning any material compliance matters (as defined in

Rule 38a-1 under the 1940 Act), and (3) by considering approving any amendment to these Policies. The

Board reserves the right to amend the Policies at any time without prior notice in its sole discretion.

Neither the Adviser, nor the Fund may receive compensation in connection with the disclosure of

information about the Fund's portfolio securities. In the event of a conflict between the interests of the

Fund and the interests of the Adviser or an affiliated person of the Adviser, the CCO of the Adviser, in

consultation with the Trust's CCO, shall make a determination in the best interest of the Fund, and shall

report such determination to the Adviser's Board of Directors and to the Board of Trustees at the end of

the quarter in which such determination was made. Any employee of the Adviser who suspects a breach

of this obligation must report the matter immediately to the CCO or to his or her supervisor.

In addition, material non-public holdings information may be provided without lag as part of the normal

investment activities of the Fund to each of the following entities which, by explicit agreement by virtue

of their respective duties to the Fund, are required to maintain the confidentiality of the information

disclosed: Fund Administrator, Fund Accountant, Custodian, Transfer Agent, auditors, counsel to the

Fund or the trustees, broker-dealers (in connection with the purchase or sale of securities or requests for

price quotations or bids on one or more securities), and regulatory authorities. Portfolio holdings

information not publicly available with the SEC or through the Fund's web site may only be provided to

additional third parties, in accordance with the Policies, when the Fund has a legitimate business purpose

and the third-party recipient is subject to a confidentiality agreement.

There can be no assurance that the Policies and these procedures will protect the Fund from potential

misuse of that information by individuals or entities to which it is disclosed.

From time to time, the Adviser may make additional disclosure of the Fund's portfolio holdings on the

Fund's website. Shareholders can access the Fund's website at www.chasegrowthfund.com for additional

information about the Fund, including without limitation, the periodic disclosure of its portfolio holdings.

**DETERMINATION OF NET ASSET VALUE**

The NAV of the Fund is determined as of the close of regular trading on the New York Stock Exchange

(the "NYSE") (generally 4:00 p.m., Eastern Time), each day the NYSE is open for trading. The NYSE

annually announces the days on which it will not be open for trading. It is expected that the NYSE will

not be open for trading on the following holidays: New Year's Day, Martin Luther King, Jr. Day,

Washington's Birthday/Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence

Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

NAV is calculated by adding the value of all securities and other assets attributable to the Fund (including

interest and dividends accrued, but not yet received), then subtracting liabilities attributable to the Fund

(including accrued expenses). The net asset amount attributable to the share class is divided by the

number of shares held by investors of the applicable class.

Generally, the Fund's investments are valued at market value or, in the absence of a market value, at fair

value as determined in good faith by the Fund's valuation designee. The Board has designated the

Adviser as its "valuation designee" under Rule 2a-5 of the 1940 Act, subject to its oversight. Fair value

determinations are then made in good faith in accordance with procedures adopted by the Adviser.

Pursuant to those procedures, the valuation designee considers, among other things: (1) the last sales price

on the securities exchange, if any, on which a security is primarily traded; (2) the mean between the bid

and asked prices; (3) price quotations from an approved pricing service; and (4) other factors as necessary

to determine a fair value under certain circumstances.

Securities primarily traded in the NASDAQ Global Market<sup>®</sup> for which market quotations are readily

available shall be valued using the NASDAQ<sup>®</sup> Official Closing Price ("NOCP"). If the NOCP is not

available, such securities shall be valued at the last sale price on the day of valuation, or if there has been

no sale on such day, at the mean between the bid and asked prices. OTC securities which are not traded

in the NASDAQ Global Market<sup>®</sup> shall be valued at the most recent sales price. Securities and assets for

which market quotations are not readily available (including restricted securities which are subject to

limitations as to their sale) are valued at fair value as determined in good faith under the Adviser's

procedures.

Short-term debt obligations with remaining maturities in excess of 60 days are valued at current market

prices, as discussed above. In order to reflect their fair value, short-term securities with 60 days or less

remaining to maturity are, unless conditions indicate otherwise, amortized to maturity based on their cost

to the Fund if acquired within 60 days of maturity or, if already held by the Fund on the 60th day, based

on the value determined on the 61st day.

The Fund's securities, including ADRs, EDRs and GDRs, which are traded on securities exchanges are

valued at the last sale price on the exchange on which such securities are traded, as of the close of

business on the day the securities are being valued or, lacking any reported sales, at the mean between the

last available bid and asked price. Securities that are traded on more than one exchange are valued on the

exchange determined by the Adviser to be the primary market.

In the case of foreign securities, the occurrence of certain events after the close of foreign markets, but

prior to the time a Fund's NAV is calculated (such as a significant surge or decline in the U.S. or other

markets) often will result in an adjustment to the trading prices of foreign securities when foreign markets

open on the following business day. If such events occur, the Fund will value foreign securities at fair

value, taking into account such events, in calculating the NAV. In such cases, use of fair valuation can

reduce an investor's ability to seek to profit by estimating a Fund's NAV in advance of the time the NAV

is calculated. The Adviser anticipates that the Fund's portfolio holdings will be fair valued only if market

quotations for those holdings are considered unreliable or are unavailable.

An option that is written or purchased by the Fund shall be valued using composite pricing via the

National Best Bid and Offer quotes. Composite pricing looks at the last trade on the exchange where the

option is traded. If there are no trades for an option on a given business day, as of closing, a Fund will

value the option at the mean of the highest bid price and lowest ask price across the exchanges where the

option is traded. For options where market quotations are not readily available, fair value shall be

determined by the Fund's valuation designee.

Corporate debt securities are valued on the basis of valuations provided by dealers in those instruments,

by an independent pricing service, approved by the Adviser, or at fair value as determined in good faith

by procedures approved by the Adviser and adopted by the Board. Any such pricing service, in

determining value, will use information with respect to transactions in the securities being valued,

quotations from dealers, market transactions in comparable securities, analyses and evaluations of various

relationships between securities and yield to maturity information.

All other assets of the Fund are valued in accordance with procedures adopted by the Adviser.

**PURCHASE AND REDEMPTION OF FUND SHARES**

The information provided below supplements the information contained in the Fund's Prospectus

regarding the purchase and redemption of Fund shares.

**How to Buy Shares**

Fund shares are purchased at the NAV next determined after the Transfer Agent receives your order in

proper form. In most cases, in order to receive that day's NAV per share, the Transfer Agent must receive

your order in proper form before the close of regular trading on the NYSE, currently 4:00 p.m. (Eastern

Time). Any purchase orders received after 4:00 p.m., Eastern Time, will generally be available for the

purchase of shares the following business day.

If you are considering redeeming or transferring shares to another person shortly after purchase, you

should pay for those shares with a wire to avoid any delay in redemption or transfer. Otherwise the Fund

may delay payment until the purchase price of those shares has been collected, which may take up to

15 calendar days. To eliminate the need for safekeeping, the Fund will not issue certificates for your

shares.

The Trust reserves the right in its sole discretion (1) to suspend the continued offering of the Fund's

shares, and (2) to reject purchase orders in whole or in part when in the judgment of the Adviser or the

Distributor such rejection is in the best interest of the Fund.

Selected securities brokers, dealers or financial intermediaries may offer shares of the Fund's Class N.

Investors should contact these agents directly for appropriate instructions, as well as information

pertaining to accounts and any service or transaction fees that may be charged by those agents. Purchase

orders through securities brokers, dealers and other financial intermediaries are effected at the

next-determined NAV per share after receipt of the order by such agent before the Fund's daily cutoff

time, currently the close of regular NYSE trading. Orders received after that time will be purchased at the

next-determined NAV per share. The Fund's Institutional Class must be purchased directly from financial

intermediaries or the Fund.

**How to Sell Shares**

You may sell (redeem) your Fund shares any day the NYSE is open for regular trading, either directly to

the Fund or through your investment representative. The Fund will forward redemption proceeds or

redeem shares for which it has collected payment of the purchase price.

Payments to shareholders for Fund shares redeemed directly from the Fund will be made as promptly as

possible but no later than seven days after receipt by the Fund's Transfer Agent of the written request in

proper form, with the appropriate documentation as stated in the Prospectus, except that the Fund may

suspend the right of redemption or postpone the date of payment during any period when (a) trading on

the NYSE is restricted as determined by the SEC or the NYSE is closed for other than weekends and

holidays; (b) an emergency exists as determined by the SEC making disposal of portfolio securities or

valuation of net assets of the Fund not reasonably practicable; or (c) for such other period as the SEC may

permit for the protection of the Fund's shareholders. At various times, the Fund may be requested to

redeem shares for which it has not yet received confirmation of good payment; in this circumstance, the

Fund may delay the payment of the redemption proceeds until payment for the purchase of such shares

has been collected and confirmed to the Fund.

*Selling Shares Directly to the Fund* – Send a signed letter of instruction to the Transfer Agent. The price

you will receive is the next NAV per share calculated after the Fund receives your request in proper form.

In order to receive that day's NAV per share, the Transfer Agent must receive your request before the

close of regular trading on the NYSE.

*Selling Shares Through Your Investment Representative* – Your investment representative must receive

your request before the close of regular trading on the NYSE to receive that day's NAV per share. Your

investment representative will be responsible for furnishing all necessary documentation to the Transfer

Agent, and may charge you for its services.

If you want your redemption proceeds sent to an address other than your address as it appears on the

Transfer Agent's records, a signature guarantee is required. The Fund may require additional

documentation for the sale of shares by a corporation, partnership, agent or fiduciary, or a surviving joint

owner. Contact the Transfer Agent for details.

Signature guarantees may be obtained from a bank, broker-dealer, credit union (if authorized under state

law), securities exchange or association, clearing agency or savings institution. A notary public cannot

provide a signature guarantee.

*Delivery of Proceeds* – The Fund generally sends you payment for your shares within three business days

after your request is received in proper form, assuming the Fund has collected payment of the purchase

price of your shares. Under unusual circumstances, the Fund may suspend redemptions, or postpone

payment for more than seven days, as permitted by federal securities law.

*Telephone Redemptions* – Upon receipt of any instructions or inquiries by telephone from a shareholder

or, if held in a joint account, from either party, or from any person claiming to be the shareholder, the

Fund or its agent is authorized, without notifying the shareholder or joint account parties, to carry out the

instructions or to respond to the inquiries, consistent with the service options chosen by the shareholder or

joint shareholders in his or their latest account application or other written request for services, including

purchasing or redeeming shares of the Fund and depositing and withdrawing monies from the bank

account specified in the Bank Account Registration section of the shareholder's latest account application

or as otherwise properly specified to the Fund in writing.

The Transfer Agent will employ these and other reasonable procedures to confirm that instructions

communicated by telephone are genuine; if such procedures are observed, neither the Fund nor its agents

will be liable for any loss, liability, cost or expense arising out of any redemption request, including any

fraudulent or unauthorized request. For information, consult the Transfer Agent.

During periods of unusual market changes and shareholder activity, you may experience delays in

contacting the Transfer Agent by telephone. In this event, you may wish to submit a written redemption

request, as described in the Prospectus, or contact your investment representative. The Telephone

Redemption Privilege may be modified or terminated without notice. Once a telephone transaction has

been placed, it cannot be cancelled or modified after the close of regular trading on the NYSE (generally,

4:00 p.m., Eastern Time).

*Redemptions In-Kind* – The Trust has elected to be governed by Rule 18f-1 under the 1940 Act so that the

Fund is obligated to redeem its shares solely in cash up to the lesser of $250,000 or 1% of its net asset

value during any 90-day period for any shareholder of the Fund. The Fund has reserved the right to pay

the redemption price of its shares in excess of $250,000 or l% of its net asset value either totally or

partially, by a distribution in-kind of portfolio securities (instead of cash). The securities so distributed

would be valued at the same amount as that assigned to them in calculating the NAV for the shares being

sold. If a shareholder received a redemption in-kind, the shareholder could incur brokerage or other

charges in converting the securities to cash and will bear any market risks associated with such securities

until they are converted into cash. A redemption, whether in cash or in-kind, is a taxable event for you.

The Fund does not intend to hold any significant percentage of its portfolio in illiquid securities, although

the Fund, like virtually all mutual funds, may from time to time hold a small percentage of securities that

are illiquid. In the unlikely event the Fund were to elect to make an in-kind redemption, the Fund expects

that it would follow the Trust protocol of making such distribution by way of a pro rata distribution of

securities that are traded on a public securities market or are otherwise considered liquid pursuant to the

Fund's liquidity policies and procedures. Except as otherwise may be approved by the Trustees, the

securities that would not be included in an in-kind distribution include (1) unregistered securities which, if

distributed, would be required to be registered under the Securities Act of 1933 (the "1933 Act"), as

amended; (2) securities issued by entities in countries which (a) restrict or prohibit the holding of

securities by non-nationals other than through qualified investment vehicles, such as the fund, or

(b) permit transfers of ownership of securities to be effected only by transactions conducted on a local

stock exchange; and (3) certain Fund assets that, although they may be liquid and marketable, must be

traded through the marketplace or with the counterparty to the transaction in order to effect a change in

beneficial ownership.

The proceeds from the sale of shares of the Fund may not be available until the third business day

following the sale. The Fund you are seeking to exchange into may also delay issuing shares until that

third business day. The sale of Fund shares to complete an exchange will be affected at NAV per share of

the Fund next computed after your request for exchange is received in proper form.

**CONVERSION INFORMATION**

If consistent with your financial intermediary's program, Class N shares of the Fund that have been

purchased by a financial intermediary on behalf of clients participating in (i) 401(k) plans, Section 457

deferred compensation plans, employer-sponsored 403(b) plans, profit-sharing and money purchase

pension plans, defined benefit plans and nonqualified deferred compensation plans, or (ii) investment

programs in which the clients pay a fixed or asset-based fee, may be converted into Institutional Class

shares of the Fund if the financial intermediary satisfies any then-applicable eligibility requirements for

investment in Institutional Class shares of the Fund. Any such conversion will be effected at net asset

value without the imposition of any fee or other charges by the Fund. Please contact your financial

intermediary about any fees that it may charge.

Investors who hold Institutional Class shares of the Fund through a financial intermediary's fee-based

program, but who subsequently become ineligible to participate in the program or withdraw from the

program (while continuing their relationship with the financial intermediary as a brokerage client), may

be subject to conversion of their Institutional Class shares by their financial intermediary to another class

of shares of the Fund having expenses that may be higher than the expenses of the Institutional Class

shares. Investors should contact their financial intermediary to obtain information about their eligibility

for the financial intermediary's fee-based program and the class of shares they would receive upon such a

conversion.

**TAX MATTERS**

Each series of the Trust is treated as a separate entity for federal income tax purposes. The Fund, as a

series of the Trust, has elected to qualify and intends to continue to qualify as a regulated investment

company under Subchapter M of the Code, and to comply with all applicable requirements regarding the

source of its income, diversification of its assets and timing and amount of distributions. The Fund's

policy is to distribute to its shareholders all of its ordinary income and any net realized long-term capital

gains for each fiscal year in a manner that complies with the distribution requirements of the Code, so that

the Fund will not be subject to any federal income or excise taxes in any year. If the Fund does not qualify

as a regulated investment company, it will be taxed as a regular corporation and will not be entitled to

deduct the dividends paid to shareholders. The Fund can give no assurances that its distributions will be

sufficient to eliminate all taxes in every year. To comply with the requirements and to avoid a

nondeductible 4% Federal excise tax, the Fund must also distribute (or be deemed to have distributed) by

December 31 of each calendar year (i) at least 98% of its ordinary income for such year, (ii) at least

98.2% of the excess of its realized capital gains over its realized capital losses for the 12-month period

ending on October 31 of such year and (iii) any amounts from the prior calendar year that were not

distributed and on which the Fund paid no federal income tax. Net investment income consists of interest

and dividend income, less expenses. Net realized capital gains for a fiscal period are computed by taking

into account any capital loss carryforward of the Fund. The Fund intends to declare and pay dividends and

other distributions, as described in the Prospectus.

In order to qualify as a regulated investment company, the Fund must, among other things, derive at least

90% of its gross income each year from dividends, interest, payments with respect to loans of stock and

securities, gains from the sale or other disposition of stock or securities or foreign currency gains related

to investments in stock or securities, or other income derived with respect to the business of investing in

stock, securities or currency, and net income derived from an interest in a qualified publicly traded

partnership. The Fund must also satisfy the following two asset diversification tests. At the end of each

quarter of each taxable year, (i) at least 50% of the value of the Fund's total assets must be represented by

cash and cash items (including receivables), U.S. government securities, the securities of other regulated

investment companies, and other securities, with such other securities being limited in respect of any one

issuer to an amount not greater than 5% of the value of the Fund's total assets and not more than 10% of

the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of the Fund's

total assets may be invested in the securities of any one issuer (other than U.S. Government securities or

the securities of other regulated investment companies), the securities of any two or more issuers (other

than the securities of other regulated investment companies) that the Fund controls (by owning 20% or

more of their outstanding voting stock) and that are determined to be engaged in the same or similar

trades or businesses or related trades or businesses, or the securities of one or more qualified publicly

traded partnerships. The Fund also must distribute each taxable year sufficient dividends to its

shareholders to claim a dividends paid deduction equal to at least the sum of 90% of the Fund's net

investment income (which generally includes dividends, interest, and the excess of net short-term capital

gain over net long-term capital loss) and 90% of the Fund's net tax-exempt interest, if any.

Capital losses do not expire and may be carried over by the Fund to future taxable years without

limitation.

Distributions of net investment income and net short-term capital gains are taxable to shareholders as

ordinary income. For individual shareholders, a portion of the distributions paid by the Fund may be

qualified dividends currently eligible for taxation at long-term capital gain rates to the extent the Fund

reports the amount distributed as a qualifying dividend and certain holding period requirements are met.

In the case of corporate shareholders, a portion of the distributions may qualify for the intercorporate

dividends-received deduction to the extent the Fund reports the amount distributed as a qualifying

dividend. This reported amount cannot, however, exceed the aggregate amount of qualifying dividends

received by the Fund for its taxable year. In view of the Fund's investment policies, it is expected that

dividends from domestic corporations will be part of the Fund's gross income and that, accordingly, part

of the distributions by the Fund may be eligible for qualified dividend income treatment for individual

shareholders and also for the dividends-received deduction for corporate shareholders. However, the

portion of the Fund's gross income attributable to qualifying dividends is largely dependent on the Fund's

investment activities for a particular year and therefore cannot be predicted with any certainty. The

deduction may be reduced or eliminated if the Fund's shares held by an individual investor are held for

fewer than 61 days, or if the Fund's shares held by a corporate investor are treated as debt-financed or are

held for fewer than 46 days. Dividends and capital gain distributions from the Fund and gains from the

sale of the Fund's shares are subject to the federal 3.8% tax on net investment income applicable to

taxpayers in the higher income brackets.

Long-term capital gain distributions are taxable to shareholders as long-term capital gains regardless of

the length of time a shareholder held his or her Fund shares. Capital gains distributions are not eligible for

the dividends-received deduction referred to in the previous paragraph. Distributions of any net

investment income and net realized capital gains will be taxable as described above, whether received in

shares or in cash. Shareholders who choose to receive distributions in the form of additional shares will

have a cost basis for federal income tax purposes in each share so received equal to the NAV per share on

the reinvestment date. Distributions are generally taxable when received. However, distributions declared

in October, November or December to shareholders of record on a date in such a month and paid the

following January are taxable as if received on December 31. Distributions are includable in alternative

minimum taxable income in computing liability for the alternative minimum tax of a shareholder who is

an individual. There is no requirement that the Fund take into consideration any tax implications when

implementing its investment strategy. Shareholders should note that the Fund may make taxable

distributions of income and capital gains even when share values have declined.

Non-corporate taxpayers generally may deduct 20% of "qualified business income" derived either directly

or through partnerships or S corporations. For this purpose, "qualified business income" generally

includes ordinary real estate investment trust ("REIT") dividends and income derived from master limited

partnership ("MLP") investments. Non-corporate shareholders can claim the qualified business income

deduction with respect to REIT dividends received by the Fund if the Fund and the shareholder meet certain

holding period and reporting requirements.

Redemption of the Fund's shares may result in recognition of a taxable gain or loss. Any loss realized

upon redemption of shares within six months from the date of their purchase will be treated as a long-term

capital loss to the extent of any amounts treated as distributions of long-term capital gains during such

six-month period. Any loss realized upon a redemption may be disallowed under certain wash sale rules

to the extent shares of the same Fund are purchased (through reinvestment of distributions or otherwise)

within 30 days before or after the redemption.

Under the Code, the Fund is required to report to the Internal Revenue Service (the "IRS") all

distributions of taxable income and capital gains, as well as gross proceeds from the redemption of the

Fund's shares, except in the case of exempt shareholders, which includes most corporations. Pursuant to

the backup withholding provisions of the Code, distributions of any taxable income and capital gains and

proceeds from the redemption of the Fund's shares may be subject to withholding of federal income tax,

currently at a rate set under Section 3406 of the Code, in the case of non-exempt shareholders who fail to

furnish the Fund with their taxpayer identification numbers and with required certifications regarding

their status under the federal income tax law. If the withholding provisions are applicable, any such

distributions and proceeds, whether taken in cash or reinvested in additional shares, will be reduced by the

amounts required to be withheld. Corporate and other exempt shareholders should provide the Fund with

their taxpayer identification numbers or certify their exempt status in order to avoid possible erroneous

application of backup withholding. Backup withholding is not an additional tax and any amounts withheld

may be credited against a shareholder's ultimate federal tax liability if proper documentation is provided.

The Fund reserves the right to refuse to open an account for any person failing to provide a certified

taxpayer identification number.

The foregoing discussion of U.S. federal income tax law relates solely to the application of that law to

U.S. citizens or residents and U.S. domestic corporations, estates, the income of which is subject to

United States federal income taxation regardless of its source and trusts that (1) are subject to the primary

supervision of a court within the United States and one or more United States persons have the authority

to control all substantial decisions of the trust or (2) have a valid election in effect under applicable

United States Treasury regulations to be treated as a United States person. Each shareholder who is not a

U.S. person should consider the U.S. and foreign tax consequences of ownership of shares of the Fund,

including the possibility that such a shareholder may be subject to a U.S. withholding tax at a rate of 30%

(or at a lower rate under an applicable income tax treaty) on amounts constituting ordinary income.

**The Foreign Account Tax Compliance Act ("FATCA")**. A 30% withholding tax on the Fund's

ordinary income distributions, generally applies if paid to a foreign entity unless: (i) if the foreign entity is

a "foreign financial institution," it undertakes certain due diligence, reporting, withholding and

certification obligations, (ii) if the foreign entity is not a "foreign financial institution," it identifies certain

of its U.S. investors or (iii) the foreign entity is otherwise excepted under FATCA. If applicable, and

subject to any intergovernmental agreement, withholding under FATCA is required generally with respect

to distributions from your Fund unless an exemption applies. If withholding is required under FATCA on

a payment related to your shares, investors that otherwise would not be subject to withholding (or that

otherwise would be entitled to a reduced rate of withholding) on such payment generally will be required

to seek a refund or credit from the IRS to obtain the benefits of such exemption or reduction. The Fund

will not pay any additional amounts in respect to amounts withheld under FATCA. You should consult

your tax advisor regarding the effect of FATCA based on your individual circumstances.

This discussion and the related discussion in the Prospectus have been prepared by the Fund's

management. The information above is only a summary of some of the tax considerations generally

affecting the Fund and its shareholders. No attempt has been made to discuss individual tax consequences

and this discussion should not be construed as applicable to all shareholders' tax situations. Investors

should consult their own tax advisors to determine the suitability of the Fund and the applicability of any

federal, state, local or foreign taxation. Sullivan & Worcester has expressed no opinion in respect of the

tax information in the Prospectus and the SAI.

**DIVIDENDS AND DISTRIBUTIONS**

The Fund will receive income in the form of dividends and interest earned on its investments in securities.

This income, less the expenses incurred in its operations, is the Fund's net investment income,

substantially all of which will be declared as dividends to the Fund's shareholders.

The amount of income dividend payments by the Fund is dependent upon the amount of net investment

income received by the Fund from its portfolio holdings, is not guaranteed and is subject to the discretion

of the Board. The Fund does not pay "interest" or guarantee any fixed rate of return on an investment in

their shares.

The Fund also may derive capital gains or losses in connection with sales or other dispositions of its

portfolio securities. Any net gain the Fund may realize from transactions involving investments held less

than the period required for long-term capital gain or loss recognition or otherwise producing short-term

capital gains and losses (taking into account any carryover of capital losses from the eight previous

taxable years), although a distribution from capital gains, will be distributed to shareholders with and as a

part of dividends giving rise to ordinary income. If during any year the Fund realizes a net gain on

transactions involving investments held more than the period required for long-term gain or loss

recognition or otherwise producing long-term capital gains and losses, the Fund will have a net long-term

capital gain. After deduction of the amount of any net short-term capital loss, the balance (to the extent

not offset by any capital losses carried over from previous taxable years) will be distributed and treated as

long-term capital gains in the hands of the shareholders regardless of the length of time the Fund's shares

may have been held by the shareholders. For more information concerning applicable capital gains tax

rates, see your tax advisor.

Any dividend or distribution paid by the Fund reduces the Fund's NAV per share on the date paid by the

amount of the dividend or distribution per share. Accordingly, a dividend or distribution paid shortly after

a purchase of shares by a shareholder would represent, in substance, a partial return of capital (to the

extent it is paid on the shares so purchased), even though it would be subject to income taxes.

Dividends and other distributions will be made in the form of additional shares of the Fund unless the

shareholder has otherwise indicated. Investors have the right to change their elections with respect to the

reinvestment of dividends and distributions by notifying the Transfer Agent in writing or by telephone,

but any such change will be effective only as to dividends and other distributions for which the record

date is five or more calendar days after the Transfer Agent has received the written request.

**ANTI-MONEY LAUNDERING PROGRAM**

The Trust 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"). In order to ensure compliance with this law, the

Trust'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 the Fund's

distributor and transfer agent have established proper anti-money laundering procedures, reporting

suspicious and/or fraudulent activity, checking shareholder names against designated government lists,

including Office of Foreign Asset Control ("OFAC"), and a complete and thorough review of all new

account applications. The Trust 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.

**PROXY VOTING POLICY**

The Board has adopted Proxy Voting Policies and Procedures (the "Policies") on behalf of the Trust

which delegate the responsibility for voting proxies to the Adviser, subject to the Board's continuing

oversight. The Policies require that the Adviser vote proxies received in a manner consistent with the best

interests of the Fund and its shareholders. The Policies also require the Adviser to present to the Board, at

least annually, the Adviser's Proxy Policies and a record of each proxy voted by the Adviser on behalf of

the Fund, including a report on the resolution of all proxies identified by the Adviser as involving a

conflict of interest. See Appendix A.

The Trust is required to annually file Form N-PX, which lists the Fund's complete proxy voting record for

the 12-month period ending June 30. The Fund's proxy voting record is available without charge, upon

request, by calling toll-free 1-888-861-7556 and on the SEC's web site at www.sec.gov.

**GENERAL INFORMATION**

Investors in the Fund will be informed of the Fund's progress through periodic reports. Financial

statements certified by its independent registered public accounting firm will be submitted to shareholders

annually.

The Declaration of Trust permits the Board to issue an unlimited number of full and fractional shares of

beneficial interest and to divide or combine the shares into a greater or lesser number of shares without

thereby changing the proportionate beneficial interest in the Fund. Each share represents an interest in the

Fund proportionately equal to the interest of each other share. Upon the Fund's liquidation, all

shareholders would share pro rata in the net assets of the Fund available for distribution to shareholders.

The Declaration of Trust does not require the issuance of stock certificates. If stock certificates are issued,

they must be returned by the registered owners prior to the transfer or redemption of shares represented

by such certificates.

If they deem it advisable and in the best interests of shareholders, the Board may create additional series

of shares which differ from each other only as to dividends. The Board has created numerous series of

shares, and may create additional series in the future, each of which has separate assets and liabilities.

Income and operating expenses not specifically attributable to a particular Fund are allocated fairly

among the Funds by the Trustees, generally on the basis of the relative net assets of the Fund.

Rule 18f-2 under the 1940 Act provides that as to any investment company which has two or more series

outstanding and as to any matter required to be submitted to shareholder vote, such matter is not deemed

to have been effectively acted upon unless approved by the holders of a "majority" (as defined in the

Rule) of the voting securities of each series affected by the matter. Such separate voting requirements do

not apply to the election of Trustees or the ratification of the selection of accountants. The Rule contains

special provisions for cases in which an advisory contract is approved by one or more, but not all, series.

A change in investment policy may go into effect as to one or more series whose holders so approve the

change even though the required vote is not obtained as to the holders of other affected series.

With respect to the Fund, the Trust may offer more than one class of shares. The Trust has reserved the

right to create and issue additional series or classes. Each share of a series or class represents an equal

proportionate interest in that series or class with each other share of that series or class. Currently, the

Fund may offer two classes of shares.

The shares of each series or class participate equally in the earnings, dividends and assets of the particular

series or class. Expenses of the Trust which are not attributable to a specific series or class are allocated

across all the series in a manner believed by management of the Trust to be fair and equitable. Shares

have no pre-emptive or conversion rights. Shares, when issued, are fully paid and non-assessable, except

as set forth below. Shareholders are entitled to one vote for each share held. Shares of each series or class

generally vote together, except when required under federal securities laws to vote separately on matters

that only affect a particular class, such as the approval of distribution plans for a particular class.

The Trust is not required to hold annual meetings of shareholders but will hold special meetings of

shareholders of a series or class when, in the judgment of the Board, it is necessary or desirable to submit

matters for a shareholder vote. Shareholders have, under certain circumstances, the right to communicate

with other shareholders in connection with requesting a meeting of shareholders for the purpose of

removing one or more Trustees. Shareholders also have, in certain circumstances, the right to remove one

or more Trustees without a meeting. No material amendment may be made to the Declaration of Trust

without the affirmative vote of the holders of a majority of the outstanding shares of each portfolio

affected by the amendment. The Declaration of Trust provides that, at any meeting of shareholders of the

Trust or of any series or class, a Shareholder Servicing Agent may vote any shares as to which such

Shareholder Servicing Agent is the agent of record and which are not represented in person or by proxy at

the meeting, proportionately in accordance with the votes cast by holders of all shares of that portfolio

otherwise represented at the meeting in person or by proxy as to which such Shareholder Servicing Agent

is the agent of record. Any shares so voted by a Shareholder Servicing Agent will be deemed represented

at the meeting for purposes of quorum requirements. Any series or class may be terminated (i) upon the

merger or consolidation with, or the sale or disposition of all or substantially all of its assets to, another

entity, if approved by the vote of the holders of two-thirds of its outstanding shares, except that if the

Board recommends such merger, consolidation or sale or disposition of assets, the approval by vote of the

holders of a majority of the series' or class' outstanding shares will be sufficient, or (ii) by the vote of the

holders of a majority of its outstanding shares, or (iii) by the Board by written notice to the series' or

class' shareholders. Unless each series and class is so terminated, the Trust will continue indefinitely.

The Declaration of Trust also provides that the Trust shall maintain appropriate insurance (for example,

fidelity bonding and errors and omissions insurance) for the protection of the Trust, its shareholders,

Trustees, officers, employees and agents covering possible tort and other liabilities. Thus, the risk of a

shareholder incurring financial loss on account of shareholder liability is limited to circumstances in

which both inadequate insurance existed and the Trust itself was unable to meet its obligations.

**CODE OF ETHICS**

The Trust and the Adviser have each adopted separate Codes of Ethics under Rule 17j-1 of the 1940 Act.

These Codes permit, subject to certain conditions, access persons of the Advisor to invest in securities

that may be purchased or held by the Fund. The Distributor, as defined below, relies on the principal

underwriter's exception under Rule 17j-1(c)(3), of the 1940 Act, specifically where the Distributor is not

affiliated with the Trust or the Adviser, and no officer, director or general partner of the Distributor serves

as an officer, director or general partner of the Trust or the Adviser.

**FINANCIAL STATEMENTS**

Additional information about the Fund's investments is available in the Fund's annual and semi-annual

reports to shareholders in Form N-CSR. The <u>[Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/1027596/000113322825013326/cfa-efp18878_ncsr.htm)</u> for the Fund for the fiscal year ended

September 30, 2025, is a separate document supplied upon request and the financial statements,

accompanying notes and report of the independent registered public accounting firm appearing therein are

incorporated by reference into this SAI.

**APPENDIX A**

**CHASE INVESTMENT COUNSEL CORPORATION**

**PROXY VOTING POLICY AND PROCEDURES**

**Part I**

**Statement of Policy**

Chase Investment Counsel Corporation (CICC) acts as a discretionary investment adviser

for various clients and a registered mutual fund. Mindful of our co-fiduciary responsibility

regarding clients' assets under management, CICC's proxy voting procedures are designed and

implemented in a way that is reasonably expected to ensure that proxy matters are conducted in

the best interest of the clients. Our authority to vote the proxies of our clients is established by

our investment advisory agreement or other written directives. The following are guidelines and

each vote is ultimately cast on a case-by-case basis, taking into consideration the contractual

obligations under the advisory agreement and all other relevant facts and circumstances at the

time of the vote. The proxy voting procedures are tailored to suit the nature of our advisory

business and the types of securities and portfolios managed. Material conflicts are resolved in

accordance with CICC's pre-determined policies.

CICC's policies and procedures are based on the following: legislative materials, studies

of corporate governance and other proxy voting issues, analyses of shareholder and management

proposals and other materials helpful in studying the issues involved.

The litmus test of any proposal, whether it is advanced by management or by one or more

shareholders, is whether the adoption of the proposal allows the company to carry on its affairs in

such a manner that the clients' best interests will be served. The proxy vote is an asset belonging

to the client. CICC votes the proxies to positively influence corporate governance in a manner

that, in CICC's best judgment, enhances shareholder value.

CICC takes a limited role or declines to take responsibility for voting client proxies under

the following circumstances:

1. Responsibility of voting proxies has been assigned to another party in the advisory

contract or other written directive. In the case of an ERISA client, the voting right has

been retained by a named fiduciary of the plan other than CICC.

2. Once a client account has been terminated with CICC in accordance with the investment

advisory agreement, CICC will not vote any proxies received after the termination.

3. Proxies for securities held in an unsupervised portion of the client's account generally

will not be voted. However, if a client directs us to vote proxies, proxies for securities

held in an unsupervised portion of the client's account generally will be voted with

management unless the client specifies otherwise.

4. Proxies for securities on loan that must be recalled to vote, generally will not be voted.

5. Specialized treatment in voting proxies when directed in the advisory contract or other

written directive (i.e.: following AFL-CIO guidelines). These directions to vote proxies

may be different from CICC's policy and procedures.

6. Specialized treatment may be applied to ERISA accounts as CICC's responsibilities for

voting ERISA accounts include: the duty of loyalty, prudence, compliance with the plan,

as well as a duty to avoid prohibited transactions.

These policies and procedures are provided to clients upon request, with the provision

that they may be updated from time to time. Clients can also obtain information on how proxies

were voted.

**Part II**

**Procedures**

Designated individuals are assigned the duties of receiving and reviewing proxies. These

individuals ensure that proxies are voted only for those clients that have designated this authority

to CICC.

Senior investment professionals review judgmental issues to determine if adopting the

proposal is in the best interest of our clients. An assessment is made to determine the extent to

which there may be a material conflict between the adviser's interests and those of the client.

CICC generally votes proxies in accordance with its pre-determined policy, unless we determine

that the client interests are better served if the proxies are voted otherwise. If conflicts arise,

CICC will vote in accordance with its pre-determined policies. Should there be a material

conflict with respect to a matter that is not covered in CICC's pre-determined policies, such

matter will be voted either pursuant to a recommendation from an independent third party or

pursuant to instruction from the client.

As part of recordkeeping the following documents are maintained: (1) a copy of the

policies and procedures; (2) proxy statements received regarding client securities; (3) a record of

decision how to vote proxies on behalf of a client or that memorializes the basis for that decision;

and (5) each written client request for proxy voting records and CICC's written response to any

(written or oral) client request for such records. These records are maintained for a period of five

years.

**Part III**

**Categories of Issues**

It is the policy of CICC to generally vote with management on routine matters affecting

the future of the corporation. If we frequently disagree with management, we will generally sell

the stock. Occasionally, however, when merger proposals containing significant corporate

restructuring and major governance issues are involved, we vote shares we manage based on our

best judgment as to what will produce the highest return relative to risk.

Following are examples of agenda items that CICC generally ***approves***:

• <u>Election of Directors</u>: Unless CICC has reason to object to a given director, each director

on management's slate is approved.

• <u>Approval of Auditors</u>: CICC generally defers to management in picking a CPA firm and

votes for management's choice.

• <u>Directors' Liability and Indemnification</u>: Since this is a legitimate cost of doing business

and important to attracting competent directors, CICC generally approves.

• <u>Updating the Corporate Charter</u>: Management periodically asks shareholders to vote for

housekeeping updates to its charter and CICC generally approves.

• <u>Increase in the Common Share Authorization</u>: If the increase is reasonable, CICC

generally approves.

• <u>Stock Purchase Plans</u>: CICC believes that equity participation plans positively motivate

management, directors, and employees. Therefore, CICC generally approves stock

purchase plans unless we have reason to object.

• <u>Stock Option Plans and Stock Participation Plans</u>: If in CICC's judgment they are not

excessive, these plans are generally approved since they motivate management to

enhance shareholder value.

Following are examples of issues presented for shareholder vote that are generally

***opposed*** because their approval is judged not to be in the best interest of the client.

• <u>Elimination of Pre-Emptive Rights</u>: Pre-emptive rights have value to the stockholder.

They can be sold outright or used to buy additional shares, usually at a significant

discount to the stock's market price. To approve their elimination would mean giving

away something of potential value to the client. Elimination of pre-emptive rights also

potentially dilutes the shareholders' proportionate share of current holdings and

diminishes shareholder rights or control over management. Therefore, CICC generally

opposes their elimination.

• <u>Poison Pills</u>: These are usually referred to as Shareholder Rights Plans and are used by

management to prevent an unfriendly takeover. Generally, management asks the

shareholders to approve a huge increase in authorized common shares often accompanied

by the approval of a new issue of preferred stock, the terms of which can be set later by

management at the onset of an uninvited bid for the company. CICC generally opposes

these and other devices utilized by corporate management to elude acquirers, raiders, or

other legitimate offers unless it views such devices as likely to increase shareholder value

in the future and not just entrench management.

• <u>Proposals to Establish Staggered Boards</u>: Since staggered election dates of board

members impede hostile acquisitions and serve to entrench current management, they are

not in the best interest of the shareholder and are generally opposed. It is CICC's

judgment that uninvited bids for the company's stock should not be discouraged. They

are usually at a substantial premium over the existing market price, so they can be very

profitable to the shareholder. It is better that management have a threat of an unwanted

bid to give them the incentive to manage the company for the enhancement of

shareholder value.

• <u>New Classes of Shares Having Different Voting Rights</u>: These are not in the clients' best

interest because they are contrary to the principle of "one share one vote" and could

dilute the current stockholders' control.

• <u>Shareholders Proposals That Offer No Specific Economic Benefit to the Client</u>: When

one or more shareholders propose social issues, CICC evaluates them to determine if

their approval will be of economic benefit to the client or whether their adoption will

result in additional cost to the company and/or impede its ability to do business. If the

proposal offers no economic benefit, it is generally opposed.

**Part IV**

**Form N-PX**

As a Form 13-F filer and the adviser to the Chase Growth Fund (the "Fund"), which is a

registered investment company, Chase Investment Counsel is required to submit annually (not

later than August 31<sup>st</sup>) the Form N-PX to the SEC for our separately managed client accounts and

for the Chase Growth Fund. Form N-PX contains the proxy voting record for the client accounts

and the Fund for the most recent twelve-month period ended June 30<sup>th</sup>.

To obtain information on how Chase Investment Counsel Corporation has voted proxies,

you may contact us at:

Chase Investment Counsel Corporation

Attn: Proxy Voting

350 Old Ivy Way, Suite 100

Charlottesville, VA 22903-4897

By phone: 434-293-9104 or toll free at 800-293-9104

By facsimile at 434-293-9002

------

**PART C**

**Chase Growth Fund**

**OTHER INFORMATION**

**Item 28. Exhibits**

(a) *<u>[Amended and Restated Agreement and Declaration of Trust](https://www.sec.gov/Archives/edgar/data/1027596/000089418919000329/agreeanddec.htm)</u>* <u>[dated October 18, 2018, was previously filed with the Trust's Registration Statement on Form N-1A on January 23, 2019, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418919000329/agreeanddec.htm)</u>

(b) *<u>[Amended and Restated By-Laws](https://www.sec.gov/Archives/edgar/data/1027596/000089418921000309/astbylaws-sept2020.htm)</u>* <u>[dated](https://www.sec.gov/Archives/edgar/data/1027596/000089418921000309/astbylaws-sept2020.htm) [September](https://www.sec.gov/Archives/edgar/data/1027596/000089418921000309/astbylaws-sept2020.htm) [2](https://www.sec.gov/Archives/edgar/data/1027596/000089418921000309/astbylaws-sept2020.htm) [4](https://www.sec.gov/Archives/edgar/data/1027596/000089418921000309/astbylaws-sept2020.htm) [, 2020](https://www.sec.gov/Archives/edgar/data/1027596/000089418921000309/astbylaws-sept2020.htm) [was previously filed with Post-Effective Amendment No. 1000 to the Registration Statement on Form N-1A on January 25, 2021 and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418921000309/astbylaws-sept2020.htm)</u>

(c) *Instruments Defining Rights of Security Holders* are incorporated by reference into the Trust's <u>[Amended and Restated](https://www.sec.gov/Archives/edgar/data/1027596/000089418919000329/agreeanddec.htm) [Agreement and Declaration of Trust](https://www.sec.gov/Archives/edgar/data/1027596/000089418919000329/agreeanddec.htm)</u> and <u>[Amended and Restated By-Laws](https://www.sec.gov/Archives/edgar/data/1027596/000089418921000309/astbylaws-sept2020.htm)</u>.

(d) *Investment Advisory Agreements.*

(i) <u>[Investment Advisory Agreement (Growth Fund) dated September 5, 1997, was previously filed with Post-Effective Amendment No. 205 to the Registration Statement on Form N-1A on January 27, 2006, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418906000196/chasegr_invadv.htm)</u>

(A) <u>[Amendment No. 1 dated June 7, 1999, to the Investment Advisory Agreement (Growth Fund), was previously filed with Post-Effective Amendment No. 205 to the Registration Statement on Form N-1A on January 27, 2006, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418906000196/chasegr_invadv.htm)</u>

(B) <u>[Amended Schedule A dated January 26, 2007, to the Investment Advisory Agreement (Growth Fund), was previously filed with Post-Effective Amendment No. 276 to the Registration Statement on Form N-1A on January 27, 2009, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418909000194/invadv_amdsch-a.htm)</u>

(C) <u>[Amendment to the Investment Advisory Agreement (Growth Fund) dated October 1, 2017, was previously filed with the Post-Effective Amendment No. 808 to the Registration Statement on Form N-1A on January 25, 2018, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418918000345/growth-advsy_agrmt.htm)</u>

(e) *<u>[Distribution Agreement](ast-quasardistributorsxdis.htm)</u>* <u>[dated](ast-quasardistributorsxdis.htm) [January 1](ast-quasardistributorsxdis.htm) [, 20](ast-quasardistributorsxdis.htm) [2](ast-quasardistributorsxdis.htm) [6](ast-quasardistributorsxdis.htm) [is filed here](ast-quasardistributorsxdis.htm) [with.](ast-quasardistributorsxdis.htm)</u>

(f) *Bonus or Profit Sharing Contracts* - not applicable.

(g) *<u>[Amended and Restated Custody Agreement](https://www.sec.gov/Archives/edgar/data/1027596/000089418913000298/ca.htm)</u>* <u>[dated December 6, 2012, was previously filed with Post-Effective Amendment No. 474 to the Trust's Registration Statement on Form N-1A on January 23, 2013, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418913000298/ca.htm)</u>

(h) *Other Material Contracts.*

(i) <u>[Fund Administration Servicing Agreement dated June 8, 2006, was previously filed with Post-Effective Amendment No. 222 to the Trust's Registration Statement on Form N-1A on June 28, 2006, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418906001534/fundadministration.htm)</u>

(A) <u>[Addendum dated August 24, 2007, to the Fund Administration Servicing Agreement, was previously filed with Post-Effective Amendment No. 276 to the Registration Statement on Form N-1A on January 27, 2009, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418909000194/adfndadm_agmt.htm)</u>

(B) <u>[Amendment dated December 5, 2013, to the Fund Administration Servicing Agreement, was previously filed with Post-Effective Amendment No. 563 to the Registration Statement on Form N-1A on January 27, 2014, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418914000328/fund-admin_agmnt.htm)</u>

(ii) <u>[Transfer Agent Servicing Agreement dated June 8, 2006, was previously filed with Post-Effective Amendment No. 222 to the Trust's Registration Statement on Form N-1A on June 28, 2006, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418906001534/taagreement.htm)</u>

------

(A) <u>[Addendum dated March 26, 2009, to the Transfer Agent Servicing Agreement was previously filed with Post-Effective Amendment No. 282 to the Trust's Registration Statement on Form N-1A on April 21, 2009, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418909001173/ta_addendum.htm)</u>

(B) <u>[Amendment dated December 5, 2013, to the Transfer Agent Servicing Agreement was previously filed with Post-Effective Amendment No. 563 to the Registration Statement on Form N-1A on January 27, 2014, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418914000328/ta.htm)</u>

(iii) <u>[Fund Accounting Servicing Agreement dated June 8, 2006, was previously filed with Post-Effective Amendment No. 222 to the Trust's Registration Statement on Form N-1A on June 28, 2006, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418906001534/fundaccounting.htm)</u>

(A) <u>[Amendment dated December 5, 2013, to the Fund Accounting Servicing Agreement was previously filed with Post-Effective Amendment No. 563 to the Registration Statement on Form N-1A on January 27, 2014, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418914000328/fund-accting_agmnt.htm)</u>

(iv) <u>[Amended and Restated Operating Expenses Limitation Agreement (Growth Fund) dated January 28, 2023 was previously filed with Post-Effective Amendment No. 1114 to the Trust's Registration Statement on Form N-1A on January 25, 2023, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418923000477/archasegrowthfundoelaclean.htm)</u>

(v) <u>[Amended and Restated Shareholder Servicing Plan (Growth Fund) dated May 31, 2016, was previously filed with Post-Effective Amendment No. 747 to the Registration Statement on Form N-1A on January 25, 2017, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418917000319/growthshare_agr.htm)</u>

(vi) <u>[Power of Attorney (Rackey, Mertens, Redwine, Kritzmire and Wainscott) previously filed with Post-Effective Amendment 1151 to the Registration Statement on Form N-1A on August 28, 2024, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418924005131/poa2024-nx1afilingsunsigne.htm)</u>

(i) *Legal Opinion.*

(i) <u>[Legal Opinion (Growth Fund) dated January 13, 2000, was previously filed with Post-Effective Amendment No. 58 to the Registration Statement on Form N-1A on January 14, 2000, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000095014700000057/0000950147-00-000057.txt)</u>

(j) *<u>[Consent](chasefundsn-1aconsent20261.htm)</u> <u>[of Independent Registered Public Accounting Firm](chasefundsn-1aconsent20261.htm)</u>* <u>[-](chasefundsn-1aconsent20261.htm) [filed herewith](chasefundsn-1aconsent20261.htm) [.](chasefundsn-1aconsent20261.htm)</u>

(k) *Omitted Financial Statements* - not applicable.

(l) *<u>[Subscription Agreements](https://www.sec.gov/Archives/edgar/data/1027596/0001027596-97-000013.txt)</u>* <u>[dated February 25, 1997, were previously filed with Pre-Effective Amendment No. 2 to the Trust's Registration Statement on Form N-1A on February 28, 1997, and are incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/0001027596-97-000013.txt)</u>

(m) *Rule 12b-1 Plan -* not applicable

(n) *<u>[Amended and Restated Rule 18f-3 Plan,](https://www.sec.gov/Archives/edgar/data/1027596/000089418914000328/multicls-18f3_plan.htm)</u>* <u>[dated March 15, 2013, was previously filed with Post-Effective Amendment No. 563 to the Registration Statement on Form N-1A on January 27, 2014, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418914000328/multicls-18f3_plan.htm)</u>

(o) *Reserved.*

(p) *Codes of Ethics.*

(i) <u>[Code of Ethics for Registrant dated October 2022, was previously filed with Post-Effective Amendment No. 1104 to the Registration Statement on Form N-1A on October 27, 2022, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418922007831/astcodeofethicsrevisedocto.htm)</u>

(ii) <u>[Code of Ethics for Adviser dated December 22, 2020 was previously filed with Post-Effective Amendment No. 1000 to the Registration Statement on Form N-1A on January 25, 2021 and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418921000309/chase-codeofethicsxdecembe.htm)</u>

 (iii) Code of Ethics for Access Persons of Quasar Distributors, LLC - Not applicable

------

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

&nbsp;&nbsp;&nbsp;&nbsp;No person is directly or indirectly controlled by or under common control with the Registrant.

**Item 30. Indemnification.**

&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to Article VII of the Registrant's <u>[Amended and Restated Agreement and Declaration of Trust](https://www.sec.gov/Archives/edgar/data/1027596/000089418919000329/agreeanddec.htm)</u>, Article VI of Registrant's <u>[Amended and Restated By-Laws](https://www.sec.gov/Archives/edgar/data/1027596/000089418923002339/bylawsfinalasof32423.htm)</u> and Paragraph 7 of the Distribution Agreement.

Pursuant to Rule 484 under the Securities Act of 1933, as amended (the "Securities Act"), the Registrant furnishes the following undertaking: "Insofar as indemnification for liability arising under the Securities Act may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the U.S. Securities and Exchange Commission ("SEC") such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue."

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

Chase Investment Counsel Corporation, located at 350 Old Ivy Way, Suite 100, Charlottesville, Virginia 22903, is a registered investment adviser under the Investment Advisers Act of 1940 and serves as investment adviser for the Trust's series: Chase Growth Fund.

With respect to the Adviser, the response to this Item is incorporated by reference to the Advisor's Uniform Application for Investment Adviser Registration (Form ADV) on file with the U.S. Securities and Exchange Commission ("SEC") (File No. 801-3396), dated March 28, 2025. The Advisor's Form ADV may be obtained, free of charge, at the SEC's website at www.adviserinfo.sec.gov.

**Item 32. Principal Underwriter.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Quasar Distributors, LLC (the "Distributor") serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:

&nbsp;&nbsp;&nbsp;&nbsp;1. Abacus FCF ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;2. Advisor Managed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;3. Antares Private Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;4. Capital Advisors Growth Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;5. Chase Growth Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;6. Davidson Multi Cap Equity Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;7. Edgar Lomax Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;8. Huber Large Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;9. Huber Mid Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;10. Huber Select Large Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;11. Huber Small Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;12. Logan Capital Broad Innovative Growth ETF, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;13. Medalist Partners MBS Total Return Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;14. Medalist Partners Short Duration Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;15. O'Shaughnessy Market Leaders Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;16. PIA BBB Bond Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;17. PIA High Yield (MACS) Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;18. PIA High Yield Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;19. PIA MBS Bond Fund, Series of Advisors Series Trust

------

&nbsp;&nbsp;&nbsp;&nbsp;20. PIA Short-Term Securities Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;21. Poplar Forest Cornerstone Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;22. Poplar Forest Partners Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;23. Pzena Emerging Markets Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;24. Pzena International Small Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;25. Pzena International Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;26. Pzena Mid Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;27. Pzena Small Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;28. Reverb ETF, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;29. Scharf ETF, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;30. Scharf Global Opportunity ETF, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;31. Scharf Multi-Asset Opportunity Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;32. Shenkman Capital Floating Rate High Income Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;33. Shenkman Capital Short Duration High Income Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;34. The Aegis Funds

&nbsp;&nbsp;&nbsp;&nbsp;35. Allied Asset Advisors Funds

&nbsp;&nbsp;&nbsp;&nbsp;36. Angel Oak Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;37. Angel Oak Strategic Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;38. Brookfield Infrastructure Income Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;39. Brookfield Investment Funds

&nbsp;&nbsp;&nbsp;&nbsp;40. Buffalo Funds

&nbsp;&nbsp;&nbsp;&nbsp;41. RJ Eagle GCM Dividend Select Income ETF, Series of Carillon Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;42. RJ Eagle Municipal Income ETF, Series of Carillon Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;43. RJ Eagle Vertical Income ETF, Series of Carillon Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;44. DoubleLine Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;45. AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;46. AAM Brentview Dividend Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;47. AAM Crescent CLO ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;48. AAM Low Duration Preferred and Income Securities ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;49. AAM S&P 500 High Dividend Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;50. AAM Sawgrass U.S. Large Cap Quality Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;51. AAM Sawgrass U.S. Small Cap Quality Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;52. AAM SLC Low Duration Income ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;53. AAM Todd International Intrinsic Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;54. AAM Transformers ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;55. Acquirers Deep Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;56. Aptus April Buffer, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;57. Aptus Collared Investment Opportunity ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;58. Aptus Deferred Income ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;59. Aptus Defined Risk ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;60. Aptus Drawdown Managed Equity ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;61. Aptus Enhanced Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;62. Aptus International Enhanced Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;63. Aptus January Buffer ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;64. Aptus July Buffer ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;65. Aptus Large Cap Enhanced Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;66. Aptus Large Cap Upside ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;67. Aptus October Buffer ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;68. Bahl & Gaynor Dividend ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;69. Bahl & Gaynor Income Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;70. Bahl & Gaynor Small Cap Dividend ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;71. BTD Capital Fund, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;72. Carbon Strategy ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;73. ClearShares OCIO ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;74. ClearShares Piton Intermediate Fixed Income Fund, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;75. ClearShares Ultra-Short Maturity ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;76. Colterpoint Net Lease Real Estate ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;77. Distillate International Fundamental Stability & Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;78. Distillate Small/Mid Cash Flow ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;79. Distillate U.S. Fundamental Stability & Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;80. ETFB Green SRI REITs ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;81. Hoya Capital High Dividend Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;82. Hoya Capital Housing ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;83. LHA Market State Tactical Beta ETF, Series of ETF Series Solutions

------

&nbsp;&nbsp;&nbsp;&nbsp;84. LHA Market State Tactical Q ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;85. LHA Risk-Managed Income ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;86. McElhenny Sheffield Managed Risk ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;87. Opus Small Cap Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;88. The Acquirers Fund, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;89. The Brinsmere Fund - Conservative ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;90. The Brinsmere Fund - Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;91. U.S. Global GO GOLD and Precious Metal Miners ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;92. U.S. Global JETS ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;93. U.S. Global Sea to Sky Cargo ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;94. U.S. Global Technology and Aerospace & Defense ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;95. US Vegan Climate ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;96. Vest 10 Year Interest Rate Hedge ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;97. Vest 2 Year Interest Rate Hedge ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;98. First American Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;99. FundX Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;100. The Glenmede Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;101. The GoodHaven Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;102. Harding, Loevner Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;103. Hennessy Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;104. Horizon Funds

&nbsp;&nbsp;&nbsp;&nbsp;105. Hotchkis & Wiley Funds

&nbsp;&nbsp;&nbsp;&nbsp;106. Intrepid Capital Management Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;107. Jacob Funds Inc.

&nbsp;&nbsp;&nbsp;&nbsp;108. The Jensen Quality Growth Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;109. Kirr, Marbach Partners Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;110. Core Alternative ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;111. Optimized Equity Income ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;112. Wahed Dow Jones Islamic World ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;113. Wahed FTSE USA Shariah ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;114. LKCM Funds

&nbsp;&nbsp;&nbsp;&nbsp;115. LoCorr Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;116. MainGate Trust

&nbsp;&nbsp;&nbsp;&nbsp;117. ATAC Rotation Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;118. Cove Street Capital Small Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;119. Kensington Active Advantage Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;120. Kensington Defender Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;121. Kensington Dynamic Allocation Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;122. Kensington Hedged Premium Income ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;123. Kensington Managed Income Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;124. LK Balanced Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;125. Leuthold Core ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;126. Leuthold Core Investment Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;127. Leuthold Global Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;128. Leuthold Grizzly Short Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;129. Leuthold Select Industries ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;130. Muhlenkamp Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;131. Nuance Concentrated Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;132. Nuance Mid Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;133. Olstein All Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;134. Olstein Strategic Opportunities Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;135. Port Street Quality Growth Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;136. Prospector Capital Appreciation Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;137. Prospector Opportunity Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;138. Reinhart Genesis PMV Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;139. Reinhart International PMV Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;140. Reinhart Mid Cap PMV Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;141. Tremblant Global ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;142. Greenspring Income Opportunities Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;143. Hood River Emerging Markets Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;144. Hood River International Opportunity Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;145. Hood River New Opportunities Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;146. Hood River Small-Cap Growth Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;147. SanJac Alpha Core Plus Bond ETF, Series of Manager Directed Portfolios

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&nbsp;&nbsp;&nbsp;&nbsp;148. SanJac Alpha Low Duration ETF, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;149. SWP Growth & Income ETF, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;150. Vert Global Sustainable Real Estate ETF, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;151. Mason Capital Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;152. Matrix Advisors Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;153. Monetta Trust

&nbsp;&nbsp;&nbsp;&nbsp;154. Nicholas Equity Income Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;155. Nicholas Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;156. Nicholas II, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;157. Nicholas Limited Edition, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;158. Oaktree Diversified Income Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;159. Permanent Portfolio Family of Funds

&nbsp;&nbsp;&nbsp;&nbsp;160. Perritt Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;161. Procure ETF Trust II

&nbsp;&nbsp;&nbsp;&nbsp;162. Professionally Managed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;163. Provident Mutual Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;164. Abbey Capital Futures Strategy Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;165. Abbey Capital Multi-Asset Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;166. Adara Smaller Companies Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;167. Aquarius International Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;168. Boston Partners All Cap Value Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;169. Boston Partners Global Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;170. Boston Partners Global Sustainability Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;171. Boston Partners Long/Short Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;172. Boston Partners Long/Short Research Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;173. Boston Partners Small Cap Value Fund II, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;174. Campbell Systematic Macro Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;175. F/m 10-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;176. F/m 2-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;177. F/m 3-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;178. F/m Callable Tax-Free Municipal ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;179. F/m Compoundr High Yield Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;180. F/m Compoundr U.S. Aggregate Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;181. F/m Emerald Life Sciences Innovation ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;182. F/m Emerald Special Situations ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;183. F/m High Yield 100 ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;184. F/m Investments Large Cap Focused Fund Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;185. F/m Opportunistic Income ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;186. F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;187. F/m US Treasury 10 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;188. F/m US Treasury 12 Month Bill ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;189. F/m US Treasury 2 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;190. F/m US Treasury 20 Year Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;191. F/m US Treasury 3 Month Bill ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;192. F/m US Treasury 3 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;193. F/m US Treasury 30 Year Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;194. F/m US Treasury 5 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;195. F/m US Treasury 6 Month Bill ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;196. F/m US Treasury 7 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;197. Motley Fool 100 Index ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;198. Motley Fool Capital Efficiency 100 Index ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;199. Motley Fool Global Opportunities ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;200. Motley Fool Innovative Growth Factor ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;201. Motley Fool Mid-Cap Growth ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;202. Motley Fool Momentum Factor ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;203. Motley Fool Next Index ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;204. Motley Fool Small-Cap Growth ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;205. Motley Fool Value Factor ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;206. MUFG Japan Small Cap Active ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;207. Oakhurst Fixed Income Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;208. Optima Strategic Credit Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;209. SGI Dynamic Tactical ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;210. SGI Enhanced Core ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;211. SGI Enhanced Global Income ETF, Series of The RBB Fund, Inc.

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&nbsp;&nbsp;&nbsp;&nbsp;212. SGI Enhanced Market Leaders ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;213. SGI Global Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;214. SGI Peak Growth Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;215. SGI Prudent Growth Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;216. SGI Small Cap Core Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;217. SGI U.S. Large Cap Core ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;218. SGI U.S. Large Cap Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;219. WPG Partners Select Small Cap Value Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;220. WPG Partners Small Cap Value Diversified Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;221. The RBB Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;222. RBC Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;223. Rockefeller Municipal Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;224. SEG Partners Long/Short Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;225. Series Portfolios Trust

&nbsp;&nbsp;&nbsp;&nbsp;226. Thompson IM Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;227. Tortoise Capital Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;228. Bright Rock Mid Cap Growth Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;229. Bright Rock Quality Large Cap Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;230. CrossingBridge Low Duration High Income Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;231. CrossingBridge Nordic High Income Bond Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;232. CrossingBridge Responsible Credit Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;233. CrossingBridge Ultra-Short Duration Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;234. RiverPark Strategic Income Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;235. Dearborn Partners Rising Dividend Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;236. Jensen Global Quality Growth Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;237. Jensen Quality MidCap Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;238. Rockefeller Climate Solutions Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;239. Rockefeller US Small Cap Core Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;240. Wall Street EWM Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's principal business address is 190 Middle Street, Suite 301, Portland, Maine 04101.

---

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

---

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

------

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

The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended (the "1940 Act"), are maintained at the following locations:

---

| | |
|:---|:---|
| **Records Relating to:** | **Are located at:** |
| Registrant's Fund Administrator, Fund Accountant and Transfer Agent | U.S. Bancorp Fund Services, LLC<br>615 East Michigan Street, 3rd Floor<br>Milwaukee, Wisconsin 53202 |
| Registrant's Custodian | U.S. Bank National Association<br>Custody Operations<br>1555 North River Center Drive, Suite 302<br>Milwaukee, Wisconsin 53212 |
| Registrant's Investment Adviser | Chase Investment Counsel Corporation<br>350 Old Ivy Way, Suite 100<br>Charlottesville, Virginia 22903 |
| Registrant's Distributor | Quasar Distributors, LLC<br>190 Middle Street, Suite 301<br>Portland, Maine 04101 |

---

**Item 34. Management Services Not Discussed in Parts A and B.**

Not Applicable.

**Item 35. Undertakings.**

Not Applicable.

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| <u>Exhibit</u> | <u>Exhibit No.</u> |
| <u>[Distribution Agreement](ast-quasardistributorsxdis.htm)</u> | EX.99.e |
| <u>[Consent of Independent Registered Public Accounting Firm](chasefundsn-1aconsent20261.htm)</u> | EX.99.j |

---

------

**SIGNATURES**

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act and the 1940 Act, the Registrant certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment No. 1184 to its Registration Statement and has duly caused this Post-Effective Amendment No. 1186 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Milwaukee and State of Wisconsin, on January 22, 2026.

Advisors Series Trust

By: <u>/s/ Jeffrey T. Rauman</u>&nbsp;&nbsp;&nbsp;&nbsp;

Jeffrey T. Rauman

President and Principal Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this Amendment has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **<u>Signature</u>** | **<u>Title</u>** | **<u>Date</u>** |
| <u>David G. Mertens\*</u> | Trustee | January 22, 2026 |
| David G. Mertens |  |  |
| <u>Michele Rackey\*</u> | Trustee | January 22, 2026 |
| Michele Rackey |  |  |
| <u>Anne W. Kritzmire\*</u> | Trustee | January 22, 2026 |
| Anne W. Kritzmire |  |  |
| <u>Craig B. Wainscott\*</u> | Trustee | January 22, 2026 |
| Craig B. Wainscott |  |  |
| <u>/s/ Kevin Hayden</u> | Treasurer, Vice President and | January 22, 2026 |
| Kevin Hayden | Principal Financial Officer |  |
| <u>/s/ Jeffrey T. Rauman</u> | President and Principal Executive Officer | January 22, 2026 |
| Jeffrey T. Rauman |  |  |
| \*By: <u>/s/ Jeffrey T. Rauman</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeffrey T. Rauman<br>Attorney-In Fact pursuant to <br>Power of Attorney |  |  |

---

## Ex-99.(J)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the references to our firm in the Post-Effective Amendment #1184 and Amendment #1186

to the Registration Statement onFormN-1AofAdvisors Series Trustandtothe use of our report dated

November 26, 2025 on the financial statements and financial highlights of Chase Growth Fund, a series of

Advisors Series Trust appearing in Form N-CSR for the year ended September 30, 2025, which are also

incorporated by reference into the Registration Statement.

**/s/ TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**January 22, 2026**

## Ex-99.E

**DISTRIBUTION AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;THIS AGREEMENT is made and entered into as of January 1, 2026, by and between Advisors Series Trust, a Delaware statutory trust (the "Client"), and Quasar Distributors, LLC, a Delaware limited liability company (the "Distributor").

WHEREAS, the Client is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is authorized to issue shares of beneficial interest ("Shares") in separate series, with each such series representing interests in a separate portfolio of securities and other assets;

WHEREAS, the Client desires to retain the Distributor as principal underwriter in connection with the offering of the Shares of each series of the Client listed on Exhibit A hereto (as amended from time to time) (each a "Fund" and collectively the "Funds");

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

WHEREAS, this Agreement has been approved by a vote of the Client's board of [trustees/directors] (the "Board") and its disinterested [trustees/directors] in conformity with Section 15(c) of the 1940 Act; and

WHEREAS, the Distributor is willing to act as principal underwriter for the Client on the terms and conditions hereinafter set forth.

NOW THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

1.**Appointment of Distributor**. The Client hereby appoints the Distributor as its principal underwriter for the distribution of Shares of the Funds, on the terms and conditions set forth in this Agreement, and the Distributor hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement.

2.**Services and Duties of the Distributor**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.The Distributor agrees to act as the principal underwriter of the Client for the distribution of the Shares of the Funds, upon the terms and at the current offering price (plus sales charge, if any) described in the Prospectus. As used in this Agreement, the term "Prospectus" shall mean the current prospectus, including the statement of additional information, as both may be amended or supplemented, relating to any of the Funds and included in the currently effective registration statement(s) or post-effective amendment(s) thereto (the "Registration Statement") of the Client under the Securities Act of 1933, as amended (the "1933 Act"), and the 1940 Act.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.During the continuous public offering of Shares of the Funds, the Distributor shall use commercially reasonable efforts to distribute the Shares. All orders for Shares shall be made through financial intermediaries or submitted directly to the applicable Fund or its designated agent. Such purchase orders shall be deemed effective at the time and in the manner set forth in the Prospectus. The Client or its designated agent will confirm orders and subscriptions upon receipt, will make appropriate book entries and, upon receipt of payment therefor, will issue the appropriate number of Shares in uncertificated form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.The Distributor shall maintain membership with the National Securities Clearing Corporation ("NSCC") and any other similar successor organization to sponsor a participant number for the Funds so as to enable the Shares to be traded through NSCC's Fund/SERV System ("FundSERV"). The Client acknowledges and agrees that the Distributor shall not be responsible for any operational matters associated with FundSERV or Networking transactions, including but not limited to taking orders from financial intermediaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.The Distributor acknowledges and agrees that it is not authorized to provide any information or make any representations regarding the Funds other than as contained in the Prospectus and any marketing materials specifically approved by the Client or the investment adviser to the Fund(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.The Distributor agrees to review all proposed marketing materials provided by the Client for compliance with applicable Securities and Exchange Commission ("SEC") and FINRA advertising rules and regulations, and shall file with FINRA those marketing materials it believes are in compliance with such applicable laws and regulations. The Distributor agrees to furnish to the Client any comments provided by regulators with respect to such marketing materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. At the request of the Client, the Distributor shall enter into the Standard Dealer Agreement (as defined below), and may, in its discretion, enter into non-standard dealer agreements with financial intermediaries as the Client may select, in order that such broker-dealers and other intermediaries may sell Shares of the Funds. The Fund's form of dealer agreement and/or selling agreement shall in a form similar to that attached at Exhibit C and shall be approved by the Client's Board ("Standard Dealer Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.The Client acknowledges and agrees that the Distributor shall not be obligated to make any payments to any broker-dealers, other financial intermediaries or other third parties, unless (i) the Distributor has received an authorized corresponding payment from the applicable Fund's plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act ("Plan") and (ii) such Plan been approved by the Client's Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.The Distributor shall not be obligated to sell any certain number of Shares.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.The Distributor shall prepare reports for the Board regarding its activities under this Agreement as from time to time shall be reasonably requested by the Board, including reports regarding the use of 12b-1 payments received by the Distributor, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.The Distributor may enter into agreements ("Subcontracts") with qualified third parties to carry out some or all of the Distributor's obligations under this Agreement, with the prior written consent of the Client, such consent not to be unreasonably withheld; provided that execution of a Subcontract shall not relieve the Distributor of any of its responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.The services furnished by the Distributor hereunder are not to be deemed exclusive and the Distributor shall be free to furnish similar services to others so long as its services under this Agreement are not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L.Notwithstanding anything herein to the contrary, the Distributor shall not be required to register as a broker or dealer in any specific jurisdiction or to maintain its registration in any jurisdiction in which it is now registered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M.The Distributor undertakes to perform such duties and only such duties as are expressly set forth herein, or expressly incorporated herein by reference, and no implied covenants or obligations shall be read into this Agreement against the Distributor.

**3. Duties of the Client.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.The Client agrees to redeem or repurchase Shares tendered by shareholders of the Funds in accordance with the Client's obligations in the Prospectus and the Registration Statement. The Client reserves the right to suspend such repurchase right upon written notice to the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.The Client shall take, or cause to be taken, all necessary action to register the Shares under the federal and all applicable state securities laws and to maintain an effective Registration Statement for such Shares in order to permit the sale of Shares as herein contemplated. The Client authorizes the Distributor to use the Prospectus, in the form furnished to the Distributor from time to time, in connection with the sale of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.The Client agrees to advise the Distributor promptly in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)of any material action, correspondence, or other communication by the Securities and Exchange Commission ("SEC") or its staff relating to the Funds, including requests by the SEC for amendments to the Registration Statement or Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)in the event of the issuance by the SEC of any stop-order suspending the effectiveness of the Registration Statement then in effect or the initiation of any proceeding for that purpose;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)of the happening of any event which makes untrue any statement of a material fact made in the Prospectus or which requires the making of a change in such Prospectus in order to make the statements therein not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)in the event that it determines to suspend the sale of Shares at any time in response to conditions in the securities markets or otherwise or to suspend the redemption of Shares of any Fund at any time as permitted by the 1940 Act or the rules of the SEC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)of the commencement of any material litigation or proceedings against the Client or any of its officers or directors in connection with the issue and sale of any of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.The Client shall file such reports and other documents as may be required under applicable federal and state laws and regulations, including state blue sky laws, and shall notify the Distributor in writing of the states in which the Shares may be sold and of any changes to such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.The Client agrees to file from time to time such amendments to its Registration Statement and Prospectus as may be necessary in order that its Registration Statement and Prospectus will not contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.The Client shall reasonably cooperate in the efforts of the Distributor to distribute the Shares. In addition, the Client shall keep the Distributor reasonably informed of its affairs related to the activities contemplated by this Agreement and shall provide to the Distributor from time to time copies of all information, financial statements, and other material that the Distributor may reasonably request for use in connection with the distribution of Shares, including, without limitation, certified copies of any financial statements prepared for the Client by its independent public accountants and such reasonable number of copies of the most current Prospectus, statement of additional information and annual and interim reports to shareholders as the Distributor may reasonably request. The Client shall forward a copy of any SEC filings, including the Registration Statement, to the Distributor within one business day of any such filings. The Client represents that it will not use or authorize the use of any marketing materials unless and until such marketing materials have been approved and authorized for use by the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.The Client shall provide and cause each other agent or service provider to the Client, including the Client's transfer agent and investment adviser, to provide, to Distributor in a timely and accurate manner all such information (and in such reasonable medium) that the Distributor may reasonably request that may be necessary for the Distributor to perform its duties under this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.The Client shall not file any amendment to the Registration Statement or Prospectus that materially amends any provision therein which pertains to Distributor, the distribution of the Shares or the applicable sales loads or public offering price without giving Distributor reasonable advance notice thereof; provided, however, that nothing contained in this Agreement shall in any way limit the Client's right to file at any time such amendments to the Registration Statement or Prospectus, of whatever character, as the Client may deem advisable, such right being in all respects absolute and unconditional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.The Client shall not list the Distributor as the principal underwriter or distributor in any post-effective amendment to the Registration Statement, which is filed for the purpose of creating a new Fund, without receiving prior written permission from the Distributor. At or before such time as a new Fund becomes effective, Client and Distributor agree to amend this Agreement for purposes of updating Exhibit A.

4.**Representations and Warranties of the Client**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.The Client hereby represents and warrants to the Distributor, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)it is duly organized and existing and in good standing under the laws of its jurisdiction of incorporation/organization and is registered as an open-end management investment company under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)this Agreement has been duly authorized, executed and delivered by the Client and, when executed and delivered, will constitute a valid and legally binding obligation of the Client, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)it is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws/operating agreement or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the Shares are validly authorized and, when issued in accordance with the description in the Prospectus, will be fully paid and nonassessable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)the Registration Statement and Prospectus included therein have been prepared in conformity with the requirements of the 1933 Act and the 1940 Act and the rules and regulations thereunder;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)the Registration Statement and Prospectus and any marketing materials prepared by the Client or its agent do not and shall not contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that all statements or information furnished to the Distributor pursuant to this Agreement shall be true and correct in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)the Client owns, possesses, licenses or has other rights to use all patents, patent applications, trademarks and service marks, trademark and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, technology, know-how and other intellectual property (collectively, "Intellectual Property") necessary for or used in the conduct of the Client's business and for the offer, issuance, distribution and sale of the Shares in accordance with the terms of the Prospectus and this Agreement, and such Intellectual Property does not and will not breach or infringe the terms of any Intellectual Property owned, held or licensed by any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.The Client has adopted policies and procedures pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, the Client (and relevant agents) shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent the unauthorized access to or use of, records and information relating to the Client and the owners of the Shares.

5.**Representations and Warranties of the Distributor**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.The Distributor hereby represents and warrants to the Client, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)it is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)this Agreement has been duly authorized, executed and delivered by the Distributor and, when executed and delivered, will constitute a valid and legally binding obligation of the Distributor, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)it is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its

------

charter, operating agreement or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)it is registered as a broker-dealer under the 1934 Act and is a member in good standing of FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.In connection with all matters relating to this Agreement, the Distributor will comply with the applicable requirements of the 1933 Act, the 1934 Act, the 1940 Act, the regulations of FINRA and all other applicable federal or state laws and regulations to the extent such laws, rules, and regulations relate to Distributor's role as the principal underwriter of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.The Distributor shall promptly notify the Client of the commencement of any material litigation or proceedings against the Distributor or any of its managers, officers or directors in connection with the issue and sale of any of the Shares.

6.**Compensation**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.In consideration of the Distributor's services in connection with the distribution of Shares of each Fund and Class thereof, the Distributor shall receive the compensation set forth in Exhibit B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Except as specified in Section 5A, the Distributor shall be entitled to no compensation or reimbursement of expenses from the Client for the services provided by the Distributor pursuant to this Agreement. Any such compensation or reimbursement of expenses shall be paid or reimbursed by the Fund's investment adviser pursuant to an Agreement between the investment adviser and the Distributor.

7.**Expenses**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.The Client shall bear all costs and expenses in connection with registration of the Shares with the SEC and the applicable states, as well as all costs and expenses in connection with the offering of the Shares and communications with shareholders of its Funds, including but not limited to (i) fees and disbursements of its counsel and independent public accountants; (ii) costs and expenses of the preparation, filing, printing and mailing of Registration Statements and Prospectuses and amendments thereto, as well as related marketing material, (iii) costs and expenses of the preparation, printing and mailing of annual and interim reports, proxy materials and other communications to shareholders of the Funds; and (iv) fees required in connection with the offer and sale of Shares in such jurisdictions as shall be selected by the Client pursuant to Section 3(D) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.The Distributor shall only bear the expenses of registration or qualification of the Distributor as a dealer or broker under federal or state laws and the expenses of continuing such registration or qualification. The Distributor does not assume responsibility for any expenses not expressly assumed hereunder.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.<u>Limitation of Liability</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.The Distributor shall be under no duty to take any action except as specifically set forth herein or as may be specifically agreed to by the Distributor in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Distributor shall not be liable for any action taken or failure to act in good faith or reasonable reliance upon:

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.the advice of the Trust, or counsel to the Trust; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.any oral instruction which it receives and which it reasonably believes in good faith was transmitted by the person or persons authorized by the Board to give such oral instruction (the Distributor shall have no duty or obligation to make any inquiry or effort of certification of such oral instruction); |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.any written instruction or certified copy of any resolution of the Board, and the Distributor may rely upon the genuineness of any such document or copy thereof reasonably believed in good faith by the Distributor to have been validly executed; or |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.any signature, instruction, request, letter of transmittal, certificate, opinion of counsel, statement, instrument, report, notice, consent, order, or other document reasonably believed in good faith by the Distributor to be genuine and to have been signed or presented by the Trust or other proper party or parties; and the Distributor shall not be under any duty or obligation to inquire into the validity or invalidity or authority or lack thereof of any statement, oral or written instruction, resolution, signature, request, letter of transmittal, certificate, opinion of counsel, instrument, report, notice, consent, order, or any other document or instrument which the Distributor reasonably believes in good faith to be genuine. |

---

8.**Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.The Client shall indemnify, defend and hold the Distributor, its affiliates and each of their respective members, managers, directors, officers, employees, representatives and any person who controls or previously controlled the Distributor within the meaning of Section 15 of the 1933 Act (collectively, the "Distributor Indemnitees"), free and harmless from and against any and all losses, claims, demands, liabilities, damages and expenses (including the reasonable costs of investigating or defending any alleged losses, claims, demands, liabilities, damages or expenses and any reasonable and documented counsel fees incurred in connection therewith) (collectively, "Losses") that any Distributor Indemnitee may incur under the 1933 Act, the 1934 Act, the 1940 Act any other statute (including Blue Sky laws) or any rule or regulation thereunder, or under common law or otherwise, arising out of or relating to (i) the Client's material breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (ii) the Client's failure to comply in all material respects with any applicable securities laws or regulations; or (iii) any claim that the Registration Statement, Prospectus, shareholder reports, marketing materials or other information filed or made public by the Client (as from time to time amended) include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the

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statements therein not misleading under the 1933 Act, or any other statute or the common law any violation of any rule of FINRA or of the SEC or any other jurisdiction wherein Shares of the Funds are sold, provided, however, that the Client's obligation to indemnify any of the Distributor Indemnitees shall not be deemed to cover any Losses arising out of any untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, Prospectus, annual or interim report, or any such marketing material in reasonable reliance upon and in conformity with information relating to the Distributor and furnished to the Client or its counsel by the Distributor in writing for use in such Registration Statement, Prospectus, annual or interim report, or any marketing materials. In no event shall anything contained herein be so construed as to protect the Distributor against any liability to the Client or its shareholders to which the Distributor would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties under this Agreement or by reason of its reckless disregard of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.The Distributor shall indemnify, defend and hold the Client, its affiliates, and each of their respective directors, officers, employees, representatives, and any person who controls or previously controlled the Client within the meaning of Section 15 of the 1933 Act (collectively, the "Client Indemnitees"), free and harmless from and against any and all Losses that any Client Indemnitee may incur under the 1933 Act, the 1934 Act, the 1940 Act, any other statute (including Blue Sky laws) or any rule or regulation thereunder, or under common law or otherwise, arising out of or based upon (i) the Distributor's material breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (ii) the Distributor's failure to comply in all material respects with any applicable securities laws or regulations; or (iii) any claim that the Registration Statement, Prospectus, marketing materials or other information filed or made public by the Client (as from time to time amended) include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements not misleading, insofar as such statement or omission was made in reasonable reliance upon, and in conformity with, information furnished to the Client by the Distributor in writing for use in such Registration Statement, Prospectus, marketing materials or other information filed or made public by the Client. In no event shall anything contained herein be so construed as to protect the Client against any liability to the Distributor to which the Client would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties under this Agreement or by reason of its reckless disregard of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.In no case (i) is the indemnification provided by an indemnifying party to be deemed to protect against any liability the indemnified party would otherwise be subject to by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement, or (ii) is the indemnifying party to be liable under this Section with respect to any claim made against any indemnified party unless the indemnified party notifies the indemnifying party in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the indemnified party (or after the indemnified party shall have received notice of service on any designated agent).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.Failure by the indemnified party to notify the indemnifying party of any claim shall not relieve the indemnifying party from any liability that it may have to the indemnified party against whom such action is brought, on account of this Section, unless failure or delay to so notify the indemnifying party prejudices the indemnifying party's ability to defend against such claim. The indemnifying party shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim, but if the indemnifying party elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the indemnified party. In the event that indemnifying party elects to assume the defense of any suit and retain counsel, the indemnified party shall bear the fees and expenses of any additional counsel retained by them. If the indemnifying party does not elect to assume the defense of any suit, it will reimburse the indemnified party for the reasonable fees and expenses of any counsel retained by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.No indemnified party shall settle any claim against it for which it intends to seek indemnification from the indemnifying party, under the terms of section 9(a) or 9(b) above, without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld. No indemnified or indemnifying party shall settle any claim unless the settlement contains a full release of liability with respect to the other party in respect of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.No person shall be obligated to provide indemnification under this Section 9 if such indemnification would be impermissible under the 1940 Act, the 1933 Act, the 1934 Act or the rules of the FINRA; provided, however, in such event indemnification shall be provided under this Section 9 to the maximum extent so permissible.

9.**Dealer Agreement Indemnification**.

**&nbsp;&nbsp;&nbsp;&nbsp;**The Client acknowledges and agrees that the Distributor may enter into dealer and/or selling agreements ("Non-Standard Dealer Agreements") that contain certain representations, duties, undertakings and indemnification that are not included in the Standard Dealer Agreement, or lack certain representations, duties, and indemnification included in the Standard Dealer Agreement ("Non-Standard Obligations," and collectively with Non-Standard Duties, "Non-Standard Obligations"). To the extent that the Distributor,) after the review and approval by the Client, enters into any Non-Standard Dealer Agreement, the Client shall indemnify, defend and hold the Distributor Indemnitees free and harmless from and against any and all Losses that any Distributor Indemnitee may incur arising out of or relating to (a) any failure to perform any Non-Standard Obligations under any Non-Standard Dealer Agreement; (b) any representations made by the Distributor in any Non-Standard Dealer Agreement to the extent that the Distributor is not required to make such representations in the Standard Dealer Agreement; (c) any indemnification provided by the Distributor under a Non-Standard Dealer Agreement to the extent that such indemnification is beyond the indemnification that the Distributor provides to intermediaries in the Standard Dealer Agreement. In no event shall anything contained herein be so construed as to protect the Distributor Indemnitee against any liability to the Client or its shareholders to which such Distributor Indemnitee would otherwise be subject by reason of its willful misfeasance, bad faith, or gross negligence in the performance or reckless disregard of its obligations or duties

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under the Non-Standard Dealer Agreement to the extent that such duties and obligations are the responsibility of the Distributor in the Standard Dealer Agreement. For the avoidance of doubt, any dealer or selling agreement that materially deviates from the Standard Agreement shall be considered a "Non-Standard Dealer Agreement."

10.**Limitations on Damages**. Neither party shall be liable for any consequential, special or indirect losses or damages suffered by the other party, whether or not the likelihood of such losses or damages was known by the party.

11.**Force Majeure**. Neither party shall be liable for losses, delays, failure, errors, interruption or loss of data occurring directly or indirectly by reason of circumstances beyond its reasonable control, including, without limitation, acts of nature (including fire, flood, earthquake, storm, hurricane or other natural disaster); action or inaction of civil or military authority; acts of foreign enemies; war; terrorism; riot; insurrection; sabotage; epidemics; labor disputes; civil commotion; or interruption, loss or malfunction of utilities, transportation, computer or communications capabilities; provided, however, that in each specific case such circumstance shall be beyond the reasonable control of the party seeking to apply this force majeure clause.

12.**Duration and Termination**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.This Agreement shall become effective with respect to each Fund listed on Exhibit A hereof as of the date hereof and, with respect to each Fund not in existence on that date, on the date an amendment to Exhibit A to this Agreement relating to that Fund is executed. Unless sooner terminated as provided herein, this Agreement shall continue in effect for two years from the date hereof. Thereafter, if not terminated, this Agreement shall continue automatically in effect as to each Fund for successive one-year periods, provided such continuance is specifically approved at least annually by (i) the Client's Board or (ii) the vote of a majority of the outstanding voting securities of a Fund, in accordance with Section 15 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Notwithstanding the foregoing, this Agreement may be terminated, without the payment of any penalty, with respect to a particular Fund (i) through a failure to renew this Agreement at the end of a term or (ii) upon mutual consent of the parties. Further, this Agreement may be terminated upon no less than 60 days' written notice, by either the Client through a vote of a majority of the members of the Board who are not interested persons, as that term is defined in the 1940 Act, and have no direct or indirect financial interest in the operation of this Agreement or by vote of a majority of the outstanding voting securities of a Fund, or by the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.This Agreement will automatically terminate in the event of its assignment.

13.**Anti-Money Laundering Compliance**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Each of Distributor and Client acknowledges that it is a financial institution subject to the USA PATRIOT Act of 2001 and the Bank Secrecy Act (collectively, the "AML

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Acts"), which require, among other things, that financial institutions adopt compliance programs to guard against money laundering. Each represents and warrants to the other that it is in compliance with and will continue to comply with the AML Acts and applicable regulations in all relevant respects to the extent applicable to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Each of Distributor and Client agrees that it will take such further steps, and cooperate with the other as may be reasonably necessary, to facilitate compliance with the AML Acts, including but not limited to the provision of copies of its written procedures, policies and controls related thereto ("AML Operations"). Distributor undertakes that it will grant to the Client, the Client's anti-money laundering compliance officer and appropriate regulatory agencies, reasonable access to copies of Distributor's AML Operations, and related books and records to the extent they pertain to the Distributor's services hereunder. It is expressly understood and agreed that the Client and the Client's compliance officer shall have no access to any of Distributor's AML Operations, books or records pertaining to other clients or services of Distributor.

14.**Privacy**. In accordance with Regulation S-P, the Distributor will not disclose any non-public personal information, as defined in Regulation S-P, received from the Client or any Fund regarding any Fund shareholder; provided, however, that the Distributor may disclose such information to any party as necessary in the ordinary course of business to carry out the purposes for which such information was disclosed to the Distributor. The Distributor shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Funds.

The Client represents to the Distributor that it has adopted a Statement of its privacy policies and practices as required by Securities and Exchange Commission Regulation S-P and agrees to provide to the Distributor a copy of that statement annually. The Distributor agrees to use reasonable precautions to protect, and prevent the unintentional disclosure of, such non-public personal information.

15.**Confidentiality**. During the term of this Agreement, the Distributor and the Client may have access to confidential information relating to such matters as either party's business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As used in this Agreement, "Confidential Information" means information belonging to the Distributor or the Client which is of value to such party and the disclosure of which could result in a competitive or other disadvantage to either party, including, without limitation, financial information, business practices and policies, know-how, trade secrets, market or sales information or plans, customer lists, business plans, and all provisions of this Agreement. Confidential Information does not include: (i) information that was known to the receiving party before receipt thereof from or on behalf of the disclosing party; (ii) information that is disclosed to the receiving party by a third person who has a right to make such disclosure without any obligation of confidentiality to the party seeking to enforce its rights under this Section; (iii) information that is or becomes generally known in the trade without violation of this Agreement by the receiving party; or (iv)

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information that is independently developed by the receiving party or its employees or affiliates without reference to the disclosing party's information.

Each party will protect the other's Confidential Information with at least the same degree of care it uses with respect to its own Confidential Information, and will not use the other party's Confidential Information other than in connection with its obligations hereunder. Notwithstanding the foregoing, a party may disclose the other's Confidential Information if (i) required by law, regulation or legal process or if requested by any Agency; (ii) it is advised by counsel that it may incur liability for failure to make such disclosure; (iii) requested to by the other party; provided that in the event of (i) or (ii) the disclosing party shall give the other party reasonable prior notice of such disclosure to the extent reasonably practicable and unless otherwise prohibited by law and will cooperate with the other party (at such other party's expense) in any efforts to prevent such disclosure. The parties agree that the procedures and restrictions set forth herein shall not apply to disclosures of Confidential Information to Distributor's applicable regulatory authorities in connection with routine regulatory examinations or requests for information with respect to which Distributor shall be permitted to disclose such Confidential Information necessary to respond to such examinations or requests. The Distributor will advise such regulatory authorities of the confidential nature of such information.

16.**Notices**. Any notice or other communication authorized or required by this Agreement to be given to either party shall be in writing and deemed to have been given when delivered in person or by confirmed facsimile, email, or posted by certified mail, return receipt requested, to the following address (or such other address as a party may specify by written notice to the other):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| (i) **To Distributor:**  | (ii) **If to the Client:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quasar Distributors, LLC<br>Attn: Legal Department<br>190 Middle Street, Suite 301<br>Portland, ME 04101<br>Telephone: (207) 553-7110<br>Email:legal@foreside.com<br>With a copy to: <br><u>dealerservices@acaglobal.com</u> | Advisors Series Trust<br>Attn: President <br>c/o U.S. Bank Global Fund Services<br>777 E. Wisconsin Avenue<br>Milwaukee, Wisconsin 53202<br>Telephone: 414.516.1552<br>Email: <u>jeff.rauman@usbank.com</u> |

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17.**Modifications**. The terms of this Agreement shall not be waived, altered, modified, amended or supplemented in any manner whatsoever except by a written instrument signed by the Distributor and the Client. If required under the 1940 Act, any such amendment must be approved by the Client's Board, including a majority of the Client's Board who are not interested

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persons, as such term is defined in the 1940 Act, of any party to this Agreement, by vote cast in person at a meeting for the purpose of voting on such amendment.

18.**Governing Law**. This Agreement shall be construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law principles thereof.

19.**Entire Agreement**. This Agreement constitutes the entire agreement between the parties hereto and supersedes all prior communications, understandings and agreements relating to the subject matter hereof, whether oral or written.

20.**Survival**. The provisions of Sections 6, 7, 8, 9, 10, 11, 14, 15, and 20 of this Agreement shall survive any termination of this Agreement.

21.**Miscellaneous**. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors. This Agreement has been negotiated and executed by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

22.**Counterparts**. This Agreement may be executed by the parties hereto in any number of counterparts, and all of the counterparts taken together shall be deemed to constitute one and the same document.

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first above written.

QUASAR DISTRIBUTORS, LLC

By: <u>/s/ Teresa Cowan</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name/Title Teresa Cowan, President

ADVISORS SERIES TRUST

By: <u>/s/ Jeffrey T. Rauman</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name/Title Jeffrey T. Rauman, President

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EXHIBIT A

<u>Fund Names</u>

Capital Advisors Growth Fund

Chase Growth Fund

Davidson Multi-Cap Equity Fund

Edgar Lomax Value Fund

Huber Select Large Cap Value Fund

Huber Large Cap Value Fund

Huber Mid Cap Value Fund

Huber Small Cap Value Fund

Medalist MBS Total Return Fund

Medalist Short Duration Fund

O'Shaughnessy Market Leaders Value Fund

PIA BBB Bond Fund

PIA MBS Bond Fund

PIA Short-Term Securities Fund

PIA High Yield Fund

PIA High Yield (MACS) Fund

Poplar Forest Partners Fund

Poplar Forest Cornerstone Fund

Pzena Emerging Markets Value Fund

Pzena International Value Fund

Pzena Mid Cap Value Fund

Pzena Small Cap Value Fund

Pzena International Small Cap Value Fund

Scharf Multi-Asset Opportunity Fund

Shenkman Capital Short Duration High Income Fund

Shenkman Capital Floating Rate High Income Fund

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EXHIBIT B

<u>Compensation</u>

<u>SALES LOADS</u><sup>\*</sup><sup>:</sup>

1. With respect to Class A Shares (i) that part of the sales charge which is retained by the Distributor after reallowance of discounts to dealers as set forth, if required, in the Registration Statement, including the Prospectus, filed with the SEC and in effect at the time of the offering, as amended.

2. With respect to Class C Shares (i) that part of any front-end sales charge which is retained by the Distributor after allowance of discounts to dealers as set forth, if required, in the Registration Statement, including the Prospectus, filed with the SEC and in effect at the time of the offering, as amended, and (ii) the contingent deferred sales charge payable with respect to Class C Shares sold through the Distributor as set forth in the Registration Statement, including the Prospectus, filed with the SEC and in effect at the time of sale of such Class C Shares.

3. With respect to Class I Shares, if any, the Distributor shall not be entitled to any compensation.

4. With respect to any future Class of Shares, the Distributor shall be entitled to such consideration as the Fund and the Distributor shall agree at the time such Class of Shares is established.

*\*All Sales Loads received by the Distributor shall be held to be used solely for distribution-related expenses and shall not be retained as profit.*

<u>12b-1 PAYMENTS</u>:

The Distributor shall be obligated to make 12b-1 payments only after, for so long as, and to the extent that the Distributor receives such payments from the applicable Fund.

*\*All 12b-1 payments received by the Distributor shall be held to be used solely for distribution-related expenses and shall not be retained as profit by the Distributor.*

&nbsp;&nbsp;&nbsp;&nbsp;

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**EXHIBIT C**

**QUASAR DISTRIBUTORS, LLC**

**DEALER AGREEMENT**

**ADVISORS SERIES TRUST**

This agreement is made and effective as of this _____ day of _________________, 20__, by and between Quasar Distributors, LLC ("<u>Distributor</u>") and [**DEALER NAME**] ("<u>Dealer</u>" and, together with Distributor, the "<u>Parties</u>");

**WHEREAS**, Advisors Series Trust (the "<u>Company</u>") is registered under the Investment Company Act of 1940 ("<u>1940 Act</u>"), as an open-end management investment company and is authorized to issue shares of beneficial interest ("<u>Shares</u>") in separate series as listed on Appendix A (each, a "<u>Fund</u>"), as amended by Distributor from time to time;

**WHEREAS**, Distributor serves as principal underwriter in connection with the offering and sale of the Shares pursuant to a distribution agreement ("<u>Distribution Agreement</u>"); and

**WHEREAS**, Dealer desires to serve as a selected dealer of the Funds;

**NOW, THEREFORE**, in consideration of the promises and the mutual covenants contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

1.&nbsp;&nbsp;&nbsp;&nbsp;**Dealer.** Dealer represents that it is a broker-dealer properly registered and qualified under all applicable federal, state and local laws to engage in the business and transactions described in this agreement and is a member in good standing of the Financial Industry Regulatory Authority ("<u>FINRA</u>") and the Securities Investor Protection Corporation ("<u>SIPC</u>"). Dealer agrees that it is responsible for determining the suitability of any Shares as investments for its customers and that Distributor has no responsibility for such determination. Dealer shall maintain all records required by Applicable Laws (as defined below) or that are otherwise reasonably requested by Distributor relating to Dealer's transactions in Shares. In addition, Dealer shall notify Distributor immediately in the event Dealer's status as a member of FINRA or SIPC changes. Dealer shall at all times comply with (i) the provisions of this agreement related to compliance with all applicable rules and regulations and (ii) the terms of each registration statement and prospectus for the Funds.

2.&nbsp;&nbsp;&nbsp;&nbsp;**Qualification of Shares.** The Fund will make available to Dealer a list of the states or other jurisdictions in which Shares are registered for sale or are otherwise qualified for sale, which may be revised by the Fund from time to time. Dealer will make offers of Shares to its customers only in those states and will ensure that it (including its associated persons) is appropriately licensed and qualified to offer and sell Shares in any state or other jurisdiction that requires such licensing or qualification in connection with its activities.

&nbsp;&nbsp;&nbsp;&nbsp;

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3.&nbsp;&nbsp;&nbsp;&nbsp;**Orders.** All orders Dealer submits for transactions in Shares shall reflect orders received from its customers or shall be for its account for its own bona fide investment. Dealer will date and timestamp its customer orders and forward them promptly each day and in any event prior to the time required by the applicable Fund prospectus (the "<u>Prospectus</u>," which for purposes of this agreement includes the Statement of Additional Information incorporated therein). As agent for its customers, Dealer shall not withhold placing customers' orders for any Shares so as to profit Dealer or its customers as a result of such withholding. Dealer is hereby authorized to: (i) place its orders directly with the Company for the purchase of Shares and (ii) tender Shares directly to the Company for redemption, in each case subject to the terms and conditions set forth in the Prospectus and any operating procedures and policies established by Distributor or the Fund (directly or through its transfer agent) from time to time. All purchase orders Dealer submits are subject to acceptance or rejection, and Distributor reserves the right to suspend or limit the sale of Shares. Dealer is not authorized to make any representations concerning Shares except such representations as are contained in the Prospectus and in such supplemental written information that the Fund or Distributor (acting on behalf of the Fund) may provide to Dealer with respect to a Fund. All orders that are accepted for the purchase of Shares shall be executed at the next determined public offering price per share (i.e., the net asset value ("<u>NAV</u>") per share plus the applicable sales load, if any) and all orders for the redemption of Shares shall be executed at the next determined NAV per share and subject to any applicable redemption fee or contingent deferred sales load, in each case as described in the Prospectus.

4.&nbsp;&nbsp;&nbsp;&nbsp;**Compliance with Applicable Laws; Distribution of Prospectus and Reports; Confirmations.** In connection with its respective activities hereunder, each Party shall abide by the Conduct Rules of FINRA and all other rules of self-regulatory organizations of which it is a member, as well as all laws, rules and regulations, including federal and state securities laws, that are applicable to it (and its associated persons) from time to time in connection with its activities hereunder ("<u>Applicable Laws</u>"). Dealer is authorized to distribute to Dealer's customers the current Prospectus, as well as any supplemental sales material received from the Fund or Distributor (acting on behalf of the Fund) (on the terms and for the period specified by Distributor or stated in such material). Dealer is not authorized to distribute, furnish or display any other sales or promotional material relating to a Fund without Distributor's prior written approval, but Dealer may identify the Funds in a listing of mutual funds available through Dealer to its customers. Unless otherwise mutually agreed in writing, Dealer shall deliver or cause to be delivered to each customer who purchases Shares from or through Dealer, copies of all annual and interim reports, proxy solicitation materials, and any other information and materials relating to such Funds and prepared by or on behalf of the Funds or Distributor. If required by Rule 10b-10 under the Securities Exchange Act or other Applicable Laws, Dealer shall send or cause to be sent confirmations or other reports to its customers containing such information as may be required by Applicable Laws.

5.&nbsp;&nbsp;&nbsp;&nbsp;**Sales Charges and Concessions.** On each purchase of Shares by Dealer (but not including the reinvestment of any dividends or distributions), Dealer shall be entitled to receive such dealer allowances, concessions, sales charges or other compensation, if any, as may be set forth in the Prospectus. Sales charge reductions and discounts may be available as provided in the Prospectus. To obtain any such reductions, the Company or its transfer agent must be notified promptly when a transaction or transactions would qualify for the reduced charge, and Dealer must submit information that is sufficient (in the discretion of the Company) to substantiate qualification therefor. The foregoing shall include advising Distributor of any Letter of Intent signed by Dealer's customer or of any Right of Accumulation available to such customer. If Dealer fails to so advise the Fund, Dealer will be liable for the return of any commissions plus interest thereon. Rights of Accumulation (including rights under a Letter of Intent) are

&nbsp;&nbsp;&nbsp;&nbsp;

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available, if at all, only as set forth in the Prospectus, and Dealer authorizes any adjustment to its account (and will be liable for any refund) to the extent any allowance, discount or concession is made and the conditions therefor are not fulfilled. Each price is always subject to confirmation and will be based upon the NAV next determined after receipt of an order that is in good form. If any Shares purchased are tendered for redemption or repurchased by the Fund for any reason within seven (7) business days after confirmation of the purchase order for such Shares, Dealer shall promptly refund the full sales load or other concession, and Dealer will forfeit the right to receive any compensation allowable or payable to it on such Shares. The Fund reserves the right to waive sales charges. Dealer represents that it is eligible to receive any such sales charges and concessions paid to it under this section.

6.&nbsp;&nbsp;&nbsp;&nbsp;**Transactions in Shares.** With respect to all orders Dealer places for the purchase of Shares, unless otherwise agreed, settlement shall be made with the Company within three (3) business days after acceptance of the order. If payment is not so received or made, the transaction may be cancelled. In this event or in the event that Dealer cancels the trade for any reason, Dealer shall be responsible for any loss resulting to the Funds or to Distributor from Dealer's failure to make payments as aforesaid. Dealer shall not be entitled to any gains generated thereby. Dealer also assumes responsibility for any loss to a Fund caused by any order placed by Dealer on an "as-of" basis subsequent to the trade date for the order and will immediately pay such loss to the Fund upon notification or demand. Such orders shall be acceptable only as permitted by the Company and shall be subject to the Company's policies pertaining thereto, which may include receipt of an executed Letter of Indemnity in a form acceptable to the Fund and/or to Distributor prior to the Company's acceptance of any such order.

7.&nbsp;&nbsp;&nbsp;&nbsp;**Accuracy of Orders; Customer Signatures.** Dealer shall be responsible for the accuracy, timeliness and completeness of any orders transmitted by it on behalf of its customers by any means, including wire or telephone. In addition, Dealer shall guarantee the signatures of its customers when such guarantee is required by the Company, and Dealer shall indemnify and hold harmless all persons, including Distributor and the Funds' transfer agent, from and against any and all loss, cost, damage or expense suffered or incurred in reliance upon such signature guarantee.

8.&nbsp;&nbsp;&nbsp;&nbsp;**Indemnification.** Dealer shall indemnify and hold harmless Distributor and Distributor's officers, directors, agents and employees from and against any claims, liabilities, expenses (including reasonable attorneys' fees) and losses (collectively, the "<u>Losses</u>") resulting from any breach by Dealer of any provision of this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;Distributor shall indemnify and hold harmless Dealer and Dealer's officers, directors, agents and employees from and against any Losses resulting from (i) any breach by Distributor of any provision of this agreement or (ii) any untrue statement of a material fact set forth in a Fund's Prospectus or supplemental sales material provided to Dealer by Distributor (and used by Dealer on the terms and for the period specified by Distributor or stated in such material), or omission to state a material fact required to be stated therein to make the statements therein not misleading.

9.&nbsp;&nbsp;&nbsp;&nbsp;**Multi-Class Distribution Arrangements.** Dealer understands and acknowledges that the Funds may offer Shares in multiple classes. Dealer represents and warrants that it has established compliance procedures designed to ensure (i) that its customers are made aware of the terms of each available class of Shares, (ii) that each customer is offered only Shares that are suitable investments for him or her, (iii) that each customer is availed of the opportunity to obtain sales charge break points as detailed in the Prospectus, and (iv) proper supervision of its representatives in recommending and offering the Shares of multiple classes to its customers.

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10.&nbsp;&nbsp;&nbsp;&nbsp;**Anti-Money Laundering Compliance.** Each Party acknowledges that it is a financial institution subject to the USA PATRIOT Act of 2001 and the Bank Secrecy Act (collectively, the "<u>AML Acts</u>"), which require, among other things, that financial institutions adopt compliance programs to guard against money laundering. Each Party represents and warrants that it is in compliance with and will continue to comply with the AML Acts and applicable rules thereunder ("<u>AML Laws</u>"), including FINRA Rule 3310, in all relevant respects. Dealer shall cooperate with Distributor to satisfy AML due diligence policies of the Company and Distributor, which may include annual compliance certifications and periodic due diligence reviews and/or other requests deemed necessary or appropriate by Distributor or the Company to ensure compliance with AML Laws. Dealer also shall provide for screening its own new and existing customers against the Office of Foreign Assets Control list and any other government list that is or becomes required under the AML Acts.

11.&nbsp;&nbsp;&nbsp;&nbsp;**Privacy.** The Parties agree that any Non-Public Personal Information, as the term is defined in Regulation S-P ("<u>Reg S-P</u>") of the Securities and Exchange Commission, that may be disclosed hereunder is disclosed for the specific purpose of permitting the other Party to perform the services set forth in this agreement. Each Party will, with respect to such information, comply with Reg S-P and will not disclose any Non-Public Personal Information received in connection with this agreement to any other party, except to the extent required to carry out the services set forth in this agreement or as otherwise permitted by law.

12.&nbsp;&nbsp;&nbsp;&nbsp;**Distribution and/or Service Fees.** Subject to and in accordance with the terms of each Prospectus and the Distribution Plan and/or Service Plan, if any, adopted by resolution of the Funds' board (the "<u>Board</u>") pursuant to Rule 12b-1 under the 1940 Act, Distributor may pay financial institutions with which Distributor has entered into an agreement in substantially the form annexed hereto as Appendix B, or such other form as may be approved from time to time by the Board, such fees as may be determined in accordance with such fee agreement, for distribution, shareholder or administrative services, as described therein. With respect to such payments to Dealer, Distributor shall have only the obligation to make payments to Dealer after, for as long as, and to the extent that Distributor receives from the Fund an amount equivalent to the amount payable to Dealer. If applicable, Dealer hereby authorizes Distributor to pay Dealer's designated clearing agent ("<u>Clearing Agent</u>") such fees set forth under this section on Dealer's behalf. In such case, Dealer acknowledges and agrees that after Distributor has made payment of such fees to Dealer's Clearing Agent on Dealer's behalf: (i) Dealer's Clearing Agent is solely responsible and liable for direct payment of such fees to Dealer, and Distributor will not pay Dealer directly, (ii) Distributor cannot guarantee payment by Dealer's Clearing Agent of such fees to Dealer, and (iii) should Dealer not receive payment of such fees from Dealer's Clearing Agent for any reason, Dealer's sole recourse is against Dealer's Clearing Agent.

13.&nbsp;&nbsp;&nbsp;&nbsp;**Order Processing.** In accordance with NASD Notice to Members 03-50 (reminding members of their responsibility to ensure that they have in place policies and procedures reasonably designed to detect and prevent the occurrence of mutual fund transactions that would violate Rule 22c-1 under the 1940 Act, FINRA Rule 2010 and other applicable rules and regulations), Dealer represents that it has reviewed its policies and procedures to ensure that they are adequate with respect to preventing violations of law and prospectus requirements related to timely order-taking and market timing activity, in that such policies and procedures prevent (i) the submission of any order received after the deadline for submission of orders in each day that are eligible for pricing at that day's NAV per share and (ii) the purchase of Shares by an individual or entity whose stated objectives are not consistent with the stated policies of a Fund in protecting the best interests of longer-term investors, particularly where such investor may be seeking market timing or arbitrage opportunities through such purchase. Dealer represents that it will be

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responsible for the collection and payment to the Company of any Redemption Fees based upon the terms outlined in the Company's prospectus.

14.&nbsp;&nbsp;&nbsp;&nbsp;**Amendments.** This agreement may be amended from time to time by the following procedure. Distributor will mail a copy of the amendment to Dealer at Dealer's address shown below or as registered as Dealer's main office from time to time with FINRA. If Dealer does not object to the amendment within fifteen (15) days after its receipt, the amendment will become a part of this agreement. Dealer's objection must be in writing and be received by Distributor within such fifteen (15) days. All amendments shall be in writing and, except as provided above, executed by both Parties.

15.&nbsp;&nbsp;&nbsp;&nbsp;**Termination.** This agreement may be terminated by either Party, without penalty, upon ten (10) days' prior written notice to the other Party. Dealer's suspension or expulsion from FINRA will automatically terminate this agreement without notice. Any unfulfilled obligations hereunder, and all obligations of indemnification, shall survive the termination of this agreement.

16. &nbsp;&nbsp;&nbsp;&nbsp;**Assignment.** This agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. No Party may assign this agreement nor any rights, privileges, duties or obligations hereunder without the prior written consent of the other Party, except that Distributor may assign or transfer this agreement to any broker-dealer which becomes the underwriter of the Company without obtaining Dealer's written consent. For the avoidance of doubt, the Parties agree that a change of control of the Distributor shall not constitute an assignment of this agreement.

17.&nbsp;&nbsp;&nbsp;&nbsp;**Notices.** All notices and other communications to Distributor shall be sent to it at Three Canal Plaza, Suite 100, Portland, ME 04101, Attn: Legal Department, or at such other address as Distributor may designate in writing. All notices and other communications to Dealer shall be sent to it at the address set forth below or at such other address as Dealer may designate in writing. All notices required or permitted to be given pursuant to this agreement shall be given in writing and delivered by personal delivery, by postage prepaid mail, electronic mail, or by facsimile or similar means of same-day delivery.

18.&nbsp;&nbsp;&nbsp;&nbsp;**Authorization.** Each Party represents to the other that (i) all requisite corporate proceedings have been undertaken to authorize it to enter into and perform under this agreement as contemplated herein and (ii) the individual that has signed this agreement below on its behalf is a duly elected officer that has been empowered to act for and on behalf of it with respect to the execution of this agreement.

19.&nbsp;&nbsp;&nbsp;&nbsp;**Directed Brokerage Prohibitions.** Neither Party shall direct Fund portfolio securities transactions or related remuneration to compensate Dealer for any promotion or sale of Shares under this agreement. Distributor also will not directly or indirectly compensate Dealer in contravention of Rule 12b-1(h) of the 1940 Act.

20.&nbsp;&nbsp;&nbsp;&nbsp;**Shareholder Information.** Dealer shall comply with the requirements set forth on Appendix C regarding the provision of shareholder information pursuant to Rule 22c-2 of the 1940 Act.

21.&nbsp;&nbsp;&nbsp;&nbsp;**Arbitration.** Any controversy or claim arising out of or relating to this agreement, or any breach thereof, shall be settled by arbitration in accordance with the then existing FINRA Code of Arbitration Procedure. Any arbitration shall be conducted in New York, New York, and each arbitrator shall be from the securities industry. Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.

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22.&nbsp;&nbsp;&nbsp;&nbsp;**Miscellaneous.** This agreement supersedes any other agreement between the Parties with respect to the offer and sale of Shares and other matters covered herein. The invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of any other term or provision hereof. This agreement may be executed in any number of counterparts, which together shall constitute one instrument. This agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to conflict of laws principles and shall bind and inure to the benefit of the Parties and their respective successors and assigns. This agreement has been negotiated and executed by the Parties in English. In the event any translation of this agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;

*[Signature Page Follows]*

**IN WITNESS WHEREOF**, the Parties have caused this agreement to be executed by a duly authorized officer on one or more counterparts as of the date first written above.

**QUASAR DISTRIBUTORS, LLC**

By:&nbsp;&nbsp;&nbsp;&nbsp;

Name: &nbsp;&nbsp;&nbsp;&nbsp;

Title: &nbsp;&nbsp;&nbsp;&nbsp;

**[DEALER NAME]**

By:&nbsp;&nbsp;&nbsp;&nbsp;

Name: &nbsp;&nbsp;&nbsp;&nbsp;

Title: &nbsp;&nbsp;&nbsp;&nbsp;

Address of Dealer:

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

Operations Contact:

Name: _________________________________

Phone: _________________________________

Email: _________________________________

C. C-6

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D.**APPENDIX A**

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**APPENDIX B**

**QUASAR DISTRIBUTORS, LLC**

**DISTRIBUTION/SERVICE FEE AGREEMENT**

**ADVISORS SERIES TRUST**

This fee agreement ("<u>Agreement</u>") is made and effective as of this _____ day of _________________ 20__, by and between Quasar Distributors, LLC ("<u>Distributor</u>") and [**DEALER NAME**] ("<u>Dealer</u>" and, together with Distributor, the "<u>Parties</u>");

**WHEREAS**, Distributor and Dealer have entered into a dealer agreement dated as of ____________ ("<u>Dealer Agreement</u>"), which entitles Dealer to serve as a selected dealer of certain Funds of the Advisors Series Trust for which Distributor serves as distributor; and

**WHEREAS**, Distributor and Dealer wish to confirm Distributor's and Dealer's understanding and agreement with respect to Rule 12b-1 payments to be made to Dealer in accordance with the Dealer Agreement;

**NOW, THEREFORE**, in consideration of the promises and the mutual covenants contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

1. This Agreement confirms Distributor's and Dealer's understanding and agreement with respect to Rule 12b-1 payments to be made to Dealer in accordance with the Dealer Agreement. Capitalized terms used but not defined herein shall have the respective meanings set forth in the Dealer Agreement.

2. From time to time during the term of this Agreement, Distributor may make payments to Dealer pursuant to one or more distribution and service plans (the "<u>Plans</u>") adopted by certain of the Funds pursuant to Rule 12b-1 of the 1940 Act. Dealer shall furnish sales and marketing services and/or shareholder services to Dealer's customers who invest in and own Shares, including, but not limited to, answering routine inquiries regarding the Funds, processing shareholder transactions, and providing any other shareholder services not otherwise provided by a Fund's transfer agent. With respect to such payments to Dealer, Distributor shall have only the obligation to make payments to Dealer after, for as long as, and to the extent that Distributor receives from the Fund an amount equivalent to the amount payable to Dealer. The Fund reserves the right, without prior notice, to suspend or eliminate the payment of such Rule 12b-1 Plan payments or other dealer compensation by amendment, sticker or supplement to the then-current Prospectus of the Fund or other written notice to Dealer. If applicable, Dealer hereby authorizes Distributor to pay Dealer's Clearing Agent such fees set forth under this section on Dealer's behalf. In such case, Dealer acknowledges and agrees that after Distributor has made payment of such fees to Dealer's Clearing Agent on Dealer's behalf: (i) Dealer's Clearing Agent is solely responsible and liable for direct payment of such fees to Dealer, and Distributor will not pay Dealer directly, (ii) Distributor cannot guarantee payment by Dealer's Clearing Agent of such fees to Dealer, and (iii) should Dealer not receive payment of such fees from Dealer's Clearing Agent for any reason, Dealer's sole recourse is against Dealer's Clearing Agent.

3. Any such fee payments shall reflect the amounts described in the Fund's prospectus. Payments will be based on the average daily net assets of Shares which are owned by those customers of Dealer whose records, as maintained by the Funds or the transfer agent, designate Dealer's firm as the customer's dealer of record. No such fee payments will be payable to Dealer with respect to Shares purchased by or through

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Dealer and redeemed by the Funds within seven (7) business days after the date of confirmation of such purchase. Dealer represents that Dealer is eligible to receive any such payments made to Dealer under the Plans.

4. Dealer agrees that all activities conducted under this Agreement will be conducted in accordance with the Plans, as well as all applicable state and federal laws, including the 1940 Act, the Securities Exchange Act of 1934, the Securities Act of 1933 and any applicable rules of FINRA.

5. Upon request, on a quarterly basis, Dealer shall furnish Distributor with a written report describing the amounts payable to Dealer pursuant to this Agreement and the purpose for which such amounts were expended. Distributor shall provide quarterly reports to the Board of amounts expended pursuant to the Plans and the purposes for which such expenditures were made. Dealer shall furnish Distributor with such other information as shall reasonably be requested by Distributor in connection with Distributor's reports to the Board with respect to the fees paid to Dealer pursuant to this Agreement.

6. This Agreement shall continue in effect until terminated in the manner prescribed below or as provided in the Plans or in Rule 12b-1. This Agreement may be terminated, with respect to one or more Funds, without penalty, by either Party upon ten (10) days' prior written notice to the other Party. In addition, this Agreement will be terminated with respect to any Fund upon a termination of the relevant Plan or the Dealer Agreement, if a Fund closes to new investments, or if Distributor's Distribution Agreement with the Funds terminates.

7. This Agreement may be amended by Distributor from time to time by the following procedure. Distributor will mail a copy of the amendment to Dealer at Dealer's address shown below or as registered from time to time with FINRA. If Dealer does not object to the amendment within fifteen (15) days after its receipt, the amendment will become a part of this Agreement. Dealer's objection must be in writing and be received by Distributor within such fifteen (15) days.

8. This Agreement and all the rights and obligations of the Parties shall be governed by and construed under the laws of the State of Delaware, without regard to conflict of laws principles.

9. All notices and other communications shall be given as provided in the Dealer Agreement.

**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first written above.

**QUASAR DISTRIBUTORS, LLC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[DEALER 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

By:&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

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&nbsp;&nbsp;&nbsp;&nbsp;[Dealer address]

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**APPENDIX C**

**Information Regarding the Provision of Shareholder Information Pursuant to Rule 22c-2**

(a).&nbsp;&nbsp;&nbsp;&nbsp;**Agreement to Provide Information.** Dealer shall provide the Fund, upon request, the taxpayer identification number ("<u>TIN</u>"), if known, (or in the case of a non U.S. shareholder, if the TIN is unavailable, the International Taxpayer Identification Number or other government issued identifier) of any or all Shareholder(s) who have purchased, redeemed, transferred, or exchanged Shares held through an account with Dealer and the amount, date, name or other identifier of any investment professional(s) associated with the Shareholder(s) or account (if known), and transaction type (purchase, redemption, transfer, or exchange) of every purchase, redemption, transfer, or exchange of Shares held through an account maintained by the Dealer during the period covered by the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;**Period Covered by Request.** Requests must set forth a specific period, not to exceed 90 days from the date of the request, for which transaction information is sought. The Fund may request transaction information older than 90 days from the date of the request as it deems necessary to investigate compliance with policies established by the Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding shares issued by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;**Form and Timing of Response.** Dealer shall transmit the requested information that is on its books and records to the Fund or its designee promptly, but in any event not later than five business days, after receipt of a request. If the requested information is not on the Dealer's books and records, Dealer shall use best efforts to: (x) provide or arrange to provide to the Fund the requested information from shareholders who hold an account with an indirect intermediary, including a determination on whether any specific person about whom Dealer has received information, is itself a financial intermediary; or (y) if directed by the Fund, restrict or prohibit further purchases or exchanges of Shares by a shareholder who has been identified by the Fund as having engaged in transactions of Shares (directly or indirectly) that violate policies established by the Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding securities issued by the Fund. In such instance, Dealer shall inform the Fund whether it plans to perform (x) or (y). Responses required by this paragraph must be communicated in writing and in a format mutually agreed upon by the parties. To the extent practicable, the format for any transaction information provided to the Fund should be consistent with the NSCC Standardized Data Reporting Format. For purposes of this provision, an "indirect intermediary" has the same meaning as in SEC Rule 22c-2 under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.&nbsp;&nbsp;&nbsp;&nbsp;**Limitations on Use of Information.** The Fund agrees not to use the information received for marketing or any other similar purpose without the prior written consent of the Dealer.

(b)&nbsp;&nbsp;&nbsp;&nbsp;**Agreement to Restrict Trading.** Dealer shall execute written instructions from the Fund to restrict or prohibit further purchases or exchanges of Shares by a Shareholder who has been identified by the Fund as having engaged in transactions of the Shares (directly or indirectly through the Dealer's account) that violate policies established by the Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding shares issued by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;**Form of Instructions.** Instructions must include the TIN, if known, and the specific restriction(s) to be executed. If the TIN is not known, the instructions must include an equivalent

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identifying number of the Shareholder(s) or account(s) or other agreed upon information to which the instruction relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;Timing of Response. Dealer shall execute instructions as soon as reasonably practicable, but not later than five business days after receipt of the instructions by the Dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.&nbsp;&nbsp;&nbsp;&nbsp;Confirmation by Dealer. Dealer must provide written confirmation to the Fund that instructions have been executed. Dealer shall provide confirmation as soon as reasonably practicable, but not later than ten business days after the instructions have been executed.

(c)&nbsp;&nbsp;&nbsp;&nbsp;**Definitions.** For purposes of this Appendix C:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Fund</u>" includes the fund's investment adviser, principal underwriter and transfer agent. The term does not include any "excepted funds" as defined in SEC Rule 22c-2(b) under the Investment Company Act of 1940 (the "<u>1940 Act</u>").<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Shares</u>" means the interests of Shareholders corresponding to the redeemable securities of record issued by the Fund under the 1940 Act that are held by the Dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Shareholder</u>" means the beneficial owner of Shares, whether the Shares are held directly or by the Dealer in nominee name or, alternatively, for use with retirement plan recordkeepers, the term means the Plan participant notwithstanding that the Plan may be deemed to be the beneficial owner of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>written</u>" includes electronic writings and facsimile transmissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Dealer</u>" shall mean a "financial intermediary" as defined in SEC Rule 22c-2.

<sup>1</sup>. As defined in SEC Rule 22c-2(b), the term "excepted fund" means any: (1) money market fund; (2) fund that issues securities that are listed on a national exchange; and (3) fund that affirmatively permits short-term trading of its securities, if its prospectus clearly and prominently discloses that the fund permits short-term trading of its securities and that such trading may result in additional costs for the fund.

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**QUASAR DISTRIBUTORS, LLC**

**SELLING GROUP MEMBER AGREEMENT**

**ADVISORS SERIES TRUST**

This agreement is made and effective as of this _____ day of _________________, 20__, by and between Quasar Distributors, LLC ("<u>Distributor</u>") and [**INTERMEDIARY NAME**] ("<u>Selling Group Member</u>" or "<u>Intermediary</u>") and, together with Distributor, the "<u>Parties</u>");

**WHEREAS**, Advisors Series Trust (the "<u>Company</u>") is registered under the Investment Company Act of 1940 ("<u>1940 Act</u>"), as an open-end management investment company and is authorized to issue shares of beneficial interest ("<u>Shares</u>") in separate series as listed on Appendix A (each, a "<u>Fund</u>"), as amended by Distributor from time to time;

**WHEREAS**, Distributor serves as principal underwriter in connection with the offering and sale of the Shares pursuant to a distribution agreement ("<u>Distribution Agreement</u>"); and

**WHEREAS**, Intermediary desires to serve as a selling group member of the Funds;

**NOW, THEREFORE**, in consideration of the promises and the mutual covenants contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

1.&nbsp;&nbsp;&nbsp;&nbsp;**Selling Group Member.** Intermediary represents that it is properly qualified under all applicable federal, state and local laws to engage in the business and transactions described in this agreement. In addition, Intermediary agrees to comply with the rules of the Financial Industry Regulatory Authority ("<u>FINRA</u>") as if they were applicable to Intermediary in connection with its activities under this agreement. Intermediary agrees that it is responsible for determining the suitability of any Shares as investments for its customers and that Distributor has no responsibility for such determination. Intermediary shall maintain all records required by Applicable Laws (as defined below) or that are otherwise reasonably requested by Distributor relating to Intermediary's transactions in Shares. Intermediary shall at all times comply with (i) the provisions of this agreement related to compliance with all applicable rules and regulations and (ii) the terms of each registration statement and prospectus for the Funds.

2.&nbsp;&nbsp;&nbsp;&nbsp;**Qualification of Shares.** The Fund will make available to Intermediary a list of the states or other jurisdictions in which Shares are registered for sale or are otherwise qualified for sale, which may be revised by the Fund from time to time. Intermediary will make offers of Shares to its customers only in those states and will ensure that it (including its associated persons) is appropriately licensed and qualified to offer and sell Shares in any state or other jurisdiction that requires such licensing or qualification in connection with its activities.

3.&nbsp;&nbsp;&nbsp;&nbsp;**Orders.** All orders Intermediary submits for transactions in Shares shall reflect orders received from its customers or shall be for its account for its own bona fide investment. Intermediary will date and timestamp its customer orders and forward them promptly each day and in any event prior to the time

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required by the applicable Fund prospectus (the "<u>Prospectus</u>," which for purposes of this agreement includes the Statement of Additional Information incorporated therein). As agent for its customers, Intermediary shall not withhold placing customers' orders for any Shares so as to profit Intermediary or its customers as a result of such withholding. Intermediary is hereby authorized to: (i) place its orders directly with the Company for the purchase of Shares and (ii) tender Shares directly to the Company for redemption, in each case subject to the terms and conditions set forth in the Prospectus and any operating procedures and policies established by Distributor or the Fund (directly or through its transfer agent) from time to time. All purchase orders Intermediary submits are subject to acceptance or rejection, and Distributor reserves the right to suspend or limit the sale of Shares. Intermediary is not authorized to make any representations concerning Shares except such representations as are contained in the Prospectus and in such supplemental written information that the Fund or Distributor (acting on behalf of the Fund) may provide to Intermediary with respect to a Fund. All orders that are accepted for the purchase of Shares shall be executed at the next determined public offering price per share (i.e., the net asset value ("<u>NAV</u>") per share plus the applicable sales load, if any) and all orders for the redemption of Shares shall be executed at the next determined NAV per share and subject to any applicable redemption fee, in each case as described in the Prospectus.

4.&nbsp;&nbsp;&nbsp;&nbsp;**Compliance with Applicable Laws; Distribution of Prospectus and Reports; Confirmations.** In connection with its respective activities hereunder, each Party shall abide by the Conduct Rules of FINRA and all other rules of self-regulatory organizations of which it is a member, as well as all laws, rules and regulations, including federal and state securities laws, that are applicable to it (and its associated persons) from time to time in connection with its activities hereunder ("<u>Applicable Laws</u>"). Intermediary is authorized to distribute to Intermediary's customers the current Prospectus, as well as any supplemental sales material received from the Fund or Distributor (acting on behalf of the Fund) (on the terms and for the period specified by Distributor or stated in such material). Intermediary is not authorized to distribute, furnish or display any other sales or promotional material relating to a Fund without Distributor's prior written approval, but Intermediary may identify the Funds in a listing of mutual funds available through Intermediary to its customers. Unless otherwise mutually agreed in writing, Intermediary shall deliver or cause to be delivered to each customer who purchases Shares from or through Intermediary, copies of all annual and interim reports, proxy solicitation materials, and any other information and materials relating to such Funds and prepared by or on behalf of the Funds or Distributor. If required by Rule 10b-10 under the Securities Exchange Act or other Applicable Laws, Intermediary shall send or cause to be sent confirmations or other reports to its customers containing such information as may be required by Applicable Laws.

5.&nbsp;&nbsp;&nbsp;&nbsp;**Sales Charges and Concessions. [not applicable]**.

6.&nbsp;&nbsp;&nbsp;&nbsp;**Transactions in Shares.** With respect to all orders Intermediary places for the purchase of Shares, unless otherwise agreed, settlement shall be made with the Company within three (3) business days after acceptance of the order. If payment is not so received or made, the transaction may be cancelled. In this event or in the event that Intermediary cancels the trade for any reason, Intermediary shall be responsible for any loss resulting to the Funds or to Distributor from Intermediary's failure to make payments as aforesaid. Intermediary shall not be entitled to any gains generated thereby. Intermediary also assumes responsibility for any loss to a Fund caused by any order placed by Intermediary on an "as-of" basis subsequent to the trade date for the order and will immediately pay such loss to the Fund upon notification or demand. Such orders shall be acceptable only as permitted by the Company and shall be subject to the Company's policies pertaining thereto, which may include receipt of an executed Letter of Indemnity in a form acceptable to the Fund and/or to Distributor prior to the Company's acceptance of any such order.

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7.&nbsp;&nbsp;&nbsp;&nbsp;**Accuracy of Orders; Customer Signatures.** Intermediary shall be responsible for the accuracy, timeliness and completeness of any orders transmitted by it on behalf of its customers by any means, including wire or telephone. In addition, Intermediary shall guarantee the signatures of its customers when such guarantee is required by the Company, and Intermediary shall indemnify and hold harmless all persons, including Distributor and the Funds' transfer agent, from and against any and all loss, cost, damage or expense suffered or incurred in reliance upon such signature guarantee.

8.&nbsp;&nbsp;&nbsp;&nbsp;**Indemnification.** Intermediary shall indemnify and hold harmless Distributor and Distributor's officers, directors, agents and employees from and against any claims, liabilities, expenses (including reasonable attorneys' fees) and losses (collectively, the "<u>Losses</u>") resulting from any breach by Intermediary of any provision of this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;Distributor shall indemnify and hold harmless Intermediary and Intermediary's officers, directors, agents and employees from and against any Losses resulting from (i) any breach by Distributor of any provision of this agreement or (ii) any untrue statement of a material fact set forth in a Fund's Prospectus or supplemental sales material provided to Intermediary by Distributor (and used by Intermediary on the terms and for the period specified by Distributor or stated in such material), or omission to state a material fact required to be stated therein to make the statements therein not misleading.

9.&nbsp;&nbsp;&nbsp;&nbsp;**Multi-Class Distribution Arrangements.** Intermediary understands and acknowledges that the Funds may offer Shares in multiple classes. Intermediary represents and warrants that it has established compliance procedures designed to ensure (i) that its customers are made aware of the terms of each available class of Shares, (ii) that each customer is offered only Shares that are suitable investments for him or her, and (iii) proper supervision of its representatives in recommending and offering the Shares of multiple classes to its customers.

10.&nbsp;&nbsp;&nbsp;&nbsp;**Anti-Money Laundering Compliance.** Each Party acknowledges that it is a financial institution subject to the USA PATRIOT Act of 2001 and the Bank Secrecy Act (collectively, the "<u>AML Acts</u>"), which require, among other things, that financial institutions adopt compliance programs to guard against money laundering. Each Party represents and warrants that it is in compliance with and will continue to comply with the AML Acts and applicable rules thereunder ("<u>AML Laws</u>"), including FINRA Rule 3310, in all relevant respects. Intermediary shall cooperate with Distributor to satisfy AML due diligence policies of the Company and Distributor, which may include annual compliance certifications and periodic due diligence reviews and/or other requests deemed necessary or appropriate by Distributor or the Company to ensure compliance with AML Laws. Intermediary also shall provide for screening its own new and existing customers against the Office of Foreign Assets Control list and any other government list that is or becomes required under the AML Acts.

11.&nbsp;&nbsp;&nbsp;&nbsp;**Privacy.** The Parties agree that any Non-Public Personal Information, as the term is defined in Regulation S-P ("<u>Reg S-P</u>") of the Securities and Exchange Commission, that may be disclosed hereunder is disclosed for the specific purpose of permitting the other Party to perform the services set forth in this agreement. Each Party will, with respect to such information, comply with Reg S-P and will not disclose any Non-Public Personal Information received in connection with this agreement to any other party, except to the extent required to carry out the services set forth in this agreement or as otherwise permitted by law.

12.&nbsp;&nbsp;&nbsp;&nbsp;**Service Fees.** Subject to and in accordance with the terms of each Prospectus and the Distribution Plan and/or Service Plan, if any, adopted by resolution of the Funds' board (the "<u>Board</u>") pursuant to Rule

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12b-1 under the 1940 Act, Distributor may pay financial institutions with which Distributor has entered into an agreement in substantially the form annexed hereto as Appendix B, or such other form as may be approved from time to time by the Board, such fees as may be determined in accordance with such fee agreement, for shareholder or administrative services, as described therein. With respect to such payments to Intermediary, Distributor shall have only the obligation to make payments to Intermediary after, for as long as, and to the extent that Distributor receives from the Fund an amount equivalent to the amount payable to Intermediary. If applicable, Intermediary hereby authorizes Distributor to pay Intermediary's designated clearing agent ("<u>Clearing Agent</u>") such fees set forth under this section on Intermediary's behalf. In such case, Intermediary acknowledges and agrees that after Distributor has made payment of such fees to Intermediary's Clearing Agent on Intermediary's behalf: (i) Intermediary's Clearing Agent is solely responsible and liable for direct payment of such fees to Intermediary, and Distributor will not pay Intermediary directly, (ii) Distributor cannot guarantee payment by Intermediary's Clearing Agent of such fees to Intermediary, and (iii) should Intermediary not receive payment of such fees from Intermediary's Clearing Agent for any reason, Intermediary's sole recourse is against Intermediary's Clearing Agent. Intermediary hereby represents that Intermediary is permitted under Applicable Laws to receive all payments for shareholder services contemplated herein.

13.&nbsp;&nbsp;&nbsp;&nbsp;**Order Processing.** Intermediary represents that it has reviewed its policies and procedures to ensure that they are adequate with respect to preventing violations of law and Prospectus requirements related to timely order-taking and market timing activity, in that such policies and procedures prevent (i) the submission of any order received after the deadline for submission of orders in each day that are eligible for pricing at that day's NAV per share and (ii) the purchase of Shares by an individual or entity whose stated objectives are not consistent with the stated policies of a Fund in protecting the best interests of longer-term investors, particularly where such investor may be seeking market timing or arbitrage opportunities through such purchase. Intermediary represents that it will be responsible for the collection and payment to the Company of any Redemption Fees based upon the terms outlined in the Company's Prospectus.

14.&nbsp;&nbsp;&nbsp;&nbsp;**Amendments.** This agreement may be amended from time to time by the following procedure. Distributor will mail a copy of the amendment to Intermediary at Intermediary's address shown below. If Intermediary does not object to the amendment within fifteen (15) days after its receipt, the amendment will become a part of this agreement. Intermediary's objection must be in writing and be received by Distributor within such fifteen (15) days. All amendments shall be in writing and, except as provided above, executed by both Parties.

15.&nbsp;&nbsp;&nbsp;&nbsp;**Termination.** This agreement may be terminated by either Party, without penalty, upon ten (10) days' prior written notice to the other Party. Any unfulfilled obligations hereunder, and all obligations of indemnification, shall survive the termination of this agreement.

16. &nbsp;&nbsp;&nbsp;&nbsp;**Assignment.** This agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. No Party may assign this agreement nor any rights, privileges, duties or obligations hereunder without the prior written consent of the other Party, except that Distributor may assign or transfer this agreement to any broker-dealer which becomes the underwriter of the Company without obtaining Intermediary's written consent. For the avoidance of doubt, the Parties agree that a change of control of the Distributor shall not constitute an assignment of this agreement.

17.&nbsp;&nbsp;&nbsp;&nbsp;**Notices.** All notices and other communications to Distributor shall be sent to it at Three Canal Plaza, Suite 100, Portland, ME 04101, Attn: Legal Department, or at such other address as Distributor may designate in writing. All notices and other communications to Intermediary shall be sent to it at the

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address set forth below or at such other address as Intermediary may designate in writing. All notices required or permitted to be given pursuant to this agreement shall be given in writing and delivered by personal delivery, by postage prepaid mail, electronic mail, or by facsimile or similar means of same-day delivery.

18.&nbsp;&nbsp;&nbsp;&nbsp;**Authorization.** Each Party represents to the other that (i) all requisite corporate proceedings have been undertaken to authorize it to enter into and perform under this agreement as contemplated herein and (ii) the individual that has signed this agreement below on its behalf is a duly elected officer that has been empowered to act for and on behalf of it with respect to the execution of this agreement.

19.&nbsp;&nbsp;&nbsp;&nbsp;**Directed Brokerage Prohibitions.** Neither Party shall direct Fund portfolio securities transactions or related remuneration to compensate Intermediary for any promotion or sale of Shares under this agreement. Distributor also will not directly or indirectly compensate Intermediary in contravention of Rule 12b-1(h) of the 1940 Act.

20.&nbsp;&nbsp;&nbsp;&nbsp;**Shareholder Information.** Intermediary shall comply with the requirements set forth on Appendix C regarding the provision of shareholder information pursuant to Rule 22c-2 of the 1940 Act.

21.&nbsp;&nbsp;&nbsp;&nbsp;**Arbitration.** Any controversy or claim arising out of or relating to this agreement, or any breach thereof, shall be settled by arbitration in accordance with the then existing FINRA Code of Arbitration Procedure. Any arbitration shall be conducted in New York, New York, and each arbitrator shall be from the securities industry. Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.

22.&nbsp;&nbsp;&nbsp;&nbsp;**Miscellaneous.** This agreement supersedes any other agreement between the Parties with respect to the offer and sale of Shares and other matters covered herein. The invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of any other term or provision hereof. This agreement may be executed in any number of counterparts, which together shall constitute one instrument. This agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to conflict of laws principles and shall bind and inure to the benefit of the Parties and their respective successors and assigns. This agreement has been negotiated and executed by the Parties in English. In the event any translation of this agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

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**IN WITNESS WHEREOF**, the Parties have caused this agreement to be executed by a duly authorized officer on one or more counterparts as of the date first written above.

**QUASAR DISTRIBUTORS, LLC**

By:&nbsp;&nbsp;&nbsp;&nbsp;

Name: &nbsp;&nbsp;&nbsp;&nbsp;

Title: &nbsp;&nbsp;&nbsp;&nbsp;

**[INTERMEDIARY NAME]**

By:&nbsp;&nbsp;&nbsp;&nbsp;

Name: &nbsp;&nbsp;&nbsp;&nbsp;

Title: &nbsp;&nbsp;&nbsp;&nbsp;

Address of Intermediary:

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

Operations Contact:

Name: _________________________________

Phone: _________________________________

Email: _________________________________

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E.**APPENDIX A**

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**APPENDIX B**

**QUASAR DISTRIBUTORS, LLC**

**SERVICE FEE AGREEMENT**

**ADVISORS SERIES TRUST**

This fee agreement ("<u>Agreement</u>") is made and effective as of this _____ day of _________________ 20__, by and between Quasar Distributors, LLC ("<u>Distributor</u>") and [**INTERMEDIARY NAME**] ("<u>Selling Group Member</u>" or "<u>Intermediary</u>" and, together with Distributor, the "<u>Parties</u>");

**WHEREAS**, Distributor and Intermediary have entered into a selling group member agreement dated as of ____________ ("<u>Selling Group Member Agreement</u>"), which entitles Intermediary to serve as a selling group member of certain Funds of the Advisors Series Trust for which Distributor serves as distributor; and

**WHEREAS**, Distributor and Intermediary wish to confirm Distributor's and Intermediary's understanding and agreement with respect to Rule 12b-1 payments to be made to Intermediary in accordance with the Selling Group Member Agreement;

**NOW, THEREFORE**, in consideration of the promises and the mutual covenants contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

1. This Agreement confirms Distributor's and Intermediary's understanding and agreement with respect to Rule 12b-1 payments to be made to Intermediary in accordance with the Selling Group Member Agreement. Capitalized terms used but not defined herein shall have the respective meanings set forth in the Selling Group Member Agreement.

2. From time to time during the term of this Agreement, Distributor may make payments to Intermediary pursuant to one or more distribution and service plans (the "<u>Plans</u>") adopted by certain of the Funds pursuant to Rule 12b-1 of the 1940 Act. Intermediary shall furnish sales and marketing services and/or shareholder services to Intermediary's customers who invest in and own Shares, including, but not limited to, answering routine inquiries regarding the Funds, processing shareholder transactions, and providing any other shareholder services not otherwise provided by a Fund's transfer agent. With respect to such payments to Intermediary, Distributor shall have only the obligation to make payments to Intermediary after, for as long as, and to the extent that Distributor receives from the Fund an amount equivalent to the amount payable to Intermediary. The Fund reserves the right, without prior notice, to suspend or eliminate the payment of such Rule 12b-1 Plan payments or other compensation by amendment, sticker or supplement to the then-current Prospectus of the Fund or other written notice to Intermediary. If applicable, Intermediary hereby authorizes Distributor to pay Intermediary's Clearing Agent such fees set forth under this section on Intermediary's behalf. In such case, Intermediary acknowledges and agrees that after Distributor has made payment of such fees to Intermediary's Clearing Agent on Intermediary's behalf: (i) Intermediary's Clearing Agent is solely responsible and liable for direct payment of such fees to Intermediary, and Distributor will not pay Intermediary directly, (ii) Distributor cannot guarantee payment by Intermediary's Clearing Agent of such fees to Intermediary, and (iii) should Intermediary not receive payment of such fees from Intermediary's Clearing Agent for any reason, Intermediary's sole recourse is against Intermediary's Clearing Agent.

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3. Any such fee payments shall reflect the amounts described in the Fund's Prospectus. Payments will be based on the average daily net assets of Shares which are owned by those customers of Intermediary whose records, as maintained by the Funds or the transfer agent, designate Intermediary's firm as the customer's intermediary of record. No such fee payments will be payable to Intermediary with respect to Shares purchased by or through Intermediary and redeemed by the Funds within seven (7) business days after the date of confirmation of such purchase. Intermediary represents that Intermediary is eligible to receive any such payments made to Intermediary under the Plans.

4. Intermediary agrees that all activities conducted under this Agreement will be conducted in accordance with the Plans, as well as all applicable state and federal laws, including the 1940 Act, the Securities Exchange Act of 1934, the Securities Act of 1933 and any applicable rules of FINRA.

5. Upon request, on a quarterly basis, Intermediary shall furnish Distributor with a written report describing the amounts payable to Intermediary pursuant to this Agreement and the purpose for which such amounts were expended. Distributor shall provide quarterly reports to the Board of amounts expended pursuant to the Plans and the purposes for which such expenditures were made. Intermediary shall furnish Distributor with such other information as shall reasonably be requested by Distributor in connection with Distributor's reports to the Board with respect to the fees paid to Intermediary pursuant to this Agreement.

6. This Agreement shall continue in effect until terminated in the manner prescribed below or as provided in the Plans or in Rule 12b-1. This Agreement may be terminated, with respect to one or more Funds, without penalty, by either Party upon ten (10) days' prior written notice to the other Party. In addition, this Agreement will be terminated with respect to any Fund upon a termination of the relevant Plan or the Selling Group Member Agreement, if a Fund closes to new investments, or if Distributor's Distribution Agreement with the Funds terminates.

7. This Agreement may be amended by Distributor from time to time by the following procedure. Distributor will mail a copy of the amendment to Intermediary at Intermediary's address shown below. If Intermediary does not object to the amendment within fifteen (15) days after its receipt, the amendment will become a part of this Agreement. Intermediary's objection must be in writing and be received by Distributor within such fifteen (15) days.

8. This Agreement and all the rights and obligations of the Parties shall be governed by and construed under the laws of the State of Delaware, without regard to conflict of laws principles.

9. All notices and other communications shall be given as provided in the Selling Group Member Agreement.

**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first written above.

**QUASAR DISTRIBUTORS, LLC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[INTERMEDIARY 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;&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

By:&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

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Title: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;[Intermediary address]

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**APPENDIX C**

**Information Regarding the Provision of Shareholder Information Pursuant to Rule 22c-2**

(a).&nbsp;&nbsp;&nbsp;&nbsp;**Agreement to Provide Information.** Intermediary shall provide the Fund, upon request, the taxpayer identification number ("<u>TIN</u>"), if known, (or in the case of a non U.S. shareholder, if the TIN is unavailable, the International Taxpayer Identification Number or other government issued identifier) of any or all Shareholder(s) who have purchased, redeemed, transferred, or exchanged Shares held through an account with Intermediary and the amount, date, name or other identifier of any investment professional(s) associated with the Shareholder(s) or account (if known), and transaction type (purchase, redemption, transfer, or exchange) of every purchase, redemption, transfer, or exchange of Shares held through an account maintained by the Intermediary during the period covered by the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;**Period Covered by Request.** Requests must set forth a specific period, not to exceed 90 days from the date of the request, for which transaction information is sought. The Fund may request transaction information older than 90 days from the date of the request as it deems necessary to investigate compliance with policies established by the Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding shares issued by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;**Form and Timing of Response.** Intermediary shall transmit the requested information that is on its books and records to the Fund or its designee promptly, but in any event not later than five business days, after receipt of a request. If the requested information is not on the Intermediary's books and records, Intermediary shall use best efforts to: (x) provide or arrange to provide to the Fund the requested information from shareholders who hold an account with an indirect intermediary, including a determination on whether any specific person about whom Intermediary has received information, is itself a financial intermediary; or (y) if directed by the Fund, restrict or prohibit further purchases or exchanges of Shares by a shareholder who has been identified by the Fund as having engaged in transactions of Shares (directly or indirectly) that violate policies established by the Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding securities issued by the Fund. In such instance, Intermediary shall inform the Fund whether it plans to perform (x) or (y). Responses required by this paragraph must be communicated in writing and in a format mutually agreed upon by the parties. To the extent practicable, the format for any transaction information provided to the Fund should be consistent with the NSCC Standardized Data Reporting Format. For purposes of this provision, an "indirect intermediary" has the same meaning as in SEC Rule 22c-2 under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.&nbsp;&nbsp;&nbsp;&nbsp;**Limitations on Use of Information.** The Fund agrees not to use the information received for marketing or any other similar purpose without the prior written consent of the Intermediary.

(b)&nbsp;&nbsp;&nbsp;&nbsp;**Agreement to Restrict Trading.** Intermediary shall execute written instructions from the Fund to restrict or prohibit further purchases or exchanges of Shares by a Shareholder who has been identified by the Fund as having engaged in transactions of the Shares (directly or indirectly through the Intermediary's account) that violate policies established by the Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding shares issued by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;**Form of Instructions.** Instructions must include the TIN, if known, and the specific restriction(s) to be executed. If the TIN is not known, the instructions must include an equivalent

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identifying number of the Shareholder(s) or account(s) or other agreed upon information to which the instruction relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;Timing of Response. Intermediary shall execute instructions as soon as reasonably practicable, but not later than five business days after receipt of the instructions by the Intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.&nbsp;&nbsp;&nbsp;&nbsp;Confirmation by Intermediary. Intermediary must provide written confirmation to the Fund that instructions have been executed. Intermediary shall provide confirmation as soon as reasonably practicable, but not later than ten business days after the instructions have been executed.

(c)&nbsp;&nbsp;&nbsp;&nbsp;**Definitions.** For purposes of this Appendix C:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Fund</u>" includes the fund's investment adviser, principal underwriter and transfer agent. The term does not include any "excepted funds" as defined in SEC Rule 22c-2(b) under the Investment Company Act of 1940 (the "<u>1940 Act</u>").<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Shares</u>" means the interests of Shareholders corresponding to the redeemable securities of record issued by the Fund under the 1940 Act that are held by the Intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Shareholder</u>" means the beneficial owner of Shares, whether the Shares are held directly or by the Intermediary in nominee name or, alternatively, for use with retirement plan recordkeepers, the term means the Plan participant notwithstanding that the Plan may be deemed to be the beneficial owner of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>written</u>" includes electronic writings and facsimile transmissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Intermediary</u>" shall mean a "financial intermediary" as defined in SEC Rule 22c-2.

<sup>2</sup>. As defined in SEC Rule 22c-2(b), the term "excepted fund" means any: (1) money market fund; (2) fund that issues securities that are listed on a national exchange; and (3) fund that affirmatively permits short-term trading of its securities, if its prospectus clearly and prominently discloses that the fund permits short-term trading of its securities and that such trading may result in additional costs for the fund.

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